Company Overview - China New Economy Investment Limited is a closed-end fund investment company registered in the Cayman Islands on February 1, 2010, and listed on the Hong Kong Stock Exchange on January 6, 2011, under stock code 00080 [2] Financial Performance - As of December 31, 2024, China New Economy Investment reported total revenue of 703,700 HKD, representing a year-on-year increase of 501.49% [1] - The company recorded a net profit attributable to shareholders of -26,835,300 HKD, showing a year-on-year growth of 44.74% [1] - The asset-liability ratio stands at 6.54% [1] Stock Performance - On July 18, the Hang Seng Index rose by 1.33%, closing at 24,825.66 points, while China New Economy Investment's stock price increased by 394.38% to 0.44 HKD per share, with a trading volume of 242 million shares and a turnover of 116 million HKD [1] - Over the past month, the stock has seen a cumulative increase of 41.27%, but it has a year-to-date decline of 1.11%, underperforming the Hang Seng Index by 22.13% [1] Valuation Metrics - The average price-to-earnings (P/E) ratio for the other financial industry is 12.07 times, with a median of -0.2 times [1] - China New Economy Investment has a P/E ratio of -4.05 times, ranking 130th in the industry [1] - Comparatively, other financial companies have the following P/E ratios: China Merchants China Fund at 2.62 times, Weixin Financial at 3.6 times, Hong Kong Credit at 3.77 times, Guoyin Financial Leasing at 4.5 times, and Zhongguancun Technology Leasing at 4.64 times [1]

蔡文胜再度出手，一个月内连续拿下两家港股上市公司控股权。 7月18日，复牌归来的中国新经济投资（00080.HK）盘中一度涨近700%，最高涨至0.70港元/股，而停 牌前的股价为0.089港元，每股净资产更低，仅有0.04港元。 消息面上，中国新经济于昨日晚间发布公告称，蔡文胜提出以每股0.106港元，向公司的5名卖方股东收 购逾6.69亿股，共约50.71%股权，涉资金额超7000万港元。 据统计，此次收购价较最后收市价溢价约19.1%。由于蔡文胜购入股份已超过全面收购触发点，因此以 同价向中国新经济提出全面收购，涉及代价为6938.14万港元。 公告显示，中国新经济投资为一间于开曼群岛注册成立的获豁免有限公司，其已发行股份于联交所主板 上市，为封闭式投资公司。 此次收购及要约的主体同样为LONGLING CAPITAL LTD，蔡文胜为该公司的主席及唯一董事。 据公告披露，要约人拟维持中国新经济投资现有上市及非上市股本投资业务，并拟于紧随要约完成后， 中国新经济投资继续投资于多元化的金融产品组合。 据悉，要约人同时拟采用类似"泉源投资"的方式，引进策略投资者对中国新经济投资进行投资，以此与 中国新经济投 ...

Financial Performance - The Company reported a net loss attributable to shareholders of HK$28,978,531 for the year ended December 31, 2024, primarily due to a net change in fair value loss of HK$17,515,762 on investment positions in the portfolio[13]. - As of December 31, 2024, the audited net asset value per share was approximately HK$0.05, reflecting the impact of market volatility on financial assets[14]. - The investment performance was adversely affected by significant economic challenges in the Chinese economy and increasing political risks in the Hong Kong and China stock markets[14]. - The Company reported a market value of HK$6,627,000 for its investment in Gransing Financial Group Limited, with a cost of HK$46,377,000, resulting in an unrealized loss of HK$39,750,000[30]. - The Company’s investment in Strong Petrochemical Holdings Limited was valued at HK$10,000,000 as of December 31, 2024[30]. - The total remuneration cost incurred by the Company for the Year was approximately HK$2,738,910, a decrease from HK$4,132,184 in the previous year[67][72]. - The Company had no capital expenditure or commitments as of December 31, 2024[58][63]. - There were no significant contingent liabilities as of December 31, 2024[51][55]. - The Company held six investments as of December 31, 2024, with the largest investment in the financial printing sector focusing on the Hong Kong IPO market[60][65]. - The Company aims to maximize returns for shareholders by focusing on Greater China and other significant global markets[23]. Market Overview - The Chinese GDP for 2024 reached RMB134,908.4 billion, representing a 5.0% increase compared to the previous year, with quarterly growth rates of 5.3%, 4.7%, 4.6%, and 5.4% respectively[18]. - The Hang Seng Index increased by 17.7% in 2024, while the Hang Seng China Enterprises Index surged by 26.4%, indicating strong performance in the Chinese enterprises sector[19]. - The U.S. Federal Reserve cut the federal funds rate by 25 basis points in December 2024, bringing it to a range of 4.25%–4.5%, influencing market expectations[17]. - The prolonged period of high interest rates in the U.S. presented further economic challenges, impacting the performance of the Hong Kong stock market[17]. - Recent policy measures in China showed signs of stabilization in the property market, with home sales picking up towards the end of 2024[17]. Investment Strategy - The Company maintained a medium to long-term investment strategy, holding one investment in a Hong Kong-listed company and three investments in private equity securities as of year-end[13]. - The Company invested in one listed company, two funds, and three private equity securities, reflecting a diversified investment strategy[24]. - The Company remains vigilant in seeking additional investment opportunities, including unlisted investments, to enhance value for investors and shareholders[24]. - The Company’s investment strategy emphasizes short to medium-term investments in listed securities while maintaining a commitment to long-term investments in private equity[22]. Corporate Governance - The Company is focused on compliance with regulatory requirements regarding share registration and corporate governance[78]. - The board's composition reflects a strategic approach to leverage expertise in financial management and corporate governance[83]. - The Company has complied with all applicable code provisions set out in the Corporate Governance Code during the year[195]. - The Company has arranged appropriate directors' and officers' liabilities insurance coverage during the year[128]. - The Company has not entered into any management contracts with individuals or firms to manage its business, except for the disclosed Investment Management Agreement[136]. Shareholder Information - The Directors do not recommend the payment of any final dividend for the Year[50]. - The Company has not commenced any operation or business prior to the Listing Date[98]. - The Company has not entered into any equity-linked agreements during the year, nor were there any subsisting agreements at the end of the year[121]. - The Company has not entered into any arrangements that would allow its Directors or their family members to benefit from purchasing shares or debentures of the Company[143]. - As of December 31, 2024, the company had 1,319,700,274 issued shares[163]. Related Party Transactions - The Company has a continuing connected transaction with the custodian as defined under Chapter 14A of the Listing Rules[168]. - The Investment Manager is considered a connected person under Rule 14A.08 of the Listing Rules, due to the involvement of Mr. Chan Cheong Yee, an executive Director[182]. - The auditor has issued an unqualified letter regarding the Company's continuing connected transactions, confirming compliance with the Listing Rules[184]. Directors and Management - Mr. Chan Cheong Yee has been an executive director since June 1, 2013, and is licensed for type 4 and type 9 regulated activities under the SFO[79]. - Mr. Chen Shengjie has been appointed as a non-executive director and chairman since October 16, 2024, with over 30 years of experience in accounting and financial affairs[83]. - The company has a diverse board with members experienced in various sectors, including finance, real estate, and media[83][85][86].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported revenue of HKD 759,920, an increase from HKD 126,339 in 2023, representing a growth of approximately 500%[3] - The net loss attributable to ordinary equity holders for the year was HKD 28,978,531, a significant reduction from HKD 52,436,843 in the previous year, indicating an improvement of about 44.7%[3] - The company's operating loss decreased to HKD 28,821,578 from HKD 52,254,603, reflecting a reduction of approximately 44.8% year-over-year[3] - The company incurred a total loss before tax of HKD 28,978,531 for the fiscal year ending December 31, 2024, a decrease from a loss of HKD 52,436,843 in the previous year, indicating an improvement of 44.73%[14] - The net loss from financial assets measured at fair value through profit or loss was HKD 3,541,193 for the year 2024, significantly lower than the previous year's loss of HKD 59,123,751[18] Assets and Liabilities - Total current assets increased to HKD 93,623,662 in 2024 from HKD 64,935,138 in 2023, marking a growth of about 44%[4] - The company reported total liabilities of HKD 4,257,563 in 2024, down from HKD 5,207,358 in 2023, showing a decrease of about 18.2%[4] - The company's total assets as of December 31, 2024, amounted to HKD 65,116,985, a decrease from HKD 95,243,209 in the previous year, reflecting a decline of 31.63%[16] - The total liabilities as of December 31, 2024, were HKD 4,257,563, down from HKD 5,405,256 in the previous year, indicating a reduction of 21.14%[16] - As of December 31, 2024, the company had no significant or contingent liabilities[50] Investment Strategy - The company aims to invest in global enterprises that provide products or services supported by the economies of Mainland China, Hong Kong, Macau, and Taiwan[5] - The company plans to maintain a long-term investment strategy focusing on the Hong Kong IPO market as a key investment area[27] - The company focuses on short to medium-term investments in listed securities and is committed to exploring high-potential investment opportunities[31] - The company maintains a diversified investment strategy, including private equity and other non-listed assets to reduce risk and potentially achieve higher returns in the long term[31] - The company is vigilant in seeking more investment opportunities, including non-listed investments, to enhance value for investors and shareholders[31] Operational Changes - The company has transitioned its investment management to a new manager effective October 4, 2024, which is expected to have no significant impact on operations[6] - The company is actively enhancing its services through artificial intelligence technology, targeting new customers in Hong Kong and mainland China[44] - The company is focused on expanding its operations in the oil and natural gas development and production sectors[44] Employee and Administrative Costs - The company’s employee costs (excluding directors' remuneration) decreased to HKD 2,738,910 in 2024 from HKD 4,132,184 in 2023, a reduction of 33.73%[19] - The company's administrative expenses for the year amounted to HKD 412,677, slightly down from HKD 413,182 in 2023[20] - The investment management fee for the year was HKD 454,839, a decrease from HKD 600,000 in 2023, indicating a 24.2% reduction[22] Market Conditions - The Hang Seng Index increased by 17.7% over the year, while the Hang Seng China Enterprises Index surged by 26.4%, reflecting strong performance in Chinese enterprises[30] - The Chinese economy faced significant challenges, with GDP growth of 5.0% in 2024, indicating ongoing adjustments and challenges in the market[29] - The U.S. Federal Reserve adjusted the federal funds rate to a range of 4.25% to 4.5% by the end of 2024, following a series of interest rate changes throughout the year[30] Investment Performance - The company recorded a realized gain of HKD 105,000 from China New Consumption Group Limited this year[45] - The top three realized gains this year include HKD 554,000 from Taste Holdings Limited, HKD 373,000 from Hengwei Group Holdings Limited, and HKD 296,000 from Stone One Limited Partnership Fund[46] Shareholder Returns - The company will not recommend any final dividend for the year 2024[48] Employment and Workforce - The company had five full-time employees as of December 31, 2024, down from eight in 2023[58]

China New Economy Fund Limited 中國新經濟投資有限公司 Stock Code 股份代號 : 80 China New Economy Fund Limited 中國新經濟投資有限公司 中期報告 2024 INTERIM REPORT 中期報告 . . CONTENTS 目錄 | --- | --- | --- | |--------------------------------------------------------------------------------|-------------------------------|-------| | | | | | CORPORATE INFORMATION | 公司資料 | 2 | | MANAGEMENT DISCUSSION AND ANALYSIS | 管理層討論與分析 | 6 | | OTHER INFORMATION | 其他資料 | 28 | | INTERIM CONDENSED | 中期簡明財務報表 | | | FINANCIAL STATEMENTS | | | | Interim Condensed ...

Financial Performance - For the six months ended June 30, 2024, the company reported a revenue of HKD 734,882, a significant decrease from HKD 1,540 million in the same period last year, representing a decline of approximately 99.95%[1] - The company incurred an operating loss of HKD 12,653,636 for the period, compared to an operating profit of HKD 8,983,128 in the previous year, indicating a shift in performance[1] - The net loss attributable to ordinary equity holders for the six months ended June 30, 2024, was HKD 12,728,425, compared to a profit of HKD 8,918,936 in the same period last year[3] - The company recorded a pre-tax loss of HKD 12,728,425 for the six months ended June 30, 2024, compared to a profit of HKD 8,918,936 for the same period in 2023[9][14] - The fair value changes of financial assets for the six months ended June 30, 2024, resulted in a total loss of HKD 6,960,659, compared to a profit of HKD 18,162,199 for the same period in 2023[13] - The company’s total unallocated expenses for the six months ended June 30, 2024, were HKD 5,798,237, compared to HKD 9,244,803 for the same period in 2023[9] - The company recorded a net loss attributable to shareholders of HKD 12,728,425 for the six months ended June 30, 2024, compared to a profit of HKD 8,918,936 for the same period in 2023[23] Assets and Liabilities - The company's total assets decreased to HKD 81,259,569 as of June 30, 2024, down from HKD 93,623,662 as of December 31, 2023, reflecting a decline of approximately 13%[4] - The net asset value per share decreased to HKD 0.06 as of June 30, 2024, compared to HKD 0.07 as of December 31, 2023[4] - Current liabilities totaled HKD 4,877,429 as of June 30, 2024, a slight decrease from HKD 5,207,358 as of December 31, 2023[4] - The company’s total assets as of June 30, 2024, amounted to HKD 81,986,957, with liabilities totaling HKD 4,877,429[10] - As of June 30, 2024, the company's debt-to-equity ratio was 0.74%, compared to zero on December 31, 2023[44] - The company has no significant contingent liabilities as of June 30, 2024, and had no capital expenditures or other commitments[47][48] Cash and Investments - The company’s cash and cash equivalents were reported at HKD 15,881,075 as of June 30, 2024, down from HKD 17,309,428 at the end of 2023[4] - The company held investments in one listed company and three private equity securities, along with one limited partnership fund and one open-ended fund as of June 30, 2024[29] - The company recorded realized gains of HKD 105,000 from China New Consumption Group Limited and HKD 22,000 from Taste Holdings Limited[43] - The company reported realized losses of HKD 373,000 from Hengwei Group Holdings Limited and HKD 255,000 from Long Cheng Financial Group Limited[44] - The company has pledged HKD 572,000 in listed securities as collateral for the payment of accountants' guarantee deposits[45] Investment Strategy and Market Conditions - The company’s investment activities are managed by Evergrande Securities (Hong Kong) Limited, focusing on long-term capital appreciation through investments in capable enterprises[5] - The investment performance was adversely affected by the slow recovery of the Chinese economy and increased volatility in the Greater China stock market[29] - The company aims to diversify investment risks through funds and private equity, targeting greater potential returns in the long term[31] - The company will continue to focus on investments related to China in major global markets, leveraging its expertise in investment and risk management[31] - The company is committed to identifying valuable investment opportunities to maximize returns for its shareholders[31] - The company’s investment strategy emphasizes the Greater China region and other major global markets[31] Operational Efficiency and Management - The company has adopted new and revised International Financial Reporting Standards effective from January 1, 2024, which did not have a significant impact on the financial statements[7] - The company incurred administrative fees of HKD 206,815 during the period, with a payable of HKD 68,880 due to the administrator by June 30, 2024[8] - The company reported a management fee of HKD 300,000 for the period, with a payable of HKD 100,000 due to the investment manager by June 30, 2024[19] - The total salary cost for the company during the period was approximately HKD 1,079,587, down from HKD 2,027,170 for the same period in 2023[50] - The company has nine full-time employees as of June 30, 2024, compared to eight on December 31, 2023[50] - The company reported a significant increase in operational efficiency due to the implementation of AI-driven services[41] Market Overview - In the first half of 2024, China's GDP increased to RMB 61,683.6 billion, a 5.0% rise compared to the first half of 2023[31] - The Hang Seng Index fell by 3.9% in the first half of 2024, while the Hang Seng China Enterprises Index rose by 9.8%[31] - The Federal Reserve has maintained interest rates between 5.25% and 5.50% since July 2023, with expectations of a potential rate cut in September 2024[31]

Financial Performance - The Company reported a net loss attributable to shareholders of HK$52,436,843 for the year ended 31 December 2023, which included a net change in fair value loss of HK$35,365,185 on investment positions in the portfolio[15]. - The audited net asset value per share was approximately HK$0.07 as of 31 December 2023[16]. - The net loss was primarily due to a net realized loss of HK$59,123,751, offset by a net unrealized gain of HK$23,758,566 on financial assets at fair value through profit or loss[16]. - The total remuneration cost incurred by the company for the year was approximately HK$4,132,184, an increase from HK$3,885,403 in the previous year[71][76]. - The Company has confirmed that it is not a party to the liquidation order of Jinshi Investment Group Limited, which has been appointed a provisional liquidator[88]. Investment Strategy and Portfolio - The Company maintains a medium to long-term investment strategy in both public and private equities[15]. - The Company is devoted to achieving long-term capital appreciation for professional investors through a diversified portfolio[14]. - The Company will continue to monitor its investments cautiously in light of recent uncertain market conditions[16]. - The Company believes that incorporating private equity into its portfolio will diversify investment risks and potentially yield greater returns in the long term[27]. - The Company plans to continue its investment strategy focused on Greater China and other major global markets[28]. Market Conditions - The investment performance was impacted by the slow recovery of the Chinese economy post-pandemic and increased volatility in the Greater China stock market[16]. - The Hang Seng Index decreased by 13.8% in 2023, while the Hang Seng Chinese Enterprises Index dropped by 14.0%[22]. - China's GDP in 2023 increased to RMB 126,058 billion, representing a 5.2% growth compared to 2022[21]. - The GDP growth for the first quarter of 2023 was 4.5%, accelerating to 6.3%, 4.9%, and 5.2% in the subsequent quarters[21]. Investment Holdings - As of 31 December 2023, the Company held four investments in Hong Kong-listed companies, three private equity securities investments, one limited partnership fund, and one open-ended fund[15]. - The Company held nine investments as of December 31, 2023, including four in Hong Kong-listed companies and three in private equity securities[31]. - One of the major investments is in the financial printing sector, focusing on the Hong Kong IPO market[15]. - The Company initiated a new investment in Tasty Concepts Holding Limited, which operates Japanese ramen restaurants, holding 6,600,000 shares[34]. Unrealized Gains and Losses - The total unrealized losses across the mentioned investments highlight the challenges faced in the current market environment[38][40][41][42]. - iPro Financial Press Limited reported a market value of HK$26.79 million with an unrealized loss of HK$8.21 million, representing a 30.63% decrease in value[44]. - Gransing Finance Limited's market value is HK$14.66 million, reflecting an unrealized loss of HK$2.22 million, which is a 13.36% decline[44]. - Help U Credit Finance Limited has a market value of HK$12.64 million with a total unrealized loss of HK$19 million, indicating a complete loss of investment value[44]. - The unrealized gains and losses recognized during the year reflect changes in fair value of investments, indicating market volatility[47]. Corporate Governance and Management - The company has appointed independent non-executive directors with extensive experience in financial analysis and compliance[102][105]. - The board believes that foreign exchange risks are minimal as the company primarily conducts transactions in Hong Kong dollars[72]. - The board of directors experienced changes, with several resignations and appointments throughout the year[126][131]. - The Company has not entered into any management contracts with individuals or firms to manage its business[149]. - The Company has not established any contracts for managing or supervising its business with any individual or entity[155]. Shareholder Information - The Company has a focus on strategic research, financial investment, and business collaboration in new energy and infrastructure sectors[105]. - The Company has a continuing connected transaction with the Investment Management Agreement during the Year[178]. - The Company has not entered into any significant contracts with directors or related entities that hold significant interests during the year[154]. - The Company has not been notified of any other persons with interests or short positions in its shares, apart from the Directors and chief executive[175]. - The Company has adopted a share option scheme to incentivize eligible participants since June 1, 2015[151].

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 126,339, a significant decrease from HKD 3,116,109 in 2022, representing a decline of approximately 95.9%[3] - The net loss attributable to ordinary equity holders for the year was HKD 52,436,843, compared to a loss of HKD 52,745,075 in the previous year, indicating a slight improvement of 0.6%[3] - The company's operating loss for the year was HKD 52,254,603, which is a marginal improvement from the operating loss of HKD 52,650,558 in 2022, showing a reduction of about 0.8%[3] - The pre-tax loss for the company for the year ending December 31, 2023, was HKD 52,436,843, slightly improved from a loss of HKD 52,745,075 in 2022[12] - The company recorded a net loss attributable to shareholders of HKD 52,436,843 for the year, compared to a loss of HKD 52,745,075 in 2022[25] Assets and Liabilities - The total assets decreased from HKD 142,405,254 in 2022 to HKD 90,035,851 in 2023, reflecting a decline of approximately 36.8%[4] - The total assets as of December 31, 2023, amounted to HKD 95,243,209, down from HKD 149,407,330 in 2022, reflecting a decrease of approximately 36.2%[14] - The total current assets decreased from HKD 148,762,263 in 2022 to HKD 93,623,662 in 2023, a decline of about 37.1%[4] - The total liabilities as of December 31, 2023, were HKD 5,405,256, a decrease from HKD 7,132,534 in 2022, indicating a reduction of approximately 24.3%[14] Cash and Investments - The company's cash and cash equivalents decreased from HKD 27,830,332 in 2022 to HKD 17,309,428 in 2023, a reduction of about 37.8%[4] - The company’s investment activities are managed by Evergrande Securities (Hong Kong) Limited, focusing on long-term capital appreciation through investments in capable enterprises[5] - The company reported a realized loss of HKD 59,123,751 on financial assets measured at fair value through profit or loss for the year 2023, compared to a realized loss of HKD 11,246,814 in 2022[18] - The total fair value loss on financial assets recognized through profit or loss amounted to HKD 59,123,751, offset by unrealized gains of HKD 23,758,566[32] - The company holds nine investments as of December 31, 2023, including four listed companies in Hong Kong, three private equity securities, one limited partnership fund, and one open-ended fund[38] Employee Costs - The company incurred total employee costs (excluding directors' remuneration) of HKD 4,132,184 in 2023, up from HKD 3,885,403 in 2022, representing an increase of approximately 6.3%[20] - The total salary cost for the year was approximately HKD 4,132,184, compared to HKD 3,885,403 for the year ending December 31, 2022, reflecting an increase of about 6.35%[67] - As of December 31, 2023, the company had eight full-time employees, an increase from six full-time employees as of December 31, 2022[67] Investment Strategy - The company's investment strategy focuses on maintaining long-term investments in listed and private equity securities, with new investments made in a ramen restaurant operator during the year[36] - The company plans to continue seeking investment opportunities in high-potential listed companies and private equity securities to benefit its investors and shareholders[36] - The company aims to focus its investment strategy on the Greater China region and other major global markets[37] - The company is committed to maximizing shareholder returns through professional investment and risk management expertise[37] Governance and Compliance - The company has adopted most principles outlined in the Corporate Governance Code as of December 31, 2023, ensuring compliance throughout the year[69] - The Audit Committee, consisting of three independent non-executive directors, has held two meetings during the year to review financial performance and internal controls[72][73] - The company's auditor confirmed that the preliminary announcement of the company's performance for the year ending December 31, 2023, aligns with the amounts presented in the financial statements[74] Dividends and Fundraising - The company did not recommend any final dividend for the year, consistent with the previous year[57] - The company has not engaged in any equity fundraising activities during the year[61] Market Performance - The Hang Seng Index declined by 13.8% in 2023, while the Hang Seng China Enterprises Index fell by 14.0%[35]

Financial Performance - The Company reported a net gain attributable to shareholders of HK$8,918,936 during the Period, consisting of a net change in fair value gain of HK$18,162,199 on investment positions in the portfolio[18]. - Revenue for the six months ended June 30, 2023, was HK$1,540,000, a slight decrease of 0.1% compared to HK$1,542,376 for the same period in 2022[139]. - Operating profit for the period was HK$8,983,128, a significant improvement from an operating loss of HK$10,713,132 in the prior year[139]. - Profit before tax was HK$8,918,936, compared to a loss before tax of HK$10,735,153 for the same period last year[139]. - The company reported a profit of HK$8,918,936 for the six months ended June 30, 2023, compared to a loss of HK$10,735,153 for the same period in 2022, indicating a significant turnaround[146]. Investment Portfolio - As of 30 June 2023, the Company held three investments in Hong Kong-listed companies, five private equity securities investments, one limited partnership fund, and one open-ended fund[18]. - The company has newly invested in Kingland Group Holdings Limited, which provides concrete demolition services in Hong Kong and Macau, and will continue to seek further investment opportunities[30][33]. - During the period, the company invested in two funds and five private equities, aiming to diversify investment risks and potentially achieve greater long-term returns[31]. - The overall investment strategy emphasizes both listed and unlisted securities to maximize returns for shareholders[30][31]. - The company’s investments are primarily focused on private and public enterprises supported by the economies of Mainland China, Hong Kong, Macau, and Taiwan[152]. Market Conditions - The investment performance was affected by the slowdown in the Chinese economy and rising volatility in the global stock market post-pandemic[22]. - The first half of 2023 saw a global focus on restoring business activities, despite ongoing challenges such as U.S. interest rate hikes[23]. - The Hang Seng Index dropped by 4.4% in the first half of 2023, while the Hang Seng Chinese Enterprises Index fell by 4.2% during the same period[28][29]. - The U.S. Federal Reserve raised interest rates by 25 basis points in February, March, and May 2023, with current rates between 5% and 5.25%, and an expected increase to 5.5% to 5.75% by the end of 2023[28]. Asset Valuation - The unaudited net asset value per share was approximately HK$0.11 as of 30 June 2023, with a net unrealised gain of HK$33,541,773 offset by a net realised loss of HK$15,379,574 due to market volatility[22]. - The net unrealised gain on financial assets at fair value through profit or loss was HK$9,010,000 for listed securities and HK$24,531,773 for unlisted securities, totaling HK$33,541,773[189]. - The net realised loss on financial assets at fair value through profit or loss for the same period was HK$12,813,547 for listed securities and HK$2,566,027 for unlisted securities, totaling HK$15,379,574[189]. Shareholder Information - The Company’s largest shareholder, CAS International Investment Management Company Limited, holds 315,000,000 shares, representing approximately 23.87% of the issued share capital[114]. - The Company’s director, Wang Dingben, holds 68,330,000 shares, which is approximately 5.18% of the issued share capital[111]. - The Company has not purchased, sold, or redeemed any of its shares during the period[127]. Operational Efficiency - The total remuneration cost incurred by the Company for the period was approximately HK$2,027,170, a slight decrease from HK$2,080,766 for the same period in 2022[100][103]. - The company incurred finance costs of HK$64,192 for the six months ended June 30, 2023, compared to HK$22,021 in the previous year, indicating an increase in financing expenses[146]. - Gransing Financial Group Limited launched new services including online account opening and A.I. analyst services to enhance operational efficiency[63]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the period[128]. - Changes in the board of directors include the appointment of two independent non-executive directors effective June 15, 2023[124]. - No arrangements were made for directors or their family members to acquire benefits through share acquisition during the period[120]. Future Outlook - The company will continue to monitor investments cautiously due to recent uncertain market conditions[22]. - The company continues to explore market expansion opportunities and new strategies to enhance its investment portfolio and overall performance[42]. - The company will maintain cost control measures and resource management to cope with economic volatility and potential challenges[57].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 CHINA NEW ECONOMY FUND LIMITED 中 國 新 經 濟 投 資 有 限 公 司 （於開曼群島註冊成立的獲豁免有限公司） （股份代號：80） 截 至2023年6月30日 止 六 個 月 之 中 期 業 績 公 告 未經審核中期業績 中國新經濟投資有限公司（「本公司」）之董事會（「董事會」或「董事」）欣然宣佈本 公 司 截 至2023年6月30日 止 六 個 月（「本 期 間」）之 未 經 審 核 中 期 業 績，連 同 截 至 2022年6月30日止六個月之未經審核數字。 中期簡明損益及其他全面收益表 截至2023年6月30日止六個月 截至2023年 截至2022年 6月30日止 6月30日止 六個月 六個月 （未經審核） （未經審核） 附註 港元 港元 收入 4 1,540 1,542,376 ...