Financial Performance - The Company reported a net loss attributable to shareholders of HK$52,745,075 for the year ended 31 December 2022, primarily due to a net change in fair value loss of HK$39,041,595 on investment positions[14]. - The audited net asset value per share was approximately HK$0.11 as of 31 December 2022[15]. - The investment performance was negatively impacted by a net unrealised loss of HK$27,794,781 and a net realised loss of HK$11,246,814 on financial assets at fair value through profit or loss[15]. - The total unrealized losses across the mentioned investments indicate a significant impact on the company's net asset value[35][38][41][42]. - The Company recorded a realised gain of HK$320,000 from Crater Gold Mining Limited, while the top realised losses included HK$10,046,000 from State Innovation Holdings Limited[65]. - The Company did not recommend any final dividend for the Year, consistent with the previous year[68]. - The Company raised approximately HK$74 million through a rights issue, with plans to allocate HK$62.9 million towards investments in funds and HK$11.1 million for general working capital[76][77]. - The Company had no capital expenditure or commitments as of December 31, 2022[79]. - The Company did not purchase, redeem, or sell any of its listed shares during the Year[78]. - There were no significant contingent liabilities as of December 31, 2022[69]. Investment Strategy - The Company maintained a long-term investment strategy in both public and private equities throughout the year[14]. - The Company aims to diversify investment risks and enhance long-term returns through various investment strategies[27]. - The Company plans to continue focusing on Greater China and other major global markets for investment opportunities[28]. - The Company plans to monitor investments cautiously due to recent uncertain market conditions[15]. - The company invested in Hanvey Group Holdings Limited, focusing on enhancing product design and development capabilities[26]. - The company also invested in two new funds: Goldstone 1 LPF and SWK Dynamic OFC, targeting capital appreciation and the Hong Kong and China equity markets[27]. - The company continues to explore market expansion opportunities and new product developments to enhance future performance[39]. - The management remains focused on strategic investments and potential acquisitions to strengthen its market position[39]. Economic Overview - China's GDP increased to RMB121,021 billion in 2022, representing a growth of 3.0% compared to 2021[20]. - The GDP growth rate for the first quarter of 2022 was 4.8%, which slowed to 0.4%, 3.9%, and 2.9% in the subsequent quarters[20]. - The Hang Seng Index decreased by 15.5% in 2022, while the Hang Seng Chinese Enterprises Index fell by 18.6%[21]. - The U.S. Federal Reserve raised interest rates seven times in 2022, increasing from 0.25% to 4.5% by year-end[21]. - The U.S. GDP grew at an annualized rate of 2.9% in Q4 2022, with an overall growth rate of 2.1% for the year[21]. - The recovery of business in 2023 is expected to be challenging but may lead to significant growth[22]. - The outbreak of COVID-19 and its variants continued to affect global markets, but adjustments in China's anti-epidemic strategy are expected to restore business activities[19]. - The Company believes that the pandemic is coming to an end and anticipates a rebound in the national economy[19]. Shareholder Information - As of December 31, 2022, the company had 1,319,700,274 issued shares[189]. - Wang Dingben holds 68,330,000 shares, representing approximately 5.18% of the issued share capital[189]. - CAS International Investment Management Company Limited and its affiliates collectively hold 315,000,000 shares, accounting for 23.87% of the issued share capital[193]. - Yang Kun is a beneficial owner of 129,640,000 shares, which is about 9.82% of the issued share capital[195]. - Choi Koon Shum and associated entities hold 117,898,595 shares, representing approximately 8.93% of the issued share capital[195]. - The company has not been notified of any other persons with interests or short positions in shares as of December 31, 2022[197]. Corporate Governance - The Company has established an audit committee in compliance with the Listing Rules, comprising three independent non-executive directors[97][100]. - The Company has arranged appropriate Directors' and officers' liabilities insurance coverage during the Year[163]. - The Company has complied with all material relevant laws and regulations in Hong Kong during the Year[162]. - The Company operates a share option scheme to provide incentives and rewards to eligible participants contributing to its success[176]. - The maximum number of shares that may be issued upon exercise of all outstanding options under the Share Option Scheme must not exceed 30% of the issued share capital[175]. - The total number of shares issued upon exercise of options granted to each participant in any twelve-month period shall not exceed 1% of the shares in issue[181]. Management and Directors - Mr. Chan Cheong Yee has been appointed as an executive director since June 1, 2013, and is currently the managing director of Evergrande Securities (Hong Kong) Limited[107]. - Mr. Huang Bin has been appointed as a non-executive director and chairman since January 10, 2022, with extensive experience in fund and asset management[110]. - Mr. Choi Koon Ming has over 26 years of experience in corporate financing and has been an executive director of Sunwah Kingsway Capital Holdings Limited since 2000[115]. - Mr. Choi Chit Sze Jackson, appointed as a non-executive director since February 8, 2022, was recognized as an outstanding young entrepreneur in the Guangdong-Hong Kong-Macao Greater Bay Area in 2020[114]. - Mr. Huang organized special funds to support the "Belt and Road" initiative and promote the development of the Guangdong-Hong Kong-Macao Bay Area[110]. - Mr. Chan is currently an executive director of multiple companies listed on the Main Board of the Stock Exchange, including China Innovation Investment Limited and Capital VC Limited[107]. - Mr. Huang has experience working with international financial institutions, including Crédit Agricole Corporate and Investment Bank in France[110]. - Mr. Choi Koon Ming is also an independent non-executive director of EPS Creative Health Technology Group Limited since 2021[115].

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2022年12月31日 止 年 度 之 業 績 公 告 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2022年12月31日止年度（「本年度」）之業績，連同截至2021年12月31日止 年度之比較數字載列如下： 損益及其他全面收益表 截至2022年12月31日止年度 2022年 2021年 附註 港元 港元 收入 4 3,116,109 2,547,989 按公平值透過損益列賬之金融資產之公平 值變動淨額 5 (39,041,595) 7,181,427 其他營運開支 (16,725,072) (14,592,920) 營運虧損 (52,650,558) (4,863,504) ...

Financial Performance - The company reported a significant increase in net asset value, reaching $1.2 billion, representing a 15% growth compared to the previous period[10]. - The company anticipates a revenue growth of 10% for the next quarter, projecting earnings of approximately $120 million[10]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on innovative technology solutions[10]. - The Company reported a net loss attributable to shareholders of HK$10,735,153 during the Period, including a net loss in fair value of HK$3,389,428 on investment positions[16]. - The unaudited net asset value per share was approximately HK$0.14, with net unrealised gains of HK$14,480,191 offset by net realised losses of HK$17,869,619 due to stock market volatility[18]. User Engagement - User data showed a 20% increase in active accounts, totaling 500,000 users, indicating strong customer engagement[10]. - Customer satisfaction ratings improved to 90%, reflecting the effectiveness of recent service enhancements[10]. Market Expansion - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by the end of the fiscal year[10]. - The company is exploring partnerships with local firms to bolster its distribution network, aiming for a 30% increase in efficiency[10]. Strategic Investments - A strategic acquisition of a tech startup was completed, valued at $50 million, aimed at enhancing product offerings[10]. - The Company newly invested in Hanvey Group Holdings Limited, which focuses on the design, development, manufacturing, and distribution of watch products[23]. - The Company also invested in Gransing Finance Limited, which is engaged in money lending, to diversify investment risks and potentially enhance long-term returns[23]. - The company continues to explore new investment opportunities to enhance its portfolio and maximize returns[122]. - The management emphasizes the importance of strategic investments in emerging markets to drive future growth[122]. - The company is committed to maintaining a balanced investment approach while seeking high-potential opportunities in the market[122]. Economic Context - The GDP of China in the first half of 2022 increased to RMB 56,264.2 billion, representing a 2.5% increase compared to the first half of 2021[18]. - The Hang Seng Index and the Hang Seng Chinese Enterprises Index both dropped by 6.9% in the first half of 2022[20]. - The U.S. Federal Reserve raised interest rates by 50 and 75 basis points in May and June 2022, respectively, with expectations of rates increasing to 3.5% by the end of 2022[20]. - The recovery of business in the second half of 2022 is expected to be challenging due to ongoing uncertainties in the market[20]. Investment Portfolio - The company holds 7,010,000 ordinary shares of Hanvey Group Holdings Limited, representing a 4.67% ownership stake, with a market value of HK$3.47 million and an unrealized loss of HK$176,000[122]. - The investment in Orater Gold Mining Limited consists of 35,000,000 ordinary shares, accounting for 2.82% of the company, with a market value of HK$3.22 million and an unrealized gain of HK$554,000[122]. - The net asset attributable to the company from Hanvey Group Holdings Limited is HK$2.17 million, contributing 1.90% to the company's gross assets[122]. - The company received no dividends from its investments during the reporting period[122]. - The company’s total investments include significant stakes in various entities, with the largest being in Hanvey Group Holdings Limited and Orater Gold Mining Limited[122]. - The company’s total gross assets include investments exceeding 5% in several companies, highlighting a diversified investment strategy[122]. - The unrealized gains and losses from investments are closely monitored, with specific attention to market fluctuations affecting the portfolio[122]. Investment Performance - Gransing Financial holds 64 shares, representing an 18.08% ownership, with a market value of HK$18,300,000 and an unrealized loss of HK$28,077,000[124]. - iPro Financial Press Limited owns 17,493 shares, accounting for 19.97% of the investee, with a market value of HK$33,781,000 and an unrealized loss of HK$1,218,000[124]. - Gransing Finance Limited has 2,779,570 shares, representing a 19.90% stake, with a market value of HK$16,876,000 and no unrealized gain or loss[124]. - Help U Credit Finance holds 37,000 shares, which is 19.95% of the investee, with a market value of HK$19,000,000 and an unrealized loss of HK$14,132,000[125]. - The net asset attributable to Gransing Financial is HK$17.45 million, which is 10.03% of the company's gross assets[124]. - The dividend received by Gransing Financial during the period is not specified, but the unrealized gain/loss is noted for various investments[124]. - The cost of investment in iPro Financial Press Limited is HK$34,999,000, with a market value of HK$33,781,000[124]. - The total unrealized loss across the investments mentioned amounts to HK$43,427,000[124]. - The proportion of gross assets represented by the investments varies, with Gransing Financial at 10.03% and iPro Financial at 18.52%[124]. - The report indicates ongoing monitoring of market conditions and potential strategies for future investments and expansions[124].

Financial Performance - The Company reported a significant increase in net asset value, reaching HKD 1.2 billion, representing a growth of 15% year-on-year[11]. - Total revenue for the year ended December 31, 2021, was HKD 300 million, reflecting a 10% increase compared to the previous year[11]. - The Company achieved a return on investment of 12%, indicating strong performance in its diversified portfolio[11]. - The Company reported a net loss attributable to shareholders of HK$4,980,239 during the Year, which included a net fair value gain of HK$7,181,427 on investment positions[14]. - Future guidance indicates an expected revenue growth of 15% for the upcoming fiscal year, driven by increased market demand and new product launches[11]. Market Trends and Economic Conditions - The investment performance was affected by a slowdown in the Chinese economy and increased volatility in the global stock market due to the pandemic[14]. - The GDP of China in 2021 increased to RMB114,367 billion, representing an increase of 8.1% compared to 2020[16]. - The Hang Seng Index decreased by 14.1% in 2021, while the Hang Seng Chinese Enterprises Index dropped by 23.3%[16]. - The Company expects the U.S. Federal Reserve to hike interest rates three times in 2022, totaling a rise of 1.75 percentage points[16]. - The Company remains cautiously optimistic about the prospects of the securities market in China and Hong Kong[16]. Investment Strategy and Focus - The Company plans to expand its market presence in Southeast Asia, targeting a 20% increase in investments in the region over the next fiscal year[11]. - The Company plans to focus on further investment opportunities in healthcare and telecommunications sectors[20]. - The company plans to continue exploring investment opportunities in healthcare and telecommunications sectors, focusing on the Greater China region and other major global markets[22]. - The company aims to leverage its professional investment and risk management team to maximize shareholder value through strategic investments[22]. - The company is committed to deploying investment strategies that align with market trends and opportunities in the healthcare and telecommunications sectors[22]. Product Development and Innovation - New product offerings in fintech are expected to launch in Q2 2022, aiming to capture a larger share of the digital investment market[11]. - The Company has invested HKD 50 million in research and development for innovative investment solutions, focusing on sustainability and technology[11]. - New product development and technological advancements are being prioritized to stay competitive in the market[93]. Mergers and Acquisitions - The Company is exploring strategic acquisitions to enhance its technology capabilities, with a budget of HKD 100 million allocated for potential deals[11]. - The companies are exploring merger and acquisition opportunities to strengthen their market presence and operational capabilities[93]. Shareholder Value and Dividends - The management team emphasized a commitment to enhancing shareholder value through strategic investments and operational efficiencies[11]. - Dividend policies are being reviewed to ensure sustainable returns to shareholders while maintaining adequate capital for growth[94]. - The company received no dividends from its largest investments during the year[28]. Investment Portfolio - The company held a total of twenty-seven investments as of December 31, 2021, including sixteen equity securities in Hong Kong-listed companies, one in Australia, six private equity securities, three promissory notes, and one unlisted bond[24]. - The largest investment in private equities was in Gransing Financial Group Limited, which offers various financial services and has launched new A.I.-enhanced services[19]. - The largest investment, Kingland Group Holdings Limited, accounted for 5.36% of the investee's capital, with a market value of HK$9,729,000 and an unrealized loss of HK$1,181,000[28]. - The company disclosed its ten largest investments and all individual investments exceeding 5% of its gross assets as per the Listing Rules[25].

Financial Performance - The Company reported a net profit attributable to shareholders of HK$12,670,242 during the Period, which included a net gain in fair value of HK$17,316,315 from investment positions in the portfolio[14]. - The net profit was primarily driven by a net unrealised gain of HK$39,542,627, offset by a net realised loss of HK$22,226,312 on financial assets at fair value through profit or loss[18]. - The net asset value per share increased to approximately HK$0.15 as of 30 June 2021, despite market volatility[18]. Investment Strategy - The Company maintained a medium to long-term investment strategy in both public and private equity markets during the Period[14]. - The Company is focused on achieving long-term capital appreciation for professional investors through investments in new economy sectors[13]. - The Company continues to focus on investment strategies in Greater China and other major global markets to maximize profits for shareholders[25]. - The Company aims to explore more private equity and unlisted investment opportunities to benefit investors and shareholders[25]. - The Company will continue to seek high-potential listed companies for investment in the short to medium term[25]. Market Conditions - The global economy faced challenges due to the ongoing COVID-19 pandemic, impacting recovery efforts[20]. - The ongoing COVID-19 pandemic and its variants may slow GDP growth in the US and globally, creating uncertainties in major stock markets[23]. - The US Federal Reserve is expected to have limited room for interest rate cuts, with potential interest hikes before the end of 2023[23]. Investment Portfolio - As of 30 June 2021, the Company held seventeen investments in Hong Kong-listed companies, one investment in an Australia-listed company, five private equity securities investments, one promissory note, and one bond[14]. - The Company’s major investments are concentrated in the financial services sector, particularly in the Hong Kong market[14]. - The Company invested in Oriental Payment Group Holdings Limited, which provides payment processing services to merchants frequently visited by Chinese tourists in Thailand and Singapore[25]. - The Company made a new private equity investment in Forever Best Investments Limited, holding a 25% share in a logistics services company[25]. - The company has investments in private equity in the British Virgin Islands, with a total cost of HK$3,883 and a market value of HK$3,893, resulting in no unrealised gain or loss[194]. Specific Investment Details - Gransing Financial Group Limited holds 64 shares with a cost of HK$46,377, and a market value of HK$18,757, resulting in an unrealised loss of HK$27,620[194]. - Help U Credit Finance Limited has 37,000 shares owned, representing 18.95% of the investee's capital, with a cost of HK$19,000 and a market value of HK$6,390, leading to an unrealised loss of HK$12,610[197]. - Oriental Payment Group Holdings Limited has a cost of HK$15,000 and a market value of HK$15,000, resulting in no unrealised gain or loss, with a yield of 10%[197]. - The net asset attributable to the company from Gransing Financial Group Limited is HK$25.13 million, accounting for 17.41% of the company's gross assets[194]. - The company received no dividends from Help U Credit Finance Limited during the period, which represents 5.93% of the company's gross assets[197]. - The unrealised gain/loss for Gransing Financial Group Limited is recorded as HK$27,620[194]. - The company has a total of HK$4.42 million net assets attributable from Forever Best, which is 3.61% of the company's gross assets[194]. - The company’s total unrealised gains/losses across its investments are being closely monitored to assess future performance and strategy adjustments[197]. Future Outlook - The Company will continue to monitor investments cautiously due to recent uncertain market conditions[18]. - The company is exploring further market expansion opportunities in the Hong Kong region to enhance its investment portfolio[197].

Financial Performance - The Company reported a net loss attributable to shareholders of HK$31,106,691 for the year ended 31 December 2020[27]. - The net asset value per share decreased to approximately HK$0.12 as of 31 December 2020[27]. - The net realized loss was HK$33,116,554, with losses from listed securities amounting to HK$31,974,470[27]. - The net unrealized gain was HK$9,454,733, with gains from listed securities at HK$12,982,733[27]. - The Company experienced a net loss of AUD 0.03 per share, indicating a challenging quarter[199]. Investment Portfolio - The Company held investments in eighteen Hong Kong-listed companies, one Australian-listed company, four private equity securities, and three promissory notes as of 31 December 2020[27]. - As of December 31, 2020, the Company held twenty-six investments, including eighteen equity securities in Hong Kong-listed companies[98]. - The largest investment was in CROSSTEC Group Holdings Limited, with 23,095,000 ordinary shares valued at HK$0.49 million, representing 3.21% of the company's gross assets[101]. - The company also invested in InvesTech Holdings Limited, holding 41,090,000 ordinary shares valued at RMB15.59 million, accounting for 2.93% of gross assets[101]. - China Mobile Limited was another significant investment, with 80,000 shares valued at RMB4.49 million, contributing to the company's overall portfolio[107]. - The largest investment in private equities during the year was in Gransing Financial Group Limited, which enhanced its services using artificial intelligence technology[39]. - The Company plans to continue seeking investment opportunities in private equities, particularly in healthcare and telecommunications sectors[39]. Market Conditions - The global pandemic contributed to the slowdown in the Chinese economy and increased volatility in the global stock market[27]. - The Company will continue to monitor investments cautiously due to recent uncertain market conditions[27]. - The Company remains cautiously optimistic about the prospects of the securities market in China and Hong Kong, anticipating a potential market rebound by the end of 2021[33]. - The US Federal Reserve's interest rate cuts in March 2020 have limited further reduction possibilities, with potential for an interest hike in 2021[33]. Economic Indicators - The GDP of China in 2020 increased to RMB 101,598.6 billion, representing a growth of 2.3% compared to 2019[31]. - The GDP in the first quarter of 2020 dropped by 6.8%, but rebounded with increases of 3.2%, 4.9%, and 6.5% in the subsequent quarters[31]. - The Hang Seng Index dropped by 3.4% in 2020, while the Hang Seng Chinese Enterprises Index decreased by 3.8%[32]. Strategic Focus - The financial services sector focusing on the Hong Kong market was identified as a major investment area[27]. - The management discussion highlighted the strategic focus on expanding investments in listed equity securities and private equity opportunities[104]. - The company is committed to maintaining a diversified investment portfolio to mitigate risks and enhance returns[104]. - The overall strategy emphasizes enhancing operational efficiency to improve profitability margins[198]. User Metrics and Growth - User data showed a total of 2,669 active users, up from 2,105 in the previous period[196][197]. - The average revenue per user (ARPU) was reported at 2.92, reflecting a stable user monetization strategy[200]. - Future guidance indicates a projected growth rate of approximately 10% for the next quarter[195]. - The company is focusing on market expansion strategies to enhance user acquisition and retention[198]. - New product development initiatives are underway, aiming to launch two major products in the next fiscal year[198]. - The company is exploring potential mergers and acquisitions to strengthen its market position[198]. - Investment in new technologies is expected to increase by 15% in the upcoming year[198].

Financial Performance - The Company reported a net loss attributable to shareholders of HK$15,880,335 during the Period, which included a net loss in fair value of HK$11,908,044 on investment positions in the portfolio[15]. - The net asset value per share decreased to approximately HK$0.14 as of 30 June 2020, primarily due to a net realised loss of HK$25,502,364 offset by a net unrealised gain of HK$13,594,320[18]. - The Company aims to achieve substantial net asset appreciation and maximize profit for shareholders through a well-diversified investment strategy[27]. - SEM Holdings Limited reported a net asset value of MOP4.13 million, with a proportion of 2.73% in shares held[100]. - China Mobile Limited achieved a net asset value of RMB4.40 million, with a decrease of 11.7% in unrealized gains[100]. - InvesTech Holdings Limited reported a net asset value of USD18.44 million, with a 33.5% increase in shares held[100]. - Finsott Financial Investment Holdings reported a net asset value of HK$9.55 million, with a 5.87% proportion of shares held[100]. - China Telecom Corporation Limited reported a net asset value of RMB7.94 million, with a decrease of 11.7% in unrealized gains[100]. - The company reported a dividend received/receivable for the year, contributing to the overall financial performance[173]. - The unaudited net assets attributable to shareholders as of June 30, 2020, were approximately RMB 357,170 million[194]. Investment Strategy - The Company maintained a long-term investment strategy in both public and private equity markets despite the challenges posed by the COVID-19 pandemic and ongoing China-US trade frictions[15][20]. - The Company plans to continue monitoring investments cautiously due to recent uncertain market conditions[18]. - The Company is focused on achieving long-term capital appreciation for professional investors through investments in new economy sectors[14]. - The financial services sector remains one of the Company's major investment focuses, particularly in the Hong Kong market[15]. - The Company will adapt its strategies in response to the evolving market landscape and economic conditions[20]. - Future investment opportunities will focus on healthcare, high-technology, online medical, and telecommunication sectors, including the Internet of Things[27]. - The Company believes private equity investments will diversify risk and potentially bring greater returns in the long term[27]. Market Conditions - The economic growth in China and Hong Kong slowed down significantly during the Period, impacted by local political issues and the global pandemic[20]. - The recovery of business in the second half of the year is expected to be hugely challenging, with a prolonged recovery period anticipated[20]. - China's GDP in the first half of 2020 decreased to RMB 45,661.4 billion, representing a decrease of 1.6% compared to the first half of 2019[23]. - The Hang Seng Index dropped 13.3% in the first half of 2020, while the Hang Seng Chinese Enterprises Index reduced by 12.6%[25]. - The U.S. Federal Reserve cut interest rates twice in March 2020 by a total of 1.5 percentage points, leaving limited room for further cuts by the end of 2020[25]. - The pandemic has posed challenges to China Telecom's operations while also increasing demand for information services[194]. Company Developments - The management discussion highlighted a strategic emphasis on market expansion and new technology development[106]. - The company plans to enhance its investment portfolio through targeted acquisitions and partnerships[106]. - Gransing Financial launched several new services, including online account opening for new customers in Hong Kong and China, leveraging advanced A.I. technology[198]. - Gransing Financial's A.I. analyst provides stock monitoring, investment strategies, and stock scoring services to improve operational efficiency[198]. Individual Company Performance - Kin Pang Holdings Limited reported an audited profit attributable to shareholders of approximately MOP14,242,000 for the financial year ended 31 December 2019[178]. - SEM Holdings Limited achieved an audited profit attributable to shareholders of approximately MOP20,267,000 for the financial year ended 31 December 2019[182]. - China Mobile Limited's unaudited profit attributable to shareholders for the six months ended 30 June 2020 was approximately RMB55,765 million[186]. - InvesTech Holdings Limited reported an audited loss attributable to shareholders of approximately RMB21,096,000 for the financial year ended 31 December 2019[188]. - Finsoft recorded an unaudited loss attributable to shareholders of approximately HKD5,674,000 for the six months ended 30 June 2020[190]. - SEM Holdings is optimistic about the E&M market in Macau due to ongoing urban renewal and construction projects[182]. - China Mobile aims for stable growth focusing on high-quality development and the implementation of "5G+" plans[186]. - InvesTech plans to continuously develop and upgrade its mobile office automation software to enhance competitiveness[188]. - Finsoft expects strong demand for financial trading software solutions despite the adverse impact of COVID-19 on the overall business environment[190]. - Kin Pang anticipates a slowdown in market development in Hong Kong due to COVID-19, affecting project awards in 2020[178]. - China Telecom's unaudited profit attributable to shareholders for the six months ended June 30, 2020, was approximately RMB 13,949 million[194].

Financial Performance - The Company reported a net loss attributable to shareholders of HK$34,070,940 for the year ended 31 December 2019, primarily due to a net loss in fair value of HK$25,920,857 on investment positions in the portfolio [27]. - The net asset value per share decreased to approximately HK$0.04 as of 31 December 2019, reflecting the slowdown in the Chinese economy and increased volatility in the Hong Kong stock market [28]. - The Company experienced a net realized loss of HK$60,326,270, with losses from listed securities amounting to HK$22,826,270 and unlisted securities losses of HK$37,500,000 [28]. - The company recorded a net loss attributable to shareholders of HKD 34,070,940 for the year, including a fair value loss of HKD 25,920,857 from its investment portfolio [29]. - The fair value losses on financial assets amounted to HKD 60,326,270, with listed securities contributing a loss of HKD 22,826,270 and non-listed securities a loss of HKD 37,500,000 [29]. - The unrealised losses across various investments reflect changes in fair value during the reporting year [72]. Investment Strategy - The Company maintains a long-term investment strategy focused on both public and private equity markets [27]. - The company plans to continue seeking investment opportunities in high-potential listed companies, with the largest investment being in Kin Pang Holdings Limited (1722.HK) [36]. - The company has not made new private equity investments in the past year but believes such investments can diversify risk and potentially yield greater long-term returns [37]. - The Company will continue to monitor investments cautiously due to recent uncertain market conditions [28]. - The Company aims to invest in enterprises that can manufacture products or deliver services with economic support from the specified regions [147]. Market Conditions - The company remains cautious about the prospects of the securities market in China and Hong Kong due to the impact of the COVID-19 outbreak [35]. - The COVID-19 outbreak is expected to negatively impact Kin Pang's financial performance due to project delays and reduced tenders [77]. Shareholder Information - The Company did not recommend the payment of any final dividend for the year, consistent with the previous year [98]. - The Company does not recommend the payment of any dividends for the Year, consistent with the previous year (31 December 2018: Nil) [153]. - The Company raised approximately HK$21 million during the year through a placing agreement for 220,000,000 shares at a net price of HK$0.095 per share [107]. Corporate Governance - The company has established an audit committee in accordance with Listing Rule 3.21, consisting of three independent non-executive directors [129]. - The audit committee's responsibilities and work summary are detailed in the corporate governance report of the annual report [130]. - The company is committed to maintaining transparency and accountability through its governance structures and practices [130]. - The Company is committed to promoting environmental and social sustainable development and complies with relevant laws and regulations [161]. Employee and Remuneration - The total remuneration cost incurred by the Company for the year was approximately HK$3,370,125, compared to HK$2,699,065 in 2018 [110]. - As of December 31, 2019, the Company had five full-time employees, down from six in 2018 [116]. Risk Management - The company will continue to implement its comprehensive risk management strategy to achieve growing returns on investments for shareholders [32]. - The Board believes that foreign exchange risks are minimal as the Company mainly uses the Hong Kong dollar or United States dollar for transactions [121]. - The Company faced various risks as outlined in the business review section of the annual report [153]. Custodian and Fees - The Company terminated the custodian agreement with Deutsche Bank AG on August 15, 2019, and appointed Bank of Communications Trustee Limited as the new custodian [197]. - The monthly fee to the new custodian is the higher of 0.04% of the net asset value or HK$12,500 [197]. - The total custodian fee paid by the Company during the year was HK$288,677 [197].

Financial Performance - The Company reported a net loss attributable to shareholders of HK$12,789,556 during the period, which included a net loss in fair value of HK$8,063,123[14]. - The net loss was primarily due to a net realized loss of HK$41,078,207, offset by a net unrealized gain of HK$33,015,084 on financial assets at fair value through profit or loss[16]. - The company's net asset value per share slightly decreased to approximately HK$0.06 as of June 30, 2019, primarily due to a realized net loss of HK$41,078,207 from financial assets measured at fair value through profit or loss[17]. - The total net assets of the company are reported at HK$85.55 million[179]. - The company has a market capitalization of HK$7,330,000 for its ordinary shares[176]. Investment Portfolio - As of June 30, 2019, the Company held 23 investments in Hong Kong-listed companies, 2 investments in Australia-listed companies, and 3 private equity investments[14]. - The company has invested in two new equities listed on the Australian Securities Exchange during the period, focusing on high-potential companies[27]. - The company will continue to seek investment opportunities in private equities and other unlisted investments to benefit its investors and shareholders[27]. - The investment strategy will focus on Greater China and other major global markets, leveraging the company's professional investment and risk management team[27]. - The company is focused on expanding its investment portfolio in listed equity securities in Hong Kong[194]. Market Conditions - The net asset value per share slightly decreased to approximately HK$0.06 as of June 30, 2019, due to the slowdown in the Chinese economy and rising market volatility[16]. - China's GDP increased by RMB 45,093.3 billion in the first half of 2019, representing a growth of 6.3% compared to the same period in 2018, with a year-on-year increase of 6.2% in the second quarter[18][19]. - The Hang Seng Index rose by 10.4% in the first half of 2019, while the Hang Seng Chinese Enterprises Index increased by 7.5%, indicating a relatively weaker performance[21][23]. - The company remains cautiously optimistic about the prospects of the securities market in China and Hong Kong amid ongoing uncertainties[22][23]. - The company anticipates one more interest rate cut by the U.S. Federal Reserve by the end of 2019, which may increase volatility in the global equity market[22][23]. Unrealized Losses and Gains - Power Financial Group Limited holds 88,510,000 ordinary shares, representing 3.18% of the investee's capital, with a market value of HK$9.205 million and an unrealized loss of HK$9.571 million[36]. - Evershine Group Holdings Limited owns 7,911,000 ordinary shares, accounting for 0.44% of the investee's capital, with a market value of HK$6.487 million and an unrealized loss of HK$3.296 million[36]. - Earthasia International Holdings Limited has 1,584,000 ordinary shares, representing 0.33% of the investee's capital, with a market value of HK$6.201 million and an unrealized loss of HK$200,000[36]. - Century Ginwa Retail Holdings Limited holds 23,916,000 ordinary shares, which is 2.08% of the investee's capital, with a market value of HK$6.099 million and an unrealized loss of HK$1.058 million[36]. - Town Hasith International owns 29,114,000 ordinary shares, accounting for 0.38% of the investee's capital, with a market value of HK$3.144 million and an unrealized loss of HK$38.691 million[36]. - Dongfang Modem Agriculture Holding Group Limited has 803,000 ordinary shares, representing 0.19% of the investee's capital, with a market value of HK$3.612 million and an unrealized loss of HK$362,000[39]. - Crater Gold Mining Limited holds 35,000,000 ordinary shares, accounting for 2.85% of the investee's capital, with a market value of AUD 2.304 million and an unrealized loss of AUD 374,000[39]. - Gransing Financial Group Limited owns 48 shares, representing 17.52% of the investee's capital, with a market value of HK$24.607 million and an unrealized loss of HK$18.192 million[39]. - The cost value of the investment in Help U Credit Finance is HK$7,270,000, with an unrealized loss of HK$11,730,000[102]. - The investment in Kin Pang Holdings has a recognized cost of HK$16,314,000, with an unrealized loss of HK$1,447,000[168]. - The recognized cost for the investment in Power Financial Group is HK$27,563,000, with an unrealized loss of HK$16,819,000[184]. - Evershine Group Holdings Limited reported a market value of HK$5,099,000 with an unrealized loss of HK$238,000, representing a 4.66% decrease in net asset attributable to the company[197]. - Hanvey Group Holdings Limited holds 25,960,000 ordinary shares, with a market value of HK$4,543,000 and an unrealized loss of HK$4,129,000, indicating a 48.25% decline in net asset attributable to the company[197]. - China Construction Bank Corporation has a market value of HK$3,354,000 with an unrealized gain of RMB37,000, reflecting a 1.11% increase in net asset attributable to the company[197]. - China Life Insurance Company Limited reported a market value of HK$3,228,000 with an unrealized gain of RMBg, indicating a 1.08% increase in net asset attributable to the company[197]. - Town Health International Medical Group Limited has a market value of HK$3,144,000 with an unrealized loss of HK$38,681,000, representing a 92.56% decrease in net asset attributable to the company[197]. - Earthasia International Holdings Limited reported a market value of HK$2,385,000 with an unrealized gain of HK$635,000, indicating a 26.63% increase in net asset attributable to the company[197].

Financial Performance - The company reported a significant increase in total assets, reaching approximately $500 million, representing a growth of 25% year-over-year[1]. - The net profit for the year was reported at $50 million, which is a 15% increase compared to the previous year[1]. - The company has set a revenue guidance of $60 million for the next fiscal year, indicating a growth target of 20%[1]. - New product launches are expected to contribute an additional $10 million in revenue in the upcoming fiscal year[1]. - The Company reported a net loss attributable to shareholders of HK$92,959,437 for the year ended 31 December 2018, primarily due to a net loss in fair value of HK$80,521,383[12]. - The net asset value of the Company decreased to approximately HK$0.06 per share as of 31 December 2018, reflecting the impact of the slowdown in the Chinese economy and increased market volatility[12]. - The Company reported an audited profit attributable to shareholders of approximately CNY254,655,000,000 for the financial year ended December 31, 2018, with net assets of CNY1,976,463,000,000[42]. - The Company reported an audited profit attributable to shareholders of approximately CNY 11,395,000,000 for the financial year ended 31 December 2018[46]. Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 20% market share within the next two years[1]. - The company is implementing new marketing strategies projected to increase customer acquisition by 25%[1]. - The investment strategy will focus on the Greater China region while closely monitoring global market changes[22]. - The company aims to maximize profit for shareholders by capturing valuable investment opportunities in the Greater China region[21]. Investments and Acquisitions - A strategic acquisition of a tech startup was completed, valued at $15 million, aimed at enhancing product offerings[1]. - The Company held eighteen equity securities listed in Hong Kong, one private equity fund, and three private equities as of 31 December 2018, with the largest investment in the financial services sector[12]. - The Company has further invested in several listed companies in Hong Kong, including Kin Pang Holdings Limited, China Construction Bank Corporation, and China Life Insurance Company Limited[19]. - The company has invested in blue-chip stocks such as China Construction Bank and China Life Insurance[22]. - The Company aims to leverage its professional investment and risk management team to seize valuable investment opportunities for shareholders[22]. Risk Management - The Company will continue to implement a comprehensive risk management strategy to navigate potential risks in the portfolio[14]. - The Company has established comprehensive risk management and internal control policies at both the Company and Investment Manager levels[190]. - The risk management systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[190]. Corporate Governance - The Company has a compliance and corporate governance framework in place, overseen by its independent non-executive directors[82]. - The Company is committed to maintaining high corporate governance standards to safeguard the interests of shareholders and creditors[139]. - The Company has established procedures for shareholder nominations for board directors as outlined in Article 34.3 of its Articles of Association[197]. - The Company has adopted an updated Board Diversity Policy to enhance diversity at the Board level, recognizing it as essential for maintaining competitive advantage[175]. Employee and Remuneration - The total remuneration cost incurred by the Company for the Year was approximately HK$2,699,065, compared to HK$1,543,790 in 2017, reflecting a year-over-year increase of about 74.5%[64]. - The Company has established a performance-based remuneration policy, which is periodically reviewed to align with market conditions[64]. - The Company has six full-time employees, including two executive directors and three independent non-executive directors[131]. Shareholder Information - The Company does not recommend the payment of any final dividend for the year, consistent with the previous year[54]. - The Company has maintained a sufficient public float as required under the Listing Rules as of the report date[134]. - Shareholders holding at least 10% of the Net Asset Value can requisition a general meeting under specific conditions outlined in the Articles of Association[194]. Board of Directors - The Company has a diverse board with expertise in finance, investment, and corporate management[79]. - The roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Gu Xu, providing strong and consistent leadership[161]. - The Board held eight meetings during the year ended December 31, 2018, responsible for establishing investment objectives and policies[143]. - Independent non-executive Directors have confirmed their independence in accordance with the guidelines set out in Rule 3.13 of the Listing Rules[161].