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].