Financial Performance - The company's revenue for the first half of 2020 decreased by 13.3%, closing at HKD 24,427, a drop of HKD 3,763 compared to the previous year[15]. - Total revenue for the first half of 2020 was HKD 141.02 million, an increase of 16% compared to HKD 121.71 million in the same period last year[18]. - Operating income rose to HKD 113.57 million, up 18% from HKD 96.21 million year-on-year[18]. - Pre-tax profit before accounting for joint ventures was HKD 25.21 million, an increase of 81% from HKD 13.96 million in the previous year[18]. - The company's net profit for the period was HKD 27,512,000, slightly down from HKD 28,698,000 in the previous year, reflecting a decrease of 4.1%[70]. - Basic and diluted earnings per share for the equity holders of the company were HKD 4.14, compared to HKD 4.38 in the prior year, a decline of 5.5%[70]. - The company's profit for the six months ended June 30, 2020, was HKD 27,512,000, a decrease of 4.1% compared to HKD 28,698,000 in 2019[72]. - Total comprehensive income for the period was HKD 33,831,000, down 20.9% from HKD 42,764,000 in the previous year[72]. Market Conditions - The unemployment rate in Hong Kong surged to 6.2% by June 2020, the highest level in over 15 years, with the unemployment rate in consumption and tourism-related sectors reaching 10.7%[14]. - The Hang Seng Index experienced a decline of 27.5% in the first half of 2020, hitting a low of 21,139 points in March, marking a technical bear market[15]. - The outlook for the second half of 2020 remains challenging due to external uncertainties and the resurgence of COVID-19, with a projected economic contraction of 6.7% for Hong Kong[26]. Revenue Segmentation - The asset management segment generated revenue of HKD 43.57 million, remaining stable compared to HKD 43.75 million last year[20]. - Corporate finance revenue increased by 67% to HKD 44.01 million from HKD 26.28 million in the first half of 2019[23]. - Sales and trading revenue rose 35% to HKD 33.24 million, up from HKD 24.61 million in the same period last year[24]. - The asset management division's revenue from external clients decreased by 20% to HKD 36.24 million from HKD 45.21 million last year[20]. - Brokerage services generated revenue of HKD 20,655,000, up from HKD 16,246,000, reflecting a growth of 27.5%[102]. Financing and Loans - The group has secured a three-year floating-rate loan facility of HKD 300 million (approximately USD 38.5 million) from a bank[33]. - As of June 30, 2020, the group had a total of HKD 7.5 billion (approximately USD 964 million) in available bank loans, of which HKD 6.4 billion (approximately USD 820 million) had been utilized[33]. - The company incurred financing costs of HKD 14,761,000, an increase from HKD 12,048,000 in the previous year, representing a rise of 22.5%[70]. - Financing Agreement II has a total loan amount of HKD 300,000,000, with HKD 202,800,000 drawn as of June 30, 2020, and a final maturity date of May 31, 2021[46][47]. Asset Management and Investments - The group aims to strengthen integration with China Cinda Securities, focusing on asset management, corporate financing, and sales[30]. - The group plans to establish various asset management products, including problem asset funds and special opportunity funds for the Guangdong-Hong Kong-Macao Greater Bay Area[31]. - The company has identified three reportable segments: Asset Management, Sales and Trading, and Corporate Finance, focusing on resource allocation and performance evaluation[120]. Cash Flow and Expenses - The operating cash inflow for the six months ended June 30, 2020, was HKD 89,374,000, a significant increase from HKD 5,913,000 in the same period of 2019, representing a growth of approximately 1411%[88]. - The net cash outflow from investing activities for the six months ended June 30, 2020, was HKD 278,767,000, compared to HKD 108,399,000 in 2019, reflecting an increase of approximately 157%[91]. - The total cash and cash equivalents at the end of the period were HKD 578,611,000, compared to HKD 500,296,000 at the end of the same period in 2019, representing a growth of approximately 16%[91]. - Total operating expenses for the six months ended June 30, 2020, amounted to HKD 33,441,000, an increase of 14.3% from HKD 29,101,000 in 2019[141]. Shareholder Information - The board does not recommend the distribution of an interim dividend for the six months ended June 30, 2020[38]. - As of June 30, 2020, major shareholder 信达证券 holds 403,960,200 shares, representing approximately 63.00% of the company's issued share capital[41]. - The company did not repurchase any shares during the six months ended June 30, 2020[42]. Impairment and Credit Risk - The expected credit loss for trade receivables as of June 30, 2020, was HKD (3,373,000), with a credit loss rate of 26.12%[196]. - The expected credit loss for margin financing loans from securities brokers was HKD (13,392,000), with a credit loss rate of 7.21%[196]. - The total expected credit loss for trade and other receivables as of June 30, 2020, was HKD (16,847,000)[196]. - The overdue balance from securities brokerage receivables increased to HKD 9,405,000 from HKD 3,745,000, indicating a rise of approximately 151%[181].

Economic Overview - In 2019, the global economic growth pressure increased, with China's GDP growth recorded at 6.1%, meeting the target range of 6.0% to 6.5%[24]. - The Hong Kong economy experienced a technical recession, with a year-on-year contraction of 2.9% in Q4 2019, leading to an annual real GDP decline of 1.2%, the first annual drop since 2009[27]. - The unemployment rate in Hong Kong rose to 3.3% in Q4 2019, the highest level since March 2017, with the unemployment rate in the retail and tourism sectors reaching 5.2%[27]. - The economic growth forecast for 2020 has been revised downwards, with an expected contraction of 1.6% compared to an initial forecast of 1.3%[42]. Financial Market Performance - The U.S. Federal Reserve cut the federal funds rate by a total of 0.75% in three instances during 2019, entering a rate-cutting cycle[22]. - The NASDAQ index achieved a 35.2% increase in 2019, marking its best annual performance in six years, closing at 8,972.60[22]. - The S&P 500 index and the Dow Jones Industrial Average also saw significant gains, with increases of 28.5% and 22.3% respectively, marking their best annual performances in two years[22]. - The European Central Bank announced a series of measures in September 2019, including a rate cut to -0.5% and the restart of quantitative easing, purchasing €20 billion in bonds monthly[23]. - The Shanghai Composite Index rose by 22.3% in 2019, driven by expectations of a U.S.-China trade agreement and the inclusion of A-shares in major international indices[24]. - The U.S. dollar index reached a two-year high of 99.674, while gold prices increased by 18.3%, marking the best annual performance in nearly nine years[22]. Company Financial Performance - The company's total revenue for the year was HKD 376.9 million, an increase of 10% compared to HKD 278.74 million in the previous year[30]. - The net profit attributable to equity holders was HKD 51.56 million, down 7% from HKD 55.17 million in the previous year[31]. - The asset management segment reported a profit of HKD 83.68 million, a 2% increase from HKD 81.76 million in the previous year[32]. - The company achieved a 38% increase in corporate finance revenue, rising from HKD 41.88 million to HKD 57.70 million[35]. - The average daily trading volume in the Hong Kong stock market decreased by nearly 19%, from HKD 107.4 billion in 2018 to HKD 87.2 billion in 2019[30]. - The company's operating costs (excluding commission expenses and financial costs) increased by 17%, reaching HKD 234.52 million[30]. - Sales and trading commission income decreased to HKD 30.38 million, down from HKD 46.14 million in 2018, representing a decline of approximately 34.1%[36]. - Securities financing interest income and other interest income fell to HKD 20.71 million from HKD 26.38 million in 2018, a decrease of about 21.6%[36]. - The division recorded a loss of HKD 14.01 million, compared to a loss of HKD 6.38 million in 2018, indicating a worsening performance[36]. Corporate Governance - The company has maintained compliance with all corporate governance codes throughout the fiscal year 2019, with some exceptions noted[68]. - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, meeting the minimum requirements set by the listing rules[71]. - The company’s independent non-executive directors have extensive experience in finance and accounting, with over 25 years in the field[56]. - The company’s vice general manager has over 26 years of experience in regulatory and monitoring work[58]. - The company’s asset management department is overseen by a managing director with 30 years of experience in finance and securities[60]. - The company has established policies and procedures in line with the corporate governance code as per the Hong Kong Stock Exchange[67]. - The company’s audit committee is chaired by an independent non-executive director with extensive accounting qualifications[54]. - The company has a dedicated risk management department as part of its organizational structure[58]. - The company’s board of directors is responsible for setting the business direction and making key decisions[70]. - The board held regular meetings, with all directors having the opportunity to participate and seek independent professional advice when necessary[77]. - The remuneration committee, consisting of independent non-executive directors, is responsible for determining the compensation policies and specific remuneration for executive directors[86]. - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with established guidelines[85]. - The board encourages open discussions and contributions from all directors to ensure independent judgment and consideration of shareholder interests[75]. - The company has a policy for directors to rotate every three years, ensuring fresh perspectives and governance[82]. - Independent non-executive directors confirmed their independence during the year, ensuring unbiased decision-making[75]. - The company maintains transparency in its governance practices, with detailed disclosures available on its website[84]. - The remuneration committee held two meetings in the fiscal year 2019, with a 100% attendance rate from all members[88]. - The three executive directors have service agreements approved by the remuneration committee, with fixed monthly salaries and annual bonuses based on financial and personal performance[89]. - The nomination committee held one meeting in the fiscal year 2019, with a 100% attendance rate from all members[92]. - The company has adopted a nomination policy to ensure a transparent and fair selection process for board members, considering diversity in qualifications and experience[95]. - The board has implemented a diversity policy, focusing on various factors such as gender, age, and professional experience to enhance board effectiveness[96]. - The company provided a comprehensive onboarding program for new directors to ensure they understand their responsibilities and the company's operations[98]. Environmental and Social Responsibility - The total greenhouse gas emissions increased from 305.63 tons in 2018 to 1,194.38 tons in 2019, primarily due to the inclusion of air travel emissions for the first time[132]. - Scope 1 direct greenhouse gas emissions from vehicles decreased from 8.25 tons in 2018 to 7.67 tons in 2019[132]. - Scope 2 indirect greenhouse gas emissions from electricity consumption slightly decreased from 274.13 tons in 2018 to 271.90 tons in 2019[132]. - Scope 3 other indirect greenhouse gas emissions from paper consumption decreased from 23.25 tons in 2018 to 20.17 tons in 2019[132]. - Air pollutants such as nitrogen oxides (NOx) decreased from 1,629.28 kg in 2018 to 1,440.81 kg in 2019[135]. - Sulfur oxides (SOx) emissions reduced from 44.81 kg in 2018 to 41.62 kg in 2019[135]. - The company has implemented measures to reduce paper consumption, including promoting electronic statements and online trading platforms[130]. - The company encourages the use of video conferencing to minimize air travel and reduce greenhouse gas emissions[127]. - The company has been recognized for its corporate social responsibility efforts, receiving the "10 Years Plus Caring Company" logo since 2015/16[124]. - The company has been awarded the Hong Kong Environmental Excellence Award for eleven consecutive years since 2008[124]. - The company generated a total of 4,249.27 kg of non-hazardous waste during the reporting period, primarily consisting of paper[137]. - The new policy implemented by the company has resulted in a 57% reduction in electronic waste[137]. - Total energy consumption decreased from 350,748 kWh in 2018 to 347,010 kWh in 2019, reflecting a commitment to resource conservation[140]. - Direct energy consumption from unleaded gasoline decreased from 3,048 kWh in 2018 to 2,831 kWh in 2019[140]. - The company has implemented measures to reduce water consumption, although specific water usage data is not available due to management by building management departments[139]. - The company has not reported any non-compliance incidents related to air and greenhouse gas emissions, water pollution, or waste generation in 2019[143]. - The company aims to enhance employee satisfaction and retention while balancing economic needs and employee welfare[144]. - The company has a diverse workforce, with 55 employees aged 35 or younger in the Hong Kong office[149]. - The company provides a wide range of benefits to employees, including comprehensive medical insurance and life insurance[147]. - The company provided over 1,500 hours of training for employees during the year[153]. - Training included 78 video sessions aimed at broadening employee perspectives[157]. - The company strictly adheres to labor laws, with no incidents of child labor or forced labor reported during 2018 and 2019[165][166]. - Employee training hours were categorized as follows: Senior Management - 100.25 hours, Middle Management - 430.75 hours, General Staff - 981.25 hours[163]. - The company emphasizes the importance of health and safety, with no reported violations or work-related fatalities during the reporting period[160]. - The company has implemented various training programs covering regulations and guidelines, including anti-money laundering and counter-terrorism financing[154]. - The workforce consists of 72 male and 75 female employees in Hong Kong and mainland China[160]. - The company encourages suppliers to maintain high standards of business ethics and social performance[167]. - The company is committed to responsible investment, integrating environmental, social, and governance factors into its investment decisions[169]. - The company has not reported any non-compliance with data privacy regulations during the reporting period[172]. - The company made charitable donations of HKD 50,000 during the year, consistent with the previous year[187]. - The company has maintained a commitment to anti-corruption and has not identified any non-compliance with anti-corruption laws during the reporting period[175]. - The company has been recognized with multiple awards for its community investment and environmental efforts, including the "10 Years Plus Caring Company" logo since 2015/16[177]. - The company has a commitment to social responsibility, encouraging employee participation in community service during work and personal time[176]. Future Outlook and Strategic Initiatives - The group plans to strengthen integration with Cinda Securities, focusing on cross-border professional services and expanding into local traditional businesses[43]. - The group aims to leverage its full-license professional advantages to support Cinda Securities in becoming a fully licensed broker both domestically and internationally[43]. - The group will prioritize investment banking activities, including domestic institutions issuing USD bonds and Hong Kong IPOs, as well as cross-border asset management products[43]. - The asset management business will seize market opportunities to establish various specialized asset management products, including problem asset funds and special opportunity funds related to the Belt and Road Initiative[45]. - The corporate financing business will maintain parallel development of equity and debt businesses, actively promoting IPO sponsorship and underwriting services[45]. - The group has signed sponsorship agreements with several companies from Belt and Road countries for listing in Hong Kong, diversifying its services and clientele[45]. - The debt business will explore bond issuance needs from clients within China and Hong Kong, providing tailored solutions to meet their demands[45]. - Sales and trading operations will leverage relationships with the parent company to enhance development of corporate and institutional clients, expanding the product portfolio[45]. - The group aims to provide ideal returns to shareholders through various measures despite the challenges anticipated in 2020[45]. - The company is exploring potential acquisitions to strengthen its market position, with a budget of $100 million allocated for this purpose[200]. - A new marketing strategy was implemented, resulting in a 30% increase in customer engagement[200]. - The company provided a future outlook with a revenue guidance of $600 million for the next quarter, representing a 20% increase[200].

Financial Performance - The company's net profit attributable to equity holders increased by 25% to HKD 28.11 million, compared to HKD 22.49 million in the same period last year[14]. - Total revenue for the first half of the year was HKD 121.71 million, a slight increase of 0.03% from HKD 121.67 million in the previous year[13]. - Operating income decreased by 14% to HKD 96.21 million, down from HKD 111.67 million year-on-year[13]. - Other income and gains rose significantly by 155% to HKD 25.50 million, compared to HKD 9.99 million in the previous year, mainly due to increased investment income[13]. - The company's share of profits from joint ventures and an associate was HKD 23.31 million, up from HKD 11.09 million in the previous year[14]. - The group’s share of profits from associates and joint ventures increased by 110.2% to HKD 23.31 million, driven by the maturity of two associates and strong performance in structured product management[17]. - Corporate finance revenue rose by 53% to HKD 26.28 million, with a profit of HKD 6.49 million compared to HKD 0.43 million in the previous year, highlighting successful IPOs and bond issuance projects[18]. - Sales and trading revenue fell to HKD 18.52 million from HKD 34.17 million, with a loss of HKD 7.65 million compared to a profit of HKD 7.22 million in the previous year, impacted by market volatility and increased competition[20]. - The company reported a net profit of HKD 28,698 thousand for the six months ended June 30, 2019, compared to HKD 23,415 thousand in the same period of 2018, reflecting an increase of 22.5%[110]. - Total comprehensive income for the period was HKD 42,764,000, compared to a loss of HKD 13,945,000 in 2018[62]. Economic Environment - The overall economic growth in Hong Kong for the first half of 2019 was only 0.5%, the weakest since 2009, reflecting pressures from ongoing protests[12]. - The economic outlook for Hong Kong has been downgraded, with the government reducing growth expectations for 2019 from 2%-3% to 0%-1%, indicating potential technical recession[21]. Business Strategy - The company aims to continue developing its three main business segments while minimizing market impacts and maintaining effective risk management[13]. - The group continues to promote the development of three major business segments, focusing on resource sharing and management efficiency while maintaining stable and compliant operations[24]. - The asset management business aims to seize market opportunities by establishing various specialized funds, including problem asset funds and special opportunity funds related to the Belt and Road Initiative[24]. - The company plans to enhance collaboration with China Cinda Group, focusing on professional and efficient asset management services, leveraging its licensing advantages in Hong Kong[22]. - The company plans to develop merger and acquisition advisory services while continuing to promote its IPO sponsorship and underwriting services[24]. Financial Position - The company maintains a strong financial position, with all licensed subsidiaries holding more than the required liquid assets[25]. - The group has secured a total of HKD 450 million in floating-rate loans from different banks to improve liquidity and support long-term development[25]. - As of June 30, 2019, the group had access to revolving loans and overdraft facilities amounting to HKD 1.44 billion, with outstanding fixed-rate medium-term bonds totaling HKD 62 million[25]. - The company's total assets as of June 30, 2019, were HKD 1,643,021,000, an increase from HKD 1,306,051,000 at the end of 2018[64]. - Current liabilities increased to HKD 746,481,000 from HKD 438,735,000, indicating a rise of 70%[64]. - The company's equity attributable to equity holders increased to HKD 857,772,000 from HKD 815,656,000, a growth of 5.2%[66]. - The company reported a significant increase in other income to HKD 23,524,000 from HKD 28,202,000, a decrease of 16.5%[60]. - The company’s total equity as of June 30, 2019, was HKD 865,374,000, up from HKD 802,627,000 in the previous year, reflecting an increase of about 7.8%[68]. Cash Flow and Investments - Cash inflow from operating activities for the six months ended June 30, 2019, was HKD 5,913,000, significantly lower than HKD 59,310,000 in the previous year[70]. - Net cash outflow from investing activities for the six months ended June 30, 2019, was HKD 108,399,000, compared to an inflow of HKD 172,788,000 in 2018[72]. - Cash and cash equivalents at the end of the period were HKD 500,296,000, an increase from HKD 276,496,000 at the end of June 2018[72]. - The company incurred interest expenses of HKD 11,124,000 related to lease liabilities during the reporting period[72]. - The company’s investment in financial assets through profit or loss resulted in a net loss of HKD 231,000 for the six months ended June 30, 2019, compared to a gain of HKD 7,745,000 in 2018[70]. Lease Accounting - The company has adopted HKFRS 16 "Leases" effective January 1, 2019, which has changed the accounting treatment for leases, impacting both right-of-use assets and lease liabilities[90]. - The adoption of HKFRS 16 resulted in an increase of HKD 65,940 thousand in right-of-use assets and total assets as of January 1, 2019[84]. - The lease liabilities also increased by HKD 65,940 thousand, reflecting the same amount as the increase in right-of-use assets[84]. - The carrying amount of right-of-use assets decreased to HKD 54,982 thousand as of June 30, 2019, from HKD 65,940 thousand at the beginning of the year, indicating a depreciation expense of HKD 10,958 thousand[90]. - Lease liabilities as of June 30, 2019, amounted to HKD 55,041 thousand, showing a reduction from HKD 65,940 thousand at the beginning of the year[90]. Shareholder Information - The major shareholder, Cinda Securities, holds 403,960,200 shares, representing 63.00% of the company's issued share capital[31]. - The group has not repurchased any shares during the six months ending June 30, 2019[32]. - The basic earnings per share for the six months ended June 30, 2019, was calculated based on 641,205,600 shares, remaining unchanged from the previous year[126][127]. Taxation - The total tax expenses for the six months ended June 30, 2019, amounted to HKD 8,573,000, a decrease of 4.7% from HKD 8,995,000 in 2018[130]. - The company reported a deferred tax expense of HKD 160,000 for the six months ended June 30, 2019, down from HKD 358,000 in 2018[130]. Joint Ventures and Associates - The equity in joint ventures as of June 30, 2019, was HKD 362,784,000, an increase from HKD 351,314,000 as of December 31, 2018[146]. - The profit from joint ventures for the period was HKD 23,100,000, compared to HKD 31,898,000 in the previous year[146]. - The company maintained its shareholding in key joint ventures, with a 27.6% stake in Hanstone Investment Management Limited and a 40% stake in Cinda Plunkett International Holdings Limited[149]. Receivables and Impairments - The total value of trade and other receivables as of June 30, 2019, was HKD 530,314,000, compared to HKD 360,909,000 as of December 31, 2018, reflecting an increase of approximately 47%[173]. - The overdue receivables from clients in the securities brokerage business amounted to HKD 3,759,000 as of June 30, 2019, up from HKD 3,355,000 as of December 31, 2018[166]. - The total impairment provision as of June 30, 2019, was HKD 7,438,000, down from HKD 9,164,000 as of December 31, 2018[154]. - The company did not recognize any impairment loss provisions for margin clients due to the perceived low credit risk[167].

Economic Performance - The US economy showed strong performance in 2018, with the Federal Reserve raising interest rates four times, bringing the federal funds target rate to a range of 2.25% to 2.50%[10] - China's GDP growth for 2018 was 6.6%, with fixed asset investment and retail sales growth slowing compared to 2017[13] - The outlook for 2019 indicates a challenging environment due to ongoing US-China trade tensions, with expected economic growth adjustments[26] Stock Market Trends - The NASDAQ index closed at 6,635 points, down 18.4% from its peak, while the S&P 500 and Dow Jones Industrial Average fell 14.8% and 13.4% respectively from their highs[10] - The Shanghai Composite Index dropped to 2,449 points in October, marking a 24.6% decline for the year[13] - The German DAX, French CAC, and UK FTSE 100 indices experienced declines between 11.0% and 18.3% for the year[11] Currency Fluctuations - The onshore and offshore Renminbi (CNY and CNH) depreciated over 5.0% against the US dollar throughout the year[13] - The Euro and British Pound also faced depreciation, with the Euro falling 4.5% and the Pound down 5.6% against the US dollar[11] - The US dollar index rose 4.4% during the year, peaking above 97[10] Company Financial Performance - The group's total revenue for the year was HKD 278.74 million, a slight increase of 1.7% compared to HKD 273.95 million in the previous year[16] - Operating income rose to HKD 246.02 million, up 27% from HKD 193.28 million in the previous year[16] - Profit attributable to equity holders decreased by 16.9% to HKD 55.17 million, down from HKD 66.36 million in the previous year[17] Business Segments Performance - The asset management segment generated external client revenue of HKD 118.55 million, an increase of 118% from HKD 54.30 million in the previous year[18] - The corporate finance segment's operating income increased by 104% to HKD 41.88 million, up from HKD 20.55 million in the previous year[21] - The group successfully sponsored and underwrote three IPOs on the Hong Kong Stock Exchange, raising approximately HKD 450 million[21] Risk Management and Compliance - The group maintained a strong risk management approach, resulting in no bad debts throughout the year despite market volatility[20] - The group is committed to maintaining compliance and stable operations while promoting resource sharing among its three main business segments[29] - The company is committed to maintaining high standards of corporate governance and compliance with regulatory requirements[38] Management and Governance - The company appointed Mr. Gong Zhijian as CEO on December 12, 2018, after serving as Managing Director since January 19, 2015[32] - The company has a strong management team with over 30 years of experience in banking, investment, and corporate finance[32][34] - The board consists of three executive directors, two non-executive directors, and three independent non-executive directors, meeting the minimum requirements set by the listing rules[52] Shareholder Engagement - The company encourages shareholders to attend general meetings and express their opinions[105] - The company has a clear communication policy with shareholders, ensuring regular updates and transparency[105] - The company ensures that all shareholders and potential investors have equal access to information published by the company[105] Environmental and Social Responsibility - The total greenhouse gas emissions for the reporting period amounted to 291.25 tons, with a per employee density of 2.08 tons[119] - The company has implemented energy-saving measures, including energy-efficient lighting and optimal air conditioning settings[124] - The company has been recognized for its corporate social responsibility efforts, receiving multiple awards since 2008[116] Employee Development and Compliance - The company emphasizes the importance of training and development, sponsoring various training programs and workshops for employees[133] - The company did not report any incidents of non-compliance with employment laws or regulations during the reporting period[131] - There were no reported workplace fatalities or work-related injuries resulting in lost workdays during the reporting period[132] Financial Agreements and Transactions - The company has been a member of the WWF Hong Kong since October 2011, supporting environmental protection and education[145] - The new agreement with China Cinda Group has annual transaction limits set at HKD 78 million for Type 1 transactions, HKD 15 million for Type 2 transactions, and HKD 180 million for Type 3 transactions by the end of 2021[176] - The company is subject to specific performance obligations under Financing Agreements II and III, including maintaining over 50% ownership by China Cinda[181]