Financial Performance - For the six months ended 30 June 2023, total revenue decreased to HK$81,577,000 from HK$189,788,000 for the same period in 2022, representing a decline of approximately 57%[10] - Brokerage and commission income fell significantly to HK$44,571,000, down 70% from HK$148,648,000 in the previous year[10] - Loss for the period was HK$30,511,000, an improvement compared to a loss of HK$57,286,000 in the same period last year, indicating a reduction in losses by approximately 47%[11] - Gross profit decreased to HK$65,536,000, down from HK$96,051,000, reflecting a decline of about 32%[10] - Total comprehensive loss for the period was HK$33,570,000, compared to HK$43,404,000 in the same period last year, showing an improvement of about 23%[11] - The loss per share attributable to owners of the Company was HK(0.18) cent, compared to HK(0.36) cent in the previous year[10] - The Group reported a loss before tax of HK$29,496,000 for the six months ended June 30, 2023, compared to a loss of HK$57,286,000 for the same period in 2022[59] - The net loss after tax for the Period was approximately HK$30.5 million, compared to a net loss after tax of approximately HK$57.3 million for the same period in 2022[135] Revenue Breakdown - The financial investments and services segment generated revenue of HK$14,039,000, while the brokerage and commission segment contributed HK$44,571,000, and corporate and others segment brought in HK$22,967,000[41] - Commission income from placing decreased significantly to HK$36,866,000, down 71.3% from HK$128,471,000 in the previous year[47] - Management fee income dropped to HK$11,031,000, a decline of 53.3% from HK$23,641,000 in the prior year[47] - Interest income from money lending business decreased to HK$13,534,000, down 17.0% from HK$16,370,000 in the previous year[53] - Commission income from Debt Capital Market (DCM) services was approximately HK$36.9 million during the Period[134] Assets and Liabilities - As of June 30, 2023, total non-current assets amounted to HK$638,608,000, a slight increase from HK$637,566,000 as of December 31, 2022[14] - Current assets decreased significantly to HK$793,963,000 from HK$1,416,334,000, representing a decline of approximately 44%[14] - Total current liabilities decreased to HK$353,640,000 from HK$945,171,000, a reduction of approximately 63%[16] - Equity attributable to owners of the company was HK$1,077,719,000, a decrease from HK$1,105,740,000 as of December 31, 2022[16] - Total assets as of June 30, 2023, amounted to HK$1,432,571,000, down from HK$1,833,132,000 as of June 30, 2022, reflecting a decrease of approximately 21.9%[41] Cash Flow and Investments - Total cash flows from operating activities for the six months ended June 30, 2023, were HK$76,199,000, compared to a cash outflow of HK$1,256,000 for the same period in 2022[30] - Net cash used in investing activities amounted to HK$93,075,000, significantly higher than HK$414,000 in the previous year, primarily due to acquisitions[30] - Cash and bank balances decreased to HK$44,375,000 from HK$62,388,000, a decline of approximately 29%[14] - The investment in an associate increased significantly to HK$170,531,000 from HK$87,006,000, representing a growth of about 96%[14] - The Group's money lending business had 14 outstanding loans to individual customers with an aggregate principal amount of approximately HK$421.6 million, with interest rates ranging from 5% to 7%[173][174] Segment Performance - Segment results showed that the financial investments and services segment had a profit of HK$12,528,000, while the brokerage and commission segment and corporate and others segment reported losses of HK$10,951,000 and HK$23,936,000 respectively[41] - The Group's share of profits from an associate was HK$2,886,000, while it incurred a loss of HK$562,000 from a joint venture[41] - The Group's bank interest income for the period was HK$53,000, while unallocated expenses were HK$1,024,000 and finance costs were HK$9,661,000[41] Market Conditions - The local stock market remains uncertain due to pessimistic investor sentiment amid economic recession and rising inflation expectations[141] - The China offshore US dollar bonds new issuance dropped significantly due to tightened policies and higher offshore financing costs[144] - The seasonally adjusted unemployment rate in Hong Kong decreased to 2.9% for April to June 2023, down from 3.0% in the previous period[137] Corporate Governance and Compliance - The Group adopted new and revised accounting standards, which had no material impact on the financial statements for the current period[38] - The Group has complied with relevant requirements regarding the grant and renewal of outstanding loans as per the Listing Rules[173][174] - The credit committee reviews due diligence results and finalizes loan amounts and terms on a case-by-case basis[197]

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。 （於百慕達註冊成立之有限公司） （股份代號：139） 截至二零二三年六月三十日止六個月之 中期業績公告 中達集團控股有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬 公司（「本集團」）截至二零二三年六月三十日止六個月（「本期間」）之未經審核業 績連同截至二零二二年六月三十日止六個月之比較數字如下： 簡明綜合損益表 截至 截至 二零二三年 二零二二年 六月三十日止 六月三十日止 六個月 六個月 （未經審核） （未經審核） 附註 千港元 千港元 ...

Financial Performance - The Group recorded a revenue of approximately HK$277.8 million for the year ended December 31, 2022, an increase of 13.9% from HK$243.8 million in 2021[12]. - The net loss before tax for the year was approximately HK$102.7 million, significantly improved from a net loss of approximately HK$369.5 million in 2021[12]. - The net loss after income tax for the year was approximately HK$105.4 million, compared to a net loss of approximately HK$371.3 million in the previous year[13]. - Basic loss per share attributable to owners of the Company was approximately HK0.67 cents, an improvement from HK2.32 cents in 2021[13]. - The Group recorded unrealized losses on equity, fund, and debt investments of approximately HK$49.4 million, alongside realized gains of approximately HK$5.4 million[42]. - The Group's other comprehensive income for the year was approximately HK$60.8 million, down from HK$204.5 million the previous year, mainly due to a decrease in fair value of equity investments[118]. - The Group's net asset value as of December 31, 2022, was approximately HK$1,105.7 million, a slight decrease from HK$1,122.4 million in the previous year[118]. - The Group's liquidity position is closely monitored by the Board to ensure it meets funding requirements[131]. Revenue Sources - Commission income from Debt Capital Market (DCM) services contributed approximately HK$165.3 million to the revenue[12]. - The revenue primarily consisted of commission income from placing (approximately HK$165.3 million), interest income from money lending (approximately HK$31.9 million), and management fee income (approximately HK$34.6 million)[117]. - Commission income from securities and futures dealing was approximately HK$8.5 million, a decrease of 24.1% from HK$11.2 million in the previous year[27]. - Interest income from securities margin financing increased to approximately HK$13.1 million, up 3.1% from HK$12.7 million in the previous year[27]. - Interest income from debt investments amounted to approximately HK$6.3 million for the year[48]. - The interest income from the money lending business for the year was approximately HK$31.9 million[94]. Market Conditions - The local stock market, represented by the Hang Seng Index, dropped from 23,510 points to 19,781 points by the end of 2022, reflecting worsening investor sentiment[19]. - Hong Kong's economy contracted by 3.5% in 2022, with the unemployment rate at approximately 3.5% in the fourth quarter[15]. - The Guangdong and Hainan Provincial Governments issued a total of RMB12 billion in offshore bonds, marking the first issuance of blue bonds and sustainable development bonds by a Chinese local government in the international capital market[21]. - The Group believes the China's bond market will continue to grow and transform, becoming more capital market-oriented and open to foreign investors[32]. Business Operations - The Group's brokerage and margin financing business is conducted through its wholly-owned subsidiary Instant Achieve Limited, which owns 100% of Central Wealth Securities Investment Limited and Central Wealth Futures Limited[22]. - The Group aims to strengthen its services and broaden its service range to provide one-stop service to customers[30]. - The Group's money lending business is conducted through Top Billion Finance Limited, which provides secured and unsecured loans[43]. - The Group has diversified its business into livestreaming e-commerce, focusing on customized clothing and beauty brands for internet celebrities and artists[115]. - A strategic cooperation framework agreement was signed with Guangzhou Jiafan for the establishment of a joint venture company to develop beauty products, enhancing the Group's market position in the live streaming industry[108]. Loan Management - The Group had 14 outstanding loans to individual customers totaling approximately HK$421.6 million, with interest rates ranging from 5% to 7%[46]. - The total outstanding loans amount to approximately HK$492.1 million, with all borrowers being independent of the company and its connected persons[52]. - The credit committee, comprising two executive directors, oversees the credit policy and procedures for the money lending business[62]. - Loan applications constituting 5% or more of the total assets of the group undergo a detailed credit review process[65]. - Significant loan transactions representing 5% or more of total assets undergo a rigorous credit review process[69]. - All existing customers are either business contacts or referrals with good standings, minimizing default risks[72]. - Loan disbursement is conducted via crossed or personal cheques to prevent fraud and money laundering[80]. - Post-loan monitoring includes interim and annual reviews to assess borrowers' financial status[81]. - Early repayment of loans requires at least one business day's prior written notice from the customer[84]. - Overdue repayments are monitored, with actions taken if payments are more than 14 days late[90]. - The credit committee may initiate legal actions for loan recovery if necessary[87]. - Loan write-offs as bad loans require approval from the Board of the Company[88]. - The expected credit loss (ECL) on loan receivables was approximately HK$13.2 million, down from HK$22.9 million in 2021[95]. Acquisitions and Investments - The Group acquired 51% equity interests in Guangdong Youbeiqin Medical Technology Co., Ltd. on February 21, 2022, to diversify into the Chinese medicine clinic sector[96]. - The Group entered into a sale and purchase agreement to acquire 51% of Hangzhou Yiyou Culture Media Co., Ltd. for a total consideration of RMB145.6 million on December 19, 2022[102]. - A joint venture named Central Wealth Zhongqi Joint Venture Co., Ltd. was established, with the Group holding 60% ownership, to engage in celebrity branding and live streaming industry[106]. - The Group's investment in the livestreaming e-commerce business is part of its diversification strategy[101]. Financial Position - The total assets of the Group as of December 31, 2022, were HK$2,053,900,000, up from HK$1,828,312,000 in 2021, indicating a growth of about 12.3%[174]. - Total liabilities increased to HK$948,160,000 in 2022 from HK$705,903,000 in 2021, reflecting a rise of approximately 34.4%[174]. - The net assets of the Group decreased to HK$1,105,740,000 in 2022 from HK$1,122,409,000 in 2021, a decline of about 1.5%[174]. - The Group's current ratio improved to approximately 1.50 times as of December 31, 2022, compared to 1.32 times in the previous year[126]. - The Group's gearing ratio decreased to approximately 20.5% from 34.7% in the previous year, indicating a reduction in financial leverage[127]. - The Group maintained a portfolio of investments with a total carrying amount of approximately HK$457.3 million as of December 31, 2022[135]. Customer Concentration - The Group's largest customer accounted for approximately 8.13% of total revenue, while the five largest customers together accounted for approximately 28.35%[123]. - The Group's five largest customers accounted for approximately 28.35% of total revenue for the year[130]. Corporate Governance - The Company does not recommend the payment of any dividend for the year ended December 31, 2022[168]. - The Company had no reserves available for cash distribution as of December 31, 2022, but had a share premium account and capital reserve totaling approximately HK$4,772,894,000 that may be distributed as fully paid bonus shares[185]. - There were no significant events affecting the Group reported since the end of the financial year[161]. - No management contracts concerning the administration of the business were entered into or existed during the year[199]. - Directors' fees are subject to shareholders' approval at general meetings[200]. - A permitted indemnity provision for the benefit of the directors has been in force throughout the year[198].

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。 （於百慕達註冊成立之有限公司） （股份代號：139） 截至二零二二年十二月三十一日止年度之 年度業績公告 中達集團控股有限公司（「本公司」）董事會（「董事會」）公佈，本公司及其附屬公 司（「本集團」）截至二零二二年十二月三十一日止年度（「本年度」）之年度業績， 連同上一期間之比較數字如下： 綜合損益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收入 財務投資及服務 46,779 43,251 ...

Loan Portfolio - As of December 31, 2021, the total outstanding loans for individual clients amounted to approximately HKD 445,611,400, with interest rates ranging from 5% to 7%[3] - The total outstanding loans for corporate clients reached approximately HKD 79,500,000, all at an interest rate of 7%[3] - The total principal amount of outstanding loans across all clients is approximately HKD 525,111,400[8] - The company has 17 individual clients and 4 corporate clients with outstanding loans, indicating a diversified client base[3] Risk Management - The company has established a credit committee to oversee lending policies and procedures, ensuring robust risk management[20] - The credit committee is responsible for reviewing significant loan transactions that account for 5% or more of the group's total assets[23] - The company conducts mid-term and annual reviews of borrowers' financial status to identify potential repayment issues[29] - Loan renewals are contingent upon the borrower's repayment history and current financial strength[30] - The company emphasizes that all existing clients are referred by executive directors, ensuring a network of reliable borrowers[25] - The company does not engage in cash disbursements for loans, minimizing fraud risks and avoiding involvement in money laundering activities[28] Loan Repayment Policies - The company allows customers to repay loans early with a written notice of at least one business day[31] - Accounting personnel monitor each loan for timely repayments, with reminders issued for delays exceeding two days[32] - The company reserves the right to demand repayment of loans and accrued interest with prior written notice[34] Financial Management - Financial expenses related to borrowing at interest rates between 9% to 12% amounted to approximately HKD 5,483,000 in 2021[35] - The company emphasizes a balanced approach in budget management across different business areas to ensure overall efficiency and cost-effectiveness[35] Corporate Governance - The board of directors remains unchanged as of the announcement date, with key members listed[37]

Financial Performance - For the six months ended June 30, 2022, the total revenue was HK$189.79 million, an increase of 49.1% compared to HK$127.32 million for the same period in 2021[13]. - The gross profit for the same period was HK$96.05 million, up from HK$44.97 million, reflecting a gross margin improvement[13]. - Loss before tax for the period was HK$57.29 million, a decrease from a loss of HK$136.20 million in the previous year, indicating a 57.9% improvement[16]. - The loss attributable to owners of the company was HK$57.29 million, compared to HK$138.51 million for the same period in 2021, representing a 58.7% reduction[17]. - Basic and diluted loss per share for the period was HK(0.36) cent, improved from HK(0.87) cent in the prior year[17]. - Other comprehensive income for the period attributable to owners of the company was HK$13.88 million, compared to a loss of HK$0.72 million in the previous year[20]. - Total comprehensive loss for the period attributable to owners of the company was HK$43.40 million, significantly reduced from HK$139.23 million in the same period last year[20]. - The Company reported brokerage and commission income of HK$148.65 million, a substantial increase from HK$66.38 million in the previous year, marking a growth of 123.5%[13]. Assets and Liabilities - Total non-current assets decreased to HK$898,335,000 as of June 30, 2022, from HK$903,744,000 at December 31, 2021, representing a decline of 0.5%[23]. - Current assets increased slightly to HK$934,797,000 as of June 30, 2022, compared to HK$924,568,000 at December 31, 2021, reflecting a growth of 1.3%[25]. - Total current liabilities rose to HK$731,336,000 as of June 30, 2022, up from HK$699,304,000 at December 31, 2021, indicating an increase of 4.6%[25]. - Net current assets decreased to HK$203,461,000 as of June 30, 2022, down from HK$225,264,000 at December 31, 2021, a decline of 9.7%[25]. - Total equity attributable to owners of the Company was HK$1,097,029,000 as of June 30, 2022, compared to HK$1,122,409,000 at December 31, 2021, a decrease of 2.3%[25]. - Trade payables increased significantly to HK$244,313,000 as of June 30, 2022, from HK$168,102,000 at December 31, 2021, marking a rise of 45.3%[25]. - Cash and bank balances decreased to HK$153,142,000 as of June 30, 2022, down from HK$173,035,000 at December 31, 2021, a reduction of 11.5%[23]. Cash Flow - For the six months ended June 30, 2022, net cash flows used in operating activities were HK$1,256,000, compared to HK$44,945,000 for the same period in 2021, indicating a significant improvement[32]. - The net cash flows from investing activities for the six months ended June 30, 2022, were HK$(414,000), a decrease from HK$57,096,000 in the previous year, reflecting reduced investment activity[32]. - The net cash flows used in financing activities were HK$37,207,000 for the six months ended June 30, 2022, compared to HK$46,101,000 in 2021, showing a decrease in financing outflows[32]. - Cash and cash equivalents at the end of the period were HK$77,299,000, an increase from HK$19,948,000 at the end of June 2021, indicating improved liquidity[32]. Market and Economic Conditions - The unemployment rate in Hong Kong decreased to 5.1% from March to May 2022, indicating signs of economic recovery[144]. - The local stock market remained uncertain due to pessimistic investor sentiment amid global economic challenges[145]. - The government has downgraded its full-year economic growth forecast for 2022 to 1-2% from a previous estimate of 2-3.5% due to the impacts of the fifth wave of coronavirus cases[199]. - The global economy is expected to improve in the second half of 2022, benefiting from mass vaccinations and flexible fiscal policies from major economies[199]. Investment and Business Development - The company continues to explore new market expansion opportunities and product development strategies to enhance future growth prospects[17]. - The Group aims to provide a one-stop service to customers by broadening its service range in the coming period[159]. - The Group has diversified its investment in the Chinese medical clinic sector, achieving satisfactory results despite a challenging environment in the Chinese bond market[196]. - As of June 30, 2022, Guangdong Youbeiqin operates 212 Chinese medicine clinics across various regions in China, including Guangdong, Guangxi, Hubei, Sichuan, Chongqing, and Henan Province[198]. - The Group acquired 51% equity interest in Guangdong Youbeiqin for RMB1, with a total capital contribution of RMB2.55 million[197]. Credit and Risk Management - The Group continues to maintain a prudent credit policy and risk management approach to ensure sustainable business development[174]. - The internal control and credit risk assessment policy includes regular reviews of borrowers' repayment ability and risk of default, conducted semi-annually or annually[189]. - The management team has extensive experience in accounting, corporate development, and financial management, overseeing the operations of the lending business[179]. - The Group's senior management reviews the credit facility amount based on the financial strength of borrowers and the quality of collateral assets[196].

Financial Performance - The Group recorded a revenue of approximately HK$243.8 million for the year ended 31 December 2021, a decrease of approximately 63.6% compared to HK$669.9 million for the year ended 31 December 2020[12]. - The net loss before tax for the year was approximately HK$369.5 million, compared to a net profit before tax of approximately HK$35.4 million for the previous year[12]. - The net loss after income tax for the year was approximately HK$371.3 million, a significant decline from a net profit after income tax of approximately HK$27.8 million in 2020[13]. - Basic loss per share attributable to owners of the Company for the year was approximately HK2.32 cents, compared to basic earnings of approximately HK0.18 cents in the previous year[13]. - The significant decrease in revenue was mainly due to unrealized fair value losses on equity and fund investments and credit loss allowances on other financial assets[12]. - The Group recorded a total comprehensive loss of approximately HK$204.5 million for the year, compared to a loss of HK$40.2 million for the year ended December 31, 2020[55]. Economic Environment - Hong Kong's economy expanded by 6.4% in 2021, with the unemployment rate falling to approximately 3.9% in the fourth quarter[15]. - The Hang Seng Index dropped from 28,828 points at the end of the first half to 23,398 points at the end of 2021, reflecting worsening investor sentiment[19]. - The total issuance volume of US dollar bonds in the primary market for the year was approximately US$3,053.5 billion, representing a decrease of approximately 19.3% compared to the previous year[20]. Investment and Asset Management - As of December 31, 2021, assets under management reached approximately US$787.1 million, an increase from US$714.1 million in the previous year, with management and performance fee income of approximately HK$38.9 million[34]. - The Group participated in 52 debt issues with an aggregate issue size of approximately US$7.7 billion, with commission income from debt capital market services recorded at approximately HK$137.9 million[26]. - The Group aims to broaden its service range to provide one-stop services to customers in the debt capital market[26]. - The Group will continue to strengthen its asset management services and diversify investment portfolios when opportunities arise[33]. - The Group maintained a portfolio of investments with a total carrying amount of approximately HK$761.9 million as of December 31, 2021[61]. Credit and Risk Management - The Group's prudent credit policy and risk management approach aim to achieve a sustainable business environment[22]. - The Group will continue to pursue a prudent investment strategy amid macroeconomic challenges, including potential US interest rate hikes and geopolitical tensions[46][49]. - The Group's financial management strategy focuses on maintaining a healthy liquidity position and reducing credit risk through ongoing assessments of customer financial status[60]. Shareholder Information - The Group's net asset value as of December 31, 2021, was approximately HK$1,122.4 million, down from HK$1,277.3 million as of December 31, 2020[55]. - Major customers accounted for approximately 8.2% and 30.26% of the Group's total revenue, indicating a concentration risk[53]. - The Group had no reserves available for cash distribution as of December 31, 2021, but had a share premium account and capital reserve totaling approximately HK$4,764,680,000 that may be distributed as fully paid bonus shares[111]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year under review, ensuring good corporate governance practices[186]. - The Board met the requirement of having a minimum of three independent non-executive directors, representing at least one-third of the Board, during the year ended December 31, 2021[196]. - All directors have timely access to relevant information and can seek independent professional advice at the Company's expense when necessary[189]. Auditor and Financial Reporting - Ernst & Young resigned as the auditor effective from November 15, 2019, due to a disagreement on audit service fees, and Moore Stephens CPA Limited was appointed as the new auditor[180]. - A resolution for the reappointment of Moore as auditor will be proposed at the forthcoming Annual General Meeting[180].

Financial Performance - For the six months ended June 30, 2021, the total revenue was HK$127,319,000, a decrease of 66.0% compared to HK$374,636,000 for the same period in 2020[12]. - The gross profit for the same period was HK$44,968,000, down 75.1% from HK$180,570,000 in the previous year[12]. - The loss before tax for the period was HK$136,196,000, compared to a profit of HK$26,180,000 in the prior year[15]. - The loss attributable to owners of the company for the period was HK$138,510,000, a significant decline from a profit of HK$6,042,000 in the same period last year[16]. - Basic and diluted loss per share was HK(0.87) cent, compared to earnings of HK0.04 cent per share in the previous year[17]. - Total comprehensive loss for the period attributable to owners of the company was HK$139,231,000, compared to a comprehensive income of HK$28,709,000 in the prior year[20]. - The company reported a total comprehensive loss for the period of HK$138,510,000 for the six months ended June 30, 2021[28]. - The Group incurred a loss for the period of HK$138,510,000, compared to a profit of HK$6,042,000 for the six months ended 30 June 2020, indicating a substantial downturn in financial performance[47]. - The net loss before tax for the Period was approximately HK$136.2 million, compared to a profit before tax of approximately HK$26.2 million for the six months ended 30 June 2020[157]. - The net loss after tax for the Period was approximately HK$138.5 million, compared to a net profit after tax of approximately HK$6.0 million for the same period in 2020[158]. Revenue Breakdown - The financial investments and services segment generated revenue of HK$45,626,000, while the brokerage and commission segment contributed HK$65,537,000, with both segments showing significant declines compared to the previous year[47]. - Commission income from debt capital market services recorded approximately HK$43.6 million during the period[170]. - Commission income from securities and futures dealing was approximately HK$5.7 million, up from HK$3.3 million in the same period last year, while interest income from securities margin decreased to approximately HK$17.0 million from HK$22.2 million[168]. Assets and Liabilities - Total non-current assets decreased to HK$723,460,000 as of June 30, 2021, from HK$763,781,000 at December 31, 2020, representing a decline of approximately 5.8%[23]. - Total current assets decreased to HK$1,322,508,000 as of June 30, 2021, down from HK$1,788,699,000 at December 31, 2020, reflecting a decrease of about 26.1%[23]. - Total current liabilities decreased to HK$809,054,000 as of June 30, 2021, compared to HK$1,187,176,000 at December 31, 2020, a reduction of approximately 31.8%[25]. - Total assets as of 30 June 2021 amounted to HK$2,045,968,000, a decrease from HK$2,552,480,000 as of 30 June 2020[55]. - The Group's total liabilities increased to HK$896,045,000 from HK$1,275,206,000 in the previous year, reflecting a shift in financial structure[55]. - The Group's net asset value as of June 30, 2021, was approximately HK$1,149.9 million, down from HK$1,277.3 million as of December 31, 2020[192]. Cash Flow and Investments - Net cash flows used in operating activities for the six months ended June 30, 2021, were HK$44,945,000, an improvement from HK$61,544,000 in the same period of 2020[34]. - Net cash flows from investing activities amounted to HK$57,096,000 for the six months ended June 30, 2021, compared to HK$101,561,000 in the same period of 2020[34]. - The Group's cash and bank balances as of June 30, 2021, were approximately HK$83.2 million, compared to HK$140.4 million as of December 31, 2020[193]. - The Group recorded an unrealized loss on equity and fund investments of approximately HK$50.6 million and a realized gain of approximately HK$24.3 million during the period[181]. - The interest income from debt investments amounted to approximately HK$6.8 million, with an unrealized fair value gain of approximately HK$7.2 million[182]. Shareholder Information - The company did not declare any dividends for the period[16]. - The company has resolved not to pay any interim dividend for the period, consistent with the previous year[67]. - The company reported a share premium account of HK$4,671,704,000 as of June 30, 2021[32]. - The company reported a total of 15,969,650,461 issued and fully paid ordinary shares as of June 30, 2021, unchanged from December 31, 2020[113]. Financial Management - Administrative expenses for the period were HK$80,982,000, a decrease from HK$100,322,000 in the previous year[13]. - The company is focusing on improving its financial performance and exploring new market opportunities[12]. - The company has adopted new accounting standards effective from January 1, 2021, with no significant financial effect on the interim financial statements[42]. - The Group will continue to pursue a prudent investment strategy amid macroeconomic challenges, including potential US interest rate hikes and geopolitical tensions[190].

Financial Performance - The Group recorded a revenue of approximately HK$669.9 million for the year ended 31 December 2020, a decrease of 29.3% from HK$947.7 million in 2019[11]. - The net profit before tax for the year was approximately HK$35.4 million, down 85.7% from HK$248.5 million in 2019[11]. - The net profit after tax for the year was approximately HK$27.8 million, compared to HK$208.4 million in 2019, representing a decline of 86.7%[12]. - Basic earnings per share attributable to owners of the Company for the year was approximately HK0.18 cent, a decrease of 87.3% from HK1.42 cents in 2019[12]. - The Group experienced a comprehensive loss of approximately HK$46.3 million for the Year, significantly reduced from HK$907.8 million in the previous year[47]. - The Group recorded unrealized gains on equity and fund investments of approximately HK$42.5 million, alongside realized losses of approximately HK$19.3 million on equity investments[34]. - The Group's net asset value as of December 31, 2020, was approximately HK$1,277.3 million, compared to HK$1,215.3 million as of December 31, 2019[47]. - The Group's revenue for the year ended 31 December 2020 was HK$669.85 million, a decrease of 29.3% compared to HK$947.74 million in 2019[103]. - Profit before tax for the year was HK$35.39 million, down 85.7% from HK$248.52 million in the previous year[103]. - The Group's profit attributable to owners for the year was HK$27.76 million, a decline of 86.7% from HK$208.39 million in 2019[103]. Market Conditions - The issuance volume of US dollar bonds in the primary market for the year was approximately US$211.5 billion, representing a decrease of approximately 4.66% compared to the previous year[19]. - The Hang Seng Index dropped by more than 6,000 points to a low of 21,696 points in the first half of the year but closed at 27,231 points at the end of 2020[18]. - Hong Kong's real GDP fell by 6.1% in 2020, with the unemployment rate increasing to approximately 6.6%[14]. - The Hang Seng Index experienced a significant decline of over 6,000 points in the first half of the year but recovered to 27,231 points by the end of the year[22]. - The Group's largest customer accounted for approximately 14.0% of total revenue, while the five largest customers accounted for approximately 49%[48]. Revenue Sources - Commission income from securities and futures dealing was approximately HK$9.2 million, slightly down from HK$9.7 million in 2019[21]. - Interest income from securities margin financing was approximately HK$44.3 million, an increase from HK$41.5 million in 2019[21]. - The Group's commission income from Debt Capital Market services was approximately HK$469.2 million, significantly impacting overall revenue[11]. - Commission income from debt capital market services recorded approximately HK$469.2 million during the year[27]. - Securities and futures trading commission income was approximately HK$9.2 million, while interest income from securities margin financing was approximately HK$44.3 million[23]. Investment Strategy - The Group aims to provide a one-stop service to customers by broadening its service range in the coming period[27]. - The Group believes the Chinese bond market will continue to grow and transform with the global economy, becoming more capital market-oriented and open to foreign investors[29]. - The Group's investment fund, Central Wealth Investment Fund SPC, focuses on the Chinese bond market, which is the second largest bond market in the world[29]. - The Group will continue to pursue a prudent investment strategy amidst macroeconomic challenges, including potential US interest rate hikes and geopolitical tensions[41][44]. Financial Position - As of December 31, 2020, assets under management reached approximately US$714.1 million, up from US$310.2 million as of December 31, 2019[34]. - The interest income from the money lending business was approximately HK$36.7 million, with the net balance of the loan book increasing by approximately HK$70.6 million to approximately HK$517.1 million compared to HK$446.5 million as of December 31, 2019[36][42]. - The Group's current ratio was approximately 1.51 times, compared to 1.41 times the previous year, with current assets of approximately HK$1,788.7 million and current liabilities of approximately HK$1,187.2 million[53]. - The Group's gearing ratio improved to approximately 50.2% as of December 31, 2020, down from 73.6% the previous year, with total borrowings of approximately HK$640.7 million[54]. - The Group's cash and bank balances increased to approximately HK$140.4 million as of December 31, 2020, compared to HK$99.2 million the previous year[49]. - The Group maintained a portfolio of investments with a total carrying amount of approximately HK$960.1 million as of December 31, 2020, including equity and debt investments[57]. Corporate Governance - The board recognizes the importance of good corporate governance and has implemented practices appropriate to the company's needs[192]. - Throughout the year, the company complied with the Corporate Governance Code as set out in the Listing Rules[193]. - The board is responsible for the overall direction and control of the company's business, ensuring compliance with applicable laws and regulations[195]. - The board approves and monitors all policy matters, overall strategy, budget, risk management, and significant transactions[199]. - Daily management and operations are led by the executive committee and senior management, who are accountable to the board[199]. Shareholder Information - The Group did not recommend the payment of any dividend for the year[94]. - The total number of shares available for issue under the share option scheme was 1,596,965,046 shares, representing approximately 10% of the issued share capital of the Company[149]. - The Company has not entered into any equity-linked agreements that may result in issuing shares during the year[146]. - The total number of share options exercised by management personnel of service providers was 561,078,000, with a significant portion lapsed[159]. - The percentage of underlying shares held by directors was calculated based on the number of shares interested divided by the total issued shares as of December 31, 2020[172].

Financial Performance - For the six months ended June 30, 2020, the total revenue was HK$374,636,000, a decrease of 39.5% compared to HK$620,282,000 for the same period in 2019[10]. - The gross profit for the period was HK$180,570,000, down 37.9% from HK$290,464,000 in the previous year[10]. - Profit for the period attributable to owners of the company was HK$6,042,000, a significant decline of 86.1% from HK$43,691,000 in the same period last year[12]. - Basic earnings per share attributable to owners of the company decreased to HK$0.04 cents from HK$0.30 cents[13]. - Total comprehensive income for the period attributable to owners of the company was HK$28,709,000, compared to a loss of HK$479,377,000 in the previous year[17]. - The company reported a profit before tax of HK$26,180,000 and a profit for the period of HK$6,042,000[45]. - The net profit before tax for the Period was approximately HK$26.2 million, down from approximately HK$71.3 million in the previous year, representing a decrease of approximately 63.2%[125]. - The net profit after tax for the Period was approximately HK$6.0 million, compared to HK$43.7 million for the same period in 2019, indicating a decline of approximately 86.2%[125]. Expenses and Income - Administrative expenses increased to HK$100,322,000 from HK$77,342,000, reflecting a rise of 29.7%[10]. - Other income and gains for the period were HK$23,543,000, compared to HK$3,051,000 in the previous year, indicating a substantial increase[10]. - The finance costs for the period were HK$27,212,000, a decrease from HK$30,052,000 in the previous year[10]. - Interest income from money lending increased to HK$23,237,000, up 47.8% from HK$15,717,000 in the previous year[49]. - Commission income from securities and futures dealing decreased to HK$3,299,000, down 39.4% from HK$5,454,000 in the previous year[49]. - Commission income from debt capital market services recorded approximately HK$300.4 million during the period[137]. Assets and Liabilities - Total non-current assets decreased from HK$1,059,291,000 at 31 December 2019 to HK$981,724,000 at 30 June 2020, a decline of approximately 7.3%[20]. - Total current assets increased from HK$1,367,871,000 at 31 December 2019 to HK$1,547,469,000 at 30 June 2020, an increase of approximately 13.1%[20]. - Total assets of the Group amounted to HK$2,529,193,000, with segment assets from financial investments and services at HK$1,107,677,000 and brokerage and commission at HK$865,286,000[45]. - The Group's total liabilities were HK$1,210,735,000, with segment liabilities from financial investments and services at HK$48,105,000 and brokerage and commission at HK$234,848,000[45]. - Total liabilities increased to HK$1,211,815,000 from HK$1,211,815,000, indicating a stable liability position[49]. - The Group's current ratio improved to approximately 1.60 times, up from 1.41 times at the end of 2019, based on current assets of approximately HK$1,547.5 million[163]. Equity and Share Capital - Total equity attributable to owners of the Company rose from HK$1,215,347,000 at 31 December 2019 to HK$1,318,458,000 at 30 June 2020, an increase of approximately 8.5%[22]. - The share capital increased from HK$147,197,000 at 31 December 2019 to HK$159,697,000 at 30 June 2020, reflecting an increase of approximately 8.5%[22]. - The Group's net asset value increased to approximately HK$1,318.5 million from HK$1,215.3 million at the end of 2019[158]. - Total issued and fully paid shares increased to 15,969,650,461 as of June 30, 2020, from 14,719,650,461 at the end of 2019[101]. Cash Flow - Net cash flows used in operating activities were HK$61,544,000, compared to HK$47,675,000 in the same period last year, indicating increased cash outflow[32]. - The company reported net cash flows from investing activities of HK$101,561,000, a decrease from HK$138,824,000 year-on-year[32]. - Cash and cash equivalents at the end of the period stood at HK$11,085,000, down from HK$92,711,000 in the previous year[32]. - The company reported a net increase in cash and cash equivalents of HK$29,747,000 during the period[32]. Market and Economic Conditions - The unemployment rate in Hong Kong increased to 6.2% in the second quarter of 2020, affecting major economic sectors, particularly tourism and consumption[125]. - The Hang Seng Index dropped by more than 6,000 points to a low of 21,696 points in the first quarter, recovering to 24,427 points by the end of the first half[125]. - The total issuance volume of China's US dollar bonds in the primary market for the Period was approximately US$110.1 billion, representing a decrease of approximately 16.11% compared to the corresponding period last year[128]. Investment Activities - The Group aims to maintain a prudent credit policy and risk management approach to achieve a sustainable business environment[130]. - The company participated in 25 debt issues with an aggregate issue size of approximately US$4,489 million as of June 30, 2020, with coupon rates ranging from 2% to 13% per annum[137]. - The Group's investment portfolio had a total carrying amount of approximately HK$711.6 million as of June 30, 2020[169]. - The Group will continue to pursue a prudent investment strategy despite macroeconomic challenges, including the potential impact of a weaker yuan and US interest rate hikes[154]. Shareholder Information - Xu Ke holds a beneficial interest in 1,125,701,571 ordinary shares, representing 7.05% of the Company's issued share capital as of June 30, 2020[197]. - The total number of ordinary shares held by directors as of June 30, 2020, includes 3,125,701,571 shares, which is 19.57% of the Company's issued share capital[197].