Group 1 - The Hang Seng Index closed down by 0.48%, while the Tech Index fell by 0.63% [1] - Stablecoin concept stocks experienced a pullback, with China Everbright Holdings (00165.HK) dropping over 17% [1] - Innovative drug concept stocks rose against the trend, with CSPC Pharmaceutical Group (01093.HK) increasing by over 12% [1]

港股稳定币概念股集体回调，中国光大控股(00165.HK)跌超8%，众安在线(06060.HK)、连连数字 (02598.HK)均跌超6%。 ...

港股稳定币概念股反弹，联易融科技(09959.HK)涨近6%，中国光大控股(00165.HK)涨超5%，连连数字 (02598.HK)涨超4%，众安在线(06060.HK)涨超3%。 ...

港股稳定币概念股持续爆发，联易融科技(09959.HK)大涨16%，中国光大控股(00165.HK)涨超14%，连 连数字(02598.HK)涨超5%，渣打集团(02888.HK)涨超2%。 ...

智通财经6月4日电，港股稳定币概念股持续飙升，联易融科技大涨超15%，中国光大控股涨超12%， OSL集团涨超5%，渣打集团涨超2%。 ...

港股中国光大控股(00165.HK)涨超15%，早前投资稳定币巨头Circle。 ...

Financial Performance - Total revenue for 2023 was HKD 59.85 billion, showing a decrease of 44.84% compared to 2022[26]. - Customer contract revenue for 2023 was HKD 7.92 billion, down from HKD 8.43 billion in 2022, representing a decline of 6.05%[28]. - The company reported an investment loss of HKD 58.86 billion in 2022, with a further loss of HKD 4.89 billion projected for 2024[30]. - The basic earnings per share for 2023 was a loss of HKD 4.42, with a projected loss of HKD 1.14 for 2024[33]. - The total equity attributable to shareholders was HKD 309.90 billion in 2024, a decrease from HKD 344.89 billion in 2023[37]. - The fund management business reported a loss of HKD 290 million, compared to a profit of HKD 1.001 billion in the previous year[81]. - Net loss attributable to shareholders was HKD 1.909 billion, a slight improvement from a loss of HKD 1.923 billion in the previous year[82]. - The company declared a final dividend of HKD 0.05 per share, down 50% from HKD 0.10 per share last year[82]. Investment Activities - The company recorded significant unrealized investment losses during the reporting period due to unfavorable conditions in the primary market and volatility in the real estate sector[22]. - The exit amount from various projects reached over HKD 3.8 billion, with a multiple on invested capital (MOIC) of 1.54 times[23]. - The proprietary investment business turned a profit of HKD 188 million, compared to a loss of HKD 189 million in the same period last year, benefiting from improved performance of key investee companies[83]. - The company completed investments in multiple new productivity projects, including Xiaomi Industry Fund and Hongjun Microelectronics, aligning with government policies to support long-term and hard technology investments[68]. - The company is committed to enhancing its core competitiveness by strategically entering emerging fields such as artificial intelligence and semiconductors[74]. Asset Management - As of December 31, 2024, the total assets under management (AUM) reached approximately HKD 117.4 billion, with 71 funds covering various asset management product lines[16]. - The total assets under management (AUM) for the fund management segment decreased to approximately HKD 117.4 billion, down HKD 8.8 billion from the end of last year, mainly due to fund expirations and currency exchange rate impacts[87]. - The company managed 42 primary market funds with a total scale of approximately HKD 86.5 billion, focusing on sectors like semiconductors and high-end manufacturing, while exploring AI and new energy[88]. - The self-owned capital investment business held 50 post-investment projects with a total book value of approximately HKD 31.9 billion as of December 31, 2024[93]. Financial Management - The company reduced financial expenses by over HKD 300 million compared to the previous year, successfully lowering the leverage ratio by nearly 3%[24]. - The interest-bearing debt ratio increased to 95% in 2024, up from 86.9% in 2023[35]. - The company successfully reduced interest-bearing debt from HKD 32.4 billion at the beginning of the period to HKD 30.1 billion, achieving a debt reduction of over HKD 2 billion[85]. - The liquidity position remains strong with cash and cash equivalents of approximately HKD 8.4 billion and unused bank credit lines of about HKD 8 billion[85]. Corporate Governance - The company emphasizes the importance of high-level corporate governance to achieve long-term success and protect stakeholder interests[127]. - The board consists of nine directors, including four executive directors and five non-executive directors, ensuring a diverse skill set and experience[131]. - The board has confirmed compliance with all provisions of the corporate governance code for the year ending December 31, 2024, except for the chairman's absence at the annual general meeting[129]. - The company maintains a robust governance structure to guide business ethics and protect shareholder interests[127]. - The board conducts annual reviews of independent non-executive directors' independence, especially for those serving over nine years[139]. Risk Management - The company has established a comprehensive credit risk management policy and procedures, which are regularly reviewed and updated[114]. - The company has established a risk management and internal control system that ensures the safety of assets and compliance with regulations[192]. - The audit and risk management committee is responsible for ensuring the establishment and maintenance of effective risk management systems[194]. - The internal audit department conducts independent reviews to assess the effectiveness of risk management and internal controls, reporting directly to the Audit and Risk Management Committee[188]. ESG and Sustainability - The company’s MSCI ESG rating improved to an A grade, marking a three-year consecutive upgrade[24]. - The company aims to integrate ESG principles into its business decision-making processes, aligning with international corporate standards[180]. - The Environmental, Social, and Governance (ESG) Committee held two meetings during the year, achieving a 100% attendance rate, focusing on the review of the ESG working group's plans and the adoption of the group's ESG policies[180]. Strategic Planning - The company’s strategic planning includes a focus on key industries and strategic regions to enhance its intrinsic value[24]. - In 2024, the company plans to focus on high-quality development and optimize its business around fundraising, investment, management, and exit strategies[72]. - The company aims to deepen cooperation with local governments and enhance investment in new production capacity and high-quality development[66].

Financial Performance - The total revenue for the year ending December 31, 2024, was HKD 6,548,605,000, an increase from HKD 6,047,280,000 in the previous year, representing a growth of approximately 8.3%[3] - Customer contract revenue decreased to HKD 407,124,000 from HKD 792,028,000, a decline of about 48.5%[3] - The company reported a total comprehensive loss of HKD (993,422,000) compared to HKD (2,759,988,000) in the previous year, indicating a significant reduction in losses[4] - The basic and diluted loss per share for the year was HKD (1.133), slightly better than HKD (1.141) in the previous year[3] - The net loss attributable to equity holders of the company was HKD (1,909,019,000), slightly improved from HKD (1,922,639,000) in the previous year[3] - The company reported other comprehensive income of HKD (204,121,000) related to foreign exchange differences, compared to HKD (145,321,000) in the previous year[4] - The company reported a net loss of HKD 1,922,639,000 for the year ending December 31, 2023, compared to a net loss of HKD 1,909,019,000 in 2024, indicating a slight increase in losses[8] - The company’s profit attributable to shareholders for the current year is HKD 175,995,000, a significant decrease from HKD 1,352,296,000 in the previous year[21] Investment Performance - The net investment loss was HKD (53,793,000), improving from a loss of HKD (489,491,000) in the previous year[3] - The company recognized a gain from the revaluation of investment properties amounting to HKD 1,539,717,000, compared to a loss of HKD (372,285,000) in the previous year[4] - The net amount of investment losses was HKD (2,100,782,000) for the year, compared to HKD (2,317,516,000) in the previous year, reflecting an improvement[18] - The income from dividends through profit or loss reflecting fair value of financial assets was HKD 992,160,000, up from HKD 661,210,000, representing an increase of approximately 50%[18] - The group reported a significant increase in the income from foreign exchange differences, amounting to HKD 34,708,000, compared to a loss of HKD (2,144,000) in the previous year[18] Assets and Liabilities - Total assets decreased from HKD 58,254,580,000 in 2023 to HKD 58,063,005,000 in 2024, a decline of approximately 0.33%[5] - Non-current liabilities decreased from HKD 25,412,934,000 in 2023 to HKD 24,148,794,000 in 2024, a reduction of approximately 4.98%[6] - Total equity attributable to the company's shareholders decreased from HKD 30,989,721,000 in 2023 to HKD 29,726,664,000 in 2024, a decline of about 4.07%[6] - The company's total liabilities decreased from HKD 34,105,786,000 in 2023 to HKD 32,650,071,000 in 2024, a reduction of approximately 4.26%[6] - The company's total non-current assets decreased from HKD 56,220,941,000 in 2023 to HKD 52,137,635,000 in 2024, a decline of about 7.2%[5] Cash Flow and Financing - The net cash inflow from operating activities for the year ending December 31, 2024, was HKD 1,691,434,000, down from HKD 3,176,928,000 in 2023, representing a decrease of about 46.8%[9] - The company generated net cash inflow from investing activities of HKD 1,106,459,000 for the year ending December 31, 2024, compared to HKD 1,703,998,000 in 2023, a decline of approximately 35%[9] - The company’s cash flow from financing activities was HKD 2,797,893,000 for the year ending December 31, 2024, down from HKD 4,880,926,000 in 2023, a decrease of approximately 42.5%[9] - The company reported a net cash outflow from financing activities of HKD 3,612,077,000 for the year ending December 31, 2023, compared to HKD 3,112,705,000 in the previous year[10] - The company issued perpetual capital securities amounting to USD 300 million (approximately HKD 2,325,540,000) with an annual distribution rate of 3.80% for the first three years[50] Dividends - The company paid dividends amounting to HKD 505,576,000 in 2023, which decreased to HKD 252,788,000 in 2024, reflecting a reduction of approximately 50%[8] - The proposed final dividend for the year is HKD 0.05 per share, down from HKD 0.10 per share in the previous year, with total dividends amounting to HKD 421,313,000[22][24] Operational Efficiency - The total operating expenses were HKD (823,835,000), a decrease from HKD (907,223,000), showing a reduction of about 9.2%[3] - The company achieved a significant reduction in operating costs by over 9% through refined cost control measures[74] - The company reduced financial expenses by over HKD 300 million compared to last year and successfully lowered the leverage ratio by nearly 3%[74] Market and Economic Outlook - In 2024, the global GDP growth rate is projected to be 3.2%, with China's GDP growth target set at 5% for the year[69] - The investment environment is expected to improve in 2025, driven by favorable policies for venture capital and private equity investments[111] - The company anticipates that domestic consumption will continue to drive economic growth, supported by advancements in artificial intelligence technology[110] Risk Management - The group has established a comprehensive credit risk management policy and procedures, with regular reviews to adapt to market conditions and business strategies[122] - The group closely monitors liquidity situations of subsidiaries with statutory liquidity requirements, adjusting capital structures as necessary[126] - The organization has a defined structure for monitoring adherence to credit risk management policies and procedures[122] Corporate Governance - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange regulations for the year ending December 31, 2024[139] - The audit and risk management committee reviewed the accounting policies and financial reporting matters for the year ending December 31, 2024[141]

[Financial Statements](index=5&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss](index=5&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group reported a net loss in H1 2024, reversing from profit, primarily due to significant investment losses and a **23.7%** decline in turnover Consolidated Statement of Profit or Loss (HKD thousands) | Indicator | H1 2024 (HKD thousands) | H1 2023 (HKD thousands) | | :--- | :--- | :--- | | **Turnover** | 3,028,249 | 3,968,827 | | (Loss)/Profit from operating activities | (907,719) | 568,247 | | (Loss)/Profit before tax | (1,520,061) | 276,002 | | **(Loss)/Profit for the period** | **(1,242,981)** | **410,610** | | **(Loss)/Profit attributable to shareholders of the Company** | **(1,282,100)** | **312,676** | | Basic and diluted (loss)/earnings per share | HKD (0.761) | HKD 0.186 | [Consolidated Statement of Financial Position](index=7&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets slightly decreased, net assets declined due to period losses impacting shareholders' equity, and the asset-liability ratio slightly rose to **57.9%** Consolidated Statement of Financial Position (HKD thousands) | Indicator | June 30, 2024 (HKD thousands) | December 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | **Non-current assets** | 53,985,691 | 56,220,941 | | **Current assets** | 24,127,375 | 23,366,981 | | **Total assets** | **78,113,066** | **79,587,922** | | **Current liabilities** | (17,919,144) | (21,333,342) | | **Non-current liabilities** | (27,316,980) | (24,148,794) | | **Total liabilities** | **(45,236,124)** | **(45,482,136)** | | **Net assets** | **32,876,942** | **34,105,786** | | **Equity attributable to shareholders of the Company** | 29,823,013 | 30,989,721 | [Consolidated Statement of Cash Flows](index=11&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) In H1 2024, the Group generated net cash inflows from operating and investing activities, leading to a net increase in cash and bank balances and maintaining robust liquidity Consolidated Statement of Cash Flows (HKD thousands) | Activity Type | H1 2024 (HKD thousands) | H1 2023 (HKD thousands) | | :--- | :--- | :--- | | Net cash inflow from operating activities | 606,472 | 1,415,221 | | Net cash inflow from investing activities | 55,538 | 20,408 | | Net cash (outflow)/inflow from financing activities | (367,275) | 746,211 | | **Net increase in cash and bank balances** | **294,735** | **2,181,840** | | **Cash and bank balances at period-end** | **9,671,204** | **10,064,618** | [Notes to the Financial Statements](index=12&type=section&id=Notes%20to%20the%20Financial%20Statements) [Note 1 & 2 - Basis of Preparation and Accounting Policies](index=12&type=section&id=Note%201%20%26%202%20-%20Basis%20of%20Preparation%20and%20Accounting%20Policies) This interim financial report, prepared under HKAS 34, maintains consistent accounting policies with 2023, with new HKFRS amendments having no significant financial impact - During the reporting period, the Group adopted amendments to HKAS 1 regarding liability classification and HKFRS 16 regarding sale and leaseback transactions for the first time, but these changes had no significant impact on the Group's financial statements[17](index=17&type=chunk)[18](index=18&type=chunk) [Note 3 & 27 - Revenue and Segment Information](index=15&type=section&id=Note%203%20%26%2027%20-%20Revenue%20and%20Segment%20Information) The Group's revenue primarily from fund management and proprietary investment saw fund management turn to a loss in H1 2024 due to market downturns, with mainland China as the main revenue and asset base Revenue by Category (HKD thousands) | Revenue Category (HKD thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue from contracts with customers | 213,127 | 320,699 | | Net investment (loss)/income | (389,551) | 731,601 | Profit/(Loss) by Business Segment (Before Tax, HKD thousands) | Business Segment (Before Tax (Loss)/Profit, HKD thousands) | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Fund management business | (668,921) | 756,731 | | Proprietary investment business | (43,842) | 194,965 | - Geographically, the vast majority of the Group's designated non-current assets (approximately **HKD 22.7 billion**) are located in mainland China, with Hong Kong and other regions accounting for approximately **HKD 2.1 billion**[109](index=109&type=chunk) [Note 9, 10, 11, 12 - Key Investment Assets](index=19&type=section&id=Note%209%2C%2010%2C%2011%2C%2012%20-%20Key%20Investment%20Assets) As of June 30, 2024, the Group's key investment assets include significant holdings in associates (primarily Everbright Securities and CALC), joint ventures, FVTOCI equity investments, and FVTPL financial assets - The Group holds **20.73%** equity in Everbright Securities and **38.08%** in China Aircraft Leasing Group (CALC), representing significant investments in associates[32](index=32&type=chunk) - The Group's investment in China Everbright Bank is designated as a financial asset at FVTOCI, with an investment cost of **HKD 1.407 billion** and a fair value of **HKD 5.463 billion** at period-end[38](index=38&type=chunk) Investment Asset Categories (HKD thousands) | Investment Asset Category (HKD thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Investments in associates | 17,861,199 | 17,709,713 | | Investments in joint ventures | 906,296 | 932,964 | | Equity investments designated at FVTOCI | 5,462,542 | 5,032,899 | | Financial assets at FVTPL | 28,486,951 | 30,812,041 | [Note 17 & 18 - Borrowings and Bonds](index=30&type=section&id=Note%2017%20%26%2018%20-%20Borrowings%20and%20Bonds) As of June 30, 2024, total interest-bearing liabilities slightly increased, comprising bank borrowings and bonds payable, with a higher proportion of debt maturing within one year Liabilities by Category (HKD thousands) | Liability Category (HKD thousands) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Bank borrowings | 14,332,684 | 18,603,608 | | Bonds payable | 18,626,390 | 13,793,500 | | **Total** | **32,959,074** | **32,397,108** | - The vast majority of bank borrowings, approximately **HKD 12.721 billion**, are unsecured, and all bonds payable are unsecured[53](index=53&type=chunk)[57](index=57&type=chunk) [Note 25 - Financial Risk Management](index=41&type=section&id=Note%2025%20-%20Financial%20Risk%20Management) The Group has established a comprehensive risk management framework to identify, assess, and control key financial risks, including credit, liquidity, interest rate, foreign exchange, and equity price risks - Credit risk is managed through credit policies, procedures, and limits, utilizing the Expected Credit Loss (ECL) model for financial asset impairment assessment[77](index=77&type=chunk)[80](index=80&type=chunk) - Liquidity risk is managed by regularly assessing funding needs and maintaining sufficient cash and committed credit facilities to meet short-term and long-term liquidity requirements[82](index=82&type=chunk) - Market risk, including interest rate, foreign exchange, and equity price risks, is regularly monitored, with hedging considered for significant foreign exchange exposures, and investment portfolios supervised by specific guidelines[83](index=83&type=chunk)[84](index=84&type=chunk)[85](index=85&type=chunk) [Management Discussion and Analysis](index=64&type=section&id=Management%20Discussion%20and%20Analysis) [Business Overview](index=64&type=section&id=Business%20Overview) Everbright Holdings is a leading Chinese cross-border asset management and private equity firm, with core businesses in fund management (AUM **HKD 122.3 billion**) and proprietary investments, including cornerstone holdings - The company is positioned as a Hong Kong-listed entity with private equity investment management as its core business, boasting over **26 years** of experience, and its largest shareholder is China Everbright Group (**49.74%** stake)[116](index=116&type=chunk) Business Segments and Key Metrics | Business Segment | Key Metrics | | :--- | :--- | | Fund Management Business | AUM approximately **HKD 122.3 billion**, Everbright Holdings' committed capital approximately **28%** | | Proprietary Investment Business | Total assets approximately **HKD 32.2 billion**, including significant investment enterprises, financial investments, and cornerstone investments | [Review and Analysis](index=66&type=section&id=Review%20and%20Analysis) In H1 2024, China's private equity market downturn and capital market adjustments impacted performance, yet the company focused on core business, strengthened post-investment management, and accelerated exits - Macro and industry challenges: China's private equity market saw significant year-on-year declines in total fundraising and investment activity, with exit cases down **64%** year-on-year and IPO exits continuing to shrink[123](index=123&type=chunk) - Key performance drag: Ongoing capital market adjustments led to significant unrealized losses in existing listed projects and impacted valuations of unlisted projects, resulting in poor investment performance[124](index=124&type=chunk) - Responses and progress include strategic investments in intelligent connected vehicles, successful IPOs of Longcheer Technology and Arbe, fund-level cash回笼 of **HKD 1.81 billion** with a MOIC of approximately **2.18x**, and a focus on new productive forces[126](index=126&type=chunk)[131](index=131&type=chunk) [Financial Performance Analysis](index=72&type=section&id=Financial%20Performance%20Analysis) In H1 2024, the Group reported a net loss of **HKD 1.282 billion** due to significant investment losses, particularly unrealized losses, yet maintained stable financial health and declared an interim dividend Revenue Items (HKD billions) | Revenue Item (HKD billions) | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | Revenue from contracts with customers | 2.13 | 3.21 | (33.6%) | | Net investment (loss)/income | (3.90) | 7.32 | Not applicable | | — Unrealized investment loss | (12.13) | (2.24) | >100% | | Share of profits from associates | 1.78 | 4.52 | (60.6%) | | **Total Revenue** | **(1.14)** | **15.40** | **Not applicable** | Profit Items (HKD billions) | Profit Item (HKD billions) | H1 2024 | H1 2023 | Change | | :--- | :--- | :--- | :--- | | (Loss)/Profit from fund management business | (6.39) | 7.62 | Not applicable | | (Loss)/Profit from proprietary investment business | (0.17) | 3.02 | Not applicable | | **(Loss)/Profit attributable to shareholders of the Company** | **(12.82)** | **3.13** | **Not applicable** | - The Board declared an interim dividend of **HKD 0.05** per share for 2024, a **67%** decrease from **HKD 0.15** per share in the prior period[147](index=147&type=chunk) Key Financial Ratios | Key Financial Ratio | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Interest-bearing debt ratio | 100.2% | 95.0% | | Asset-liability ratio | 57.9% | 57.1% | | Current ratio | 134.6% | 109.5% | [Operating Performance Analysis](index=78&type=section&id=Operating%20Performance%20Analysis) As of June 30, 2024, fund management AUM slightly decreased, with primary market exits and steady secondary market performance; proprietary investment totaled **HKD 32.2 billion**, dominated by cornerstone investments - The decline in fund management AUM was primarily due to fund maturities and exits, redemptions and net asset value decreases in secondary market funds, and foreign exchange impacts[150](index=150&type=chunk) - Primary market funds exited projects including JD Logistics, contributing strong investment returns and cash回流[154](index=154&type=chunk) - Everbright Ashmore, the real estate investment platform, manages approximately **RMB 24.4 billion** in funds and **RMB 46.8 billion** in assets, ranking first in the industry for ten consecutive years[159](index=159&type=chunk) Proprietary Investment Scale (HKD billions) | Proprietary Investment Scale (HKD billions) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Significant investment enterprises | 47 | 47 | | Financial investments | 87 | 92 | | Cornerstone investments | 188 | 182 | | **Total** | **322** | **321** | [Outlook](index=88&type=section&id=Outlook) For H2, the company anticipates continued moderate economic recovery and positive policy impacts, focusing on 'new productive forces' to optimize business layout, enhance competitiveness, and accelerate fundraising and exits - The company remains confident in the long-term development of China's economy and private equity market, recognizing both challenges and opportunities[173](index=173&type=chunk) - Strategic focus will center on 'new productive forces' such as 'three new and one high' to drive business transformation and upgrading, promoting high-quality development in cross-border asset management[170](index=170&type=chunk)[173](index=173&type=chunk) - Specific initiatives include intensified fundraising and collaboration with 'patient capital' like insurance funds, focused investment in hard tech, low-altitude economy, and new energy sectors, strengthened compliance and empowerment of investee companies, and accelerated and diversified exits for existing projects[172](index=172&type=chunk) [Financial Position and Resources](index=90&type=section&id=Financial%20Position%20and%20Resources) As of June 30, 2024, the Group's total assets were **HKD 78.113 billion** and net assets **HKD 32.877 billion**, with ample financial resources including cash and unutilized bank credit, demonstrating prudent liquidity management Financial Position (HKD billions) | Financial Position (HKD billions) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total assets | 78.113 | 79.588 | | Net assets | 32.877 | 34.106 | | Equity attributable to shareholders of the Company | 29.823 | 30.990 | | Equity per share (HKD) | 17.70 | 18.39 | - The Group's total interest-bearing liabilities amounted to **HKD 32.959 billion**, with approximately **39%** as floating-rate and **61%** as fixed-rate borrowings; debt currencies are primarily RMB (**64%**), HKD (**35%**), and USD (**1%**)[177](index=177&type=chunk) [Other Information](index=92&type=section&id=Other%20Information) This report discloses major shareholder holdings, corporate governance compliance, director changes, and interim dividend distribution, with the company complying with most code provisions and declaring an interim dividend - Major Shareholder: Central Huijin Investment Ltd indirectly holds **49.74%** of the company's shares through China Everbright Group[186](index=186&type=chunk)[187](index=187&type=chunk) - Interim Dividend: An interim dividend of **HKD 0.05** per share was declared, payable on October 10, 2024; to be eligible, share transfers must be completed by 4:30 p.m. on September 19, 2024[192](index=192&type=chunk)[193](index=193&type=chunk) - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed equity securities[194](index=194&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2024, decreased to HKD 3,028,249 thousand from HKD 3,968,827 thousand in the same period last year, representing a decline of 23.7%[3] - Net investment loss for the period was HKD 389,551 thousand, compared to a net investment gain of HKD 731,601 thousand in the previous year, marking a significant downturn[3] - The company reported a net loss of HKD 1,242,981 thousand for the six months ended June 30, 2024, compared to a net profit of HKD 410,610 thousand in the same period last year[3] - Basic and diluted loss per share for the period was HKD 0.761, compared to a profit per share of HKD 0.186 in the previous year[3] - Total comprehensive loss for the period was HKD 970,930 thousand, compared to a comprehensive loss of HKD 773,809 thousand in the same period last year[4] - The company's total assets as of June 30, 2024, stood at HKD 53,985,691 thousand, down from HKD 56,220,941 thousand as of December 31, 2023[5] - The company's equity attributable to shareholders decreased to HKD 996,747 thousand as of June 30, 2024, from HKD 649,415 thousand at the end of 2023[4] - The company's net loss for the period was HKD 1,282,100 thousand as of June 30, 2024[11] - Other comprehensive income for the period was HKD 285,353 thousand as of June 30, 2024[11] - The company reported a basic and diluted loss per share of HKD 1,282,100,000 for the six months ended June 30, 2024, compared to a profit of HKD 312,676,000 for the same period in 2023[27] - The company's total operating loss for the first half of 2024 was HKD 812,608 thousand, with the largest loss in financial investments (HKD 437,770 thousand)[97] - In the first half of 2024, the company's pre-tax loss was HKD 1,520,061 thousand, with a significant loss in financial investments (HKD 437,271 thousand)[97] - The company's total revenue for the first half of 2023 was HKD 1,074,130 thousand, with the highest revenue from market investments (HKD 931,867 thousand)[98] - In the first half of 2023, the company's pre-tax profit was HKD 276,002 thousand, with the highest profit from cornerstone investments (HKD 797,648 thousand)[98] - The company's total assets as of June 30, 2024, were HKD 78,113,066 thousand, with liabilities of HKD 31,694,361 thousand[99] - Unallocated corporate assets amounted to HKD 79,587,922[100] - The company's total assets as of June 30, 2024, were HKD 78.113 billion, down from HKD 79.588 billion at the end of 2023[145] - Net assets as of June 30, 2024, were HKD 32.877 billion, compared to HKD 34.106 billion at the end of 2023[145] - The company held cash and bank balances of HKD 9.735 billion as of June 30, 2024, up from HKD 9.588 billion at the end of 2023[146] Investment Performance - Investment properties decreased slightly to HKD 5,541,617 thousand as of June 30, 2024, from HKD 5,584,819 thousand at the end of 2023[5] - The fair value of financial assets through profit or loss decreased to HKD 23,752,522 thousand as of June 30, 2024, from HKD 26,496,579 thousand at the end of 2023[5] - The company's non-current assets, including property, plant, and equipment, remained relatively stable at HKD 461,515 thousand as of June 30, 2024, compared to HKD 463,967 thousand at the end of 2023[5] - Total assets increased to HKD 60,193,922 thousand as of June 30, 2024, compared to HKD 58,254,580 thousand as of February 31, 2023[6] - Net current assets rose to HKD 6,208,231 thousand as of June 30, 2024, up from HKD 2,033,639 thousand as of February 31, 2023[6] - Total liabilities decreased to HKD 27,316,980 thousand as of June 30, 2024, from HKD 24,148,794 thousand as of February 31, 2023[7] - Equity attributable to the company's shareholders declined to HKD 29,823,013 thousand as of June 30, 2024, from HKD 30,989,721 thousand as of February 31, 2023[7] - Cash and bank balances increased to HKD 9,734,946 thousand as of June 30, 2024, compared to HKD 9,588,078 thousand as of February 31, 2023[6] - Customer loans decreased slightly to HKD 3,056,057 thousand as of June 30, 2024, from HKD 3,070,573 thousand as of February 31, 2023[6] - Trade securities increased to HKD 2,999,341 thousand as of June 30, 2024, from HKD 2,916,448 thousand as of February 31, 2023[6] - Non-current liabilities rose to HKD 27,316,980 thousand as of June 30, 2024, from HKD 24,148,794 thousand as of February 31, 2023[7] - The investment property revaluation net gain was HKD 760,263 for the six months ended June 30, 2023, with no revaluation gain reported for the same period in 2024[28] - The company's investment in associate companies had a net book value of HKD 17,861,199 as of June 30, 2024, compared to HKD 17,709,713 as of December 31, 2023[29] - The company holds a 20.73% equity interest in Everbright Securities Co., Ltd., with a market value of HKD 15,314,145,000 as of June 30, 2024[31] - The company holds a 38.08% equity interest in China Aircraft Leasing Group Holdings Limited, primarily engaged in investment holding[31] - The company holds a 29.17% equity interest in Everbright Jiabao Co., Ltd., primarily engaged in real estate development and asset management[31] - The company holds a 49.29% equity interest in Everbright Senior Health Industry Co., Ltd., primarily engaged in providing elderly care services[31] - The market value of Hong Kong-listed shares decreased to HKD 790,735,000 as of June 30, 2024, from HKD 1,028,806,000 as of December 31, 2023[32] - The market value of Mainland China-listed shares decreased to HKD 886,619,000 as of June 30, 2024, from HKD 1,245,288,000 as of December 31, 2023[32] - The company holds a 49.29% equity stake in Everbright Elderly Care after a RMB 50 million investment by another investor[32] - The carrying amount of joint venture investments decreased to HKD 906,296,000 as of June 30, 2024, from HKD 932,964,000 as of December 31, 2023[33] - The company holds a 50.0% equity stake in Wuxi Ronghong Guolian Equity Investment Co., Ltd., a joint venture providing investment advisory services[34] - The company holds a 48.0% equity stake in Shandong High-Speed Everbright Industrial Investment Fund Management Co., Ltd., a joint venture providing fund management services[34] - The company holds a 49.0% equity stake in Shouyu Everbright Asset Management Co., Ltd., a joint venture providing asset management services[34] - The fair value of listed equity securities outside Hong Kong increased to HKD 5,462,542,000 as of June 30, 2024, from HKD 5,032,899,000 as of December 31, 2023[36] - The fair value of non-listed equity securities and collective investment schemes outside Hong Kong decreased to HKD 18,177,562,000 as of June 30, 2024, from HKD 20,789,666,000 as of December 31, 2023[38] - The fair value of listed and non-listed equity securities held by the company as of June 30, 2024, was HKD 17,480,881,000, down from HKD 19,346,709,000 as of December 31, 2023[39] - Total customer loans increased to HKD 4,179,420,000 as of June 30, 2024, compared to HKD 4,036,858,000 as of December 31, 2023[41] - Impairment allowance for customer loans rose to HKD 1,123,363,000 as of June 30, 2024, up from HKD 966,285,000 as of December 31, 2023[41] - Net book value of customer loans decreased slightly to HKD 3,056,057,000 as of June 30, 2024, from HKD 3,070,573,000 as of December 31, 2023[41] - Receivables, deposits, prepayments, and other assets increased to HKD 2,673,440,000 as of June 30, 2024, compared to HKD 2,446,389,000 as of December 31, 2023[43] - Impairment allowance for receivables, deposits, prepayments, and other assets rose to HKD 593,070,000 as of June 30, 2024, up from HKD 517,284,000 as of December 31, 2023[44] - Total receivables, deposits, prepayments, and other assets net of impairment allowance increased to HKD 2,080,370,000 as of June 30, 2024, from HKD 1,929,105,000 as of December 31, 2023[43] - Stage 3 customer loans increased to HKD 2,946,819,000 as of June 30, 2024, compared to HKD 2,333,606,000 as of December 31, 2023[42] - Stage 2 customer loans decreased to HKD 1,226,737,000 as of June 30, 2024, from HKD 1,697,398,000 as of December 31, 2023[42] - Stage 3 impairment allowance for customer loans increased to HKD 970,081,000 as of June 30, 2024, up from HKD 631,357,000 as of December 31, 2023[42] - Stage 2 impairment allowance for customer loans decreased to HKD 153,277,000 as of June 30, 2024, from HKD 334,923,000 as of December 31, 2023[42] - Total current assets increased to HKD 2,999,341 thousand as of June 30, 2024, compared to HKD 2,916,448 thousand as of December 31, 2023[46] - Listed equity securities in Hong Kong increased to HKD 145,416 thousand as of June 30, 2024, up from HKD 84,316 thousand as of December 31, 2023[46] - Listed debt securities outside Hong Kong rose to HKD 1,991,888 thousand as of June 30, 2024, compared to HKD 1,688,699 thousand as of December 31, 2023[46] - Bank loans decreased to HKD 14,332,684 thousand as of June 30, 2024, from HKD 18,603,608 thousand as of December 31, 2023[48] - Unsecured bank loans accounted for HKD 12,721,411 thousand as of June 30, 2024, down from HKD 16,442,209 thousand as of December 31, 2023[49] - Bonds payable increased to HKD 18,626,390 thousand as of June 30, 2024, compared to HKD 13,793,500 thousand as of December 31, 2023[50] - Current portion of bonds payable decreased to HKD 4,930,515 thousand as of June 30, 2024, from HKD 6,069,140 thousand as of December 31, 2023[51] - Non-current financial liabilities to third-party investors stood at HKD 6,402,650 thousand as of June 30, 2024, down from HKD 6,768,868 thousand as of December 31, 2023[54] - Issued and fully paid ordinary shares remained unchanged at 1,685,254 thousand shares as of June 30, 2024, and December 31, 2023[55] - The company issued perpetual medium-term notes with a principal amount of RMB 2,000,000,000 (approximately HKD 2,184,880,000) in 2023, with a distribution rate of 3.60% per annum for the first 3 years, resetting every 3 years thereafter[57] - The company redeemed all outstanding preferred perpetual capital securities with a principal amount of USD 300,000,000 (approximately HKD 2,325,540,000) on October 27, 2023, which had a distribution rate of 3.80% per annum for the first 3 years[56] - As of December 31, 2023, the total liabilities of the company amounted to HKD 40,137,131,000, including bank loans of HKD 14,332,684,000 and other financial liabilities of HKD 6,840,458,000[59] - The company's total liabilities as of June 30, 2024, were HKD 39,899,756,000, with bank loans accounting for HKD 18,603,608,000 and other financial liabilities for HKD 7,241,282,000[60] - The company's management fee income from joint ventures and associates was HKD 341,000 for the period from January 1 to June 30, 2024, compared to HKD 78,000 for the same period in 2023[62] - Interest income from related party banks was HKD 10,139,000 for the period from January 1 to June 30, 2024, down from HKD 21,636,000 in the same period in 2023[62] - The company's interest expense on loans from related party banks was HKD 86,152,000 for the period from January 1 to June 30, 2024, slightly up from HKD 85,635,000 in the same period in 2023[62] - Receivables from associates and related parties increased to HKD 324,036 thousand as of June 30, 2024, compared to HKD 152,881 thousand as of February 31, 2023[63] - Bank deposits with related parties rose to HKD 2,513,786 thousand as of June 30, 2024, from HKD 2,449,018 thousand as of February 31, 2023[63] - Loans to associates and related parties decreased to HKD 2,235,402 thousand as of June 30, 2024, from HKD 2,246,484 thousand as of February 31, 2023[63] - Capital commitments totaled HKD 10,230,904 thousand as of June 30, 2024, down from HKD 10,568,890 thousand as of February 31, 2023[66] - Future undiscounted lease payments receivable from tenants amounted to HKD 822,539 thousand as of June 30, 2024, compared to HKD 937,711 thousand as of December 31, 2023[68] - The fair value of asset derivative contracts was HKD 12,902 thousand as of June 30, 2024, down from HKD 21,162 thousand as of December 31, 2023[70] - The fair value of liability derivative contracts increased to HKD (36,646) thousand as of June 30, 2024, from HKD (27,938) thousand as of December 31, 2023[70] - The notional amount of asset derivative contracts decreased to HKD 108,619 thousand as of June 30, 2024, from HKD 325,369 thousand as of December 31, 2023[70] - The notional amount of liability derivative contracts rose to HKD 2,404,326 thousand as of June 30, 2024, from HKD 2,241,356 thousand as of December 31, 2023[70] - The company's credit risk management framework includes comprehensive policies, procedures, and credit risk limits, which are regularly reviewed and updated[73] - The company's credit risk management is embedded across all business units, with the first line of defense being the business departments and frontline teams[73] - The company uses a three-stage approach to measure expected credit losses: Stage 1 (12-month expected credit loss), Stage 2 (expected credit loss without credit impairment), and Stage 3 (lifetime expected credit loss with credit impairment)[75] - The company assesses expected credit losses based on the probability of default, loss given default, exposure at default, and the actual interest rate at the reporting date[76] - As of June 30, 2024, the expected credit loss for unsecured financial assets was measured with a probability of default ranging from 0.28% to 100% and a loss given default ranging from 24% to 97%[76]