Financial Performance - Total revenue for the six months ended December 31, 2024, was HKD 22,663,000, a decrease of 1.54% compared to HKD 23,017,000 for the same period in 2023[14]. - The company reported a net loss of HKD 25,187,000 for the six months ended December 31, 2024, compared to a net loss of HKD 30,134,000 in the previous year, representing a 16.4% improvement[14]. - The total comprehensive loss for the period was HKD 46,996,000, compared to HKD 31,983,000 in the previous year, indicating an increase in comprehensive loss[16]. - The company reported a pre-tax loss of HKD 25,199,000 for the six months ended December 31, 2024, compared to a loss of HKD 30,302,000 in the same period last year, indicating an improvement of approximately 16.4%[24]. - The company reported a net loss of HKD 25,199 million for the six months ended December 31, 2024, compared to a net loss of HKD 30,302 million for the same period in 2023[42][44]. Revenue Sources - The company’s dividend income increased to HKD 3,804,000, up 31.3% from HKD 2,895,000 in the prior year[14]. - Commission and fee income from brokerage services decreased to HKD 2,918,000 from HKD 3,620,000, reflecting a decline of about 19.4% year-over-year[36]. - The brokerage and lending segment revenue was HKD 6,297 million for the six months ended December 31, 2024, while capital markets and asset management contributed HKD 872 million and HKD 1,287 million, respectively[42]. - The self-investment segment generated total revenue of HKD 6 million in the first half of fiscal year 2025, an increase from HKD 4 million in the same period of fiscal year 2024[96]. Expenses and Losses - The company experienced a significant reduction in net losses from financial assets and liabilities, reporting a loss of HKD 6,361,000 compared to a loss of HKD 21,420,000 in the previous period, indicating a 70.3% improvement[14]. - The company reported a decrease in general and administrative expenses to HKD 30,588,000, down 9.1% from HKD 33,634,000 in the previous year[14]. - The company recorded a loss of HKD 6,361 million from financial assets and liabilities measured at fair value through profit or loss for the six months ended December 31, 2024[41]. - The company’s net loss on property and equipment revaluation was HKD 21,143,000 as of December 31, 2024, compared to a loss of HKD 3,793,000 in the previous year, showing a significant increase in losses[53]. Assets and Liabilities - Total assets decreased from HKD 726,920,000 as of June 30, 2024, to HKD 666,977,000 as of December 31, 2024, reflecting a decline of about 8.2%[24]. - The company's total liabilities increased from HKD 484,046,000 to HKD 584,456,000, reflecting an increase of approximately 20.7%[24]. - The company’s total equity decreased from HKD 709,557,000 to HKD 655,116,000, a decline of approximately 7.7%[20]. - The total amount due from clients increased significantly from HKD 9,797,000 in 2023 to HKD 21,501,000 in 2024, representing a substantial increase of approximately 119%[74]. Cash Flow and Financing - The company’s operating cash flow used was HKD 24,656,000, compared to HKD 2,163,000 in the previous year, indicating a substantial increase in cash outflow[24]. - The company reported a net cash outflow from financing activities of HKD 4,275,000 for the six months ended December 31, 2024, compared to a net cash outflow of HKD 1,941,000 in the same period of 2023[25]. - The company’s cash and cash equivalents decreased from HKD 108,818,000 to HKD 98,543,000, a reduction of approximately 9.5%[24]. - The company’s cash flow from operating activities was impacted by a net decrease in cash and cash equivalents of HKD 7,722,000 during the reporting period[25]. Shareholder Information - The board declared an interim dividend of HKD 0.01 per ordinary share for the six months ended December 31, 2024[108]. - As of December 31, 2024, Dr. Cai Guanshen holds a direct interest of 204,746,039 shares and a deemed interest of 218,319,857 shares, representing 56.82% of the company's issued share capital[116]. - World Developments Limited and Sunwah International Limited each hold 185,701,741 shares, accounting for 24.94% of the company's issued share capital[116]. - Sun Wah Capital Limited has a total deemed interest of 29.32%, which includes 32,618,116 shares directly held[116]. Corporate Governance - The company has adopted the corporate governance code principles and complied with the relevant provisions during the reporting period[117]. - The audit committee has reviewed the accounting principles and practices, including the interim report for the six months ending December 31, 2024[123]. - The company has confirmed compliance with the securities trading standards set out in the listing rules during the review period[122].

Financial Performance - For the six months ended December 31, 2024, the company reported total revenue of HKD 22,663,000, a decrease of 1.54% compared to HKD 23,017,000 in the same period of 2023[5]. - The company incurred a loss before tax of HKD 25,199,000, which is an improvement of 16.4% from a loss of HKD 30,302,000 in the previous year[5]. - The basic and diluted loss per share was HKD 3.38, compared to HKD 4.05 in the prior period, indicating a reduction in loss per share by 16.6%[5]. - The company reported a net loss of HKD 25,187,000 for the period, compared to a net loss of HKD 30,134,000 in the previous year, showing a 16.4% improvement[6]. - The company’s total comprehensive loss for the period was HKD 46,996,000, compared to HKD 31,983,000 in the previous year, indicating an increase in comprehensive loss by 46.9%[6]. Revenue Breakdown - Revenue from client contracts amounted to HKD 6,297,000, down from HKD 6,833,000 in the previous year, reflecting a decline of 7.8%[16]. - Commission and fee income from brokerage, futures, and options decreased to HKD 2,918,000 from HKD 3,620,000, a drop of 19.4%[16]. - Corporate finance revenue increased to HKD 867,000, up 33.8% from HKD 648,000 in the prior year[16]. - Interest income from financial assets at amortized cost was HKD 9,829,000, down from HKD 11,012,000, representing a decrease of 10.7%[16]. - Dividend income rose to HKD 3,804,000, an increase of 31.4% compared to HKD 2,895,000 in the previous year[16]. - Rental income for the period was HKD 1,375,000, slightly down from HKD 1,467,000, a decrease of 6.3%[16]. Asset and Liability Management - Total non-current assets decreased to HKD 378,285,000 from HKD 457,665,000, reflecting a decline of 17.3%[8]. - The company's cash and cash equivalents increased to HKD 98,543,000 from HKD 108,818,000, a decrease of 9.5%[8]. - The total liabilities increased to HKD 584,456,000 from HKD 484,046,000, representing an increase of 20.7%[8]. - The company’s investment properties value decreased to HKD 61,745,000 from HKD 68,599,000, a decline of 10%[8]. - The company’s administrative expenses decreased to HKD 30,588,000 from HKD 33,634,000, a reduction of 9.1%[5]. Shareholder Information - The company declared an interim dividend of HKD 7,603,000 for the six months ended December 31, 2024, consistent with the previous year's interim dividend of HKD 7,445,000[26]. - The board declared an interim dividend of HKD 0.01 per ordinary share for the six months ended December 31, 2024[55]. Compliance and Governance - The company has maintained its accounting policies consistent with the previous year, ensuring no impact on financial performance from the adoption of revised Hong Kong Financial Reporting Standards[11]. - The group has reassessed its liabilities and concluded that the classification of liabilities as current or non-current remains unchanged, indicating stability in financial reporting[12]. - The company has adopted the corporate governance code principles as per the Hong Kong Stock Exchange rules for the six months ending December 31, 2024[57]. - The audit committee has reviewed the accounting principles and practices, including the interim report for the six months ending December 31, 2024[60]. - Ernst & Young has conducted an independent review of the unaudited interim financial statements as per the Hong Kong Institute of Certified Public Accountants[61]. Market and Investment Outlook - The investment market is expected to heat up again in January and February 2025, with the Hang Seng Index surpassing its October 2024 high[49]. - The group recorded a revaluation loss of HKD 5 million during the period, compared to a loss of HKD 2 million in the same period last year[46]. - The group’s capital-to-debt ratio was approximately 11% as of December 31, 2024[50]. - The group has a significant investment in a non-listed equity security, which accounted for about 3.1% of total assets as of December 31, 2024[45].

Financial Performance - The company recorded a post-tax loss of HKD 57 million for the fiscal year 2024, an improvement from a post-tax loss of HKD 79 million in fiscal year 2023[7]. - Total comprehensive expenses for fiscal year 2024 amounted to HKD 82 million, down from HKD 94 million in fiscal year 2023[7]. - The company reported a loss before tax of HKD 56,409,000 for 2024, an improvement from a loss of HKD 79,181,000 in 2023, representing a reduction of approximately 29%[132]. - The net loss for the year was HKD 56,840,000, down from HKD 78,940,000 in the previous year, marking a 28.0% improvement[126]. - The company reported a significant increase in dividend income to HKD 6,453,000 from HKD 4,177,000, representing a 54.5% increase[125]. - The company experienced a net loss from financial assets and liabilities of HKD 28,838,000, slightly higher than the previous year's loss of HKD 28,022,000[125]. - The company reported a decrease in bank balances and cash in trust accounts by HKD 72,651,000, compared to a decrease of HKD 145,670,000 in the previous year, indicating a 50% improvement[132]. - The company incurred audit fees of HKD 2,029,000 for audit services and HKD 860,000 for non-audit services for the fiscal year ending June 30, 2024[66]. Revenue Generation - The financial intermediary business generated commission and fee income of HKD 21 million in fiscal year 2024, compared to HKD 15 million in fiscal year 2023[8]. - Interest income increased from HKD 18 million in fiscal year 2023 to HKD 21 million in fiscal year 2024 due to rising interest rates[8]. - In the fiscal year 2024, the total revenue from the brokerage and lending segment was HKD 29 million, an increase from HKD 26 million in fiscal year 2023, primarily due to increased bank interest income[11]. - The total revenue from the corporate finance and capital markets segment was HKD 11 million in fiscal year 2024, up from HKD 6 million in fiscal year 2023[12]. - The asset management segment reported total revenue of HKD 3 million in fiscal year 2024, down from HKD 4 million in fiscal year 2023[14]. - The self-investment segment generated total revenue of HKD 9 million in fiscal year 2024, compared to HKD 7 million in fiscal year 2023[15]. - Total revenue for the year ended June 30, 2024, was HKD 51,038,000, compared to HKD 40,742,000 in 2023, representing a 25.6% increase[125]. Expenses and Cost Management - General and administrative expenses decreased from HKD 72 million in fiscal year 2023 to HKD 65 million in fiscal year 2024, primarily due to reduced employee costs and the sale of asset management business in mainland China[8]. - The company’s financing costs rose to HKD 6,874,000 from HKD 5,520,000, an increase of 24.6%[125]. - The company recorded a net loss from investment properties of HKD 7,568,000, compared to a loss of HKD 2,886,000 in 2023, indicating a significant increase in losses[125]. - Other comprehensive expenses for the year totaled HKD 81,550,000, down from HKD 93,989,000 in the previous year, reflecting a 13.2% decrease[126]. Asset Management and Investments - The group recorded a revaluation loss of HKD 7 million on retail stores in Kwun Tong for fiscal year 2024, significantly higher than the HKD 1 million loss in fiscal year 2023[16]. - The group confirmed a sale of asset management services in mainland China, resulting in a gain of HKD 4 million, which improved the profitability of the asset management segment[14]. - The group’s net loss from listed equity securities investments was HKD 20 million in fiscal year 2024, an improvement from a net loss of HKD 28 million in fiscal year 2023[15]. - The group has invested in high-rated global bonds to secure returns ahead of potential interest rate cuts by the US Federal Reserve[16]. Governance and Compliance - The board consists of independent non-executive directors, with at least three members meeting the independence criteria as per listing rules[28]. - The roles of the Chairman and CEO are clearly separated, with Dr. Cai Guanshen as Chairman and Mr. Cai Guanning as CEO, ensuring a balance of power[32]. - The company emphasizes ongoing professional training for directors, ensuring they are updated on regulatory changes and corporate governance practices[30]. - The audit committee is composed entirely of independent non-executive directors, ensuring oversight and compliance[28]. - The company has established a governance framework that includes various committees to enhance corporate governance practices[41]. - The company’s governance policies and principles are reviewed annually to ensure alignment with best practices[42]. Risk Management - The risk management system is designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatements and losses[47]. - The company has established various committees, including the Investment Committee and Risk Management Committee, to identify, assess, and manage risks associated with its operations[50][51][52]. - The company is closely monitoring foreign exchange risks and will implement appropriate hedging measures if significant adverse changes occur[16]. - Credit risk arises from various areas, including counterparty defaults during settlement processes, and is managed through established credit approval and monitoring procedures[59]. Shareholder Communication - The company emphasizes the importance of maintaining good communication with shareholders through various channels[73]. - The company provides timely information through interim and annual reports, announcements, and circulars[73]. - The board is committed to improving communication and addressing shareholder inquiries in a timely manner[73]. - The company encourages direct communication from shareholders via email or fax[69]. Financial Position - As of June 30, 2024, the total assets of the group amounted to HKD 1.211 billion, with approximately 62% being liquid assets[16]. - The group’s capital-to-debt ratio was approximately 10% as of June 30, 2024[16]. - The company reported a significant decrease in total assets, amounting to HKD 753,301,000, down from HKD 924,629,000 in 2023, representing a decrease of approximately 18.5%[128]. - Total equity decreased to HKD 709,557,000 from HKD 804,952,000, reflecting a decline of about 12%[128]. Audit and Financial Reporting - The audit report confirmed that the financial statements complied with the disclosure requirements of the Hong Kong Companies Ordinance[110]. - The company’s financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, reflecting a true and fair view of the group's financial position as of June 30, 2024[110]. - The audit procedures included assessing the appropriateness of the valuation methods used for overseas unlisted equity securities and the reasonableness of the valuation results[117]. - The total impairment provision for receivables was deemed significant, necessitating careful evaluation during the audit process[115].

Financial Performance - Total revenue for the year ended June 30, 2024, was HKD 51,038,000, an increase of 25.2% from HKD 40,742,000 in 2023[2] - The company reported a loss before tax of HKD 56,409,000, improved from a loss of HKD 79,181,000 in 2023[2] - Basic and diluted loss per share was HKD 7.64, compared to HKD 10.69 in the prior year, indicating a reduction in loss per share[2] - Total comprehensive loss for the year was HKD 81,550,000, a decrease from HKD 93,989,000 in 2023[2] - The company reported a net loss of HKD 20,211,000 for the year ended June 30, 2024, compared to a net loss of HKD 27,608,000 in 2023, indicating an improvement of 26.5%[25] - The company reported a pre-tax loss of HKD 56,654,000 for the year 2024, compared to a loss of HKD 78,497,000 in 2023, indicating an improvement in financial performance[38] - The group recorded a post-tax loss of HKD 57 million in the fiscal year 2024, an improvement from a post-tax loss of HKD 79 million in fiscal year 2023[47] Revenue Breakdown - Commission and fee income rose to HKD 20,702,000, up 35.5% from HKD 15,328,000 in the previous year[2] - Total revenue from customer contracts generated revenue of HKD 20,702,000 in 2024, up from HKD 15,328,000 in 2023, representing a growth of 35.5%[22] - Corporate finance income significantly increased to HKD 10,350,000 in 2024 from HKD 4,626,000 in 2023, marking a growth of 123.5%[14] - Total income from securities investment, brokerage, and financial advisory services reached HKD 51,038,000 in 2024, up from HKD 40,742,000 in 2023, reflecting a growth of 25.1%[15] - Brokerage and lending services generated revenue of HKD 9,027,000 for the year ended June 30, 2024, up from HKD 8,982,000 in the previous year, indicating a slight increase of 0.5%[24] - Revenue from other services totaled HKD 3,363,000 for the year ended June 30, 2024, compared to HKD 2,897,000 in 2023, which is an increase of 16.1%[23] - The total income from the Hong Kong market for the year ended June 30, 2024, was HKD 20,316,000, up from HKD 14,686,000 in 2023, representing a growth of 38.5%[22] Asset and Liability Management - Non-current assets totaled HKD 457,665,000, down from HKD 513,302,000 in the previous year[3] - Current assets decreased to HKD 313,325,000 from HKD 385,976,000 in 2023[3] - Total liabilities were HKD 484,046,000, a decrease from HKD 608,709,000 in the previous year[3] - The company's net assets stood at HKD 709,557,000, down from HKD 804,952,000 in 2023[3] - The total accounts receivable decreased to HKD 112,933,000 in 2024 from HKD 153,476,000 in 2023, a decline of approximately 26%[38] - The company’s accounts payable as of June 30, 2024, totaled HKD 337,219,000, down from HKD 442,967,000 in 2023, indicating a decrease of approximately 24%[43] Accounting Standards and Compliance - The group has adopted revised Hong Kong Financial Reporting Standards, which did not impact the measurement, recognition, or presentation of any items in the financial statements[5] - The amendments to Hong Kong Accounting Standard 12 reduced the scope of initial recognition exceptions, which now do not apply to transactions generating temporary differences related to taxation[6] - The group has proactively applied the amendments related to leases effective from July 1, 2022, and anticipates applying these amendments to future transactions occurring on or after July 1, 2023[6] - The amendments to Hong Kong Financial Reporting Standard 16 clarify the regulations for lessor-lessee transactions in sale and leaseback arrangements, effective from January 1, 2024[8] - The group has disclosed significant accounting policy information in Note 3 of the financial statements, in accordance with the revised standards[5] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[7] - The group has not experienced any significant impact from the amendments related to international tax reform under Pillar Two, as it does not fall within the scope of these regulations[6] Operational Strategy and Future Outlook - The company plans to enhance its asset management services and expand its market presence in the coming fiscal year[26] - The group aims to improve its operational efficiency and explore potential mergers and acquisitions to drive growth[27] - The group is currently assessing the impact of the amendments to accounting standards, which are not expected to have a significant effect on the financial statements[10] - The group is evaluating whether existing loan agreements need amendments in light of the new accounting standards[10] Dividend and Shareholder Information - The company paid an interim dividend of HKD 1 per share, totaling HKD 7,445,000 in 2024, slightly up from HKD 7,396,000 in 2023[36] - The company proposed a final dividend of HKD 0.01 per ordinary share for the fiscal year ending June 30, 2024, subject to shareholder approval at the annual general meeting on November 28, 2024[60] - The final dividend, if approved, will be payable to shareholders on January 23, 2025[60] - The company will suspend share registration from November 25, 2024, to November 28, 2024, to ensure eligibility for voting at the annual general meeting[61] - The company will also suspend share registration from December 4, 2024, to December 6, 2024, to confirm eligibility for the proposed final dividend[62] Audit and Compliance - The audit committee reviewed the consolidated financial performance for the fiscal year ending June 30, 2024[63] - Ernst & Young has confirmed that the financial statements for the year ending June 30, 2024, align with the audited consolidated financial statements[64] - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year ending June 30, 2024[65]

Financial Performance - Total revenue for the six months ended December 31, 2023, was HKD 23,017,000, an increase of 22.9% compared to HKD 18,855,000 in the same period of 2022[9]. - The company reported a net loss of HKD 30,134,000 for the period, an improvement from a net loss of HKD 46,320,000 in the previous year, representing a 35% reduction in losses[9]. - Basic and diluted loss per share improved to HKD 4.05 from HKD 6.30, reflecting a 35.7% reduction in loss per share[9]. - The total comprehensive loss for the period was HKD 31,983,000, compared to HKD 67,064,000 in the same period last year, indicating a significant improvement[12]. - The company reported a loss of HKD 29,948,000 during the period, compared to a loss of HKD 46,009,000 in the previous period, indicating an improvement[16]. - The company reported a pre-tax loss of HKD (30,302,000) for the six months ended December 31, 2023, compared to a pre-tax loss of HKD (46,350,000) in the same period of 2022, showing an improvement of approximately 34.6%[41]. - The company reported a loss attributable to shareholders of HKD 29,948,000 for the six months ended December 31, 2023, compared to a loss of HKD 46,009,000 for the same period in 2022, representing a 35.2% improvement in losses year-over-year[50]. Revenue Sources - Interest income from financial assets at amortized cost increased to HKD 11,012,000, up 62.5% from HKD 6,790,000 year-on-year[9]. - The company experienced a significant increase in dividend income, which rose to HKD 2,895,000, a 55% increase from HKD 1,868,000 in the prior year[9]. - Commission and fee income from brokerage services was HKD 3,620,000, slightly down from HKD 3,649,000 in the previous year, representing a decrease of 0.8%[31]. - Corporate finance income decreased significantly to HKD 648,000 from HKD 2,485,000, a decline of 73.9%[31]. - Rental income decreased to HKD 1,467,000 from HKD 1,626,000, a decline of 9.8%[31]. - The total income from contract customers was HKD 6,833,000, down from HKD 8,145,000, reflecting a decrease of 25.5%[33]. - The company reported a significant increase in interest income from bank deposits, which rose to HKD 8,686,000 from HKD 3,981,000, marking a growth of 118.0%[31]. Asset and Liability Management - Total assets decreased from HKD 924,629,000 to HKD 843,453,000, a decline of approximately 8.8%[14]. - Non-current assets decreased from HKD 513,302,000 to HKD 502,139,000, a reduction of about 2.3%[14]. - Current liabilities decreased from HKD 608,709,000 to HKD 557,685,000, a decrease of approximately 8.4%[14]. - The total equity attributable to shareholders decreased from HKD 804,609,000 to HKD 765,416,000, a decline of approximately 4.9%[16]. - The company’s reserves decreased from HKD 730,652,000 to HKD 691,459,000, a decline of about 5.4%[17]. - The company’s total assets held at fair value decreased to HKD 229,428,000 as of December 31, 2023, from HKD 267,373,000 as of June 30, 2023[54]. - The company reported a decrease in the net revaluation loss of properties and equipment to HKD 3,793,000 as of December 31, 2023, from HKD 16,681,000 as of December 31, 2022[51]. Cash Flow and Financing Activities - Cash and cash equivalents increased from HKD 165,995,000 to HKD 95,430,000, reflecting a net increase of HKD 9,851,000[19]. - Operating cash flow before changes in working capital was negative at HKD 42,245,000, compared to negative HKD 41,664,000 in the previous year[19]. - The company raised HKD 1,277,700,000 in bank loans during the financing activities, which was fully repaid in the same period[19]. - The company’s cash flow from operating activities showed a net inflow of HKD 9,089,000, compared to an outflow of HKD 20,547,000 in the previous year[19]. Corporate Governance and Compliance - The company has complied with the corporate governance code principles as per the Stock Exchange Listing Rules during the reporting period[123]. - The audit committee has reviewed the accounting principles and practices adopted by the group, including the interim report for the six months ending December 31, 2023[131]. - The company has confirmed that all directors have complied with the standards set out in the code of conduct during the review period[129]. - The company has not repurchased, sold, or redeemed any of its shares during the six months ending December 31, 2023[128]. Shareholder Information - The company declared an interim dividend of HKD 0.01 per share, totaling HKD 7,445,000, which is an increase from HKD 7,396,000 declared in the previous year[49]. - As of December 31, 2023, Dr. Cai Guanshen holds 29.34% of the company's issued shares, totaling 216,977,548 shares[118]. - Dr. Cai Guanshen also has personal holdings of 204,746,039 shares, representing 27.68% of the total issued shares[118]. - World Developments Limited holds 185,701,741 shares, accounting for 25.11% of the company's issued shares[122]. Market and Economic Conditions - The average monthly total turnover for the main board and GEM decreased by 18% compared to the first half of the 2023 fiscal year[95]. - The vacancy rate for Grade A office buildings in Hong Kong reached double digits by the end of 2023, reflecting ongoing economic uncertainty[92]. - The fundraising amount in the first half of the 2024 fiscal year was approximately HKD 28 billion, a significant decline of 67% compared to HKD 85 billion in the first half of the 2023 fiscal year[91].

Financial Performance - For the six months ended December 31, 2023, the company reported total revenue of HKD 23,017,000, an increase of 22.8% compared to HKD 18,855,000 for the same period in 2022[5]. - Commission and fee income decreased to HKD 6,833,000, down 16.1% from HKD 8,145,000 year-over-year[5]. - Interest income from financial assets at amortized cost rose significantly to HKD 11,012,000, up 62.1% from HKD 6,790,000 in the previous year[5]. - The company recorded a net loss before tax of HKD 30,302,000, an improvement from a loss of HKD 46,350,000 in the same period last year[5]. - Basic and diluted loss per share improved to HKD 4.05, compared to HKD 6.30 for the same period in 2022[5]. - The total comprehensive loss for the period was HKD 31,983,000, a reduction from HKD 67,064,000 in the previous year[6]. - The company reported a significant increase in dividend income to HKD 2,895,000, up 55.0% from HKD 1,868,000 year-over-year[5]. Expenses and Liabilities - General and administrative expenses decreased to HKD 33,634,000, down 12.5% from HKD 38,493,000 in the previous year[5]. - The company recognized a gain of HKD 4,030,000 from the sale of a subsidiary, contributing positively to the financial results[5]. - Total liabilities decreased from HKD 608,709 thousand to HKD 557,685 thousand, a reduction of about 8.4%[8]. - Employee costs for the six months ended December 31, 2023, were HKD 19,068,000, a decrease from HKD 21,241,000 in the same period of 2022, reflecting a reduction of approximately 10.2%[29]. Assets and Equity - Non-current assets decreased from HKD 513,302 thousand to HKD 502,139 thousand, a decline of approximately 2.3%[8]. - Current assets decreased from HKD 920,702 thousand to HKD 843,453 thousand, a decrease of about 8.4%[8]. - Cash and cash equivalents decreased from HKD 159,782 thousand to HKD 155,872 thousand, a decline of approximately 2.5%[8]. - Net assets decreased from HKD 804,952 thousand to HKD 765,416 thousand, a decrease of approximately 4.9%[8]. - Shareholders' equity attributable to the company decreased from HKD 804,609 thousand to HKD 765,416 thousand, a decline of about 4.9%[8]. Revenue Breakdown - The group reported a total of HKD 6,833,000 in revenue from contract customers for the six months ended December 31, 2023, down from HKD 8,145,000 in 2022, a decrease of 16.1%[18]. - The group’s rental income for the six months ended December 31, 2023, was HKD 1,467,000, compared to HKD 1,626,000 in 2022, reflecting a decline of 9.8%[17]. - The commission and fee income from the capital markets segment was HKD 1,251,000 for the six months ended December 31, 2023, down from HKD 2,485,000 in the same period of 2022, a decrease of approximately 49.6%[22]. - The total revenue for the corporate finance and capital markets department in the first half of the fiscal year 2024 was HKD 1 million, down from HKD 3 million in the same period of fiscal year 2023[46]. Market and Strategic Focus - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[5]. - The group plans to focus on wealthy clients for asset management services to increase revenue and is considering promoting investment funds focused on Vietnam[47]. Impairment and Risk Management - The company reported a provision for impairment losses of HKD 61,880,000 on accounts receivable and loans as of December 31, 2023, compared to HKD 58,554,000 as of June 30, 2023[35]. - The company recognized a new financial asset impairment of HKD 2,346,000 during the reporting period[36]. - The company’s management continues to monitor the adequacy of impairment provisions based on the market value of collateral[36]. - The group has no significant foreign exchange risk as most assets and liabilities are denominated in Hong Kong dollars, and no hedging instruments are employed[57]. Corporate Governance and Compliance - The audit committee has reviewed the accounting principles and practices adopted by the group, including the interim report for the six months ending December 31, 2023[65]. - The group has implemented corporate governance principles as per the listing rules for the six months ending December 31, 2023[62]. - The independent auditor has conducted a review of the unaudited interim condensed consolidated financial statements[67].

Financial Performance - The Hang Seng Index fell by 13.5% during the fiscal year 2023, closing at 18,916 points, down from 21,860 points at the end of June 2022[10]. - The average monthly total turnover for the Main Board and GEM decreased by 20% to HKD 233.3 billion, compared to HKD 291.7 billion for the fiscal year 2022[13]. - The financing amount for the fiscal year 2023 was approximately HKD 103 billion, a decrease of 26% from HKD 139 billion in the fiscal year 2022[13]. - The group recorded a post-tax loss of HKD 79 million for the fiscal year 2023, consistent with the post-tax loss of HKD 79 million in fiscal year 2022[14]. - Total comprehensive expenses for the fiscal year 2023 amounted to HKD 94 million, compared to HKD 72 million in fiscal year 2022[14]. - Commission and fee income from financial intermediation for fiscal year 2023 was HKD 15 million, down from HKD 45 million in fiscal year 2022[15]. - Interest income remained stable at HKD 18 million for both fiscal years 2023 and 2022, with bank deposit interest income increasing by HKD 11 million due to interest rate hikes[15]. - The brokerage and financing department's total revenue decreased to HKD 26 million in fiscal year 2023 from HKD 36 million in fiscal year 2022, with brokerage commission income dropping to HKD 7 million from HKD 16 million[17]. - The corporate finance and capital markets department's total revenue fell to HKD 6 million in fiscal year 2023 from HKD 24 million in fiscal year 2022[19]. - The asset management department maintained total revenue of HKD 4 million for both fiscal years, with a new investment fund launched in October 2022[20]. - The self-investment department reported total revenue of HKD 7 million in fiscal year 2023, compared to HKD 6 million in fiscal year 2022, but incurred a total loss of HKD 21 million in fiscal year 2023[23]. - The group reported cash and cash equivalents of HKD 160 million, primarily denominated in HKD[28]. - The company reported a total loss for the year of HKD 78,940,000, compared to HKD 78,696,000 in 2022, showing a marginal increase in losses[200]. Strategic Focus and Restructuring - The company is focusing on income-generating assets in a high-interest-rate environment as part of its dual strategy[10]. - The company is assessing and restructuring its investment portfolio to adapt to the prolonged economic downturn[11]. - The company aims to reverse the trend of declining revenue in the next fiscal year[11]. - The company has reduced its scale to respond to structural changes in the post-pandemic environment[11]. Asset Management and Investments - The group acquired approximately 19% of China New Economy Investment Limited, resulting in a share of performance loss of HKD 5 million for fiscal year 2023[24]. - The group redeemed two investment funds during the year, generating proceeds of HKD 8 million, improving cash flow and asset portfolio construction[24]. - As of June 30, 2023, total assets amounted to HKD 1.438 billion, with approximately 64% being liquid assets[28]. - The net value of current assets was HKD 316 million, representing about 39% of the group's net assets as of June 30, 2023[28]. - The total amount of bank loans as of June 30, 2023, was approximately HKD 76 million, used to finance the group's investment portfolio[28]. - The group has invested in two joint ventures holding commercial properties in Japan and one joint venture holding two adjacent plots of land in Hong Kong[26]. Corporate Governance - The board of directors consists of seven members, including the Chairman and the CEO, with a clear division of responsibilities between the board and management[38]. - The board held a total of six meetings during the year, addressing key matters such as the approval of interim and final results, and evaluating business performance[39]. - The company emphasizes the importance of training for directors, providing ongoing professional development to enhance their knowledge and skills[47]. - All independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring compliance and governance standards[44]. - The company has a robust risk management and internal control system in place, overseen by the board[46]. - The board is responsible for approving significant acquisitions and asset sales, ensuring strategic alignment with the company's long-term goals[46]. - The company has appointed independent non-executive directors to key committees, enhancing governance and oversight[44]. - The board has authorized management to execute approved strategies, ensuring effective operational execution[43]. - The company has received confirmations of training records from all directors as of June 30, 2023, demonstrating commitment to continuous professional development[48]. - The board's composition includes a mix of executive and independent directors, fostering diverse perspectives in decision-making[38]. - The roles of the Chairman and CEO have been separated, with Dr. Cai Guanshen as Chairman and Mr. Cai Guanming as CEO, ensuring a clear division of responsibilities[54]. Risk Management - The board understands that the risk management system is essential for achieving strategic goals and protecting shareholder interests[74]. - The Audit Committee is responsible for overseeing the risk management system and meets semi-annually with senior management to discuss its effectiveness[79]. - The board has established various committees, including the Risk Management Committee, to identify, assess, and manage risks associated with the group's business[81]. - The board has established a Risk Management Committee to oversee the group's proprietary trading activities, monitoring policies and maximum limits set by the board[85]. - The Credit Committee is responsible for establishing credit approval procedures for brokerage clients, assessing credit risks, and setting credit limits, meeting monthly[87]. - The Finance Committee aims to minimize credit risks arising from the group's general lending activities and to develop internal policies for loan assessment and approval[89]. - The group faces significant operational risks, particularly in investment, brokerage, corporate finance, and capital markets, influenced by interest rates and global investment conditions[94]. - Credit risk arises from various areas, including counterparty defaults during settlement processes, with the Finance and Credit Committees responsible for monitoring credit limits[96]. - Foreign exchange risk primarily stems from currency fluctuations affecting the group's financial condition and operational performance[97]. - The group has implemented security control procedures to mitigate cybersecurity threats, although it cannot guarantee that such attacks will not adversely affect financial performance[101]. Shareholder Communication and Dividends - The company encourages direct communication with shareholders through various channels, including email and fax[108]. - The company amended its articles of association to allow for hybrid or electronic meetings for greater flexibility in shareholder meetings[115]. - The board is committed to improving communication and relationships with shareholders[118]. - The company has established a website to provide timely updates on business progress and regulatory announcements[118]. - The company has adopted a dividend policy aimed at allowing shareholders to share in the group's profits while retaining sufficient reserves for future development[119]. - The board will consider the group's actual and expected financial performance, financial condition, operational funding needs, capital expenditure requirements, and future development plans before declaring dividends[119]. - The board has the authority to review and modify the dividend policy as necessary, with no guarantee of dividends being declared or paid at any specific amount or time[119]. - The interim dividend of HKD 0.01 per ordinary share was paid on March 31, 2023, with a proposed final dividend of HKD 0.01 per ordinary share subject to shareholder approval at the upcoming annual general meeting[142]. Audit and Compliance - The audit aimed to obtain reasonable assurance that the financial statements are free from material misstatement, whether due to fraud or error[194]. - The audit committee assists the company's board in overseeing the financial reporting process[193]. - The company is responsible for preparing financial statements that are free from material misstatement due to fraud or error, and for maintaining internal controls[192]. - The company must disclose any matters related to its ability to continue as a going concern when preparing financial statements[192]. - The independent auditor, Ernst & Young, has been appointed to replace Deloitte and will be proposed for reappointment at the upcoming annual general meeting[177]. Social Responsibility and Charitable Contributions - The company made charitable donations totaling HKD 20,310 during the year, compared to none in 2022[145]. - The group is committed to corporate social responsibility and environmental protection, with detailed disclosures in the ESG report[175].

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佈之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任何部分內 容而產生，或因依賴該等內容而引致之任何損失承擔任何責任。 SUNWAH KINGSWAY CAPITAL HOLDINGS LIMITED 新 華 滙 富 金 融 控 股 有 限 公 司 （於百慕達註冊成立之有限公司） （股份代號：00188） 截 至 二 零 二 三 年 六 月 三 十 日 止 年 度 ...

Financial Performance - Total revenue for the six months ended December 31, 2022, was HKD 18,855,000, a decrease of 50.5% compared to HKD 38,012,000 for the same period in 2021[10]. - The company reported a loss before tax of HKD 46,350,000, compared to a loss of HKD 24,509,000 in the previous year, representing an increase in losses of 89.1%[10]. - Basic and diluted loss per share was HKD 6.30, compared to HKD 3.65 in the prior year, indicating a 72.9% increase in loss per share[10]. - The company recorded a net loss of HKD 67,064,000 for the period, compared to a net loss of HKD 22,046,000 in the previous year, marking an increase in total comprehensive loss of 204.5%[13]. - The company reported a total comprehensive loss of HKD 66,720,000 for the period ending December 31, 2022, compared to a loss of HKD 21,807,000 for the same period in 2021, indicating a significant increase in losses[17]. - The cash flow from operating activities showed a net outflow of HKD 20,547,000 for the six months ending December 31, 2022, a decline from a net inflow of HKD 96,321,000 in the previous year[20]. - The group recorded a post-tax loss of HKD 46 million in the first half of the 2023 fiscal year, compared to a loss of HKD 26 million in the same period of 2022[94]. - Total comprehensive expenses for the first half of the 2023 fiscal year amounted to HKD 66 million, up from HKD 22 million in the first half of 2022[94]. Asset and Liability Management - Non-current assets decreased from HKD 587,537,000 as of June 30, 2022, to HKD 513,002,000 as of December 31, 2022, a decline of 12.6%[15]. - Total assets decreased from HKD 1,078,165,000 to HKD 977,659,000, reflecting a reduction of 9.3%[15]. - The company’s total equity attributable to shareholders decreased to HKD 835,981,000 as of December 31, 2022, from HKD 963,086,000 at the end of 2021[17]. - The company’s total reserves decreased to HKD 762,942,000 as of December 31, 2022, down from HKD 891,141,000 at the end of 2021[18]. - The company reported a decrease in bank balances and cash, which amounted to HKD 177,254,000, down from HKD 199,346,000 in the previous year[20]. - The company’s total other payables and accrued liabilities amounted to HKD 478,111,000 as of December 31, 2022, down from HKD 591,509,000 on June 30, 2022, a decrease of approximately 19.2%[65]. - The total amount of secured borrowings was approximately HKD 66 million, funding the group's investment portfolio[108]. Revenue Sources - Commission and fee income from brokerage services decreased to HKD 3,649,000, down 66.2% from HKD 10,802,000 year-on-year[34]. - Corporate finance income dropped to HKD 2,485,000, a decline of 82.3% compared to HKD 14,020,000 in the previous year[34]. - Interest income from bank deposits increased significantly to HKD 3,981,000, up from HKD 297,000, marking a growth of 1,239.4%[34]. - The total income from contract customers was HKD 8,145,000, with significant contributions from brokerage services and corporate finance[37]. - The brokerage and lending department's total revenue decreased to HKD 12 million in the first half of 2023 from HKD 20 million in the same period of 2022[97]. - The corporate finance and capital markets department's total revenue fell to HKD 3 million in the first half of 2023 from HKD 14 million in the same period of 2022[98]. - The asset management department's total revenue was HKD 2 million in the first half of 2023, down from HKD 3 million in the same period of 2022[99]. Investments and Future Plans - The company plans to continue focusing on its core values to drive future business growth[5]. - The company has committed to invest RMB 330 million in a joint venture in Chongqing, China, which will focus on regulated securities brokerage and asset management services[74]. - The company is actively pursuing market expansion in Southeast Asia, with plans to open three new offices by the end of the fiscal year[139]. - The firm has introduced a new asset management product, which has already attracted HKD 300 million in investments within the first month of launch[139]. - The company is exploring the promotion of investment funds focused on Vietnam to generate additional revenue[99]. Market Conditions and Economic Impact - The average monthly total turnover on the main board and GEM decreased by 23% to HKD 235.6 billion in the first half of the fiscal year 2023, down from HKD 306.9 billion in the same period of fiscal year 2022[93]. - The local GDP in Hong Kong contracted by 4.2% year-on-year in Q4 2022, following a 4.6% decline in Q3 2022[93]. - The geopolitical tensions between the US and China remain a concern, impacting market conditions[105]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the Stock Exchange Listing Rules and confirmed compliance during the review period[122][128]. - The audit committee reviewed the financial reporting and risk management systems, ensuring compliance with accounting principles[130]. - The independent review report confirmed that the interim financial information complies with Hong Kong Accounting Standards[134].

Financial Performance - The company recorded a post-tax loss of HKD 79 million for the fiscal year 2022, compared to a post-tax profit of HKD 31 million in the fiscal year 2021[13]. - Total comprehensive expenses amounted to HKD 72 million in fiscal year 2022, while total comprehensive income was HKD 29 million in fiscal year 2021[13]. - The company confirmed a revaluation surplus (after tax) of HKD 8 million in fiscal year 2022, compared to a loss of HKD 7 million in fiscal year 2021[13]. - Commission and fee income for the financial intermediary business in FY2022 was HKD 45 million, down from HKD 61 million in FY2021[14]. - Interest income in FY2022 was HKD 18 million, compared to HKD 23 million in FY2021[14]. - The net loss from financial assets and liabilities at fair value through profit or loss in FY2022 was HKD 23 million, a significant decline from a net gain of HKD 87 million in FY2021[14]. - General and administrative expenses decreased by HKD 27 million to HKD 79 million in FY2022, down from HKD 106 million in FY2021[14]. - The total revenue for the brokerage and lending segment in FY2022 was HKD 36 million, down from HKD 54 million in FY2021[19]. - The total revenue for the corporate finance and capital markets segment in FY2022 was HKD 24 million, compared to HKD 28 million in FY2021[22]. - The asset management segment reported total revenue of HKD 4 million in FY2022, an increase from HKD 1 million in FY2021[23]. - The total revenue for the property investment segment in the fiscal year 2022 was HKD 4 million, with a revaluation loss of HKD 4 million compared to a loss of HKD 5 million in fiscal year 2021[26]. - The self-investment segment reported total revenue of HKD 6 million in fiscal year 2022, up from HKD 5 million in fiscal year 2021, but incurred a net loss of HKD 16 million compared to a profit of HKD 92 million in the previous year[27]. Market Conditions - The Hang Seng Index fell by 24% during the fiscal year 2022, contrasting with an 18% increase in the previous fiscal year[9]. - The average daily turnover in the stock market for FY2022 was HKD 141 billion, a 14% decrease from HKD 165 billion in FY2021[19]. - The number of new listings in FY2022 dropped by 40% to 77 companies, compared to 128 companies in FY2021[15]. Strategic Initiatives - The company plans to launch a new boutique fund in September 2022, focusing on asset management services[8]. - The company is adjusting its holding periods and investment portfolios in response to challenging market conditions, including credit tightening in mainland China[9]. - The company aims to adopt a more defensive strategy in its proprietary business until there are clear signs of market recovery[10]. - The company is focusing on asset management within its intermediary business due to ongoing challenges in the brokerage and related services[10]. Human Resources - The company has experienced a reduction in employee numbers, but the core team remains stable[11]. - The number of full-time employees decreased to 79 as of June 30, 2022, down from 95 in the previous year[32]. Financial Position - Total assets as of June 30, 2022, amounted to HKD 1.666 billion, with approximately 65% being liquid assets[30]. - The company had cash and cash equivalents of HKD 163 million as of June 30, 2022, primarily denominated in HKD[30]. - The total amount of secured borrowings was approximately HKD 105 million, used to finance the investment portfolio[30]. - The cumulative provision for expected credit losses in the loan portfolio as of June 30, 2022, was HKD 66 million, up from HKD 41 million as of June 30, 2021[20]. - The company maintains a capital debt ratio of approximately 12% as of June 30, 2022[30]. Corporate Governance - The board consists of seven directors, including the chairman and the CEO, with a clear division of responsibilities between the board and management[39]. - The board held five meetings during the year, addressing key matters such as approving interim and final results, assessing business performance, and considering major transactions[45]. - The company has adopted a standard code for securities trading by directors, ensuring compliance with regulations throughout the review year[38]. - The board is responsible for long-term strategy formulation and oversight, dividend declaration, and ensuring good corporate governance and compliance with regulations[41]. - All independent non-executive directors have confirmed their independence in accordance with listing rules, ensuring compliance with governance standards[45]. - The company provides ongoing professional training to directors and licensed staff, ensuring they are updated on regulatory changes and corporate governance practices[48]. - The company emphasizes good corporate governance practices, with all committees comprising independent non-executive directors[59]. - The company aims to ensure that no director participates in determining their own remuneration, maintaining fairness in compensation practices[63]. - The company has adopted a nomination policy outlining the criteria and procedures for appointing or reappointing directors, considering factors such as experience, integrity, and time commitment[68]. - The board has achieved appropriate diversity in terms of age, gender, education, and professional experience, with no significant changes recommended for the board composition[69]. Risk Management - The company has a strong focus on risk management and internal control systems, ensuring effective oversight of management performance[41]. - The board is responsible for evaluating and determining the nature and extent of risks acceptable to the group in achieving strategic objectives[77]. - The company has established various committees, including the Investment Committee and Risk Management Committee, to identify, assess, and manage risks[84]. - The Risk Management Committee monitors the group's proprietary trading activities and investment policies according to parameters set by the board[87]. - The Credit Committee is responsible for establishing credit approval procedures for the group's brokerage clients and assessing credit risks[89]. - The Financial Committee aims to minimize credit risks arising from the group's general lending activities and to develop internal policies for loan assessment and approval[91]. - The ESG Committee was formed to oversee the development and implementation of environmental, social, and governance strategies and policies[93]. - The group faces significant operational risks, including market risks influenced by interest rates and global investment conditions[95]. - Credit risk arises from various areas, including counterparty defaults during settlement processes[97]. - The group is exposed to foreign exchange risks primarily from proprietary investments, affected by macroeconomic performance and capital movements[101]. - New regulations introduced by exchanges and regulatory bodies may adversely impact the company's operating performance[102]. - The group has implemented security control procedures to mitigate cybersecurity threats, although it cannot guarantee that such threats will not significantly impact business and financial performance[103]. Audit and Compliance - The internal audit function is executed by the Legal and Compliance Department, reporting directly to the CEO and Chairman, with no restrictions on auditing the group's business activities[104]. - The company has established internal procedures for handling and disclosing insider information, ensuring confidentiality and compliance with securities regulations[106]. - The independent auditor, Ernst & Young, has been appointed to audit the financial statements for the year ending June 30, 2022[183]. - The audit identified the assessment of impairment for receivables as a key audit matter due to the significant estimates involved[191]. - The audit procedures included evaluating the appropriateness of the valuation methods used for Level 3 securities and assessing the reasonableness of the valuation results[198]. - The audit opinion does not cover other information and no assurance is provided on that information[200]. - If significant misstatements are identified in other information, the company is required to report that fact[200]. - No significant misstatements were reported in the audit process[200]. Shareholder Communication - The company emphasizes the importance of maintaining good communication with shareholders, utilizing various formal channels for timely information dissemination[108]. - The company has a website that provides updates on business progress and regulatory announcements, enhancing shareholder communication[109]. - The company encourages direct communication with shareholders for any inquiries regarding the board[118]. - Shareholders holding at least 10% of the voting rights can request the board to convene a special general meeting within two months of the request date[113]. - The company must notify shareholders of any proposed resolutions at the annual general meeting if requested by shareholders holding at least 5% of the voting rights[114]. - The company has a structured approach to shareholder meetings, requiring requests for resolutions to be submitted at least six weeks prior to the meeting[117]. - The company maintains a focus on corporate governance and encourages shareholder participation in decision-making processes[118]. Dividends and Reserves - The interim dividend of HKD 0.01 per ordinary share was paid on March 31, 2022, with a proposed final dividend of HKD 0.01 per ordinary share subject to shareholder approval at the upcoming annual general meeting[142]. - As of June 30, 2022, the distributable reserves available for shareholders amounted to HKD 600,453,000, a decrease from HKD 611,245,000 in 2021[150]. - The company has adopted a dividend policy aimed at allowing shareholders to share in profits while retaining sufficient reserves for future development[112]. Share Capital and Ownership - The total number of shares available for issuance under the share option plan is 71,945,286, representing 9.85% of the total issued share capital[154]. - The maximum number of shares that can be granted to any participant under the plan is capped at 1% of the issued shares within any twelve-month period[154]. - Dr. Cai Guanshen holds a total of 215,987,808 shares, representing 29.57% of the issued shares, while Mr. Cai Guanming holds 40,380,951 shares, representing 5.53%[162]. - The company has a total of 215,987,808 shares issued, with Dr. Cai Guanshen holding 56.13% directly[167]. - World Developments Limited and Sunwah International Limited each hold 25.42% of the company's shares, indicating significant overlapping interests[167]. - The company did not repurchase or sell any of its own shares during the year[171]. - Publicly held shares exceed 25% of the total issued shares, ensuring sufficient public float[176]. Corporate Social Responsibility - The group emphasizes corporate social responsibility and environmental protection, with detailed disclosures in the ESG report[178].