STYLAND HOLDINGS LIMITED 大凌集團有限公司* （認股權證證券代號：2403） 各位非登記股東1 ： 於本公司網站登載公司通訊之通知 謹此通知 閣下，大凌集團有限公司（「* 本公司」）之下述公司通訊（「2 本次公司通訊」）之中、英文版本， 現已登載於本公司網站www.styland.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： • 2024/2025中期報告 請於本公司網站「投資者關係」一欄或聯交所網站內讀取本次公司通訊。若 閣下早前曾要求收取公司通 訊的印刷本，本次公司通訊的印刷本已隨函附上。 為了支援通過電郵進行電子通訊，建議非登記股東向代其持有股份的銀行、經紀、託管商或代理人（統 稱「中介機構」）提供其有效的電郵地址。如本公司沒有收到 閣下的中介機構透過香港中央結算（代理人） 有限公司提供 閣下的有效的電郵地址或郵寄地址，本公司將不會向 閣下發送登載通知。 若 閣下希望收取本次公司通訊及╱或日後公司通訊之印刷版本，請填隨附之申請表格並交回本公司的 香港股份過戶登記分處（「香港股份過戶登記分處」）卓佳登 ...

（認股權證證券代號：2403） 各位登記股東： 於本公司網站登載公司通訊之通知 謹此通知 閣下，大凌集團有限公司（「* 本公司」）之下述公司通訊（「1 本次公司通訊」）之中、英文版本， 現已登載於本公司網站www.styland.com（「本公司網站」）及香港聯合交易所有限公司（「聯交所」）網站 www.hkexnews.hk（「聯交所網站」）以供閱覽： • 2024/2025中期報告 STYLAND HOLDINGS LIMITED 大凌集團有限公司* （於百慕達註冊成立之有限公司） （股份代號：211） 承董事會命 大凌集團有限公司 非執行主席 李漢成 2024年12月16日 * 僅供識別 附件 附註： 1. 公司通訊指本公司發出或將予發出以供其任何證券的持有人或投資大眾參照或採取行動的任何文件，其中包括但 不限於：－(a)董事會報告、發行人的年度賬目連同核數師報告以及（如適用）財務摘要報告；(b)中期報告及（如適用） 中期摘要報告；(c)會議通告；(d)上市文件；(e)通函；及(f)代表委任表格。 2. 可供採取行動的公司通訊是指任何涉及要求股東指示其擬如何行使其有關股東權利的公司通訊。 請於本公司網站 ...

Revenue and Income - Revenue for the six months ended September 30, 2024, was HKD 12,774,000, an increase of 12.7% compared to HKD 11,337,000 for the same period in 2023[8] - Total operating income decreased to HKD 20,366,000, down 83.1% from HKD 120,962,000 year-on-year[8] - The group's total revenue for the six months ended September 30, 2024, was HKD 20,366,000, compared to HKD 120,962,000 for the same period in 2023, indicating a decrease[36] - The total income from securities trading was HKD 12,774,000, compared to HKD 11,337,000 in the prior year[36] - The financial services segment generated commission income of HKD 4,014,000, up from HKD 3,948,000 year-over-year[36] - Mortgage financing interest income decreased to HKD 5,150,000 from HKD 6,664,000 in the previous year[36] - Insurance brokerage commission income increased to HKD 485,000 from HKD 208,000 year-over-year[36] - Rental income from property investment was HKD 3,000,000, with no income reported in the previous year[36] - The group reported a significant increase in income recognition from time-based services, totaling HKD 3,360,000 for the current period, compared to HKD 2,325,000 in the previous year[36] Loss and Earnings Per Share - The company reported a loss before tax of HKD 18,020,000, an improvement from a loss of HKD 26,658,000 in the previous year, representing a 32.5% reduction in losses[8] - Basic and diluted loss per share was HKD 0.025, compared to HKD 0.038 for the same period last year, indicating a 34.2% improvement[8] - The total pre-tax loss for the six months ended September 30, 2024, was HKD 18,020 million, compared to a loss of HKD 26,658 million for the same period in 2023, showing a reduction of 32.5%[38] - The company incurred a total comprehensive loss of HKD (26,658,000) during the period, which is a deterioration compared to the previous year's loss of HKD (18,020,000)[16] Assets and Liabilities - Non-current assets totaled HKD 447,806,000, slightly up from HKD 446,808,000 as of March 31, 2024[11] - The total assets of the company as of September 30, 2024, were HKD 677,109,000, up from HKD 660,924,000 as of March 31, 2024[11] - As of September 30, 2024, the total assets decreased to HKD 347,566,000 from HKD 371,428,000 as of March 31, 2024, representing a decline of approximately 6.4%[13] - The total liabilities increased to HKD 347,566,000 as of September 30, 2024, from HKD 289,496,000 as of March 31, 2024, indicating a rise of approximately 20.0%[13] - The net current liabilities increased to HKD (118,263,000) compared to HKD (75,380,000) as of March 31, 2024, indicating a worsening liquidity position[13] - The company reported a total equity of HKD 317,898,000 as of September 30, 2024, down from HKD 334,568,000 as of March 31, 2024, reflecting a decrease of approximately 5.0%[13] Cash Flow and Cash Position - Cash and cash equivalents increased to HKD 21,582,000 from HKD 18,218,000, reflecting a 18.5% rise[11] - The net cash generated from operating activities for the six months ended September 30, 2024, was HKD 20,588,000, a significant improvement from the cash used of HKD (34,711,000) in the same period last year[20] - The cash and cash equivalents increased to HKD 19,691,000 as of September 30, 2024, compared to HKD 27,164,000 in the previous year, showing a decrease of about 27.7%[20] - The group holds approximately HKD 21.58 million in cash, down from HKD 26.81 million as of March 31, 2024, with 97% held in HKD[119] Credit Risk and Provisions - The company recognized expected credit losses of HKD 981,000 on loans receivable, compared to HKD 121,000 in the previous year, indicating a significant increase in credit risk[8] - The company's receivables from financing activities, net of expected credit loss provisions, amounted to HKD 85,920,000 as of September 30, 2024, down from HKD 88,494,000 as of March 31, 2024[61] - The total amount of accounts receivable, net of expected credit loss provisions, was HKD 36,609,000 as of September 30, 2024, compared to HKD 336,000 as of March 31, 2024[65] - The balance of mortgage financing loans, net of expected credit loss provisions, was HKD 77,467,000 as of September 30, 2024, down from HKD 88,494,000 as of March 31, 2024[61] - The expected credit loss provision for the Longxiong Group's financing business was HKD 8,496,000, resulting in net receivables of HKD 4,130,000[84] Corporate Governance and Compliance - The company has maintained compliance with the corporate governance code as per the listing rules, with no significant deviations reported during the review period[149] - The company continues to enhance its corporate governance practices, viewing them as essential for successful development[149] - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim financial statements for the review period[169] Future Plans and Strategies - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming quarters[39] - The company is actively pursuing new technology developments to improve operational efficiency and customer service[39] - The group plans to maintain a cautious investment strategy while seeking new opportunities to contribute to China's rapid scientific advancements[118] - The group will continue to monitor macroeconomic and political developments to respond appropriately to external challenges[118] Employee and Management Information - The group has 58 employees as of September 30, 2024, with a compensation structure based on market norms and individual performance[137] - The short-term benefits for directors and key management personnel amounted to HKD 1,068,000 for the six months ended September 30, 2024, compared to HKD 1,044,000 for the same period in 2023, reflecting a slight increase[153] - The total compensation for key management personnel, including short-term and post-employment benefits, was HKD 1,079,000 for the six months ended September 30, 2024[153] Shareholder Information - As of September 30, 2024, Mr. Zhang Haohong beneficially owns approximately 33.33% of Kenvonia Family Limited, which holds 389,799,559 ordinary shares and 77,959,912 related shares, representing about 64.90% of the company's issued shares[141] - The total number of shares held by major shareholders, including Kenvonia, amounts to 514,339,128, which is 71.36% of the total[144] Lease and Office Information - The company entered into a lease agreement for new office premises in Hong Kong, with a monthly rent of approximately HKD 191,000 for the first 18 months and HKD 201,000 for the subsequent 24 months[92] - The group has entered into a lease agreement for new premises with a monthly rent of approximately HKD 191,000 for the first 18 months and HKD 201,000 for the subsequent 24 months, starting from October 1, 2024[138]

Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 12,774,000, an increase of 12.7% compared to HKD 11,337,000 for the same period in 2023[1] - The total operating income decreased significantly to HKD 20,366,000 from HKD 120,962,000, reflecting a decline of 83.2% year-on-year[1] - The company recorded a pre-tax loss of HKD 18,020,000, an improvement from a loss of HKD 26,658,000 in the previous year, representing a reduction of 32.5%[3] - The group reported its segments including financial services, mortgage financing, insurance brokerage, property investment, and securities trading, which are essential for resource allocation and performance evaluation[19] - The group's total revenue for the six months ended September 30, 2024, was HKD 20,366 million, a decrease from HKD 120,962 million in the same period of 2023[21] - The group reported a pre-tax loss of HKD 18,020 million for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 26,658 million in the same period of 2023[24] - The loss attributable to the company's owners was approximately HKD 18,020,000, an improvement from a loss of HKD 26,658,000 in the same period of 2023[80] Assets and Liabilities - The company’s total assets as of September 30, 2024, amounted to HKD 677,109,000, up from HKD 660,924,000 as of March 31, 2024, reflecting a growth of 2.5%[5] - Current liabilities increased to HKD 347,566,000 from HKD 210,256,000, indicating a rise of 65.3%[7] - The net asset value decreased to HKD 317,898,000 from HKD 334,568,000, a decline of 5.0%[8] - The total accounts receivable (net of expected credit loss) was HKD 36,609,000 as of September 30, 2024, compared to HKD 336,000 on March 31, 2024[46] - The company’s total expected credit loss provision for financing business increased to HKD (11,700,000) from HKD (3,801,000) year-over-year[43] - The total liabilities associated with the Chang Hsiung Group held for sale were 79,240 thousand HKD[64] Revenue Streams - Financial services revenue included brokerage income of HKD 2,091 million, up from HKD 1,913 million year-over-year[21] - Interest income from mortgage financing decreased to HKD 5,150 million from HKD 6,664 million in the previous year[21] - The insurance brokerage segment generated commission income of HKD 485 million, significantly up from HKD 208 million year-over-year[21] - The group recorded a total rental income of HKD 3,000 million from property investments[21] - The securities trading segment reported dividend income of HKD 125 million, down from HKD 517 million in the previous year[21] - The group’s total income from external customers across segments was HKD 12,774 million, reflecting a diversified revenue stream[23] Credit and Risk Management - The expected credit loss on loans was HKD (981,000), compared to HKD (121,000) in the previous year, indicating a significant increase in credit risk[3] - The expected credit loss provision for loans receivable was HKD (2,655,000) as of September 30, 2024, with total loans receivable (net of expected credit loss) at HKD 4,322,000[43] - The mortgage loan balance (net of expected credit loss) was HKD 77,467,000 as of September 30, 2024, down from HKD 88,494,000 on March 31, 2024[44] - The group closely monitors customer repayment situations and will take legal action for debt recovery if necessary[114] Corporate Governance and Compliance - The company has maintained high standards of corporate governance and has complied with the corporate governance code during the review period[131] - The audit committee, composed of three independent non-executive directors, reviewed the unaudited interim financial statements for the review period[134] - The group has implemented effective internal control procedures to comply with the Securities and Futures Ordinance[117] - The group ensures compliance with anti-money laundering regulations in its financing operations[119] Strategic Initiatives and Future Outlook - The company aims to adopt a prudent operational strategy while exploring new investment opportunities to contribute to China's rapid scientific development[108] - The company is actively exploring business opportunities in the Greater Bay Area through the "Cross-Border Wealth Management Connect" initiative, allowing investors from both regions to invest in various products[94] - The company has resumed business visits to potential clients in mainland China following the reopening of borders, aiming to expand its corporate finance services[93] - The company is reviewing its insurance brokerage business direction, including the feasibility of divesting this investment to allocate resources to other business developments[103] Employee and Operational Information - The group employs 58 staff members as of September 30, 2024, with a compensation structure based on market norms and individual performance[126] - The group has a total of 14 licensed personnel engaged in regulated activities under the Securities and Futures Ordinance as of September 30, 2024[116] Market and Economic Conditions - The board anticipates ongoing challenges in the overall economic environment in Hong Kong, influenced by geopolitical tensions[108] - The average daily trading volume in the securities market for the nine months ended September 30, 2024, was approximately HKD 113 billion, an increase of about 3% compared to HKD 110 billion for the same period in 2023[82] - The number of active clients decreased by approximately 4% compared to the same period in 2023 due to increased competition and cautious investor sentiment[85]

STYLAND HOLDINGS LIMITED 大凌集團有限公司* （於百慕達註冊成立之有限公司） 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倚賴該等內容而引致之任何損失承擔任何責任。 （股份代號：211） （認股權證證券代號：2403） 盈利警告 本公佈乃大凌集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據香港 法例第571章證券及期貨條例第XIVA部項下內幕消息條文以及香港聯合交易所有 限公司證券上市規則第13.09(2)(a)條刊發。 本公司董事會（「董事會」）謹此告知其股東及潛在投資者，根據目前所得資料，預 期本集團於截至二零二四年九月三十日止六個月將錄得虧損約18,020,000港元左右， 而二零二三年同期錄得虧損約26,658,000港元。截至二零二四年九月三十日止六 個月錄得虧損淨額減少乃主要由於(i)行政開支較二零二三年同期所錄得之約 25,743,000港元減少約2,515,000港元；(ii)銷售及分銷成本較二零二三年同期所錄 得之約2,628,000港元 ...

香港，二零二四年十月二十三日 （於百慕達註冊成立之有限公司） （股份代號：211） （認股權證證券代號：2403） 董事會會議通告 大凌集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司董事會會議將 於二零二四年十一月二十二日舉行，藉以（其中包括）考慮及批准本公司及其附屬 公司截至二零二四年九月三十日止六個月的中期業績及其發佈，以及考慮派發中 期股息（如有）。 承董事會命 大凌集團有限公司 李漢成 非執行主席 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倚賴該等內容而引致之任何損失承擔任何責任。 STYLAND HOLDINGS LIMITED 大凌集團有限公司* 於本公佈日期，董事會成員包括兩名執行董事，分別為張浩宏先生及伍耀泉先生， 以及三名獨立非執行董事，分別為李漢成先生，盧梓峯先生及凌瑞娥女士。 * 僅供識別 ...

Financial Performance - For the fiscal year 2024, the company recorded a revenue of approximately HKD 205.66 million, an increase from HKD 187.66 million in the fiscal year 2023[9]. - The company reported a loss of approximately HKD 76.80 million for fiscal year 2024, compared to a loss of about HKD 68.69 million in fiscal year 2023[9]. - The interest income for the fiscal year 2024 was HKD 12,820,000, with mortgage loan rates ranging from 9% to 24% depending on various factors[25]. - As of March 31, 2024, the group's net asset value was approximately HKD 334,568,000, down from HKD 411,132,000 in the previous fiscal year[33]. - The group had bank overdrafts of approximately HKD 8,073,000 and bank loans of HKD 135,992,000, compared to no overdrafts and HKD 154,555,000 in bank loans as of March 31, 2023[33]. - The group's total liabilities to equity ratio increased to 0.74 from 0.63 year-on-year[33]. - The company recorded a loss of approximately HKD 783,000 from the sale of Ocean View Villa Limited, which was completed on June 30, 2023, for a consideration of HKD 30,000,000[28]. Market Activity - The average daily trading volume in the securities market for fiscal year 2024 was approximately HKD 99 billion, a decrease of 22% compared to fiscal year 2023[11]. - The number of active clients increased by 4% compared to fiscal year 2023, despite a decrease in IPO market activity[13]. - The geopolitical tensions and high interest rates have created a challenging economic environment, impacting investment sentiment in Hong Kong[6][7]. - The geopolitical tensions and high interest rates are expected to create challenges and uncertainties for the overall economic situation, prompting the company to adopt a cautious approach towards new investment opportunities[31]. Investment and Financing - As of March 31, 2024, the net balance of margin financing loans was approximately HKD 19.71 million, with low levels of bad debt due to effective credit policies[15]. - The company has expanded its margin financing services to selected online margin and cash clients, enhancing customer access to investment opportunities[15]. - The company participated in several placements, underwriting, and sub-underwriting activities in the equity capital market during fiscal year 2024[18]. - The company is in the process of selling its entire issued share capital of Chang Hsiung Group Limited for a consideration of HKD 40,000,000, with HKD 10,000,000 payable in cash upon signing a binding sale agreement[21]. Corporate Governance and Compliance - The group has implemented effective internal control procedures to ensure compliance with the Securities and Futures Ordinance, maintaining a high level of service quality[46]. - The group complies with the Money Lenders Ordinance and applicable guidelines in its operations for the fiscal year 2024[49]. - The company has implemented measures to ensure compliance with laws and regulations, including anti-corruption and anti-money laundering initiatives[79]. - The group has strengthened internal control mechanisms to ensure compliance with anti-corruption laws and regulations[158]. Environmental, Social, and Governance (ESG) Initiatives - The group emphasizes corporate social responsibility, focusing on sustainable development and balancing business expansion with stakeholder interests[70]. - The board emphasizes the importance of a robust environmental, social, and governance (ESG) strategy to enhance the group's investment value and deliver long-term returns to stakeholders[75]. - The management team is responsible for developing and reviewing ESG-related policies, goals, and action plans, ensuring effective implementation and reporting to the board[77]. - The company has established a governance framework to clarify responsibilities and ensure effective risk management related to ESG issues[76]. - The group has implemented strong health and safety measures for employees, including the provision of hand sanitizers and social distancing protocols[71]. Employee Management and Development - The group has a total of 15 licensed personnel engaged in regulated activities under the Securities and Futures Ordinance as of March 31, 2024[45]. - The company has implemented a long-term strategy for talent development and training, encouraging continuous learning among employees[138]. - The company offers competitive compensation packages, regularly reviewing salary levels to ensure they are aligned with market standards[134]. - The employee turnover rate for the fiscal year 2024 was 0% for males and 23% for females, with an overall turnover rate of 8% for full-time employees[132]. Environmental Impact and Resource Management - The total electricity consumption for the fiscal year 2024 was approximately 145.22 MWh, with a density of 2.34 MWh per employee, representing a 67.6% increase compared to the previous year[104]. - The company aims to implement a more comprehensive energy management system and promote energy-saving practices among employees to reduce unnecessary energy consumption[104]. - The company has established a comprehensive environmental policy focusing on waste management, energy savings, and reducing harmful emissions[91]. - The group has implemented comprehensive procedures for the proper handling and disposal of hazardous waste generated during operations, ensuring compliance with environmental management requirements[114]. Shareholder Information - The company reported a total of 467,759,471 shares held by its CEO, representing 65.79% of the issued shares as of March 31, 2024[189]. - The company’s available reserves for distribution as of March 31, 2024, amounted to HKD 58,039,000[184]. - A total of 141,863,002 warrants were issued to shareholders, with an initial subscription price of HKD 0.138, and the subscription period running from October 5, 2023, to October 4, 2024[197]. - The company has a stock option plan with a maximum issuance limit of 639,480,610 shares, equivalent to 10% of the issued share capital as of the adoption date[200].

Financial Performance - For the fiscal year ending March 31, 2024, the company reported a loss from continuing operations of HKD 60,985,000, compared to a loss of HKD 45,959,000 for the previous fiscal year, representing a 32.8% increase in losses [9]. - The company experienced a net cash outflow from operating activities of approximately HKD 20,841,000 during the fiscal year [13]. - The pre-tax loss from continuing operations was HKD 76,797 million, reflecting challenges in the market [20]. - The company reported a loss of HKD 15,812,000 from discontinued operations, an improvement from a loss of HKD 22,735,000 in the previous year [9]. - The total pre-tax loss for discontinued operations was HKD 68,694 million, highlighting the impact of strategic decisions on financial results [20]. - The company reported a significant increase in expected credit loss reversals for loans, amounting to HKD 1,638,000 in 2024 compared to HKD 20,000 in 2023 [102]. - The company reported a loss of approximately HKD 76,797,000 for fiscal year 2024, compared to a loss of HKD 68,694,000 in fiscal year 2023, indicating a deterioration in financial performance [165]. Assets and Liabilities - The company's total assets less current liabilities amounted to HKD 371,428,000, down from HKD 444,165,000 in the previous year, indicating a decrease of 16.4% [11]. - The net asset value decreased to HKD 334,568,000 from HKD 411,132,000, reflecting a decline of 18.6% year-over-year [11]. - As of March 31, 2024, total assets amounted to HKD 660,924,000, a decrease from HKD 790,015,000 in the previous year [90]. - The company’s total liabilities related to assets classified as held for sale amounted to HKD 79,240,000, with total liabilities reaching HKD 289,496,000 [11]. - The company’s liabilities related to discontinued operations were reported at HKD 115,527,000 [100]. - The total assets of the financial services segment amounted to HKD 660,924,000, while total liabilities were HKD 326,356,000 as of March 31, 2024 [116]. Revenue and Operational Performance - Total revenue from external customers reached HKD 22,573 million, with a significant contribution from mortgage financing at HKD 12,820 million [20]. - The company reported a revenue of HKD 198,537,000 for the year, an increase from HKD 176,807,000 in the previous year, indicating growth in operational performance [76]. - The company reported a revenue of HKD 7,127,000 for the year 2024, down from HKD 10,850,000 in 2023, representing a decline of approximately 34% [102]. - The group recorded a net loss of approximately 60,985 thousand HKD for the fiscal year ending March 31, 2024, raising concerns about its ability to continue as a going concern [150]. Credit and Risk Management - The company recognized an expected credit loss of HKD 4,214,000 on loans receivable, significantly higher than the HKD 205,000 recognized in the previous year [9]. - The expected credit loss recognized for receivables amounted to HKD 205 million, indicating potential risks in credit management [24]. - The expected credit loss provision for accounts receivable was HKD 2,687,000, indicating a cautious approach to credit risk management [53]. - The group's expected credit loss provisions for the financing business decreased significantly from 14,801 thousand HKD in 2023 to 3,801 thousand HKD in 2024, indicating improved credit quality [127]. Cash Flow and Financing - The company anticipates that its continuing operations will generate sufficient cash flow to meet liabilities due within the next 12 months [14]. - The total cash outflow for the year ending March 31, 2024, was HKD 20,394,000, compared to a cash outflow of HKD 3,500,000 in the previous year, indicating increased operational challenges [58]. - The group has the capability to secure new financing to renew existing credit facilities or refinance as needed, demonstrating financial flexibility [35]. - The group reported a cash outflow from operating activities of approximately 20,841 thousand HKD, highlighting challenges in cash generation [150]. Employee and Administrative Costs - The company’s administrative expenses decreased from HKD 28,144,000 in 2023 to HKD 22,923,000 in 2024, reflecting a reduction of approximately 18% [102]. - The company’s employee costs, including director remuneration, decreased from HKD 16,262,000 in 2023 to HKD 14,983,000 in 2024 [103]. - Employee costs, including directors' remuneration, increased to HKD 14,241,000 for the year ended March 31, 2024, from HKD 13,482,000 in the previous year [121]. Strategic Initiatives and Future Outlook - The company plans to focus on its mortgage financing business, aligning with its long-term strategy following the anticipated sale of its financing services division [101]. - The company has agreed to sell all issued share capital of Changxiong Group Limited for a cash consideration of HKD 40,000,000, expected to be completed within 12 months from the reporting date [109]. - The company is in the process of selling its stake in Ocean View, which may impact future financial performance and asset valuation [135]. - The corporate finance team has resumed business visits to potential clients in mainland China following the reopening of borders [199]. - Hong Kong remains a preferred regional center for asset management due to its proximity to mainland China and tax incentives for fund management companies [199]. - The Greater Bay Area initiative presents significant opportunities for wealth management services in Hong Kong [199].

Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 198,537,000, an increase of 12.0% compared to HKD 176,807,000 for the fiscal year ending March 31, 2023[3] - The net loss from continuing operations for the fiscal year was HKD 60,985,000, compared to a loss of HKD 45,959,000 in the previous year, representing a 32.8% increase in losses[4] - The basic loss per share from continuing operations increased to HKD 8.59 from HKD 6.48, indicating a worsening financial performance[4] - For the year ending March 31, 2024, total revenue from continuing operations was HKD 22,573 million, a decrease from HKD 26,036 million in the previous year, representing a decline of approximately 13.5%[25][26] - The pre-tax loss for the year ending March 31, 2024, was HKD 76,797 million, compared to a pre-tax loss of HKD 68,694 million for the previous year, indicating a worsening of approximately 11.5%[25][26] - The company reported a loss of approximately HKD 76,797,000 for the fiscal year 2024, compared to a loss of HKD 68,694,000 in the fiscal year 2023[69] Assets and Liabilities - The total assets decreased to HKD 660,924,000 from HKD 790,015,000, reflecting a decline of 16.4% year-over-year[6] - The total liabilities decreased to HKD 289,496,000 from HKD 345,850,000, a reduction of 16.3%[8] - The company’s non-current assets decreased to HKD 446,808,000 from HKD 485,122,000, a decline of 7.9%[6] - The total assets as of March 31, 2024, amounted to HKD 660,924 million, an increase from HKD 790,015 million as of March 31, 2023, reflecting a decrease of about 16.3%[28] - The total liabilities as of March 31, 2024, were HKD 326,356 million, down from HKD 378,883 million in the previous year, showing a reduction of approximately 13.9%[28] Cash Flow and Financing - The cash and cash equivalents dropped significantly to HKD 18,218,000 from HKD 62,568,000, a decrease of 70.9%[6] - The group expects to generate sufficient cash flow to repay liabilities due within the next 12 months[14] - The group plans to issue new shares and has the capability to obtain new financing to renew existing credit facilities or refinance as needed[14] - The group has approximately HKD 22,799,000 in unused bank financing as of March 31, 2024[114] Credit Losses and Risks - The company recognized expected credit losses of HKD 4,214,000 on loans, significantly higher than HKD 205,000 in the previous year[4] - The company recorded expected credit losses of HKD 4,214 million for loans receivable, indicating a significant risk in its lending portfolio[30] - The expected credit loss provision for receivables was HKD 1,394,000, impacting the net accounts receivable balance[56] Discontinued Operations - The financing services segment, including the sale of Longxiong Group Limited, is classified as discontinued operations for the year ending March 31, 2024[23] - For the year ended March 31, 2024, the revenue from discontinued operations was HKD 7,127,000, down from HKD 10,850,000 in the previous year, representing a decrease of 34.5%[38] - The pre-tax loss from discontinued operations for the year was HKD 15,812,000, compared to HKD 22,735,000 in the previous year, indicating an improvement of 30.5%[38] Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code as per the listing rules, except for one independent non-executive director's absence at a special general meeting[124] - The independent auditor's report emphasized a significant uncertainty regarding the group's ability to continue as a going concern due to its financial losses and liabilities[130] Strategic Focus and Future Plans - The company plans to focus on market expansion and new product development to improve future performance[30] - The company plans to focus on its mortgage financing business, aligning with its long-term strategy following the potential sale of Chang Hung Group[37] Employee and Operational Insights - The group had a total of 62 employees as of March 31, 2024, with compensation packages reviewed regularly based on market norms and individual performance[120] - The group has implemented effective internal control procedures for its operations, ensuring compliance with the Securities and Futures Ordinance[108] Market Environment - The market environment remains challenging due to geopolitical tensions and high interest rates, prompting the company to adopt a cautious approach towards new investment opportunities[92] - The average daily trading volume in the securities market for fiscal year 2024 was approximately HKD 99 billion, a decrease of 22% compared to the previous fiscal year[71]

Financial Performance - The company reported a revenue of HKD 120,962,000 for the six months ended September 30, 2023, a decrease of 11.3% compared to HKD 136,054,000 in the same period last year[8]. - The company incurred a loss before tax of HKD 26,658,000, compared to a loss of HKD 24,790,000 in the previous year, reflecting a year-over-year increase in losses of 7.5%[8]. - Basic and diluted loss per share was HKD 0.038, compared to HKD 0.035 in the previous year, indicating an 8.6% increase in loss per share[8]. - The company reported a total comprehensive loss of HKD (26,658,000) for the six months ended September 30, 2023, compared to a loss of HKD (24,790,000) for the same period in 2022[14]. - The loss attributable to the company's owners was approximately HKD 26,658,000, compared to a loss of HKD 24,790,000 in the same period last year, indicating an increase in losses[61]. Assets and Liabilities - Total assets decreased to HKD 731,197,000 as of September 30, 2023, down from HKD 790,015,000 as of March 31, 2023, representing a decline of 7.4%[10]. - Current liabilities decreased to HKD 291,339,000 from HKD 346,520,000, a reduction of 15.9%[12]. - The company’s net assets decreased to HKD 384,474,000 from HKD 411,132,000, reflecting a decline of 6.5%[12]. - The total cash and cash equivalents decreased to HKD 27,164,000 as of September 30, 2023, down from HKD 62,568,000 at the beginning of the period, representing a decline of approximately 56.6%[16]. - The group’s net asset value was approximately HKD 384,474,000 as of September 30, 2023, down from HKD 411,132,000 as of March 31, 2023[81]. Cash Flow - The net cash used in operating activities for the six months ended September 30, 2023, was HKD (34,711,000), compared to HKD (2,345,000) for the same period in 2022, indicating a significant increase in cash outflow[16]. - The net cash generated from investing activities was HKD 28,541,000 for the six months ended September 30, 2023, a recovery from a cash outflow of HKD (13,131,000) in the previous year[16]. - The company experienced a net cash outflow from financing activities of HKD (29,234,000) for the six months ended September 30, 2023, compared to HKD (32,273,000) in the previous year, indicating a slight improvement[16]. Revenue Breakdown - Brokerage income decreased to HKD 1,913,000 from HKD 2,384,000, representing a decline of 19.7% year-over-year[25]. - Interest income from mortgage financing was HKD 6,664,000, slightly down from HKD 6,950,000, a decrease of 4.1%[25]. - The total income from external customers across all segments was HKD 11,337,000, down from HKD 12,409,000, reflecting a decline of 8.6%[27]. - The financial services segment reported a loss of HKD 7,994,000, while the mortgage financing segment generated a profit of HKD 4,581,000[27]. Credit and Risk Management - The company recorded a provision for expected credit losses of HKD 12,400,000 for financing business receivables, a decrease from HKD 14,801,000 in the previous period, indicating improved credit quality[38]. - The group closely monitors credit risk associated with receivables, taking legal action if clients fail to respond to repayment plans[88]. - The group faces price risk from equity investments classified at fair value through profit or loss, which will be monitored for potential hedging[97]. Corporate Governance - The company has confirmed compliance with the corporate governance code during the review period, with no significant deviations reported[108]. - The company is committed to maintaining high standards of corporate governance as a key element of its successful development[108]. - The company’s audit committee reviewed the unaudited interim financial statements for the period, ensuring compliance with financial reporting standards[129]. Shareholder Information - As of September 30, 2023, Mr. Zhang Haohong holds a total of 467,759,471 shares, representing 65.95% of the company's issued shares[102]. - The company has a share option plan that allows for the issuance of up to 639,480,610 shares, which is 10% of the issued share capital as of the adoption date[111]. - The maximum number of shares that can be issued to eligible participants under the plan within any twelve-month period is capped at 1% of the issued shares[112].