Financial Performance - For the year ended December 31, 2023, the company recorded a net loss attributable to shareholders of approximately HKD 11 million, a decrease of 80% compared to a net loss of HKD 56 million in 2022[10]. - Basic loss per share for 2023 was HKD 0.65, down 81% from HKD 3.58 in 2022[10]. - The company's operating revenue was approximately HKD 313 million, an 8% decrease compared to the previous year, primarily due to declines in securities brokerage and healthcare business revenues[20]. - The financial services division experienced a significant operating profit decline of 75% compared to the previous year, mainly due to a 24% drop in brokerage commission income[21]. - The company reported a net loss of HKD 10,629,000, an improvement from a loss of HKD 56,044,000 in the previous year[82]. - The total comprehensive loss for the year amounted to HKD 13,884,000, down from HKD 180,109,000 in the previous year, indicating a decrease of about 92.3%[164]. - The company reported a significant increase in cash flow from investing activities, totaling HKD 114,893,000 in 2023, compared to HKD 86,713,000 in 2022[171]. Market Conditions - The Hang Seng Index fell by 14% in 2023, closing at 17,047 points, indicating underperformance compared to major overseas markets[13]. - The company anticipates that the economic growth in China for 2023 will reach approximately 5%, despite challenges in the post-pandemic recovery[14]. - The financial services sector faced significant challenges due to a slowdown in initial public offerings and secondary market activities[13]. - The average daily market turnover decreased by 16%, reflecting a sluggish secondary market, while the total funds raised from initial public offerings fell by 56% to HKD 46 billion[21]. Business Operations - The company's property and hotel business experienced a moderate recovery in 2023, primarily due to the relaxation of pandemic control measures[13]. - The company’s hotel in Paris was closed for about six months due to emergency roof repairs but is expected to gradually resume operations in the second half of 2023[13]. - The property and hotel division recorded an operating loss of HKD 28 million, a 64% decrease from the previous year, attributed to increased sales from the Huangshan property and fair value gains from investment properties[23][26]. - The company achieved a fair value gain of approximately HKD 21 million from investment properties in 2023, compared to a valuation loss in 2022, reflecting a recovery in commercial activities post-COVID[26]. Financial Position - As of December 31, 2023, the company raised bank and other loans amounting to HKD 184 million, a decrease from HKD 237 million in 2022, while holding cash reserves of approximately HKD 342 million, up from HKD 253 million in 2022[29]. - The total assets of the company as of December 31, 2023, were HKD 5,616,782,000, down from HKD 5,900,789,000 in 2022[82]. - The total equity of the company increased to HKD 2,431,686,000 from HKD 2,379,470,000 in 2022, reflecting a growth of 2.19%[82]. - The company reported a net financial income of HKD 68,269,000, up from HKD 32,853,000, highlighting effective financial strategies[162]. Corporate Governance - The board consists of four executive directors and six non-executive directors, with five of the non-executive directors being independent, representing over one-third of the board[88]. - The company has adhered to all provisions of the corporate governance code for the year ending December 31, 2023, except for the separation of roles between the chairman and CEO, which is discussed in detail in the report[90]. - The company has implemented a board diversity policy, considering various factors such as gender, age, and professional experience in the selection process[94]. - The company regularly reviews its corporate governance practices to align with international and local best practices[87]. Risk Management - The company emphasizes the importance of maintaining effective internal controls and risk management systems to safeguard assets and ensure compliance with regulations[114]. - The company’s risk management system includes risk identification, assessment, management measures, and control procedures, with a formal Risk Committee established to oversee these processes[115]. - The Audit Committee held four meetings during the reporting year to review the financial statements and ensure compliance with applicable accounting standards[108]. Shareholder Communication - The company has established a policy for timely and transparent communication with shareholders, which is published on its website[124]. - The board has reviewed the implementation and effectiveness of the corporate communication policy during the year[131]. - Shareholders holding at least 5% of total voting rights can request the board to convene a special general meeting[127]. Accounting Policies - The company has adopted new accounting standards effective January 1, 2023, which are expected to have no significant impact on the financial statements for the current and future periods[179]. - The group has adhered to the Hong Kong Financial Reporting Standards in preparing its financial statements[135]. - The accounting policy change regarding the offset arrangement for long service payment plans will take effect on May 1, 2025, as per the revised ordinance issued by the Hong Kong government[184].

Financial Performance - The total revenue for the year 2023 was HKD 312,875,000, a decrease of 8.5% compared to HKD 342,183,000 in 2022[3] - The operating loss for 2023 was HKD 62,301,000, improved from a loss of HKD 97,247,000 in 2022[3] - The net financial income for 2023 increased to HKD 68,269,000, compared to HKD 32,853,000 in 2022, reflecting a significant improvement[3] - The loss attributable to shareholders for 2023 was HKD 9,869,000, a substantial reduction from HKD 59,387,000 in 2022, indicating a positive trend[3] - The basic and diluted loss per share for 2023 was HKD 0.65, improved from HKD 3.58 in 2022[3] - The company reported a net loss of HKD 555,000 in 2023 compared to a net loss of HKD 30,594,000 in 2022, indicating a significant improvement in performance[36] - The company reported a total tax expense of HKD 15,837,000 in 2023, compared to a tax credit of HKD 5,007,000 in 2022, indicating a shift from a tax benefit to a tax expense[38] - The company did not declare a final dividend for the year ending December 31, 2023, consistent with the previous year[46] - For the fiscal year ending December 31, 2023, the company reported a net loss attributable to shareholders of approximately HKD 11,000,000, a decrease of 80% compared to a net loss of HKD 56,000,000 in 2022[60] - The basic loss per share for 2023 was HKD 0.65, down from HKD 3.58 in 2022, reflecting an 81% reduction[60] Assets and Liabilities - Total non-current assets decreased to HKD 1,276,562,000 in 2023 from HKD 1,320,228,000 in 2022[13] - Current assets totaled HKD 4,340,220,000 in 2023, down from HKD 4,580,561,000 in 2022[13] - Total liabilities decreased to HKD 3,051,415,000 in 2023 from HKD 3,362,043,000 in 2022, indicating improved financial health[13] - The net asset value for 2023 was HKD 2,431,686,000, slightly up from HKD 2,379,470,000 in 2022[14] - The total assets as of 2023 amounted to HKD 5,616,782,000, slightly down from HKD 5,900,789,000 in 2022[40] - The total liabilities decreased to HKD 2,853,093,000 in 2023 from HKD 3,150,436,000 in 2022, indicating a reduction of approximately 9.4%[51] Revenue Segments - The financial services segment reported a revenue of HKD 156,780,000, down from HKD 183,501,000 in 2022, indicating a decrease of about 14.6%[42] - The property development segment experienced a loss of HKD 18,069,000, compared to a loss of HKD 19,809,000 in 2022, showing an improvement[42] - The company’s revenue from the sale of investment properties was HKD 5,000 in 2023, compared to a loss of HKD 129,000 in 2022, showing a recovery in this segment[36] - Property sales revenue increased by 78% in 2023 compared to 2022, mainly driven by contributions from the Huangshan project[75] Operational Efficiency - The company incurred a depreciation expense of HKD 40,432,000 in 2023, down from HKD 43,085,000 in 2022, reflecting a decrease of approximately 6%[36] - The company’s employee costs amounted to HKD 203,051,000 in 2023, slightly down from HKD 209,701,000 in 2022, reflecting a decrease of about 3%[36] - The company plans to focus on strict cost control and prudent risk management to navigate uncertainties in the recovery path[77] - The company launched its first fixed income fund in April 2023 and aims to further develop its financial services business[77] - The company is committed to enhancing digitalization and automation in financial services to improve customer experience and operational efficiency[77] Market Environment - The Hang Seng Index fell by 14% in 2023, closing at 17,047 points, reflecting a challenging market environment[65] - The company anticipates a cautious optimism for the economic outlook in 2024, with expected growth in Hong Kong's economy gradually returning to pre-pandemic levels[71] - The company noted that the hospitality and property sectors faced various uncertainties, but there was a moderate recovery due to the easing of pandemic-related restrictions[72] Other Information - The company is engaged in various sectors including securities investment, corporate finance, and property development, indicating a diversified business model[16] - The company has not adopted any new accounting standards that have not yet come into effect, and the impact of new standards is still being assessed[27] - The company has not engaged in any significant acquisitions or disposals during the year[85] - The board of directors currently consists of four executive directors and one non-executive director, along with five independent non-executive directors[99] - Detailed performance announcements are available on the Hong Kong Stock Exchange website[98]

Financial Performance - The company's total revenue for the first half of 2023 was approximately HKD 157,000,000, representing a 10% decrease compared to the same period in 2022[35]. - For the six months ended June 30, 2023, the company recorded a net loss attributable to shareholders of approximately HKD 2,000,000, a 94% decrease compared to a net loss of approximately HKD 33,000,000 in the same period of 2022[32]. - The financial services division reported an operating profit decrease of 58% compared to the same period in 2022, primarily due to a reduction in brokerage and underwriting income[37]. - The operating loss for the six months ended June 30, 2023, was HKD 25,858,000, an improvement from an operating loss of HKD 36,082,000 in the same period of 2022[66]. - The company reported a total comprehensive loss of HKD 26,916,000 for the six months ended June 30, 2023, compared to a total comprehensive loss of HKD 111,690,000 in the same period of 2022[74]. Revenue Breakdown - Revenue from property development increased by 71% compared to the same period in 2022, attributed to increased sales following the easing of pandemic control measures[38]. - The hotel and golf course business experienced an 11% decrease in revenue compared to the same period in 2022, mainly due to temporary closure for renovations of a hotel in Paris[40]. - Total revenue for the group was HKD 175,337,000, with financial services contributing HKD 93,536,000 and property investment and hotel operations contributing HKD 61,373,000[89]. Assets and Liabilities - The company's total net asset value decreased by 1% from approximately HKD 2,380,000,000 as of December 31, 2022, to approximately HKD 2,352,000,000[35]. - Total non-current assets decreased to HKD 1,266,674,000 as of June 30, 2023, from HKD 1,320,228,000 as of December 31, 2022, representing a decline of approximately 4.1%[49]. - Current assets totaled HKD 4,353,807,000 as of June 30, 2023, down from HKD 4,580,523,000 as of December 31, 2022, indicating a decrease of about 4.9%[49]. - Total liabilities decreased to HKD 3,132,881,000 as of June 30, 2023, from HKD 3,362,043,000 as of December 31, 2022, a reduction of approximately 6.8%[49]. - The company's equity totaled HKD 2,352,954,000 as of June 30, 2023, slightly down from HKD 2,380,013,000 as of December 31, 2022, representing a decrease of about 1.1%[50]. Cash Flow and Financing - Net cash generated from operating activities was HKD 5,552,000 for the six months ended June 30, 2023, significantly lower than HKD 24,242,000 for the same period in 2022, reflecting a decline of approximately 77%[52]. - The net cash used in financing activities was HKD 34,734,000 for the six months ended June 30, 2023, compared to HKD 73,494,000 for the same period in 2022, indicating a reduction of approximately 52.8%[52]. - The company raised secured and unsecured bank loans amounting to approximately HKD 176 million and HKD 45 million, respectively[15]. - The company's cash reserves increased to approximately HKD 263 million, up from HKD 253 million as of December 31, 2022[15]. Employee and Operational Metrics - The total employee cost for the six months ended June 30, 2023, was approximately HKD 95,000,000, a decrease from HKD 107,000,000 in the same period of 2022[65]. - The company employed 568 staff as of June 30, 2023, an increase from 556 staff as of June 30, 2022[65]. - The company aims to enhance employee performance through competitive compensation and benefits, alongside training programs to improve professional knowledge and skills[65]. Strategic Initiatives - The company plans to continue its digital transformation in financial services to enhance customer experience and operational efficiency[9]. - The company launched a fixed income fund in April 2023 and aims to further develop its fund management business[12]. - The company plans to implement a proposed public offering to improve its financial position, pending shareholder approval[41]. Risk Management and Governance - The overall economic environment remains challenging due to high interest rates and geopolitical tensions, impacting the company's recovery path[34]. - The company continues to focus on risk mitigation strategies to navigate the volatile business environment[34]. - The company maintains a strong governance structure, with the Chairman and CEO roles held by the same individual, Mr. Lao Yuan Yi, to ensure effective leadership[195]. - The company has not made any changes to its risk management policies since the year-end[182].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 第一上海投資有限公司 （於香港註冊成立之有限公司） （股份代號：227） 截至二零二三年六月三十日止六個月之 未經審計中期業績公告 業績 第一上海投資有限公司（「本公司」）董事會（「董事會」）謹此提呈本公司及其附屬公 司（統稱為「本集團」）截至二零二三年六月三十日止六個月之未經審計綜合業績連 同去年同期之比較數字如下： 簡明綜合損益表 未經審計 截至六月三十日止六個月 二零二三年 二零二二年 附註 港幣千元 港幣千元 營業額 4 157,072 175,337 銷售成本 (52,438) (76,399) 毛利 104,634 98,938 其他（虧損）╱收益淨額 5 (3,339) 6,541 銷售、一般及行政費用 (127,153) (141,561) 營運虧損 4及6 (25,858) (36,082) 財務收入 47,221 10,761 ...

Financial Performance - For the year ended December 31, 2022, the company recorded a net loss attributable to shareholders of approximately HKD 56 million, a 60% decrease compared to a net loss of HKD 140 million in 2021[7]. - Basic loss per share for 2022 was HKD 3.55, down 63% from HKD 9.61 in 2021[7]. - The company's revenue for the year was approximately HKD 342 million, representing a 35% decrease compared to the previous year[18]. - The financial services division experienced a significant operating profit decline of 70% year-on-year, primarily due to a drop in brokerage income and interest income from margin financing and IPO loans[19]. - The property and hotel division recorded an operating loss of HKD 77 million, a 14% decrease from the previous year[21]. - The company reported a total comprehensive loss of HKD 179,566 thousand for the year 2022, compared to a total comprehensive loss of HKD 162,319 thousand in 2021[166]. - The operating loss increased to HKD 96,666,000 from HKD 75,855,000, indicating a worsening of 27.4% year-over-year[154]. - The net loss attributable to shareholders was HKD 55,501,000, compared to HKD 139,899,000 in the previous year, representing a 60.3% improvement[154]. Economic Outlook - The outlook for the global economy is cautiously optimistic, with expectations of gradual improvement in global supply chains and economic activity returning to pre-pandemic levels[11]. - The company anticipates the implementation of more accommodative monetary policies and stronger fiscal stimulus measures in mainland China post-pandemic[11]. - The Hong Kong economy showed signs of gradual recovery in the fourth quarter of 2022, despite earlier impacts from rising interest rates and COVID-19 measures[6]. - The overall market sentiment improved following the easing of pandemic-related restrictions, although uncertainties remain due to geopolitical tensions and inflationary pressures[11]. Operational Changes - The company decided to terminate operations of its medical center and sell most medical equipment to focus resources on more profitable business segments[10]. - The company plans to maintain its investment in a children's dental center as a long-term investment to provide dental care services[10]. - The company plans to continue focusing on completing existing property developments and sales in Wuxi and Huangshan in the coming year[24]. - The group has focused its internal resources on financial services, resulting in no new direct investment projects in 2022[25]. Governance and Management - The company’s senior management includes experienced professionals with backgrounds in finance and investment, enhancing its operational capabilities[41]. - The company has maintained a consistent governance structure with independent non-executive directors overseeing its operations[43]. - The board consists of four executive directors and five non-executive directors, with four of the non-executive directors being independent, representing over one-third of the board members[84]. - The company has adopted a board diversity policy, with the current board composition being one female and eight male directors, achieving a gender diversity ratio of approximately 53% female to 47% male among employees[89]. - The company has established three specialized committees: the Nomination Committee, the Remuneration Committee, and the Audit Committee, to assist the board in fulfilling its responsibilities effectively[97]. Financial Position - The total assets decreased to HKD 5,900,751,000 from HKD 7,112,874,000 in 2021, reflecting a decline of approximately 17%[77]. - The current liabilities totaled HKD 3,362,043,000, down from HKD 4,357,863,000 in 2021, indicating a reduction of about 23%[77]. - The total equity stood at HKD 2,380,013,000, a decrease from HKD 2,558,791,000 in 2021, representing a decline of approximately 7%[77]. - The company reported a distributable reserve of HKD 137,426,000 as of December 31, 2022, down from HKD 330,281,000 in 2021, representing a decrease of approximately 58.4%[50]. Shareholder Engagement - The annual general meeting was held on May 27, 2022, providing a platform for direct communication between the board and shareholders[117]. - Shareholders holding at least 5% of voting rights can request a special general meeting, ensuring their concerns are addressed[118]. - The company has established a policy for timely and transparent communication with shareholders, which is published on its website[115]. - Shareholders can submit inquiries to the board through the company secretary, ensuring their concerns are communicated effectively[122]. Risk Management and Internal Controls - The company is focused on improving internal controls and financial reporting processes as part of its governance strategy[146]. - The Risk Management Committee was established in 2016 to oversee the design, implementation, and evaluation of the risk management framework[108]. - The company engaged external consultants to review the effectiveness of its internal control system during the reporting year[111]. - The Audit Committee confirmed that the internal control system is effective and adequately resourced[111]. Financial Reporting Standards - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance[171]. - The group adopted several new and revised standards effective from January 1, 2022, including HKFRS 3 and HKAS 16[173]. - The group is currently assessing the impact of new standards that will take effect in 2023 and 2024, including HKFRS 17 and HKAS 1[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文件的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本文件全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：227） 二零二二年度全年業績公告 業績 第一上海投資有限公司（「本公司」）董事會（「董事會」）謹此公告本公司連同其附 屬公司（統稱為「本集團」）截至二零二二年十二月三十一日止年度之綜合業績如下： 綜合損益表 附註 二零二二年 二零二一年 港幣千元 港幣千元 營業額 3 342,183 529,850 銷售成本 (131,848) (226,385) 毛利 210,335 303,465 其他（虧損）╱收益淨額 4 (30,594) 10,990 銷售、一般及行政費用 (276,407) (390,310) 營運虧損 5 (96,666) (75,855) 財務收入 48,142 17,696 ...

Financial Performance - For the six months ended June 30, 2022, the company recorded a net loss attributable to shareholders of approximately HKD 33 million, with a basic loss per share of HKD 0.0212, compared to a net loss of HKD 32 million and a basic loss per share of HKD 0.0225 for the same period in 2021[23]. - The company recorded a net loss attributable to shareholders of approximately HKD 33 million for the six months ended June 30, 2022, an increase of 4% compared to a net loss of approximately HKD 32 million in the same period of 2021[29]. - The total comprehensive loss for the period was HKD 111.7 million, significantly higher than HKD 33.0 million for the same period in 2021[49]. - For the six months ended June 30, 2022, the group reported a net loss of approximately HKD 33,237,000, compared to a loss of HKD 31,954,000 in the same period of 2021[94]. - The operating loss for the group was HKD 36,082,000, compared to a loss of HKD 27,384,000 in the previous year[82][84]. Revenue and Income - Revenue decreased by 32% to approximately HKD 175 million, attributed to declines in brokerage income and margin loan interest due to reduced business activity during the pandemic[29]. - The financial services segment reported revenue of HKD 93,536,000, down from HKD 162,879,000 in the prior year[82][84]. - The group’s net operating expenses were HKD 18,472,000, leading to a pre-tax loss of HKD 31,974,000[82][84]. - Financial income for the six months ended June 30, 2022, increased to HKD 10,761,000 from HKD 7,252,000 in 2021, marking a growth of 48.5%[90]. Segment Performance - The financial services segment was significantly impacted by a slowdown in the Hong Kong securities market, with commission and fee income and margin loan interest income decreasing during the reporting period[22]. - The property and hotel business in mainland China faced challenges due to rolling lockdowns and travel restrictions, leading to a decline in sales revenue from Huangshan properties[22]. - The overall loss in the property and hotel segment decreased compared to 2021, attributed to a reduction in fair value losses on investment properties[22]. - The property development segment incurred an operating loss of HKD 8,271,000, while the property investment and hotel segment reported a loss of HKD 17,917,000[82][84]. - The healthcare segment reported an operating loss of HKD 13 million, a 66% decrease compared to the same period in 2021, mainly due to accounting gains from the sale of fixed assets[35]. Market Conditions - The global economic environment remained challenging, with inflationary pressures and geopolitical tensions impacting market sentiment[18]. - The Hang Seng Index declined by 6.6% during the reporting period, reflecting a bearish market sentiment influenced by the pandemic and inflation[22]. - The average daily market turnover decreased by 17% from approximately HKD 167 billion to approximately HKD 138 billion during the first half of 2022[32]. Operational Changes - The company decided to terminate operations of its medical centers in April 2022 to better allocate resources towards more profitable business segments[23]. - The company is focusing on accelerating the development of its key business areas, including financial services and property and hotel sectors[19]. - The company plans to allocate more resources to digital transformation and automation of financial services to enhance customer experience and operational efficiency[25]. - The company aims to expand its product range and customer base to meet market demand and improve market knowledge[25]. Financial Position - The company’s net asset value decreased by 4% to approximately HKD 2,449 million from HKD 2,559 million as of December 31, 2021[29]. - The company reported cash reserves of approximately HKD 341 million as of June 30, 2022, slightly up from HKD 340 million as of December 31, 2021[37]. - The capital debt ratio decreased to 10.0% as of June 30, 2022, compared to 12.2% as of December 31, 2021[37]. - The total liabilities decreased to HKD 3,715,514,000 as of June 30, 2022, from HKD 4,357,863,000 as of December 31, 2021, reflecting a reduction of approximately 14.7%[53]. - The company reported a total borrowing of HKD 243,757,000 as of June 30, 2022, compared to HKD 311,447,000 as of December 31, 2021, reflecting a reduction of approximately 21.8%[111]. Employee and Operational Costs - Employee costs for the six months ended June 30, 2022, were approximately HKD 107 million, down from HKD 126 million for the same period in 2021[43]. - The company employed 556 staff as of June 30, 2022, a decrease from 689 staff as of June 30, 2021[43]. - The group incurred a tax expense of HKD 1,416,000 for the six months ended June 30, 2022, compared to a tax credit of HKD 7,987,000 in the same period of 2021[93]. Shareholder Information - Major shareholders include Ms. Chen with a total interest of 8.8% in the company, holding 137,648,000 shares[149]. - The company did not repurchase any of its securities during the period[150]. - The board of directors proposed no interim dividend for the six months ended June 30, 2022, consistent with the previous year[151]. Governance and Compliance - The company has adhered to all provisions of the Corporate Governance Code, except for deviations regarding the roles of the Chairman and CEO, which are held by the same individual, Mr. Lau Yuen-1[154]. - The Nomination Committee was established on March 1, 2012, comprising three independent non-executive directors and one executive director, to review the board's structure and diversity[156]. - The Audit Committee, established on December 27, 1998, ensures the company adopts appropriate financial reporting and risk management practices[162].

Financial Performance - For the year ended December 31, 2021, the company recorded a net loss attributable to shareholders of approximately HKD 140 million, representing a 56% increase compared to a net loss of HKD 90 million in 2020[15]. - Basic loss per share for 2021 was HKD 9.61, up 51% from HKD 6.37 in 2020[15]. - The company reported a loss attributable to shareholders of HKD (139,899,000), compared to a loss of HKD (90,331,000) in the previous period, indicating a deterioration in performance[92]. - Total comprehensive loss for the year amounted to HKD 162,319,000, significantly higher than the previous year's loss of HKD 24,039,000[184]. - The company reported a net loss of HKD 148,998,000 for the year 2021, compared to a loss of HKD 90,824,000 in 2020, representing an increase in losses of approximately 64%[184]. Revenue and Growth - The company's overall revenue increased by 16% year-on-year to approximately HKD 530 million, supported by the performance of the financial services segment[25]. - Revenue for the current period was HKD 529,850,000, an increase from HKD 457,988,000 in the previous period, representing a growth of approximately 15.5%[92]. - The company's revenue for the year ended December 31, 2021, was HKD 529.85 million, an increase from HKD 457.99 million in 2020, representing a growth of approximately 15.6%[179]. - Gross profit for the same period was HKD 303.47 million, up from HKD 258.47 million in the previous year, indicating a growth of about 17.4%[179]. Segment Performance - The company's financial services segment benefited from increased market transaction volumes and a thriving IPO market, leading to significant increases in brokerage commission income and IPO-related interest income[17]. - The healthcare segment continued to be impacted by the pandemic, with a gradual recovery in demand for medical services since March 2021, but overall operational performance remained unsatisfactory[19]. - The hotel and restaurant business in Paris faced severe operational losses due to strict pandemic control measures and travel restrictions, despite some recovery in the summer[18]. - The property and hotel segment reported an operating loss that increased significantly to HKD 89 million, primarily due to a one-time provision related to a lawsuit and fair value losses on investment properties[28]. Economic Context - The GDP of mainland China reached RMB 114.37 trillion in 2021, with an annual growth rate of 8.1%, driven by optimistic consumer sentiment and stable corporate earnings[14]. - The overall economic recovery remains uneven, influenced by supply chain disruptions and rising inflation concerns[13]. - The real estate market in mainland China experienced high volatility in 2021, with significant price declines in certain projects due to regulatory policies and liquidity concerns affecting major developers[18]. Asset and Liabilities - The overall net asset value of the company decreased by 5% from approximately HKD 2.688 billion in 2020 to approximately HKD 2.559 billion in 2021[25]. - Total current assets increased to HKD 5,559,444,000 from HKD 4,814,869,000, reflecting a growth of about 15.4%[92]. - Total liabilities rose to HKD 4,554,083,000 from HKD 4,052,766,000, marking an increase of approximately 12.4%[92]. - The capital debt ratio slightly increased to 12.2% in 2021 from 11.5% in 2020[34]. Corporate Governance - The company has adopted a corporate governance code to ensure high standards of governance and transparency[95]. - The board consists of four executive directors and five non-executive directors, with a majority being independent[98]. - The company has established three specialized committees: the Nomination Committee, Remuneration Committee, and Audit Committee to assist the board in fulfilling its responsibilities[111]. - The company provides ongoing professional development for directors to ensure they contribute effectively to the board[106]. Risk Management - The risk management and internal control system is designed to ensure proper use of assets and compliance with relevant regulations, aiming to manage significant risks rather than eliminate them[126]. - Senior management is responsible for identifying and assessing major risks, implementing risk reduction strategies, and ensuring adherence to established guidelines[127]. - An external consultant was hired to review the effectiveness of the internal control system, which was deemed effective and adequately resourced by the audit committee[129]. Shareholder Information - The company reported a distributable reserve of HKD 330,281,000 as of December 31, 2021, down from HKD 412,810,000 in 2020, indicating a decrease of approximately 20%[58]. - The board recommended not to declare a final dividend for the year ending December 31, 2021, consistent with the previous year where no dividend was declared[56]. - Shareholders holding at least 5% of voting rights can request the board to convene a special general meeting[136]. Investments and Financing - The company is considering downsizing or selling certain business units to effectively utilize resources and focus on profitable segments amid challenging operating conditions[19]. - The company raised approximately HKD 1,600,000 by issuing 13,716,014 new shares at a subscription price of HKD 0.21 per share on January 7, 2022[87]. - The group raised approximately HKD 311 million in bank and other loans, with cash reserves of approximately HKD 340 million[34].

Financial Performance - For the six months ended June 30, 2021, the company recorded a net loss attributable to shareholders of approximately HKD 32 million, with a basic loss per share of HKD 0.0225, compared to a net loss of HKD 41 million and a basic loss per share of HKD 0.0289 for the same period in 2020[12]. - The company recorded a net loss attributable to shareholders of approximately HKD 32 million for the six months ended June 30, 2021, a decrease of 22% compared to HKD 41 million in the same period of 2020[17]. - The company reported a loss of HKD 31,038 thousand for the six months ended June 30, 2021, an improvement from a loss of HKD 41,747 thousand for the same period in 2020[36]. - The basic loss per share attributable to shareholders was HKD 2.25 for the six months ended June 30, 2021, compared to HKD 2.89 for the same period in 2020[36]. - The group reported a segment loss before tax of HKD 39,025,000, indicating a decline from the previous year's performance[68]. - The group’s operating loss for the period was HKD 27,384,000, reflecting challenges in operational efficiency[68]. - The healthcare segment reported a loss of HKD 39,181,000, highlighting difficulties in that area[68]. - The company reported a net loss of approximately HKD 31,954,000 for the six months ended June 30, 2021, compared to a net loss of HKD 40,987,000 for the same period in 2020[85]. Revenue and Income - The company's revenue for the period was approximately HKD 259 million, an increase of 33% compared to the same period in 2020, driven by improved brokerage and margin financing income[17]. - The total operating revenue for the group was HKD 259,146,000, with a significant contribution from financial services, which generated HKD 162,879,000[68]. - The financial services segment reported an operating profit increase of 138% year-on-year, primarily due to a surge in brokerage and margin financing income[18]. - The medical and healthcare segment's revenue surged by 97% year-on-year, attributed to increased demand for non-emergency medical services following the reduction in COVID-19 cases[22]. - Total financial income decreased to HKD 7,252,000 in 2021 from HKD 22,841,000 in 2020, representing a decline of approximately 68.2%[81]. Segment Performance - The financial services segment benefited from increased market trading volume and a thriving IPO market, leading to a rise in overall brokerage commission income and IPO loan interest income[11]. - The property and hotel segment was severely impacted by the pandemic, with significant operational losses in the hotel and restaurant business in Paris due to strict preventive measures and travel restrictions[11]. - The unaudited segment performance for property investment and hotels showed a loss of HKD 33,801,000, indicating a need for strategic reassessment[68]. Economic Environment - The overall economic environment remained uncertain due to the ongoing pandemic and geopolitical tensions, affecting consumer confidence and spending[8]. - The financial market in mainland China recorded increased trading activity driven by robust economic data and corporate earnings, despite concerns over supply chain disruptions and trade tensions with the U.S.[8]. Company Strategy and Investments - The company’s strategy focused on accelerating the development of key business areas, including financial services, property and hotel, healthcare, and direct investments[9]. - The company plans to continue investing in digitalization and automation to enhance customer experience and operational efficiency[17]. - The company aims to expand its product range and customer base to meet market demand and increase market share[17]. - The company plans to continue evaluating its operational segments to enhance performance and resource allocation[63]. Financial Position and Liabilities - As of June 30, 2021, the company raised bank and other loans amounting to approximately HKD 3,117 million, an increase from HKD 309 million as of December 31, 2020[25]. - The company's cash reserves were approximately HKD 242 million as of June 30, 2021, down from HKD 341 million as of December 31, 2020[25]. - The capital-to-debt ratio increased to 117.4% as of June 30, 2021, compared to 11.5% as of December 31, 2020, primarily due to a significant increase in short-term loans related to IPO financing[25]. - The company’s total liabilities increased to HKD 6,531,333 thousand from HKD 3,591,338 thousand, indicating a significant increase in financial obligations[44]. - The company’s borrowings increased significantly to HKD 2,970,721 thousand from HKD 140,000 thousand, reflecting a substantial rise in financing activities[50]. Employee and Operational Costs - Employee costs for the six months ended June 30, 2021, were approximately HKD 126 million, compared to HKD 108 million for the same period in 2020[32]. - Employee costs rose to HKD 125,846,000 in 2021, up from HKD 108,256,000 in 2020, reflecting an increase of approximately 16.3%[78]. Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and CEO, which is deemed beneficial for strong leadership[154]. - The Nomination Committee was established to review the board's structure and diversity, and to recommend candidates for directorships[155]. - The Remuneration Committee is responsible for developing a coherent remuneration policy for directors and senior management, including salary and long-term incentive plans[156]. - The Audit Committee ensures the adoption of appropriate financial reporting and risk management systems, having reviewed the unaudited interim results for the six months ending June 30, 2021[161]. - All board members confirmed compliance with the standard code regarding securities trading for the six months ending June 30, 2021[162].

Financial Performance - For the year ended December 31, 2020, the company recorded a net loss attributable to shareholders of approximately HKD 90 million and a basic loss per share of HKD 0.0637, compared to a net profit of approximately HKD 11 million and a basic earnings per share of HKD 0.0075 in 2019[15]. - The company's revenue decreased by 14% to approximately HKD 458 million due to reduced contributions from property sales, hotel operations, medical services, and underwriting business[27]. - The group’s revenue for the fiscal year was HKD 457,988,000, a decrease from HKD 533,529,000 in the previous year, representing a decline of approximately 14.1%[97]. - The group reported a loss attributable to shareholders of HKD (90,331,000), compared to a profit of HKD 10,618,000 in the previous year, indicating a significant downturn[97]. - Gross profit for 2020 was HKD 258,468,000, down 18.2% from HKD 315,960,000 in the previous year[197]. - Operating loss for the year was HKD 76,321,000, compared to an operating profit of HKD 34,623,000 in 2019[197]. - Net loss attributable to shareholders for 2020 was HKD 90,331,000, a significant decline from a profit of HKD 10,618,000 in 2019[197]. - Financial income for 2020 was HKD 33,304,000, down 21.5% from HKD 42,461,000 in 2019[197]. - Financial costs increased to HKD 34,243,000 in 2020 from HKD 31,612,000 in 2019[197]. - The company reported a net loss of HKD 90,824,000 for the year, compared to a profit of HKD 15,585,000 in 2019[200]. - The company experienced a significant decrease in other income, reporting a net loss of HKD 23,145,000 in 2020 compared to a gain of HKD 59,977,000 in 2019[197]. - The company’s total expenses, including selling, general, and administrative expenses, were HKD 311,644,000, down from HKD 341,314,000 in the previous year[197]. Market Conditions - The economic impact of the COVID-19 pandemic led to a significant decline in consumer confidence and spending, as well as disruptions in trade and supply chains[13]. - China was the only major economy to record economic growth in 2020, with a flexible monetary policy contributing to a significant appreciation of the Renminbi by approximately 7%[14]. - The Hong Kong stock market experienced a significant drop to a low of 21,139 points in March 2020, followed by a rebound to 27,231 points as major economies implemented monetary easing measures[18]. - The company faced substantial risks of cash flow disruption across various businesses due to the large-scale suspension of economic activities[13]. Business Segments - The financial services division benefited from increased market transaction volumes and a thriving IPO market, leading to a significant increase in overall brokerage commission income and IPO loan interest income[18]. - The company experienced a decline in underwriting and corporate finance performance due to the postponement of most corporate activities, resulting in unsatisfactory results in these areas[18]. - The average margin loan decreased due to credit risk control and market volatility concerns, which hindered revenue generation from margin loan business[18]. - The financial services segment recorded a slight increase of 3% in operating profit due to a significant rise in securities brokerage income and IPO loan interest income[28]. - The underwriting and placement commission income decreased by 97% due to delays in most corporate activities[28]. - The property and hotel business recorded an operating loss of HKD 18 million in 2020, down from an operating profit of HKD 81 million in 2019[31]. - Property sales revenue decreased by 34% in 2020 compared to 2019, primarily due to government-mandated shutdowns and social distancing measures[33]. - The hotel and golf course business revenue declined by 31% in 2020, significantly impacted by the COVID-19 pandemic[36]. - The medical center's revenue decreased by 17% in 2020, attributed to reduced patient visits due to pandemic concerns[37]. Digital Transformation - The company implemented improvements to its digital account opening platform, which allowed for continued growth in its customer base during 2020 despite social distancing restrictions[18]. - The company successfully expanded its customer base and recorded a 42% increase in overall brokerage commission income following the establishment of a digital account opening platform[28]. - The company plans to continue investing in digitalization and automation to enhance customer experience and operational efficiency[22]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect the interests of stakeholders[99]. - The company has established three professional committees: the Nomination Committee, the Remuneration Committee, and the Audit Committee to assist the board in fulfilling its responsibilities effectively[120]. - The Audit Committee held four meetings during the reporting year to review the annual and interim consolidated financial statements, ensuring compliance with applicable accounting standards[130]. - The company has adopted a board diversity policy to enhance the selection process of board members, considering various factors such as gender, age, and professional experience[108]. - The board is responsible for overseeing the group's risk management and internal control systems, ensuring their ongoing appropriateness and effectiveness[135]. Employee and Operational Metrics - As of December 31, 2020, the group employed 689 staff, with 387 located in mainland China[46]. - Employee costs for the year ended December 31, 2020, were approximately HKD 222 million, down from HKD 250 million in 2019, representing a decrease of 11.2%[46]. - The company encourages employee participation in training programs to enhance professional knowledge and skills[46]. Financial Position - The net asset value of the company decreased by 1% from approximately HKD 2,711 million in 2019 to approximately HKD 2,688 million in 2020[27]. - The total assets of the group amounted to HKD 6,740,394,000, a decrease from HKD 6,007,755,000 in the previous year, reflecting a decline of about 12.2%[97]. - The total liabilities increased to HKD 4,052,766,000 from HKD 3,296,488,000, marking an increase of approximately 23%[97]. - The current ratio, calculated as total current assets of HKD 4,814,869,000 over total current liabilities of HKD 3,591,338,000, stands at approximately 1.34[97]. - The group’s equity totaled HKD 2,687,628,000, a slight decrease from HKD 2,711,267,000 in the previous year, indicating a reduction of about 0.9%[97]. - The capital debt ratio is reported at 11.5%, a decrease from 13.9% in the previous year, suggesting improved financial stability[97]. Impairment and Asset Management - The company conducted impairment assessments for non-financial assets at the end of each reporting period to determine any potential impairment indicators[166]. - The recoverable amount of non-financial assets is assessed using value-in-use calculations based on future discounted cash flows from cash-generating units[166]. - Key assumptions in the impairment assessment include forecast period, revenue growth rate, and discount rate[166]. - The company has identified key audit matters, including impairment of non-financial assets in the healthcare segment, impairment of margin loans receivable, and impairment of properties under development and for sale[165]. - The impairment assessment for non-financial assets in the healthcare segment was supported by evidence obtained during the audit[169].