Core Viewpoint - New Century Group (00234) announced a new loan agreement on August 8, 2025, where its indirect non-wholly owned subsidiary, Easy Withdraw Finance, will provide a mortgage loan of HKD 9.2 million to a client for a duration of 12 months [1] Summary by Relevant Sections - Loan Agreement Details - Easy Withdraw Finance has agreed to grant a mortgage loan of HKD 9.2 million to the client for a term of 12 months [1] - The new loan agreement follows a previous loan agreement with the same client for the same amount and duration [1] - Financial Implications - The proceeds from the new loan were used to fully repay the outstanding principal of the previous loan, resulting in no cash outflow for the group [1]

（於百慕達註冊成立之有限公司） （股份代號：234） 須予披露的交易 提供財務資助 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，概不對因本公告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。 * 提供財務資助 董事會欣然宣佈，於二零二五年八月八日，本公司之間接非全資附屬公司易提款財務（作 為放債人）與該客戶（作為借款人）訂立新貸款協議。根據新貸款協議，易提款財務同 意向該客戶授出本金額9,200,000港元之按揭貸款，為期12個月。 於訂立新貸款協議前，易提款財務（作為放債人）與該客戶（作為借款人）已訂立前貸 款協議，向該客戶授出本金額9,200,000港元之按揭貸款，為期12個月。新貸款所得的款 項已於二零二五年八月八日被用作全數清償前貸款之未償還本金，因此本集團並無現金 流出。 上市規則之涵義 根據上市規則第14.07條之規定，有關新貸款之其中一項適用百分比率為高於5%，但低 於25%，故授出新貸款根據上市規則第十四章構成本公司之須予披露的交易，並須遵守 上市規則項下有關申報及公告之規定。 * 僅供識別 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新世紀集團香港有限公司 (於百慕達註冊成立之有限公司) 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00234 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 40,000,000,000 | HKD | 0.0025 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | 0 | | HKD | | 0 | | 本月底結存 | | | 40,000,000,000 | HKD | 0.0025 | HKD | | 100,000 ...

2025 年 報 ANNUAL REPORT 2025 年 報 BOARD OF DIRECTORS Executive Directors Mr. Ng Wee Keat (Chairman) Ms. Sio Ion Kuan (Deputy Chairman) Ms. Ng Siew Lang, Linda (Chief Operating Officer) Ms. Lilian Ng Ms. Chen Ka Chee Mr. Yu Wai Man Ms. Huang Si Teng New Century Group Hong Kong Limited 新世紀集團香港有限公司 Annual Report 目錄 Contents | Corporate Information | 2 | | --- | --- | | 公司資料 | | | Group Structure | 4 | | 集團架構 | | | Key Financial Highlights | 5 | | 重要財務撮要 | | | Chairman's Statement | 7 | | 主席報告書 | | | Management D ...

[Consolidated Results Overview](index=1&type=section&id=I.%20Consolidated%20Results%20Overview) This section provides an overview of the Group's consolidated financial performance, including income, comprehensive income, and financial position for the year [Consolidated Income Statement](index=1&type=section&id=1.1%20Consolidated%20Income%20Statement) The Group's continuing operations shifted from profit to a pre-tax loss of HK$43,352 thousand for the year, with a loss attributable to owners of HK$55,659 thousand and basic loss per share of 0.96 HK cents Consolidated Income Statement Key Data (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 90,263 | 88,291 | +2.2% | | Other Income | 17,377 | 15,434 | +12.6% | | Administrative and Operating Expenses | (44,531) | (46,731) | -4.7% | | Fair Value Gains/(Losses) on Investment Properties | (69,400) | 10,149 | Shifted from gain to loss | | Profit/(Loss) Before Tax | (43,352) | 28,631 | Shifted from profit to loss | | Profit/(Loss) for the Year | (46,023) | 34,991 | Shifted from profit to loss | | Profit/(Loss) Attributable to Owners of the Company | (55,659) | 22,413 | Shifted from profit to loss | | Basic Earnings/(Loss) Per Share | (0.96) HK cents | 0.39 HK cents | Shifted from profit to loss | [Consolidated Statement of Comprehensive Income](index=3&type=section&id=1.2%20Consolidated%20Statement%20of%20Comprehensive%20Income) The Group recorded a total comprehensive loss of HK$46,301 thousand for the year, primarily due to the shift from profit to loss and exchange differences Consolidated Statement of Comprehensive Income Key Data (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Profit/(Loss) for the Year | (46,023) | 34,991 | Shifted from profit to loss | | Exchange Differences on Translation of Foreign Operations | (365) | (3,415) | Loss narrowed | | Reclassification Adjustment on Disposal of Foreign Operations | – | (9,487) | Not applicable | | Fair Value Changes of Equity Investments | 87 | 362 | Gain decreased | | Total Comprehensive Income/(Loss) for the Year | (46,301) | 22,451 | Shifted from income to loss | | Total Comprehensive Income/(Loss) Attributable to Owners of the Company | (55,937) | 13,729 | Shifted from income to loss | [Consolidated Statement of Financial Position](index=4&type=section&id=1.3%20Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets slightly decreased, with a reduction in non-current assets and a slight increase in current assets, leading to a net asset decrease to HK$1,879,711 thousand Consolidated Statement of Financial Position Key Data (HK$ thousand) | Indicator | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Non-current Assets | 676,775 | 756,427 | -10.5% | | Total Current Assets | 1,312,404 | 1,279,760 | +2.6% | | Total Current Liabilities | 91,977 | 114,791 | -19.8% | | Net Current Assets | 1,220,427 | 1,164,969 | +4.8% | | Net Assets | 1,879,711 | 1,901,925 | -1.2% | | Equity Attributable to Owners of the Company | 1,505,939 | 1,561,876 | -3.7% | | Cash and Cash Equivalents | 682,206 | 518,251 | +31.6% | [Notes to Financial Statements](index=6&type=section&id=II.%20Notes%20to%20Financial%20Statements) This section details the Group's accounting policies, segment performance, revenue, taxation, and key financial statement items [Company and Group Information](index=6&type=section&id=2.1%20Company%20and%20Group%20Information) New Century Group Hong Kong Limited, registered in Bermuda, primarily engages in investment holding and securities trading, with subsidiaries involved in money lending, property investment, and securities trading - The Company's principal activities are investment holding and securities trading, with subsidiaries engaged in money lending, property investment, and securities trading[8](index=8&type=chunk) - The Group ceased providing cruise chartering services during the year[8](index=8&type=chunk) [Basis of Preparation](index=6&type=section&id=2.2%20Basis%20of%20Preparation) The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, primarily on a historical cost basis, with certain investments measured at fair value - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[9](index=9&type=chunk) - Investment properties and certain equity investments are measured at fair value, while other items are prepared on a historical cost basis[9](index=9&type=chunk) - The consolidated financial statements cover the Company and its subsidiaries, with control assessed based on exposure to variable returns, power, and ability to affect returns[10](index=10&type=chunk)[11](index=11&type=chunk) [Changes in Accounting Policies and Disclosures](index=8&type=section&id=2.3%20Changes%20in%20Accounting%20Policies%20and%20Disclosures) This year saw the initial adoption of revised Hong Kong Financial Reporting Standards, including amendments related to lease liabilities, classification of liabilities, and supplier financing arrangements, with no material impact on the Group's financial position - Initial adoption of amendments to HKFRS 16, HKAS 1, and HKAS 7 & HKFRS 7[13](index=13&type=chunk) - These amendments had no impact on the Group's financial position or performance as there were no relevant transactions or arrangements[13](index=13&type=chunk)[14](index=14&type=chunk) [Operating Segment Information](index=9&type=section&id=2.4%20Operating%20Segment%20Information) The Group's operating segments include money lending, property investment, and securities trading, with management monitoring each segment's performance based on adjusted profit/loss before tax from continuing operations - The Group has three reportable operating segments: money lending, property investment, and securities trading[15](index=15&type=chunk)[17](index=17&type=chunk) - Segment results are assessed based on adjusted profit/loss before tax from continuing operations, excluding bank interest income, corporate income, and expenses[15](index=15&type=chunk) [Segment Revenue and Results](index=10&type=section&id=2.4.1%20Segment%20Revenue%20and%20Results) The money lending segment generated HK$69,716 thousand in revenue, property investment HK$14,914 thousand, and securities trading HK$5,633 thousand, with property investment shifting to a loss and securities trading profit significantly increasing Segment Revenue and Results (HK$ thousand) | Segment | 2025 Revenue | 2024 Revenue | 2025 Results | 2024 Results | | :--- | :--- | :--- | :--- | :--- | | Money Lending | 69,716 | 72,744 | 20,898 | 20,766 | | Property Investment | 14,914 | 15,288 | (57,788) | 21,644 | | Securities Trading | 5,633 | 259 | 5,693 | 315 | | **Total** | **90,263** | **88,291** | **(31,197)** | **42,725** | - The property investment segment shifted from a profit of HK$21,644 thousand last year to a **loss of HK$57,788 thousand** this year[18](index=18&type=chunk) - The securities trading segment profit significantly increased from HK$315 thousand to **HK$5,693 thousand**[18](index=18&type=chunk) [Geographical Information](index=11&type=section&id=2.4.2%20Geographical%20Information) The majority of the Group's revenue and non-current assets are located in Hong Kong, with Hong Kong revenue at HK$88,717 thousand and non-current assets at HK$468,947 thousand for the year Geographical Revenue and Non-current Assets (HK$ thousand) | Region | 2025 Revenue | 2024 Revenue | 2025 Non-current Assets | 2024 Non-current Assets | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 88,717 | 86,120 | 468,947 | 553,878 | | Southeast Asia (excluding Hong Kong) | 2,560 | 2,613 | 196,860 | 197,200 | | **Total** | **91,277** | **88,733** | **665,807** | **751,078** | - Total non-current assets in Hong Kong decreased from HK$553,878 thousand to **HK$468,947 thousand**[20](index=20&type=chunk) [Revenue and Other Income](index=12&type=section&id=2.5%20Revenue%20and%20Other%20Income) Total revenue slightly increased by 2.2% to HK$90,263 thousand, driven by significant growth in fair value gains and dividend income from securities trading, partially offset by reduced money lending interest income, while other income grew by 12.6% to HK$17,377 thousand Revenue and Other Income Analysis (HK$ thousand) | Revenue Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Interest on Mortgage and Unsecured Personal Loans | 69,716 | 72,744 | -4.2% | | Rental Income from Investment Properties | 14,914 | 15,288 | -2.4% | | Fair Value Gains on Equity Investments | 4,140 | 74 | Significant growth | | Dividend Income from Equity Investments | 1,493 | 185 | Significant growth | | **Total Revenue** | **90,263** | **88,291** | **+2.2%** | | Bank Interest Income | 16,363 | 14,982 | +9.2% | | Forfeited Tenants' Rental Deposits | 565 | – | New item | | Bad Debts Recovered | 331 | 186 | +77.9% | | **Total Other Income** | **17,377** | **15,434** | **+12.6%** | - Significant growth in fair value gains and dividend income from securities trading offset the decrease in money lending interest income[22](index=22&type=chunk) [Profit/(Loss) Before Tax](index=13&type=section&id=2.6%20Profit%2F%28Loss%29%20Before%20Tax) The pre-tax loss from continuing operations for the year was HK$43,352 thousand, primarily due to fair value losses on investment properties of HK$69,400 thousand and impairment loss provisions for loans and interest of HK$37,059 thousand Profit/(Loss) Before Tax Key Components (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Depreciation | 5,262 | 5,573 | -5.6% | | Auditor's Remuneration | 2,530 | 2,370 | +6.8% | | Employee Benefit Expenses | 22,629 | 22,663 | -0.1% | | Fair Value Loss/(Gain) on Investment Properties | 69,400 | (10,149) | Shifted from gain to loss | | Impairment Loss Provisions for Loans and Interest Receivable | 37,059 | 37,964 | -2.4% | - Fair value of investment properties shifted from a gain of HK$10,149 thousand last year to a **loss of HK$69,400 thousand** this year, being the primary driver of the pre-tax loss[23](index=23&type=chunk) [Income Tax](index=14&type=section&id=2.7%20Income%20Tax) Income tax expense for the year decreased to HK$2,671 thousand from HK$2,943 thousand last year, with Hong Kong profits tax at 16.5% and a concessionary rate of 8.25% for the first HK$2,000,000 of assessable profits for eligible subsidiaries Income Tax Expense Analysis (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current - Hong Kong | 8,672 | 5,606 | | Current - Other Regions | 271 | 280 | | Deferred Tax | (6,174) | (2,943) | | **Total** | **2,671** | **2,943** | - Hong Kong profits tax rate is 16.5%, with a concessionary rate of 8.25% for the first HK$2 million of assessable profits for certain subsidiaries[24](index=24&type=chunk) [Dividends](index=14&type=section&id=2.8%20Dividends) The Board of Directors does not recommend the payment of any dividend for the year ended March 31, 2025 - The Directors do not recommend the payment of a dividend for the current year[26](index=26&type=chunk) [Earnings/(Loss) Per Share Attributable to Owners of the Company](index=14&type=section&id=2.9%20Earnings%2F%28Loss%29%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) Basic and diluted loss per share for the year was 0.96 HK cents, compared to a profit of 0.39 HK cents last year, primarily driven by losses from continuing operations Earnings/(Loss) Per Share Analysis (HK cents) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Profit/(Loss) for the Year | (0.96) HK cents | 0.39 HK cents | | Profit/(Loss) from Continuing Operations | (0.96) HK cents | 0.29 HK cents | - The number of ordinary shares used for calculating earnings/loss per share is **5,780,368,705**, consistent with the prior year[27](index=27&type=chunk)[28](index=28&type=chunk) - Unexercised share options had an anti-dilutive effect, thus no dilutive adjustment was made to the basic earnings/loss per share amount[27](index=27&type=chunk) [Loans and Interest Receivable](index=15&type=section&id=2.10%20Loans%20and%20Interest%20Receivable) Loans and interest receivable (net of provisions) decreased by 20.3% to HK$577,338 thousand as of March 31, 2025, with most loans secured by collateral and an increase in overdue loans Loans and Interest Receivable (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Loans and Interest Receivable | 592,015 | 741,494 | -20.2% | | Less: Impairment Loss Provisions | (14,677) | (16,978) | -13.6% | | **Total Net of Provisions** | **577,338** | **724,516** | **-20.3%** | | Current Portion | 505,892 | 642,612 | -21.3% | | Non-current Portion | 71,446 | 81,904 | -12.8% | - Overdue loans and interest receivable increased from HK$6,622 thousand to **HK$7,345 thousand**, with mortgage loans accounting for HK$6,691 thousand of the overdue balance[29](index=29&type=chunk) Loans and Interest Receivable Maturity Analysis (HK$ thousand) | Maturity Period | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Current | 505,892 | 642,612 | | More than 1 year but within 5 years | 29,930 | 37,684 | | More than 5 years | 41,516 | 44,220 | | **Total** | **577,338** | **724,516** | [Chairman's Statement](index=17&type=section&id=III.%20Chairman%27s%20Statement) The Chairman's statement addresses the Group's core business resilience amidst economic challenges and outlines strategies for sustainable growth [Resilience in Core Businesses](index=17&type=section&id=3.1%20Resilience%20in%20Core%20Businesses) Despite a challenging macroeconomic environment, the Group's core businesses demonstrated resilience, with securities trading offsetting pressures from property investment losses and cautious money lending practices - The Hong Kong economy faces pressures from geopolitical tensions, global financial tightening, and suppressed consumer confidence[32](index=32&type=chunk) - The residential property market is affected by high mortgage rates and an oversupply of unsold units, leading to a 6.9% drop in the Centa-City Leading Index and a 27% increase in negative equity mortgage cases[32](index=32&type=chunk) - The money lending business adopted a more cautious approach, reducing the number of mortgage loans granted to **28** (from 40 last year) and initiating legal actions to recover credit-impaired loans[33](index=33&type=chunk) - The property investment segment faced reduced leasing demand and increased competition, resulting in a significant decrease in the fair value of Hong Kong investment properties, while Singapore investment properties remained stable[34](index=34&type=chunk) - The securities trading segment benefited from market volatility and favorable policies, generating substantial profits that partially offset pressures in other areas[34](index=34&type=chunk) - The Group's shift from profit to loss was primarily due to a significant decline in investment property fair value, the absence of last year's gain from subsidiary disposal, and reduced mortgage interest income from a smaller loan portfolio[35](index=35&type=chunk) [Building Sustainable Growth and Lasting Value](index=18&type=section&id=3.2%20Building%20Sustainable%20Growth%20and%20Lasting%20Value) The Group maintains a positive yet cautious outlook on future property markets and economic conditions, anticipating benefits from government measures and strategic asset management to create lasting value - Recent government measures, including stamp duty reductions and relaxed transaction restrictions, have begun to stimulate market activity, particularly in the primary residential market[36](index=36&type=chunk) - Supportive government policies and improving economic conditions are expected to benefit the property investment portfolio, with infrastructure projects potentially boosting commercial property demand[37](index=37&type=chunk) - The retail sector shows signs of recovery with rising rents, and the government continues to support small and medium-sized enterprises[37](index=37&type=chunk) - Favorable policies in mainland China and the stock connect schemes are expected to enhance liquidity and investor confidence in the securities trading market[37](index=37&type=chunk) - The Group will continue to adopt a strategic asset management and portfolio optimization approach, focusing on risk control to create lasting value[37](index=37&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section offers a detailed review of the Group's financial performance, business segment results, liquidity, and financial resources [Financial Review](index=19&type=section&id=4.1%20Financial%20Review) This section provides a detailed review of the Group's financial performance for the year, including specific changes and key drivers for revenue, other income, administrative expenses, investment property fair value, impairment provisions, and profit/loss attributable to owners - The financial review covers revenue, other income, administrative and operating expenses, fair value changes of investment properties, impairment loss provisions, and profit/loss attributable to owners of the Company[38](index=38&type=chunk)[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Revenue](index=19&type=section&id=4.1.1%20Revenue) Revenue slightly increased by 2.2% to HK$90,263 thousand, primarily driven by significant increases in fair value gains and dividend income from listed equity investments, partially offset by reduced money lending interest income Revenue Composition and Changes (HK$ thousand) | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Money Lending Interest Income | 69,716 | 72,744 | -3,028 | | Investment Property Rental Income | 14,914 | 15,288 | -374 | | Listed Equity Investment Fair Value Gains | 4,140 | 74 | +4,066 | | Listed Equity Investment Dividend Income | 1,493 | 185 | +1,308 | | **Total Revenue** | **90,263** | **88,291** | **+1,972 (+2.2%)** | [Other Income](index=20&type=section&id=4.1.2%20Other%20Income) Other income increased by 12.6% to HK$17,377 thousand, primarily driven by higher bank interest income, forfeited rental deposits, and bad debt recoveries Other Income Composition and Changes (HK$ thousand) | Other Income Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Bank Interest Income | 16,363 | 14,982 | +1,381 | | Forfeited Rental Deposits | 565 | – | +565 | | Bad Debts Recovered | 331 | 186 | +145 | | **Total Other Income** | **17,377** | **15,434** | **+1,943 (+12.6%)** | [Administrative and Operating Expenses](index=20&type=section&id=4.1.3%20Administrative%20and%20Operating%20Expenses) Administrative and operating expenses decreased by 4.7% to HK$44,531 thousand, mainly due to a significant 44.4% reduction in advertising and promotion expenses Administrative and Operating Expenses Changes (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Total Administrative and Operating Expenses | 44,531 | 46,731 | -2,200 (-4.7%) | | Advertising and Promotion Expenses | 2,539 | 4,565 | -2,026 (-44.4%) | [Fair Value Gains/(Losses) on Investment Properties, Net](index=20&type=section&id=4.1.4%20Fair%20Value%20Gains%2F%28Losses%29%20on%20Investment%20Properties%2C%20Net) The Group recorded a net fair value loss on investment properties of HK$69,400 thousand for the year, compared to a net gain of HK$10,149 thousand last year, primarily due to increased fair value losses on Hong Kong investment properties Investment Property Fair Value Changes (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net Fair Value Loss/(Gain) on Investment Properties | (69,400) | 10,149 | Shifted from gain to loss | | Hong Kong Investment Property Fair Value Loss | (69,400) | (13,131) | Loss widened | | Singapore Investment Property Fair Value Gain | – | 23,280 | No gain | [Impairment Loss Provisions for Loans and Interest Receivable and Repossessed Assets, Net](index=20&type=section&id=4.1.5%20Impairment%20Loss%20Provisions%20for%20Loans%20and%20Interest%20Receivable%20and%20Repossessed%20Assets%2C%20Net) Net impairment loss provisions amounted to HK$37,059 thousand, a 2.4% decrease from last year, primarily attributable to a reduction in the loan portfolio Net Impairment Loss Provisions (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net Impairment Loss Provisions | 37,059 | 37,964 | -805 (-2.4%) | [Profit/(Loss) Attributable to Owners of the Company](index=20&type=section&id=4.1.6%20Profit%2F%28Loss%29%20Attributable%20to%20Owners%20of%20the%20Company) The Group recorded a loss attributable to owners of HK$55,659 thousand for the year, compared to a profit of HK$22,413 thousand last year, mainly due to fair value losses on investment properties, partially offset by increased securities trading profit Profit/(Loss) Attributable to Owners of the Company (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Profit/(Loss) Attributable to Owners of the Company | (55,659) | 22,413 | Shifted from profit to loss | | Securities Trading Profit | 5,693 | 315 | Significant growth | - Last year included a fair value gain on investment properties of HK$10,149 thousand and a gain on disposal of a subsidiary of HK$9,834 thousand, which were absent this year[43](index=43&type=chunk) [Business Segment Performance](index=21&type=section&id=4.2%20Business%20Segment%20Performance) This section analyzes the performance of the Group's three core business segments—money lending, property investment, and securities trading—detailing their challenges and achievements for the year - Money lending revenue decreased, but segment profit slightly increased[44](index=44&type=chunk)[50](index=50&type=chunk) - Property investment segment shifted from profit to loss, mainly due to a significant decline in Hong Kong property fair value[51](index=51&type=chunk)[54](index=54&type=chunk) - Securities trading segment profit significantly grew, benefiting from the Hang Seng Index recovery and equity investment gains[55](index=55&type=chunk)[56](index=56&type=chunk) [Lending](index=21&type=section&id=4.2.1%20Lending) The money lending business, accounting for approximately 77.2% of total revenue, saw a 4.2% revenue decrease to HK$69,716 thousand due to a smaller loan portfolio, with fewer mortgage loans but more unsecured personal loans granted - The money lending business accounted for approximately **77.2%** of total revenue, with revenue decreasing by **4.2%** to **HK$69,716 thousand**[44](index=44&type=chunk) Lending Business Loan Data | Loan Type | 2025 Number of Loans Granted | 2024 Number of Loans Granted | 2025 Total Principal (HK$ thousand) | 2024 Total Principal (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | Mortgage Loans | 28 | 40 | 188,530 | 255,960 | | Unsecured Personal Loans | 7 | 5 | 5,230 | 2,520 | - Loans and interest receivable (net of provisions) decreased by **20.3%** to **HK$577,338 thousand**[47](index=47&type=chunk) - Impairment loss provisions for mortgage loans increased to **HK$38,984 thousand**, while unsecured personal loans recorded an impairment loss reversal of **HK$831 thousand**[49](index=49&type=chunk) - The total carrying amount of repossessed assets increased by **30.5%** to **HK$134,463 thousand**, involving **16** loan cases[49](index=49&type=chunk) - The money lending segment recorded a profit of **HK$20,898 thousand** for the year, a slight increase from last year[50](index=50&type=chunk) [Property Investment](index=23&type=section&id=4.2.2%20Property%20Investment) Property investment segment revenue fell by 2.4% to HK$14,914 thousand due to weak tenant demand and rent concessions in Hong Kong retail properties, resulting in a net fair value loss of HK$69,400 thousand and a segment shift from profit to loss - Property investment segment revenue decreased by **2.4%** to **HK$14,914 thousand**[52](index=52&type=chunk) - Rental income from Hong Kong investment properties decreased by **2.5%**, mainly due to early tenant departures and rent concessions[52](index=52&type=chunk) - Overall average occupancy rate decreased to **95.8%** (from 96.9% last year), while the overall average annual rental yield increased to **3.1%** (from 2.8% last year)[52](index=52&type=chunk) - Investment property fair value shifted from a net gain of HK$10,149 thousand last year to a **net loss of HK$69,400 thousand** this year, primarily due to increased fair value losses on Hong Kong properties[53](index=53&type=chunk) - The property investment segment shifted from a profit of HK$21,644 thousand last year to a **loss of HK$57,788 thousand** this year[54](index=54&type=chunk) [Securities Trading](index=24&type=section&id=4.2.3%20Securities%20Trading) The securities trading segment recorded a significant profit increase to HK$5,693 thousand, driven by a substantial 39.8% rebound in the Hang Seng Index and higher net fair value gains and dividend income from listed equity investments - Securities trading segment profit significantly increased to **HK$5,693 thousand** (from HK$315 thousand last year)[56](index=56&type=chunk) - The Hang Seng Index surged by **39.8%** from 16,541 points on March 31, 2024, to **23,119 points** on March 31, 2025[56](index=56&type=chunk) - Net fair value gains on listed equity investments increased to **HK$4,140 thousand** (from HK$74 thousand last year), and dividend income increased to **HK$1,493 thousand** (from HK$185 thousand last year)[56](index=56&type=chunk) Equity Investments at Fair Value Through Profit or Loss Details (as of March 31, 2025) | Share Name (Stock Code) | Market Value (HK$ thousand) | Percentage of Net Assets | | :--- | :--- | :--- | | CK Hutchison Holdings Limited (0001) | 1,748 | 0.09 | | Henderson Land Development Company Limited (0012) | 1,561 | 0.08 | | Sun Hung Kai Properties Limited (0016) | 1,475 | 0.08 | | China Construction Bank Corporation (0939) | 1,376 | 0.07 | | China Mobile Limited (0941) | 1,675 | 0.09 | | CK Asset Holdings Limited (1113) | 1,727 | 0.09 | | Ping An Insurance (Group) Company of China, Ltd. (2318) | 926 | 0.05 | | Bank of China Limited (3988) | 936 | 0.05 | | **Total** | **11,424** | **0.60** | [Contingent Liabilities](index=25&type=section&id=4.3%20Contingent%20Liabilities) As of March 31, 2025, the Company had outstanding guarantees of HK$70,000 thousand to banks for a subsidiary's credit facilities, none of which were drawn down Contingent Liabilities (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Outstanding Bank Guarantees | 70,000 | 70,000 | | Utilized Credit Facilities under Guarantee | – | – | [Pledge of Assets](index=26&type=section&id=4.4%20Pledge%20of%20Assets) As of March 31, 2025, the Group pledged self-occupied office units and parking spaces with a net book value of HK$103,983 thousand, along with listed equity investments with a fair value of HK$11,424 thousand, to secure total financing loans of HK$78,620 thousand, none of which were utilized Pledged Assets and Financing Loans (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Net Book Value of Pledged Assets | 103,983 | 108,681 | | Fair Value of Pledged Listed Equity Investments | 11,424 | 15,375 | | Total Financing Loans Secured | 78,620 | 80,968 | | Utilized Financing Loans | – | – | [Liquidity and Financial Resources](index=26&type=section&id=4.5%20Liquidity%20and%20Financial%20Resources) The Group maintains a strong financial position with net current assets increasing to HK$1,220,427 thousand and cash and cash equivalents totaling approximately HK$682,206 thousand, supported by stringent cost control measures Liquidity and Financial Resources (HK$ thousand) | Item | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net Current Assets | 1,220,427 | 1,164,969 | +4.8% | | Equity Attributable to Owners of the Company | 1,505,939 | 1,561,876 | -3.7% | | Cash and Cash Equivalents | 682,206 | 518,251 | +31.6% | | Amounts Due to Intermediate Holding Company | 80,000 | 80,000 | No change | | Advances from Non-controlling Shareholders | – | 24,087 | Waived | - The Group has implemented stringent cost control measures and believes it has sufficient funds for continuing operations and development[62](index=62&type=chunk) [Gearing Ratio](index=26&type=section&id=4.6%20Gearing%20Ratio) As of March 31, 2025, the Group's gearing ratio decreased to 5.3% (from 6.7% last year), reflecting reduced financial leverage Gearing Ratio | Indicator | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Gearing Ratio | 5.3% | 6.7% | -1.4% | - Total debt is defined as lease liabilities and amounts due to an intermediate holding company[63](index=63&type=chunk) [Key Risks and Uncertainties](index=27&type=section&id=V.%20Key%20Risks%20and%20Uncertainties) This section identifies and discusses the primary market, credit, equity price, and foreign exchange risks impacting the Group's operations [Market Risk](index=27&type=section&id=5.1%20Market%20Risk) The Group's business performance is closely tied to Hong Kong's economic conditions and property market dynamics, with potential impacts on mortgage loan growth and impairment losses, which the Group mitigates by monitoring market trends and collateral valuations - The Group's business performance is closely linked to Hong Kong's economic conditions and property market dynamics[64](index=64&type=chunk) - An economic downturn or deterioration in the property market could affect mortgage loan portfolio growth and increase the risk of impairment losses[64](index=64&type=chunk) - The Group will closely monitor property market trends and collateral valuations, implementing appropriate risk mitigation strategies[64](index=64&type=chunk) [Credit Risk](index=27&type=section&id=5.2%20Credit%20Risk) The Group mitigates credit risk by lending to quality clients and securing sufficient collateral, conducting due diligence, and continuously monitoring repayment status and internal control systems - The Group primarily engages in lending and leasing transactions with quality clients and obtains sufficient collateral or deposits to mitigate default risk[65](index=65&type=chunk) - A loan committee approves loans, and the Group continuously monitors property market conditions and collateral values of its mortgage loan portfolio[65](index=65&type=chunk) - Client repayment status is closely monitored, legal actions are taken for defaulting debts when necessary, and internal control systems are regularly reviewed[65](index=65&type=chunk) [Equity Price Risk](index=28&type=section&id=5.3%20Equity%20Price%20Risk) The Group faces equity price risk from its investments in listed securities on the Hong Kong Stock Exchange, which management addresses by monitoring price movements and market conditions to consider appropriate mitigation actions - The Group faces equity price risk arising from its investments in listed securities on the Hong Kong Stock Exchange[66](index=66&type=chunk) - Management manages this risk by monitoring price movements and market conditions, and will consider appropriate actions to mitigate the risk[66](index=66&type=chunk) [Foreign Exchange Risk](index=28&type=section&id=5.4%20Foreign%20Exchange%20Risk) The Group's revenues, costs, and cash equivalents are primarily denominated in HKD, SGD, and USD, with no current hedging policy, though management monitors foreign exchange risk and will consider hedging if needed - The majority of the Group's revenue, costs, and cash equivalents are denominated in Hong Kong Dollars, Singapore Dollars, and US Dollars[67](index=67&type=chunk) - There is currently no foreign exchange hedging policy, but management closely monitors foreign exchange risk and will consider hedging when necessary[67](index=67&type=chunk) [Other Information](index=28&type=section&id=VI.%20Other%20Information) This section provides additional information on human resources, corporate governance, and other operational and administrative matters [Employees and Remuneration](index=28&type=section&id=6.1%20Employees%20and%20Remuneration) As of March 31, 2025, the Group had 32 employees, with total employee benefit expenses of HK$22,629 thousand for the year, offering benefits including salary increments, MPF, medical insurance, discretionary bonuses, and vocational training Employee and Remuneration Data (HK$ thousand) | Item | 2025 | 2024 | | :--- | :--- | :--- | | Total Number of Employees | 32 | 32 | | Employee Benefit Expenses | 22,629 | 22,663 | - Employee benefits include salary increments, Mandatory Provident Fund schemes, medical insurance, and discretionary bonuses, along with vocational training[68](index=68&type=chunk) [Significant Investments, Acquisitions and Disposals of Subsidiaries and Associates Held](index=28&type=section&id=6.2%20Significant%20Investments%2C%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associates%20Held) The Group did not hold any significant investments or undertake any material acquisitions or disposals of subsidiaries and associates during the year - The Group had no significant investments, acquisitions, or disposals of subsidiaries and associates during the year[69](index=69&type=chunk) [Suspension of Register of Members](index=28&type=section&id=6.3%20Suspension%20of%20Register%20of%20Members) To determine eligibility for attending and voting at the Annual General Meeting, the Company will suspend its register of members from September 11 to September 16, 2025, inclusive - The Annual General Meeting will be held on September 16, 2025[70](index=70&type=chunk) - The register of members will be suspended from September 11 to September 16, 2025[70](index=70&type=chunk) [Purchase, Redemption or Sale of the Company's Listed Securities](index=29&type=section&id=6.4%20Purchase%2C%20Redemption%20or%20Sale%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities during the year - Neither the Company nor its subsidiaries conducted any purchase, redemption, or sale of listed securities during the year[71](index=71&type=chunk) [Corporate Governance](index=29&type=section&id=6.5%20Corporate%20Governance) The Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules of The Stock Exchange of Hong Kong Limited for the year ended March 31, 2025 - The Company complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 of the Listing Rules[72](index=72&type=chunk) [Standard Code for Securities Transactions by Directors](index=29&type=section&id=6.6%20Standard%20Code%20for%20Securities%20Transactions%20by%20Directors) The Company adopted the Standard Code for Securities Transactions by Directors as set out in Appendix C3 of the Listing Rules, and all Directors confirmed their compliance - The Company adopted the Standard Code in Appendix C3 of the Listing Rules, and all Directors confirmed compliance[73](index=73&type=chunk) [Audit Committee](index=29&type=section&id=6.7%20Audit%20Committee) The Audit Committee, comprising four independent non-executive Directors, reviewed the Group's consolidated financial statements, accounting principles, and practices, and discussed internal controls, risk management, and financial reporting matters - The Audit Committee consists of four independent non-executive Directors[74](index=74&type=chunk) - The Audit Committee reviewed the consolidated financial statements, accounting principles and practices, and discussed internal controls, risk management, and financial reporting matters[74](index=74&type=chunk) [Scope of Work of the Company's Auditor](index=30&type=section&id=6.8%20Scope%20of%20Work%20of%20the%20Company%27s%20Auditor) The Company's auditor confirmed that the figures in the preliminary announcement for the consolidated income statement, comprehensive income statement, financial position, and related notes align with the consolidated financial statements, though this work does not constitute an assurance engagement - The auditor confirmed that the financial data in the preliminary announcement is consistent with the consolidated financial statements[75](index=75&type=chunk) - The auditor's work does not constitute an assurance engagement, thus no assurance was expressed[75](index=75&type=chunk) [Board of Directors](index=30&type=section&id=6.9%20Board%20of%20Directors) As of the announcement date, the Board of Directors comprises Mr. Wong Wai Kit as Chairman, Ms. Siu Yun Kwan as Vice Chairman, Ms. Wong Sau Lan as Chief Operating Officer, other executive directors, and four independent non-executive directors - The Board of Directors comprises Mr. Wong Wai Kit as Chairman, Ms. Siu Yun Kwan as Vice Chairman, Ms. Wong Sau Lan as Chief Operating Officer, other executive directors, and four independent non-executive directors[76](index=76&type=chunk)[77](index=77&type=chunk)

Property Market Trends - Hong Kong's residential property prices have dropped 7.5% since December 2023 and 27.7% from their peak in 2021, marking the lowest level since August 2016[18]. - The number of negative equity cases surged by 26.9%, increasing from 32,073 cases at the end of March 2024 to 40,713 cases at the end of September 2024, a 21-year high[18]. - Fair value losses were recorded on investment properties during the period, contrasting with fair value gains reported in the same period last year, primarily due to significant decreases in property valuations in Hong Kong[19]. - Revenue from property investment dropped by 13.7% to HK$6,831,000 for the Period, compared to HK$7,916,000 in the same period last year[39]. - Rental income from investment properties in Hong Kong decreased by 13.4% to HK$5,748,000 (2023: HK$6,641,000)[39]. - The average occupancy rate for the Group's investment properties declined to 89.0% (31 March 2024: 96.9%)[39]. - The property investment segment recorded a loss of HK$9,233,000 for the Period (2023: a profit of HK$14,045,000)[39]. - The fair value losses on Hong Kong investment properties increased to HK$14,600,000 (2023: HK$3,300,000)[39]. Financial Performance - The Group shifted from profit to loss attributable to owners during the six months ended September 30, 2024, due to increased provisions for impairment losses on repossessed assets and mortgage loans[19]. - The Group recorded a loss attributable to owners of the Company of HK$4,247,000 for the period, compared to a profit of HK$25,630,000 in the same period last year[34]. - Profit before tax from continuing operations decreased to HK$5,258,000, down 85.8% from HK$37,115,000 in the previous year[78]. - Profit for the period from continuing operations was HK$2,382,000, a significant decline of 92.4% compared to HK$31,516,000 in 2023[78]. - Total comprehensive income for the period was HK$8,549,000, down from HK$10,931,000 in 2023[81]. - The total segment results showed a profit of HK$11,141,000 in 2024, down from HK$44,374,000 in 2023, a decrease of 75%[122]. Revenue and Income Sources - The Group's revenue increased by 11.3% to HK$48,697,000, compared to HK$43,772,000 in the previous year, driven by interest income from money lending and fair value gains on listed equity investments[24]. - Interest income from money lending rose by HK$1,541,000, while dividend income from listed equity investments increased by HK$961,000, partially offset by a decrease in rental income from investment properties by HK$1,085,000[24]. - Other income increased by 24.8% to HK$8,851,000, primarily due to an increase in bank interest income by HK$876,000 and income from forfeiture of rental deposits amounting to HK$565,000[24]. - The money lending business contributed 77.0% to the Group's revenue, with interest income increasing by 4.3% to HK$37,513,000 for the Period (2023: HK$35,972,000)[37]. Impairment and Provisions - A net provision for impairment losses on loan and interest receivables was recognized at HK$2,403,000, a shift from a net reversal of provision of HK$339,000 in the previous year[29]. - The Group recognized a total net provision for impairment losses on repossessed assets of HK$14,263,000, significantly higher than HK$353,000 in the previous year[32]. - Provision for impairment losses on repossessed assets increased to HK$14,263,000 (2023: HK$353,000) and on loan and interest receivables for mortgage loans increased to HK$3,349,000 (2023: HK$417,000)[34]. Shareholder Information - As of September 30, 2024, the total number of issued shares of the Company was 5,780,368,705[67]. - New Century Investment Pacific Limited holds 3,556,133,691 shares, representing 61.52% of the Company's issued share capital[68]. - Mr. Ng (Huang) Cheow Leng is the largest shareholder with 4,206,729,691 shares, which is 72.78% of the Company's issued share capital[68]. - The Company has a significant concentration of ownership, with major shareholders holding over 60% of the total shares[68]. Governance and Compliance - The Board of Directors does not recommend the payment of any interim dividend for the six months ended September 30, 2024, consistent with the previous year[62]. - All directors confirmed compliance with the Model Code for Securities Transactions during the six months ended September 30, 2024[62]. - The interim financial results for the six months ended September 30, 2024, have been reviewed by the auditor, confirming compliance with Hong Kong Accounting Standard 34[75]. - The independent review report indicated no significant issues that would suggest the interim financial information was not prepared in accordance with HKAS 34[76]. Cash Flow and Assets - The Group's net current assets were HK$1,210,323,000 as of September 30, 2024, compared to HK$1,164,969,000 as of March 31, 2024[44]. - The aggregate cash and cash equivalents of the Group were approximately HK$550,926,000 as of September 30, 2024, compared to approximately HK$518,251,000 as of March 31, 2024[44]. - The net cash flows from operating activities were HK$32,113, compared to a cash outflow of HK$4,789 in the same period of 2023[114]. - Cash and cash equivalents at the end of the period stood at HK$404,259, down from HK$447,659 at the end of the previous year[114]. Employee and Management Expenses - Employee benefit expenses for the period amounted to HK$10,177,000, an increase from HK$9,729,000 in the previous year[58]. - Total compensation paid to key management personnel increased to HK$4,665,000 in 2024 from HK$4,266,000 in 2023, representing a growth of approximately 9.3%[154]. - The management fee paid to Huang & Co for administrative services was approximately HK$8,800 per month, an increase from HK$8,700 in the previous year[150]. Strategic Focus and Market Conditions - The Group's business performance is closely tied to economic conditions and property market dynamics in Hong Kong, with potential downturns posing risks[47]. - The Group aims to strengthen its financial position through prudent lending practices and strategic partnerships in response to market changes[60]. - The Group is committed to identifying opportunities arising from shifts in market conditions to ensure sustainable growth while effectively managing risks[60].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 48,697,000, an increase of 11.0% from HKD 43,772,000 in the same period of 2023[3] - Other income increased to HKD 8,851,000, up 24.8% from HKD 7,092,000 year-on-year[3] - The pre-tax profit from continuing operations decreased significantly to HKD 5,258,000, down 85.8% from HKD 37,115,000 in the previous year[3] - The net profit attributable to the company's owners was HKD (4,247,000), compared to HKD 25,630,000 in the same period last year, reflecting a substantial decline[5] - The total comprehensive income for the period was HKD 10,931,000, down from HKD 25,832,000 in the previous year[7] - The adjusted profit before tax for the reporting period was HKD 5,258,000, down from HKD 37,115,000 in the previous year, marking a decrease of approximately 85.8%[22] - The company reported a basic loss per share of HKD (0.07) compared to a profit of HKD 0.44 in the previous year[5] - The company reported a net loss attributable to shareholders of HKD 4,247,000, compared to a profit of HKD 25,630,000 in the same period last year, primarily due to increased impairment losses on receivables and investment properties[48] Asset and Equity Position - Non-current assets totaled HKD 745,746,000, a slight decrease from HKD 756,427,000 as of March 31, 2024[11] - Current assets increased to HKD 1,299,464,000 from HKD 1,279,760,000, indicating a growth in liquidity[11] - The net asset value increased to HKD 1,936,943,000 from HKD 1,901,925,000, showing a positive trend in equity[13] - The company's total receivables from loans and interest, net of provisions, amounted to HKD 728,068,000 as of September 30, 2024, compared to HKD 724,516,000 at the end of March 2024[33] - The group's net assets amounted to HKD 106,332,000 as of September 30, 2024, down from HKD 108,681,000 on March 31, 2024[63] - The capital debt ratio decreased to 5.1% as of September 30, 2024, from 6.7% on March 31, 2024[67] - The group maintained a net current asset position of HKD 1,210,323,000 as of September 30, 2024, compared to HKD 1,164,969,000 on March 31, 2024[65] Revenue Sources - For the six months ending September 30, 2024, the total revenue from continuing operations was HKD 49,655,000, compared to HKD 43,837,000 for the same period in 2023, representing an increase of approximately 13.5%[22] - The interest income from mortgage and unsecured personal loans was HKD 37,513,000, up from HKD 35,972,000 in 2023, reflecting a growth of about 4.3%[25] - The total rental income from investment properties was HKD 6,831,000, a decrease from HKD 7,916,000 in the previous year, indicating a decline of approximately 13.7%[25] - The net fair value gain from equity investments was HKD 3,261,000, compared to a loss of HKD 247,000 in 2023, showing a significant turnaround[25] - Total revenue increased by 11.3% to HKD 48,697,000, driven by interest income from lending of HKD 37,513,000, rental income from investment properties of HKD 6,831,000, and fair value gains from listed equity investments of HKD 3,261,000[41] Impairment and Losses - The company recorded a net loss of HKD 14,600,000 from fair value changes in investment properties, a significant decline from a net gain of HKD 8,320,000 in the previous year[44] - Impairment losses on receivables and interest amounted to HKD 3,349,000, up from HKD 417,000 in the previous year, while impairment losses on collateral assets totaled HKD 15,013,000, compared to HKD 372,000 last year[48][55] - The net impairment loss on collateral assets was HKD 14,263,000, significantly higher than HKD 353,000 in the previous year[47] - The company’s profit from the lending segment decreased by 47.5% to HKD 15,980,000, down from HKD 30,430,000 last year[55] Market Conditions and Challenges - The residential property market in Hong Kong saw a price decline of 7.5% since December 2023, marking a 27.7% drop from the peak in 2021, indicating ongoing weakness in the sector[38] - The number of negative equity cases surged by 26.9% from 32,073 at the end of March 2024 to 40,713 by the end of September 2024, the highest in 21 years[38] - The company’s mortgage lending business faced challenges due to rising interest rates and declining property values, leading to increased default rates and loss provisions[39] - The group is closely monitoring potential increases in tariffs on Chinese goods following the U.S. presidential election in November 2024, which may pose significant challenges to the Hong Kong economy[76] Strategic Focus and Governance - The company continues to focus on investment holding and securities trading, with a strategic shift away from cruise leasing services[15] - The securities trading segment showed resilience, turning a profit by leveraging market volatility and adopting strategic trading methods[39] - The group has implemented stringent cost control measures to monitor daily operational and administrative expenses[66] - The board has complied with all provisions of the corporate governance code during the six months ended September 30, 2024[80] - The company has adopted the standard code of conduct for securities transactions by directors, confirming compliance during the reporting period[81] - The interim results for the six months ended September 30, 2024, have been reviewed by the company's auditors in accordance with the relevant standards[82] Employee and Operational Metrics - The group recorded employee benefit expenses of HKD 10,177,000 for the period, an increase from HKD 9,729,000 in the previous year[74] - As of September 30, 2024, the group had a total of 32 employees, unchanged from March 31, 2024[74]

Financial Performance - The Group's revenue increased by 10.3% to HK$88,291,000 for the year ended 31 March 2024, compared to HK$80,068,000 in 2023[15] - Profit for the year from continuing operations was HK$25,700,000, an increase from HK$16,900,000 in 2023[22] - Profit attributable to owners of the Company was HK$22,400,000, recovering from a loss of HK$36,900,000 in the previous year[22] - Earnings per share improved to HK$0.39, compared to a loss of HK$0.64 in 2023[22] - The Group recorded fair value gains of HK$74,000 on listed equity investments, a turnaround from fair value losses of HK$13,578,000 in the previous year[15] - The Group recorded a profit attributable to owners of HK$22,413,000 for the year, marking a turnaround from previous losses[28] Income Sources - Interest income from the money lending business was HK$72,744,000, up from HK$72,491,000 in the previous year[15] - Other income rose significantly to HK$15,434,000, compared to HK$7,386,000 in 2023, primarily due to an increase in bank interest income[15] - The increase in revenue by HK$8,223,000 was primarily due to the turnaround in fair value losses on listed equity investments[15] Property and Investment Performance - Average occupancy rate reached a stable level of 96.9% across the Hong Kong and Singapore markets, despite challenging economic conditions[27] - Fair value gains from Singapore properties amounted to HK$23,280,000, highlighting the advantages of the Group's diversified property portfolio[27] - The property investment segment turned around from a loss of HK$389,000 last year to a profit of HK$21,644,000 for the Year[76] - The Group's investment properties achieved an average occupancy rate of 96.9% (2023: 99.5%) with an average annual rental yield of 2.8% (2023: 2.8%) for the Year[76] Impairment and Risk Management - The Group recognized a net provision for impairment losses of HK$12,405,000 on loan and interest receivables, a significant increase from HK$2,794,000 in the previous year[39] - Impairment losses on mortgage loans were recorded at HK$12,623,000 due to a decrease in collateral market value and an increase in default cases[39] - The number of residential mortgage loans in negative equity quadrupled from 6,379 to 32,073 in the first quarter of 2024, the highest since Q1 2004[49] - The Group will monitor property market trends and collateral valuations to mitigate risks associated with declining property prices[105] Lending Business - The Group plans to cautiously expand its lending business in response to anticipated economic recovery while maintaining rigorous risk management practices[29] - The Group granted 40 mortgage loans totaling HK$255,960,000 in 2024, down from 53 loans totaling HK$334,560,000 in 2023[59] - The number of mortgage loan customers decreased slightly from 115 in 2023 to 114 in 2024, with total receivables of HK$715,029,000[60] - The Group focuses on lending and leasing transactions with quality clients, ensuring adequate collateral to mitigate financial loss risks from defaults[137] Economic Conditions and Outlook - The outlook for interest rates adds uncertainty to the property market recovery and mortgage affordability in Hong Kong[28] - The Group's resilience during the economic downturn is expected to lay a solid foundation for future growth in the lending and property sectors[29] - The Group's performance is closely linked to the economic conditions and property market dynamics in Hong Kong, with potential economic downturns posing risks to mortgage loan growth[133] Governance and Management - The Board has established three committees to oversee specific aspects of the Group's affairs, ensuring effective governance and resource allocation[85] - The Group's management has identified no significant areas of concern affecting the operation of the money lending business through regular internal control reviews[135] - The management will continue to closely review the Group's financial resources in a cautious manner[128] Discontinued Operations - The Group decided to discontinue its cruise ship charter service business in March 2023, classifying it as a discontinued operation[159] - On April 28, 2023, the Group sold Kingston Maritime Limited (KML) for S$7,650,000 (approximately HK$44,982,000), which included the entire issued share capital and a shareholder's loan[159] - The Group recorded a gain of approximately HK$9,834,000 from the disposal of the subsidiary[159] - After the disposal, the loss from the discontinued operation of cruise ship charter services significantly decreased to HK$531,000 for the year, compared to HK$60,743,000 in 2023[159]

Financial Performance - For the fiscal year ending March 31, 2024, the total revenue increased to HKD 88,291,000 from HKD 80,068,000, representing a growth of approximately 15.4%[3] - The net profit for the year was HKD 34,991,000, a significant recovery from a loss of HKD 43,888,000 in the previous year[5] - The profit from continuing operations increased to HKD 25,688,000, compared to HKD 16,855,000 in the prior year, marking a growth of about 52.5%[4] - The company reported a significant loss from discontinued operations of HKD 531,000, compared to a loss of HKD 60,743,000 in the previous year, indicating improved performance in this segment[4] - The company reported a pre-tax profit from continuing operations of HKD 28,631,000, an increase from HKD 26,077,000 in 2023, representing a growth of 9.8%[28] - The company recorded a profit attributable to owners of HKD 22,413,000, a turnaround from a loss of HKD 36,866,000 in the previous year, mainly due to reduced losses from discontinued operations and increased fair value gains from investment properties[67] Revenue Breakdown - Total revenue for the year 2024 reached HKD 88,733,000, an increase of 9.4% compared to HKD 80,913,000 in 2023[22] - Interest income from mortgage and unsecured personal loans was HKD 72,744,000, slightly up from HKD 72,491,000 in the previous year[26] - Rental income from investment properties totaled HKD 15,288,000, down from HKD 15,530,000 in 2023, reflecting a decrease of 1.6%[26] - Total revenue increased by 10.3% to HKD 88,291,000, driven by interest income from lending business of HKD 72,744,000 and rental income from property investment of HKD 15,288,000[61] Asset and Liability Management - Total assets as of March 31, 2024, amounted to HKD 1,279,760,000, compared to HKD 1,177,215,000 in the previous year, reflecting an increase of approximately 8.7%[6] - The total assets of the company amounted to HKD 2,036,187,000, down from HKD 2,081,374,000 in the previous year[23] - The total liabilities decreased to HKD 134,262,000 in 2024 from HKD 201,900,000 in 2023, a reduction of 33.5%[23] - The company maintained a rigorous control over overdue receivables, with total receivables from leasing increasing to HKD 1,242,000 in 2024 from HKD 357,000 in 2023[43] - The total receivables from loans and interest decreased to HKD 741,494,000 in 2024 from HKD 827,996,000 in 2023, with a provision for impairment losses increasing to HKD 16,978,000[46] Impairment and Credit Risk - The company reported a net impairment loss on loans and interest of HKD 12,405,000, up from HKD 2,794,000 the previous year, indicating increased credit risk[3] - The company recognized impairment losses of HKD 12,623,000 for mortgage loans and HKD 25,559,000 for collateral assets due to adverse market conditions[56] - The total amount of receivables classified as defaulted (Stage 3) reached HKD 95,787,000, with an impairment provision of HKD 13,824,000[49] - The lending division recorded a significant profit decrease of 62.1% to HKD 20,766,000 (2023: HKD 54,730,000) due to impairment losses on collateral assets totaling HKD 25,559,000 (2023: HKD 1,941,000)[73] Investment Properties - The fair value gain on investment properties was HKD 10,149,000, a recovery from a loss of HKD 12,292,000 in the previous year[3] - The group achieved a net fair value gain of HKD 10,149,000 from investment properties (2023: fair value loss of HKD 12,292,000)[76] - The company achieved a fair value gain of HKD 23,280,000 from properties in Singapore, highlighting the advantages of its diversified property portfolio[56] Business Operations and Strategy - The company plans to continue its market expansion and product development strategies, although specific figures were not disclosed in the earnings report[9] - The group has three reportable operating segments: lending, property investment, and securities trading[19] - The lending segment provides mortgage and unsecured personal loans, while the property investment segment focuses on high-quality office units and commercial properties with rental income potential[19] - The group assesses segment performance based on adjusted profit or loss before tax, excluding bank interest income and certain corporate expenses[17] Employee and Administrative Expenses - Administrative and operating expenses rose to HKD 46,731,000 from HKD 44,104,000, mainly due to an increase in employee benefits expenses by HKD 1,959,000 and overseas travel expenses by HKD 417,000[63] - The group recorded employee benefit expenses of HKD 22,663,000 for the year, an increase of 9.5% from HKD 20,704,000 in the previous year[93] - The group has 32 employees as of March 31, 2024, compared to 31 employees in the previous year[93] Discontinued Operations - The company terminated its cruise leasing service business in March 2023 and sold its indirect non-wholly owned subsidiary KML, completing the sale on April 28, 2023[32] - For the year ended March 31, 2024, the terminated business reported revenue of HKD 705,000, a decrease of 74.3% from HKD 2,746,000 in the previous year[33] - The loss from the terminated business for the year was HKD 531,000, compared to a loss of HKD 60,743,000 in the previous year, indicating a significant improvement[33] - The company recognized a gain of HKD 9,834,000 from the sale of the subsidiary, contributing positively to the overall financial results[33] Risk Management - The group focuses on lending to high-quality clients and conducts due diligence to mitigate credit risk[89] - The group actively monitors property market trends and collateral valuations to manage risks associated with mortgage loans[89] - The group plans to maintain rigorous risk management practices and cautiously expand its lending business in response to expected economic recovery[59] Compliance and Governance - The financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and are reported in Hong Kong dollars (HKD), with amounts rounded to the nearest thousand[10] - The group complies with all corporate governance codes as per the Hong Kong Stock Exchange listing rules[99] - The group does not fall under the scope of the OECD's Pillar Two model rules, thus the recent amendments regarding international tax reform have no impact on the group[16]

Financial Performance - The Group recorded a profit attributable to owners of HK$25,630,000 for the six months ended September 30, 2023, compared to a loss of HK$8,625,000 in the same period of 2022, indicating effective strategic initiatives [12]. - Revenue increased by 50.8% to HK$43,772,000 for the Period, up from HK$29,019,000 in 2022, primarily driven by increased interest income from money lending and reduced fair value losses on listed equity investments [16]. - Profit before tax from continuing operations was HK$37,115,000, significantly up from HK$11,089,000 in the previous year, representing a growth of 235.5% [149]. - Profit for the period from continuing operations was HK$31,516,000, compared to HK$5,247,000 in 2022, marking a substantial increase of 500.3% [149]. - The company reported a total comprehensive income of HK$25,832,000 for the period, compared to a loss of HK$21,141,000 in the same period last year [150]. - Basic earnings per share for profit for the period was HK0.44 cents, a recovery from a loss of HK(0.15) cents in the previous year [149]. Revenue Sources - Interest income from the money lending business rose by HK$1,434,000 to HK$35,972,000, while fair value losses on listed equity investments decreased significantly by HK$18,332,000 to HK$247,000 [16]. - Other income surged to HK$7,092,000 from HK$1,937,000 in the previous year, mainly due to a substantial increase in bank interest income [17]. - The money lending segment recorded an increase in profit by 8.1% to HK$30,430,000 for the Period, compared to HK$28,152,000 in the previous year [46]. - The Group's segment revenue from property investment increased by 2.1% to HK$7,916,000 for the Period, up from HK$7,753,000 in the previous year [52]. - The Group's investment properties in Singapore generated fair value gains of HK$11,620,000, while losses in Hong Kong properties were HK$3,300,000 [25]. Discontinued Operations - The Group discontinued its cruise ship charter services business in March 2023, leading to a significant reduction in losses from this segment [11]. - Loss from the discontinued operation of cruise ship charter services decreased to HK$531,000 for the period, compared to HK$11,992,000 in 2022 [98]. - The Group disposed of its cruise ship charter services business for S$7,650,000 (approximately HK$44,982,000) on April 28, 2023, resulting in a gain on disposal of approximately HK$9,834,000 [97]. Economic Environment - Consumer spending in Hong Kong rebounded to nearly 90% of pre-pandemic levels in the first nine months of 2023, although growth opportunities remain limited [10]. - The Hong Kong government revised its economic growth forecast for 2023 down to 3.2% from an earlier estimate of 4.0% to 5.0%, highlighting ongoing economic challenges [10]. - The overall economic outlook continues to face downside risks due to geopolitical tensions and the aftermath of COVID-19 restrictions [10]. Cost Management - Administrative and operating expenses increased by 5.3% to HK$21,507,000 from HK$20,432,000, mainly due to a rise in employee benefit expenses and overseas travel expenses [21]. - The Group maintained stringent cost control measures to monitor operational and administrative expenses [75]. - Employee benefit expenses for the period were HK$9,729,000, an increase from HK$9,114,000 in 2022 [93]. Assets and Liabilities - The Group's net current assets increased to HK$1,108,421,000 as of 30 September 2023, up from HK$1,060,608,000 on 31 March 2023 [67]. - The Group's total cash and cash equivalents were approximately HK$447,659,000 as of 30 September 2023, compared to approximately HK$456,027,000 on 31 March 2023 [68]. - The gearing ratio improved to 6.7% as of 30 September 2023, down from 9.8% on 31 March 2023 [76]. - The Group's total indebtedness includes a loan from a non-controlling shareholder amounting to approximately HK$24,087,000 as of 30 September 2023, down from approximately HK$71,823,000 on 31 March 2023 [73]. Corporate Governance - The Group has complied with all corporate governance code provisions throughout the six months ended September 30, 2023 [107]. - The company’s board conducted a review of internal controls and the interim report for the six months ended September 30, 2023 [138]. - The independent review report confirms that the interim financial information complies with relevant provisions of the Hong Kong Listing Rules and HKAS 34 [141]. Share Capital and Options - As of September 30, 2023, the total number of issued shares of the Company was 5,780,368,705 [120]. - The Company had no new share option scheme adopted after the expiration of the previous scheme [129]. - All outstanding share options under the Share Option Scheme lapsed on September 3, 2023, resulting in a transfer of HK$5,068,000 from the share option reserve to retained profits [92]. Taxation - The total tax charge for the period from continuing operations was HK$5,599,000 in 2023, slightly down from HK$5,842,000 in 2022, indicating a decrease of approximately 4.2% [196]. - The Group's current tax charge for the period in Hong Kong was HK$5,061,000, an increase from HK$4,245,000 in 2022, reflecting a rise of approximately 19.3% [196].