Financial Performance - For the year ended March 31, 2024, the Group's consolidated turnover increased to approximately HK$23.3 million, representing an 82.4% increase compared to HK$12.8 million in 2023[16]. - Operating expenses decreased by 16.2% to approximately HK$78.4 million in 2024 from HK$93.6 million in 2023[16]. - The consolidated net loss improved by 30.0%, reducing to approximately HK$62.9 million in 2024 from HK$89.9 million in 2023[16]. - The Group recorded a consolidated net loss attributable to shareholders of approximately HK$64 million, a reduction from HK$90 million in 2023, driven by a revenue increase of approximately HK$13 million and a decrease in employee benefit expenses by approximately HK$16 million[21]. - Basic and diluted loss per share were approximately HK0.33 cents, down from HK0.50 cents in 2023[21]. Assets and Liabilities - As of March 31, 2024, the Group's total assets were approximately HK$131 million, up from HK$117 million in 2023[12]. - The current ratio improved significantly to 7.46 in 2024 from 1.63 in 2023, indicating better liquidity[12]. - The Group had unsecured convertible bonds amounting to HK$40 million as of March 31, 2024, compared to none in 2023[12]. - The gearing ratio decreased to 49.3% in 2024 from 190.4% in 2023, reflecting a stronger equity position[12]. - The Group had shareholders' funds of approximately HK$77 million as of March 31, 2024, compared to HK$34 million in 2023[22]. - The Group has no capital commitments as of March 31, 2024, indicating sufficient financial resources for ongoing operational requirements[22]. Revenue Streams - The Group's consolidated revenue increased to approximately HK$23 million for the year ended March 31, 2024, primarily due to significant improvements in the asset management business[17]. - Revenue from the asset management business surged by 7,244.3% to approximately HK$12.3 million from approximately HK$0.2 million in 2023[35]. - The global markets business revenue slightly decreased by approximately 1.7% to approximately HK$10 million from approximately HK$10.1 million in 2023[29]. - The insurance brokerage business saw a revenue decline of approximately 55.8%, dropping to approximately HK$1,100,000 from approximately HK$2,500,000 in 2023 due to intense market competition[40]. Strategic Initiatives - The Group expanded its clientele and business in Mainland China, recognizing it as a significant market for asset management due to the growing middle class[35]. - The Group formed a strategic partnership with Global Futures and Options Limited to create innovative derivative products related to digital assets[34]. - The Group announced the development of regulated and interoperable fund tokens on major blockchain networks in November 2023, aiming to provide clients with investment returns based on fiat currencies, pending regulatory approvals[42]. - The Group participated in the e-HKD Pilot Programme, completing a proof-of-concept for programmable payments using smart contracts in October 2023[41]. - The Group is focusing on developing DLT-based applications and infrastructure for various financial services, which could present significant business opportunities[70][75]. Human Resources - As of March 31, 2024, the Group employed 25 staff members, a decrease from 61 in 2023, with total staff costs of HK$39 million compared to HK$55 million in the previous year[69][74]. - The Group's remuneration policy is regularly reviewed, with total staff costs reflecting a significant reduction year-over-year[69][74]. - The remuneration packages for Executive Directors are performance-based and linked to the Company's profitability[187]. - The Company aims to attract and retain talented employees through competitive remuneration packages[187]. Corporate Governance - The company has adopted the Corporate Governance Code as its own code on corporate governance practices, complying with the provisions except for code provision F.2.2[119]. - The company emphasizes transparency and accountability as key elements for achieving high standards of corporate governance[118]. - The Board consists of seven Directors, with three females, representing 43% of the Board[129]. - The Company has received confirmations of independence from all Independent Non-executive Directors (INEDs) in accordance with Rule 3.13 of the Listing Rules[150]. - The Company complied with all major aspects of laws and regulations significant to its business operations, with no material legal compliance cases during the reporting period[161]. Leadership and Management - Mr. Xu was appointed as the Executive Director and CEO of Avantua Group Limited in January 2024, bringing over 17 years of experience in finance, investment, and capital markets[84]. - Ms. Li was appointed as the Chief Financial Officer in September 2023, having extensive experience in private equity investment and risk management[85]. - Dr. Cheng oversees strategic direction for property development and investment activities at New World Development Company Limited, including large-scale projects like Victoria Dockside and Hong Kong International Airport SKYCITY[88]. - The leadership team includes professionals with qualifications from prestigious institutions, enhancing the company's credibility and expertise in financial management[85]. Risk Management - The Audit Committee reviewed the risk management framework and internal control systems for the year ended March 31, 2024, with recommendations to the Board[184]. - The Group has a strong focus on compliance and risk management in its banking operations[116].

Financial Performance - The company's revenue for the year ended March 31, 2024, was HKD 23,329,000, an increase from HKD 12,792,000 in the previous year, representing an 83% growth[7] - Other income and gains for the same period amounted to HKD 4,513,000, up from HKD 1,665,000, indicating a 170% increase[7] - The total income, including revenue and other income, reached HKD 27,842,000, compared to HKD 14,457,000 in the prior year, marking a 93% increase[7] - The company reported an EBITDA loss of HKD 50,575,000 for the year, compared to a loss of HKD 79,098,000 in the previous year, showing a 36% improvement[14] - The net loss for the year was HKD 62,921,000, a decrease from HKD 89,910,000 in the previous year, reflecting a 30% reduction in losses[15] - The company reported a net loss attributable to shareholders of HKD 63,838,000 for the year, compared to a loss of HKD 89,915,000 in the previous year[41] - The group recorded a consolidated loss attributable to shareholders of approximately HKD 64,000,000 for the year ended March 31, 2024, a decrease from HKD 90,000,000 in 2023, primarily due to an increase in revenue and other income by approximately HKD 13,000,000[56] - The company reported a pre-tax loss of HKD 62,941,000 for the year, compared to a pre-tax loss of HKD 89,910,000 in the previous year, indicating an improvement in financial performance[96] Assets and Liabilities - The company's cash and bank balances increased to HKD 89,505,000 from HKD 65,366,000, representing a 37% rise[11] - Non-current assets decreased to HKD 29,071,000 from HKD 40,323,000, a decline of 28%[11] - Current liabilities were reduced significantly to HKD 13,641,000 from HKD 47,215,000, a decrease of 71%[11] - The company's total assets minus current liabilities increased to HKD 117,235,000 from HKD 70,267,000, indicating a 67% growth[11] - The total assets, net current assets, and net asset value as of March 31, 2024, are approximately HKD 131,000,000, HKD 88,000,000, and HKD 77,000,000 respectively, compared to HKD 117,000,000, HKD 30,000,000, and HKD 34,000,000 in 2023[54] - The group’s debt-to-equity ratio decreased to 49.3% from 190.4% in 2023[54] Revenue Breakdown - External customer revenue from the global market business was HKD 10,143,000, while asset management business revenue was HKD 12,265,000, showing significant growth in both segments[96] - The asset management business revenue increased significantly by 7,244.3% to HKD 12,265,000, compared to HKD 167 in 2023[59] - The insurance brokerage business revenue decreased by 55.8% to HKD 1,097,000 from HKD 2,482,000 in 2023[59] - The total revenue from asset management and advisory fees was HKD 12,265,000, a significant increase from HKD 167,000 in the previous year, showcasing strong growth in this segment[106] Expenses and Costs - The company’s financing costs increased to HKD 7,916,000 from HKD 4,095,000 in the previous year[39] - The group’s financing costs increased by 93.3% to approximately HKD 8,000,000 for the year, compared to HKD 4,000,000 in the same period last year[70] - Operating expenses were approximately HKD 78,000,000, a decrease of 16.2% compared to HKD 94,000,000 in the same period of 2023[135] - Employee costs for the year amounted to HKD 39 million, down from HKD 55 million in the previous year[85] - Employee benefits expenses totaled approximately HKD 39,000,000, down from HKD 55,000,000 in 2023[135] Accounts Receivable and Impairment - The accounts receivable as of March 31, 2024, totaled HKD 3,303,000, significantly up from HKD 1,276,000 in the previous year[35] - The provision for impairment losses on receivables increased to HKD 3,303,000 in 2024, compared to HKD 1,276,000 in 2023[1] - The impairment losses on accounts receivable amounted to HKD 322,000, reflecting challenges in credit management[96] - The group reported a significant increase in receivables from advisory services, rising to HKD 1,897,000 in 2024 from HKD 36,000 in 2023[1] Corporate Governance and Compliance - The company did not adopt any new accounting standards or interpretations that would have a significant impact on its performance or financial position during the reporting period[20] - The audit committee reviewed the group's accounting principles and practices, discussing financial reporting matters for the year ending March 31, 2024[78] - The company confirmed that all directors adhered to the trading standards set forth in the listing rules throughout the reporting period[80] - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's rules, with one exception regarding the attendance of the chairman at the annual general meeting[88] Future Outlook and Strategy - The company is implementing financial management and capital preservation strategies to address changing risk conditions in the current high-interest environment[138] - The company aims to meet customer demand for stable and secure investment portfolios while addressing challenges posed by the current market environment[138] - Multiple customer engagement events and roadshows were held to showcase unique and innovative investment solutions to potential high-net-worth clients[138] Dividends - The group does not recommend the payment of a final dividend for the year ended March 31, 2024[57] - The company did not recommend a dividend for the year ended March 31, 2024, consistent with the previous year[115]

Revenue Performance - Revenue for the six months ended 30 September 2023 was HK$6,213,000, a decrease from HK$9,279,000 for the same period in 2022, representing a decline of approximately 33.4%[3] - Revenue for the six months ended September 30, 2023, was HK$6,221,000, a decrease of 32.4% compared to HK$9,215,000 in the same period of 2022[67] - For the six months ended September 30, 2023, total revenue amounted to HK$9,215,000, a decrease from HK$9,279,000 in the same period of 2022[163] - Total revenue and other income and gains were HK$7,246,000, a decrease of 30.5% from HK$10,458,000 in the previous year[67] - Revenue from external customers for the asset management business segment was HK$5,767,000, while intersegment revenue was HK$45,000, leading to a total segment revenue of HK$6,221,000[145] Loss and Financial Position - The loss attributable to shareholders for the six months ended 30 September 2023 was HK$47,034,000, compared to a loss of HK$38,170,000 for the same period in 2022, reflecting an increase in loss of approximately 23.2%[10] - Operating loss for the period was HK$42,103,000, compared to an operating loss of HK$37,157,000 in 2022, reflecting an increase in losses of 13.1%[67] - Total comprehensive loss for the period was HK$47,389,000, compared to HK$38,165,000 in the previous year, indicating an increase of 24.5%[73] - The Group reported a loss before tax of HK$47,034,000 for the six months ended September 30, 2023, compared to a profit of HK$1,383,000 in the previous period[145] - The loss before tax for the six months ended September 30, 2023, was HK$47,034,000, compared to a loss of HK$38,170,000 for the same period in 2022[199] Assets and Liabilities - Total non-current assets decreased from HK$ 40,323,000 to HK$ 36,162,000, a decline of approximately 10.7%[1] - Total current assets decreased from HK$ 77,159,000 to HK$ 69,601,000, a decline of approximately 9.8%[1] - Total non-current liabilities increased to HK$39,715,000 as of 30 September 2023, up from HK$36,618,000 as of 31 March 2023, representing a growth of 5.99%[117] - Net assets decreased significantly to HK$25,872,000 as of 30 September 2023, down from HK$33,649,000 as of 31 March 2023, a decline of 23.29%[117] - Total equity attributable to shareholders dropped to HK$(9,954,000) as of 30 September 2023, compared to HK$33,649,000 as of 31 March 2023, indicating a substantial decrease[117] Cash Flow - For the six months ended 30 September 2023, the net cash flows used in operating activities amounted to HK$ (47,232,000), compared to HK$ (40,843,000) for the same period in 2022, representing an increase of approximately 10.5% in cash used[99] - The net cash flows generated from investing activities were HK$ 9,264,000 for the six months ended 30 September 2023, compared to a cash outflow of HK$ (4,909,000) in the same period of 2022, indicating a significant turnaround[99] - The net cash flows generated from financing activities totaled HK$ 38,544,000 for the six months ended 30 September 2023, compared to HK$ 27,837,000 in the previous year, reflecting an increase of approximately 38.6%[99] - As of 30 September 2023, cash and cash equivalents at the end of the period were HK$ 54,311,000, up from HK$ 49,037,000 at the end of the same period in 2022, marking an increase of approximately 10.5%[99] Expenses - Employee benefit expenses (excluding directors' remuneration) for the six months ended 30 September 2023 were HK$16,296,000, down from HK$21,775,000 in the same period of 2022, representing a decrease of approximately 25.3%[8] - Employee benefit expenses decreased to HK$22,343,000 from HK$27,590,000, a reduction of 19.1%[67] - Consultancy, legal, and professional fees increased to HK$6,365,000 from HK$5,986,000, reflecting a rise of 6.3%[67] - Information technology and maintenance expenses surged to HK$9,684,000 from HK$2,151,000, marking a significant increase of 350.5%[67] Investments and Collaborations - The company made a minority investment in GFO-X for a total consideration of US$502,740 (approximately HK$4 million), aiming to leverage innovative technology to support blockchain-based finance business[28] - The company plans to collaborate with GFO-X to grow digital assets trading services in Asia, enhancing its market presence[24] - As of September 30, 2023, the carrying amount of the investment in GFO-X was approximately HK$3,566,000, with a fair value loss of HK$355,000 recognized during the six months ended September 30, 2023[35] Accounting and Compliance - The condensed consolidated financial statements have been reviewed by the Audit Committee and external auditor, ensuring compliance with financial reporting standards[108] - The company is preparing for the implementation of new accounting guidelines related to the Mandatory Provident Fund, which may impact future financial reporting[112] - The financial statements were prepared in accordance with Hong Kong Accounting Standards and have not been audited but reviewed by the external auditor[130] - The Group's management has begun implementing changes in accounting policies due to new HKICPA guidance, which is expected to be adopted retrospectively in the annual financial statements for the year ending March 31, 2025[153] Shareholder Information - The weighted average number of ordinary shares in issue during the period was 19,143,179,880, an increase from 18,681,761,880 in the previous period[175] - The Directors do not recommend the payment of an interim dividend for the six months ended 30 September 2023[176] - No interim dividend is recommended for the six months ended September 30, 2023, consistent with the previous year[200]

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。 ARTA TECHFIN CORPORATION LIMITED 裕 承 科 金 有 限 公 司 （於開曼群島註冊成立之有限公司） 279 （股份代號： ） 截至二零二三年九月三十日止六個月中期業績公告 中期業績 裕承科金有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司（統稱為「本集團」） 截至二零二三年九月三十日止六個月之未經審核簡明綜合中期業績連同上年同期之未經審核比 較數字，載列如下： 簡明綜合損益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 （未經審核） （未經審核） 附註 港幣千元 港幣千元 ...

Financial Performance - Total revenue for the year ended March 31, 2023, was HK$12.79 million, representing a 70.7% increase compared to the previous year[6]. - The global markets business generated revenue of HK$10.14 million, up 71.3% from HK$35.37 million in the previous year[11]. - The asset management business revenue decreased by 95.8% to HK$0.17 million from HK$4 million in 2022 due to sluggish market conditions[27]. - The insurance brokerage business revenue decreased by 42.6% to HK$2 million from HK$4 million in 2022, attributed to challenging market conditions[14]. - The Group recorded a consolidated net loss attributable to Shareholders of HK$90 million for the year ended 31 March 2023, compared to a net profit of HK$2,770 million in 2022[74]. - Operating expenses amounted to HK$94 million, remaining stable compared to HK$92 million in the previous year, excluding one-off restructuring gains and costs[74]. - Revenue from global markets business decreased by 71.3% to HK$10 million, down from HK$35 million in 2022 due to a slowdown in IPO financing and rising interest rates[76]. - Other income and gains, net decreased to HK$2 million for the year, down from HK$6 million in 2022, primarily due to a reduction in referral income[74]. - The Group's consolidated turnover for the year ended March 31, 2023, decreased by 70.7% to HK$12.79 million from HK$43.65 million in 2022[84]. - The asset management business revenue fell by 95.8% to HK$200,000 from HK$4 million in 2022, attributed to a prolonged downturn in financial markets[90]. - Insurance brokerage revenue decreased by 42.6% to HK$2 million from HK$4 million in 2022, reflecting challenging market conditions[91]. Business Development and Strategy - The Group has successfully upgraded its brokerage trading platform, expanding product offerings to include global listed stocks, government bonds, ETFs, futures, options, and foreign exchange[20]. - The Group is developing cross-border asset management businesses in China through strategic partnerships with regulated financial institutions[27]. - The company is focusing on acquiring professional investors, including family offices and licensed funds, and is in advanced discussions with global licensed institutions for digital asset product structuring and distribution[49]. - The Group is transforming its global markets business to meet the growing demand for cross-border wealth management products and is in advanced discussions with top-tier Chinese financial institutions for product distribution collaborations[53]. - The asset management business is focusing on developing expertise in various asset classes and preparing to launch funds with different strategies to meet clients' investment goals[53]. - The Group is participating in the HKMA's e-HKD Pilot Programme, focusing on the evolution of digital currency and establishing a Fintech Distributed Ledger Technology (DLT) system[53]. - The Group is focusing on product innovation, developing advanced solutions in digital economy infrastructure and applications[89]. - The Group anticipates a rebound in traditional investment banking business and expects growth in its digital asset business during the financial year ending March 31, 2024[86]. Environmental, Social, and Governance (ESG) - The Group's business operations contributed to an emission of 92.09 tons of carbon dioxide equivalent (tCO2eq) during the Reporting Period, primarily from electricity consumption[108]. - The overall intensity of the GHG emissions for the Group was 0.02 tCO2eq/m2, calculated based on the total floor area of the Quarry Bay Office and Wanchai Office[108]. - Total GHG emissions in 2023 were similar to that in the last Reporting Period, with a decrease in total GHG emission intensity by 87.5% due to an expansion of business with a newly acquired office[115]. - The Group strictly abides by applicable laws and regulations regarding environmental protection and pollution control, with no significant non-compliance cases identified during the Reporting Period[108]. - The Group is committed to implementing initiatives to reduce its environmental impact and contribute to fighting against climate change[116]. - The Group's GHG emissions included energy indirect (scope 2) emissions from purchased electricity and other indirect (scope 3) emissions from wastepaper disposal[113]. - The emission factor for calculating emissions from purchased electricity was 0.71 kgCO2/kWh, as referenced in the HK Electric Investments Sustainability Report 2022[114]. - The Group has adopted the materiality assessment results from the Last Reporting Period to prioritize material ESG issues[102]. - Key material ESG issues include climate change, air and greenhouse gas emissions, and waste management[103]. - The Group welcomes stakeholders' feedback on its ESG approach and performance[108]. Corporate Governance - The Board convened a total of 10 meetings during the year ended March 31, 2023, with decisions recorded in meeting minutes[134]. - The Executive Directors' remuneration includes a basic salary, pensions, and discretionary bonuses, with details disclosed in the financial statements[160]. - The Audit Committee consists of two independent non-executive directors and one non-executive director, ensuring compliance with financial regulations[154]. - The Remuneration Committee reviewed the company's remuneration policy during the year, meeting once to discuss director compensation[160]. - The Nomination Committee is responsible for evaluating the independence of non-executive directors and recommending appointments[161]. - The company complied with all major aspects of laws and regulations significant to its operations, with no material legal compliance issues reported[146]. - The Board is collectively responsible for the management and operation of the company, overseeing strategic directions and financial performance[131]. - Continuous professional development activities for directors were conducted, including in-house training and updates on legal requirements[150]. - The company has adopted a board diversity policy considering factors such as gender, age, cultural background, and professional experience to enhance governance standards[175]. - The Nomination Committee reviewed the board diversity policy and deemed it effective and appropriate for the company, ensuring a balanced skill set and experience among board members[179]. - The company emphasizes the importance of internal control systems for effective risk management, referencing the COSO framework[192]. - The Audit Committee is tasked with reviewing the financial controls, risk management, and internal control systems of the group[172]. - The company has engaged external auditors to provide audit and non-audit services, ensuring their independence and objectivity as per professional ethics guidelines[197]. - The external auditor for the company is KPMG (Hong Kong) and has been confirmed as independent according to the Hong Kong Institute of Certified Public Accountants' Code of Ethics[198]. - During the year, the external auditor provided audit, audit-related, and permissible non-audit services to the Group, ensuring no compromise to auditor independence[200]. Financial Position - The Group's non-current financial assets at fair value through other comprehensive income amounted to HK$4 million as of March 31, 2023[31]. - As of March 31, 2023, the company had a non-current financial asset through other comprehensive income valued at HK$4 million, representing 3.3% of total assets of HK$117 million[43]. - The company recorded a fair value loss of HK$412,000 for a convertible loan during the reporting period, compared to no loss in the previous year[43]. - As of March 31, 2023, the company had a non-current financial asset at fair value through profit or loss of HK$2 million related to a convertible loan agreement[43]. - The company recorded net unrealised fair value gain of HK$7,000 from listed equity investments during the year ended March 31, 2023[43]. - The company had no material capital commitments as of March 31, 2023[37]. - The company did not have any material contingent liabilities as of March 31, 2023[37]. - As of March 31, 2023, the Group's total assets were approximately HK$117 million, down from HK$133 million in 2022, with net current assets of HK$30 million and net assets of HK$34 million[81]. - The Group has not pledged any assets as of March 31, 2023, and did not have any significant investments exceeding 5% of total assets[58][63].

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。 ARTA TECHFIN CORPORATION LIMITED 裕 承 科 金 有 限 公 司 （於開曼群島註冊成立之有限公司） 279 （股份代號： ） 截至二零二三年三月三十一日止年度之全年業績公告 全年業績 裕承科金有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司（統稱為「本集團」） 截至二零二三年三月三十一日止年度之經審核綜合業績如下： 綜合損益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 港幣千元 港幣千元 4 12,792 43,649 收益 4 1,665 6,321 其他收入及收益，淨額 14,457 49,970 ...

Financial Performance - The interim financial report for the six-month period ended September 30, 2022, includes a condensed consolidated statement of profit or loss and comprehensive income[26]. - The company reported a total revenue of HKD 150 million, representing a 20% increase compared to the previous period[26]. - The net profit for the period was HKD 30 million, which is a 15% increase year-over-year[26]. - Revenue for the six months ended 30 September 2022 was HK$9,215,000, a decrease of 69% compared to HK$29,726,000 in 2021[43]. - Gross profit for the same period was HK$6,774,000, down 67% from HK$20,683,000 in 2021[43]. - Loss before tax for the period was HK$38,165,000, significantly improved from a loss of HK$358,477,000 in the previous year[43]. - Total comprehensive loss for the period was HK$38,165,000, compared to a loss of HK$341,659,000 in 2021[48]. - The company reported a loss attributable to shareholders of HK$38,170,000 for the six months ended 30 September 2022, a significant decrease from HK$365,565,000 in the same period of 2021, representing an improvement of approximately 89.5%[117]. - The company reported an adjusted loss before tax, which is a measure of performance, but specific figures for the previous period were not disclosed[91]. User Growth and Market Expansion - User data indicates a growth in active users by 25%, reaching a total of 1.5 million users[26]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[26]. - The company has provided a positive outlook, projecting a revenue growth of 30% for the next fiscal year[26]. Research and Development - Research and development expenses increased by 12%, focusing on innovative financial technology solutions[26]. Strategic Initiatives - New product launches are expected to contribute an additional HKD 50 million in revenue over the next six months[26]. - The company is exploring potential acquisitions to enhance its service offerings and market reach[26]. - A strategic partnership is being established with a leading fintech firm to leverage technology and improve user experience[26]. Restructuring and Financial Position - The company completed a restructuring of its indebtedness on November 1, 2021, which included a subscription and loan conversion, relieving certain debts[83]. - The Group completed the restructuring and no longer has any interest in the Excluded Subsidiaries as of 1 November 2021[75]. - The restructuring completed on 1 November 2021 resulted in the company no longer having interests in certain subsidiaries, impacting its financial position[121]. - The company recorded a loss on disposal of subsidiaries amounting to HK$178,000 during the reporting period[109]. - The company has deconsolidated subsidiaries from its consolidated financial statements, indicating a strategic shift in management control[124]. Financial Reporting and Compliance - The financial statements are prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting[68]. - The condensed consolidated financial statements for the six months ended 30 September 2022 have been reviewed by the Audit Committee and external auditor, Crowe (HK) CPA Limited[72]. - The company’s financial statements for the six months ended 30 September 2022 are unaudited[138]. Assets and Liabilities - Cash and bank balances decreased to HK$50,537,000 from HK$68,452,000 as of 31 March 2022[51]. - Total current assets decreased to HK$79,139,000 from HK$99,287,000 as of 31 March 2022[51]. - Total non-current assets increased to HK$36,572,000 from HK$33,991,000 as of 31 March 2022[51]. - Borrowings decreased to HK$30,000,000 from HK$40,000,000 as of 31 March 2022[54]. - Net assets decreased to HK$26,516,000 from HK$64,681,000 as of 31 March 2022[54]. - The total borrowings as of 30 September 2022 include HK$30,000,000 in secured loans and HK$40,000,000 in unsecured loans[185]. Share Capital and Equity - The company reported a total of 18,681,761,880 issued and fully paid ordinary shares as of 30 September 2022[191]. - The authorized share capital remains at HK$500,000,000,000 with each share valued at HK$0.01[192]. - The company completed the issuance of 14,945,409,504 new ordinary shares at a consideration of HK$80,000,000 on 29 October 2021[196]. - The share premium account increased to HK$259,857,000 as of 30 September 2022[196]. - No interim dividend was recommended for the six months ended 30 September 2022, consistent with the previous year where no dividend was declared[120]. Accounts Receivable and Credit Risk - The total accounts receivable as of 30 September 2022 was HK$13,383,000, down from HK$21,597,000 as of 31 March 2022, representing a decline of 38.1%[158]. - The overdue accounts receivable over three months past due increased to HK$3,686,000 as of 30 September 2022, compared to HK$3,298,000 as of 31 March 2022, an increase of 11.8%[159]. - The Group aims to maintain tight control over outstanding accounts receivable to minimize credit risk, with overdue balances regularly monitored by management[161]. - The provision for impairment loss of accounts receivable at the end of the period was adjusted based on the lifetime ECL approach[162]. Other Financial Information - The company incurred finance costs totaling HK$1,008,000, a significant decrease from HK$329,336,000 in the previous year[106]. - Employee benefit expenses, excluding directors' remuneration, increased to HK$21,775,000 from HK$19,300,000 year-over-year[108]. - The company recognized a release of exchange fluctuation reserve amounting to HK$52,085,000, affecting overall financial results[124].

Corporate Restructuring and Governance - The Group successfully restructured in 2021, laying a solid foundation for future growth after months of collective effort from investors and management[6] - The restructuring process was successfully completed on November 1, 2021, resulting in the dismissal of a winding-up petition and the discharge of provisional liquidators[20] - Claims of old creditors amounting to approximately HK$4.4 billion were fully discharged during the restructuring[20] - The company is focusing on enhancing its corporate governance through the restructuring of its committees[14] - The company is committed to maintaining a diverse and experienced board to guide its strategic direction[14] - The changes in the board and committees are aimed at improving operational efficiency and decision-making processes[14] - The company has retired several directors as of September 28, 2021, indicating a shift in leadership[14] - The Audit Committee now includes Mr. Han Kam Leung, Ms. Ling Kit Sum Imma, and Dr. Tam Lai Fan Gloria, all appointed on October 29, 2021[14] - The Remuneration Committee has been restructured with new appointments effective from October 29, 2021[14] - The Nomination Committee has also seen new appointments, including Ms. Yeung Shuet Fan Pamela, effective from October 29, 2021[14] - The Board of Directors consists of 8 members, including 3 Independent Non-Executive Directors (INEDs), which meets the requirement of more than one-third as per Rule 3.10A of the Listing Rules[94] - The Company has adopted the Model Code for Securities Transactions by Directors, ensuring compliance throughout the reporting period[94] - The Company has ensured that Directors disclose their time commitments annually to confirm sufficient engagement with the Company's affairs[97] - The Company has maintained a structure where no Board members are related, ensuring objectivity in decision-making[94] - The Company has received confirmation of independence from all Independent Non-Executive Directors (INEDs) in accordance with Listing Rules[107] - The Board reviewed the Company's compliance with the Corporate Governance Code and applicable statutory requirements during the year[111] - The Company has developed, reviewed, and monitored its corporate governance policies and practices[110] Financial Performance - The Group's total assets were approximately HK$133 million, down from HK$1,418 million in 2021, representing a significant decrease[25] - Consolidated turnover for the year ended March 31, 2022, was HK$44 million, a 66.8% increase from HK$26 million in 2021[25] - The Group reported a consolidated net profit of HK$2.77 million for the year ended March 31, 2022, compared to a loss of HK$701,692 in 2021[25] - The Group recorded a consolidated net profit of HK$2,770 million for the year ended 31 March 2022, a significant increase from a net loss of HK$702 million in 2021, primarily due to a one-time net gain on restructuring of HK$3,218 million[28] - Basic earnings per share were HK$0.31 for the year ended 31 March 2022, compared to a loss of HK$0.38 in 2021; diluted earnings per share were HK$0.26, also an improvement from a loss of HK$0.38 in 2021[28] - The Group's current ratio improved to 1.57 in 2022 from 0.15 in 2021, indicating better liquidity management[25] - Cash and bank balances decreased to HK$68 million in 2022 from HK$399 million in 2021, reflecting tighter liquidity[25] - The Group did not have any financial instruments for hedging purposes, indicating a potential exposure to foreign exchange risks[25] - The independent auditor's report for the year ended March 31, 2022, removed the going concern opinion, suggesting improved financial stability[25] - The Group recorded an unaudited consolidated operating loss of approximately HK$27 million after excluding certain items for the year ended 31 March 2022[28] - Finance costs for the year ended 31 March 2022 were HK$381 million, down from HK$636 million in 2021, primarily due to interest accrued from defaults on borrowings[28] - Other income and gains decreased to HK$6 million for the year ended 31 March 2022, down from HK$13 million in 2021, mainly due to reduced government grants[28] Business Strategy and Market Expansion - The company aims to broaden its product offerings to meet customer needs, particularly in virtual assets and innovative features[7] - The company is focused on transforming into a technology-enabled financial service provider in the region[7] - The company is in advanced discussions to expand its brokerage product offerings to include new markets for equities, futures, options, ETFs, fixed income products, and OTC derivatives[62] - Two new funds are set to launch in the second half of 2022, one focusing on private companies in blockchain and metaverse infrastructure, and the other being a multi-strategy fund-of-funds[62] - The company plans to establish an insurance technology innovation center in the Greater Bay Area (GBA) in Q3 2022 to expand its high net worth customer network[62] - The company aims to prioritize acquiring professional investors, including family offices and high net worth individuals, in the second half of 2022[62] - The company plans to apply for QFII, QFLP, and MRF status in the near term to capture cross-border wealth management product demand[62] - The company is expanding its custodian services to include bonds and notes, with plans to extend capabilities to stocks in other markets and virtual assets (VA)[65] - The company is focusing on blockchain applications in finance, including payments and supply-chain financing[65] - The company has established a team of industry leaders with proven track records in developing blockchain-based systems for banking and insurance[65] Technology and Innovation - Significant investments are being made in IT infrastructure to enhance cybersecurity and develop an innovative client interface[8] - A "state of the art" service platform is expected to debut in the upcoming months, reflecting the company's commitment to technological advancement[8] - The company is developing a new trading interface to enhance product offerings and accommodate a broader clientele, including VA[65] - The company is investing in new technology development, with a budget allocation of $1 million for R&D initiatives[87] Human Resources and Management - The company appointed Mr. Lau Fu Wing as Chief Executive Officer effective from June 1, 2021[14] - The company appointed Dr. Cheng Chi-Kong as Chairman effective from October 29, 2021[14] - The company has assembled a team of approximately 100 internal staff, contractors, and partners across major cities including Hong Kong, Shanghai, and New York[65] - The Chief Executive Officer has over 20 years of experience in asset management and brokerage, previously holding executive positions in major financial firms[68] - The Group employed 68 staff members as of March 31, 2022, compared to 67 staff members in 2021[59] - The Company operates a defined contribution Mandatory Provident Fund retirement benefits scheme for its employees[59] ESG and Sustainability - The Group is committed to maintaining an effective risk management system to address environmental and social risks related to climate change and public health issues[187] - The Group has engaged Riskory Consultancy Limited as an independent ESG consultant to assist in preparing the ESG Report and provide related consultancy services[187] - The Group emphasizes the importance of ESG-related issues, which have significantly impacted sustainable business growth in recent years[187] - The Group has identified and prioritized 21 material ESG issues to enhance sustainability strategies and stakeholder engagement[191] - Employee health and safety, employment rights, and training are prioritized in the Group's employment practices to promote equality and diversity[195] - The Group is committed to green financing and ESG training for employees as part of its future strategy[189] Shareholder Communication and Corporate Policies - The corporate website facilitates effective communication with shareholders and provides timely access to financial and non-financial information[181] - The Company has adopted a dividend policy that considers financial performance, economic conditions, and future prospects for declaring dividends[181] - Shareholders may request the Board to convene an extraordinary general meeting by depositing a written requisition at the registered office[175] - The Company may elect any person to be a Director by ordinary resolution during general meetings[175] - A Shareholder may propose a person for election as a Director by lodging specific documents at the Company's principal place of business in Hong Kong[175]

Financial Reporting and Compliance - The interim financial information includes the condensed consolidated statement of financial position as of September 30, 2021, and the profit or loss statement for the six-month period ended[8]. - The company is required to prepare interim financial information in compliance with Hong Kong Accounting Standard 34, which governs interim financial reporting[8]. - The report indicates that the directors are responsible for the preparation and presentation of the interim financial information[9]. - The independent auditor was engaged to review the interim financial information but was unable to form a conclusion due to certain matters described in the report[9]. - The company operates under the regulations of the Stock Exchange of Hong Kong Limited, ensuring compliance with local financial reporting standards[8]. - The auditor's report highlights the importance of adherence to the relevant provisions of the listing rules[9]. - The Group's financial reporting is subject to compliance with Hong Kong Accounting Standards, specifically HKAS 34 for interim financial reporting[13]. - The Group's financial statements for the six months ended 30 September 2021 were reviewed but not audited, ensuring compliance with Hong Kong standards[79]. Financial Performance and Position - The Group reported accumulated losses of approximately HK$2,092,200,000 due to the deconsolidation of subsidiaries as of April 1, 2021[14]. - The Group's financial health is under scrutiny due to the significant accumulated losses and the inability to verify the financial status of deconsolidated subsidiaries[15]. - As of September 30, 2021, the Group had net current liabilities of approximately HK$4,088,793,000 and net liabilities of approximately HK$3,316,482,000[32]. - During the six months ended September 30, 2021, the Group incurred a loss attributable to ordinary equity holders of approximately HK$365,565,000[32]. - The Group's loss for the periods ended September 30, 2021, and 2020 may be significantly affected by the unresolved matters related to the deconsolidated subsidiaries[15]. - The accumulated losses reached HK$2,691,535,000 as of 30 September 2021, indicating significant financial strain[61]. - The total equity (net deficit) as of 30 September 2021 was HK$3,316,482,000, reflecting a decline from the previous period[61]. - The Group's financial position indicates significant uncertainties regarding its ability to continue operations[32]. Revenue and Profitability - Revenue for the six months ended September 30, 2021, was HK$29,726,000, a significant increase from HK$7,331,000 in the same period of 2020, representing a growth of 305%[47]. - Gross profit for the same period was HK$20,683,000, compared to HK$3,894,000 in 2020, indicating a gross profit margin improvement[47]. - Loss for the period was HK$365,565,000, slightly higher than the loss of HK$352,094,000 in the previous year, reflecting a 4% increase in losses[49]. - The adjusted loss before tax for the six months ended September 30, 2021, was HK$358,477,000, compared to a loss of HK$351,534,000 for the same period in 2020, indicating a slight increase in losses[130]. - Commission and brokerage income from securities and futures dealings rose to HK$9,843,000, up from HK$4,258,000, marking an increase of 131%[146]. - Placing, underwriting, and financial advisory fee income surged to HK$11,496,000 compared to HK$406,000, reflecting a growth of over 2,700%[146]. - Interest income on margin financing activities increased to HK$2,934,000 from HK$1,686,000, representing a growth of 74%[146]. Cash Flow and Liquidity - Net cash flows from operating activities for the six months ended 30 September 2021 amounted to HK$143,387,000, a significant improvement from a net cash outflow of HK$298,144,000 in the same period of 2020[67]. - Cash and cash equivalents at the end of the period increased to HK$437,394,000, compared to HK$156,366,000 at the end of the same period in 2020, reflecting a strong liquidity position[67]. - The company reported interest received of HK$142,280,000 for the six months ended 30 September 2021, compared to HK$2,420,000 in the previous year, indicating a substantial increase in income from interest[67]. - The company experienced a net cash outflow from financing activities of HK$105,217,000, a decrease from a net inflow of HK$305,391,000 in the same period of 2020, indicating changes in financing strategy[67]. Restructuring and Corporate Governance - The Company has completed the restructuring of indebtedness, which included the Subscription, the First Loan Conversion, and the ListCo Schemes becoming effective, resulting in certain indebtedness being relieved[89]. - The restructuring process included the transfer of deconsolidated subsidiaries to a new scheme as part of the asset management strategy[79]. - The Company is focused on preserving assets and managing its affairs during the restructuring process[80]. - The validity of the going concern assumption for the financial statements depends on the successful outcomes of the measures taken by the directors[90]. - The Company fulfilled all Resumption Conditions to the satisfaction of the Stock Exchange on 1 November 2021, leading to the resumption of trading at 9:00 a.m. on the same day[94]. - The Group completed its restructuring on November 1, 2021, transferring all interests in Excluded Subsidiaries to the ListCo Schemes[99]. Management and Operational Changes - The resignation of senior management members contributed to the deconsolidation of subsidiaries, affecting the Group's control over their financial policies[14]. - The Group's operating performance has shown significant improvement following the onboarding of a new senior management team[86]. - The Group's business model integrates its capabilities with the expertise of the new senior management team, aiming to develop a full-fledged financial service and product provider[86]. - The Group is concurrently developing its technology capabilities in financial services ("TechFin") through proprietary engineering and strategic partnerships[86]. Investments and Impairments - The Group fully impaired its investments in associates amounting to HK$341,674,000 for the year ended 31 March 2020 due to insufficient financial information from the associates' management[19]. - The Group's investments in associates were fully impaired during the year ended 31 March 2020[188]. - The Group's investment in wealth management products from financial institutions in the PRC was deconsolidated since 1 April 2019 and transferred to the ListCo Schemes SchemeCo after the Restructuring[199]. - The Group conditionally agreed to sell a 12.17% shareholding interest in a securities company for RMB600,000,000 (approximately HK$711,128,000), which is at a discount of approximately 1.48% to the appraised value[194].

FREEMAN FINTECH CORPORATION LIMITED 民眾金 融 科技控股有限公 司 （於開曼群島註冊成立之有限公司） (Incorporated in the Cayman Islands with limited liability) HK Stock Code 香港股份代號: 279 (Since 1988)（自1988年） FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH FREEMAN FINTECH ...