Group 1 - The core announcement from Giant Star Legend (06683) regarding its subscription to the "Starlight New Economy Industry Fund No. 2" highlights the strategic positioning of its investment manager, MaiCapital Limited, which is linked to its parent company, Guofu Quantum (00290) [1] - Guofu Quantum has recently gained attention due to the Hong Kong "Stablecoin Regulation," leading to a market capitalization exceeding HKD 13 billion, as it builds a digital asset management ecosystem [1] Group 2 - MaiCapital operates under the Hong Kong Securities and Futures Commission's licenses for asset management and securities advisory, having been integrated into Guofu Quantum's structure through strategic acquisitions [4] - Guofu Quantum's involvement with the stablecoin issuer RD InnoTech positions it as one of the three participants in the sandbox for stablecoin issuance, which has become a valuable asset following the establishment of the licensing regime [4] Group 3 - The compliance framework of Guofu Quantum is evident in its investment strategies, including a recent acquisition of a stake in the Swiss digital asset bank AMINA Bank for HKD 12.48 million and the purchase of Bitcoin worth HKD 36 million [5] - The company is also investing in projects that digitize real-world assets, such as G-Rocket and RTree Finance, expanding its reach into sectors like real estate and art [5] Group 4 - The subscription to the fund by Giant Star Legend serves as a lens to observe the evolution of digital finance in Hong Kong, with Guofu Quantum linking stablecoin issuance, digital banking services, and industrial capital [6] - The recent successful testing of stablecoin technology by RD InnoTech in the sandbox indicates a shift towards practical operations in the digital asset ecosystem, with Guofu Quantum positioned as a key player in this transition [6]

Group 1 - The Hong Kong government is set to implement the "Stablecoin Ordinance" in August, which will establish a licensing system for fiat-backed stablecoin issuers in Hong Kong [1][2] - The Financial Secretary, Xu Zhengyu, indicated that the number of licenses issued will be in the "single digits," with expectations to receive applications after the ordinance takes effect [2] - There are currently at least nine institutions interested in applying for stablecoin licenses, including three that are part of the Hong Kong Monetary Authority's stablecoin issuer sandbox [2] Group 2 - Following the announcement, Hong Kong's stablecoin concept stocks saw significant gains, with notable increases in share prices for companies such as Guotai Junan International (+10.77%) and Yika (+9.87%) [3] - Stablecoins are expected to facilitate cross-border payments and reduce transaction costs, serving as a local currency alternative in specific regions [4] - Analysts from various securities firms suggest that the stablecoin market is expanding beyond cryptocurrency trading into broader payment applications, indicating a rapid increase in market size and trading activity [4]

Group 1 - The cryptocurrency concept stocks in Hong Kong experienced a volatile rise in early trading, with notable gains in several companies [1] - Guotai Junan International (01788.HK) saw an increase of over 7% [1] - Other companies such as Guofu Quantum (00290.HK), New Fire Technology Holdings (01611.HK), and Boya Interactive (00434.HK) also followed with upward movements [1]

[Financial Performance and Operations Review](index=1&type=section&id=Financial%20Performance%20and%20Operations%20Review) This section reviews the company's financial performance, operational highlights, and strategic outlook for the reporting period [Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) The company reported a substantial increase in revenue to HKD 863 million and a significant reduction in net loss to HKD 2.53 million, driven by new business and strategic investments [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Revenue surged to HKD 863 million, primarily from new supply chain operations, significantly narrowing the annual loss to HKD 2.53 million due to increased revenue and investment fair value gains Key Data from Consolidated Statement of Profit or Loss | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | 863,400 | 49,456 | +1645.8% | | Gross Profit | 37,589 | 28,737 | +30.8% | | Fair Value Change on Investments | 50,145 | (3,481) | Turned to profit | | Loss Before Tax | (1,726) | (30,634) | -94.4% | | **Loss for the Year** | **(2,525)** | **(30,679)** | **-91.8%** | | Basic Loss Per Share (HK cents) | (0.04) | (0.91) | -95.6% | [Consolidated Statement of Financial Position](index=3&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) Total assets surged to HKD 4.612 billion, driven by significant investment in associates, while total liabilities increased due to new borrowings, and equity grew substantially from financing activities Key Data from Consolidated Statement of Financial Position | Metric | March 31, 2025 (HKD thousands) | March 31, 2024 (HKD thousands) | YoY Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | **3,770,381** | **228,091** | **+1552.9%** | | Investment in an Associate | 2,991,487 | 112,898 | +2549.7% | | **Current Assets** | **841,714** | **864,100** | **-2.6%** | | **Total Assets** | **4,612,095** | **1,092,191** | **+322.3%** | | **Current Liabilities** | **678,890** | **290,652** | **+133.6%** | | Borrowings | 415,377 | – | N/A | | **Total Liabilities** | **686,472** | **305,348** | **+124.8%** | | **Total Equity** | **3,925,623** | **786,843** | **+398.9%** | [Summary of Notes to Financial Statements](index=5&type=section&id=Summary%20of%20Notes%20to%20Financial%20Statements) The company's revenue structure shifted significantly with new supply chain operations, equity investment segment turned profitable, and share capital increased substantially through various equity issuances [Revenue and Segment Information](index=5&type=section&id=Revenue%20and%20Segment%20Information) Total revenue surged to HKD 863 million, primarily driven by new goods sales, with equity investment and securities brokerage segments turning profitable or increasing profits, while supply chain operations incurred a minor loss Revenue by Business Type | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Goods Sales | 819,545 | – | | Securities Brokerage Business | 18,292 | 33,385 | | Money Lending Business Interest Income | 15,969 | 4,542 | | Asset Management Business | 3,900 | 4,784 | | Corporate Finance Services | 2,338 | 4,719 | | **Total Revenue** | **863,400** | **49,456** | Segment Results by Business Segment | Business Segment | 2025 Segment Result (HKD thousands) | 2024 Segment Result (HKD thousands) | | :--- | :--- | :--- | | Equity Investment | 19,311 | (7,244) | | Securities Brokerage and Margin Financing | 11,938 | 8,572 | | Money Lending | 1,724 | (476) | | Corporate Finance | 1,517 | (2,789) | | Art Investment | 504 | – | | Supply Chain Operations | (294) | – | | Asset Management | (1,568) | (1,262) | [Share Capital Changes](index=15&type=section&id=Share%20Capital%20Changes) Issued and paid-up share capital increased from HKD 633 million to HKD 746 million due to three major share issuance activities, including placings, a share award scheme, and acquisition consideration shares - New shares were issued through three main activities during the year: - **Placing (July 2024):** Issued **273,776,000** ordinary shares at HKD **0.90** per share[30](index=30&type=chunk) - **Share Award Scheme (July 2024):** Issued **518,400,000** ordinary shares to the trustee[30](index=30&type=chunk) - **Consideration Shares for Acquisition (October 2024):** Issued **340,053,151** ordinary shares at HKD **0.82** per share for the acquisition of Huake Smart Investment[30](index=30&type=chunk) [Management Discussion and Analysis](index=16&type=section&id=Management%20Discussion%20and%20Analysis) Management highlights significant performance improvement with substantial revenue growth and narrowed net loss, driven by new business segments, profitable equity investments, and strategic acquisitions, despite a decrease in the current ratio [Overall Performance Review](index=16&type=section&id=Overall%20Performance%20Review) The Group's total revenue and investment fair value changes surged by 1,887% to HKD 914 million, significantly reducing the annual loss to HKD 2.53 million due to improved revenue and investment gains - The Group's overall loss improved, primarily due to improved revenue and increased investment income[31](index=31&type=chunk) [Segment Business Review](index=16&type=section&id=Segment%20Business%20Review) Segment performance was mixed, with securities brokerage and corporate finance turning profitable despite revenue declines, money lending and equity investment showing strong growth and profitability, and new supply chain and art investment segments contributing revenue and profit respectively - **Securities Brokerage and Margin Financing:** Revenue decreased by **43.6%** to HKD **20.88 million**, but segment profit increased to HKD **11.94 million** due to reduced costs[32](index=32&type=chunk) - **Money Lending:** Interest income surged by **251.6%** year-over-year to HKD **15.97 million**, with the segment turning profitable and recording a profit of HKD **1.72 million**[34](index=34&type=chunk) - **Equity Investment:** Recorded net revenue and investment income of approximately HKD **51.98 million** (compared to a loss of HKD 3.45 million last year), with segment profit reaching HKD **19.31 million**[51](index=51&type=chunk) - **Supply Chain Operations (New Business):** Recorded revenue of HKD **820 million**, with a segment loss of approximately HKD **0.29 million**[52](index=52&type=chunk) - **Art Investment (New Business):** Recorded a segment profit of HKD **0.50 million**, primarily from fair value gains on art investments[53](index=53&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The Group's current ratio decreased to 1.24 times due to increased current liabilities, cash and cash equivalents declined, and the gearing ratio rose to 10.97% reflecting higher leverage from new borrowings Liquidity and Gearing Ratio | Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Current Assets (HKD thousands) | 841,714 | 864,100 | | Current Liabilities (HKD thousands) | 678,890 | 290,652 | | **Current Ratio** | **1.24 times** | **2.97 times** | | Cash and Cash Equivalents (HKD thousands) | 92,186 | 289,257 | | **Gearing Ratio** | **10.97%** | **3.05%** | [Significant Investments and Acquisitions](index=29&type=section&id=Significant%20Investments%20and%20Acquisitions) The company acquired a 29.13% stake in Huake Smart Investment, making it an associate with a carrying value of HKD 2.897 billion, and agreed to acquire a 22.5% stake in CSOP Asset Management Limited - Acquisition of **29.13%** equity interest in Huake Smart Investment completed on October 18, 2024, making it an associate of the Group[80](index=80&type=chunk)[84](index=84&type=chunk) - As of March 31, 2025, the carrying value of the investment in Huake Smart Investment was approximately HKD **2.897 billion**, representing approximately **62.81%** of the Group's total assets[80](index=80&type=chunk) - On December 31, 2024, the company agreed to acquire a **22.50%** equity interest in CSOP Asset Management Limited for a consideration of HKD **1.11 billion**, to be settled by issuing consideration shares; the transaction was not completed by the end of the reporting period[85](index=85&type=chunk) [Capital Activities and Outlook](index=22&type=section&id=Capital%20Activities%20and%20Outlook) The company conducted significant capital raising activities exceeding HKD 970 million to fund expansion, and rebranded as "Guofu Quantum Innovation" to pursue a dual-track strategy focused on quantum computing and digital asset infrastructure [Fundraising Activities](index=22&type=section&id=Fundraising%20Activities) The company completed two major fundraising activities, a rights issue in February 2024 raising HKD 471 million and a placing in July 2024 raising HKD 244 million, to support operations, investments, and new business development - **Rights Issue (February 2024):** Conducted on a '1-for-3' basis, raising net proceeds of approximately HKD **471 million**[57](index=57&type=chunk)[63](index=63&type=chunk) - **June Placing (July 2024):** Placed new shares at HKD **0.90** per share, raising net proceeds of approximately HKD **244 million**[66](index=66&type=chunk)[70](index=70&type=chunk) [Business Outlook](index=29&type=section&id=Business%20Outlook) Renamed "Guofu Quantum Innovation Limited," the company will pursue a dual-track strategy of "quantum computing + digital asset infrastructure" to innovate financial services, empower cross-border payments, and explore applications in cultural, creative, and supply chain sectors - Established a dual-track strategy of 'quantum computing + digital asset infrastructure,' focusing on offshore RMB stablecoin issuance and compliant settlement to empower cross-border payments[81](index=81&type=chunk) - Actively exploring the application of financial services in new areas, including cultural and creative industries (art auctions, financing, asset tokenization), supply chain operations, and cross-border trade[82](index=82&type=chunk) [Post-Reporting Period Events](index=32&type=section&id=Post-Reporting%20Period%20Events) Post-reporting period, the company completed a new share placing raising HKD 257 million and agreed to capitalize approximately HKD 587 million in shareholder loans by issuing new shares to optimize its capital structure - **April 2025 Placing:** Successfully placed **231.5 million** new shares, raising net proceeds of approximately HKD **257 million**[93](index=93&type=chunk)[94](index=94&type=chunk)[98](index=98&type=chunk) - **Loan Capitalization (April 2025):** Agreement reached with lenders to capitalize approximately HKD **587 million** of loans by issuing new shares to settle debt[99](index=99&type=chunk) [Corporate Governance](index=35&type=section&id=Corporate%20Governance) The company maintains high corporate governance standards, complying with all code provisions throughout the fiscal year, and its audit committee has reviewed the annual financial statements - The company consistently complied with all code provisions of the Corporate Governance Code throughout the reporting year[106](index=106&type=chunk) - The Audit Committee reviewed the Group's accounting principles, internal controls, and annual results with management[108](index=108&type=chunk)

Group 1 - The core viewpoint of the news is that the stablecoin concept stocks in Hong Kong, A-shares, and US markets have surged significantly due to two major announcements: Ant Group's application for a stablecoin license in Hong Kong and the upcoming policy declaration from the Hong Kong government regarding digital asset development [1][2][3] - In the Hong Kong stock market, companies like ZhongAn Online, LianLian Digital, and Linklogis have seen their stocks rise over 10%, while A-share companies such as Tianyang Technology and Sifang Jingchuang have hit the 20% daily limit [1][2] - The market anticipates that the upcoming policy declaration will have a substantial impact on the industry, potentially leading to a second wave of growth in the stablecoin sector [3][5] Group 2 - Investors are particularly interested in companies that are part of the stablecoin issuance sandbox established by the Hong Kong Monetary Authority, such as ZhongAn Online and LianLian Digital, which have strong ties to Yuanbi Technology [2][3] - Guofu Quantum, a key player in the digital asset space, has a comprehensive compliance framework and holds multiple licenses from the Hong Kong Securities and Futures Commission, positioning it well for future growth [3][4] - Guofu Quantum's business model encompasses the entire digital asset value chain, including stablecoin issuance, compliant trading, custody services, and professional asset management, which enhances its competitive edge in the market [4][5] Group 3 - The strategic investments made by Guofu Quantum in digital asset banks and platforms indicate a proactive approach to capitalizing on the growing digital asset market [4][5] - The company's involvement in various digital asset initiatives, such as RWA platforms and venture accelerators, demonstrates its commitment to fostering innovation in the digital asset ecosystem [4][5] - The overall trend suggests that as regulatory frameworks evolve and major players enter the stablecoin market, investor enthusiasm for stablecoin-related investments is likely to remain high [5][6]

Group 1 - As of June 3, a total of 105 stocks reached their 52-week highs, with Huayin International Holdings (00989), Dingyifeng Holdings (00612), and Youquhui Holdings (02177) leading the high rate at 57.26%, 37.93%, and 23.02% respectively [1] - The closing prices and highest prices for the top three stocks are as follows: Huayin International Holdings at 1.370 and 1.950, Dingyifeng Holdings at 0.770 and 0.800, and Youquhui Holdings at 3.550 and 3.580 [1] - Other notable stocks that reached their 52-week highs include China Antibody-B (03681) with a high rate of 21.62% and Fengcheng Holdings (02295) at 19.52% [1] Group 2 - The report also lists stocks that reached their 52-week lows, with Des Holdings (08437) showing the largest decline at -38.79%, followed by Dimi Life Holdings (01667) at -20.50% [3] - The closing prices and lowest prices for the top three stocks that reached their lows are: Des Holdings at 0.177 and 0.071, Dimi Life Holdings at 0.140 and 0.128, and Lujizhi Technology (01745) at 0.197 and 0.194 [3] - Other stocks with significant declines include GBA Group (00261) at -11.48% and Baide International (02668) at -10.88% [3]

Group 1 - The core viewpoint of the news highlights the performance of Guofu Quantum (00290.HK), which saw a significant increase in its stock price and has outperformed the Hang Seng Index in recent months [1][2] - As of June 2, the Hang Seng Index closed at 23,157.97 points, down 0.57%, while Guofu Quantum's stock price rose by 19.72% to 1.7 HKD per share, with a trading volume of 10.89 million shares and a turnover of 16.8 million HKD [1] - Over the past month, Guofu Quantum has accumulated a 13.6% increase, and since the beginning of the year, it has risen by 79.75%, outperforming the Hang Seng Index's 16.1% increase [2] Group 2 - Financial data shows that as of September 30, 2024, Guofu Quantum achieved total operating revenue of 27.41 million HKD, a year-on-year increase of 48.88%, while the net profit attributable to shareholders was -9.84 million HKD, a year-on-year increase of 37.39%, with a debt-to-asset ratio of 17.94% [2] - Currently, there are no institutional investment ratings for Guofu Quantum, and its price-to-earnings ratio stands at -451.92, ranking 83rd in the industry, compared to other financial companies with average P/E ratios ranging from 1.93 to 3.69 [3] - Guofu Quantum is positioned as a cross-border financial technology investment platform based in Hong Kong, focusing on various financial services including investment banking, securities brokerage, asset management, and more, while actively responding to the digital economy development strategy of the Hong Kong government [3]

Core Insights - The global quantum technology industry is experiencing rapid growth, with major tech companies like Nvidia investing in quantum computing startups such as PsiQuantum, indicating a fusion revolution between traditional computing giants and quantum newcomers [1] - The event "Financial Empowerment • Quantum Future" hosted by Guofu Quantum Innovation Co., Ltd. in Hong Kong gathered industry experts to discuss the current state and commercial applications of quantum technology in China, highlighting the competitive landscape between China and the U.S. in quantum technology [1][2] Group 1: Event Overview - The forum attracted nearly a hundred experts, investment representatives, and industry leaders in quantum technology, featuring presentations from key figures such as Dr. Xiang Jingen, Mr. Li Chunguang, and Dr. Zhang Wenzhuo, who provided insights into quantum technology and its integration with finance [2][3] - Guofu Quantum showcased unreleased technology products, marking a significant breakthrough in the integration of quantum technology and financial innovation, with plans for an official product launch soon [2] Group 2: Key Presentations - Dr. Xiang Jingen elaborated on the principles, development background, and applications of quantum computing, presenting the innovative practices of Liangxuan Technology, which is a leader in the global quantum computing space [3] - Mr. Li Chunguang outlined Guofu Quantum's future technology strategy centered around "Quantum+", aiming to drive technological breakthroughs and industry transformation through cross-disciplinary empowerment [4] - Dr. Zhang Wenzhuo discussed the full-chain innovation from basic theory to commercial application, introducing products like quantum random number cloud services and quantum random private key generation wallets, expected to undergo public testing next month [4] Group 3: Industry Outlook - The forum emphasized the paradigm shift expected in the next five years, where quantum advantages will transition from laboratories to industrial applications, particularly in sectors like pharmaceuticals, finance, and artificial intelligence [5] - Guofu Quantum's strategy aligns with China's 14th Five-Year Plan for quantum technology development, aiming to create a collaborative ecosystem that integrates quantum computing, communication, blockchain, and AI [5][6] - The company invites global partners, including those from Hong Kong, to explore opportunities in the commercialization of quantum technology and to build a new ecosystem of quantum productivity [6]

Core Viewpoint - In 2025, amidst rising global trade barriers and tariff disputes, Hong Kong's strategic position as an international free trade port and financial hub is increasingly highlighted, with Guofu Quantum (00290.HK) launching an art and collectibles auction business to create a new asset allocation channel for global investors that combines risk-hedging attributes and appreciation potential [1] Group 1: Business Development - Guofu Quantum's art and collectibles auction business aligns with the current global trade situation, capturing the opportunity for value reconstruction of non-physical assets [2] - The recent "Guofu Quantum Spring Auction" achieved a 100% transaction rate for 10 lots, showcasing the market's demand for scarce cultural assets and the company's operational capabilities leveraging Hong Kong's advantages [2] - The auction featured notable works such as "Andy Warhol Portrait" by Zeng Fanzhi and "Seated Bathing Woman" by Pierre-Auguste Renoir, indicating strong market interest in high-value art pieces [2] Group 2: Technological Integration - Guofu Quantum's strategic investment in the digital asset platform RTree Finance incorporates blockchain and Web 3.0 technologies into its auction business, enhancing the valuation process through AI dynamic pricing models [3] - The blockchain system provides permanent records of artworks, addressing authenticity issues in the art market, thus positioning Guofu Quantum to potentially disrupt leading auction houses in Asia [3] Group 3: Security and Compliance - The integration of quantum technology in the auction process aims to establish a robust security framework for asset transactions, addressing investor concerns regarding asset safety and compliance [4] - Future collaborations with quantum technology firms may introduce advanced encryption methods to protect ownership certificates and transaction records, enhancing the security of digital art transactions [4] Group 4: Future Prospects - If successful in implementing these technological integrations, Guofu Quantum could provide superior security for high-net-worth clients and become a core infrastructure for Hong Kong's international cultural relic trading center [5] - The company holds various licenses and qualifications, suggesting potential expansion into cross-border equity auctions and distressed asset disposals, tapping into trillion-dollar markets [6] - Guofu Quantum's art auction business represents a broader paradigm shift in the integration of capital, technology, and culture, potentially redefining Hong Kong's role in global trade dynamics [7]

Financial Statements and Compliance - The company's interim financial information for the six-month period ended 30 September 2024 includes condensed consolidated statements of financial position, profit or loss, changes in equity, and cash flows[13] - The financial statements are prepared in compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" (HKAS 34) issued by the Hong Kong Institute of Certified Public Accountants[13] - The company's financial information is subject to an independent review report, which is addressed to the board of directors[13] - The company has adopted all new and revised Hong Kong Financial Reporting Standards (HKFRSs) effective from 1 April 2024, with no significant changes to accounting policies or financial statements[40] Company Overview and Structure - The company's registered office is located in the Cayman Islands, with its head office and principal place of business in Hong Kong[7] - The company's principal bankers include Chong Hing Bank Limited, China Construction Bank (Asia) Corporation Limited, and Shanghai Pudong Development Bank Co., Ltd[9] - The company's stock code is 290 and its website is www.290.com.hk[9] - The company's board of directors includes executive and non-executive directors, with some members retiring on 12 August 2024[4] - The company's auditor is Zhonghui Anda CPA Limited, a certified public accounting firm[7] - The company's share registrar and transfer office in Hong Kong is Union Registrars Limited[9] Financial Performance and Results - Revenue for the six months ended 30 September 2024 increased to HK$22,016 thousand, up from HK$18,349 thousand in the same period in 2023[20] - Net gains on investments at fair value through profit or loss for the six months ended 30 September 2024 were HK$22,016 thousand, compared to HK$18,349 thousand in 2023[20] - Staff costs for the six months ended 30 September 2024 increased significantly to HK$34,225 thousand, up from HK$16,839 thousand in 2023[20] - Loss before tax for the six months ended 30 September 2024 was HK$10,912 thousand, an improvement from HK$17,423 thousand in 2023[20] - Total revenue for the six months ended 30 September 2024 was HK$22,016 thousand, compared to HK$18,349 thousand in the same period in 2023, representing an increase of 20%[81] - Revenue from securities brokerage business decreased to HK$8,103 thousand in 2024 from HK$10,469 thousand in 2023, a decline of 22.6%[81] - Income from equity investment business was HK$1,534 thousand in 2024, compared to no income in 2023[81] - Interest revenue from money lending business surged to HK$8,439 thousand in 2024 from HK$1,837 thousand in 2023, a significant increase of 359.5%[81] - The securities brokerage and margin financing segment generated the highest revenue of HK$8,121 thousand, followed by the money lending segment with HK$8,439 thousand[88] - The equity investment segment reported a net gain of HK$12,571 thousand on investments at fair value through profit or loss[88] - The company recorded a loss before tax of HK$10,912 thousand for the six months ended 30 September 2024[88] - The asset management segment contributed HK$1,941 thousand in revenue, a decrease from HK$2,624 thousand in 2023[81] - The consultancy and insurance brokerage segment saw a slight increase in revenue to HK$344 thousand in 2024 from HK$306 thousand in 2023[81] - The corporate finance segment's revenue declined to HK$1,297 thousand in 2024 from HK$1,701 thousand in 2023[81] - Total revenue for the six months ended 30 September 2024 was HK$18.349 million, with a net loss of HK$9.661 million from investments at fair value through profit or loss[90] - Segment results showed a net loss of HK$19.021 million, with the largest loss from the equity investment segment at HK$14.115 million[90] - Interest revenue from financial institutions surged to HK$8.627 million, up from HK$1.476 million in the same period last year[99] - The company recognized no government grants for the six months ended 30 September 2024, compared to HK$756,000 in the same period last year[100] - Finance costs decreased to HK$377,000, down from HK$1.299 million in the previous year, primarily due to lower interest on corporate bonds[102] - The company's total operating expenses for the six months ended 30 September 2024 were HK$14,372,000, compared to HK$7,130,000 in the same period in 2023, representing a significant increase[106] - Staff costs, including salaries and allowances, increased to HK$34,225,000 in 2024 from HK$16,839,000 in 2023, driven by higher salaries and equity-settled share-based payments[110] - The company reported a loss before tax of HK$10,909,000 for the six months ended 30 September 2024, with no dividend paid or proposed during the period[123][118] Assets and Liabilities - Investments at fair value through profit or loss as of 30 September 2024 stood at HK$257,649 thousand, up from HK$79,769 thousand as of 31 March 2024[23] - Loan and trade receivables as of 30 September 2024 increased to HK$175,784 thousand, compared to HK$99,997 thousand as of 31 March 2024[23] - Bank balances and cash (general) as of 30 September 2024 decreased to HK$121,241 thousand, down from HK$289,257 thousand as of 31 March 2024[23] - Trade payables as of 30 September 2024 decreased to HK$204,723 thousand, compared to HK$276,025 thousand as of 31 March 2024[23] - Intangible assets as of 30 September 2024 were HK$36,072 thousand, up from zero as of 31 March 2024[23] - Prepaid considerations for investments as of 30 September 2024 were HK$118,471 thousand, compared to zero as of 31 March 2024[23] - Net current assets increased to HK$503,686 thousand from HK$573,448 thousand[26] - Total liabilities decreased to HK$1,052,784 thousand from HK$801,539 thousand[26] - Net assets increased to HK$1,041,887 thousand from HK$786,843 thousand[26] - Share capital increased to HK$711,842 thousand from HK$632,625 thousand[26] - Reserves increased to HK$330,045 thousand from HK$154,218 thousand[26] - Total equity increased to HK$1,041,887 thousand from HK$786,843 thousand[26] - Total segment assets increased to HK$842.641 million, with equity investment assets growing significantly to HK$399.198 million[96] - Consolidated total assets rose to HK$1.269 billion, while consolidated total liabilities decreased to HK$227.748 million[96] - Unlisted investments increased to HK$113,617 thousand as of 30 September 2024, up from HK$112,898 thousand as of 31 March 2024[133] - Equity securities listed in Hong Kong increased significantly to HK$209,691 thousand as of 30 September 2024, compared to HK$86,908 thousand as of 31 March 2024[139] - Total loan and trade receivables – current rose to HK$175,784 thousand as of 30 September 2024, up from HK$99,997 thousand as of 31 March 2024[140] - Trade receivables from securities brokerage business amounted to HK$1,529 thousand as of 30 September 2024, compared to zero as of 31 March 2024[148] - The carrying amount of trade receivables (excluding margin and cash clients) was HK$3,994 thousand as of 30 September 2024, up from HK$2,351 thousand as of 31 March 2024[157] - Loan receivables – current surged to HK$171,705 thousand as of 30 September 2024, compared to HK$97,076 thousand as of 31 March 2024[140] - The Group's investments at fair value through profit or loss increased to HK$441,797 thousand as of 30 September 2024, up from HK$253,273 thousand as of 31 March 2024[139] - Trade receivables from other businesses stood at HK$5,987 thousand as of 30 September 2024, compared to HK$5,530 thousand as of 31 March 2024[148] - The Group's share of net assets in unlisted investments was HK$104,214 thousand as of 30 September 2024, slightly up from HK$103,495 thousand as of 31 March 2024[133] - Total loan receivables as of 30 September 2024 amounted to HK$171,705,000, an increase from HK$110,576,000 as of 31 March 2024[167] - Trust bank balances and cash for client funds amounted to HK$204,723 thousand, classified under current assets in the consolidated financial position statement[182] - Trade payables to margin and cash clients totaled HK$276,025 thousand, with HK$266,924 thousand attributed to margin and cash clients and HK$9,101 thousand to HKSCC[184] - Trade payables to HKSCC within 30 days amounted to HK$9,101 thousand as of September 30, 2024[192] Cash Flow - Net cash used in operating activities was HK$85,576 thousand[33] - Net cash used in investing activities was HK$323,773 thousand[33] - Net cash generated from financing activities was HK$240,419 thousand[33] - Cash and cash equivalents decreased by HK$168,930 thousand[33] Investments and Fair Value Measurements - The company holds cryptocurrencies, including Bitcoin, accounted for as intangible assets under the cost model, with an indefinite useful life and subject to annual impairment testing[40] - The company's financial assets and liabilities are measured at fair value, categorized into three levels based on observable inputs: Level 1 (quoted prices), Level 2 (observable inputs), and Level 3 (unobservable inputs)[42] - The company recognizes transfers between fair value hierarchy levels as of the date of the event or change in circumstances causing the transfer[42] - Recurring fair value measurements at 30 September 2024 totaled HK$441,797 thousand, with Level 1 at HK$209,713 thousand, Level 2 at HK$41,143 thousand, and Level 3 at HK$190,941 thousand[46] - Total recurring fair value measurements at 31 March 2024 were HK$253,273 thousand, with Level 1 at HK$102,032 thousand, Level 2 at HK$32,349 thousand, and Level 3 at HK$118,892 thousand[46] - Level 3 fair value measurements increased from HK$118,892 thousand at 31 March 2024 to HK$190,941 thousand at 30 September 2024, driven by additions of HK$105,124 thousand and disposals of HK$24,233 thousand[50] - Fund investments under Level 2 fair value measurements increased from HK$32,349 thousand at 31 March 2024 to HK$41,143 thousand at 30 September 2024[59] - Unlisted equity instruments under Level 3 fair value measurements increased from HK$79,769 thousand at 31 March 2024 to HK$108,800 thousand at 30 September 2024[70] - The company's chief financial officer is responsible for fair value measurements, reporting directly to the board of directors, with valuation discussions held at least twice a year[55] - The company has a dedicated team managing Level 3 financial instrument valuations on a case-by-case basis, using valuation techniques at least twice a year[56] - Fund investments under Level 2 fair value measurements were valued using the share of net assets method, with no observable inputs (N/A)[59] - Unlisted equity instruments under Level 3 fair value measurements were valued using recent arm's length transaction prices, with no observable inputs (N/A)[70] - The company's Level 3 fair value measurements include gains or losses recognized in profit or loss, with a net loss of HK$16,974 thousand for the six months ended 30 September 2024[50] - The company invested HK$36,001,000 in cryptocurrencies during the six months ended 30 September 2024, with no such investments in the same period in 2023[128] Loans and Receivables - The company has seven outstanding loans as of 30 September 2024, compared to five as of 31 March 2024[167] - One secured loan with an outstanding principal of HK$13,500,000 bears an interest rate of 8% per annum and is due for repayment within twelve months[167] - Two unsecured loans with an aggregate outstanding principal of HK$75,250,000 bear an interest rate of 15% per annum and are due for repayment within twelve months[170] - One secured mortgage loan with an outstanding principal of HK$5,000,000 is overdue and bears an interest rate of 13% per annum[170] - One guaranteed loan with an outstanding principal of HK$3,000,000 is overdue and bears an interest rate of 12% per annum[170] - One new secured loan with an outstanding principal of HK$25,000,000 bears an interest rate of 12% per annum and is due for repayment within twelve months[170] - One new unsecured loan with an outstanding principal of HK$50,000,000 bears an interest rate of 8% per annum and is due for repayment within twelve months[170] - The company is actively pursuing legal actions to recover overdue loans, including issuing demand letters and initiating civil actions[172] - The ageing analysis of loan receivables shows HK$50,000,000 due within 30 days, HK$100,250,000 due within 90 to 365 days, and HK$19,809,000 overdue for more than 365 days as of 30 September 2024[175] Share Issuance and Options - The company issued 263,593,577 ordinary shares at HK$0.20 each in August 2023, raising HK$52,718,000[197] - In February 2024, the company issued 4,744,684,386 ordinary shares at HK$0.10 each through a rights issue, raising HK$474,469,000[197] - In July 2024, the company issued 273,776,000 ordinary shares at HK$0.90 each, raising HK$246,398,000[197] - In July 2024, the company issued 518,400,000 ordinary shares under a share award scheme[197] - The Company's Share Option Scheme allows for a maximum of 10% of total shares in issue to be granted as unexercised share options, based on the total number of shares at the 2021 annual general meeting[200] - Each eligible participant under the Share Option Scheme can be granted up to 1% of the Company's shares in issue within any 12-month period[200] - Any share options granted to a substantial shareholder or independent non-executive director exceeding 0.1% of the Company's shares in issue or HK$5,000,000 in value require prior shareholder approval[200] Taxation - Hong Kong Profits Tax was provided at a rate of 16.5% on estimated assessable profit for the six months ended 30 September 2024, with no provision made for the same period in 2023[116] - No provision for PRC Enterprise Income Tax was made for the six months ended 30 September 2024, as the company did not generate any estimated assessable profit subject to PRC EIT Law during that period[117] Property and Equipment - The company acquired property and equipment worth HK$4,469,000 and right-of-use assets worth HK$644,000 during the six months ended 30 September 2024, compared to no acquisitions in the same period in 2023[127] Management Discussion and Analysis - The company's interim report for 2024 includes a management discussion and analysis section[3] Shareholding and Voting Rights - The Group holds 25.00% of the nominal value of issued capital and 33.00% of voting rights in Starlight Financial Holdings Limited as of 30 September 2024[136]