Revenue and Financial Performance - Total revenue for the year 2024 was HKD 49,456 thousand, compared to HKD 26,943 thousand in 2023, representing an increase of approximately 83.5%[24] - Asset management division revenue decreased by 56.05% to HKD 4,784 thousand in 2024 from HKD 10,885 thousand in 2023[12] - The company reported a net loss of HKD 30,679 thousand for the year 2024, compared to a net loss of HKD 58,855 thousand in 2023, showing a reduction in loss by approximately 47.9%[17] - Securities brokerage revenue increased significantly to HKD 33,385 thousand in 2024 from HKD 2,913 thousand in 2023, a growth of approximately 1,046%[24] - Total revenue for the year reached 49,456 thousand HKD, with the securities brokerage and margin financing segment contributing the highest at 34,877 thousand HKD[28] - The company reported a net loss of 37,827 thousand HKD, primarily driven by a significant impairment loss on right-of-use assets amounting to 6,140 thousand HKD[28] - The equity investment segment recorded a loss of 7,244 thousand HKD, largely due to fair value losses on investments of 3,453 thousand HKD[28] - The company's share of losses from associates amounted to 2,483 thousand HKD, contributing to the overall loss[42] - The company's total comprehensive expenses for the year were 37,119 thousand HKD, a reduction from 65,232 thousand HKD in the previous year[35] - The company's corporate finance business segment revenue decreased by 13.32% to 4,719 thousand HKD in 2024, resulting in a segment loss of 2,789 thousand HKD compared to a segment profit of 14,446 thousand HKD in 2023[72] - The company's interest income from the lending business increased by approximately 62.91% to HKD 4,542,000 in 2024 compared to HKD 2,788,000 in 2023[82] - The lending business recorded a segment loss of HKD 476,000 in 2024, compared to a loss of HKD 3,005,000 in 2023[82] - The company's revenue from advisory and insurance brokerage services decreased by approximately 24.85% to HKD 611,000 in 2024 compared to HKD 813,000 in 2023[95] - The company reported a basic and diluted loss per share of (30,679) thousand HKD in 2024, compared to (58,855) thousand HKD in 2023, with weighted average shares increasing to 3,381,332 thousand from 2,074,438 thousand[68] Assets and Liabilities - The company's total assets increased to HKD 801,539 thousand in 2024 from HKD 298,592 thousand in 2023, a growth of approximately 168.4%[20] - The company's cash and bank balances (trust and general) increased to HKD 565,995 thousand in 2024 from HKD 248,650 thousand in 2023, a growth of approximately 127.6%[20] - The company's investment in associates increased to HKD 112,898 thousand in 2024 from HKD 99,647 thousand in 2023, a growth of approximately 13.3%[20] - The company's trade receivables and loans receivable increased to HKD 99,997 thousand in 2024 from HKD 42,644 thousand in 2023, a growth of approximately 134.5%[20] - Total assets increased to 1,092,191 thousand HKD in 2024, up from 475,761 thousand HKD in 2023, with the securities brokerage and margin financing segment showing the largest growth[32] - The company's total liabilities rose to 305,348 thousand HKD in 2024, compared to 179,292 thousand HKD in 2023, with the securities brokerage and margin financing segment accounting for the majority[32] - The company's total liabilities in the securities brokerage and margin financing segment increased significantly to 276,170 thousand HKD in 2024, up from 137,616 thousand HKD in 2023[32] - The company's total assets increased to 786,843 thousand HKD in 2024 from 296,469 thousand HKD in 2023, with a significant increase in share capital to 632,625 thousand HKD from 131,797 thousand HKD[61] - The company's total outstanding loans as of March 31, 2024, amounted to HKD 111,500,000, with annual interest rates ranging from 8% to 15%[88] - The company's unsecured loans increased significantly to HKD 93,704,000 in 2024 from HKD 3,014,000 in 2023[74] - The company's trade payables from securities brokerage business increased to HKD 276,025,000 in 2024 from HKD 137,157,000 in 2023[74] - The company's trade payables from margin and cash clients increased to HKD 266,924,000 in 2024 from HKD 137,157,000 in 2023[74] - The company's total trade payables increased to HKD 276,025,000 in 2024 from HKD 137,157,000 in 2023[74] - The company's current assets increased to HKD 864.1 million as of March 31, 2024, compared to HKD 369.3 million in the previous year, with a current ratio of 2.97x (2.08x in 2023)[158] - The company's liquidity position improved significantly, with a current ratio of 2.97x as of March 31, 2024, compared to 2.08x in the previous year[158] - The company's capital structure includes debt (corporate bonds, lease liabilities), cash and cash equivalents, and equity attributable to the company's owners, comprising issued share capital and reserves[169] - The capital gearing ratio decreased to 3.05% as of March 31, 2024, from 12.40% as of March 31, 2023, primarily due to the repayment of corporate bonds[190] - The debt ratio decreased to 27.96% as of March 31, 2024, from 37.71% as of March 31, 2023[190] - The group's liquidity range is between HKD 100,000 and HKD 3,000,000 or 5% of its adjusted total liabilities, whichever is higher[189] - As of March 31, 2024, the group's cash and cash equivalents totaled approximately HKD 289,257,000, with 98.22% denominated in HKD, 1.47% in USD, 0.27% in RMB, and 0.04% in SGD[178] - The group's investments at fair value through profit or loss amounted to approximately HKD 253,273,000 as of March 31, 2024, with a net loss of HKD 3,481,000[180] Expenses and Costs - The company's employee costs decreased to HKD 35,734 thousand in 2024 from HKD 42,575 thousand in 2023, a reduction of approximately 16.1%[17] - The company's other operating expenses increased to HKD 21,169 thousand in 2024 from HKD 13,916 thousand in 2023, an increase of approximately 52.1%[17] - Total operating expenses increased to 21,169 thousand HKD in 2024 from 13,916 thousand HKD in 2023, with significant increases in legal and professional fees (6,387 thousand HKD vs. 2,923 thousand HKD) and transaction fees (3,016 thousand HKD vs. 42 thousand HKD)[52] - Employee costs decreased to 35,734 thousand HKD in 2024 from 42,575 thousand HKD in 2023, with a notable reduction in salaries and allowances (28,595 thousand HKD vs. 34,857 thousand HKD)[52] Investments and Funding - The company issued 4,744,684,386 ordinary shares at 0.10 HKD per share in February 2024, raising a total of 474,469 thousand HKD[65] - The company issued 263,593,577 new shares at HKD 0.20 per share under a subscription agreement in August 2023[97] - The company allocated HKD 194 million for working capital of its main business, with HKD 192.97 million already utilized and HKD 1.03 million remaining unused[105] - HKD 100 million was fully utilized for the lending business, while HKD 50 million was fully allocated for asset management[105] - HKD 44 million was allocated for corporate financing, with HKD 42.97 million utilized and HKD 1.03 million expected to be used by 2024[105] - The company invested USD 3.04 million (approximately HKD 23.71 million) in blockchain technology and cryptocurrency trading services, fully utilizing the allocated funds[110] - USD 1.6 million (approximately HKD 12.48 million) was invested in a bank entity providing cryptocurrency custody services[110] - HKD 13.7 million was used to repay principal and accrued interest of corporate bonds due between September and October 2023[110] - HKD 2.75 million was allocated for general working capital, including employee costs, rent, and office expenses[110] - The company raised HKD 60 million from the issuance of the third tranche of Jiangxian Capital convertible bonds, with HKD 36 million used for proprietary trading, HKD 12 million for private equity investments, and HKD 12 million for asset management[114] - The total proceeds from the subscription amounted to HKD 52,720,000, with net proceeds received by the company (after deducting related expenses) approximately HKD 52,640,000[130] - The company allocated HKD 140 million as seed capital for investment in the group's asset management business, specifically for establishing investment funds targeting the secondary stock markets in Hong Kong, China, and the US[136] - HKD 56.82 million was allocated for general operating expenses, including employee costs, rental expenses, and other office expenses, with HKD 24.94 million already utilized and HKD 31.88 million remaining[136] - HKD 24 million was allocated for incubating and operating companies in the fintech sector, with the full amount already utilized[136] - HKD 10 million was allocated to repay corporate bonds and accrued interest due between December 2023 and April 2024, with the full amount already utilized[136] - HKD 16 million was allocated for a new purpose: investment immigration, with the full amount already utilized[136] - HKD 25 million was allocated for a new purpose: clean energy investment, with the full amount already utilized[136] - HKD 5 million was allocated for a new purpose: cryptocurrency investment, with the full amount already utilized[136] - The company raised approximately HKD 385 million from the issuance of the first batch of convertible bonds, with HKD 180 million allocated to a joint venture for margin financing and underwriting business expansion, HKD 150 million for loan business expansion, and HKD 34 million for general working capital[164] - The third batch of Jiangxian Capital convertible bonds was exercised at a conversion price of HKD 0.06, resulting in the issuance of 650 million shares on January 14, 2019[165] - The company's total proceeds from the rights issue amounted to approximately HKD 474.5 million, with a net price per rights share of HKD 0.0997[150] - The net proceeds from the issuance of the second batch of Jiangxian Capital convertible bonds amounted to HKD 60,000,000, with approximately HKD 50,000,000 allocated for expanding margin financing business and HKD 10,000,000 for underwriting business[173] - The company fully repaid the outstanding principal of HKD 153,585,000 and all accrued and unpaid interest related to the PAL convertible bonds by July 10, 2020[174] - The total funds raised through the issuance of the first, second, and third batches of Jiangxian Capital convertible bonds were HKD 60,000,000, all of which were utilized for expanding margin financing and underwriting business[175] Corporate Governance and Compliance - The company has fully complied with all code provisions of the Corporate Governance Code and, where applicable, met its recommended best practices for the entire year ended March 31, 2024[198] - Significant acquisitions and disposals, as well as contingent liabilities, were noted[199] - The company adopted a share award scheme[200] - The company's subsidiary maintained a minimum net asset value of HKD 300,000 from April 1, 2023, to December 31, 2023, and HKD 500,000 from January 1, 2024, to March 31, 2024, as required by the Insurance Ordinance[170] - The company's subsidiary complied with the liquidity requirements under the Securities and Futures (Financial Resources) Rules during the reporting year[168] - The company's board decided to reallocate resources and change the use of proceeds from the rights issue to better utilize financial resources and seize other business opportunities[171] Strategic Plans and Future Outlook - The company plans to focus on sustainable growth, customer value enhancement, and technology-driven financial innovation in 2024[191] - The company aims to increase investment, expand capital scale, and enhance its influence and reputation in the capital market[192]

Revenue and Income - Revenue for the six months ended 30 September 2023 was HK$18,349,000, an increase of 24.5% compared to HK$14,695,000 for the same period in 2022[7]. - Total income for the six months ended 30 September 2023 was HK$18,349,000, compared to HK$14,695,000 for the same period in 2022, reflecting an increase of about 25%[186]. - Income from securities brokerage business rose sharply to HK$10,469,000, compared to HK$1,747,000 in the same period of 2022[166]. - Income from asset management business decreased to HK$2,624,000 in 2023 from HK$5,509,000 in 2022, a decline of approximately 52%[186]. - Service income from corporate finance was HK$1,701,000 for the six months ended 30 September 2023, down from HK$3,790,000 in the same period of 2022, a decrease of about 55%[186]. - Interest income from money lending increased to HK$1,837,000, up from HK$1,459,000 in the previous year[166]. - Interest income from financial institutions rose to HK$1,476,000, up 239% from HK$435,000 in the previous year[106]. Loss and Expenses - Loss before tax for the period was HK$17,423,000, a decrease of 29.1% from HK$24,615,000 in the previous year[7]. - The company reported a loss for the period of HK$17,425,000, which contributed to accumulated losses of HK$620,232,000[12]. - Total comprehensive expense for the period amounted to HK$24,385,000, including other comprehensive expenses of HK$6,960,000[12]. - The company reported a basic and diluted loss attributable to shareholders of HK$17,425,000 for the six months ended 30 September 2023, compared to a loss of HK$24,607,000 for the same period in 2022[51]. - The company incurred other comprehensive expenses of HK$6,960,000 for the period, compared to HK$12,108,000 in the previous year[157]. - The loss for the period was HK$24,607,000, which is consistent with the previous period's loss[194]. Assets and Liabilities - Total assets as of 30 September 2023 were HK$371,186,000, slightly up from HK$369,299,000 as of 31 March 2023[9]. - Total segment assets decreased slightly to HK$339,063,000 as of 30 September 2023 from HK$345,407,000 as of 31 March 2023, a decline of 1.9%[104]. - The total consolidated assets increased to HK$487,836,000 as of 30 September 2023, compared to HK$475,761,000 as of 31 March 2023, reflecting a growth of 2.2%[104]. - Total segment liabilities decreased to HK$133,117,000 as of 30 September 2023 from HK$141,106,000 as of 31 March 2023, a reduction of 5.7%[104]. - The company held listed equity securities in Hong Kong valued at HK$5,364,000 as of 30 September 2023, down from HK$10,922,000 as of 31 March 2023, a decrease of approximately 50.9%[56]. - Unlisted equity instruments increased to HK$22,075,000 as of 30 September 2023 from HK$5,115,000 as of 31 March 2023, reflecting a substantial increase of approximately 331.5%[56]. Cash Flow - The net cash generated from financing activities was HK$44,193,000, compared to a net cash used of HK$82,390,000 in the previous year[162]. - Operating cash flow showed a significant decline, with a net cash used of HK$12,390,000, down from HK$34,323,000 generated in the same period last year[162]. - The cash and cash equivalents at the end of the period were HK$124,071,000, a decrease from HK$111,748,000 at the beginning of the period[162]. - The repayment of corporate bonds amounted to HK$3,100,000, down from HK$30,000,000 in the previous year[162]. Equity and Share Capital - Total equity increased to HK$324,802,000 from HK$296,469,000, representing a growth of 9.5%[10]. - The company issued shares resulting in an increase in share capital to HK$158,156,000 and share premium to HK$788,938,000[12]. - The company issued shares amounting to HK$56,730,000 during the reporting period[180]. Financial Reporting and Standards - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from April 1, 2023, with no significant changes to accounting policies[18]. - The company has commenced an assessment of the impact of new and revised HKFRSs but has not yet determined if they will materially affect its results[18]. - The interim financial information is presented in thousands of units of Hong Kong dollars (HK$'000) for the six months ended September 30, 2023[16]. Strategic Initiatives - The company is committed to enhancing its market position through strategic investments and potential acquisitions in the fintech sector[6]. - The company aims to expand its market presence and enhance its product offerings in the upcoming quarters[165]. Other Information - The company did not have any dilutive potential ordinary shares during the reporting period[32]. - The company did not enter into new lease agreements for its branch office during the six months ended 30 September 2023, consistent with the previous period[49]. - The company did not purchase any property and equipment during the six months ended 30 September 2023, similar to the previous year[198]. - The company has undergone changes in its board of directors, with new appointments made on 30 October 2023[148]. - The independent review report was conducted by Zhonghui Anda CPA Limited, appointed on 30 October 2023[141].

國富創新有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本公司及其附屬 公司（統稱「本集團」）截至二零二三年九月三十日止六個月（「本期間」）之未經審 核業績及二零二二年同期之比較數字。本集團之本期間未經審核中期財務資料已 獲董事會審核委員會（「審核委員會」）及本公司外部核數師審閱。 | --- | --- | --- | --- | |------------------------------------------------------------------------|-------|-------------------------------------------------------------|--------------------------------| | | 附註 | 截至九月三十日止六個月 \n二零二三年 千港元 （未經審核） | 二零二二年 千港元 （未經審核） | | 收入 按公平值列入損益賬（「 按公平值列入損益賬 」） | 3 | 18,349 | 14,695 | | 之投資虧損淨額 | | (9,661) | (450) | | 經紀與其他服務之成本 | ...

Fundraising Activities - The company raised approximately HK$56.50 million and HK$56.82 million from two fundraising activities in September 2022 and January 2023, respectively, to replenish working capital and acquire fintech-related assets[11]. - The total amount raised from the two new share offerings was used primarily for capital-intensive licensed activities and acquiring quality fintech-related assets at low prices during the economic downturn[11]. - The company raised a total of HK$305,661,000 through the issuance of convertible bonds to Riverhead Capital in 4 tranches[44]. - The net proceeds from tranche 3 of the convertible bonds amounted to HK$60,000,000, with approximately HK$36,000,000 allocated to strengthen proprietary trading, HK$12,000,000 for private equity investments, and HK$12,000,000 for asset management[48]. - The total amount raised from the issuance of the Convertible Bonds was HK$120,000,000 as of 31 March 2023[79]. - The Directors intend to allocate 50% of the net proceeds from the Subscription for private equity and/or securities investment opportunities, 15% for general working capital, and 35% for potential new projects[182]. - The net proceeds from the placing of new shares were approximately HK$56.82 million after deducting commissions and other related expenses[194]. Financial Performance - Securities brokerage and margin financing revenue decreased by approximately 80.36% to HK$7,309,000 from HK$37,222,000 in 2022[29]. - Net investment gains for the year ended March 31, 2023, amounted to approximately HK$22,000, compared to nil in 2022[29]. - Segment loss for the securities brokerage and margin financing business increased by approximately 2,510.92% to HK$12,428,000 from HK$476,000 in 2022[29]. - Corporate finance segment revenue decreased by approximately 20.46% from HK$6,844,000 to HK$5,444,000[29]. - Corporate finance segment profit for the year ended March 31, 2023, was approximately HK$14,446,000, compared to a segment loss of approximately HK$11,652,000 in 2022[29]. - Interest income from money lending decreased by approximately 66.60% to HK$2,788,000 from HK$8,348,000 in 2022[30]. - The company reported a net investment loss from equity investments of approximately HK$4,500,000, an increase of about 60.20% from HK$2,809,000 in 2022[68]. - The net loss on financial instruments was approximately HK$4,630,000 for 2023, compared to approximately HK$3,151,000 in 2022[200]. Market Conditions - The Hong Kong stock market saw a significant decline, with the Hang Seng Index dropping over 15% in the past year, reaching its lowest level in nearly 13 years[7]. - The average daily trading volume in the Hong Kong securities market decreased by over 25% year-on-year[7]. - The global market outlook for 2023 is expected to face volatility and challenges due to high interest rates and geopolitical factors, impacting investment demand and financial market stability[139]. - The global financial markets have been sluggish over the past year due to geopolitical tensions and high interest rates, negatively impacting the economies of Hong Kong and Mainland China[200]. Strategic Goals - The company aims to leverage fintech innovation opportunities in China and Hong Kong to expand its business lines and enhance its capability to provide comprehensive financial services[9]. - The company is committed to becoming an integrated financial service partner and a one-stop platform for premium financial services, focusing on cross-border financial services and fintech innovation[9]. - The company aims to enhance operational capabilities and competitiveness through fintech innovation and strategic goals of technological transformation[25]. - The company aims to enhance its fintech innovation capabilities and expand its business lines to become an ideal integrated financial service partner for corporate and individual investors[118]. - The company will leverage opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area to facilitate two-way capital flows and support national policies[118]. - The company intends to attract strategic investments to expand its capital base and enhance its credit rating in the capital market[12]. Capital Management - As of March 31, 2023, the company had three outstanding loans with an aggregate principal amount of HK$17,000,000, with interest rates ranging from 12% to 13% per annum[18]. - The company aims to strengthen its capital base for corporate financing with an allocation of HK$2,000,000[100]. - General working capital is allocated HK$34,000,000[101]. - The company has not utilized HK$150,000,000 of the proceeds as of 31 March 2023[97]. - The Group actively reviews and manages its capital structure to ensure liquidity and support business operations[144]. - The Group's capital structure includes debt, cash and cash equivalents, and equity attributable to owners, with liquid capital ranging from HK$100,000 to HK$3,000,000 or 5% of total adjusted liabilities[168]. Share Capital and Issuance - As of March 31, 2023, the total issued share capital of the Company was approximately HK$131,797,000, comprising 1,317,967,885 shares[141]. - The Company completed a subscription of 183,000,000 shares, representing approximately 19.99% of the total issued shares prior to the subscription and approximately 16.66% post-allotment[143]. - The subscription price for new shares was set at HK$0.31, representing a premium of approximately 8.77% over the closing price on the date of the subscription agreement[126]. - A placing agreement was entered into on December 28, 2022, for up to 219,661,577 placing shares at a price of HK$0.26 per share, representing approximately 20.00% of the existing issued share capital[155][156]. - A total of 219,660,000 placing shares were successfully placed, representing approximately 16.67% of the issued share capital post-allotment[162]. Risk Management - The company is committed to improving its risk management measures and enhancing its risk management capabilities to strengthen business competitiveness[138]. - The company ensures that all licensed subsidiaries maintain adequate liquid capital levels to support business activities and comply with regulatory requirements[120]. - The management monitors the subsidiaries' liquid capital levels daily to ensure compliance with the minimum liquid capital requirements set by regulators[168].

Financial Performance - Revenue for the year ended March 31, 2023, was HKD 26,943,000, a decrease of 53.8% from HKD 58,487,000 in the previous year[7]. - Total comprehensive loss for the year was HKD (65,232,000), down from HKD (76,449,000) in the previous year, showing an improvement in overall financial performance[7]. - Basic and diluted loss per share for the year was HKD (5.58), compared to HKD (8.66) in the previous year, indicating a reduction in losses per share[7]. - The company reported a loss attributable to joint ventures of HKD 855,000 and a pre-tax loss of HKD 58,863,000 for the year ended March 31, 2023[23]. - The company recorded a net loss of HKD 58,855,000 for the year, compared to a net loss of HKD 79,309,000 in the previous year, indicating a 26% reduction in losses[49]. - The company reported a pre-tax loss of HKD 58,863,000 for the year ended March 31, 2023, compared to a loss of HKD 79,534,000 in the previous year, representing a 26% improvement[44]. - The company’s total loss for the year was HKD 79,309,000, reflecting ongoing challenges in the market[23]. Revenue Segments - The company reported a significant increase in corporate finance service income to HKD 2,236,000 from HKD 1,100,000, reflecting growth in this segment[15]. - Asset management income surged to HKD 10,651,000 from HKD 4,583,000, demonstrating strong performance in asset management services[15]. - The company’s revenue from asset management increased to HKD 10,885,000 in 2023 from HKD 4,583,000 in the previous year, indicating growth in this segment[24]. - The securities brokerage and margin financing business generated revenue of approximately HKD 7,309,000, down approximately 80.36% from HKD 37,222,000 in the previous year[79]. - The corporate finance segment's revenue decreased by approximately 20.46% from about HKD 6,844,000 to approximately HKD 5,444,000, while it recorded a segment profit of approximately HKD 14,446,000 compared to a segment loss of about HKD 11,652,000 in the previous year[81]. Investment Performance - Net investment losses amounted to HKD (4,630,000), compared to HKD (3,151,000) in the prior year, indicating a deterioration in investment performance[7]. - The company incurred a net investment loss of HKD 3,151,000, impacting overall performance negatively[24]. - The group recorded segment revenue and net investment losses of approximately HKD 4,500,000 in equity investments, representing an increase of about 60.20% compared to HKD 2,809,000 in the same period of 2022[102]. Asset and Liability Management - The company’s cash and cash equivalents decreased to HKD 248,650,000 from HKD 365,754,000, indicating a reduction in liquidity[9]. - The total assets of the company decreased from HKD 604,610,000 in 2022 to HKD 475,761,000 in 2023, reflecting a significant reduction in asset value[30]. - The company’s total liabilities decreased from HKD 356,751,000 in 2022 to HKD 179,292,000 in 2023, showing a reduction in financial obligations[30]. - Trade payables and other payables decreased to HKD 141,682,000 from HKD 179,461,000, reflecting improved management of liabilities[8]. - The company’s short-term lease expenses decreased to HKD 234,000 in 2023 from HKD 328,000 in 2022, a decline of about 29%[40]. Credit Risk and Management - The expected credit loss on receivables increased significantly to HKD (16,717,000) from HKD (5,425,000), reflecting higher credit risk[7]. - The expected credit loss for trade receivables increased to HKD 14,604,000 in 2023 from HKD 2,793,000 in 2022, reflecting a substantial rise of approximately 422.5%[61]. - The company has implemented sound credit management policies to monitor and manage credit risk effectively[184]. Employee and Operational Costs - Employee costs amounted to HKD 42,575,000 in 2023, down from HKD 51,702,000 in 2022, reflecting a decrease of about 17%[40]. - Total operating expenses decreased to HKD 13,916,000 in 2023 from HKD 25,770,000 in 2022, a reduction of approximately 46%[40]. - The group had a total of 55 employees as of March 31, 2023, down from 69 employees in 2022, with employee costs (excluding director remuneration) approximately HKD 36,115,000, a decrease from HKD 43,987,000 in 2022[186]. Capital Management and Financing - The company issued 183,000,000 shares in September 2022, raising approximately HKD 56,730,000 from the subscription[73]. - The company increased its authorized share capital to HKD 2,000,000,000 by adding an additional 18,000,000,000 shares in March 2023[72]. - The company issued convertible bonds totaling HKD 570,000,000, with a conversion price of HKD 0.06 per share, resulting in the issuance of 6,500,000,000 shares upon full conversion[104]. - The company plans to continue its strategy of expanding its financing and underwriting businesses through the proceeds from the convertible bonds[119]. Future Outlook - The company anticipates a significant improvement in the Hong Kong economy due to the resumption of business and travel activities, benefiting the overall financial services sector[127]. - The management anticipates a gradual recovery in the business environment and market demand as Hong Kong and mainland China resume cross-border operations[176]. - The company aims to leverage opportunities in national and Hong Kong financial technology innovation, actively seeking strategic investors and optimizing management[129].

Revenue Performance - Revenue from securities brokerage business decreased to HKD 2,913 thousand in 2023 from HKD 32,455 thousand in 2022, a significant drop[16] - Interest income from lending business declined to HKD 2,788 thousand in 2023 from HKD 8,348 thousand in 2022[16] - Asset management business revenue increased to HKD 10,885 thousand in 2023 from HKD 4,583 thousand in 2022[16] - Corporate finance service revenue decreased to HKD 5,444 thousand in 2023 from HKD 6,844 thousand in 2022[16] - Total revenue for 2023 was HKD 26,943 thousand, down from HKD 58,487 thousand in 2022[16] - Total revenue and net investment loss decreased by approximately 59.68% from HKD 55,336,000 in FY2022 to HKD 22,313,000 in FY2023, primarily due to a decline in underwriting business and reduced loan issuance[61] - Securities brokerage and margin financing revenue dropped by approximately 80.36% from HKD 37,222,000 in FY2022 to HKD 7,309,000 in FY2023[62] - Corporate finance segment revenue (excluding inter-segment revenue) decreased by approximately 20.46% from HKD 6,844,000 in FY2022 to HKD 5,444,000 in FY2023, with a segment profit of HKD 14,446,000 compared to a segment loss of HKD 11,652,000 in FY2022[63] - Advisory and insurance brokerage services revenue decreased by approximately 34.54% from HKD 1,242,000 in FY2022 to HKD 813,000 in FY2023[72] - Revenue for the year ended March 31, 2023, was HKD 26.94 million, a significant decrease from HKD 58.49 million in the previous year[177] - Total revenue for 2023 was HK$26.943 million, a significant decrease from HK$58.487 million in 2022[195] - Asset management business revenue increased to HK$10.651 million in 2023 from HK$4.583 million in 2022[195] - Securities brokerage revenue dropped sharply to HK$2.913 million in 2023 from HK$32.455 million in 2022[195] - Corporate finance service revenue rose to HK$2.236 million in 2023 from HK$1.100 million in 2022[195] Interest Expenses and Income - Interest expense on corporate bonds decreased to HKD 3,228 thousand in 2023 from HKD 7,764 thousand in 2022[21] - Total interest expenses decreased to HKD 5,136 thousand in 2023 from HKD 11,570 thousand in 2022[21] - The company recorded interest income from lending of approximately HK$2,788,000 in 2023, a decrease of 66.60% compared to HK$8,348,000 in 2022[41] Financial Performance and Losses - The company's basic and diluted loss per share for the reporting year was approximately HK$0.0558, compared to HK$0.0866 in the same period of 2022[39] - The company's pre-tax loss for 2023 was HK$58,863,000, compared to HK$79,534,000 in 2022[47] - The group reported a net loss of HKD 58.86 million for the year ended March 31, 2023, compared to a net loss of HKD 79.31 million in the previous year[177] - The basic and diluted loss per share for the year ended March 31, 2023, was HKD 5.58, compared to HKD 8.66 in the previous year[177] Asset and Liability Management - The company's trade receivables decreased to HK$30,397,000 in 2023 from HK$47,537,000 in 2022, with an expected credit loss of HK$14,604,000[51] - The company's receivable loans decreased to HK$12,247,000 in 2023 from HK$50,727,000 in 2022, with an expected credit loss of HK$4,906,000[30] - The company's current assets and current liabilities as of March 31, 2023, were approximately HKD 369,299,000 and HKD 177,169,000, respectively, with a current ratio of 2.08 times[120] - The fair value of investments as of March 31, 2023, was HKD 99,647,000, accounting for approximately 20.94% of the company's total assets[123] - Total current assets decreased to HK$369.299 million in 2023 from HK$492.586 million in 2022[183] - Total current liabilities reduced to HK$177.169 million in 2023 from HK$321.401 million in 2022[183] - Net current assets improved to HK$192.130 million in 2023 from HK$171.185 million in 2022[183] - Total assets minus current liabilities increased to HK$298.592 million in 2023 from HK$283.209 million in 2022[183] Capital and Share Issuance - The company issued 219,660,000 ordinary shares with a par value of HKD 0.10 each in January 2023, raising net proceeds of approximately HKD 56,820,000[59] - The company issued 183,000,000 ordinary shares at HKD 0.10 each, raising a net amount of approximately HKD 56,730,000[88] - The company issued 183,000,000 new shares at a subscription price of HKD 0.31 per share, representing approximately 19.99% of the total issued shares before the issuance[110][141] - Net proceeds from the share placement amounted to approximately HKD 56.82 million after deducting commissions and related expenses[147] Business Strategy and Operations - The company's strategy focuses on consolidating existing securities operations and collaborating closely with corporate finance and wealth management businesses to provide integrated financial services[40] - The company operates primarily in Hong Kong, with no significant regional revenue breakdown provided[20] - The company's operational segments include corporate finance, advisory, and insurance brokerage services[10] - The company's name was changed from "China Fortune Financial Group Limited" to "GoFintech Innovation Limited" to better reflect its future development direction[128] - The company plans to focus on financial technology innovation, expand business lines, and leverage opportunities in the Greater Bay Area and national policies like "Dual Circulation" and "Belt and Road"[139] Debt and Financing - The company repaid the outstanding principal and interest of HKD 153,585,000 for the PAL convertible bonds, which matured on March 30, 2020[77] - The company allocated HKD 180,000,000 from the first tranche of convertible bonds to fund and expand margin financing and underwriting business of a joint venture[75] - The third tranche of Jiangxian Capital convertible bonds was exercised at a conversion price of HKD 0.06, resulting in the issuance of 650,000,000 shares on January 14, 2019[76] - The company utilized HKD 60,000,000 for expanding margin financing and underwriting business, with no unused funds remaining[79] - HKD 120,000,000 allocated for establishing a joint venture in China under the "Closer Economic Partnership Arrangement" remains unused, pending regulatory approval[79] - HKD 150,000,000 was fully utilized for expanding the company's money lending business[79] - The company issued convertible bonds totaling HKD 570,000,000 in 2016, with subsequent tranches used for expanding margin financing and underwriting business[100][102] - The second tranche of Jiangxian Capital convertible bonds raised HKD 60,000,000, with HKD 50,000,000 allocated for margin financing and HKD 10,000,000 for underwriting business[102] - The capital gearing ratio decreased significantly to 12.40% as of March 31, 2023, compared to 70.85% in the previous year, primarily due to the repayment of corporate bonds and bank loans[151] - The debt ratio (total debt divided by total assets) was 37.69% as of March 31, 2023, down from 59.01% in the previous year[151] Investments and Financial Instruments - Equity investment segment recorded a net investment loss of HKD 4,500,000 in FY2023, an increase of approximately 60.20% compared to a loss of HKD 2,809,000 in FY2022[73] - The group held financial assets at fair value through profit or loss of approximately HKD 71.49 million as of March 31, 2023, compared to HKD 5.39 million in the previous year[152] - The net loss on financial instruments was HKD 4.63 million for the year ended March 31, 2023, compared to HKD 3.15 million in the previous year[152] Employee and Operational Costs - Employee costs decreased to HKD 36.12 million for the year ended March 31, 2023, from HKD 43.99 million in the previous year, with the number of employees reduced to 55 from 69[158] Regulatory and Compliance - The company delayed the publication of its 2023 annual results due to allegations from a major shareholder[2] - The company's licensed subsidiaries maintained compliance with Hong Kong's Securities and Futures (Financial Resources) Rules regarding liquidity requirements[83] - The company's subsidiary must maintain a minimum net asset value of HKD 300,000 as a licensed insurance intermediary[119] - The group had no significant contingent liabilities as of March 31, 2023[156] Government Subsidies and Tax - The company recognized a government subsidy related to COVID-19 of HK$1,260,000 in 2023, which was associated with the Hong Kong government's employment support scheme[44] - The company's tax losses from certain subsidiaries in China amounted to approximately HK$17,704,000 as of March 31, 2023, with HK$4,414,000 of tax losses expiring during the year[24] Shareholder and Capital Structure - The company's weighted average number of ordinary shares used to calculate basic and diluted loss per share increased to 1,055,102,000 in 2023 from 915,308,000 in 2022[26] - The company's placement price of HKD 0.26 per share represented an 8.33% premium over the closing price of HKD 0.2400 on December 28, 2022[115] - The company's total unused funds for self-trading, private equity investments, and asset management businesses were fully utilized as of March 31, 2023[137] - Net asset value increased to HK$296.469 million in 2023 from HK$247.859 million in 2022[178] - Share capital grew to HK$131.797 million in 2023 from HK$91.531 million in 2022[178] Miscellaneous - The company had capital commitments of HKD 7,907,000 for financial assets at fair value through profit or loss as of the reporting date in FY2023, compared to none in FY2022[60] - The company's money lending business had five outstanding loans totaling HKD 50,500,000 with annual interest rates ranging from 12% to 15%[96] - The company's capital structure is regularly reviewed and adjusted in response to economic changes, ensuring sufficient liquidity for business operations[83] - The company's unused funds for margin financing, asset management, and lending businesses are expected to be utilized by December 2023, with amounts of HKD 2,000,000, HKD 1,030,000, and HKD 22,000,000, respectively[117]

Corporate Governance Changes - The company reported a significant change in its board of directors, with Dr. Liu Zhiwei appointed as Chairman on August 22, 2022, and several other directors resigning or being removed during the year[5]. - The company has undergone a restructuring of its executive team, with key positions changing hands, including the resignation of the CEO Zhu Yi on September 15, 2022[5]. - The company has established various committees, including an audit committee and a remuneration committee, to enhance corporate governance[11]. Financial Performance - Revenue for the six months ended September 30, 2022, was HK$14,695,000, a decrease of 9.2% from HK$16,193,000 in the same period of 2021[22]. - Net investment losses amounted to HK$450,000, compared to losses of HK$2,989,000 in the previous year, indicating an improvement[22]. - Loss before tax for the period was HK$24,615,000, reduced from HK$32,421,000 in the prior year, reflecting a 24.5% decrease in losses[22]. - Loss for the period was HK$24,607,000, down from HK$32,977,000 in the same period last year, representing a 25.3% reduction[22]. - Other income increased significantly to HK$1,988,000 from HK$458,000, marking a rise of 334.8%[22]. - Staff costs decreased to HK$23,326,000 from HK$24,943,000, a reduction of 6.5%[22]. - Finance costs decreased to HK$3,643,000 from HK$6,858,000, showing a decline of 46.9%[22]. - Expected credit losses on loans and trade receivables were HK$8,708,000, compared to HK$557,000 in the previous year, indicating a significant increase in provisions[22]. - Share of profits of associates rose to HK$4,478,000 from HK$1,841,000, an increase of 143.5%[22]. - For the six months ended September 30, 2022, the company reported a loss per share of HK$ (2.7), an improvement from a loss of HK$ (3.6) in the same period of 2021[25]. - Total comprehensive expense for the period was HK$ (36,715,000), compared to HK$ (31,327,000) in the previous year, indicating an increase in losses[25]. Asset and Equity Changes - Current assets decreased to HK$ 387,084,000 from HK$ 492,586,000 as of March 31, 2022, reflecting a decline of approximately 21.4%[27]. - Non-current assets decreased from HK$ 105,818,000 to HK$ 98,840,000, a reduction of about 6.9%[27]. - Net current assets increased to HK$ 190,582,000 from HK$ 171,185,000, showing a growth of approximately 11.5%[30]. - Total equity rose to HK$ 267,874,000 as of September 30, 2022, compared to HK$ 247,859,000 at the end of March 2022, reflecting an increase of about 8.1%[30]. - The company issued shares worth HK$ 56,730,000 during the period, contributing to the increase in total equity[33]. Cash Flow and Financing Activities - For the six months ended September 30, 2022, the company reported a net cash generated from operating activities of HK$34,323,000, a decrease from HK$70,549,000 in the same period of 2021, representing a decline of approximately 51.3%[176]. - The company experienced a net decrease in cash and cash equivalents of HK$47,640,000 for the six months ended September 30, 2022, compared to a decrease of HK$64,101,000 in the same period of 2021, showing an improvement of approximately 25.7%[178]. - The cash and cash equivalents at the beginning of the period were HK$190,418,000, down from HK$263,850,000 at the same time last year, reflecting a decrease of approximately 27.7%[178]. - The company redeemed convertible bonds amounting to HK$100,000,000 during the financing activities, which is a significant cash outflow compared to the previous year[176]. - The company’s cash flows from financing activities resulted in a net cash used of HK$82,390,000, compared to HK$134,753,000 in the previous year, indicating a reduction of approximately 38.9%[178]. Market Position and Future Outlook - The company is positioned in the fintech sector, which may suggest potential for market expansion, but specific strategies or plans are not outlined in the extracted content[12]. - The company plans to continue its market expansion and product development strategies to improve future performance and mitigate losses[176]. - Management has indicated ongoing efforts to enhance operational efficiency and explore new market opportunities[198]. Financial Reporting and Compliance - GoFintech Innovation Limited reported its interim financial information for the six months ended 30 September 2022, prepared in accordance with HKAS 34, with figures presented in thousands of Hong Kong dollars (HK$'000) [181]. - The Group's interim financial information for the Period is unaudited but has been reviewed by the Audit Committee and external auditors [181]. - The accounting policies and methods used in the interim financial information are consistent with those used in the preparation of the Group's most recent annual financial statements for the year ended 31 March 2022 [183]. - The Group has applied amendments to Hong Kong Financial Reporting Standards (HKFRSs) effective for the financial year beginning on 1 April 2022, with no material impact on the Group's financial statements [185]. - The financial information is presented in compliance with the applicable disclosure requirements of the Listing Rules governing the listing of securities on the Stock Exchange [181]. Revenue Breakdown - Income from securities brokerage business was HK$1,747,000, down from HK$1,892,000, reflecting a decline of 7.7% year-over-year[194]. - Income from money lending business decreased significantly to HK$1,459,000, a drop of 70.8% from HK$4,981,000 in the previous year[194]. - Margin interest income from securities brokerage business increased to HK$5,519,000, up 157.9% from HK$2,141,000 in the same period last year[194]. - Revenue from contracts with customers under HKFRS 15 was HK$11,425,000, an increase of 33.5% compared to HK$8,567,000 in 2021[198]. - Service income from corporate finance was HK$3,790,000, slightly down from HK$3,923,000, a decrease of 3.2% year-over-year[198]. - Income from asset management business was HK$5,519,000, a significant increase from HK$2,141,000, reflecting a growth of 157.9%[198]. - Dividend income was nil for the current period, compared to HK$229,000 in the previous year[194]. - The company continues to focus on expanding its service offerings in the securities brokerage and asset management sectors[198].

Financial Performance - As of March 31, 2022, the Group's total revenue was approximately HK$58,487,000, representing a year-on-year decrease of approximately 56%[29]. - The Group recorded a loss before tax of approximately HK$79,534,000 for the year ended March 31, 2022, compared to a loss of approximately HK$13,495,000 for the corresponding period in 2021, marking an increase in loss of approximately 487.69%[34]. - Revenue from the securities brokerage and margin financing business decreased by approximately 27.04% to approximately HK$37,222,000 from approximately HK$51,014,000 in 2021[38]. - The corporate finance segment revenue decreased by approximately 82.09% from approximately HK$38,207,000 to approximately HK$6,844,000, with a segment loss of approximately HK$11,652,000 for the year ended March 31, 2022[38]. - The Group's net investment losses were significant, with no net investment gain recorded for the year ended March 31, 2022, compared to approximately HK$5,702,000 in 2021[38]. - The basic and diluted loss per share for the Reporting Year was approximately HK8.66 cents, compared to approximately HK1.47 cents for the corresponding period in 2021[35]. - The overall performance of the Group was impacted by a decrease in revenue across all segments and expected credit losses on loans and trade receivables[34]. Market Environment - The Hang Seng Index experienced a significant decline of approximately 14% in 2021, while the Hang Seng Tech Index fell about 33%[24]. - The Markit iBoxx China High-Yield U.S. dollar-denominated Bond Total Return Index closed down about 22% for the year, indicating a challenging bond market[24]. - Only 95 new IPOs were recorded on the main board of Hong Kong, a decrease of about 30% from 136 in the previous year[24]. - The capital market environment has pressured the income stream of financial institutions, affecting overall performance[24]. - The implementation of the SPAC system is expected to restore market confidence gradually[24]. Investment and Financing Activities - The company participated in the Series B financing of Genuine Biotech, marking a breakthrough in its investment and capital management business[25]. - The company foresees a number of large-scale stocks with Chinese concepts planning to list in Hong Kong as their secondary listing place[24]. - The company aims to enhance its market position through strategic participation in significant financing projects and IPOs[25]. - The Group entered into subscription agreements for the issuance of convertible bonds totaling HK$570,000,000, with specific amounts allocated to different investors[49]. - The principal amount of convertible bonds subscribed by Mankind Investment Limited was HK$110,754,000[49]. - The net proceeds raised from the issuance of Tranche 1 Convertible Bonds were approximately HK$385,000,000, with HK$180,000,000 allocated for expanding margin financing and underwriting business[53]. - Approximately HK$150,000,000 was used to expand the money lending business, while HK$12,000,000 was allocated for private equity investments[53]. - The company plans to strengthen its proprietary trading business with approximately HK$36,000,000 from Tranche 3 proceeds[56]. - The company is actively engaging in private equity investments, including pre-IPO investments, with approximately HK$12,000,000 allocated for this purpose[56]. Risk Management and Compliance - The Group emphasized the importance of compliance and risk control, aiming to reduce risk exposure while exploring new business opportunities[28]. - The Group applies a general approach in measuring loss allowance for expected credit losses on loans receivable, considering factors such as collateral ratio and repayment delays[39]. - Management classifies loan receivables into three stages based on credit risk, with Stage 1 indicating no significant increase in risk, Stage 2 indicating a significant increase, and Stage 3 indicating credit impairment[42]. - The Group's assessment of default risk incorporates studies from external credit rating agencies and forward-looking economic information[42]. - The Group has implemented credit management policies to monitor and manage credit risks associated with trading and overdue debts[127][129]. Employee and Management Information - As of March 31, 2022, the Group had a total of 69 employees, down from 81 employees in 2021[132]. - Employee costs for the reporting year (excluding Directors' remunerations) amounted to approximately HK$43,987,000, a decrease of about 40.5% from approximately HK$74,094,000 in 2021[132]. - The Group's employee remuneration is based on industry practices and individual performance, with benefits including retirement contributions and medical allowances[132]. - Mr. Zhu Yi was appointed as CEO in April 2020, having joined the group in May 2017 as the head of compliance and risk management[147]. - Ms. Sun Qing has over 20 years of experience in the financial industry, previously working at Everbright Securities for nearly 20 years[149]. - Mr. Han Hanting has more than 10 years of experience in investment banking, successfully leading M&A projects for several Hong Kong listed companies[152]. Capital Structure and Liquidity - The Group's current assets and current liabilities as of March 31, 2022, were approximately HK$492,586,000 and HK$321,401,000, respectively, resulting in a current ratio of about 1.53 times[110]. - The gearing ratio decreased to approximately 70.85% as of March 31, 2022, down from 102.71% in 2021, primarily due to a reduction in bank loans and corporate bonds[113]. - The debt ratio was approximately 59.01% as of March 31, 2022, compared to 66.06% in 2021[113]. - The Group actively reviews and manages its capital structure to ensure adequate liquidity levels to support business activities[102]. - The Group's capital structure includes debt instruments such as convertible bonds, corporate bonds, and loans, alongside cash and cash equivalents[108]. Corporate Governance and Compliance - The Directors do not recommend the payment of a final dividend for the year ended March 31, 2022, consistent with the previous year where no dividend was paid[181]. - There were no breaches of applicable laws and regulations by the Group that significantly impacted its business and operations during the year ended March 31, 2022[197]. - The Group maintained good relationships with employees and customers, with no material disputes reported during the year[198]. - The Group is committed to complying with environmental laws and minimizing the negative impact of its business activities on the environment[199].

Financial Compliance and Structure - The interim financial information was reviewed and found to be in compliance with HKAS 34, with no significant issues identified[20]. - The report includes the condensed consolidated statement of financial position as of September 30, 2021, and related financial statements for the six-month period[11]. - The report is structured to comply with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[11]. - The management discussion and analysis section spans pages 62 to 86, providing insights into performance and strategy[2]. - The independent auditor for the company is BDO Limited, a certified public accounting firm[22]. - The company has a remuneration committee and a nomination committee, both chaired by Mr. Xie Zhichun[5]. - The registered office is located in Grand Cayman, Cayman Islands, with a principal place of business in Hong Kong[6]. - The principal bankers include Bank of Communications, China Construction Bank, and China Everbright Bank among others[7]. Financial Performance - Revenue for the six months ended September 30, 2021, was HK$16,193,000, a decrease of 64.0% compared to HK$45,067,000 in the same period of 2020[29]. - Net investment losses for the period were HK$2,989,000, compared to gains of HK$18,628,000 in the previous year[29]. - Loss before tax for the six months was HK$32,421,000, compared to a profit of HK$1,418,000 in the same period of 2020[29]. - Loss for the period amounted to HK$32,977,000, significantly higher than the loss of HK$2,633,000 in the prior year[29]. - Total comprehensive loss for the period was HK$31,327,000, compared to a comprehensive income of HK$7,398,000 in the same period of 2020[33]. - Basic and diluted loss per share attributable to owners of the Company was HK(3.6) cents, compared to HK(0.3) cents in the previous year[33]. - The company reported a loss of HK$32,977,000 for the six months ended September 30, 2021, compared to a loss of HK$2,633,000 for the same period in the previous year[41]. Asset and Liability Changes - Non-current assets decreased from HK$22,131,000 as of March 31, 2021, to HK$17,684,000 as of September 30, 2021[35]. - Current assets decreased from HK$167,724,000 as of March 31, 2021, to HK$133,511,000 as of September 30, 2021[35]. - Net assets decreased from HK$324,308,000 as of March 31, 2021, to HK$292,981,000 as of September 30, 2021[38]. - Total liabilities decreased from HK$567,605,000 as of March 31, 2021, to HK$379,220,000 as of September 30, 2021[35]. - As of September 30, 2021, total equity amounted to HK$292,981,000, a decrease from HK$324,308,000 as of April 1, 2021, reflecting a loss for the period[41]. - The accumulated losses increased to HK$497,620,000 as of September 30, 2021, from HK$469,804,000 as of April 1, 2021[41]. Cash Flow and Financing Activities - Cash generated from operations for the six months ended September 30, 2021, was HK$70,320, a decrease of 64.3% compared to HK$196,775 in 2020[78]. - Net cash generated from operating activities was HK$70,549, down 64.1% from HK$196,964 in the previous year[78]. - Net cash used in financing activities was HK$134,753, a reduction from HK$344,779 in 2020, indicating improved cash flow management[80]. - Cash and cash equivalents at the end of the period stood at HK$200,343, an increase of 15.1% from HK$173,949 at the end of the same period in 2020[80]. - The company reported a net decrease in cash and cash equivalents of HK$64,101, compared to a decrease of HK$147,379 in the prior year, indicating better cash flow stability[80]. - Interest paid during the period was HK$6,332, a decrease from HK$8,561 in the previous year, suggesting reduced borrowing costs[78]. - The company made repayments of corporate bonds totaling HK$61,277, down from HK$426,295 in the previous year, indicating a significant reduction in debt obligations[78]. Revenue Breakdown - For the six months ended September 30, 2021, total revenue was HK$16,193,000, a decrease of 64.0% compared to HK$45,067,000 for the same period in 2020[131]. - Income from money lending business was HK$4,981,000, down 72.5% from HK$18,089,000 in the previous year[131]. - Income from securities brokerage business decreased by 46.3% to HK$1,892,000 from HK$3,529,000 year-on-year[131]. - Service income from corporate finance dropped significantly to HK$3,923,000, a decline of 75.0% compared to HK$15,633,000 in the prior period[131]. - Dividend income increased to HK$229,000, up 21.1% from HK$189,000 in the previous year[131]. - Income from asset management business decreased to HK$2,141,000, down 60.1% from HK$5,364,000 in the same period last year[131]. - Margin interest income from securities brokerage business rose to HK$2,416,000, an increase of 62.7% from HK$1,485,000 in the previous year[131]. Other Financial Information - The company did not pay or propose any dividends during the period, consistent with the previous year[190]. - The weighted average number of ordinary shares in issue remained unchanged at 915,308,000 shares for both periods[194]. - The company did not purchase any property and equipment during the period, compared to approximately HK$3,000 in the same period of 2020[199]. - The tax rate for the company's PRC subsidiaries is 25%, but no provision for PRC Enterprise Income Tax was made as there were no assessable profits during the reporting periods[191]. - The provision for Hong Kong Profits Tax for the current period was HK$556,000, significantly lower than HK$4,051,000 in the same period of 2020[189]. - Staff costs decreased to HK$24,943,000 in 2021 from HK$28,228,000 in 2020, with salaries and allowances dropping from HK$22,184,000 to HK$19,089,000[184]. - Total other income decreased to HK$458,000 in 2021 from HK$3,320,000 in 2020, primarily due to a significant drop in sundry income from HK$2,881,000 to HK$131,000[174].

Financial Performance - The Group's overall performance for the year ended 31 March 2021 was significantly impacted by the COVID-19 pandemic and global economic turbulence[11]. - For the year ended March 31, 2021, the Group's revenue and net investment gains amounted to approximately HK$150.67 million, representing a decrease of approximately 9.24% from HK$166.02 million for the year ended March 31, 2020[25]. - The Group recorded a loss of approximately HK$13.50 million for the year ended March 31, 2021, a significant reduction of approximately 81.21% compared to the loss of approximately HK$71.81 million for the corresponding period in 2020[27]. - The basic and diluted loss per share for the Reporting Year was approximately HK1.47 cents, compared to approximately HK7.85 cents for the corresponding period in 2020[28]. - Segment profit for the year ended 31 March 2021 was approximately HK$11,635,000, a decrease of approximately 31.99% from approximately HK$17,108,000 in 2020[32]. - Corporate finance segment revenue decreased by approximately 25.97% from approximately HK$51,612,000 to approximately HK$38,207,000, with segment profit dropping to approximately HK$319,000 from approximately HK$1,128,000 in 2020[34]. - Interest income from money lending was approximately HK$31,354,000, a decrease of approximately 22.97% compared to HK$40,702,000 in 2020[35]. - Revenue from consultancy and insurance brokerage services was approximately HK$1,487,000, representing a reduction of approximately 37.86% from approximately HK$2,393,000 in 2020[41]. - The overall performance of net loss attributable to owners improved mainly due to a decrease in finance costs, staff costs, and a net investment gain from financial assets[27]. Market Trends and Economic Impact - The DJIA, S&P 500, and Nasdaq experienced increases of 7.3%, 16.3%, and 43.6% respectively throughout the year, marking the largest annual increases since 2009[11]. - In Hong Kong, 154 companies were listed throughout 2020 despite uncertainties from the National Security Law and the economic downturn caused by the pandemic[11]. - The Federal Reserve's economic stimulus packages injected vast amounts of capital into the market, influencing global market dynamics[11]. - The Group's management is optimistic about recovery and growth prospects in the post-pandemic environment[11]. - The Company believes that uncertainties in international relationships will persist in a post-COVID-19 world, but remains optimistic about overcoming challenges[174]. Strategic Initiatives - The Group aims to leverage the growth in the digital economy and technology sectors, which have seen abnormal blooms during the pandemic[11]. - Future strategies include enhancing digital services and expanding market presence in response to evolving consumer behaviors[11]. - The Group is focused on adapting to the changing market conditions and exploring new opportunities for growth[11]. - The Company aims to enhance its image as a top-notch investment bank based in Hong Kong, supported by the mainland China[16]. - The company aims to strengthen existing securities operations and collaborate closely with corporate finance and wealth management to provide integrated financial services to institutional and high net worth clients[33]. Capital Management and Financing - The company raised approximately HK$385,000,000 through the issue of convertible bonds, with allocations for expanding margin financing, money lending, private equity investments, and general working capital[50]. - The net proceeds from the first tranche of convertible bonds amounted to approximately HK$385,000,000, with HK$180,000,000 allocated for margin financing and underwriting business expansion, HK$150,000,000 for debt issuance expansion, HK$12,000,000 for private equity investments, HK$9,000,000 for strengthening subsidiary capital, and HK$34,000,000 for general operating funds[53]. - The second tranche of convertible bonds raised net proceeds of HK$60,000,000, with approximately HK$50,000,000 used for expanding margin financing and HK$10,000,000 for underwriting business[55]. - The third tranche of convertible bonds raised net proceeds of HK$60,000,000, with approximately HK$36,000,000 for proprietary trading, HK$12,000,000 for private equity investments, and HK$12,000,000 for asset management as seed capital[57]. - The company has focused on strengthening its capital base and expanding its financing and underwriting businesses through the issuance of convertible bonds[53]. Regulatory Compliance and Governance - The Group is committed to maintaining robust corporate governance and transparency in its operations[11]. - The appointment of new auditors is proposed to ensure compliance and enhance financial oversight[6]. - All licensed subsidiaries of the Group complied with the liquid capital requirements under the Hong Kong Securities and Futures (Financial Resources) Rules during the Reporting Year[174]. - There was no non-compliance with capital requirements imposed by regulators during the years ended March 31, 2021, and 2020[186]. Investment and Asset Management - The Group plans to continue seeking opportunities to invest idle funds in medium or low-risk investment products, including stocks, bonds, derivatives, and structured products[190][193]. - The Group held financial assets at fair value through profit or loss of approximately HK$101,230,000 as of March 31, 2021, with a net gain of approximately HK$18,952,000, compared to a net loss of approximately HK$13,384,000 in 2020[189][192]. - The total investment cost for the subscription of new senior notes was approximately HK$65,891,000, including transaction costs[197]. - An investment worth approximately USD3,473,000 was disposed of in the Reporting Year, with a gain of USD16,000[197]. Liquidity and Financial Ratios - As of March 31, 2021, the Group's current assets were approximately HK$787,720,000, down from approximately HK$1,033,779,000 in 2020, while current liabilities were approximately HK$567,605,000, down from approximately HK$714,325,000 in 2020, resulting in a current ratio of about 1.39 times compared to 1.45 times in 2020[184][186]. - The Group's cash and cash equivalents as of March 31, 2021, amounted to approximately HK$263,850,000, a decrease from approximately HK$315,132,000 in 2020, with 73.29% in HKD, 24.57% in USD, and 2.14% in RMB[185][186]. - The gearing ratio as of March 31, 2021, was approximately 102.71%, down from approximately 154.71% in 2020, primarily due to a decrease in bank loan payables[185][187]. - The debt ratio, defined as total debts over total assets, was approximately 66.06% as of March 31, 2021, compared to approximately 72.27% in 2020[187].