香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責 任。 OCI International Holdings Limited 東建國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：329） 董事會召開日期 東 建 國 際 控 股 有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 宣 佈，董 事 會 會 議 將 於 二 零 二 五 年 八 月 二 十 八 日（星 期 四）舉 行，藉 以（其 中 包 括）考 慮 及 批 准 刊 發 本 公司及其附屬公司截至二零二五年六月三十日止六個月的未經審核財務報表 及 中 期 業 績 公 佈，以 及 考 慮 派 發 中 期 股 息（如 有）。 承董事會命 東建國際控股有限公司 主 席 焦樹閣 香 港，二 零 二 五 年 八 月 十 八 日 於 本 公 佈 日 期，董 事 會 包 括 以 下 董 事： 執 行 董 事： 獨 立 非 執 行 董 事： ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東建國際控股有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00329 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 | HKD | | 1,000,000,000 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 佈 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 本 公 佈 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 證 券 的 邀 請 或 要 約。 OCI International Holdings Limited 東建國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：329） 配售代理 根據一般授權配售新股份之配售協議失效 茲 提 述 東 建 國 際 控 股 有 限 公 司（「本公司」）日 期 為 二 零 二 五 年 七 月 十 一 日 之 公 佈，內 容 有 關 根 據 一 般 授 權 配 售 新 股 份（「該公佈」）。除 文 義 另 有 所 指 外，該 公 佈 所 界 定 之 詞 彙 與 本 公 佈 所 使 用 者 具 有 相 同 涵 義。 董 事 會 宣 佈，由 於 配 售 協 議 所 載 條 件 未 能 於 二 零 二 五 年 七 月 三 十 一 日（ ...

Core Viewpoint - Helen Piano's stock price has dropped significantly following the announcement of a change in control, indicating market skepticism about the new ownership and its potential impact on the company's future [2][16]. Group 1: Stock Performance - Over four trading days, Helen Piano's market value decreased by 25%, with the stock price falling from a peak of 12 yuan to around 9 yuan [2]. - As of July 30, the stock closed at 9.03 yuan, down 2.48%, which is below the transaction price of 9.09 yuan per share for the new controlling shareholder, Cui Yongqing [4][2]. Group 2: New Controlling Shareholder - Cui Yongqing, born in 1982, has held positions as chairman and general manager of Quantuo Technology (Hangzhou) Co., Ltd. for the past five years [6]. - However, Quantuo Technology does not appear to be one of Cui's core enterprises or businesses, raising questions about his actual influence and capabilities [7][9]. Group 3: Corporate Structure and Ownership - The detailed equity change report lists 10 other core enterprises controlled by Cui Yongqing, but does not mention Quantuo Technology, where he holds only 13.64% of the shares, making him the second-largest shareholder [9][11]. - The largest shareholder of Quantuo Technology is Qiang Min, who holds 27.28% of the shares, indicating that Cui does not have majority control [9]. Group 4: Market Reactions and Future Outlook - Following the announcement of the control change, Helen Piano's stock experienced high volatility, opening up 16.62% but closing down 4.76% on the same day, with a turnover rate of 23.64% [16]. - Chairman Chen Hailun's comments about the share transfer and a personal loan of 200 million yuan to improve cash flow have not reassured the market, as the company's stock continues to decline [16][18].

Core Viewpoint - Helen Piano's stock price has dropped significantly following the announcement of a change in control, indicating market skepticism about the new ownership and its implications for the company's future [1][13]. Group 1: Stock Performance - Over four trading days, Helen Piano's market value decreased by 25%, with the stock price falling from a peak of 12 yuan to around 9 yuan [1]. - As of July 30, the stock closed at 9.03 yuan, which is below the transaction price of 9.09 yuan per share for the change in control [3][4]. Group 2: New Ownership - The new controlling shareholder, Cui Yongqing, has incurred a "floating loss" before officially taking control of Helen Piano due to the stock price decline [4]. - Cui Yongqing has held positions as chairman and general manager of Quantuo Technology (Hangzhou) Co., Ltd., but this company does not appear to be a core asset under his control [6][8]. Group 3: Company Announcements - Helen Piano disclosed multiple equity change reports on July 29, highlighting Cui Yongqing's capabilities and the companies he controls [5][13]. - The reports listed 10 other core enterprises and business situations controlled by Cui Yongqing, but did not mention Quantuo Technology's limited ownership structure [7][8]. Group 4: Market Reactions and Future Outlook - Following the announcement of the control change, Helen Piano's stock experienced high volatility, opening up 16.62% but closing down 4.76% on the same day [13]. - Chairman Chen Helen's comments about the stock transfer and future support for the company did not alleviate market concerns, as the stock continued to decline [14][16].

Core Viewpoint - Dongjian International (stock code: 0329) announced a financing plan through the placement of new shares, aiming to raise approximately HKD 0.8 billion, net of expenses [1] Group 1: Financing Details - The company plans to issue 299,949,984 shares (approximately 300 million shares) at a placement price of HKD 0.28, representing a discount of about 18.8% compared to the previous trading day's closing price of HKD 0.345 [1] - The placement price also reflects a discount of approximately 19.5% compared to the average closing price over the last five trading days [1] - The new shares will account for about 20.0% of the existing issued share capital and approximately 16.7% of the enlarged share capital after completion [1] Group 2: Use of Proceeds - Approximately HKD 0.6 billion of the proceeds will be used for investments aligned with the company's general business activities and to enhance asset management financing [1] - Around HKD 0.1 billion will be allocated to expand the wine and beverage business [1] - Approximately HKD 0.2 billion will be utilized for general operating funds of the group [1] Group 3: Company Overview - Dongjian International is an investment holding company, with subsidiaries primarily engaged in asset management, investment and financial consulting, securities underwriting and placement, securities trading and investment, as well as wine and beverage trading [1]

Financial Performance - Revenue for the year ended December 31, 2024, was HK$80.66 million, a decrease of 10.5% from HK$89.55 million in 2023[14]. - Adjusted net loss for the year was HK$1.40 million, significantly improved from a loss of HK$22.63 million in 2023[14]. - Adjusted EBITDA for the year was HK$6.60 million, a recovery from an adjusted loss of HK$10.58 million in 2023[14]. - The Group's consolidated net loss was HK$8.85 million, an improvement from a loss of HK$13.24 million in the previous year, mainly due to reduced general and administrative expenses and a gain of HK$6.36 million from the disposal of a subsidiary[28][31]. - The Group recorded total revenue of HK$80.66 million for the Year Under Review, a decrease from HK$89.55 million in the previous year, primarily due to reduced revenue from the asset management business and a net fair value loss of HK$7.45 million on financial assets[27][30]. - The consolidated net loss for the Year Under Review was HK$8.85 million, improved from a loss of HK$13.24 million in the previous year, attributed to lower general and administrative expenses and a gain on disposal of a subsidiary amounting to HK$6.36 million[56]. Asset Management - Asset management income for the year was HK$23.71 million, down 44.6% from HK$42.75 million in 2023[19]. - Total net assets under management (AUM) as of December 31, 2024, were US$130 million, a decrease from US$149 million in 2023[19]. - The decrease in AUM was primarily due to the decline in fair value of the underlying investments held by the funds[19]. - The Group's total assets under management (AUM) as of 31 December 2024 amounted to US$130 million, down from US$149 million as of 31 December 2023[62]. - The Group plans to focus on the development of its asset management business, optimizing its investment portfolio, and has set up an investment fund targeting capital commitments between US$1.5 billion and US$1.9 billion, expected to invest in the healthcare industry[33][36]. Revenue Streams - Revenue from underwriting and placing of securities amounted to HK$18.30 million, compared to nil in 2023[20]. - Revenue from trading of wines and beverages increased to HK$44.46 million, up from HK$36.64 million in the previous year, driven by the recovery of the general economic situation and efforts from the sales and marketing team[26][29]. - The Group participated in three bond issuance transactions during the year, marking a new revenue stream[20]. - The Group participated in three bond issuance transactions during the Year Under Review, generating HK$18.30 million in underwriting and placement income, compared to no income in the previous year[24]. Investments and Trading - The Group has commenced proprietary trading on cryptocurrencies and is exploring asset management opportunities related to crypto-assets to expand its business[34][36]. - The Group allocated US$0.50 million for trading cryptocurrencies, resulting in a gain of HK$1.12 million during the year[111]. - The Group invested HK$5.00 million in the OCI Chiyu Fixed Income Fund, with a fair value of HK$4.86 million as of December 31, 2024, representing 1.6% of total assets[78]. - The Group's investment in SPACs recorded a fair value loss of HK$1.00 million for the year ended December 31, 2023, prior to the net fair value gain in the following year[110]. Market Conditions - Market sentiment improved due to optimism over interest rate cuts and various government policies, although external macro factors such as trade tensions and geopolitical risks remain a concern[32][35]. - The Hang Seng Index reached a two-year high in October 2024, indicating improved market sentiment[138]. Corporate Governance - The Board has adopted the Corporate Governance Code and fully complied with it during the year ended December 31, 2024[168]. - The Board is responsible for the overall strategic development and financial performance of the Group, with daily operations delegated to management[182]. - The Company complies with legal and regulatory requirements as part of its corporate governance practices[186]. - The Board held five meetings during the Year to discuss overall development, operation, and financial performance[193]. Employee Relations - The Group employed 30 employees in Hong Kong and 1 in the PRC as of December 31, 2024, maintaining good relationships with staff[162]. Financial Position - Total assets as of December 31, 2024, were HK$308.48 million, down from HK$323.58 million in 2023[14]. - Cash and cash equivalents increased to HK$128.06 million as of December 31, 2024, compared to HK$104.79 million as of December 31, 2023[128]. - The Group's net current assets were HK$251.53 million as of December 31, 2024, down from HK$263.35 million the previous year, with a current ratio of 8.1 times[129]. - The Group's gearing ratio improved to 2.2% as of December 31, 2024, down from 3.3% the previous year, with total lease liabilities of HK$5.96 million[127].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 80,659,000, a decrease of 9.5% from HKD 89,548,000 in 2023[2] - Adjusted net loss for the year was HKD 1,401,000, significantly improved from a loss of HKD 22,630,000 in the previous year[2] - Adjusted EBITDA for the year was HKD 6,599,000, a recovery from an adjusted EBITDA loss of HKD 10,577,000 in 2023[2] - The company reported a total comprehensive loss of HKD 10,094,000 for the year 2024, compared to a loss of HKD 13,425,000 in 2023[12] - The cumulative loss increased to HKD 238,675,000 by December 31, 2024, up from HKD 228,896,000 at the end of 2023[12] - The company reported a pre-tax loss of HKD 8,850,000 for the year ended December 31, 2024, compared to a pre-tax loss of HKD 13,248,000 for the previous year, indicating an improvement of approximately 33.3%[24][26] - The reported loss attributable to equity shareholders for the year ended December 31, 2024, was HKD 9,779,000, compared to HKD 13,118,000 for the year ended December 31, 2023, reflecting a reduction of approximately 25.5%[36] - The net comprehensive loss for the year was HKD 8.85 million, reduced from HKD 13.24 million in the previous year, primarily due to decreased general and administrative expenses[49] Revenue Breakdown - Revenue from asset management decreased by 44.5% to HKD 23,707,000 from HKD 42,746,000[4] - Revenue from securities underwriting and placement was HKD 18,295,000 in 2024, with no revenue reported in 2023[21] - The company generated other income of HKD 12,611,000 in 2024, up from HKD 7,011,000 in 2023, marking an increase of approximately 80.5%[29] - Revenue from wine and beverage trading increased from HKD 36.64 million to HKD 44.46 million, attributed to improved sales efforts and market conditions[45] - The asset management revenue for the year was HKD 23.71 million, a decrease from HKD 42.75 million in the previous year[50] - Investment consulting service revenue increased to HKD 0.53 million from HKD 0.44 million year-on-year[54] - Revenue from wine and beverage trading increased to HKD 44.46 million from HKD 36.64 million, with a reduced loss of HKD 3.89 million compared to HKD 6.99 million in the previous year[56] Asset Management and Investments - The company continues to focus on asset management and investment advisory services as its primary business lines[20] - The management of assets under management decreased to USD 130 million from USD 149 million year-over-year, primarily due to a decrease in the fair value of related investments[44] - As of December 31, 2024, Dongjian Asset Management managed 10 funds with total assets under management of $130 million and subscriptions from investors totaling $398 million[50] - The company acquired 60% of Shandong Civil Aviation Dongsheng Investment Management Co., Ltd. for RMB 3.15 million, recording a share of profit from the joint venture of HKD 1.98 million[51] - The healthcare investment fund aims to raise between $1.5 billion and $1.9 billion, with fundraising still ongoing[53] Financial Position - Total assets decreased to HKD 308,484,000 from HKD 323,578,000, reflecting a decline of 4.7%[2] - Net asset value decreased to HKD 270,649,000 from HKD 279,983,000, a decline of 3.3%[2] - The total amount of debt investments at amortized cost, net of loss provisions, was HKD 340 thousand for 2024, down from HKD 21.02 million in 2023[10] - The total fair value of financial assets measured at fair value through profit or loss was HKD 111.08 million in 2024, compared to HKD 115.03 million in 2023[41] - The group’s asset-liability ratio as of December 31, 2024, was 2.2%, down from 3.3% as of December 31, 2023, with total equity of HKD 270.65 million[84] - As of December 31, 2024, the group had cash and cash equivalents of HKD 128.06 million, an increase from HKD 104.79 million as of December 31, 2023, with total assets amounting to HKD 308.48 million[84] Corporate Governance and Compliance - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[16] - The company has not reported any new products or technologies in the current financial year[20] - The company did not recommend any dividend for the year, consistent with the previous year[35] - The company has no significant investments or acquisitions during the review period, maintaining a cautious approach towards potential business opportunities[89][90] - The company has fully complied with all corporate governance codes during the review year[105] - The board expressed gratitude to all business partners, management, employees, and shareholders for their ongoing support[112] - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[113] Legal and Regulatory Matters - A legal provision of HKD 5.36 million was made for litigation costs related to RD notes, following a court ruling against the company[66] - The company has decided not to appeal the court's decision regarding RD notes after consulting legal advisors[66] - As of December 31, 2023, the group has submitted applications for new bonds under the restructuring plan, receiving new CFLD bonds in January 2024, with an expected credit loss provision of HKD 20.29 million, resulting in a carrying value of HKD 0.72 million, which is 0.2% of the group's total assets[73] Employee and Management Relations - The group employs 30 staff in Hong Kong and 1 in China, maintaining good relations with employees and providing various benefits[101] - The board has established a remuneration committee to determine the compensation of directors and senior management, including a stock option plan to incentivize eligible employees[103][104]

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides core corporate details, including board members, key personnel, and principal bankers, noting recent non-executive director changes [Core Corporate Information](index=2&type=section&id=Corporate%20Information) This section provides core corporate details, including board members, key personnel, and principal bankers, noting recent non-executive director changes - The company's Chairman of the Board is **Mr. Jiao Shuge**, and the Chief Executive Officer is **Mr. Tang Nanjun**[8](index=8&type=chunk) - Board composition changes include the appointment of **Mr. Zhao Li** as a non-executive director and the resignation of **Mr. Feng Hai** on April 29, 2024[8](index=8&type=chunk) - Principal bankers include **HSBC**, **China Minsheng Banking Corp. Hong Kong Branch**, **CMB Wing Lung Bank** in Hong Kong, and **China Merchants Bank Shanghai Branch** in China[9](index=9&type=chunk) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) This section provides a concise overview of the company's key financial performance and position for the reporting period [Summary of Financial Performance](index=4&type=section&id=Financial%20Highlights) Total revenue declined due to reduced asset management income and securities investment losses, yet adjusted net profit turned positive, while total and net assets decreased Key Financial Indicators for H1 2024 | Metric | For the Six Months Ended June 30, 2024 (HK$ Thousand) | For the Six Months Ended June 30, 2023 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 30,784 | 39,022 | ↓ 21.1% | | - From Asset Management | 12,083 | 27,639 | ↓ 56.3% | | - Sales of Goods | 35,123 | 7,120 | ↑ 393.3% | | - From Securities Trading and Investment | (16,685) | 4,091 | Turned from Profit to Loss | | **Adjusted Net Profit (Loss)** (Note 1) | 675 | (4,486) | Turned from Loss to Profit | | **Adjusted EBITDA** (Note 2) | 4,699 | 4,431 | ↑ 6.0% | Summary of Asset Position | Metric | As of June 30, 2024 (HK$ Thousand) | As of December 31, 2023 (HK$ Thousand) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | 294,778 | 323,578 | ↓ 8.9% | | **Net Assets** | 263,648 | 279,983 | ↓ 5.8% | - Adjusted net profit (loss) excludes fair value changes of financial assets at fair value through profit or loss, while Adjusted EBITDA further excludes finance costs, income tax, and depreciation on this basis[10](index=10&type=chunk)[11](index=11&type=chunk)[13](index=13&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the company's condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The company reported a net loss of **HK$16.01 million**, significantly widened from the prior year, driven by decreased total revenue and a sharp increase in cost of sales Core Income Statement Data (Unit: HK$ Thousand) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Revenue | 30,784 | 39,022 | | Cost of Sales and Services Provided | (33,210) | (6,614) | | General and Administrative Expenses | (17,453) | (32,855) | | Securities Trading and Investment (Loss) Income | (16,685) | 4,091 | | **(Loss) Profit Before Tax** | **(16,010)** | **1,392** | | **Loss for the Period** | **(16,010)** | **(581)** | | **Loss Per Share (HK Cents)** | **(1.084)** | **(0.005)** | - Loss attributable to company shareholders was **HK$16.251 million**, significantly higher than **HK$0.068 million** in the prior year period[15](index=15&type=chunk) [Condensed Consolidated Statement of Financial Position](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) Total assets decreased to **HK$295 million** as of June 30, 2024, primarily due to reduced financial assets at fair value through profit or loss and debt investments Core Balance Sheet Data (Unit: HK$ Thousand) | Item | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Non-current Assets** | 19,192 | 22,590 | | **Current Assets** | 275,586 | 300,988 | | **Total Assets** | **294,778** | **323,578** | | **Current Liabilities** | 26,818 | 37,634 | | **Non-current Liabilities** | 4,312 | 5,961 | | **Total Liabilities** | **31,130** | **43,595** | | **Net Assets** | **263,648** | **279,983** | - Cash and cash equivalents slightly increased from **HK$89.95 million** to **HK$92.55 million**[16](index=16&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) Total equity decreased by **HK$16.34 million** to **HK$264 million**, primarily due to the period's net loss and other comprehensive expenses, mainly exchange differences Changes in Equity (Unit: HK$ Thousand) | Item | Balance as at January 1, 2024 | Loss for the Period | Other Comprehensive Expenses | Balance as at June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Equity** | 279,983 | (16,010) | (325) | 263,648 | [Condensed Consolidated Statement of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Operating activities generated a **HK$20.68 million** net cash inflow, a significant improvement, while investing and financing outflows decreased, leading to a slight increase in period-end cash and equivalents Core Cash Flow Statement Data (Unit: HK$ Thousand) | Item | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 20,679 | (13,244) | | Net Cash Used in Investing Activities | (16,097) | (73) | | Net Cash Used in Financing Activities | (1,777) | (39,609) | | **Net Increase (Decrease) in Cash and Cash Equivalents** | **2,805** | **(52,926)** | | Cash and Cash Equivalents at Beginning of Period | 89,948 | 230,568 | | **Cash and Cash Equivalents at End of Period** | **92,553** | **178,038** | [Notes to the Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, offering further insights into specific accounts and transactions [Note 4: Revenue and Segment Reporting](index=15&type=section&id=Note%204%3A%20Revenue%20and%20Segment%20Reporting) This note details revenue and segment performance by business line and region, highlighting a significant decline in asset management income, substantial growth in wine and beverage trading, and a loss in securities trading [Revenue Breakdown](index=15&type=section&id=4.1%20Revenue%20Breakdown) Total revenue for H1 2024 was **HK$30.78 million**, down **21.1%**, with asset management revenue declining, wine and beverage trading surging, and securities trading turning to a **HK$16.69 million** loss Revenue by Business Line (Unit: HK$ Thousand) | Business Line | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Asset Management | 12,083 | 27,639 | | Investment and Financial Advisory Services | 263 | 172 | | Trading of Wines and Beverages | 35,123 | 7,120 | | Securities Trading and Investment (Loss) Income | (16,685) | 4,091 | | **Total** | **30,784** | **39,022** | [Segment Performance](index=16&type=section&id=4.2%20Segment%20Performance) The securities trading and investment segment was the largest loss source at **HK$16.55 million**, while wine and beverage trading remained at a **HK$1.48 million** loss, and asset management profit declined to **HK$4.43 million** Segment Profit (Loss) (Unit: HK$ Thousand) | Segment | H1 2024 | H1 2023 | | :--- | :--- | :--- | | Asset Management | 4,427 | 6,811 | | Investment and Financial Advisory Services | 263 | 172 | | Securities Trading and Investment | (16,550) | 2,862 | | Trading of Wines and Beverages | (1,476) | (2,506) | | **Total Reportable Segment Profit (Loss)** | **(13,336)** | **7,339** | [Geographical Information](index=21&type=section&id=4.3%20Geographical%20Information) All external customer revenue originated from Hong Kong, while most non-current assets are in Hong Kong, with a smaller portion in mainland China - During the reporting period, **100%** of external customer revenue (**HK$30.78 million**) originated from Hong Kong[52](index=52&type=chunk) - As of June 30, 2024, specific non-current assets included **HK$10.97 million** in Hong Kong and **HK$7.13 million** in China[52](index=52&type=chunk) [Note 12: Debt Investments at Amortised Cost](index=26&type=section&id=Note%2012%3A%20Debt%20Investments%20at%20Amortised%20Cost) This note details significant impairment losses on the Group's **HK$210 million** debt investments, including SP, RD, and CFLD notes, which have defaulted or been restructured, leaving a net value of **HK$0.626 million** Debt Investment Impairment (June 30, 2024, Unit: HK$ Thousand) | Item | Gross Book Value | Loss Allowance | Net Book Value | | :--- | :--- | :--- | :--- | | Corporate Debt Securities | 210,226 | (209,600) | 626 | - SP Notes: A full impairment provision was made for remaining exposure, resulting in a **zero** net book value, as collateral (C.banner shares) was sold in January 2024[75](index=75&type=chunk)[139](index=139&type=chunk) - RD Notes: A full impairment provision was made, resulting in a **zero** net book value, due to the delisting of collateral (China Rundong shares)[80](index=80&type=chunk)[138](index=138&type=chunk) - CFLD Notes: Following default and restructuring, an impairment loss of approximately **HK$20.37 million** was recognized, leaving a remaining net book value of approximately **HK$0.626 million**[81](index=81&type=chunk)[140](index=140&type=chunk) [Note 14: Financial Assets at Fair Value Through Profit or Loss](index=33&type=section&id=Note%2014%3A%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets at fair value through profit or loss decreased to **HK$98.35 million**, primarily comprising the unlisted OCI Equities Fund SP and some listed securities and warrants Composition of Financial Assets at Fair Value Through Profit or Loss (Unit: HK$ Thousand) | Asset Class | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Unlisted Investment Fund (OCI Equities Fund SP) | 86,918 | 102,403 | | Investments in Listed Securities | 11,376 | 12,563 | | Investments in Listed Warrants | 53 | 66 | | **Total** | **98,347** | **115,032** | [Management Discussion and Analysis](index=44&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's financial performance, business operations, and future outlook [Business and Financial Review](index=44&type=section&id=Business%20and%20Financial%20Review) The Group's total revenue decreased to **HK$30.78 million**, resulting in a **HK$16.01 million** consolidated net loss, primarily due to reduced asset management income and securities investment losses, despite strong wine and beverage sales - The Group holds **Type 1**, **Type 4**, and **Type 9** licenses from the Hong Kong SFC for securities dealing, advising, and asset management, respectively[117](index=117&type=chunk) Asset Under Management (AUM) Overview | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets Under Management (AUM) | US$134 Million | US$149 Million | | Investor Subscription Amount | US$390 Million | US$406 Million | | Number of Funds | 8 | 10 | - The decrease in AUM and subscription amounts was primarily due to one fund's maturity and another fund terminating its investment management agreement with Dongjian Asset Management[117](index=117&type=chunk) [Segmental Business Review](index=46&type=section&id=Segmental%20Business%20Review) This section reviews segment performance, noting declining asset management revenue, significant growth in wine and beverage trading, fair value decrease in OCI Equities Fund SP, and substantial losses in securities trading due to debt defaults [Asset Management Services](index=46&type=section&id=Asset%20Management%20Services) Asset management AUM decreased to **US$134 million**, causing revenue to drop to **HK$12.08 million**, while the Group is fundraising for a **US$1.5-1.9 billion** healthcare investment fund - Asset management revenue significantly decreased to **HK$12.08 million** from **HK$27.64 million** in the prior year period[124](index=124&type=chunk) - The Group is fundraising for a healthcare investment fund with a target capital commitment of **US$1.5 billion to US$1.9 billion**, focusing on healthcare industry investments[124](index=124&type=chunk)[150](index=150&type=chunk) [Trading of Wines and Beverages](index=48&type=section&id=Trading%20of%20Wines%20and%20Beverage) Revenue from wine and beverage trading surged to **HK$35.12 million**, narrowing segment loss to **HK$1.48 million**, driven by economic recovery and an expanded product portfolio including whisky and Maotai - Wine and beverage trading revenue increased nearly **fourfold** year-on-year, reaching **HK$35.12 million**[127](index=127&type=chunk)[130](index=130&type=chunk) - Sales channels include **direct sales**, **online sales**, and **wholesale**[127](index=127&type=chunk) [Fund Investment & Securities Trading](index=49&type=section&id=Fund%20Investment%20%26%20Securities%20Trading) This segment recorded a **HK$16.55 million** loss, driven by fair value declines in OCI Equities Fund SP due to extended duration, full impairment of defaulted debt instruments, and **HK$1.2 million** fair value loss on SPAC investments - The fair value of OCI Equities Fund SP decreased from **HK$102 million** to **HK$86.92 million**, primarily due to the discounting effect of extended fund duration[132](index=132&type=chunk)[135](index=135&type=chunk) - The securities trading and investment segment turned from a **HK$2.86 million** profit in the prior year to a **HK$16.55 million** loss[133](index=133&type=chunk) - The Group made full impairment provisions for the defaulted **RD Notes** and **SP Notes**, resulting in **zero** net book value for both[138](index=138&type=chunk)[139](index=139&type=chunk) [Liquidity, Financial Analysis and Capital Structure](index=55&type=section&id=Liquidity%2C%20Financial%20Analysis%20and%20Capital%20Structure) The Group maintains a robust financial position with ample liquidity, evidenced by **HK$124 million** in cash, a **10.3x** current ratio, and a very low **2.9%** gearing ratio Key Financial Ratios | Metric | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Gearing Ratio | 2.9% | 3.3% | | Current Ratio | 10.3 Times | 8.0 Times | | Bank Balances and Cash (HK$ Million) | 123.50 | 104.79 | [Prospects for the Year 2024 and Development Plan](index=56&type=section&id=Prospects%20for%20the%20Year%202024%20and%20Development%20Plan) The Group anticipates improved market conditions in H2 2024, focusing on asset management growth, portfolio optimization, and exploring new opportunities like crypto asset management and QDLP in China for diversified, sustainable growth - The Group expects declining interest rates and government support policies to improve Hong Kong's economic and investment sentiment in **H2 2024**[145](index=145&type=chunk) - Strategic focus remains on developing the asset management business to achieve wealth appreciation goals for high-net-worth clients[150](index=150&type=chunk) - New business exploration includes potential opportunities in crypto asset management and establishing Qualified Domestic Limited Partnerships (QDLP) in China[151](index=151&type=chunk)[152](index=152&type=chunk) [Other Disclosure Information](index=59&type=section&id=Other%20Disclosure%20Information) This section provides additional disclosures, including information on directors' and substantial shareholders' interests, share option schemes, and corporate governance practices [Directors' and Substantial Shareholders' Interests](index=59&type=section&id=Directors'%20and%20Substantial%20Shareholders'%20Interests) This section details director and substantial shareholder interests, with **JZ Investment Fund L.P.** holding **29.34%** and **Golden Power Group Limited** holding **20.94%** as of June 30, 2024 - Non-executive director **Mr. Wu Guangze** beneficially owned **31,000,000** company shares, representing **2.07%** of the issued shares[162](index=162&type=chunk) Substantial Shareholders' Shareholding (As of June 30, 2024) | Shareholder Name | Number of Shares Held | Approximate Percentage of Shareholding | | :--- | :--- | :--- | | JZ Investment Fund L.P. | 440,000,000 | 29.34% | | Golden Power Group Limited | 314,000,000 | 20.94% | | Cheer Hope Holdings Limited | 194,960,000 | 12.99% | [Share Option Schemes](index=64&type=section&id=Share%20Option%20Schemes) The company has two share option schemes; the 2012 scheme has **22 million** unexercised options, while **11 million** options granted to Mr. Wu Guangze lapsed, and no options have been granted under the new 2023 scheme - The **2012 Share Option Scheme** expired in December 2022, with **22,000,000** share options remaining unexercised at period-end[171](index=171&type=chunk)[175](index=175&type=chunk) - Due to unfulfilled vesting conditions, **11,000,000** share options granted to non-executive director **Mr. Wu Guangze** automatically lapsed during the period[174](index=174&type=chunk) - The company adopted the **New Share Option Scheme** on June 23, 2023, valid for ten years, with no options granted under it since adoption[178](index=178&type=chunk)[179](index=179&type=chunk)[180](index=180&type=chunk) [Corporate Governance](index=66&type=section&id=Corporate%20Governance) The company fully complied with the Corporate Governance Code, and its unaudited interim results were reviewed by the Audit Committee, comprising four independent non-executive directors - The company fully complied with the code provisions of the **Corporate Governance Code** during the reporting period[184](index=184&type=chunk) - The interim results were reviewed by the Audit Committee, composed of **four independent non-executive directors** and chaired by **Mr. Zhuang Jiayi**[185](index=185&type=chunk)

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 30,784, a decrease of 21.5% from HKD 39,022 in the same period of 2023[1] - Asset management revenue dropped significantly to HKD 12,083, down 56.3% from HKD 27,639 year-on-year[1] - Sales of goods increased to HKD 35,123, compared to HKD 7,120 in the previous year, marking a substantial growth[1] - The adjusted net profit (loss) for the period was HKD 675, a recovery from a loss of HKD 4,486 in the same period last year[1] - The company reported a loss attributable to equity shareholders of HKD 16,251, compared to a loss of HKD 68 in the same period last year[4] - Basic and diluted loss per share was HKD 1.084, significantly higher than HKD 0.005 in the previous year[4] - The company reported a total comprehensive loss of HKD 16,470,000 for the six months ended June 30, 2024, compared to a loss of HKD 508,000 in the same period of 2023[10] - Cumulative losses increased to HKD 245,147,000 as of June 30, 2024, compared to HKD 215,846,000 at the end of the previous period[10] - The group reported a pre-tax loss of HKD 16,010 for the period ended June 30, 2024, compared to a pre-tax profit of HKD 1,392 for the six months ended June 30, 2023[16] - The company reported a net comprehensive loss of approximately HKD 16.01 million for the period, significantly increasing from HKD 0.58 million in the previous year[47] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 294,778, down from HKD 323,578 at the end of 2023, reflecting a decrease of 8.9%[1] - Net asset value decreased to HKD 263,648 from HKD 279,983, indicating a decline of 5.8%[1] - The company’s total liabilities decreased from HKD 37,634 to HKD 26,818, a reduction of 28.8%[5] - As of June 30, 2024, total equity was HKD 263,648,000, a decrease from HKD 292,435,000 as of June 30, 2023[10] - The group’s total liabilities as of June 30, 2024, were HKD 31,130, with segment liabilities for asset management at HKD 6,776[19] - The group’s asset-liability ratio as of June 30, 2024, is approximately 2.9%, down from 3.3% as of December 31, 2023[64] - The group’s net current assets amounted to approximately HKD 248.77 million as of June 30, 2024, compared to HKD 263.35 million as of December 31, 2023[65] Revenue Streams - Revenue from wine and beverage trading surged to HKD 35,123,000, compared to HKD 7,120,000, marking an increase of approximately 393.5%[14] - Revenue from customer contracts recognized over time was HKD 12,346, with HKD 35,123 recognized at a point in time, contributing to total revenue from other sources of HKD 47,469[15] - The company’s asset management income for the period was HKD 12.08 million, a decrease from HKD 27.64 million for the same period in 2023[48] - The investment advisory service revenue for the period was approximately HKD 0.26 million, compared to HKD 0.17 million for the same period last year[50] - The group’s total segment revenue from investment and financial advisory services was HKD 263, indicating limited contribution to overall revenue[15] Operational Focus and Future Plans - The company plans to focus on expanding its asset management and investment advisory services to improve revenue streams in the future[3] - The company continues to focus on asset management, investment and financial advisory services, and trading of wine and beverages as its main business segments[10] - The group aims to establish a medical investment fund with a target capital commitment between USD 1.5 billion and USD 1.9 billion, focusing on the healthcare sector[68] - The group plans to explore potential business opportunities in China, including establishing qualified domestic limited partnerships to enhance performance[68] - The group will continue to focus on the development of asset management business and optimize high-potential investment portfolios[68] Employee and Operational Expenses - Employee expenses, including directors' remuneration, amounted to HKD 8,618,000 for the six months ended June 30, 2024, down from HKD 22,258,000 in 2023, representing a decrease of approximately 61.3%[26] - The cost of inventories recognized as an expense was HKD 33,210,000 for the six months ended June 30, 2024, significantly higher than HKD 6,614,000 in 2023, indicating an increase of approximately 402.5%[26] - Interest expenses on lease liabilities decreased to HKD 210,000 in 2024 from HKD 393,000 in 2023, a reduction of about 46.5%[25] Legal and Compliance Matters - The financial report was prepared in accordance with the Hong Kong Financial Reporting Standards and has not been audited[11] - The company has not applied any new accounting standards or interpretations that have not yet come into effect during the reporting period[13] - The company has filed a legal suit against guarantors for unpaid SP notes totaling $2,000,000 due by December 28, 2018, with further monthly payments in 2019, but no payments have been received as of the announcement date[36] - The company has made a legal provision of HKD 5.36 million for costs related to litigation against the RD pledged shares buyer[59] Shareholder and Governance Information - The company did not declare or recommend any interim dividends for the six months ended June 30, 2024, consistent with the previous year[29] - The group has not declared or recommended any dividends during the period[72] - The interim results for the period were reviewed by the Audit Committee, which consists of four independent non-executive directors[86] - The board expressed gratitude to all business partners, management, employees, and shareholders for their continued support[88]