Financial Performance - For the year ended December 31, 2019, the group recorded a loss attributable to equity holders of approximately HKD 25,800,000, a decrease from HKD 45,200,000 in 2018, with a loss per share of HKD 0.0113 compared to HKD 0.0198 in 2018[11] - The unrealized loss on listed and unlisted securities decreased by approximately HKD 19,400,000 compared to the previous year, contributing to the reduced loss in 2019[11] - The group recorded an unrealized fair value loss on listed securities of approximately HKD 14,740,000 in 2019, down from HKD 22,370,000 in 2018, and realized gains of HKD 330,000,000 compared to HKD 5,240,000 in 2018[13] - The company's revenue for the year ended December 31, 2019, was HKD 2,169,604, a significant decrease from HKD 4,577,037 in 2018, representing a decline of approximately 52.6%[62] - The pre-tax loss for the year was HKD 26,302,496, compared to a loss of HKD 43,645,346 in the previous year, indicating an improvement of about 39.5%[62] - The total assets as of December 31, 2019, were HKD 165,080,003, down from HKD 184,467,603 in 2018, reflecting a decrease of approximately 10.5%[62] - The total liabilities increased to HKD 8,487,722 in 2019 from HKD 2,066,285 in 2018, marking a significant rise of about 311.5%[62] - The net asset value at the end of 2019 was HKD 156,592,281, down from HKD 182,401,318 in 2018, which is a decrease of approximately 14.1%[62] - The company's available reserves as of December 31, 2019, were approximately HKD 129,458,000, down from HKD 159,888,000 in 2018, indicating a reduction of about 19%[63] Investment Strategy and Performance - The company further invested approximately HKD 12,800,000 in the South Point project through its associate Purple Link Investment Limited, with total receivables amounting to HKD 22,400,000[12] - The construction of the South Point project is expected to be completed by December 2020, with total costs estimated at THB 704,000,000, anticipated to be refunded to Purple Link by June 2021[12] - The investment performance was significantly affected by economic, social, and political factors, including the US-China trade war and the COVID-19 pandemic[14] - The group maintained a strategy of retaining ample cash reserves in 2019 to prepare for market volatility, resulting in no new investment plans during the year[15] - The company plans to allocate approximately HKD 5,000,000 of the placement proceeds for new investments in 2020, depending on the economic and political situation[20] - The company has maintained a cautious approach to new investments due to the ongoing global economic turmoil and uncertainties in 2019[20] - The investment strategy focuses on identifying synergistic opportunities with other invested companies[67] - The company has maintained its investment policy since its adoption in 2014, with no changes made to its objectives or restrictions[69] Corporate Governance - The board of directors includes both executive and independent non-executive members, ensuring governance and oversight[70] - The board consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors[136] - The company has established a nomination committee to recommend suitable candidates for board appointments[141] - The board is responsible for overseeing the company's overall strategy, financial performance, and risk management[148] - The independent non-executive directors provide valuable insights and diverse perspectives to the board[138] - The board's decision-making process is designed to ensure objective decisions in the best interest of the company and its shareholders[148] - The board has confirmed compliance with listing rules regarding the appointment of at least three independent non-executive directors, ensuring they represent at least one-third of the board[139] - The remuneration committee conducted two meetings in 2019, reviewing the stock option plan and compensation policies for directors and senior management[156] - The audit committee held four meetings in 2019, reviewing interim and annual results, ensuring adherence to appropriate accounting principles[163] - The nomination committee conducted two meetings in 2019, assessing the board's structure, size, and the independence of non-executive directors[165] Compliance and Risk Management - The company has maintained compliance with the Hong Kong Listing Rules and other relevant laws and regulations[97] - The company has established policies to ensure compliance with applicable laws and regulations, maintaining high standards of business integrity[112] - The company has adhered to the corporate governance code regarding internal controls and risk management throughout the year[174] - The audit committee is tasked with reviewing the integrity of financial statements and internal controls to protect shareholder interests[161] - The company has maintained effective internal control and risk management systems, with no significant areas identified for improvement[170] - The audit committee has reviewed the internal control and risk management systems, confirming their effectiveness in safeguarding the group's assets[172] Environmental and Social Responsibility - The company emphasizes environmental protection as a key corporate responsibility, actively promoting eco-friendly practices[120] - The company consumed 9,106 kWh of electricity in the reporting year, an increase from 7,149 kWh in the previous year, with a monthly average of 759 kWh[122] - The average per capita electricity usage was 1,518 kWh, up from 1,192 kWh in the previous year[122] - Total carbon dioxide equivalent emissions from electricity usage were approximately 7,285 kg, compared to 5,648 kg in the previous year[122] - The company printed approximately 100 kg of paper during normal office operations, maintaining the same level as the previous year, with total carbon dioxide equivalent emissions from paper usage at 480 kg[125] - The company has established policies to ensure compliance with applicable laws and regulations, maintaining high standards of business integrity[112] - The company encourages employee development through both in-house and external professional training opportunities[111] - The company is committed to providing a pleasant, safe, and healthy working environment for its employees[108] Shareholder Communication - The company has communicated effectively with shareholders through various channels, including annual reports and shareholder meetings[179] - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2019[190] - The company has complied with the relevant provisions of the listing rules throughout the year, ensuring proper financial reporting and disclosures[176]

Financial Performance - The company recorded a net loss attributable to shareholders of approximately HKD 10,304,182 for the six months ended June 30, 2019, compared to a loss of HKD 12,287,602 in the same period of 2018, resulting in a loss per share of HKD 0.45[7]. - Revenue for the six months ended June 30, 2019, was HKD 171,025,000, a decrease from HKD 522,066,000 for the same period in 2018, representing a decline of approximately 67.24%[46]. - The company reported a loss before tax of HKD (10,304,182) for the six months ended June 30, 2019, compared to a loss of HKD (12,287,602) for the same period in 2018, indicating a reduction in losses by approximately 16.1%[95]. - The loss attributable to equity holders of the company for the period was HKD (10,304,182), compared to HKD (12,287,602) in the previous year, reflecting a reduction of about 16.14%[46]. - The basic loss per share for the six months ended June 30, 2019, was HKD (0.45), an improvement from HKD (0.54) for the same period in 2018[46]. Cash and Liquidity - As of June 30, 2019, the company maintained cash and cash equivalents of approximately HKD 43,300,000, down from HKD 46,990,000 as of December 31, 2018[18]. - Cash and cash equivalents at the end of the period were HKD 43,303,269, down from HKD 60,552,477 at the end of the same period in 2018, representing a decrease of approximately 28.54%[53]. - The net cash used in operating activities for the six months ended June 30, 2019, was HKD (3,691,112), compared to a net cash generated of HKD 18,962,545 in the same period of 2018[53]. Assets and Liabilities - Non-current assets, including property, plant, and equipment, were valued at HKD 55,653,000 as of June 30, 2019, down from HKD 80,620,000 at the end of 2018[48]. - Total equity as of June 30, 2019, was HKD 172,097,136, a decrease from HKD 182,401,318 at the end of 2018, reflecting a decline of approximately 5.73%[48]. - Current liabilities amounted to HKD 173,725,211 as of June 30, 2019, compared to HKD 184,386,983 at the end of 2018, indicating a decrease of about 5.73%[48]. - The total liabilities increased by HKD 326,049,000 due to the recognition of lease liabilities under the new accounting standard[64]. Shareholder Information - The largest shareholder, P.B. Global Asset Management Limited, holds 504,410,000 shares, representing 22.13% of the total issued ordinary shares[32]. - Other significant shareholders include Vibrant Noble Limited with 379,900,000 shares (16.67%) and Sharp Years Limited with 254,500,000 shares (11.16%)[32]. - The company has maintained a sufficient public float of over 25% of its issued share capital as required by listing rules[36]. Corporate Governance - The board has established corporate governance procedures in compliance with the corporate governance code[37]. - The audit committee has reviewed the interim report for the period ending June 30, 2019[39]. - The company has adhered to the code of conduct regarding securities transactions by directors[40]. Investment Strategy - The company has no new investment plans since January 2019 due to market volatility, with unrealized fair value losses on listed securities amounting to approximately HKD 7,710,000[10]. - The company plans to continue seeking long-term investment opportunities to enrich its investment portfolio despite global economic uncertainties[17]. - The company has a single business segment focused on investment holding, with all consolidated income and performance dependent on the Hong Kong market[75]. Accounting Policies - The adoption of Hong Kong Financial Reporting Standard 16 resulted in an increase of right-of-use assets by HKD 339,811,000 and a decrease in prepayments and other receivables by HKD 13,762,000, leading to a total asset increase of HKD 326,049,000[64]. - The new accounting policy for right-of-use assets includes measuring them at cost less accumulated depreciation and impairment losses, with adjustments for any remeasurement of lease liabilities[69]. - The company has applied HKFRS 9 and reclassified its financial instruments, impacting the financial reporting from January 1, 2018[87]. Fair Value Measurements - The total fair value of financial assets as of June 30, 2019, was HKD 118,166,663, combining both Level 1 and Level 3 measurements[117]. - The fair value hierarchy is classified into three levels based on the observability of inputs used in the valuation[116]. - The valuation techniques for Level 3 included market approach and income approach, with significant unobservable inputs such as comparable company P/E ratios and marketability discounts[123].

Financial Performance - The company recorded a loss attributable to equity holders of approximately HKD 45.2 million for the year ended December 31, 2018, compared to a profit of HKD 8 million in 2017, resulting in a loss per share of HKD 0.0198[7]. - The company reported a loss before tax of HKD (43,645,346) for the year ended December 31, 2018, compared to a profit of HKD 8,035,081 in 2017[53]. - The company’s total comprehensive loss for the year was HKD 45,200,178, compared to a total comprehensive income of HKD 14,013,786 in 2017, indicating a substantial downturn[191]. - The company reported a net loss of HKD 45,200,178 for the year ended December 31, 2018, compared to a profit of HKD 8,035,081 in 2017[198]. - The company’s financial position as of December 31, 2018, reflects significant challenges, with ongoing assessments of its ability to continue as a going concern[191]. - The company’s total revenue for the year was significantly impacted by the adjustments related to the application of HKFRS 9, resulting in a cumulative loss adjustment of HKD 27,291,257[196]. Investment and Market Strategy - The company did not have any new investment plans in 2018 and fully divested from two projects[7]. - The company maintained a high cash balance to prepare for market volatility, resulting in no new investments and the sale of two unlisted projects[9]. - The company’s long-term strategy aims to balance investments between listed and unlisted securities to enhance shareholder returns[9]. - The management plans to continue exploring new investment opportunities while managing risks through business diversification and due diligence[13]. - The company aims for short to medium-term capital appreciation through investments in listed and unlisted companies in Hong Kong and China[58]. - The investment policy focuses on equity securities, convertible bonds, preferred shares, options, warrants, futures contracts, and debt securities, with a majority of assets allocated to these categories[58]. Economic and Market Conditions - Global economic growth for 2018 was estimated at 3.7%, with a forecasted decline to 3.5% in 2019 and 3.6% in 2020 due to trade tensions and tariff increases[11]. - Market volatility was influenced by economic and political factors, including the US-China trade war and Brexit uncertainties[8]. Corporate Governance - The board of directors includes both executive and independent non-executive members, ensuring governance and oversight[61]. - The company has established an audit committee to oversee financial reporting and internal control systems[77]. - The board is committed to high standards of corporate governance to enhance shareholder confidence[110]. - The company has adopted a diversity policy for its board members, considering factors such as gender, age, cultural background, and professional experience in the selection process[120]. - The company has established sub-committees, including a remuneration committee, nomination committee, and audit committee, with clear terms of reference[133]. Environmental and Social Responsibility - The company has a commitment to corporate social responsibility, balancing shareholder interests with societal needs[88]. - The company aims to explore additional environmental protection measures while maintaining current practices[99]. - Total carbon dioxide emissions amounted to 6,128 kg, down from 6,610 kg in 2017, with per capita emissions at 1,021 kg compared to 1,102 kg in the previous year[102]. Shareholder Information - The company did not recommend the distribution of a final dividend for the year ended December 31, 2018[16]. - The company did not declare any dividends for the year 2018, consistent with the previous year[191]. - The company has confirmed that public ownership exceeds 25% of its total issued shares[84]. Financial Position and Assets - As of December 31, 2018, the total equity of the group was approximately HKD 182.4 million, down from HKD 216.09 million as of December 31, 2017[15]. - The total assets as of December 31, 2018, were HKD 184,467,603, a decrease from HKD 218,715,914 in 2017[53]. - The net asset value as of December 31, 2018, was HKD 182,401,318, compared to HKD 216,090,406 in 2017[53]. - The company’s equity decreased from HKD 216,090,406 in 2017 to HKD 182,401,318 in 2018, a reduction of about 15.6%[196].