FF305 確認 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中國天弓控股有限公司 呈交日期： 2025年8月7日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 | | 是 | | | | | 證券代號 (如上市) | 00428 | 說明 | | | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | | | | 已發行股 ...

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份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 本公佈只供參考之用，並不構成收購、購買或認購本公司證券的邀請或要約。 Cocoon Holdings Limited 中國天弓控股有限公司 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：428） 根據一般授權配售新股份之事項完成 配售代理 董事會欣然宣佈，配售事項已經於二零二五年八月七日完成。 合共 21,424,755 股配售股份已經成功配售及發行予不少於六名承配人，有關配售價為每股配售股 份 0.178 港元。 謹此提述本公司日期為二零二五年七月二十二日之公告（「該公告」），內容有關根據一般授權 配售配售股份。除文義另有所指外，於本公告內所採用之詞彙與該公告內所界定者具有相同涵義。 配售新股份之事項完成 董事會欣然宣佈，配售協議之條件已經獲達成，而配售事項已經如有關各方所協定於二零二五年 八月七日完成。合共 21,424,755 股配售股份已經成功配售及發行予不少於六名承配人。經董事作 ...

格隆汇8月6日丨中国天弓控股(00428.HK)公告，公司董事会会议将于2025年8月18日举行，藉以（其中 包括）批准公司及其附属公司截至2025年6月30日止六个月的未经审核中期业绩及建议派发中期股息 （如有）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Cocoon Holdings Limited 中國天弓控股有限公司 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：428） 董事會會議日期 中國天弓控股有限公司（「本公司」）宣佈，本公司董事（「董事」）會（「董事會」）會 議將於二零二五年八月十八日 (星期一) 舉行，藉以（其中包括）批准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之未經審核中期業績及建議派發中期股息（如有）。 承董事會命 中國天弓控股有限公司 主席 周偉興 香港，二零二五年八月六日 於本公佈日期，董事會包括兩名執行董事，分別為周偉興先生及胡銘佳先生；及三名獨立非 執行董事，分別為梁燕婷女士、黃思樂博士及林秀梅女士。 ...

| 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) | 00428 | 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 | 本月底法定/註冊股本總額： HKD 1,000,000,000 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 中國天弓控股有限公司 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 呈 ...

Group 1 - Nanshan Aluminum International (02610.HK) expects a mid-term net profit of approximately $225 million to $265 million for the six months ending June 30, 2025, compared to a net profit of about $159 million for the same period ending June 30, 2024 [1] - The increase in net profit is primarily attributed to an improvement in gross margin, driven by higher alumina prices and relatively stable unit production costs [1] - The average selling price of the company's products for the first half of 2025 is expected to be around $530 per ton, up from approximately $387 per ton in the first half of 2024, but lower than $561 per ton in the second half of 2024 [1] Group 2 - TCL Electronics (01070.HK) anticipates a year-on-year adjusted net profit growth of approximately 45% to 65% for the first half of 2025 [2] - Renrui Talent (06919.HK) expects a mid-term profit attributable to equity holders to increase by 66.7% to 94.1% [2] - China Rare Earth Holdings (03788.HK) reports an increase in total gold resources to 5.07 million ounces [2]

[Supplemental Announcement: 2024 Interim and Annual Report](index=1&type=section&id=Supplemental%20Announcement%3A%202024%20Interim%20and%20Annual%20Report) [Financing Arrangements](index=1&type=section&id=Financing%20Arrangements) The company completed a share placement in July 2023, raising HKD 17.1 million net, with all unutilized funds deployed by June 2024 for loan repayment and working capital - The company conducted a placement in June 2023, raising approximately **HKD 17.1 million** net, with proceeds intended for securities investment, loan repayment, and general working capital[2](index=2&type=chunk) Use of Proceeds from Placement (As of June 30, 2024) | Intended Use | Intended Amount (HKD) | Actual Use | Actual Amount (HKD) | | :--- | :--- | :--- | :--- | | Repayment of short-term loans and interest | Approx. 4.4 million | Fully used for repayment of short-term loans and/or interest | Approx. 4.4 million | | General working capital of the Group | Approx. 3.0 million | Fully used for operating expenses | Approx. 3.0 million | [Significant Investments and Performance](index=2&type=section&id=Significant%20Investments%20and%20Performance) Details of the Group's major listed and unlisted equity investments as of December 31, 2024, and realized gains from certain investments are presented [Major Equity Investment Holdings](index=2&type=section&id=Major%20Equity%20Investment%20Holdings) The company disclosed specific holdings of major listed and unlisted equity securities in Hong Kong and US markets as of December 31, 2024 Number of Major Equity Investment Holdings (As of December 31, 2024) | Market | Share Name | Number of Shares Held | | :--- | :--- | :--- | | Hong Kong | Tencent Holdings Limited | 13,000 shares | | Hong Kong | Alibaba Group Holding Limited | 59,700 shares | | Hong Kong | Semiconductor Manufacturing International Corporation | 355,000 shares | | Hong Kong | Xiaomi Corporation | 92,800 shares | | Hong Kong | Midea Group Co., Ltd. | 18,400 shares | | United States | Readen Holding Corporation | 28,600,000 shares | | United States | Winchester Holding Group | 1,120,000 shares | | United States | Sante Technology Holdings Inc. | 56,000,000 shares | | United States | Luduson G Inc. | 10,256,410 shares | | United States | GSG Group Inc. | 8,500,000 shares | | Unlisted | LNPR Group Inc. | 3,339,645 shares | [Realized Investment Gains](index=3&type=section&id=Realized%20Investment%20Gains) The company realized investment gains from selling Hong Kong-listed stocks for the year ended December 31, 2024, with SMIC and Tencent being top contributors Realized Gains from Major Investments (For the year ended December 31, 2024) | Investment Name | Realized Gains (HKD Thousand) | | :--- | :--- | | Semiconductor Manufacturing International Corporation | 1,852 | | Tencent Holdings Limited | 1,150 | | Alibaba Group Holding Limited | 517 | | Midea Group Co., Ltd. | 193 | [Share Option Scheme](index=3&type=section&id=Share%20Option%20Scheme) Additional information on the Share Option Scheme is provided, including the number of options available, exercise period, acceptance fee, and exercise price determination - As of the end of fiscal year 2024, the number of share options available for grant under the Share Option Scheme was **4,316,722 shares**, representing approximately **4.84%** of the company's issued share capital as of the annual report date[9](index=9&type=chunk) - Share option exercise terms: - **Exercise Period**: A maximum of 10 years from the grant date - **Acceptance Fee**: **HKD 1.00** - **Exercise Price**: Shall not be less than the highest of: (i) the closing price on the grant date; (ii) the average closing price for the 5 business days immediately preceding the grant date; (iii) the par value of the shares[9](index=9&type=chunk)

Stock Market Performance - The stock market in Hong Kong rebounded nearly 18% after a four-year losing streak in 2024[11]. - The Hang Seng Index rose by 3.9% and the Hang Seng China Enterprises Index increased by 9.8% in the first half of 2024[12]. - The Shanghai Composite Index fell by 0.3% and the Shenzhen Component Index declined by 12.0% in the first half of 2024[13]. - The Dow Jones Industrial Average increased by 3.8%, the Nasdaq Composite Index rose by 18.1%, and the S&P 500 Index advanced by 14.5% in the first half of 2024[14]. - The Hang Seng TECH Index declined by 5.6% in the first half of 2024[12]. Financial Performance - The Group recorded a revenue of approximately HK$254,000 for the year ended 31 December 2024, a decrease of approximately 81.8% compared to HK$1,399,000 in the prior year, primarily due to a reduction in interest income[27]. - Gross proceeds from disposals of trading securities were approximately HK$49,114,000 for the Reporting Period, down from approximately HK$62,032,000 for the year ended 31 December 2023[27]. - The Group experienced a realised gain of approximately HK$6,673,000 on equity securities during the Reporting Period, compared to a gain of approximately HK$251,000 in 2023[27]. - A fair value loss of approximately HK$78,891,000 was recorded on equity securities, contrasting with a gain of approximately HK$54,869,000 in the previous year, attributed to poor performance of U.S. equity securities[27]. - The loss attributable to owners of the Company was approximately HK$76,810,000, compared to a profit of approximately HK$53,505,000 in the prior year[27]. - As of 31 December 2024, the Group's net assets were approximately HK$130,064,000, representing a decrease of 30.17% from HK$186,246,000 in 2023[29]. - Financial assets at fair value through profit or loss decreased from approximately HK$172,306,000 in 2023 to approximately HK$115,713,000 in 2024[29]. - The Group had borrowings of approximately HK$13,939,000 as of 31 December 2024, with a gearing ratio of 10.72%, up from 7.70% in 2023[35]. - The Group had available funds of approximately HK$2,662,000 as of 31 December 2024, primarily held in banks and licensed securities firms[34]. Investment Strategy - The Company plans to invest in trading securities, private equity funds, and private enterprises with potential prospects in 2025[22]. - The Board will closely monitor macro trends and seek investment opportunities in China, Hong Kong, and overseas[22]. - The Company aims to implement risk management policies to achieve stable returns on investments for shareholders[22]. - The Group's investment strategy focuses on strengthening existing businesses and financing future investment opportunities domestically and internationally to achieve financial growth and maximize shareholder value[59]. Capital Management - The gross proceeds from the Placing A were approximately HK$10.4 million, with net proceeds of approximately HK$10.2 million intended for investments and repayment of short-term loans[44]. - The Company raised approximately HK$10.2 million from the placing of new shares, with net proceeds of approximately HK$10.2 million intended for investment in listed and/or unlisted securities, repayment of short-term loans, and general working capital[47]. - Approximately HK$6.7 million of the net proceeds was used for investment in listed and/or unlisted securities, approximately HK$2.0 million for repayment of short-term loans and interest, and approximately HK$1.5 million for general working capital[47]. - The Company entered into a placing agreement on 23 August 2024 to issue up to 14,158,848 new shares at a price of HK$0.300 per share, raising gross proceeds of approximately HK$4.3 million and net proceeds of approximately HK$4.2 million[50]. - The intended use of the net proceeds from the Placing B includes approximately HK$3.7 million for investment in listed and/or unlisted securities and approximately HK$0.5 million for general working capital[54]. Corporate Governance and ESG - The ESG Report outlines the Group's commitment to sustainable development and summarizes its ESG initiatives and performances for the financial year ended December 31, 2024[102]. - The Group's core business activities in Hong Kong are highlighted in the ESG Report, incorporating relevant ESG data collected under its direct operational control[103]. - The Board holds ultimate responsibility for monitoring the Group's ESG issues, ensuring effective control of ESG risks and internal control mechanisms[121]. - The ESG Taskforce is responsible for gathering and analyzing ESG-related information, reporting directly to the Board, and ensuring compliance with ESG laws and regulations[122]. - Stakeholder engagement is prioritized, with multi-channel interactions established to gather feedback from key stakeholder groups including shareholders, employees, and regulatory authorities[125]. - The Group conducts materiality assessments to identify and prioritize significant ESG-related issues relevant to its operations and stakeholders[128]. - The Group is committed to high standards in business ethics and aims to improve community and environmental quality, providing long-term returns to stakeholders[115]. - The Group's ESG strategies are guided by stakeholder opinions, ensuring alignment with their expectations and compliance with local laws[126]. - The Group emphasizes transparency in corporate governance to attract investment and enhance shareholder value[120]. Employee Management - The Group employed a total of 5 employees as of December 31, 2024, an increase from 2 employees in 2023[86]. - The remuneration policy for employees is designed to be competitive and aligned with market practices, ensuring effective attraction and retention[87]. - The Group has established a Remuneration Committee to ensure competitive compensation and benefits packages for employees[175]. - No material non-compliance with employment-related laws was reported during the year, ensuring compliance with various ordinances in Hong Kong[176]. - The employee turnover rate remained at 0% for both 2023 and 2024, indicating no employee departures during the reporting period[182]. - The Group emphasizes a fair recruitment process, focusing on candidates' experience and expertise, with periodic reviews to ensure effectiveness[184]. - Employee promotions and career development are based on contributions, with annual performance appraisals determining adjustments and opportunities[185]. - The Group provides attractive benefits, including office insurance and discretionary bonuses, to retain talent and enhance employee loyalty[194]. - Training programs are tailored to specific needs to facilitate employee career advancement, reflecting the Group's commitment to employee development[200]. Environmental Initiatives - The Group achieved a 5% reduction in electricity consumption intensity, non-hazardous waste intensity, and greenhouse gas emissions intensity, all marked as achieved[137]. - Total greenhouse gas emissions decreased from 3.01 tCO2e in 2023 to 2.51 tCO2e in 2024, indicating a positive trend in emissions management[143]. - Scope 2 indirect greenhouse gas emissions increased slightly from 1.80 tCO2e in 2023 to 1.86 tCO2e in 2024[143]. - The Group has implemented paper-saving initiatives to create a paperless working environment, aiming to reduce paper consumption and enhance recycling efforts[148]. - The Group's environmental targets include reducing pollutant emissions and resource consumption as part of its commitment to sustainability[132]. - The Group's non-hazardous waste is primarily paper waste generated from office operations, with minimal anticipated impact[147]. - The Group does not generate hazardous waste due to its office-based operations[151]. - The Group's sewage discharge into land is insignificant, with no significant amount of sewage water discharged during the reporting period[146]. - The Group is committed to integrating sustainability into its business strategy to minimize carbon footprint and strengthen resilience to climate-related risks[131]. - Total non-hazardous waste decreased from 253.49 kg in 2023 to 135.87 kg in 2024, representing a reduction of approximately 46.4%[153]. - Energy consumption increased from 2,640 kWh in 2023 to 2,813 kWh in 2024, marking a rise of about 6.5%[159]. - Energy consumption intensity rose significantly from 41.62 kWh/million rev in 2023 to 56.98 kWh/million rev in 2024, an increase of approximately 37%[159]. - The Group aims to reduce energy consumption intensity by 5% over the next four years, using FY2021 as the baseline[156]. - The Group's water usage records were not accessible during the year due to management by a property management company, but no significant issues in sourcing water were reported[160]. - The Group has implemented measures to monitor and improve indoor air quality, including air purification equipment and regular cleaning of air-conditioning systems[164]. - The Group recognizes the increasing physical risks from climate change, including extreme weather events that may disrupt business operations[166]. - Transition risks related to climate change may lead to increased compliance costs and legal risks, impacting the Group's reputation[173].

Financial Performance - The total revenue for the year ended December 31, 2024, was approximately HKD 254,000, a decrease of 81.8% compared to HKD 1,399,000 for the previous year[3] - The total proceeds from the sale of trading securities amounted to approximately HKD 49,114,000, down 20.8% from HKD 62,032,000 in the previous year[3] - The loss attributable to the owners of the company for the year ended December 31, 2024, was approximately HKD 76,810,000, compared to a profit of HKD 53,505,000 in the previous year[3] - The basic loss per share for the year was HKD 1.08, a decline from earnings of HKD 0.96 per share in the previous year[3] - The company reported a net loss of HKD 72,218,000 from other income/expenses for the year, compared to a net gain of HKD 58,456,000 in the previous year[4] - The company's revenue for the year ended December 31, 2024, was HKD 254,000, a decrease of 81.6% compared to HKD 1,399,000 in 2023[13] - The group recognized a loss attributable to owners of approximately HKD 76,810,000 for the reporting period, compared to a profit of HKD 53,505,000 in the previous year[34] Asset and Equity Changes - The net asset value per share increased to HKD 1.53 from HKD 0.31 in the previous year[5] - The company's total assets less current liabilities were HKD 130,064,000, down from HKD 196,246,000 in the previous year[5] - The net asset value of the group as of December 31, 2024, was approximately HKD 130,064,000, representing a decrease of 30.2% from HKD 186,246,000 in the previous year[35] - The group's shareholders' equity decreased to approximately HKD 130,064,000 as of December 31, 2024, down by about 30.2% from HKD 186,246,000 as of December 31, 2023[36] Investment Performance - The net unrealized loss on financial assets classified at fair value through profit or loss was HKD (78,891,000) in 2024, compared to a gain of HKD 54,869,000 in 2023[14] - The total fair value of financial assets classified at fair value through profit or loss was HKD 115,713,000 in 2024, down from HKD 172,306,000 in 2023[20] - The fair value of listed equity securities in Hong Kong increased to HKD 27,070,000 in 2024 from HKD 12,197,000 in 2023[20] - The fair value of listed equity securities in the United States decreased to HKD 69,067,000 in 2024 from HKD 140,004,000 in 2023[20] - The group's non-listed investments amounted to approximately HKD 48,441,000 as of December 31, 2024, compared to HKD 42,346,000 in the previous year[35] Dividend and Shareholder Returns - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, compared to no dividend in the previous year[3] - The group did not recommend any dividend payment for the years ended December 31, 2024, and 2023[19] - The group recognized dividend income of approximately HKD 254,000 for the year ended December 31, 2024, down from HKD 697,000 in 2023[22] Corporate Governance and Compliance - GSG Group Inc. maintains a high level of corporate governance and has adopted all provisions of the Corporate Governance Code[68] - The board is responsible for ensuring effective risk management and internal control systems, with external consultants reviewing these systems[71] - The audit committee consists of three independent non-executive directors, ensuring the review of financial statements and internal controls to protect shareholder interests[80] - The external auditor has verified that the financial figures in the consolidated financial statements for the year ending December 31, 2024, are consistent with the amounts drafted by the group[81] - The company has adopted the "Standard Code of Conduct for Securities Transactions by Directors" as per the listing rules, confirming compliance by all directors for the fiscal year ending December 31, 2024[78] Future Plans and Developments - LNPR Group Inc. is seeking to list on NASDAQ and has submitted an application to U.S. authorities[27] - There are no major future investment or capital asset acquisition plans disclosed beyond what has been announced[66] - The company will suspend share transfer registration from June 24, 2025, to June 27, 2025, to determine voting rights for the upcoming annual general meeting[79] Employee and Operational Information - As of December 31, 2024, the company had 5 employees, an increase from 2 employees in 2023, with compensation policies aligned with market standards[60] - The company has not declared any dividends for the years ending December 31, 2024, and December 31, 2023[75] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ending December 31, 2024[65] - The company has no significant contingent liabilities or capital commitments as of December 31, 2024[63][67] Share Capital and Financing Activities - The group completed a share placement on July 14, 2023, raising a net amount of approximately HKD 17,102,000[29] - A share consolidation was approved by shareholders on June 27, 2024, resulting in a capital reduction and restructuring of the company's share capital[30][31] - The net proceeds from the placement of new shares on May 13, 2024, amounted to approximately HKD 10.2 million, with intended uses including HKD 6.7 million for investments in listed and/or unlisted securities and HKD 2.0 million for repaying short-term loans[39][41] - The net proceeds from the placement of new shares on August 23, 2024, were approximately HKD 4.2 million, with HKD 3.7 million allocated for investments in listed and unlisted securities[42][45]

[Unaudited Interim Results Announcement](index=1&type=section&id=Unaudited%20Interim%20Results%20Announcement) [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the six months ended June 30, 2024, the Group experienced a significant decline in revenue and proceeds from disposal of trading securities, shifting from profit to loss, with basic earnings per share also turning negative Financial Highlights (Six Months Ended June 30) | Indicator | Six Months Ended June 30, 2024 (HKD Thousand) | Six Months Ended June 30, 2023 (HKD Thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 77 | 1,300 | **Decreased 94.15%** | | Total proceeds from disposal of trading securities | 4,000 | 17,600 | **Decreased 77.3%** | | (Loss)/Profit attributable to owners of the Company | (19,000) | 30,600 | **Shifted from profit to loss** | | Basic (loss)/earnings per share | (3.03) HK Cents | 5.90 HK Cents | **Shifted from profit to loss** | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) During the reporting period, the Group shifted from profit to loss, primarily due to a substantial decrease in proceeds from disposal of trading securities and revenue, alongside a net shift from other gains to losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Six Months Ended June 30) | Indicator | 2024 (HKD Thousand) | 2023 (HKD Thousand) | | :--- | :--- | :--- | | Total proceeds from disposal of trading securities | 4,047 | 17,633 | | Revenue | 77 | 1,321 | | Other income | 33 | – | | Other gains and losses, net | (16,839) | 32,199 | | Finance costs | (459) | (530) | | Other operating expenses | (1,792) | (2,404) | | (Loss)/Profit before tax | (18,980) | 30,586 | | (Loss)/Profit for the period | (18,980) | 30,586 | | Total comprehensive (expense)/income for the period attributable to owners of the Company | (18,980) | 30,586 | | Basic (loss)/earnings per share (HK Cents) | (3.03) | 5.90 | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, the Group's net current assets and total equity decreased, mainly due to reduced bank balances and cash, and an increase in promissory notes Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | June 30, 2024 (HKD Thousand) | December 31, 2023 (HKD Thousand) | | :--- | :--- | :--- | | Net current assets | 177,513 | 196,246 | | Net assets/Total equity | 177,513 | 186,246 | | Bank balances and cash | 605 | 7,799 | | Financial assets at fair value through profit or loss | 169,706 | 172,306 | | Financial assets at fair value through other comprehensive income | 22,241 | 22,241 | | Promissory notes (current liabilities) | 14,337 | 4,335 | | Share capital | 70,794 | 60,434 | | Net assets per share | 0.25 HKD | 0.32 HKD | [Notes to the Unaudited Condensed Financial Statements](index=4&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Financial%20Statements) This section details key financial information including the basis of preparation, revenue composition, finance costs, pre-tax profit/loss, earnings per share, fair value measurement of financial assets, and share capital changes [1. Basis of Preparation](index=4&type=section&id=1.%20Basis%20of%20Preparation) Interim financial statements are prepared under IAS 34, consistent with 2023 annual report accounting policies, with no material impact from newly adopted IFRS standards - Interim financial statements comply with International Accounting Standard 34 "Interim Financial Reporting" and the disclosure requirements of the Hong Kong Stock Exchange Listing Rules[5](index=5&type=chunk) - Accounting policies are consistent with the 2023 annual financial statements, and newly adopted and revised IFRS standards had no material impact on the interim financial statements for the current period[5](index=5&type=chunk) [2. Revenue, Other Income, Other Gains and Losses, Net](index=4&type=section&id=2.%20Revenue%2C%20Other%20Income%2C%20Other%20Gains%20and%20Losses%2C%20Net) The Group's revenue, primarily from listed investment dividends, significantly declined, with unrealized fair value of financial assets at FVTPL shifting from gain to loss Revenue Components (Six Months Ended June 30) | Revenue Source | 2024 (HKD Thousand) | 2023 (HKD Thousand) | | :--- | :--- | :--- | | Interest income from loans and receivables | – | 702 | | Dividend income from listed investments | 77 | 619 | | Total Revenue | 77 | 1,321 | Other Gains and Losses, Net (Six Months Ended June 30) | Item | 2024 (HKD Thousand) | 2023 (HKD Thousand) | | :--- | :--- | :--- | | Unrealized fair value (loss)/gain on financial assets at fair value through profit or loss – listed securities | (18,691) | 27,367 | | Net realized gain on disposal of financial assets at fair value through profit or loss – listed securities | 1,852 | 1,496 | | Net (loss)/gain on financial assets at fair value through profit or loss | (16,839) | 28,863 | [3. Finance Costs](index=5&type=section&id=3.%20Finance%20Costs) Finance costs slightly decreased during the period, mainly due to a reduction in imputed interest on promissory notes Finance Costs (Six Months Ended June 30) | Item | 2024 (HKD Thousand) | 2023 (HKD Thousand) | | :--- | :--- | :--- | | Interest on other borrowings | 30 | – | | Imputed interest on promissory notes | 429 | 527 | | Imputed interest on lease liabilities | – | 3 | | Total | 459 | 530 | [4. (Loss)/Profit Before Tax](index=5&type=section&id=4.%20(Loss)%2FProfit%20Before%20Tax) Pre-tax loss was influenced by staff costs, depreciation, and administrative expenses, with staff costs and administrative fees decreasing, and depreciation becoming zero due to reduced right-of-use assets (Loss)/Profit Before Tax Deductions (Six Months Ended June 30) | Item | 2024 (HKD Thousand) | 2023 (HKD Thousand) | | :--- | :--- | :--- | | Staff costs (including directors' emoluments) | 407 | 472 | | Depreciation – right-of-use assets | – | 142 | | Administrative fees | 212 | 326 | [5. Income Tax](index=5&type=section&id=5.%20Income%20Tax) The Group generated no assessable profits during the period, thus no Hong Kong profits tax provision was made - No Hong Kong profits tax provision was made for the reporting period or the corresponding period, as the Group generated no assessable profits[11](index=11&type=chunk) [6. Dividends](index=5&type=section&id=6.%20Dividends) The Board did not declare any interim dividends for the reporting period - The Board did not declare any interim dividends for the reporting period[12](index=12&type=chunk) [7. (Loss)/Earnings Per Share](index=6&type=section&id=7.%20(Loss)%2FEarnings%20Per%20Share) Basic loss per share was 3.03 HK cents, compared to basic earnings of 5.90 HK cents in the prior period, primarily due to loss attributable to owners (Loss)/Earnings Per Share (Six Months Ended June 30) | Indicator | 2024 (HK Cents) | 2023 (HK Cents) | | :--- | :--- | :--- | | Basic (loss)/earnings per share | (3.03) | 5.90 | | Diluted (loss)/earnings per share | (3.03) | 5.90 | - Diluted (loss)/earnings per share is the same as basic (loss)/earnings per share, as there were no potential dilutive shares outstanding during the period[14](index=14&type=chunk) [8. Deposits, Prepayments and Other Receivables](index=6&type=section&id=8.%20Deposits%2C%20Prepayments%20and%20Other%20Receivables) As of June 30, 2024, total deposits, prepayments, and other receivables slightly increased, mainly due to new other receivables Deposits, Prepayments and Other Receivables (As of June 30) | Item | June 30, 2024 (HKD Thousand) | December 31, 2023 (HKD Thousand) | | :--- | :--- | :--- | | Other deposits | 54 | 54 | | Prepayments | 199 | 284 | | Other receivables | 117 | – | | Total | 370 | 338 | [9. Financial Assets at Fair Value Through Profit or Loss](index=7&type=section&id=9.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) The Group primarily holds Hong Kong and US listed equity securities and unlisted equity securities, with US listed equities decreasing in fair value and Hong Kong listed equities increasing Financial Assets at Fair Value Through Profit or Loss (As of June 30) | Item | June 30, 2024 (HKD Thousand) | December 31, 2023 (HKD Thousand) | | :--- | :--- | :--- | | Listed securities – Hong Kong listed equity securities | 22,554 | 12,197 | | Listed securities – US listed equity securities | 127,264 | 140,004 | | Unlisted equity securities | 19,888 | 20,105 | | Total | 169,706 | 172,306 | - As of June 30, 2024, the Group pledged approximately **HKD 22.6 million** of Hong Kong trading securities (December 31, 2023: nil)[18](index=18&type=chunk) [10. Financial Assets at Fair Value Through Other Comprehensive Income](index=9&type=section&id=10.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) The Group holds a 20% equity interest in Perfect Path Limited, an unlisted equity investment designated at FVTOCI, whose fair value remained stable Financial Assets at Fair Value Through Other Comprehensive Income (As of June 30) | Item | June 30, 2024 (HKD Thousand) | December 31, 2023 (HKD Thousand) | | :--- | :--- | :--- | | Unlisted equity investment designated at fair value through other comprehensive income | 22,241 | 22,241 | - The Group holds a **20% equity interest** in Perfect Path Limited, a company engaged in gold mining, with a fair value of approximately **HKD 22.2 million**[19](index=19&type=chunk) - Despite holding 20% voting rights, the Group has no significant influence over Perfect Path due to contractual arrangements, with other shareholders controlling the board[19](index=19&type=chunk) - Perfect Path shareholders have agreed to actively engage potential buyers to monetize the gold mine development investment, seeking alternative investment opportunities and reducing uncertainty risks[20](index=20&type=chunk) [11. Other Payables and Accruals](index=10&type=section&id=11.%20Other%20Payables%20and%20Accruals) As of June 30, 2024, other payables and accruals significantly decreased, primarily due to a reduction in other payables Other Payables and Accruals (As of June 30) | Item | June 30, 2024 (HKD Thousand) | December 31, 2023 (HKD Thousand) | | :--- | :--- | :--- | | Other payables and accruals | 504 | 2,437 | | Unclaimed dividends | 4 | 4 | | Total | 508 | 2,441 | [12. Promissory Notes](index=10&type=section&id=12.%20Promissory%20Notes) Total promissory notes slightly increased, but the amount due within one year significantly rose, resulting in zero non-current promissory notes Promissory Notes Movement (As of June 30) | Item | June 30, 2024 (HKD Thousand) | December 31, 2023 (HKD Thousand) | | :--- | :--- | :--- | | At beginning of period/year | 14,335 | 14,162 | | At end of period/year | 14,337 | 14,335 | | Less: Amount due within one year, classified as current liabilities | (14,337) | (4,335) | | Amount due after one year, classified as non-current liabilities | – | 10,000 | [13. Share Capital](index=10&type=section&id=13.%20Share%20Capital) The Company's share capital increased due to a placement of 103,601,332 new ordinary shares, raising net proceeds of approximately HKD 10.2 million Share Capital Movement (As of June 30) | Item | Number of Shares (Thousand Shares) | Amount (HKD Thousand) | | :--- | :--- | :--- | | At December 31, 2023/January 1, 2024 | 604,341 | 60,434 | | Shares issued on placement | 103,601 | 10,360 | | At June 30, 2024 | 707,942 | 70,794 | - On May 13, 2024, the Company completed a placement of **103,601,332 new ordinary shares** at HKD 0.100 per share, raising net proceeds of approximately **HKD 10.2 million**[23](index=23&type=chunk) [14. Related Party Transactions](index=11&type=section&id=14.%20Related%20Party%20Transactions) The Group paid management fees to Tai Ka Securities Asset Management Limited, where Executive Director Mr. Hu Mingjia serves as a director and responsible officer Related Party Transactions (Six Months Ended June 30) | Related Party | Item | 2024 (HKD Thousand) | 2023 (HKD Thousand) | | :--- | :--- | :--- | :--- | | Tai Ka Securities Asset Management Limited | Management fees | 212 | 327 | - Executive Director Mr. Hu Mingjia is a director and responsible officer of Tai Ka Securities[24](index=24&type=chunk) [15. Fair Value Measurement](index=11&type=section&id=15.%20Fair%20Value%20Measurement) The Group's financial assets are measured using a three-level fair value hierarchy, with listed equity securities as Level 1 and unlisted equity securities as Level 3, with no change in valuation techniques - Fair value measurement uses a three-level hierarchy: Level 1 for quoted prices in active markets, Level 2 for observable inputs, and Level 3 for unobservable inputs[25](index=25&type=chunk) Total Recurring Fair Value Measurements (As of June 30) | Level | June 30, 2024 (HKD Thousand) | December 31, 2023 (HKD Thousand) | | :--- | :--- | :--- | | Level 1 (Listed equity securities) | 149,818 | 152,201 | | Level 3 (Unlisted equity securities and equity investments) | 42,129 | 42,346 | | Total | 191,947 | 194,547 | - Valuation techniques for Level 3 fair value measurements include the market approach (comparable transactions method and latest transaction method), with no changes during the period[30](index=30&type=chunk) [16. Events After the Reporting Period](index=13&type=section&id=16.%20Events%20After%20the%20Reporting%20Period) Aside from the new share placement disclosed in "Other Information," there were no other significant post-reporting period events for the Company or Group up to the announcement date - Except for the placement of new shares, there were no significant post-reporting period events for the Company or the Group from the reporting period end to the announcement date[31](index=31&type=chunk) [17. Approval of Unaudited Interim Financial Statements](index=13&type=section&id=17.%20Approval%20of%20Unaudited%20Interim%20Financial%20Statements) The unaudited interim financial statements were approved and authorized for issue by the Board on August 26, 2024 - The unaudited interim financial statements were approved and authorized for issue by the Board on August 26, 2024[32](index=32&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=Management%20Discussion%20and%20Analysis) Management discussed the weak H1 2024 market, anticipating continued focus on potential investments in H2, and reviewed financial performance, liquidity, fundraising, and key investment portfolios [Business Review, Prospects and Future Plans](index=14&type=section&id=Business%20Review%2C%20Prospects%20and%20Future%20Plans) The 2024 market remains weak due to inflation, tight monetary policy, and geopolitical uncertainty; the Company will adopt a cautious strategy, focusing on promising trading securities, private funds, and private enterprise investments, while monitoring macro trends - The 2024 market environment remains weak, affected by inflationary pressures, tight monetary policies, geopolitical uncertainties, and slow economic growth[33](index=33&type=chunk) - The Company will continue to focus on investing in promising and prospective trading securities, private funds, and private enterprises, adopting timely investment strategies in response to market volatility[33](index=33&type=chunk) - The Board will closely monitor macro trends, continue to seek investment opportunities in China, Hong Kong, and overseas, and implement risk management policies to achieve stable investment returns[33](index=33&type=chunk) [Financial Review](index=14&type=section&id=Financial%20Review) The Group's revenue significantly decreased by 94.2% due to lower interest income, with reduced proceeds from trading securities and a shift from fair value gains to losses on listed securities, resulting in a HKD 19.0 million loss attributable to owners - Revenue for the reporting period was approximately **HKD 0.1 million**, a year-on-year decrease of approximately **94.2%**, primarily due to reduced interest income[34](index=34&type=chunk) - Total proceeds from disposal of trading securities were approximately **HKD 4.0 million**, compared to approximately **HKD 17.6 million** in the corresponding period[34](index=34&type=chunk) - Listed securities recorded a realized gain of approximately **HKD 1.9 million** (corresponding period: HKD 1.5 million), but a fair value loss of approximately **HKD 18.7 million** (corresponding period: gain of approximately HKD 27.4 million), mainly due to underperformance of US listed securities[34](index=34&type=chunk) - Loss attributable to owners of the Company was approximately **HKD 19.0 million**, compared to a profit of approximately **HKD 30.6 million** in the corresponding period[34](index=34&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=15&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's available funds significantly decreased, shareholders' funds dropped by 4.7%, and the gearing ratio slightly rose to 8.1%, with no share options granted, exercised, lapsed, or cancelled, nor any capital commitments during the period Liquidity and Capital Structure Key Indicators (As of June 30) | Indicator | June 30, 2024 (HKD Million) | December 31, 2023 (HKD Million) | | :--- | :--- | :--- | | Available funds | 0.6 | 7.8 | | Shareholders' funds | 177.5 | 186.2 | | Borrowings | 14.4 | 14.3 | | Gearing ratio | 8.1% | 7.7% | - The Group's bank balances and cash are primarily denominated in Hong Kong Dollars[36](index=36&type=chunk) - No share options were granted, exercised, lapsed, or cancelled, nor were there any capital commitments during the reporting period[36](index=36&type=chunk) [Fund Raising Activities](index=15&type=section&id=Fund%20Raising%20Activities) The Group raised approximately HKD 10.2 million net proceeds from a new share placement, primarily for investing in listed and unlisted securities, repaying short-term loans, and general working capital - The Group completed a placement of **103,601,332 new shares** in May 2024, raising net proceeds of approximately **HKD 10.2 million**[38](index=38&type=chunk)[39](index=39&type=chunk) Use of Net Proceeds from Placement | Intended Use | Intended Amount (HKD Million) | Actual Use and Timeline | | :--- | :--- | :--- | | Investment in listed and unlisted securities | 6.7 | Approximately **HKD 6.7 million** used for investment in listed securities | | Repayment of short-term loans and interest | 2.0 | Approximately **HKD 1.65 million** repaid, balance to be used by July 2024 | | General working capital | 1.5 | Approximately **HKD 0.5 million** used for operating expenses, balance of approximately **HKD 1.0 million** to be used by September 30, 2024 | [Investment Review](index=17&type=section&id=Investment%20Review) As an HKEX Main Board listed investment company, the Company primarily invests in listed securities and unlisted investments with growth potential, holding 16 investments as of June 30, 2024, with disclosure of its top 10 largest investments - The Company's principal business is investment holding, investing in listed securities on recognized stock exchanges and unlisted investments with potential for earnings growth and capital appreciation[40](index=40&type=chunk) - As of June 30, 2024, the Company held **16 investments**, including 8 Hong Kong listed equity securities, 6 US listed equity securities, 1 Anguilla private entity equity, and 1 US private entity equity[40](index=40&type=chunk) - In accordance with Listing Rule 21.12, the Company disclosed its **10 largest investments** and all individual investments exceeding **5% of total assets**[40](index=40&type=chunk) [Significant Investments Held and Performance](index=17&type=section&id=Significant%20Investments%20Held%20and%20Performance) The Group detailed its key investment portfolio, including private equity investments Perfect Path Limited and LNPR Group Inc., and listed equity investments in Tencent, Winchester, RHCO, SNTE, SMIC, BYD, GSGG, and LDSN, outlining their business profiles and recent performance [Private Equity Investment – Perfect Path Limited](index=17&type=section&id=Private%20Equity%20Investment%20%E2%80%93%20Perfect%20Path%20Limited) Perfect Path Limited, engaged in gold mining, is 20% owned by the Group without significant influence; the company has not commenced operations, and shareholders are actively seeking to dispose of the gold mine investment to mitigate risks - Perfect Path Limited is engaged in gold mining, with the Group holding a **20% equity interest** but no significant influence[41](index=41&type=chunk) - Perfect Path indirectly owns a **45% interest** in a gold mine in Thailand, but license applications are ongoing, and no revenue has been generated[41](index=41&type=chunk) - Shareholders have agreed to actively engage potential buyers to monetize the gold mine development investment, seeking alternative investment opportunities and reducing uncertainty risks[41](index=41&type=chunk) [Private Equity Investment – LNPR Group Inc.](index=18&type=section&id=Private%20Equity%20Investment%20%E2%80%93%20LNPR%20Group%20Inc.) LNPR Group Inc. focuses on renewable energy tech solutions and waste-to-resource businesses; the Group holds a 5.23% stake, and LNPR is seeking a US OTC market listing - LNPR Group Inc. primarily develops renewable/alternative/distributed energy technology solutions and waste-to-resource and energy platforms[42](index=42&type=chunk) - The Group holds a **5.23% equity interest** in LNPR, which is seeking a listing on the US Over-The-Counter market[42](index=42&type=chunk) [Listed Equity Investment – Tencent Holdings Limited](index=18&type=section&id=Listed%20Equity%20Investment%20%E2%80%93%20Tencent%20Holdings%20Limited) Tencent primarily offers value-added services, FinTech, and business services, with significant net profit growth; the Group views it as a long-term investment, receiving approximately HKD 58,000 in dividends during the period - Tencent primarily provides value-added services, FinTech and business services, and online advertising services[43](index=43&type=chunk) - For the three months ended March 31, 2024, Tencent's net profit was approximately **RMB 41,889 million**, a significant increase from RMB 25,838 million in the prior period[43](index=43&type=chunk) - The Group received net dividends of approximately **HKD 58,000** from Tencent during the reporting period and considers it a long-term investment[43](index=43&type=chunk) [Listed Equity Investment – Winchester Holding Limited](index=18&type=section&id=Listed%20Equity%20Investment%20%E2%80%93%20Winchester%20Holding%20Limited) Winchester Holding Limited manufactures automobiles in South Africa, reporting a net loss of approximately USD 10,000 in its latest financials; the Group will hold this investment and closely monitor its performance - Winchester Holding Limited is listed on the US Over-The-Counter market and primarily manufactures vehicles for production in South Africa[44](index=44&type=chunk) - As of March 31, 2024, net loss was approximately **USD 10,000**, with net assets of approximately **USD 437,000**[44](index=44&type=chunk) - The Group will hold its investment in Winchester and closely monitor its performance, potentially adjusting the portfolio from time to time[44](index=44&type=chunk) [Listed Equity Investment – Readen Holding Corporation](index=18&type=section&id=Listed%20Equity%20Investment%20%E2%80%93%20Readen%20Holding%20Corporation) RHCO is active in FinTech, online payments, and e-commerce, reporting a net profit of approximately USD 0.8 million in its latest financials; the Board anticipates growth drivers, and the Group will closely monitor its performance - RHCO is listed on the US Over-The-Counter market and is active in the FinTech, online payment, and e-commerce industries[45](index=45&type=chunk) - For the nine months ended March 31, 2024, net profit was approximately **USD 0.8 million**, with net assets of approximately **USD 8.8 million**[45](index=45&type=chunk) - The Board anticipates RHCO has growth engines driving positive financial performance, and the Group will closely monitor its performance[45](index=45&type=chunk) [Listed Equity Investment – Sante Technology Holdings Inc.](index=19&type=section&id=Listed%20Equity%20Investment%20%E2%80%93%20Sante%20Technology%20Holdings%20Inc.) SNTE focuses on AI business, aiming to acquire and merge promising AI technology-related companies; the Board believes AI is a key future trend - SNTE is listed on the US Over-The-Counter market, engaged in artificial intelligence business, aiming to acquire and merge promising AI technology-related companies[46](index=46&type=chunk) - The Board believes that the artificial intelligence business is one of the future trends[46](index=46&type=chunk) [Listed Equity Investment – Semiconductor Manufacturing International Corporation](index=19&type=section&id=Listed%20Equity%20Investment%20%E2%80%93%20Semiconductor%20Manufacturing%20International%20Corporation) SMIC engages in integrated circuit manufacturing and related services, with recent quarterly revenue growth but declining profit; the Group considers it a long-term investment and closely monitors its performance - SMIC is engaged in computer-aided design, sales, research and development, manufacturing, testing, packaging, and trading of integrated circuits and related services[47](index=47&type=chunk) - For the three months ended June 30, 2024, revenue was approximately **USD 1,901.3 million**, compared to approximately USD 1,560.4 million in the prior year; profit for the period was **USD 172.3 million**, compared to approximately USD 464.2 million in the prior year[47](index=47&type=chunk) - The Board believes SMIC's market-leading position allows it to benefit from growing customer demand, and the Group will hold this investment and closely monitor its performance[47](index=47&type=chunk) [Listed Equity Investment – BYD Company Limited](index=19&type=section&id=Listed%20Equity%20Investment%20%E2%80%93%20BYD%20Company%20Limited) BYD primarily manufactures and sells transportation equipment, electronic components, and consumer electronics, showing strong quarterly revenue and net profit; the Group views it as a long-term investment - BYD primarily manufactures and sells transportation equipment, electronic components, and consumer electronic devices, including rechargeable batteries, photovoltaic products, mobile phone components, and automobiles[48](index=48&type=chunk) - For the three months ended March 31, 2024, revenue was approximately **RMB 124,944.4 million**, and net profit attributable to shareholders was **RMB 4,568.8 million**[48](index=48&type=chunk) - The Board believes BYD's market-leading position enables it to benefit from growing market demand, and the Group will hold this investment and closely monitor its performance[48](index=48&type=chunk) [Private Equity Investment – GSGG Group Inc.](index=20&type=section&id=Private%20Equity%20Investment%20%E2%80%93%20GSGG%20Group%20Inc.) GSGG initially focused on Asian real estate investment consulting, recently expanding into the medical device industry, aiming for global market entry with its Prejex needle-free injection project - GSGG is listed on the US Over-The-Counter market, initially focusing on Asian real estate investment consulting, and has recently expanded into the medical device industry[49](index=49&type=chunk) - GSGG is committed to entering the global market with its Prejex needle-free injection project, a device designed to provide painless, needle-free injections[49](index=49&type=chunk) [Listed Equity Investment – Luduson G Inc.](index=20&type=section&id=Listed%20Equity%20Investment%20%E2%80%93%20Luduson%20G%20Inc.) LDSN builds and nurtures relationships between influencers and brands, focusing on film production, influencer management, and online ecosystem development to provide entertainment for the Chinese market - LDSN is listed on the US Over-The-Counter market, engaged in building and nurturing relationships between influencers and brands[50](index=50&type=chunk) - Its business includes collaborating with film studios to promote movies, as well as influencer management, commercial film production, and online ecosystem development[50](index=50&type=chunk) - LDSN provides a unified entertainment world for Chinese, Asian, and all overseas Chinese markets globally[50](index=50&type=chunk) [Employees and Remuneration Policy](index=20&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2024, the Group employed 2 full-time employees, with remuneration determined at market levels - As of June 30, 2024, the Group employed **2 full-time employees** (including an executive director), consistent with the corresponding period last year[51](index=51&type=chunk) - Employee remuneration is determined based on market compensation levels[51](index=51&type=chunk) [Treasury Policy](index=20&type=section&id=Treasury%20Policy) The Group adopts a conservative treasury policy, continuously assessing investee creditworthiness to mitigate risk and closely monitoring liquidity to meet funding requirements - The Group adopts a conservative approach to its treasury policy, continuously assessing the creditworthiness of investees to mitigate credit risk[52](index=52&type=chunk) - Directors and management closely monitor liquidity to ensure the liquidity structure of assets, liabilities, and commitments meets funding requirements[52](index=52&type=chunk) [Segment Information](index=20&type=section&id=Segment%20Information) The Group's business activities are organized into a single operating segment, investing in listed and unlisted securities, thus no operating segment information is presented - The Group has only one operating segment, which is investing in listed and unlisted securities, therefore no operating segment information is presented[53](index=53&type=chunk) [Exchange Rate Fluctuation Risk and Related Hedging](index=21&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Related%20Hedging) The Group has no significant exchange rate fluctuation risk and therefore does not use any financial instruments to hedge such risks - The Group has no significant exchange rate fluctuation risk and does not use any financial instruments to hedge such risks[54](index=54&type=chunk) [Contingent Liabilities](index=21&type=section&id=Contingent%20Liabilities) As of June 30, 2024, the Group had no significant contingent liabilities - As of June 30, 2024, the Group had no significant contingent liabilities[54](index=54&type=chunk) [Pledge of Assets](index=21&type=section&id=Pledge%20of%20Assets) As of June 30, 2024, approximately HKD 22.6 million of the Group's Hong Kong trading securities were pledged to a securities broker for margin loans - As of June 30, 2024, approximately **HKD 22.6 million** of the Group's Hong Kong trading securities were pledged to a securities broker to obtain margin loans (December 31, 2023: nil)[55](index=55&type=chunk) [Purchase, Sale or Redemption of Listed Shares](index=21&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Shares) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed shares during the reporting period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed shares during the reporting period[56](index=56&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or any Associated Corporation](index=21&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20or%20any%20Associated%20Corporation) As of June 30, 2024, no directors or chief executives held disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations - As of June 30, 2024, no directors or chief executives held disclosable interests or short positions in the shares, underlying shares, or debentures of the Company or its associated corporations[56](index=56&type=chunk) - Neither the Company nor any of its subsidiaries participated in any arrangements during the reporting period that would enable directors or chief executives to benefit from acquiring shares or debentures of the Company or other corporations[56](index=56&type=chunk) [Corporate Governance](index=21&type=section&id=Corporate%20Governance) The Company adopted the Corporate Governance Code, with deviations in the separation of Chairman and CEO roles and independent non-executive directors' attendance at general meetings; the Board will continue to review and ensure power balance - The Company has adopted the Corporate Governance Code set out in Appendix C1 of the Listing Rules[57](index=57&type=chunk) - Deviations exist: the roles of Chairman and Chief Executive are not separated, the Chief Executive position is vacant, and an executive director oversees daily management[58](index=58&type=chunk) - Deviations exist: Independent Non-executive Directors Ms. Chan Man Yee and Ms. Leung Yin Ting did not attend the Annual General Meeting on June 27, 2024, due to other commitments[58](index=58&type=chunk) - The Board believes sufficient power balance and safeguards are in place and will continue to review and monitor to ensure the existing structure does not compromise the Company's power balance[58](index=58&type=chunk) [Audit Committee](index=22&type=section&id=Audit%20Committee) The Audit Committee reviewed the interim results announcement, deeming the financial information compliant with applicable accounting standards, Listing Rules, and legal requirements, with adequate disclosure - The Audit Committee has reviewed the unaudited interim accounts for the six months ended June 30, 2024[58](index=58&type=chunk) - The Audit Committee believes the financial information complies with applicable accounting standards, Listing Rules, and legal requirements, and has been adequately disclosed[58](index=58&type=chunk)