Group 1 - The core viewpoint of the news highlights the recent performance of Times Financial Services Group, noting a significant increase in its stock price despite a year-to-date decline [1][2] - As of June 26, the Hang Seng Index fell by 0.61%, while Times Financial Services Group's stock rose by 9.26%, with a trading volume of 252.17 thousand shares and a turnover of 76.23 thousand HKD [1] - Financial data shows that for the year ending December 31, 2024, Times Financial Services Group achieved total revenue of 69.47 million HKD, a year-on-year increase of 11.86%, while the net profit attributable to shareholders was -32.51 million HKD, reflecting a 63.15% increase [1] Group 2 - Currently, there are no institutional investment ratings for Times Financial Services Group, and its price-to-earnings (P/E) ratio stands at -3.32, ranking 136th in the industry [2] - The average P/E ratio for the other financial sector is 30.58, indicating that Times Financial Services Group is significantly undervalued compared to its peers [2] - Other companies in the financial sector have P/E ratios such as Oriental Financial Securities at 1.93, China Merchants China Fund at 2.41, and Hong Kong Credit at 3.49, all of which are higher than Times Financial Services Group [2] Group 3 - Times Financial Services Group, established in 1972, is a leading financial services group in Hong Kong, offering a comprehensive range of financial products and quality investment services [3] - The company provides services including mobile and premium trading, investment banking, corporate finance consulting, wealth and asset management, and fintech platforms [3] - Times Financial is recognized for its innovative capabilities, having launched Hong Kong's first online financial trading platform in 1998, and continues to enhance customer trading experiences through mobile trading services [3]

Financial Performance - The group's revenue for the year ended December 31, 2024, was approximately HKD 50.8 million, a decrease from HKD 58.4 million in the previous year, representing a decline of about 12.9%[17]. - Total revenue for the group decreased by 13.0% from HKD 58.4 million in 2023 to HKD 50.8 million in 2024[31]. - Brokerage income decreased by approximately 16.3% to HKD 11.8 million from HKD 14.1 million in 2023, reflecting a challenging capital market environment in Hong Kong[17]. - Wealth management service revenue remained stable at HKD 6.6 million, compared to HKD 6.7 million in 2023[18]. - Investment management services generated revenue of HKD 5.1 million, an increase from HKD 4.5 million in the previous year, indicating a growth of approximately 13.3%[18]. - Interest income decreased by HKD 7 million to HKD 22.8 million from HKD 29.8 million in 2023, primarily due to stabilizing market interest rates[19]. - The group recorded a net loss attributable to shareholders of approximately HKD 35.1 million for the year, significantly improved from a net loss of HKD 95.2 million in 2023[20]. - The impairment charge for the year was approximately HKD 400,000, a substantial decrease from HKD 42.9 million in the previous year, reflecting improved credit control measures[20]. Business Expansion and Development - The company established a new office in Qingdao, enhancing its business network in key economic regions of China, including the Greater Bay Area and the Yangtze River Delta[13]. - The company participated as a joint lead manager and underwriter in Horizon's IPO, contributing significantly to revitalizing the local stock market[13]. - The company won the "Best Financial Services Award in the Greater Bay Area," reflecting its successful expansion of the customer base and deepening interactions through various promotional activities[13]. - The group has expanded its wealth management and family office services in the Greater Bay Area and other major cities, aiming to capture significant market opportunities[18]. - The company is focusing on expanding investment-related services and enhancing distribution channels through internal sales team training and development[45]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share within the next two years[58]. Technological Innovation - The company upgraded its trading platform and integrated it with backend systems to streamline operations and enhance customer experience[13]. - The company is initiating a research program to integrate AI technology into investment decision-making processes, aiming to provide real-time insights for global asset allocation and tactical security selection[14]. - The company launched a research project to apply artificial intelligence for real-time decision-making in global asset allocation and tactical security selection[41]. - The company is investing $5 million in research and development for new trading algorithms to improve trading efficiency[60]. Employee and Workforce Management - The total employee wage cost for the group was HKD 45,500,000 for the year[47]. - The group employed 106 employees as of December 31, 2024[47]. - The employee turnover rate decreased to 25.62% in 2024 from 31.46% in 2023, indicating an improvement in employee retention[175]. - The company has implemented various training programs to enhance employee skills and overall competitiveness, including product knowledge and compliance training[49]. - The company achieved a total of 4,366 training hours during the reporting period, compared to 1,428 hours in 2023[181]. - 100% of male employees and 95.83% of female employees received training in 2024, with average training hours of 47.31 and 33.79 respectively[181]. Corporate Governance - The company has fully complied with the corporate governance code for the year ending December 31, 2024, with some exceptions noted[67]. - The board consists of five executive directors and three independent non-executive directors, ensuring over one-third of the board members are independent[72]. - The company maintains a mechanism to ensure the board receives independent opinions and views, which is reviewed annually[76]. - The board is responsible for overall strategy formulation, reviewing corporate and financial policies, and overseeing business management[77]. - The company has established a nomination committee to identify suitable candidates, including independent non-executive directors, for appointment to the board[79]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report outlines the company's initiatives and performance in sustainability, covering key performance indicators relevant to its operations in Hong Kong[135][136]. - The company emphasizes the importance of stakeholder engagement and materiality assessment in preparing its ESG report[139]. - The company is committed to sustainability and has outlined its performance and challenges in the ESG report, adhering to accuracy and fairness principles[139]. - The company received multiple awards for its environmental and social efforts during the reporting period, including the Hong Kong Environmental Excellence Award for waste reduction[152]. - The total greenhouse gas emissions density decreased by approximately 9% compared to 2023, primarily due to reduced electricity consumption, but increased by 67% compared to the 2021 baseline due to decreased revenue[154]. Risk Management - The company has established a risk management and internal control system to identify, assess, manage, and report significant risks[117]. - The risk register records all identified major risks and provides updates to the board and management on mitigation measures taken[117]. - An independent professional consultant was engaged to review the adequacy and effectiveness of the internal control and risk management systems[126]. - The board is not aware of any significant internal control deficiencies or major concerns that could affect shareholder interests as of December 31, 2024[127]. Community Engagement - The company has sponsored community initiatives, including a donation of approximately HKD 33,000 to support social services[198]. - The company participated in volunteer activities to reduce food waste and assist underprivileged families[198]. - The company collaborated with local organizations to support community fundraising events[198].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 50,768,000, a decrease of 13.5% compared to HKD 58,365,000 in 2023[2] - Interest income decreased to HKD 22,811,000 from HKD 29,766,000, reflecting a decline of 23.4%[2] - The company reported a pre-tax loss of HKD 31,543,000, significantly improved from a loss of HKD 92,137,000 in the previous year[2] - Net loss for the year was HKD 29,729,000, compared to a loss of HKD 94,631,000 in 2023, indicating a reduction in losses by 68.7%[2] - Basic and diluted loss per share improved to HKD 8.4 from HKD 27.0, showing a significant reduction in loss per share[3] - Total revenue for the year 2024 is reported at HKD 27,957,000, a decrease from HKD 28,599,000 in 2023, representing a decline of approximately 2.2%[15] - The company’s brokerage services generated revenue of HKD 11,816,000 in 2024, down from HKD 14,065,000 in 2023, reflecting a decrease of approximately 16.5%[15] - Wealth management services revenue for 2024 is reported at HKD 6,573,000, slightly down from HKD 6,722,000 in 2023, a decrease of about 2.2%[15] - Investment management services revenue increased to HKD 5,095,000 in 2024 from HKD 4,545,000 in 2023, marking an increase of approximately 12.1%[15] - The company’s total expenses and commission income for 2024 is reported at HKD 22,862,000, down from HKD 24,054,000 in 2023, indicating a decrease of about 4.9%[15] - Total revenue for the group decreased by 13.0% to HKD 50.8 million in 2024 from HKD 58.4 million in 2023[47] - Brokerage income fell by 16.3% to HKD 11.8 million in 2024, compared to HKD 14.1 million in 2023[47] - Wealth management income decreased by 1.5% to HKD 6.6 million in 2024, down from HKD 6.7 million in 2023[47] - Interest income declined by 23.5% to HKD 22.8 million in 2024, compared to HKD 29.8 million in 2023[47] - The group reported a net loss attributable to shareholders of HKD 35.1 million in 2024, a 63.1% improvement from a loss of HKD 95.2 million in 2023[47] Assets and Liabilities - Total assets decreased to HKD 684,115,000 from HKD 807,226,000, a decline of 15.2%[4] - Current liabilities decreased to HKD 462,170,000 from HKD 593,435,000, a reduction of 22.1%[4] - Non-current liabilities increased to HKD 34,685,000 from HKD 19,796,000, reflecting an increase of 75.3%[5] - The company's net assets decreased to HKD 217,070,000 from HKD 255,867,000, a decline of 15.2%[5] - Total assets as of December 31, 2024, amounted to HKD 713,925,000, down from HKD 869,098,000 in 2023, reflecting a decrease of 17.8%[21][22] - Total liabilities as of December 31, 2024, were HKD 496,855,000, a reduction from HKD 613,231,000 in 2023, representing a decrease of 19.0%[21][22] - The company’s total liabilities for accounts payable amounted to HKD 308,246,000, down from HKD 346,215,000 in 2023[31] - Cash and bank balances fell by 42.7% to HKD 88.5 million in 2024, down from HKD 154.4 million in 2023[47] - The group’s bank borrowings decreased by 42.6% to HKD 46.0 million in 2024 from HKD 80.1 million in 2023[47] - The capital adequacy ratio improved, with the debt-to-equity ratio decreasing from 45.4% in 2023 to 32.8% in 2024[41] Financial Reporting Standards - The company has applied new Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position or performance for the year[7] - The company expects that the application of new Hong Kong Financial Reporting Standards will not have a significant impact on its financial position and performance[12] - The new Hong Kong Financial Reporting Standards will introduce new requirements for the presentation and disclosure of financial statements, effective from 2027[13] - The company is currently evaluating the specific impact of the new Hong Kong Financial Reporting Standards on its consolidated financial statements[13] Investment and Market Activities - The acquisition of 51% of the issued shares of the target company was completed for a total consideration of HKD 61,000,000, consisting of HKD 10,000,000 in cash and HKD 51,000,000 through the issuance of 120,000,000 new shares[14] - The company opened a new office in Qingdao, expanding its presence in key strategic areas in China, including the Greater Bay Area and the Yangtze River Delta[49] - The company participated in Hong Kong's second-largest IPO in 2024, acting as a joint lead manager and underwriter for a leading smart driving technology company[51] - The company is transforming its brokerage business into value-added services and wealth management expertise to meet diverse investment needs in the Greater Bay Area[54] - The integration of AI and advanced data analytics is expected to significantly enhance investment decision-making quality[54] - The company is focusing on expanding investment-related services and enhancing distribution channels through training and development of the internal sales team[59] - The company anticipates stable performance for the CASH Multi Strategy Fund and CTA Fund, especially with rising demand for low-correlation investments in uncertain market conditions[60] - The company plans to enhance its capabilities and innovation by integrating artificial intelligence to strengthen quantitative expertise and improve risk management systems[60] Employee and Governance - The total employee compensation for the year was HKD 45,500,000, with 106 employees as of December 31, 2024[61] - The company has adhered to all corporate governance codes, with regular reviews to improve practices[65] - The dual role of Dr. Kwan as both Chairman and CEO is deemed important for effective leadership and decision-making efficiency within the group[68] - The board structure is considered effective, with independent non-executive directors providing independent and impartial opinions on matters for consideration[68] Performance of Funds - The CASH Multi Strategy Fund achieved an outstanding return of 19.50% in 2024, demonstrating consistent performance[57] - The CTA Fund recorded a significant return of 24.95% in 2024, outperforming peers due to effective momentum and mean reversion strategies[58] - The company manages a commodity futures fund and provides advisory services for a securities portfolio and a CTA fund, all of which generated considerable returns in 2024[57] - The company’s quantitative investment approach successfully identified numerous opportunities in the Hong Kong market, particularly in technology and consumer sectors[57] - The company’s focus on quantitative models has proven effective in capturing opportunities arising from market inefficiencies[57] Market Trends - 71% of fund managers anticipate stagflation in the global economy over the next 12 months, highlighting ongoing economic challenges[54] - Hong Kong's public funds, including ETFs, recorded a net inflow growth of 88%, driving total assets to HKD 1.64 trillion, a year-on-year increase of 22%[48] - The insurance sector in Hong Kong saw total premium income grow by 12.2% year-on-year in the first three quarters of 2024[48] - The asset management division achieved a return rate of 15.57% for the Superior Value Equity Open-End Fund, outperforming many competitors in the Hong Kong stock market[50] - The newly launched multi-strategy open-end fund achieved a return rate of 19.50% in early 2024, showcasing its adaptability in various market conditions[50]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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。 CASH FINANCIAL SERVICES GROUP LIMITED 時富金融服務集團有限公司* （於百慕達註冊成立之有限公司） （股份編號：510） 中期業績 截至二零二四年六月三十日止六個月 簡明綜合損益及其他全面收入表 CASH Financial Services Group Limited（時富金融服務集團有限公司）（「本公司」或「時富金融」）及其附屬公 司（「本集團」）截至二零二四年六月三十日止六個月之未經審核綜合業績，連同去年同期之比較數字如下： | --- | --- | --- | --- | |----------------|-------|----------------------------------------------|---------------------| | | 附註 | 截至六月三十日止六個月 二零二四年 \n千港元 | 二零二三年 \ ...

Financial Performance - The company's revenue for the year showed a moderate growth of 3.2% in local GDP, despite external uncertainties impacting investment and consumer confidence [13]. - The company recorded a revenue of approximately HKD 58,400,000 for the year ending December 31, 2023, a decrease of 20.8% compared to HKD 73,700,000 in the previous year [21]. - Brokerage income decreased by approximately 45.4% or HKD 11,700,000, attributed to a significant decline in the average daily trading volume of the Hong Kong securities market by 15.9% [22]. - Wealth management service revenue saw a substantial decline of approximately 66.8% or HKD 13,500,000, with current revenue at HKD 6,700,000 compared to HKD 20,200,000 in the previous year [22]. - Interest income increased by approximately 54.3% or HKD 10,500,000, reaching HKD 29,800,000, while financial costs rose by 57.0% or HKD 4,500,000 [23]. - The company reported a net loss attributable to shareholders of approximately HKD 95,200,000 for the year, compared to a net loss of approximately HKD 63,800,000 in the previous year [24]. - The group reported a net loss attributable to shareholders of HKD 95.2 million for the year, an increase of 49.2% compared to a net loss of HKD 63.8 million in the previous year [36]. - Total revenue for the group decreased by 20.8% to HKD 58.4 million in 2023 from HKD 73.7 million in 2022, with brokerage services declining by 45.3% and wealth management services declining by 66.8% [35]. Market Conditions - The average daily trading volume in Hong Kong reached a new low in 2023 due to adverse market conditions and rising compliance costs [14]. - In 2023, the Hong Kong stock market faced significant challenges, with the Hang Seng Index and the Hang Seng China Enterprises Index declining by 13.8% and 14.0%, respectively [40]. - Daily trading volume in 2023 dropped to HKD 105 billion, down from HKD 124.9 billion in 2022 and HKD 166.7 billion in 2021, indicating a challenging market environment [40]. - The International Monetary Fund forecasts a moderate global economic growth of 3.1% in 2024, lower than the historical average growth rate of 3.8% over the past two decades [17]. Strategic Initiatives - The company successfully transitioned from traditional brokerage to a diversified wealth management expert in the Greater Bay Area, establishing a solid foundation for business expansion [14]. - The company plans to establish more wealth management centers and strategic alliances in the Greater Bay Area and Yangtze River Delta regions [6]. - The company aims to combine traditional finance with new financial assets to develop a comprehensive wealth management business [7]. - The company is strategically shifting its focus from East Asia to the Greater Bay Area, aiming to enhance its wealth management services in this rapidly developing region [22]. - The company plans to continue strengthening strategic partnerships with local and international financial institutions and fintech companies to capitalize on the growing demand for financial services in the Greater Bay Area [17]. Technology and Innovation - The integration of artificial intelligence with asset management capabilities has led to the creation of an award-winning wealth management platform [14]. - The launch of the advanced mobile trading application Alpha i aims to enhance user experience and service quality for tech-savvy investors [7]. - The newly launched CASH ISR investment research platform enhances investment management capabilities and optimizes portfolio performance using big data and AI [43]. - The ISR platform won the Financial Technology Innovation Award in the Wealth Tech category from the Institute of Financial Technologists of Asia for its contributions to fintech [44]. - The company recognizes the potential of generative AI in advancing investment strategies and is developing AI solutions for its fintech operations [53]. Employee and Corporate Governance - The company reported a total employee salary cost of HKD 41,500,000 for the year [61]. - As of December 31, 2023, the company employed 97 staff members [61]. - The group has implemented various training policies aimed at enhancing employee skills and overall competitiveness, productivity, and efficiency [63]. - The board includes experienced executives with backgrounds in corporate management, strategy planning, financial consulting, and investment banking [65][69][70][71][72]. - The company emphasizes employee development, workplace health and safety, and sustainable practices as key elements of its corporate culture [90]. Environmental, Social, and Governance (ESG) Initiatives - The report covers the Group's environmental, social, and governance (ESG) initiatives and performance for the fiscal year ending December 31, 2023 [170]. - The Group aims to reduce its operational impact on the environment and contribute to community improvement, particularly for future generations [174]. - The Group's major ESG issues include anti-corruption, employee compensation, customer service, and climate change [181]. - The company received multiple environmental awards, including the Hong Kong Green Organization Certification and the Hong Kong Environmental Excellence Award, recognizing its commitment to environmental protection [183]. - The company has implemented various waste reduction initiatives, including a paperless workflow and recycling programs, to enhance sustainability efforts [194]. Future Outlook - The company provided guidance for the next fiscal year, projecting revenue growth of 25% and aiming for $187.5 million [74]. - New product launches are expected to contribute an additional $30 million in revenue, with a focus on innovative financial technology solutions [74]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share within the next two years [74]. - Future goals include setting more specific quantitative environmental targets to enhance sustainability performance [196].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 58,365,000, a decrease of 20.6% compared to HKD 73,658,000 in 2022[2] - The company reported a net loss of HKD 94,631,000 for 2023, compared to a net loss of HKD 57,988,000 in 2022, representing a 63.2% increase in losses[2] - Basic and diluted loss per share for 2023 was HKD 27.00, compared to HKD 24.42 in 2022[3] - The group reported a pre-tax loss of HKD 92,137,000 for the year ended December 31, 2023, compared to a pre-tax loss of HKD 53,853,000 for the previous year[29] - The company reported a loss of HKD 95,247,000 for 2023, compared to a loss of HKD 63,775,000 in 2022, indicating a deterioration in financial performance[37] Revenue Breakdown - The financial services segment generated revenue of HKD 52,136,000, down from HKD 68,792,000 in the previous year, indicating a decrease of about 24.2%[29] - The investment management segment reported a profit of HKD 3,751,000, contrasting with a loss of HKD 63,125,000 in the prior year[29] - The group experienced a significant decrease in brokerage service revenue, which fell to HKD 14,065,000 from HKD 25,762,000, a decline of approximately 45%[26] - The group reported a significant decrease in total client contract revenue, which fell to HKD 28,599,000 from HKD 54,373,000, a decline of approximately 47.5%[26] - Wealth management service revenue fell by approximately 66.8% or HKD 13,500,000, from HKD 20,200,000 in 2022 to HKD 6,700,000 in 2023[52] Assets and Liabilities - Total assets decreased to HKD 807,226,000 in 2023 from HKD 1,105,961,000 in 2022, a decline of 26.9%[5] - Current liabilities decreased to HKD 593,435,000 in 2023 from HKD 826,905,000 in 2022, a reduction of 28.2%[5] - Non-current liabilities decreased to HKD 19,796,000 in 2023 from HKD 26,612,000 in 2022, a decline of 25.8%[6] - Net assets decreased to HKD 255,867,000 in 2023 from HKD 331,467,000 in 2022, a decrease of 22.7%[6] - Total liabilities as of December 31, 2023, were HKD 853,517,000, with segment liabilities of HKD 617,703,000 in financial services and HKD 34,441,000 in investment management[33] Cash Flow and Financial Position - Cash and cash equivalents increased to HKD 247,991,000 at year-end, up from HKD 209,314,000 at the beginning of the year, reflecting a net increase of HKD 38,909,000[24] - The group’s operating cash flow before changes in working capital was a negative HKD 82,435,000, compared to a negative HKD 53,853,000 in the previous year[24] - The company’s total assets and liabilities were adjusted to reflect the net asset values of the target company as of December 31, 2022[14] - The company’s interest income for the year was HKD 19.285 million, showing a slight increase from the previous period[15] Strategic Initiatives and Future Plans - The company aims to enhance its financial position and operational efficiency in the upcoming fiscal year[9] - The company has plans for market expansion and new product development, although specific figures were not disclosed in the call[22] - The company is actively assessing the integration of brokerage services into value-added services to transform into a wealth management expert, leveraging opportunities from the expanded Cross-Border Wealth Management Connect program[80] - The company launched its first cross-border algorithm fund in the current year, further enriching its product portfolio to capture emerging opportunities[80] - The company plans to establish a dedicated sales team to enhance fund promotion and distribution in alignment with sales targets for 2024[86] Acquisitions and Investments - The company completed the acquisition of 51% of the issued shares of the target company for HKD 61 million, with HKD 10 million paid in cash and HKD 51 million through the issuance of 120 million new shares[13] - The financial results for the target company were included as if the acquisition had been completed from the date of initial control[14] - The company completed the acquisition of 51% of the issued shares of a subsidiary for HKD 61,000,000, increasing its stake from approximately 60.49% to 72.93%[61] Operational Efficiency - The company has implemented cost rationalization and operational streamlining measures, resulting in a 34.2% reduction in salary and related benefits to HKD 41,500,000[53] - The company recorded an impairment charge of HKD 42,900,000, a 512.9% increase from HKD 7,000,000 in 2022, primarily due to declines in collateral market values[53] - The company is leveraging cutting-edge technologies, including generative AI, to advance product offerings and strengthen risk management processes[86] Market Environment - The average daily trading volume in 2023 dropped to HKD 105 billion, down from HKD 124.9 billion in 2022 and HKD 166.7 billion in 2021, reflecting a challenging market environment[67] - The Hang Seng Index and Hang Seng China Enterprises Index fell by 13.8% and 14.0%, respectively, in 2023, marking one of the worst years in recent history for the Hong Kong stock market[67] - Net inflows of funds increased by over 300% from Q4 2022 to the first half of 2023, driven by the launch of the Cross-Border Wealth Management Connect program[68] Recognition and Awards - The company received the "2022/2023 Financial Technology Innovation Award" in the Wealth Technology category from the IFTA, recognizing its contributions to fintech innovation[72] - The company has been recognized with the "Annual Excellence Family Office Award" and "Hall of Fame Award" by CORPHUB for its outstanding customer service[76]

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 37,439,000, a decrease of 4.1% compared to HKD 39,044,000 in the same period of 2022[4] - Interest income increased significantly to HKD 14,682,000, up 81.5% from HKD 8,092,000 year-on-year[4] - The company reported a pre-tax loss of HKD 21,584,000, slightly higher than the loss of HKD 21,351,000 in the previous year[4] - Basic and diluted loss per share for the period was HKD 9.19, compared to HKD 10.74 in the same period last year, indicating an improvement[7] - The company reported a loss of HKD (28,041,000) for the period, with a total comprehensive loss of HKD (30,117,000)[12] - The group recorded a net loss of approximately HKD 21,600,000 for the period, compared to a net loss of approximately HKD 21,400,000 in 2022, reflecting a slight increase of 0.9%[81] Assets and Liabilities - Non-current assets decreased to HKD 87,376,000 from HKD 79,023,000 year-on-year, reflecting a 10.3% increase[9] - Current liabilities decreased to HKD 685,493,000 from HKD 861,284,000, a reduction of 20.4%[11] - Net current assets were HKD 241,867,000, down from HKD 279,057,000, indicating a decline of 13.3%[11] - Total assets less current liabilities decreased to HKD 329,243,000 from HKD 358,080,000, a decrease of 8.0%[11] - The company's equity totalled HKD 309,729,000, down from HKD 331,468,000, reflecting a decline of 6.6%[11] - Current assets amounted to HKD 1,140,341,000, with accounts receivable of HKD 334,749,000 and cash and cash equivalents of HKD 247,991,000[23] - The total accounts payable amounted to HKD 398,671,000 as of June 30, 2023, down from HKD 482,196,000 as of December 31, 2022[54] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2023, was HKD (44,193,000), compared to HKD 117,270,000 for the same period in 2022[14] - The net cash used in investing activities for the six months ended June 30, 2023, was HKD (74,941,000), while it was HKD 3,006,000 in 2022[14] - The net cash generated from financing activities for the six months ended June 30, 2023, was HKD 40,096,000, compared to a cash outflow of HKD (22,331,000) in 2022[14] - The total cash and cash equivalents at the end of June 30, 2023, decreased to HKD 168,953,000 from HKD 309,109,000 at the end of June 30, 2022[14] Revenue Breakdown - Total revenue for the financial services segment was HKD 37,439,000 for the six months ended June 30, 2023, down from HKD 39,043,000 in the same period of 2022, representing a decrease of approximately 4.1%[38] - Brokerage service revenue for the six months ended June 30, 2023, was HKD 14,389,000, compared to HKD 13,958,000 for the same period in 2022[32] - Wealth management service revenue decreased significantly from HKD 9,931,000 in 2022 to HKD 4,026,000 in 2023[32] - The brokerage service revenue was HKD 14,389,000 for the six months ended June 30, 2023, compared to HKD 13,958,000 in the previous year, showing an increase of approximately 3.1%[33] - Wealth management service revenue significantly decreased to HKD 4,026,000 from HKD 9,931,000, reflecting a decline of approximately 59.5%[33] Operational Efficiency - The company’s cash flow from operations was significantly negative, indicating challenges in operational efficiency[14] - The company incurred total operating expenses of HKD 27,096,000 for the six months ended June 30, 2023, compared to HKD 25,313,000 in the same period of 2022, an increase of approximately 7.0%[41] - The company’s total expenses for securities trading fees rose to HKD 6,632,000 in the first half of 2023, compared to HKD 2,012,000 in the same period of 2022, an increase of approximately 229.5%[41] Strategic Focus - The company is focusing on enhancing its financial services and exploring new market opportunities to drive future growth[3] - The company is reallocating significant resources to expand its wealth management and family office business in the Greater Bay Area[63] - The company has restructured its business focus towards wealth management and asset management, enhancing its service offerings to include insurance and unique trust services[89] - The company plans to continue investing in the Greater Bay Area, leveraging its core competencies in wealth management as a future growth direction[93] - The company is actively exploring virtual asset monetization solutions to integrate future trends in financial services[96] Corporate Governance - The company has complied with the corporate governance code, with all directors confirming adherence to the trading code during the review period[118] - The dual role of the chairman and CEO is intended to provide strong and consistent leadership for the board[120] - The board of directors includes both executive and independent non-executive members, indicating a diverse governance structure[122] - The company emphasizes its commitment to corporate governance and ethical practices[121] Employee Information - As of June 30, 2023, the group employed 103 staff members, with total employee wage costs amounting to HKD 26,900,000[99] - Employee benefits include a mandatory provident fund, medical insurance, discretionary share options, performance bonuses, and sales commissions[100] - The group has implemented various training programs aimed at enhancing employee skills and overall competitiveness, including product knowledge and compliance training[101] Shareholder Information - The beneficial ownership of shares by directors includes 2,472,000 shares personally held and 277,989,563 shares held through a controlled company, representing 73.58% of total shares[103] - Major shareholders include Hobart Assets Limited, Cash Guardian, and Praise Joy Limited, each holding 277,989,563 shares, which accounts for 72.93% of the total shares[115] Miscellaneous - The report was published on August 25, 2023, by the chairman and CEO, Kwan Pak Ho[121] - Future outlook and performance guidance were not detailed in the provided content[123] - No new products, technologies, market expansions, or acquisitions were mentioned in the available documents[123]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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。 CASH FINANCIAL SERVICES GROUP LIMITED 時富金融服務集團有限公司* （於百慕達註冊成立之有限公司） （股份編號：510） 中期業績 截至二零二三年六月三十日止六個月 簡明綜合損益及其他全面收入表 CASH Financial Services Group Limited（時富金融服務集團有限公司）（「本公司」或「時富金融」）及其附屬公 司（「本集團」）截至二零二三年六月三十日止六個月之未經審核綜合業績，連同去年同期之比較數字如下： 未經審核 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （經重列） 收益 (3) 費用及佣金收入 22,757 30,952 利息收入 14,682 8,092 總收益 37,439 39,044 其他收入 7,818 1,937 其他收益 5,593 19,168 ...

Economic Performance - Hong Kong's economy recorded a negative growth of 3.5% in 2022, with total merchandise exports plummeting by 13.9%[12] - China's GDP growth was only 3.0% in 2022, but it is expected to rebound strongly in 2023, becoming a significant growth engine for the global economy[13] - In 2022, Hong Kong's economy contracted by 3.5% amid geopolitical tensions and strict pandemic measures in China[39] - Hong Kong's economy is expected to recover in the coming quarters following three years of pandemic control, although there are still downward risks due to global economic recession and geopolitical factors[49] Company Financials - The company reported a revenue of approximately HKD 68.8 million for the year ended December 31, 2022, a decrease of 29.0% from HKD 96.9 million in the previous year[21] - The net loss for the group increased by 30.5% to HKD 69.8 million in 2022 from HKD 53.5 million in 2021[33] - The total equity of the group decreased from HKD 412.4 million as of December 31, 2021, to HKD 338.9 million as of December 31, 2022, primarily due to the net impact of reported losses during the year[26] - The group’s total revenue for 2022 was HKD 68.8 million, a decrease of 29.0% compared to HKD 96.9 million in 2021[33] Revenue Breakdown - Brokerage income decreased by approximately 40.0% or HKD 17.2 million to about HKD 25.8 million, attributed to a 25.0% decline in the average daily trading volume in the Hong Kong securities market[21] - Wealth management service revenue increased by 24.7% or HKD 4.0 million to approximately HKD 20.2 million, reflecting a growing demand for wealth management products amid market volatility[21] - Non-brokerage and non-wealth management service revenue decreased by approximately 39.5% or HKD 14.9 million, primarily due to a significant drop in asset management income and IPO financing interest[22] Market Conditions - The total amount raised in the Hong Kong IPO market decreased by 68.4% to HKD 104.6 billion in 2022, compared to HKD 331.3 billion in 2021[22] - The average daily trading volume in Hong Kong's stock market fell to HKD 124.9 billion, a decrease of 25% from HKD 166.7 billion in 2021[39] - The Hang Seng Index experienced a significant drop of 15.5% in 2022, closing at 19,781 points, down from 23,397 points in 2021[40] Business Strategy - The company is focused on fintech development, investing heavily in innovative solutions to reshape the financial services industry[7] - The company aims to combine traditional finance with new financial assets to develop a comprehensive wealth management business, providing clients with more options[7] - The company is focused on a three-pronged business development strategy, including brokerage, wealth management, and asset management, which has begun to yield more balanced revenue contributions[21] Employee and Management - As of December 31, 2022, the company employed 81 staff members, with total employee compensation amounting to HKD 49.3 million[55] - The company is committed to providing various employee benefits, including a mandatory provident fund scheme and medical insurance plans[56] - The company has implemented training programs to enhance employee skills and overall competitiveness, covering areas such as product knowledge and compliance[57] Corporate Governance - The company has fully complied with the corporate governance code except for the separation of the roles of Chairman and CEO, which is not adhered to as both roles are held by the same individual[82] - The board consists of eight directors, with over one-third being independent non-executive directors, enhancing the scrutiny and control over management processes[86] - The company has established a mechanism to ensure the board receives independent opinions and reviews the effectiveness of this mechanism annually[90] Risk Management - The group has established risk management and internal control systems to identify, assess, and manage various significant risks, including strategic, operational, and compliance risks[136] - The internal audit function provides independent assessments of the adequacy and effectiveness of the group's risk management and internal control systems[139] - The audit committee has confirmed the effectiveness of the group's risk management and internal control systems, with no significant deficiencies reported as of December 31, 2022[147] Environmental, Social, and Governance (ESG) - The company has committed to sustainable development initiatives as outlined in its ESG report, demonstrating its dedication to environmental and social responsibilities[158] - The total greenhouse gas emissions for 2022 were 149.00 tons of CO2 equivalent, up from 130.68 tons in 2021[179] - The company has signed the Hong Kong General Chamber of Commerce's "Clean Air Charter" to reduce emissions and improve air quality[192] Future Outlook - The company anticipates a more optimistic outlook for 2023 as the pace of interest rate hikes slows, with confidence in the brokerage business in Hong Kong increasing[51] - The IPO market in Hong Kong is expected to regain growth momentum in 2023, driven by more Chinese companies listed in the US accelerating their "return" plans[51] - The company has set a future outlook with a revenue guidance of $180 million for the next fiscal year, indicating a projected growth of 20%[62]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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。 CASH FINANCIAL SERVICES GROUP LIMITED 時 富 金 融 服 務 集 團 有 限 公 司* （於百慕達註冊成立之有限公司） （股份編號：510） 公佈 截至二零二二年十二月三十一日止年度 之 年終業績 綜合損益及其他全面收益表 CASH Financial Services Group Limited（時富金融服務集團有限公司）（「本公司」或「時富金融」）及其附屬公 司（「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合業績，連同去年同期之比較數字如下： 二零二二年 二零二一年 附註 千港元 千港元 收益 (3) 費用及佣金收入 49,926 71,165 利息收入 18,866 25,698 總收益 68,792 96,863 其他收入 4,456 1,840 ...