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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：585） 茲提述意馬國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）截至二零二二 年十二月三十一日止年度之年報（「年報」）。除另有界定者外，本公告所用詞彙具有年報內 所界定之相同涵義。 股份獎勵計劃 (1) 根據股份獎勵計劃可發行股 份總數及佔於年報日期已發 行股本之百分比 (2) 股份獎勵計劃項下各參與人 士可獲股份數目上限 * 僅供參考 (3) 根據股份獎勵計劃授出之獎 勵之歸屬期 (4) 申請或接納獎勵時應付之款 項，及必須或可能進行付款 或催繳或須就該等目的償還 貸款之期限 重大投資 截至 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|------------|-------------------|------------|---------- ...

Corporate Governance - The Company has established a clear separation of roles between the chairman and chief executive officer, with responsibilities delegated to executive directors and the general manager for day-to-day operations[3]. - The Audit Committee is responsible for reviewing the Company's financial information and ensuring compliance with the Corporate Governance Code[7]. - The Nomination Committee held two meetings during the year to assess the structure and independence of the Board[12]. - The Remuneration Committee recommends remuneration policies and packages based on performance and market conditions[16]. - The Company is committed to good corporate governance, overseeing risk management and internal control systems on an ongoing basis[22]. Risk Management and Internal Controls - The internal control system includes strict access control to confidential information and guidelines for handling such information[30]. - The Company has implemented measures to identify and manage significant risks that may impact performance, including ESG-related risks[25]. - The Group's internal control policies for money lending include ongoing monitoring of credit risk and loan recoverability[142]. - Imagi Lenders has established internal control policies for ongoing monitoring of credit risk associated with its lending operations[111]. Financial Performance - The company reported a net loss attributable to shareholders of approximately HK$11 million for the year under review[67]. - The Group recorded a revenue decrease of approximately 44% for the financial year 2022 compared to the previous year, excluding net realized losses from sales of investments classified as held-for-trading[85]. - The net loss attributable to shareholders for the Year under Review was approximately HK$11 million[86]. - Revenue (excluding net realized losses from sales of investments) decreased by 44% to approximately HK$66.8 million compared to approximately HK$118.2 million in 2021[182]. - The Group's net loss attributable to shareholders for the year was approximately HK$11 million, a decrease of 67% compared to a net loss of approximately HK$33.7 million in the previous year[184]. Business Strategy and Outlook - The company expects substantial improvement in the business environment in Hong Kong and China for 2023 due to the easing of COVID-19 restrictions and regulatory clampdowns[68]. - The management remains optimistic about performance improvements in 2023, driven by a better business environment and reduced interest rate pressures[71]. - The Company plans to persist with its expansion strategy in financial services while proceeding with caution and monitoring market conditions[71]. - The Group's focus on niche customers allows for a tailored credit assessment process rather than a mechanical approach[116]. - The Company aims to attract more clients by enhancing its technology infrastructure and service types through strategic partnerships and acquisitions[103]. Loan and Investment Activities - Total new loan principal issued by the group amounted to HK$182.5 million, generating interest and commitment fee income of approximately HK$16.3 million[72]. - The Group granted new loans totaling approximately HK$182.5 million, with interest income from lending activities around HK$15.8 million, at competitive rates between 4% and 15%[120]. - As of December 31, 2022, outstanding loans receivable amounted to approximately HK$174.6 million, with the largest single loan accounting for about 43% of total receivables[120]. - The Company recognized an impairment provision of approximately HKD 6,900,000 for the outstanding margin loans as of December 31, 2022, based on an independent professional valuation[106]. - The Group invested approximately HK$16.9 million in four movies between 2018 and 2021, with one movie expected to be released in 2024[152]. Market Conditions and Economic Environment - The high interest rate regime is anticipated to top out and reverse in the coming year, potentially benefiting the global economy and financial markets[68]. - The financial markets faced significant pressure in 2022 due to inflation and regulatory clampdowns, but a rebound was observed in November and December[148]. - The management expects the overall market environment to improve in 2023, with reduced pressure from interest rate hikes and COVID-19 restrictions[93]. Business Segments and Contributions - The brokerage and related services business is expected to continue improving and remain a significant contributor to the group's operations and profits[71]. - The brokerage and related services business achieved stable performance despite adverse market conditions, supported by significant investments and a full range of licenses obtained since 2017[93]. - The Company anticipates improvements in the brokerage and related services business performance in 2023, contributing significantly to operations and profitability[93]. - The Group plans to explore acquisitions and strategic alliances with local brokerage firms to enhance service offerings and attract more clients[80]. - The Company will continue to focus on its core Integrated Financial Services business, which has been its primary focus since 2016[124]. Management and Personnel - Mr. Kitchell Osman Bin has over 20 years of experience as a veteran investor in Hong Kong equity markets[196]. - Mr. Kitchell joined the Group as an executive Director in May 2016 and became chairman on October 11, 2021[196]. - Koji Shimazaki has over 20 years of experience in web development, programming, and production quality control[199]. - Koji Shimazaki joined the Group as an executive Director in May 2016[199]. - Employee costs for the year amounted to approximately HK$15.0 million, an increase from approximately HK$13.0 million in 2021[167].

Financial Performance - The company reported total revenue of HKD 58,874,000 for the year ended December 31, 2022, compared to HKD 36,954,000 in the previous year, representing a 59% increase[92]. - The group’s total revenue from external customers was HKD 58,874,000, with no inter-segment revenue reported[127]. - The company reported a net loss attributable to shareholders of approximately HKD 11,000,000 for the review year, a decrease from a net loss of approximately HKD 33,700,000 in the previous fiscal year[52]. - The company incurred a net loss of HKD 14,579,000 for the year, an improvement from a net loss of HKD 36,243,000 in the prior year[95]. - The company reported a loss attributable to owners of the company of HKD 10,972,000 for the year ended December 31, 2022, compared to a loss of HKD 33,699,000 in the previous year, representing a 67.4% improvement[99]. - The group reported a consolidated pre-tax loss of HKD 10,853,000 for the period[126]. - The company reported a basic and diluted loss per share of HKD 1 for 2022, improving from a loss of HKD 4 per share in 2021[99]. - The company’s basic loss per share improved to HKD 0.0132 in 2022 from HKD 0.0406 in 2021, reflecting a decrease in loss per share of approximately 67.5%[170]. Loan and Receivables - The total receivables from loans increased to HKD 174,625,000 in 2022 from HKD 127,835,000 in 2021, reflecting a growth of approximately 36.5%[8]. - The company provided loans ranging from HKD 2,500,000 to HKD 75,000,000 in 2022, compared to HKD 10,000,000 to HKD 42,000,000 in 2021, indicating an expansion in lending capacity[8]. - The company reported that the largest single loan and the top five loans accounted for approximately 43% and 79% of total receivables, respectively, compared to 21% and 83% in 2021[9]. - As of December 31, 2022, overdue loans exceeding one month but not exceeding three months amounted to HKD 5,037,000, with overdue loans exceeding six months but not exceeding one year totaling HKD 17,694,000[11]. - The provision for expected credit losses as of December 31, 2022, was HKD 22,731,000, up from HKD 3,994,000 in the previous year, reflecting a significant increase of approximately 469.5%[20]. - The outstanding margin loans from the securities brokerage business amounted to approximately HKD 476,900,000, with a provision for expected credit losses of about HKD 6,900,000[44]. - The company’s interest income from receivable loans increased to HKD 15,785,000, up 33% from HKD 11,825,000 in the previous year[92]. Investments and Acquisitions - The company completed the acquisition of 51% of Supreme China Securities Limited for a cash consideration of HKD 21,594,000, which is expected to expand its business scope and reduce operational costs[27]. - Since the acquisition, Supreme China contributed HKD 3,007,000 to the company's revenue and accounted for a loss of HKD 2,507,000 for the year ended December 31, 2022[27]. - The company acquired a 30% stake in Hope Capital Limited and its wholly-owned subsidiary for HKD 48,000,000, aiming to enhance operational synergies in the financial services sector[197]. - The company completed the sale of 6.28% of its subsidiary, Imagi Fin Group Limited, for HKD 55,000,000, reducing its ownership from 100% to approximately 93.72%[80]. - The company recognized a loss of approximately HKD 6,858,000 from the sale of an associate during the review period[88]. Financial Position - As of December 31, 2022, total risk for loans was HKD 174,625,000, an increase from HKD 127,835,000 as of December 31, 2021, representing a growth of approximately 36.5%[20]. - The company’s total liabilities decreased to HKD 755,150,000 in 2022 from HKD 768,846,000 in 2021, showing a reduction of 1.2%[103]. - The company’s non-current assets totaled HKD 184,003,000 in 2022, an increase from HKD 134,122,000 in 2021, indicating a growth of 37.2%[102]. - Current assets increased significantly to HKD 785,109,000 in 2022 from HKD 157,659,000 in 2021, marking a substantial rise of 396.5%[103]. - The total equity attributable to the group as of December 31, 2022, was HKD 169,121,000[193]. - The company’s cash and cash equivalents, including bank balances, amounted to HKD 785,109,000 in 2022, a significant increase from HKD 782,324,000 in 2021, indicating improved liquidity[103]. Operational Highlights - The company is focusing on its core business of integrated financial services, which includes securities brokerage and related financial advisory services, asset management, and margin financing[41]. - The brokerage and related financial services generated total revenue of approximately HKD 49,200,000 during the review year[44]. - The company believes that brokerage commissions, underwriting fees, and asset management fees will continue to significantly contribute to its operations and profitability[42]. - The company is currently evaluating the potential impacts of new accounting standards that have been announced but are not yet effective[38]. - The company plans to maintain minimal resources in the computer imaging business until there is a substantial improvement in its potential and outlook[51]. Employee and Administrative Costs - The group employed 28 staff members as of December 31, 2022, compared to 21 in 2021, with total employee costs amounting to approximately HKD 15 million, up from HKD 13 million in 2021[78]. - The company’s administrative expenses were HKD 35,510,000, slightly reduced from HKD 38,176,000 in the previous year[95]. - Total employee costs increased to HKD 15,239,000 in 2022, up from HKD 13,123,000 in 2021, reflecting a rise of about 16.1%[164]. Market Outlook - The company expects significant improvement in the overall business environment in Hong Kong and China in 2023, driven by the easing of COVID-19 restrictions and regulatory relaxations[60]. - The brokerage and related services business is anticipated to continue improving in 2023, contributing significantly to the group's operations and profits[61].

Loan Issuance and Interest Rates - For the fiscal year ended December 31, 2021, the group issued loans ranging from HKD 10 million to HKD 42 million, with interest rates between 4% and 48%[7]. - The highest interest rate for a single loan was 48%, while most unsecured loans had rates between 7% and 15%, indicating competitive market rates[7]. Loan Concentration and Client Focus - As of December 31, 2021, outstanding loans were concentrated among seven clients, with the largest single loan and the top five loans accounting for approximately 21% and 83% of total receivables, respectively[8]. - The company focuses on high-quality clients, primarily providing large loans of HKD 5 million or more, and evaluates each borrower on a case-by-case basis rather than relying solely on credit scores[11][15]. Credit Risk Management - The internal monitoring policies are in place to continuously assess credit risk and ensure compliance with lending regulations[11]. - The company has established a loan monitoring mechanism to track loan recoverability and address potential issues proactively[16]. - The company’s loan approval process includes a thorough assessment of the applicant's financial status, collateral availability, and past payment records[12][13]. - The company will regularly review the loan amounts and terms based on changes in its circumstances and the current economic environment[4]. Collection Methods - The company employs various collection methods for overdue loans, including reminders and potential legal action if necessary[16]. Corporate Governance - The board of directors includes Kitchell Osman Bin as the chairman and several executive and independent non-executive directors[18]. Market Expansion - The company is focused on expanding its market presence and enhancing its product offerings[19].

Business Overview - The Group's principal business includes integrated financial services, investment holdings, computer graphic imaging (CGI), and entertainment business[9]. - Integrated Financial Services encompass securities brokerage, financial advisory services, margin financing, asset management, corporate finance advisory, money lending, securities investments, and proprietary trading[10]. Financial Performance - The unaudited interim report covers the six-month period ended June 30, 2022[8]. - Total revenue for the six months ended June 30, 2022, was HK$39,658,000, a decrease of 36.1% compared to HK$62,052,000 in 2021[134]. - The consolidated profit before tax for the Period under Review was approximately HK$18 million, an increase from HK$10.7 million in the Previous Period, primarily due to a decrease in unrealised losses from equity investments[49][50]. - Profit for the period was HK$18,286,000, an increase of 115.5% compared to HK$8,495,000 in 2021[140]. - Profit before tax increased to HK$18,276,000 from HK$10,695,000, reflecting a growth of 70.5%[140]. - The total comprehensive income for the period was HK$9,097,000, a significant recovery from a comprehensive expense of HK$2,764,000 in the previous year[145]. Revenue Breakdown - Imagi Brokerage generated approximately HK$14 million from asset management and financial services for the Period under Review, up from HK$4 million in the corresponding interim period in 2021, marking a 250% increase[15]. - Revenue from the money lending business increased by approximately 28% from approximately HK$6.9 million in the same interim period in 2021 to approximately HK$8.8 million for the Period under Review[27]. - The segment revenue for securities brokerage and asset management was approximately HK$37.5 million and HK$33.3 million respectively, compared to HK$50.6 million and HK$43.1 million for the same interim period last year, indicating a decline of 26% and 23% respectively[22]. - Brokerage related commission income and clearing fee income was HK$375,000, down from HK$14,438,000, representing a decline of 97.4%[134]. - Asset management fee income decreased to HK$1,871,000 from HK$4,098,000, a drop of 54.4%[134]. - Interest income on margin clients was HK$23,270,000, down 27.5% from HK$32,099,000[134]. Market Conditions and Challenges - The company faced challenges due to the COVID-19 pandemic, inflation, the Ukraine conflict, and regulatory actions in China, leading to a substantial decline in the Hong Kong equity market[22]. - Management believes the long-term prospects of the Hong Kong equity market remain promising despite current unstable conditions[22]. - The Company is taking a cautious approach towards new business ventures and expansion plans in light of the current market conditions[22]. - The Company has adopted a conservative approach towards growing the money lending business due to the current uncertain and poor economic environment[27]. - The Company intends to enter the mass market to diversify its business portfolio while adopting a cautious approach to near-term expansion due to challenging financial market conditions[57]. Investments and Acquisitions - The acquisition of a 51% shareholding in Supreme China was completed on May 27, 2022, for an adjusted cash consideration of HK$21,594,000, with expectations of additional contributions to the brokerage business[17]. - The Group had invested approximately HK$16.9 million in four proposed films out of a total budget of HK$20.4 million under the Film Investment Agreements[44][46]. - The Company has suspended investments in the movie industry during the review period but will continue to evaluate investment opportunities as they arise[59]. Corporate Governance and Structure - The Board consists of three executive directors and four independent non-executive directors, ensuring a diverse governance structure[117]. - The Company has complied with the Corporate Governance Code and maintains high standards of corporate governance practices[66]. Share Capital and Equity - As of June 30, 2022, the Company had 829,921,572 shares issued, with Kenson Investment Limited holding 21.31% of the shares[84][88]. - The Company holds approximately 93.72% of the share capital of Imagi Fin Group Limited after the issuance of new shares[39]. - The Company has not purchased, sold, or redeemed any of its listed securities during the review period[102]. - The 2022 Share Option Scheme allows for the issuance of up to 82,992,157 shares, approximately 10% of the issued share capital as of the interim report date[103]. Financial Position - As of June 30, 2022, the Group's bank balances amounted to approximately HK$161 million, with a current ratio of approximately 24 times[51]. - The company's net assets increased to HK$983,784,000 as of June 30, 2022, compared to HK$898,940,000 at the end of 2021[157]. - The total equity attributable to owners of the company was HK$802,486,000, an increase from HK$784,596,000 at the end of 2021[157]. - The company reported other comprehensive expenses of HK$9,189,000 for the period, an improvement from HK$11,259,000 in the previous year[145]. Cash Flow and Liquidity - Cash and cash equivalents at the end of the period increased to HK$160,866,000 from HK$98,939,000, marking a growth of about 63%[170]. - Net cash used in operating activities increased to HK$59,684,000 compared to HK$36,820,000 in the previous year, indicating a rise of about 62%[167]. - Operating cash flows before movements in working capital decreased to HK$34,215,000 from HK$43,870,000, representing a decline of approximately 22%[167]. Compliance and Accounting Standards - The interim financial report was prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with relevant regulations[172]. - The Group has applied amendments to HKFRS 3, HKAS 16, and HKAS 37 during the current accounting period[180]. - The finance department collaborates with external valuers to establish appropriate valuation techniques when Level 1 inputs are unavailable[197].

Financial Performance - The Group recorded a net loss before tax of approximately HK$34 million for the year ended 31 December 2021, compared to a net profit before tax of approximately HK$274 million for 2020[17]. - The net loss attributable to shareholders for the Year under Review was approximately HK$33.7 million, a significant decline from a net profit of approximately HK$265.9 million in the corresponding financial year in 2020[84]. - Total net realized losses from sales of listed equity investments and unrealized losses from changes in fair value were approximately HK$86 million and HK$28.7 million, respectively[77]. - Revenue from the securities brokerage and asset management segment increased over 2.3 times to approximately HK$102 million, up from approximately HK$44 million in the corresponding financial year in 2020[85]. Investment Activities - The Company suffered net realized losses from sales of listed equity investments of approximately HK$81.2 million and from listed debt securities of approximately HK$4.7 million for the year under review[17]. - The Group had made a total of approximately HK$16.9 million investments in relation to the development of four proposed films under the Agreements[22]. - The Agreements for film investments expired on 31 December 2021, and the Company will take a conservative stance in reviewing future opportunities towards movie investments[22]. - The Company has invested approximately HK$16.9 million out of a total budgeted investment of HK$20.4 million in the movie business, which has now ended[55]. Revenue Generation - Interest income from margin financing services increased by 63% to approximately HK$61.2 million[20]. - The asset management business generated management fee income of approximately HK$6.5 million, up from HK$5.4 million in 2020[20]. - Income from brokerage-related commission and clearing fees was HK$3.3 million and HK$12.9 million, compared to HK$0.7 million and HK$0.43 million respectively for 2020[20]. - The Group generated aggregate revenue of approximately HK$102 million from brokerage-related services for the year under review[20]. Business Strategy and Focus - The Company will continue to focus on developing its core business in integrated financial services in 2022[20]. - The Company expects the principal core business of integrated financial services to continue its steady progress and expand significantly in 2022[40]. - The Group will continue to review its strategy in securities investments and proprietary trading due to the adverse effects of the pandemic and regulatory pressures[38]. - The Company is exploring opportunities to acquire potential brokerage firms to enhance the variety and quality of brokerage-related services[62]. Corporate Governance - The company has complied with the Corporate Governance Code provisions throughout the Year under Review[153]. - The independent non-executive Directors play a crucial role in ensuring high standards of financial reporting and safeguarding shareholder interests[164]. - The Group has a strong corporate governance framework to enhance accountability and transparency to stakeholders[152]. - The Company has adopted a Board Diversity Policy to ensure a diverse composition of skills, experience, and backgrounds among its Board members[189]. Board Composition and Leadership - The Board comprises three executive Directors and four independent non-executive Directors, bringing a diverse range of skills and experience to the Group[156]. - The Group's independent non-executive Directors have diverse backgrounds in finance, law, and management, enhancing governance and strategic oversight[134][137][138]. - The roles of Chairman and Chief Executive Officer are separated to ensure effective leadership and management within the Company[195]. - The Board has established three committees: Audit Committee, Nomination Committee, and Remuneration Committee, each with specific responsibilities and resources[198]. Financial Position and Liquidity - As of December 31, 2021, the Group's bank balances amounted to approximately HK$158 million, compared to HK$41 million in 2020, indicating improved liquidity[89]. - The current ratio as of December 31, 2021, was approximately 58 times, a significant increase from approximately 5.7 times in 2020[89]. - The Group had no bank or other borrowings as of December 31, 2021, resulting in a gearing ratio of zero[90]. - The consolidated net asset value attributable to shareholders per share as of December 31, 2021, was approximately HK$0.95, down from approximately HK$0.99 in 2020[93]. Employee and Operational Insights - As of December 31, 2021, the Group employed 21 employees, a decrease from 22 in 2020, with total staff costs amounting to approximately HK$13 million, down from HK$14 million in 2020[106]. - The Company has adopted the Model Code for Securities Transactions by Directors to ensure compliance with securities transaction standards[154]. - All Directors are encouraged to participate in continuous professional development to enhance their knowledge and skills[179]. - The Company provides new Directors with an induction to familiarize them with business operations and governance practices[185].

Financial Performance - Imagi Brokerage's total assets under management reached approximately HK$793 million as of June 30, 2021, generating asset management fee income of approximately HK$4.1 million during the review period [13]. - Revenue from placements and underwriting services for the review period was approximately HK$12.5 million, a significant increase from approximately HK$0.3 million in the corresponding period of 2020 [15]. - Imagi Brokerage's revenue for the Period under Review was approximately HK$50.6 million, a substantial increase from approximately HK$16 million in the same period last year, representing a year-over-year growth of 216.25% [21]. - The segment results for Imagi Brokerage were approximately HK$43.1 million, compared to approximately HK$14.2 million for the same interim period last year, indicating a year-over-year increase of 203.77% [23]. - The money lending business contributed approximately HK$6.9 million in revenue during the Period under Review, reflecting the company's cautious approach in a challenging economic environment [26]. - The company reported a total revenue of HK$9,280,000 for the period ending June 30, 2021, representing a year-over-year increase of 18.24% [123]. - The net loss for the same period was HK$21,780,000, which is a decrease of 0.78% compared to the previous year [127]. - The company achieved a market capitalization of HK$20,385,253,835, reflecting a growth of 1.78% [129]. - The total assets held by the company amounted to HK$942,527,875 as of June 30, 2021 [141]. Margin Financing - The outstanding margin financing as of June 30, 2021, was approximately HK$581 million, with related revenue of approximately HK$32.1 million, compared to HK$308 million and HK$15.4 million for the same period in 2020, representing a year-over-year increase of 88% in outstanding margin financing and 108% in revenue [14]. - The company has focused substantial resources on the development of its margin financing business, indicating a strategic emphasis on expanding this segment [14]. Business Development and Strategy - Imagi Brokerage is licensed for multiple regulated activities, including Type 1 (Dealing in Securities), Type 2 (Dealing in Futures Contracts), Type 4 (Advising on Securities), Type 5 (Advising on Futures Contracts), and Type 9 (Asset Management) under the Securities and Futures Ordinance [10]. - The company is committed to enhancing its brokerage and related services, aiming to capture a larger market share in the financial services sector [10]. - The report highlights the company's ongoing efforts to improve its financial service offerings and expand its client base through strategic initiatives [10]. - The company is taking a cautious approach towards new business ventures and expansion plans due to current unstable market conditions [21]. - The company has applied for an additional license for Type 6 (Advising on Corporate Finance) regulated activity, which is expected to generate additional revenue [21]. - The company has commenced a new service in IPO financing and secured banking facilities dedicated to this business [21]. - Imagi Brokerage's management is committed to continuously reviewing market conditions and adjusting strategies accordingly [21]. Market Presence and Future Outlook - The company has a strategic focus on expanding its market presence, particularly in the new energy vehicle sector [176]. - The company is actively pursuing new product development initiatives to enhance its competitive edge in the market [176]. - The company reported a significant investment in technology, with a focus on innovation and sustainability [176]. - The company is exploring potential mergers and acquisitions to accelerate growth and market penetration [176]. - The company has set ambitious performance guidance for the upcoming fiscal year, aiming for a revenue increase of at least 15% [176]. - The company is committed to improving operational efficiency, targeting a reduction in net losses by 10% in the next quarter [176]. Market Conditions - Despite the challenges posed by the COVID-19 pandemic, the company remains confident in the long-term prospects of the Hong Kong equity market [21].

Financial Performance - The company reported a net profit after tax of approximately HK$271.4 million for the year ended December 31, 2020, compared to a net loss of approximately HK$159.7 million in the previous year, marking a significant turnaround [29]. - Interest income from margin financing services increased by 463% to approximately HK$37.5 million, contributing to the overall profit growth [29]. - The newly developed asset management business generated management fee income of approximately HK$5.4 million for the group [29]. - Interest income from the money lending business rose by 159% to approximately HK$14.6 million, further enhancing the company's financial performance [29]. - The company realized net gains from sales of listed equity and debt investments classified as held-for-trading investments amounting to approximately HK$102.3 million, primarily from the disposal of listed securities in October 2020 [29]. - The fair value of financial assets classified as held-for-trading turned from unrealized losses of approximately HK$28.4 million in 2019 to unrealized gains of approximately HK$101 million for the year under review [29]. - The net profit attributable to shareholders for the Year under Review was approximately HK$265.9 million, a turnaround from a net loss of approximately HK$159.5 million in the previous year [75]. - Interest income on margin clients increased from approximately HK$6.7 million to approximately HK$37.5 million [75]. - Interest income on loans receivable rose from approximately HK$5.7 million to approximately HK$14.6 million [75]. - Net realised gains from sales of listed equity investments/debt investments classified as held-for-trading investments amounted to approximately HK$102.3 million, compared to net realised losses of approximately HK$80.3 million last year [75]. Business Development and Strategy - The company continued to focus on developing its core integrated financial services business during the year [29]. - The Company expects the principal core business of integrated financial services to continue expanding and improving in the coming year despite a challenging business environment [41][43]. - The Management plans to further recruit personnel for Imagi Brokerage and enter the mass market as part of its expansion strategy [46][48]. - The Company anticipates that the money lending business will provide consistent and significant returns in the future [47][49]. - The Group has invested approximately HK$20.4 million in a total of six films, with HK$12.1 million already invested in three films, one of which received great reviews after its screening in October 2019 [33][34]. - The Group disposed of part of its listed equity investments for net proceeds of approximately HK$150.7 million, which was reinvested into the development of integrated financial services [40][41]. Market Conditions and Risks - The overall business environment remains difficult, with uncertainties expected to persist in the coming year due to international trade conflicts and the COVID-19 pandemic [46]. - The Hong Kong and global economy were negatively impacted by international factors, including ongoing trade disputes between China and the United States, and the effects of COVID-19, which are expected to persist in the coming year [52][53]. - The Company plans to allocate more resources to its principal business and may further reduce its commitment to securities investments and proprietary trading in the coming year [52][53]. - The Company will continuously review its strategy in the securities investments and proprietary trading segment due to uncertainties in the market [68]. - The Company will continue to monitor exchange rate fluctuations and take necessary measures to minimize adverse impacts [90]. Corporate Governance - The company has complied with the Corporate Governance Code and the code provisions set out in Appendix 14 to the Listing Rules during the Year under Review [129]. - The Board comprises three executive Directors and four independent non-executive Directors, reflecting a balance of skills and experience appropriate for business requirements [132]. - The independent non-executive Directors are identified in all corporate communications whenever the names of Directors are disclosed [135]. - The company recognizes the importance of good corporate governance for enhancing accountability and transparency to stakeholders [128]. - There are no relationships among members of the Board, ensuring independence in decision-making [136]. - The company has adopted the Model Code for Securities Transactions by Directors, with all Directors confirming compliance throughout the Year under Review [130]. - The senior management team has extensive experience in corporate finance and business development, contributing to strategic planning [124]. - The company has a diverse Board with high-caliber executives from various industries, enhancing its governance structure [133]. - The company has maintained a strong focus on operational aspects and strategic planning in its business development efforts [125]. - The company’s governance practices are regularly updated and made available on its website and the Stock Exchange [135]. Financial Position and Ratios - As of December 31, 2020, the Group had bank balances of approximately HK$41 million, down from HK$734 million in 2019 [78]. - The current ratio as of December 31, 2020, was approximately 5.7 times, compared to approximately 112 times in 2019 [78]. - The gearing ratio was zero as of December 31, 2020, down from 196.6% in 2019 [80]. - The total number of issued shares was 829,921,572, with a market value of approximately HK$664 million as of December 31, 2020 [85]. - The net asset value per share as of December 31, 2020, was approximately HK$1.098, compared to HK$0.733 in 2019 [87]. - The total staff cost for the year amounted to approximately HK$14 million, a decrease from approximately HK$19 million in 2019 [92]. - The Group employed 22 employees as of December 31, 2020, down from 37 employees in 2019 [92]. Shareholder and Director Information - The Company did not recommend the payment of a final dividend for the year under review, consistent with 2019 [91]. - In May 2020, the Company repurchased HK$1 billion of guaranteed notes at an average price of approximately HK$1.0226, with no notes outstanding after cancellation [99]. - The Company completed deemed disposals of shares in Imagi Brokerage for a total cash consideration of HK$74.34 million, strengthening its capital base [101]. - The external auditor attended the annual general meeting to address shareholder questions, emphasizing the importance of shareholder feedback [144]. - Directors are encouraged to participate in continuous professional development to keep their knowledge and skills relevant [154]. - Each non-executive Director has a two-year appointment term, with all existing executive Directors having an initial two-year term renewed for three years since 2018 [155]. - Directors appointed to fill casual vacancies must be subject to election by shareholders at the first general meeting after their appointment [156]. Board Committees and Meetings - The Company has established three Board committees: Audit Committee, Nomination Committee, and Remuneration Committee to oversee specific aspects of its affairs [173]. - The Audit Committee held four meetings during the Year under Review and reviewed the Group's financial statements for the year ended 31 December 2019 and interim results for the six months ended 30 June 2020 [181]. - The Audit Committee recommended the re-appointment of external auditors based on their performance, fees, and terms of engagement [181]. - The Nomination Committee is responsible for reviewing the structure, size, and composition of the Board, and monitoring the implementation of the Board Diversity Policy [183]. - The Company has adopted a Board Diversity Policy to ensure a diverse range of skills, experience, and perspectives on the Board since 26 August 2013 [162]. - The Audit Committee is tasked with reviewing the risk management and internal control system of the Group [181]. - The Company has liability insurance for Directors and officers to protect against legal actions, complying with Code Provision A.1.8 of the CG Code [169]. - The roles of chairman and chief executive are separated to ensure effective leadership and management of the Group [170]. - The Nomination Committee assesses candidates for directorships based on qualifications, experience, and commitment to the Company [167]. - The Company Secretary maintains minutes of all meetings and resolutions of the Board committees, which are circulated to members [173]. - The Board is responsible for establishing and maintaining effective risk management and internal control systems, supported by the Audit Committee and independent internal control advisors [199]. - The review of the Company's risk management and internal control systems included financial, operational, and compliance controls, as well as the adequacy of resources in accounting and internal audit functions [200].

Financial Performance - The net profit attributable to the owners of the Company for the Period under Review was approximately HK$83 million, compared to a net loss of approximately HK$34 million for the same interim period last year[36]. - The company reported a profit for the period of HK$84,588,000, a turnaround from a loss of HK$34,055,000 in 2019[151]. - Total comprehensive income for the period was HK$105,969,000, compared to a loss of HK$33,651,000 in 2019[164]. - Earnings per share for the period were HK$12 cents, compared to a loss of HK$5 cents per share in 2019[169]. - The company recorded a profit for the period of HK$83,338,000, compared to a loss of HK$34,055,000 in the previous year[181]. Revenue and Business Segments - Revenue from the brokerage business increased by approximately HK$14 million, while the money lending business contributed approximately HK$11 million to the profit[36]. - IBL's revenue and profit for the Period under Review were approximately HK$16 million and HK$14 million respectively, a substantial improvement from approximately HK$2 million in revenue and a loss of approximately HK$0.005 million for the same interim period last year[26]. - The money lending business contributed revenue and profit of approximately HK$11 million and HK$13 million respectively during the Period under Review[29]. - Total revenue for the six months ended June 30, 2020, was HK$33,479,000, a decrease of 23.2% compared to HK$43,644,000 in 2019[147]. - Interest income on loans receivable and margin clients significantly increased to HK$26,892,000 from HK$1,956,000, representing a growth of 1,272.5%[147]. Investments and Market Conditions - As of June 30, 2020, the aggregate market value of listed securities classified as investments was approximately HK$227 million[15]. - The net realized gains from listed equity investments were approximately HK$6 million, while unrealized gains were approximately HK$24 million for the period under review[15]. - The net realized and unrealized gain from listed equity investments for the Period under Review was approximately HK$30 million, compared to a net loss of approximately HK$29 million from listed equity investments in the previous period[36]. - The company believes in the long-term optimistic prospects of the Hong Kong equity market despite current challenges[15]. - The company remains confident in the long-term prospects of the Hong Kong equity market despite current economic uncertainties[29]. Financial Position and Assets - As of June 30, 2020, the group had bank balances of approximately HK$89 million, down from approximately HK$734 million as of December 31, 2019, with a current ratio of approximately 53 times[41]. - The company had no bank or other borrowings as of June 30, 2020, resulting in a gearing ratio of zero, compared to 196.6% as of December 31, 2019[42]. - The unaudited consolidated net asset value per share was approximately HK$0.832 as of June 30, 2020, up from approximately HK$0.733 as of December 31, 2019[43]. - The company's net current assets decreased to HK$555,807,000 from HK$1,375,831,000, a decline of 59.6%[173]. - Net assets increased to HK$690,129,000 from HK$506,880,000 year-over-year[176]. Share Capital and Corporate Governance - The company issued 138 million shares at a subscription price of HK$0.58 each in exchange for 114,342,857 shares of Oshidori, totaling HK$80,040,000[47]. - The total number of issued shares was 829,921,572, with a market value of approximately HK$598 million as of June 30, 2020[50]. - Kenson Investment Limited holds a significant interest of 19.08% in the company, with 158,338,200 shares as of June 30, 2020[90]. - The company has complied with corporate governance practices as per the Listing Rules during the period under review[72]. - No interim dividend is recommended for the period under review, consistent with the previous year[84]. Operational Strategy and Future Outlook - The company is adopting a cautious stance in its proprietary trading business due to uncertainties in the local equity market caused by the COVID-19 pandemic and political instability in Hong Kong[15]. - The management is reviewing market conditions and will adjust strategies accordingly to ensure stability and performance[15]. - The Company will adopt a cautious approach towards commencing new businesses and other expansion plans due to the current unstable market conditions[26]. - The company plans to expand into integrated financial services, including securities brokerage, margin financing, and asset management services[55]. - The company will adopt a cautious and conservative approach to new business expansion due to the current poor economic climate[65]. Cash Flow and Financing Activities - The company generated cash from operations of HK$321,525,000 for the six months ended June 30, 2020, compared to HK$56,019,000 in the same period of 2019[184]. - The net cash generated from operating activities was HK$321,325,000, significantly higher than the previous year's figure[184]. - The company reported a net cash used in financing activities of (1,073,814) thousand, which is a significant increase compared to (46,043) thousand in the prior period[191]. - Cash and cash equivalents at the end of the period amounted to 129,565 thousand, up from 89,418 thousand[190]. - The company reported a net (decrease)/increase in cash and cash equivalents of (HK$645,007,000) for the period[187].

Financial Performance - The company reported a net loss after tax of approximately HK$160 million for the year ended December 31, 2019, primarily due to increased legal and professional fees, interest expenses of approximately HK$14 million from HK$1 billion guaranteed notes, and net realized losses from the sale of listed equity of approximately HK$80 million [15]. - The net loss attributable to shareholders for the Year under Review was approximately HK$159 million, an increase of approximately 36% compared to the previous financial year [57]. - The company reported total net realized losses from sales of listed equity investments of approximately HK$80 million and unrealized losses of approximately HK$28 million for the Year under Review [45]. - The group had bank balances amounting to approximately HK$734 million as of December 31, 2019, compared to approximately HK$104 million in 2018, indicating improved liquidity [60]. - The current ratio as of December 31, 2019, was approximately 112 times, significantly higher than approximately 14 times in 2018 [60]. - The gearing ratio was 196.6% as of December 31, 2019, compared to 6.5% in 2018, reflecting increased leverage due to the issuance of guaranteed notes [61]. Business Strategy and Development - The company plans to focus its resources on developing its new core business in integrated financial services, while minimizing resources allocated to the computer graphic imaging (CGI) business until significant improvements are observed [15]. - The company expects significant improvement in the performance of its core integrated financial services business segment in the coming year [26]. - The company has begun a stride towards full-fledged financial services with additional capital injection, staff recruitment, and new licenses obtained from the SFC [30]. - The management believes that the brokerage services will significantly contribute to the group's operations and profits in the foreseeable future [30]. - The company will continuously review its strategy in the securities investments and proprietary trading business due to the global business slowdown [19]. Investments and Acquisitions - The company executed a term sheet for the potential acquisition of Les Ambassadeurs Club Limited in May 2019, with a sale and purchase agreement finalized in July 2019 [32]. - The Company is acquiring the Target Company for £122,000,000 (approximately HK$1,206.1 million), which will be settled in cash [35]. - The Target Company operates Les Ambassadeurs Club, a private members club in London, providing high-end casino and luxury services to wealthy individuals [35]. - The Acquisition is classified as a very substantial acquisition and a reverse takeover, requiring shareholder approval at a special general meeting [35]. Film Investments - The company has invested approximately HK$12.1 million in the development of three films out of a total expected investment of about HK$20.4 million for six films, with one film having been staged from October 2019 [17]. - The company is entitled to share a certain percentage of income generated from the films based on the proportion of investment amounts as specified in the agreement [17]. - The Company has invested approximately HK$12.1 million in the movie business during the Year under Review, with a total budgeted investment of HK$20.4 million across six films [43]. Human Resources - John & Wong Securities Company Limited, a wholly-owned subsidiary, is actively recruiting additional personnel to expand its services, with plans for further recruitment [20]. - The Group employed 37 employees as of December 31, 2019, compared to 27 employees in 2018, reflecting a 37% increase in workforce [71]. - Total staff cost for the Year under Review, including Director's emoluments, amounted to approximately HK$19 million, up from approximately HK$17 million in 2018, representing a 11.76% increase [71]. - John & Wong, a wholly-owned subsidiary, received an additional capital injection of HK$128 million to expand its brokerage services and began generating profit for the Group [48]. Governance and Compliance - The company has complied with the Corporate Governance Code and the code provisions set out in Appendix 14 to the Listing Rules during the year under review [104]. - The Board of Directors consists of three executive Directors and five independent non-executive Directors, bringing diverse industry expertise and a wide range of skills to the Group [107]. - The company has adopted the Model Code for Securities Transactions by Directors, with all Directors confirming full compliance throughout the year [105]. - The Board consists of three executive directors and five independent non-executive directors, ensuring a high level of independence with at least one-third being independent [113]. - The independent non-executive directors play a crucial role in maintaining high standards of financial reporting and safeguarding shareholder interests [113]. Risk Management and Internal Control - The Board is responsible for establishing and maintaining effective risk management and internal control systems [170]. - An independent review of the Company's risk management and internal control systems was conducted during the year, covering financial, operational, and compliance controls [171]. - The risk management system includes identifying significant risks, introducing controls to manage those risks, and monitoring the effectiveness of these measures [176]. - The internal control system ensures unauthorized access and confidentiality of inside information, supported by a disclosure policy [178]. - The Board has implemented measures for internal audit functions and conducted an independent review of risk management systems based on risk parameters [179]. Financial Reporting and Audit - The Directors acknowledge their responsibility for preparing the financial statements in accordance with Hong Kong Financial Reporting Standards [189]. - During the Year under Review, remuneration for audit and non-audit services provided by Crowe was approximately HK$1,300,000 and HK$4,240,000 respectively [186]. - The Audit Committee has been notified of the nature and service charges of Crowe and considered that such services have no adverse effect on the independence of the external auditor [186]. - The Audit Committee recommended the re-appointment of external auditors based on their performance, fees, and terms of engagement [153]. Shareholder Communication - The Board recognizes the importance of good and effective communication with its shareholders through various formal channels [198]. - The Company's annual general meeting serves as a valuable forum for the Board to communicate directly with shareholders [199].