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梧桐国际(00613.HK)5月6日收盘上涨44.44%,成交170.5万港元
Jin Rong Jie· 2025-05-06 08:26
5月6日,截至港股收盘,恒生指数上涨0.7%,报22662.71点。梧桐国际(00613.HK)收报0.65港元/ 股,上涨44.44%,成交量302.42万股,成交额170.5万港元,振幅44.44%。 最近一个月来,梧桐国际累计涨幅172.73%,今年来累计涨幅86.72%,跑赢恒生指数12.19%的涨幅。 财务数据显示,截至2024年12月31日,梧桐国际实现营业总收入7585.75万元,同比减少27.76%;归母 净利润-1.83亿元,同比减少41.06%;资产负债率14.44%。 机构评级方面,目前暂无机构对该股做出投资评级建议。 行业估值方面,其他金融行业市盈率(TTM)平均值为20.62倍,行业中值-0.08倍。梧桐国际市盈 率-2.15倍,行业排名第142位;其他高裕金融(08221.HK)为0.55倍、东方汇财证券(08001.HK)为 1.93倍、招商局中国基金(00133.HK)为2.17倍、香港信贷(01273.HK)为3倍、国银金租 (01606.HK)为3.04倍。 资料显示,梧桐国际发展有限公司,历史简介:本公司于一九九三年十一月在香港联合交易所(「联交 所」)主板上市。于二零一 ...
梧桐国际(00613.HK)4月30日收盘上涨22.22%,成交14.34万港元
Jin Rong Jie· 2025-04-30 08:30
最近一个月来,梧桐国际累计涨幅56.98%,今年来累计涨幅12.03%,跑赢恒生指数9.71%的涨幅。 财务数据显示,截至2024年12月31日,梧桐国际实现营业总收入7585.75万元,同比减少27.76%;归母 净利润-1.83亿元,同比减少41.06%;资产负债率14.44%。 机构评级方面,目前暂无机构对该股做出投资评级建议。 行业估值方面,其他金融行业市盈率(TTM)平均值为20.02倍,行业中值-0.08倍。梧桐国际市盈 率-1.29倍,行业排名第149位;其他高裕金融(08221.HK)为0.55倍、东方汇财证券(08001.HK)为 1.93倍、招商局中国基金(00133.HK)为2.17倍、香港信贷(01273.HK)为3倍、国银金租 (01606.HK)为3.09倍。 4月30日,截至港股收盘,恒生指数上涨0.51%,报22119.41点。梧桐国际(00613.HK)收报0.33港元/ 股,上涨22.22%,成交量48.2万股,成交额14.34万港元,振幅29.63%。 资料显示,梧桐国际发展有限公司,历史简介:本公司于一九九三年十一月在香港联合交易所(「联交 所」)主板上市。于二零一九年 ...
梧桐国际(00613) - 2024 - 年度财报
2025-04-28 22:45
Financial Performance - Total revenue for the year was approximately HKD 81,900,000, a decrease of about HKD 74,000,000 or 47.3% compared to the previous year[8] - The group recorded a consolidated loss of approximately HKD 212,700,000, compared to a loss of HKD 176,500,000 in the previous year[8] - Basic and diluted loss per share was HKD 0.2091, compared to HKD 0.1482 in the previous year[9] - Segment revenue decreased by 18.9% to approximately HKD 53,100,000 from HKD 65,500,000 in the previous year[12] - Other comprehensive expenses for the year were approximately HKD 97,500,000, compared to other comprehensive income of HKD 13,400,000 in the previous year[9] - The group's total revenue for the year was approximately HKD 81,900,000, a decrease of about HKD 31,500,000 or 27.8% compared to the previous year[20] - Asset management service revenue fell to approximately HKD 1,800,000 from HKD 3,700,000 in the previous year, reflecting a significant decline due to poor stock market performance[13] - Margin loan interest income decreased to approximately HKD 45,500,000 from HKD 53,200,000, primarily due to a drop in margin loan rates from 8% to 2% in the second half of the year[13] - The credit and lending services segment revenue plummeted from approximately HKD 73,000,000 to about HKD 3,200,000, largely due to a one-time debt recovery income of HKD 42,000,000 in the previous year[15] - The property investment and leasing segment reported revenue of approximately HKD 10,500,000, down from HKD 12,000,000, with a significant loss of HKD 103,900,000 attributed to a decline in the local real estate market[16] - Tactical and strategic investments recorded a segment loss of approximately HKD 86,800,000, an improvement from a loss of HKD 232,200,000 in the previous year[17] - The group's total comprehensive expenses for the year amounted to approximately HKD 310.2 million, up from approximately HKD 163.1 million in 2023[21] Future Outlook - The group anticipates a challenging fiscal year 2025 due to geopolitical tensions and high interest rates impacting the business environment[5] - The group aims to strengthen its financial services business and adopt a prudent strategy for potential investments and opportunities[5] - The group expects to receive formal written approval from the Securities and Futures Commission for its license application in 2025[12] - The group anticipates a moderate growth trajectory for the Hong Kong economy, supported by asset investment activities, despite ongoing global geopolitical tensions[18] - The group plans to maintain a cautious approach to cost management and resource allocation to sustain profitability while exploring new growth opportunities[19] - The group will closely monitor economic developments and adjust strategies accordingly to strengthen market position and drive sustainable growth[19] Corporate Governance - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the year[36] - The board consists of nine members, including four executive directors and four independent non-executive directors, ensuring a balanced governance structure[46] - The company has confirmed compliance with the standard code for securities trading by directors and relevant employees for the fiscal year ending December 31, 2024[43] - The board is led by Dr. Zhuang Youheng as the chairman, with responsibilities clearly divided from the CEO role to ensure governance independence[47] - The company has received written confirmations from all independent non-executive directors regarding their independence from the group[49] - The board has adopted a diversity policy to ensure a balanced selection of candidates based on various perspectives, including gender, age, and professional experience[58] - The Nomination Committee reviewed the board's structure and diversity on March 26, 2025, and found it appropriate and in line with measurable diversity goals[51] - The board has established clear guidelines for delegating authority to management while regularly reviewing these arrangements[54] - The company has a structured nomination process to identify suitable candidates for board positions, considering the benefits they bring[60] - The board held 13 meetings in total, with attendance rates for executive directors ranging from 77% to 100%[72] - The independent non-executive directors maintained high attendance rates, with some achieving 100% attendance in board meetings[72] - The company has not established a corporate governance committee but fulfills governance functions as outlined in the corporate governance code[73] Employee and Social Responsibility - The company is committed to sustainable development and environmental protection, implementing eco-friendly management practices and resource optimization[38] - The company has established a discretionary share option plan to enhance employee performance and loyalty[39] - The company actively participates in community activities to strengthen its environmental, social, and governance management[38] - The company has maintained a zero record of employee injuries or fatalities over the past three years[130] - The company provides various employee benefits, including medical insurance covering outpatient, hospitalization, and annual health check-ups[128] - The company encourages work-life balance through various sports and recreational activities for employees[128] - The company has implemented measures to review recruitment practices to prevent child and forced labor[11] - The company has complied with all relevant laws and regulations regarding employment and labor standards during the reporting period[129] Environmental, Social, and Governance (ESG) Initiatives - The group is committed to sustainable development and has adopted an Environmental, Social, and Governance (ESG) policy to guide its operations[111] - The ESG report covers the group's core business in Hong Kong, including licensed financial services and property investment[113] - The company aims to reduce greenhouse gas emissions by 45% from the 2021 baseline by 2030, with current emissions at 50.6 tons, averaging 1.53 tons per employee[119] - The company plans to decrease non-hazardous waste by 50% from the 2021 baseline by 2030[120] - The total electricity consumption during the reporting period was 70,360.0 kWh, averaging 2,132.1 kWh per employee, with a goal to reduce energy consumption per employee by 20% by 2030[122] - The company has not generated any hazardous waste and aims to manage non-hazardous waste responsibly[119] - The company has implemented measures to encourage employees to reduce energy and water consumption, including the use of energy-efficient equipment[121] - The company has set a target to reduce water consumption by 10% from the 2021 baseline by 2030, with zero cubic meters consumed during the reporting period[122] - The company has established a governance structure to manage environmental, social, and governance risks effectively[117] - The company conducts annual materiality assessments to identify significant environmental and social issues impacting its operations[118] Financial Position and Shareholder Matters - As of December 31, 2024, the group's net asset value was approximately HKD 1,596.9 million, down from approximately HKD 1,907.1 million in 2023[22] - The group's liquidity remains strong, with a current ratio of 3.9 as of December 31, 2024, unchanged from 2023[24] - The group's debt ratio increased to 14.9% as of December 31, 2024, compared to 13.0% in 2023, primarily due to a decrease in shareholder equity[27] - The company has adopted a dividend policy aimed at maximizing shareholder interests while maintaining a robust balance sheet for future sustainable development since November 30, 2018[104] - The company will regularly review its dividend policy to ensure compliance with applicable laws, rules, and regulations[105] - The board of directors did not recommend the payment of a final dividend for the current year, consistent with the previous year[149] - The company has established a shareholder communication policy to ensure timely and fair access to relevant information[98] - The company’s latest organizational documents are available on its website and the Hong Kong Stock Exchange[102] - The company has confirmed that there are no significant uncertainties regarding its ability to continue as a going concern as of December 31, 2024[78] Audit and Compliance - The financial statements for the year have been audited by a certified public accountant firm, which will be proposed for reappointment at the upcoming annual general meeting[198] - The Audit Committee held two meetings in 2024 to review the financial performance and internal controls of the group[107] - The committee discussed the effectiveness of the group's risk management and internal control systems, focusing on financial, operational, and compliance monitoring[109] - The company has established a robust risk management and internal control system, which is reviewed annually by the board[81] - The company has engaged an independent external consultant to evaluate its internal control system and provide recommendations for improvements[81] - The board has confirmed that there are no significant deficiencies or material weaknesses in the internal control measures[82] - The company has maintained strict adherence to relevant regulations, publishing its interim report for 2024 and annual report for 2023 on time[78]
梧桐国际(00613) - 2024 - 年度业绩
2025-03-26 14:55
Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 81,916,000, a decrease of 27.7% compared to HKD 113,394,000 in 2023[3] - The company reported a net loss of HKD 212,727,000 for the year, compared to a loss of HKD 176,540,000 in 2023, reflecting an increase in losses of 20.5%[5] - Basic and diluted loss per share increased to HKD 20.91 from HKD 14.82, indicating a worsening financial performance[6] - The company experienced a significant loss in other comprehensive income, totaling HKD 97,495,000 compared to a gain of HKD 13,398,000 in the previous year[5] - The company reported a total loss for the year of HKD 212,727,000, with a pre-tax loss of HKD 211,837,000[19] - The group recorded a consolidated loss of approximately HKD 212,700,000 for the year, compared to a loss of approximately HKD 176,500,000 in the previous year, with shareholders' loss amounting to approximately HKD 197,700,000[56][57] - The group recorded a comprehensive loss of approximately HKD 212,700,000 for the year, compared to a loss of HKD 176,500,000 in the previous year[69] Revenue Breakdown - Income from asset management services decreased to HKD 1,799,000 from HKD 3,673,000, representing a decline of 51.0%[3] - Interest income from margin clients and receivables dropped to HKD 48,709,000, down 42.2% from HKD 84,134,000 in the previous year[3] - The financial services segment generated revenue of HKD 53,075,000, while the credit and lending services segment contributed HKD 3,245,000[21] - The company’s asset management service revenue reached HKD 1,799,000, and financial advisory service revenue was HKD 4,730,000[19] - The total revenue from property investment and leasing was HKD 10,488,000, contributing to the overall revenue[19] - The credit and lending services segment reported a profit of HKD 2,608,000, indicating a positive performance in this area[21] - The financial services segment revenue decreased by 18.9% to approximately HKD 53,100,000 from approximately HKD 65,500,000 in the previous year, with segment profit dropping from approximately HKD 49,900,000 to about HKD 12,100,000[61] - The credit and lending services segment revenue significantly declined from approximately HKD 73,000,000 to about HKD 3,200,000, primarily due to a one-time debt recovery income of HKD 42,000,000 in the previous year[63] Asset and Equity Changes - Total assets decreased to HKD 1,866,297,000 from HKD 2,184,428,000, a reduction of 14.6%[7] - The company's equity attributable to owners decreased to HKD 1,320,477,000 from HKD 1,615,664,000, a drop of 18.3%[8] - The company's share of net assets in associates decreased to 247,066,000 HKD in 2024 from 319,111,000 HKD in 2023, a reduction of approximately 22.6%[41] - The group's net asset value as of December 31, 2024, was approximately HKD 1,596,900,000, down from HKD 1,907,100,000 in the previous year[70] Impairment and Loss Provisions - The company recorded a significant impairment loss of HKD 35,544,000 on receivables in 2024, unchanged from the previous year[27] - The provision for impairment losses on accounts receivable from margin clients increased to 36,905,000 HKD in 2024 from 1,361,000 HKD in 2023, indicating a significant rise in risk assessment[47] - The company confirmed an impairment loss provision of HKD 225,000 for other receivables as of December 31, 2024, a decrease from HKD 4,187,000 in 2023[52] Other Financial Metrics - The income tax expense for 2024 was 890,000 HKD, significantly lower than 13,587,000 HKD in 2023, reflecting a decrease of approximately 93.4%[36] - The total interest expense for the year was HKD 15,552,000, up from HKD 15,691,000 in 2023, showing a slight decrease of 0.9%[27] - The total capital expenditure for the year was HKD 68,000, a decrease from HKD 1,597,000 in 2023[27] - The total amount of personal and corporate loans as of December 31, 2024, was HKD 182,298,000, compared to HKD 133,125,000 in 2023, reflecting an increase of approximately 37%[50] Corporate Governance and Future Plans - The group plans to apply for a license for leveraged foreign exchange trading under the Securities and Futures Ordinance, with the application accepted by the Securities and Futures Commission in July 2024[61] - The group has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the year[83] - The board expresses sincere gratitude and appreciation to the management team and all employees for their efforts and contributions during the year[92] Dividend and Shareholder Information - The company did not recommend any dividend payment for the years ended December 31, 2024, and 2023[37] - The group did not recommend a final dividend for the year ending December 31, 2024, consistent with the previous year[58] - The weighted average number of ordinary shares issued remained constant at 945,527,675 for both 2024 and 2023[40] Market and Economic Conditions - The fair value loss on investment properties increased by HKD 98,200,000 due to a decline in the local real estate market[65] - The group plans to focus on strengthening competitive advantages in key business segments and diversifying revenue sources despite a challenging macroeconomic environment[67]
梧桐国际(00613) - 2024 - 中期财报
2024-09-23 08:48
Company Information [Company Overview](index=3&type=section&id=Company%20Overview) Wutong International Development Limited's corporate overview covers board composition, key committees, and essential corporate details - Board members include **Dr. Zhuang Youheng (Chairman)**, **Mr. Zhang Tingji (Vice Chairman)**, and **Dr. Mai Jialong (Managing Director)**[4](index=4&type=chunk) - The company's principal place of business is 8/F, Wah Hoi Centre, 28 Marble Road, North Point, Hong Kong, changing to **23/F from September 23, 2024**[4](index=4&type=chunk) - The company's stock code is **613**[4](index=4&type=chunk) Management Discussion and Analysis [Overall Financial Performance](index=4&type=section&id=Overall%20Financial%20Performance) The Group experienced significant revenue decline and increased losses, primarily from fair value adjustments and associate losses, declaring no interim dividend Key Financial Indicators for H1 2024 | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :--------------- | :-------------------- | :-------------------- | :------------ | :--------- | | Total Revenue | 53,600 | 108,100 | (54,500) | -50.4% | | Loss Before Tax | (94,200) | (30,500) | (63,700) | -208.85% | | Loss Attributable to Company Shareholders | (91,100) | (30,700) | (60,400) | -196.74% | | Other Comprehensive Expenses | (67,300) | (24) | (67,276) | -280316.67% | - Loss primarily due to **net unrealized fair value loss on financial assets at fair value through profit or loss of approximately HK$39.9 million** and **share of losses of associates of approximately HK$46.4 million**[5](index=5&type=chunk) - No interim dividend was paid for the period (**2023: nil**)[5](index=5&type=chunk) [Business Review](index=4&type=section&id=Business%20Review) The Group's H1 2024 business performance declined due to macroeconomic challenges, geopolitical tensions, and interest rate uncertainties - Hong Kong's economy experienced moderate growth, but **geopolitical tensions, trade conflicts, and uncertain US interest rate trends** increased business environment uncertainty[5](index=5&type=chunk) - The volatile global environment and high-interest rate climate exerted significant pressure on the Group's core businesses, leading to **decreased revenue and profitability**[5](index=5&type=chunk) [Financial Services](index=5&type=section&id=Financial%20Services) Financial services revenue grew by 32.0% to HK$39.1 million, driven by increased margin loan interest, despite asset management income decline - Holds **Type 1, 2, 4, 5, 6, 7, 8, and 9 licenses** under the SFO, and has applied for a **Type 3 (leveraged foreign exchange trading) license**, expected to be approved in **Q2 2025**[6](index=6&type=chunk) Financial Services Segment Performance | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :--------------- | :-------------------- | :-------------------- | :------------ | :--------- | | Asset Management Service Income | 1,200 | 1,900 | (700) | -36.84% | | Margin Loan Interest Income | 35,600 | 24,500 | 11,100 | 45.31% | | Corporate Finance Advisory Revenue | 1,800 | 2,700 | (900) | -33.33% | | Segment Revenue | 39,100 | 29,600 | 9,500 | 32.03% | | Segment Profit | 22,600 | 18,600 | 4,000 | 21.51% | [Credit and Lending Services](index=6&type=section&id=Credit%20and%20Lending%20Services) Credit and lending services revenue and profit significantly declined due to a prior period's bad debt recovery and reduced loan disbursements - Holds **two Money Lenders Ordinance licenses**, with clients primarily being **corporations and high-net-worth individuals**[7](index=7&type=chunk) Credit and Lending Services Segment Performance | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :--------------- | :-------------------- | :-------------------- | :------------ | :--------- | | Segment Revenue | 1,600 | 66,100 | (64,500) | -97.58% | | Segment Profit | 400 | 64,000 | (63,600) | -99.38% | - Loan and interest receivables decreased from approximately **HK$504.8 million** as at December 31, 2023, to approximately **HK$119 million** as at June 30, 2024[7](index=7&type=chunk) - Impairment allowance of approximately **HK$2 million** (December 31, 2023: approximately **HK$0.9 million**) was recognized[7](index=7&type=chunk) [Other Financial Services](index=6&type=section&id=Other%20Financial%20Services) Other financial services revenue increased to HK$7.2 million, with profit reaching HK$2.0 million, driven by client demand for advisory services Other Financial Services Segment Performance | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :------- | :-------------------- | :-------------------- | :------------ | :--------- | | Segment Revenue | 7,200 | 5,700 | 1,500 | 26.32% | | Segment Profit | 2,000 | 800 | 1,200 | 150.00% | - Revenue growth primarily driven by more clients facing financial pressure and challenges due to **increased competition, business disruptions, and global market uncertainties**[8](index=8&type=chunk) [Property Investment and Leasing](index=7&type=section&id=Property%20Investment%20and%20Leasing) Property investment and leasing revenue slightly decreased, and segment loss increased to HK$11.6 million due to higher interest and fair value losses Property Investment and Leasing Segment Performance | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :------- | :-------------------- | :-------------------- | :------------ | :--------- | | Segment Revenue | 5,700 | 6,000 | (300) | -5.00% | | Segment Loss | (11,600) | (7,800) | (3,800) | -48.72% | - Increased segment loss mainly due to **increased loan interest expenses of HK$1 million** and **increased fair value losses on investment properties of HK$2.6 million**[9](index=9&type=chunk) - As of June 30, 2024, the Group held **4 commercial properties** with a total fair value of **HK$495.8 million**[9](index=9&type=chunk) [Tactical and Strategic Investments](index=7&type=section&id=Tactical%20and%20Strategic%20Investments) Tactical and strategic investments recorded an HK$88.2 million loss, primarily from associate losses and fair value losses on financial assets Tactical and Strategic Investments Segment Performance | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :------- | :-------------------- | :-------------------- | :------------ | :--------- | | Segment Revenue | 1 | 800 | (799) | -99.88% | | Segment Loss | (88,200) | (81,500) | (6,700) | -8.22% | - Loss mainly due to **share of losses of associates of approximately HK$46.4 million** (2023: HK$15.1 million) and **net fair value loss on financial assets at fair value through profit or loss of approximately HK$39.9 million** (2023: HK$70.5 million)[10](index=10&type=chunk) [Outlook](index=7&type=section&id=Outlook) The Group maintains cautious optimism for long-term growth, focusing on strategic initiatives amidst global economic uncertainties and potential interest rate changes - Remains **cautiously optimistic** about the Group's long-term growth prospects, expecting Hong Kong's economy to continue **moderate growth**[11](index=11&type=chunk) - Will closely monitor global developments and potential **US Federal Reserve interest rate cuts in September 2024**[11](index=11&type=chunk) - Strategic focus includes **strengthening competitive advantages** in key business segments, **diversifying revenue sources, strict cost management, optimizing resource allocation**, and **exploring new growth opportunities**[11](index=11&type=chunk) [Financial Review](index=7&type=section&id=Financial%20Review) Overall revenue declined, comprehensive expenses rose, and net assets decreased, while the Group maintained strong liquidity and a conservative financial policy Revenue Composition for H1 2024 | Revenue Source | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :----------------------- | :-------------------- | :-------------------- | :------------ | :--------- | | Overall Revenue | 53,400 | 65,100 | (11,700) | -17.97% | | Financial Services Income (incl. Other Financial) | 46,200 | 34,800 | 11,400 | 32.76% | | Lending Business Interest Income | 1,600 | 24,100 | (22,500) | -93.36% | | Rental Income | 5,700 | 6,000 | (300) | -5.00% | | Tactical and Strategic Business Revenue | – | 300 | (300) | -100.00% | [Other Comprehensive Expenses](index=8&type=section&id=Other%20Comprehensive%20Expenses) Other comprehensive expenses significantly increased to HK$67.3 million, primarily due to fair value changes in equity investments Other Comprehensive Expenses | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :----------- | :-------------------- | :-------------------- | :------------ | :--------- | | Other Comprehensive Expenses | 67,300 | 24 | 67,276 | 280316.67% | - Mainly due to the recognition of **fair value changes in equity investments measured at fair value through other comprehensive income of approximately HK$66.3 million**[5](index=5&type=chunk)[12](index=12&type=chunk) [Net Assets](index=8&type=section&id=Net%20Assets) Consolidated net assets decreased to HK$1,745.6 million, with net assets per share at HK$1.85 Net Assets | Indicator | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :------------------- | :--------------------- | :---------------------- | :------------ | :--------- | | Consolidated Net Assets | 1,745,600 | 1,907,100 | (161,500) | -8.47% | | Consolidated Net Assets Per Share (HK$) | 1.85 | N/A | N/A | N/A | [Capital Structure](index=8&type=section&id=Capital%20Structure) Capital expenditures are funded by internal resources and bank loans, with a conservative financial policy and no hedging activities - Capital expenditures and investments are primarily funded by **cash on hand, internally generated funds, and bank loans**[12](index=12&type=chunk) - Adopts a **conservative financial policy**, with most cash denominated in **HKD** and held in **short-term deposits**[12](index=12&type=chunk) - No financial instruments are used for **hedging purposes**[12](index=12&type=chunk) [Liquidity and Capital Resources](index=8&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains strong liquidity with HK$42.5 million in cash and a current ratio of 4.0, despite a slight decrease in bank loans Liquidity Position | Indicator | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | Change (HK$ '000) | Change % | | :----------------------- | :--------------------- | :---------------------- | :------------ | :--------- | | Cash and Cash Equivalents | 42,500 | 38,500 | 4,000 | 10.39% | | Cash and Cash Equivalents + FVTPL | 90,500 | 103,300 | (12,800) | -12.39% | | Current Ratio | 4.0 | 3.9 | 0.1 | 2.56% | | Bank Loans | 233,300 | 239,700 | (6,400) | -2.67% | - As of June 30, 2024, the Group had **no available short-term revolving bank credit facilities**[13](index=13&type=chunk) [Exchange Rate Fluctuation Risk and Related Hedging](index=8&type=section&id=Exchange%20Rate%20Fluctuation%20Risk%20and%20Related%20Hedging) The Group faces minimal exchange rate risk as most transactions are in HKD and USD, and therefore uses no hedging instruments - Primary income, expenses, assets, and bank deposits are denominated in **HKD and USD**, resulting in **very low exchange rate fluctuation risk**[14](index=14&type=chunk) - The Group does not use any **related hedging instruments**[14](index=14&type=chunk) [Gearing Ratio](index=8&type=section&id=Gearing%20Ratio) The gearing ratio slightly increased to 13.6% due to a decrease in shareholders' equity Gearing Ratio | Indicator | As at Jun 30, 2024 | As at Dec 31, 2023 | | :------- | :------------ | :------------- | | Gearing Ratio | 13.6% | 13.0% | - The slight increase in gearing ratio was mainly due to a **decrease in shareholders' equity**[15](index=15&type=chunk) [Contingent Liabilities](index=8&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2024 - As of June 30, 2024, the Group had **no significant contingent liabilities** (December 31, 2023: nil)[15](index=15&type=chunk) [Pledge of Group Assets](index=8&type=section&id=Pledge%20of%20Group%20Assets) Investment properties with a carrying value of HK$443 million were pledged as collateral for the Group's bank credit facilities Pledge of Group Assets | Pledged Assets | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :------- | :--------------------- | :---------------------- | | Investment Properties | 443,000 | 452,900 | - Investment properties are pledged as **collateral for general bank credit facilities** granted to the Group[16](index=16&type=chunk) [Significant Investments](index=9&type=section&id=Significant%20Investments) Investments in associates, Green River Marshall and HEC Securities, incurred increased losses from fair value adjustments, leading to a cautious approach Overview of Significant Investments (As at Jun 30, 2024) | Investee Name | Carrying Value (HK$ '000) | Percentage of Total Assets | Equity Percentage | Share of Loss (HK$ '000) | | :--------------- | :-------------- | :------------- | :--------- | :---------------- | | Green River Marshall | 170,100 | 8.4% | 47.8% | 43,300 | | HEC Securities | 101,739 | 5.0% | 33.0% | 3,054 | - Share of loss from Green River Marshall primarily attributable to **fair value losses on its financial assets**[17](index=17&type=chunk) - Share of loss from HEC Securities primarily due to **realized losses on its financial assets**[17](index=17&type=chunk) - The Group expects to adopt a **cautious approach** to investments in Green River Marshall and HEC Securities, but these investments are intended to **create long-term value**[17](index=17&type=chunk) [Material Events After the Period End](index=9&type=section&id=Material%20Events%20After%20the%20Period%20End) No material events affecting the Group have occurred since the end of the reporting period - No material events affecting the Group have occurred since the end of the period[19](index=19&type=chunk) [Review of Accounts](index=10&type=section&id=Review%20of%20Accounts) Unaudited condensed consolidated financial statements were reviewed by RSM Hong Kong and the Audit Committee, adhering to HK Standard on Review Engagements 2410 - Unaudited condensed consolidated financial statements have been reviewed by **RSM Hong Kong Certified Public Accountants Limited** in accordance with **Hong Kong Standard on Review Engagements 2410**[21](index=21&type=chunk) - The Company's Audit Committee has reviewed the financial statements, accounting principles and practices, and discussed financial reporting matters[21](index=21&type=chunk) [Operations Review](index=10&type=section&id=Operations%20Review) The operations review covers human resources practices, focusing on competitive compensation and employee benefits, alongside corporate governance adherence [Human Resources Practices](index=10&type=section&id=Human%20Resources%20Practices) Human resources practices focus on competitive remuneration, employee benefits, and a share option scheme to attract and retain talent - Remuneration policy is based on **business needs and industry practices**, aiming to **attract, retain, and motivate the best employees**[22](index=22&type=chunk) - As of June 30, 2024, the Group had **38 staff members** (including all directors)[22](index=22&type=chunk) - Provides employee benefits such as **MPF, medical insurance, discretionary training subsidies**, and a **discretionary share option scheme**[22](index=22&type=chunk) [Additional Information](index=10&type=section&id=Additional%20Information) The Group adheres to corporate governance and Model Code, confirming no listed securities transactions during the period [Compliance with Corporate Governance Code](index=10&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The Company complied with all code provisions of the Corporate Governance Code in Appendix C1 of the Listing Rules - The Company has complied with all code provisions of **Part 2 of Appendix C1 to the Listing Rules' Corporate Governance Code**[22](index=22&type=chunk) [Compliance with Model Code](index=10&type=section&id=Compliance%20with%20Model%20Code) The Company adopted and its directors complied with the Model Code for Securities Transactions by Directors of Listed Issuers - The Company has adopted the **Model Code for Securities Transactions by Directors of Listed Issuers** as set out in **Appendix C3 to the Listing Rules**[22](index=22&type=chunk) - Each director confirmed compliance with the required standards set out in the Model Code during the period[22](index=22&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=10&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities during the period - During the period, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[22](index=22&type=chunk) Other Information [Directors' and Chief Executive's Interests](index=11&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests) As of June 30, 2024, no directors or chief executive held disclosable interests or short positions in the Company's securities - As of June 30, 2024, directors and the chief executive held **no disclosable interests or short positions** in the Company's shares, underlying shares, or debentures[23](index=23&type=chunk) [Share Option Scheme](index=11&type=section&id=Share%20Option%20Scheme) The share option scheme, adopted in 2015, had 93,352,767 shares available for grant, with no activity or outstanding options during the period - The share option scheme was approved and adopted on **May 21, 2015**[24](index=24&type=chunk) - As of the beginning and end of the period, the total number of shares available for grant under the share option scheme was **93,352,767**[24](index=24&type=chunk) - During the period, **no share options were granted, exercised, cancelled, or lapsed**, and **no outstanding share options remained**[24](index=24&type=chunk) [Share Award Scheme](index=11&type=section&id=Share%20Award%20Scheme) The 2020 share award scheme had no activity during the period, and no new awards will be granted until a new Listing Rules-compliant scheme is adopted - The share award scheme was adopted on **May 8, 2020**[25](index=25&type=chunk) - The maximum number of award shares that may be issued is **10% of the Company's issued share capital (93,052,767 shares)**, with an annual limit of **3%**[26](index=26&type=chunk) - During the period, **no share awards were granted, vested, cancelled, or lapsed**, and **no unvested award shares remained**[27](index=27&type=chunk) - The Company will not grant share awards until a **new share award scheme compliant with Chapter 17 of the Listing Rules is adopted**[27](index=27&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=12&type=section&id=Directors%27%20Rights%20to%20Acquire%20Shares%20or%20Debentures) No arrangements existed for directors to acquire shares or debentures, and no directors or their associates held such rights or interests during the period - During the period, **no arrangements enabled directors to benefit from acquiring shares or debentures**[28](index=28&type=chunk) - No directors or their associates held any interests in shares or were granted any rights to subscribe for shares[28](index=28&type=chunk) [Changes in Directors' Information](index=12&type=section&id=Changes%20in%20Directors%27%20Information) The Board experienced multiple changes in director roles and appointments, including re-designations, new appointments, and a resignation - **Mr. Zhang Tingji** was re-designated from Acting Chairman to Managing Director (effective **February 1, 2024**) and further re-designated to Vice Chairman (effective **May 1, 2024**)[28](index=28&type=chunk) - **Dr. Zhuang Youheng** was appointed as Non-executive Director and Chairman of the Board (effective **February 1, 2024**)[28](index=28&type=chunk) - **Mr. Xing Shaonan** was appointed as Executive Director and Vice Chairman (effective **March 1, 2024**) and resigned on **May 1, 2024**[28](index=28&type=chunk) - **Dr. Mai Jialong** was appointed as Executive Director and Managing Director (effective **May 1, 2024**)[28](index=28&type=chunk) [Major Shareholders' Interests](index=13&type=section&id=Major%20Shareholders%27%20Interests) Ms. Luo Qiyin and Future Capital Group Limited are major shareholders, holding significant long positions in the Company's issued share capital Major Shareholders' Interests (As at Jun 30, 2024) | Name/Designation | Capacity and Nature of Interest | Number of Ordinary Shares Held | Approximate Percentage of Total Issued Share Capital | | :----------------------- | :------------- | :------------- | :--------------------------- | | Ms. Luo Qiyin | Controlled Corporation Interest | 628,263,640 | 66.45% | | | Beneficial Owner | 5,271,800 | 0.56% | | **Total** | | **633,535,440** | **67.01%** | | Future Capital Group Limited | Beneficial Owner | 628,263,640 | 66.45% | - **Future Capital Group Limited** is wholly and beneficially owned by **Ms. Luo Qiyin**[31](index=31&type=chunk) [Acknowledgement](index=13&type=section&id=Acknowledgement) The Board expresses sincere gratitude to management and all staff for their efforts and contributions during the period - The Board extends **sincere gratitude and appreciation** to the management and all staff[31](index=31&type=chunk) Interim Financial Information Review Report [Review Conclusion](index=14&type=section&id=Review%20Conclusion) RSM Hong Kong reviewed the interim financial information, finding no material non-compliance with HKAS 34, and no audit opinion is expressed - The reviewer is **RSM Hong Kong Certified Public Accountants Limited**[32](index=32&type=chunk) - The review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410** issued by the Hong Kong Institute of Certified Public Accountants[33](index=33&type=chunk) - The review concluded that nothing has come to the reviewer's attention that causes them to believe the interim financial information is not prepared, in all material respects, in accordance with **Hong Kong Accounting Standard 34**[33](index=33&type=chunk) - The scope of a review is substantially less than an audit, and consequently, **no audit opinion is expressed**[33](index=33&type=chunk) Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income [Overview of Profit or Loss and Comprehensive Income](index=15&type=section&id=Overview%20of%20Profit%20or%20Loss%20and%20Comprehensive%20Income) The Group reported decreased revenue, significant losses, and increased other comprehensive expenses, resulting in a basic and diluted loss per share of 9.63 HK cents Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :----------------------- | :-------------------- | :-------------------- | | Total Revenue | 53,446 | 65,166 | | Other Income and Gains | 184 | 43,005 | | Loss Before Tax | (94,204) | (30,486) | | Loss for the Period | (94,291) | (31,118) | | Loss Attributable to Owners of the Company for the Period | (91,050) | (30,690) | | Total Other Comprehensive Expenses | (67,254) | (24) | | Total Comprehensive Expenses for the Period | (161,545) | (31,142) | | Basic and Diluted Loss Per Share (HK cents) | (9.63) | (3.25) | - Other comprehensive expenses primarily due to **fair value changes in equity investments measured at fair value through other comprehensive income (HK$66,336 thousand)**[35](index=35&type=chunk) Condensed Consolidated Statement of Financial Position [Overview of Financial Position](index=17&type=section&id=Overview%20of%20Financial%20Position) Total assets and net assets decreased, with reductions in non-current assets like investments in associates and fair value financial assets Summary of Condensed Consolidated Statement of Financial Position | Indicator | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :----------------------- | :--------------------- | :---------------------- | | Non-current Assets | 953,626 | 1,118,613 | | Current Assets | 1,066,013 | 1,065,815 | | **Total Assets** | **2,019,639** | **2,184,428** | | Current Liabilities | 264,400 | 272,536 | | Non-current Liabilities | 9,689 | 4,797 | | **Net Assets** | **1,745,550** | **1,907,095** | | Equity Attributable to Owners of the Company | 1,457,360 | 1,615,664 | | Non-controlling Interests | 288,190 | 291,431 | | **Total Equity** | **1,745,550** | **1,907,095** | - Investments in associates decreased to **HK$271,839 thousand** (December 31, 2023: **HK$319,111 thousand**)[36](index=36&type=chunk) - Financial assets designated at fair value through other comprehensive income decreased to **HK$66,379 thousand** (December 31, 2023: **HK$155,586 thousand**)[36](index=36&type=chunk) Condensed Consolidated Statement of Changes in Equity [Overview of Changes in Equity](index=18&type=section&id=Overview%20of%20Changes%20in%20Equity) Equity attributable to owners decreased to HK$1,457,360 thousand, primarily due to the period's loss and fair value changes in financial assets Summary of Condensed Consolidated Statement of Changes in Equity | Indicator | As at Jun 30, 2024 (HK$ '000) | As at Jan 1, 2024 (HK$ '000) | | :----------------------- | :--------------------- | :-------------------- | | Equity Attributable to Owners of the Company (Period End) | 1,457,360 | 1,615,664 | | Loss and Total Comprehensive Expenses for the Period | (158,304) | (30,714) | - Within the total loss and comprehensive expenses for the period, **fair value changes of financial assets designated at fair value through other comprehensive income amounted to (HK$66,336) thousand**[37](index=37&type=chunk) Condensed Consolidated Statement of Cash Flows [Overview of Cash Flows](index=20&type=section&id=Overview%20of%20Cash%20Flows) The Group's cash flows showed net usage in operations and financing, offset by investing activities, leading to a net increase of HK$4,017 thousand in cash and equivalents Summary of Condensed Consolidated Statement of Cash Flows | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :----------------------- | :-------------------- | :-------------------- | | Net Cash Used in Operating Activities | (28,918) | (22,695) | | Net Cash From (Used in) Investing Activities | 50,872 | (62,516) | | Net Cash Used in Financing Activities | (17,937) | (16,797) | | Net Increase (Decrease) in Cash and Cash Equivalents | 4,017 | (102,008) | | Cash and Cash Equivalents at End of Period | 42,534 | 127,300 | - Net cash from investing activities primarily derived from **proceeds from disposal of financial assets designated at fair value through other comprehensive income of HK$30,347 thousand** and **interest received of HK$28,001 thousand**[42](index=42&type=chunk) Notes to the Condensed Consolidated Financial Statements [Company and Group Information](index=21&type=section&id=Company%20and%20Group%20Information) The Company is a Bermuda-incorporated, HKEX-listed entity primarily engaged in diverse financial services and property investment - The Company is a limited company incorporated in **Bermuda**, with its shares listed on the **Main Board of The Stock Exchange of Hong Kong Limited**[43](index=43&type=chunk) - The Group is principally engaged in **financial services, credit and lending services, other financial services, property investment and leasing, and tactical and strategic investments**[43](index=43&type=chunk) [Principal Accounting Policies](index=21&type=section&id=Principal%20Accounting%20Policies) Interim financial statements adhere to HKAS 34 and Listing Rules, with consistent accounting policies and no significant impact from new HKFRSs - Interim financial statements are prepared in accordance with **Hong Kong Accounting Standard 34** and **Appendix D2 to the Listing Rules**[43](index=43&type=chunk) - The adoption of new/revised Hong Kong Financial Reporting Standards has **no significant impact** on the Group's current or prior period results and financial position[44](index=44&type=chunk) [Segment Information](index=22&type=section&id=Segment%20Information) The Group's five operating segments show varied performance, with financial and other financial services growing, while other segments experienced losses or declines, all within Hong Kong - The Group has **five reportable operating segments**: financial services, credit and lending services, other financial services, property investment and leasing, and tactical and strategic investments[45](index=45&type=chunk) Segment Revenue and Results (For the six months ended Jun 30, 2024) | Segment Name | Revenue (HK$ '000) | Profit (Loss) (HK$ '000) | | :----------------- | :------------ | :-------------------- | | Financial Services | 38,975 | 22,630 | | Credit and Lending Services | 1,550 | 435 | | Other Financial Services | 7,219 | 1,967 | | Property Investment and Leasing | 5,702 | (11,572) | | Tactical and Strategic Investments | – | (88,152) | | **Consolidated Total** | **53,446** | **(74,692)** | Segment Assets and Liabilities (As at Jun 30, 2024) | Segment Name | Assets (HK$ '000) | Liabilities (HK$ '000) | | :----------------- | :------------ | :------------ | | Financial Services | 868,312 | (3,294) | | Credit and Lending Services | 127,991 | (5,602) | | Other Financial Services | 14,500 | (154) | | Property Investment and Leasing | 500,933 | (204,641) | | Tactical and Strategic Investments | 446,861 | (43,369) | | Unallocated | 61,042 | (17,029) | | **Consolidated Total** | **2,019,639** | **(274,089)** | - The Group's operations and all non-current assets (excluding certain financial assets) are located in **Hong Kong**[52](index=52&type=chunk) [Revenue, Other Income and Gains](index=25&type=section&id=Revenue%2C%20Other%20Income%20and%20Gains) Total revenue decreased to HK$53,446 thousand, with a significant drop in other income and gains due to a prior period's bad debt recovery Summary of Revenue, Other Income and Gains | Item | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :------------------- | :-------------------- | :-------------------- | | Total Revenue | 53,446 | 65,166 | | Interest Income from Margin Clients and Loans Receivable | 37,108 | 48,524 | | Total Rental Income | 5,702 | 5,973 | | Total Other Income and Gains | 184 | 43,005 | - Other income and gains significantly decreased, mainly due to the **recovery of a HK$42,000 thousand bad debt in H1 2023**[53](index=53&type=chunk) [Other Losses](index=27&type=section&id=Other%20Losses) Total other losses were HK$49,838 thousand, mainly from fair value losses on financial assets and investment properties Summary of Other Losses | Item | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :----------------------- | :-------------------- | :-------------------- | | Net Fair Value Loss on Financial Assets at Fair Value Through Profit or Loss | 39,937 | 70,534 | | Net Fair Value Loss on Investment Properties | 9,900 | 7,300 | | **Total** | **49,838** | **77,974** | [Finance Costs](index=27&type=section&id=Finance%20Costs) Finance costs increased to HK$8,175 thousand, primarily due to higher interest on interest-bearing loans Summary of Finance Costs | Item | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :------------- | :-------------------- | :-------------------- | | Interest on Interest-Bearing Loans | 7,303 | 6,304 | | Interest on Margin Accounts | 525 | 478 | | Imputed Interest on Lease Liabilities | 347 | 218 | | **Total** | **8,175** | **7,000** | [Loss Before Tax](index=28&type=section&id=Loss%20Before%20Tax) Loss before tax was primarily influenced by employee benefit expenses and intangible asset amortization Summary of Loss Before Tax Components | Item | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :------------------- | :-------------------- | :-------------------- | | Employee Benefit Expenses | 12,202 | 13,919 | | Amortization of Intangible Assets | 25 | 25 | [Income Tax Expense](index=28&type=section&id=Income%20Tax%20Expense) Income tax expense decreased to HK$87 thousand, calculated using Hong Kong's two-tiered profits tax rates, with most subsidiaries taxed at 16.5% Summary of Income Tax Expense | Item | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :--------- | :-------------------- | :-------------------- | | Hong Kong Profits Tax | 87 | 632 | - Hong Kong profits tax is calculated under the **two-tiered rates**, where the first **HK$2,000,000 of assessable profits** for qualifying entities is taxed at **8.25%**, and the remainder at **16.5%**[57](index=57&type=chunk) [Dividends](index=28&type=section&id=Dividends) The Board does not recommend an interim dividend payment for the six months ended June 30, 2024 - The Company's Board of Directors does not recommend the payment of an interim dividend for the six months ended June 30, 2024 (**H1 2023: nil**)[58](index=58&type=chunk) [Loss Per Share](index=29&type=section&id=Loss%20Per%20Share) Loss attributable to owners was HK$91,050 thousand, resulting in a basic and diluted loss per share of 9.63 HK cents Summary of Loss Per Share Calculation | Indicator | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :----------------------- | :-------------------- | :-------------------- | | Loss Attributable to Owners of the Company for the Period | (91,050) | (30,690) | | Weighted Average Number of Ordinary Shares Issued | 945,527,675 | 945,527,675 | - Basic and diluted loss per share was **9.63 HK cents** (H1 2023: **3.25 HK cents**)[35](index=35&type=chunk) - As there were **no potential dilutive ordinary shares outstanding** during the period, the diluted loss per share was the same as the basic loss per share[60](index=60&type=chunk) [Investments in Associates](index=29&type=section&id=Investments%20in%20Associates) Investments in associates, primarily Green River Associates and HEC Securities, decreased to a carrying value of HK$271,839 thousand Carrying Value of Investments in Associates | Item | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :------------- | :--------------------- | :---------------------- | | Share of Net Assets | 271,839 | 319,111 | - Primarily refers to the Group's investments in **Green River Associates Limited (48% interest)** and **HEC Securities Company Limited (33% interest)**[61](index=61&type=chunk) [Trade Receivables, Loans Receivable and Other Receivables](index=30&type=section&id=Trade%20Receivables%2C%20Loans%20Receivable%20and%20Other%20Receivables) Total receivables were HK$965,103 thousand, including significant margin client and loan receivables, with associated loss allowances and concentrated credit risk Summary of Trade Receivables, Loans Receivable and Other Receivables | Item | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :----------------------- | :--------------------- | :---------------------- | | Trade Receivables (Margin Clients) | 653,227 | 636,419 | | Less: Loss Allowance | (16,997) | (1,361) | | Loans and Interest Receivables | 121,079 | 133,125 | | Less: Loss Allowance | (2,030) | (896) | | Other Receivables | 177,394 | 172,058 | | **Total** | **965,103** | **953,316** | - Trade receivables from margin clients are secured by **pledged marketable securities with a total fair value of approximately HK$734,870 thousand**[63](index=63&type=chunk) - The Group's **largest margin client** and **top five margin clients** accounted for **24% and 91%** respectively of the total outstanding margin loans[63](index=63&type=chunk) - Loans to the **largest borrower** and **top five borrowers** accounted for **15% and 67%** respectively of the total loans receivable[66](index=66&type=chunk) [Financial Assets Designated at Fair Value Through Other Comprehensive Income](index=33&type=section&id=Financial%20Assets%20Designated%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) Listed equity securities designated at fair value through OCI decreased to HK$66,379 thousand, with a net fair value change of HK$66,336 thousand recognized as other comprehensive expenses Financial Assets Designated at Fair Value Through Other Comprehensive Income | Item | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :------------- | :--------------------- | :---------------------- | | Listed Securities in Hong Kong | 66,379 | 155,586 | - For the six months ended June 30, 2024, a **net fair value change of HK$66,336 thousand** for equity investments under financial assets designated at fair value through other comprehensive income was recognized in other comprehensive expenses[69](index=69&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=33&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) Financial assets at fair value through profit or loss totaled HK$108,295 thousand, comprising unlisted and listed equity securities held for long-term investment Financial Assets at Fair Value Through Profit or Loss | Item | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :------------- | :--------------------- | :---------------------- | | Unlisted Equity Securities | 60,341 | 83,400 | | Listed Securities in Hong Kong | 47,954 | 64,832 | | **Total** | **108,295** | **148,232** | - The Company's directors consider these investments to be held for **long-term investment**[70](index=70&type=chunk) [Trade Payables and Other Payables](index=34&type=section&id=Trade%20Payables%20and%20Other%20Payables) Total trade and other payables were HK$21,101 thousand, including brokerage-related payables and secured margin loans Summary of Trade Payables and Other Payables | Item | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :----------------------- | :--------------------- | :---------------------- | | Trade Payables from Securities Brokerage Business | 15,072 | 14,994 | | Other Payables and Accrued Expenses | 4,979 | 6,990 | | Lease Deposits Received | 1,792 | 1,562 | | **Total Current Portion** | **21,101** | **21,984** | - Secured margin loans from securities brokers amounted to **HK$12,019 thousand**, collateralized by **debt and equity securities with a total market value of approximately HK$26,847 thousand**[72](index=72&type=chunk) [Interest-Bearing Loans](index=35&type=section&id=Interest-Bearing%20Loans) Interest-bearing loans totaled HK$233,304 thousand, secured by investment properties and corporate guarantees, classified as current liabilities despite on-demand terms Summary of Interest-Bearing Loans | Item | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :------------- | :--------------------- | :---------------------- | | Secured Bank Loans Repayable on Demand | 233,304 | 239,720 | - Interest rate is **one-month HIBOR plus 1.5% to 1.7% per annum**[73](index=73&type=chunk) - Bank loans are secured by **investment properties with a carrying value of approximately HK$443,000 thousand** and **corporate guarantees of HK$282,300 thousand** from the Company[74](index=74&type=chunk) - Despite the on-demand repayment clause, directors expect banks not to exercise their rights, thus classifying them as **current liabilities**[74](index=74&type=chunk) [Share Capital](index=36&type=section&id=Share%20Capital) Authorized share capital is HK$500,000 thousand, with issued and fully paid capital of HK$94,553 thousand, remaining unchanged during the period Summary of Share Capital | Item | Number of Shares | Share Capital (HK$ '000) | | :------------- | :------------ | :------------ | | Authorized Share Capital | 5,000,000,000 | 500,000 | | Issued and Fully Paid Share Capital | 945,527,675 | 94,553 | - No change in share capital as of **June 30, 2024**[75](index=75&type=chunk) [Related Party Transactions](index=36&type=section&id=Related%20Party%20Transactions) The Group conducted various related party transactions, including income from associates, lease payments to controlled entities, and increased director emoluments Summary of Related Party Transactions | Related Party Relationship | Nature of Transaction | H1 2024 (HK$ '000) | H1 2023 (HK$ '000) | | :----------- | :----------------- | :-------------------- | :-------------------- | | Associates | Asset Management Income | 397 | 568 | | | Commission Income from Margin Clients | 46 | 19 | | | Interest Income from Margin Clients | 3,501 | 10 | | Companies Controlled by Ultimate Controlling Party | Lease Payments | 2,014 | 2,014 | - Key management personnel (directors') emoluments were **HK$2,537 thousand** (H1 2023: **HK$2,217 thousand**)[76](index=76&type=chunk) [Fair Value Measurement](index=37&type=section&id=Fair%20Value%20Measurement) Financial assets and investment properties measured at fair value are classified by hierarchy, with Level 3 assets experiencing fair value decreases during the period - Fair value measurements are categorized into three levels: **Level 1 (quoted prices in active markets), Level 2 (observable inputs), and Level 3 (unobservable inputs)**[78](index=78&type=chunk) Summary of Level 3 Fair Value Measurement Changes | Item | As at Jun 30, 2024 (HK$ '000) | As at Dec 31, 2023 (HK$ '000) | | :----------------------- | :--------------------- | :---------------------- | | Financial Assets at Fair Value Through Profit or Loss (Period End) | 49,962 | 66,400 | | Fair Value Decrease | (16,438) | (11,600) | | Investment Properties (Period End) | 495,800 | 505,700 | | Fair Value Decrease | (9,900) | (8,100) | - During the period, there were **no transfers between Level 1 and Level 2 fair value measurements**, and **no transfers into or out of Level 3 fair value measurements**[79](index=79&type=chunk)[80](index=80&type=chunk) - The Group's management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost **approximate their fair values**[82](index=82&type=chunk)
梧桐国际(00613) - 2024 - 中期业绩
2024-08-29 14:44
Financial Performance - For the six months ended June 30, 2024, the total revenue was HKD 53,446,000, a decrease of 18% compared to HKD 65,166,000 for the same period in 2023[1]. - The company reported a pre-tax loss of HKD 94,204,000 for the first half of 2024, compared to a pre-tax loss of HKD 30,486,000 in the same period of 2023, representing an increase in losses of 208%[1]. - The net loss for the period was HKD 94,291,000, compared to a net loss of HKD 31,118,000 in the previous year, indicating a significant increase in losses of 202%[2]. - The company's total comprehensive expenses for the period amounted to HKD 161,545,000, compared to HKD 31,142,000 in the same period last year, reflecting a substantial increase in expenses[2]. - The company reported a basic and diluted loss per share of HKD 9.63 for the first half of 2024, compared to HKD 3.25 for the same period in 2023, indicating a significant increase in loss per share[2]. - The company reported a net loss of HKD 94,291,000 for the six months ended June 30, 2024, compared to a net loss of HKD 31,118,000 for the same period in 2023[11][19]. - The group recorded a consolidated loss before tax of approximately HKD 94,200,000, compared to a loss of about HKD 30,500,000 in 2023[34]. - The group’s loss attributable to shareholders for the period was approximately HKD 91,100,000, compared to HKD 30,700,000 in 2023[34]. Assets and Equity - The total assets as of June 30, 2024, were HKD 1,755,239,000, a decrease from HKD 1,911,892,000 as of December 31, 2023[4]. - The company's equity attributable to owners was HKD 1,457,360,000 as of June 30, 2024, down from HKD 1,615,664,000 at the end of 2023, representing a decline of 10%[4]. - The company’s non-current assets totaled HKD 953,626,000 as of June 30, 2024, down from HKD 1,118,613,000 at the end of 2023, reflecting a decrease of 15%[3]. - The net asset value as of June 30, 2024, was approximately HKD 1,745,600,000, a decrease of about HKD 161,500,000 from the end of the previous fiscal year[47]. Cash and Receivables - The company’s cash and cash equivalents stood at HKD 42,534,000 as of June 30, 2024, compared to HKD 38,517,000 at the end of 2023, showing a slight increase of 10%[3]. - Trade receivables from margin clients increased to HKD 653,227,000 as of June 30, 2024, from HKD 636,419,000 as of December 31, 2023, representing a growth of 2.6%[24]. - Total other receivables amounted to HKD 177,394,000 as of June 30, 2024, compared to HKD 172,058,000 as of December 31, 2023, indicating an increase of 3.9%[25]. - The total amount of loans receivable was HKD 121,079,000 as of June 30, 2024, with an impairment provision of HKD 2,030,000, compared to HKD 133,125,000 and HKD 896,000 respectively as of December 31, 2023[28]. - The company reported a total of HKD 965,103,000 in receivables as of June 30, 2024, compared to HKD 953,316,000 as of December 31, 2023, reflecting a growth of 1.2%[25]. Impairment and Losses - The impairment loss on receivables for the period was HKD 24,446,000, compared to HKD 7,000,000 in the same period last year, indicating a significant increase in impairment losses[1]. - The company confirmed a provision for impairment losses of HKD 677,277,000 on trade receivables as of June 30, 2024, compared to HKD 639,948,000 as of December 31, 2023, representing an increase of 5.8%[24]. - The company has recognized an impairment provision of approximately HKD 2,000,000 for outstanding loans as of June 30, 2024, compared to HKD 900,000 as of December 31, 2023[40]. Revenue Breakdown - Interest income from margin clients amounted to HKD 35,558,000, while total interest income was HKD 42,810,000 for the six months ended June 30, 2024[14]. - The segment profit (loss) for the lending services was HKD 435,000, while the tactical and strategic investment segment reported a loss of HKD 88,152,000[10]. - The group’s segment revenue was approximately HKD 39,100,000, an increase of 32.0% from approximately HKD 29,600,000 in the previous period[37]. - Revenue from credit and lending services significantly dropped from approximately HKD 66,100,000 to about HKD 1,600,000, primarily due to a one-time bad debt recovery of HKD 42,000,000 in the previous period[39]. - The group faced significant pressure on its core business due to a volatile global environment and high interest rates, impacting revenue and profitability[36]. Dividends and Financing - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend declared for the same period in 2023[22]. - The group did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous period[35]. - The company incurred financing costs of HKD 8,175,000 for the six months ended June 30, 2024, an increase from HKD 7,000,000 in the same period of 2023[18]. Corporate Governance and Future Plans - The company plans to apply for a license for leveraged foreign exchange trading under the Securities and Futures Ordinance by June 2024, with expectations of receiving formal approval by Q2 2025[38]. - The group maintained compliance with all corporate governance codes during the reporting period[60]. - The mid-term report will be published in September 2024 and sent to shareholders[63]. - The board expresses gratitude to management and employees for their contributions during the period[64].
梧桐国际(00613) - 2023 - 年度财报
2024-04-29 09:01
Financial Performance - The group's revenue decreased by 27.0% to approximately HKD 113,400,000 compared to the previous year [38]. - The net loss attributable to shareholders increased by 716.1% to approximately HKD 140,100,000 [38]. - The group recorded a pre-tax loss of HKD 140,900,000 for the year, compared to a pre-tax profit of HKD 94,200,000 in the previous year [36]. - Margin loan interest income fell to approximately HKD 53,200,000 this year from HKD 59,500,000 last year, primarily due to a reduction in margin loan rates from 10% to 8% [16]. - Fair value losses on financial assets increased by approximately HKD 207,200,000, while interest income from loans decreased by approximately HKD 22,500,000 [36]. - The group's property investment and leasing segment recorded a loss of approximately HKD 232,200,000, compared to a loss of HKD 84,300,000 in the previous year, largely due to fair value losses on financial assets [20]. Asset Management and Investments - The group's asset management service revenue decreased to approximately HKD 3,700,000 in the current year, down from HKD 4,500,000 in the previous year, reflecting the impact of a sluggish stock market [16]. - The revenue from credit and lending services increased from approximately HKD 53,800,000 to approximately HKD 73,000,000, mainly due to bad debt recovery of about HKD 42,000,000 [18]. - The total amount of outstanding loans and accrued interest decreased from approximately HKD 687,300,000 to about HKD 133,100,000 by the end of the year [18]. - The investment in Green River Associates Limited accounted for approximately 9.8% of the group's total assets, with a carrying value of about HKD 214,300,000 [59]. - The group recognized a share of losses from Green River amounting to approximately HKD 20,500,000 for the year, compared to HKD 87,600,000 in 2022, indicating a significant reduction in losses [59]. - The investment in Green River was diluted from 33% to 31.37% due to the issuance of additional shares to another investor [78]. - The group also invested approximately HKD 83.4 million in three non-listed companies registered in the British Virgin Islands and the Marshall Islands, a significant increase from HKD 17.1 million in 2022 [81]. - The group's equity investments in ten Hong Kong listed companies amounted to approximately HKD 155.6 million, with no such investments reported in 2022 [81]. Financial Position and Management - As of December 31, 2023, the group's net asset value was approximately HKD 1,907,100,000, down from HKD 2,120,200,000 in 2022, representing a decrease of about 10% [72]. - The total assets and liabilities of the group were approximately HKD 2,184,400,000 and HKD 277,300,000, respectively, compared to HKD 2,412,700,000 and HKD 292,500,000 in 2022 [72]. - The debt-to-equity ratio increased to 13.0% from 1.7% in the previous year, primarily due to funding operations [51]. - The group has maintained a conservative financial policy regarding cash and financial management, primarily holding cash in short-term deposits in USD and HKD [25]. Future Outlook - The group anticipates that the property market will continue to recover, leading to stable and secure income generation in the future [22]. - The group expects the global economic environment to remain challenging, with inflation and interest rates projected to decline slightly in 2024 [14]. - The group anticipates gradual improvement in investment activity in 2024 and 2025 as mortgage rates are expected to decrease [45]. Corporate Governance and Management - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange, with all directors confirming adherence to the standards set forth [84]. - The board consists of nine members, including four executive directors and four independent non-executive directors, ensuring a strong independent component [90]. - The company has no executive director appointed as CEO, with responsibilities delegated to the executive directors collectively [91]. - The board has committed to gender diversity in hiring practices, aiming to maintain a balanced representation of women in senior management roles [99]. - The company has established discretionary stock option and share award plans to motivate employee performance and enhance loyalty [106]. - The board has implemented a diversity policy to enhance the effectiveness of corporate governance practices, recognizing the importance of diverse perspectives [120]. - The company emphasizes the importance of maintaining a diverse board, considering factors such as gender, age, and professional experience [156]. Risk Management and Compliance - The company has engaged independent external internal control consultants to assess and provide recommendations for improving its internal control systems during the year [183]. - The company has conducted a thorough review of its risk management and internal control systems throughout the year [183]. - The company has established a robust internal monitoring procedure for its credit and lending services [184]. - The company has confirmed that there are no significant uncertainties regarding its ability to continue as a going concern as of December 31, 2023 [180]. - The company has maintained a consistent discount factor of 0.99 for the expected credit loss assessment, indicating stable risk management practices [191]. Community and Sustainability - The company is committed to sustainable development and environmental protection, integrating ESG considerations into its business operations [104]. - The company has engaged in community activities to strengthen its ESG management and ensure business development considers community interests [104]. - The board is committed to long-term sustainable development, integrating environmental, social, and governance (ESG) factors into business operations [133]. - The company has adopted an ESG policy to guide the management of related issues across all levels, ensuring high standards of business ethics and governance [134].
梧桐国际(00613) - 2023 - 年度业绩
2024-03-27 22:14
Financial Performance - Total revenue for the year 2023 was HKD 113,394,000, a decrease of 27% compared to HKD 155,327,000 in 2022[3] - The company reported a total comprehensive loss of HKD 163,142,000 for 2023, compared to a comprehensive income of HKD 9,535,000 in 2022[5] - Basic and diluted loss per share for 2023 was HKD 14.82, significantly higher than HKD 1.82 in 2022[7] - The company reported a total loss for the year of HKD 176,540,000, compared to a loss of HKD 1,532,000 in the prior year, marking a substantial increase in losses[23][24] - The company reported a net loss of HKD 140,145,000 for 2023, compared to a loss of HKD 17,172,000 in 2022, indicating a significant increase in losses[50] Revenue Breakdown - Asset management service revenue declined to HKD 3,673,000 from HKD 4,510,000, representing a decrease of 18.6%[3] - Corporate advisory service revenue fell to HKD 12,664,000, down 35% from HKD 19,508,000 in the previous year[3] - The financial services segment generated revenue of HKD 64,970,000, while the credit and lending services segment contributed HKD 30,944,000, indicating a significant drop in both segments compared to the previous year[23][24] - Financial advisory service revenue decreased to HKD 7,613,000 in 2023 from HKD 9,785,000 in 2022, representing a decline of 22%[37] - Interest income from margin clients was HKD 53,190,000 in 2023, down from HKD 59,510,000 in 2022, a decrease of 11%[39] Asset and Equity Changes - Non-current assets decreased to HKD 759,027,000 from HKD 1,118,613,000, indicating a reduction of 32.2%[9] - Total equity decreased to HKD 2,120,237,000 from HKD 1,907,095,000, reflecting a decline of 10.4%[9] - Total assets as of December 31, 2023, amounted to HKD 2,184,428,000, an increase from HKD 2,412,742,000 as of December 31, 2022[28] - The group's net asset value as of December 31, 2023, was approximately HKD 1,907.1 million, down from HKD 2,120.2 million in 2022[89] Liabilities and Financial Stability - Total liabilities decreased to HKD (277,333,000) in 2023 from HKD (292,505,000) in 2022, indicating improved financial stability[28] - The debt-to-equity ratio increased to 13.0% as of December 31, 2023, from 1.7% in 2022, primarily due to funding operations[95] Strategic Initiatives and Future Plans - The company plans to focus on expanding its financial services and property investment sectors in the upcoming year[10] - The company continues to explore new strategies for market expansion and product development, although specific details were not disclosed in the conference call[22] - The company plans to launch a pre-IPO platform named "Etreemart" for retail and corporate clients to trade new shares before official listing in Hong Kong[82] - The company plans to acquire the remaining non-controlling interests in Wutong Securities to unify ownership and enhance operational efficiency, with the acquisition expected to be completed by December 21, 2023[99] Operational Efficiency and Cost Management - The company aims to improve operational efficiency and reduce costs through strategic initiatives in the coming year[30] - The company aims to remain flexible in utilizing its resources to navigate the challenging economic environment ahead[71] Client and Market Dynamics - The company experienced a decrease in client numbers due to a slow recovery in the financial services market[72] - Major clients contributing over 10% of revenue included Client A with HKD 6,092,000 in 2023, down from HKD 7,251,000 in 2022[34] Corporate Governance and Sustainability - The company has adopted and complied with the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the year ending December 31, 2023[110] - The company is committed to sustainable development and environmental protection, implementing practices to enhance resource efficiency and reduce emissions[113] - The company will publish its environmental, social, and governance report in the 2023 annual report, which will be available on its website and the designated exchange website[113] Employee and Shareholder Information - The group has 43 employees, including all directors, as of December 31, 2023[114] - The annual general meeting is scheduled for June 19, 2024, with a suspension of share transfer registration from June 14 to June 19, 2024[119] - The 2023 annual report will be published on the company's website and sent to shareholders in due course[121]
梧桐国际(00613) - 2023 - 中期财报
2023-09-27 08:54
Financial Performance - Total revenue for the six months ended June 30, 2023, was approximately HKD 108.2 million, an increase of HKD 29.6 million or 37.7% compared to the same period in 2022[6]. - The group recorded a consolidated loss after tax of approximately HKD 31.1 million, compared to a profit of approximately HKD 9.5 million in the previous period[6]. - Core business pre-tax loss for the period was approximately HKD 15.4 million, down from a pre-tax profit of approximately HKD 42.4 million in the previous period[7]. - The overall revenue for the group during the period was approximately HKD 65,200,000, a decrease of about HKD 8,000,000 compared to the previous period[23]. - Total revenue for the six months ended June 30, 2023, was HKD 65,166,000, a decrease of 10.4% compared to HKD 73,191,000 in the same period of 2022[63]. - Total comprehensive loss for the period was HKD 31,142,000, compared to a comprehensive income of HKD 9,504,000 in the previous year[64]. - Basic and diluted loss per share was HKD (3.25), compared to earnings of HKD 0.31 per share in the same period last year[64]. - The company reported a net loss attributable to owners of HKD (30,690,000) compared to a profit of HKD 2,937,000 in the previous year[64]. Revenue Breakdown - Revenue from asset management services decreased to approximately HKD 1.9 million, down from approximately HKD 2.6 million in the previous period[12]. - Margin loan interest income fell to approximately HKD 24.5 million, down from approximately HKD 30.2 million in the previous period, primarily due to a decrease in margin loan rates[12]. - The financial services segment's revenue decreased by 20.2% to approximately HKD 29.6 million, down from approximately HKD 37.1 million in the previous period[13]. - The revenue from the lending and borrowing services segment increased from approximately HKD 25,700,000 to approximately HKD 66,100,000, primarily due to the recovery of bad debts amounting to HKD 42,000,000[17]. - The interest income from the lending business decreased to approximately HKD 24,100,000 from approximately HKD 25,100,000 in the previous year[23]. - The company’s asset management service revenue decreased to HKD 1,860,000 from HKD 2,586,000, a decline of approximately 28%[88]. - Corporate advisory service revenue fell to HKD 5,686,000, down 30.6% from HKD 8,195,000[63]. Assets and Liabilities - The group’s net asset value as of June 30, 2023, was approximately HKD 2,089,100,000, a decrease of about HKD 31,100,000 from the end of the previous fiscal year[25]. - The total assets as of June 30, 2023, amounted to HKD 2,376,988,000, an increase from HKD 2,412,742,000 as of December 31, 2022[84][85]. - The total liabilities as of June 30, 2023, were HKD 287,893,000, compared to HKD 292,505,000 at the end of 2022, indicating a slight decrease[85]. - The total outstanding principal and accrued interest not repaid is approximately HKD 507,300,000, with the largest borrower and the top five borrowers accounting for approximately 16% and 39% of the receivables, respectively[17]. - The aging analysis of receivables as of June 30, 2023, showed that HKD 504,519,000 was not overdue, down from HKD 686,714,000 as of December 31, 2022[105]. Cash Flow and Financing - For the six months ended June 30, 2023, the net cash used in operating activities was HKD (22,695) thousand, a significant improvement from HKD (362,869) thousand in the same period of 2022[71]. - The group reported a net cash outflow from investing activities of HKD (62,516) thousand, a decrease from a net cash inflow of HKD 99,829 thousand in the prior year[71]. - The group’s financing activities resulted in a net cash outflow of HKD (16,797) thousand, compared to a net cash inflow of HKD 111,547 thousand in the previous year[71]. - The cash and cash equivalents at the end of the reporting period were HKD 127,300 thousand, down from HKD 279,580 thousand at the end of June 2022[71]. Corporate Governance and Compliance - The company has complied with all corporate governance practices as per the Listing Rules during the reporting period[41]. - The company did not declare any interim dividends for the period, consistent with the previous year[8]. - The company has not established any arrangements that would allow directors to benefit from acquiring shares or debentures of the company during the period[53]. - The company has not disclosed any changes in director information since the last annual report[57]. Future Plans and Strategies - The group plans to launch a pre-IPO matching system for retail and corporate clients by September 2023, with internal testing completed in July 2023[14]. - The group has applied for additional licenses under the Securities and Futures Ordinance to expand its service offerings, with expected formal approval by mid-November 2023[14]. - Management anticipates that inflationary pressures may ease, and will continue to review and adjust strategies cautiously[10]. Employee and Shareholder Information - The company has 37 employees as of June 30, 2023, and offers various employee benefits including MPF, medical insurance, and discretionary training subsidies[40]. - As of June 30, 2023, major shareholders include Ms. Luo Qiyin, holding 633,535,440 shares, representing approximately 67.01% of the total issued share capital[55]. - The company has a share incentive plan in place that allows for the issuance of shares up to 10% of the issued share capital, with an annual limit of 3%[115]. Investment and Fair Value - The investment in Green River Associates Limited has been diluted from 33% to 31.37%, with a carrying value of approximately HKD 136.4 million as of June 30, 2023, representing about 5.7% of the total assets[34]. - The group's share of losses from Green River Marshall amounted to approximately HKD 18 million for the period, a decrease from HKD 32.9 million in the previous year, primarily due to fair value losses on investments[34]. - The fair value loss on financial assets recognized in profit or loss was HKD 70,534,000 for the first half of 2023, compared to HKD 7,490,000 in the same period of 2022[90]. - The fair value of financial assets measured at fair value through profit or loss increased to HKD 212,905,000 as of June 30, 2023, compared to HKD 161,576,000 as of December 31, 2022[107].
梧桐国际(00613) - 2023 - 中期业绩
2023-08-31 11:07
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:613) 二零二三年中期業績(未審核) 梧桐國際發展有限公司(「本公司」)之董事(「董事」)會(「董事會」)公佈本公司及其附屬公 司(統稱「本集團」)截至二零二三年六月三十日止六個月之未審核綜合業績如下: 簡明綜合全面收入表 截至二零二三年六月三十日止六個月 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 (未審核) (未審核) 收益 ...