Financial Performance - The group recorded a net profit of RMB 1.019 billion for 2022, an increase of RMB 588 million, representing a growth of 136.6% year-on-year[11]. - The group reported other comprehensive losses of HKD 401.6 million for the year, down from HKD 1.0609 billion in the previous year[15]. - The company reported a reserve available for distribution to shareholders of approximately HKD 6,138,557,000 as of December 31, 2022, down from HKD 6,471,550,000 in 2021, representing a decrease of about 5.14%[61]. - No final dividend was recommended for the year ended December 31, 2022, consistent with the previous year[59]. Assets and Liabilities - As of December 31, 2022, the group's total assets amounted to HKD 5.754 billion, down from HKD 6.309 billion in 2021[16]. - The group's net asset value as of December 31, 2022, was HKD 5.2783 billion, compared to HKD 5.7408 billion in 2021[16]. - The group had total loans payable of HKD 294 million as of December 31, 2022, compared to HKD 246.6 million in 2021[18]. - The group maintained a strong liquidity position with a current ratio of 3.9 as of December 31, 2022, down from 5.6 in 2021[18]. Employee and Management - The group employed 29 full-time employees as of December 31, 2022, with total employee costs of approximately HKD 24.5 million, down from HKD 29.2 million in 2021[29]. - The company has a strong focus on employee motivation through its share option and reward schemes[48]. - The remuneration policy for employees is determined by the remuneration committee based on performance, qualifications, and capabilities[157]. - The company continues to prioritize employee knowledge and skills, providing favorable career development opportunities[78]. Corporate Governance - The company has independent non-executive directors with extensive experience in finance and investment, enhancing governance and oversight[54][56][72]. - The board of directors has undergone changes, with new appointments made in 2022, ensuring fresh perspectives in governance[62]. - The company has maintained compliance with legal and regulatory requirements, reflecting its commitment to corporate governance[59]. - The board is responsible for guiding and supervising the management, developing business strategies, and approving the annual budget and business plans[196]. Share Options and Incentives - The company has implemented a share option scheme with a total of 610,925,913 shares available for issuance, representing 10% of the total issued shares as of the plan adoption date[48]. - The maximum number of shares that can be granted under the share incentive plan is 581,176,628 shares, which represents 10% of the company's issued share capital as of the adoption date of the plan[121]. - The 2022 share option plan allows for the issuance of up to 610,925,913 shares, representing 10% of the company's issued shares as of the plan's approval date[93]. - The company aims to attract suitable individuals with relevant experience for its existing and potential new business developments, including integrated resort projects[120]. Risk Management - The management maintains a cautious outlook due to ongoing geopolitical tensions, recession risks, and supply chain restructuring challenges despite global economic recovery from COVID-19[44]. - The company continues to monitor foreign exchange risk exposure and will consider appropriate actions to mitigate such risks when necessary[40]. - The company has no derivative instruments to hedge foreign exchange risks for the year[40]. - The company has no significant contingent liabilities as of December 31, 2022, consistent with the previous year[41]. Shareholder Information - Major shareholders include Sun Cuohong with 1,215,296,600 shares, representing 19.89% of the company, and Mai Shaoxian with 575,003,000 shares, representing 9.41%[130]. - The largest customer accounted for approximately 21% of the group's revenue from continuing operations for the year ended December 31, 2022[133]. - The company has maintained a public float of at least 25% as required by listing rules[158]. Audit and Compliance - The annual performance for the year ended December 31, 2022, has been audited by the auditor Zhongren Zhonghuan (Hong Kong) CPA Limited[188]. - The company will propose the reappointment of Zhongren Zhonghuan (Hong Kong) CPA Limited at the 2023 annual general meeting[189]. - The company has established an audit committee responsible for reviewing and monitoring the financial reporting process and internal controls[140]. - The company complied with the corporate governance code as per the listing rules, except for one specific provision[139].

Financial Performance - The total revenue for the year ended December 31, 2022, was HKD 109,193,000, a significant recovery from a loss of HKD 3,101,855,000 in 2021[22] - The net loss for the year was HKD 81,088,000, compared to a much larger loss of HKD 3,145,728,000 in the previous year, indicating a substantial improvement[22] - The company reported a net gain from the sale of financial assets at fair value through profit or loss of HKD 25,085,000, recovering from a loss of HKD 3,225,077,000 in 2021[22] - The basic and diluted loss per share for the year was HKD 1.33, a significant reduction from HKD 51.46 in 2021, showing improved financial performance[24] - The total comprehensive loss for the year was HKD 482,718,000, significantly lower than HKD 4,206,677,000 in 2021, reflecting improved operational efficiency[24] - The company reported a significant decrease in revenue from financial assets measured at fair value through profit or loss, from HKD 748,076,000 in 2021 to HKD 266,894,000 in 2022, a drop of approximately 64.3%[36] - The group reported a pre-tax loss of HKD 3,551,087,000 for the year, reflecting significant challenges in the market[66] - The company reported a loss attributable to equity shareholders of HKD (81,088,000) in 2022, compared to a loss of HKD (3,145,728,000) in 2021, indicating a significant improvement[166] Income and Expenses - Dividend income increased to HKD 22,362,000 from HKD 15,222,000, reflecting a positive trend in income generation[22] - The company incurred a financing cost of HKD 22,893,000, down from HKD 26,793,000 in the previous year, indicating improved cost management[22] - Other comprehensive losses for the year totaled HKD 401,630,000, compared to HKD 1,060,949,000 in the previous year, indicating a reduction in overall losses[24] - The company recognized a reversal of impairment losses on receivables amounting to HKD 13,688,000, contrasting with a loss of HKD 7,941,000 in 2021[22] - The company reported a decrease in employee benefit expenses to HKD 24,534,000 from HKD 29,202,000, indicating cost-cutting measures[22] - The company incurred business development expenses of HKD 8,158 million in 2022, significantly lower than HKD 140,141 million in 2021[68] - The current tax expense for the year was HKD 1,800 million in 2022, compared to HKD 3,346 million in 2021, indicating a decrease of approximately 46.2%[70] Assets and Liabilities - Total assets decreased from HKD 5,744,869,000 in 2021 to HKD 5,279,626,000 in 2022, a decline of approximately 8.1%[25] - Non-current assets decreased from HKD 3,921,321,000 in 2021 to HKD 3,134,196,000 in 2022, representing a decrease of about 20.0%[25] - Current liabilities decreased from HKD 1,832,813,000 in 2021 to HKD 1,358,305,000 in 2022, a reduction of approximately 25.8%[25] - The company's net asset value decreased from HKD 5,740,846,000 in 2021 to HKD 5,278,315,000 in 2022, a decline of about 8.0%[26] - The company’s total liabilities decreased from HKD 4,023,000 in 2021 to HKD 1,311,000 in 2022, a decrease of approximately 67.4%[26] - The company’s cash and cash equivalents decreased from HKD 848,645,000 in 2021 to HKD 368,819,000 in 2022, a decline of about 56.5%[25] - The company’s receivables decreased from HKD 1,427,067,000 in 2021 to HKD 1,017,671,000 in 2022, a reduction of approximately 28.8%[25] Investment and Financing - The company has a bank loan secured against investment properties valued at HKD 102,750 million as of December 31, 2022[75] - The company plans to continue its strategic investment in Future Capital, acquiring a 17.81% stake for HKD 750 million[83] - The company recognized a fair value loss of approximately HKD 31 million on its investment in Future Capital during the year[83] - The company sold 15,426,500 shares of Hong Kong Shanghai Hotels Limited for a total consideration of HKD 197,460,000, equivalent to HKD 12.8 per share, on February 11, 2022[186] - The company subscribed for shares in Future Capital Group Limited for HKD 750,000,000, at a price of HKD 200,000 per share, on February 17, 2022[187] Corporate Governance - The company has established an audit committee to oversee financial reporting and internal controls, consisting of five independent non-executive directors[190] - The annual results for the year have been audited by the company's auditor, confirming compliance with financial reporting standards[192] - The company is committed to maintaining high standards of corporate governance, although it has not fully complied with all provisions of the corporate governance code[193]

Financial Performance - The company reported a net loss of HKD 39.4 million for the six months ended June 30, 2022, compared to a net profit of HKD 899.5 million for the same period in 2021, primarily due to the absence of one-time gains from acquisitions and a cautious approach in financial and credit services leading to a decline in total revenue [5]. - The group recorded total revenue of HKD 73.3 million, a decrease of 51.84% from HKD 152.2 million in the previous period, with a net loss of HKD 39.4 million compared to a profit of HKD 899.5 million previously [39]. - The net loss for the period was HKD 39,449,000, compared to a profit of HKD 899,540,000 in the same period last year, representing a significant decline [102]. - Other comprehensive loss totaled HKD 297,144,000 for the six months ended June 30, 2022, compared to a gain of HKD 111,616,000 in the prior year [102]. - The company reported a significant decrease in advisory and commission income, which fell to HKD 346,000 from HKD 4,988,000 in the previous year, a drop of 93.1% [99]. Revenue Sources - Brokerage commission income from securities brokerage services decreased by 75% to HKD 300,000, down from HKD 1.2 million in the previous period [8]. - Interest income from margin financing services fell by 76.2% to HKD 11.6 million, compared to HKD 48.7 million in the previous period [8]. - The company did not generate any revenue from its placing and underwriting services or corporate finance advisory services during the reporting period, which were HKD 2.4 million and HKD 1.4 million, respectively, in the previous period [8]. - Interest income from receivables during the reporting period was HKD 20.5 million, representing a significant decrease of 75.8% compared to HKD 84.8 million for the year ended December 31, 2021 [12]. Asset and Liability Management - The total assets of the company as of June 30, 2022, were HKD 10,950,786,000 [115]. - The company’s total assets decreased to HKD 5,416,258,000 from HKD 5,744,869,000, indicating a reduction in overall asset base [103]. - The company reported a net asset value of HKD 5,414,347,000 as of June 30, 2022, down from HKD 5,740,846,000 at the end of 2021 [103]. - The company’s equity attributable to owners was HKD 305,680,000 as of June 30, 2022 [115]. Credit Risk and Lending Practices - The company maintains a cautious stance on its margin financing, placing and underwriting services, and corporate finance advisory services due to the prevailing market uncertainties [8]. - The net receivables from loans at the end of the reporting period amounted to approximately HKD 278.7 million, a decrease of 71.5% from HKD 978.4 million as of December 31, 2021 [11]. - The largest borrower accounted for HKD 147.3 million, which is approximately 53% of the total receivables, while the top five borrowers collectively represented about 96% of total receivables [13]. - The company has established a credit risk classification system for assessing loans, categorizing them into performing, underperforming, and non-performing loans [17]. - The company has taken a prudent approach in its lending services, leading to a significant reduction in interest income and an increase in impairment provisions [12][19]. Investment Activities - The group reported a negative income of HKD 21,900,000 from its tactical and strategic investments during the reporting period [27]. - The group anticipates continued investor reallocations towards the property market as a defensive investment strategy during ongoing pandemic uncertainties [28]. - The group is confident that property investments will provide stable and reliable income as the market continues to recover and leasing demand increases [28]. - The group has established criteria to identify suitable investments and will consider liquidating certain investments based on internal resource requirements and alternative investment opportunities [31]. Corporate Governance and Management - The audit committee, consisting of five independent non-executive directors, is responsible for reviewing the group's financial reporting procedures and internal controls [59]. - The board confirmed compliance with all corporate governance code provisions during the reporting period [60]. - The company has not reported any significant changes in the board of directors since the last annual report [92]. - The company’s management team has extensive experience in finance, investment, and credit, with over 30 years and approximately 20 years of experience respectively [11]. Shareholder Information - As of June 30, 2022, the total number of issued shares by the company was 6,109,259,139 shares [2]. - Major shareholder Sun Cuohong holds 1,215,296,600 shares, representing 19.89% of the total issued shares [89]. - Major shareholder Mai Shaoxian holds 575,003,000 shares, representing 9.41% of the total issued shares [89]. - The company has not recommended any interim dividend for the reporting period, consistent with the previous period [56]. Cash Flow and Liquidity - The company’s cash and cash equivalents decreased to HKD 577,585,000 from HKD 848,645,000, reflecting a decline in liquidity [103]. - The net cash generated from operating activities for the six months ended June 30, 2022, was HKD 438,315,000, compared to a net cash outflow of HKD 249,802,000 in the same period of 2021 [118]. - The company incurred a net cash outflow from investing activities of HKD 679,249,000, compared to a net cash inflow of HKD 217,168,000 in the previous year [118]. Fair Value Measurements - The fair value of listed equity securities in Hong Kong as of June 30, 2022, was HKD 262,627,000, down from HKD 496,498,000 as of December 31, 2021, representing a decrease of approximately 47% [186]. - The fair value of non-listed investment funds was HKD 129,459,000 as of June 30, 2022, compared to HKD 123,260,000 as of December 31, 2021, indicating a slight increase of about 5% [186]. - The company believes that the carrying amounts of financial assets and liabilities measured at amortized cost approximate their fair values [190].

Financial Performance - The group recorded a net loss of HKD 3,145,700,000 for the year, compared to a net profit of HKD 2,819,500,000 in the previous year, resulting in a basic and diluted loss per share of HKD 0.5146[27] - Revenue from securities brokerage services decreased by 29.2% from HKD 2,400,000 in 2020 to HKD 1,700,000 in 2021[13] - Interest income from margin financing services fell by 32.3% from HKD 37,100,000 in 2020 to HKD 25,100,000 in 2021[13] - Interest income from receivable loans decreased by 37.3% from HKD 105,000,000 to HKD 65,800,000[20] - Revenue from corporate finance advisory services increased by 366.7% from HKD 300,000 to HKD 1,400,000 year-on-year, driven by the growth of the business network[17] - The group generated underwriting commissions of HKD 2,700,000 from five underwriting projects, up from approximately HKD 700,000 in the previous year[15] - The group's total assets as of December 31, 2021, were HKD 6,309,000,000, down from HKD 10,902,500,000 in 2020[28] - The group's cash and cash equivalents as of December 31, 2021, were HKD 848.60 million, an increase from HKD 683.30 million in 2020, while total cash and financial assets amounted to HKD 1,576.40 million[38] - The total market capitalization of the company as of December 31, 2021, was approximately HKD 3.42 billion, a decrease from HKD 3.73 billion in 2020[39] - The group's current ratio as of December 31, 2021, was 5.6, down from 12.8 in 2020, indicating a decrease in liquidity[38] Strategic Focus and Market Position - The company decided to shift its focus to the real estate market, which historically has shown resilience during economic downturns[7] - The group anticipates continued investor reallocations to the property market as a defensive investment strategy during ongoing pandemic uncertainties[24] - The company is involved in regulated activities including securities trading, futures contract trading, and asset management through its subsidiary, Wihua Securities[12] - The group plans to expand its credit services by leveraging its existing network and reputation in the market[21] - The company aims to adopt a more conservative investment strategy moving forward, especially if the pandemic's impact persists into 2022[6] - The group aims to create a resilient and robust investment portfolio that adds value to shareholders through tactical and strategic investments[25] Corporate Governance and Management - The company is committed to maintaining a strong governance structure with experienced directors overseeing its strategic initiatives[70] - The board consists of nine members, including two executive directors and four independent non-executive directors, ensuring a diverse and qualified leadership[149] - The company has complied with all provisions of the corporate governance code as outlined in the listing rules[148] - The audit committee, composed of three independent non-executive directors, is responsible for reviewing and monitoring the financial reporting process and internal controls[142] - The company emphasizes the importance of internal control mechanisms and risk management, with the board playing a crucial role in oversight[155] - The company has established procedures for directors to seek independent professional advice at the company's expense[155] - The board is responsible for reviewing and monitoring compliance with legal and regulatory policies, as well as corporate governance practices[163] Employee and Stakeholder Relations - The company expressed gratitude to all employees and stakeholders for their efforts and support during challenging times[8] - The company emphasizes the importance of skilled employees and continues to offer compensation and benefits in line with market practices[63] - The group employed approximately 32 full-time employees, down from 37 in 2020, with total employee costs amounting to approximately HKD 29,200,000, a decrease from HKD 57,700,000 in 2020[63] - The company may grant stock options and reward shares to eligible employees under approved stock option and share reward plans[63] Legal and Compliance Matters - The group views ongoing legal actions against it as baseless and an attempt to damage its reputation and goodwill[58] - The company has complied with all relevant laws and regulations in Bermuda, Hong Kong, China, Japan, the British Virgin Islands, and the Marshall Islands during the fiscal year ending December 31, 2021[87] - The company has established arrangements for employees to raise concerns regarding financial reporting and internal controls, with no reports received during the year[174] Shareholder Communication and Dividends - The company has established a dividend policy that balances sufficient capital development and rewarding shareholders, considering factors such as operating performance and cash flow forecasts[195] - The board does not recommend the payment of a final dividend for the year ended December 31, 2021, consistent with no dividend in 2020[90] - The company has implemented a shareholder communication policy to ensure effective communication with shareholders and investors, utilizing various tools such as annual general meetings and reports[190] - Shareholders holding at least 10% of the paid-up capital can request a special general meeting, while those holding at least 20% or 100 shareholders can propose resolutions[188][189] Future Outlook and Plans - The company plans to continue optimizing its business structure and enhancing operational performance amid ongoing economic uncertainties[34] - The group received a principal approval for its application for a Type 8 regulated activity license from the Securities and Futures Commission in January 2022, aiming to attract clients with strong financial backgrounds, particularly those holding significant single-stock equity[52] - The company is focused on expanding its integrated resort project in Nagasaki, Japan, which includes luxury hotels, casinos, and entertainment facilities[67] Risk Management - The company has faced various risks and uncertainties, which are described in different sections of the annual report, particularly in the management discussion and analysis[86] - Tactical and strategic investments were negatively affected by increased market volatility, leading to a need for risk management measures to mitigate potential losses[7]

Financial Performance - The company reported total revenue of approximately HKD 152,200,000 for the six months ended June 30, 2021, representing an increase of 122.5% compared to HKD 68,400,000 for the same period in 2020[9]. - Net profit for the period was approximately HKD 899,500,000, reversing a loss of HKD 3,700,000 from the previous period[9]. - Basic earnings per share were approximately HKD 0.1471[8]. - The company recorded a total comprehensive income of HKD 1,011,156,000 for the six months ended June 30, 2021, compared to HKD 243,639,000 in the same period of 2020, reflecting a growth of 314.5%[101]. - The company reported a profit attributable to equity holders of HKD 899,540,000 for the six months ended June 30, 2021, compared to a loss of HKD 3,738,000 in the same period of 2020[140]. Revenue Sources - Brokerage commission income from securities brokerage services increased by 300.0% to HKD 1,200,000, up from HKD 300,000 in the previous period[14]. - Interest income from margin financing services rose by 266.2% to HKD 48,700,000, compared to HKD 13,300,000 in the previous period[14]. - Interest income amounted to HKD 141,141,000, with contributions of HKD 48,735,000 from financial services and HKD 84,762,000 from credit services[120]. - The financial services segment generated a profit of HKD 52,400,000, up from HKD 3,900,000 in the previous period[41]. - The company experienced a significant increase in advisory and commission income, which rose to HKD 4,988,000 from HKD 631,000, representing a growth of 687.2%[100]. Business Expansion and Strategy - The company aims to start providing futures brokerage services in the second half of 2021, which is expected to create additional commission revenue streams[11]. - The company is applying for a license for regulated activities related to providing securities margin financing to attract clients with strong financial backgrounds[13]. - The company plans to diversify its business by launching brokerage services for futures contracts, having become a participant in the Hong Kong Futures Exchange in May 2021[27]. - The company aims to expand its customer base by leveraging its established business network and recruiting experienced professionals with high-end client networks[27]. - The company is reviewing the possibility of offering fund investment services to clients seeking equity investments, aiming to attract clients interested in diversifying their investments across different asset classes[19]. Risk Management and Outlook - Management expressed a pessimistic outlook for the global investment environment, citing significant risks from the ongoing COVID-19 pandemic and strict border controls in Hong Kong and China[24]. - The company maintains a cautious approach to credit control in its margin financing business, balancing risk and return[15]. - Management remains cautious about foreign investments following a disappointing bidding experience for a resort project in Nagasaki, Japan, leading to a withdrawal from the proposal process[24]. - The company is committed to maintaining a balanced approach to risk and potential returns while pursuing growth opportunities in new businesses[28]. Financial Position - The company’s net asset value as of June 30, 2021, was HKD 109.508 billion, an increase of HKD 10.136 billion from HKD 99.372 billion on December 31, 2020[43]. - The company has maintained a strong liquidity position with a current ratio of 9.7 as of June 30, 2021, down from 12.8 on December 31, 2020[45]. - The company’s total liabilities increased to HKD 1,060,725 thousand from HKD 1,020,778 thousand, indicating a rise of approximately 3.9%[102]. - The company’s total cash outflow from financing activities was HKD (13,097) thousand for the reporting period[111]. - The company’s cash and cash equivalents stood at HKD 637,500,000 as of June 30, 2021, down from HKD 683,300,000 on December 31, 2020[45]. Employee and Governance - The group employed 33 full-time employees and provided various benefits, including medical and retirement benefits[59]. - The board did not recommend any interim dividend for the reporting period, consistent with the previous period[58]. - The group has established an audit committee to review and monitor financial reporting procedures and internal controls, consisting of four independent non-executive directors[61]. - The group confirmed compliance with the corporate governance code during the reporting period[62]. Share Options and Incentives - The company has granted 10,000,000 shares as unvested incentive shares and 20,000,000 shares as beneficial ownership options[68]. - The total number of shares that may be issued under the 2012 Share Option Scheme is capped at 10% of the issued shares as of the approval date[73]. - The company did not grant any stock options under the 2012 Share Option Scheme during the six months ended June 30, 2021, maintaining a total of 252,000,000 unexercised options[160]. - The weighted average exercise price of the options remained at HKD 0.85 as of June 30, 2021[162]. - The company has a share incentive plan that allows for a maximum of 3% of the issued share capital to be granted as incentive shares in any financial year[89].

HIDOR INTERNATIONAL HOLDINGS LTD 威 華 達 控 股 有 限 公 司 * 2020 ⋆ 僅供購別 | --- | --- | |----------------------------|-------| | | | | 股份代號 : | | | 622.HK 或 "威華達" | | | 於百慕達註冊成立之有限公司 | | 1 威華達控股有限公司 2020年年報 頁次 公司資料2 主席報告3 管理層討論及分析6 董事及公司秘書履歷 18 董事會報告 21 企業管治報告 33 環境、社會及管治報告 45 獨立核數師報告書 60 綜合損益及其他全面收益表 66 綜合財務狀況表 67 綜合權益變動表 69 綜合現金流量表 72 綜合財務報表附註 74 財務概要 150 目錄 威華達控股有限公司 2 2020年年報 公司資料 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's revenue for the six months ended June 30, 2020, was approximately HKD 68.4 million, a decrease of 66.8% compared to HKD 205.6 million in the same period last year[7][12]. - The loss attributable to the owners of the company was approximately HKD 3.7 million, significantly reduced from a loss of HKD 198.7 million in the same period last year[8][12]. - Basic loss per share was approximately HKD 0.06, compared to a loss of HKD 3.42 per share in the same period last year[9][12]. - Total revenue for the six months ended June 30, 2020, was HKD 68,390,000, a decrease of 66.8% compared to HKD 205,642,000 for the same period in 2019[97]. - Other income for the same period was HKD 4,173,000, down 78.7% from HKD 19,570,000 in 2019[97]. - The company reported a pre-tax profit of HKD 39,180,000, compared to a loss of HKD 200,948,000 in the previous year[97]. - The total comprehensive income for the period was HKD 243,639,000, a significant increase from HKD 37,903,000 in the same period of 2019[97]. - The company reported a significant economic contraction in Hong Kong, with negative GDP growth and rising unemployment rates due to COVID-19[55]. Revenue Sources - The company's securities brokerage and margin financing revenue decreased by 71.6% and 54.4%, respectively, compared to the same period last year due to the impact of the COVID-19 pandemic[12]. - Brokerage commission income from securities brokerage services decreased by 71.6% to HKD 300,000 for the six months ended June 30, 2020, compared to HKD 1,200,000 for the same period in 2019[17]. - Interest income from margin financing services was HKD 13,300,000 for the six months ended June 30, 2020, down from HKD 29,100,000 in the same period of 2019[17]. - Interest income from credit services surged by 75.1% to HKD 40,600,000 for the six months ended June 30, 2020, compared to HKD 23,200,000 for the same period in 2019[22]. - The group reported a total classified profit of HKD 150,610 thousand for the six months ended June 30, 2020, with a notable contribution from unrealized fair value gains of HKD 203,405 thousand from tactical and/or strategic investments[119]. Economic Impact - The global pandemic has severely impacted the Hong Kong economy and financial markets, leading to weak consumer demand[12]. - The actual GDP of Hong Kong decreased by 9.0% compared to the same period last year, indicating a broader economic downturn[12]. - The group anticipates continued challenges in the Hong Kong and China stock markets due to the ongoing impact of COVID-19, leading to a cautious capital management approach[38]. Business Development - The company is actively preparing a unique proposal to develop an integrated resort in Nagasaki, Japan[11]. - The company plans to expand its business scope by providing margin financing services through a new subsidiary, Win Wind Finance Limited, to attract clients with strong financial backgrounds[15]. - The company has applied for trading rights to expand its futures brokerage services through its subsidiary, Wan Ying Securities[17]. - The company remains optimistic about its credit business, anticipating increased loan demand across various industries during challenging economic times[23]. Financial Position - As of June 30, 2020, the group's total equity amounted to HKD 16.9 billion, reflecting a solid financial foundation for future growth[37]. - The company’s total liabilities included current liabilities of HKD 476,685,000 and borrowings of HKD 155,634,000[99]. - The company’s equity attributable to owners was HKD 6,716,999,000, an increase from HKD 6,170,118,000 in the previous year[99]. - The company’s total assets as of June 30, 2020, were HKD 6,716.999 million[100]. Shareholder Information - The company granted a total of 120,000,000 stock options to 10 individuals, with 100,000,000 options awarded to 9 independent recipients and 20,000,000 options to an executive director at an exercise price of HKD 0.865 per share[42]. - A total of 95,000,000 reward shares were issued, with 85,000,000 shares to 9 independent recipients and 10,000,000 shares to the executive director, vesting on January 22, 2024[42]. - The company’s major shareholders include Peak Trust Company with 1,151,976,600 shares (18.84%) and Ding Pei Investment Group with 575,003,000 shares (9.41%) as of June 30, 2020[89]. Risk Management - The group’s financial services business does not face significant foreign exchange risks, as most transactions are denominated in Hong Kong dollars[40]. - The company has a concentration credit risk, with 25% and 87% of total loans receivable attributed to the largest borrower and the top five borrowers, respectively[156]. Corporate Governance - The board confirmed compliance with all corporate governance codes during the six months ending June 30, 2020[61]. - The company has established an audit committee to review and monitor financial reporting procedures and internal controls[64]. Employee Information - The company employed 36 full-time employees as of June 30, 2020, emphasizing the importance of skilled personnel and offering various benefits[58].

Financial Performance - The group's revenue surged to approximately HKD 282.3 million for the year ended December 31, 2019, compared to a negative revenue of approximately HKD 94.5 million in the previous year[14]. - The loss for the year was approximately HKD 360 million, a significant decrease from a loss of approximately HKD 1.4 million in the prior year, resulting in a basic loss per share of HKD 0.0619 compared to a basic earnings per share of HKD 0.0050 last year[14]. - The group's revenue surged to approximately HKD 282.3 million for the year ended December 31, 2019, compared to a loss of approximately HKD 94.5 million in the previous year, primarily due to realized gains of approximately HKD 99.4 million from financial assets measured at fair value[21]. - The group recorded a net loss of approximately HKD 360 million for the year ended December 31, 2019, compared to a loss of approximately HKD 1.4 million in the previous year, with a basic loss per share of HKD 6.19[21]. - Brokerage commission income from securities brokerage services decreased by 36.0% to approximately HKD 1.6 million for the year ended December 31, 2019, due to local market instability[22]. - Interest income from margin financing services increased by 82.0% to approximately HKD 29.9 million for the year ended December 31, 2019[22]. - Interest income from lending services surged by 120.7% to approximately HKD 49.4 million for the year ended December 31, 2019[22]. - Dividend income decreased by approximately 45.9% to approximately HKD 87.2 million for the year ended December 31, 2019[27]. Business Strategy and Outlook - The company plans to explore potential investment opportunities in fintech, lifestyle, real estate, and integrated resort projects[20]. - The ongoing COVID-19 pandemic and oil price collapse have triggered global financial market turmoil, leading to an uncertain business outlook for 2020[16]. - The company is actively monitoring and following up on policy updates from the Japanese government regarding integrated resort development, having submitted a proposal for a concept recruitment program[16]. - The company aims to maintain prudent capital management and liquidity risk management policies to retain sufficient buffers against future challenges[16]. - The group anticipates challenges in the Hong Kong and China stock markets in 2020 due to economic slowdowns[35]. Employee and Governance - The company expressed gratitude to all employees for their efforts and to shareholders for their continued support[18]. - As of December 31, 2019, the group employed approximately 39 full-time employees and granted stock options to eligible employees under an approved stock option plan[60]. - The company emphasizes the importance of skilled employees and continues to provide compensation and benefits in line with market practices[60]. - The board consists of 7 members, including 3 executive directors and 3 independent non-executive directors, ensuring at least one-third of the board is independent[117]. - The company has established procedures for directors to seek independent professional advice at the company's expense[120]. - The company has complied with the corporate governance code as stipulated in the listing rules during the year[116]. Shareholder Communication - The company emphasizes direct communication with shareholders through annual general meetings, reports, and various announcements[160]. - The company is committed to enhancing communication with investors and maintaining open dialogue with institutional investors and analysts[160]. - The company plans to hold its 2020 Annual General Meeting on June 5, 2020, with a suspension of share transfer registration from June 2 to June 5, 2020[59]. Environmental and Social Responsibility - The company views environmental and social responsibilities as core commitments to stakeholders, integrated into daily operations[165]. - The ESG report covers the group's environmental and social performance for the year ending December 31, 2019[162]. - The total greenhouse gas (GHG) emissions for the year ending December 31, 2019, amounted to 282 tons, an increase from 196 tons in 2018, with a GHG density of 7.23 tons per employee compared to 4.90 tons per employee in 2018[179]. - The company aims to reduce greenhouse gas emissions by implementing energy-saving policies, encouraging employees to turn off lights during the day, and maintaining clean lighting fixtures[180]. - The company has set environmental goals including reducing greenhouse gas emissions and improving waste management practices[167]. - The company encourages the use of technology to reduce paper consumption and promotes recycling initiatives to minimize waste[183]. Risk Management and Compliance - The company has implemented policies and procedures to maintain integrity in financial reporting and compliance with legal and ethical standards[133]. - The board is responsible for reviewing and monitoring compliance with legal and regulatory requirements[135]. - The audit committee reviewed the effectiveness of internal controls and risk management, finding no significant deficiencies[149]. - The company has established a policy for employees to report concerns regarding financial reporting and internal controls, with no reports received during the year[141].

Financial Performance - The company reported revenue of approximately HKD 205.6 million for the six months ended June 30, 2019, compared to a negative revenue of approximately HKD 259.8 million for the same period last year[5][11]. - The loss attributable to the owners of the company was approximately HKD 198.7 million, an improvement from a loss of approximately HKD 225.3 million in the previous year[6][11]. - Basic loss per share was HKD 0.0342, compared to HKD 0.069 in the same period last year, indicating a reduction in losses[7][11]. - The company reported a loss before tax of HKD 200,948,000 for the first half of 2019, an improvement from a loss of HKD 271,846,000 in the same period of 2018[59]. - The total comprehensive income for the period was HKD 37,903,000, compared to a loss of HKD 638,205,000 in the prior year, indicating a significant recovery[59]. - The company reported a net loss of HKD 198,697,000 for the period, which is an improvement compared to a net loss of HKD 225,256,000 in the previous year[59]. - The total comprehensive income attributable to owners of the company was HKD 42,903,000, compared to a loss of HKD 566,475,000 in the same period last year[59]. - The company reported a significant cash outflow of HKD (737,368) thousand for the purchase of financial assets at fair value through other comprehensive income[70]. - The company reported a significant decrease in interest expenses on loans, which fell to HKD 855,000 from HKD 20,348,000 in the previous year[106]. Revenue Sources - Brokerage commission income from securities brokerage services was approximately HKD 1.1 million, up from HKD 0.4 million in the previous year, representing a significant increase[12]. - Interest income from margin financing services was approximately HKD 29.1 million, compared to HKD 1.5 million in the same period last year, showing substantial growth[12]. - Interest income from lending services was approximately HKD 23.2 million, an increase from HKD 13.1 million in the previous year[13]. - Dividend income increased by approximately 536.5% to about HKD 40.1 million, compared to HKD 6.3 million in the same period last year, primarily due to increased dividends from listed securities[13]. - Corporate finance advisory fees increased by approximately 33.3% to about HKD 400,000 compared to the previous year[13]. Investments and Holdings - The fair value of the investment portfolio was approximately HKD 2.25 billion, down from HKD 2.59 billion as of December 31, 2018[13]. - Net gains from the sale of financial assets measured at fair value through profit or loss were approximately HKD 103.5 million, a significant improvement from a net loss of approximately HKD 285.3 million in the previous year[13]. - Satinu Resources Group Ltd. reported a holding percentage of 6.98% with a market value of HKD 496,813,000 as of June 30, 2019, down from HKD 500,000,000 at the end of 2018[14]. - Freewill Holdings Limited showed a holding percentage of 7.71% with a market value of HKD 20,996,000, a significant decrease from HKD 209,000,000 at the end of 2018[14]. - Co-Lead Holdings Limited had a holding percentage of 2.95% with a market value of HKD 85,281,000, down from HKD 100,000,000 at the end of 2018[14]. - Shengjing Bank Co., Ltd. (stock code: 2066) reported a holding percentage of 12.33% with a market value of HKD 1,111,500,000, a decrease from HKD 1,254,000,000 at the end of 2018[14]. - Evergrande Health Industry Group Co., Ltd. (stock code: 708) had a holding percentage of 1.38% with a market value of HKD 1,005,683,000, down from HKD 513,768,000 at the end of 2018[14]. - Chongqing Chengtou Holdings Co., Ltd. (stock code: 1224) reported a holding percentage of 4.79% with a market value of HKD 336,480,000, a decrease from HKD 355,320,000 at the end of 2018[14]. Corporate Strategy and Outlook - The company aims to expand its property investments and developments primarily in the UK and Australia, ensuring stable and strong rental income[20]. - The management strategy emphasizes enhancing operational management and market image to improve competitiveness and achieve sustainable development[20]. - The company is actively pursuing innovative health management services and aims to become a leader in the global new energy vehicle industry[20]. - The outlook for the second half of 2019 remains uncertain due to external factors such as the US-China trade conflict and Brexit negotiations, with a focus on exploring investment opportunities in fintech and real estate[36]. - The company anticipates a recovery in the second half of 2019, with a focus on improving operational efficiency and cost management[64]. Shareholder Information - The interim dividend declared is HKD 0.005 per share, totaling approximately HKD 29,059,000, consistent with the previous year's interim dividend[37]. - The company will suspend share transfer registration from September 12 to September 16, 2019, to determine the entitlement to the interim dividend[38]. - As of June 30, 2019, the major shareholder, Ding Pei Investment Group Limited, holds 575,003,000 shares, representing 9.89% of the issued share capital[54]. - The company has not received any notifications regarding other interests or short positions in its shares as of June 30, 2019[55]. - The company’s issued share capital remained at HKD 290,588,000 as of June 30, 2019, with 5,811,766,282 shares issued and fully paid[140]. Compliance and Governance - The company has complied with all corporate governance code provisions except for a specific deviation regarding independent non-executive directors[40]. - The interim results for the six months ended June 30, 2019, have not been audited but have been reviewed by the company's auditor[43]. - The company has made deposits of HKD 201,290,000 for the acquisition of property and equipment[102]. - The company has not engaged in any significant transactions with related parties during the reporting period[153]. Cash Flow and Financial Position - The net cash used in operating activities for the six months ended June 30, 2019, was HKD (500,836) thousand, compared to HKD 255,420 thousand for the same period in 2018[70]. - The net cash used in investing activities amounted to HKD (576,285) thousand, a significant decrease from HKD 256,681 thousand in the previous year[70]. - The total cash and cash equivalents at the end of the reporting period was HKD 267,459 thousand, down from HKD 739,360 thousand at the end of June 2018[70]. - The company’s cash and cash equivalents decreased by HKD 1,118,777 thousand during the reporting period, compared to a decrease of HKD 107,355 thousand in the same period of 2018[70]. - The total liabilities as of June 30, 2019, were HKD 5,708,000,000, which is a critical factor in assessing the company's financial health[62]. Accounting and Reporting Standards - The adoption of Hong Kong Financial Reporting Standard 16 resulted in the recognition of right-of-use assets and lease liabilities amounting to approximately HKD 8,874,000 as of January 1, 2019[78]. - The total liabilities recognized under the new accounting standard included current lease liabilities of HKD 7,298,000 and non-current lease liabilities of HKD 1,576,000[78]. - The group recognized a loss of HKD 70,085,000 on receivables for the six months ended June 30, 2019, compared to no losses for the same period in 2018[128]. - The fair value of financial assets designated at fair value through other comprehensive income was HKD 2,199,621,000 as of June 30, 2019, compared to HKD 1,270,485,000 as of December 31, 2018[117].

Financial Performance - For the year ended December 31, 2018, the group's revenue was approximately negative HKD 94.5 million, compared to a positive revenue of approximately HKD 55.5 million in the previous year[14]. - The net loss for the year was approximately HKD 1.4 million, while the previous year recorded a profit of approximately HKD 21.3 million, resulting in a basic earnings per share of HKD 0.005, down from HKD 0.0241 in the prior year[14][21]. - The decline in financial performance was primarily due to reduced unrealized gains on financial assets and unrealized losses from securities trading and investments, heavily influenced by market volatility, particularly in the Hong Kong stock market[21]. - Interest income from margin financing services for the year was approximately HKD 16,400,000, a decrease from HKD 22,500,000 in 2017[23]. - Interest income from lending services decreased by approximately 55.7% to about HKD 22,400,000, down from HKD 50,600,000 in 2017[24]. - The company’s underwriting and placement services generated commission income of approximately HKD 20,000, compared to HKD 9,400,000 in 2017[26]. - Corporate finance advisory fees decreased by approximately 40.0% to about HKD 300,000, down from HKD 500,000 last year[27]. - No income was generated from investment advisory services, compared to HKD 1,100,000 in 2017[28]. - Dividend income decreased by approximately 21.3% to about HKD 161,200,000, down from HKD 204,700,000 in 2017[29]. - The fair value of the investment portfolio was approximately HKD 2,585,300,000, down from HKD 2,790,700,000 in 2017, with a net loss of approximately HKD 301,200,000[29]. Market Outlook and Strategy - The company anticipates a challenging economic outlook for 2019, despite potential recovery in the global economy and supportive policies from the Chinese government for private enterprises[16]. - The company plans to actively explore investment opportunities in Hong Kong and globally to enrich its investment portfolio and seek higher-yield lending opportunities[16]. - The company aims to implement a robust and flexible marketing strategy to expand its customer base and service channels[16]. - The company will continue fundraising activities and recruit experienced professionals to enhance its capabilities in a changing business environment[16]. - The company is committed to investing in its infrastructure and keeping pace with developments in the financial sector to maintain its competitive advantage[16]. - The increase in competition in the Hong Kong financial services industry is attributed to the growing number of licensed corporations and new applicants in the sector[21]. - The number of licensed money lenders in Hong Kong exceeded 2,000, indicating intense competition in the lending market[24]. - The company continues to enhance its diverse proprietary trading portfolio managed by a team of experienced professionals[29]. Investments and Acquisitions - Significant investments include Satinu Resources Group Limited, which has strategic investment value due to recent mergers and acquisitions in the financial sector[36]. - The company sold 30% equity interest in HEC Securities for HKD 525 million, with HKD 125 million paid in cash and HKD 400 million through zero-coupon notes[46]. - The acquisition of 11.78% equity in Wan Ying was completed for HKD 320 million, financed through zero-coupon notes[47]. - The company completed the acquisition of Noble Order Limited, acquiring 62.5% of its equity for HKD 125 million[54]. Shareholder and Capital Management - The company announced a rights issue to raise between HKD 1.307 billion and HKD 1.314 billion, completed on July 20, 2018, increasing issued shares from 2,905,883,141 to 5,811,766,282[50]. - The company has a capital commitment of HKD 60 million for property and equipment purchases as of December 31, 2018[45]. - The company plans to allocate HKD 300 million for additional resources in its lending business and HKD 180 million for margin financing[51]. - The company has allocated HKD 100 million for operating expenses and HKD 325 million for repaying third-party loans[51]. - The company aims to maintain prudent capital management and liquidity risk management policies to face future challenges[43]. - The board proposed a final dividend of HKD 0.015 per share for the year ended December 31, 2018, compared to HKD 0.01 per share in 2017, involving approximately HKD 87,200,000[69]. - The interim dividend of HKD 0.005 per share for the six months ended June 30, 2018, was paid on September 27, 2018, involving approximately HKD 29,100,000[70]. - The board plans to reduce the share premium account from HKD 5,739,000,000 to zero and transfer approximately HKD 5,682,000,000 to the contributed surplus account[71]. - After the reduction of the share premium, the contributed surplus account balance will increase to approximately HKD 5,726,000,000[71]. - The reduction of the share premium is subject to shareholder approval at the annual general meeting and compliance with Bermuda laws[74]. - The board believes that the reduction of the share premium will not hinder the company's ability to pay its due liabilities[76]. Corporate Governance - The company emphasizes the importance of corporate governance, with independent non-executive directors serving on various committees[93][97][98]. - The company has a diverse board with members holding various qualifications, including chartered accountants and professionals with extensive industry experience[92][93][97][98]. - The company has maintained a stable leadership team since 2016, ensuring continuity in its strategic direction[90][92][97]. - The company has a robust compliance framework, with board members actively participating in regulatory and advisory committees[93][98]. - The company established multiple committees, including the Audit Committee, Nomination Committee, and Remuneration Committee, to enhance board functionality and expertise[164]. - The board of directors consists of seven members, including four executive directors and three independent non-executive directors, ensuring a balance of power[150]. - The board held approximately 2 regular meetings and 21 additional meetings during the year, with each executive director attending all meetings[154]. - The chairman and CEO roles are distinct to ensure independence and accountability within the board[158]. - The company emphasizes the importance of internal control mechanisms and risk management, with the board playing a crucial role in oversight[153]. - The company has established arrangements for employees to raise concerns regarding financial reporting and internal controls, with no reports received during the year[173]. - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules, confirming compliance by all directors for the year ended December 31, 2018[185]. - The external auditor, Zhongshen Zhonghuan (Hong Kong) CPA Limited, charged HKD 2,020,000 for audit services for the year 2018, with additional non-audit service fees totaling HKD 1,191,000[188]. - The company emphasizes the importance of internal controls and risk management, with the board reviewing the effectiveness of the internal control system, which was found to be satisfactory without significant deficiencies[189]. - The board believes the company has sufficient resources to continue operating for the foreseeable future, thus adopting the going concern basis for financial statement preparation[190]. - The company has complied with the corporate governance code as stipulated in the listing rules throughout the year[141]. Employee and Community Engagement - The company employed approximately 40 full-time employees as of December 31, 2018, and continues to provide various benefits including medical and retirement benefits[84]. - The company made charitable and other donations totaling HKD 630,000 during the year[136]. - The company is committed to enhancing communication with investors, maintaining open dialogue with institutional investors and analysts[197].