Core Viewpoint - Morgan Stanley maintains an "overweight" rating on Asian financial stocks, citing favorable local currency earnings and high dividend characteristics, alongside expectations that these stocks will continue to outperform the market due to a weakening US dollar as a result of Federal Reserve rate cuts [1] Group 1: Asian Financial Stocks Outlook - The normalization of interest rates in Japan, growth in other wealth and capital markets, and potential valuation reassessment of Chinese stocks are expected to support the outlook for Asian financial stocks [1] Group 2: Hong Kong Banks - Hong Kong banks are facing local headwinds, with pressure on interest rates and credit quality, leading to a preference for banks with a higher proportion of international business [1] - HSBC and Standard Chartered are maintained with an "overweight" rating, while Hang Seng Bank and Bank of China Hong Kong are rated "underweight" [1] Group 3: Chinese Banking Sector - Overall bank revenue and profit growth in China is expected to recover to an annual growth rate of 4% to 6%, with some mid-sized banks likely to return to double-digit profit growth [1] - Minsheng Bank is highlighted for its potential recovery in return on equity, supported by declining funding costs, lower credit costs, and a resumption of balance sheet growth, presenting further revaluation opportunities [1]

Core Viewpoint - The increase in U.S. tariffs has led to a significant decline in South Korea's exports, raising concerns for the trade-dependent South Korean economy. Ongoing tariff negotiations between the U.S. and South Korea are currently at a standstill, with South Korean President Yoon Suk-yeol publicly questioning the U.S. demands as excessively harsh [1][3]. Export Decline - South Korea's exports have been adversely affected by U.S. tariff pressures, with a reported 10.6% year-on-year decline in total imports and exports for the first 20 days of September, compared to a 6% increase in August [2]. - Despite this, unadjusted figures show a 13.5% increase in exports and a 9.9% increase in imports for the same period, resulting in a trade surplus of $1.89 billion. Semiconductor exports remained strong, growing by 27%, while automotive exports increased by approximately 15% [2]. - The imposition of a 15% tariff on South Korean goods has created greater challenges for exporters, particularly as there are warnings that semiconductors may be included in future tariff lists [2]. Negotiation Stalemate - A preliminary agreement was reached in July, where South Korea committed to establishing a $350 billion investment fund in exchange for a reduction in U.S. tariffs from 25% to 15%. However, negotiations have stalled due to disagreements over the investment structure and the need for a currency swap agreement [4]. - U.S. Commerce Secretary Howard Lutnick emphasized that South Korea must accept the terms or face higher tariffs, citing Japan's acceptance of similar terms as a precedent [4]. Domestic Concerns - President Yoon expressed concerns that accepting U.S. demands without adequate safeguards could lead to a repeat of the 1997 Asian financial crisis, highlighting the disparity in foreign exchange reserves between South Korea and Japan [4]. - The South Korean government is monitoring export trends and seeking multilateral cooperation to mitigate the impact of tariffs, but there are fears that an expansion of tariffs could undermine the recovery of South Korean exports [3]. Labor Issues - Recent enforcement actions in Georgia against a South Korean battery plant, resulting in the detention of over 300 workers, have heightened diplomatic tensions and added uncertainty to trade negotiations. President Yoon expressed anger over the treatment of workers but maintained that this incident would not damage the bilateral alliance [6].

* 9 September 2025 Dear Non-registered Shareholder(s), As a Non-registered Shareholder, the mode of delivery of Corporate Communications is governed by the terms agreed between you and your bank(s), broker(s), custodian(s), nominee(s) or HKSCC Nominees Limited through which your Shares are held (collectively, the "Intermediaries"). If you wish to receive Corporate Communications(Note) from the Company pursuant to the prevailing Listing Rules, you should liaise with your Intermediaries and provide your email ...

* 9 September 2025 Dear Registered Shareholder(s), Asia Financial Holdings Limited (the "Company") Notice of Publication of 2025 Interim Report ("Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communication are available on the Company's website at www.afh.hk and the HKEXnews website at www.hkexnews.hk. You may now access the Current Corporate Communication by clicking "Investor Relations" on the home page of the Company's website or browsing through th ...

[Company Information](index=2&type=section&id=Company%20Information) This section provides essential corporate details, including board composition, committee structures, and fundamental company information [Board of Directors and Committees](index=3&type=section&id=Board%20of%20Directors%20and%20Committees) Asia Financial Group (Holdings) Limited's Board of Directors comprises executive, non-executive, and independent non-executive directors, with established committees for audit, compliance, remuneration, nomination, and risk to ensure robust corporate governance - Board members include Executive Directors Chan Chi-shing (Chairman and CEO), Chan Chi-man, Wong Kok-ho; Non-Executive Directors Jian Shoujin, Morito Tetsuya; and Independent Non-Executive Directors Au Yeung Kai-chun, Ngan Man-ling, Lee Lut-yan[4](index=4&type=chunk) - The company has established Audit, Compliance, Remuneration, Nomination, and Risk Committees, with independent non-executive directors serving as chairpersons or members on each[4](index=4&type=chunk) [Company Basic Information](index=3&type=section&id=Company%20Basic%20Information) The report discloses the company's registered office, head office and principal place of business, contact details, auditor, principal share registrar and transfer office, principal bankers, legal advisors, and its stock code (662) on the Hong Kong Stock Exchange - The company's shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited under stock code **662**[5](index=5&type=chunk) - The auditor is Ernst & Young, with the registered office in Bermuda and the head office and principal place of business in Central, Hong Kong[4](index=4&type=chunk) [Chairman's Report](index=4&type=section&id=Chairman%27s%20Report) This section provides an overview of the Group's performance, investment strategies, economic context, and management's future outlook [H1 2025 Performance Overview](index=4&type=section&id=H1%202025%20Performance%20Overview) Asia Financial Group's profit attributable to shareholders reached **HKD 423.4 million** in H1 2025, a **17.1% increase** from H1 2024, driven by significant growth in equity trading investments and robust insurance business performance | Metric | H1 2025 (HKD) | | :--- | :--- | | Profit Attributable to Shareholders | 423.4 million | | Year-on-Year Growth | +17.1% | - Strong performance was primarily driven by year-on-year growth in equity trading investments, robust insurance business results, and reliable contributions from joint ventures and associates[6](index=6&type=chunk) [Investment Strategy and Market Outlook](index=4&type=section&id=Investment%20Strategy%20and%20Market%20Outlook) The Group adjusted its investment portfolio, reducing reliance on the US market and diversifying into China, Japan, and Europe, while remaining optimistic about these markets' long-term potential, cautiously monitoring geopolitical conflicts, inflation, and policy changes in H2 - Investment portfolio strategy adjusted to reduce reliance on the US market, diversifying investments into China, Japan, and Europe[6](index=6&type=chunk) - Optimistic about the long-term potential of the China and Hong Kong markets, Japan is attractive due to improving economic fundamentals, and Europe benefits from Euro recovery and improved investor sentiment[6](index=6&type=chunk) - For H2 2025, the investment strategy will center on prudent and flexible equity trading, while remaining vigilant against key risks such as geopolitical conflicts, inflationary pressures, tariffs, and unpredictable policy changes[7](index=7&type=chunk) [Economic Background](index=4&type=section&id=Economic%20Background) The global economy resumed moderate growth, with a projected **2.8% global growth** in 2025; H1 saw strong stock market performance in the US, Japan, and Europe, with China and Hong Kong also achieving robust growth driven by government stimulus, as China's economy received targeted stimulus and Hong Kong actively built its international hub status - The International Monetary Fund forecasts **2.8% global growth** in 2025, with China's GDP projected at **4%**, Hong Kong at **1.5%**, the US at **1.8%**, and the EU at **1.2%**[8](index=8&type=chunk) | Market | H1 Stock Performance | | :--- | :--- | | Dow Jones Industrial Average | Rose 3.6% | | Nikkei 225 Stock Average | Increased 1.5% | | MSCI Europe Index | Climbed 6.5% | | Hang Seng China Enterprises (H-Share) Index | Climbed 19% | | Hang Seng Index | Soared 20% | - China's economy is supported by targeted government stimulus measures, focusing on key sectors such as innovation, green energy, and self-reliant semiconductors[10](index=10&type=chunk) - Hong Kong continues to actively build its international hub status by attracting multinational corporations, investments, and talent to strengthen its financial, technological, and trade sectors[10](index=10&type=chunk) [Management Approach and Outlook](index=5&type=section&id=Management%20Approach%20and%20Outlook) The Group's long-term strategy remains focused on maintaining a diversified investment portfolio in core markets to mitigate volatility, balance geopolitical risks, and capitalize on growth opportunities in transformative industries like generative AI, cybersecurity, and robotics, while confident in the insurance business's growth potential, emphasizing Hong Kong, Macau, mainland China, and international reinsurance markets - The long-term strategy emphasizes maintaining a diversified investment portfolio in core markets and seizing growth opportunities in transformative industries such as generative AI, cybersecurity, and robotics[11](index=11&type=chunk) - Confident in the insurance business's growth potential, achieved by refining strategies, adapting to changes, and seizing new opportunities[11](index=11&type=chunk) - The Group particularly focuses on the Hong Kong, Macau, mainland China, and international reinsurance markets, leveraging its extensive network and expertise[11](index=11&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed review of the Group's business segments, investment performance, capital structure, and risk management [Business Review](index=6&type=section&id=Business%20Review) The Group's insurance business achieved a **19.4% profit growth** in H1 2025, demonstrating resilience with only a slight decline in insurance service results despite lower premium income; other investment portfolios performed strongly, and the geographical diversification strategy proved effective; Bumrungrad Hospital's share price fell but remains a significant asset; pension and asset management businesses are stable, and Shanghai property development projects continue to advance [Insurance Business](index=6&type=section&id=Insurance%20Business) Asia Insurance's H1 2025 profit reached **HKD 297.4 million**, a **19.4% year-on-year increase**; despite a **11.6% decline** in premium income, insurance service results only slightly decreased by **3.2%**, attributed to geographical and product diversification, Greater Bay Area expansion, digital transformation, and stringent underwriting strategies; the Group holds a **5% stake** in PICC Life Insurance Company Limited, further solidifying its strategic position | Metric | H1 2025 (HKD) | | :--- | :--- | | Asia Insurance Profit | 297.4 million | | Year-on-Year Growth | +19.4% | | Metric | H1 2025 (HKD) | | :--- | :--- | | Insurance Revenue | Decreased 11.6% | | Insurance Service Results | Slightly Decreased 3.2% | - Asia Insurance achieved robust growth through geographical and product diversification, expansion of partnerships in the Greater Bay Area and Southeast Asia, digital insurance solutions, and specialized policies[13](index=13&type=chunk) - The Group holds a **5% stake** in PICC Life Insurance Company Limited, solidifying its strategic position[17](index=17&type=chunk) [Other Investment Portfolio](index=7&type=section&id=Other%20Investment%20Portfolio) H1 2025 saw strong performance in equity trading investments, with value stocks, investment-grade fixed income bonds, and alternative investments all achieving revenue growth; the Group adjusted its portfolio allocation, expanding its presence in China, Japan, and Europe, reducing reliance on the US market, and focusing on investments that generate stable cash flow - Equity trading investments performed strongly, with value stocks, investment-grade fixed income bonds, and alternative investments all achieving revenue growth[18](index=18&type=chunk) - Investment portfolio allocation was adjusted to expand presence in China, Japan, and Europe, reducing over-reliance on the US market[18](index=18&type=chunk) - The strategy focuses on investments that generate stable cash flow, such as high-credit-rated fixed income bonds, and selectively invests in hedge funds and private equity funds to enhance portfolio resilience[18](index=18&type=chunk) [Healthcare Services](index=7&type=section&id=Healthcare%20Services) The Group holds a **4.8% equity stake** in Bumrungrad Hospital, a global healthcare leader; in H1 2025, Bumrungrad Hospital's share price fell **30.1% in THB** and **25.5% in HKD**, primarily due to a significant decline in international patient admissions; despite challenges, Bumrungrad Hospital remains adaptable and is expected to resume growth with tourism recovery - The Group holds a **4.8% equity stake** in Bumrungrad Hospital, which is its most significant listed equity investment[19](index=19&type=chunk) | Metric | H1 2025 Change | | :--- | :--- | | Bumrungrad Hospital Share Price (THB) | Decreased 30.1% | | Bumrungrad Hospital Share Price (HKD) | Decreased 25.5% | - The share price decline primarily reflects a significant drop in international patient admissions due to global economic weakness[19](index=19&type=chunk) [Pension and Asset Management](index=8&type=section&id=Pension%20and%20Asset%20Management) Joint venture BCT Group and its wholly-owned subsidiary BCT Trust maintain a leading position in Hong Kong's Mandatory Provident Fund services market, consistently generating robust profits; the Group holds a **10% stake** in BBL Asset Management Company Limited, which consistently distributes substantial dividends due to its comprehensive services and stable earnings capability - Joint venture BCT Group and its wholly-owned subsidiary BCT Trust maintain a leading position in Hong Kong's Mandatory Provident Fund services market, consistently generating robust and reliable profits[20](index=20&type=chunk) - The Group holds a **10% stake** in BBL Asset Management Company Limited, which has consistently distributed substantial dividends over the years due to its comprehensive services and stable earnings capability[20](index=20&type=chunk) [Property Development Investments](index=8&type=section&id=Property%20Development%20Investments) The Group is committed to Shanghai real estate project development, accounting for **3.9% of total assets**; the Jiading district project saw no additional sales in H1 due to economic headwinds; six residential buildings in the Qingpu district project are accelerating completion, and an additional **21,000 square meter** plot was acquired, with initial sales planned for Q4; government stimulus policies are expected to alleviate market pressure - The Group is committed to Shanghai real estate project development, accounting for **3.9% of the Group's total assets**[21](index=21&type=chunk) - The Jiading district property project had no additional sales in H1 due to economic headwinds[21](index=21&type=chunk) - The Qingpu district project is accelerating completion, and an additional **21,000 square meter** plot was acquired, with **50 units** planned for initial sales in Q4 this year[21](index=21&type=chunk) - Increased government stimulus policies, relaxed credit conditions, and loosened housing policies in Shanghai are expected to alleviate market pressure[21](index=21&type=chunk) [Equity Investments Exceeding 5% of Total Assets](index=8&type=section&id=Equity%20Investments%20Exceeding%205%25%20of%20Total%20Assets) As of June 30, 2025, the Group had two equity investments exceeding **5% of total assets**: PICC Life Insurance (18.0%) and Bumrungrad Hospital (7.7%), both considered long-term strategic holdings | Holding | % of Group's Total Assets | Realized and Unrealized Profit/(Loss) as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | | PICC Life Insurance | 18.0% | 75 | | Bumrungrad Hospital | 7.7% | (437) | - These two investments are primarily long-term strategic holdings[23](index=23&type=chunk) [Capital Structure](index=9&type=section&id=Capital%20Structure) The Group uses internally generated funds for working capital, with **HKD 2.667 billion** in cash and bank balances as of June 30, 2025, no bank loans, a robust liquidity position, and no net outflow of liabilities, thus eliminating the need to calculate a debt-to-capital ratio | Metric | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Cash and Bank Balances | 2,666,962,000 | 2,522,379,000 | - As of June 30, 2025, the Group had **no bank loans**[27](index=27&type=chunk) - The Group has no net outflow of liabilities, thus eliminating the need to calculate a debt-to-capital ratio, and maintaining a robust liquidity position[27](index=27&type=chunk)[28](index=28&type=chunk) [Pledged Assets](index=9&type=section&id=Pledged%20Assets) As of June 30, 2025, Asia Insurance Company Limited pledged assets with a carrying value of **HKD 128.7 million** as security for its liabilities to an insurance company under certain ceded financial loss reinsurance contracts | Metric | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Asia Insurance Pledged Assets Carrying Value | 128,693,000 | 111,541,000 | - The pledged assets serve as security for Asia Insurance's liabilities to an insurance company under certain ceded financial loss reinsurance contracts[29](index=29&type=chunk) [Contingent Liabilities](index=9&type=section&id=Contingent%20Liabilities) As of June 30, 2025, the Group had **no significant contingent liabilities** - As of June 30, 2025, the Group had **no significant contingent liabilities**[30](index=30&type=chunk) [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had **386 employees**; remuneration is determined by individual performance, experience, and industry practice, including salaries and discretionary bonuses; the Group provides comprehensive medical and retirement benefits and focuses on talent development and training | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Number of Employees | 386 | 374 | - Employee remuneration is determined by individual performance, experience level, and industry practice, including salaries and discretionary bonuses, along with comprehensive medical and retirement benefits[31](index=31&type=chunk) - The remuneration policy is formulated by the Remuneration Committee, recommended for Board approval, and reviews management's remuneration proposals[31](index=31&type=chunk) [Interim Results Summary](index=10&type=section&id=Interim%20Results%20Summary) This section highlights key financial performance indicators and dividend distribution details for the interim period [Key Financial Metrics](index=10&type=section&id=Key%20Financial%20Metrics) For the six months ended June 30, 2025, profit attributable to shareholders increased **17.1%** to **HKD 423.4 million**, earnings per share grew **17.7%** to **HKD 45.8 cents**, and interim dividend per share rose **18.2%** to **HKD 6.5 cents** | Metric | H1 2025 (HKD) | Year-on-Year Change | | :--- | :--- | :--- | | Profit Attributable to Shareholders | 423.4 million | +17.1% | | Earnings Per Share | 45.8 cents | +17.7% | | Interim Dividend Per Share | 6.5 cents | +18.2% | [Interim Dividend and Share Transfer Registration](index=10&type=section&id=Interim%20Dividend%20and%20Share%20Transfer%20Registration) The Board resolved to declare an interim dividend of **HKD 6.5 cents per ordinary share** and announced that share transfer registration will be suspended from September 24 to September 26, 2025, to determine eligibility for the interim dividend - The Board resolved to declare an interim dividend of **HKD 6.5 cents per ordinary share** for the six months ended June 30, 2025[34](index=34&type=chunk) - Share transfer registration will be suspended from September 24 to September 26, 2025, to ensure eligibility for the interim dividend[35](index=35&type=chunk) [Condensed Consolidated Statement of Profit or Loss (Unaudited)](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20(Unaudited)) This section presents the Group's unaudited financial performance, detailing revenues, expenses, and profit for the interim period [Profit or Loss Statement Overview](index=11&type=section&id=Profit%20or%20Loss%20Statement%20Overview) For the six months ended June 30, 2025, the Group's profit for the period was **HKD 423.4 million**, a **17.1% increase** from **HKD 361.4 million** in the same period of 2024; insurance revenue decreased, but realized and unrealized investment gains and dividend income significantly increased, offsetting some negative impacts | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Insurance Revenue | 1,451,755 | 1,642,356 | -11.6% | | Insurance Service Results | 161,070 | 166,233 | -3.1% | | Insurance Operating Results | 109,944 | 142,143 | -22.6% | | Dividend Income | 108,312 | 74,901 | +44.6% | | Realized Gains on Investments | 30,317 | 22,335 | +35.7% | | Unrealized Gains on Investments | 148,029 | 108,084 | +37.0% | | Profit Before Tax | 466,937 | 405,704 | +15.1% | | Profit for the Period | 423,351 | 361,387 | +17.1% | - Share of profit from joint ventures significantly increased from **HKD 9.511 million** in 2024 to **HKD 40.347 million** in 2025[38](index=38&type=chunk) - Share of profit from associates decreased from **HKD 57.000 million** in 2024 to **HKD 14.410 million** in 2025[38](index=38&type=chunk) [Condensed Consolidated Statement of Comprehensive Income (Unaudited)](index=13&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income%20(Unaudited)) This section outlines the Group's unaudited comprehensive income, including profit for the period and other comprehensive income items [Comprehensive Income Overview](index=13&type=section&id=Comprehensive%20Income%20Overview) For the six months ended June 30, 2025, the Group's total comprehensive income for the period was **HKD 148.9 million**, a significant improvement from a **HKD 188.3 million loss** in the same period of 2024, primarily due to a substantial narrowing of fair value change losses on equity investments designated at fair value through other comprehensive income | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit for the Period | 423,351 | 361,387 | | Share of Other Comprehensive Income of Associates | 18,923 | (39,243) | | Exchange Differences on Translation of Foreign Operations | 3,509 | (96) | | Equity Investments Designated at FVOCI: Fair Value Change | (289,448) | (558,850) | | Total Comprehensive Income for the Period | 148,949 | (188,291) | - The fair value change loss on equity investments designated at fair value through other comprehensive income narrowed from **HKD 558.9 million** in 2024 to **HKD 289.4 million** in 2025, which is the primary reason for the improvement in comprehensive income[42](index=42&type=chunk) [Condensed Consolidated Statement of Financial Position (Unaudited)](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20(Unaudited)) This section provides an unaudited snapshot of the Group's assets, liabilities, and equity at the end of the interim period [Assets Overview](index=14&type=section&id=Assets%20Overview) As of June 30, 2025, the Group's total assets increased to **HKD 16.732 billion**, a **2.4% rise** from December 31, 2024; financial assets at fair value through profit or loss and reinsurance contract assets significantly increased, while equity investments designated at fair value through other comprehensive income decreased | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 16,731,760 | 16,333,555 | +2.4% | | Equity Investments Designated at FVOCI | 5,194,569 | 5,482,070 | -5.3% | | Financial Assets at FVTPL | 3,058,654 | 2,746,119 | +11.4% | | Reinsurance Contract Assets | 1,432,306 | 1,225,147 | +16.9% | | Cash and Bank Balances | 2,666,962 | 2,522,379 | +5.7% | [Equity and Liabilities Overview](index=14&type=section&id=Equity%20and%20Liabilities%20Overview) As of June 30, 2025, the Group's total equity was **HKD 11.742 billion**, and total liabilities were **HKD 4.990 billion**; insurance contract liabilities significantly increased, while other liabilities decreased | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total Equity | 11,741,773 | 11,677,999 | +0.5% | | Total Liabilities | 4,989,987 | 4,655,556 | +7.2% | | Insurance Contract Liabilities | 4,226,599 | 3,891,024 | +8.6% | | Other Liabilities | 266,798 | 309,920 | -13.9% | [Condensed Consolidated Statement of Changes in Equity (Unaudited)](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity%20(Unaudited)) This section details the unaudited changes in the Group's equity attributable to shareholders for the interim period [Equity Changes Overview](index=15&type=section&id=Equity%20Changes%20Overview) For the six months ended June 30, 2025, total equity attributable to shareholders increased from **HKD 11.678 billion** at the beginning of the period to **HKD 11.742 billion**, primarily driven by profit for the period and positive other comprehensive income from associates, partially offset by fair value change losses on equity investments | Metric | June 30, 2025 (HKD thousands) | January 1, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total at Beginning of Period | 11,677,999 | 10,748,846 | | Profit for the Period | 423,351 | 361,387 | | Fair Value Change of Equity Investments (After Tax) | (296,834) | (510,339) | | Share of Other Comprehensive Income of Associates | 18,923 | (39,243) | | Exchange Differences on Translation of Foreign Operations | 3,509 | (96) | | Total at End of Period | 11,741,773 | 10,510,792 (June 30, 2024) | - In H1 2025, the fair value change loss on equity investments (after tax) was **HKD 296.8 million**, a narrowing from **HKD 510.3 million** in the same period of 2024[45](index=45&type=chunk)[47](index=47&type=chunk) [Condensed Consolidated Statement of Cash Flows (Unaudited)](index=17&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows%20(Unaudited)) This section presents the Group's unaudited cash flows from operating, investing, and financing activities for the interim period [Cash Flows from Operating Activities](index=17&type=section&id=Cash%20Flows%20from%20Operating%20Activities) For the six months ended June 30, 2025, net cash used in operating activities was **HKD 109.9 million**, an increase from **HKD 49.9 million** in the same period of 2024, primarily due to an increase in financial assets at fair value through profit or loss and a decrease in reinsurance contract assets | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Profit Before Tax | 466,937 | 405,704 | | Net Cash Used in Operating Activities | (109,899) | (49,898) | - An increase in financial assets at fair value through profit or loss resulted in a cash outflow of **HKD 312.5 million** (2024: **HKD 518.6 million**)[49](index=49&type=chunk) - A decrease in reinsurance contract assets resulted in a cash outflow of **HKD 207.2 million** (2024: cash inflow of **HKD 97.5 million**)[49](index=49&type=chunk) [Cash Flows from Investing Activities](index=17&type=section&id=Cash%20Flows%20from%20Investing%20Activities) For the six months ended June 30, 2025, net cash generated from investing activities was **HKD 88.84 million**, a significant improvement from net cash used of **HKD 44.51 million** in the same period of 2024, primarily due to interest income, dividend income, and redemption proceeds from debt securities measured at amortized cost and held to collect | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net Cash Generated From/(Used In) Investing Activities | 88,840 | (44,510) | | Interest Income | 87,794 | 97,829 | | Dividend Income from Investments | 108,312 | 74,901 | | Proceeds from Redemption/Recovery of Debt Securities Measured at Amortized Cost and Held to Collect | 143,401 | 207,839 | [Cash Flows from Financing Activities](index=18&type=section&id=Cash%20Flows%20from%20Financing%20Activities) For the six months ended June 30, 2025, net cash used in financing activities was **HKD 86.41 million**, an increase from **HKD 51.06 million** in the same period of 2024, primarily due to increased dividends paid | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Net Cash Used in Financing Activities | (86,413) | (51,056) | | Dividends Paid | (83,194) | (46,406) | [Analysis of Cash and Cash Equivalents](index=18&type=section&id=Analysis%20of%20Cash%20and%20Cash%20Equivalents) As of June 30, 2025, cash and cash equivalents at the end of the period totaled **HKD 1.0713 billion**, a decrease from **HKD 1.1788 billion** at the beginning of the period; total cash and bank balances were **HKD 2.667 billion**, including significant fixed deposits with original maturities over three months and less than three months | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and Cash Equivalents at End of Period | 1,071,301 | 1,178,773 (Beginning of Period) | | Cash and Bank Balances | 2,666,962 | 2,522,379 | | Fixed Deposits with Original Maturity Over Three Months | 1,595,661 | 1,445,758 | | Fixed Deposits with Original Maturity Less Than Three Months | 571,131 | 623,149 | [Notes to the Condensed Interim Financial Statements (Unaudited)](index=19&type=section&id=Notes%20to%20the%20Condensed%20Interim%20Financial%20Statements%20(Unaudited)) This section provides detailed notes on the accounting policies, operating segments, and specific financial instruments presented in the unaudited interim financial statements [1. Accounting Policies](index=19&type=section&id=1.%20Accounting%20Policies) The condensed interim consolidated financial statements are prepared in accordance with HKAS 34, with accounting policies and basis of preparation consistent with the 2024 annual report, except for the first-time adoption of amended HKAS 21 "Lack of Exchangeability," which has no significant impact on the Group - The condensed interim consolidated financial statements are prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[52](index=52&type=chunk) - The amended HKAS 21 "Lack of Exchangeability" was adopted for the first time, but as the Group's transaction and functional currencies are both exchangeable, this amendment has no impact on the financial information[53](index=53&type=chunk) [2. Operating Segment Information](index=20&type=section&id=2.%20Operating%20Segment%20Information) The Group's operating segments primarily include insurance and corporate businesses; in H1 2025, insurance segment revenue was **HKD 1.634 billion**, corporate segment revenue was **HKD 157 million**; insurance segment results were **HKD 291.7 million**, and corporate segment results were **HKD 120.5 million**; over **90% of insurance revenue and results** originated from Hong Kong, Macau, and mainland China | Segment | H1 2025 Segment Revenue (HKD thousands) | H1 2025 Segment Results (HKD thousands) | | :--- | :--- | :--- | | Insurance | 1,634,447 | 291,671 | | Corporate | 157,333 | 120,509 | - Over **90% of the Group's insurance revenue and results** are derived from operations in Hong Kong, Macau, and mainland China[57](index=57&type=chunk) [3. Insurance Revenue](index=21&type=section&id=3.%20Insurance%20Revenue) Insurance revenue represents the expected premium income allocated over the service period of each insurance contract - Insurance revenue is the expected premium income amount allocated over the service period of each insurance contract[58](index=58&type=chunk) [4. Finance Costs](index=21&type=section&id=4.%20Finance%20Costs) For the six months ended June 30, 2025, the Group's finance costs primarily consisted of interest on lease liabilities, amounting to **HKD 71 thousand**, largely consistent with the prior year | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Interest on Lease Liabilities | 71 | 75 | [5. Profit Before Tax](index=22&type=section&id=5.%20Profit%20Before%20Tax) For the six months ended June 30, 2025, the Group's profit before tax was **HKD 466.9 million**, including auditor's remuneration, depreciation, staff welfare expenses, realized and unrealized investment gains, interest income, and dividend income; staff welfare expenses increased, and realized and unrealized investment gains grew significantly | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Auditor's Remuneration | (3,850) | (2,548) | | Staff Welfare Expenses | (111,705) | (102,703) | | Total Realized Gains on Investments | 30,317 | 22,335 | | Net Unrealized Gains on Financial Assets at FVTPL | 148,029 | 108,084 | | Total Dividend Income | 108,312 | 74,901 | - Staff welfare expenses increased from **HKD 102.7 million** in 2024 to **HKD 111.7 million** in 2025[60](index=60&type=chunk) - Net exchange gains turned from a **HKD 7.282 million loss** in 2024 to a **HKD 19.572 million gain** in 2025[60](index=60&type=chunk) [6. Income Tax Expense](index=23&type=section&id=6.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's total income tax expense was **HKD 43.586 million**, slightly lower than **HKD 44.317 million** in the same period of 2024; Hong Kong profits tax is calculated at a **16.5% rate**, while other regions are taxed at applicable rates | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Total Tax Expense for the Period | 43,586 | 44,317 | | Current - Hong Kong Expense for the Period | 25,017 | 1,929 | | Current - Other Regions Expense for the Period | 15,378 | 13,874 | | Deferred Tax | 3,179 | 28,404 | - Hong Kong profits tax is calculated at a **16.5% rate** based on the estimated assessable profits generated in Hong Kong during the period[62](index=62&type=chunk) [7. Dividends](index=23&type=section&id=7.%20Dividends) The Board resolved to declare an interim dividend of **HKD 6.5 cents per ordinary share**, totaling **HKD 60.069 million**, higher than **HKD 5.5 cents per share** in the same period of 2024 | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Proposed Interim Dividend (Per Share) | 6.5 cents | 5.5 cents | | Proposed Interim Dividend (Total) | 60,069 | 51,038 | [8. Earnings Per Share Attributable to Ordinary Equity Holders of the Company](index=23&type=section&id=8.%20Earnings%20Per%20Share%20Attributable%20to%20Ordinary%20Equity%20Holders%20of%20the%20Company) For the six months ended June 30, 2025, basic earnings per share were **HKD 45.8 cents**, higher than **HKD 38.9 cents** in the same period of 2024; no dilution adjustment to basic earnings per share is required as the Group has no potentially dilutive ordinary shares outstanding | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Basic and Diluted Earnings Per Share | 45.8 cents | 38.9 cents | - Basic earnings per share are calculated based on profit for the period attributable to ordinary equity holders of the Company of **HKD 423.4 million** and the weighted average number of **924.5 million ordinary shares** outstanding during the period[64](index=64&type=chunk) [9. Debt Securities Measured at Amortized Cost and Held to Collect](index=24&type=section&id=9.%20Debt%20Securities%20Measured%20at%20Amortized%20Cost%20and%20Held%20to%20Collect) As of June 30, 2025, total debt securities measured at amortized cost and held to collect amounted to **HKD 1.7004 billion**, or **HKD 1.6776 billion** after impairment provisions; debt securities issued by banks and other financial institutions constituted the largest portion, with maturity analysis indicating most debt securities have remaining maturities of five years or less but over one year | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Debt Securities Measured at Amortized Cost and Held to Collect | 1,677,622 | 1,586,577 | | Impairment Provisions | (22,751) | (22,981) | | Issuer Sector | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Banks and Other Financial Institutions | 1,243,152 | 1,088,549 | | Corporate Entities | 333,919 | 375,426 | | Public Sector Entities | 100,551 | 122,602 | - As of June 30, 2025, the Group pledged **HKD 111.5 million** in listed debt securities and **HKD 17.214 million** in bank balances[68](index=68&type=chunk) [10. Equity Investments Designated at Fair Value Through Other Comprehensive Income](index=25&type=section&id=10.%20Equity%20Investments%20Designated%20at%20Fair%20Value%20Through%20Other%20Comprehensive%20Income) As of June 30, 2025, equity investments designated at fair value through other comprehensive income totaled **HKD 5.1946 billion**, a decrease from December 31, 2024; PICC Life Insurance Company Limited was the largest unlisted equity investment, and a **HKD 289.4 million loss** was recorded during the period | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total | 5,194,569 | 5,482,070 | | PICC Life Insurance Company Limited (Unlisted) | 3,005,000 | 2,930,000 | | Bumrungrad Hospital Public Company Limited (Listed) | 1,118,954 | 1,500,953 | - The Group's total loss on these equity investments during the period was **HKD 289.4 million**, a narrowing from **HKD 558.9 million** in the same period of 2024[70](index=70&type=chunk) - These investments were irrevocably designated at fair value through other comprehensive income upon initial recognition for strategic reasons[70](index=70&type=chunk) [11. Other Assets](index=26&type=section&id=11.%20Other%20Assets) As of June 30, 2025, total other assets amounted to **HKD 255.4 million**, primarily comprising accrued interest and other assets, all of which are current in nature, with extremely low expected credit losses | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Accrued Interest and Other Assets | 255,371 | 398,799 | | Total | 255,412 | 398,840 | - The expected credit losses associated with other receivables are extremely low, given that these balances are not yet overdue[71](index=71&type=chunk) [12. Financial Assets at Fair Value Through Profit or Loss](index=27&type=section&id=12.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, financial assets at fair value through profit or loss totaled **HKD 3.0587 billion**, an increase from December 31, 2024; equity securities and investment funds were the main components, with financial assets issued by corporate entities accounting for the largest proportion | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Total | 3,058,654 | 2,746,119 | | Equity Securities | 1,698,145 | 1,609,710 | | Investment Funds | 1,201,443 | 969,874 | | Issuer Sector | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Corporate Entities | 2,512,396 | 2,282,666 | | Banks and Other Financial Institutions | 533,038 | 448,903 | - These securities and investment funds are classified as held for trading, and thus measured at fair value through profit or loss[74](index=74&type=chunk) [13. Cash and Bank Balances and Pledged Deposits](index=28&type=section&id=13.%20Cash%20and%20Bank%20Balances%20and%20Pledged%20Deposits) As of June 30, 2025, total cash and bank balances were **HKD 2.667 billion**, and pledged deposits amounted to **HKD 365.5 million**; during the period, the Group pledged **HKD 17.214 million** in bank deposits as security for reinsurance contracts | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Cash and Bank Balances | 2,666,962 | 2,522,379 | | Pledged Deposits | 365,450 | 344,352 | - As of June 30, 2025, the Group had pledged **HKD 17.214 million** in bank deposits[75](index=75&type=chunk) [14. Share Capital](index=28&type=section&id=14.%20Share%20Capital) As of June 30, 2025, issued share capital was **HKD 924.4 million**, with **924.4 million total shares** outstanding, a decrease from December 31, 2024, primarily due to share repurchases and cancellations during the period | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Issued Share Capital (HKD thousands) | 924,370 | 924,750 | | Number of Shares Issued | 924,370,000 | 924,750,000 | - During the period, a subsidiary of the Company repurchased **508,000 ordinary shares** for a total consideration of **HKD 2.04 million**, of which **280,000 shares** were cancelled[77](index=77&type=chunk) [15. Commitments](index=29&type=section&id=15.%20Commitments) As of June 30, 2025, the Group's contracted but unprovided capital commitments primarily related to the purchase of computer hardware and software, amounting to **HKD 4.3 million** | Metric | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Contracted but Not Provided For: Purchase of Computer Hardware and Software | 4,300 | 5,586 | [16. Operating Lease Arrangements](index=29&type=section&id=16.%20Operating%20Lease%20Arrangements) As of June 30, 2025, the Group, as lessor, had total future minimum lease receivables under non-cancellable operating leases amounting to **HKD 3.823 million**, with lease terms ranging from two to three years | Remaining Term | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Within one year | 3,512 | 6,674 | | After one year but within two years | 227 | 427 | | After two years but within three years | 84 | – | | Total | 3,823 | 7,101 | [17. Related Party Transactions](index=30&type=section&id=17.%20Related%20Party%20Transactions) The Group engages in various related party transactions with entities associated with directors and key management personnel, joint ventures, and associates, including interbank deposits, interest income, premium income, commission expenses, and loan advances | Transaction Type | Related Party | H1 2025 (HKD thousands) | H1 2024 (HKD thousands) | | :--- | :--- | :--- | :--- | | Interbank Deposits (Period-end Balance) | Entities Associated with Directors and Key Management Personnel | 709,360 | 439,781 | | Interbank Interest Income | Entities Associated with Directors and Key Management Personnel | 8,645 | 16,969 | | Ceded Premiums | Joint Ventures | 223,302 | 92,502 | | Commission Income Received | Joint Ventures | 123,788 | 42,038 | | Loans and Advances to Associates (Period-end Balance) | Associates | 259,803 | 259,390 | [18. Fair Value Hierarchy of Financial Instruments](index=32&type=section&id=18.%20Fair%20Value%20Hierarchy%20of%20Financial%20Instruments) The Group's financial instruments are measured at fair value across three levels; as of June 30, 2025, equity investments designated at fair value through other comprehensive income and financial assets at fair value through profit or loss totaled **HKD 8.2532 billion**; unlisted equity and fund investments are valued using valuation multiples, considering unobservable inputs such as discounts for lack of marketability | Fair Value Level | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Level 1 (Quoted Prices in Active Markets) | 2,671,833 | 2,532,968 | | Level 2 (Significant Observable Inputs) | 1,647,320 | 1,993,524 | | Level 3 (Significant Unobservable Inputs) | 3,934,070 | 3,701,697 | | Total | 8,253,223 | 8,228,189 | - Valuation methods for unlisted equity and fund investments include valuation multiples, with significant unobservable inputs such as discounts for lack of marketability (**0%-30%**), price-to-book ratios (**0.21-2.61**), and price-to-earnings ratios (**6.44-31.00**)[88](index=88&type=chunk) - An increase/decrease of **20%** in the discount for lack of marketability would result in a decrease/increase in fair value of **HKD 302.1 million**[88](index=88&type=chunk) [Supplementary Financial Information](index=37&type=section&id=Supplementary%20Financial%20Information) This section details the Group's comprehensive financial risk management objectives and policies across various risk categories [Financial Risk Management Objectives and Policies](index=37&type=section&id=Financial%20Risk%20Management%20Objectives%20and%20Policies) The Group has established comprehensive policies and procedures to identify, assess, monitor, and control various financial risks, including credit, liquidity, capital management, interest rate, foreign exchange, insurance, operational, and equity price risks, with regular internal audits to ensure compliance [Internal Control System](index=37&type=section&id=Internal%20Control%20System) The Group's internal control system includes comprehensive control systems and standards, with clearly defined responsibilities for each business unit; the internal audit department collaborates with external professionals to monitor the effectiveness of internal control procedures, ensure compliance, and reports directly to the Audit Committee - The internal control system includes comprehensive control systems and standards, with clearly defined responsibilities for each business and operating unit[95](index=95&type=chunk) - The internal audit department, in conjunction with outsourced internal audit professionals, monitors the effectiveness of internal control procedures and reports directly to the Board's Audit Committee[95](index=95&type=chunk) [Credit Risk Management](index=37&type=section&id=Credit%20Risk%20Management) The Group manages credit risk, primarily from customers, intermediaries, and reinsurers, by considering relevant collateral and long-term business relationships; there is no significant concentration of credit risk within the Group due to a widely distributed customer base - Credit risk arises from customers, intermediaries, and reinsurers, managed by considering relevant collateral and long-term business relationships with counterparties[96](index=96&type=chunk) - There is **no significant concentration of credit risk** within the Group, as the customer base is widely distributed across various industries[96](index=96&type=chunk) [Liquidity Risk Management](index=37&type=section&id=Liquidity%20Risk%20Management) The Group monitors the risk of funding shortfalls and ensures its ability to meet current liabilities by establishing business unit-specific liquidity management policies and recurring liquidity planning tools - The Group has established business unit-specific liquidity management policies and employs recurring liquidity planning tools to monitor its risk of funding shortfalls[97](index=97&type=chunk) [Capital Management](index=38&type=section&id=Capital%20Management) The Group implemented a risk-based capital regime on July 1, 2024, ensuring its capital base is no less than the required capital amount, minimum capital amount, and **HKD 20 million**; the Group manages capital requirements by regularly assessing the gap between its capital base and required capital amount, fully complying with the capital provisions of the Hong Kong Insurance Ordinance - The Group implemented a risk-based capital regime on July 1, 2024, aimed at ensuring capital requirements, supporting business objectives, and enhancing shareholder interests[98](index=98&type=chunk) - The Group ensures its capital base is at all times no less than the required capital amount, minimum capital amount, and **HKD 20,000,000**[98](index=98&type=chunk) - During the reported financial period, the Group fully complied with the externally imposed capital requirements under Section 10 of the Hong Kong Insurance Ordinance[100](index=100&type=chunk) [Interest Rate Risk Management](index=38&type=section&id=Interest%20Rate%20Risk%20Management) The Group manages interest rate risk by maintaining an appropriate mix of fixed and floating rate instruments and managing the maturities of interest-bearing financial assets, addressing the risk of fluctuations in financial instrument values or future cash flows due to market interest rate changes - The Group's interest rate risk policy mandates maintaining an appropriate mix of fixed and floating rate instruments to manage interest rate risk[102](index=102&type=chunk) - Interest on floating rate instruments is generally re-priced within one year, while interest on fixed rate instruments is priced at inception and remains fixed until maturity[102](index=102&type=chunk) [Foreign Exchange Risk Management](index=39&type=section&id=Foreign%20Exchange%20Risk%20Management) The Group's foreign exchange risk primarily stems from overseas operations, reinsurance business, and investment activities; currently, there is no foreign exchange hedging policy, but management monitors foreign exchange positions and considers hedging significant foreign exchange risks when necessary - The Group's foreign exchange risk primarily arises from overseas operations, reinsurance business, and investment activities[104](index=104&type=chunk) - The Group currently has no foreign exchange hedging policy, but management monitors foreign exchange positions and will consider hedging significant foreign exchange risks when necessary[105](index=105&type=chunk) [Insurance Risk Management](index=39&type=section&id=Insurance%20Risk%20Management) The Group manages insurance risk by diversifying risks, employing prudent underwriting strategies, strict claims policies, active claims management, and reinsurance arrangements, addressing the risk that actual claims and benefit payments may exceed the carrying value of insurance liabilities - The Group improves risk variability by diversifying risk losses across a larger portfolio of insurance contracts and carefully selecting and implementing underwriting strategies[106](index=106&type=chunk) - The Group implements a policy of active management and prompt claims handling to reduce the risk of unpredictable future developments[106](index=106&type=chunk) - Most reinsurance business is ceded on a proportional and excess-of-loss basis to reduce the Group's net exposure to catastrophic losses[107](index=107&type=chunk) - The Group limits the risk of catastrophic events to predetermined maximum amounts by imposing maximum claim amounts on certain contracts and utilizing reinsurance arrangements[108](index=108&type=chunk) [Operational Risk Management](index=40&type=section&id=Operational%20Risk%20Management) The Group manages operational risk by maintaining appropriate operational procedure documentation, establishing sound internal control systems, implementing backup systems, and emergency business recovery plans, thereby reducing the risk of procedural errors, system failures, fraud, and other incidents - The Group manages operational risk by maintaining appropriate operational procedure documentation, establishing sound internal control systems, implementing backup systems, and emergency business recovery plans[109](index=109&type=chunk) [Equity Price Risk Management](index=40&type=section&id=Equity%20Price%20Risk%20Management) The Group faces equity price risk arising from individual equity investments, primarily monitoring market risk through established trading, open position, and loss limit parameters, which are regularly reviewed and approved by the Investment Committee - The Group faces equity price risk arising from individual equity investments classified as financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income[110](index=110&type=chunk) - The Group monitors market risk by establishing trading, open position, and loss limit parameters, which are regularly reviewed and approved by the Investment Committee[110](index=110&type=chunk) [Other Information](index=41&type=section&id=Other%20Information) This section covers corporate governance, directors' and major shareholders' interests, share transactions, and changes in director information [Code for Securities Transactions by Directors](index=41&type=section&id=Code%20for%20Securities%20Transactions%20by%20Directors) The Company has adopted a code for securities transactions by directors no less stringent than the Model Code set out in the Listing Rules, and all directors have confirmed compliance with this code during H1 2025 - The Company has adopted a code for securities transactions by directors no less stringent than the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[112](index=112&type=chunk) - All directors have confirmed compliance with the required standards set out in the Securities Code and the Model Code during the six months ended June 30, 2025[112](index=112&type=chunk) [Directors' and Chief Executive's Interests in Shares](index=41&type=section&id=Directors%27%20and%20Chief%20Executive%27s%20Interests%20in%20Shares) As of June 30, 2025, Mr. Chan Chi-shing held a total of **580.7 million shares** in the Company, representing approximately **62.83% of the issued share capital**, making him the largest beneficial owner; Mr. Chan Chi-man and Mr. Wong Kok-ho also held minor share interests | Director's Name | Total Number of Ordinary Shares Held | Approximate Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | | Chan Chi-shing | 580,742,392 | 62.83% | | Chan Chi-man | 8,830,000 | 0.96% | | Wong Kok-ho | 1,240,000 | 0.13% | - Mr. Chan Chi-shing is deemed to have an interest in **569.9 million shares**, primarily held through Claremont Capital Holdings Ltd, Asia Panich Investment Company (Hong Kong) Limited, and Man Tung Company Limited[115](index=115&type=chunk) [Major Shareholders' and Other Persons' Interests in Shares](index=42&type=section&id=Major%20Shareholders%27%20and%20Other%20Persons%27%20Interests%20in%20Shares) As of June 30, 2025, Cosmos Investments Inc. was the largest major shareholder, holding approximately **61.66%** of the Company's shares; other major shareholders included Claremont Capital Holdings Ltd, Bangkok Bank Public Company Limited, Sompo Holdings, Inc. and its wholly-owned subsidiary Sompo Japan Insurance Inc., and Aioi Nissay Dowa Insurance Company, Limited | Shareholder Name | Number of Ordinary Shares Held | Approximate Percentage of Company's Issued Share Capital | | :--- | :--- | :--- | | Cosmos Investments Inc. | 569,999,712 | 61.66% | | Claremont Capital Holdings Ltd | 566,069,712 | 61.24% | | Bangkok Bank Public Company Limited | 89,988,236 | 9.74% | | Sompo Holdings, Inc. | 91,759,753 | 9.93% | | Sompo Japan Insurance Inc. | 91,759,753 | 9.93% | | Aioi Nissay Dowa Insurance Company, Limited | 52,550,175 | 5.68% | - Cosmos Investments Inc. is deemed to have an interest in **569.9 million shares**, primarily held through Claremont Capital, Asia Panich, and Man Tung[118](index=118&type=chunk) [Purchase, Sale or Redemption of the Company's Shares](index=43&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company%27s%20Shares) For the six months ended June 30, 2025, a subsidiary of the Company repurchased a total of **508,000 ordinary shares** for an aggregate consideration of approximately **HKD 2.036 million**, with some shares subsequently cancelled; the Directors believe the share repurchases are in the best interests of the Company and its shareholders, potentially enhancing net asset value per share and/or earnings per share | Month of Repurchase | Number of Ordinary Shares Repurchased | Total Purchase Price (HKD thousands) | | :--- | :--- | :--- | | April 2025 | 214,000 | 855 | | May 2025 | 66,000 | 268 | | June 2025 | 228,000 | 913 | | Total | 508,000 | 2,036 | - Repurchased shares were cancelled during and after the reporting period, resulting in a reduction of issued share capital[119](index=119&type=chunk) - The Directors believe the share repurchases are in the best interests of the Company and its shareholders, potentially enhancing the Company's net asset value per share and/or earnings per share[120](index=120&type=chunk) [Changes in Directors' Information](index=44&type=section&id=Changes%20in%20Directors%27%20Information) Since the publication of the 2024 Annual Report, directors' emoluments/fees have been adjusted, and directors have been appointed to the Asia Insurance Remuneration Committee and other working groups | Director's Emoluments/Fees Item | 2025 (HKD per annum) | 2024 (HKD per annum) | | :--- | :--- | :--- | | Company Board Chairman's Fee | 80,000 | 100,000 | | Company Compliance Committee Chairman's Fee | 30,000 | 40,000 | | Asia Insurance Board Chairman's Fee | 80,000 | 60,000 | | Asia Insurance Audit Committee Chairman's Fee | 40,000 | 20,000 | | Asia Insurance Remuneration Committee Chairman's Fee | 30,000 | N/A | - Mr. Chan Chi-shing, Mr. Wong Kok-ho, Mr. Au Yeung Kai-chun, Ms. Ngan Man-ling, and Mr. Lee Lut-yan were all appointed as members of the Asia Insurance Remuneration Committee, with Mr. Lee Lut-yan serving as Chairman[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk)[128](index=128&type=chunk) [Corporate Governance Code](index=47&type=section&id=Corporate%20Governance%20Code) The Group complied with all applicable provisions of the Corporate Governance Code during H1 2025, with a deviation from Code Provision C.2.1 (roles of Chairman and Chief Executive should be separate); the Board believes that Mr. Chan Chi-shing's dual role as Chairman and Chief Executive, based on his experience and qualifications, provides stable and consistent leadership for the Group and is in the best interests of the Company and its shareholders - The Company has consistently complied with all applicable provisions of the Corporate Governance Code, with a deviation from Code Provision C.2.1 (roles of Chairman and Chief Executive should be separate)[130](index=130&type=chunk) - The Board believes that Mr. Chan Chi-shing's dual role as Chairman and Chief Executive, based on his experience and qualifications, provides stable and consistent leadership for the Group and is in the best interests of the Company and its shareholders[131](index=131&type=chunk)

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00662 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 924,142,000 | | 0 | | 924,142,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 924,142,000 | | 0 | | 924,142,000 | 公司名稱: 亞洲金融集團(控股)有限公司 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 ...

Core Viewpoint - Asia Financial (00662) announced that it will distribute an interim dividend of HKD 0.065 per share on October 6, 2025 [1] Company Summary - The company is set to pay an interim dividend, indicating a commitment to returning value to shareholders [1]

Core Viewpoint - Asia Financial (00662) announced that it will distribute an interim dividend of HKD 0.065 per share on October 6, 2025 [1] Summary by Relevant Categories - **Company Announcement** - Asia Financial will pay an interim dividend of HKD 0.065 per share [1]

Core Viewpoint - Asia Financial (00662) reported a decrease in insurance revenue for the first half of 2025, while shareholder profit increased significantly, indicating a mixed performance in financial results [1] Financial Performance - Insurance revenue for the period was HKD 1.452 billion, representing a year-on-year decrease of 11.61% [1] - Shareholder profit attributable to the company was HKD 423 million, showing a year-on-year increase of 17.15% [1] - Basic earnings per share were reported at HKD 0.458 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.065 per share [1]

Core Viewpoint - The company reported a decrease in insurance revenue while experiencing an increase in shareholder profit, indicating a mixed performance in its financial results for the mid-year 2025 [1] Financial Performance - Insurance revenue for the period was HKD 1.452 billion, representing a year-on-year decrease of 11.61% [1] - Shareholder profit attributable to the company was HKD 423 million, showing a year-on-year increase of 17.15% [1] - Basic earnings per share were HKD 0.458 [1] Dividend Announcement - The company proposed an interim dividend of HKD 0.065 per share [1]