香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：717） 2022/2023年度之中期業績公告 英皇資本集團有限公司（「本公司」）之董事會（「董事會」或「董事」）宣佈本公司及 其附屬公司（統稱為「本集團」）截至2023年3月31日止6個月（「本期間」）之未經審 核綜合業績。 財務概要 千港元 截至3月31日止6個月 2023年 2022年 總收入 190,344 244,810 貸款 136,075 203,361 經紀服務 49,725 35,961 企業融資 4,315 4,010 ...

Financial Performance - Total revenue for the year ended 30 September 2022 decreased to HK$512.8 million, down 24.3% from HK$676.8 million in 2021[10]. - Net loss attributable to owners of the Company narrowed to HK$299.2 million, compared to a loss of HK$576.1 million in 2021, representing a 48.0% improvement[12]. - Basic loss per share improved to HK4.44 cents, down from HK8.55 cents in the previous year[12]. - The Group's financing segment generated revenue of HK$418.5 million in the year, a decrease from HK$548.4 million in 2021, accounting for 81.6% of total revenue[20]. - Revenue from brokerage services was HK$76.4 million, down from HK$99.3 million in 2021, representing 14.9% of total revenue[25]. - The placing and underwriting segment's revenue decreased to HK$6.8 million from HK$16.3 million in 2021, accounting for 1.3% of total revenue[29]. - Corporate finance segment revenue was HK$11.1 million, slightly down from HK$12.7 million in 2021, making up 2.2% of total revenue[31]. Market Conditions - The average daily turnover in the Hong Kong securities market decreased by 26.5% year-on-year during the first half of 2022[13]. - The Hang Seng Index dropped 29.9% from 24,576 on 30 September 2021 to 17,223 on 30 September 2022[13]. - The number of corporate exercises, including initial public offerings, significantly decreased amid volatile market conditions[13]. - The global macroeconomic environment has been challenging due to geopolitical tensions, supply chain disruptions, and inflationary pressures[13]. - The outlook indicates potential challenges due to economic uncertainties, but the reopening of borders is expected to benefit Hong Kong's capital market[36]. Asset and Liability Management - As of September 30, 2022, the Group's current assets were HK$4,984.9 million, down from HK$6,106.3 million in 2021, while current liabilities decreased to HK$2,134.5 million from HK$2,942.3 million[41]. - The Group's total borrowings decreased to HK$430.0 million from HK$869.1 million in 2021, resulting in a reduced gearing ratio of 12.1% compared to 22.6% in the previous year[42]. - The Group's available unutilized banking facilities were HK$2,049.0 million, down from HK$2,301.2 million in 2021, indicating sufficient working capital for operations and future development[45]. Impairment and Provisions - Impairment allowances for margin loans and other loans decreased to HK$590.1 million, a reduction of 37.1% from HK$939.3 million in 2021[12]. - The Group recognized an impairment of HK$590.1 million for the year, down from HK$939.3 million in 2021, primarily related to margin clients and borrowers[48]. - The net provision for impairment of loans and advances amounted to approximately HK$318.1 million, with an additional impairment allowance of approximately HK$293.7 million recognized for twenty-four loans assessed as credit-impaired[51]. - The impairment provision for eight margin financing clients was approximately HK$383.2 million, primarily due to a decline in the market price of pledged securities[50]. Corporate Governance - The Board is composed of five Directors, including two Executive Directors and three Independent Non-executive Directors, ensuring a balance of power and expertise[180]. - The Company complied with all code provisions of the Corporate Governance Code except for the separation of the roles of chairman and chief executive officer[178]. - Each independent non-executive director has confirmed their independence, and the Board considers them independent based on the factors outlined in Rule 3.13 of the Listing Rules[188]. - The Company has arranged appropriate insurance coverage for legal actions against the Directors, ensuring protection for their responsibilities[198]. - The Company has implemented a procedure for Directors to seek independent professional advice at the Company's expense to assist them in performing their duties[192]. Employee and Operational Costs - Total staff costs, including directors' remuneration, were approximately HK$72.9 million, a decrease from HK$77.9 million in 2021, with the number of employees increasing slightly to 207[55]. - The total employee cost, including directors' remuneration, was approximately HKD 72,900,000 for the year ending September 30, 2022, compared to HKD 77,900,000 in 2021, reflecting a decrease of about 6.4%[58]. Dividends and Shareholder Information - The Group did not recommend any payment of final dividend for the year ended September 30, 2022, consistent with the previous year[56]. - The Group did not pay any interim dividend for the Year, and no final dividend was recommended, consistent with the previous year[79]. - The reserves available for distribution to Shareholders as of September 30, 2022, included a contributed surplus of approximately HK$101.9 million and accumulated losses of HK$460.9 million[88]. - The Group's five largest customers accounted for 15% of total turnover, with the largest customer contributing 5%[100]. Related Party Transactions - The Group has agreed to provide brokerage services, wealth management, and financial advisory services under the Emperor Group FSA[150]. - The maximum margin loan amount to the Yeung Family was HK$58,660,000[156]. - The Company has complied with the disclosure requirements under Chapter 14A of the Listing Rules for related party transactions[159]. - The Group's auditor issued an unqualified letter regarding the Disclosed Continuing Connected Transactions (CCTs) in accordance with the Listing Rules[161]. Charitable Contributions - The Group made charitable donations amounting to HK$22,000 during the Year[170].

Financial Performance - Total revenue for the year ended September 30, 2022, decreased to HKD 512.8 million, down 24.3% from HKD 676.8 million in 2021[4] - Loan income for the group was HKD 418.5 million, representing 81.6% of total revenue, a decrease of 23.7% from HKD 548.4 million in 2021[9] - Brokerage services revenue fell to HKD 76.4 million, accounting for 14.9% of total revenue, down 23.0% from HKD 99.3 million in 2021[11] - The group reported a net loss of HKD 299.2 million, a significant reduction from a net loss of HKD 576.1 million in 2021[6] - The company reported a loss before tax of HKD 290,581,000 for the year, compared to a loss of HKD 541,560,000 in the previous year[50] - The total loss for the year was HKD 299,234,000, an improvement from a loss of HKD 576,094,000 in the previous year[50] - The company incurred a pre-tax loss of HKD 290,581,000 for the year, compared to a loss of HKD 541,560,000 in 2021[29] - Basic loss per share improved to HKD 4.44 in 2022 from HKD 8.55 in 2021, reflecting a reduction of about 48.0%[78] Market Conditions - The average daily turnover in the Hong Kong securities market decreased by 26.5% year-on-year in the first half of 2022[7] - The Hang Seng Index dropped 29.9% from 24,576 points on September 30, 2021, to 17,223 points on September 30, 2022[7] - The company anticipates that the reopening of borders will act as a catalyst for the Hong Kong capital market[15] Asset and Liability Management - As of September 30, 2022, the group's current assets and current liabilities were HKD 4,984,900,000 and HKD 2,134,500,000, respectively, compared to HKD 6,106,300,000 and HKD 2,942,300,000 in 2021[16] - The total bank borrowings decreased to HKD 430,000,000 in 2022 from HKD 869,100,000 in 2021, resulting in a debt-to-equity ratio of 12.1%, down from 22.6% in the previous year[16] - Total liabilities decreased from HKD 2,942,272 thousand in 2021 to HKD 2,134,485 thousand in 2022, reflecting a reduction of about 27.4%[30] - The company's net asset value decreased from HKD 3,849,642 thousand in 2021 to HKD 3,550,341 thousand in 2022, a decline of approximately 7.8%[30] - The total equity remained stable at HKD 3,550,341 thousand in 2022 compared to HKD 3,849,642 thousand in 2021, indicating a slight decrease of about 7.8%[30] Operational Strategies - The group plans to enhance its digital platform and expand its product offerings, including fixed income, funds, and insurance products[15] - The company aims to increase its client base by targeting more high-net-worth individuals in its wealth management business[15] - The group will adopt a prudent approach to business development while strictly controlling operating costs to mitigate downside risks[15] Financial Reporting and Compliance - The company has applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements for the current and prior years[32] - The company anticipates that any changes in the interest rate benchmarks due to the application of the revised standards will not result in significant gains or losses[36] - The company has not early adopted the newly issued and revised Hong Kong Financial Reporting Standards that are not yet effective, including HKFRS 17 and its amendments, which will take effect on January 1, 2023, and January 1, 2024, respectively[37] - The amendments to HKAS 1 clarify the classification of liabilities as current or non-current, emphasizing that the classification should be based on rights existing at the end of the reporting period[39] - The company is focused on ensuring compliance with the new standards and maintaining transparency in its financial reporting practices[41] Revenue Breakdown - Commission and fee income for the year was HKD 85,459,000, down from HKD 125,343,000 in the previous year, reflecting a decrease of about 31.8%[57] - Interest income for the year was HKD 427,365,000, compared to HKD 551,469,000 in the prior year, indicating a decline of approximately 22.5%[58] - Revenue for the year includes customer contract income of HKD 73,982,000 for 2022, down from HKD 112,205,000 in 2021, representing a decrease of approximately 34.3%[59] Impairment and Provisions - The group reported a net impairment of HKD 590,100,000 for the year, a decrease from HKD 939,300,000 in 2021, primarily related to margin clients and borrowers[20] - The net impairment provision for receivables decreased to HKD 272,022,000 in 2022 from HKD 658,575,000 in 2021, a reduction of about 58.7%[68] - The company reported a net impairment provision for loans and advances of HKD 318,073,000 in 2022, compared to HKD 280,727,000 in 2021, an increase of about 13.3%[68] Employee and Operational Costs - Employee costs totaled approximately HKD 72,900,000, down from HKD 77,900,000 in the previous year, with a workforce of 207 employees[26] - The company incurred financial costs of HKD 26,845,000 for the year, compared to HKD 71,516,000 in the previous year, showing a significant reduction[52] Dividends and Share Capital - The board did not recommend any final dividend for the year ending September 30, 2022, consistent with the previous year[27] - The total issued and paid-up share capital remained unchanged at HKD 67,408,000 as of September 30, 2022, consistent with the previous year[99]

Financial Performance - Total revenue for the six months ended March 31, 2022, decreased to HKD 244.8 million, down 29.4% from HKD 346.6 million in 2021[4] - The group reported a net loss of HKD 35 million, compared to a profit of HKD 53.7 million in the same period of 2021, resulting in a basic loss per share of HKD 0.52[4] - Total revenue for the six months ended March 31, 2022, was HKD 244,810,000, a decrease of 29.4% from HKD 346,586,000 in the same period of 2021[66] - The company reported a loss before tax of HKD 27,468,000 for the six months ended March 31, 2022, compared to a profit before tax of HKD 66,516,000 for the same period in 2021[67] - The total loss for the period ended March 31, 2022, was HKD 35,013,000, reflecting a significant decline from the profit of HKD 53,679,000 reported in the previous year[67] Revenue Breakdown - Loan income for the group was HKD 203.4 million, accounting for 83.1% of total revenue, compared to 81.7% in 2021[8] - Brokerage services revenue fell to HKD 36 million, representing 14.7% of total revenue, down from 15.9% in 2021[10] - The income from the placement and underwriting segment was HKD 1.5 million, accounting for 0.6% of total revenue, a decrease from 1.4% in 2021[11] - Corporate finance segment revenue slightly increased to HKD 4 million, representing 1.6% of total revenue, up from 1.0% in 2021[12] - Commission and fee income dropped to HKD 39,332,000, down 36.5% from HKD 61,818,000 year-on-year[34] Expenses and Costs - Employee costs totaled approximately HKD 41,600,000, an increase of 4.5% from HKD 39,800,000 in 2021[34] - The company reported a significant increase in administrative expenses related to IT services paid to related companies, which rose to HKD 9,191,000 from HKD 6,502,000, marking an increase of 41.0%[114] Assets and Liabilities - As of March 31, 2022, the group's current assets and current liabilities were HKD 5,970,700,000 and HKD 2,822,400,000 respectively, compared to HKD 6,106,300,000 and HKD 2,942,300,000 as of September 30, 2021[16] - The total bank borrowings increased to HKD 460,000,000 as of March 31, 2022, up from HKD 370,000,000 as of September 30, 2021, while total borrowings decreased to HKD 725,100,000 from HKD 869,100,000, resulting in a debt-to-equity ratio of 19.0%[17] - The group had cash and bank deposits totaling HKD 1,043,800,000 as of March 31, 2022, compared to HKD 1,024,100,000 as of September 30, 2021[16] - The total assets decreased slightly to HKD 6,106,262,000 from HKD 6,106,262,000 as of September 30, 2021[41] - The company’s total equity as of March 31, 2022, was HKD 3,814,629,000, a slight decrease from HKD 3,849,642,000 at the end of the previous period[41] Risk Management - The group has identified several significant risks, including credit risk, liquidity risk, and operational risk, and has implemented measures to manage these risks effectively[20] - The credit risk committee regularly reviews overdue accounts and ensures timely action is taken to recover outstanding debts[21] - The group has established policies to monitor customer concentration risk and stock concentration risk, conducting stress tests to assess credit risk and capital adequacy[23] - The group maintains sufficient liquidity to meet its operational obligations and has adequate backup financing arrangements[27] Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period, except for the separation of roles between the Chairman and the CEO[127] - The interim financial statements included in the report have not been audited or reviewed by the company's auditor, Deloitte[130] Shareholder Information - The company’s major shareholder, Ms. Yang Dai Shi, holds 42.72% of the voting rights in the company, with 2,879,521,438 shares attributed to her[118] - The total issued and paid-up share capital remained unchanged at 6,740,846,000 shares as of March 31, 2022[110] Future Outlook - The outlook for the financial market remains uncertain due to ongoing international events, but Hong Kong's position in the global capital market is expected to strengthen[14] - The company expects that the application of all other new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[53]

Financial Performance - Total revenue for the six months ended March 31, 2022, decreased to HKD 244.81 million, down 29.4% from HKD 346.59 million in 2021[3]. - The company reported a net loss of HKD 35.01 million, compared to a profit of HKD 53.68 million in the previous year[3]. - Total revenue for the six months ended March 31, 2022, was HKD 244.8 million, a decrease of 29.4% from HKD 346.6 million for the same period in 2021[23]. - The company reported a loss attributable to shareholders of HKD 35.0 million for the period, compared to a profit of HKD 53.7 million in the previous year[23]. - The company reported a pre-tax loss of HKD 35,013,000 for the six months ended March 31, 2022, compared to a profit of HKD 53,679,000 for the same period in 2021, indicating a significant decline in performance[52]. Revenue Breakdown - Loan income for the same period was HKD 203.36 million, representing 83.1% of total revenue, compared to 81.7% in 2021[7]. - Brokerage service revenue was HKD 35.96 million, accounting for 14.7% of total revenue, down from 15.9% in 2021[10]. - The income from the placement and underwriting segment was HKD 1.48 million, representing 0.6% of total revenue, down from 1.4% in 2021[11]. - Corporate finance segment revenue slightly increased to HKD 4.01 million, accounting for 1.6% of total revenue, up from 1.0% in 2021[12]. - Commission and fee income dropped to HKD 39.3 million, down 36.5% from HKD 61.8 million in the previous year[23]. - Interest income decreased to HKD 205.5 million, down 28.0% from HKD 284.8 million year-on-year[23]. Asset and Liability Management - As of March 31, 2022, the company's current assets were HKD 5.97 billion, while current liabilities were HKD 2.82 billion[15]. - The company's bank borrowings increased to HKD 460 million as of March 31, 2022, compared to HKD 370 million as of September 30, 2021, resulting in a total debt of HKD 725.1 million, down from HKD 869.1 million[18]. - The equity-to-debt ratio decreased to 19.0% as of March 31, 2022, from 22.6% as of September 30, 2021[18]. - The total value of loans and receivables as of March 31, 2022, was HKD 3,846,396,000, an increase from HKD 3,537,461,000 as of September 30, 2021, showing a growth of approximately 8.7%[56]. - The company’s total assets as of March 31, 2022, were HKD 2,602,084,000, compared to HKD 2,511,012,000 as of September 30, 2021, indicating an increase of approximately 3.6%[54]. Impairment and Credit Risk - Impairment provisions for loans increased to HKD 161.81 million from HKD 140.10 million in 2021[7]. - The impairment provision for credit losses was HKD 1,126,000,000 as of March 31, 2022, compared to HKD 1,187,000,000 as of September 30, 2021, showing a reduction of approximately 5.1%[73]. - The overdue receivables amounted to HKD 2,918,000 as of March 31, 2022, compared to HKD 2,420,000 as of September 30, 2021, which is an increase of about 20.6%[72]. - The company has established a credit policy to ensure all loans and receivables are subject to credit risk assessment and ongoing monitoring[59]. - The company has ongoing legal proceedings related to credit impairment loans totaling approximately HKD 574,000,000, with a provision for impairment of about HKD 487,000,000 as of March 31, 2022[59]. Corporate Governance and Future Plans - The company aims to maintain stable business development while controlling operating costs and reducing downside risks[15]. - The company plans to strengthen its wealth management business by offering more unique and high-quality investment products[15]. - The board has resolved not to declare any interim dividend for the fiscal year ending September 30, 2022[21]. - The company has complied with all provisions of the Corporate Governance Code as per the Listing Rules, except for the separation of roles between the Chairman and the CEO, which are held by the same individual[81]. - The company has adopted its own securities trading code for directors, which meets or exceeds the standards set out in the Listing Rules[82].

Financial Performance - Total revenue for the year ended September 30, 2021, decreased to HK$676.8 million, down 26.2% from HK$917.4 million in 2020[10] - Financing revenue was HK$548.4 million, a decline of 29.5% compared to HK$779.2 million in the previous year[11] - Net loss attributable to owners of the Company was HK$576.1 million, an improvement from a loss of HK$689.7 million in 2020[14] - Basic loss per share improved to HK8.55 cents from HK10.23 cents in the prior year[11] - The Group's financing segment revenue was HK$548.4 million, down from HK$779.2 million in 2020, accounting for 81.0% of total revenue[22] - Revenue from brokerage services decreased to HK$99.3 million from HK$115.6 million in 2020, representing 14.7% of total revenue[25] - The placing and underwriting segment's revenue increased to HK$16.3 million from HK$13.4 million in 2020, accounting for 2.4% of total revenue[29] - Corporate finance segment revenue rose to HK$12.7 million from HK$9.1 million in 2020, making up 1.9% of total revenue[31] Impairment and Risk Management - Impairment allowances for margin loans and other loans decreased to HK$939.3 million from HK$1,327.3 million in 2020, reflecting a reduction of 29.4%[14] - An impairment of HK$939.3 million was recognized during the year, down from HK$1,327.3 million in 2020, primarily related to margin clients and borrowers[51][54] - The net provision for impairment of accounts receivable from margin financing amounted to approximately HK$659 million, with eleven advances assessed as credit-impaired totaling approximately HK$1,492 million[51][57] - The total gross carrying amount of loans and advances assessed as credit-impaired stage was approximately HK$259 million, with an impairment provision of about HK$238 million recognized during the year[60] - The total net impairment allowance for loans and advances was approximately HK$280 million[61] - The Group will actively review its loan portfolio and receivables to mitigate default risks amid an uncertain economic outlook[39] - The Group's proactive credit risk management includes tightening loan approval procedures and adjusting interest rates and loan-to-value ratios[22] Market Conditions and Outlook - The overall global economic environment improved, but regional capital market development was hindered by geopolitical tensions and credit crises among major property developers[15] - The Company faced a tough business operating environment, leading to a significant revenue decrease[14] - Future outlook remains cautious due to ongoing geopolitical issues and market volatility[15] - The economic outlook remains gloomy with market instability expected to persist, prompting the Group to review its loan portfolio and conduct comprehensive collateral assessments[38] - The Group will adopt a prudent approach to mitigate risks while seeking opportunities for steady business development[38] Corporate Governance and Management - Daisy Yeung has over 25 years of management experience in the financial industry, focusing on corporate strategy and business development[75] - Louisa Choi has over 23 years of experience in the finance industry, covering securities, futures, and corporate finance[80] - Pearl Chan has more than 20 years of experience in corporate finance and was previously a practicing lawyer in Hong Kong[81] - The Board includes independent non-executive directors with extensive experience in banking, finance, and corporate governance[85][86][87] - The Company confirmed that all Independent Non-executive Directors are independent as per Rule 3.13 of the Listing Rules[186] Shareholder Information - The Company's reserves available for distribution to Shareholders as of September 30, 2021, amounted to approximately HK$101.9 million and HK$442.1 million in accumulated loss[98] - As of September 30, 2021, Ms. Daisy Yeung held a total of 2,879,521,438 shares, representing approximately 42.72% of the issued voting shares[120] - Ms. Choi Suk Hing, Louisa, and Ms. Pearl Chan held 4,680,000 shares (0.07%) and 2,925,000 shares (0.04%) respectively[120] - The aggregate turnover from the Group's five largest customers accounted for 18% of total turnover, an increase from 14% in 2020[111] - The largest customer contributed 4% to the Group's total turnover, down from 5% in 2020[111] Related Party Transactions - The company has a continuing connected transaction relationship with Emperor International, controlled by a private discretionary trust established by Dr. Albert Yeung[155] - Ms. Daisy Yeung, a director, has a deemed interest in the transactions due to her status as an eligible beneficiary of the trust controlling Emperor International[155] - The financial services agreement with AY Holdings is effective from October 1, 2018, to September 30, 2021, providing brokerage, wealth management, and financial advisory services[158] - The total commission, brokerage, fees, and interest income from listed members under AY Holdings for the year amounted to HK$39,000[161] - The financial advisory fee from the listed members of the Emperor Group was HK$2,730,000 for the year[161] Employee and Director Remuneration - The emoluments of the Directors are determined by the Board based on a written remuneration policy aligned with business strategy and shareholder interests[187] - The remuneration package for employees includes basic salaries, discretionary bonuses, and competitive fringe benefits[188] - The Group had 75 account executives and 130 employees as of September 30, 2021, with total staff costs of approximately HK$77.9 million[72] Financial Position - As of September 30, 2021, the Group's current assets were HK$6,106.3 million, down from HK$9,326.0 million in 2020, while current liabilities decreased to HK$2,942.3 million from HK$4,582.6 million[42][45] - The total carrying amount of the Company's outstanding HK$ bonds was approximately HK$499.1 million, a decrease from HK$1,394.6 million in 2020, with a coupon interest rate of 5.25% per annum[43][46] - The Group's total borrowings, excluding IPO financing, decreased to HK$869.1 million from HK$1,394.6 million, resulting in a reduced gearing ratio of 22.6% compared to 31.5% in 2020[44][46] Charitable Contributions - The Group made charitable donations amounting to approximately HK$27,000 during the Year[196] Auditor and Compliance - The auditor Deloitte Touche Tohmatsu will retire and offer itself for re-appointment at the 2022 AGM[197] - The Group's auditor issued an unqualified letter regarding the disclosed continuing connected transactions[183] - The Company has complied with the disclosure requirements under Chapter 14A of the Listing Rules regarding related party transactions[183] - There was sufficient public float of at least 25% of the Company's issued Shares as required under the Listing Rules[195]

Financial Performance - Total revenue for the six months ended March 31, 2021, was HKD 346,586,000, a decrease of 30% compared to HKD 494,453,000 in 2020[7] - The net profit for the period was HKD 53,679,000, a significant turnaround from a net loss of HKD 268,067,000 in 2020[7] - Basic earnings per share were HKD 0.80, compared to a loss per share of HKD 3.98 in 2020[8] - Commission and fee income reached HKD 61,818,000, up from HKD 53,804,000 in the same period of 2020, while interest income decreased to HKD 284,768,000 from HKD 440,649,000[35] - The company reported a profit attributable to owners of HKD 53,679,000, a significant recovery from a loss of HKD 268,067,000 in the previous year[35] - The basic and diluted earnings per share for the period was HKD 7.96, a recovery from a loss per share of HKD 39.73 in the same period last year[79] - The total operating expenses for the period were HKD 41,029,000, slightly up from HKD 40,397,000 in the previous year, indicating a marginal increase of about 1.6%[75] Revenue Breakdown - Loan segment revenue decreased to HKD 283,200,000, accounting for 81.7% of total revenue, down from 86.5% in 2020[12] - Brokerage services revenue was HKD 55,100,000, representing 15.9% of total revenue, an increase from 11.9% in 2020[13] - The placement and underwriting segment generated revenue of HKD 5,000,000, up from HKD 3,100,000 in 2020, accounting for 1.4% of total revenue[14] - Corporate finance segment revenue was HKD 3,400,000, consistent with the previous year, maintaining a 1.0% share of total revenue[16] Asset and Liability Management - As of March 31, 2021, the group's current assets and current liabilities were HKD 7,238,300,000 and HKD 2,769,600,000 respectively, compared to HKD 9,326,000,000 and HKD 4,582,600,000 as of September 30, 2020[19] - The total bank borrowings as of March 31, 2021, were HKD 1,393,000,000, with a debt-to-equity ratio of 31.1%, slightly down from 31.5% as of September 30, 2020[20] - The group had cash and bank deposits totaling HKD 1,324,600,000 as of March 31, 2021, an increase from HKD 852,000,000 as of September 30, 2020[19] - The total amount of receivables from securities trading business was HKD 3,496,377,000 as of March 31, 2021, slightly down from HKD 3,499,512,000 as of September 30, 2020[100] Risk Management - The group has identified significant risks including credit risk and liquidity risk, with measures in place to monitor and manage these risks[24] - The group has established policies to monitor concentration risks related to clients and stocks, conducting stress tests to assess credit risk and capital adequacy[26] - The group maintains a robust internal control system to manage operational risks, ensuring compliance with laws and regulations[29] - The company aims to maintain strict monitoring of receivables from corporate financing to mitigate credit risk[101] Employee and Management Costs - Total employee costs amounted to approximately HKD 39,800,000, an increase from HKD 31,900,000 in 2020, with 76 client managers and 139 employees as of March 31, 2021[32] - The total remuneration paid to key management personnel was HKD 3,250,000 for the six months ended March 31, 2021, compared to HKD 3,821,000 for the same period in 2020[122] Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period, except for the separation of the roles of Chairman and CEO[131] - The audit committee, composed of three independent non-executive directors, has reviewed the interim financial statements[135] Shareholder Information - The company did not declare any interim dividend for the fiscal year ending September 30, 2021, consistent with the previous year[33] - The company encourages shareholders to receive the interim report in electronic format to support environmental protection[136]

Financial Performance - Total revenue decreased by 15.3% to HK$917.4 million for the year ended September 30, 2020, compared to HK$1,082.9 million in 2019[10]. - The loss attributable to owners of the Company was HK$689.7 million, up from HK$258.7 million in 2019, primarily due to impairment allowances and revenue decline[10]. - Impairment allowances increased to approximately HK$1,327.3 million, compared to HK$889.3 million in 2019, reflecting a review of client portfolios amid economic downturn[10]. - Adjusted net profit remained stable at HK$637.6 million, slightly up from HK$630.6 million in 2019, excluding impairment allowances[10]. - Basic loss per share was HK10.23 cents, compared to HK3.84 cents in 2019[10]. - The net loss attributable to shareholders for the year was HK$689.7 million (2019: HK$258.7 million), primarily due to impairment allowances and a decline in total revenue[11]. - Impairment allowances amounted to approximately HK$1,327.3 million (2019: HK$889.3 million), reflecting a review of certain clients' accounts and financial conditions[11]. - Adjusted net profit, excluding impairment allowances, remained stable at HK$637.6 million (2019: HK$630.6 million)[11]. Revenue Breakdown - Financing revenue was HK$779.2 million, down from HK$940.0 million in the previous year[8]. - Brokerage services revenue increased to HK$115.6 million from HK$102.0 million in 2019[8]. - Corporate finance revenue rose to HK$9.1 million, up from HK$6.4 million in 2019[8]. - Placing and underwriting revenue decreased significantly to HK$13.4 million from HK$34.5 million in the previous year[8]. - Revenue from the financing segment was HK$779.2 million (2019: HK$940.0 million), accounting for 84.9% of the group's total revenue[24]. - Revenue from brokerage services increased by 13.3% to HK$115.6 million (2019: HK$102.0 million), representing 12.6% of the group's total revenue[26]. - Revenue from the placing and underwriting segment was HK$13.4 million, a decrease of 61% from HK$34.5 million in 2019, accounting for 1.5% of total revenue[31]. - Revenue from the corporate finance segment increased to HK$9.1 million, up 42% from HK$6.4 million in 2019, representing 1.0% of total revenue[33]. Market Conditions - The Hang Seng Index dropped by 10.1% from 26,092 on September 30, 2019, to 23,459 on September 30, 2020, reflecting bearish market sentiment[15]. - The group adopted a conservative approach by tightening loan approval procedures in response to the challenging business environment[24]. - The Group anticipates a prolonged market recovery due to ongoing economic challenges and instability[38]. - The inclusion of weighted voting rights and secondary listed companies in the Hang Seng Index is expected to enhance the competitiveness of the Hong Kong stock market[39]. - The development of the "Guangdong-Hong Kong-Macao Greater Bay Area" is expected to provide more opportunities for Hong Kong as an international financial hub[39]. Strategic Focus - The Company continues to assess market conditions for potential strategic adjustments and future growth opportunities[10]. - The Group's strategy will focus on mitigating downside risks while seizing opportunities in the current economic climate[40]. - The Group plans to conduct comprehensive assessments of collaterals to minimize default risk and maintain stringent control over operating costs[40]. Assets and Liabilities - As of September 30, 2020, the Group's current assets were HK$9,326.0 million, a slight decrease from HK$9,440.2 million in 2019, while current liabilities rose to HK$4,582.6 million from HK$2,584.4 million[41]. - The total carrying amount of outstanding bonds decreased to approximately HK$1,394.6 million from HK$2,813.5 million in 2019, as the Group repaid part of the bonds during the year[41]. - The Group's bank balances, cash, and pledged bank deposits amounted to HK$852.0 million, down from HK$1,905.5 million in 2019[41]. - As of September 30, 2020, the Group's bank borrowings amounted to HK$2,371.0 million, a significant increase from HK$231.2 million in 2019, with total borrowings (excluding IPO financing) at HK$1,394.6 million, down from HK$3,044.7 million in 2019, resulting in a gearing ratio of 31.5% compared to 59.5% in 2019[44]. - The Group had available unutilized banking facilities of HK$2,440.5 million, indicating sufficient working capital for operations and future development[44]. Staff and Governance - Total staff costs, including directors' remuneration, were approximately HK$62.1 million, a decrease from HK$99.0 million in 2019, with the Group employing 77 account executives and 131 employees as of September 30, 2020[44]. - The Board did not recommend any payment of final dividend for the year ended September 30, 2020, consistent with the previous year where no dividend was paid[44]. - The Group's reserves available for distribution to shareholders as of September 30, 2020, amounted to approximately HK$101.9 million in contributed surplus and HK$164.1 million in retained profits, compared to HK$101.9 million and HK$89.2 million in 2019[69]. - The Company is primarily engaged in financial services, including commercial and personal lending, brokerage services, wealth management, and corporate finance advisory services[65]. - The Group's business review and performance analysis are detailed in the Management Discussion and Analysis section from pages 6 to 11 of the report[65]. Related Party Transactions - The financial services agreement with AY Holdings includes a commission, brokerage, fees, and interest income of HK$374,000 from the Emperor Group[116]. - The financial advisory fee from the listed members of the Emperor Group was HK$2,055,000[116]. - The maximum margin loan amount to the Yeung Family was HK$42,480,000[122]. - The maximum IPO loan amount to the Yeung Family reached HK$199,807,000[122]. - The financial advisory fee from the Yeung Family was HK$800,000[122]. - Transactions under the Emperor Group FSA constitute continuing connected transactions for the company[118]. - The company has complied with the disclosure requirements under Chapter 14A of the Listing Rules regarding related party transactions[124]. - The auditor issued an unqualified letter regarding the Group's non-exempt continuing connected transactions, confirming compliance with the Listing Rules[126]. Corporate Governance - The Company has fully complied with the Corporate Governance Code except for the deviation from code provision A.2.1, which requires separation of the roles of chairman and chief executive officer[139]. - The Board comprised six Directors as of September 30, 2020, including three Executive Directors and three Independent Non-executive Directors[140]. - The independent non-executive directors confirmed that the continuing connected transactions were conducted in the ordinary course of business and on normal commercial terms[130]. - The Company plans to re-appoint Messrs. Deloitte Touche Tohmatsu as auditor at the 2021 AGM[137]. - The Group's remuneration package includes basic salaries, discretionary bonuses, and competitive fringe benefits[135]. - The Board consists of six directors, including three executive directors and three independent non-executive directors, ensuring a balance of skills and experience relevant to the Group's business management[143]. - The independent non-executive directors (INEDs) are all professionals with recognized expertise in financial, legal, or accounting fields, contributing impartial views and independent judgments[146]. - The management is led by the Executive Committee, which comprises all executive directors, responsible for day-to-day operations and key business decisions[149]. - The Board is responsible for formulating strategic directions and monitoring the financial and management performance of the Group[148]. - The Company has received confirmation of independence from each INED, and they are considered independent based on the annual review conducted by the Nomination Committee[147]. - All directors have participated in continuous professional development, covering topics such as corporate governance, finance, industry-specific knowledge, and regulatory compliance[158]. - The Company has arranged appropriate insurance coverage for legal actions against the directors[159]. - The Board structure is designed to ensure adequate independence and effective oversight of management, with no current plans for changes[144]. - The INEDs serve an initial term of three years, automatically renewed for successive one-year terms, subject to early termination with written notice[146]. - The Company ensures compliance with legal and regulatory requirements, including risk management and corporate governance policies[153]. - The Board has ensured compliance with corporate governance codes, with all directors participating in ongoing professional development[161]. - The attendance of directors at meetings was high, with all executive directors attending 100% of the meetings held[166]. - The Executive Committee is responsible for formulating business policies and managing day-to-day operations, consisting of three executive directors[179]. - The Audit Committee and the majority of the Remuneration and Nomination Committees are composed of Independent Non-Executive Directors (INEDs)[178]. - The company has established procedures for directors to seek independent professional advice when necessary, with costs borne by the company[168]. - Regular board meetings are held approximately quarterly, ensuring adherence to applicable rules and regulations[169]. - The company maintains appropriate insurance arrangements for directors facing potential legal actions[163]. - The Board has reviewed the contributions of each director and is satisfied with their time commitment during the year[168]. - Clear written terms of reference are provided to all members of the Board Committees to facilitate effective management[178]. - The company has implemented a process for handling conflicts of interest, ensuring transparency and compliance with governance standards[172]. - The Audit Committee held three meetings during the year to review the effectiveness of the audit process and the accuracy of the annual consolidated financial statements for the financial year ended 30 September 2019[182]. - The Remuneration Committee reviewed the current remuneration structure of Executive Directors and senior management, making recommendations for specific packages[188]. - The Nomination Committee reviewed the structure, size, composition, and diversity of the Board, and made recommendations for the re-election of Directors at the 2020 AGM[196]. - The Audit Committee recommended the re-appointment of the external auditor at the 2020 annual general meeting[185]. - The Remuneration Committee held two meetings during the year to discuss Directors' fees and remuneration packages[189]. - The Audit Committee performed an annual review of non-exempt continuing connected transactions of the Group for the previous year[183]. - The Executive Committee is responsible for developing business policies and making decisions related to the Group's management and daily operations[179]. - The Audit Committee reviewed the effectiveness of the risk management and internal control systems during the previous year[185]. - The Nomination Committee assessed the independence of INEDs and reviewed the time commitment of each Director[196]. - The Remuneration Committee made recommendations to the Board regarding the remuneration of INEDs[188]. - The Board Diversity Policy aims to achieve a broad range of diversity on the Board, including gender, age, cultural and educational background, and professional experience[197]. - The Nomination Policy assists the Nomination Committee in identifying suitable candidates for directorship based on the Board Diversity Policy[198]. - The Nomination Committee reviewed the structure, number, composition, and diversity of the Board during the year[199]. - The Committee also assessed the independence of independent non-executive directors and their time commitment to board responsibilities[199]. - The Board Diversity Policy emphasizes the importance of diversity in complementing the Company's corporate strategy[200].

Financial Performance - Total revenue for the six months ended March 31, 2020, decreased to HKD 494,453,000, down 16.2% from HKD 590,427,000 in 2019[4]. - Net loss for the period was HKD 268,067,000, compared to a net profit of HKD 37,638,000 in 2019, primarily due to impairment provisions for margin loans and advances[4][7]. - Adjusted net profit decreased by 9.1% to HKD 324,869,000, down from HKD 357,365,000 in 2019[4][7]. - Basic loss per share was HKD (3.98), compared to earnings of HKD 0.55 per share in 2019[4][7]. - The company reported a loss before tax of HKD 250,891,000 compared to a profit of HKD 60,054,000 in the same period last year[38]. - The company’s basic and diluted earnings per share for the period were a loss of HKD 268,067,000, compared to a profit of HKD 37,638,000 in the previous year[105]. - The company did not declare any interim dividend for the fiscal year ending September 30, 2020, consistent with the previous year[38]. Revenue Breakdown - The loan segment generated revenue of HKD 427,550,000, accounting for 86.5% of total revenue, down from 88.0% in 2019[14]. - Brokerage service revenue increased by 15.7% to HKD 58,819,000, representing 11.9% of total revenue, up from 8.6% in 2019[14]. - The revenue from the placement and underwriting division was HKD 3,100,000, accounting for 0.6% of the total revenue, a decrease from 2.9% in 2019[15]. - The corporate finance division's revenue increased to HKD 4,900,000, representing 1.0% of total revenue, up from 0.5% in 2019[18]. Assets and Liabilities - As of March 31, 2020, the group had total current assets of HKD 8,282,800,000, down from HKD 9,440,200,000 as of September 30, 2019[8]. - Total assets decreased to HKD 8,282,754,000 from HKD 9,440,187,000, reflecting a decline of 12.3%[41]. - The total liabilities decreased to HKD 2,473,870,000 from HKD 2,584,398,000, a reduction of 4.3%[46]. - Cash and cash equivalents at the end of the period were HKD 1,291,320,000, down from HKD 1,505,264,000 in 2019[54]. Impairment and Provisions - The company recorded a significant increase in impairment provisions, totaling HKD 592,936,000 compared to HKD 319,727,000 in the prior year[38]. - The total impairment provision for receivables was HKD 492,292,000, significantly higher than HKD 263,601,000 for the same period in 2019, marking an increase of approximately 87%[102]. - The impairment provision for loans increased to HKD 3,536,330,000 from HKD 3,487,726,000, reflecting an increase of approximately 1.4%[126]. - The impairment provision for the period was HKD 910,864,000, compared to HKD 584,325,000 as of September 30, 2019, indicating a significant increase of 55.6%[155]. Credit Risk Management - The credit risk management process includes identifying, assessing, and monitoring risks associated with lending activities[22]. - The company maintains a credit policy to ensure all loans are subject to credit risk assessment and ongoing monitoring[126]. - The company’s credit risk management includes regular reviews of credit limits for individual clients, with any excess requiring higher-level management approval[155]. - The company has established policies to monitor credit risk concentration and conducts regular stress tests to evaluate credit risk and capital adequacy[24]. Operational Changes and Future Outlook - The company anticipates a downward trend in the overall economy and financial markets due to the public health crisis, which may weaken business prospects and liquidity[18]. - The company plans to implement stricter loan approval processes and comprehensive collateral assessments to reduce default risks and enhance risk management[18]. - The company is prepared to seize development opportunities while maintaining stable business growth amid regional and national financial support measures[20]. - The company plans to continue expanding its brokerage services and enhance its wealth management offerings in the upcoming quarters[96]. Employee and Management Information - Employee costs amounted to HKD 31,941,000, down 39.3% from HKD 52,666,000 in the previous year[38]. - The number of employees decreased to 119 from 177 in the previous year, indicating a reduction in workforce[38]. - The total remuneration paid to key management personnel was HKD 3,821,000 for the period, a decrease of 62.4% from HKD 10,173,000 in the previous year[168]. - The company’s management fees paid to related companies amounted to HKD 5,586,000 for the period, up from HKD 3,236,000 in the previous year, reflecting a rise of 73%[165]. Compliance and Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period, except for the separation of the roles of Chairman and CEO[177]. - The company’s financial statements have not been audited or reviewed by its auditors but have been reviewed by the audit committee[181]. - The company encourages shareholders to receive electronic versions of the interim report to support environmental protection[183].

Financial Performance - Total revenue for the year ended September 30, 2019, was HK$1,082,854,000, a decrease of 17.6% from HK$1,314,270,000 in 2018[9] - Financing revenue decreased to HK$940,016,000 from HK$1,085,879,000, representing a decline of 13.4%[9] - Brokerage revenue fell to HK$102,020,000, down 23.9% from HK$133,844,000 in the previous year[9] - The net loss reported was HK$258,706,000, compared to a profit of HK$549,195,000 in 2018[9] - Adjusted net profit was HK$630,578,000, down 16.5% from HK$754,773,000 in the prior year[9] - Basic loss per share was HK(3.84), compared to earnings of HK8.15 per share in 2018[9] - The loss attributable to owners of the Company was HK$258.7 million, compared to a profit of HK$549.2 million in 2018, indicating a significant downturn in financial performance[21] - Adjusted profit, excluding impairment allowances, decreased by 16.5% to HK$630.6 million from HK$754.8 million in 2018[21] - Basic loss per share was HK3.84 cents, a decline from basic earnings per share of HK8.15 cents in the previous year[21] Operational Overview - The company operates 4 branches in Hong Kong and 3 liaison offices in mainland China, indicating a stable operational footprint[12] - The Group's revenue decreased to HK$1,082.9 million for the year ended September 30, 2019, down from HK$1,314.3 million in 2018, reflecting a decline of approximately 17.6%[21] - The Group has diversified its income streams, transitioning to an interest income-based financial institution over the past decade[12] - The Group operates 4 branches in Hong Kong and 3 liaison offices in mainland China, enhancing its market presence[31] Market Conditions - The year faced challenges due to the US-China trade war, Brexit uncertainties, and emerging market currency crises, impacting investor sentiment[16] - The Group has implemented stricter scrutiny of loan approval procedures and adjusted interest charges and loan-to-value ratios in response to market conditions[27] - The local government's policy to raise the mortgage cap for first-time buyers is expected to stimulate property transactions, prompting the Group to allocate more resources to this market[39] - The Group plans to adopt a prudent approach and strengthen credit control measures to minimize potential risks amid increasing demand for property mortgages[39] Financial Position - As of September 30, 2019, the Group's current assets were HK$9,440.2 million, down from HK$10,470.3 million in 2018, while current liabilities decreased to HK$2,584.4 million from HK$3,524.6 million[21] - The Group's bank balances, cash, and pledged bank deposits totaled HK$1,905.5 million as of September 30, 2019, an increase from HK$1,043.0 million in 2018[21] - The Group's total borrowings amounted to HK$3,044.7 million, with a gearing ratio of 59.5% as of September 30, 2019[23] - Short-term bank borrowings decreased to HK$231.2 million as of September 30, 2019, down from HK$460.2 million in the previous year[23] - The Group has sufficient working capital for its operation and future development, with available unutilised banking facilities of HK$2,722.8 million[23] Revenue Breakdown - Revenue from the financing segment decreased by 13.4% to HK$940.0 million in the year, accounting for 86.8% of total revenue[26] - Revenue from the brokerage segment decreased to HK$102.0 million, representing 9.4% of total revenue, down from HK$133.8 million in the previous year[31] - Revenue from the placing and underwriting segment was HK$34.5 million, accounting for 3.2% of total revenue, a decrease from HK$75.9 million in the previous year[34] - Revenue from the corporate finance segment generated HK$6,365,000, a significant drop from HK$18,627,000 in the previous year, reflecting market conditions[9] Shareholder Information - The Group did not pay any interim dividend for the Year, compared to HK$148.97 million (HK2.21 cents per share) in 2018[62] - The Board did not recommend any final dividend for the Year, whereas in 2018, it was HK$43.1 million (HK0.64 cent per share)[62] - The Company's reserves available for distribution to Shareholders as of 30 September 2019 amounted to approximately HK$101.9 million in contributed surplus and HK$89.2 million in retained profits, compared to HK$101.9 million and HK$50.3 million in 2018[65] - The Group's five largest customers accounted for 20% of total turnover in the Year, down from 24% in 2018, with the largest customer contributing 6% of total turnover, down from 10% in 2018[78] Corporate Governance - The Company fully complied with the Corporate Governance Code except for the deviation from code provision A.2.1, which requires the roles of chairman and chief executive officer to be separate[158] - The Board comprised six Directors as of September 30, 2019, including three Executive Directors and three Independent Non-Executive Directors[159] - The emoluments of the Directors are determined by the Board based on a written remuneration policy aligned with business strategy and shareholder interests[145] - The Company has adopted various policies to ensure compliance with the Corporate Governance Code[158] - All Independent Non-executive Directors (INEDs) have confirmed their independence, and their terms are subject to re-election provisions[165] Director and Executive Information - The remuneration package for Directors includes basic salaries, Directors' fees, pension contributions, discretionary bonuses, and competitive fringe benefits[150] - The Managing Director provides strong leadership while leading the management in effective planning and execution of long-term business strategies[160] - The Company is led by a Board responsible for strategic direction and monitoring financial performance to promote success in the interest of shareholders[165] - The Executive Committee, comprising all Executive Directors, manages day-to-day operations and has delegated powers except for specific reserved matters[165] Compliance and Risk Management - The Company ensures compliance with legal and regulatory requirements through approved policies and practices[167] - The Board is responsible for approving major changes and financial reporting as per Listing Rules[167] - The Company Secretary ensures that Board procedures and applicable rules are followed, with meeting notices sent at least 14 days in advance[176] - The Company has established clear written terms of reference for all Board Committees to assist in effective management[183]