CORPORATE INFORMATION 公司資料 UBA INVESTMENTS LIMITED 開明投資有限公司 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立之有限公司） Stock code 股份代號 : 768 2025 ANNUAL REPORT 年報 CONTENTS 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Management Discussion and Analysis | 管理層討論與分析 | 4 | | Profile of Directors | 董事會人員資料 | 20 | | Report of the Directors | 董事會報告 | 22 | | Corporate Governance Report | 企業管治報告 | 35 | | Environmental, Social and Governance Report | 環境、社會及管治報告 | 53 | | Independent A ...

补充资料：Reference are made to the composite document jointly issued by Knight Sky Holdings Limited and UBA Investments Limited dated 14 May 2024and the announcement of jointly issued by Knight Sky Holdings Limited and UBA Investments Limited dated 11 June 2025. As at 4:00 p.m. on Wednesday, 11 June 2025, being the latest time and date for the acceptance of the Offer, the Offeror had received valid acceptances in respect of a total of 354,716,000 Acceptance Shares under the Offer. 本交易涉及其他关联方：郑启明和詹美卿。 智通财经APP获悉， ...

Financial Performance - Total income from the sale of trading securities reached HKD 59,591,000, a significant increase from HKD 2,882,000 in the previous year[4] - The net gain from financial assets measured at fair value through profit or loss was HKD 10,228,000, compared to a loss of HKD 7,690,000 in the prior year[4] - The group's profit before tax for the year was HKD 10,271,000, a turnaround from a loss of HKD 7,409,000 in the previous year[4] - Basic earnings per share for the year was HKD 0.81, compared to a loss per share of HKD 0.58 in the previous year[4] - The company's profit for the year ended March 31, 2025, was approximately HKD 10,300,000, compared to a loss of HKD 7,400,000 in the previous year[24] - Realized gains from listed securities amounted to HKD 6,240,000, while unrealized gains were HKD 4,020,000, compared to realized gains of HKD 140,000 and unrealized losses of HKD 5,900,000 in the previous year[24] - The net realized and unrealized gains from financial assets at fair value through profit or loss amounted to approximately HKD 10,000,000[42] Cash and Equity - Cash and cash equivalents increased to HKD 30,578,000 from HKD 5,542,000 year-on-year[5] - Total equity rose to HKD 92,986,000, up from HKD 82,715,000 in the previous year[5] - The company's cash levels were approximately HKD 30,600,000 as of March 31, 2025, up from HKD 5,500,000 in the previous year[24] - The net asset value increased by approximately 12.5% to HKD 93,000,000, compared to HKD 82,700,000 in the previous year[24] - The group has maintained its net asset value per share at HKD 0.07, consistent with the previous year[5] - The group has no debt as of March 31, 2025, indicating a debt ratio of zero[45] Dividends and Capital Distribution - The group reported no dividends for the year, maintaining a conservative approach to capital distribution[4] - The group did not recommend the payment of a final dividend for the year[46] Business Strategy and Focus - The company continues to focus on investment holding and securities trading as its primary business activities[7] - The company plans to continue reviewing potential acquisitions of unlisted investments in the future[25] - The company's investment strategy focuses on maintaining sufficient dividend levels while balancing investments in listed and unlisted securities for better shareholder returns[25] Market and Economic Conditions - The U.S. Federal Reserve announced a total interest rate cut of 1% from the high range of 5.25%-5.5% to 4.25%-4.5% between September and December 2024, marking the first rate cut since March 2022[26] - The U.S. GDP grew at an annualized rate of approximately 2.4% in Q4 2024, reflecting robust economic activity driven by consumer spending, investment, and government expenditure[26] - China's GDP growth for 2024 was reported at 5.4%, exceeding market expectations, supported by significant stimulus measures from the government[27] - The Shanghai Composite Index rose nearly 9.6% from 3,041 at the end of March 2024 to 3,335 by the end of March 2025, reflecting improved investor sentiment[27] - The Hang Seng Index surged approximately 39.8% from 16,541 at the end of March 2024 to 23,119 by the end of March 2025, driven by foreign capital inflows and strong performance in the technology sector[28] - The U.S. inflation rate significantly declined to approximately 2.4% by March 2025, the lowest since February 2021, aiding in restoring investor confidence[26] - The Dow Jones Index increased by about 5.5% from 39,807 at the end of March 2024 to 42,001 by the end of March 2025, reflecting positive economic indicators and easing inflation[26] Company Operations and Performance - Cheung Kong Holdings reported revenue of approximately HKD 281.35 billion and a net asset value of about HKD 652.59 billion for the year ending December 31, 2024, with a comprehensive income of HKD 17.09 billion, a decrease of 27% year-on-year[31] - Cheung Kong Holdings confirmed a one-time non-cash impairment and other provisions of HKD 3.7 billion related to its telecommunications business in Vietnam[31] - The company’s basic EBITDA, excluding one-time losses, increased by 2% in local currency terms, primarily due to strong growth in the port sector and stable performance in retail and infrastructure[31] - Power Assets Holdings Limited recorded revenue of approximately HKD 919 million and net profit of HKD 6,119 million, representing a 2% increase year-on-year[32] - PCCW Limited achieved revenue of approximately HKD 37,557 million and net assets of approximately HKD 11,514 million, despite facing market uncertainties[34] - MTR Corporation reported a total comprehensive income of approximately HKD 60,011 million and a net profit of HKD 15,772 million, an increase of 102% compared to the previous year[35] - Asia Financial Holdings Limited's insurance revenue was approximately HKD 3,291 million, with a significant profit increase of 86.6% year-on-year[36] - Xinjiang Xinxin Mining Industry Co., Ltd. recorded revenue of approximately RMB 2,281 million and a net profit of RMB 185 million, reflecting a growth of 14.3% year-on-year[38] - JBB Builders International Limited reported revenue of approximately MYR 223 million, driven by new contracts in marine construction and infrastructure services[37] - PANGSHUN International Limited recorded revenue of approximately USD 23 million, with a reduced loss of USD 1,030,000 compared to a loss of USD 2,790,000 in the previous year[39] - Kwan Man Kee Group recorded revenue of approximately HKD 75,000,000, representing an increase of about 4.8% due to higher income from waterproofing services[40] - Wai Hong Holdings reported revenue of approximately HKD 68,000,000, with a net loss of approximately HKD 35,000,000, down from a net loss of approximately HKD 46,800,000 in the previous year[41] Corporate Governance and Management Changes - Ms. Guo Wanlin has been appointed as an independent non-executive director effective from July 12, 2024[57] - Dr. Feng Zhenxiong will resign as an independent non-executive director effective from August 21, 2024[57] - Dr. Huang Runquan will resign as an executive director and chairman of the board effective from June 6, 2025[57] - Mr. Zhou Weixing has been elected as the chairman of the board effective from June 6, 2025[57] - The company has confirmed that public shareholders hold more than 25% of the total issued shares[58] - The remuneration committee consists of three independent non-executive directors and one executive director[59] - The nomination committee also consists of three independent non-executive directors and one executive director[60] - There were no repurchases, sales, or redemptions of the company's listed securities during the year[61] - The company has adopted the standard code for securities transactions by directors as per the listing rules[62] - The annual general meeting is scheduled for August 21, 2025, with a suspension of share transfer registration from August 18 to August 21, 2025[63]

Group 1 - The company, Kai Ming Investment (00768.HK), announced that it has entered into a sale agreement with Knight Sky Holdings Limited, where the latter will purchase 192 million shares, representing approximately 15.10% of the company's total issued share capital, for HKD 5.76 million, equating to HKD 0.03 per share [1] - The offer price of HKD 0.03 per share represents a premium of approximately 7.14% over the last closing price of HKD 0.028 per share on the Stock Exchange [1] - Following the completion of the transaction on April 14, 2025, the offeror and its concert parties will hold approximately 41.84% of the company's total issued share capital [1] Group 2 - According to the takeover code rule 26.1, the offeror is required to make a mandatory conditional cash offer for all issued shares, excluding those already owned or agreed to be acquired by the offeror and its concert parties [2] - Rong Gao Financial has been appointed as the independent financial advisor to provide advice to the independent board committee regarding the offer [2] - The company has applied to the Stock Exchange for the resumption of trading of its shares starting from April 24, 2025, at 9:00 AM [2]

Financial Performance - Revenue for the six months ended September 30, 2024, was HK$4,118,000, down from HK$4,580,000 in the same period last year, representing a decrease of approximately 10.1%[11] - Profit before taxation for the period was HK$5,726,000, a recovery from a loss of HK$7,570,000 in the same period last year[11] - The total comprehensive income for the period was HK$5,726,000, compared to a loss of HK$7,570,000 in the previous year[11] - Basic earnings per share for the period was HK$0.45, down from HK$0.60 in the previous year, reflecting a decrease of 25%[11] - The Group recorded a net profit of approximately HK$5.73 million for the six months ended 30 September 2024, compared to a net loss of approximately HK$7.57 million in the corresponding period last year[119] - The turnaround from net loss to net profit was mainly due to a realized and unrealized gain on financial assets at fair value through profit or loss of approximately HK$3.5 million, compared to an unrealized loss of HK$10.0 million in the last corresponding period[119] Asset and Equity Position - Current assets as of September 30, 2024, included cash and cash equivalents of HK$72,935,000, an increase from HK$5,542,000 in the previous year[14] - Net current assets increased to HK$88,441,000 from HK$82,715,000 as of March 31, 2024[14] - Total equity as of September 30, 2024, was HK$88,441,000, up from HK$82,715,000 as of March 31, 2024[14] - The net asset value per share increased to HK$0.070 from HK$0.065, representing an increase of approximately 7.7%[14] - As of September 30, 2024, the Group's listed equity securities amounted to approximately HKD 72.6 million, down from HKD 76.8 million as of March 31, 2024[124] Cash Flow and Liquidity - Net cash from operating activities for the six months ended September 30, 2024, was HK$7,599,000, significantly up from HK$2,741,000 in the same period of 2023, representing an increase of approximately 177%[21] - Cash and cash equivalents at the end of the period increased to HK$13,264,000 from HK$7,113,000 year-over-year, marking an increase of about 86%[21] - The net increase in cash and cash equivalents during the period was HK$7,722,000, compared to HK$2,790,000 in the prior year, reflecting an increase of about 176%[21] - The Group maintained a cash level of approximately HK$13.3 million as of 30 September 2024, indicating a healthy liquidity position[119] Investment Activities - The gross proceeds from the disposal of trading securities amounted to HK$31,920,000, a significant increase from HK$2,299,000 in the previous year[11] - The gain from changes in fair value of financial assets at fair value through profit or loss was HK$3,548,000, compared to a loss of HK$10,131,000 in the previous year[11] - The Group's investment portfolio was well diversified across various sectors, with investments in listed securities amounting to HK$72.6 million as of 30 September 2024, down from HK$76.8 million on 31 March 2024[122] - Unlisted investments had a fair value of HK$0.38 million as of 30 September 2024, compared to HK$0.41 million on 31 March 2024, with no additional unlisted investments made during the period[122] - The Group plans to invest in relatively high-yield listed securities while maintaining sufficient liquidity for future investment opportunities[137] Market Conditions and Economic Outlook - The Hang Seng Index experienced an increase of approximately 21% compared to the last corresponding period, aligning with the Group's investment strategy[119] - The U.S. Federal Reserve cut interest rates by 0.5% in mid-September 2024, bringing the benchmark rate to a range of 4.75% to 5%[126] - The Dow Jones Index increased by approximately 6.3%, rising from 39,807 at the end of March 2024 to 42,330 at the end of September 2024[126] - China's GDP growth was only 4.6% in the third quarter of 2024, the slowest growth since early 2023[131] - The Group anticipates ongoing challenges in global stock markets, particularly due to the impact of the US interest rate reduction policy[138] Corporate Governance and Compliance - The Group's financial statements have been prepared on a going concern basis, indicating confidence in meeting financial obligations in the foreseeable future[30] - The application of amendments to Hong Kong Financial Reporting Standards in the current period had no material impact on the Group's consolidated financial positions and performance[37] - The Group did not generate any estimated assessable profits arising in Hong Kong for the six months ended 30 September 2024 and 2023, resulting in no provision for Hong Kong profits tax[56] Related Party Transactions - For the six months ended 30 September 2024, the investment management fee paid to Upbest Assets Management Limited was HK$658,000, a slight decrease from HK$668,000 in the same period of 2023[74] - The brokerage commission paid to Upbest Securities Company Limited increased significantly to HK$140,000 from HK$11,000 year-on-year[74] - The annual cap for the investment management fee and performance fee for the financial years ending 31 March 2025 is set at HK$6,300,000[77] - There was no performance fee for the six months ended 30 September 2024 and 2023, with the management fee included under administrative and other operating expenses[82]

Financial Performance - Total revenue for the six months ended September 30, 2024, was HKD 4,118,000, a decrease of 10.1% from HKD 4,580,000 in the same period of 2023[1] - The net gain from financial assets at fair value through profit or loss was HKD 3,548,000, compared to a net loss of HKD 10,131,000 in the previous year, indicating a significant recovery[1] - The pre-tax profit for the period was HKD 5,726,000, a turnaround from a pre-tax loss of HKD 7,570,000 in the same period last year[1] - Basic earnings per share for the period was HKD 0.45, compared to a loss per share of HKD 0.60 in the previous year[1] - The company recorded a net profit of approximately HKD 5,730,000 for the six months ended September 30, 2024, compared to a net loss of HKD 7,570,000 in the same period last year, marking a turnaround from loss to profit[27] Asset and Liquidity Management - Total assets as of September 30, 2024, amounted to HKD 88,441,000, an increase from HKD 82,715,000 as of March 31, 2024[4] - The net asset value per share increased to HKD 0.070 from HKD 0.065, reflecting improved financial health[4] - The company’s cash and cash equivalents stood at HKD 13,264,000, up from HKD 5,542,000, indicating improved liquidity[4] - The company's cash levels were approximately HKD 13,300,000 and HKD 5,500,000 for the six months ended September 30, 2024, and the year ended March 31, 2024, respectively, indicating healthy liquidity[27] - As of September 30, 2024, the group's bank balances and cash totaled approximately HKD 13,264,000, up from HKD 5,542,000 as of March 31, 2024, indicating a significant increase in liquidity[58] Investment Performance - The total income from dividend income was HKD 4,118,000, down from HKD 4,580,000 in the previous year, indicating a decline in investment returns[13] - The company reported a total of HKD 31,920,000 from the sale of trading securities, a substantial increase from HKD 2,299,000 in the previous year[1] - Proceeds from the sale of trading securities increased significantly from approximately HKD 2,300,000 to about HKD 32,000,000, reflecting a 13-fold increase due to an active investment strategy[27] - The fair value of financial assets recognized in profit or loss included realized and unrealized gains of approximately HKD 3,500,000, while the previous year's unrealized losses were about HKD 10,000,000[27] - The net realized and unrealized gains from financial assets at fair value through profit or loss amounted to approximately HKD 3,500,000, primarily from listed equity securities[56] Dividend Policy - The company will not declare any interim dividend for the six months ended September 30, 2024, consistent with the previous year[25] - The company did not declare any interim dividends for the period, reflecting a conservative approach to capital distribution[59] Market and Economic Conditions - The Hang Seng Index rose approximately 28% from 16,541 at the end of March 2024 to 21,133 at the end of September 2024, influenced by U.S. interest rate cuts and Chinese government stimulus policies[32] - The company will closely monitor the impact of U.S. interest rate policies and the effectiveness of China's stimulus measures on the economy and stock markets[33] Corporate Strategy and Governance - The group maintains a cautious financial strategy to ensure strong financial health across its investments[37] - The group emphasizes the importance of operational flexibility and a diversified business model to navigate challenges in the market[41] - The company has adopted the standard code for securities transactions by directors, ensuring compliance with regulatory requirements[71] - The interim results announcement will be published on the Hong Kong Stock Exchange website and the company's website, ensuring transparency for shareholders[72] Employment and Operational Metrics - The group employed a total of 4 full-time employees as of September 30, 2024, maintaining the same workforce level as the previous year[65] Other Financial Metrics - The market value of listed equity securities was HKD 72,555,000 as of September 30, 2024, down from HKD 76,763,000 as of March 31, 2024[22] - The group reported no significant capital commitments or contingent liabilities as of September 30, 2024, indicating a stable financial position[59] - The company has no outstanding debts or credit facilities, maintaining a debt ratio of zero as of September 30, 2024[59] - The board believes that the group faces minimal foreign exchange risk due to its primary transactions being conducted in HKD[59]

Financial Performance - For the year ended March 31, 2024, UBA Investments Limited recorded a loss of approximately HK$7.4 million, a decrease from a loss of HK$14.4 million in 2023[17]. - The loss per share was HK0.58 cents, compared to HK1.13 cents in the previous year[17]. - Gross proceeds from the disposal of trading securities decreased by 86% from HK$20.9 million to HK$2.9 million due to reduced investment in trading listed securities amid macroeconomic uncertainty[17]. - The net asset value decreased by 8.2% from HK$90.1 million to HK$82.7 million, aligning with a 19% decline in the Hang Seng Index during the same period[17]. - The net loss attributable to owners of the Company for the year was HK$7,409,000, a decrease from HK$14,433,000 in the previous year[195]. - Total assets decreased to HK$83,050,000 from HK$90,449,000 in the previous year, reflecting a decline of approximately 4.9%[195]. - Total liabilities remained relatively stable at HK$335,000 compared to HK$325,000 in the previous year[195]. - Net assets decreased to HK$82,715,000 from HK$90,124,000, indicating a decline of approximately 8.2% year-over-year[195]. - The management fee for the year was approximately HK$1,295,000[121]. Investment Strategy - The Group's proactive investment strategy focused on high-yield listed securities, particularly in the banking and telecommunications sectors, which contributed 85% of the dividend income[18]. - The Company aims for medium-term capital appreciation by investing in listed and unlisted companies in Hong Kong and the PRC[127]. - The investment strategy focuses on equity and equity-related securities in various sectors, including information technology and telecommunications, to balance risk exposure[199]. - The Company aims to minimize the impact of downturns in any specific industry sector through diversified investments[199]. - The Group plans to maintain sufficient liquidity for future investment opportunities while adopting a cautious investment approach[24]. - The short-term strategy involves trading listed securities based on market sentiment while ensuring adequate dividend levels for operations[26]. - The Group will review potential acquisitions of unlisted equity investments periodically[26]. - The Board has resolved that the Company may not invest in any company or entity exceeding 20% of its net asset value at the time of investment[130]. - Investment restrictions include not investing more than 20% of net asset value in any single entity and maintaining a focus on investments primarily in Hong Kong and China[147]. Market Conditions - The U.S. Federal Reserve raised interest rates by a total of 0.5% during the second and third quarters of 2023, marking the eleventh increase since March 2022, with current rates at 5.25%–5.5%[3]. - U.S. inflation decreased from a peak of 9.1% in June 2022 to 3.5% in March 2024, although it remains elevated[3]. - The overall market sentiment was negatively impacted by U.S. interest rate hikes and risks in the Chinese real estate sector, leading to decreased investor confidence[22]. - The group's outlook anticipates challenges in global stock markets, influenced by potential interest rate hikes in the U.S. and ongoing foreign capital outflows from China and Hong Kong[8]. - The Hong Kong equity markets experienced a significant decline, with the Hang Seng Index (HSI) dropping approximately 19% from 20,400 at the end of March 2023 to 16,541 at the end of March 2024[29]. - The Shanghai Composite Index decreased by approximately 7%, falling from 3,272 at the end of March 2023 to 3,041 at the end of March 2024[5]. - Foreign capital outflow from China and Hong Kong reached US$3.8 billion in December 2023, marking the third-largest outflow since 2015[5]. - The RMB depreciated against the USD by approximately 5.7% during the period, contributing to economic uncertainty[5]. Corporate Governance - The Company has complied with the Corporate Governance Code, except for certain deviations noted[81]. - Independent non-executive directors were unable to attend the AGM on August 23, 2023, which constitutes a deviation from the code provision C.1.6[82]. - The Company has taken sufficient measures to ensure corporate governance practices are in line with the Code[84]. - The Company has complied with the Code on Corporate Governance Practices throughout the year ended March 31, 2024[112]. - The audit committee consists of three independent non-executive directors as of March 31, 2024[115]. - The Company did not have formal letters of appointment for all Directors, but all Directors are subject to retirement provisions under article 168 of the Articles of Association[84]. Employee and Environmental Commitment - The Group emphasizes the importance of employee knowledge and skills, providing favorable career development opportunities[172]. - The Group is committed to building an eco-friendly corporation and complying with environmental protection laws[171]. - The Company is committed to reducing its environmental impact and ensuring compliance with environmental protection laws[163]. Shareholder Information - The percentage of the Company's shares held by the public exceeds 25% of the total number of issued shares[53]. - As of March 31, 2024, Cheng Wai Lun, Andrew holds 340,000,000 shares, representing 26.74% of the issued share capital of the Company[176]. - Kingswell Holdings Group Limited owns 192,000,000 shares, accounting for 15.10% of the issued share capital[191]. - The Company has resolved not to recommend a payment of final dividend for the year[107]. - The board of directors decided not to recommend the payment of a final dividend for the year[64]. - The Company did not repurchase, sell, or redeem any of its listed securities during the year[134].

Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 5,010,000, an increase of 9.3% compared to HKD 4,584,000 for the previous year[3] - The total income from the sale of trading securities decreased significantly to HKD 2,881,000, down 86.2% from HKD 20,874,000 in the prior year[3] - The net loss before tax for the year was HKD 7,409,000, improving by 48.7% from a loss of HKD 14,433,000 in the previous year[3] - Basic loss per share improved to HKD 0.58, compared to HKD 1.13 in the previous year, reflecting a 48.7% reduction in loss per share[3] - The group reported a loss before tax of HKD 7,409,000 for the year ended March 31, 2024, compared to a loss of HKD 14,433,000 for the previous year, indicating a reduction in losses[32] - The net loss from financial assets measured at fair value through profit or loss was HKD 7,690,000 for the year ended March 31, 2024, down from HKD 13,383,000 in the previous year, reflecting improved performance in this area[27] - The group reported a loss attributable to shareholders of approximately HKD 7,400,000 for the year ending March 31, 2024, a decrease from a loss of approximately HKD 14,400,000 in 2023, reflecting an improvement of about 48%[36] Assets and Equity - Cash and cash equivalents increased to HKD 5,542,000, up 28.2% from HKD 4,323,000 in the previous year[5] - Total assets decreased to HKD 83,050,000, down 8.2% from HKD 90,449,000 in the previous year[5] - Total equity decreased to HKD 82,715,000, down 8.2% from HKD 90,124,000 in the previous year[5] - The net asset value per share was calculated based on a net asset value of HKD 82,715,000 as of March 31, 2024, compared to HKD 90,124,000 in 2023, indicating a decline of about 8.2%[34] - The group's investment portfolio included listed equity securities valued at approximately HKD 76,800,000 as of March 31, 2024, down from approximately HKD 83,400,000 in 2023[37] Dividends and Income - The company did not declare any dividends for the year, consistent with the previous year[3] - The group’s dividend income from listed equity securities increased to HKD 5,010,000 for the year ended March 31, 2024, compared to HKD 4,584,000 in the previous year, showing growth in investment returns[26] - The group received dividends of approximately HKD 141,000 from Cheung Kong Holdings and HKD 2,205,000 from PCCW Limited as of March 31, 2024[47][48] Investment Strategy - The group continues to engage in investment holding and securities trading activities, with no new products or market expansions reported[8] - The group maintained a cautious investment strategy, focusing on high-yield and stable securities, particularly in the banking and telecommunications sectors, which accounted for about 85% of total dividend income for the year[37] - The group plans to continue investing in high-dividend listed securities while maintaining sufficient liquidity for future investment opportunities, reflecting a prudent and pragmatic investment approach[43] Market Conditions - The Hang Seng Index fell approximately 19% from 20,400 at the end of March 2023 to 16,541 at the end of March 2024, influenced by external economic factors and local market conditions[42] - The group will closely monitor the potential impact of U.S. interest rate hikes on the global economy and Hong Kong stock market, anticipating a challenging market environment ahead[43] Employee and Operational Costs - Total employee costs, including directors' remuneration, amounted to HKD 1,044,000 for the year ended March 31, 2024, slightly up from HKD 1,031,000 in the previous year[30] - The group employed a total of 4 full-time employees as of March 31, 2024, consistent with the previous year[82] Accounting and Reporting - The company has not reported any significant impacts from the new accounting standards applied during the year[9][11] - The group has not applied any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, indicating a conservative approach to accounting changes[21] - The group’s cumulative adjustments related to the actuarial assumptions for long service payments did not have a significant impact on the financial position for the years ended March 31, 2024, and March 31, 2023[19] - The group did not incur any tax provision for Hong Kong profits tax due to the absence of taxable profits for the years ended March 31, 2024, and March 31, 2023[31] Capital Structure and Commitments - As of March 31, 2024, the group had no significant capital commitments or contingent liabilities[72] - The group maintained a debt ratio of zero, with no credit obtained as of March 31, 2024[69] - The group’s capital structure showed no changes for the year ended March 31, 2024[71] Shareholding and Governance - The public holding of the company's shares exceeds 25% of the total issued shares[84] - The board of directors includes Chairman and Executive Director Dr. Wong Yuen Kwan, Executive Directors Mr. Cheng Wai Lun and Mr. Chow Wai Hing, and Independent Non-Executive Directors Dr. Fung Chun Hung, Mr. Tang Han Biu, and Mr. Kwok Ming Fai[92] Future Outlook - The group plans to continue focusing on value-enhancing transactions and maintaining a strong cash flow and financial position[47] - The annual performance report will be published on the Hong Kong Stock Exchange website and the company's website[91] - The 2024 annual report will be sent to shareholders later and will also be available on the Hong Kong Stock Exchange website and the company's website[91]

Financial Performance - For the six months ended September 30, 2023, the Group reported revenue of HK$4,580,000, an increase of 6.4% compared to HK$4,305,000 for the same period in 2022[12]. - The loss before taxation for the period was HK$7,570,000, a significant improvement from a loss of HK$14,976,000 in the previous year, representing a reduction of 49.3%[12]. - Loss per share for the period was HK$0.60, compared to HK$1.18 for the same period last year, showing an improvement of 49.2%[12]. - The total loss for the period was HK$7,570,000, a significant improvement from the loss of HK$14,976,000 in the previous year, reflecting a 49.3% decrease[53]. - The Group recorded a net loss of approximately HK$7,570,000 for the six months ended 30 September 2023, a decrease from a net loss of approximately HK$14,976,000 in the corresponding period last year[104]. Cash and Cash Equivalents - The Group's cash and cash equivalents increased to HK$7,113,000 as of September 30, 2023, compared to HK$4,323,000 as of March 31, 2023, reflecting a growth of 64.5%[13]. - Cash and cash equivalents at the end of the period rose to HK$7,113,000, up from HK$4,809,000, marking an increase of 48%[19]. - The Group maintained cash and cash equivalents of approximately HK$7.1 million as of 30 September 2023, up from HK$4.3 million for the year ended 31 March 2023[104]. - The Group's financial statements indicate a net increase in cash and cash equivalents during the period of HK$2,790,000, compared to HK$859,000 in the previous year, showing a rise of 224%[19]. Equity and Assets - The net asset value per share decreased to HK$0.065 from HK$0.071, indicating a decline of 8.5%[13]. - The Group's total equity as of September 30, 2023, was HK$82,554,000, down from HK$90,124,000 as of March 31, 2023, a decrease of 8.4%[13]. - The net asset value decreased by 8.3% from HK$90.1 million to HK$82.6 million, outperforming the Hang Seng Index which decreased by 12.7% during the same period[104]. - The market value of listed equity securities decreased to HK$74,666,000 as of September 30, 2023, from HK$83,365,000 as of March 31, 2023, representing a decline of 10.4%[56]. - The fair value of unlisted equity securities decreased to HK$650,000 as of September 30, 2023, from HK$2,360,000 as of March 31, 2023, a decline of 72.5%[56]. Income and Expenses - Administrative and other operating expenses were reduced to HK$2,068,000, down 26.7% from HK$2,821,000 in the prior year[12]. - The Group recorded other income of HK$49,000, which was not present in the previous year[12]. - Dividend income from listed equity investments for the six months ended 30 September 2023 was HK$4,580,000, compared to HK$4,305,000 in 2022, reflecting a growth of 6.4%[38]. - The investment management fee paid to a related company was HK$668,000 for the six months ended September 30, 2023, down from HK$746,000 in 2022, a decrease of 10.5%[47]. - The total staff costs for the period were HK$350,000, slightly up from HK$344,000 in the previous year, reflecting a 1.7% increase[47]. Investment Strategy - The Group's financial performance is primarily attributed to its investment holding activities, with all consolidated revenue generated from the Hong Kong market[38]. - The Group plans to invest in relatively high-yield listed securities while maintaining sufficient liquidity for future investment opportunities[121]. - The Group will adopt a cautious and pragmatic investment approach to enhance returns for shareholders[121]. - The Group's short-term strategy focuses on trading listed securities based on market sentiment while maintaining sufficient dividend levels for operations[107]. - The Group plans to balance listed and unlisted investments for better returns and maintain liquidity for future opportunities[107]. Market Conditions - The U.S. Federal Reserve raised interest rates by a total of 0.5% during the second and third quarters of 2023, with rates now at the highest level since 2001, between 5.25% and 5.5%[111]. - The U.S. Federal Reserve raised interest rates by a total of 0.5% in Q2 and Q3 2023, marking the 11th increase since March 2022, bringing rates to the highest level since 2001 at 5.25%–5.5%[113]. - U.S. inflation decreased from a peak of 9.1% in June 2022 to 3.7% in September 2023, indicating moderate economic growth[113]. - The U.S. GDP growth for Q3 2023 was 4.9%, surpassing market expectations of 4.5%[113]. - The Hong Kong Stock Index (HSI) decreased sharply by approximately 13% from 20,400 at the end of March 2023 to 17,809 at the end of September 2023, affected by U.S. interest rate hikes and property sector defaults[117]. Related Companies and Investments - The Group has not disclosed major customer information as a substantial portion of income is derived from investments, making such disclosures not meaningful[39]. - The Group's top ten listed investments and one unlisted investment represented a significant portion of its net assets as of September 30, 2023[125]. - The Group holds 50,000 shares in CKH Holdings, representing 0.001% interest, and derived a dividend income of approximately HK$141,000 for the period ended 30 September 2023[135]. - The Group holds 5,800,265 shares in PCCW, representing 0.075% interest, and derived a dividend income of approximately HK$2,205,000 for the period ended 30 September 2023[141]. - The Group holds 820,000 shares in China Construction Bank, representing 0.0003% interest, and received approximately HK$309,000 in dividend income for the period ended September 30, 2023[151][153].

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文件的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本件全部或任何部份內容而產生或因倚靠該等內容而引致的任何損失承擔任何責任。 UBA INVESTMENTS LIMITED 開開開開明明明明投投投投資資資資有有有有限限限限公公公公司司司司* (於開曼群島註冊成立之有限公司) (股份代號：768) 截截截截至至至至二二二二零零零零二二二二三三三三年年年年九九九九月月月月三三三三十十十十日日日日止止止止六六六六個個個個月月月月之之之之 中中中中期期期期業業業業績績績績公公公公佈佈佈佈 業業業業績績績績 開明投資有限公司（「本公司」）董事會（「董事會」）欣然提呈本公司及其附屬公司（「本集團」） 截至二零二三年九月三十日止六個月之中期報告及未經審核中期業績，連同上期比較數字分列如下： 簡簡簡簡明明明明綜綜綜綜合合合合收收收收益益益益表表表表 截截截截至至至至九九九九月月月月三三三三十十十十日日日日止止止止六六六六個個個個月月月月 二二二二零零零零二二二二三三三三年年年年 二零二二年 （（（（未未未未經經經經審審審審核核核核）））） （未經 ...