Financial Performance - For the year ended March 31, 2023, UBA Investments Limited recorded a loss of approximately HK$14.4 million, compared to a loss of HK$0.13 million in 2022, with a loss per share of HK$0.0113[9]. - As of March 31, 2023, the net asset value decreased by 14% from HK$104.6 million to HK$90.1 million, aligning with a 7% decline in the Hang Seng Index during the same period[10]. - The Group reported a net loss attributable to owners of the Company of HK$14,433,000 for the year ended March 31, 2023, compared to a loss of HK$129,000 in the previous year[154]. - Total assets decreased to HK$90,449,000 as of March 31, 2023, down from HK$104,875,000 in the previous year, representing a decline of approximately 13.8%[155]. - The Company has reserves available for distribution amounting to approximately HK$73,426,000 as of March 31, 2023, down from HK$85,978,000 in 2022, indicating a decrease of about 14.6%[157]. Investment Strategy - The Group's short-term strategy focuses on trading listed securities based on market sentiment while maintaining sufficient dividend levels for operations[17]. - The long-term strategy aims to balance listed and unlisted investments to enhance returns and maintain liquidity for future opportunities[17]. - The Group plans to invest in higher yield listed securities while maintaining sufficient liquidity for future investment opportunities[27]. - The Group anticipates a turbulent market environment with a downward trend in global equity markets due to ongoing interest rate hikes by the Fed[26]. - The Group will continue to adopt a cautious and pragmatic investment approach to enhance returns for shareholders[27]. Market Conditions - The global and local equity markets experienced significant volatility, impacting the Group's investment strategy[11]. - The U.S. economy experienced a downturn primarily due to the Russia-Ukraine War, leading to a 2.75% interest rate hike by the Fed in the second half of 2022[19]. - Inflation reached a multi-decade high of 8.2%, prompting the Fed to maintain a rising-rate environment until inflation decreases[19]. - The Dow Jones Index fell approximately 17% from 34,678 at the end of March 2022 to 28,725 at the end of September 2022[19]. - The Hong Kong Stock Index (HSI) decreased approximately 7.2% from 21,996 at the end of March 2022 to 20,400 at the end of March 2023 due to U.S. interest rate hikes[25]. Dividend and Shareholder Returns - The Group plans to conduct further reviews on potential acquisitions of unlisted equity investments in the future[17]. - No dividends were declared for the year, as the Board resolved not to recommend any payment of final dividend[90]. - The Board has resolved not to recommend a payment of final dividend for the year[147]. - The Group holds 50,000 shares in CK Hutchison Holdings, representing 0.001% interest, and derived a dividend income of HK$134,000 for the year ended 31 March 2023[39]. - The Group holds 5,800,265 shares in PCCW, representing 0.075% interest, and derived a dividend income of HK$2,147,000 for the year ended 31 March 2023[43]. Company Operations and Governance - The Group employed a total of 4 full-time employees as of March 31, 2023, consistent with the previous year[95]. - The Company has no significant capital commitments or contingent liabilities as of March 31, 2023[99]. - The Company complied with the Corporate Governance Code throughout the year, except for a deviation regarding the attendance of an independent non-executive director at the previous AGM[105]. - The Company has not held any directorship in other public companies listed on any securities market in Hong Kong or overseas in the past three years for its directors[120][123][124][125]. - The Company has maintained appropriate directors and officers liability insurance for relevant legal actions against its directors[184]. Shareholding and Director Interests - As of March 31, 2023, Andrew Cheng Wai Lun holds 340,000,000 ordinary shares, representing 26.74% of the total issued share capital of the Company[197]. - No arrangements were made during the year ended March 31, 2023, allowing directors or chief executives to acquire benefits through shares or debentures of the Company[198]. - Substantial shareholders holding 5% or more in the shares and underlying shares of the Company have been recorded as of March 31, 2023[200]. - The Company has no service contracts for directors that are not determinable within one year without compensation other than statutory compensation[187]. - The term of office for independent non-executive directors lasts until retirement by rotation according to the Company's Articles of Association[175].

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賴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) 有有有有關關關關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三三三三月月月月三三三三十十十十一一一一日日日日止止止止年年年年度度度度 全全全全年年年年業業業業績績績績公公公公告告告告之之之之澄澄澄澄清清清清公公公公告告告告 茲提述開明投資有限公司（「本公司」）日期為二零二三年六月二十日有關截至二零二三年三月三十一 日止年度之全年業績公告（「全年業績公告」）。除文義另有所指外，本公告所用詞彙與全年業 績公告所界定者具有相同涵義。 本公司董事會（「董事會」）（「董事」）謹此澄清，本公司全年度業績公告中的合併財務報表因筆誤 而出現無意錯誤，截至二零二三年三月三十一日止年度的每股基本及攤薄虧損應以“港元”而非 “港仙”為單位。 董事會確 ...

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賴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三三三三月月月月三三三三十十十十一一一一日日日日止止止止年年年年度度度度 全全全全年年年年業業業業績績績績公公公公告告告告 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」）欣然提呈公司及其附屬公司（「本集團」）截 至二零二三年三月三十一日止年度之綜合業績連同上財政年度之審核比較數字分列如下： 綜綜綜綜合合合合損損損損益益益益表表表表及及及及其其其其它它它它收收收收益益益益表表表表 截至二零二三年三月三十一日止年度 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 附註 千千千千港港港港元元元元 千港元 出售交易證券的所得款項總額 20,874 10,396 收入 ...

Financial Performance - For the six months ended September 30, 2022, the Group reported revenue of HK$4,305,000, an increase of 6.3% compared to HK$4,051,000 for the same period in 2021[11]. - The loss before taxation for the period was HK$14,976,000, significantly higher than the loss of HK$1,998,000 recorded in the same period of 2021, representing a 648.4% increase[11]. - The loss per share for the period was HK$1.18, compared to HK$0.16 for the same period in 2021[11]. - For the six months ended September 30, 2022, the company reported a loss of HK$14,976,000 compared to a loss of HK$1,998,000 for the same period in 2021, representing an increase in loss of approximately 650%[51]. - The unrealised loss on listed equity investments was HK$14,976,000 for the six months ended September 30, 2022, compared to an unrealised loss of HK$4,800,000 in 2021, indicating a significant decline in investment performance[45]. - The Group recorded a net loss attributable to owners of approximately HK$14,976,000 for the six months ended 30 September 2022, compared to a net loss of approximately HK$1,998,000 in the same period last year, representing an increase in loss of approximately 648%[94]. Asset and Equity Changes - The net asset value per share decreased to HK$0.07 as of September 30, 2022, down from HK$0.08 as of March 31, 2022[12]. - Total equity as of September 30, 2022, was HK$89,581,000, a decrease from HK$104,557,000 as of March 31, 2022[12]. - The reserves decreased to HK$76,864,000 as of September 30, 2022, down from HK$91,840,000 as of March 31, 2022, reflecting the impact of the loss for the period[12]. - The net asset value decreased by 14% from HK$104.6 million to HK$89.6 million, outperforming the Hang Seng Index, which decreased by 21.7% during the same period[94]. Cash Flow and Liquidity - The Group's cash and bank balances increased to HK$4,809,000 from HK$3,950,000 as of March 31, 2022, indicating improved liquidity[12]. - For the six months ended September 30, 2022, net cash used in operating activities was HK$3,446,000, compared to HK$2,222,000 for the same period in 2021, indicating an increase in cash outflow of 55%[18]. - The net increase in cash and cash equivalents during the period was HK$859,000, a decrease of 53% compared to HK$1,829,000 in the previous year[18]. - Cash and cash equivalents at the end of the period rose to HK$4,809,000, up from HK$3,601,000, reflecting an increase of 33.5%[18]. - The Group's total cash and bank balances at the end of the period were HK$4,809,000, compared to HK$3,601,000 at the end of the previous period, indicating a significant improvement in liquidity[18]. Investment Performance - The Group's financial assets at fair value through profit or loss decreased to HK$84,004,000 from HK$100,544,000 as of March 31, 2022, indicating a decline in investment value[12]. - The fair value of listed equity securities decreased to HK$82,287,000 as of September 30, 2022, down from HK$97,245,000 as of March 31, 2022, reflecting a decline of approximately 15.4%[54]. - The market value of unlisted equity securities was HK$1,717,000 as of September 30, 2022, down from HK$3,299,000 as of March 31, 2022, indicating a decline of approximately 48.0%[54]. - Realized and unrealized losses on financial assets at fair value through profit or loss increased to approximately HK$16.5 million for the period ended 30 September 2022, up from HK$4.1 million in the corresponding period[94]. Administrative and Operating Expenses - Administrative and other operating expenses rose to HK$2,821,000, compared to HK$2,153,000 in the previous year, reflecting a 31.0% increase[11]. - The investment management fee paid to a related company was HK$746,000 for the six months ended September 30, 2022, down from HK$807,000 in 2021, representing a decrease of approximately 7.5%[45]. - There was no performance fee for the six months ended September 30, 2022, and 2021, and the management fee has been included under administrative and other operating expenses[69]. Dividend Information - The company did not declare any interim dividend for the six months ended September 30, 2022, consistent with the previous year where no dividend was declared[63]. - The Group has not recommended any interim dividend for the period[197]. Market Conditions and Economic Factors - The U.S. Federal Reserve raised interest rates four times for a total of 2.75% during the second and third quarters of 2022, targeting a range of 3% to 3.25% by the end of September 2022[100]. - The Dow Jones Index decreased sharply by approximately 17% from 34,678 at the end of March 2022 to 28,725 at the end of September 2022, reflecting market volatility and recession fears[100]. - U.S. inflation peaked at 8.2%, leading to concerns about a recession and a significant drop in the Dow Jones Index by approximately 17% from 34,678 at the end of March 2022 to 28,725 at the end of September 2022[101]. - The Hong Kong Stock Index (HSI) fell sharply by approximately 22% from 21,996 at the end of March 2022 to 17,222 at the end of September 2022, influenced by U.S. interest rate hikes and COVID-19 resurgence[106]. Shareholding and Ownership - Fung Fai Growth Limited holds approximately 26.74% of the Company, while CCAA Group Limited holds approximately 74.29% interest in Upbest Group Limited[14]. - The ultimate beneficial owner of Fung Fai Growth Limited and CCAA Group Limited is Cheng's Family Trust[14]. Compliance and Reporting Standards - The Group's financial statements have been prepared in accordance with Hong Kong Accounting Standard 34, ensuring compliance with relevant reporting standards[23]. - The application of new amendments to Hong Kong Financial Reporting Standards did not have a material impact on the Group's financial positions and performance[32].

Financial Performance - For the year ended March 31, 2022, UBA Investments Limited recorded a loss attributable to owners of approximately HK$0.13 million, a significant improvement from a loss of HK$8.7 million in 2021[9]. - The loss per share improved to HK$0.0001 from HK$0.0068 in the previous year, indicating a reduction in losses[9]. - For the year ended March 31, 2022, the Group reported a loss before taxation of HK$129,000, a significant improvement compared to a loss of HK$8,889,000 in the previous year[159]. - The net loss attributable to owners of the Company was HK$129,000, down from HK$8,698,000 in the prior year, indicating a reduction of approximately 98.5%[159]. Investment Strategy - The Group plans to balance listed and unlisted investments to enhance returns and maintain liquidity for future opportunities[15]. - The Group's proactive investment strategy aimed to maximize shareholder profits despite intense market volatility[10]. - The Group's short-term investment strategy focuses on trading listed securities to maintain sufficient dividend levels, while the long-term strategy aims to balance listed and unlisted investments for better shareholder returns[18]. - The Group plans to maintain sufficient liquidity for potential high-potential unlisted investments during stock market fluctuations[18]. - Future reviews on the acquisition of unlisted equity investments will be conducted periodically[15]. Market Conditions - The Dow Jones Index increased by approximately 12% from 32,981 at the end of March 2021 to 36,952 in January 2022, but dropped by 6.6% to 34,678 by the end of March 2022[17]. - The Shanghai Composite Index rose by approximately 7.8% from 3,441 at the end of March 2021 to 3,708 in December 2021, but decreased sharply by 12.3% to 3,252 at the end of March 2022[22]. - The HSI decreased sharply by 22.5% from 28,378 at the end of March 2021 to 21,996 at the end of March 2022[23]. - The Fed's interest rate hikes, which began in March 2022, are expected to have a deleterious effect on stock markets[27]. - The resurgence of COVID-19 infections, particularly the Omicron variant, is impacting the economy of Hong Kong and the border reopening with China[27]. Asset Management - The Group's net assets remained stable at approximately HK$104.6 million, compared to HK$104.7 million in 2021, outperforming the Hang Seng Index which decreased by 22% during the same financial year[9]. - As of March 31, 2022, the Group's investment portfolio included listed securities valued at HK$97.2 million and unlisted investments with a fair value of HK$3.3 million, reflecting a strategy focused on diversification[11]. - The Group's total assets as of March 31, 2022, were significantly influenced by the performance of its top listed securities, which accounted for a substantial portion of the total asset value[35]. - The Group's gearing ratio was nil as there was no debt as of March 31, 2022[94]. Dividend Policy - The Group has not recommended any payment of final dividend for the year ended March 31, 2022[95]. - The Board has resolved not to recommend a payment of final dividend for the year[152]. Employee and Governance - The Group employed a total of 4 full-time employees as of March 31, 2022, compared to 3 in the previous year[100]. - The Company has complied with the Corporate Governance Code throughout the year ended March 31, 2022, with no significant deviations noted[110]. - Directors' remuneration is subject to shareholder approval and is reviewed annually by the Remuneration Committee, reflecting their duties and performance[141]. Environmental and Compliance - The Group is committed to reducing its environmental impact and ensuring compliance with environmental protection laws[190]. - The Company has complied with all material relevant laws and regulations in Hong Kong during the year[185].

Financial Performance - For the six months ended September 30, 2021, the gross proceeds from the disposal of trading securities amounted to HK$4,487,000, an increase of 88.0% compared to HK$2,388,000 in the same period of 2020[11]. - Revenue for the same period was HK$4,051,000, representing a 29.4% increase from HK$3,129,000 in 2020[11]. - The net loss on financial assets at fair value through profit or loss was HK$4,077,000, significantly improved from a loss of HK$20,270,000 in the previous year[11]. - The total comprehensive loss attributable to owners of the Company for the period was HK$1,998,000, a substantial reduction from HK$19,002,000 in the prior period[11]. - Basic and diluted loss per share decreased to 0.16 cents from 1.49 cents year-over-year[11]. - For the six months ended 30 September 2021, the Group reported a loss attributable to owners of approximately HK$1,998,000, a significant improvement from a loss of HK$19,002,000 in the same period of 2020, representing a reduction of approximately 89.5%[45][47]. - The decrease in net loss was primarily due to a reduction in realized and unrealized losses on financial assets at fair value through profit or loss, which amounted to approximately HK$4.1 million for the period, compared to HK$20.3 million in the previous corresponding period[99]. Assets and Equity - As of September 30, 2021, the Group's net assets were HK$102,688,000, down from HK$104,686,000 as of March 31, 2021[13]. - The Group's total equity as of September 30, 2021, was HK$102,688,000, compared to HK$104,686,000 as of March 31, 2021[13]. - The Group's net assets as of 30 September 2021 were approximately HK$102,688,000, a slight decrease from HK$104,686,000 as of 31 March 2021[56][58]. - The fair value of listed equity securities in Hong Kong was HK$95,445,000 as of 30 September 2021, down from HK$99,852,000 as of 31 March 2021, reflecting a decrease of approximately 4.5%[49][50]. - The fair value of unlisted equity securities increased to HK$1,898,000 as of 30 September 2021, compared to HK$1,450,000 as of 31 March 2021, representing an increase of approximately 30.9%[49][51]. Cash Flow and Liquidity - The cash and bank balances increased to HK$3,601,000 from HK$1,772,000 at the end of the previous reporting period[13]. - For the six months ended September 30, 2021, the net cash used in operating activities was HK$2,222,000, an improvement from HK$5,324,000 in the same period of 2020[18]. - The cash and cash equivalents at the end of the period increased to HK$3,601,000 from HK$3,550,000 at the end of the previous period, indicating a slight growth[18]. - The Group's cash levels as of September 30, 2021, were approximately HK$3,600,000, compared to HK$1,770,000 as of March 31, 2021, indicating healthy liquidity[100]. Investment Strategy - The Group operates solely in the investment holding and trading of securities, with all revenue derived from the Hong Kong market[31]. - The Group's short-term strategy focuses on trading listed securities to maintain sufficient dividend levels, while the long-term strategy aims to balance listed and unlisted investments for better returns[103]. - The Group plans to conduct further reviews on the acquisition of unlisted equity investments in the future[103]. - The Group remains cautiously optimistic about the outlook for global and Hong Kong equity markets, considering investments in higher-yield listed securities while maintaining sufficient liquidity for future opportunities[115][116]. Related Party Transactions - The amount due from related companies increased to HK$939,000 from HK$810,000[13]. - Investment management fees paid to a related company amounted to HK$807,000 for the period, a decrease from HK$836,000 in the same period of 2020, representing a decline of approximately 3.5%[62]. - The Group's transactions with connected parties were carried out in the normal course of business on mutually agreed terms[77]. Market Conditions - The Group expects challenges in global stock markets due to uncertainties surrounding the U.S. interest rate hike timetable and new regulations in China, alongside the impact of COVID-19 infections on Hong Kong's economy[114][116]. - The Hang Seng Index decreased sharply by 13.40% from 28,378 at the end of March 2021 to 24,575 at the end of September 2021, primarily due to negative impacts from COVID-19 and increased regulations in various sectors[111]. Dividend Policy - The Group did not declare any interim dividend for the six months ended 30 September 2021, consistent with the previous year[57][59]. - No performance fee was recorded for the six months ended 30 September 2021 and 2020, with management fees included under administrative expenses[66].

Financial Performance - For the year ended March 31, 2021, UBA Investments Limited recorded a loss attributable to owners of approximately HK$8.7 million, a significant improvement from a loss of HK$44.5 million in 2020[8]. - The Group's net assets as of March 31, 2021, were approximately HK$104.7 million, down 7.7% from HK$113.4 million in 2020, contrasting with a 20% increase in the Hang Seng Index during the same period[8]. - The Group reported a total unrealised loss of HK$8,215,000 from investments, with a realised loss of HK$5,287,000[83]. - The net loss attributable to owners of the Company for the year was HK$8,698,000, a decrease from HK$44,515,000 in the prior year, reflecting a reduction of about 80.5%[151]. - Total assets as of March 31, 2021, were HK$105,033,000, down from HK$113,933,000 in the previous year, representing a decline of approximately 7.9%[152]. - Total liabilities decreased to HK$347,000 from HK$549,000, a reduction of about 36.7%[152]. - The Company's net assets amounted to HK$104,686,000 as of March 31, 2021, compared to HK$113,384,000 in the previous year, indicating a decrease of approximately 7.6%[152]. - The Group had no debt as of March 31, 2021, resulting in a gearing ratio of nil[86]. - For the year ended March 31, 2021, the Group reported a loss before taxation of HK$8,889,000, compared to a loss of HK$45,004,000 in the previous year, indicating an improvement of approximately 80.3%[151]. Investment Strategy - The Group's short-term strategy focuses on trading listed securities based on market sentiment while maintaining sufficient dividend levels for operations[13]. - The long-term strategy aims to balance listed and unlisted investments to enhance returns and maintain liquidity for future opportunities[13]. - The Company has maintained its investment policies since its listing in 2000, focusing on medium-term capital appreciation through investments in listed and unlisted companies in Hong Kong and the PRC[156]. - The Company aims to invest in a diversified range of sectors, including information technology, telecommunications, manufacturing, and property, to mitigate risks associated with downturns in specific industries[157]. - The Group plans to maintain sufficient liquidity for future investment opportunities and may consider investing in higher yield listed securities[21]. Market Conditions - The stock markets in the U.S., China, and Hong Kong experienced an uptrend, driven by fiscal stimulus and the global rollout of COVID-19 vaccines, contributing to economic recovery[14]. - The Dow Jones Index increased approximately 50% from 21,917 at the end of March 2020 to 32,981 at the end of March 2021[15]. - The Shanghai Composite Index rose about 25% from 2,750 at the end of March 2020 to 3,441 at the end of March 2021[18]. - The HSI increased significantly by approximately 20% from 23,603 at the end of March 2020 to 28,378 at the end of March 2021[19]. - China's GDP grew by approximately 18.3% in the first quarter of 2021 compared to the same period last year[18]. Corporate Governance - The company has complied with the corporate governance code except for the absence of a specific term for independent non-executive directors[107]. - An independent non-executive director was unable to attend the AGM on August 14, 2020, which deviated from code provision A.6.7[108]. - The independent non-executive directors have confirmed their independence for the year ended March 31, 2021[173]. - The term of office for independent non-executive directors lasts until retirement by rotation according to the Company's Articles of Association[171]. - The Company has maintained appropriate directors and officers liability insurance for relevant legal actions against its directors[179]. Dividend and Shareholder Information - The Board resolved not to recommend any payment of final dividend for the year[87]. - The Company has reserves available for distribution totaling approximately HK$89,220,000 as of March 31, 2021, down from HK$92,312,000 in the previous year, a decrease of about 3.2%[154]. - The Group holds 4,600,000 shares in BOC, representing 0.002% interest in the issued share capital, and derived a dividend income of HK$861,000 for the year ended 31st March 2021[58]. - The Group holds 1,200,000 shares in Bank Com., representing 0.002% interest, and derived a dividend income of HK$381,000 for the year ended 31st March 2021[55]. - The Group holds 4,791,250 shares in Gemilang, representing 1.906% interest in the issued share capital, with no dividend received during the year[63]. Operational Performance - CK Hutchison Holdings recorded revenue of approximately HK$266,396 million for the year ended 31st December, 2020, with a total comprehensive income of approximately HK$54,715 million and net assets of approximately HK$630,063 million[29]. - MTR Corporation Limited reported total revenue of approximately HK$42,541 million and a net loss of approximately HK$4,809 million for the year ended 31st December, 2020, significantly impacted by the COVID-19 pandemic[38]. - PCCW Limited recorded revenue of approximately HK$38,046 million and total comprehensive income of approximately HK$674 million for the year ended 31st December, 2020[35]. - MTR's property development profit decreased by 1.3% to HK$5,507 million, with profit from underlying businesses decreasing by 58.5% to HK$4,381 million[38]. - Bank of Communications Co., Ltd. recorded a profit of approximately RMB79,570 million and total comprehensive income of approximately RMB71,021 million for the year ended December 31, 2020, with a profit attributable to shareholders of approximately RMB78,274 million[52]. Environmental and Social Responsibility - The Group is committed to reducing its environmental impact and complying with environmental protection laws[180]. - Environmental policies and performance are discussed in the "Environmental, Social and Governance Report" from pages 56 to 68 of the annual report[138]. Employee and Management Information - The Group employed a total of 3 full-time employees as of March 31, 2021, consistent with the previous year[92]. - The Company continues to provide favorable career development opportunities for its employees[181]. - Directors' remuneration is reviewed annually by the Remuneration Committee, with fees subject to shareholders' approval at general meetings[133].

Financial Performance - Revenue for the period was HK$3,129,000, slightly down by 2.2% from HK$3,201,000 in 2019[10] - The total comprehensive loss attributable to owners of the Company for the period was HK$19,002,000, compared to HK$30,925,000 in the same period last year, indicating a 38.5% reduction in losses[10] - Basic and diluted loss per share was reported at 1.49 cents, an improvement from 2.43 cents in the prior year[10] - The Group reported a loss before taxation of approximately HK$19,002,000 for the six months ended 30 September 2020, compared to a loss of HK$30,925,000 in the same period of 2019, indicating a 38% improvement year-over-year[42][44] - The Group recorded a net loss attributable to owners of approximately HK$19,002,000 for the six months ended 30 September 2020, a decrease from a net loss of approximately HK$30,925,000 in the same period last year, reflecting a reduction in realized and unrealized losses on financial assets at fair value through profit or loss[95] Financial Assets and Liabilities - The net loss on financial assets at fair value through profit or loss was HK$20,270,000, representing a 35.7% improvement from a loss of HK$31,391,000 in the previous year[10] - Financial assets at fair value through profit or loss decreased to HK$86,233,000 as of 30 September 2020, down from HK$103,800,000 as of 31 March 2020, representing a decline of approximately 17%[46][47] - The unrealized loss on listed equity investments was HK$12,490,000 for the six months ended September 30, 2020, down from HK$30,483,000 in the previous year, showing a 59.0% decrease[35] - The net realized and unrealized loss on financial assets at fair value through profit or loss for the period ended 30 September 2020 amounted to approximately HK$20.3 million[199] Cash Flow and Liquidity - Cash and bank balances as of September 30, 2020, were HK$3,550,000, a decrease from HK$5,745,000 at the end of March 2020[11] - The net decrease in cash and cash equivalents during the period was HK$2,195,000, an improvement from HK$6,360,000 in the prior year, indicating a 65.5% reduction in cash outflow[16] - The Group maintained cash and bank balances of approximately HK$3.55 million and HK$5.75 million for the six months ended 30 September 2020 and the year ended 31 March 2020, respectively, indicating healthy liquidity[95] Investment Strategy - The Group's short-term strategy focuses on trading listed securities and maintaining sufficient dividend income for operations[99] - The Group's long-term strategy aims to balance listed and unlisted investments to enhance returns for shareholders while maintaining liquidity for future opportunities[99] - The Group plans to invest in more unlisted equity securities with potential for future listing[109] - The Group's investment strategy will continue to be cautious and pragmatic to achieve better returns for shareholders[109] Market Conditions - The Dow Jones Index increased by 26.76% from 21,917 at the end of March 2020 to 27,781 at the end of September 2020[102] - The Shanghai Composite Index rose by 17.02% from 2,750 at the end of March 2020 to 3,218 at the end of September 2020[105] - The Hong Kong Stock Index (HSI) slightly decreased by 0.61% from 23,603 at the end of March 2020 to 23,459 at the end of September 2020[106] - The Caixin China Manufacturing Purchasing Managers Index (PMI) improved from 49.4 in April 2020 to 53 at the end of September 2020[105] Administrative Expenses - The administrative and other operating expenses were reduced to HK$2,305,000 from HK$2,639,000 in the prior year, reflecting a decrease of 12.6%[10] - The Company reported no finance costs for the current period, compared to HK$302,000 in the previous year[10] Shareholder Information - The basic loss per share for the period was calculated based on 1,271,732,200 ordinary shares, resulting in a loss per share of approximately HK$0.015[42][44] - The Group did not declare any interim dividend for the six months ended 30 September 2020, consistent with the previous year where no dividend was declared[50][52] Connected Transactions - The Group's connected transactions were approved at the extraordinary general meeting of shareholders held on 26 March 2019[68] - The Company has entered into a New Investment Management Agreement with Upbest Assets Management Limited, with a monthly management fee of 1.5% per annum of the net asset value[55] Other Investments - The Group holds 50,000 shares in CK Hutchison Holdings Limited, representing 0.001% of its issued share capital, and received dividend income of approximately HK$122,000 for the period ended 30 September 2020[122] - The Group holds 5,800,265 shares in PCCW, representing 0.075% interest in the issued share capital of PCCW[127] - The Group holds 182,643 shares in MTR, representing 0.003% interest in the issued share capital of MTR[133] - The Group holds 1,200,000 shares in Bank of Communications, representing 0.0016% of its issued share capital, and received a dividend income of approximately HK$ 381,000[164] - The Group holds 4,600,000 shares in Bank of China, representing 0.0016% of its issued share capital, and received a dividend income of approximately HK$ 861,000[171] - The Group holds 4,791,250 shares in Gemilang, representing 1.906% of its issued share capital, with no dividend received during the period[178]

Financial Performance - For the year ended March 31, 2020, UBA Investments Limited recorded a loss attributable to owners of approximately HK$44.5 million, compared to a loss of HK$23.3 million in 2019, representing an increase in loss of 91%[8]. - The unrealized loss related to listed securities was HK$37.8 million, up from HK$12.0 million in 2019, while the unrealized loss from unlisted investments was HK$4.1 million, down from HK$12.4 million[8]. - Gross proceeds from the disposal of trading securities decreased by 57%, from HK$40.5 million to HK$17.6 million, as the Group shifted focus to unlisted shares investment[8]. - As of March 31, 2020, the Group's net assets were approximately HK$113.4 million, a decrease of 28% from HK$157.9 million in 2019, aligning with a 19% decrease in the Hang Seng Index during the same period[8]. - The Group reported a net loss attributable to owners of the Company of HK$44,515,000 for the year ended March 31, 2020, compared to a loss of HK$23,282,000 in the previous year, representing an increase in loss of approximately 91.5%[175]. - Total assets decreased to HK$113,933,000 as of March 31, 2020, down from HK$158,933,000 in the previous year, reflecting a decline of about 28.3%[175]. - The Group's total liabilities were HK$549,000 as of March 31, 2020, a decrease from HK$1,034,000 in the previous year, indicating a reduction of approximately 47.1%[175]. - The Company has reserves available for distribution amounting to approximately HK$92,312,000 as of March 31, 2020, compared to HK$95,455,000 in the previous year[178]. Investment Strategy - The short-term strategy focuses on trading listed securities to maintain sufficient dividend levels, while the long-term strategy aims to balance listed and unlisted investments for better returns[11]. - The Group's proactive investment strategy aimed to maximize profit for shareholders amidst intense market volatility, particularly due to the impacts of COVID-19 and global economic conditions[9][15]. - The Group's investment strategy aligns with market trends, as it seeks to invest in sectors with higher yield and stability, particularly during periods of economic uncertainty[9]. - The company aims to invest in various industries including IT, telecommunications, manufacturing, services, real estate, and infrastructure to balance risks[185]. - The company intends to hold investments for medium-term capital growth without a specific timeline for realization[190]. - The company is restricted from investing more than 50% of its assets outside Hong Kong and the PRC[196]. - The company will not invest more than 20% of its net asset value in any single company or entity[189]. - The company will not take legal or effective management control of any investment exceeding 30% of voting rights in any one company[189]. Market Conditions - The overall market environment was affected by the U.S.-China trade war and the COVID-19 pandemic, leading to significant fluctuations in stock market performance[15]. - The Hong Kong Stock Index (HSI) fell by 19% from 29,051 in March 2019 to 23,603 at the end of March 2020 due to the combined effects of the trade war and COVID-19[22]. - The COVID-19 pandemic led to a further decline in the Shanghai Composite Index by 12% to 2,750 at the end of March 2020[21]. - Following the signing of the Phase One Economic and Trade Agreement with the U.S. in January 2020, the Shanghai Composite Index increased by 7.6% to 3,127[21]. Dividend and Income - Dividend income from listed securities investment was significantly driven by the banking and telecommunications sectors, which contributed 77% of total dividend income during the period[9]. - The Board has resolved not to recommend a payment of final dividend for the year ended March 31, 2020[168]. - The Group holds 40,000 shares in CKH Holdings, representing 0.001% interest, and derived a dividend income of HK$126,000 for the year ended 31st March 2020[36]. - The Group holds 5,800,265 shares in PCCW, representing 0.075% interest, and derived a dividend income of HK$1,816,000 for the year ended 31st March 2020[42]. - China Merchants recorded a dividend income of HK$120,000 for the year ended 31st March 2020, holding 1,510,000 shares, representing 0.0308% of issued share capital[50]. - The Group holds 178,000 shares in MTR, representing 0.0029% interest, with no dividend received during the year[48]. - The Group holds 26,578,278 shares in Yi Hua Hldg, representing 2.650% of issued share capital, with no dividend received during the year[62]. - The Group holds 1,000,000 shares in Bank Com, representing 0.0013% of issued share capital, with no dividend received during the year[68]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the year, with no significant deviations noted[123]. - The independent non-executive director was unable to attend the AGM on August 16, 2019, which constituted a deviation from the Corporate Governance Code[130]. - The company has no share option scheme in place[119]. - The Directors' remuneration is reviewed annually by the Remuneration Committee, with fees subject to shareholders' approval at general meetings[158]. - The company received confirmation of independence from its independent non-executive directors for the year ended March 31, 2020[199]. Employee and Operational Information - The Group employed a total of 3 full-time employees as of March 31, 2020, consistent with the previous year[110]. - The group employed a total of 3 full-time employees as of March 31, 2020, unchanged from the previous year[118]. - There were no significant capital commitments or contingent liabilities as of March 31, 2020[115]. - The Group did not make any material acquisitions or disposals of subsidiaries and associates during the year ended March 31, 2020[108]. Company Leadership - Dr. Huang has been the chairman of the board since April 30, 2015, and has extensive experience in corporate finance and investment[137]. - Mr. Zheng has over 20 years of experience in securities, corporate finance, and direct investment[138]. - Mr. Chan holds two master's degrees in Practising Accounting and Business Law and is a fellow of multiple accounting and governance institutes[140]. - Dr. Fung has been an honorary medical adviser for various organizations since 1997 and holds an MBA from Newport University[141]. - Mr. Tang has been a barrister in private practice since 1981 and has not held any directorship in other public companies in the past three years[145]. - Mr. Kwok has over 20 years of experience in banking, finance, and accounting, with a background in international financial institutions[146].

Financial Performance - For the six months ended September 30, 2019, the gross proceeds from the disposal of trading securities amounted to HK$10,154,000, a decrease of 65.6% compared to HK$29,549,000 in the same period of 2018[10]. - Revenue for the same period was HK$3,201,000, down 35.4% from HK$4,955,000 in 2018[10]. - The net loss on financial assets at fair value through profit or loss was HK$31,391,000, compared to a loss of HK$16,331,000 in the previous year, representing an increase in loss of 92.5%[10]. - The total comprehensive loss attributable to owners of the Company for the period was HK$30,925,000, compared to HK$13,702,000 in 2018, indicating a significant increase in losses[10]. - Basic and diluted loss per share for the period was 2.43 cents, compared to 1.29 cents in the same period last year, reflecting a deterioration in performance[10]. - The total loss for the period ended September 30, 2019, was HK$30,925,000, compared to a loss of HK$13,702,000 for the same period in 2018[13]. - The Group's retained profits decreased to HK$7,040,000 as of September 30, 2019, from HK$37,965,000 as of April 1, 2019[13]. - The Group recorded a net loss attributable to owners of approximately HK$30,925,000 for the six months ended 30 September 2019, compared to a net loss of approximately HK$13,702,000 in the same period last year, representing an increase in loss of approximately 125%[121]. - Realized and unrealized losses on financial assets at fair value through profit or loss increased to approximately HK$31.4 million for the period ended 30 September 2019, up from HK$16.3 million in the corresponding period[121]. Assets and Equity - As of September 30, 2019, the net assets of the Company were HK$126,974,000, down from HK$157,899,000 as of March 31, 2019, a decrease of 19.6%[11]. - The net asset value per share decreased to HK$0.10 from HK$0.12, a reduction of 16.7%[11]. - As of September 30, 2019, the total equity decreased to HK$126,974,000 from HK$157,899,000 as of April 1, 2019, reflecting a loss of HK$30,925,000 during the period[13]. - The fair value of listed equity securities in Hong Kong decreased to HK$87,437,000 as of September 30, 2019, down from HK$98,878,000 as of March 31, 2019, representing a decline of approximately 11.6%[56]. - The total financial assets at fair value through profit or loss amounted to HK$103,873,000 as of September 30, 2019, compared to HK$128,252,000 as of March 31, 2019, indicating a decrease of approximately 19.0%[56]. - The net asset value per share as of September 30, 2019, was approximately HK$0.0995, based on net assets of approximately HK$126,974,000[62]. Cash Flow and Liquidity - The cash and bank balances decreased to HK$19,353,000 from HK$25,713,000, a decline of 24.7%[11]. - The net cash used in operating activities for the six months ended September 30, 2019, was HK$9,561,000, an improvement compared to HK$11,139,000 for the same period in 2018[16]. - Cash and cash equivalents at the end of the period were HK$19,353,000, significantly up from HK$4,349,000 at the end of the same period in 2018[16]. - Cash and cash equivalents at the beginning of the period were HK$25,713,000, compared to HK$10,533,000 at the beginning of the same period in 2018[16]. - The Group maintained cash and bank balances of approximately HK$19.4 million and HK$25.7 million for the six months ended September 30, 2019 and the year ended 31 March 2019, respectively, indicating healthy liquidity[121]. Expenses and Costs - Administrative and other operating expenses increased to HK$2,639,000 from HK$2,273,000, an increase of 16.1%[10]. - Finance costs rose significantly to HK$302,000 from HK$57,000, an increase of 428.1%[10]. - The total finance costs for the six months ended September 30, 2019, included interest on other borrowings of HK$302,000, up from HK$57,000 in 2018[45]. Investments and Market Performance - The Group's principal activities include investment holding and trading of securities, with its shares listed on The Stock Exchange of Hong Kong Limited[17]. - The Group's investment portfolio includes significant holdings in listed and unlisted securities, with the top ten listed investments representing a substantial portion of the Group's net assets as of September 30, 2019[138]. - The Group remains cautiously optimistic about the outlook for global and Hong Kong equity markets despite ongoing challenges, including the US-China trade war and protests in Hong Kong[136]. - The Group plans to invest in more unlisted equity securities with good potential for listing, building on past successful experiences[137]. - The Group's investment in PCCW Limited was valued at approximately HK$25,521,000, representing 19.95% of the Group's total assets as of September 30, 2019[142]. - The Group's investment in Yi Hua Holdings Limited decreased in fair value to approximately HK$8,771,000, accounting for 6.86% of total assets as of September 30, 2019[144]. - The Group holds 40,000 shares in CK Hutchison Holdings, representing 0.001% of its issued share capital, and received dividend income of approximately HK$126,000[148]. - The Group holds 5,800,265 shares in PCCW, representing 0.075% of its issued share capital, and received dividend income of approximately HK$1.29 million[152]. Regulatory and Accounting Changes - The Group has not early adopted any new or amended HKFRSs that are not yet effective, which may impact future financial performance[28]. - The application of new and amended HKFRSs in the current period has had no material impact on the Group's financial performance and positions[25]. - The Group reclassified all listed and unlisted equity investments from available-for-sale financial assets to financial assets at fair value through profit and loss in the 2019 annual report[74]. - Deferred tax liabilities were charged on the effect of fair value changes related to the reclassification of financial assets[74]. Future Outlook and Strategy - The Group intends to leverage existing networks, industry exhibitions, and advertisements to discover new business opportunities[194]. - The Group plans to explore new business opportunities in car park flooring markets outside Hong Kong, particularly in Macau and China[194]. - Yi Hua Holdings aims to enhance brand equity and product offerings while exploring suitable locations in the Greater Bay Area for expansion[179].