[Company Information and Performance Announcement](index=1&type=section&id=I.%20Company%20Information%20and%20Performance%20Announcement) This section provides an overview of the company's profile and presents the unaudited interim results for the six months ended June 30, 2025 [Company Overview](index=1&type=section&id=1.1%20Company%20Overview) Shanghai International Shanghai Growth Investment Limited (stock code: 770) is an investment company incorporated in the Cayman Islands, primarily investing in listed and unlisted equity and debt securities and other financial instruments in Greater China - The company is an exempted limited liability company incorporated in the Cayman Islands, with shares listed on The Stock Exchange of Hong Kong Limited[7](index=7&type=chunk) - Its principal business involves investing in listed and unlisted equity and debt securities and other financial instruments primarily established or with significant operations in Greater China[7](index=7&type=chunk) [Interim Results Announcement](index=1&type=section&id=1.2%20Interim%20Results%20Announcement) The Board of Directors is pleased to present the unaudited interim results for the six months ended June 30, 2025, which have been reviewed by the Audit Committee - The Board has presented the unaudited interim results for the six months ended June 30, 2025, compared with the same period in 2024[2](index=2&type=chunk) - The unaudited interim results have been reviewed by the company's Audit Committee[2](index=2&type=chunk) [Interim Condensed Financial Statements](index=1&type=section&id=II.%20Interim%20Condensed%20Financial%20Statements) This section presents the company's condensed financial statements, including the statement of profit or loss, financial position, and changes in equity for the interim period [Condensed Statement of Profit or Loss and Other Comprehensive Income](index=1&type=section&id=2.1%20Condensed%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the company reported a net loss of $154,054, an increase from the prior year, mainly due to reduced investment income and higher exchange losses Interim Condensed Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2025 H1 (USD) | 2024 H1 (USD) | | :--- | :--- | :--- | | Interest Income | 217 | 3,409 | | Dividend Income | 2,441 | 13,444 | | Net Change in Unrealized Fair Value Gains on Financial Assets at FVTPL | 11,565 | 71,841 | | Net (Loss)/Gain on Disposal of Financial Assets at FVTPL | (8,759) | 16 | | Exchange Loss | (6,270) | (1,355) | | Total Income and Investment Losses | (806) | 87,355 | | Fund Management Company Fees | (7,820) | (15,127) | | Administrative Expenses | (145,428) | (191,668) | | Total Expenses | (153,248) | (206,795) | | Loss Before Tax | (154,054) | (119,440) | | Loss for the Period | (154,054) | (119,440) | | Loss Per Share - Basic and Diluted | 1.44 US cents | 1.12 US cents | - Loss for the period increased from **$119,440** in the same period of 2024 to **$154,054** in 2025[3](index=3&type=chunk) - Exchange loss significantly increased from **$1,355** in the same period of 2024 to **$6,270** in 2025[3](index=3&type=chunk) [Condensed Statement of Financial Position](index=2&type=section&id=2.2%20Condensed%20Statement%20of%20Financial%20Position) As of June 30, 2025, the company's total assets and net assets decreased, primarily due to lower cash and bank balances and a decline in financial assets at fair value through profit or loss Interim Condensed Statement of Financial Position Key Data | Indicator | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Prepayments | 300,548 | 45,975 | | Financial Assets at Fair Value Through Profit or Loss | 94,316 | 137,489 | | Cash and Bank Balances | 666,325 | 1,064,658 | | Total Current Assets | 1,061,189 | 1,248,122 | | Total Current Liabilities | 17,509 | 50,388 | | Net Assets | 1,043,680 | 1,197,734 | | Total Equity | 1,043,680 | 1,197,734 | | Net Asset Value Per Share | 0.10 | 0.11 | - As of June 30, 2025, cash and bank balances decreased to **$666,325** from **$1,064,658** as of December 31, 2024[4](index=4&type=chunk) - Financial assets at fair value through profit or loss decreased from **$137,489** as of December 31, 2024, to **$94,316** as of June 30, 2025[4](index=4&type=chunk) [Condensed Statement of Changes in Equity](index=3&type=section&id=2.3%20Condensed%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity decreased due to the comprehensive loss for the period, with net changes in unrealized fair value gains on financial assets at fair value through profit or loss reclassified to capital reserve Interim Condensed Statement of Changes in Equity Key Data | Indicator | June 30, 2025 (USD) | June 30, 2024 (USD) | | :--- | :--- | :--- | | Share Capital | 1,068,600 | 1,068,600 | | Share Premium | 12,921,815 | 12,921,815 | | Capital Reserve | 15,806 | (5,761,119) | | Accumulated Losses | (12,962,541) | (6,793,504) | | Total | 1,043,680 | 1,435,792 | - As of June 30, 2025, total equity was **$1,043,680**, a decrease from **$1,197,734** as of December 31, 2024[5](index=5&type=chunk) - The total comprehensive loss for the period was **$154,054**, leading to an increase in accumulated losses[5](index=5&type=chunk) - Net change in unrealized fair value gains on financial assets at fair value through profit or loss of **$11,565** has been reclassified from accumulated losses to capital reserve[5](index=5&type=chunk)[6](index=6&type=chunk) [Notes to the Condensed Financial Statements](index=4&type=section&id=III.%20Notes%20to%20the%20Condensed%20Financial%20Statements) This section provides detailed notes on the company's financial statements, covering accounting policies, segment information, investment performance, and other financial disclosures [Company Information and Basis of Preparation](index=4&type=section&id=3.1%20Company%20Information%20and%20Basis%20of%20Preparation) This interim condensed financial information is prepared in accordance with HKAS 34 and Appendix D2 of the Listing Rules, presented in US dollars, and uses the historical cost convention, except for financial assets at fair value through profit or loss - The company is an investment company incorporated in the Cayman Islands, primarily investing in listed and unlisted securities in Greater China[7](index=7&type=chunk) - The interim condensed financial information is prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of Appendix D2 to the Listing Rules[8](index=8&type=chunk) - The financial information is presented in US dollars and prepared under the historical cost convention, except for financial assets at fair value through profit or loss, which are measured at fair value[8](index=8&type=chunk) [Accounting Judgements, Estimates, and Policies](index=5&type=section&id=3.2%20Accounting%20Judgements,%20Estimates,%20and%20Policies) The preparation of interim condensed financial information involves management's judgments, estimates, and assumptions affecting the application of accounting policies and reported amounts, with consistent policies applied as in the annual financial statements - Management is required to make judgments, estimates, and assumptions in the preparation of financial information, and actual results may differ from these estimates[9](index=9&type=chunk) - The accounting policies adopted in preparing the interim condensed financial information are consistent with those applied in the preparation of the annual financial statements for the year ended December 31, 2024[10](index=10&type=chunk) [Operating Segment Information](index=6&type=section&id=3.3%20Operating%20Segment%20Information) The company is segmented into listed and unlisted securities. For the six months ended June 30, 2025, the listed securities segment generated $5,247 in revenue, while the unlisted securities segment had no revenue - The company is divided into two reportable operating segments: listed securities and unlisted securities[11](index=11&type=chunk) Operating Segment Results | Segment | 2025 H1 (USD) | 2024 H1 (USD) | | :--- | :--- | :--- | | Listed Securities | 5,247 | 76,878 | | Unlisted Securities | – | 8,423 | | Total Segment Results | 5,247 | 85,301 | Operating Segment Assets | Segment | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Listed Securities | 94,316 | 137,489 | | Unlisted Securities | – | – | | Total Segment Assets | 94,316 | 137,489 | - As of June 30, 2025, unlisted securities segment assets were **zero**, while listed securities segment assets were **$94,316**[15](index=15&type=chunk) [Investment Income and Losses](index=8&type=section&id=3.4%20Investment%20Income%20and%20Losses) For the six months ended June 30, 2025, the company recorded realized losses of $8,759, compared to realized gains of $16 in the prior year, with a significant decrease in net unrealized gains Investment Income/(Loss) Overview | Indicator | 2025 H1 (USD) | 2024 H1 (USD) | | :--- | :--- | :--- | | Realized Loss/(Gain) | (8,759) | 16 | | Unrealized Gains | 11,565 | 71,841 | | Total Realized and Unrealized Gains | 2,806 | 71,857 | - For the six months ended June 30, 2025, realized losses were **$8,759**, compared to realized gains of **$16** in the prior year[18](index=18&type=chunk)[19](index=19&type=chunk) - Unrealized gains significantly decreased from **$71,841** in the same period of 2024 to **$11,565** in 2025[18](index=18&type=chunk)[19](index=19&type=chunk) [Loss Before Tax and Taxation](index=9&type=section&id=3.5%20Loss%20Before%20Tax%20and%20Taxation) For the six months ended June 30, 2025, the company's loss before tax was $154,054, with no provision for Hong Kong profits tax due to the absence of assessable profits Components of Loss Before Tax | Expense Item | 2025 H1 (USD) | 2024 H1 (USD) | | :--- | :--- | :--- | | Auditors' Remuneration | – | 12,551 | | Custodian Fees | 520 | 4,178 | | Salaries and Other Benefits | 31,378 | 48,459 | | Retirement Benefit Costs | – | 1,151 | - For the six months ended June 30, 2025, the company's loss before tax was **$154,054**[3](index=3&type=chunk) - No provision for Hong Kong profits tax was made as the company did not generate assessable profits in Hong Kong[21](index=21&type=chunk) [Dividends and Loss Per Share](index=10&type=section&id=3.6%20Dividends%20and%20Loss%20Per%20Share) The Board does not recommend an interim dividend for the six months ended June 30, 2025. Basic loss per share increased to 1.44 US cents from 1.12 US cents in the prior year - The Board does not recommend the declaration of an interim dividend for the six months ended June 30, 2025[22](index=22&type=chunk) - Basic loss per share was **1.44 US cents**, higher than **1.12 US cents** in the same period of 2024[23](index=23&type=chunk) - The basic loss per share amount was not adjusted for dilution as the company had no potentially dilutive ordinary shares outstanding[23](index=23&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=10&type=section&id=3.7%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the company's unlisted equity investment (Global Market Group Limited) was valued at zero, while listed equity investments were valued at $94,316 at fair value, a decrease from the end of last year Financial Assets at Fair Value Through Profit or Loss | Asset Class | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Unlisted Equity Investments | – | – | | Listed Equity Investments | 94,316 | 137,489 | | Total | 94,316 | 137,489 | - The company's unlisted equity investment in Global Market Group Limited was valued at **zero** as of June 30, 2025, due to its ongoing operating losses, potential contingent liabilities, and lack of a clear fundraising plan[25](index=25&type=chunk) - Net fair value gains on listed equity investments amounted to **$2,806**, which included a net loss of **$8,759** recognized on the disposal of listed equity investments[26](index=26&type=chunk) [Cash and Bank Balances](index=11&type=section&id=3.8%20Cash%20and%20Bank%20Balances) The company's bank cash earns interest at floating rates and is held with reputable banks. As of June 30, 2025, cash and bank balances totaled $666,325 - Bank cash earns interest at floating rates based on daily bank deposit rates[27](index=27&type=chunk) - Bank balances are deposited with reputable banks that have no recent history of default[27](index=27&type=chunk) - As of June 30, 2025, cash and bank balances amounted to **$666,325**[4](index=4&type=chunk) [Share Capital and Net Asset Value Per Share](index=11&type=section&id=3.9%20Share%20Capital%20and%20Net%20Asset%20Value%20Per%20Share) The company's authorized and issued share capital remained unchanged. As of June 30, 2025, net asset value per share decreased to $0.10 from $0.11 as of December 31, 2024 Share Capital Structure | Share Capital Type | June 30, 2025 (USD) | December 31, 2024 (USD) | | :--- | :--- | :--- | | Authorized Share Capital (18,000,000 shares of $0.10 each) | 1,800,000 | 1,800,000 | | Issued and Fully Paid Share Capital (10,686,000 shares of $0.10 each) | 1,068,600 | 1,068,600 | - Net asset value per share decreased from **$0.11** as of December 31, 2024, to **$0.10** as of June 30, 2025[29](index=29&type=chunk) [Related Party Transactions](index=12&type=section&id=3.10%20Related%20Party%20Transactions) For the six months ended June 30, 2025, investment management and administrative fees paid to the fund management company decreased to $7,820, and the investment management agreement was terminated on May 7, 2025 Related Party Transaction Fees | Fee Type | 2025 H1 (USD) | 2024 H1 (USD) | | :--- | :--- | :--- | | Investment Management and Administrative Fees Charged by Fund Management Company | 7,820 | 15,127 | | Directors' Emoluments | 11,534 | 24,934 | - The investment management agreement was terminated and ceased to be effective after May 7, 2025[31](index=31&type=chunk) - As of June 30, 2025, the outstanding balance payable to the fund management company was **zero**[32](index=32&type=chunk) - The fund management company was not entitled to any performance fee during the period[31](index=31&type=chunk) [Management Discussion and Analysis](index=14&type=section&id=IV.%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's financial performance, investment activities, outlook, and key financial metrics for the reporting period [Financial Review](index=14&type=section&id=4.1%20Financial%20Review) For the six months ended June 30, 2025, the company's net loss increased to $154,054, primarily due to reduced unrealized gains from listed securities. Despite a strong Hong Kong market, positive returns from listed securities were insufficient to offset operating costs, leading to a decrease in net asset value per share - The company recorded an unaudited net loss of **$154,054** for the six months ended June 30, 2025, an increase from the net loss of **$119,440** in the same period last year[34](index=34&type=chunk) - The increase in net loss was primarily due to a decrease in unrealized gains from listed securities[34](index=34&type=chunk) - The company's listed securities investment portfolio recorded a **5.56%** positive return[36](index=36&type=chunk) - Net asset value per share decreased from **$0.11** at the end of 2024 to **$0.10** as of June 30, 2025, a **9.09%** decline, mainly because positive returns from securities investments could not offset operating costs[36](index=36&type=chunk) [Investment Review](index=15&type=section&id=4.2%20Investment%20Review) As of June 30, 2025, the investment portfolio comprised 88% cash and cash equivalents and 12% listed investments, with no unlisted investments. Listed investments yielded a 5.56% positive return amid a strong Hong Kong market, while unlisted investments were fully impaired, and no new investments were made in the first half [Investment Portfolio Allocation](index=15&type=section&id=4.2.1%20Investment%20Portfolio%20Allocation) As of June 30, 2025, the company's investment portfolio primarily consisted of cash and other cash equivalents (88%) and listed investments (12%), with unlisted investments at zero Investment Portfolio Allocation | Category | June 30, 2025 (%) | December 31, 2024 (%) | | :--- | :--- | :--- | | Listed Investments | 12% | 11% | | Cash and Other Cash Equivalents | 88% | 89% | | Unlisted Investments | 0% | 0% | | Total | 100% | 100% | [Listed Investments Review](index=16&type=section&id=4.2.2%20Listed%20Investments%20Review) The Hong Kong stock market performed strongly in the first half of 2025, with the Hang Seng Index rising by 20%. The company's listed investment portfolio recorded a positive return of 5.56% during this period - The Hong Kong stock market performed strongly in the first half of 2025, with the Hang Seng Index rising by **20%**[38](index=38&type=chunk) - The company's listed investment portfolio recorded a positive return of **5.56%** in the first half of 2025[39](index=39&type=chunk) - The best-performing sectors were oil, coal, banking, and telecommunications, while retail, healthcare, and solar were among the worst-performing sectors[38](index=38&type=chunk) [Unlisted Investments Review](index=16&type=section&id=4.2.3%20Unlisted%20Investments%20Review) The company's unlisted equity securities investment has been fully impaired, and no new unlisted investments were made in the first half of 2025 - The company holds an unlisted equity securities investment that has been fully impaired[40](index=40&type=chunk) - Due to limited funds, the company did not make any new investments in the first half of 2025[40](index=40&type=chunk) [Outlook](index=17&type=section&id=4.3%20Outlook) The Board is cautiously optimistic about the market outlook for the second half, anticipating potential US interest rate cuts and continued stimulus measures in China. The Board will focus on profit-taking and remain vigilant regarding future global stock market volatility - The market outlook for the second half is cautiously optimistic, primarily based on potential US interest rate cuts and anticipated continued stimulus measures in China[41](index=41&type=chunk) - The Hong Kong market's valuation remains attractive compared to global markets[41](index=41&type=chunk) - In the second half, the Board will primarily focus on profit-taking and remain vigilant regarding future global stock market volatility[42](index=42&type=chunk) [Key Performance Indicators](index=17&type=section&id=4.4%20Key%20Performance%20Indicators) The Board considers the company's regular net asset value as the primary financial indicator for assessing business development and performance - The Board considers the company's regular net asset value to be a key financial indicator for effectively assessing the company's business development and performance[43](index=43&type=chunk) [Liquidity, Financial Resources, and Liabilities](index=17&type=section&id=4.5%20Liquidity,%20Financial%20Resources,%20and%20Liabilities) As of June 30, 2025, cash and bank balances were $666,325, primarily used for operational administrative expenses. The company had no bank loans, capital commitments, or significant contingent liabilities, and both liquidity and total debt-to-asset ratios improved - The company's cash and bank balances as of June 30, 2025, were **$666,325**, a decrease from **$1,064,658** as of December 31, 2024[44](index=44&type=chunk) - As of June 30, 2025, the company had no bank loans or capital commitments in unlisted investments[44](index=44&type=chunk) - The company has no pledged assets, significant capital commitments for equity investments, or any material contingent liabilities[45](index=45&type=chunk) Liquidity and Gearing Ratios | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Current Ratio | 60.61 | 24.77 | | Total Liabilities to Total Assets Ratio | 1.65% | 4.04% | [Exchange Rate Fluctuation Risk](index=18&type=section&id=4.6%20Exchange%20Rate%20Fluctuation%20Risk) As most of the company's assets, liabilities, and transactions are settled in HKD or USD, and HKD is pegged to USD, the company faces no significant exchange rate risk and thus requires no hedging arrangements - Most of the company's assets, liabilities, and transactions are denominated in Hong Kong Dollars or US Dollars[47](index=47&type=chunk) - As the Hong Kong Dollar remains pegged to the US Dollar, the company has no significant exchange rate risk and does not require hedging arrangements[47](index=47&type=chunk) [Significant Acquisitions and Disposals](index=18&type=section&id=4.7%20Significant%20Acquisitions%20and%20Disposals) For the six months ended June 30, 2025, the company did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures - For the six months ended June 30, 2025, the company did not undertake any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[48](index=48&type=chunk) [Employees and Securities Transactions](index=18&type=section&id=4.8%20Employees%20and%20Securities%20Transactions) The company employs one staff member. During the reporting period, the company engaged SS Capital (Hong Kong) Investment Management Limited for daily administrative and portfolio management, but this investment management agreement was terminated on May 7, 2025. No listed securities were purchased, sold, or redeemed during the period - The company employs one staff member[49](index=49&type=chunk) - The investment management agreement was terminated after May 7, 2025, and all investment decisions and daily operations are now managed by the Board[49](index=49&type=chunk)[53](index=53&type=chunk) - For the six months ended June 30, 2025, the company did not purchase, sell, or redeem any listed securities[50](index=50&type=chunk) [Interim Dividend](index=18&type=section&id=4.9%20Interim%20Dividend) The Board resolved not to declare an interim dividend for the six months ended June 30, 2025 - The Board resolved not to declare an interim dividend for the six months ended June 30, 2025[51](index=51&type=chunk) [Corporate Governance](index=19&type=section&id=V.%20Corporate%20Governance) This section details the company's commitment to maintaining sound corporate governance, compliance with relevant codes, and the composition and review activities of its Audit Committee [Compliance with Corporate Governance Code](index=19&type=section&id=5.1%20Compliance%20with%20Corporate%20Governance%20Code) The company is committed to maintaining sound corporate governance and has established procedures to comply with the Corporate Governance Code in Appendix C1 of the Listing Rules. However, there are deviations regarding the division of responsibilities between Chairman and Chief Executive and the Chairman's attendance at the AGM - The company has established corporate governance procedures to comply with the Corporate Governance Code set out in Appendix C1 of the Listing Rules[52](index=52&type=chunk) - The company has not appointed a Chairman or Chief Executive, as the Board believes all directors collectively share leadership and management responsibilities[53](index=53&type=chunk) - The Board elects one of its directors to chair the Annual General Meeting, in lieu of the Chairman's attendance requirement[53](index=53&type=chunk) [Standard Code for Securities Transactions](index=20&type=section&id=5.2%20Standard%20Code%20for%20Securities%20Transactions) The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules and confirms that all directors complied with the code during the reporting period - The company has adopted the Standard Code for Securities Transactions by Directors of Listed Issuers as its code of conduct for directors' securities transactions[54](index=54&type=chunk) - All directors confirmed their compliance with the required standards set out in the Standard Code for the six months ended June 30, 2025[54](index=54&type=chunk) [Audit Committee Review](index=20&type=section&id=5.3%20Audit%20Committee%20Review) The company's Audit Committee and management have reviewed the accounting principles and practices adopted by the company, discussing risk management, internal controls, and financial reporting matters, including the interim accounts - The company's Audit Committee and management have reviewed the accounting principles and practices adopted by the company, discussing risk management, internal controls, and financial reporting matters[55](index=55&type=chunk) - As of the announcement date, the Audit Committee comprises Ms. Liu Meixue (Chairperson) and Mr. Cai Dehui, both independent non-executive directors[55](index=55&type=chunk) [Non-Compliance with Listing Rules](index=20&type=section&id=5.4%20Non-Compliance%20with%20Listing%20Rules) Due to the retirement of an independent non-executive director, the company failed to comply with Listing Rules 3.10(1) (at least three INEDs) and 3.21 (at least three Audit Committee members). The company is actively seeking suitable candidates to fill the vacancies as soon as possible - Following the retirement of Dr. Hua Min as an independent non-executive director on June 27, 2025, the Board failed to comply with Listing Rules 3.10(1) (requiring at least three independent non-executive directors) and 3.21 (requiring at least three members on the Audit Committee)[56](index=56&type=chunk) - The company is actively seeking suitable candidates to fill the vacancies for independent non-executive director and Audit Committee member to comply with the Listing Rules as soon as practicable[56](index=56&type=chunk) [Post-Reporting Period Events and Others](index=21&type=section&id=VI.%20Post-Reporting%20Period%20Events%20and%20Others) This section covers significant events occurring after the reporting period, details on report publication, and acknowledgements to stakeholders, along with the current composition of the Board of Directors [Events After Reporting Period](index=21&type=section&id=6.1%20Events%20After%20Reporting%20Period) On July 4, 2025, the company successfully completed a placing of 2,137,200 shares to two placees, raising net proceeds of approximately $404,000 - On July 4, 2025, the company successfully placed a total of **2,137,200** placing shares to two placees at a placing price of **$0.195** per placing share[57](index=57&type=chunk) - The gross proceeds from the placing amounted to approximately **$417,000**, with net proceeds of approximately **$404,000**[57](index=57&type=chunk) [Publication of Report and Acknowledgements](index=21&type=section&id=6.2%20Publication%20of%20Report%20and%20Acknowledgements) This interim results announcement has been published on the company's and HKEX websites, and the interim report will be dispatched to shareholders in due course. The Board thanks the management team, staff, and shareholders for their support - This announcement is published on the company's website (http://shanghaigrowth.etnet.com.hk) and the HKEX website (www.hkexnews.hk)[58](index=58&type=chunk) - The company's 2025 interim report will be published on the company's and HKEX websites and dispatched to shareholders in due course[58](index=58&type=chunk) - The Board extends its gratitude to the management team, staff, and shareholders for their contributions and support during the reporting period[59](index=59&type=chunk) [Board of Directors](index=22&type=section&id=6.3%20Board%20of%20Directors) As of the announcement date, the Board of Directors includes Executive Director Mr. Zhao Tian, Non-executive Directors Mr. Cheng Juesheng and Mr. Lin Weichen, and Independent Non-executive Directors Mr. Cai Dehui and Ms. Liu Meixue Board of Directors Members | Category | Name | | :--- | :--- | | Executive Director | Mr. Zhao Tian | | Non-executive Directors | Mr. Cheng Juesheng, Mr. Lin Weichen | | Independent Non-executive Directors | Mr. Cai Dehui, Ms. Liu Meixue |

執行董事 趙恬 （股份代號 : 770） 董事會召開日期 Shanghai International Shanghai Growth Investment Limited（「本公司」）董事會 （「董事會」）謹此宣佈，本公司將於二零二五年八月二十九日（星期五）舉行 董事會會議，藉以（其中包括）審議及批准本公司截至二零二五年六月三十日止 六個月之中期業績及其發佈，以及考慮派發中期股息（如有）。 承董事會命 SHANGHAI INTERNATIONAL SHANGHAI GROWTH INVESTMENT LIMITED 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，概不對因本公告之全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SHANGHAI INTERNATIONAL SHANGHAI GROWTH INVESTMENT LIMITED （於開曼群島註冊成立之有限公司） 香港，二零二五年八月十八日 於本公告日期，董事會成員包括執行董事趙恬先生；非執行董事程爵生先生及林維蕆先 生；以及獨立非執行董事蔡德輝先生 ...

格隆汇8月15日丨SHANGHAI GROWTH(00770.HK)公告，于2025年7月31日，公司未经审核每股资产净 值为0.13美元。 ...

智通财经APP讯，SHANGHAI GROWTH(00770)发布公告，于2025年7月31日，公司未经审核的每股资 产净值为0.13美元。 ...

SHANGHAI GROWTH(00770)发布公告，于2025年7月31日，公司未经审核的每股资产净值为0.13美 元。 ...

SHANGHAI INTERNATIONAL SHANGHAI GROWTH INVESTMENT LIMITED 香港，二零二五年八月十五日 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，概不對因本公告的全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：770） 於二零二五年七月三十一日，本公司未經審核之每股資產淨值為 0.13美元。 於本公告日期，董事會成員包括執行董事趙恬先生；非執行董事程爵生先生及林維蕆先生； 以及獨立非執行董事蔡德輝先生及劉美雪女士。 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00770 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | | 已發行股份總數 | | | 上月底結存 | | | 10,686,000 | | | 0 | | 10,686,000 | | 增加 / 減少 (-) | | | 2,137,200 | | | 0 | | | | 本月底結存 | | | 12,823,200 | | | 0 | | 12,823,200 | 公司名稱: SHANGHAI INTERNATIONAL SH ...

Financial Performance - The company recorded a net loss of $357,498 for the year ending December 31, 2024, a decrease from a net loss of $455,345 in 2023, primarily due to net gains from securities investments[6]. - Total revenue for the year ended December 31, 2024, was $78,566, a significant increase from $12,551 in 2023[195]. - Interest income decreased to $6,485 from $9,881 year-over-year, representing a decline of approximately 34.3%[195]. - Dividend income also fell to $15,395 from $23,442, marking a decrease of about 34.3%[195]. - The net loss for the year was $357,498, compared to a loss of $455,345 in 2023, indicating an improvement of approximately 21.5%[195]. - Basic and diluted loss per share improved to 3.35 cents from 4.26 cents year-over-year[195]. - The unrealized loss on financial assets measured at fair value through profit or loss was $5,837,201 for 2024, compared to an unrealized gain of $1,920 in 2023[199]. - The company’s interest income decreased to $(6,485) in 2024 from $(9,881) in 2023, reflecting a decline in investment returns[199]. Investment Performance - Realized gains from the sale of securities amounted to $64,127, compared to a realized loss of $18,852 in 2023, while unrealized losses changed by a net of $10,257[6]. - The company’s listed investment portfolio achieved a return of 4.64% in 2024, driven mainly by the telecommunications sector[9]. - The company's investment portfolio allocation as of December 31, 2024, was 11% in listed investments and 89% in cash and cash equivalents[22]. - The company recorded a positive return of 4.64% on securities investments in 2024[106]. - The investment in China Mobile recorded dividend income of $9,558 and realized gains of $17,467, with unrealized gains of $5,654 (+7.24%) as of December 31, 2024[30]. Shareholder Matters - The company does not recommend any dividend distribution for the year ending December 31, 2024, consistent with the previous year[10]. - The company plans to capitalize on opportunities to enhance shareholder value amid China's focus on high-tech manufacturing and economic reforms[14]. - The company will hold its annual general meeting on June 27, 2025, to discuss shareholder matters[11]. - The company has established a shareholder communication policy to ensure equal access to information for shareholders[85]. - The company emphasizes effective communication with shareholders, particularly through annual general meetings and other shareholder meetings[84]. Corporate Governance - The company has maintained a commitment to sound corporate governance practices to ensure the integrity, transparency, and quality of information disclosure, which is essential for long-term sustainable development and enhancing shareholder value[49]. - The board has established governance procedures to comply with the Corporate Governance Code, and has reviewed and adopted these measures[49]. - The company has adopted the Corporate Governance Code and has confirmed compliance with the standards set forth for all directors during the fiscal year ending December 31, 2024[99]. - The board consists of five members, including one executive director, one non-executive director, and three independent non-executive directors[55]. - The company has not appointed a chairman or CEO, but the board collectively contributes to leadership and management[49]. Risk Management - The company has established an effective risk management and internal control system in compliance with corporate governance principles[105]. - The board is responsible for the effectiveness of the risk management and internal control systems, which are reviewed annually[113]. - The internal audit function is independent and evaluates the risk management and internal control systems every six months[111]. - The company has not identified any significant internal control deficiencies during the internal review conducted in 2024[110]. Environmental, Social, and Governance (ESG) - The company emphasizes its commitment to sustainable development and corporate social responsibility in its Environmental, Social, and Governance (ESG) report for the year[117]. - The ESG report focuses on the overall environmental and social performance of the company's operations, aligning with the annual report's scope[118]. - The company has identified key environmental and social performance indicators based on stakeholder engagement and materiality assessment[120]. - The company reported a total greenhouse gas emission of 3,253 kg CO2 equivalent in 2024, an increase from 3,117 kg CO2 equivalent in 2023[137]. - The company is committed to energy-saving measures, such as using LED lights and maintaining a minimum temperature of 25˚C in summer to reduce energy consumption[141]. Financial Position - The company's net asset value per share decreased to $0.11 from $0.15 at the end of 2023, representing a decline of 26.67%[9]. - The company's cash and bank balances as of December 31, 2024, were $1,064,658, compared to $1,117,399 in 2023, with no dividends paid during the year[35]. - The current ratio (current assets to current liabilities) was approximately 24.77 as of December 31, 2024, up from 22.55 in 2023, indicating strong liquidity[37]. - The total liabilities to total assets ratio was approximately 4.04% as of December 31, 2024, compared to 4.44% in 2023, reflecting a stable financial position[37]. - As of December 31, 2024, total equity amounted to $1,197,734, a decrease from $1,555,232 in 2023, primarily due to a comprehensive loss of $357,498[197].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of $78,566, a significant decrease from $12,551 in 2023[4] - Interest income decreased to $6,485 from $9,881, while dividend income fell to $15,395 from $23,442[4] - The company experienced a net loss of $357,498 for the year, compared to a net loss of $455,345 in 2023, indicating an improvement of approximately 21.5%[4] - The pre-tax loss for the year ending December 31, 2024, was $357,498 million, compared to a pre-tax loss of $455,345 million for the year ending December 31, 2023[21][31] - The company recorded a net loss of $357,498 for the year ended December 31, 2024, compared to a net loss of $455,345 in 2023, reflecting a decrease in losses due to net gains from securities investments[44] - Realized gains from the sale of securities amounted to $64,127 in 2024, a significant improvement from a realized loss of $18,852 in 2023[44] Assets and Liabilities - Total assets decreased to $1,248,122 from $1,627,405, reflecting a decline of about 23.3%[5] - The total equity of the company decreased to $1,197,734 from $1,555,232, a reduction of approximately 23%[5] - The company's net asset value per share decreased to $0.11 from $0.15, representing a decline of 26.7%[5] - The total liabilities as of December 31, 2024, were classified as unallocated liabilities[25] - The company's total assets decreased to $1,197,734 as of December 31, 2024, down from $1,555,232 in 2023, indicating a decline in asset value[42] Investment Performance - The company reported a significant unrealized gain of $5,837,201 from financial assets measured at fair value through profit or loss[6] - The company reported a net gain of $64,127 million from the sale of financial assets classified at fair value through profit or loss for the year ending December 31, 2024[27] - The company’s investment portfolio achieved a return of 4.64% in 2024, primarily driven by the telecommunications sector[48] - The company’s investment in non-listed equity was written down to zero due to ongoing operational losses and potential liabilities[36] - The company has two reportable operating segments: listed securities and unlisted securities, focusing on investments in equity securities listed on relevant exchanges and investments in non-listed equity securities and open-ended funds[19] Corporate Governance - The company appointed a new independent non-executive director on December 27, 2024, complying with the corporate governance code requirement B.2.4(b) after all independent non-executive directors had served over nine years[70] - The audit committee, consisting of three independent non-executive directors, reviewed the company's accounting standards and policies for the fiscal year ending December 31, 2024[75] - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming that all directors complied with the standards up to December 31, 2024[71] - The board believes that the current structure does not undermine the principles of corporate governance regarding the balance of power and authority between board management and business management[69] - The company has faced challenges in recruiting suitable independent non-executive directors due to talent outflow and economic uncertainties in the securities market[70] Market Conditions - The Hang Seng Index (HSI) experienced a decline of 13.2%, reaching a low of 14,794 points in late January 2024, before rebounding to 16,541 points by the end of March[50] - In May 2024, the HSI peaked at 19,706 points, but fell to 17,718 points in June due to the lack of interest rate cuts from the Federal Reserve and escalating US-China trade tensions[50] - The HSI dropped to a low of 16,441.4 points in August, marking a 16.6% decline from its May peak[50] - By the end of the third quarter, the HSI closed at 21,133.6 points, following a significant rise of over 2,886 points or 15.8% after stimulus measures were announced for the Chinese economy[50] - For the full year 2024, the HSI recorded a gain of 17.7%, with the best-performing sectors being internet-related technology, finance, and telecommunications[52] Administrative and Operational Costs - The company’s administrative expenses decreased to $407,016 from $428,591, showing a reduction of about 5%[4] - The company’s operating costs for the year were $436,064, which offset the gains from securities investments[44] - The total compensation for directors in 2024 was $50,087 million, slightly up from $49,815 million in 2023[28] - The highest-paid employee's total compensation for 2024 was $98,813 million, down from $132,538 million in 2023[29] Compliance and Reporting - The company has adopted revised Hong Kong Financial Reporting Standards for the fiscal year, impacting its financial reporting[9] - The company has reassessed its liabilities as of January 1, 2023, and believes that the classification of liabilities as current or non-current remains unchanged upon the initial application of the revised standards[11] - The revised Hong Kong Financial Reporting Standards (HKFRS) will come into effect on January 1, 2026, and January 1, 2027, respectively, with the company planning to apply these standards when they become effective[14] - The introduction of HKFRS 18 requires entities to categorize all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations, with new subtotal definitions[15] - The amendments to HKFRS 9 clarify the derecognition date of financial assets or liabilities and introduce accounting policy options for derecognition under specified conditions[17] - The annual report will be published on the Hong Kong Stock Exchange website and the company's website, with printed copies available upon shareholder request[76] Liquidity and Financial Health - The company's current ratio was approximately 24.77 as of December 31, 2024, compared to 22.55 in 2023, indicating improved liquidity[59] - The total debt to total assets ratio was approximately 4.04% as of December 31, 2024, slightly down from 4.44% in 2023, reflecting stable financial health[59] - The company has no significant contingent liabilities or major litigation as of December 31, 2024, ensuring a stable operational environment[57] - As of December 31, 2024, the company's cash and bank balances stood at $1,064,658, a decrease from $1,117,399 in 2023, with no dividends paid during the year[56] Securities Trading and Compliance - The company has established written guidelines for employees regarding securities trading, which are not less stringent than the standard code[73] - The company has not identified any violations of the employee written guidelines during the year[73] - There were no purchases, sales, or redemptions of the company's listed securities during the year[74] - The board consists of diverse experiences and professional skills, contributing collectively to the company's leadership and management[69]

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，概不對因本公告的全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 SHANGHAI INTERNATIONAL SHANGHAI GROWTH INVESTMENT LIMITED （於開曼群島註冊成立之有限公司） 承董事會命 SHANGHAI INTERNATIONAL SHANGHAI GROWTH INVESTMENT LIMITED 茲提述Shanghai International Shanghai Growth Investment Limited（「本公司」）於二 零二四年四月十七日刊發之截至二零二三年十二月三十一日止年度的年度報告（二 零二三年年報」）。除文義另有所指外，本公告所用詞彙與二零二三年年報所界定 者具有相同涵義。本公告旨在為二零二三年年報提供補充資料，須與二零二三年 年報一併閱讀。 有關二零二三年年報第十一頁「管理層討論與分析」一節中標題「非上市投資回顧」 之下所披露之資料，本公司謹此向其股東及潛在投資者提供有關於二零二三年 十二月三十一 ...