【今日头条】 港交所：下调香港证券市场股票最低上落价位的第一阶段将于8月4日推出 智通财经APP获悉，继2025年6月21日(星期六)成功完成市场演习，交易所参与者确认其准备就绪，及获 得相关监管机构批准后，港交所7月21日宣布，下调香港证券市场股票最低上落价位的第一阶段("第一 阶段")将于2025年8月4日(星期一)推出。另参照今日于港交所网站发布的客户通告(编号： MDD/25/369)，"香港交易所领航星"市场数据平台—证券市场("OMD-C")及内地市场数据枢纽-证券市场 ("OMD-CMMDH")之价位表代码亦将于第一阶段推出时相应更新。 恒生港股通创新药精选指数的编算方法调整 据恒生指数公告，恒生港股通创新药精选指数的编算方法将有以下更新：修改选股范畴，流动性和行业 要求；删除主题和基本因子要求；修改成份股挑选方法以及调整比重上限。此新编算方法将于截至2025 年6月30日之指数检讨时生效，而相关的成份股变动将于2025年9月8日实施。 【大势展望】 纳指、标普再创新高 贵金属、金属与采矿板块涨幅居前 隔夜美股截至收盘，道琼斯工业平均指数比前一交易日下跌19.12点，收于44323.07点，跌幅 ...

Financial Performance - Revenue for the year ended December 31, 2023, was HKD 466.8 million, a decrease of 9.3% compared to HKD 514.9 million in 2022[9]. - The net investment income for 2023 was HKD 179.3 million, representing a significant increase of 194.9% from a loss of HKD 336.8 million in 2022[9]. - The profit attributable to the company's owners for 2023 was HKD 31.2 million, a 35.1% increase from HKD 23.1 million in 2022[9]. - Total assets as of December 31, 2023, were HKD 3,775.2 million, down 19.3% from HKD 4,678.1 million in 2022[9]. - The total liabilities decreased by 81.0% to HKD 215.4 million in 2023 from HKD 1,135.4 million in 2022[9]. - The total net asset value increased slightly by 0.5% to HKD 3,559.8 million in 2023 compared to HKD 3,542.7 million in 2022[9]. - Management fee income for 2024 totaled HKD 397 million, a year-on-year decline of 15%[59]. - Despite market challenges, net profit increased by 35%, rising from HKD 23 million in 2023 to HKD 31 million in 2024[59]. - Total expenses for 2024 were HKD 361 million, a reduction of 7% compared to HKD 390 million in 2023[59]. - The company recorded a net loss of HKD 46.4 million in operating loss, an increase of 31.4% compared to the previous year[77]. Asset Management and Investments - Management assets decreased by 8.3% to USD 5,110 million in 2023 from USD 5,570 million in 2022[9]. - The company’s gold ETF recorded a 25.3% investment return in 2024, with expectations for gold prices to reach USD 3,000 per ounce in 2024/2025[16]. - The flagship fund demonstrated resilience amid market volatility, reinforcing the company's leading position in Hong Kong's asset management industry[52]. - The flagship high-yield equity fund benefited significantly from the MRF program, recording substantial inflows in Q4 2024[62]. - The flagship product, the Value Partners Greater China High Yield Bond Fund, achieved a return of 15.3%, while the Value Partners China A Shares High Dividend Fund recorded a return of 13.0%[71]. - The Value Partners Gold ETF reached a record size of $334 million in 2024, driven by rising gold prices and successful marketing efforts[64]. - The company launched a healthcare-themed private equity fund in 2024, attracting significant capital commitments from new investors[65]. - The company's brand funds accounted for 90% of total AUM in 2024, up from 84% in 2023[74]. - The absolute return long-only funds represented 56% of AUM, down from 72% in the previous year, while fixed income funds increased to 23% from 14%[74]. Strategic Initiatives and Partnerships - A strategic partnership was established with Daiwa Securities Group on November 7, 2024, to enhance innovative investment solutions[10]. - A distribution cooperation agreement was signed with Bank of China (Hong Kong) on September 23, 2024, to launch a Japan real estate investment trust fund[12]. - The company plans to enhance its investment research capabilities and product offerings by leveraging AI technology and focusing on core business segments[54]. - The company is committed to expanding and strengthening partnerships with banks, brokers, and leading digital financial institutions in mainland China and Asia[53]. - The company is strategically expanding into Southeast Asian markets, focusing on Singapore, Malaysia, Thailand, and Indonesia to capture regional growth potential[62]. Corporate Governance and Management - The board proposed a final dividend of HKD 0.01 per share for 2024[89]. - The company has received over 280 outstanding awards in the past 31 years, establishing a strong and trusted brand in the asset management industry[47]. - The company has been recognized with multiple awards, including the "Outstanding Fund" and "Top Investment Company" accolades[38][40]. - The board of directors emphasizes a commitment to sustainable investing, aiming for a G% allocation of the portfolio towards ESG-compliant assets by 2025[96]. - The company has adopted a standard code of conduct for securities trading by directors, with no violations reported during the year[170]. - The company is committed to high standards of corporate governance and compliance with applicable laws and regulations[169]. - The board consists of eight directors, with three independent non-executive directors, accounting for over one-third of the board[188]. - The company has established a risk management framework and internal control system to manage significant risks affecting performance[194]. Future Outlook and Growth Plans - The global GDP growth is projected at 3.3% for 2025, with the company aiming to capitalize on opportunities arising from China's economic transformation and capital market opening[55]. - The company plans to enhance its product offerings in fixed income, with a focus on investment-grade and high-yield characteristics to meet diverse client needs[63]. - The company aims to explore new areas such as Web 3.0 and RWA to provide investors with richer investment opportunities[54]. - The company plans to continue exploring new initiatives and expanding its product offerings, particularly in the ETF space, to meet evolving investor demands[65]. - The company plans to expand its market presence in Asia, targeting a growth rate of A% in the next fiscal year through strategic partnerships and new product offerings[98]. Employee and Operational Efficiency - The company will implement improved incentive mechanisms to enhance team cohesion and lay a solid foundation for sustainable development[55]. - The management team emphasized a commitment to enhancing operational efficiency, with a goal to reduce costs by 8% over the next year[114]. - The company plans to increase its workforce by 15% to support growth initiatives and improve service delivery[115]. - The company provides competitive compensation and benefits to employees, promoting diversity and offering career development opportunities[163]. Risk Management - The risk management committee coordinates the company's risk management activities and reports significant risks and mitigation measures to the audit committee during regular meetings[197]. - The internal audit conducts regular independent assessments of the adequacy and effectiveness of risk management and control processes, reporting findings to the audit committee[197]. - Effective risk management includes six key components: risk identification, measurement, mitigation, reporting, monitoring, and governance[200].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 466.8 million, a decrease of 9.3% compared to HKD 514.9 million in 2023[2] - Total management fees decreased by 15.0% to HKD 397.4 million from HKD 467.4 million[2] - Net investment income surged by 194.9% to HKD 179.3 million, up from HKD 60.8 million[2] - Profit attributable to owners of the company increased by 35.1% to HKD 31.2 million, compared to HKD 23.1 million in the previous year[2] - Basic and diluted earnings per share rose by 30.8% to HKD 1.7 from HKD 1.3[2] - Total comprehensive income for the year was HKD 30.8 million, up from HKD 23.1 million in 2023[5] - The company reported a net income of HKD 315.0 million, down from HKD 355.0 million in the previous year[5] Dividends - The company declared a final dividend of HKD 1.0 per share, compared to no dividend in the previous year[2] - The board proposed a final dividend of HKD 1.0 per share, totaling approximately HKD 18,267,000, compared to no dividend in 2023[20] - A special dividend of HKD 0.50 per share was approved, amounting to HKD 913,355,000, to be paid on January 23, 2024[21] - The proposed final dividend per share for 2024 is 1.0 HK cents, compared to no dividend in 2023[77] Operational Performance - Operating loss before other income/expenses was HKD 46.4 million, compared to a loss of HKD 35.3 million in 2023, indicating a worsening operational performance[2] - Total expenses for 2024 were HKD 361 million, a reduction of 7% compared to HKD 390 million in 2023[49] - The company recorded a loss of HKD 46.7 million from joint ventures, including a property revaluation loss of HKD 63.4 million, compared to a profit of HKD 25.0 million in 2023[85] Assets and Liabilities - The company's non-current assets decreased to HKD 2,538,300,000 from HKD 2,769,843,000, a reduction of 8.3%[6] - Cash and cash equivalents were reported at HKD 1,077,437,000, down from HKD 1,558,885,000, reflecting a decrease of 30.8%[6] - The total equity attributable to owners of the company increased slightly to HKD 3,552,063,000 from HKD 3,542,698,000, an increase of 0.3%[6] - The company has a short-term bank loan of HKD 65,941 thousand in 2024, compared to HKD 1,170 thousand in 2023, indicating a significant increase in borrowing[36] Market Strategy - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming year[3] - The company aims to strengthen partnerships with banks and financial institutions in mainland China and Asia to provide diverse investment options[39] - The company plans to enhance its investment research capabilities and product offerings, focusing on technology applications including AI to improve operational efficiency[40] - The company is actively expanding into Southeast Asian markets, focusing on Singapore, Malaysia, Thailand, and Indonesia, to capture regional growth potential[54] Investment Performance - The company reported a net investment income of HKD 62.5 million from the gold ETF, down from HKD 65.6 million in 2023[87] - The flagship product, the Greater China High Yield Bond Fund, received recognition at the 8th Overseas Fund Golden Bull Awards for its performance[63] - The Japanese Real Estate Investment Trust launched in April 2024 achieved annualized returns of 9.5% and 4.0% for USD-hedged and non-hedged classes, respectively[57] Corporate Governance - The company is committed to maintaining high standards of corporate governance, ensuring compliance with the corporate governance code as of December 31, 2024[110] - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed matters related to audit, internal control, and financial reporting[109] - All directors have confirmed adherence to the standards set forth in the securities trading code as of December 31, 2024[113] Employee and Operational Efficiency - The company has 121 employees in Hong Kong, down from 130 in 2023, and 20 employees in Shanghai, down from 31 in 2023[102] - The group continues to implement cost control measures and resource adjustments to address future business challenges[94] - Information processing and communication expenses increased to HKD 54.6 million in 2024, up from HKD 45.9 million in 2023[93]

Financial Performance - Total revenue for the first half of 2024 was HKD 235.7 million, a decrease of 14.8% compared to HKD 276.8 million in the same period of 2023[6]. - The total management fees decreased to HKD 200.8 million, down 18.3% from HKD 245.9 million year-on-year[6]. - The company reported a net profit of HKD 37.4 million, a significant increase of 663.3% from HKD 4.9 million in the previous year[6]. - The basic earnings per share rose to HKD 2.0, reflecting a 566.7% increase compared to HKD 0.3 in the same period last year[6]. - The total subscriptions for the first half of 2024 were $465 million, down from $483 million in the second half of 2023, while total redemptions increased to $865 million from $717 million[19]. - The total net return for the first half of 2024 was $298 million, following a positive performance despite the net redemptions[19]. - The company reported a significant increase in profit attributable to shareholders, reaching HKD 37.4 million, up 663.3% from HKD 4.9 million in the previous year[27]. - Total revenue decreased by 14.8% to HKD 235.7 million in the first half of 2024, compared to HKD 276.8 million in the same period of 2023[26]. Asset Management - As of June 30, 2024, the assets under management decreased to $5.402 billion, down 3.6% from $5.6 billion at the end of 2023[9]. - The company continues to maintain a strong balance sheet with a net asset value of HKD 3.6 billion, including cash of HKD 900 million and investments of HKD 2.5 billion[9]. - Institutional clients accounted for 54% of the total AUM, with retail investors making up the remaining 46%[24]. - Hong Kong clients represented 67% of the group's AUM, while European clients increased their share to 14% from 12%[24]. - The group's brand funds contributed 85% to the AUM, with absolute return long-only funds making up 71% of the total[22]. Fund Performance - The flagship fund, Value Partners High Dividend Stock Fund, achieved a return of 11.2% in the first half of 2024[8]. - The overall fund performance, measured by the asset-weighted average return, increased by 6.4%[8]. - The Value Partners High Dividend Stock Fund recorded a return of +11.2% for the first half of 2024, while the Value Partners Greater China High Yield Bond Fund rose by +11.7%[17]. - The group's asset-weighted average return during the review period was 6.4%, outperforming the Hang Seng Index and MSCI China Index, which rose by 6.2% and 4.7%, respectively[19]. Cost Management - Operating expenses were reduced to HKD 147 million, a decrease of 10% from HKD 164 million in the same period last year[9]. - Employee compensation and benefits decreased by 17.0% to HKD 97.7 million compared to HKD 117.7 million in the first half of 2023[33]. - The company’s operating expenses decreased to HKD 160,696,000 from HKD 191,380,000, showing improved cost management[42]. - The company continues to adopt a cautious approach to cost management while investing in key strategic growth areas[34]. Strategic Initiatives - The company has expanded its client coverage in local and overseas markets, particularly enhancing its family wealth management offices in Hong Kong and Singapore[10]. - The company has established a strategic partnership with PT Surya Timur Alam Raya Asset Management in Indonesia to provide equity strategy products, aiming to capture long-term growth potential in Southeast Asia[10]. - The company has launched a Japan Real Estate Fund in April 2024, which is the first and only Japan REITs product authorized by the Hong Kong Securities and Futures Commission[13]. - The company has received positive feedback from institutional clients regarding the Value Partners China A Shares High Dividend Fund, anticipating increased fund inflows[13]. - The company has been granted approval to launch a fixed income product under the Qualified Domestic Limited Partner (QDLP) program, expecting more capital inflows due to declining yields in mainland China[12]. - The company has 18 funds eligible under the new Capital Investor Entry Scheme (CIES) launched in March, which aims to attract potential immigrants and local investment opportunities[11]. - The company has increased its distribution products under the Greater Bay Area Cross-Border Wealth Management Connect (WMC) program from 3 to 9 eligible investment products[11]. ESG and Sustainability - The company has conducted approximately 150 thematic interactions with its portfolio companies on 18 sustainable development themes, a 50% increase compared to 2023[15]. - The company is focused on enhancing its ESG practices, transitioning from "ESG 1.0" to "ESG 2.0" and emphasizing direct engagement with portfolio companies[15]. - The company received five awards at the Bloomberg Businessweek/Chinese Edition "2023 Leading Funds" event, recognizing its investment capabilities[13]. Shareholder Information - A special dividend of HKD 0.5 per share was declared to shareholders in December 2023, paid on January 23, 2024[35]. - The company did not recommend an interim dividend for the six months ended June 30, 2024, compared to no dividend for the same period in 2023[135]. - The company expressed gratitude to shareholders, business partners, distributors, and customers for their support[142]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to review accounting principles and financial reporting[137]. - The company has complied with the corporate governance code as of June 30, 2024, and has made adjustments to its governance practices following the resignation of the CEO[139]. - All directors confirmed compliance with the standard code of conduct for securities trading during the six months ended June 30, 2024[140].

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 235.7 million, a decrease of 14.8% compared to HKD 276.8 million in the same period of 2023[2] - Total management fees decreased by 18.3% to HKD 200.8 million from HKD 245.9 million year-on-year[2] - The profit attributable to the company's owners increased significantly by 663.3% to HKD 37.4 million, compared to HKD 4.9 million in the previous year[2] - Basic and diluted earnings per share rose to HKD 2.0, up 566.7% from HKD 0.3 in the same period last year[2] - Net income totalled HKD 161.3 million, down from HKD 188.3 million, reflecting a decrease of 14.4%[3] - Operating profit before other income was HKD 602,000, a recovery from a loss of HKD 3.0 million in the previous year[3] - The company reported a net profit of HKD 37,365,000 for the period ending June 30, 2024, compared to HKD 4,880,000 for the same period in 2023, indicating a significant increase in profitability[11] - Total revenue for the six months ending June 30, 2024, was HKD 92,019,000, while the previous year reported a loss of HKD 3,829,000, showcasing a strong recovery[8] Expenses and Costs - Total expenses for salaries and benefits decreased to HKD 98,528,000 from HKD 126,223,000 year-over-year, reflecting a reduction of approximately 21.9%[8] - The company's total expenses for the first half of 2024 were HKD 300 million, with a focus on cost management and resource allocation[50] - Employee compensation and benefits decreased by 17.0% to HKD 97.7 million in the first half of 2024, compared to HKD 117.7 million in the same period of 2023[51] - Other operating expenses for the period amounted to HKD 50.1 million, slightly down from HKD 52.6 million in the first half of 2023[52] Assets and Equity - Non-current assets decreased to HKD 1,575.0 million from HKD 1,746.9 million as of December 31, 2023[4] - Cash and cash equivalents decreased to HKD 922.4 million from HKD 1,558.9 million[4] - The company's total equity increased slightly to HKD 3,570.1 million from HKD 3,542.7 million[4] - The Group's total equity was HKD 35.701 billion, an increase from HKD 35.427 billion as of December 31, 2023[55] Investments and Joint Ventures - Investments in joint ventures amounted to HKD 512,565,000 as of June 30, 2024, down from HKD 606,068,000 at the end of 2023, indicating a decrease of approximately 15.4%[14] - The group's share of losses from joint ventures amounted to HKD 46.0 million, a decline from a profit of HKD 17.3 million in the same period last year[47] - The Group's investment in gold ETF decreased to 9,981,524 units, representing 20.3% of the total investment, with a fair value of HKD 460.3 million[48] Dividends - The company declared a special dividend of HKD 913,355,000 for the year ending December 31, 2023, which was paid on January 23, 2024[12] - The company did not recommend any interim dividend for the six months ending June 30, 2024, compared to no dividend declared in the same period of 2023[12] - The Group declared a special dividend of HKD 0.5 per share in December 2023, which was paid on January 23, 2024[53] Market and Investment Strategies - The company is actively pursuing opportunities in the growing demand for professional wealth management solutions in China, as more investors diversify their portfolios[26] - The company aims to enhance its market coverage and strengthen relationships with existing local partners in a competitive environment[31] - The company launched a Japan Real Estate Fund in April 2024, which is the first and only Japan REITs product authorized by the Hong Kong Securities and Futures Commission[32] - The company’s investment strategies, particularly in Asia-focused high dividend equity funds, have shown strong performance, capitalizing on opportunities in markets like Taiwan, Korea, and Japan[33] Awards and Recognition - The company received five awards at the Bloomberg Businessweek/Chinese Edition "2023 Leading Funds" event, recognizing its investment capabilities[33] Sustainability and Corporate Governance - The company has transitioned its sustainability agenda from "ESG 1.0" to "ESG 2.0," covering 18 sustainable development themes and conducting approximately 150 thematic interactions, a 50% increase from 2023[34] - The audit committee has reviewed the group's accounting principles and practices, including the unaudited interim results for the six months ended June 30, 2024[61] - The company has adopted the standard code of conduct for securities trading by directors as per the listing rules appendix C3[64] - All directors confirmed compliance with the standard code of conduct as of June 30, 2024[64] Employee and Operational Changes - The group employed 125 staff in Hong Kong as of June 30, 2024, a decrease from 141 staff as of June 30, 2023[59] - The Group's employee rebate amounted to HKD 1.8 million in the first half of 2024, compared to HKD 1.4 million in the same period of 2023[51] Shareholder Communication - The interim results will be published on the Hong Kong Stock Exchange website and the company's website[64] - The interim report will be mailed to shareholders and published at an appropriate time on both platforms[64] - The company expresses gratitude to shareholders, business partners, distributors, and customers for their loyal support[65] - The company acknowledges the contributions of dedicated employees to its achievements[65]

Financial Performance - Total revenue for 2023 was HKD 514.9 million, a decrease of 11.9% from HKD 584.5 million in 2022[8]. - The company reported a profit attributable to shareholders of HKD 23.1 million, a significant recovery from a loss of HKD 544.3 million in the previous year, representing a 104.2% change[8]. - The company's total assets amounted to HKD 4,678.1 million, a decline of 1.5% compared to HKD 4,747.9 million in 2022[8]. - The net asset value decreased by 21.2% to HKD 3,542.7 million from HKD 4,494.2 million in the previous year[8]. - Basic earnings per share for 2023 were HKD 1.3, a recovery from a loss of HKD 29.6 per share in 2022, reflecting a 104.4% change[8]. - The total management fee income for 2023 was HKD 467 million, a decrease of 15% year-on-year[28]. - Management fees decreased by 14.9% to HKD 467.4 million in 2023 from HKD 549.3 million in 2022, attributed to an 18.8% decline in average managed assets to USD 6.044 billion[48]. - The company recorded a net profit of HKD 23 million in 2023, a significant improvement from a loss of HKD 544 million in 2022, driven by investment income from proprietary capital and reduced expenses[28]. Asset Management - Assets under management decreased by 9.4% to USD 5.57 billion in 2023, down from USD 6.145 billion in 2022[8]. - The company's asset management scale reached USD 5.6 billion, a decrease of 9% compared to the previous year, with total subscriptions of USD 1.2 billion and redemptions of USD 1.5 billion[23]. - The company's two leading equity funds, the Value Fund (USD 894 million) and the High Dividend Equity Fund (USD 1.44 billion), outperformed the MSCI China Index in both short-term and long-term performance[21]. - The Value Fund and High Dividend Equity Fund recorded a 5.0% decline and a 4.1% increase respectively in 2023, while the MSCI China Index fell by 11.2%[22]. - The company's asset management performance ranked among the top two-thirds in 2023, with flagship funds showing strong results, including a 10.4% growth in the value of the Gold ETF to $243 million[30]. Strategic Initiatives - The company launched its first USD currency fund for retail investors in 2023[15]. - A special opportunity fund focusing on the Greater Bay Area was jointly launched with Shenzhen Capital in 2023[15]. - The company established a strategic partnership with Indonesian PT Aldiracita Sekuritas and PT STAR Asset Management[16]. - The company aims to explore new product ideas for its ETF brand, including a potential Bitcoin spot ETF in collaboration with a licensed digital asset manager in Hong Kong[34]. - The company plans to launch more fixed income strategy funds in 2024, further diversifying its product portfolio[33]. Awards and Recognition - The company received multiple awards, including the "2023 Best Lifetime Achievement Award" from Asian Asset Management magazine, recognizing over 35 years of industry contributions[9]. - Value Partners Group was recognized as the most promising overseas investment institution at the 2023 Insurance Asset Management Conference in Beijing[10]. - Datuk Seri Cheah Cheng Hye received the "2023 Lifetime Achievement Award" from Asia Asset Management, recognizing his 35 years of outstanding contributions to the industry[61]. - The company has accumulated over 200 professional awards and honors since its establishment in 1993, highlighting its strong performance in asset management[61]. Corporate Governance - The company emphasizes the importance of maintaining a high standard of corporate governance and ethical practices in its operations[64]. - The board believes that effective corporate governance is crucial for enhancing shareholder value and maintaining the interests of stakeholders[101]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year 2023[101]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence[107]. - The company has established a clear framework for the Audit Committee to ensure independent review of financial reporting processes[110]. ESG Initiatives - The group has integrated Environmental, Social, and Governance (ESG) analysis into its investment process since 2019, enhancing its fundamental assessment framework and reducing related risks[152]. - The launch of the Value Partners Asian Food and Nutrition Fund marks the group's first ESG-themed fund focused on Asia, compliant with Article 8 of the Sustainable Finance Disclosure Regulation[156]. - The group aims to address food challenges in Asia by investing in companies aligned with seven United Nations Sustainable Development Goals[156]. - The company has committed to responsible investment principles, actively incorporating ESG factors into its policies and practices since signing the UN Principles for Responsible Investment in July 2019[153]. - The company has established a sustainability committee and integrated ESG metrics into key departmental performance evaluations[165]. Employee Management - Total full-time employees decreased from 205 in 2022 to 182 in 2023, a reduction of approximately 11.2%[181]. - The total training hours related to cybersecurity for each employee in 2023 was 1 hour[179]. - The company organized over 15 compliance training seminars in 2023, focusing on anti-money laundering and insider trading[192]. - The company has maintained a zero injury and fatality record for employees over the past three years due to its commitment to workplace safety[194]. - The company established a wellness committee to enhance employee welfare and engagement in recreational activities[186]. Community Engagement - Employees contributed a total of 42 hours to community service activities in 2023, with the company encouraging volunteer work by providing one paid volunteer day per year[195]. - Over 20 employees and their family members packaged 1,000 kilograms of rice for donation to underprivileged areas in Hong Kong, benefiting 500 families[196]. - The company actively promotes sustainability and participated in various discussions on ESG (Environmental, Social, and Governance) issues, including a seminar on sustainable investment risks and opportunities[198]. Risk Management - The company has established a comprehensive risk management framework based on the "three lines of defense" model to ensure asset protection and compliance with relevant regulations[174]. - The company has implemented a business continuity plan reviewed annually to ensure the continuity of significant business operations during disasters[174]. - The company’s risk management and environmental policies are detailed in the annual report under the corporate governance and environmental, social, and governance reports[99]. - The internal audit department reported on the adequacy and effectiveness of internal controls throughout the year[119]. - The company has implemented a strict anti-money laundering and anti-terrorism financing framework to ensure compliance with applicable laws and regulations[172].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 514.9 million, a decrease of 11.9% compared to HKD 584.5 million in 2022[2] - Operating loss (excluding other income/loss) improved to HKD 35.3 million, down 48.5% from HKD 68.6 million in the previous year[2] - Profit attributable to the company's owners was HKD 23.1 million, a significant recovery from a loss of HKD 544.3 million in 2022, representing a 104.2% increase[2] - Basic and diluted earnings per share were both HKD 1.3, compared to a loss of HKD 29.6 per share in the previous year, marking a 104.4% improvement[3] - Total net income decreased to HKD 355.0 million from HKD 408.7 million, reflecting a decline of 13.1%[3] - Total expenses decreased to HKD 390.3 million, down 18.2% from HKD 477.3 million in 2022[3] - The company reported a net profit of HKD 230 million for the year 2023, recovering from a loss of HKD 544 million in 2022, and down from a profit of HKD 1.4 billion in 2020, with earnings per share at HKD 0.013[30] - The company recorded a net profit of HK$23 million in 2023, a significant improvement from a loss of HK$544 million in 2022, mainly due to investment income from proprietary capital investments[38] Dividends - The company did not declare any final dividend for the year, compared to HKD 3.4 million in the previous year[2] - The company proposed a special dividend of HKD 913,355,000 for 2023, compared to a final dividend of HKD 62,108,000 in 2022[13] - The company declared a special dividend of HKD 0.50 per share to reward existing shareholders prior to the completion of the Guangfa transaction[33] - The Group declared a special dividend of HKD 0.5 per share, considering its strong cash position and accumulated profits in recent years[68] Assets and Liabilities - Cash and cash equivalents at the end of the reporting period were HKD 1,558.9 million, down from HKD 1,666.5 million in the previous year[4] - Total assets amounted to HKD 3,542.7 million, a decrease from HKD 4,494.2 million in 2022[4] - The company’s bank loans decreased significantly to HKD 73,873,000 in 2023 from HKD 76,054,000 in 2022[26] - The Group's total equity was HKD 3.5427 billion, with 1.83 billion shares issued as of December 31, 2023[70] Investments - The net investment income for 2023 was HKD 45,301,000, a significant recovery from a loss of HKD 441,103,000 in 2022[10] - The company has classified its 75% stake in Value Partners Asset Management Malaysia Sdn. Bhd. as held for sale, with a transaction value of approximately HKD 4,600,000[29] - The company has entered into agreements to acquire a 29.99% stake in PT Surya Timur Alam Raya Asset Management for USD 3.5 million (approximately HKD 27 million)[22] - The fair value of investment properties as of December 31, 2023, was HKD 191,080,000, down from HKD 197,608,000 in 2022[14] - The investment in joint ventures increased to HKD 606,068,000 in 2023 from HKD 545,758,000 in 2022, reflecting a growth of 11%[15] Market and Economic Outlook - The company believes that China's economic growth of 5.2% in 2023 has significant potential, despite facing challenges that are perceived to be exaggerated[34] - The company anticipates that Beijing will implement important measures to promote the development of private enterprises, including strengthening property rights protection[34] - The Asian market remains a high-growth area for asset and wealth management, driven by economic expansion and a growing middle class[37] - The company views 2023 as a challenging year but remains optimistic about long-term opportunities in Asia, a high-growth wealth creation region[49] Operational Efficiency - The company continues to implement stringent cost control measures to enhance productivity and efficiency in a challenging business environment[39] - Operating expenses for 2023 were HK$335 million, a reduction of 6% from HK$358 million in the previous year, despite inflationary pressures[39] - Total employee compensation and benefits decreased by 11.4% to HKD 225.5 million, compared to HKD 254.4 million in the previous year[66] Corporate Governance - The company is committed to maintaining high standards of corporate governance and has complied with the corporate governance code as of December 31, 2023[8] - The board of directors includes both executive and independent non-executive members, ensuring diverse governance[83] - The audit committee has reviewed the accounting principles and practices adopted by the group and discussed matters related to audit, internal control, and financial reporting[7] Awards and Recognition - The company received multiple awards in 2023, including gold awards for its China A-share fund and mixed asset fund from Fund Selector Asia[40] - The company continues to strengthen its position as a leader in Asian ESG investments and has received recognition for its efforts in responsible investing, including the 2023 ESG Corporate Excellence Award[48]

Financial Performance - Total revenue for the first half of 2023 was HKD 276.8 million, a decrease of 16.6% compared to HKD 331.9 million in the same period of 2022[7]. - Total management fees decreased to HKD 245.9 million, down 20.0% from HKD 307.3 million year-on-year[7]. - The company recorded a net profit of HKD 4.9 million, a significant improvement from a loss of HKD 428.6 million in the first half of 2022, representing a 101.1% change[7]. - Total subscriptions increased from $367 million in the second half of 2022 to $675 million in the first half of 2023, while total redemptions decreased from $1.043 billion to $736 million[20]. - The weighted average return of managed funds increased by 0.2% during the review period, with the high-yield equity fund rising by 8.3% and the Greater China high-yield bond fund increasing by 4.2%[20]. - The total net redemptions for the first half of 2023 were $61 million, compared to $676 million in the second half of 2022[20]. - Revenue for the six months ended June 30, 2023, was HKD 276,785,000, a decrease of 16.6% compared to HKD 331,944,000 for the same period in 2022[42]. - Net income for the period was HKD 4,880,000, a significant recovery from a loss of HKD 428,588,000 in the previous year[42]. - Total comprehensive loss for the period was HKD 5,044,000, compared to a total comprehensive loss of HKD 444,490,000 in the same period last year[47]. Assets and Liabilities - Assets under management as of June 30, 2023, were USD 6.029 billion, a slight decrease of 1.9% from USD 6.145 billion at the end of 2022[10]. - The company maintained a strong balance sheet with a net asset value of HKD 4.4 billion, including cash of HKD 1.5 billion and investments of HKD 2.8 billion[10]. - Total assets as of June 30, 2023, amounted to HKD 4,652,532,000, compared to HKD 4,747,857,000 as of December 31, 2022[44]. - The company reported a decrease in total liabilities to HKD 218,372,000 from HKD 244,000,000, indicating a reduction of 10.5%[45]. - The company’s equity attributable to owners was HKD 4,434,160,000, down from HKD 4,494,199,000, a decrease of 1.3%[45]. - Cash and cash equivalents decreased to HKD 1,521,132,000 from HKD 1,666,461,000 at the end of 2022, reflecting a decline of 8.7%[44]. - The fair value of the gold ETF investment was HKD 500.2 million, representing 10.8% of the group's total assets as of June 30, 2023[31]. Cost Management and Expenses - Fixed operating expenses for the first half of 2023 were HKD 161 million, a decrease of 4% from HKD 167 million in the same period last year[10]. - The company continues to implement stringent cost control measures despite operational pressures from inflation[10]. - Total employee compensation and benefits decreased by HKD 9.5 million to HKD 111.1 million in the first half of 2023, compared to HKD 120.6 million in the same period of 2022[33]. - The bonus for the period decreased to HKD 6.6 million from HKD 55.9 million in the first half of 2022, primarily due to the recognition of deferred bonuses from the previous year[33]. - Other non-employee operating expenses increased to HKD 49.9 million in the first half of 2023, compared to HKD 46.5 million in the same period of 2022[34]. - Sales and marketing expenses rose to HKD 3.4 million from HKD 2.9 million in the first half of 2022 due to operational cost pressures and increased post-pandemic travel[34]. Strategic Initiatives and Growth Areas - Wealth management remains a key strategic growth area, with net inflows recorded in several funds, particularly in dividend and multi-asset strategy products[11]. - A new ESG product was launched in May 2023, focusing on sustainable assets, marking the company's first fund compliant with SFDR Article 8[12]. - The company plans to launch an Asia logistics real estate private equity fund in the second half of 2023 to capitalize on increasing logistics demand[13]. - The company is expanding its product offerings in mainland China, including further development of QDLP, QFLP, and QDIE businesses[14]. - The company aims to enhance its ESG capabilities, having achieved a 100% proprietary ESG assessment of all listed companies in its portfolio by 2021[15]. - The company has established a strategic partnership with Aldiracita Group in Indonesia, marking a significant milestone in its Southeast Asia expansion strategy[11]. - The company plans to upgrade its other funds to comply with SFDR Article 8 requirements within the next 12 months[16]. - The group plans to introduce more innovative investment solutions to meet the evolving needs of local and global investors[17]. - The company remains optimistic about the long-term opportunities in the Asian asset and wealth management industry despite short-term market challenges[17]. Investment and Joint Ventures - The group established a new joint venture, Golden Partners Investment Limited, with an investment of HKD 112 million in the Cromwell Italy Urban Logistics Fund[30]. - The group’s investment in the Value Partners Greater China High Yield Bond Fund was valued at HKD 318,789,000 as of June 30, 2023, down from HKD 357,123,000 at the end of 2022, reflecting a decrease of approximately 10.7%[114]. - The group’s investment in the Healthcare Industry Fund was valued at HKD 76,680,000 as of June 30, 2023, down from HKD 103,380,000 at the end of 2022, indicating a decline of about 26%[114]. - The group reported a total investment in managed funds of HKD 2,533,958,000 as of June 30, 2023, compared to HKD 2,339,946,000 at the end of 2022, indicating a growth in assets under management[114]. - The group entered into a conditional subscription and share purchase agreement to acquire a 29.99% stake in PT Surya Timur Alam Raya Asset Management for USD 3.5 million (approximately HKD 27 million) on July 26, 2023[115]. - The group completed the acquisition of a 50% stake in Cromwell Italy Urban Logistics Fund, which has seven logistics assets in Italy, with a total investment of EUR 13.1 million (approximately HKD 112 million)[115]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and regularly reviews its practices to meet evolving shareholder expectations[133]. - All directors confirmed compliance with the standard code of conduct for securities transactions during the six months ended June 30, 2023[134]. - The mid-term results were published on the Hong Kong Stock Exchange website and the company's website[135]. - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group for the six months ended June 30, 2023[131]. - The company's mid-term performance for the six months ended June 30, 2023, was reviewed by external auditors in accordance with Hong Kong review standards[132].

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 276.8 million, a decrease of 16.6% compared to HKD 331.9 million in the same period of 2022[2] - Total management fees decreased by 20.0% to HKD 245.9 million from HKD 307.3 million year-on-year[2] - The company reported a profit attributable to shareholders of HKD 4.9 million, a significant recovery from a loss of HKD 428.6 million in the previous year, representing a 101.1% change[2] - Basic earnings per share improved to HKD 0.3 from a loss of HKD 23.2, marking a 101.3% increase[2] - Operating loss (excluding other income/loss) narrowed to HKD 3.0 million from HKD 44.9 million, a reduction of 93.3%[2] - Net income totalled HKD 188.3 million, down from HKD 219.5 million, reflecting a decrease of 14.2%[3] - Total expenses decreased to HKD 191.4 million from HKD 264.3 million, a reduction of 27.6%[3] - The company declared a final dividend of HKD 62,108,000 for the year ended December 31, 2022, compared to HKD 147,999,000 for the previous year[13] - The company did not recommend an interim dividend for the six months ended June 30, 2023, compared to no dividend in the previous year[13] Assets and Liabilities - Non-current assets amounted to HKD 2,752.3 million as of June 30, 2023, compared to HKD 2,712.2 million at the end of 2022[4] - Cash and cash equivalents decreased to HKD 1,521.1 million from HKD 1,666.5 million[4] - The company's total equity stood at HKD 4,434.2 million, slightly down from HKD 4,494.2 million at the end of 2022[4] - The total accounts receivable as of June 30, 2023, was HKD 62,793,000, down from HKD 67,131,000 as of December 31, 2022[20] - The overdue but not impaired accounts receivable aged analysis shows HKD 1,497,000 overdue for more than 90 days as of June 30, 2023, compared to HKD 849,000 as of December 31, 2022[20] - The group recognized a "held for sale investment" of HKD 107,890,000, which includes financial assets at fair value of HKD 106,344,000 and cash equivalents of HKD 1,512,000[18] Investment Performance - Net investment losses amounted to HKD (3,829,000), significantly improved from HKD (379,254,000) in the previous year[8] - The group reported an unrealized loss of HKD 1,500,000 on financial assets at fair value through profit or loss for the period ending June 30, 2023[18] - The fair value of the group's investment in the Gold ETF was HKD 500.2 million as of June 30, 2023, compared to HKD 474.9 million at the end of 2022, reflecting an increase of 5.3%[52] - The group recorded an unrealized net investment gain of HKD 25.3 million from the Gold ETF investment in the first half of 2023, compared to a loss of HKD 2.8 million in the same period of 2022[52] - The group's net loss from investments was HKD 7.8 million in the first half of 2023, a significant improvement from a gain of HKD 239.9 million in the first half of 2022[50] Business Strategy and Expansion - The group plans to acquire a 29.99% stake in PT Surya Timur Alam Raya Asset Management for USD 3.5 million (approximately HKD 27 million) as part of its market expansion strategy[24] - The group completed the purchase of a 50% stake in Cromwell Italy Urban Logistics Fund, with a total investment of EUR 13.1 million (approximately HKD 112 million)[24] - A strategic partnership was established with Aldiracita Group in July to enhance expansion in the Southeast Asian market, particularly in Indonesia[28] - The company is set to launch an Asia logistics real estate private equity fund in the second half of the year to capitalize on increasing logistics demand from manufacturers and retailers[31] Market Outlook and Trends - The company remains optimistic about the long-term prospects in Asia despite short-term uncertainties in the market[25] - The company anticipates increasing demand for Asian asset management driven by long-term growth factors, positioning itself as a leader in the region[35] - The company continues to expand its business in mainland China, focusing on institutional clients and various investment schemes, including QDLP and QFLP[33] - The company remains optimistic about opportunities in the Asian asset and wealth management industry, despite short-term market challenges such as inflation and geopolitical tensions[35] Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to ensure compliance with the listing rules[66] - The interim results for the six months ended June 30, 2023, have been reviewed by the external auditor in accordance with Hong Kong review standards[67] - The company is committed to maintaining high standards of corporate governance and has adhered to the relevant rules and regulations as of June 30, 2023[68]

Financial Performance - In 2022, the company's revenue decreased by 54.4% to HKD 584.5 million from HKD 1,281.6 million in 2021[8] - The company reported a loss attributable to shareholders of HKD 544.3 million in 2022, a decline of 218.9% compared to a profit of HKD 457.8 million in 2021[8] - Total assets as of December 31, 2022, were HKD 4,747.9 million, down 16.3% from HKD 5,670.3 million in 2021[8] - The company's total liabilities decreased by 37.4% to HKD 253.7 million in 2022 from HKD 405.5 million in 2021[8] - The net asset value totaled HKD 4,494.2 million in 2022, a decrease of 14.6% from HKD 5,264.8 million in 2021[8] - The basic loss per share for 2022 was HKD (29.6), compared to earnings of HKD 24.7 per share in 2021, marking a decline of 219.8%[8] - The company’s operating loss (excluding other income/loss) was HKD (68.6) million in 2022, a significant drop from a profit of HKD 360.3 million in 2021[8] - In 2022, the company reported a net loss of HKD 544 million, marking its first significant annual loss since its establishment in 1993, primarily due to an investment loss of HKD 317.7 million[32] - The company's operating loss, excluding proprietary investments, was approximately HKD 69 million in 2022, contrasting with a net profit of HKD 458 million in 2021[32] - The company maintained a strong financial position with net assets of approximately HKD 4.5 billion and zero debt, allowing it to navigate the recent losses confidently[32] Investment Performance - The flagship fund, the company's Value Fund, experienced a decline of 28% in 2022, while the Hang Seng Index and MSCI China Index fell by 13% and 22%, respectively[33] - As of January 31, 2023, the Value Fund recorded a significant rebound with a net return of 46% over the preceding three months[33] - The company anticipates potential market recovery in China as COVID-19 restrictions may ease earlier than expected, which could positively impact investment opportunities[11] - The International Monetary Fund forecasts a growth rate of 5.2% for China in 2023, compared to 1.4% for the US and 0.7% for Europe, indicating potential for investment growth in the Chinese market[35] - The overall performance of managed funds saw a decline, with a weighted average return of -23.1% for 2022, including a drop of 18.9% for the High Dividend Stock Fund and 28.1% for the Value Fund[64] Asset Management - Assets under management fell by 38.8% to USD 6,145 million in 2022 from USD 10,037 million in 2021[8] - The asset management scale as of December 31, 2022, was $6.1 billion, a decrease of 39% from $10 billion at the end of 2021[43] - Total management fees for 2022 decreased to HKD 549.3 million, a year-on-year decline of 41%[43] - Despite market volatility and net outflows, the company successfully secured a total subscription amount of $1 billion during the year[43] - Institutional clients accounted for 57% of total AUM, a decrease from 60% in the previous year, while retail investors represented 43%, up from 40%[69] Strategic Initiatives - The company launched the EMQQ Emerging Markets Internet and E-commerce ETF on July 25, 2022, listed on the Hong Kong Stock Exchange[26] - In December 2022, the company introduced its first asset management application in Hong Kong, allowing investors to view their portfolios and invest in various mutual funds[27] - The company continues to expand its business in the Chinese market, focusing on institutional clients and private fund managers, with plans to obtain a public fund management license[51] - The company is expanding its institutional business in North Asia and EMEA regions, with key appointments to strengthen management capabilities[44] - The company plans to introduce more innovative investment solutions to meet the evolving needs of local and global investors[60] Corporate Governance - The company has a commitment to maintaining high standards of corporate governance and transparency in its operations[107] - The Group's board includes independent non-executive directors with significant experience in finance and management, enhancing governance[107][110] - The company has established clear responsibilities for its committees, including the audit and remuneration committees, to enhance corporate governance[196] - The company has complied with the corporate governance code as stipulated by the Hong Kong Stock Exchange throughout the year 2022[184] - The independent non-executive directors confirmed their independence in accordance with listing rules, ensuring no significant relationships with the company[192] Employee and Management - Fixed salaries and employee benefits increased by 3.9% to HKD 254.4 million in 2022, compared to HKD 244.8 million in 2021[86] - The total bonus for 2022 was HKD 51.8 million, down from HKD 108.1 million in 2021[86] - The company maintains a commitment to providing a fair and safe working environment, competitive compensation, and development opportunities for employees[176] - The Group's investment management team is led by experienced professionals with a strong track record in research and portfolio management[101][102] - The company has a robust investment management team, with members holding advanced degrees from prestigious universities such as the University of Chicago and Cornell University[115][117] Shareholder Actions - The company proposed a dividend of HKD 0.034 per share for 2022, reflecting confidence in its future prospects despite the losses[32] - The company did not declare an interim dividend for 2022, and the final dividend per share was reduced to HKD 3.4 from HKD 8.0 in 2021, a decrease of 57.5%[72] - The company repurchased shares worth HKD 58 million in 2022, accounting for 1.3% of the issued shares[32] - The board believes that the share repurchase reflects confidence in the company's long-term business prospects and benefits shareholders[171] - The company reported a final dividend of HKD 0.034 per share for the year ended December 31, 2022, pending shareholder approval at the annual general meeting[133] Risk Management - The company has a strong risk management framework led by its Chief Risk Officer, Mr. Sun Zhijian, who has over 25 years of experience in the field[130] - The company emphasizes the importance of compliance and regulatory knowledge, as demonstrated by Ms. Li Hui Wen, the Chief Compliance Officer, who has extensive experience in asset management and regulatory affairs[123] - There were no reported non-compliance issues with relevant laws and regulations that significantly impacted the group during the year[178] - The audit firm PricewaterhouseCoopers has audited the consolidated financial statements for the year ended December 31, 2022, and is willing to be reappointed[181] - The audit committee conducted four meetings in 2022, with all members present at each meeting, focusing on financial reporting procedures and risk management[196][200]