智通财经APP讯，中国铸晨81(00810)发布公告，于2025年7月31日，以已发行1.7亿股普通股计算，公司 每股未经审核综合资产净值约为0.17港元。 ...

（股份代號：810） 資產淨值 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佈的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內 容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Castson 81 Finance Company Limited 中國鑄晨 81 金融有限公司 (於百慕達存續之有限公司） 於本公佈日期，執行董事為李國樑先生；非執行董事為林文燦博士及獨立非執 行董 事為吳志揚博士、譚旭生先生及羅素芬女士。 於二零二五年七月三十一日，以已發行 169,707,187 股普通股計算，本公司每股未經 審核綜合資產淨值約為 0.17港元。 香港，二零二五年八月十五日 ...

中國鑄晨81金融有限公司（「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二十七日(星期三)舉行董事會會議，藉以(其中包括) 批准 本公司及其附屬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刊發 及其他事項(如有)。 承董事會命 中國鑄晨81金融有限公司 公司秘書 鄭淑芬 香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 China Castson 81 Finance Company Limited 中國鑄晨 81 金融有限公司 (於百慕達存續之有限公司) (股票代號: 810) 董事會會議通告 香港，二零二五年八月十五日 於本公佈日期，本公司執行董事為李國樑先生；本公司之非執行董事為林文燦 博士及本公司之獨立非執行董事為吳志揚博士、譚旭生先生及羅素芬女士。 ...

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 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 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) | 00810 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000,000 FF301 第 1 頁 共 10 頁 v 1.1.1 截至月份: ...

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的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 China Castson 81 Finance Company Limited 中國鑄晨8 1金融有限公司 （於百慕達存續之有限公司） （股份代號：810） 截至二零二四年十二月三十一日止年度之年報之 補充公告 購股權計劃 除二零二四年年報所提供之資料外，本公司亦謹此根據上市規則第17.07(2)條及第 17.09條提供以下有關本公司購股權計劃（「二零二二年計劃」）之額外資料： 上述補充資料對二零二四年年報所載其他資料並無影響。除上文所披露者外，二 零二四年年報所載之所有其他資料維持不變。 承董事會命 中國鑄晨81金融有限公司 主席 謹此提述中國鑄晨81金融有限公司（「本公司」）於二零二五年四月二十二日發佈之 截至二零二四年十二月三十一日止年度之年度報告（「二零二四年年報」）。除另有 界定者外，本公告所用詞彙與二零二四年年報所界定者具有相同涵義。 本集團持有之主要投資之資料 除二零二四年年報所提供之資 ...

Financial Performance - As of December 31, 2024, the net asset value of the Group was approximately HK$31.9 million, a decrease of about HK$17.4 million compared to the previous year[11]. - The Group reported an operational loss of approximately HK$21.6 million for the year, compared to a loss of HK$6.3 million in 2023[11]. - The Group's investment portfolio value decreased by HK$11.2 million, totaling approximately HK$20.1 million, with current and non-current portions at about HK$11.7 million and HK$8.4 million, respectively[12]. - Gross proceeds from the disposal of investments for the year ended December 31, 2024, decreased to about HK$23.4 million, down from approximately HK$71.5 million in 2023[21]. - For the year ended 31 December 2024, the Group's revenue increased to approximately HK$0.3 million, up from HK$0.2 million in 2023, primarily from dividend income[26]. - The loss from operations rose significantly from HK$6.3 million in 2023 to about HK$21.6 million in 2024, with a fair value loss of approximately HK$10.4 million attributed to non-constituent stocks[23][27]. - The net fair value losses from the listed equity investment portfolio were approximately HK$10.4 million in 2024, compared to net fair value gains of about HK$13.0 million in the prior year[24][28]. - Total proceeds from the sale of investments decreased to approximately HK$23.4 million in 2024, down from HK$71.5 million in 2023, due to lower trading volumes in non-constituent stocks[25]. - As of 31 December 2024, bank and cash balances decreased to approximately HK$4.3 million, down from HK$12.2 million in 2023, primarily due to financing operational losses[45][49]. - The net current assets decreased to approximately HK$15.8 million as of 31 December 2024, compared to HK$31.6 million in 2023[45][49]. - The Group maintained a low gearing ratio of 0.2% as of 31 December 2024, a decrease from 1.2% in the previous year[46][50]. - Property, plant, and equipment amounted to approximately HK$7.8 million as of 31 December 2024, down from HK$8.3 million in 2023[47][51]. Market Conditions - The Hang Seng Index and Hang Seng TECH Index increased by 17.7% and 18.7%, respectively, during the year, reflecting improved market sentiment[18]. - The Dow, Nasdaq, and S&P500 rose by 12.9%, 28.6%, and 23.3%, respectively, indicating a bullish market sentiment in the US[17]. - The Federal Reserve lowered interest rates three times for a total of 100 basis points from September to December 2024, supporting technology stocks[17]. - The overall trading volume of the Group was affected by the inactive trading volume of non-constituent stocks in the market[21]. - The ongoing geopolitical conflicts and trade tensions are expected to remain major risks affecting market sentiment and investment strategies[39][41]. Investment Strategy - The Group's focus shifted towards index constituents of major Hang Seng indices to seek better returns amid market conditions[21]. - The Group plans to continue investing prudently while emphasizing diversification to enhance financial strength and overall performance[42][44]. - The investment portfolio primarily consists of listed equities in the Hong Kong stock market, with no significant exposure to foreign exchange fluctuations[61][67]. Shareholder Returns - The Group did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with the previous year[10]. - The Company has adopted a dividend policy aimed at providing stable returns to shareholders while maintaining a healthy financial position[195]. - The Board may propose final dividends annually and declare interim or special dividends based on operating results, accumulated earnings, and liquidity position[196]. - The dividend payout ratio may vary each year, with no assurance of specific amounts being paid[197]. - The Board will consider various factors including future earnings volatility and investment opportunities when determining dividends[200]. Corporate Governance - The Company aims to achieve capital appreciation and generate stable income from interests and dividends as its primary investment objective[116]. - The Investment Manager, Success Advance Investments Limited, receives a monthly fee of HKD32,500, with the appointment extended for an additional year after the initial term[118]. - The Board consists of five Directors, including one Executive Director and three Independent non-executive Directors, ensuring a balance of skills and experience[131]. - The Company emphasizes a culture of inclusion and sustainable performance aligned with good governance practices[122]. - The Board diversity policy aims to enhance performance quality and maintain high standards of corporate governance, considering factors such as gender, age, and professional experience[136]. - The Nomination Committee will review the diversity policy and its effectiveness annually, with a target to maintain at least one female director on the Board[138]. - The Company recognizes the importance of continuous professional development for Directors to ensure informed contributions to the Board[129]. - The Company integrates Environmental, Social, and Governance (ESG) factors into its investment processes[116]. - The Board regularly reviews its composition to ensure it meets the requirements of the investment business[131]. - The Board held six meetings for all directors and one meeting between the Chairman and all Independent Non-executive Directors during the year ended December 31, 2024[143]. - The attendance of the Chairman, Dr. Lam Man Chan, at Board meetings was 7 out of 7, and he attended 1 Annual General Meeting (AGM)[146]. - The Company has at least three independent non-executive directors, representing at least one third of the Board, in compliance with Listing Rules[147]. - The Nomination Committee reviewed the Board size and composition to ensure diversity of skills, experience, and gender representation[154]. - The Directors confirmed their responsibilities for the preparation of financial statements in accordance with statutory requirements and applicable accounting standards[155]. - The external auditor, RSM Hong Kong, provided a report on their responsibilities regarding the Company's financial statements[156]. - The Company received written annual confirmations of independence from each independent non-executive director[148]. - The Board is not aware of any material uncertainties that may cast significant doubt on the Company's ability to continue as a going concern[157]. - The current Non-executive Directors are not appointed for a specific term and are subject to retirement by rotation at the AGM[153]. - The Chairman and Chief Executive Officer roles are separated, with Dr. Lam Man Chan serving as Chairman[162]. - The Audit Committee held four meetings during the year, with all members attending each meeting[172]. - The Remuneration Committee conducted one meeting to review the remuneration of Independent Non-executive Directors, with all members present[178]. - The Nomination Committee held two meetings to review the board's composition and diversity, with all members attending both meetings[185]. - The Company Secretary has complied with professional training requirements for the year ended December 31, 2024[187]. Employee Information - The company had 15 employees and directors as of December 31, 2024, an increase from 13 in 2023[63][69]. Capital Management - The company raised approximately HK$4.12 million from the placement of 28,284,000 new ordinary shares at a price of HK$0.153 each[52][58]. - As of December 31, 2024, HK$0.68 million of the net proceeds has been utilized, leaving HK$3.44 million unutilized, which is planned to be used by June 30, 2025[54]. - The total number of issued shares increased to 169,707,187 as of December 31, 2024, up from 141,423,187 shares in 2023[58]. - The company did not engage in any significant acquisitions or disposals during the year, aside from the deregistration of inactive subsidiaries[55][56]. - The net gains on financial assets at fair value through profit or loss amounted to approximately HK$2.2 million as of December 31, 2024[60]. - The office premises with a carrying amount of about HK$7.8 million were pledged for an installment loan as of December 31, 2024[62].

Financial Performance - Total operating income for the year ended December 31, 2024, was HKD 23,652,000, a decrease of 67.1% compared to HKD 71,754,000 in 2023[2] - Net loss before tax for the year was HKD 21,598,000, compared to a loss of HKD 6,311,000 in the previous year, representing an increase in loss of 242.5%[4] - Basic and diluted loss per share for the year was HKD 15.11, compared to HKD 4.46 in 2023, indicating a significant increase in loss per share[4] - The company reported an operating loss of approximately HKD 21,600,000 for 2024, compared to a loss of HKD 6,300,000 in 2023, indicating a significant deterioration in performance[32] - The fair value loss on listed equity investments for the year was approximately HKD 10,400,000, compared to a fair value gain of about HKD 13,000,000 in the previous year[39] Assets and Equity - Total assets as of December 31, 2024, amounted to HKD 33,098,000, down 37.0% from HKD 52,558,000 in 2023[8] - Total equity attributable to owners decreased to HKD 31,862,000 from HKD 49,304,000, a decline of 35.3%[8] - Current assets decreased to HKD 16,990,000 from HKD 34,898,000, a reduction of 51.3%[8] - The company reported a significant decrease in financial assets at fair value through profit or loss, dropping from HKD 21,976,000 in 2023 to HKD 11,707,000 in 2024, a decline of 46.8%[8] - The net asset value of the company decreased to approximately HKD 31,900,000 in 2024, down by about HKD 17,400,000 from the previous year[32] - The company's investment portfolio value decreased by HKD 11,200,000, totaling approximately HKD 20,100,000 as of December 31, 2024[33] - The fair value of listed equity securities held by the company was HKD 20,065,000 in 2024, down from HKD 31,342,000 in 2023, reflecting a decline of 36%[25] Income and Expenses - Administrative expenses were reduced to HKD 10,579,000 from HKD 18,436,000, a decrease of 42.5%[4] - The company's total other income for 2024 was HKD 83,000, up from HKD 63,000 in 2023, marking a 31.7% increase[18] - The operating loss increased from HKD 6,300,000 to approximately HKD 21,600,000 for the year ended December 31, 2024, attributed to fair value losses of about HKD 10,400,000 from non-index stocks[38] - Dividend income from financial assets measured at fair value through profit or loss increased to HKD 328,000 in 2024 from HKD 220,000 in 2023, representing a 49.1% increase[16] Corporate Governance - The company adhered to all provisions of the corporate governance code for the fiscal year 2024, except for certain instances regarding timely distribution of meeting agendas and documents[61] - The audit committee consists of three independent non-executive directors, with Mr. Tam as the chairman, and has reviewed the company's annual performance for the year ending December 31, 2024[65] - The remuneration committee is also composed of three independent non-executive directors, with Mr. Tam as the chairman[66] Share Capital and Financing - The total issued share capital increased to 169,707,187 shares as of December 31, 2024, from 141,423,187 shares in 2023[54] - The company raised approximately HKD 4,120,000 from the placement of 28,284,000 new ordinary shares, with planned uses including potential investments and general working capital[51] - The capital debt ratio remained low at 0.2% as of December 31, 2024, compared to 1.2% in the previous year[48] - The company did not purchase, sell, or redeem any of its own shares during the year ending December 31, 2024[69] Future Outlook - The outlook indicates that external macroeconomic factors remain a primary risk, with ongoing geopolitical tensions affecting investor sentiment[45] Employee and Management - The company had 15 employees and directors as of December 31, 2024, compared to 13 in 2023[59] - The chairman of the board is Dr. Lam, who leads the board and is responsible for overall corporate development and strategic planning[62] Miscellaneous - The company did not incur any income tax expenses for the year, consistent with the previous year[4] - The company has adopted new and revised Hong Kong Financial Reporting Standards, which are not expected to have a significant impact on the financial statements[10] - The company has not engaged in any significant acquisitions or disposals of subsidiaries during the year, aside from restructuring efforts[52] - The preliminary announcement of the consolidated financial statements for the year ending December 31, 2024, has been agreed upon by the company's auditor[70] - The annual general meeting is scheduled for June 6, 2025, with a suspension of share registration from June 2 to June 6, 2025, to determine shareholder voting rights[72][73] - The annual report for the year ending December 31, 2024, will be distributed to shareholders and published on the company's website at an appropriate time[74] - The company expresses gratitude to the board, management, and employees for their support and contributions to the group[75]

[CHAIRMAN'S STATEMENT](index=2&type=section&id=CHAIRMAN'S%20STATEMENT) This section provides an overview of the company's financial performance, operational review, and strategic outlook amidst a challenging economic environment [Performance Overview](index=2&type=section&id=Performance%20Overview) As of June 30, 2024, the company's Net Asset Value (NAV) significantly declined due to fair value losses on financial assets, with no interim dividend recommended Key Performance Indicators | Metric | June 30, 2024 (HK$ Million) | December 31, 2023 (HK$ Million) | Change | | :--- | :--- | :--- | :--- | | Net Asset Value (NAV) | Approx. 34.9 | Approx. 49.3 | ↓ 29.2% | | NAV per Share (HK$) | 0.25 | 0.35 | ↓ 28.6% | | Listed Equity Investment Portfolio Value | Approx. 26.1 | Approx. 31.3 | ↓ 16.6% | - The Board does not recommend an interim dividend for the period ended June 30, 2024, consistent with the same period last year[1](index=1&type=chunk) - The primary reason for the decrease in Net Asset Value is a fair value **loss of approximately HK$8.3 million** on financial assets at fair value through profit or loss, compared to a fair value **gain of approximately HK$19.5 million** in the same period last year[1](index=1&type=chunk) [REVIEW OF OPERATIONS](index=4&type=section&id=REVIEW%20OF%20OPERATIONS) Despite a Hong Kong market rebound, the company's non-index concentrated portfolio incurred fair value losses, leading to a swing from operational profit to loss, though administrative expenses decreased Key Financial Metrics | Financial Metric (Six Months Ended June 30) | H1 2024 (HK$ Million) | H1 2023 (HK$ Million) | Change | | :--- | :--- | :--- | :--- | | Total Proceeds from Investment Disposals and Investment Income | Approx. 15.9 | Approx. 55.8 | ↓ 71.5% | | Revenue (Primarily Dividend Income) | Approx. 0.165 | Approx. 0.197 | ↓ 16.2% | | Operating (Loss)/Profit | Approx. (14.4) | Approx. 7.6 | Swing from Profit to Loss | | Net (Loss)/Gain on Financial Assets at Fair Value Through Profit or Loss | Approx. (8.3) | Approx. 19.5 | Swing from Gain to Loss | | Administrative Expenses | Approx. 6.0 | Approx. 11.5 | ↓ 47.8% | - Despite a **3.9% rise in the Hang Seng Index**, the company's listed equity investment portfolio recorded fair value losses as the market rebound concentrated on major index constituent stocks rather than the non-constituent stocks held by the company[3](index=3&type=chunk) - Administrative expenses decreased primarily due to several staff retirements in Q4 2023, leading to a reduction in employee benefit expenses from **HK$7.2 million to HK$4.3 million**[11](index=11&type=chunk) [PROSPECTS](index=7&type=section&id=PROSPECTS) The company anticipates future macroeconomic risks and will adopt a cautious yet proactive investment strategy, emphasizing diversification and considering investments in China's policy-supported technology innovation sectors - The company will continue to invest in a cautious yet proactive manner, emphasizing diversified investments for risk management in the second half of the year[13](index=13&type=chunk)[14](index=14&type=chunk) - The company will consider investing in mainland China's policy-driven technology innovation sectors, including microchips, artificial intelligence, quantum computing, biotechnology, and clean energy projects[11](index=11&type=chunk) - Future macroeconomic risks primarily include major central bank monetary policies, the financial health of European and American banking sectors, the pace of China's economic recovery, the intensity of policy stimulus, and China-US relations[12](index=12&type=chunk) [MANAGEMENT DISCUSSION AND ANALYSIS](index=8&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides an in-depth analysis of the company's financial position, capital structure, risk management, and human resources during the reporting period [Financial Position and Capital Structure](index=8&type=section&id=Financial%20Position%20and%20Capital%20Structure) As of June 30, 2024, the company's financial resources and liquidity declined due to cash outflow, while its capital structure remained stable with a low gearing ratio Financial Position and Capital Structure Metrics | Metric | June 30, 2024 (HK$ Million) | December 31, 2023 (HK$ Million) | | :--- | :--- | :--- | | Bank and Cash Balances | Approx. 2.4 | Approx. 12.2 | | Net Current Assets | Approx. 16.5 | Approx. 31.6 | | Gearing Ratio | Approx. 0.9% | Approx. 1.2% | - The company's total number of issued shares remained at **141,423,187**, with no change in capital structure[15](index=15&type=chunk) - No share options lapsed, were granted, exercised, or cancelled during the period, and there were no outstanding share options at period-end[15](index=15&type=chunk) [Risk Management and Human Resources](index=10&type=section&id=Risk%20Management%20and%20Human%20Resources) Post-reporting period, the company's financial asset portfolio continued to incur losses, while foreign exchange risk remains insignificant, and employee numbers slightly increased - From June 30, 2024, to the date of approval of the financial statements, the net loss on financial assets at fair value through profit or loss was approximately **HK$2.2 million**[16](index=16&type=chunk)[19](index=19&type=chunk) - The Group's investment portfolio primarily consists of Hong Kong-listed equities denominated in HKD, thus foreign exchange risk exposure is insignificant[17](index=17&type=chunk)[20](index=20&type=chunk) - The Group has bank loans of **HK$0.3 million**, secured by leased land and buildings with a carrying value of approximately **HK$8.0 million**[18](index=18&type=chunk) - As of June 30, 2024, the company had **15 employees**, an increase from **13** at the end of 2023[18](index=18&type=chunk) [PARTICULARS OF MAJOR INVESTMENTS HELD BY THE GROUP](index=10&type=section&id=PARTICULARS%20OF%20MAJOR%20INVESTMENTS%20HELD%20BY%20THE%20GROUP) This section provides detailed information on the Group's major investments, including their business nature, percentage of total assets, and fair value performance [Top 10 Investments Analysis](index=11&type=section&id=Top%2010%20Investments%20Analysis) As of June 30, 2024, the Group's top ten investments, primarily Hong Kong-listed equities, aimed for capital appreciation or dividend income, with most experiencing share price declines, notably Allegro Culture's 70.9% drop and trading suspension Top 10 Major Investments as of June 30, 2024 | Investment Name | Business Nature | % of Total Assets | Carrying Value (HK$ Thousand) | Fair Value (Loss)/Gain (HK$ Thousand) | | :--- | :--- | :--- | :--- | :--- | | China Oriented | Driving Training Services | 27.99% | 10,416 | (2,284) | | Allegro Culture | Advertising, Healthcare | 4.80% | 1,786 | (2,709) | | JTF | Fuel Oil Sales | 4.14% | 1,540 | (595) | | Sky Blue 11 | Integrated Circuits, Yachts | 3.28% | 1,222 | (1,258) | | Alibaba | E-commerce | 3.12% | 1,162 | (336) | | XiangXing | Port and Logistics Services | 3.12% | 1,159 | 112 | | JD.com | E-commerce | 2.91% | 1,082 | (416) | | Okura Holdings | Japanese Pachinko Parlors | 2.86% | 1,063 | (1,742) | | HKEX | Stock Exchange | 2.69% | 1,001 | (388) | | Xiaomi | Smartphones, IoT | 2.66% | 989 | (206) | - The Group's investment strategy combines buy-and-hold and short-term trading approaches to enhance investment returns from listed securities[25](index=25&type=chunk)[26](index=26&type=chunk) - Allegro Culture's shares have been suspended from trading since **April 2, 2024**, due to delayed publication of its 2023 results, with its share price falling **70.9%** during the reporting period[30](index=30&type=chunk) [Condensed Consolidated Financial Statements](index=19&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the condensed consolidated statements of profit or loss, financial position, and cash flows for the reporting period [CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS](index=19&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20PROFIT%20OR%20LOSS) For the six months ended June 30, 2024, the Group reported a **HK$14.37 million loss**, a swing from profit, primarily due to **HK$8.265 million net fair value loss** on financial assets, resulting in a **HK$0.1016 basic loss per share** Condensed Consolidated Statement of Profit or Loss | Item (HK$ Thousand) | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Total Operating Proceeds | 16,054 | 55,951 | | Net (Loss)/Gain on Financial Assets at Fair Value Through Profit or Loss | (8,265) | 19,537 | | Operating (Loss)/Profit | (14,361) | 7,596 | | **Total (Loss)/Profit for the Period** | **(14,370)** | **7,580** | | **Basic (Loss)/Earnings Per Share (HK Cents)** | **(10.16)** | **5.36** | [CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION](index=21&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20FINANCIAL%20POSITION) As of June 30, 2024, the Group's total assets significantly decreased to **HK$37.214 million**, with total equity falling to **HK$34.934 million**, resulting in a **HK$0.25 NAV per share**, primarily due to financial asset value and cash balance reductions Condensed Consolidated Statement of Financial Position | Item (HK$ Thousand) | June 30, 2024 (Unaudited) | December 31, 2023 (Audited) | | :--- | :--- | :--- | | **Total Assets** | **37,214** | **52,558** | | Non-current Assets | 18,438 | 17,660 | | Current Assets | 18,776 | 34,898 | | **Total Equity** | **34,934** | **49,304** | | **Total Liabilities** | **2,280** | **3,254** | | Net Current Assets | 16,496 | 31,644 | | **NAV per Share (HK$)** | **0.25** | **0.35** | [CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS](index=23&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) In H1 2024, the Group experienced a **HK$9.572 million net cash outflow** from operating activities, a reversal from prior year's inflow, leading to a significant decrease in period-end cash and cash equivalents to **HK$2.364 million** Condensed Consolidated Statement of Cash Flows | Item (HK$ Thousand) | H1 2024 (Unaudited) | H1 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash (Used in)/Generated from Operating Activities | (9,572) | 12,098 | | Net Cash Generated from/(Used in) Investing Activities | 40 | (24) | | Net Cash Used in Financing Activities | (281) | (280) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | **(9,813)** | **11,794** | | **Cash and Cash Equivalents at End of Period** | **2,364** | **13,622** | [NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS](index=24&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section provides detailed notes to the condensed consolidated financial statements, covering fair value measurements and significant related party transactions [3. FAIR VALUE MEASUREMENTS](index=27&type=section&id=3.%20FAIR%20VALUE%20MEASUREMENTS) The company measures financial assets using a three-level fair value hierarchy, with most listed equity securities as Level 1, but one suspended security was reclassified to Level 3 and valued at **HK$1.786 million** using unobservable inputs - Due to a held listed equity security being suspended from trading since **April 2, 2024**, its fair value measurement has been transferred from Level 1 (relying on active market quotes) to Level 3 (relying on unobservable inputs)[58](index=58&type=chunk)[59](index=59&type=chunk) Fair Value Hierarchy of Financial Assets | Fair Value Hierarchy Level | June 30, 2024 (HK$ Thousand) | Description | | :--- | :--- | :--- | | Level 1 | 24,298 | Quoted prices in active markets for identical assets | | Level 2 | 0 | Observable inputs (other than quoted prices) | | Level 3 | 1,786 | Unobservable inputs | [18. SIGNIFICANT RELATED PARTY TRANSACTIONS AND CONNECTED TRANSACTIONS](index=38&type=section&id=18.%20SIGNIFICANT%20RELATED%20PARTY%20TRANSACTIONS%20AND%20CONNECTED%20TRANSACTIONS) During the reporting period, the Group engaged in significant related party transactions, including **HK$0.195 million** in investment management fees paid to a related investment manager and **HK$0.964 million** in employee benefits to the Chairman's spouse - The company paid **HK$0.195 million** in investment management fees to its investment manager, Success Advance Investments Limited, whose person in charge is Mr. Li Kwok Leung, an Executive Director of the company, constituting a connected transaction[92](index=92&type=chunk)[93](index=93&type=chunk)[97](index=97&type=chunk) - Ms. Ding Lai Ling, wife of Dr. Lam Man Chan, the company's Chairman and Non-executive Director, served as Project and Administration General Manager and received **HK$0.964 million** in employee benefits[92](index=92&type=chunk)[94](index=94&type=chunk)[97](index=97&type=chunk) [OTHER INFORMATION](index=41&type=section&id=OTHER%20INFORMATION) This section provides additional information on directors, shareholders' interests, share options, and the company's corporate governance practices [Directors', Shareholders' Interests and Share Options](index=42&type=section&id=Directors'%2C%20Shareholders'%20Interests%20and%20Share%20Options) As of June 30, 2024, the Chairman held **24.96%** of shares through Goodchamp Holdings Limited, and no share options were granted, exercised, or cancelled during the period - Dr. Lam Man Chan, the company's Chairman and Non-executive Director, beneficially owned **35,305,770** company shares through Goodchamp Holdings Limited, representing **24.96%** of the issued share capital[106](index=106&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - For the six months ended June 30, 2024, no share options were granted, exercised, or cancelled, and there were no outstanding share options at period-end[115](index=115&type=chunk) [CORPORATE GOVERNANCE PRACTICES](index=45&type=section&id=CORPORATE%20GOVERNANCE%20PRACTICES) The company generally adheres to high corporate governance standards but noted two deviations: inconsistent timely dispatch of board meeting documents and non-separation of Chairman and CEO roles since November 2023 - The company deviated from Corporate Governance Code Provision **C.2**, which requires the separation of Chairman and Chief Executive Officer roles; since the CEO's retirement in **November 2023**, these responsibilities have been jointly undertaken by the Board and senior management team[120](index=120&type=chunk)[123](index=123&type=chunk) - The company did not fully comply with Code Provision **C.5.8**, as complete meeting documents were not sent to all directors at least **3 days** in advance for some Board meetings[119](index=119&type=chunk)[122](index=122&type=chunk) [INDEPENDENT REVIEW REPORT](index=39&type=section&id=INDEPENDENT%20REVIEW%20REPORT) This section presents the independent review report on the condensed consolidated interim financial information [Auditor's Conclusion](index=41&type=section&id=Auditor's%20Conclusion) RSM Hong Kong, the independent auditor, reviewed the interim financial information and found no material non-compliance with Hong Kong Accounting Standard 34, noting the review's scope is less than an audit - The independent auditor, RSM Hong Kong, concluded that based on their review, they found no matters indicating that the interim financial information was not prepared, in all material respects, in accordance with **Hong Kong Accounting Standard 34**[103](index=103&type=chunk) - The review was conducted in accordance with **Hong Kong Standard on Review Engagements 2410**, and its scope is substantially less than an audit, thus no audit opinion is expressed[100](index=100&type=chunk)[102](index=102&type=chunk) [CORPORATE INFORMATION](index=47&type=section&id=CORPORATE%20INFORMATION) This section provides essential details regarding the company's key personnel, committees, and professional advisors [Key Corporate Personnel and Advisors](index=47&type=section&id=Key%20Corporate%20Personnel%20and%20Advisors) This section outlines the company's key personnel, including Dr. Lam Man Chan as Chairman, committee chairs, RSM Hong Kong as auditor, and Success Advance Investments Limited as investment manager - Chairman and Non-executive Director: **Dr. Lam Man Chan**[133](index=133&type=chunk) - Auditor: **RSM Hong Kong**[133](index=133&type=chunk) - Investment Manager: **Success Advance Investments Limited**[133](index=133&type=chunk) - Hong Kong Share Registrar: **Tricor Tengis Limited**[134](index=134&type=chunk)

Financial Performance - Total operating income for the six months ended June 30, 2024, was HKD 16,054,000, a decrease of 71.2% compared to HKD 55,951,000 for the same period in 2023[1] - Net loss from financial assets at fair value through profit or loss was HKD 8,265,000, compared to a gain of HKD 19,537,000 in the previous year[1] - The company reported a net loss attributable to owners of HKD 14,370,000 for the six months ended June 30, 2024, compared to a profit of HKD 7,580,000 in the same period of 2023[3] - Basic and diluted loss per share was HKD 10.16, compared to earnings per share of HKD 5.36 in the previous year[3] - The company reported a mid-term operating loss of approximately HKD 14,400,000, compared to an operating profit of HKD 7,600,000 in the same period last year[31] - The total proceeds from the sale of investments and investment income decreased to approximately HKD 15,900,000, down from HKD 55,800,000 in the previous year[29] - Mid-term revenue primarily from listed securities' dividend income decreased to approximately HKD 165,000, down from HKD 197,000 in the same period last year[30] Assets and Equity - Total assets decreased to HKD 37,214,000 as of June 30, 2024, from HKD 52,558,000 at the end of 2023, a decline of 29%[5] - Total equity decreased to HKD 34,934,000 from HKD 49,304,000, representing a decrease of 29%[5] - Cash and cash equivalents dropped significantly to HKD 2,364,000 from HKD 12,177,000, a decrease of 80.6%[5] - The net asset value of the company decreased to approximately HKD 34,900,000 as of June 30, 2024, down from HKD 49,300,000 as of December 31, 2023[24] - The fair value of listed Hong Kong equity securities was HKD 26,084,000 as of June 30, 2024, down from HKD 31,342,000 as of December 31, 2023[18] - The total value of the investment portfolio measured at fair value through profit or loss was approximately HKD 26,100,000 as of June 30, 2024, down from approximately HKD 31,300,000 as of December 31, 2023[25] Expenses - Administrative expenses decreased to HKD 5,987,000 from HKD 11,534,000, reflecting a reduction of 48.1%[1] - The company’s total expenses for employee benefits amounted to HKD 4,268,000 for the six months ended June 30, 2024, a decrease from HKD 7,197,000 in the same period of 2023[13] Dividends and Share Information - The company did not declare any interim dividends for the six months ended June 30, 2024, consistent with the previous year[23] - The total number of issued shares remained at 141,423,187 shares with a par value of HKD 0.01 per share as of the settlement date[42] - The company’s basic loss per share for the six months ended June 30, 2024, was calculated based on a weighted average of 141,423,187 shares, the same as for the previous period[16] - As of June 30, 2024, there were no outstanding stock options, with no options lapsing, granted, exercised, or cancelled during the period[43] Debt and Financial Position - The capital debt ratio was approximately 0.9% as of June 30, 2024, down from 1.2% as of December 31, 2023, indicating a continued low level of debt[39] - The group had outstanding bank loans of HKD 300,000, secured by leasehold land and buildings valued at approximately HKD 8,000,000[46] Management and Strategy - The company plans to emphasize diversified investments in the second half of the year to enhance risk management[37] - The company will consider investment prospects in technology innovation and disruptive technologies in response to ongoing geopolitical tensions[37] - Management is currently evaluating the impact of the new Hong Kong Financial Reporting Standard No. 18 on the presentation and disclosure of financial performance[8] Market Conditions - The Hang Seng Index experienced a rebound of 33% from a low of 14,794 points in January 2024 to a high of 19,706 points in May 2024[28] - The average daily trading volume in the Hong Kong stock market remained stable compared to the previous period, but trading volume for non-index stocks was low[29] Corporate Governance - The company adhered to all provisions of the corporate governance code, with some exceptions regarding the timely distribution of meeting agendas and documents[48] Employee Information - The number of employees increased to 15 as of June 30, 2024, from 13 as of December 31, 2023[47] Accounting Standards - The company has not adopted any new accounting standards that would significantly impact the financial statements[7]

Financial Performance - As of December 31, 2023, the net asset value of the Group was approximately HK$49.3 million, a decrease of about HK$6.3 million compared to the previous year[11]. - The Group reported an operational loss of approximately HK$6.3 million for the year, compared to a loss of HK$28.0 million in 2022[11]. - The portfolio value decreased by HK$17.2 million, totaling approximately HK$31.3 million, with current and non-current portions at about HK$21.9 million and HK$9.4 million, respectively[12]. - For the year ended December 31, 2023, the Group's revenue was HK$0.2 million, a decrease from HK$0.5 million in 2022, primarily from dividend income[24][28]. - The loss from operations decreased significantly from HK$28.0 million to approximately HK$6.3 million, with a fair value gain of about HK$13.0 million[25][29]. - The net fair value gains from the listed equity investment portfolio were approximately HK$13.0 million, compared to net fair value losses of about HK$10.8 million in the prior year[26][30]. - Gross proceeds from the disposal of investments increased to about HK$71.5 million in 2023, up from approximately HK$31.4 million in 2022[23][27]. - Administrative expenses rose from about HK$16.6 million in the prior year to HK$18.4 million, mainly due to professional fees related to a name change and one-off retirement compensation[34][39]. - The net current assets decreased to approximately HK$31.6 million from HK$35.0 million in 2022, mainly to finance operations[55]. - The Group maintained a low gearing ratio of 1.2% as of December 31, 2023, compared to 2.0% in the previous year[50]. Market Conditions - The Hang Seng Index fell by 13.8% and the Hang Seng TECH Index decreased by 8.8% during the year, reflecting underperformance compared to major overseas markets[19]. - Major overseas markets saw significant gains, with the Dow, Nasdaq, and S&P rising by 13.7%, 43.4%, and 24.2% respectively[18]. - The ongoing conflict between China and the US, along with US investment curbs, poses significant risks to market performance and investment opportunities[36][41]. - The tightening of US monetary policy has led to increased risks of recession in the US, affecting global market sentiment[20]. - The average daily turnover of the Hong Kong stock market was lower in 2023 than in 2022, reflecting the pressure on market performance due to external factors[23][27]. - The operational challenges were influenced by external macro factors, including geopolitical tensions and uncertainties in the Chinese real estate market[19]. - The Group's performance was impacted by higher political risks and economic uncertainties following the reopening of borders in Hong Kong and China[18]. Corporate Governance - The Company has confirmed that all Independent Non-executive Directors are independent according to the guidelines set out in Rule 3.13 of the Listing Rules[172]. - The Board met the requirements of having at least three Independent Non-executive Directors, representing at least one third of the Board, during the year ended December 31, 2023[171]. - The Company has separated the roles of Chairman and Chief Executive Officer, with Dr. Lam Man Chan serving as Chairman and Dr. Yeung Cheuk Kwong as Chief Executive Officer[184]. - The Company has successfully separated the roles of Chairman and CEO, enhancing corporate governance[186]. - The Company has adopted terms of reference for both committees in line with the Corporate Governance Code[200]. - The nomination committee will review the diversity policy and its effectiveness annually, with a target to maintain at least one female director on the board[163]. - The board diversity policy aims to enhance performance quality and maintain high corporate governance standards, with a focus on gender, age, and professional experience[157][160]. - Continuous professional development for directors is emphasized to ensure informed contributions to the board[151][154]. - The Company held an annual general meeting and one special general meeting during the year ended December 31, 2023[167]. - The Audit Committee held four meetings during the year, reviewing the completeness, accuracy, and fairness of the Company's financial statements[197]. Employee and Community Engagement - The Company is committed to creating job opportunities and promoting economic growth within the community[144]. - The Company had 13 employees as of December 31, 2023, down from 16 in 2022, with remuneration packages aligned with market practices[65]. - The company emphasizes a culture of long-term value creation for stakeholders and promotes a family-friendly workplace[144][148]. Investment Strategy - The Company aims to achieve capital appreciation and stable income from interest and dividends as its primary investment objective[140]. - The Group's investment portfolio is primarily composed of Hong Kong-listed equities classified as financial assets at fair value through profit or loss[12]. - The Company plans to continue investing prudently while diversifying risks to improve overall performance in the future[44].