Financial Performance - Total operating income for the year ended December 31, 2023, was HKD 71,754,000, a significant increase of 125% compared to HKD 31,896,000 in 2022[15] - The net loss for the year was HKD 6,311,000, a reduction of 77% from a net loss of HKD 27,991,000 in the previous year[6] - The basic and diluted loss per share for 2023 was HKD 4.46, compared to HKD 19.79 in 2022, indicating an improvement in per-share performance[4] - The company reported an annual loss attributable to owners of approximately HKD 6,311,000 for 2023, a significant decrease from HKD 27,991,000 in 2022[22] - The company's operating loss decreased to approximately HKD 6,300,000 in 2023 from HKD 28,000,000 in 2022[38] Assets and Liabilities - Total assets decreased to HKD 52,558,000 in 2023 from HKD 60,089,000 in 2022, reflecting a decline of approximately 12.7%[8] - The company's equity attributable to owners decreased to HKD 49,304,000 in 2023 from HKD 55,615,000 in 2022, a decline of about 11.3%[8] - The total liabilities decreased to HKD 3,254,000 in 2023 from HKD 4,474,000 in 2022, a reduction of approximately 27.3%[8] - The fair value of listed equity securities decreased to HKD 31,342,000 in 2023 from HKD 48,549,000 in 2022[25] - The net value of current assets decreased to approximately HKD 31,600,000 from HKD 35,000,000, primarily used for operational funding[46] Cash Flow - Cash and cash equivalents increased significantly to HKD 12,177,000 in 2023 from HKD 1,828,000 in 2022, representing a growth of over 566%[8] - Cash and bank balances increased to approximately HKD 12,200,000 from HKD 1,800,000, mainly due to a reduction in capital investments[46] Investment Performance - The fair value gains on financial assets amounted to HKD 13,030,000 in 2023, compared to a loss of HKD 10,819,000 in 2022, indicating a turnaround in performance[4] - The company achieved a fair value gain of approximately HKD 13,000,000 for its listed equity investment portfolio in 2023, compared to a fair value loss of approximately HKD 10,800,000 in 2022[39] - Total proceeds from investment sales increased to approximately HKD 71,500,000 in 2023, up from HKD 31,400,000 in 2022[36] Dividends and Grants - The company did not declare or recommend any dividends for the year ended December 31, 2023, consistent with 2022[24] - The company did not recognize any government grants in 2023, compared to HKD 312,000 in 2022[17] - Other income for the year primarily consisted of bank interest income, with no significant government grants received as in the previous year[40] Operational Changes - The company has not disclosed any new product developments or market expansion strategies in the current report[14] - The company shifted its investment strategy to increase the proportion of non-index stocks in its portfolio, leading to more frequent rebalancing[36] - Administrative expenses increased from approximately HKD 16,600,000 to HKD 18,400,000, primarily due to name change and professional fees related to a potential cash offer[42] - The company did not engage in any significant acquisitions or disposals of subsidiaries during the year[50] Employee and Governance - The company had 13 employees and directors as of December 31, 2023, down from 16 the previous year[56] - The group’s consolidated financial statements for the year ended December 31, 2023, have been agreed upon by the auditor, but no assurance or conclusion has been provided[67] - The annual general meeting is scheduled for June 21, 2024, with a notice to be published in accordance with listing rules[68] - Share registration will be suspended from June 17 to June 21, 2024, to determine shareholder voting rights at the annual general meeting[70] - The annual results announcement and annual report will be published on the Stock Exchange and the company’s website[71] - The company expresses gratitude to the board, management, and employees for their support and contributions[72] Debt Management - The group's capital debt ratio was 1.2% as of December 31, 2023, down from 2.0% the previous year, indicating a low level of debt[47]

Financial Performance - As of June 30, 2023, the net asset value (NAV) increased to approximately HK$63.2 million, up from HK$55.6 million as of December 31, 2022, representing a growth of about 12.9%[7] - The operating profit for the period was approximately HK$7.6 million, contributing to the increase in NAV[7] - The net asset value per share rose to HK$0.45, compared to HK$0.39 as of December 31, 2022, indicating an increase of about 15.4%[7] - Revenue for the interim period decreased to about HK$197,000, down from HK$348,000 in the first half of 2022, partly due to lower payouts from investee companies[22] - Interim profit from operations was about HK$7.6 million, a turnaround from an operating loss of HK$16.5 million in 1H 2022[27] - The Group's profit attributable to owners for the period was approximately HK$7,580,000, compared to a loss of HK$16,471,000 in the same period of 2022, indicating a turnaround in performance[179] - Basic earnings per share for the six months ended June 30, 2023, were approximately HK$0.0536, compared to a loss per share of HK$0.1168 in the same period of 2022[179] Investment Strategy - The company shifted its investment strategy towards non-constituent stocks and increased trading activities in response to market conditions[21] - The investment strategy included a buy-and-hold approach and short-term trading tactics to enhance returns, focusing on capital appreciation and generating income from dividends[71] - The Company will actively consider investment opportunities in sectors such as fintech, artificial intelligence, clean energy, new food technologies, and biotechnology[38] Market Conditions - The average daily turnover of the Hong Kong stock market was significantly lower in the second quarter of 2023 compared to the first quarter, reflecting market pressures[21] - The external environment remains complicated with high interest rates expected to persist, impacting the performance of the Hong Kong stock market[21] - The Hang Seng Index and Hang Seng TECH Index fell by 4.4% and 5.3% respectively during the period, reflecting underperformance compared to other major stock markets[16] Asset Management - The Group's portfolio financial assets at fair value through profit or loss amounted to approximately HK$45.7 million, a decrease from about HK$48.6 million as of December 31, 2022[8] - As of June 30, 2023, bank and cash balances amounted to approximately HK$13.6 million, significantly up from HK$1.8 million at the end of 2022[48] - The Group maintained a low gearing ratio of about 1.4% as of June 30, 2023, compared to 2.0% at the end of 2022[49] - The fair value of listed equity securities at FVTPL as of June 30, 2023, was HK$45,689, down from HK$48,549 at the end of 2022[154] Administrative Expenses - Administrative expenses rose to about HK$11.5 million in 1H 2023, up from HK$8.3 million in 1H 2022, primarily due to increased professional fees[36] - The Group's total employee benefits expense increased to HK$7,197,000 in the first half of 2023 from HK$6,357,000 in 2022, reflecting a rise of approximately 13%[174] Major Investments - The group held ten major investments with a total carrying value of approximately HK$43.4 million, which included significant equity securities in various companies listed on the Hong Kong Stock Exchange[70] - China Oriented International Holdings Limited, a major investment, operates driving training services in the PRC, with revenues dependent on local demand factors such as population growth and economic conditions[72] - For the financial year 2022, the total revenue of China Oriented decreased from RMB67.2 million to RMB47.7 million, down by 28.9% year-on-year, primarily due to a decrease in the number of trainees from approximately 15,183 to 12,509[78] Share Performance - The share price of China Oriented rose to HK$0.246 at the end of June 2023, an increase of about 8.4% from HK$0.227 at the end of December 2022[78] - The share price of Okura Holdings increased to HK$0.59 at the end of June 2023, up about 96.7% from HK$0.30 at the end of December 2022[82] - Kingkey Financial's share price rose to HK$1.75 at the end of June 2023, up about 90.2% from HK$0.92 at the end of December 2022[94] - JD.com’s share price at the end of June 2023 was HK$132.4, a decline of about 39.9% from HK$220.2 at the end of December 2022[129] Cash Flow and Financing - Net cash generated from operating activities was HK$12,098, a recovery from a cash outflow of HK$18,707 in the prior year[140] - The net cash used in investing activities was HK$24, consistent with the previous year's figure[140] - The net cash used in financing activities remained stable at HK$280, compared to HK$278 in the prior year[140] Revenue Trends - Gross proceeds from the disposal of investments and investment income for the period increased to about HK$55.8 million, compared to approximately HK$9.1 million in the first half of 2022, marking a substantial increase[21] - Total proceeds from the sale of investments and investment income increased to approximately HK$55.8 million in Q2 2023, compared to HK$9.1 million in the same period of 2022[24] - JD.com achieved net revenues of RMB1,046.2 billion for FY 2022, reflecting a 9.9% increase from 2021, with operating income rising from RMB4.1 billion to RMB19.7 billion[129] Losses and Impairments - Kingkey Financial suffered a substantial loss of approximately HK$1,163 million for financial year 2023, compared to a loss of approximately HK$73.1 million in 2022[81] - China Castson reported a loss of HK$201.962 million for FY 2023, primarily due to impairment losses in the petrochemical segment[125] - Kingkey Financial's net loss would have narrowed to approximately HK$46.3 million if not for non-cash goodwill impairment and fair value loss related to the acquisition of FGA Holdings[81]

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81金融有限公司 （於百慕達存續之有限公司） （股份代號：810） 截至二零二三年六月三十日止六個月 中期業績公告 業績 中國鑄晨81金融有限公司（「本公司」）董事會（「董事會」）欣然公佈本公司及其附屬 公司（「本集團」）截至二零二三年六月三十日止六個月之未經審核中期業績，連同 二零二二年同期之比較數字。此等簡明綜合中期財務報表未經審核，惟已由羅申 美會計師事務所根據香港會計師公會頒佈之香港審閱委聘準則第2410號「由實體 的獨立核數師審閱中期財務資料」與本公司審核委員會審閱。 簡明綜合損益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核）（未經審核） 營運所得款項總額 4 55,951 9,428 ...

Financial Performance - As of December 31, 2022, the net asset value of the company was approximately HK$55.6 million, a decrease of about HK$27.9 million compared to the previous year[17]. - The company reported an operational loss of approximately HK$28.0 million for the year, compared to a loss of HK$9.5 million in 2021[17]. - Revenue for the year ended December 31, 2022, was HK$0.5 million, unchanged from 2021, primarily consisting of dividend income from equity investments[20]. - Gross proceeds from the disposal of investments decreased significantly from HK$136.8 million to about HK$31.4 million due to reduced trading activities in the Hong Kong stock market[20]. - For the year ended December 31, 2022, the loss from operations increased from HK$9.5 million to about HK$28.0 million, with a fair value loss of approximately HK$10.8 million[25]. - The Group's total revenue for the year was HK$500,000, unchanged from the previous year, primarily derived from dividend income from equity investments[24]. - The Group suffered net fair value losses of about HK$281,000 and HK$2,363,900 from investments in HSI and HSTI constituents, respectively[26]. - The net losses on financial assets at fair value through profit or loss amounted to approximately HK$3.0 million as of the approval date of the consolidated financial statements[59]. Investment Strategy and Focus - The company changed its name from "China Internet Investment Finance Holdings Limited" to "China Castson 81 Finance Company Limited" to reflect a new strategic focus on diversified investments[11]. - The company aims to explore investment opportunities in new economy sectors, sustainable agriculture, green food, and biotech, moving away from a primary focus on internet finance[11]. - The company’s investment strategy will adopt a diversified approach to enhance long-term returns while managing risk levels suitable for the company and its shareholders[11]. - The company plans to integrate ESG issues into its investment decision-making process and explore private equity, SPAC-related, and pre-IPO investment opportunities post-reopening of the Hong Kong-mainland border[42]. - The Company aims to achieve capital appreciation and generate stable income from interests and dividends as its primary investment objective[138]. Market Conditions - The year 2022 was characterized by challenging capital market conditions, with significant declines in both equities and bonds due to global inflationary pressures and geopolitical conflicts[19]. - The Hang Seng Index (HSI) and Hang Seng TECH Index (HSTI) dropped significantly by 15.5% and 27.2% respectively during the year[26]. - The prolonged geopolitical tensions in Ukraine continue to pose risks to the global economy, raising concerns about a potential recession[36]. - The global economic outlook improved in late 2022, with hopes for a potential deceleration in monetary tightening due to moderating inflation in the US and Eurozone[35]. Corporate Governance - The Board consists of five Directors, including one Executive Director and three Independent non-executive Directors, ensuring a balance of skills and experience[157]. - The Company emphasizes a culture of creating long-term value for stakeholders and recognizes the importance of inclusion in the workplace[144]. - All Directors confirmed compliance with the Model Code for Securities Transactions, with no incidents of non-compliance reported for the year ended December 31, 2022[136]. - The Company has adopted a Board Diversity Policy to enhance the quality of its performance and maintain high standards of corporate governance[158]. - The Board's composition is reviewed annually to ensure diversity in skills, experience, and gender representation[177]. - The Company has received written annual confirmations of independence from all independent non-executive directors[174]. - The roles of Chairman and Chief Executive Officer are separated to ensure a balance of power[183]. - The Company confirms no material uncertainties affecting its ability to continue as a going concern[182]. Financial Management - The investment manager's monthly fee has been reduced from HK$45,000 to HK$22,500, effective from January 25, 2023[143]. - The Company’s financial statements are prepared in accordance with statutory requirements and applicable accounting standards[180]. - The Audit Committee is responsible for reviewing the Company's interim and annual financial statements[190]. - The Company’s external auditor is RSM Hong Kong, which provides an independent report on the financial statements[181]. - The Directors are committed to timely publication of financial statements[180].

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81金融有限公司 （於百慕達存續之有限公司） （股份代號：810） 截至二零二二年十二月三十一日止年度 全年業績公告 業績 中國鑄晨81金融有限公司（前稱中國互聯網投資金融集團有限公司）（「本公司」）董 事會（「董事會」）欣然公佈本公司及其附屬公司（「本集團」）截至二零二二年十二月 三十一日止年度之經審核綜合業績連同去年之比較數字如下： 綜合損益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 營運所得款項總額 4 31,896 137,280 收益 按公允值計入損益 ...

Financial Performance - The net asset value of the Group decreased to approximately HK$67.1 million as of June 30, 2022, down from HK$83.5 million as of December 31, 2021, primarily due to an operating loss of about HK$16.5 million[6]. - Gross proceeds from operations decreased significantly to about HK$9.4 million in the first half of 2022, down from about HK$118.9 million in the same period of 2021, mainly due to fewer short-term trading activities in listed equities[20]. - The Group's revenue for the period was approximately HK$348,000, an increase from HK$255,000 in the first half of 2021, primarily driven by higher dividend income from listed securities[22]. - Total operating income decreased to approximately HK$9.4 million for the first half of 2022, down from HK$118.9 million in the same period of 2021, primarily due to a decline in trading of short-term listed stocks[25]. - The loss from operations increased to about HK$16.5 million for the first half of 2022, compared to HK$7.9 million in the same period of 2021, mainly due to a net fair value loss on listed equity investments of approximately HK$8.1 million[29]. - The Group's loss attributable to owners for the six months ended June 30, 2022, was approximately HK$16,471,000, compared to a loss of HK$7,925,000 for the same period in 2021, indicating an increase in loss of 107%[194]. - Basic loss per share for the six months ended June 30, 2022, was approximately HK$0.116, compared to HK$0.070 for the same period in 2021, representing an increase of 65.7%[194]. Market Conditions - The Hang Seng Index, Hang Seng Chinese Enterprise Index, and Hang Seng TECH Index fell by 6.6%, 6.9%, and 14.1% respectively during the first half of 2022, reflecting the challenging market conditions[16]. - The U.S. consumer price index reached an unprecedented level of 9.1% in June 2022, contributing to heightened market volatility and concerns over interest rate hikes[13]. - The ongoing geopolitical tensions and the impact of the COVID-19 pandemic are expected to continue affecting market performance and investor sentiment[46]. Investment Strategy - The Group's investment strategy was adjusted to reduce short-term trading activities on technology stocks amid volatile market conditions[21]. - The company plans to diversify investments across different sectors to mitigate risks associated with high market uncertainties and regulatory actions in China[45]. - The investment strategy includes a buy-and-hold approach and short-term trading tactics to enhance returns on listed securities[75]. Dividend Policy - The Group did not recommend the payment of an interim dividend for the period ended June 30, 2022, consistent with the previous year[5]. - There were no dividends paid, declared, or proposed during the six months ended June 30, 2022, consistent with the same period in 2021[193]. - No dividends were declared or proposed for the six months ended June 30, 2022, consistent with the same period in 2021[198]. Assets and Liabilities - As of June 30, 2022, bank and cash balances amounted to approximately HK$16.3 million, a decrease of about HK$19 million from HK$35.3 million at the end of 2021[50]. - The net current assets as of June 30, 2022, were approximately HK$40.3 million, down from HK$49.9 million at the end of 2021[50]. - The Group maintained a low gearing ratio of about 2.1% as of June 30, 2022, compared to 2.0% at the end of 2021[51]. - Total assets decreased to HK$73,858,000 as of June 30, 2022, down from HK$89,467,000 as of December 31, 2021, reflecting a decline of approximately 17.5%[153]. - Current assets fell to HK$47,138,000 from HK$55,825,000, a decrease of about 15.5%[153]. Employee and Administrative Expenses - Administrative expenses decreased to approximately HK$9.0 million from HK$12.0 million in the first half of 2021, with employment benefit expenses also reduced to HK$6.4 million from HK$7.5 million[37]. - The number of employees decreased to 16 as of June 30, 2022, from 21 at the end of 2021[64]. Government Grants - The group recognized government grants of about HK$0.2 million from the 2022 Employment Support Scheme, aimed at retaining employees during the pandemic[31]. - The Group recognized government grants of approximately HK$208,000 related to the 2022 Employment Support Scheme during the six months ended June 30, 2022[180]. Financial Assets - The Group's portfolio financial assets at fair value through profit or loss amounted to about HK$47.3 million as of June 30, 2022, compared to approximately HK$42.8 million as of December 31, 2021[7]. - Financial assets at fair value through profit or loss (FVTPL) decreased from HK$24,208,000 to HK$17,618,000, a decline of approximately 27%[153]. - The fair value of listed equity securities was HK$47,314,000, an increase from HK$42,839,000 as of December 31, 2021, representing an increase of approximately 10.9%[177]. Cash Flow - The net cash used in operating activities was HK$18,707,000, a decline from a cash generation of HK$7,041,000 in the same period last year[156]. - Cash and cash equivalents decreased by HK$18,991,000, ending at HK$16,282,000 as of June 30, 2022, compared to HK$36,298,000 at the end of the previous period[156].

Financial Performance - As of December 31, 2021, the net asset value of the company was approximately HK$83.5 million, a decrease of about HK$1.4 million from the previous year[14]. - The company reported a loss of approximately HK$9.6 million during the year, although the net proceeds from the Rights Issue amounted to about HK$8.2 million, which strengthened the net asset position[14]. - The investment portfolio value as of December 31, 2021, was about HK$42.8 million, a decrease of HK$17.4 million compared to the prior year[19]. - For the year ended December 31, 2021, the Group's revenue was HK$0.5 million, down from HK$1.3 million in 2020, primarily due to lower dividend payments from equity investments[35]. - The loss from operations decreased from HK$43.9 million to about HK$9.5 million, aided by an HK$8.9 million gain on the disposal of fixed assets[36]. - Administrative expenses were reduced from about HK$24.5 million to HK$18.6 million, attributed to cost control measures and a drop in salary expenses[37]. - The net fair value loss on the equity portfolio turned to a net fair value gain of HK$1.1 million for the current financial year[36]. - The gross proceeds from the disposal of investments decreased from HK$167.6 million to about HK$136.8 million due to significantly reduced trading activities since Q2 2021[34]. Investment Strategy - The company invests in listed shares, bonds, and private equity as part of its investment strategy[2]. - The Company aims to focus on thematic investing, particularly in environmental, social, and governance themes, including sustainable agriculture and green technology[53]. - The net proceeds from the rights issue amounted to approximately HK$8.2 million, with 50% allocated for possible investments in listed bonds, equities, and private equity investments, including a medical diagnostic company and a live e-commerce marketing platform[71][72]. - Approximately HK$4.2 million was specifically invested in listed equities, while the remaining funds were used for general administrative expenses, primarily employee benefits[72]. Market Conditions - The Hang Seng Index and Hang Seng TECH Index underperformed, dropping 14.1% and 32.7% respectively, primarily due to corrections in large-cap Mainland technology stocks[20]. - The technology sector accounted for about 33% of total market capitalization and about 30% of total trading in Hong Kong, but faced negative impacts from interest rate hike expectations and regulatory policies[34]. - The geopolitical tensions from the Russia-Ukraine conflict have raised investor concerns about economic implications, contributing to market volatility and high inflation[43]. - The fifth wave of COVID-19 in Hong Kong led to an unprecedented rise in infection cases, affecting investor sentiment due to strict containment measures[44]. Corporate Governance - The Board consists of five Directors, including one Executive Director and three Independent Non-executive Directors, ensuring a diverse skill set for effective governance[165]. - The Company received annual confirmations of independence from all Independent Non-executive Directors, ensuring compliance with Listing Rules[173]. - The Board regularly reviews its size and composition to maintain necessary diversity and perspectives in its decision-making processes[165]. - The Company emphasizes meritocracy in board appointments while considering the benefits of diversity[189]. - The Company has established a code provision requiring the Chairman to meet with Independent Non-executive Directors annually without the presence of other Directors[179]. Shareholder Returns - The company does not recommend the payment of a final dividend for the year ended December 31, 2021[13]. - The Company has adopted a dividend policy aimed at providing stable returns to shareholders while maintaining a healthy financial position to seize investment opportunities[192]. - The Board may propose final dividends annually and declare interim or special dividends based on various factors including operating results and liquidity position[193]. - The dividend payout ratio may vary each year, with no assurance of specific amounts being paid[194]. Employee and Operational Changes - As of December 31, 2021, the company had 21 employees, a decrease from 23 in 2020, with remuneration packages aligned with market practices[97][98]. - The Company completed capital consolidation and reorganization during the financial year 2021 to streamline its capital structure[49]. - The Company plans to adopt a more conservative approach and maintain a higher cash level to preserve liquidity amidst market uncertainties[49].

Financial Performance - The Group reported an operating loss of about HK$7.9 million for the period, which was offset by net proceeds from a Rights Issue of approximately HK$8.2 million[6]. - The Group's revenue decreased to about HK$255,000 from HK$560,000, primarily due to a drop in dividend income from listed securities, which fell to HK$242,000 from HK$384,000[21]. - Loss from operations reduced to approximately HK$7.9 million compared to HK$29.3 million in the previous year, despite the Hang Seng Index rising by 5.9%[22]. - The total comprehensive loss for the period ended June 30, 2021, was HK$7,906,000, a decrease from HK$29,432,000 in the same period of 2020, showing a significant improvement in financial performance[110]. - The company reported a loss before tax of HK$7,925,000, a significant improvement compared to a loss of HK$29,337,000 for the same period in 2020, representing a reduction of approximately 73%[111]. Asset and Equity Position - As of June 30, 2021, the Group's net asset value was approximately HK$85.2 million, a slight increase from HK$84.9 million as of December 31, 2020[6]. - The net asset value per share was HK$0.82, calculated based on an adjusted net asset value of approximately HK$77.0 million[6]. - The net current assets decreased from approximately HK$38.9 million to about HK$36.5 million, attributed to decreases in financial assets at FVTPL and other receivables[46][50]. - The company's total equity as of June 30, 2021, was HK$85,178,000, a decrease from HK$128,862,000 as of January 1, 2020, primarily due to accumulated losses[110]. - The Group's adjusted net assets were approximately HK$76,981,000, with net assets of approximately HK$85,178,000 excluding other reserves of approximately HK$8,197,000[195]. Investment Portfolio - The Group's portfolio financial assets at fair value through profit or loss amounted to about HK$58.0 million, down from HK$60.3 million as of December 31, 2020[7]. - The current portion of the listed equities portfolio was approximately HK$19.2 million, a decrease from HK$26.8 million as of December 31, 2020[8]. - The non-current portion of the listed equities portfolio increased to about HK$38.8 million, up from HK$33.5 million as of December 31, 2020[8]. - The Group experienced unrealized fair value losses of about HK$3.1 million related to certain equity investments during the period[14]. - Net gains on the listed equities investment portfolio amounted to approximately HK$3.9 million, a significant improvement from losses of approximately HK$15.9 million in the previous year[23]. Cash Flow and Financing - As of June 30, 2021, the company's cash and bank balances increased from approximately HK$18.4 million to about HK$25.8 million, primarily due to the receipt of Rights Issue proceeds[46][50]. - The company reported net cash generated from operating activities for the six months ended June 30, 2021, was HK$7,041,000, compared to a cash outflow of HK$4,378,000 in the same period of 2020, indicating a positive turnaround[111]. - The company recorded proceeds from the disposal of financial assets at fair value through profit or loss amounting to HK$118,688,000, a substantial increase from HK$36,204,000 in the previous year[111]. - The Group's gross proceeds from the disposal of financial assets at FVTPL for the six months ended June 30, 2021, amounted to HK$118,688,000, a significant increase of 228% compared to HK$36,204,000 in the same period of 2020[132]. - The Company raised approximately HK$8,197,000 through a Rights Issue, enhancing its financial position for future market opportunities[41]. Market Conditions and Regulatory Environment - The Hang Seng Index rose by 5.9% in the first half of 2021, reflecting market conditions influenced by pandemic risks and inflation concerns[17]. - Regulatory risks have heightened for Mainland companies, with new restrictions impacting various sectors, including education and internet[33]. - The regulatory environment is expected to influence investor sentiment in the China internet sector, with potential long-term benefits for socio-economic development[40]. - The Company plans to adopt mitigation strategies to manage regulatory risks, focusing on sectors that are more resilient and less exposed to consumer protection regulations[36]. Employee and Administrative Expenses - The number of employees remained stable at 23 as of June 30, 2021, consistent with the previous reporting period[69]. - Administrative expenses decreased to about HK$11.3 million from HK$13.6 million, with employment benefit expenses also reduced to HK$7.5 million from HK$9.0 million[24]. - Total staff costs decreased to HK$7,464,000 for the six months ended June 30, 2021, down from HK$9,011,000 in 2020, reflecting a reduction of approximately 17%[146]. Share Capital and Corporate Actions - The company completed a Rights Issue in July 2021, raising approximately HK$9.4 million by issuing 47,141,062 Rights Shares[58][62]. - The total number of issued shares as of the report date is 141,423,187, following the completion of the Rights Issue[58][62]. - The company underwent a capital reorganization effective March 17, 2021, which included a share consolidation where every ten shares of HK$0.10 par value were consolidated into one share of HK$1.00 par value[173]. - Following the capital reduction, the paid-up capital was reduced by approximately HK$93,339,000, resulting from the cancellation of HK$0.99 on each of the consolidated shares[174][183]. - The authorized share capital was increased from HK$2,000,000 to HK$200,000,000, allowing for a total of 20,000,000,000 shares of HK$0.01 each[175].

Financial Performance - As of December 31, 2020, the net asset value decreased by HK$44 million to HK$84.9 million due to operational losses during the year[16]. - The Group's portfolio value dropped by HK$38.9 million to approximately HK$62.0 million, with listed equities valued at about HK$60.3 million, down from HK$91.2 million in 2019[17]. - For the year ended December 31, 2020, the Group's revenue was HK$1.3 million, a decrease from HK$2.4 million in 2019, with dividend income dropping to about HK$0.9 million from HK$2.2 million[34][38]. - The loss from operations for the year was about HK$43.9 million, a slight improvement from HK$49.9 million in 2019, primarily due to a net fair value loss on the equity portfolio of about HK$20.2 million[35][39]. - The gross proceeds from the disposal of investments and investment income amounted to about HK$168.9 million, representing a year-on-year increase of approximately 450.1%[29][33]. Market Conditions - The Hong Kong stock market underperformed, with the Hang Seng Index and Hang Seng China Enterprises Index declining by 3.4% and 3.8%, respectively[23]. - The Shanghai Composite Index gained 13.9% and the Shenzhen Composite Index climbed by 35.2%, indicating a strong recovery in mainland China[22]. - The political tensions between the U.S. and China, including the passing of the Hong Kong national security law, impacted market performance negatively[24]. - The Hang Seng Index (HSI) and the Hang Seng China Enterprises Index (HSCEI) dropped by 3.4% and 3.8%, respectively, during the year, negatively impacting certain investees' businesses[35][39]. - The Hang Seng Tech Index surged 78.7% during the year, outperforming both the HSI and HSCEI[30][33]. Investment Strategy - The company’s investment strategy includes investing in listed shares, bonds, and private equity, aiming to benefit employees, shareholders, and the community[3]. - The company’s investment portfolio primarily consists of financial assets at fair value through profit or loss, which accounted for the majority of its investment value[17]. - The company plans to continue using both buy-and-hold and short-term trading strategies to enhance investment returns amid high market volatility[48]. - The company is exploring various investment opportunities in the new economy and biotech sectors, focusing on pre-IPO investments and private equity[52]. - The company anticipates that trading of Chinese new economy stocks will continue to increase due to their inclusion in major indices and active Stock Connect trading[47]. Dividend Policy - The company does not recommend the payment of a final dividend for the year ended December 31, 2020, consistent with the previous year[15]. - The Company has adopted a Dividend Policy aimed at providing stable returns to shareholders while maintaining a healthy financial position[168]. - The Board considers various factors, including operating results and liquidity, when proposing dividends[169]. - The dividend payout ratio may vary annually, with no assurance of specific amounts being paid during any given period[173]. Corporate Governance - The company appointed Success Advance Investments Limited as its new investment manager effective January 25, 2021[141]. - The board consists of five members, including one executive director and three independent non-executive directors[145]. - The Company emphasizes board diversity, considering gender, age, and professional experience in its composition[165]. - The Nomination Committee will review the board diversity policy annually to ensure its effectiveness[166]. - The Company has at least three independent non-executive directors, meeting the requirement of representing at least one-third of the Board[152]. Financial Position - As of December 31, 2020, cash and bank balances amounted to approximately HK$18.4 million, down from HK$24.8 million in 2019[72]. - The net current assets as of December 31, 2020, were approximately HK$38.9 million, compared to HK$52.3 million in 2019[72]. - The Group maintained a low gearing ratio of 2.5% as of December 31, 2020, slightly up from 2.1% in 2019[73]. - The total amount in the share premium account as of December 31, 2020, was HK$75,416,193.69, which will be fully reduced[62]. - The company had no material capital commitments as of December 31, 2020[72]. Audit and Compliance - For the year ended December 31, 2020, the audit fee paid to Deloitte Touche Tohmatsu was approximately HK$1,500,000 for audit services and HK$20,000 for non-audit services[192]. - The Audit Committee held three meetings during the year, with full attendance from its members[181]. - The external auditor, Deloitte, has provided a statement regarding their responsibility for the company's financial statements, confirming no significant uncertainties affecting the company's ability to continue as a going concern[200]. - The Board regularly reviews the internal control policy to safeguard the Group's assets and has identified key risks and uncertainties[197]. - The Directors confirm no material uncertainties that may cast doubt on the Company's ability to continue as a going concern[196].

Financial Performance - As of June 30, 2020, the Group's net asset value decreased to approximately HK$99.4 million, down from HK$128.9 million as of December 31, 2019, primarily due to an operating loss of about HK$29.3 million for the period[6][12]. - The Group's total revenue was about HK$0.6 million, a decrease from HK$1.7 million in 2019, with dividend income from listed securities dropping to about HK$0.4 million from HK$1.5 million[24]. - The Group reported a net fair value loss on its equity portfolio of approximately HK$15.9 million for the period, compared to HK$1.4 million in 2019, and an operating loss of about HK$29.3 million, up from HK$14.1 million in 2019[25]. - Other income included bank interest income of HK$29,000 and government grants of HK$225,000, with total income for the Group around HK$600,000, down from HK$1.7 million in 2019[26][29]. - The Group's loss for the period was approximately HK$29,337,000, compared to a loss of approximately HK$14,071,000 in the same period of 2019, indicating an increase in loss of 108%[160]. Investment Portfolio - The Group's investment portfolio value as of June 30, 2020, was approximately HK$77.3 million, a decrease from about HK$100.9 million as of December 31, 2019[7][13]. - The financial assets at fair value through profit or loss amounted to about HK$72.9 million, down from HK$91.2 million as of December 31, 2019[8][14]. - The Group's financial assets at fair value through profit or loss (FVTPL) had a beginning balance of HK$8,196,000, with purchases of HK$4,000,000 and settlements of HK$8,399,000 during the period[198]. - The Group's total financial assets at FVTPL amounted to HK$75,576,000 as of June 30, 2020, compared to HK$99,225,000 as of December 31, 2019[174]. - The Group's interests in associates include a 30% shareholding in Superb Kingdom Limited and a 29% shareholding in CII Capital Limited, both of which are currently insignificant to the balance sheet[28][32]. Market Conditions - The Hang Seng Index and Hang Seng China Enterprises Index fell by 13.4% and 12.6% respectively over the six-month period due to the impact of COVID-19[30]. - The Hong Kong market faces uncertainties due to high geopolitical risks, particularly in U.S.-China relations, which may affect investor sentiment[33]. - The decline in the China market during the first half of 2020 was relatively moderate, supported by government measures to mitigate the pandemic's negative impact[35]. Administrative and Operational Expenses - Administrative expenses increased to HK$13.6 million from HK$13.3 million in 2019, primarily due to employment benefit expenses rising to about HK$9.0 million from HK$8.2 million[27][31]. - The net cash used in operating activities for the six months ended June 30, 2020, was HK$11,730,000, compared to HK$10,615,000 for the same period in 2019, reflecting an increase in cash outflow of about 10.5%[123]. - The total comprehensive expense for the period, net of income tax, was HK$29,432,000 for the six months ended June 30, 2020, compared to HK$13,395,000 in 2019, reflecting an increase of approximately 120.5%[121]. Shareholder Information - The total number of issued shares remained at 942,821,250 as of June 30, 2020[61]. - The net asset value per share decreased to HK$0.11 as of June 30, 2020, down from HK$0.14 at the end of 2019, representing a decrease of approximately 21.4%[120]. - The Group's total equity attributable to owners of the Company decreased to HK$99,430,000 from HK$128,862,000, a reduction of about 22.8%[120]. Cash and Liquidity - As of June 30, 2020, cash and bank balances amounted to approximately HK$20.5 million, down from HK$24.8 million as of December 31, 2019[49]. - The Group maintained a low gearing ratio of 2.4% as of June 30, 2020, compared to 2.1% as of December 31, 2019[51]. - Cash and cash equivalents decreased to HK$20,460,000 as of June 30, 2020, from HK$24,766,000 at the beginning of the year, a decline of about 17.5%[123]. Impairment and Fair Value - The Group recognized an impairment loss of HK$120,000 during the interim period ending June 30, 2020[168]. - The fair value of listed equity securities investment in Hong Kong was HK$72,936,000 as of June 30, 2020, down from HK$91,029,000 as of December 31, 2019[194]. - The fair value change for financial instruments for the six months ended June 30, 2020, included a loss of HK$1,368,000 related to unlisted equity-linked notes[199][200]. Government Support - The Group recognized government grants of approximately HK$225,000 related to COVID-19 subsidies, with HK$166,000 pertaining to the Employment Support Scheme[148].