Group 1 - The company reported total operating income of HKD 3.465 million for the six months ending June 30, 2025, representing a year-on-year decrease of 78.42% [1] - The loss attributable to the owners of the company was HKD 3.817 million, which narrowed by 73.44% year-on-year [1] - The basic loss per share was HKD 0.0225 [1]

[Condensed Consolidated Financial Statements](index=1&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, showing a significant reduction in loss but a decrease in total assets and net current assets [Condensed Consolidated Income Statement](index=1&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, both operating loss and loss for the period significantly narrowed, primarily due to a turnaround from loss to gain in financial assets at fair value through profit or loss Condensed Consolidated Income Statement | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total operating income | 3,465 | 16,054 | (12,589) | -78.42% | | Dividend income from financial assets | 147 | 165 | (18) | -10.91% | | Net gains/(losses) on financial assets | 2,159 | (8,265) | 10,424 | N/A | | Other income | – | 82 | (82) | -100.00% | | Other gains and losses | 1 | 215 | (214) | -99.53% | | Administrative expenses | (5,539) | (5,987) | 448 | -7.48% | | Other operating expenses | (585) | (571) | (14) | 2.45% | | Operating loss | (3,817) | (14,361) | 10,544 | -73.42% | | Loss before tax | (3,817) | (14,370) | 10,553 | -73.44% | | Loss for the period attributable to owners of the Company | (3,817) | (14,370) | 10,553 | -73.44% | | Basic loss per share (HKD cents) | (2.25) | (10.16) | 7.91 | -77.85% | [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the total comprehensive loss for the period significantly narrowed to HKD 3,817 thousand from HKD 14,370 thousand in the prior year Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | (3,817) | (14,370) | 10,553 | -73.44% | | Other comprehensive income for the period (net of tax) | – | – | – | N/A | | Total comprehensive loss for the period attributable to owners of the Company | (3,817) | (14,370) | 10,553 | -73.44% | [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, total assets and net current assets decreased, mainly due to a reduction in bank and cash balances, while total equity remained stable and total liabilities significantly reduced Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | **Assets** | | | | | | Non-current assets | 15,545 | 16,108 | (563) | -3.50% | | Current assets | 13,225 | 16,990 | (3,765) | -22.16% | | Total assets | 28,770 | 33,098 | (4,328) | -13.08% | | **Equity and Liabilities** | | | | | | Total equity | 28,045 | 31,862 | (3,817) | -11.98% | | Total liabilities | 725 | 1,236 | (511) | -41.34% | | Total equity and liabilities | 28,770 | 33,098 | (4,328) | -13.08% | | Net current assets | 12,500 | 15,754 | (3,254) | -20.65% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | [Notes to the Condensed Consolidated Financial Statements](index=5&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section details the basis of preparation, accounting policies, segment information, and specific components and changes in financial data, providing essential supplementary information for understanding the financial statements [1. Basis of Preparation](index=5&type=section&id=1.%20Basis%20of%20Preparation) The condensed consolidated financial statements are prepared in accordance with HKAS 34 and the Listing Rules, with accounting policies consistent with the 2024 annual financial statements - The condensed consolidated financial statements are prepared in compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the disclosure requirements of the Listing Rules[7](index=7&type=chunk) - Except for specific amendments, accounting policies and calculation methods remain consistent with the financial statements for the year ended December 31, 2024[7](index=7&type=chunk) [2. New and Revised Hong Kong Financial Reporting Standards](index=5&type=section&id=2.%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group first adopted HKAS 21 (Amendment) "Lack of Exchangeability" from January 1, 2025, without resulting in changes to accounting policies or retrospective adjustments - The Group first adopted Hong Kong Accounting Standard 21 (Amendment) "Lack of Exchangeability" from January 1, 2025[8](index=8&type=chunk) - The adoption of the new revised standard did not result in changes to accounting policies or retrospective adjustments[8](index=8&type=chunk) [3. Segment Information](index=6&type=section&id=3.%20Segment%20Information) The Group's principal business is investing in equity and debt instruments, managed on a portfolio basis, thus no segment information is presented, with all revenue and non-current assets (excluding financial assets) originating from Hong Kong - The Group's principal business is investing in equity and debt instruments, with management reviewing investments on a portfolio basis, hence no segment information is presented[9](index=9&type=chunk) - All the Group's revenue and non-current assets (excluding financial assets at fair value through profit or loss) originate from Hong Kong[9](index=9&type=chunk) [4. Total Operating Income](index=6&type=section&id=4.%20Total%20Operating%20Income) For the six months ended June 30, 2025, total operating income significantly decreased, primarily due to reduced proceeds from the disposal of financial assets at fair value through profit or loss Total Operating Income | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Proceeds from disposal of financial assets at fair value through profit or loss | 3,318 | 15,889 | (12,571) | -79.12% | | Dividend income from financial assets at fair value through profit or loss | 147 | 165 | (18) | -10.91% | | **Total** | **3,465** | **16,054** | **(12,589)** | **-78.42%** | [5. Other Income](index=6&type=section&id=5.%20Other%20Income) For the six months ended June 30, 2025, the company had no other income, whereas the prior year's period mainly included bank interest and miscellaneous income Other Income | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bank interest income | – | 77 | (77) | -100.00% | | Miscellaneous income | – | 5 | (5) | -100.00% | | **Total** | **–** | **82** | **(82)** | **-100.00%** | [6. Other Gains and Losses](index=6&type=section&id=6.%20Other%20Gains%20and%20Losses) For the six months ended June 30, 2025, other gains and losses were only HKD 1 thousand, a significant decrease from HKD 215 thousand in the prior year, mainly due to gains from disposal of property, plant and equipment and write-off of accrued expenses in the prior period Other Gains and Losses | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Exchange gains | 1 | – | 1 | N/A | | Gains on disposal of property, plant and equipment | – | 40 | (40) | -100.00% | | Write-off of accrued expenses | – | 175 | (175) | -100.00% | | **Total** | **1** | **215** | **(214)** | **-99.53%** | [7. Loss for the Period Attributable to Owners of the Company](index=7&type=section&id=7.%20Loss%20for%20the%20Period%20Attributable%20to%20Owners%20of%20the%20Company) The loss for the period was primarily influenced by employee benefit expenses, depreciation, and investment management fees, with employee benefit expenses remaining stable Loss for the Period Attributable to Owners of the Company | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Depreciation | 270 | 272 | (2) | -0.74% | | Donations | – | 2 | (2) | -100.00% | | Employee benefit expenses | 4,288 | 4,268 | 20 | 0.47% | | Custodian fees | 5 | 45 | (40) | -88.89% | | Investment management fees | 195 | 195 | – | 0.00% | [8. Income Tax Expense](index=7&type=section&id=8.%20Income%20Tax%20Expense) No Hong Kong profits tax provision was required as the Group had no assessable profits in both reporting periods - The Group had no assessable profits in both the first half of 2025 and 2024, thus no Hong Kong profits tax provision was required[13](index=13&type=chunk) [9. Dividends](index=7&type=section&id=9.%20Dividends) For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends, consistent with the prior year - For the six months ended June 30, 2025, the company neither paid, declared, nor proposed any dividends[14](index=14&type=chunk) [10. Loss Per Share Attributable to Owners of the Company](index=8&type=section&id=10.%20Loss%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic loss per share significantly narrowed to HKD 2.25 cents from HKD 10.16 cents in the prior year, mainly due to reduced loss for the period, with diluted loss per share being the same as basic loss per share due to the absence of potentially dilutive ordinary shares Loss Per Share Attributable to Owners of the Company | Indicator | 2025 (HKD cents) | 2024 (HKD cents) | Change (HKD cents) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Basic loss per share | (2.25) | (10.16) | 7.91 | -77.85% | | Diluted loss per share | (2.25) | (10.16) | 7.91 | -77.85% | - Basic loss per share is calculated based on a loss for the period of approximately **HKD 3,817,000** and a weighted average of **169,707,187** ordinary shares outstanding[15](index=15&type=chunk) - Diluted loss per share is the same as basic loss per share due to the absence of potentially dilutive ordinary shares[16](index=16&type=chunk) [11. Financial Assets at Fair Value Through Profit or Loss](index=8&type=section&id=11.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the total financial assets at fair value through profit or loss slightly increased, primarily comprising Hong Kong listed equity securities, one of which was suspended from trading Financial Assets at Fair Value Through Profit or Loss | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | Change (HKD thousands) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Hong Kong listed equity securities | 20,233 | 20,065 | 168 | 0.84% | | - Current assets | 12,169 | 11,707 | 462 | 3.95% | | - Non-current assets | 8,064 | 8,358 | (294) | -3.52% | - The fair value of Hong Kong listed equity securities is primarily based on market quotations, but includes one security suspended from trading since April 2, 2024[17](index=17&type=chunk) [12. Share Capital](index=9&type=section&id=12.%20Share%20Capital) As of June 30, 2025, the company's authorized and issued and fully paid share capital remained unchanged Share Capital | Item | June 30, 2025 (HKD thousands) | December 31, 2024 (HKD thousands) | | :--- | :--- | :--- | | Authorized share capital (20,000,000,000 ordinary shares of HKD 0.01 each) | 200,000 | 200,000 | | Issued and fully paid share capital (169,707,187 ordinary shares of HKD 0.01 each) | 1,697 | 1,697 | [13. Net Asset Value Per Share](index=9&type=section&id=13.%20Net%20Asset%20Value%20Per%20Share) As of June 30, 2025, net asset value per share decreased to HKD 0.17 from HKD 0.19 as of December 31, 2024, primarily due to a reduction in net assets Net Asset Value Per Share | Indicator | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net assets (HKD thousands) | 28,045 | 31,862 | (3,817) | -11.98% | | Number of issued ordinary shares | 169,707,187 | 169,707,187 | – | 0.00% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | [14. Events After the Reporting Period](index=9&type=section&id=14.%20Events%20After%20the%20Reporting%20Period) As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately HKD 2,300,000 - As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately **HKD 2,300,000**[20](index=20&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the operating performance and macroeconomic environment for the first half of 2025, analyzes changes in financial indicators, and outlines future investment strategies and market outlook, emphasizing diversified investment and strengthening financial position [Interim Dividend](index=10&type=section&id=Interim%20Dividend) The Board does not recommend paying an interim dividend for the period ended June 30, 2025, consistent with the first half of 2024 - The Board does not recommend paying an interim dividend for the period ended June 30, 2025[21](index=21&type=chunk) [Key Performance Indicators](index=10&type=section&id=Key%20Performance%20Indicators) As of June 30, 2025, the company's net assets decreased to approximately HKD 28,000,000, with net asset value per share at HKD 0.17, primarily due to the operating loss recorded during the period Key Performance Indicators | Indicator | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Net assets (approx., HKD) | 28,000,000 | 31,900,000 | (3,900,000) | -12.23% | | Net asset value per share (HKD) | 0.17 | 0.19 | (0.02) | -10.53% | - The decrease in net assets is primarily attributed to an operating loss of approximately **HKD 3,800,000** recorded during the period[22](index=22&type=chunk) [Investment Portfolio Review](index=10&type=section&id=Investment%20Portfolio%20Review) As of June 30, 2025, the investment portfolio primarily consisted of Hong Kong listed equities, totaling approximately HKD 20,200,000, largely consistent with the end of 2024 Investment Portfolio Review | Item | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Financial assets at fair value through profit or loss investment portfolio | 20,200,000 | 20,100,000 | 100,000 | 0.50% | | - Current portion | 12,100,000 | 11,700,000 | 400,000 | 3.42% | | - Non-current portion | 8,100,000 | 8,400,000 | (300,000) | -3.57% | [Details of Major Investments](index=11&type=section&id=Details%20of%20Major%20Investments) The Group's major investments include several Hong Kong listed equities, with Xiangxian International Holdings Limited having the largest proportion of total assets, and Xiaomi Corporation and HSBC Holdings plc showing higher unrealized gains Details of Major Investments | Investment Name | Carrying Amount (HKD thousands) | Unrealized Fair Value Gains/(Losses) (HKD thousands) | Dividends Received (HKD thousands) | Percentage of Group's Total Assets | | :--- | :--- | :--- | :--- | :--- | | Xiangxian International Holdings Limited | 8,064 | (4,636) | – | 28.03% | | Xiaomi Corporation | 3,597 | 2,402 | – | 12.50% | | Luchi Culture Co Ltd | 1,738 | (2,757) | – | 6.04% | | HSBC Holdings plc | 1,900 | 490 | 71 | 6.60% | | Chow Tai Fook Jewellery Group Limited | 1,788 | 786 | – | 6.21% | | China Mobile Limited | 1,742 | 344 | 50 | 6.05% | | China Life Insurance Company Limited | 942 | 475 | – | 3.27% | | Longfor Group Holdings Limited | 463 | (81) | 12 | 1.61% | | **Total** | **20,234** | **(2,977)** | **133** | | [Operations Review](index=11&type=section&id=Operations%20Review) In the first half of 2025, global stock markets rose, with China's market driven by stimulus and AI advancements, leading to a 20% and 18.7% increase in the Hang Seng Index and Hang Seng Tech Index, respectively; however, the Group's listed equity investment portfolio recorded a net fair value gain of approximately HKD 2,200,000, underperforming the market due to the rally concentrating on major constituent stocks - In the first half of 2025, global stock markets generally rose, with China's stock market driven by government stimulus measures and advancements in artificial intelligence[25](index=25&type=chunk)[26](index=26&type=chunk) - The Hong Kong Hang Seng Index and Hang Seng Tech Index increased by **20%** and **18.7%** respectively[26](index=26&type=chunk) - The Group's listed equity investment portfolio recorded a net fair value gain of approximately **HKD 2,200,000**, but underperformed the market as the rally primarily concentrated on major Hang Seng Index constituent stocks[26](index=26&type=chunk) [Total Operating Income](index=12&type=section&id=Total%20Operating%20Income%20(MDA)) Despite the rise in the Hong Kong stock market, geopolitical tensions, tariffs, and inflation pressured its performance, leading to a decrease in total proceeds from investment disposals and investment income to approximately HKD 3,300,000 during the period - Despite the rise in the Hong Kong stock market, its performance was pressured by external uncertainties such as geopolitical tensions, tariffs, and inflation[27](index=27&type=chunk) - Total proceeds from investment disposals and investment income decreased to approximately **HKD 3,300,000** during the period (first half of 2024: approximately HKD 15,900,000)[27](index=27&type=chunk) [Revenue](index=12&type=section&id=Revenue) Interim revenue, primarily from listed securities dividend income, decreased to approximately HKD 147,000 during the period, partly due to reduced dividends from certain investee companies - Interim revenue, primarily from listed securities dividend income, decreased to approximately **HKD 147,000** during the period (first half of 2024: HKD 165,000)[28](index=28&type=chunk) - The decrease in revenue is partly attributed to reduced dividends from certain investee companies[28](index=28&type=chunk) [Operating Loss](index=12&type=section&id=Operating%20Loss) The interim operating loss was approximately HKD 3,800,000, a significant reduction from HKD 14,400,000 in the prior year, mainly due to a turnaround from loss to gain in fair value changes of financial assets at fair value through profit or loss - The interim operating loss was approximately **HKD 3,800,000** (first half of 2024: HKD 14,400,000), representing a significant reduction[29](index=29&type=chunk) - The reduction in operating loss is primarily due to the net fair value change of financial assets at fair value through profit or loss turning from a loss to a gain[29](index=29&type=chunk) [Net Gains/(Losses) on Financial Assets at Fair Value Through Profit or Loss](index=13&type=section&id=Net%20Gains%2F(Losses)%20on%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2025, the listed equity investment portfolio recorded a net fair value gain of approximately HKD 2,200,000, compared to a net loss of approximately HKD 8,300,000 in the prior period, consistent with the upward trend of the Hang Seng Index and Hang Seng Tech Index - The listed equity investment portfolio recorded a net fair value gain of approximately **HKD 2,200,000**, compared to a net loss of approximately **HKD 8,300,000** in the prior period[30](index=30&type=chunk) - This performance is consistent with the market movements, where the Hang Seng Index and Hang Seng Tech Index rose by **20%** and **18.7%** respectively[30](index=30&type=chunk) [Other Income](index=13&type=section&id=Other%20Income%20(MDA)) Other income for the current period was negligible, while the prior period primarily included bank interest income and miscellaneous income - Other income for the current period was negligible, whereas the prior period primarily included bank interest income and miscellaneous income[31](index=31&type=chunk) [Other Gains and Losses](index=13&type=section&id=Other%20Gains%20and%20Losses%20(MDA)) Other gains and losses for the current period were negligible, while the prior period primarily included gains from disposal of property, plant and equipment and write-off of accrued expenses - Other gains and losses for the current period were negligible, whereas the prior period primarily included gains from disposal of property, plant and equipment and write-off of accrued expenses[32](index=32&type=chunk) [Administrative and Other Operating Expenses](index=13&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative expenses were approximately HKD 5,500,000, a decrease from the prior year due to lower operating costs, while other operating expenses remained stable Administrative and Other Operating Expenses | Item | 2025 (approx., HKD) | 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Administrative expenses | 5,500,000 | 6,000,000 | (500,000) | -8.33% | | Employee benefit expenses | 4,300,000 | 4,300,000 | – | 0.00% | | Other operating expenses | 600,000 | 600,000 | – | 0.00% | - The decrease in administrative expenses is primarily due to a reduction in the Group's operating costs[33](index=33&type=chunk) [Interest in an Associate](index=13&type=section&id=Interest%20in%20an%20Associate) The Group holds a 30% equity interest in Superb King Limited and its subsidiaries, which had no carrying value at the reporting date - The Group holds a **30%** equity interest in Superb King Limited and its subsidiaries[34](index=34&type=chunk) - This interest had no carrying value at the reporting date[34](index=34&type=chunk) [Outlook](index=13&type=section&id=Outlook) Despite short-term global market challenges from geopolitics, tariffs, and inflation, investments in AI technology are expected to yield significant returns, and Hong Kong's "Stablecoin Ordinance" will strengthen digital asset regulation; the company will continue prudent and active investment, emphasizing diversification and considering strengthening its financial position - Global markets in the short term remain affected by geopolitical tensions, tariffs, inflation, interest rate, and monetary policy fluctuations[35](index=35&type=chunk) - Investments in artificial intelligence technology are expected to yield substantial returns, especially as costs decrease and applications expand from digital to physical domains[35](index=35&type=chunk) - Hong Kong's "Stablecoin Ordinance" became effective on August 1, 2025, establishing a licensing regime for fiat-backed stablecoin issuers, reinforcing Hong Kong's status as an international financial center[35](index=35&type=chunk) - The company will continue its investment activities in a prudent yet proactive manner, emphasizing diversified investment to manage risks in the second half of the year, and considering strengthening its financial position[36](index=36&type=chunk) [Financial Resources and Liquidity](index=14&type=section&id=Financial%20Resources%20and%20Liquidity) As of June 30, 2025, bank and cash balances and net current assets both decreased, primarily due to net cash used in operating activities, with the Group having no capital commitments Financial Resources and Liquidity | Indicator | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Bank and cash balances | 300,000 | 4,300,000 | (4,000,000) | -93.02% | | Net current assets | 12,500,000 | 15,800,000 | (3,300,000) | -20.89% | - The decrease in bank and cash balances is primarily attributed to net cash used in operating activities[37](index=37&type=chunk) - The Group had no capital commitments as of June 30, 2025[37](index=37&type=chunk) - As of June 30, 2025, the Group's capital gearing ratio was approximately **zero** (December 31, 2024: 0.2%)[38](index=38&type=chunk) [Use of Net Proceeds from Placing](index=14&type=section&id=Use%20of%20Net%20Proceeds%20from%20Placing) As of June 30, 2025, the company had fully utilized the net proceeds of approximately HKD 4,120,000 from the placing for potential investments and general working capital - On December 13, 2024, the company placed **28,284,000** new ordinary shares, raising net proceeds of approximately **HKD 4,120,000**[39](index=39&type=chunk) - As of June 30, 2025, the net proceeds from the placing have been fully utilized for potential investments and general working capital[39](index=39&type=chunk)[40](index=40&type=chunk) Use of Net Proceeds from Placing | Intended Use of Net Proceeds | Intended Use (HKD millions) | Amount Utilized as of December 31, 2024 (HKD millions) | Amount Utilized as of June 30, 2025 (HKD millions) | Unutilized Net Proceeds as of June 30, 2025 (HKD millions) | | :--- | :--- | :--- | :--- | :--- | | Potential investments | 2.00 | (0.68) | (1.32) | – | | General working capital | 2.12 | – | (2.12) | – | | **Total** | **4.12** | **(0.68)** | **(3.44)** | **–** | [Property, Plant and Equipment](index=15&type=section&id=Property%2C%20Plant%20and%20Equipment) As of June 30, 2025, the value of property, plant and equipment was approximately HKD 7,500,000, with no additions during the period Property, Plant and Equipment | Item | June 30, 2025 (approx., HKD) | December 31, 2024 (approx., HKD) | Change (approx., HKD) | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Value of property, plant and equipment | 7,500,000 | 7,800,000 | (300,000) | -3.85% | - There were no additions to property, plant and equipment during the period[41](index=41&type=chunk) [Material Acquisitions and Disposals](index=15&type=section&id=Material%20Acquisitions%20and%20Disposals) During the period, the Group did not undertake any material acquisitions or disposals involving major subsidiaries - The Group did not undertake any material acquisitions or disposals involving major subsidiaries during the period[42](index=42&type=chunk) [Capital Structure](index=15&type=section&id=Capital%20Structure) As of the reporting date, the total number of issued shares of the company remained at 169,707,187 shares, with a par value of HKD 0.01 each - As of the reporting date, the total number of issued shares of the company remained at **169,707,187** shares, with a par value of **HKD 0.01** each[43](index=43&type=chunk) [Share Option Scheme](index=15&type=section&id=Share%20Option%20Scheme) During the period, no share options lapsed, were granted, exercised, or cancelled, and there were no outstanding share options as of June 30, 2025 - During the period, no share options lapsed, were granted, exercised, or cancelled[44](index=44&type=chunk) - As of June 30, 2025, there were no outstanding share options[44](index=44&type=chunk) [Events After the Reporting Period](index=15&type=section&id=Events%20After%20the%20Reporting%20Period%20(MDA)) As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately HKD 2,300,000 - As of the approval date of the condensed consolidated financial statements, financial assets at fair value through profit or loss as of June 30, 2025, generated a net gain of approximately **HKD 2,300,000**[45](index=45&type=chunk) [Foreign Exchange Risk](index=15&type=section&id=Foreign%20Exchange%20Risk) The Board believes the Group is not exposed to significant foreign exchange fluctuation risk as the investment portfolio primarily consists of Hong Kong listed equities denominated in HKD - The investment portfolio primarily consists of Hong Kong listed equities, with other funds mainly denominated in HKD[46](index=46&type=chunk) - The Board believes the Group is not exposed to significant foreign exchange fluctuation risk as of the reporting date[46](index=46&type=chunk) [Borrowings and Pledges of Group Assets](index=15&type=section&id=Borrowings%20and%20Pledges%20of%20Group%20Assets) As of June 30, 2025, the Group had not pledged its leasehold land and buildings for any bank loans, unlike December 31, 2024 - As of June 30, 2025, the Group had not pledged its leasehold land and buildings for any bank loans[47](index=47&type=chunk) - As of December 31, 2024, the Group had pledged leasehold land and buildings with a carrying value of **HKD 7,800,000** for bank loans of **HKD 300,000**[47](index=47&type=chunk) [Human Resources](index=15&type=section&id=Human%20Resources) As of June 30, 2025, the company's employee count remained at 15, with remuneration packages aligned with market practices and determined by performance and experience - As of June 30, 2025, the company's employee count was **15**, consistent with December 31, 2024[48](index=48&type=chunk) - Remuneration packages for employees and directors are consistent with current market practices and determined by performance and experience[48](index=48&type=chunk) [Corporate Governance](index=16&type=section&id=Corporate%20Governance) This section outlines the company's commitment to corporate governance, discloses two exceptions to the Corporate Governance Code, and describes the composition and responsibilities of the Audit, Remuneration, and Nomination Committees [Corporate Governance Practices](index=16&type=section&id=Corporate%20Governance%20Practices) The company is committed to high standards of corporate governance and complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with two exceptions regarding meeting document delivery and the separation of Chairman and CEO roles - The company is committed to upholding high standards of corporate governance and complies with the Corporate Governance Code set out in Appendix C1 of the Listing Rules[49](index=49&type=chunk) - There are two exceptions: Code Provision C.5.8 (meeting documents not delivered three days in advance) and Code Provision C.2.1 (Chairman and Chief Executive Officer roles not separated)[49](index=49&type=chunk)[50](index=50&type=chunk) - The responsibilities of the Chief Executive Officer have been assumed by other members of the Board and senior management[51](index=51&type=chunk) [Audit Committee](index=17&type=section&id=Audit%20Committee) The Audit Committee comprises three independent non-executive directors, with Mr. Tam Yuk Sang as Chairman, responsible for reviewing accounting principles, financial reporting matters, and the interim financial statements - The Audit Committee comprises three independent non-executive directors: Mr. Tam Yuk Sang (Chairman), Dr. Ng Chi Yeung, and Ms. Law So Fun[52](index=52&type=chunk) - The Committee has reviewed the accounting principles and practices adopted by the company and discussed financial reporting matters, including the unaudited condensed consolidated financial statements[52](index=52&type=chunk) [Remuneration Committee](index=17&type=section&id=Remuneration%20Committee) The Remuneration Committee consists of three independent non-executive directors, with Mr. Tam Yuk Sang as Chairman - The Remuneration Committee comprises three independent non-executive directors: Mr. Tam Yuk Sang (Chairman), Dr. Ng Chi Yeung, and Ms. Law So Fun[53](index=53&type=chunk) [Nomination Committee](index=17&type=section&id=Nomination%20Committee) The Nomination Committee comprises one executive director and three independent non-executive directors, with Dr. Ng Chi Yeung as Chairman - The Nomination Committee comprises Executive Director Mr. Li Kwok Leung and three independent non-executive directors: Dr. Ng Chi Yeung (Chairman), Mr. Tam Yuk Sang, and Ms. Law So Fun[54](index=54&type=chunk) [Directors' Securities Transactions](index=17&type=section&id=Directors'%20Securities%20Transactions) The company has adopted the Model Code in Appendix C3 of the Listing Rules as the standard for directors' securities transactions, with all directors confirming full compliance - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the standard for directors' securities transactions[55](index=55&type=chunk) - For the six months ended June 30, 2025, all directors confirmed full compliance with the Model Code[55](index=55&type=chunk) [Purchase, Sale or Redemption of the Company's Securities](index=17&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20the%20Company's%20Securities) For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities for the six months ended June 30, 2025[56](index=56&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section provides information on the publication channels for the interim results announcement and interim report, and includes the Board's appreciation to management and staff, and lists the Board members as of the announcement date [Publication of Interim Results Announcement and Interim Report](index=18&type=section&id=Publication%20of%20Interim%20Results%20Announcement%20and%20Interim%20Report) The interim results announcement has been published on the HKEX and company websites, and the interim report will be dispatched to shareholders and posted on the websites in due course - This interim results announcement has been published on the HKEX website (http://www.hkex.com.hk) and the company's website (http://www.irasia.com/listco/hk/810)[57](index=57&type=chunk) - The interim report will be dispatched to shareholders and published on the aforementioned websites in due course[57](index=57&type=chunk) [Appreciation](index=18&type=section&id=Appreciation) The Chairman of the Board, on behalf of the company, extends sincere gratitude to fellow directors, management, and staff for their support and contributions - The Chairman of the Board, on behalf of the company, extends sincere gratitude to fellow directors, management, and staff for their support and contributions[58](index=58&type=chunk) [Board Composition](index=18&type=section&id=Board%20Composition) As of the announcement date, August 27, 2025, the Board of Directors comprises one executive director, one non-executive director, and three independent non-executive directors - As of the announcement date, August 27, 2025, the Executive Director of the Board is Mr. Li Kwok Leung[60](index=60&type=chunk) - The Non-executive Director is Dr. Lam Man Chan (who also serves as Chairman)[59](index=59&type=chunk)[60](index=60&type=chunk) - The Independent Non-executive Directors are Dr. Ng Chi Yeung, Mr. Tam Yuk Sang, and Ms. Law So Fun[60](index=60&type=chunk)

Group 1 - The company announced that as of July 31, 2025, its unaudited consolidated net asset value per share is approximately HKD 0.17, based on 170 million issued ordinary shares [1]

Group 1 - The company announced that as of July 31, 2025, its unaudited consolidated net asset value per share is approximately HKD 0.17 [1]

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].