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].

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].