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

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

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

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

Financial Performance - As of December 31, 2019, the net asset value was approximately HK$128.9 million, a decrease of about 9.2% from HK$142.0 million in 2018, primarily due to an operational loss of about HK$49.9 million[25]. - The Group's investment portfolio value was about HK$100.9 million as of December 31, 2019, down from approximately HK$105.9 million in 2018[26]. - The gross proceeds from the disposal of investments and investment income decreased by approximately 37.6% to about HK$30.7 million in 2019, down from about HK$49.2 million in 2018[40]. - For the year ended December 31, 2019, the group's revenue was HK$2.4 million, a decrease from HK$3.8 million in 2018, with dividend income of about HK$2.2 million and interest income dropping to HK$0.2 million[41]. - The loss from operations for the year was approximately HK$49.9 million, slightly improved from HK$53.7 million in 2018, primarily due to a net fair value loss on the equity portfolio of about HK$24 million[42]. - Miji International's revenue for the year ended December 31, 2019, was RMB 246.3 million, a decrease of about 12.6% from RMB 281.7 million in 2018[114]. - Miji International's net profit for the year ended December 31, 2019, dropped to RMB 19.9 million, a decrease of about 16% from RMB 23.7 million in 2018[114]. - HSBC's profit for the year ended December 31, 2019, dropped to US$8.7 billion, representing a decrease of about 42% from US$15.1 billion in 2018[117]. - Tencent's revenue increased by about 20.7% from RMB 312.7 billion in 2018 to RMB 377.3 billion in 2019, driven by commercial payment services and online games[123]. - Profit attributable to Tencent's equity holders rose by about 18.6% to RMB 93.3 billion for the year ended December 31, 2019[123]. Investment Activities - Investments in listed equities increased to about HK$91.2 million in 2019 from HK$72.9 million in 2018[26]. - The Company invested in two callable equity-linked notes with a total nominal amount of about HK$8 million during the year[31]. - The company's investment in listed securities amounted to approximately HK$91.2 million as of December 31, 2019, up from HK$72.9 million in 2018, while non-listed stock-linked notes were about HK$8 million, compared to zero in 2018[32]. - The company has adopted a typical asset-only approach for strategic asset allocation, considering investment objectives, risk tolerance, and liquidity needs[50]. - Investments in private equity, including pre-IPO investments, are considered to enhance expected returns but will be approached cautiously due to higher liquidity risks[55]. Shareholder Information - The net asset value per share decreased to HK$0.14 in 2019 from HK$0.22 in 2018[25]. - As of December 31, 2019, the total number of issued shares increased to 942,821,250 from 655,121,250 in 2018, with share placements raising funds through the issuance of 130,800,000 shares at HK$0.155 each in May 2019 and 156,900,000 shares at HK$0.105 each in December 2019[88]. - No share options were exercised or cancelled during the year, with 7,300,000 options lapsed and 7,800,000 granted, totaling 15,600,000 outstanding options as of December 31, 2019[83]. Market Conditions - The Hang Seng Index and Hang Seng China Enterprises Index rose only 9.1% and 10.3% respectively in 2019, underperforming compared to other global markets[36]. - The Shanghai Composite Index and Shenzhen Composite Index increased by 22.3% and 35.9% respectively, reflecting a recovery in the Mainland market due to the trade deal with the US[39]. - The recent outbreak of COVID-19 has adversely affected the global business environment and investor sentiment, leading to a major correction in the US stock market[59]. - Concerns about the potential slowdown in the global economy are expected to increase risks and uncertainties in the Hong Kong market[60]. Operational Changes - The company plans to adjust its investment objectives and policies to include the use of derivatives for hedging purposes due to market volatility[61]. - The company will hold a higher percentage of its assets in cash or more liquid securities to manage liquidity risk[61]. - Administrative expenses decreased to about HK$26.5 million from HK$30 million, attributed to a reduction in depreciation costs[47]. - Recovery actions for outstanding convertible note receivables have been ongoing since 2014, with no recovery of company assets reported from the proceedings[49]. Asset Management - As of December 31, 2019, cash and bank balances amounted to approximately HK$24.8 million, down from HK$30.9 million in 2018[75]. - Net current assets as of December 31, 2019, were approximately HK$52.3 million, a decrease from HK$68.7 million in 2018[75]. - The gearing ratio as of December 31, 2019, was 2.1%, slightly down from 2.2% in 2018, indicating a steady decline[77]. - The company has no material capital commitments as of December 31, 2019[76]. Company Developments - Lamtex announced plans to sell its loan financing business due to the tightening regulatory environment and competition, with proceeds intended for investments in cultural tourism and healthcare in China, although the sale was terminated in January 2020[135]. - Lamtex plans to further develop its core business in electronic products while exploring new ventures in cultural tourism, elderly care services, fintech, and supply chain sectors[137]. - In December 2019, Newtree Group's shareholders approved the acquisition of the remaining 80% of Alpha Youth Limited for approximately RMB390 million, which is engaged in concrete production and sales in China[147]. - Over the next two years, Sands China plans to invest $15 billion to expand its hotel room, retail, and entertainment offerings on Cotai[155].

Interim Report 2019 中期 報告 FLAT 18, 9/F, BLOCK B, FOCAL INDUSTRIAL CENTRE, 21 MAN LOK STREET, HUNGHOM, KOWLOON, HONG KONG 香港九龍紅磡民樂街 21 號富高工業中心 B 座 9 樓 18 室 (CONTINUED INTO BERMUDA WITH LIMITED LIABILITY) (於百慕達存續之有限公司) (STOCK CODE 股份代號 : 810) TEL 電話 : (852) 3589 6710 FAX 傳真 : (852) 3102 2970 INTERIM REPORT 2019 中期報告 www.hk0810.com.hk/en/ CONTENTS 目錄 CHAIRMAN'S STATEMENT 2 主席報告 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS 簡明綜合損益表 20 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 簡明綜合權益變動報表 26 CORP ...

Financial Performance - The net asset value as of December 31, 2018, was approximately HK$142 million, a decrease of about 22.0% from HK$182.1 million in 2017[25]. - The decline in net asset value was primarily due to a net fair value loss in the equity investment portfolio, aligning with the overall drop in stock market indices, including a 13.6% decrease in the Hang Seng Index[25]. - The fair value of listed equity investments decreased to approximately HK$44.6 million as of December 31, 2018, down from HK$66.2 million in 2017[32]. - The Group recorded investment income and gross proceeds from the disposal of financial assets at fair value through profit or loss of about HK$49.2 million, representing a decrease of about 6.1% compared to the previous year[93]. - The Group's loss from operations amounted to HK$53.7 million, partly due to net fair value losses on listed equity securities of about HK$27.8 million[95]. - The Group's revenue for 2018 was HK$3.8 million, with dividend income from financial assets at fair value through profit or loss at about HK$2.4 million[94]. Investment Strategy - The investment strategy focuses on a diversified portfolio and a prudent but proactive investment approach[4]. - The company raised equity by HK$14.3 million through a placing of new shares during the year[25]. - The company reduced investments in lower-yield debt securities in response to the rising U.S. interest rate environment, while maintaining higher-yield debt securities for better returns[26]. - The Group plans to increase investments in private equity, particularly in pre-IPO opportunities, and has established an investment company in China[109]. - The new technology and innovation stock board in Shanghai will allow companies that are not yet profitable to list, creating more pre-IPO investment opportunities in biotech and fintech[110]. - The investment in China Oriented is expected to generate high returns if its IPO application is successful in the future[40]. Company Governance - The Company complied with all provisions under the Corporate Governance Code except for specific provisions regarding the appointment terms of non-executive directors and timely distribution of board papers[148][150]. - The Board of Directors consists of five members, including one Executive Director and three Independent Non-executive Directors, with roles of Chairman and CEO separated[157][160]. - The Company has no financial, business, or family relationships among Board members as of December 31, 2018[168]. - The Company’s governance practices align with the Corporate Governance Code, ensuring compliance and transparency[176]. - The Directors confirm that they are not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern[193]. Revenue and Profit Trends - Tencent Holdings reported a significant revenue increase to RMB312,694 million from RMB237,760 million, with a moderate profit increase to RMB78,719 million in 2018[57]. - AIA Group's net profit declined to US$3,226 million, but shareholder equity rose to about US$39,006 million, with new business value increasing by 22%[64]. - Sa Sa International's turnover increased from about HK$3.5 billion to about HK$4.1 billion, leading to a significant net profit increase[71]. - Newtree Group's revenue rose from HK$47.8 million to approximately HK$59.8 million for the six months ended September 30, 2018, with a turnaround to a profit before income tax of about HK$2.3 million[46]. - Sands China reported a net revenue increase to US$8,665 million and a net profit increase to about US$1,875 million, while shareholder's equity slightly decreased to about US$4,409 million[87]. Market Conditions - The Hang Seng China Enterprises Index and GEM Board Index fell by 13.5% and 44.5%, respectively, during the year[25]. - The trade truce between China and the U.S. in December 2018 improved investor sentiment, contributing to a significant rebound in the stock market since early 2019[108]. - HSBC is considered a leading Hang Seng Index constituent, with potential for share price increase if investor sentiment improves post trade resolution between China and the US[48]. Operational Highlights - The company had 32 employees as of December 31, 2018, compared to 27 employees as of December 31, 2017[142][145]. - The Company held its Annual General Meeting (AGM) once during the year, with all directors present[165]. - The attendance of the directors at the AGM was 100%, with each director attending the meeting[165]. - The internal audit function has been primarily provided by professional firms or individual consultants due to the Company's small operations[199]. Financial Position - As of December 31, 2018, cash and bank balances amounted to approximately HK$30.9 million, an increase from HK$22.5 million as of December 31, 2017[122]. - The net current assets as of December 31, 2018, were approximately HK$68.7 million, down from HK$81.7 million as of December 31, 2017[122]. - The gearing ratio decreased to 2% as of December 31, 2018, compared to 3% as of December 31, 2017[124]. - The Group's property and equipment amounted to approximately HK$11.6 million as of December 31, 2018, down from HK$16.3 million as of December 31, 2017[125].