Financial Performance - For the six months ended June 30, 2025, the group recorded revenue and other income of approximately HKD 5.2 million, a decrease from HKD 8.3 million for the same period in 2024, representing a decline of 37.6%[14] - The group reported a pre-tax loss of approximately HKD 11.5 million for the current period, compared to a pre-tax loss of HKD 16.0 million for the same period in 2024, indicating an improvement of 28.1%[14] - Other income for the review period was approximately HKD 5.1 million, down from HKD 8.2 million in the previous year, reflecting a decrease of 37.8% due to reduced bank interest income[22] - Total revenue for the six months ended June 30, 2025, was HKD 49,000, compared to HKD 145,000 for the same period in 2024, reflecting a significant decline[35] - The company reported a net loss of approximately HKD 11,476,000 for the six months ended June 30, 2025, compared to a loss of HKD 16,047,000 for the same period in 2024, indicating an improvement of about 28.8%[42] - The company’s operating cash flow for the six months ended June 30, 2025, was negative HKD 13,246,000, a decline from positive cash flow of HKD 89,537,000 in the same period of 2024[42] - The company reported a loss before tax of HKD 11,476,000 for the six months ended June 30, 2025, compared to a loss of HKD 16,047,000 in 2024, showing an improvement of 28.5%[68] - Basic and diluted loss per share for the six months ended June 30, 2025, was HKD 0.313, compared to HKD 0.438 in 2024, reflecting a decrease of 28.5%[68] Expenses and Costs - Employee costs for the period were approximately HKD 7.3 million, a decrease from HKD 11.5 million in the previous year, showing a reduction of 36.5%[23] - Service fees and commission expenses were approximately HKD 0.02 million, down from HKD 0.12 million in the previous year, indicating a decline of 83.3%[24] - Financial costs for the period were approximately HKD 4.0 million, a decrease of about HKD 2.3 million or 36.5% compared to HKD 6.3 million for the six months ended June 30, 2024[25] - The total operating expenses for the period were HKD 16.7 million, down from HKD 24.4 million in the previous year, indicating a reduction in costs[35] - Total financial costs for the six months ended June 30, 2025, were HKD 3,870,000, compared to HKD 3,279,000 in 2024, representing an increase of 18.0%[60] Business Strategy and Operations - The group has suspended its proprietary trading activities to strengthen risk management and will resume trading based on market conditions and business development plans[20] - The group aims to leverage the advantages of Hong Kong's international platform to enhance comprehensive service capabilities and capitalize on opportunities in green finance and digital transformation[13] - The group continues to focus resources on securing new business appointments and opportunities in investment advisory and management services[18] - The company plans to focus resources on enhancing regulated activities in securities trading, advisory, and asset management, aiming for improved operational viability and sustainability[26] Financial Position - As of June 30, 2025, the total cash and bank balances were approximately HKD 82.2 million, down from HKD 91.8 million as of December 31, 2024[27] - The net current liabilities amounted to approximately HKD 60.2 million, an increase from HKD 48.9 million as of December 31, 2024, resulting in a current ratio of 0.6 times[27] - As of June 30, 2025, the company's total equity was negative HKD 59,769,000, reflecting a capital deficit increase from negative HKD 53,124,000 as of June 30, 2024[42] - The company has a net current liability of approximately HKD 60,151,000 as of June 30, 2025, primarily due to loans maturing on March 27, 2026, totaling HKD 145,905,000[47] - The company anticipates continued financial support from its major shareholder, Xizheng International Investment, to maintain operational liquidity until at least August 31, 2026[50] Shareholder and Governance - The board did not recommend the payment of an interim dividend for the review period, consistent with the previous year where no dividend was declared[9] - Major shareholders include Southwest Securities International, holding 2,713,469,233 shares, representing 74.10% of voting rights[103] - The company has adopted the corporate governance code as per the listing rules to protect shareholder interests[112] - The audit committee has reviewed the interim financial statements for the six months ending June 30, 2025, ensuring compliance with applicable accounting standards[115] Regulatory and Compliance - The group has submitted exit plans for regulated activities related to corporate financing and futures contract trading to the Securities and Futures Commission[15][16] - The company received a letter from the Stock Exchange on September 12, 2025, indicating that it failed to meet the resumption guidance and its listing status will be canceled[97] - The last trading date for the company's shares will be September 26, 2025, with the listing status canceled on September 29, 2025[98] - The company will not apply for a review of the decision to cancel its listing status, which will take effect on September 29, 2025[117] Loans and Financial Instruments - The company has a loan of approximately HKD 120 million from its controlling shareholder, with a fixed interest rate of 6.1475%, used to repay USD bonds[89] - As of June 30, 2025, the outstanding loan amount and interest owed by Jaguar Asian Limited is approximately HKD 807.8 million, with an annual interest rate of 12%[105] - The loan is secured by a pledge of 588,720,412 shares of Yihua Holdings Limited, which was delisted from the main board on March 21, 2022[105] - The company has made full impairment provisions for the loan as of December 31, 2020[111] Assets and Receivables - The company’s receivables as of June 30, 2025, amounted to HKD 1,383,000, slightly up from HKD 1,355,000 as of December 31, 2024[71] - The total accounts receivable (excluding securities margin clients) was HKD 1,709,000,000 as of June 30, 2025, with a decrease in impairment from HKD 348,000,000 to HKD 331,000,000[76] - The overdue accounts receivable analysis showed HKD 936,000,000 overdue within 30 days as of June 30, 2025[79] - The company held trust account balances of approximately HKD 17,973,000, which remained stable compared to HKD 17,928,000 as of December 31, 2024[81] Other Information - There were no significant acquisitions, disposals, or investments during the review period[29] - The company has not made any significant investments in fixed assets during the reporting period, with cash outflow for fixed asset purchases recorded as zero[42] - The company has not purchased, sold, or redeemed any of its listed securities during the review period[114] - The company has not disclosed any interests or short positions held by directors or key executives in its shares or related securities as of June 30, 2025[101] - There were no rights granted to directors or their associates to benefit from purchasing the company's shares or securities during the review period[102]

西证国际证券(00812)发布公告，联交所宣布，由2025年9月29日上午9时起，该公司的上市地位将根据 《上市规则》第6.01A(1)条予以取消。 ...

Core Viewpoint - West Securities International (00812) will have its listing status canceled by the Stock Exchange starting from September 29, 2025, at 9:00 AM, in accordance with Listing Rule 6.01A(1) [1] Company Summary - The announcement indicates a significant regulatory action affecting West Securities International, which may impact its operations and investor confidence [1]

Core Point - The listing status of Xizheng International Securities (00812.HK) will be canceled effective from September 29, 2025, at 9:00 AM according to Listing Rule 6.01A(1) [1] Company Summary - Xizheng International Securities has announced the cancellation of its listing status [1]

香港聯合交易所有限公司 (香港交易及結算所有限公司全資附屬公司) THE STOCK EXCHANGE OF HONG KONG LIMITED (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) 通告 關於 西證國際證券股份有限公司 （於百慕達註冊成立之有限公司） （股份代號：812） 取消上市地位 香港聯合交易所有限公司（聯交所）宣布，由 2025 年 9 月 29 日上午 9 時起，西證國際證 券股份有限公司（該公司）的上市地位將根據《上市規則》第 6.01A(1)條予以取消。 聯交所宣布，由 2025 年 9 月 29 日上午 9 時起，該公司的上市地位將根據《上市規則》第 6.01A(1)條予以取消。 該公司的股份自 2024 年 3 月 4 日起已暫停買賣。根據《上市規則》第 6.01A(1)條，若該公 司未能於 2025 年 9 月 3 日或之前復牌，聯交所可將該公司除牌。 該公司未能於 2025 年 9 月 3 日或之前履行聯交所訂下的復牌指引而復牌。於 2025 年 9 月 12 日，上市委員會決定根 ...

Choice金融终端数据显示，2025年以来，港股首次招股公司已达到59家，首次招股募资已达到1436.55亿港元，远超去年全年的877.29亿港元。然而，在新 股发行火热的同时，年内已有20余家公司被联交所取消上市地位，就连西南证券的孙公司也未能幸免。 来源：摄图网 2023年9月15日，联交所上市科作出决定，因西证国际证券未能维持联交所证券上市规则规定的足够营运水平及拥有相当价值的资产以保证其股份继续上 市，除非西证国际证券就该决定申请复核，否则公司股份将于9月27日暂停买卖。 上市科认为，西证国际证券过去5年的主营业务经纪业务及孖展融资业务、企业融资业务规模大幅缩减。截至2022年，西证国际证券的经纪业务及孖展融 资业务的经营已基本停止，其余业务仅以最低规模经营。由于牌照限制，西证国际证券已停止其首次公开发售保荐人业务，且公司债券资本市场业务产生 的收入极低。 同时，上市科表示，西证国际证券入账分部亏损，并已持续亏损多年，截至2023年6月末，公司净负债2670万港元；此外，西证国际证券存在潜在交易相 关不确定因素。 公告显示，2022年，西证国际证券的营业收入为-10204.2万港元，净利润为-241 ...

Group 1 - The latest ranking of fund distribution by securities firms shows a significant concentration effect, with 57 firms entering the top 100, indicating a strong trend of dominance among leading firms [1][2] - The top three firms in fund distribution are CITIC Securities, Huatai Securities, and Guotai Junan, reflecting the consolidation effect in the industry [1][2] - The top ten institutions account for nearly 59% of the total equity fund holdings among the top 100, highlighting the increasing concentration in the fund distribution market [1][2] Group 2 - Since August, Hong Kong-themed ETFs have attracted over 100 billion yuan in net subscriptions, indicating increased investor confidence in the Hong Kong market [3][4] - The technology and innovative pharmaceutical sectors are particularly favored, with significant net inflows into related ETFs, which may enhance the valuation levels of associated companies [3][4] - The large-scale inflow into Hong Kong ETFs is expected to boost market sentiment and inject new vitality into the Hong Kong stock market [3][4] Group 3 - Huatai-PB's Hong Kong subsidiary has received regulatory approval for multiple licenses, marking a significant step in its international expansion [4] - This approval is expected to enhance the company's global asset allocation capabilities and strengthen its competitiveness in international markets [4] - The development may encourage other public funds to accelerate their internationalization efforts, positively impacting the financial sector's openness [4] Group 4 - Southwest Securities announced that its subsidiary, Xizheng International Securities, will lose its listing status due to failure to meet resumption guidelines [5][6] - Although this subsidiary's scale is small and has a low impact on the overall operations of the company, it reflects challenges faced by smaller securities firms in overseas operations [5][6] - The company is proactively planning a transformation of its overseas business, indicating a strategic adjustment in response to market conditions [5][6]

Core Points - Xizheng International Securities Co., Ltd. will have its listing status canceled on the Hong Kong Stock Exchange due to failure to meet the resumption guidelines by the deadline [1] - The last trading date for the company's shares is set for September 26, 2025, with the listing status officially canceled on September 29, 2025, at 9 AM [1] - The company acknowledges the decision of the listing committee and will not seek a review of the decision as per listing rules [1] Summary by Sections - **Company Actions**: The company has made substantial efforts towards resumption but could not complete all required tasks within the stipulated timeframe [1] - **Regulatory Decision**: The listing committee determined that the company did not meet the resumption guidelines by the deadline of September 3, 2025 [1] - **Future Implications**: The cancellation of the listing status indicates significant challenges for the company in maintaining its market presence [1]

Core Points - The Hong Kong Stock Exchange has determined that Xizheng International Securities failed to meet the resumption guidelines by the deadline of September 3, 2025, leading to the decision to cancel the company's listing status [1][4] - The last trading date for Xizheng International Securities shares is set for September 26, 2025, with the cancellation of listing status effective from 9:00 AM on September 29, 2025 [4] - The company has made substantial efforts to advance its resumption but could not complete all resumption guideline tasks within the stipulated time due to objective reasons, and it will not seek a review of the decision [4] Company Overview - Xizheng International Securities is a subsidiary of Southwest Securities, aiming to create a comprehensive investment platform to provide various cross-border financial services [4]

函件中指出，公司股份最后的上市日期将为2025年9月26日，股份的上市地位将于2025年9月29日上午9 时正起取消。 西证国际证券(00812)发布公告，于2025年9月12日，公司收到联交所发出的函件，当中表示联交所上市 委员会认定公司未能于2025年9月3日复牌截止日期前达成复牌指引，并决定根据上市规则第6.01A(1)条 取消公司股份的上市地位(决定)。 公司为推进复牌进行了实质性的工作，但因客观原因未能在规定时间内完成所有复牌指引工作，公司尊 重上市委员会的决定。经考虑公司的事实及情况后，公司将不会根据上市规则申请复核该决定。 ...