Economic Environment - In 2024, Hong Kong's Interbank Offered Rates (HIBOR) rose significantly due to the US Federal Reserve's high-interest-rate policy, increasing mortgage and corporate borrowing costs, which weighed on local economic activities [10]. - The global economic environment in 2024 was characterized by geopolitical tensions, inflationary pressures, and shifts in major central banks' monetary policies, impacting Hong Kong's financial market [10]. - The Hong Kong dollar hovered near the weak-side convertibility undertaking (HKD7.85 per USD), prompting multiple interventions by the Hong Kong Monetary Authority to maintain exchange rate stability [10]. - The outlook for Hong Kong's economy in 2025 indicates steady growth influenced by domestic policies and global economic dynamics, with a focus on maintaining stable monetary policy [57][60]. IPO Market - The IPO market in Hong Kong showed signs of gradual recovery, reflecting renewed investor confidence and a robust pipeline of listings [11]. - The total funds raised in the Hong Kong IPO market reached HK$87.5 billion in 2024, representing an increase of 89% year-on-year [22]. - The IPO market in Hong Kong is anticipated to be robust in 2025, with a diverse range of industries seeking to tap into capital markets [58]. Company Strategy and Growth - The company is committed to accelerating the growth of its insurance brokerage business through dedicated agents, enhancing overall service offerings [14]. - The Group is pursuing investment opportunities in other business segments to augment business agility and broaden revenue sources amid market volatility [15]. - The company aims to strengthen relationships with clients and actively pursue opportunities in corporate financing as it expands its presence in equity markets [11]. - The company acknowledges the importance of business diversification to improve resilience amid market volatility [15]. - The Group's focus on diversification aims to stabilize revenue and reduce dependence on capital markets through the expansion of its property investment segment [32]. - The Group's expansion into property investment and insurance brokerage contributed to diversifying its customer base and stabilizing revenue [25]. Financial Performance - The Group's consolidated revenue for the year ended December 31, 2024, was approximately HK$69.1 million, a decrease of about 6% compared to HK$73.3 million in 2023 [61]. - The consolidated loss attributable to owners of the Company for 2024 was approximately HK$128.4 million, down from approximately HK$287.8 million in 2023 [61]. - The decrease in loss was mainly due to a reduction in impairment loss on accounts receivable by approximately HK$64.8 million and a decrease in net realized and unrealized loss on financial assets held-for-trading by approximately HK$82.7 million [62]. - Revenue from brokerage and financing services was approximately HK$55.4 million, accounting for about 80% of the Group's total revenue, representing a decrease of about 7% from HK$59.7 million in 2023 [67]. - The Group recorded a segment loss of approximately HK$100.8 million, a significant improvement from HK$249.6 million in 2023 [66]. Investment Activities - The company completed the acquisition of Polyton China Limited for HK$18 million, expanding its revenue base through rental income [43]. - The company acquired a 30% equity interest in Hainan Zhongtian Jiahe Industrial Co., Ltd. for approximately HK$10,700 [44]. - The company attempted to acquire 24% equity interest in Zhanhua Jiutai Gas Co., Ltd. for HK$30 million through convertible bonds, but the agreement lapsed due to unmet conditions [37]. - A convertible bonds placing agreement was established for up to HK$84 million, but it also lapsed as conditions were not satisfied by 7 August 2024 [38]. - The Group's total interest income from financing services decreased by about 7% to approximately HK$49.9 million, accounting for about 72% of total revenue [69]. Loan Management - The group conducts a credit risk assessment before granting loans, considering factors such as customer background and collateral value [81]. - The credit committee meets monthly to review customer statuses and discuss necessary actions for loan recovery [89]. - The company will adopt a more cautious approach in the money lending business due to economic challenges, focusing on selective loan approvals [100]. - Total expected credit loss (ECL) allowance increased to HK$225.3 million in 2024, up from HK$171.7 million in 2023 [107]. - The company aims to enhance management of existing loan receivables and strengthen its cash position amid economic uncertainties [100]. Employee and Management - The Group employed a total of 56 employees as of December 31, 2024, down from 74 employees in the previous year, with total salary and staff benefit costs of approximately HK$33.6 million [164]. - Mr. Fu has nearly 40 years of experience in financial management and securities business, having held senior positions in various international financial institutions [190]. - Mr. Wong has over 25 years of management experience in the printing industry and has served as a director for two publicly listed companies in Hong Kong [191]. - Ms. Li has extensive experience in business operations and industry resources in communications, internet technology, and new payment industries [196]. Market Competition - The Hong Kong market faced intensified competition from Singapore, prompting improvements in transparency within its legal and regulatory environment [23]. - The Group's proactive approach to attracting clientele from Mainland China capitalized on the reopening of borders, enhancing its market presence [29]. Asset Management - The Group's management is optimistic about the asset management segment following the reopening of borders, allowing senior members to visit potential clients in China [143]. - The Group's proprietary trading business recorded a loss after tax of approximately HK$50.4 million, compared to a loss of HK$132.4 million in 2023 [154]. - The Group recognized a net loss of approximately HK$44.0 million on trading investments for the year ended December 31, 2024, compared to a loss of approximately HK$126.7 million for the same period in 2023 [149].

Financial Performance - The total revenue from continuing operations for the year ended December 31, 2024, was HKD 69,062,000, a decrease of 5.1% compared to HKD 73,315,000 in 2023[4]. - The annual loss from continuing operations was HKD (127,029,000), significantly improved from HKD (285,392,000) in the previous year, marking a reduction of approximately 55.6%[4]. - The basic loss per share for continuing and discontinued operations was HKD (5.19), an improvement from HKD (12.05) in 2023[4]. - The group's consolidated revenue for the year ended December 31, 2024, was approximately HKD 69,100,000, a decrease of about 6% compared to HKD 73,300,000 for the same period in 2023[19]. - The loss attributable to the company's owners for the year ended December 31, 2024, was approximately HKD 128,400,000, significantly improved from a loss of approximately HKD 287,800,000 in 2023[19]. - The company reported a total loss before tax from continuing operations of HKD 126,908,000 for 2024, compared to a loss of HKD 290,862,000 in 2023, indicating an improvement of approximately 56.4%[91][94]. - The company reported a loss of approximately HKD 42.3 million in brokerage and financing business, an improvement from a loss of HKD 110.5 million in the previous year[50]. - The company recorded a net loss from other income or losses of HKD 47,569,000 for 2024, a decrease from HKD 129,018,000 in 2023, representing a significant improvement[92]. Revenue Sources - The group’s primary revenue source, traditional brokerage and financing services, accounted for approximately 80% of total revenue in 2024[8]. - The group's total revenue from brokerage and financing services was approximately HKD 55,400,000, accounting for 80% of total revenue, down 7% from HKD 59,700,000 in the previous year[22]. - Brokerage commission income and related fees increased by approximately 8% to HKD 4,800,000, representing 7% of total revenue, with average daily trading volume rising by 7% to HKD 6,300,000[23]. - Interest income from brokerage clients was approximately HKD 20,400,000, a 5% increase from HKD 19,500,000 in the previous year, driven by a 39% increase in the average loan portfolio[25]. - The revenue from securities brokerage and related fees was HKD 4,758,000, up 7.8% from HKD 4,414,000 in the previous year[84]. - The asset management segment generated revenue of approximately HKD 2.3 million, with a profit of HKD 600,000, compared to a loss of HKD 600,000 in the previous year[52]. - The corporate finance and advisory services segment reported revenue of approximately HKD 3.8 million and a loss of HKD 4.3 million, compared to revenue of HKD 4.8 million and a loss of HKD 5.8 million in the previous year[51]. Market Conditions - The market sentiment remained cautious, with the Hang Seng Index fluctuating between a low of 14,794 points and a high of 23,241 points throughout the year[6]. - The total amount raised from new IPOs in Hong Kong reached HKD 87.5 billion in 2024, representing a significant year-on-year increase of 89%[6]. - The Hong Kong economy is projected to grow steadily by 2025, supported by stable monetary policies and close monitoring of interest rate trends[17]. - The local financial market is expected to thrive in 2025, with increased interest from various industries seeking to enter the capital market, reflecting a diversified economic landscape[18]. Strategic Initiatives - The group aims to stabilize income through expanding its property investment segment to reduce reliance on capital market risks[9]. - The group actively pursued new customer sources from mainland China following the reopening of borders, enhancing its market expansion strategy[8]. - The company plans to strategically allocate resources to develop its insurance brokerage business, anticipating significant returns in the near future[18]. - The company intends to issue convertible bonds worth up to HKD 30 million, potentially increasing the share capital by approximately 12.13%[14]. - The company completed the acquisition of a residential property in Hong Kong for HKD 18 million, which is expected to enhance the revenue base through rental income[12]. Asset Management and Investments - The group held financial assets valued at approximately HKD 116,400,000 as of December 31, 2024, with a market value decrease of 25% compared to the previous year[9]. - The group reported a net loss of approximately HKD 44,000,000 from investment trading for the year, a significant decrease from HKD 126,700,000 in the previous year[55]. - The group recorded rental income of approximately HKD 280,000 and a post-tax loss of about HKD 4,200,000 from property investments for the year[58]. - The group confirmed a tax expense of approximately HKD 121,000 for the year, compared to a tax credit of HKD 5,500,000 in the previous year[60]. - The group’s total assets decreased by approximately 24% to HKD 349,600,000 from HKD 462,000,000 in the previous year[65]. Credit and Loan Management - The expected credit loss provision increased to HKD 225.3 million in 2024 from HKD 171.7 million in 2023, marking a rise of approximately 31%[35]. - The company provided loans totaling HKD 352.5 million, with 16 loans to individual borrowers and 9 loans to corporate borrowers[42]. - The company recorded expected credit loss impairments of HKD 28.4 million for Stage 2 loans and HKD 26.8 million for Stage 3 loans[39]. - The company plans to adopt a more cautious approach to loan approvals until there is a significant improvement in the economic environment[33]. - The average interest rate charged to clients ranged from 8% to 18% per annum[27]. Corporate Governance - The company maintained compliance with the Corporate Governance Code as per the listing rules, ensuring high standards of corporate governance[108]. - The audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process and internal controls[110]. - The board of directors includes four executive directors and three independent non-executive directors, ensuring a diverse governance structure[116].

Client Portfolio - As of December 31, 2023, there were 25 active clients, including 1 delisted company, 16 businesses, and 8 private companies, with interest rates ranging from 8% to 18% and loan terms between 5.5 to 12 months[3]. - The company’s strategy focuses on high-net-worth clients, allowing it to charge higher interest rates while maintaining lower risk exposure[3]. Lending Strategy - The company has adopted a more cautious approach to its lending business due to significant changes in the post-pandemic economic environment, focusing on strict approval processes for new loans until economic conditions improve[3]. - The company aims to enhance the management of existing receivables and improve cash flow, ensuring a favorable position for future opportunities[3]. - The basic interest rates charged to clients generally start from a standard rate set by the company, with rates ranging from 8% to 18% depending on various risk factors[4]. Loan Security and Impairment - A significant portion of loans is secured by shares of listed companies, with 8 loans being unsecured and 3 secured by real estate and receivables from Hong Kong listed companies[3]. - The company has experienced a notable impairment loss for the year ended December 31, 2023, due to a decline in the value of collateral amid a sluggish stock and real estate market[11]. Loan Monitoring and Recovery - The company has implemented a monitoring and recovery procedure for loans, which includes evaluating repayment capabilities and negotiating terms with borrowers[12]. - The company actively monitors the repayment status of each loan and regularly communicates with clients to emphasize the importance of repayment[13]. - In cases where initial communication attempts fail, the company employs legal advisors to issue formal demand letters outlining the client's obligations and potential legal consequences[14]. - For clients facing financial difficulties, the company is open to negotiating extended repayment terms or adjusting loan conditions[16]. - The company will consider litigation as a last resort after exhausting all other collection methods, given the complexity and costs involved[17]. - The company maintains communication with bankruptcy administrators to monitor asset liquidation progress for clients who have declared bankruptcy[15]. - The company emphasizes the importance of balancing legal costs, the liquidity of collateralized securities, and the client's financial situation before pursuing legal action[17]. Financial Oversight - The company will continue to assess the credit loss model with a more prudent approach, reflecting the ongoing economic challenges and their impact on client repayment capabilities[11]. - The company’s financial supervisor is responsible for executing scale tests to determine if proposed loans trigger any disclosure requirements under listing rules[6]. Governance Structure - The board of directors includes four executive directors and three independent non-executive directors, ensuring a diverse governance structure[19]. Collection Effectiveness - The company has successfully recovered approximately HKD 11,900,000 in loan repayments since January 1, 2024, indicating the effectiveness of its collection efforts[18].

Revenue Performance - For the six months ended June 30, 2024, the Group recorded a decrease in revenue primarily due to a slight drop in brokerage commissions, with traditional brokerage and financing businesses contributing approximately 79% of total revenue compared to 80% in the same period last year[8][9]. - For the six months ended 30 June 2024, the Group's consolidated revenue was approximately HK$36.0 million, a decrease of about 9% compared to approximately HK$39.4 million during the same period in 2023[26][27]. - Revenue from brokerage and financing accounted for 79% of total revenue, amounting to HK$28.6 million, down 9% from HK$31.5 million in the same period last year[29][30]. - Interest income from money lending clients was HK$15.96 million, representing 44% of total revenue, compared to 48% in the previous year[30]. - The total revenue from brokerage and financing businesses was approximately HK$28.6 million, a decrease of about 9% compared to HK$31.5 million for the same period last year, accounting for approximately 79% of the Group's total revenue[33]. - Revenue from corporate finance and other advisory services was approximately HK$2.7 million for the six months ended June 30, 2024, compared to HK$2.3 million for the same period in 2023[79]. - The asset management segment recorded revenue of approximately HK$0.8 million, an increase of 14.3% from HK$0.7 million for the same period in 2023[80][83]. - The insurance brokerage segment generated revenue of approximately HK$2.5 million, up 19% from HK$2.1 million in the previous year[81][84]. - Revenue from the sales and marketing of digital assets was approximately HK$1.3 million, a decrease of 51.9% from HK$2.7 million in the previous year[89]. Financial Losses and Improvements - The Group recorded a consolidated loss of approximately HK$65.9 million for the six months ended 30 June 2024, significantly reduced from a loss of approximately HK$133.7 million for the same period in 2023[26][27]. - The decrease in loss was primarily due to a reduction in net realized and unrealized losses on financial assets held-for-trading by approximately HK$42.3 million compared to the same period last year[27][28]. - The Group's segment loss for brokerage and financing was HK$6.17 million, a significant improvement from a loss of HK$25.57 million in the same period last year[31]. - The brokerage and financing businesses reported an operating loss after tax of approximately HK$6.2 million for the six months ended June 30, 2024, an improvement from a loss of HK$25.6 million in the same period of 2023[75]. - The loss attributable to owners of the Company for the six months ended June 30, 2024, was HK$65,377,000, a significant improvement from a loss of HK$134,059,000 in the same period of 2023, representing a reduction of approximately 51.2%[106]. Asset Management and Investments - The Group's proprietary trading financial assets, primarily in equity securities listed in Hong Kong, were valued at approximately HK$113.8 million, reflecting a 27% decrease in market value compared to December 31, 2023[11]. - The Group held equity securities listed in Hong Kong valued at approximately HK$113.8 million as of June 30, 2024, representing about 22% of the Group's total assets, down from 30% at the end of 2023[85][87]. - The Group disposed of 54,540,000 shares of China Nuclear Energy Technology Corporation for an aggregate consideration of approximately HK$22.79 million during the period from January 10, 2023, to January 15, 2024[12]. - The Group also sold 17,360,000 shares of HG Semiconductor Limited for approximately HK$17.8 million from July 11, 2023, to March 18, 2024[12]. - The Group's investment in 56,216,000 shares of Hao Tian International Construction Investment Group Limited was valued at approximately HK$45.0 million, which is about 9% of the Group's total assets[99]. Human Resources and Cost Management - The Group has restructured its human resources to enhance cost-efficiency, resulting in a decrease in staff costs during the reporting period[8]. - Staff costs decreased by approximately HK$13.1 million for the period ended 30 June 2024 compared to the same period last year[27][28]. - As of June 30, 2024, the Group employed a total of 61 employees, a decrease from 74 employees as of December 31, 2023[95]. - Salaries and staff benefit costs for the first half of 2024 amounted to approximately HK$20.7 million, down from HK$32.5 million in the same period of 2023, reflecting a decrease of approximately HK$13.1 million[95]. Market Conditions and Strategic Focus - Investment sentiment in Hong Kong remained cautious in the first half of 2024, influenced by high interest rates and global uncertainties[5][6]. - The Group aims to optimize resource allocation and explore new business opportunities to drive steady growth amid challenging economic conditions in Hong Kong[25]. - The Group is focusing on opportunities in the natural gas industry, aligning with its long-term strategic goals related to green energy and ESG[25]. - The Group continues to offer local and overseas securities trading, placements, underwriting, and margin financing through VC Brokerage Limited[9]. Impairment and Credit Losses - An additional impairment loss of approximately HK$18.3 million on brokerage client receivables was recorded for the six months ended June 30, 2024, compared to HK$9.8 million for the same period last year[34]. - The loan receivables classified as Stage 2 (Doubtful) amounted to HK$61.2 million as of June 30, 2024, down from HK$93.1 million as of December 31, 2023[69]. - The loan receivables classified as Stage 3 (Default) increased to HK$112.6 million as of June 30, 2024, up from HK$78.5 million as of December 31, 2023[69]. - The percentage of loans and interest receivables from the largest customer and the five largest customers to total loans and interest receivables were about 10% and 40%, respectively[38]. - The aging analysis of accounts receivable shows that as of June 30, 2024, HK$53,293,000 was overdue by more than 90 days, compared to HK$24,785,000 as of December 31, 2023, indicating a significant increase in overdue receivables[172]. Financial Position and Ratios - Total assets as of June 30, 2024, were HK$452,938,000, down from HK$516,560,000 as of December 31, 2023, reflecting a decrease of approximately 12.3%[108]. - Current liabilities decreased to HK$49,509,000 from HK$54,438,000, a reduction of about 9.4%[109]. - Net assets as of June 30, 2024, were HK$447,349,000, down from HK$513,282,000 at the end of 2023, representing a decline of approximately 12.8%[109]. - The Group's gearing ratio as of June 30, 2024, was approximately 7.7%, an increase from 6.0% as of December 31, 2023[98]. - The Group's current ratio was maintained at approximately 9 times as of June 30, 2024, consistent with the ratio as of December 31, 2023[96]. Compliance and Regulatory Matters - The company has maintained compliance with all relevant laws and regulations, with no objections or investigations from the Registrar of Money Lenders or the Commissioner of Police regarding its lending activities[62]. - The Group's financial statements are presented in Hong Kong dollars, which is also the functional currency of the Company[125]. - The Group has applied new amendments to HKFRSs for the first time, including HKAS 1 and HKFRS 16, effective from 1 January 2024, with no material impact on financial performance[127].

Share Options - As of December 31, 2023, the total number of share options available for issuance under the 2018 Share Option Scheme was 170,575,159, which has been terminated as of May 31, 2023[3] - The total number of share options that can be granted in the fiscal year 2023 was 170,100,000, representing 8.18% of the total issued shares of 2,078,601,598 as of January 30, 2023[3] - The number of unexercised share options as of December 31, 2023, was 169,400,000, which accounts for approximately 6.85% of the total issued shares[3] - The new share option plan has an authorized limit of 247,102,304 options, which represents about 9.99% of the total issued shares[3] - The company has not issued any options under the new share option plan as of December 31, 2023[3] - The total number of options granted during the fiscal year was 35,760,000, with a fair value of HKD 0.0660 per option[2] - The company reported that the average weighted number of shares issued as of December 31, 2023, was approximately 9.42% for options granted during the year[3] - The company clarified an error regarding the option grant period, which should be from January 31, 2023, to January 30, 2027[4] - The exercise price for options granted on July 27, 2020, was HKD 0.26, with a fair value of HKD 0.0936 per option[2] - The company has no other share plans apart from the new share option plan as of December 31, 2023[3]

Financial Performance - For the six months ended June 30, 2024, the company's revenue decreased to HKD 36,022,000 from HKD 39,389,000 in the same period last year, representing a decline of approximately 6%[3] - The company reported a loss of HKD 65,941,000 for the period, significantly improved from a loss of HKD 133,708,000 in the previous year, indicating a reduction in losses by about 51%[3] - Basic and diluted loss per share improved to HKD 2.64 from HKD 5.43 year-on-year, reflecting a 51% decrease in loss per share[3] - The group's consolidated revenue for the six months ended June 30, 2024, was approximately HKD 36,000,000, a decrease of about 9% compared to HKD 39,400,000 for the same period in 2023[14] - The group recorded a consolidated loss of approximately HKD 65,900,000 for the six months ended June 30, 2024, significantly reduced from a loss of approximately HKD 133,700,000 in the same period last year[14] - The decrease in loss was primarily due to a reduction in net realized and unrealized losses on financial assets by approximately HKD 42,300,000 compared to the previous year[14] - The group reported a net loss of HKD 65,941 thousand for the six months ended June 30, 2024, compared to a net loss of HKD 133,708 thousand for the same period in 2023, indicating an improvement of approximately 50.7%[49] - The group's basic and diluted loss per share for the six months ended June 30, 2024, was HKD 2.64, compared to HKD 5.43 for the same period in 2023[49] Revenue Sources - Traditional brokerage and financing services remain the primary revenue source, accounting for approximately 79% of total revenue, down from 80% in the previous year[7] - Brokerage and financing business generated total revenue of approximately HKD 28,600,000, representing 79% of the group's total revenue, down 9% from HKD 31,500,000 in the previous year[17] - Interest income from brokerage business clients increased by approximately 10% to HKD 10,300,000, compared to HKD 9,400,000 in the same period last year[21] - Interest income from lending business clients decreased by approximately 15% to HKD 16,000,000, down from HKD 18,700,000 in the previous year[22] - The corporate finance and advisory services generated revenue of approximately HKD 2.7 million, representing an increase from HKD 2.3 million in the same period last year, with a post-tax loss of HKD 1.6 million[29] - The asset management business recorded revenue of approximately HKD 800,000, up from HKD 700,000 year-on-year, with a post-tax loss of HKD 300,000[30] - The insurance brokerage business generated revenue of approximately HKD 2.5 million, an increase from HKD 2.1 million in the previous year, with an operating loss of HKD 200,000[31] - The digital asset sales and promotion segment generated revenue of approximately HKD 1.3 million, down from HKD 2.7 million in the previous year, resulting in a post-tax loss of HKD 1.8 million[34] Asset Management and Investments - The company completed the acquisition of a residential property in Hong Kong in April 2024, which is expected to enhance revenue through rental income and has potential for future value appreciation[10] - The company attempted to raise capital through a share placement of up to 244,200,000 shares at HKD 0.12 per share, but the agreement became invalid due to unmet conditions[11] - A proposed acquisition of a 24% stake in Zhanhua Jiutai Gas Co., Ltd. for HKD 30,000,000 was also invalidated due to unmet conditions[12] - The company has engaged an independent internal control consultant to review the adequacy and effectiveness of its internal control systems related to lending operations[24] - The company aims to balance business operations and risk management to maintain the quality of its loan portfolio[24] - The company is actively negotiating with borrowers to reach settlement agreements or obtain additional collateral to protect its interests[25] Economic Environment and Strategy - The group aims to optimize resource allocation and explore new business and investment opportunities in response to the challenging economic environment in Hong Kong[13] - The group is focusing on opportunities in the natural gas industry, aligning with its long-term business strategy goals related to green energy and environmental responsibility[13] Employee and Operational Costs - The total number of employees decreased to 61 as of June 30, 2024, from 74 at the end of 2023, with a reduction in salary and employee benefits costs by approximately HKD 13.1 million[38] - The company incurred total employee costs of HKD 20,789,000 for the six months ended June 30, 2024, a decrease from HKD 33,927,000 in the same period of 2023[64] Financial Position and Liabilities - The group's total assets as of June 30, 2024, were HKD 456,886 thousand, a decrease from HKD 514,714 thousand as of December 31, 2023[50] - The group's debt-to-equity ratio increased to approximately 7.7% as of June 30, 2024, compared to 6.0% at the end of 2023[44] - The total overdue loans amount to HKD 334.6 million, with HKD 8.7 million due within six months to one year[25] - The expected credit loss rate for receivables ranges from 9% to 100%, with a total impairment of HKD 173.8 million as of June 30, 2024, compared to HKD 171.7 million as of December 31, 2023[28] - The company reported total liabilities of HKD 3,637,000 as of June 30, 2024, an increase of 6.1% from HKD 3,429,000 as of December 31, 2023[79] Compliance and Governance - The company has complied with all relevant laws and regulations, with no objections received regarding the renewal of its moneylender license as of June 30, 2024[26] - The company maintained compliance with the Corporate Governance Code as per the listing rules during the reporting period[86] - The audit committee consists of three independent non-executive directors, ensuring oversight of the financial reporting process and risk management[87] - The board of directors includes four executive directors and three independent non-executive directors, indicating a balanced governance structure[89] Future Outlook - There are no plans for significant investments or capital assets for the upcoming year as of June 30, 2024[47] - The company continues to focus on expanding its financial services, including securities brokerage, asset management, and digital asset promotion[56]

滙盈控股有限公司 2023 年報 Annual Report 本年報採用環保紙印製。 This Annual Report is printed on environmentally friendly paper. CONTENTS 目錄 Corporate Information 公司資料 2 Chairman's Statement 主席報告書 4 Management Discussion and Analysis 管理層討論及分析 7 Biographical Details of Directors and Senior Management 董事及高級管理層之履歷 44 Corporate Governance Report 企業管治報告 51 Directors' Report 董事會報告書 85 Independent Auditor's Report 獨立核數師報告 115 Consolidated Statement of Profit or Loss and Other Comprehensive Income 綜合損益及其他全面收入表 125 Consolidated Statemen ...

Financial Performance - The group's total revenue for the year ended December 31, 2023, was approximately HKD 76,100,000, representing a growth of about 4% compared to HKD 73,300,000 in the same period of 2022[8]. - The group recorded a loss attributable to shareholders of approximately HKD 287,800,000 for the year, compared to a loss of approximately HKD 178,100,000 in 2022[8]. - The group reported a net loss of HKD 288,198,000 for the year ended December 31, 2023, compared to a net loss of HKD 178,092,000 for the previous year, indicating an increase in losses of approximately 62%[122]. - The group recorded a total segment loss of HKD 252,408,000, compared to a loss of HKD 164,362,000 in the previous year[37]. - The group reported a pre-tax loss of HKD 293,597,000, compared to a loss of HKD 178,166,000 in the previous year[37]. Revenue Sources - The group's main revenue sources from traditional brokerage and financing businesses accounted for approximately 79% of total revenue[17]. - The brokerage and financing segment generated revenue of HKD 59,674,000, accounting for 79% of total revenue, down from 87% in the previous year[36]. - The digital asset sales and promotion business achieved a revenue growth of 37%, reaching HKD 2,823,000 compared to HKD 2,062,000 in 2022[36]. - Corporate financing and advisory services generated revenue of approximately HKD 4,800,000 and a post-tax loss of approximately HKD 5,800,000 for the year ended December 31, 2023, compared to revenue of approximately HKD 7,000,000 and a post-tax loss of approximately HKD 3,200,000 in the prior year[84]. - The asset management business recorded revenue of approximately HKD 2,200,000 for the year ended December 31, 2023, with a post-tax loss of approximately HKD 600,000, showing improvement from a loss of HKD 1,700,000 in the previous year[85]. Market Conditions - The Hong Kong stock market experienced a decline of 14% during the reporting year, marking the fourth consecutive year of decline for the Hang Seng Index[24]. - The IPO market in Hong Kong recorded only 73 cases during the reporting year, a decrease of 19% compared to 2022, with total fundraising amounting to HKD 46.3 billion, down 56% from the previous year[24]. - The group anticipates a stabilization in the Hong Kong IPO market in 2024, with an expected 80 companies to list and total fundraising exceeding HKD 100 billion[45]. Business Development and Strategy - The group is actively seeking diversified business development opportunities to expand its business portfolio in response to the negative impact of the local securities market[5]. - The group plans to strategically allocate resources to develop its asset management business, expecting significant returns in the near future[34]. - The group aims to enter the private equity fund sector in 2024 to accelerate the growth of its asset management business[34]. - The group completed the acquisition of Huaying International Asset Management Limited in April 2023, which has started to generate revenue for the asset management business[18]. Impairment and Credit Losses - The group recorded a loss attributable to shareholders for 2023, primarily due to an increase in receivables impairment losses of approximately HKD 127,400,000[36]. - The total expected credit loss provision was HKD 171.7 million as of December 31, 2023, compared to HKD 78.3 million in 2022[73]. - The second stage (doubtful) loans' expected credit loss increased to HKD 93.1 million in 2023 from HKD 21.7 million in 2022[73]. - The third stage (default) loans' expected credit loss rose to HKD 78.5 million in 2023 from HKD 56.1 million in 2022[73]. - The group incurred an additional impairment loss of approximately HKD 43,400,000 on receivables from brokerage business clients, significantly higher than HKD 1,100,000 in the previous year[39]. Employee and Administrative Costs - Employee costs for the year amounted to HKD 57,417,000, up from HKD 43,062,000 in the previous year, reflecting an increase of approximately 33%[121]. - Unallocated administrative costs were approximately HKD 38,300,000 for the year ended December 31, 2023, an increase of approximately HKD 14,900,000 from HKD 23,400,000 in the prior year[101]. - The total number of employees increased to 74 as of December 31, 2023, from 72 a year earlier, with 64 employees based in Hong Kong and 10 in China[115]. Assets and Liabilities - The group’s total assets, excluding client independent accounts, decreased by approximately 31% to HKD 513,300,000 as of December 31, 2023, from HKD 747,700,000 a year earlier[126]. - The group’s net assets as of December 31, 2023, amount to HKD 513,282,000, down from HKD 747,650,000 as of December 31, 2022[138]. - The group held trading financial assets valued at approximately HKD 155,100,000, representing a 48% decrease in market value compared to the previous year due to poor stock market performance[26]. - The group’s current ratio remained at approximately 9 times as of December 31, 2023[118]. - As of December 31, 2023, the company's debt-to-equity ratio is approximately 6%, up from 5% as of December 31, 2022[129]. Shareholder Information - The group successfully completed a placement of 300,000,000 new shares at an issue price of HKD 0.12 per share, raising a total of HKD 36,000,000[30]. - The company reported a loss per share, with no dividends proposed for the year ending December 31, 2023[173][175]. - The company does not recommend the distribution of a final dividend for the year ended December 31, 2023, compared to no dividend in 2022[193]. Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has complied with the Corporate Governance Code as per the listing rules[200]. - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year ended December 31, 2023[132].

滙盈控股有限公司 2023 中期報告 Interim Report CONTENTS 目錄 2 Corporate Information 公司資料 4 Management Discussion and Analysis 管理層討論及分析 27 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income 簡明綜合損益及其他全面收入表 29 Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 31 Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 33 Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 34 Notes to the Condensed Consolidated Financial Statements 簡明綜合財務報表附註 64 Other Information 其他資料 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公佈全部或 任何部分內容而產生或因倚賴該等內容而引起之任何損失承擔任何責任。 滙 盈 控 股 有 限 公 司 （於香港註冊成立之有限公司） 網址：http://www.vcgroup.com.hk （股票代號：821） 澄清公佈 有關 截至二零二三年六月三十日止六個月之 中期業績公佈 謹此提述滙盈控股有限公司（「本公司」）日期為二零二三年八月三十一日之截至二 零二三年六月三十日止六個月中期業績公佈（「中期業績公佈」）。本公佈所用詞彙 與中期業績公佈所界定者具有相同涵義。 董事會謹此澄清，因無心之失導致中期業績公佈出現以下錯誤： (i) 於中期業績公佈第1頁及第18頁，截至二零二三年六月三十日止六個月之每 股基本及攤薄虧損（港仙）應為(5.82)，而非(5.43)；及 (ii) 於中期業績公佈第28頁，「就計算每股基本虧損所用之普通股加權平均數」及 「就計算每股攤薄虧損所用之普通股加權平均數」應為2,304,709,379，而非 2,471,023,040。 ...