Group 1 - The core viewpoint of the articles highlights the recent performance and financial results of Shengyuan Holdings, indicating a significant increase in revenue and net profit, while also noting its stock performance relative to the Hang Seng Index [1][2]. - As of May 27, the Hang Seng Index rose by 0.43% to 23,381.99 points, while Shengyuan Holdings' stock price increased by 22.22% to HKD 0.22 per share, with a trading volume of 239,000 shares and a turnover of HKD 50,400 [1]. - Over the past month, Shengyuan Holdings has seen a cumulative increase of 9.76%, but it has a year-to-date decline of 23.08%, underperforming the Hang Seng Index by 16.06% [1]. Group 2 - Financial data shows that Shengyuan Holdings achieved total revenue of HKD 47.254 million for the year ending December 31, 2024, representing a year-on-year growth of 15,423.72%, and a net profit attributable to shareholders of HKD 29.528 million, up 214.83% [1]. - The company's debt-to-asset ratio stands at 20.55%, indicating a relatively low level of leverage [1]. - Currently, there are no institutional investment ratings for Shengyuan Holdings, and its price-to-earnings (P/E) ratio is 4.98, ranking 9th in the financial sector, where the average P/E ratio is 22.82 [1].

Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue increased to approximately HKD 26,300,000, a 246% increase from HKD 7,600,000 for the fiscal year ending December 31, 2023[8] - The net profit for the fiscal year ending December 31, 2024, was approximately HKD 31,900,000, compared to a loss of HKD 27,800,000 for the previous year[8] - The securities brokerage and financial services segment reported a revenue increase of 209% to approximately HKD 13,600,000, up from HKD 4,400,000 in the previous year[12] - The asset management segment recorded a revenue increase of approximately 317% to HKD 12,500,000, compared to HKD 3,000,000 in the previous year[14] - The self-trading business segment achieved a profit of approximately HKD 23,700,000, recovering from a loss of HKD 11,200,000 in the previous year[15] - The trade finance segment recorded a profit of approximately HKD 200,000, an increase from HKD 100,000 in the previous year[16] - The significant revenue growth was attributed to successful execution of financial advisory and custody service agreements established in November 2023[8] Asset Management and Client Accounts - The total assets managed by the asset management division decreased by approximately 100% to about HKD 170,000, down from HKD 662,000,000 in the previous year[14] - The group maintained 775 client accounts in the securities brokerage segment, an increase from 765 accounts in the previous year[10] - The decrease in client trust bank accounts was approximately 50.9%, from HKD 45,400,000 to HKD 22,300,000[10] Cash and Current Assets - As of December 31, 2024, the company's cash and bank balances were approximately HKD 44 million, a decrease of about 6.8% from HKD 47.2 million in 2023[22] - The company's trust and independent account balances were approximately HKD 22.3 million, down about 50.9% from HKD 45.4 million in 2023[22] - Accounts receivable and other receivables decreased by approximately 77.4% to HKD 6.5 million from HKD 28.8 million in 2023, primarily due to customer repayments[22] - The company's total current assets and current liabilities as of December 31, 2024, were approximately HKD 143.3 million and HKD 29.2 million, respectively, compared to HKD 138 million and HKD 55.7 million in 2023[22] Strategic Plans and Business Development - The company plans to enhance its securities brokerage business by focusing on debt and equity capital market transactions to increase underwriting revenue[20] - The asset management division aims to establish more diverse funds and develop innovative financial products to expand its client base, particularly targeting high-net-worth individuals and professional investors[20] - The company is actively exploring the resumption of proprietary trading to diversify revenue sources and enhance overall profitability[20] Corporate Governance - The board consists of two executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2024[37] - The company held a total of 6 board meetings during the year ending December 31, 2024, with attendance rates for directors ranging from 4/6 to 6/6[39] - The board is responsible for formulating the group's strategies and policies, approving annual budgets and business plans, and overseeing daily operations[39] - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance by all directors throughout the year[36] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance accountability and transparency[35] - The independent non-executive directors represent over one-third of the board, ensuring robust independence in decision-making[38] - The company has established various committees, including the remuneration committee, nomination committee, and audit committee, to delegate specific responsibilities[41] - The board retains decision-making authority on all significant matters affecting the group, including strategy discussions and financial performance reviews[42] - The company has complied with the corporate governance code throughout the reporting period, ensuring adherence to principles and provisions[35] - The board has a balanced distribution of executive and non-executive directors, promoting independent and objective decision-making for the best interests of the company and its shareholders[38] Diversity and Employee Engagement - As of December 31, 2024, the company has a gender diversity ratio of 71% male employees and 29% female employees[58] - The company has established a Nomination Committee to evaluate the structure and composition of the board, ensuring compliance with diversity policies[57] - The Nomination Committee held one meeting during the fiscal year ending December 31, 2024, with all members present[54] - The company has a Compensation Committee consisting of three independent non-executive directors, which held one meeting during the fiscal year[48] - All directors participated in continuous professional development to enhance their knowledge and skills, with training records submitted for the fiscal year ending December 31, 2024[44] - The board currently consists of six members, including two executive directors and three independent non-executive directors, with a commitment to maintaining female representation[52] - The company has adopted a diversity policy aimed at ensuring the board possesses the necessary skills and diverse perspectives[52] Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report highlights the company's commitment to sustainable development and the integration of ESG principles into its business strategy[89] - An ESG working group has been established to collect relevant data and report on the company's ESG performance at least annually[90] - The report covers the company's operations in Hong Kong, including securities brokerage, asset management, and trading services[91] - The company plans to expand the scope of disclosures as its data collection systems mature and sustainable development efforts deepen[92] - The company achieved a significant reduction in greenhouse gas emissions, with total emissions decreasing from 48.45 tons of CO2 equivalent in 2023 to 16.96 tons in 2024, representing a reduction of approximately 65.0%[106] - The greenhouse gas emissions intensity per employee decreased from 2.56 tons of CO2 equivalent in 2023 to 1.00 ton in 2024, indicating a reduction of about 61.0%[106] - The company has implemented policies to promote environmental management practices, focusing on waste reduction, reuse, recycling, and alternative use[103] - The company has not identified any significant violations of environmental regulations during the reporting period, ensuring compliance with relevant laws[103] Employee Training and Development - The total percentage of employees trained in 2024 is approximately 47%, down from 53% in 2023[148] - The average training hours per employee in 2024 is approximately 5.91 hours, compared to 8.34 hours in 2023[148] - The percentage of male employees trained in 2024 is 86%, an increase from 80% in 2023, while female employees trained decreased to 14% from 20%[148] - 100% of the management team, including directors, received training in 2024, with an average training hour of 14.36[148] Compliance and Risk Management - The company has established comprehensive policies and procedures for anti-money laundering and "Know Your Customer" compliance[168] - The company has designed suspicious transaction monitoring models to improve the identification of potential money laundering activities[168] - The company will regularly review its preventive measures and reporting procedures to ensure their effectiveness[170] - The company is focusing resources on strengthening its core business operations and ensuring full compliance with regulatory requirements, which temporarily limits its ability to engage in community investment projects in 2024[171] Shareholder Relations - The company encourages shareholder participation in annual general meetings, providing at least 20 business days' notice for such meetings[82] - All resolutions presented at the annual general meeting held on May 31, 2024, were passed successfully[84] - The company has adopted a shareholder communication policy to enhance investor relations and ensure timely disclosure of information[84] Major Shareholders and Ownership - As of December 31, 2024, the major shareholder, Original Silver Holdings Limited, holds 601,100,000 shares, representing 68.15% of the company's issued share capital[200] - Original Silver Holdings Limited also has an interest in 1,917,000 shares (0.22%) through its wholly-owned subsidiary, Original Silver International Limited[200] - There are no significant contracts between any member of the group and any controlling shareholder or its subsidiaries as of December 31, 2024[196] - No directors or related entities have significant interests in any major transactions, arrangements, or contracts as of December 31, 2024[194]

Financial Performance - The total revenue for the year ended December 31, 2024, was HKD 26,292,000, representing a significant increase from HKD 7,594,000 in the previous year, marking a growth of approximately 246%[3] - The net profit for the year was HKD 31,886,000, compared to a net loss of HKD 27,768,000 in the previous year, indicating a turnaround in profitability[3] - The company reported a total comprehensive income of HKD 31,888,000 for the year, compared to a comprehensive loss of HKD 27,765,000 in the previous year[3] - The basic and diluted earnings per share for the year were HKD 3.62, recovering from a loss of HKD 4.00 per share in the previous year[3] - The operating profit for the fiscal year 2024 was HKD 49,819,000, compared to a loss of HKD 9,470,000 in 2023, indicating a turnaround in performance[21] - The company reported a net provision for impairment losses of HKD 13,492,000 for accounts receivable in 2024, down from HKD 15,958,000 in 2023[44] Assets and Liabilities - Total assets as of December 31, 2024, amounted to HKD 143,332,000, a slight increase from HKD 137,973,000 in the previous year[4] - The company's equity increased to HKD 116,586,000 from HKD 84,698,000, indicating a strengthening of the financial position[6] - The total liabilities decreased to HKD 30,160,000 in 2024 from HKD 58,348,000 in 2023, showing improved financial health[21] - Current liabilities decreased to HKD 29,162,000 from HKD 55,717,000, reflecting improved liquidity management[6] - The total assets for the reportable segments amounted to HKD 41,950,000 in 2024, compared to HKD 87,997,000 in 2023, showing a decrease of approximately 52%[17][18] Revenue Segments - Total revenue for the reporting segments reached HKD 32,577,000 in 2024, a significant increase from HKD 7,598,000 in 2023, reflecting a growth of approximately 328%[17] - The revenue from external customers for fees and commissions was HKD 26,120,000 in 2024, compared to HKD 7,090,000 in 2023, indicating an increase of about 268%[17][18] - The net profit from the securities brokerage and financial services segment was HKD 12,841,000 in 2024, a recovery from a loss of HKD 3,009,000 in 2023[17][18] - The corporate finance service revenue surged to HKD 8,000,000 in 2024 from HKD 600,000 in 2023, marking a growth of 1233%[26] - The asset management services revenue rose to HKD 12,471,000 in 2024 from HKD 2,959,000 in 2023, an increase of 321%[26] Cash and Financial Management - The company has maintained a cash and cash equivalents balance of HKD 44,043,000, down from HKD 47,166,000 in the previous year[4] - The group maintained cash and bank balances of approximately HKD 44,000,000 as of December 31, 2024, a decrease of about 6.8% from HKD 47,200,000 in 2023[70] - Financing costs for 2024 were HK$204,000, significantly lower than HK$3,831,000 in 2023[36] - Employee costs decreased to HK$7,792,000 in 2024 from HK$10,929,000 in 2023[37] Corporate Governance and Compliance - The company has established a nomination committee in accordance with listing rules, consisting of the chairman and two independent non-executive directors[84] - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance accountability and transparency[86] - The company has adopted the standard code of conduct for securities trading by directors, confirming compliance throughout the reporting period[87] Future Plans and Strategies - The company plans to continue expanding its financial services and asset management offerings in the upcoming year[8] - The company plans to continue its market expansion and product development strategies in the upcoming fiscal years[15] - The group plans to enhance its securities brokerage business by focusing on debt capital markets and equity capital market transactions to increase underwriting revenue[67] - The group aims to establish more diverse types of funds and develop innovative financial products to expand its client base, particularly targeting high-net-worth individuals and professional investors[67] Other Financial Information - The company did not declare any dividends for the years ending 2024 and 2023[40] - The company does not recommend any dividend payment for the year ending December 31, 2024, consistent with the previous year[61] - Other income for the year 2024 amounted to HK$4,011,000, a decrease from HK$4,933,000 in 2023[35] - The total income tax expense for 2024 was HK$3,842,000, compared to HK$307,000 in 2023[39] - The company reported a financial asset impairment loss reversal of HKD 5,044,000 in 2024, compared to a loss of HKD 483,000 in 2023[17][18]

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 14,410,000, compared to HKD 3,673,000 for the same period in 2023, representing a significant increase [29]. - The net profit for the period was HKD 29,803,000, a turnaround from a loss of HKD 17,688,000 in the previous year [29]. - Total comprehensive income for the period amounted to HKD 29,806,000, compared to a loss of HKD 17,685,000 in the prior year [29]. - The company reported a basic earnings per share of HKD 3.38, compared to a loss per share of HKD 3.51 in the previous year [29]. - The reported segment performance showed a profit of HKD 35,640,000 for the six months ended June 30, 2024, compared to a loss of HKD 7,876,000 in the previous year [53]. - The company reported a pre-tax profit of HKD 30,384,000 for the six months ended June 30, 2024, a turnaround from a pre-tax loss of HKD 17,688,000 in the previous year [53]. - Other income, including fair value changes of debt instruments, amounted to HKD 15,051,000 for the six months ended June 30, 2024, compared to a loss of HKD 3,998,000 in the same period last year [56]. - Interest income from banks and other sources was HKD 4,085,000 for the six months ended June 30, 2024, an increase from HKD 3,256,000 in the previous year [57]. - Basic earnings per share for the six months ended June 30, 2024, were approximately HKD 29,803,000, compared to a loss of HKD 17,688,000 for the same period in 2023 [68]. Assets and Liabilities - Total assets as of June 30, 2024, were HKD 818,080,000, compared to HKD 137,973,000 as of December 31, 2023 [30]. - The total equity increased to HKD 114,504,000 from HKD 84,698,000 at the end of 2023 [31]. - The company experienced a significant increase in accounts payable and other payables, totaling 650,737 thousand HKD [35]. - The total assets for the reportable segments as of June 30, 2024, amounted to HKD 729,885,000, while total liabilities were HKD 738,443,000 [48]. - As of June 30, 2024, the company's total liabilities included a convertible bond liability with an actual interest cost of HKD 3,612,000 in the previous year [64]. - The balance of trade and other receivables, prepayments, and trust bank balances held on behalf of clients was approximately HKD 715.7 million, up from HKD 73.7 million as of December 31, 2023 [103]. Cash Flow - For the six months ending June 30, 2024, the operating cash flow before tax was 30,384 thousand HKD, with a net cash from operating activities of 20,462 thousand HKD [35]. - The company generated cash inflow from investment activities amounting to 21,825 thousand HKD during the same period [36]. - The net increase in cash and cash equivalents for the six months ending June 30, 2024, was 41,414 thousand HKD, bringing the total cash and cash equivalents to 88,583 thousand HKD [36]. - As of June 30, 2024, the group's cash and bank balances amounted to approximately HKD 88.6 million, an increase of about HKD 41.4 million from HKD 47.2 million as of December 31, 2023 [103]. Business Operations - The company is primarily engaged in providing securities brokerage and financial services, asset management services, and proprietary trading [38]. - The company plans to continue expanding its market presence and investing in new technologies [29]. - The company plans to continue expanding its asset management and financial services to leverage the growing market demand [47]. - The company plans to expand its business in the Greater Bay Area, focusing on cross-border investment and business expansion opportunities [102]. - The company aims to enhance its fund management and discretionary account services while expanding its financial advisory and margin financing services [102]. Employee and Management - Employee costs for the six months ended June 30, 2024, totaled HKD 4,284,000, a decrease from HKD 5,617,000 in the previous year [64]. - The company reported a total compensation for key management personnel of HKD 858,000 for the six months ended June 30, 2024, down from HKD 904,000 in the same period of 2023 [87]. - The group employed 19 staff members as of June 30, 2024, with compensation policies maintained at market levels [110]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance accountability and transparency [121]. - The board of directors consists of executive directors Mr. Zhou Quan and Mr. Zhao Yun, non-executive director Mr. Huang Shuanggang, and independent non-executive directors Mr. Zhang Jingfan, Ms. Huang Qin, and Mr. Guo Yaoli [123]. - The company has adopted the standard code of conduct for securities transactions by directors as per the listing rules, ensuring compliance among all directors during the reporting period [122]. Market Conditions - The number of new listings in Hong Kong decreased by 9% in the first half of 2024, with 30 new companies listed compared to the same period in 2023 [102].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 14,410,000, compared to HKD 3,673,000 for the same period in 2023, representing an increase of 292%[1] - Other income for the same period was HKD 4,085,000, up from HKD 3,256,000 in 2023, indicating a growth of 25.4%[1] - The net profit for the six months ended June 30, 2024, was HKD 29,803,000, compared to a loss of HKD 17,688,000 in 2023, marking a significant turnaround[1] - Total comprehensive income for the period was HKD 29,806,000, compared to a loss of HKD 17,685,000 in the previous year[2] - Basic and diluted earnings per share for the period were HKD 3.38, compared to a loss of HKD 3.51 per share in 2023[2] - The group reported a profit before tax of HKD 30,384,000 for the six months ended June 30, 2024, compared to a loss of HKD 17,688,000 in the same period of 2023[11] - For the six months ended June 30, 2024, the company reported a profit attributable to shareholders of approximately HKD 29,803,000, compared to a loss of approximately HKD 17,688,000 for the same period in 2023[25] - The proprietary trading segment recorded a profit of approximately HKD 19.8 million for the six months ended June 30, 2024, compared to a loss of HKD 2.8 million for the same period in 2023[44] - The trade finance segment reported a profit of approximately HKD 0.3 million for the six months ended June 30, 2024, recovering from a loss of approximately HKD 6,000 for the same period in 2023[45] Assets and Liabilities - Current assets as of June 30, 2024, totaled HKD 818,080,000, a significant increase from HKD 137,973,000 as of December 31, 2023[3] - Current liabilities increased to HKD 705,934,000 from HKD 55,717,000, indicating a substantial rise in obligations[3] - The net current asset position improved to HKD 112,146,000 from HKD 82,256,000[3] - Non-current assets decreased to HKD 4,230,000 from HKD 5,073,000, reflecting a reduction in long-term investments[3] - The group's total assets as of June 30, 2024, were HKD 729,885,000, while total liabilities were HKD 738,443,000[8] - The total amount payable to Shengyuan Capital Investment includes USD 2,812,500 (approximately HKD 21,825,000) and USD 370,300 (approximately HKD 2,874,000)[15] - The group's current assets and current liabilities as of June 30, 2024, were approximately HKD 818.1 million and HKD 705.9 million, respectively, compared to HKD 138 million and HKD 55.7 million as of December 31, 2023[50] - The net asset value of the group as of June 30, 2024, was approximately HKD 114.5 million, an increase from HKD 84.7 million as of December 31, 2023[50] Income and Expenses - The group recognized a fair value gain of HKD 14,901,000 on debt instruments held at fair value through profit or loss for the six months ended June 30, 2024[13] - Interest income from debt instruments held at fair value amounted to HKD 2,425,000 for the six months ended June 30, 2024, compared to HKD 1,213,000 in 2023[14] - The group incurred financing costs of HKD 114,000 for the six months ended June 30, 2024, down from HKD 3,720,000 in the same period of 2023[11] - The fair value loss on debt instruments held was approximately HKD 4,499 thousand as of June 30, 2024, with a fair value gain of approximately HKD 14,901 thousand recognized in other income and losses for the six months[35] Corporate Governance and Compliance - The company is committed to maintaining high levels of corporate governance to safeguard shareholder interests and enhance accountability and transparency[65] - The board of directors consists of executive directors Zhou Quan and Zhao Yun, along with non-executive directors Huang Shuang, Zhang Jingfan, and independent non-executive directors Huang Qin and Guo Yaoli[67] - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance by all directors[66] Business Operations and Strategy - The company plans to expand its business in the Greater Bay Area, focusing on cross-border investment and partnerships to enhance financial service quality[47] - The Hong Kong financial market remains under pressure, with a 9% decrease in new listings, totaling 30 new companies in the first half of 2024[46] - The group has not implemented any foreign currency hedging policies but will closely monitor exchange rate fluctuations to mitigate risks[51] - The group maintains a conservative cash management and investment strategy for unallocated funds, primarily holding cash and cash equivalents in HKD, USD, and RMB[53] Employee and Staffing - The group employed 19 employees as of June 30, 2024, with compensation policies reviewed annually by management[56] - Sheng Yuan Capital employed 4 staff members, with 2 licensed as responsible officers under the Securities and Futures Ordinance for regulated activities[41] Customer Accounts and Receivables - As of June 30, 2024, Sheng Yuan Securities maintained 202 customer accounts, a decrease from 215 accounts as of June 30, 2023, due to natural attrition[41] - Customer trust bank accounts held approximately HKD 702 million, an increase from HKD 45.4 million as of December 31, 2023, primarily due to significant fund deposits for investment purposes[41] - The company reported total receivables of HKD 16,585 thousand as of June 30, 2024, compared to HKD 17,030 thousand as of December 31, 2023[33] - The overdue receivables exceeding 365 days increased to HKD 5,248 thousand as of June 30, 2024, from HKD 15,623 thousand as of December 31, 2023[33] Dividends and Share Capital - The company did not recommend the distribution of any dividends for the six months ended June 30, 2024[24] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with no dividend declared for the same period in 2023[39] - The company’s issued and fully paid shares remained at 881,970,541 as of June 30, 2024, unchanged from January 1, 2024[37] Significant Events and Changes - There were no significant events related to the group occurring after June 30, 2024, up to the date of the publication of the interim condensed consolidated financial statements[38] - No significant acquisitions or disposals of subsidiaries, joint ventures, or associates occurred during the six months ended June 30, 2024[48] - The group has not entered into or renewed any lease agreements as of June 30, 2024[28] - The company did not purchase or sell any properties, plants, or equipment during the six months ended June 30, 2024[26]

Financial Performance - For the year ended December 31, 2023, the group's revenue decreased to approximately HKD 7,600,000, a decline of 84.4% compared to approximately HKD 48,700,000 for the year ended December 31, 2022[7]. - The loss for the year ended December 31, 2023, was approximately HKD 27,800,000, compared to a loss of approximately HKD 5,800,000 for the year ended December 31, 2022[7]. - The total revenue of Sheng Yuan Financial Services Group Limited decreased by approximately 84.9% to about HKD 7,300,000 for the year ended December 31, 2023, down from HKD 48,500,000 in 2022[11]. - The securities brokerage and financial services revenue decreased by 84.9% to approximately HKD 4,400,000 for the year ended December 31, 2023, compared to HKD 27,700,000 in 2022, resulting in a segment loss of approximately HKD 3,000,000[11]. - The asset management segment recorded revenue of approximately HKD 3,000,000 for the year ended December 31, 2023, a decrease of approximately 85.6% from HKD 20,800,000 in 2022[15]. - The proprietary trading segment incurred a loss of approximately HKD 11.2 million for the year ended December 31, 2023, compared to a loss of approximately HKD 2,000,000 in 2022[16]. - The trade finance segment recorded a profit of approximately HKD 110,000 for the year ended December 31, 2023, down from a profit of approximately HKD 140,000 in 2022[17]. - The company's cash and bank balances decreased by approximately 41% to HKD 47.1 million as of December 31, 2023, compared to HKD 79.9 million in 2022[22]. - The company recorded a net asset value of approximately HKD 84.7 million as of December 31, 2023, compared to a net liability of HKD 37.2 million in 2022[22]. - The group reported a loss for the year ending December 31, 2023, with detailed financial status available in the audited financial statements[192]. Client and Account Management - The number of client accounts at Sheng Yuan Securities increased to 765 as of December 31, 2023, compared to 723 accounts as of December 31, 2022[9]. - Client trust bank accounts decreased to approximately HKD 45,400,000 as of December 31, 2023, a reduction of 45% from HKD 82,400,000 as of December 31, 2022, primarily due to client withdrawals[9]. - Accounts receivable and other receivables increased by approximately 60% to HKD 28.2 million, up from HKD 18 million in 2022, primarily due to increased trade financing[22]. - The top five customers accounted for approximately 63% of the total revenue, with the largest customer representing about 30% of total revenue[195]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance accountability and transparency[40]. - The independent non-executive directors represent more than one-third of the board, ensuring robust independence in decision-making[43]. - The company has adopted the standard code of conduct for securities trading by directors, ensuring compliance throughout the year[41]. - The board is responsible for formulating the group's strategy and policies, approving annual budgets, and overseeing daily operations[44]. - The company has established various committees, including the remuneration committee, nomination committee, and audit committee, to delegate specific responsibilities[45]. - The company has complied with the Corporate Governance Code as outlined in the Hong Kong Stock Exchange Listing Rules throughout the reporting period[40]. - The board retains decision-making authority on all significant matters of the group, including corporate governance policies and compliance with legal regulations[46]. - The company has established effective mechanisms to support an independent board, ensuring access to independent opinions and advice[61]. Board Composition and Meetings - The board of directors consists of two executive directors, one non-executive director, and three independent non-executive directors as of December 31, 2023[42]. - The company held a total of 6 board meetings during the year, with attendance rates for executive directors ranging from 83.33% to 100%[44]. - The remuneration committee held two meetings during the year, with all members attending both[51][52]. - The nomination committee also held two meetings, focusing on the composition and diversity of the board[57][58]. - The board currently consists of six members, including two executive directors and three independent non-executive directors, with one female director[56]. - The company has adopted a board diversity policy to ensure a range of skills and experiences among board members[56]. - Continuous professional development training was provided to all directors, with records submitted for the fiscal year ending December 31, 2023[48][49]. Employee Management and Culture - The company emphasizes a healthy work-life balance, organizing activities such as birthday celebrations and volunteer work for employees[150]. - The company has implemented safety policies to prevent accidents and ensure a safe working environment, with no reported work-related injuries or fatalities in the past three years[151]. - The company provides comprehensive medical coverage for all employees, including medical and dental benefits[153]. - Regular employee satisfaction surveys are conducted biannually to gather feedback on various aspects of the workplace[144]. - The company has a zero-tolerance policy towards any form of discrimination or harassment in the workplace[145]. - Employee training programs are regularly offered to enhance skills and knowledge, with management responsible for evaluating the effectiveness of these programs[156]. - The company is committed to fostering a diverse and inclusive work culture, ensuring equal opportunities for all employees[145]. - In 2023, the percentage of employees receiving training increased to 53% from 35% in 2022, with an average training duration of 8.34 hours per employee, up from 7.11 hours in 2022[158]. Environmental, Social, and Governance (ESG) Initiatives - The group has established an Environmental, Social, and Governance (ESG) working group responsible for collecting relevant data and reporting to the board at least annually[94]. - The report is prepared in accordance with the ESG Reporting Guidelines set by the Hong Kong Stock Exchange[99]. - Stakeholder engagement is prioritized, with communication channels established for shareholders, customers, employees, suppliers, government, and the community[105]. - The group has identified key ESG issues through assessments involving management and employees, continuing to apply previous assessment results due to no significant business changes[108]. - Key ESG issues include waste management, emissions control, energy management, and employee health management, with varying degrees of importance[109]. - The total greenhouse gas emissions for 2023 were 48.56 tons of CO2 equivalent, a decrease from 63.15 tons in 2022, representing a reduction of approximately 23.2%[117]. - The total amount of non-hazardous waste generated in 2023 was approximately 0.26 tons, down from 0.31 tons in 2022, reflecting a reduction of about 16.1%[123]. - The company has implemented various waste management measures, including promoting reusable office supplies and rechargeable batteries[121]. Compliance and Risk Management - The company has established high security and confidentiality standards to protect personal data, adhering to relevant privacy regulations[168]. - The company has implemented a reporting mechanism for whistleblowers, ensuring confidentiality and protection against unfair treatment[175]. - The company strictly adheres to the Prevention of Bribery Ordinance and has not encountered any significant violations related to bribery, extortion, fraud, or money laundering during the reporting period[172]. - The company has appointed a designated employee as the Anti-Money Laundering Reporting Officer to oversee compliance and investigations related to money laundering issues[176]. - The company has developed a comprehensive review plan for KYC and anti-money laundering matters, ensuring compliance with all regulatory requirements[176]. - The company has implemented monitoring and reporting mechanisms for large and suspicious transactions to enhance its ability to identify potential money laundering risks[176]. Community Engagement and Social Responsibility - The company encourages employees to contribute to recognized charities and supports community welfare initiatives as part of its corporate social responsibility[180]. - The company focuses on community investment in areas such as education, health, and culture[192].

Financial Performance - For the year ended December 31, 2023, the total revenue was HKD 7,594,000, a decrease of 84.4% compared to HKD 48,657,000 in 2022[3] - The net loss for the year was HKD 27,768,000, compared to a net loss of HKD 5,802,000 in the previous year, representing an increase in loss of 378.5%[3] - The total comprehensive loss for the year was HKD 27,765,000, compared to HKD 5,848,000 in 2022, indicating a significant decline in overall financial performance[3] - The company reported a significant increase in provisions for receivables, with net provisions rising to HKD 483,000 from HKD 14,521,000, indicating a deterioration in receivables management[3] - The company reported a pre-tax loss of HKD 27,461 million for 2023, compared to a loss of HKD 3,681 million in 2022[24] - The company reported a significant increase in expected loss provisions, totaling HKD 15,826,000 for 2023 compared to HKD 18,053,000 for 2022[49] - The company incurred a net loss of HKD 5,802,000 for the year ended December 31, 2022, with a basic and diluted loss per share of HKD 1.52[17] - The company reported a loss provision of HKD 3,259 million for accounts receivable in 2023, compared to a provision of HKD 5,486 million in 2022[22] - The company recognized a net interest margin of HKD 1,637,000 from debt instruments in 2023, compared to HKD 1,785,000 in 2022[36] - The company’s basic loss per share for 2023 was calculated based on an average of 694,299,308 shares, compared to 381,970,541 shares in 2022[43] Assets and Liabilities - The company's current assets decreased to HKD 137,973,000 from HKD 198,709,000 in 2022, a reduction of 30.5%[4] - The total liabilities increased to HKD 55,717,000 from HKD 251,844,000 in the previous year, reflecting a decrease in financial obligations[6] - The total assets for the reportable segments decreased to HKD 87,997 million in 2023 from HKD 124,439 million in 2022[27] - The total liabilities for the reportable segments also decreased to HKD 48,411 million in 2023 from HKD 90,504 million in 2022[27] - The asset-liability ratio as of December 31, 2023, was approximately 0%, a significant improvement from 70% in 2022[73] - The company’s total liabilities related to lease obligations decreased from HKD 452,000 in 2022 to HKD 219,000 in 2023[38] Cash Flow and Expenses - The company's cash and cash equivalents decreased to HKD 47,166,000 from HKD 79,929,000, a decline of 41.1%[4] - Financing costs for 2023 are reported at HKD 3,831 million, down from HKD 9,445 million in 2022[27] - The company recognized a total lease cash outflow of HKD 3,065,000 for the year, compared to HKD 2,989,000 for the previous year[59] - The company’s total expenses related to employee benefits were HKD 10,026,000 in 2023, slightly down from HKD 10,928,000 in 2022[39] Revenue Breakdown - The reported segment revenue for 2023 is HKD 7,594 million, a significant decrease from HKD 48,657 million in 2022[24] - Revenue from asset management services was HKD 20,823,000 in 2023, up from HKD 2,959,000 in 2022, reflecting a substantial growth[32] - Securities business revenue fell by 84.1% to approximately HKD 4,400,000, with a segment loss of about HKD 3,000,000, down from a profit of HKD 18,600,000 in 2022[64] - The proprietary trading segment recorded a loss of approximately HKD 11,200,000, compared to a loss of HKD 2,000,000 in 2022, due to a significant decline in cash position[67] Corporate Governance and Compliance - The financial statements were approved for publication on April 1, 2024, indicating ongoing compliance with regulatory requirements[8] - The group’s financial statements are prepared in accordance with the Hong Kong Financial Reporting Standards and comply with applicable disclosure requirements[19] - The audit committee has reviewed the financial performance for the year ending December 31, 2023[83] - The company has established a remuneration committee consisting of three independent non-executive directors[84] - The company has maintained high standards of corporate governance and complied with the relevant listing rules[87] Future Outlook and Strategy - The company plans to continue expanding its asset management services and exploring new investment opportunities in the market[32] - The group plans to enhance its securities business and asset management services, aiming to create underwriting revenue and develop more financial products[69] - The company anticipates generating positive cash flow from operations as business plans are successfully implemented[71] - The company has not disclosed any new product developments or market expansion strategies during the reporting period[8] - Future outlook and performance guidance were not explicitly mentioned in the extracted content, suggesting potential areas for further inquiry[95] Employee and Training - As of December 31, 2023, the group employed 19 employees, with compensation policies aligned with market levels[79] - The company conducted internal and external training programs covering industry developments, compliance, and occupational health and safety[81] Miscellaneous - The company did not recommend any dividend distribution for the years ending December 31, 2023, and 2022[42] - The company has established a dividend policy to share profits with shareholders while retaining sufficient reserves for future growth[77] - The annual general meeting is scheduled for May 31, 2024, in Hong Kong[89] - The company will suspend share transfer registration from May 28, 2024, to May 31, 2024[90] - The announcement date is April 1, 2024, indicating a recent update on company performance[94] - The company is focused on strategic decisions and market expansion, as highlighted by the presence of various board members with diverse expertise[94] - The group has no significant acquisitions or disposals of subsidiaries or joint ventures during the reporting period[72] - The financial performance details and user data were not provided in the extracted content, indicating a need for further information[95] - New product and technology development details were not included, indicating a gap in the current report[95] - Market expansion and acquisition strategies were not discussed, highlighting a lack of information on these aspects[95] - Other new strategies were not outlined in the provided content, suggesting a need for additional context[95] - The company’s financial metrics and performance summaries were not available in the extracted documents, indicating a limitation in the current analysis[95] - Overall, the content lacks specific numerical data and percentage figures that are crucial for a comprehensive financial analysis[95]

Financial Performance - Revenue for the six months ended June 30, 2023, was HKD 3,673,000, a decrease of 91.4% compared to HKD 42,588,000 for the same period in 2022[15] - The company reported a loss before tax of HKD 17,688,000, compared to a profit of HKD 9,102,000 in the previous year, indicating a significant decline in performance[15] - Total comprehensive loss for the period was HKD 17,685,000, compared to a total comprehensive income of HKD 4,606,000 in the same period last year[15] - Basic and diluted loss per share was HKD 3.51, a decrease from earnings of HKD 1.21 in the prior year[15] - The net loss for the first half of 2023 was HKD 17,688,000, a significant decline from a profit of HKD 4,652,000 in the same period of 2022[22] - The total comprehensive loss for the first half of 2023 was HKD 17,685,000, compared to a total comprehensive income of HKD 4,606,000 in the first half of 2022[20] - For the six months ended June 30, 2023, the company reported a loss attributable to owners of approximately HKD 17,688,000, compared to a profit of HKD 4,652,000 for the same period in 2022[43] - The company reported a pre-tax loss of HKD 17,688,000 for the first half of 2023, compared to a profit of HKD 9,102,000 for the same period in 2022[32] Financial Position - Current liabilities increased to HKD 111,265,000 from HKD 251,844,000, reflecting a significant change in the company's financial position[17] - Cash and cash equivalents decreased to HKD 69,083,000 from HKD 79,929,000, indicating a reduction in liquidity[17] - As of June 30, 2023, total equity increased to HKD 94,778,000 from a deficit of HKD 37,156,000 as of December 31, 2022[18] - The company's total liabilities and equity as of June 30, 2023, were reported at HKD 94,778,000, reflecting a recovery from previous deficits[18] - The group's debt-to-asset ratio was approximately 0% as of June 30, 2023, down from 70% on December 31, 2022[98] - The net asset value as of June 30, 2023, was approximately HKD 94.8 million, a significant improvement from a net liability of approximately HKD 37.2 million on December 31, 2022[98] Cash Flow and Liquidity - Cash and cash equivalents decreased to HKD 69,083,000 as of June 30, 2023, down from HKD 79,929,000 at the beginning of the period[22] - Operating cash flow for the first half of 2023 was a net outflow of HKD 10,240,000, compared to an inflow of HKD 27,646,000 in the previous year[22] - As of June 30, 2023, the group's cash and bank balances were approximately HKD 69.1 million, a decrease of about HKD 10.8 million from HKD 79.9 million on December 31, 2022[97] Segment Performance - The reported segment loss for the securities brokerage and financial services division was HKD 3,696,000, while the asset management division reported a loss of HKD 1,393,000, contributing to a total segment loss of HKD 7,876,000 for the first half of 2023[28] - The revenue from commission and fee income in the securities brokerage and financial services segment was HKD 1,890,000, a significant decline from HKD 26,889,000 in the previous year[33] - The asset management services segment generated revenue of HKD 1,727,000, down from HKD 10,884,000 in the prior year, indicating a decrease of 84.1%[33] Capital Structure and Financing - The company issued convertible bonds amounting to HKD 150,000,000 to its major shareholder, with a conversion price of HKD 0.3 per share, resulting in the issuance of 500,000,000 shares upon conversion[58] - As of June 30, 2023, the liability portion of the convertible bonds was HKD 149,388,000, while the equity conversion portion remained at HKD 14,808,000[60] - The company’s total liabilities related to the convertible bonds were reclassified to other payables, amounting to HKD 3,000,000[60] - The company’s capital restructuring involved a significant transfer of HKD 152,788,000 from share capital to contributed surplus[64] Management and Strategic Initiatives - The management has not provided specific guidance for future performance or strategic initiatives[15] - The company aims to explore partnerships in the Greater Bay Area to leverage potential opportunities, focusing on providing one-stop financial services to high-net-worth individuals and enterprises from mainland China[94] - The company plans to expand its margin financing services to support underwriting activities and generate additional revenue streams[94] - The company will continue to assess development opportunities and allocate resources to enhance competitive advantages and expand revenue[93] Market Conditions - The Hong Kong financial market experienced significant downturns, with the Hang Seng Index nearing its lowest closing price in over a decade; 33 new stocks were listed, raising HKD 17.9 billion, a 22% increase in the number of listings but a 9% decrease in funds raised compared to the same period in 2022[90] - The economic performance of mainland China significantly impacts Hong Kong's economy, suggesting that poor performance in the mainland will likely affect Hong Kong's financial markets[88] Other Notable Points - The company did not declare or distribute any dividends for the six months ended June 30, 2023, or for the same period in 2022[42] - The company did not enter into or renew any lease agreements during the six months ended June 30, 2023[46] - The company did not apply any new standards, amendments, or interpretations that were not yet effective during the reporting period[25] - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2023[78]

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 就因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：851） 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 盛 源 控 股 有 限 公 司（「本 公 司」）董 事 會（「董 事」，統 稱「董 事 會」）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 經審核綜合業績連同二零二二年同期之比較數字如下： 簡 明 綜 合 損 益 及 其 他 全 面 收 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） 收益 5 3,673 42,588 其他收益及虧損 6 (3,998) (7,471) 其他收入 7 3,256 2,954 ...

Financial Performance - The company's revenue for the year ended December 31, 2022, increased by 38.3% to approximately HKD 59.9 million, compared to HKD 43.3 million for the previous year[6]. - The company reported a loss of approximately HKD 5.8 million for the year ended December 31, 2022, compared to a profit of approximately HKD 4.7 million for the previous year[6]. - The total revenue of Sheng Yuan Financial Services Group Limited increased by approximately 16.6% to about HKD 48.5 million for the year ended December 31, 2022, up from HKD 41.6 million in the previous year[10]. - Revenue from securities brokerage and financial services surged by 125.2% to approximately HKD 27.7 million for the year ended December 31, 2022, compared to HKD 12.3 million in the previous year[10]. - The asset management division recorded a revenue of approximately HKD 20.8 million for the year ended December 31, 2022, a decrease of about 29.2% from HKD 29.4 million in the previous year[13]. - The company experienced a significant decline in asset management profits, which fell by approximately 72.2% to about HKD 6.2 million for the year ended December 31, 2022, compared to HKD 22.3 million in the previous year[13]. - The proprietary trading segment recorded a loss of approximately HKD 1,000,000 for the year ended December 31, 2022, compared to a profit of approximately HKD 1,100,000 in 2021[14]. - The trading business segment achieved a profit of approximately HKD 100,000 for the year ended December 31, 2022, recovering from a loss of approximately HKD 200,000 in 2021[15]. - The company recorded a post-tax loss of approximately HKD 5,800,000 for the year ended December 31, 2022, compared to a post-tax profit of approximately HKD 4,700,000 in 2021[89]. - The net cash inflow from operating activities was approximately HKD 10,700,000 for the year ended December 31, 2022, up from approximately HKD 6,600,000 in 2021[89]. Customer and Account Growth - The number of customer accounts at Sheng Yuan Securities increased to 723 as of December 31, 2022, up from 653 accounts a year earlier[8]. - Customer trust bank accounts increased by 172% to approximately HKD 82.4 million as of December 31, 2022, compared to HKD 30.3 million a year earlier[8]. - The balance of trust and independent accounts increased by approximately 171.9% to about HKD 82,400,000 from approximately HKD 30,300,000 in the previous year[20]. Asset Management and Liabilities - The asset management division's total managed assets decreased by 62.8% to approximately HKD 706 million as of December 31, 2022, down from approximately HKD 1.9 billion in the previous year[13]. - Trade and other receivables decreased by approximately 37.1% to about HKD 18,000,000 from approximately HKD 28,600,000 in 2021, primarily due to increased provisions for losses in asset management and underwriting services[20]. - The group’s current assets and current liabilities as of December 31, 2022, were approximately HKD 198,700,000 and HKD 251,800,000, respectively, compared to HKD 131,300,000 and HKD 47,600,000 in 2021[20]. - The company had total liabilities of approximately HKD 99,700,000 and convertible bonds amounting to HKD 149,000,000[89]. Corporate Governance - The board consists of two executive directors, two non-executive directors, and three independent non-executive directors as of December 31, 2022[42]. - The company maintained compliance with the Corporate Governance Code, with a deviation regarding the separation of roles between the Chairman and CEO[39]. - The board held three regular meetings during the reporting period, which is below the required four meetings per year[40]. - The company has a balanced distribution of executive and non-executive directors to ensure robust independence in decision-making[44]. - The independent non-executive directors accounted for over one-third of the board during the reporting period, ensuring compliance with listing rules[44]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance accountability[39]. - The company has adopted the standard code of conduct for securities trading by directors, ensuring compliance throughout the year[41]. - The company has appointed independent non-executive directors with appropriate professional qualifications and experience as required by listing rules[44]. - The company has experienced leadership changes, with the appointment of Zhao Yun as CEO on May 20, 2022[43]. - The company has a diverse board with members possessing extensive experience in finance, law, and corporate governance[36][37][39]. Sustainability and ESG Initiatives - The company is committed to sustainability, integrating environmental, social, and governance (ESG) principles into its business strategy[100]. - The ESG report outlines the company's initiatives and performance in sustainability, highlighting its commitment to responsible management of ESG matters[100]. - The company has formed an ESG working group responsible for collecting relevant data and reporting on ESG risks and performance[101]. - The report covers the company's operations in Hong Kong, including securities brokerage, asset management, proprietary trading, and trading business[102]. - The total greenhouse gas emissions for the year 2022 were 63.15 tons of CO2 equivalent, a decrease from 71.34 tons in 2021, reflecting a reduction of approximately 11.5%[121]. - The total energy consumption in 2022 was 88.94 MWh, down from 100.48 MWh in 2021, maintaining a similar energy consumption density of 3.87 MWh per employee[133]. - The total water consumption for the company in 2022 was 26 cubic meters, significantly reduced from 60 cubic meters in 2021, resulting in a water intensity of 1.13 cubic meters per employee compared to 2.31 cubic meters in 2021[137]. - The company has implemented policies to promote environmental management practices, focusing on waste reduction, reuse, and recycling[118]. - The company aims to conduct at least one waste reduction activity in 2023 to enhance employee awareness of waste reduction[126]. - The company has committed to using certified paper from the Forest Stewardship Council to minimize environmental impact[128]. Employee Engagement and Training - The employee turnover rate for the year 2022 was 41%, a decrease from 56% in 2021[155]. - The company had a total of 23 full-time employees as of December 31, 2022, down from 26 the previous year[153]. - The percentage of employees receiving training was approximately 35%, down from 50% in 2021, with an average training duration of 7.11 hours per employee, compared to 3.31 hours in 2021[167]. - The management team had a 100% training participation rate in 2022, up from 85% in 2021, with an average training duration of 20.44 hours[167]. - The company actively promotes work-life balance through various employee engagement activities[157]. Compliance and Risk Management - The company adheres to strict compliance and auditing measures to ensure the protection of client assets and personal data[175]. - The company has established a risk assessment framework for different financial products, ensuring appropriate product recommendations based on clients' risk tolerance[179]. - The company has implemented a robust anti-corruption culture, with no significant violations of bribery, extortion, fraud, or money laundering laws reported during the period[180]. - The company conducts annual training and seminars on anti-corruption for employees and directors to enhance awareness and compliance[183]. - The company has developed comprehensive policies and procedures for anti-money laundering, including a designated officer responsible for investigations[184]. Community Engagement - The company has not participated in community investment activities in 2022 due to the COVID-19 pandemic, but plans to engage with the community once the situation stabilizes[186]. - The company encourages employees to donate to recognized charities to support vulnerable groups and proposes areas for contribution based on their community experiences[186]. - The company has established policies to foster a corporate culture of social responsibility and community engagement as part of its strategic development[186].