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].

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 二 年 十 二 月 三 十 一 日 止 年 度 之 全 年 業 績 公 告 盛源控股有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事會（「董 事」，統 稱「董 事 會」）公 佈，本 集 團 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度（「報 告 期 間」）之 綜 合 業 績 連 同 截 至 二 零 二 一 年 十 二 月 三 十 一 日 止 年 度同期之比較數字如下： ...

Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 42,588,000, a significant increase of 137.5% compared to HKD 17,955,000 for the same period in 2021[15] - The company reported a net profit of HKD 4,652,000 for the six months ended June 30, 2022, compared to HKD 1,178,000 for the same period in 2021, representing a year-on-year increase of 295.5%[15] - The total comprehensive income for the period was HKD 4,606,000, up from HKD 1,163,000 in the previous year, indicating a growth of 295.5%[15] - The company’s basic earnings per share for the period was HKD 0.12, compared to HKD 0.03 for the same period in 2021, marking an increase of 300%[15] - The group reported a profit before tax of HKD 9,102,000 for the first half of 2022, compared to HKD 3,924,000 in the same period of 2021, marking an increase of 132.5%[42] - The company's profit attributable to owners for the six months ended June 30, 2022, was approximately HKD 4,652 million, a significant increase from HKD 1,178 million for the same period in 2021, representing a growth of 295%[60] - Basic and diluted earnings per share for the first half of 2022 were approximately HKD 0.12 and HKD 0.10, respectively, compared to HKD 0.03 for both in the same period of 2021[127] Financial Position - The net current liabilities as of June 30, 2022, were approximately HKD 43,751,000, raising concerns about the company's ability to continue as a going concern[13] - As of June 30, 2022, the company's non-current assets decreased to HKD 17,985 million from HKD 27,590 million as of December 31, 2021, representing a decline of approximately 34.8%[17] - Current assets increased significantly to HKD 157,625 million from HKD 131,317 million, marking an increase of about 19.9%[17] - The company's cash and cash equivalents decreased to HKD 61,507 million from HKD 69,100 million, a reduction of approximately 11.5%[24] - The total equity of the company as of June 30, 2022, was HKD (26,702) million, an improvement from HKD (31,308) million as of December 31, 2021, reflecting a reduction in capital deficit of approximately 14.5%[20] - The group's current assets and current liabilities were approximately HKD 157.6 million and HKD 201.4 million, respectively, compared to HKD 131.3 million and HKD 47.6 million as of December 31, 2021[147] - The group's debt as of June 30, 2022, was approximately HKD 144.8 million, an increase from HKD 140.4 million as of December 31, 2021[147] - The net debt as of June 30, 2022, was approximately HKD 26.7 million, a decrease from HKD 31.3 million as of December 31, 2021, attributed to positive operational performance[147] Costs and Expenses - The company incurred a financing cost of HKD 4,673,000, which increased from HKD 3,276,000 in the previous year, reflecting a rise of 42.6%[15] - Employee costs rose to HKD 6,616,000 from HKD 4,902,000, reflecting an increase of 34.9%[15] - The group incurred total employee costs of HKD 6,616,000 in the first half of 2022, up from HKD 4,902,000 in the previous year, indicating a rise of 34.8%[55] - The company reported other losses of HKD 7,471,000 for the period, compared to a loss of HKD 83,000 in the previous year, indicating a significant increase in losses[15] Receivables and Liabilities - Trade and other receivables impairment losses amounted to HKD 7,647,000, significantly higher than HKD 1,167,000 in the previous year, indicating a rise of 554.5%[15] - Trade and other receivables increased to HKD 49,630 million from HKD 28,585 million, a substantial increase of approximately 73.6%[17] - The company's liabilities increased significantly, with current liabilities rising to HKD 201,376 million from HKD 47,550 million, indicating a substantial increase of approximately 322%[17] - Trade receivables as of June 30, 2022, amounted to HKD 52,025 million, up from HKD 29,555 million as of December 31, 2021, indicating an increase of 76%[74] Cash Flow and Investments - The net cash used in operating activities for the six months ended June 30, 2022, was HKD 6,105 million, compared to HKD 8,482 million for the same period in 2021, indicating an improvement of about 28%[24] - The company issued convertible bonds during the period, resulting in net cash inflow of HKD 50,100 million in 2021, which was not repeated in 2022[24] - The net proceeds from the issuance of convertible bonds amounted to approximately HKD 149.8 million, with HKD 99.8 million used to offset shareholder loans and HKD 50.1 million allocated for working capital[168] Corporate Governance - The audit committee consists of three non-executive directors, including the chairperson, Ms. Huang Qin, and has reviewed the interim results for the six months ended June 30, 2022[174] - The remuneration committee, composed of three independent non-executive directors, has provided advice on the employment policies and remuneration of the company's directors and senior management for the six months ended June 30, 2022[175] - The nomination committee has reviewed the structure and composition of the board and made recommendations for changes as necessary, ensuring the independence of non-executive directors[176] - The company has maintained high standards of corporate governance and has complied with the corporate governance code, with the exception of the separation of roles between the chairman and CEO, which was addressed on May 20, 2022[178] - The board of directors includes both executive and non-executive members, ensuring a balance of power and independence[184] Future Outlook and Strategy - The company is focused on expanding operations and improving financial performance through various measures[29] - The company plans to expand its existing operations by providing one-stop financial services to high-net-worth individuals and enterprises from mainland China, including investment banking and asset management services[141] - The company aims to launch various funds in the second half of 2022 to meet the demand for overseas investment opportunities from mainland financial institutions and high-net-worth individuals[141] - The company is confident in achieving sustainable growth in the second half of 2022, despite the challenging market conditions[138]

Financial Performance - For the year ended December 31, 2021, the group's revenue slightly decreased to HKD 43.3 million, down 3% from approximately HKD 44.5 million for the year ended December 31, 2020[8]. - The profit for the year ended December 31, 2021, was approximately HKD 4.7 million, a decrease of 61% compared to HKD 12 million for the year ended December 31, 2020[8]. - Revenue from securities brokerage and financial services decreased by 62% to approximately HKD 12.3 million, down from HKD 32.5 million in 2020[11]. - The group recorded a net profit of approximately HKD 4,400,000 for the year ended December 31, 2021, down from HKD 12,000,000 in 2020, representing a decline of about 63.33%[68]. - The net cash inflow from operating activities for the year was approximately HKD 6,600,000, compared to HKD 7,700,000 in 2020, indicating a decrease of about 14.29%[68]. Asset Management - The asset management division's total managed assets increased by nearly 16% to approximately HKD 1.9 billion, up from HKD 1.7 billion in 2020[14]. - The asset management division recorded segment revenue of approximately HKD 29.4 million, an increase of about 144% from HKD 12 million in 2020[14]. - The segment profit for asset management was approximately HKD 22.3 million, a significant increase of about 569% from HKD 3.3 million in 2020[14]. - The group aims to develop business opportunities in the asset management sector while strictly controlling costs[14]. Customer Accounts and Trust - As of December 31, 2021, Sheng Yuan Securities maintained 653 customer accounts, a decrease from 727 accounts as of December 31, 2020[10]. - Customer trust bank accounts increased to approximately HKD 30.3 million, a 139% increase from HKD 12.6 million as of December 31, 2020[10]. Corporate Governance - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance accountability[38]. - The board is responsible for formulating the group's strategy and policies, approving annual budgets, and overseeing daily operations[43]. - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange rules, with some deviations noted[38]. - The company has established a remuneration committee to recommend compensation policies for all directors and senior management, ensuring no director participates in determining their own remuneration[50]. - The company has adopted a board diversity policy to ensure a range of skills and perspectives among board members[55]. Internal Control and Risk Management - The board is responsible for maintaining the effectiveness of the internal control system and conducts annual reviews to ensure its adequacy[63]. - An external independent consultant was engaged to review the internal control system to maintain high standards of corporate governance[66]. - The group has established comprehensive management policies and procedures related to "Know Your Customer" and anti-money laundering (AML) to ensure compliance with regulatory requirements[165]. - The group has enhanced monitoring and reporting of large and suspicious transactions, designing suspicious transaction monitoring models based on industry characteristics[165]. Environmental, Social, and Governance (ESG) Efforts - The report is prepared in accordance with the Environmental, Social and Governance (ESG) Reporting Guidelines set by the Hong Kong Stock Exchange[81]. - The company has established effective management policies and internal control systems regarding ESG matters during the reporting period[92]. - The company participated in Earth Hour organized by the World Wildlife Fund to promote environmental awareness[95]. - Total greenhouse gas emissions decreased by approximately 21.72% from 91.14 tons of CO2 equivalent in 2020 to 71.34 tons in 2021[100]. - The company has set a goal to conduct environmental-related activities in 2022 to raise employee awareness of greenhouse gas reduction[97]. Employee Management and Training - The company has established a fair and competitive compensation system, including benefits such as medical plans and year-end bonuses[128]. - Approximately 50% of employees received training during the year, with an average training duration of 3.31 hours[147]. - The company has implemented safety policies to prevent and manage workplace accidents, with no reported work-related injuries during the reporting period[138]. - The company has established various communication channels to gauge employee satisfaction, including biannual surveys[129]. - Employee turnover rate for the year ended December 31, 2021, was 56%[135]. Community Engagement and Social Responsibility - The group encourages employees to contribute to recognized charities to support vulnerable groups and individuals in need[166]. - The group has implemented policies to foster a corporate culture of social responsibility and community contribution[166]. - Community investment efforts are focused on areas such as education, environmental issues, and health[198]. - Due to the COVID-19 pandemic, the group did not participate in community investment activities in 2021, but plans to engage with the community once the situation stabilizes[166].

Revenue and Profitability - Revenue for the six months ended June 30, 2021, was HKD 17,955,000, compared to HKD 4,635,000 for the same period in 2020, representing a significant increase of 287%[14] - The company reported a profit before tax of HKD 3,924,000 for the first half of 2021, recovering from a loss of HKD 11,282,000 in the same period of 2020[24] - Net profit for the period was HKD 1,178,000, a turnaround from a net loss of HKD 11,341,000 in the previous year[26] - Basic earnings per share for the period was HKD 0.03, compared to a loss per share of HKD 0.29 in the previous year[29] - The company reported a total comprehensive income of HKD 1,163,000 for the period, recovering from a total comprehensive loss of HKD 11,421,000 in the same period of 2020[28] Financial Position - Trade and other receivables increased to HKD 37,009,000 as of June 30, 2021, compared to HKD 21,776,000 at the end of 2020, indicating improved collection efficiency[32] - Current assets reached HKD 284,840,000, a substantial increase from HKD 69,089,000 at the end of 2020, reflecting enhanced liquidity[32] - The company's cash and cash equivalents rose to HKD 74,812,000 from HKD 34,649,000, indicating a stronger cash position[32] - Total liabilities decreased to HKD 189,359,000 from HKD 20,984,000, suggesting improved financial health[32] - The company reported a total equity of HKD 190,985,000 as of June 30, 2021[78] - The company’s total assets amounted to HKD 320,370,000[79] - The company’s liabilities were recorded at HKD 569,119,000[85] - The company’s total equity attributable to owners was HKD 190,985,000[78] Challenges and Losses - The company experienced a capital loss of HKD 34,791,000 during the reporting period[138] - The total comprehensive income for the period was a loss of HKD 11,341,000[199] - The company’s reserves decreased to HKD (241,747,000) as of June 30, 2021[46] - The company reported a net loss of HKD 1,309,000 for the period[84] - The company’s total comprehensive income attributable to owners was HKD (11,341,000)[199] Future Outlook - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth[32]

Sheng Yuan Holdings Limited 盛源控股有限公司 Annual Report 年報 2020 SHENG YUAN HOLDINGS LIMITED （ 於百慕達註冊成立之有限公司） 股份代號 : 851 年 報年 報 | --- | --- | --- | |---------------------------------|-------|-------| | | | | | | | | | | | | | | | | | 盛源控股有限公司 二零二零年年報 | | | | | | | | 目 錄 公司資料 | 2 | | | 管理層討論及分析 | 3 | | | | | | | 董事履歷詳情 | 8 | | | 企業管治報告 | 10 | | | 環境、社會及管治報告 | 20 | | | 董事會報告書 | 39 | | | 獨立核數師報告 | 47 | | | 綜合損益及其他全面收益表 | 52 | | | 綜合財務狀況表 | 53 | | | 綜合權益變動表 | 54 | | | 綜合現金流量表 | ୧୧ | | | 綜合財務報表附註 | 56 | | | 財務概要 | | 1 ...

Financial Performance - The company reported a loss of approximately HKD 11,341,000 for the six months ended June 30, 2020, compared to a loss of HKD 37,915,000 for the same period in 2019, indicating a significant improvement in performance [9]. - Total revenue for the six months ended June 30, 2020, was HKD 4,635,000, down from HKD 7,144,000 in the previous year, reflecting a decrease of approximately 35% [11]. - The total comprehensive loss for the period was HKD 11,421,000, compared to HKD 37,901,000 in the previous year, representing a reduction of approximately 70% [11]. - Basic loss per share for the period was HKD 0.29, compared to HKD 0.99 for the same period in 2019, indicating an improvement in loss per share [11]. - The company reported a loss before tax of HKD 11,282,000 for the six months ended June 30, 2020, compared to a loss of HKD 37,915,000 for the same period in 2019, indicating a significant improvement [57]. - The loss for the six months ended June 30, 2020, was approximately HKD 11,300,000, a significant reduction from a loss of approximately HKD 37,900,000 in the same period of 2019 [127]. Cost Management - The company's financing costs and trade receivables impairment losses were HKD 3,914,000, a reduction from HKD 13,113,000 in the prior year, showing a decrease of about 70% [11]. - The company experienced a significant reduction in employee costs, which amounted to HKD 6,699,000, down from HKD 14,671,000 in the previous year, reflecting a decrease of about 54% [11]. - Other expenses for the period were HKD 3,756,000, compared to HKD 10,722,000 in the previous year, indicating a decrease of approximately 65% [11]. - The company recorded a significant reduction in financing costs, which decreased from HKD 13,113,000 in 2019 to HKD 3,914,000 in 2020, a reduction of approximately 70% [57]. - The group has implemented strict cost control measures since February 2020, resulting in a significant reduction in administrative expenses [142]. Current Liabilities and Going Concern - The company's net current liabilities as of June 30, 2020, were approximately HKD 80,073,000, raising concerns about its ability to continue as a going concern [9]. - The company highlighted significant uncertainties regarding its ability to continue as a going concern due to the accumulated losses and current liabilities [9]. - As of June 30, 2020, the company's net current liabilities and net liabilities were approximately HKD 80,073,000 and HKD 74,199,000, respectively, compared to HKD 69,156,000 and HKD 62,778,000 as of December 31, 2019 [25]. - The group recorded a net liability of approximately HKD 74,200,000 as of June 30, 2020, compared to HKD 62,800,000 as of December 31, 2019, mainly due to ongoing operating losses [146]. Revenue Sources - The company’s revenue from external clients for the six months ended June 30, 2020, was HKD 4,635,000, with HKD 1,378,000 from securities brokerage and HKD 3,257,000 from asset management services [37]. - Total revenue for the financial services segment was HKD 4,635,000 for the six months ended June 30, 2020, down from HKD 7,104,000 in the same period of 2019, representing a decrease of approximately 34.7% [58]. - The company’s commission and fee income from securities brokerage and financial services increased to HKD 1,068,000 in 2020 from HKD 114,000 in 2019, marking a substantial increase [58]. - Investment consulting income for the six months ended June 30, 2020, was HKD 3,158,000, with no income reported for the same period in 2019 [101]. - The company experienced a 35% decrease in fees and commission income due to delays caused by COVID-19, totaling approximately HKD 4,600,000 [127]. Asset and Liability Management - Non-current assets decreased from HKD 13,228 million to HKD 11,684 million, a reduction of approximately 11.7% [13]. - Current assets decreased from HKD 52,071 million to HKD 46,513 million, a decline of about 10.6% [13]. - Total liabilities increased from HKD 121,227 million to HKD 126,586 million, an increase of approximately 4.5% [13]. - The company’s total assets as of June 30, 2020, were HKD 18,632,000, while total liabilities were HKD 21,345,000, resulting in a negative equity position [50]. - The group’s debt as of June 30, 2020, was approximately HKD 102,500,000, an increase from HKD 100,100,000 as of December 31, 2019 [146]. - The group’s debt-to-asset ratio increased to approximately 176% as of June 30, 2020, from 153% as of December 31, 2019, primarily due to increased borrowing and decreased asset values [146]. Business Operations and Strategy - The company is actively seeking new clients and implementing measures to tighten operational expenses to improve financial performance and cash flow [27]. - The company plans to expand its existing business by providing one-stop financial services to enterprises and high-net-worth individuals from mainland China [140]. - The company aims to launch various funds in 2020 to meet the demand for overseas investment opportunities from mainland financial institutions and high-net-worth individuals [140]. - The overall business remains subject to significant uncertainty and adverse impacts due to a weak economic environment in Hong Kong and mainland China [139]. - The company will continue to assess development opportunities and allocate more resources to enhance competitive advantages and expand revenue [139]. Corporate Governance - The audit committee reviewed the interim results and unaudited financial statements for the six months ended June 30, 2020 [171]. - The company has complied with the corporate governance code except for the separation of the roles of Chairman and CEO [175]. - No incidents of employees violating the standard code of conduct were noted during the reporting period [178]. - The board of directors consists of three executive directors and three independent non-executive directors [179]. - The company has not disclosed any additional information as required under the listing rules [180].