Core Viewpoint - OSL Group has launched a new business unit, OSL Pay, aimed at revolutionizing cross-border fiat and cryptocurrency payment infrastructure, marking the first phase of its global business plan [1] Group 1: Business Launch and Objectives - OSL Pay will leverage existing OAM registration in Italy to establish operational capabilities in Europe, with an expected launch in the second quarter [1] - The platform aims to provide innovative solutions for cross-border value transfer between traditional finance and digital asset markets, utilizing a unified architecture for efficient fiat and cryptocurrency conversion [1][2] - OSL Pay is preparing to comply with the EU's Markets in Crypto-Assets Regulation (MiCA) and global anti-money laundering standards [1] Group 2: Leadership and Expertise - Zhang Jingwei has been appointed as the head of OSL Pay, bringing over 20 years of experience in fintech and a background in digital transformation and advisory services for large banking institutions [1] - Zhang has previously held leadership roles at top cryptocurrency exchanges, focusing on global business development and regulatory strategies [1] - The company expects Zhang to drive innovation within OSL Pay [1]

Market Overview - In 2024, the global digital asset market is projected to reach a trading volume of $1,085.71 billion, representing a significant increase of 43% compared to 2023[13]. - Approximately 7% of the global population, or 562 million people, now hold digital assets, marking a substantial growth of 33% year-over-year[13]. - Asia continues to lead in digital asset adoption, with 327 million holders, accounting for 58% of the global total, reflecting a 22% increase from 2023[14]. - The overall market sentiment towards digital assets is positive, with increasing institutional adoption and a clearer regulatory framework[11]. Regulatory Environment - The evolving regulatory environment is providing much-needed clarity for digital assets, with significant developments in the U.S. and the implementation of the MiCA regulation in the EU[13]. - The approval of the first Bitcoin spot ETF by the SEC on January 10, 2024, has driven Bitcoin to a historic high, enhancing trading volume and market capitalization[13]. Company Vision and Strategy - The company's vision emphasizes creating a secure and trustworthy digital asset environment for individuals and businesses, which is more critical than ever[12]. - The mission focuses on integrating digital assets into the financial system to benefit individuals and enterprises, guiding the company's strategy and operations[12]. - The company aims to strengthen its market leadership in Hong Kong while expanding overseas and enhancing its product portfolio to drive sustainable growth[20]. - The company is actively expanding its business footprint beyond Asia, leveraging its strong market positioning[14]. Financial Performance - In 2024, the company achieved a profit of HKD 55 million, a significant turnaround from a loss of HKD 250 million in the previous year, marking its first profitability since the strategic shift to digital assets[17]. - Total revenue for the year reached HKD 375 million, representing a substantial year-on-year growth of 79%, with platform trading volume increasing to HKD 100 billion, up 16% year-on-year[17]. - The company recorded USD 29 billion in inflows into digital asset investment products over 19 weeks since the U.S. presidential election, reaching a total of USD 166 billion by February 14, 2025[16]. - The adjusted non-IFRS revenue for the year was HKD 213.6 million, a 58.3% increase from HKD 134.9 million in the previous fiscal year[31]. Operational Efficiency - The company has successfully adjusted its operations to align with the evolving market environment, establishing itself as a leader in the industry[12]. - The company implemented effective measures to enhance operational efficiency and optimize costs, contributing to improved financial performance[41]. - The company is focused on expanding its digital asset and blockchain platform business, with ongoing investments in technology and employee training to support growth[42]. Expansion and Acquisitions - The company plans to pursue strategic acquisitions globally, particularly in Southeast Asia, Europe, and the Middle East, to enhance its market presence and operational efficiency[21]. - OSL Group expanded its management team in 2024, appointing key industry professionals to drive its strategic initiatives and global expansion[29]. - The group completed the acquisition of 81.38% of the shares in CoinBest Co., Ltd., now renamed OSL Japan, a licensed cryptocurrency trading platform in Japan[59]. Risk Management and Compliance - The group has maintained a prudent financial risk management approach, avoiding high-risk speculative investments or significant hedging instruments[56]. - The group has established anti-money laundering policies and procedures to mitigate risks associated with anonymous digital asset transactions[71]. - The company has implemented strong security measures, including advanced encryption protocols and regular vulnerability assessments, to mitigate data security risks[73]. Corporate Governance - The company has fully complied with the applicable provisions of the Corporate Governance Code for the year 2024, with a focus on maintaining high standards of corporate governance[95]. - The board's main responsibilities include overseeing the company's performance, approving operational plans, and ensuring compliance with financial reporting standards[105]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance for the year ending December 31, 2024[99]. Diversity and Inclusion - The company maintains a gender ratio of 25.2% female to 74.8% male in the workplace, including senior management[150]. - The board consists of 1 female director and 7 male directors as of the report date, maintaining the same composition as in 2023[149]. - The company emphasizes the importance of board diversity as a key element in achieving strategic goals and sustainable development[146]. Shareholder Communication - The company emphasizes the importance of transparency and timely disclosure of information to shareholders and investors[159]. - The company has established a shareholder communication policy to ensure timely access to relevant information[161]. - The company encourages shareholders to participate in annual general meetings to express their opinions and exercise voting rights[160].

Group 1 - The report highlights steady revenue growth for Chuanheng Co., with a 2024 revenue of 5.906 billion yuan, a year-on-year increase of 36.72% [3][5] - The net profit attributable to shareholders for 2024 reached 956 million yuan, up 24.80% year-on-year, with a weighted average return on equity (ROE) of 16.19% [3][5] - The company’s Q4 2024 revenue was 1.932 billion yuan, showing a year-on-year increase of 54.83% and a quarter-on-quarter increase of 29.73% [4][6] Group 2 - The report indicates that the price of phosphate rock remains high, with an average price of 1,018 yuan/ton in Q1 2025, reflecting a year-on-year increase of 1% [8] - The company has acquired a 58.5% stake in Qianyuan Geological Exploration, enhancing its phosphate resource advantages [9] - The company plans to distribute a cash dividend of 12.00 yuan per 10 shares, amounting to approximately 646 million yuan, which is 67.58% of the annual net profit [10] Group 3 - The report discusses the performance of Industrial and Commercial Bank of China (ICBC), noting a 2024 revenue of 821.803 billion yuan, a year-on-year decrease of 2.52% [25][26] - ICBC's net profit for 2024 was 365.863 billion yuan, with a quarterly growth rate of 1.59% in Q4 [26][28] - The bank's non-performing loan ratio improved to 1.34%, down from the previous quarter, indicating enhanced asset quality [27][28] Group 4 - The report on Shanghai Pudong Development Bank (SPDB) indicates a 2024 revenue decline of 1.55%, but a net profit increase of 23.31%, marking the highest growth rate in five years [30][31] - The bank's non-performing loan ratio decreased to 1.36%, reflecting improved asset quality [32] - SPDB's total assets grew by 5.05% year-on-year, with a loan total increase of 7.45% [31][32] Group 5 - The report on the computer industry emphasizes the impact of "reciprocal tariffs" on global industrial patterns, accelerating China's self-reliance and independent control processes [34][37] - The domestic software and hardware markets are expected to benefit from the tariff policies, with significant growth opportunities identified [34][36] - The report suggests that the domestic chip industry will see accelerated localization, with increased resilience and growth potential [36][37] Group 6 - The report on Nanji E-commerce highlights the company's transformation into a brand authorization model, with a focus on quality and rapid response [41] - The company aims to capitalize on the "alternative to big brands" trend, with a projected revenue growth of 20% to 61.88 billion yuan from 2024 to 2026 [42][43] - The light luxury brand launched by the company has shown promising sales performance, indicating strong market potential [42][43] Group 7 - The report on Focus Media discusses the acquisition of New潮传媒, which is expected to enhance the company's market position and revenue potential [44][45] - The acquisition is projected to optimize the competitive landscape of the outdoor advertising industry, potentially increasing the company's market share [46] - Historical acquisitions by Focus Media have led to significant revenue growth, suggesting a positive outlook for this acquisition [47]

港股牛市回归，中国科技股重估的背景板下，投资者普遍关心的一个关键性问题是"谁有机会晋升为港 股未来的Tenbagger（"十倍股"）？"我们认为，其中一个标的或藏于新兴的数字资产领域。 1、港股科技重估浪潮中的数字资产潜力股 2025年全球金融市场正经历一场结构性变革，以DeepSeek为代表的国产大模型技术突破，彻底改写了 国际资本对中国科技企业的认知。当前国际投资者普遍认为，中国科技企业在AI时代已具备与美股巨 头分庭抗礼的实力。港股市场作为连接全球资金的重要枢纽，其科技股估值体系也正在重构。 随着中国科技资产与美股对标空间逐渐打开，港股科技板块吸引了全球资本的目光。在AI、人形机器 人等新兴赛道之外，数字资产领域正悄然崛起一颗新星——OSL集团（00863.HK）。 主流机构的增持配置数字资产的趋势，正在重塑产业价值。据CoinShares数据，2025 年第一季度贝莱德 等机构合计增持320万枚比特币。多个来自大行的调查也显示，机构希望继续增加数字资产配置。 同时，数字资产平台合规化浪潮持续扩大，各国采用积极的监管态度，为平台及投资者提供友好的环 境。据公开报道，在今年一季度，欧盟MiCA合规框架下已 ...

Financial Performance - The group's revenue reached a historic high of HKD 374.47 million, a significant increase of 78.6% compared to HKD 209.84 million last year[3]. - The operating profit from continuing operations was HKD 54.85 million, a turnaround from a loss of HKD 249.79 million in the previous year, marking the first profit since the strategic shift to digital assets in 2018[4]. - Total comprehensive income amounted to HKD 168 million, compared to a total comprehensive loss of HKD 265.90 million last year, indicating a successful recovery[3]. - The net loss before tax decreased to HKD 7.06 million from HKD 23.70 million, showing a positive trend in financial performance[4]. - The group achieved a gross profit margin of approximately 14.7% in the current fiscal year, compared to a negative margin in the previous year[4]. - The company reported a net income of HKD 54,846,000 for the year ending December 31, 2024, compared to a net loss of HKD 249,789,000 in the previous year, indicating a significant recovery[5]. - The basic earnings per share from continuing operations was HKD 0.09, compared to a loss of HKD 0.58 per share in the previous year, reflecting a positive turnaround in profitability[7]. - The company reported a significant increase in trade payables, which reached HKD 439,929 million, compared to HKD 883,779 million in the previous year[11]. Revenue Sources - Revenue from key customer A in the digital asset and blockchain platform business is projected to be HKD 78,016,000 for 2024, representing a significant contribution to the group's income[32]. - The group reported customer contract revenue of HKD 374,747,000 for 2024, an increase from HKD 209,837,000 in 2023, indicating strong growth in service offerings[33]. - The revenue from SaaS service fees and related income for 2024 is HKD 91,640,000, up from HKD 17,796,000 in 2023, reflecting a substantial increase in demand[33]. - The revenue from digital asset trading business was HKD 161.7 million, up from HKD 72.1 million in the previous fiscal year, reflecting a growth of 124.3%[73]. - Revenue from the digital asset market business rose by 73.3% to HKD 283.1 million, up from HKD 163.4 million in fiscal year 2023[80]. - Revenue from digital asset technology infrastructure services grew by 415.0% to HKD 91.6 million, compared to HKD 17.8 million in fiscal year 2023[81]. Asset and Liability Management - Total assets as of December 31, 2024, amounted to HKD 1,863,737,000, compared to HKD 1,440,786,000 in 2023, representing an increase of approximately 29.4%[9]. - The company reported a total of HKD 655,678,000 in receivables for 2024, compared to HKD 823,700,000 in 2023, showing a decrease of about 20.4%[9]. - The total liabilities for 2024 were not specified, but the significant growth in assets suggests a potential increase in leverage[9]. - Total liabilities amounted to HKD 1,045,696 million, a significant increase from HKD 579,371 million in the previous year[11]. - The company's total equity was HKD 395,090 million, a decrease from HKD 1,284,366 million in the previous year[13]. Strategic Initiatives - The company plans to expand its market presence and invest in new technologies to enhance its service offerings in the digital asset space[4]. - The company aims to leverage its blockchain platform to drive future growth and innovation in the digital asset market[4]. - The company plans to invest up to USD 30 million to promote the development of the PayFi ecosystem, focusing on payment services as a key growth area[63]. - The company is focusing on key markets in Southeast Asia, Europe, and the Middle East for future expansion efforts[64]. - The group is actively seeking global acquisition opportunities to accelerate its overseas expansion plans[111]. Corporate Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with all relevant standards[155]. - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and internal controls[158]. - The company has confirmed compliance with the standards for securities trading by its directors as of December 31, 2024[154]. - The group continues to comply with strict regulatory requirements in various jurisdictions, including anti-money laundering and capital adequacy regulations[119]. Operational Efficiency - The group has implemented effective measures to enhance and optimize operational efficiency, contributing to the improved financial performance[86]. - The group aims to enhance operational efficiency to improve financial margins, including streamlining workflows and implementing centralized procurement processes[101]. - Employee costs for the year 2024 are projected to be HKD 192,891,000, compared to HKD 179,045,000 in 2023, reflecting an increase of approximately 7.5%[35]. - Other operating expenses for 2024 are estimated at HKD 106,882,000, up from HKD 96,955,000 in 2023, indicating an increase of about 10.5%[36]. Digital Asset Management - The total digital assets held by the group amounted to HKD 839,115,000 as of December 31, 2024, an increase from HKD 822,627,000 in 2023[44]. - The digital assets include proprietary digital assets valued at approximately HKD 590,712,000, an increase from HKD 184,564,000 in 2023[44]. - The fair value of digital assets held by OSL Digital Securities Limited as of December 31, 2024, is approximately HKD 5,004,094,000, a significant increase from HKD 874,731,000 in 2023[46]. - The group holds customer unwithdrawn digital assets primarily in wallet form to facilitate rapid transaction settlements and reduce settlement risks[122]. Acquisitions and Investments - The company acquired 81.38% of OSL Japan Limited for a total consideration of $10,830,000 (approximately HKD 84,472,000) through a share purchase agreement[17]. - The group completed the acquisition of MTrinity UAB and MultiExchange Canada Limited, expanding its European presence[141]. - The group has acquired an 81.38% stake in CoinBest Co., Ltd., a licensed cryptocurrency trading platform in Japan, now renamed OSL Japan[109]. Risk Management - The volatility of digital asset prices may significantly impact the group's performance, and management regularly reviews asset positions based on various factors[121]. - The group has implemented guidelines and risk control procedures to manage digital asset storage, including a dedicated digital asset wallet solution with comprehensive security monitoring and risk control measures[123]. - Business continuity and disaster recovery plans are in place to ensure operational resilience against external and internal threats[131].

Investment Rating - The report gives an "Accumulate" rating for OSL Group, indicating a positive outlook for the company's future performance [5]. Core Views - OSL Group is positioned as a leading digital trading platform in Asia, driven by compliance and poised for a new growth phase. As of May 6, 2024, OSL held a 76% market share in virtual asset custody and trading for the first Bitcoin and Ethereum ETFs launched by Huaxia Fund (Hong Kong) and Harvest Global Investments [5][19]. - The cryptocurrency market is expected to enter an upward cycle due to three main catalysts: the initiation of the U.S. interest rate cut cycle, potential policy changes if Trump is re-elected, and Hong Kong's high cryptocurrency market activity [5][68][71]. - OSL's growth strategy includes solid B2B foundations and aggressive B2C expansion, leveraging its capital, compliance, customer base, and asset management advantages [5]. Summary by Sections Company Overview - OSL Group has transitioned to focus entirely on digital asset services since 2023, following a history of business transformations [14][98]. - The company has established a strong market presence and aims to expand its global strategy in 2024 [14]. Industry Drivers - The cryptocurrency sector is experiencing a resurgence, with significant growth potential driven by regulatory changes and increased adoption rates in Hong Kong [66][79]. - Hong Kong has become the third-largest ETF market globally, with strong demand for cryptocurrency ETFs, further enhancing OSL's market position [83]. Business Service Innovation - OSL has developed a comprehensive suite of services, including brokerage, trading, and custody, supported by advanced technology solutions [50][96]. - The company emphasizes compliance and user education, ensuring a robust onboarding process for new clients [103]. Financial Forecast and Investment Recommendations - Revenue projections for OSL Group are estimated at HKD 256.59 million, HKD 294.07 million, and HKD 307.21 million for 2024, 2025, and 2026, respectively, with a path to profitability expected by 2025 [6][5]. - The report highlights a potential recovery in net profit, with significant growth anticipated in the coming years [62].

目 錄 2 公司資料 4 行政總裁報告書 6 管理層討論與分析 14 未經審核簡明綜合損益及其他全面收益表 16 未經審核簡明綜合財務狀況表 18 未經審核簡明綜合權益變動表 19 未經審核簡明綜合現金流量表 20 未經審核簡明綜合中期財務資料附註 51 其他資料 公司資料 OSL GROUP LIMITED OSL 集團有限公司 股份代號：863 董事會 執行董事 潘志勇先生 （主席） （於二零二四年一月十二日獲委任） 徐康女士 （於二零二四年一月十二日獲委任） 楊超先生 （於二零二四年一月十二日獲委任） 刁家駿先生 賈瑞馨女士 （於二零二四年八月三十日獲委任） 高振順先生 （於二零二四年八月三十日辭任） Madden Hugh Douglas先生 （於二零二四年一月十二日辭任） Lo Ken Bon先生 （於二零二四年一月十二日辭任） Chapman David James先生 （於二零二四年一月十二日辭任） 獨立非執行董事 周承炎先生 徐飈先生 （於二零二四年一月十二日獲委任） 楊桓先生 （於二零二四年六月十七日獲委任） 楊毓博士 （於二零二四年一月十二日獲委任及 於二零二四年四月十九日辭任） 謝其龍先 ...

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 對 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任。 OSL Group Limited OSL集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：863） 截 至 二 零 二 四 年 六 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------| | | | 務 亮 點 | | 本集團數字資產及區塊鏈平台業務的國際財務報告準則收入為 1 億 2,380 萬 ...

Financial Proceeds - The net proceeds from the June placement amounted to approximately HKD 534 million after deducting all related expenses[2]. - The total amount utilized from the June placement proceeds was approximately HKD 534 million[3]. Utilization of Proceeds - As of December 31, 2023, the actual utilization of the proceeds from the June placement for IT-related costs was approximately HKD 198 million[3]. - The company allocated approximately HKD 236 million from the June placement for general operating expenses, including rent, employee costs, and marketing expenses[3]. Future Plans - The company has set aside funds for future market expansion in the UK, Singapore, and the Americas[3].

Digital Asset Market and Strategy - OSL Group Limited is focusing on enhancing its core competitiveness in the digital asset sector amid a strategic realignment[7]. - The approval of the first Bitcoin spot ETF in the US has positively impacted the regulatory environment and increased institutional participation in cryptocurrencies[8]. - Bitcoin and Ethereum prices have significantly risen, indicating a resurgence in investor confidence and market vitality[8]. - OSL Group is well-positioned to expand its service offerings and increase market share in response to regulatory innovations in Hong Kong[8]. - The company aims to leverage strategic investments to capitalize on opportunities in the evolving digital asset landscape in 2024[9]. - The group has laid a solid foundation for innovation in 2024, driven by significant achievements and opportunities in the past year[8]. - OSL Group expresses gratitude to investors for their unwavering support, which is crucial for the company's vision and leadership[9]. - The company anticipates unprecedented growth in 2024 through strategic initiatives and new service expansions[9]. - OSL aims to lead the transformation of the digital asset market while ensuring compliance and regulatory adherence[15]. - The approval to enhance existing licenses allows OSL to offer a wider range of digital asset products to retail investors, reinforcing its commitment to regulatory compliance[14]. Financial Performance - The management discussion highlights the audited financial performance for the fiscal year ending December 31, 2023[11]. - OSL Group's revenue for the fiscal year 2023 reached HKD 209.8 million, a 193.6% increase compared to HKD 71.5 million in the fiscal year 2022[17]. - The net income from digital asset brokerage activities was HKD 72.1 million in 2023, a significant recovery from a net loss of HKD 103.0 million in the previous year[17]. - The company reported a loss per share from continuing operations of HKD 0.58, improving from a loss of HKD 1.30 in the previous fiscal year[17]. - OSL's adjusted non-IFRS revenue for the year was HKD 134.9 million, a decrease of HKD 48.3 million from HKD 183.2 million in the fiscal year 2022[18]. - The company reported a net loss from continuing operations of HKD 249.8 million, a reduction of 55.4% compared to HKD 560.1 million in 2022[25]. - The total comprehensive loss for the year was HKD 265,874 thousand, compared to a total comprehensive loss of HKD 558,100 thousand in 2022, showing a reduction of about 52.4%[193]. Operational Developments - OSL has expanded its retail services by allowing retail investors to trade Bitcoin (BTC) and Ethereum (ETH) following regulatory approval in June 2023[14]. - The strategic investment from BGX is expected to enhance OSL's market share and technological capabilities in the Asia-Pacific region[13]. - OSL has established partnerships with Interactive Brokers and Victory Securities to strengthen its B2B2C business model, providing integrated digital asset trading solutions[15]. - The company has made significant progress in the Security Token Offering (STO) space, partnering with UBS for Hong Kong's first investment-grade warrant token transaction[16]. - The company sold 90% of its stake in Shanghai Jingwei Enterprise Development Co., focusing on the digital asset industry as a strategic growth priority[22]. Risk Management and Compliance - The volatility of digital asset prices poses significant risks to the group's performance, with regular reviews of asset positions based on market factors[39]. - The group employs both hot and cold wallet solutions for asset custody, implementing security measures and purchasing insurance for these wallets in 2023[40]. - Anti-money laundering policies and procedures are in place to mitigate risks associated with anonymous transactions in decentralized networks[41]. - The group has strict review processes for new products, focusing on operational, legal, regulatory, market, credit, liquidity, and ESG risks before approval[44]. - The group faces credit risk associated with digital asset trading, particularly from counterparties failing to meet obligations[45]. - The group has implemented a business continuity and disaster recovery plan to ensure operational resilience against external and internal threats[46]. - The company is committed to maintaining strict compliance standards while expanding its global footprint to serve a diverse international clientele[29]. Corporate Governance - The company appointed Mr. Pan Zhiyong as the chairman and CEO on January 12, 2024, which does not comply with the corporate governance code requiring separation of these roles[58]. - The board emphasizes the importance of effective leadership, transparency, and accountability in business operations to ensure high ethical standards and compliance with applicable laws[57]. - The company has adopted the corporate governance code and has complied with the relevant rules for the year ending December 31, 2023[58]. - The board consists of independent non-executive directors with extensive experience in corporate finance and banking, enhancing the company's governance structure[54][55]. - The company has established a fundraising committee for the Eastern District Hospital Charity Trust Fund, indicating its commitment to community involvement[54]. - The board will continue to review and improve corporate governance practices to maximize shareholder returns[58]. Shareholder Engagement and Communication - The company engages with shareholders through various channels, including press releases, interim and annual reports, and shareholder meetings[87]. - The company holds investor meetings, including conference calls and forums, to report on group performance and address investor questions[88]. - The company has established a shareholder communication policy to ensure timely and equal access to relevant information for shareholders and investors[88]. - The board ensures that independent resolutions are presented for significant matters at the annual general meeting, allowing shareholders to vote on each issue[93]. - The company encourages shareholders to raise questions and provide feedback to the board and management at any time[89]. Future Outlook and Strategic Initiatives - The company plans to expand its market presence and is focusing on new product development to drive future growth[123]. - The company has outlined a strategic vision for the next five years, aiming for a substantial increase in user data and engagement metrics[123]. - The company is actively pursuing mergers and acquisitions to enhance its competitive position in the market[123]. - The company has set ambitious performance guidance for the upcoming fiscal year, targeting a revenue growth of over 20%[123]. - The company is investing in new technologies to improve operational efficiency and customer experience[123]. Financial Position and Assets - As of December 31, 2023, the total assets of the group were HKD 14.408 billion, a decrease from HKD 25.143 billion on December 31, 2022[33]. - The total liabilities amounted to HKD 10.457 billion, down from HKD 18.550 billion in the previous year, resulting in a debt-to-asset ratio of approximately 72.6%[33]. - The total equity of the group was HKD 3.951 billion, compared to HKD 6.593 billion as of December 31, 2022[33]. - The cash balance, after deducting customer cash liabilities, was HKD 1.650 billion, a decrease from HKD 4.269 billion in the previous year[33]. - The proprietary digital asset balance increased from HKD 1.583 billion to HKD 1.846 billion over the year[33]. Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2023[173]. - The audit committee is responsible for overseeing the financial reporting process of the group[184]. - The company has identified key audit matters that are critical to the financial statements, ensuring transparency and compliance with professional ethical standards[187]. - The audit focused on the fair value measurement of financial instruments due to its significance in the consolidated financial statements[182]. - The management's judgments and assumptions regarding the fair value measurement of investments were supported by sufficient evidence[185].