7月11日，截至港股收盘，恒生指数上涨0.46%，报24139.57点。贝森金融（00888.HK）收报0.09港元/ 股，上涨9.76%，成交量446.4万股，成交额39.83万港元，振幅17.07%。 最近一个月来，贝森金融累计涨幅20.59%，今年来累计涨幅121.62%，跑赢恒生指数19.78%的涨幅。 财务数据显示，截至2024年12月31日，贝森金融实现营业总收入4090.69万元，同比增长24.2%；归母净 利润-2515.87万元，同比减少31.65%；毛利率25.02%，资产负债率79.5%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，其他金融行业市盈率（TTM）平均值为6.23倍，行业中值-0.2倍。贝森金融市盈率-4.29 倍，行业排名第128位；其他招商局中国基金（00133.HK）为2.54倍、维信金科（02003.HK）为3.54 倍、香港信贷（01273.HK）为3.69倍、国银金租（01606.HK）为4.52倍、中关村科技租赁 （01601.HK）为4.69倍。 资料显示，贝森金融集团有限公司('本公司',连同其附属公司,'本集团')于香港联合交易所有 ...

Financial Performance - For the year ended December 31, 2024, the Group reported revenue of approximately HK$44.2 million, representing an increase of approximately 24.2% from HK$35.6 million in the previous year[6]. - The loss attributable to owners of the parent for the year was approximately HK$27.2 million, an increase of approximately 31.7% compared to HK$20.6 million in 2023[7]. - The increase in loss was mainly due to a provision for impairment losses on financial assets of approximately HK$3.3 million and an increase in research and development costs of approximately HK$11.0 million[7]. - The Group experienced a loss before tax of HK$27.2 million in 2024, compared to a loss of HK$20.6 million in 2023, indicating a deterioration in financial performance[99]. - The net loss for the year was approximately HK$27.2 million, compared to a net loss of HK$20.6 million in the previous year, resulting in a basic loss per share of HK$1.91 in 2024 versus HK$1.45 in 2023[99]. - Cash and cash equivalents decreased to HK$101.7 million in 2024 from HK$112.4 million in 2023, reflecting a net decrease of HK$10.7 million[99]. - The total assets of the Group decreased to HK$153.6 million in 2024 from HK$186.6 million in 2023, while total liabilities decreased to HK$122.1 million from HK$128.0 million[99]. - The current ratio declined to 1.24 in 2024 from 1.42 in 2023, indicating a decrease in liquidity[99]. - The debt-to-equity ratio increased significantly to 292.6% in 2024 from 176.0% in 2023, suggesting a higher level of financial leverage[99]. Investment Fund Performance - The Group's investment in BeiTai Investment LP amounted to HK$43.9 million as of December 31, 2024, representing approximately 59.0% of the total capital commitment of the Investment Fund[17]. - The fair value of the Investment Fund as of December 31, 2024, was approximately HK$18.7 million, down from approximately HK$23.9 million in 2023[17]. - During the year ended December 31, 2024, the Group recorded a net unrealized gain on financial assets at fair value through profit or loss of approximately HK$23.0 million, compared to a net unrealized loss of approximately HK$5.6 million in 2023[56]. - The Group's interest in the Investment Fund includes two underlying investments: an unsecured redeemable bond issued by Emerge Ventures Limited and an unsecured redeemable bond issued by A Metaverse Company[60]. - The Group disposed of all AMC Shares held by the Investment Fund during the year ended December 31, 2024, with proceeds of approximately HK$3.2 million[61]. - The fair value of the Group's interest in the AMC Bond was approximately HK$11.4 million as of December 31, 2023, resulting in an unrealized fair value loss of approximately HK$5.8 million for the year ended December 31, 2023[67]. - The fair value of the Group's interest in the EV Bond was approximately HK$6.0 million as of December 31, 2023, leading to an unrealized gain of approximately HK$0.7 million for the year ended December 31, 2023[69]. - The Investment Fund's underlying investments primarily consist of bonds issued by a company listed in Hong Kong and a private limited company[56]. Corporate Actions and Strategy - The Group decided to cease its corporate finance advisory services effective October 31, 2024, and the related license was revoked on March 26, 2025[16]. - The overall business environment is expected to remain challenging due to geopolitical tensions, high interest rates, and global inflation pressures[18]. - The Group will strategically adjust resource allocation within its Financial Services Business to maximize returns for shareholders[18]. - The Group plans to leverage stable relationships with financial institutions to broaden its customer base in the EAM business[28]. - The Group is exploring new opportunities in emerging financial markets to further develop its Financial Services Business, leveraging its resources and senior management's investment experience[54]. - The Group will continue to enhance the income stream from its Financial Services Business while cautiously allocating resources within this segment[49]. Financial Services Business - The Group's Financial Services Business includes external asset management, fund management, securities services, investment advisory, and corporate finance advisory services[9]. - The Group's EAM business had aggregate assets of approximately HK$3.6 billion as of December 31, 2024, down from HK$4.1 billion in 2023[27]. - Revenue from EAM services increased to approximately HK$38.2 million in 2024, representing a 41.3% increase from HK$27.0 million in 2023[27]. - Revenue from fund management services decreased to approximately HK$5.0 million in 2024, down 8.4% from HK$5.4 million in 2023[32]. - Revenue from corporate finance advisory services fell to approximately HK$0.5 million in 2024, a decrease of 73.0% from HK$1.9 million in 2023[33]. - The Group's external asset management services recorded revenue of approximately HK$38.2 million in 2024, up 41.3% from HK$27.0 million in 2023[30]. Audit and Compliance - The external auditor expressed a qualified opinion regarding the carrying value of the Investment Fund as of December 31, 2021 and 2022 due to insufficient information on the operations and financial position of EV and AMC[63]. - The external auditor's opinion on the Group's consolidated financial statements for FY2024 is modified due to scope limitations on the carrying values of the AMC Bond and AMC Shares as of December 31, 2022[74]. - The external auditor was unable to assess the fair value of the EV Bond as of December 31, 2022, and 2023, due to management's inability to provide sufficient evidence, which could significantly impact the unrealized fair value loss/gain reported for the years ended December 31, 2022, and 2023[73]. - The management conducted fair value assessments on the EV Bond and AMC Bond with the assistance of an independent valuer[67]. - The external auditor and the Audit Committee reached an agreement on the audit qualification arising from the limitations in obtaining sufficient appropriate audit evidence[82]. Employee and Management Information - As of 31 December 2024, the group employed 37 full-time employees, an increase from 26 in 2023[176]. - Staff costs for the year ended 31 December 2024 were approximately HK$22.1 million, a slight decrease from approximately HK$22.9 million in 2023[176]. - The company has adopted a share option scheme to incentivize employees and align their interests with the company's performance[177]. - The remuneration of directors and senior management is aligned with corporate objectives and market conditions[176]. - The executive director, Mr. Xu Peixin, has over 16 years of experience in corporate management and investment[180]. - Mr. Sun Lei, appointed as CEO in December 2018, has over 21 years of experience in the financial industry[182]. - Mr. Zhu Dong, the CFO, has more than 29 years of experience in accounting and corporate finance[188]. - Dr. Yuan Haihai appointed as a non-executive director on November 28, 2024, with over 20 years of experience in finance and consulting across multiple regions[189].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 44,174,000, representing a 24.5% increase from HKD 35,566,000 in 2023[3] - Other income and gains for 2024 amounted to HKD 24,864,000, compared to a loss of HKD 7,518,000 in 2023[3] - The net loss for the year was HKD 27,166,000, compared to a loss of HKD 20,638,000 in 2023, indicating a 31.0% increase in losses[3] - Basic and diluted loss per share for 2024 was HKD 1.91, up from HKD 1.45 in 2023[3] - The group reported a pre-tax loss of HKD 27,168,000 for 2024, compared to a loss of HKD 20,636,000 in 2023, with a weighted average number of ordinary shares of 1,421,838,398[22] - The company recorded a loss attributable to equity holders of approximately HKD 27,200,000 for the year ended December 31, 2024, an increase of about 31.7% compared to a loss of HKD 20,600,000 in 2023[37] Revenue Breakdown - Total revenue for 2024 reached HKD 43,722,000, an increase of 27% compared to HKD 34,392,000 in 2023[14] - Revenue from external asset management services increased by approximately 41.3% to HKD 38,200,000 for the year ended December 31, 2024, compared to HKD 27,000,000 in 2023[40] - Institutional financing advisory service revenue decreased by approximately 73.0% to HKD 500,000 for the year ended December 31, 2024, down from HKD 1,900,000 in 2023[42] Expenses and Costs - The cost of services provided increased to HKD 33,122,000 in 2024 from HKD 23,304,000 in 2023, reflecting a 42.1% rise[3] - Research and development expenses were HKD 10,957,000 in 2024, with no corresponding expenses in 2023[3] - The total operating expenses increased to HKD 16,074,000 in 2024 from HKD 12,708,000 in 2023, reflecting a rise in various operational costs[17] - The depreciation expense for property and equipment was HKD 1,548,000 in 2024, compared to HKD 993,000 in 2023[16] Assets and Liabilities - Total assets decreased to HKD 153,555,000 in 2024 from HKD 186,639,000 in 2023, a decline of 17.7%[4] - Current assets decreased to HKD 150,759,000 in 2024 from HKD 176,075,000 in 2023, a decrease of 14.4%[4] - The company's equity attributable to owners of the parent decreased to HKD 31,473,000 in 2024 from HKD 58,639,000 in 2023, a decline of 46.3%[5] - The group's total debt, including promissory notes and lease liabilities, was approximately HKD 92.1 million as of December 31, 2024, down from HKD 103.2 million in 2023[49] Cash Flow and Investments - As of December 31, 2024, the group's cash and cash equivalents amounted to approximately HKD 101.7 million, a decrease from HKD 112.4 million in 2023[49] - The fair value of the group's share in the Conglomerate Weijia bonds was HKD 6,401,000 as of December 31, 2024, an increase from HKD 5,979,000 in 2023[29] - The fair value of the group's share in the One Universe bonds was HKD 8,430,000 as of December 31, 2024, down from HKD 11,443,000 in 2023[29] - The group recognized an unrealized gain of HKD 23,033,000 for the year ending December 31, 2024, compared to an unrealized loss of HKD 5,615,000 in 2023[30] Corporate Governance and Compliance - The company has complied with the Corporate Governance Code throughout the fiscal year, except for the dual role of the chairman and CEO, which the board believes enhances operational efficiency[69] - The company has adopted its own Securities Trading Code, confirming compliance by all directors for the fiscal year ending December 31, 2024[70] - The audit committee reviewed the group's annual performance for the year ending December 31, 2024, and found it compliant with relevant accounting standards and regulations[71] - The independent auditor's report included a qualified opinion due to limitations in the audit scope regarding the fair value losses of certain financial assets[73] Future Outlook and Challenges - The management remains optimistic about benefiting from the economic recovery in Hong Kong despite facing challenges and uncertainties in the financial services sector[44] - The group anticipates a challenging business environment due to geopolitical tensions, high interest rates, and increasing global inflationary pressures[48] Employee and Operational Changes - The company employed 37 full-time employees as of December 31, 2024, compared to 26 in the previous year, with total employee costs around HKD 22,100,000[64] - The company has terminated its institutional financing advisory services as of October 31, 2024, to optimize resource allocation within its financial services business[38]

Bond Repayment Status - The outstanding amounts for the Universe Bond and the United We Stand Bond are approximately HKD 19,500,000 and HKD 37,200,000, respectively, expected to be fully repaid by the end of 2024[3]. - United We Stand made a partial repayment of HKD 4,000,000 to the investment fund in October 2024[2]. - The company expects that the non-qualified audit opinion regarding the investment fund's balance as of December 31, 2024, will no longer exist if the United We Stand Bond is fully redeemed by the end of 2024[4]. - The proceeds from the upcoming movie, attributed to the Universe, are expected to be settled in batches by the end of 2024, to clear the remaining unpaid amounts of the Universe Bond[2]. - Further announcements will be made regarding the repayment status of the Universe Bond and United We Stand Bond, as well as updates on the liquidation of the investment fund[4]. Investment Fund Liquidation - The liquidation of the investment fund is anticipated to be completed around early March 2025, following the full redemption of the bonds[3]. - The investment fund's administrative and other expenses are expected to take about two months to settle after the full redemption of the bonds[3]. Company Strategy and Impact - The company will continue to follow up weekly with the issuers of the bonds to ensure timely redemption[3]. - The company is currently in discussions with potential investors to sell its interests in investment projects related to the United We Stand Bond[2]. - The management believes that the redemption of the United We Stand Bond will positively impact the company's consolidated financial statements for the year ending December 31, 2024[4].

Bond Redemption and Liquidation - The outstanding amounts for the Conglomerate Vega Bonds and the One Universe Bonds are approximately HKD 37,200,000 and HKD 23,500,000, respectively, including principal and interest[1]. - The company aims to fully redeem the Conglomerate Vega Bonds and One Universe Bonds and complete the investment fund liquidation by the end of 2024[2]. - The investment fund has no assets other than the Conglomerate Vega Bonds and One Universe Bonds as of the announcement date[2]. - The company is negotiating with the issuers of the bonds to establish an acceptable repayment schedule due to liquidity issues faced by the issuers[1]. - The company has not yet received responses to its requests for further clarification regarding the reasons for the delayed redemption of the bonds[2]. - The company will continue weekly follow-ups with the issuers to expedite the redemption process[2]. - The investment fund's liquidation work is expected to be completed by the end of 2024[2]. - The company will issue further announcements regarding the agreed repayment schedule for the outstanding amounts of the bonds[2]. Share Transactions - The company sold all One Universe shares in February 2024, with only 1,128 shares remaining, which were sold for approximately HKD 13.0 after fees on September 26, 2024[2]. Board of Directors - The board of directors includes executive directors and independent non-executive directors as of the announcement date[3].

Financial Performance - For the six months ended June 30, 2024, the Group reported revenue of approximately HK$23.3 million, representing an increase of approximately 11.6% compared to HK$20.9 million for the same period in 2023[5]. - The Group's loss for the period attributable to owners of the Company was approximately HK$9.6 million, a decrease of approximately 49.0% from HK$18.8 million in the same period of 2023, primarily due to a net unrealised gain on an investment in a private equity fund of approximately HK$4.9 million[6]. - The Group's total comprehensive loss for the period was HK$9,573,000, a decrease from HK$18,755,000 in the prior year, showing improved financial performance[96]. - The loss attributable to owners of the company for the six months ended June 30, 2024, was HK$9,572,000, a decrease from HK$18,753,000 for the same period in 2023[145]. - The loss before tax for the six months ended June 30, 2024 was HK$9,577,000, compared to a loss of HK$18,747,000 for the same period in 2023, indicating a significant reduction in losses[96]. Cash and Liquidity - As of June 30, 2024, the Group's cash and cash equivalents amounted to approximately HK$112.7 million, slightly up from approximately HK$112.4 million as of December 31, 2023[18]. - The net increase in cash and cash equivalents for the six months ended June 30, 2024, was HK$215,000, while there was a decrease of HK$ (6,156,000) in 2023[106]. - Cash and cash equivalents at the end of the period were HK$112,651,000 for June 30, 2024, compared to HK$112,975,000 for the same period in 2023[106]. - Net cash used in operating activities for the six months ended June 30, 2024, was HK$ (5,738,000), compared to HK$ (421,000) in 2023, indicating a significant increase in cash outflow[104]. - Cash flows from investing activities generated a net cash inflow of HK$11,415,000 for the six months ended June 30, 2024, compared to a cash outflow of HK$ (27,000) in 2023[104]. Investments - The Group made an investment of HK$60.9 million in the Investment Fund as of June 30, 2024, representing approximately 67.0% of the total capital contribution of the Investment Fund[24]. - The fair value of the Investment Fund was approximately HK$17.6 million as of June 30, 2024, down from approximately HK$23.9 million as of December 31, 2023, representing about 10.0% of the total assets of the Group[24]. - The Group's capital contribution to the Investment Fund was reduced by HK$11.1 million due to the withdrawal of capital contribution[58]. - The Group's investment in the private equity fund is classified as a financial asset at fair value through profit or loss, reflecting the nature of its cash flows[167]. - The Investment Fund disposed of substantially all AMC equity securities, generating proceeds of HK$2,829,000 during the six months ended June 30, 2024[163]. Financial Services Business - The Group's financial services business includes licenses for Type 1, Type 4, Type 6, and Type 9 regulated activities under the Securities and Futures Ordinance[4]. - The Financial Services Business recorded revenue of approximately HK$23.3 million for the six months ended June 30, 2024, representing an increase of 11.4% compared to HK$20.9 million for the same period in 2023[36]. - External Asset Management (EAM) services generated revenue of approximately HK$18.6 million during the six months ended June 30, 2024, up 46.5% from HK$12.7 million in the same period of 2023[37]. - The Group continues to maintain a minimal scale in securities services to minimize operating costs during uncertain economic conditions[41]. - The Group's Financial Services Business is optimistic about benefiting from the recovery of the Hong Kong economy, as indicated by a gradual revenue recovery for the six months ended June 30, 2024[50]. Employee and Operational Costs - Staff costs for the six months ended June 30, 2024, were approximately HK$10.4 million, down from approximately HK$12.1 million for the same period in 2023[30]. - The Group had 31 full-time employees as of June 30, 2024, an increase from 26 employees as of December 31, 2023[30]. - The group incurred employee benefit expenses of HK$7,570,000 in 2024, down from HK$9,111,000 in 2023, suggesting a reduction in workforce costs[131]. - Other operating expenses totaled HK$4,589,000 in 2024, a decrease from HK$4,795,000 in 2023, reflecting cost control measures[135]. - Depreciation expenses increased to HK$723,000 in 2024 from HK$489,000 in 2023, indicating higher asset utilization costs[131]. Audit and Compliance - The independent auditor's review report for the six months ended June 30, 2024, contains a qualified conclusion due to scope limitations on the carrying values of the Group's investments[80]. - The management believes that resolving the audit qualification is contingent upon realizing the EV Bond and completing the liquidation by the end of 2024[72]. - The Group has adopted several enhanced internal control measures to prevent similar issues in future investments[75]. - Management faced limitations in assessing the fair value of the EV Bond due to insufficient financial information from the issuer, which could impact future financial results[92]. - The audit conclusion on the interim condensed consolidated financial statements remains modified due to the possible effect of unresolved matters on comparability[59]. Debt and Indebtedness - As of June 30, 2024, the Group's indebtedness was approximately HK$99.2 million, a decrease from approximately HK$103.2 million as of December 31, 2023[19]. - The gearing ratio increased to 202.2% as of June 30, 2024, up from 176.0% as of December 31, 2023, primarily due to an 11.5% decrease in reserves resulting from a loss attributable to owners of approximately HK$9.6 million for the six months ended June 30, 2024[19]. - The intended use of the net proceeds from the Share Subscription includes repayment of indebtedness of HK$31.5 million and payment of royalty, license, and management fees of HK$30.1 million[18]. - As of June 30, 2024, HK$24.7 million of the intended repayment of indebtedness had been utilized, leaving HK$4.2 million unutilized[18]. - The principal portion of lease payments amounted to HK$ (4,802,000) and interest paid was HK$ (500,000) for the six months ended June 30, 2024, compared to HK$ (4,275,000) and HK$ (1,172,000) respectively in 2023[104]. Market Conditions and Future Outlook - The Group's financial services continue to face challenges due to geopolitical tensions, high interest rates, and unfavorable market prospects in Hong Kong[50]. - The overall business environment is anticipated to remain challenging due to geopolitical tensions, high interest rates, and global inflation pressures[76]. - The Group plans to strategically adjust resource allocation within the Financial Services Business to maximize shareholder returns[76]. - The Group is exploring new opportunities in emerging financial markets to further develop its Financial Services Business[54]. - The Group will continue to develop and enhance income streams from its Financial Services Business despite current challenges[50].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 23,322,000, an increase of 11.5% compared to HKD 20,897,000 for the same period in 2023[2] - Other income and gains for the period amounted to HKD 5,700,000, compared to a loss of HKD 4,382,000 in the previous year[2] - The net loss for the period was HKD 9,573,000, a significant improvement from a loss of HKD 18,755,000 in the same period last year[2] - Basic and diluted loss per share was HKD 0.67, compared to HKD 1.32 for the same period in 2023[2] - The company reported a pre-tax loss of HKD 9,572,000 for the six months ended June 30, 2024, compared to a loss of HKD 18,753,000 for the same period in 2023[20] - The loss attributable to the company's owners for the six months ended June 30, 2024, was approximately HKD 9,600,000, a reduction of about 49.0% from HKD 18,800,000 in the same period of 2023[38] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 175,593,000, a decrease from HKD 186,639,000 as of December 31, 2023[3] - Current assets totaled HKD 169,986,000, down from HKD 176,075,000 at the end of 2023[3] - Current liabilities increased to HKD 126,030,000 from HKD 124,120,000 at the end of 2023[3] - The company's equity attributable to owners was HKD 49,069,000, down from HKD 58,641,000 at the end of 2023[3] - As of June 30, 2024, the company's cash and cash equivalents were approximately HKD 112,700,000, compared to HKD 112,400,000 as of December 31, 2023[40] - The company's total debt as of June 30, 2024, was approximately HKD 99,200,000, down from HKD 103,200,000 as of December 31, 2023[41] - The capital debt ratio increased to 202.2% as of June 30, 2024, from 176.0% as of December 31, 2023, due to a decrease in reserves by approximately 11.5%[41] - The company had a net asset value of approximately HKD 44,000,000 as of June 30, 2024, down from HKD 52,000,000 as of December 31, 2023[41] Revenue Breakdown - Fund management service revenue decreased to HKD 4,181,000, down 34.9% from HKD 6,430,000 in the previous year[11] - External asset management advisory commission revenue increased significantly to HKD 18,582,000, up 46.5% from HKD 12,677,000 in the prior year[11] - Revenue from external asset management services for the six months ended June 30, 2024, was approximately HKD 18.6 million, compared to HKD 12.7 million for the same period in 2023, representing a growth of about 46.5%[48] - Revenue from fund management services for the six months ended June 30, 2024, was approximately HKD 4.2 million, down from HKD 6.4 million for the same period in 2023, indicating a decline of about 34.4%[49] - Revenue from institutional financing advisory services for the six months ended June 30, 2024, was approximately HKD 300,000, a decrease from HKD 1.1 million for the same period in 2023, reflecting a decline of about 72.7%[52] Expenses - Research and development costs were HKD 6,750,000, marking the first reporting of such expenses[2] - Total operating expenses for the six months ended June 30, 2024, were HKD 4,589,000, a slight decrease from HKD 4,795,000 in the previous year[15] - Employee costs for the six months ended June 30, 2024, were approximately HKD 10.4 million, a decrease from HKD 12.1 million for the same period in 2023, indicating a reduction of about 14.0%[56] - The company incurred depreciation expenses of HKD 723,000, up from HKD 489,000 in the prior year[14] - Interest expenses on bank notes totaled HKD 4,488,000, slightly up from HKD 4,463,000 in the previous year[16] Investments - As of June 30, 2024, the fair value of private equity fund investments decreased to HKD 17,629,000 from HKD 23,850,000 as of December 31, 2023, representing a decline of approximately 26%[22] - The fair value of the company's equity in the bond issued by a private company was assessed at approximately HKD 5,630,000, resulting in an unrealized gain of about HKD 1,401,000 for the period[63] - The group's investment in a private company was recorded at HKD 2,000,000, with no significant influence or joint control, classified as fair value through profit or loss[24] - The investment fund's net unrealized gain for the six months ended June 30, 2024, was HKD 4,879,000, compared to a net unrealized loss of HKD 5,372,000 for the same period in 2023[27] - The fair value of investments in the fund as of June 30, 2024, was approximately HKD 17.6 million, down from HKD 23.9 million as of December 31, 2023, representing a decrease of about 26.5%[54] Corporate Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code, except for the separation of roles between the Chairman and the CEO, which are currently held by the same individual[59] - The company’s audit committee reviewed the unaudited interim financial results for the six months ended June 30, 2024, which were also reviewed by an external auditor[61] - The board of directors includes executive directors Xu Peixin, Sun Lei (Chairman), and Zhu Dong, along with independent non-executive directors Qi Daqing, Chen Yigong, and Feng Zhonghua[68] Future Outlook - The company is focused on expanding its financial services offerings and enhancing its operational efficiency[4] - The Group is optimistic about benefiting from the economic recovery in Hong Kong despite facing challenges due to geopolitical tensions and high interest rates[52] - The Group is exploring opportunities in emerging financial markets to further develop its financial services business[52] - The investment fund is undergoing liquidation, with expected recovery of funds by the end of 2024, net of fees[27] Miscellaneous - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[19] - The company did not purchase, sell, or redeem any of its listed securities during the six months ended June 30, 2024[58] - No significant events occurred after the six months ended June 30, 2024, up to the date of this announcement[66] - The interim report for the six months ended June 30, 2024, will be published on the stock exchange and the company's website[67]

Financial Performance - For the year ended December 31, 2023, the Group reported revenue of approximately HK$35.6 million, a decrease of approximately 13.2% from HK$41.0 million in the previous year[5]. - The loss attributable to owners of the Company for the year was approximately HK$20.6 million, representing a decrease in loss of approximately 83.2% compared to HK$123.1 million in 2022[6]. - The loss before tax for 2023 was HK$20.6 million, a reduction from HK$126.7 million in the previous year[104]. - The Group recorded a net loss of HK$20.6 million for 2023, compared to a net loss of HK$123.1 million in 2022, indicating a significant improvement in financial performance[104]. - Cash and cash equivalents decreased to HK$112.4 million as of December 31, 2023, down from HK$124.1 million in 2022[104]. - The total assets of the Group were HK$186.6 million, a decrease from HK$207.8 million in 2022[104]. - The total liabilities remained relatively stable at HK$128.0 million, compared to HK$128.5 million in 2022[104]. - The current ratio decreased to 1.42 in 2023 from 1.74 in 2022, indicating a decline in short-term liquidity[104]. - The debt-to-equity ratio increased to 176.0% in 2023 from 139.3% in 2022, reflecting a higher level of leverage[104]. Revenue Breakdown - Revenue from External Asset Management (EAM) services increased to approximately HK$27.0 million in 2023, up approximately 9.7% from HK$24.7 million in 2022, with total assets under management reaching approximately HK$4.1 billion[29]. - Fund management services revenue decreased significantly by approximately 60.1% to HK$5.4 million in 2023 from HK$13.6 million in 2022, primarily due to tightened liquidity affecting management fees[34]. - Corporate finance advisory services revenue increased by approximately 62.4% to HK$1.9 million in 2023, up from HK$1.2 million in 2022, driven by increased demand following the end of the COVID-19 pandemic[35]. Impairment and Losses - The provision for impairment losses on non-current assets for 2023 was HK$nil, down from approximately HK$43.9 million in 2022[6]. - The net realised and unrealised losses on financial assets at fair value through profit or loss decreased to approximately HK$5.4 million in 2023 from approximately HK$39.7 million in 2022[7]. - The reversal of provision for impairment losses on financial assets amounted to approximately HK$20.6 million in 2023, compared to a provision of approximately HK$0.6 million in 2022[12]. - A net reversal of impairment losses for Third Party Loans was approximately HK$14.3 million in 2023, compared to HK$1.8 million in 2022, due to recoveries of approximately HK$21.6 million[126]. - The expected credit loss (ECL) rate for third-party loans decreased significantly to 31.16% as of December 31, 2023, down from 49.23% in 2022, reflecting improved loan recoverability[132]. Investment Fund Performance - The Group's investment in BeiTai Investment LP remained at HK$72.0 million, representing approximately 71.0% of the total capital commitment of the Investment Fund[16]. - The fair value of the Investment Fund decreased to approximately HK$23.9 million in 2023 from approximately HK$29.5 million in 2022[16]. - The Group's investment in the Investment Fund as of December 31, 2023, is HK$72.0 million, representing approximately 71.0% of the total capital contribution of the Investment Fund[60]. - The fair value of the Investment Fund as of December 31, 2023, is approximately HK$23.9 million, which is about 12.8% of the total assets of the Group[60]. - The Group recorded an unrealized loss on financial assets at fair value through profit or loss of approximately HK$5.6 million for the year ended December 31, 2023[60]. Dividends and Shareholder Returns - No final dividend is recommended for the year ended December 31, 2023[13]. - The Group did not provide any new loans during the year ended December 31, 2023[117][120]. - The Group will strategically adjust resource allocation within the Financial Services Business and continue to seek investment opportunities to maximize returns for shareholders[22]. - The Group is actively monitoring the liquidation process to maximize returns for the Company and its shareholders[86]. Management and Governance - The Credit Control Committee is responsible for monitoring margin calls and ensuring appropriate checks and balances in the loan approval process[48]. - The Credit Control Committee reports directly to the board of directors to ensure independent oversight of credit decisions[48]. - The Group's management team possesses extensive asset management experience and a strong network with high net worth clients, which is expected to broaden the customer base[30]. - Enhanced internal control measures have been adopted to prevent similar incidents in future investments[99]. Economic Environment and Future Outlook - The Group expects a challenging business environment due to geopolitical tensions, high interest rates, and global inflation pressures[22]. - The overall business environment remains challenging due to geopolitical tensions, high interest rates, and global inflation pressures[27]. - The Group continues to face challenges in its Financial Services Business due to geopolitical tensions and high interest rates, but management remains optimistic about future recovery in Hong Kong's economy[52]. - The Group is exploring new opportunities in emerging financial markets to further develop its Financial Services Business[58]. Employee and Operational Metrics - As of December 31, 2023, the Group had 26 full-time employees, a decrease from 31 full-time employees in 2022, with staff costs of approximately HK$22.8 million, down from approximately HK$23.5 million in 2022[180]. - The Group's internal control system includes periodic reviews and due diligence to mitigate credit risk exposures from lending transactions[133].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 35,566,000, a decrease of 13.3% from HKD 40,957,000 in 2022[4] - Net loss for the year was HKD 20,638,000, significantly improved from a loss of HKD 123,092,000 in the previous year, representing a reduction of 83.2%[4] - Basic and diluted loss per share for the year was 1.45 HKD cents, down from 8.66 HKD cents in 2022[4] - The company reported a pre-tax loss of HKD 20,609,000 for 2023, compared to a pre-tax loss of HKD 43,905,000 in 2022[24] - The total tax expense for the year was HKD 7,000, compared to a tax credit of HKD 3,640,000 in the previous year[30] - The company did not declare a final dividend for the year ending December 31, 2023, consistent with the previous year[31] - The loss attributable to the company's owners for the year ended December 31, 2023, was approximately HKD 20,600,000, a significant reduction of about 83.2% from a loss of HKD 123,100,000 in 2022[53] Asset and Liability Management - Total current assets decreased to HKD 176,075,000 from HKD 203,620,000, a decline of 13.6%[6] - Total non-current assets increased to HKD 10,564,000 from HKD 4,164,000, an increase of 154.5%[6] - Total liabilities increased to HKD 128,000,000 from HKD 116,697,000, an increase of 9.3%[6] - The company's equity attributable to shareholders decreased to HKD 58,641,000 from HKD 79,277,000, a decline of 26.0%[8] - Cash and cash equivalents decreased to HKD 112,436,000 from HKD 124,139,000, a decrease of 9.0%[6] - The group's net current assets were approximately HKD 52,000,000 as of December 31, 2023, down from HKD 86,900,000 in 2022[70] - The group's debt, including acceptances and lease liabilities, was approximately HKD 103,200,000 as of December 31, 2023, down from HKD 110,400,000 in 2022[69] Revenue Breakdown - Client contract revenue decreased to HKD 34,392,000 in 2023 from HKD 39,529,000 in 2022, representing a decline of 12.8%[21] - Fund management service revenue dropped significantly to HKD 5,428,000 in 2023 from HKD 13,615,000 in 2022, a decrease of 60%[21] - External asset management advisory commission revenue increased to HKD 27,032,000 in 2023 from HKD 24,651,000 in 2022, an increase of 9.6%[21] - The total assets under external asset management increased to approximately HKD 4.1 billion as of December 31, 2023, up from HKD 3.8 billion in 2022, with external asset management service revenue rising by about 9.7% to HKD 27,000,000[58] - Fund management service revenue decreased by approximately 60.1% to HKD 5,400,000 in 2023 from HKD 13,600,000 in 2022, primarily due to tighter liquidity affecting the ability to pay management fees[60] - Institutional advisory service revenue increased by approximately 62.4% to HKD 1,900,000 in 2023 from HKD 1,200,000 in 2022, driven by increased demand for advisory services post-COVID-19[61] Impairment and Reversal - Financial assets impairment reversal amounted to HKD 20,609,000, compared to a loss of HKD 615,000 in 2022[4] - The company recognized an impairment loss of HKD 20,487,000 for property, plant, and equipment, with no impairment provision for the year ending December 31, 2023[33] - The company confirmed an impairment loss of HKD 23,418,000 for intangible assets, property, and equipment, reducing their carrying amount to a recoverable amount of HKD 1,055,000[37] - The group recognized a reversal of impairment losses on receivables amounting to approximately HKD 14,258,000 for the year ended December 31, 2023, compared to HKD 1,801,000 in 2022[47] - The company recorded a net reversal of impairment losses on financial assets of approximately HKD 20,600,000 for the year ended December 31, 2023, compared to HKD 600,000 in 2022[55] Employment and Costs - The total employee cost for the year ended December 31, 2023, was approximately HKD 22,800,000, down from HKD 23,500,000 in 2022[80] - The company employed 26 full-time employees as of December 31, 2023, down from 31 in 2022[80] - As of December 31, 2023, there were 34,220,000 unexercised stock options under the stock option plan, a decrease from 49,220,000 in 2022[82] Governance and Compliance - The audit committee reviewed the group's annual performance and confirmed compliance with relevant accounting standards and regulations for the year ended December 31, 2023[89] - The independent auditor's report for the year ended December 31, 2023, included a qualified opinion due to limitations in the audit scope regarding the fair value of certain investments[91] - The board of directors includes executive and independent non-executive members, ensuring governance and oversight[102] Market and Future Outlook - The company plans to continue exploring opportunities in emerging financial markets to further develop its financial services business[64] - The management remains optimistic about benefiting from the economic recovery in Hong Kong despite challenges and uncertainties in the financial services sector[63] Investment and Fair Value - The fair value of financial assets measured at fair value through profit or loss totaled HKD 23,850,000 for the year, down from HKD 30,366,000 in the previous year[39] - The fair value of the investment fund's assets decreased to approximately HKD 23,900,000 as of December 31, 2023, down from HKD 29,500,000 in 2022, accounting for about 12.8% of the group's total assets[66] - The fair value of the company's equity in the Metaverse bond as of December 31, 2023, is approximately HKD 11,443,000[96] - The company recognized an unrealized fair value loss of approximately HKD 5,793,000 related to the Metaverse bond and shares for the year ended December 31, 2023[96] - The fair value of the company's equity in the Conglomerate bond as of December 31, 2023, is approximately HKD 5,979,000, resulting in an unrealized gain of approximately HKD 682,000 for the year ended December 31, 2023[99] Miscellaneous - The company has not received sufficient financial information from the issuer of the Conglomerate bond since December 31, 2021, affecting the assessment of the bond's fair value[99] - The company's shares were suspended from trading on the stock exchange from April 1, 2022, and resumed trading on November 6, 2023[95] - The company has not published any financial information for the six months ending June 30, 2021, as of the report date[95] - The company plans to publish its annual report for 2023 on its website and the stock exchange's website in due course[101]

Financial Performance - For the six months ended 30 June 2023, the Group reported revenue of approximately HK$20.9 million, representing an increase of approximately 13.5% compared to HK$18.4 million for the same period in 2022[4]. - The loss for the period attributable to owners of the Company was approximately HK$18.8 million, a decrease from approximately HK$25.3 million in the same period of 2022, primarily due to a reduction in depreciation and amortization[5]. - Revenue from the Financial Services Business for the six months ended June 30, 2023, was approximately HK$20.9 million, an increase from approximately HK$18.4 million for the same period in 2022[42]. - The Group's financial services business recorded revenue of approximately HK$20.9 million for the six months ended June 30, 2023, compared to HK$18.4 million for the same period in 2022, representing a growth of about 8.1%[45]. - Revenue generated from fund management services amounted to approximately HK$6.4 million for the six months ended June 30, 2023, compared to HK$5.3 million for the same period in 2022, marking an increase of approximately 20.8%[49]. - Revenue from corporate finance advisory services for the six months ended June 30, 2023, was approximately HK$1.1 million, up from HK$0.3 million for the same period in 2022, representing a 266.7% increase[68]. - Total revenue for the six months ended June 30, 2023, was HK$20,897,000, compared to HK$18,411,000 for the same period in 2022, reflecting a growth of 13.5%[174]. - Total comprehensive loss for the period was HK$18,755,000, compared to HK$25,274,000 for the same period in 2022, indicating a decrease of 25.9%[135]. - Basic and diluted loss per share attributable to owners of the Company was HK(1.32) cents, an improvement from HK(1.78) cents in the previous year[135]. Cash and Indebtedness - As at 30 June 2023, the Group's cash and cash equivalents amounted to approximately HK$118.0 million, down from approximately HK$124.1 million as of 31 December 2022[20]. - The Group's total indebtedness comprised promissory notes and lease liabilities of approximately HK$106.1 million, with a gearing ratio of 175.4% as at 30 June 2023, compared to 139.3% at the end of 2022[21]. - The Group's total debt was approximately HK$106.1 million as of June 30, 2023, down from approximately HK$110.4 million as of December 31, 2022, with a capital-to-debt ratio of 175.4%[22]. - The net decrease in cash and cash equivalents for the period was HK$6,156,000, an improvement from a decrease of HK$10,204,000 in the prior year[150]. - The company paid HK$1,172,000 in interest, a decrease from HK$5,610,000 in the same period of 2022, suggesting reduced debt servicing costs[150]. Asset Management - The Group's external asset management (EAM) services managed assets totaling approximately HK$4.1 billion as of June 30, 2023, up from approximately HK$3.8 billion as of December 31, 2022[43]. - Assets under external asset management reached approximately HK$4.1 billion as of June 30, 2023, up from HK$3.8 billion as of December 31, 2022, indicating an increase of approximately 7.9%[46]. - Revenue generated from EAM services during the six months ended June 30, 2023, amounted to approximately HK$12.7 million, compared to approximately HK$12.1 million for the same period in 2022[43]. - External asset management advisory commission income was HK$12,677,000 for the six months ended June 30, 2023, compared to HK$12,070,000 in 2022, marking a growth of 5.0%[177]. Investment Fund - As of June 30, 2023, the Group's investment in the Investment Fund was HK$72.0 million, accounting for approximately 71% of the total capital contribution of the Investment Fund[79]. - The fair value of the Investment Fund as of June 30, 2023, was approximately HK$24.1 million, which represented about 13.0% of the Group's total assets[79]. - The Group recorded a net unrealized loss on financial assets at fair value through profit or loss of approximately HK$5.4 million for the six months ended June 30, 2023, compared to a loss of approximately HK$1.9 million for the same period in 2022[79]. - The Group's share of unrealized fair value losses for the six months ended June 30, 2023, was approximately HKD 5,400,000, primarily from the bonds and shares of 合众威加 and 一元宇宙[82]. - The Group has been closely monitoring the liquidation process of the Investment Fund, which was initiated on February 22, 2022, to maximize returns for the Company and its shareholders[97]. Operational Efficiency - The Group will continue to review and adjust its strategies for the Financial Services Business to achieve corporate goals and develop future plans[40]. - The Group aims to broaden its customer base and support the continuous development of the external asset management business by leveraging stable relationships with financial institutions and a management team with extensive experience[48]. - The company’s cash used in operations improved significantly, indicating better operational efficiency and cost management[147]. - Staff costs for the six months ended June 30, 2023, were approximately HK$12.1 million, a slight decrease from approximately HK$12.6 million for the same period in 2022[35]. - The principal portion of lease payments decreased to HK$4,275,000 from HK$5,838,000 year-over-year, indicating a reduction in financing costs[150]. Governance and Compliance - The independent auditor provided a qualified conclusion in its review report for the six months ended June 30, 2023[105]. - The Group's financial reporting is in compliance with Hong Kong Accounting Standard 34, ensuring transparency and accuracy in financial disclosures[112]. - The Group continues to focus on maintaining compliance with relevant rules and regulations in its securities margin financing services[58]. - The management believes that the impact of the Audit Qualification will cease to exist by the end of 2023 if the Investment Fund can realize its Bonds and distribute proceeds to the Group[100]. Management Changes - Dr. MA Weihua resigned as the non-executive Director and chairman of the Company effective September 1, 2023[106]. - Dr. Ma Weihua has resigned as a non-executive director and chairman effective September 1, 2023[110].