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].

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的內容概 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倚賴該等內容而引致的任何損失承 擔任何責任。 BISON FINANCE GROUP LIMITED 貝森金融集團有限公司 （於百慕達註冊成立的有限公司） (股份代號: 888) 有關截至二零二二年十二月三十一日年度報告之補充公告 茲提述貝森金融集團有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）截至二零二二年十二月三十一日之年度年報（「該年報」）。除另有 界定外，本公告中所使用詞彙與該年報所界定者具有相同涵義。 董事會僅此提供有關該年報的進一步資訊。 減值評估 誠如該年報所披露，截至二零二二年十二月三十一日止年度，本公司分別對 （i）使用權資產和（ii）無形資產作出約港幣20,500,000元及約港幣23,400,000 元的減值虧損撥備（「該減值」）。 本集團的使用權資產主要是其位於香港北角京華道18號6樓的租賃辦公場所， ...

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的內容概不負責， 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倚賴該等內容而引致的任何損失承擔任何責任。 BBIISSOONN FFIINNAANNCCEE GGRROOUUPP LLIIMMIITTEEDD 貝 森 金 融 集 團 有 限 公 司 （於百慕達註冊成立的有限公司） （股份代號：888） 二零二三年中期業績公告 截至二零二三年六月三十日止六個月的中期業績 貝森金融集團有限公司（「本公司」）的董事（「董事」）謹此提呈本公司及其附屬公 司（統稱「本集團」）截至二零二三年六月三十日止六個月的未經審核簡明綜合財 務資料，連同截至二零二二年六月三十日止六個月及於二零二二年十二月三十一 日的比較數字。 ...

Financial Performance - For the year ended December 31, 2022, the Group reported revenue of approximately HK$41.0 million, a decrease of approximately 45.8% from HK$75.6 million in the previous year[5]. - The loss attributable to owners of the Company for the year was approximately HK$123.1 million, a decrease of approximately 52.4% compared to HK$258.8 million in 2021[6]. - The provision for impairment losses on non-current assets decreased to approximately HK$43.9 million, down approximately 52.5% from HK$92.4 million in the previous year[7]. - The provision for impairment losses on financial assets, net, was approximately HK$0.6 million, representing a decrease of approximately 98.5% compared to HK$41.8 million in 2021[12]. - The Financial Services Business generated revenue of approximately HK$41.0 million for the year ended December 31, 2022, a decrease of approximately 45.8% compared to HK$75.6 million in 2021[29]. - Revenue from EAM services for the year ended December 31, 2022, was approximately HK$24.7 million, representing a decrease of approximately 38.4% from HK$40.0 million in 2021[35]. - Revenue from fund management services amounted to approximately HK$13.6 million for the year ended December 31, 2022, a decrease of approximately 46.8% compared to HK$25.6 million in 2021[37]. - Revenue from corporate finance advisory services for the year ended December 31, 2022, was approximately HK$1.2 million, a decrease of about 50.9% compared to HK$2.4 million in 2021[59]. - The Group recorded an unrealized loss on financial assets at fair value through profit or loss of approximately HK$36.8 million for the year ended December 31, 2022, compared to an unrealized gain of approximately HK$2.2 million in 2021[66]. - The Group's total indebtedness was approximately HK$110.4 million, an increase from approximately HK$97.8 million in 2021, resulting in a gearing ratio of 139.3% compared to 48.3% in 2021[145][148]. Investment and Asset Management - As of December 31, 2022, the Group invested HK$72.0 million in the BeiTai Investment LP, representing approximately 71.0% of the total capital commitment of the Investment Fund[16]. - The fair value of the Investment Fund as of December 31, 2022, was approximately HK$29.5 million, down from HK$71.3 million in 2021[16]. - The Group's share of the carrying values of two underlying investments in bonds amounted to approximately HK$16.9 million as of December 31, 2022[67]. - The Group's share of the carrying value of listed shares in AMC was approximately HK$8.3 million as of December 31, 2022[67]. - The Group's investment in the Investment Fund as of December 31, 2022, was HK$72.0 million, representing approximately 71.0% of the total capital contribution, down from HK$77.0 million in 2021[66]. - The Group has been exploring alternative proposals from the General Partner regarding the distribution of non-cash assets from the liquidation of the Investment Fund[83]. - The liquidation process of the Investment Fund has been initiated, with the expectation that proceeds will be recovered by the Group before the end of 2023[83]. Operational Challenges - The Group expects a challenging business environment due to geopolitical tensions, high interest rates, and global inflationary pressures[22]. - Increased market volatility, macroeconomic downturn, and geopolitical tensions have negatively impacted the Group's ability to attract new clients and conduct business development activities[30]. - The Group expects limited growth in AUM and revenue for investment advisory and fund management services in the coming years due to adverse economic and political factors[34]. - The overall revenue and profitability of the Financial Services Business have been adversely affected due to reduced investor risk appetite and decreased transaction volumes[30]. Management and Governance - The Group has implemented measures to monitor liquidity and working capital, including proactive collection of receivables and exploring fundraising activities[90]. - The Group has implemented internal control systems to mitigate credit risk exposures from lending transactions[123]. - The company has maintained a strong governance structure with various committees, including audit, remuneration, and nomination committees, to oversee its operations[186]. - The board of directors includes experienced professionals with diverse backgrounds in finance, law, and academia, contributing to the company's strategic direction[192]. Employee and Compensation - The Group incurred staff costs of approximately HK$23.5 million in 2022, a significant decrease from approximately HK$76.3 million in 2021, reflecting a reduction in full-time employees from 45 to 31[167]. - The company adopted a share option scheme in June 2018 to incentivize employees and align their interests with shareholders[171]. - A share award scheme was also adopted in August 2018, which was terminated on October 28, 2022, to reward employees and directors for their contributions[172]. - The company has a comprehensive and attractive compensation and benefits package for all employees[171]. Future Outlook - Management expects to recover the liquidation proceeds from the Investment Fund by the end of 2023, which is crucial for improving the Group's financial position[85]. - The Group plans to continue exploring emerging financial market opportunities to further develop its financial services business[63]. - Management remains optimistic about the financial services segment, anticipating increased global trade activities and liquidity as COVID-19 restrictions ease[63].

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的內容概不負責， 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倚賴該等內容而引致的任何損失承擔任何責任。 BBIISSOONN FFIINNAANNCCEE GGRROOUUPP LLIIMMIITTEEDD 貝 森 金 融 集 團 有 限 公 司 （於百慕達註冊成立的有限公司） （股份代號：888） 二零二二年全年業績公告 截至二零二二年十二月三十一日止年度的全年業績 貝森金融集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此提呈本公司 及其附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度的綜合業績， 連同相關的比較數字。 ...

Revenue Performance - For the six months ended 30 June 2022, the Group reported revenue of approximately HK$18.4 million, representing a decrease of approximately 59.8% compared to HK$45.8 million for the same period in 2021[4]. - The Group recorded revenue of approximately HK$18.4 million from its Financial Services Business for the six months ended June 30, 2022, down from approximately HK$45.8 million for the same period in 2021[45]. - Revenue from contracts with customers for the six months ended June 30, 2022, was HK$17,703,000, a decrease of 59.3% compared to HK$43,478,000 for the same period in 2021[159]. - Revenue from EAM services for the six months ended June 30, 2022, was approximately HK$12.1 million, a decline of 48.7% from HK$23.6 million for the same period in 2021[50]. - Revenue generated from fund management services during the six months ended June 30, 2022, amounted to approximately HK$5.3 million, down 66.7% from HK$15.9 million for the same period in 2021[52]. - Financial advisory and consultancy fee income fell to HK$304,000, down 77.0% from HK$1,319,000 in the same period last year[161]. - Fund management service income for the six months ended June 30, 2022, was HK$5,251,000, down 66.9% from HK$15,904,000 in the prior year[161]. - The Media segment reported no revenue for the six months ended June 30, 2022, compared to HK$64,928,000 for the same period in 2021[184]. Loss and Financial Position - The Group's loss for the period attributable to owners was approximately HK$25.3 million, a decrease from HK$52.9 million in the same period of 2021[10]. - The loss for the period attributable to owners of the Company was approximately HK$25,274,000 for the six months ended June 30, 2022, a decrease from HK$52,864,000 in 2021[191]. - Loss before tax from continuing operations was HK$25,535,000, improved from a loss of HK$35,262,000 in the prior year[117]. - The Group recorded a net unrealized loss on financial assets at fair value through profit or loss of approximately HK$1.9 million for the six months ended June 30, 2022, compared to a net unrealized gain of approximately HK$0.7 million for the same period in 2021[82]. - The accumulated losses increased to HK$742,518,000 as of June 30, 2022, compared to HK$717,597,000 at the beginning of the year[125]. - The total current assets decreased to HK$248,855,000 from HK$293,396,000, a decline of 15.1%[121]. - Net assets decreased to HK$177,095,000 from HK$202,369,000, a decline of 12.5%[124]. Expenditure and Cost Management - Staff expenditure decreased by approximately HK$17.0 million to approximately HK$12.6 million, representing a decrease of approximately 57.4% compared to HK$29.6 million in the same period of 2021[11]. - Employee benefit expenses, excluding directors' remuneration, decreased to HK$9,502,000 in 2022 from HK$23,421,000 in 2021, reflecting a 59.5% reduction[169]. - Other operating expenses from continuing operations totaled HK$6,267,000 for the six months ended June 30, 2022, down from HK$12,602,000 in 2021, a decrease of 50.3%[172]. - Finance costs for the six months ended June 30, 2022, were HK$4,577,000, compared to HK$5,789,000 in 2021, representing a 20.9% decrease[180]. Investment and Financial Resources - The gross proceeds from the Share Subscription were approximately HK$61.6 million, with net proceeds also approximately HK$61.6 million after deducting applicable costs[22]. - The Group's liquidity and financial resources were strengthened through the Share Subscription, which aimed to broaden the shareholder base without incurring additional finance costs[18]. - As of June 30, 2022, the Group's cash and cash equivalents amounted to approximately HK$137.2 million, a decrease from approximately HK$147.4 million as of December 31, 2021[25]. - The Group's total indebtedness increased to approximately HK$117.0 million as of June 30, 2022, compared to approximately HK$97.8 million as of December 31, 2021, with a gearing ratio of 66.1%[27]. - The Group's total assets were approximately HK$314.2 million as of June 30, 2022, down from approximately HK$342.0 million as of December 31, 2021[28]. Market Conditions and Strategic Adjustments - The decrease in revenue was primarily due to unfavorable macroeconomic conditions, including potential increases in interest rates and geopolitical tensions, which reduced investors' risk appetite and transaction frequency[5]. - The overall business environment is expected to remain challenging due to the ongoing COVID-19 pandemic, prompting the Group to strategically streamline resource allocation among business segments[87]. - The Group continues to review and adjust its strategies for the Financial Services Business to achieve corporate goals and plans for future development[43]. - The Group is exploring new opportunities in emerging financial markets to further develop its Financial Services Business[75]. Discontinued Operations - The company discontinued its media business operations as of November 1, 2021, following the early termination of the advertising agreement with Citybus Limited and New World First Bus Services Limited[136]. - The Media segment was terminated during the year ended December 31, 2021, and is classified as a discontinued operation[156]. - The loss for the period from discontinued operations was HK$18,364,000 in 2021, with no losses reported for 2022[184]. Auditor and Compliance - Ernst & Young resigned as the external auditor on July 22, 2022, and Baker Tilly Hong Kong Limited was appointed to fill the vacancy[89]. - The independent auditor's review report included a qualified conclusion regarding the carrying values of the Group's interest in the private equity fund[88]. - The Group has not provided sufficient and appropriate additional information regarding the operations and financial position of the issuers for management's assessment[109].

Financial Performance - For the year ended December 31, 2021, the Group reported revenue of approximately HK$75.6 million, a decrease of approximately 4.3% from HK$79.0 million in the previous year[6]. - The loss attributable to owners of the Company for the year was approximately HK$258.8 million, a decrease of approximately 24.8% compared to HK$344.0 million in 2020[7]. - The Group's revenue decline in the Media Business was exacerbated by high unemployment rates and a sluggish market outlook[18]. - The net loss for the year ended December 31, 2021, was approximately HK$258.8 million, compared to a net loss of approximately HK$344.0 million in 2020[1]. - The Group reported a loss attributable to owners of approximately HK$258.8 million for the year ended December 31, 2021, a decrease of approximately 24.8% compared to a loss of approximately HK$344.0 million in 2020[120]. Business Segments - The Group's Financial Services Business includes external asset management, fund management, securities services, investment advisory services, and corporate finance advisory services as of December 31, 2021[16]. - The Financial Services Business generated revenue of approximately HK$75.6 million for the year ended December 31, 2021, a decrease of approximately 4.3% compared to HK$79.0 million in 2020[34]. - The Group's External Asset Management (EAM) services generated revenue of approximately HK$40.0 million in 2021, representing an increase of approximately 13.9% from HK$35.2 million in 2020[36]. - Revenue from fund management services decreased to approximately HK$25.6 million in 2021, a decline of approximately 21.3% from HK$32.5 million in 2020, primarily due to a downturn in the performance of certain funds[42]. - Revenue from corporate finance advisory services for the year ended December 31, 2021, amounted to approximately HK$2.4 million, marking the first full year of operation for this segment[65]. Media Business Challenges - The Media Business faced significant challenges due to the COVID-19 pandemic, leading to reduced advertising expenses from clients and a shift towards online advertising platforms[18]. - Media Business revenue decreased by approximately 41.5% to approximately HK$128.4 million for the year ended December 31, 2021, down from approximately HK$219.3 million in 2020[69]. - The decline in Media Business revenue is attributed to the impact of social unrest and the COVID-19 pandemic, which led to reduced advertising expenses from clients[71]. - The Group's advertising platforms primarily operate in Hong Kong, facing challenges due to changing customer preferences[200]. - The shift to online advertising channels has accelerated due to the pandemic, creating uncertainties for the traditional advertising business[200]. Investment and Financial Strategy - As of December 31, 2021, the Group invested HK$77.0 million in BeiTai Investment LP, representing approximately 71.0% of the total capital commitment of the Investment Fund[23]. - The fair value of the Investment Fund as of December 31, 2021, was approximately HK$71.3 million, down from HK$95.0 million in 2020[23]. - The Group plans to continue seeking investment opportunities to diversify revenue sources and enhance shareholder returns[26]. - The Group's investment strategy in the BeiTai Investment Fund aims to capture investment opportunities and generate reasonable returns[79]. - The Group's management engaged an independent valuer for fair value assessments of the Bonds based on financial data from unaudited management accounts[94]. Impairment and Losses - The Group recognized impairment losses on goodwill and intangible assets related to the Financial Services Business of approximately HK$78.6 million and HK$13.8 million respectively in 2021, compared to approximately HK$99.9 million in 2020[35]. - The Group recognized an impairment loss on accounts receivable of approximately HK$18.9 million and on loans receivable of approximately HK$22.7 million for the year ended December 31, 2021, compared to HK$1.4 million and a reversal of HK$2 million in 2020, respectively[98]. - Impairment losses recognized for the Financial Services Business included approximately HK$78.6 million for goodwill and approximately HK$13.8 million for intangible assets during the year ended December 31, 2021[98]. Management and Governance - The management team emphasizes the importance of corporate governance and compliance with regulatory requirements in their operations[178]. - The board of directors includes members with diverse backgrounds in finance, technology, and corporate governance, enhancing decision-making capabilities[182]. - The Company adopted a share option scheme and a share award scheme to incentivize employees and align their interests with shareholders[161][162]. - Dr. Ma Weihua has been appointed as the non-executive director and chairman since November 21, 2017, and has extensive experience in various listed companies[171]. - Mr. Xu Peixin has over 13 years of corporate executive management and investment experience, previously serving as a venture partner at New Enterprise Associates[174]. Economic Environment - The overall business environment is expected to remain challenging due to the ongoing COVID-19 pandemic and related uncertainties[27]. - The economic downturn resulted in a high unemployment rate, affecting the sales performance of the Media Business[200]. - The Group's management has adopted a conservative approach in adjusting financial budgets and key assumptions due to the adverse impacts of the pandemic[35]. - The Group's financial services business is crucial for its overall performance amid the pandemic's economic impact[199]. - The Group's operational review emphasizes the importance of maintaining checks and balances in the loan approval process through the independent Credit Control Committee[56].

Revenue Performance - For the six months ended June 30, 2021, the Group reported revenue of approximately HK$110.8 million, a decrease of approximately 31.9% compared to HK$162.7 million for the same period in 2020[5]. - Revenue from the Financial Services Business was approximately HK$45.8 million, an increase from approximately HK$37.7 million in the same period of 2020, while revenue from the Media Business decreased to approximately HK$64.9 million from approximately HK$124.9 million[5]. - The Media Business revenue decreased significantly by approximately 48.0%, from approximately HK$124.9 million for the six months ended June 30, 2020, to approximately HK$64.9 million for the same period in 2021[68]. - The decline in Media Business revenue is attributed to various factors, including the impact of social unrest and the COVID-19 pandemic, which led to reduced advertising expenses from clients[71][72]. - Total revenue from contracts with customers decreased to HK$110,756,000 in 2021 from HK$162,670,000 in 2020, representing a decline of approximately 32%[144]. Financial Performance - The Group's loss attributable to owners for the period was approximately HK$52.9 million, a decrease from approximately HK$96.4 million in the same period of 2020[10]. - The loss before tax for the period was HK$53,626,000, improving from a loss of HK$96,867,000 in the previous year, indicating a reduction in losses by approximately 44%[99]. - The loss for the period ended June 30, 2021, was HK$52,864,000, a decrease of 45.2% compared to a loss of HK$96,406,000 for the same period in 2020[101]. - Total comprehensive loss attributable to owners of the company for the period was HK$53,549,000, down from HK$96,117,000 in the previous year, indicating a significant improvement[101]. - Basic and diluted loss per share for the period was HK(4.53) cents, an improvement from HK(8.19) cents in the prior year[99]. Business Segments - The Media Business segment's operating loss narrowed due to the discontinuation of loss-making BUS-SHELTER Advertising and BILLBOARDS Advertising businesses, allowing resource reallocation to more profitable BUS-BODY Advertising and BUS-INTERIOR Advertising[13]. - Revenue from External Asset Management (EAM) services increased to approximately HK$23.6 million for the six months ended June 30, 2021, compared to approximately HK$15.6 million for the same period in 2020, reflecting a significant growth[53]. - The Group's fund management services maintained committed assets under management at approximately HK$8.5 billion as of June 30, 2021, unchanged from December 31, 2020[58]. - Revenue from fund management services for the six months ended June 30, 2021, was approximately HK$15.9 million, slightly up from HK$15.2 million for the same period in 2020[58]. - Revenue from corporate finance advisory services amounted to approximately HK$1.3 million for the six months ended June 30, 2021, as the Group continues to develop this segment despite economic challenges[65]. Assets and Liabilities - As of June 30, 2021, the Group's cash and cash equivalents amounted to approximately HK$183.2 million, an increase from approximately HK$151.9 million as of December 31, 2020[28]. - The Group's total assets were approximately HK$592.9 million as of June 30, 2021, compared to approximately HK$621.0 million as of December 31, 2020[30]. - The Group's indebtedness was approximately HK$106.2 million as of June 30, 2021, down from approximately HK$165.7 million as of December 31, 2020, resulting in a gearing ratio of 26.1%[29]. - Current liabilities decreased to HK$177,579,000 from HK$218,554,000, representing a decline of 18.7%[106]. - The total liabilities reduced to HK$185,298,000 in 2021 from HK$233,786,000 in 2020, indicating a decrease of approximately 20.8%[141]. Cash Flow - For the six months ended June 30, 2021, the net cash flows from operating activities were HK$ (10,461,000), a decrease from HK$ 30,321,000 in the same period of 2020[114]. - The net cash flows from investing activities increased to HK$ 45,314,000 in 2021, compared to HK$ 35,496,000 in 2020[115]. - The company reported a net increase in cash and cash equivalents of HK$ 31,251,000 for the six months ended June 30, 2021, compared to HK$ 58,053,000 in 2020[115]. - Cash and cash equivalents at the end of the period were HK$ 178,152,000, up from HK$ 150,107,000 at the end of June 2020[115]. Strategic Initiatives - The Group will continue to review and adjust strategies for its Financial Services and Media Businesses to achieve corporate goals and support future development[45][49]. - The management remains optimistic about the corporate finance advisory segment's potential to contribute more significantly to overall revenue starting from the second half of 2021[65]. - The Group is exploring new opportunities in emerging financial markets to further develop its Financial Services Business[66]. - The board plans to strategically streamline and adjust resource allocation across business segments to enhance shareholder returns[89]. Market Conditions - The overall decrease in revenue was attributed to changes in advertising platforms, discontinuation of certain business segments, and the adverse impact of the COVID-19 pandemic on the advertising market[6]. - The Group expects the overall business environment to remain challenging due to the ongoing COVID-19 pandemic, but anticipates gradual recovery in performance in the second half of 2021[86]. - The company will continue to monitor market conditions and respond timely to changes due to the pandemic[89].

Financial Performance - For the year ended December 31, 2020, the Group reported revenue of approximately HK$298.2 million, a decrease of approximately 41.9% from HK$513.6 million in the previous year[5]. - The Group recorded a loss attributable to owners of approximately HK$344.0 million, compared to a profit of approximately HK$20.8 million in 2019, primarily due to a revenue decrease of approximately HK$215.4 million[6]. - The Group's Media Business recorded revenue of approximately HK$219.3 million for the year ended December 31, 2020, representing a decrease of approximately 42.9% from approximately HK$384.2 million in 2019[48]. - Revenue from the Financial Services Business was approximately HK$79.0 million, representing a decrease of approximately 39.0% compared to HK$129.5 million in 2019[74]. - Revenue from fund management services decreased to approximately HK$32.5 million in 2020, down from approximately HK$54.3 million in 2019, due to a decline in performance fees[39]. - The Group's financial performance is expected to gradually recover in 2021 despite the ongoing unfavorable business environment[27]. Impairment and Losses - The increase in provision for impairment losses was approximately HK$110.2 million, mainly due to goodwill impairment in the Financial Services Business of approximately HK$99.9 million[6]. - An impairment loss on goodwill related to the Financial Services Business of approximately HK$99.9 million was recognized in 2020, due to adjustments in financial budgets[33]. - Impairment losses of approximately HK$99.9 million on goodwill for the Financial Services Business and approximately HK$26.8 million on certain assets of the Media Business were recognized in 2020[64]. - An impairment loss on assets related to the Media Business was recognized at approximately HK$27.0 million in 2020, compared to approximately HK$0.5 million in 2019[50]. Business Strategy and Adjustments - The Group's strategies were reassessed to align with financial budget adjustments in response to the COVID-19 pandemic[21]. - The Group's strategy includes reallocating resources among business segments to maximize returns for shareholders amid ongoing challenges from the COVID-19 pandemic[27]. - The Group aims to enhance income streams from securities services while minimizing operating costs during uncertain economic conditions[40]. - The Group has been continuously exploring investment opportunities to diversify income streams and maximize shareholder returns[23]. - The Group's strategies will continue to be reviewed to effectively allocate resources amid the challenges posed by the COVID-19 pandemic[57]. Cash Flow and Financial Health - The Group's cash flow forecast indicates sufficient funds to meet working capital and capital expenditure requirements for the next 18 months[65]. - The Group has implemented measures to monitor liquidity and working capital, including proactive collection of receivables and cost control[70]. - The Group's total indebtedness was approximately HK$165.7 million as of December 31, 2020, down from approximately HK$266.1 million in 2019, with a gearing ratio of 42.8%[96]. - The current ratio decreased to 1.65 from 1.91 in the previous year, indicating a decline in short-term financial health[74]. - The Group's net current assets as of December 31, 2020, were approximately HK$142.6 million, down from approximately HK$277.0 million in 2019[97]. Dividends and Shareholder Returns - No final dividend was recommended for the year ended December 31, 2020, consistent with the previous year[7]. - The Group aims to explore different fundraising activities to improve its financial resources[70]. Management and Governance - The Company has established various committees, including audit, remuneration, and nomination committees, to ensure effective oversight and governance[146]. - The Company is committed to expanding its market presence and enhancing its operational strategies through experienced leadership[139][140]. - The Company continues to focus on compliance with the Listing Rules and maintaining transparency in its operations[150]. Employee and Customer Relations - The Group offers a competitive remuneration and benefits package to retain talent and provides career development opportunities for employees[176]. - Customer feedback is actively collected, with complaints addressed within 24 hours[180]. - The company emphasizes the importance of employee retention by providing competitive compensation and benefits[180].

Financial Performance - For the six months ended 30 June 2020, the Group reported revenue of approximately HK$162.7 million, a decrease of 30.8% compared to HK$235.0 million for the same period in 2019[6]. - The Group's loss for the period was approximately HK$96.4 million, compared to a profit of approximately HK$26.8 million for the same period in 2019[13]. - The overall decrease in revenue was attributed to the negative impacts of the COVID-19 pandemic, social unrest in Hong Kong, and a volatile global financial market[6]. - For the six months ended June 30, 2020, the Group reported a loss of approximately HK$96.4 million, compared to a profit of approximately HK$26.8 million for the same period in 2019, indicating a significant decline in performance[15]. - The Group reported a loss before tax of HK$96,867,000 for the six months ended June 30, 2020, compared to a profit of HK$29,061,000 for the same period in 2019[87]. - The loss attributable to ordinary equity holders of the Company for the period was HK$96,406,000, compared to a profit of HK$26,782,000 in the same period of 2019[87]. - Total comprehensive loss attributable to ordinary equity holders of the company was HK$96,117,000 for the period, down from a total comprehensive income of HK$26,787,000 in 2019[89]. - The Group recorded an unrealized gain on financial assets at fair value through profit or loss of approximately HK$68.4 million for the six months ended June 30, 2020[72]. Revenue Breakdown - Revenue from the Financial Services Business was approximately HK$37.7 million, down from HK$49.0 million in the prior year, while the Media Business generated approximately HK$124.9 million, down from HK$186.0 million[6]. - Revenue decreased by approximately HK$72.3 million, partially offset by reductions in production costs and employee expenses of approximately HK$13.1 million and HK$26.3 million, respectively[15]. - The Media Business recorded revenue of approximately HK$124.9 million for the six months ended June 30, 2020, a decline from approximately HK$186.0 million for the same period in 2019, representing a decrease of about 32.8%[61][65]. - Revenue from external asset management services was approximately HK$15.6 million for the six months ended 30 June 2020, compared to approximately HK$18.8 million for the same period in 2019[48]. - Revenue from fund management services was approximately HK$15.2 million for the six months ended 30 June 2020, compared to approximately HK$16.3 million for the same period in 2019[49]. - Revenue from contracts with customers decreased to HK$162,670,000 in 2020 from HK$234,962,000 in 2019, representing a decline of approximately 30.8%[132]. Impairment and Adjustments - The Group recognized an impairment loss on goodwill in respect of the Financial Services Business of approximately HK$70.1 million due to the adverse impact of the COVID-19 pandemic[8]. - An impairment loss of approximately HK$21.7 million was recognized for the Media Business assets, including property, plant and equipment, due to a significant downward adjustment in future revenue expectations[12]. - The impairment loss recognized for the investment advisory services and fund management business was approximately HK$70,086,000 for the six months ended June 30, 2020[161]. - The revenue growth percentage for investment advisory services and fund management businesses was adjusted downward from 6% to a range of 0% to 1% due to the pandemic's impact[8]. Cash Flow and Assets - The Group's cash and cash equivalents as of June 30, 2020, amounted to approximately HK$155.1 million, an increase from approximately HK$80.7 million as of December 31, 2019[19]. - Net current assets were approximately HK$203.3 million as of June 30, 2020, compared to approximately HK$276.5 million as of December 31, 2019[25]. - The company reported an increase in financial assets at fair value through profit or loss to HK$245,872,000 as of June 30, 2020, compared to HK$167,452,000 at the end of 2019, a rise of approximately 46.8%[92]. - Total assets decreased to HK$933,649,000 as of June 30, 2020, down from HK$1,096,167,000 as of December 31, 2019, reflecting a reduction of approximately 14.9%[129]. - The company held cash and cash equivalents of HK$155,141,000 as of June 30, 2020, an increase from HK$80,722,000 at the end of 2019, representing a growth of about 92.1%[92]. Share Options and Dividends - A total of 118,020,000 share options were granted under the Share Option Scheme during the six months ended June 30, 2020, with a total expense recognized of approximately HK$9.3 million[36]. - No interim dividend was proposed for the six months ended June 30, 2020, consistent with the previous year[18]. - The total expense recognized in the consolidated statement of profit or loss for share options granted was approximately HK$9.3 million for the six months ended 30 June 2020, compared to zero for the same period in 2019[39]. Future Outlook and Strategy - The Group anticipates a decline in advertisement revenue for the Media Business throughout 2020 due to the adverse business environment caused by the COVID-19 pandemic and other uncertainties[62]. - The Group is exploring investment opportunities to diversify income streams and maximize returns for shareholders[68]. - The Group will strategically streamline and alter resource allocation among business segments to respond to market conditions and the COVID-19 pandemic[73]. - The Group's financial performance is expected to continue being affected by the COVID-19 pandemic and volatile global financial markets until recovery signs emerge[162].