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].

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。 ...