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].

Financial Performance - The Group recorded a profit after taxation of approximately HK$20.8 million for the year ended 31 December 2019, representing an increase of approximately 27.7% compared to HK$16.3 million in 2018[7][8]. - Total operating revenue for the year was approximately HK$591.3 million, an increase of approximately 40.0% from HK$422.4 million in the previous year, primarily driven by the Financial Services Business[8][9]. - Profit from the Financial Services Business increased by approximately HK$31.0 million to approximately HK$52.6 million in 2019, compared to approximately HK$21.6 million in 2018[9][12]. - The Group recognized net realized and unrealized gains on financial assets at fair value through profit or loss of approximately HK$74.3 million[9]. - Revenue for the year ended December 31, 2019, was HK$506,266,000, representing an increase from HK$414,008,000 in 2018, which is a growth of approximately 22.3%[85]. - EBITDA for 2019 was HK$80,356,000, up from HK$31,106,000 in 2018, resulting in an EBITDA margin of 15.9%, compared to 7.5% in the previous year[85]. - Net profit for 2019 was HK$20,766,000, an increase from HK$16,257,000 in 2018, reflecting a net profit margin of 4.1%[85]. - Total assets as of December 31, 2019, were HK$1,096,167,000, compared to HK$952,323,000 in 2018, indicating a growth of approximately 15.1%[85]. - Total liabilities increased to HK$374,312,000 in 2019 from HK$230,229,000 in 2018, resulting in a debt-to-equity ratio of 36.9%[85]. - Cash and cash equivalents decreased significantly to HK$80,722,000 in 2019 from HK$245,737,000 in 2018[85]. Business Segments - The Group plans to further develop and expand its Financial Services Business through organic growth and/or acquisitions to diversify its income stream and customer base[17][21]. - The Media Business experienced moderate revenue growth in BUS-BODY Advertising despite intensified competition and social unrest in Hong Kong[24]. - Operating revenue from the financial services business rose significantly to approximately HK$98.8 million in 2019, compared to approximately HK$16.5 million in 2018, marking an increase of 497%[35]. - The Group's media business recorded revenue of approximately HK$384.2 million for the year ended December 31, 2019, a slight increase from approximately HK$380.5 million in 2018, reflecting a growth of about 0.5%[41]. - Operating revenue from the insurance brokerage business increased by approximately HK$3.7 million to approximately HK$20.7 million in 2019, compared to approximately HK$17 million in 2018, an increase of about 21.8%[37]. Strategic Initiatives - The Group plans to sell its 100% stake in Zhongti Insurance for a consideration of RMB 80.5 million to streamline its business segments and enhance cash position[26]. - The Group aims to focus on profitability and asset management growth in its Financial Services Business amidst global economic challenges expected in 2020[29]. - The Group is in the process of obtaining a Type 6 license to broaden its Financial Services Business and develop integrated financial products and services[36]. - Despite challenges in the advertising market due to social unrest and the coronavirus outbreak, the Group intends to enhance its media business through innovative advertising strategies[43]. - The Group will continue to explore investment opportunities to expand its business portfolio and maximize shareholder returns[30]. Corporate Governance and Management - The Group's principal activities include investment holding, primarily engaged in Financial Services and Media Business[165]. - The Group announced a conditional agreement for the disposal of China Sports Insurance Broker Co., Ltd., ceasing its insurance broker service business in the PRC upon completion[166]. - The principal place of business has been relocated to 6th Floor, 18 King Wah Street, North Point, Hong Kong, effective from September 2, 2019[164]. - The Group's performance analysis and key financial indicators are detailed in the Financial Highlights and Financial Review sections of the Annual Report[176]. Employee and Talent Management - The company has established a comprehensive and attractive compensation and benefits package for all employees[133]. - The group believes that employees are valuable assets and provides competitive compensation and benefits, along with various training and development opportunities[197]. - The company has implemented a performance bonus plan for senior staff based on achieving business objectives, along with a sales commission plan tied to advertising revenue targets[133]. - The company adopted a share option scheme on June 8, 2018, allowing employees to purchase shares as a reward for their contributions[134]. - A share award scheme was also adopted on August 24, 2018, to incentivize selected employees for their significant contributions to the group's long-term growth[134]. Environmental and Social Responsibility - The Group is committed to environmental conservation, implementing measures to reduce carbon footprints and promote green office initiatives[177]. - The Group received awards for its commitment to greener office operations, including the United Nations Sustainable Development Goals - Green Office and Eco-Healthy Workplace Awards[180]. - The Group emphasizes the importance of safeguarding personal data and complies with relevant privacy regulations[187]. Customer Relations - Customer feedback is actively collected and complaints are addressed within 24 hours to enhance customer satisfaction[194]. - The Group recognizes the importance of maintaining good relationships with suppliers to deliver quality products and services to customers[195].

Financial Performance - The company reported a profit attributable to shareholders of approximately HKD 26,800,000 for the six months ended June 30, 2019, compared to a loss of HKD 22,200,000 for the same period in 2018, marking a significant turnaround [3]. - Operating income totaled approximately HKD 304,600,000, an increase of about 80% compared to HKD 169,200,000 for the same period in 2018, driven by strong performance in media and financial services [4]. - The group reported total operating income of HKD 304.64 million for the six months ended June 30, 2019, compared to HKD 169.196 million for the same period in 2018, marking an increase of 80.06% [22]. - The group achieved a net profit attributable to shareholders of HKD 26.782 million for the six months ended June 30, 2019, compared to a loss of HKD 22.171 million for the same period in 2018 [22]. - The group’s pre-tax profit for the six months ended June 30, 2019, was HKD 29,061,000, compared to a loss of HKD 20,201,000 in the same period of 2018 [61]. - Basic and diluted earnings per share for the six months ended June 30, 2019, were HKD 2.32, compared to a loss per share of HKD 2.08 for the same period in 2018 [22]. Revenue Growth - The financial services segment generated approximately HKD 46,100,000 in revenue, up from HKD 6,300,000 in the previous year, indicating robust growth in this area [4]. - Revenue from the insurance brokerage business was approximately HKD 10.6 million for the six months ended June 30, 2019, compared to HKD 6.3 million for the same period in 2018, representing a growth of 68.25% [17]. - Media business revenue recorded approximately HKD 186 million for the six months ended June 30, 2019, an increase from HKD 160.4 million for the same period in 2018, reflecting a growth of 15.94% [17]. - The reported segment revenue for the financial services division was HKD 46,151,000 in 2019, compared to HKD 6,284,000 in 2018, representing a significant increase [59]. - The media segment reported revenue of HKD 185,983,000 in 2019, up from HKD 160,382,000 in 2018, indicating a growth of approximately 16% [59]. Operating Expenses - Operating expenses increased by approximately 42.8% to HKD 270,400,000, primarily due to higher employee costs and service expenses [5]. - Operating expenses totaled HKD 270.367 million for the six months ended June 30, 2019, compared to HKD 189.361 million for the same period in 2018, an increase of 42.73% [22]. - Interest expenses for the group totaled HKD 5,212,000 in 2019, a significant increase from HKD 36,000 in 2018 [63]. - The group incurred depreciation and amortization expenses of HKD 11,624,000 in 2019, compared to HKD 3,228,000 in 2018 [61]. Cash Flow and Liquidity - The company's cash and bank deposits were approximately HKD 106,100,000 as of June 30, 2019, down from HKD 245,700,000 at the end of 2018, reflecting a decrease in liquidity [9]. - The company’s cash and cash equivalents decreased to HKD 106,118 thousand from HKD 245,737 thousand, a decline of approximately 56.9% [28]. - For the six months ended June 30, 2019, cash used in operating activities was HKD (18,146) thousand, an improvement from HKD (24,384) thousand in the same period of 2018, representing a decrease of approximately 25.5% [32]. - The net cash used in investing activities was HKD (73,258) thousand, compared to HKD (87,677) thousand in the prior year, indicating a reduction of about 16.5% [32]. - The company reported a cash balance of HKD 95,403 thousand as of June 30, 2019, down from HKD 387,405 thousand at the beginning of the year [32]. Assets and Liabilities - As of June 30, 2019, total assets amounted to HKD 1,185,606 thousand, a decrease from HKD 1,152,323 thousand as of December 31, 2018, reflecting a growth of approximately 2.9% [28]. - Non-current assets increased to HKD 554,091 thousand from HKD 385,547 thousand, representing a significant increase of approximately 43.7% year-over-year [28]. - Current liabilities rose to HKD 233,547 thousand, up from HKD 216,383 thousand, indicating an increase of about 7.9% [28]. - The total liabilities for the financial services segment were HKD 43,564,000, while the media segment reported liabilities of HKD 96,885,000 as of June 30, 2019 [59]. - The total equity increased to HKD 739,045 thousand from HKD 722,094 thousand, showing a growth of about 2.3% [30]. Shareholder Information - The company has a total of 680,508,005 shares held by its controlling shareholder, Hichang, representing 57.43% of the issued shares [126]. - The company has a total of 678,259,144 shares under short positions, which accounts for 57.24% of the issued shares [128]. - The company’s major shareholders include Bessen Capital, which holds 680,508,005 shares, also representing 57.43% of the issued shares [126]. - The company’s shareholding structure indicates that Mr. Xu holds significant control through Hichang and Bessen Capital [121]. - The company has no unexercised options under the share option plan since its adoption [123]. Corporate Governance - The audit committee reviewed the unaudited interim financial report for the six months ended June 30, 2019 [134]. - The company has complied with all provisions of the Corporate Governance Code during the reporting period [132]. - All directors confirmed compliance with the Securities Trading Code during the six months ended June 30, 2019 [133].

Financial Performance - The Group recorded a profit after taxation of approximately HK$16.3 million for the year ended 31 December 2018, compared to a loss of approximately HK$7.5 million for 2017[6]. - Total operating revenue for the year was approximately HK$422.4 million, representing an increase of approximately 13.1% from HK$373.5 million in the previous year[7]. - Profit attributable to equity shareholders was approximately HK$16.3 million for 2018, compared to a loss of approximately HK$6.6 million in 2017[7]. - Operating expenses increased by approximately HK$24.6 million, from approximately HK$374.8 million in 2017 to approximately HK$399.4 million in 2018[82]. - Cash used in operations was approximately HK$30.8 million in 2018, a decrease from approximately HK$70.6 million in 2017[85]. - As of December 31, 2018, the Group had cash and cash equivalents of approximately HK$245.7 million, compared to approximately HK$250.3 million in 2017[77]. - The Group did not recommend the payment of a final dividend for the year ended December 31, 2018[84]. - The EBITDA margin for 2018 was 7.5%, compared to 0.9% in 2017, indicating improved operational efficiency[75]. - The Group's total indebtedness at December 31, 2018, was approximately HK$106.6 million, up from HK$0.7 million in 2017, resulting in a gearing ratio of 14.8%[103]. - The group incurred capital expenditures of approximately HK$36.9 million in 2018, a substantial increase from HK$7.2 million in 2017[112]. Business Segments - The Financial Services segment contributed approximately HK$21.2 million to the profit, while the Media segment saw an increase of approximately HK$3.8 million[7]. - The revenue from the insurance brokerage business in 2018 was approximately HK$17 million, an increase of approximately HK$16.3 million from the previous year[29]. - The Media Business recorded revenue of approximately HK$380.5 million for the year ended December 31, 2018, compared to approximately HK$348.4 million in 2017[30]. - The Financial Services segment generated revenue of approximately HK$33.5 million in 2018, which included income from the acquisition of TCM and brokerage income from insurance services in the PRC[78]. - The Group's external asset management business contributed approximately HK$16.5 million in operating income and approximately HK$1.8 million in operating expenses in 2018[31]. Acquisitions and Investments - The Group completed the acquisition of Target Capital Management Limited and related companies on 14 December 2018, expanding its financial services business[15]. - The completion of the acquisition of TCM and the Subject Companies occurred on December 14, 2018, with a total consideration of HK$270.0 million[99]. - The Group's acquisition of Tianjin Ankai Economic Information Consulting Limited allows it to control the financial and business operations of China Sports Insurance Broker Co., Ltd. since December 14, 2017[36]. - The Group aims to identify further investment opportunities to broaden its business portfolio and maximize returns for shareholders[19]. Market Strategy and Growth - The Group plans to expand its market share in the insurance brokerage business in the PRC, including new life insurance products launched in the second half of 2018[16]. - The Group is optimistic that the Financial Services Business will become a key driver for future growth despite global economic uncertainties[19]. - The Media Business is investing in digital panels for interactive advertising platforms to drive growth, despite facing fierce competition[18]. - The Group plans to develop 100 new bus shelters each year to enhance its BUS-SHELTER advertising services[35]. Corporate Governance and Compliance - The Group is committed to maintaining high standards of corporate governance through its independent non-executive directors[131]. - The Board of Directors is responsible for the sustainable development of the Group, ensuring compliance with legal and regulatory requirements[188]. - The Group has established three Board Committees: Audit, Remuneration, and Nomination, to oversee various aspects of its affairs[190]. - The Group maintains high standards of professionalism and ethicality for all employees, ensuring compliance with the Code of Conduct[195]. - In 2018, there were no reported incidents of bribery, extortion, fraud, or money laundering within the Group[197]. Environmental, Social, and Governance (ESG) Initiatives - The annual Environmental, Social and Governance Report covers the year ended December 31, 2018, focusing on the Group's operations in Hong Kong, which represent the majority of its investments and businesses[157]. - The report complies with the HKEx ESG Reporting Guide, adhering to the "comply or explain" provisions for the year ended December 31, 2018[159]. - The Group's commitment to environmental, social, and governance issues is outlined, reflecting its operational priorities[157]. - The Group aims to minimize its carbon footprint through efficient resource use and green office initiatives[177]. - The Group received the 15 Years Plus Caring Company Logo 2018/19 from the Hong Kong Council of Social Service, highlighting its commitment to social responsibility[185]. Employee Welfare and Development - The Group prioritizes employee welfare, focusing on skill development, health and safety, and equal employment opportunities[198]. - The Equal Employment Opportunity Policy ensures fair treatment of employees regardless of race, sex, or disability[199]. - The group had 179 full-time employees as of December 31, 2018, and offers a competitive remuneration package along with performance bonuses and sales commissions[123].