Financial Performance - The net loss attributable to owners of the Company was approximately HK$34,859,000, a decrease of approximately HK$6,984,000 from the loss of approximately HK$41,843,000 in the last financial year[31]. - The net unrealised loss from fair value changes of listed and unlisted equity investments and unlisted investment funds was approximately HK$10,730,000, compared to an unrealised loss of approximately HK$7,327,000 in 2021[29]. - As of December 31, 2022, the Group had cash and cash equivalents of approximately HK$3,068,000, down from approximately HK$7,745,000 in 2021[33]. - The audited consolidated net liabilities value of the Group was approximately HK$90,374,000, an increase from approximately HK$55,515,000 in 2021[33]. - The Group's gearing ratio as of December 31, 2022, was 179.97%, an increase from 141.90% in 2021[86]. - As of December 31, 2022, the Group had no contingent liabilities, maintaining a stable financial position[94]. - The Group reported no contingent liabilities as of December 31, 2022, compared to zero in 2021[98]. - The Group had no margin financing utilized as of December 31, 2022, consistent with 2021, with financial assets valued at approximately HK$38,000, down from approximately HK$57,000 in 2021[99]. - The Company does not recommend the payment of a final dividend for the year ended December 31, 2022[145]. - As of December 31, 2022, the reserves available for distribution to shareholders amounted to HK$nil[158]. Investment Strategy - Goldstone will continue to adopt a prudent investment strategy, focusing on attractive opportunities in medical/biotech, green economy, new economy, and high-tech fields[14]. - The Company aims to leverage its strong market analytical capability to optimize investments and maximize returns for shareholders[14]. - The Group's investment strategy includes a diverse range of instruments, including private equity, fixed income, and derivatives, to achieve its investment goals[79]. - The Group's investments may include hedge funds, quantitative funds, and digital currency funds[143]. - The investment strategy for both Fixed Income Products aims for a 10% annual return with manageable risks[55]. - The investment objective for CAM SPC Alpha SP is to maximize capital growth with an annual return around 10% across a wide spectrum of assets[64]. - CAM SPC CNNC SP aims for a similar investment objective of around 10% annual return and has invested in a private bond with an 11% annual interest[68]. - The investment objective of CAM SPC Omega SP is to achieve an annual return of approximately 10% through capital growth across various asset classes[77]. - The investment prospects for the bonds are positive, with expectations of stable returns and potential upside through equity conversion in the future[64][68]. Economic Outlook - Inflation is expected to cool down in 2023, with balanced risks in developed markets, while China is restarting its economy faster than expected[14]. - The macroeconomic environment in 2022 was impacted by inflation, Federal Reserve interest rate policies, and the Russia-Ukraine war, affecting global markets[11]. - The economic outlook for 2023 indicates a shift from inflation and interest rate hikes to recession and corporate revenue outlook, with continued high-interest rates and inflation expected[104][105]. - The ongoing Russia-Ukraine war is creating uncertainty in global markets, particularly affecting energy and food prices, which may lead to long-term inflation in Europe[106]. - China's economic agenda for 2023 will focus on growth, emphasizing domestic demand expansion, foreign investment attraction, and real estate market stabilization[107]. Cost Control and Financial Management - Goldstone reduced administrative and operating expenses by 40.7% through cautious cost control measures during the year under review[12]. - The Group is tightening cost control measures to achieve positive cash flow from operations[42]. - The Group is negotiating with corporate bondholders to restructure and refinance borrowings to meet working capital needs[42]. - The Group aims to secure additional financial support through loans or issuing new equity or debt securities[42]. - The Company experienced a decrease in administrative and other operating expenses of approximately HK$6,855,000[32]. Management and Governance - The management team is preparing for fundraising and identifying new investment projects with good prospects and returns under challenging economic conditions[12]. - The Group's capital management objectives include maintaining an optimal capital structure to reduce the cost of capital and support stability and growth[87]. - The company has a diverse board with members holding various licenses from the Securities and Futures Commission of Hong Kong, indicating a strong regulatory compliance[122][126][129]. - The board includes independent directors with significant experience in international banking and investment management, enhancing corporate governance[130][131]. - The Company has received annual written confirmations from independent non-executive Directors regarding their independence[170]. Shareholder Information - Major shareholders include Eagle Ride Investments Limited with 31.91% of issued shares, Harmony Rise International Limited with 12.75%, and Dragon Synergy Holdings Limited with 12.50%[175]. - The maximum number of securities available for issue under the share option scheme is limited to 10% of the issued capital of the Company[197]. - The maximum entitlement of each grantee under the share option scheme in any 12-month period is limited to 1% of the ordinary shares in issue[197]. - The Company did not enter into any arrangements to enable Directors to acquire benefits through shares or debentures during the year[191]. - There were no interests or short positions in the shares or debentures of the Company by Directors or their associates as of December 31, 2022[190].

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佈之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 會 對 因 本 公 佈全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責 任。 GOLDSTONE INVESTMENT GROUP LIMITED 金石投資集團有限公司 （於開曼群島註冊成立之有限公司） （股份代號：901） 截至二零二二年十二月三十一日止年度之 全年業績公佈 業 績 金 石 投 資 集 團 有 限 公 司（「金 石」或「本公司」）董 事（「董 事」）會（「董事會」）謹 此 公 佈 本 公 司 及 其 附 屬 公 司（統 稱 為「本集團」）截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度（「本年度」）之 經 審 核 綜 合 業 績 連 同 截 至 二 零 二 一 年 十 二 月 三 十 一 日 止 年 度 比 較 數 據 如 下： – 1 – 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附 註 港 元 港 元 | --- | --- | --- ...

Financial Performance - The net loss attributable to owners of the Company was approximately HK$8,819,000, a decrease of approximately HK$7,658,000 from the loss of approximately HK$16,477,000 in the last interim financial period[15]. - The decrease in loss position was mainly due to an increase in net gain on financial assets at fair value through profit or loss of approximately HK$5,263,000[16]. - The decrease in administrative costs was approximately HK$2,696,000 during the reporting period[16]. - Loss from operations narrowed to HK$2,573,615, compared to a loss of HK$10,521,387 in the previous year[118]. - Loss before tax improved to HK$8,819,390 from HK$16,477,319, indicating a reduction of about 47%[118]. - Basic and diluted loss per share decreased to HK$0.41 from HK$0.85, representing a 52% improvement[118]. - The Group incurred a net loss of approximately HK$8,819,000 for the six months ended June 30, 2022[136]. - The company incurred a loss from operations of HK$8,819,390 for the six months ended June 30, 2022, an improvement from a loss of HK$16,477,319 in the same period of 2021[179]. Investment Portfolio - The Company's investment portfolio included a net unrealised gain of approximately HK$2,813,000 from fair value changes of listed equity investments and unlisted investment funds[14]. - The Company has maintained a diversified investment portfolio across different business sectors, including education and equity and debt securities[13]. - The investment strategy for Fixed Income Products A and B targets a 10% annual return with manageable risks[36]. - The investment objective is to achieve a stable annual return of around 10% with manageable risks[41]. - The investment portfolio includes a private bond investment of HK$32,000,000 with a carrying value of HK$34,071,025 as of June 30, 2022[41]. - The investment portfolio also includes a private bond investment of HK$28,000,000 with a carrying value of HK$29,219,330 as of June 30, 2022[47]. - The investment strategy emphasizes diversification through alternative assets like art and antiques to hedge against market risks[39]. - The current geopolitical crisis has made the investment more appealing as investors become more risk-averse[41]. - The investment mandate aims for capital growth across various asset classes with an expected annual return of approximately 10%[48]. - The Group's investment in Fixed Income Product A has a carrying value of HK$12,485,642, with an initial investment of HK$12,000,000[31]. - Fixed Income Product B has a carrying value of HK$6,257,171, with an initial investment of HK$6,000,000[38]. - A private bond with a 12% annual interest rate was selected, issued by a European industry leader in metal powder technology, indicating strong growth potential[43]. - The investment in a private bond of 10% annual interest targets steady returns with solid fundamentals from a high-end manufacturing company[52]. Financial Position - As of 30 June 2022, the Group had cash and cash equivalents of approximately HK$3,290,000, down from approximately HK$7,745,000 at the end of 2021[20]. - The consolidated net liabilities value of the Group was approximately HK$64,335,000, with a net liabilities value per share of HK$0.0297[20]. - The Group's net liabilities amounted to approximately HK$64,335,000 as of June 30, 2022, compared to HK$55,515,000 as of December 31, 2021, with a net liability per share of HK$0.0297[22]. - The Group reported net current liabilities of approximately HK$23,365,000 and net liabilities of approximately HK$64,335,000[140]. - The gearing ratio for the Group is 150.14%, an increase from 141.90% as of December 31, 2021[66]. - The debt-to-asset ratio is 150.14%, an increase from 141.90% as of December 31, 2021[69]. - Current assets totaled HK$113,049,551, slightly down from HK$114,937,535 at the end of 2021[120]. - Unsecured borrowings increased significantly to HK$83,451,824 from HK$25,891,997, indicating a rise of approximately 222%[120]. Capital Management and Strategy - The Group plans to issue and allot ordinary shares totaling approximately HK$166,000,000 as part of its financial strategy[22]. - The Group is negotiating with convertible bondholders and corporate bondholders to restructure and refinance its borrowings[28]. - The Group aims to obtain additional financial support through loans or issuing new equity or debt securities[28]. - The Group may adjust its capital structure by issuing new shares, raising new debts, or selling assets to reduce debt[67]. - The Group's capital management objectives include maintaining an optimal capital structure to reduce the cost of capital and support stability and growth[67]. - The Group plans to leverage its market analytical capabilities to increase investments in biomedicine, new energy, and new economy sectors[80]. - The Group aims to achieve positive cash flow from operations through tightened cost control measures[139]. Governance and Compliance - The Company has complied with all code provisions of the Corporate Governance Code during the reporting period[85]. - The risk management and internal control systems are functioning effectively to safeguard shareholders' investments and the Company's assets[95]. - There were no contingent liabilities as of June 30, 2022, consistent with the previous year[74]. - The Company has not redeemed any shares during the reporting period[92]. - The Company did not grant any share options to Directors or their associates during the reporting period[106]. - The Company maintained the public float percentage required under the Listing Rules as of the date of the interim report[113]. Market Environment - The operating environment for financial markets is expected to remain challenging in the second half of 2022 due to COVID-19, rising interest rates totaling 1.5% by the US Federal Reserve, and geopolitical tensions[80]. Shareholder Information - As of June 30, 2022, Dr. XIAO Yanming holds 276,000,000 shares through Harmony Rise, representing 12.75% of the total issued share capital[99]. - Eagle Ride Investments Limited is the largest shareholder with 690,638,573 shares, accounting for approximately 31.91% of the total issued share capital[111]. - Dragon Synergy Holdings Limited holds 270,520,000 shares, which is 12.50% of the total issued share capital[111]. Revenue and Income - Revenue for the six months ended June 30, 2022, was HK$0, compared to HK$0 for the same period in 2021[118]. - The Group's revenue and net loss primarily stemmed from investments in financial assets at fair value through profit or loss (FVTPL) during the periods ended June 30, 2022, and 2021[155]. - For the six months ended June 30, 2022, the company reported a net other income of HK$65,247,000, a decrease of 14.8% compared to HK$76,564,000 for the same period in 2021[168]. - The total interest income on rental deposits decreased to HK$41,252,000 from HK$73,874,000, reflecting a decline of 44%[170]. - The company reported a net exchange loss of HK$5,000, compared to a gain of HK$2,690,000 in the prior year, indicating increased volatility in currency exchange[171]. Investment in Funds - The HF Multi-Asset Strategy Fund's net assets were approximately HK$109,397,000 as of June 30, 2022, with a carrying amount of HK$106,676,299, representing 89.23% of the Group's total net assets[193]. - The Group subscribed participating shares amounting to HK$156,500,000 in the HF Multi-Asset Strategy Fund during the year ended December 31, 2021[196]. - The Group did not receive any cash dividends from the HF Fund during the reporting period[196]. - The fund manager of HF Fund, JZ Asset Management Company Limited, is registered to conduct regulated activities and employs experienced investment professionals[200]. - JZ Financial Holdings Group Limited, the parent of the fund manager, has a founding partner with about 20 years of experience in asset management and capital markets[200]. - The fund manager specializes in various investment strategies, including non-performing loan acquisition and private equity investments[200].

Financial Performance - The net loss attributable to owners of the Company was approximately HK$41,843,000, an increase of approximately HK$5,541,000 from the loss of approximately HK$36,302,000 in the last financial year[26]. - The increase in loss was mainly due to a net loss on financial assets at fair value through profit or loss of approximately HK$4,290,000 and an increase in finance costs of approximately HK$5,134,000[27]. - The audited consolidated net liabilities value of the Group was approximately HK$55,515,000, down from approximately HK$129,549,000 in 2020, with a net liabilities value per share of HK$0.0257[28]. - The Group recorded a net unrealised loss arising on fair value changes of listed and unlisted equity investments of approximately HK$7,327,000, compared to an unrealised loss of approximately HK$5,794,000 in 2020[32]. - The net realised loss from the disposal of unlisted investment funds invested in Hong Kong listed shares was approximately HK$2,757,000, with no such loss reported in 2020[32]. - The Group's financial performance and operational results were not significantly impacted by ongoing litigation as of December 31, 2021[105]. Investment Strategy - The company plans to adopt a prudent investment approach to capture market opportunities in healthcare/biotech, green economy, new economy, and high-tech sectors[14]. - The company continued its investments in both listed and unlisted equity securities and other related financial assets, diversifying its portfolio across different business sectors[25]. - The investment strategy includes a wide range of instruments, including private equity and fixed income securities, to maximize capital growth[47][50]. - The company’s investment strategy includes a focus on private bond investments, indicating a potential shift towards fixed income products in the current market environment[73]. - The Group's investment strategy will focus on professional, diversified, and flexible approaches with prudent risk management to maximize shareholder returns[116]. Fundraising Activities - The company raised net proceeds of HK$112.8 million from two rounds of ordinary share placements and HK$49.6 million from one round of convertible bond placements[12]. - The company plans to issue and allot ordinary shares totaling approximately HK$166,000,000 in April 2022[36]. - The company seeks additional financial support through loans and issuing new equity or debt securities[36]. - The total net proceeds raised from the placing of new ordinary shares on January 4, 2021, and February 25, 2021, amounted to approximately HK$112,800,000, which is intended for general working capital[87]. - The net proceeds from the issuance of the convertible bonds were approximately HK$49,510,000, which were allocated for investment projects of the Group[171]. Cost Control Measures - Administrative and operating expenses were significantly reduced by 22.7% through cautious cost control measures[12]. - The group is implementing cost control measures to achieve positive cash flow from operations[36]. - The company is taking measures to tighten cost control to achieve positive cash flow from operations[94]. Market Challenges - The company anticipates challenges in 2022 due to inflation, disrupted global supply chains, and tightened monetary policies[14]. - The global financial markets faced significant challenges in 2021 due to the COVID-19 pandemic, impacting various sectors including commodities and equities[20]. - The US Consumer Price Index rose 7.5% year-on-year in January 2022, marking a 40-year high, indicating inflationary pressures[115]. Leadership and Management - Dr. Xiao Yanming has been the Chairlady and CEO of Hong Kong Cornucopiae Asset Management Limited since 2013, previously serving as Managing Director at UBS Wealth Management in Hong Kong[127]. - Mr. Lai Kim Fung has over 28 years of experience in commercial and investment banking, corporate finance, and mergers and acquisitions, focusing on the Greater China region[134]. - The company has appointed several directors with significant experience in finance and investment management, enhancing its strategic capabilities in the market[134][137]. - The leadership team has a strong academic background, with degrees from prestigious institutions such as Harvard University and the University of Exeter[127][134]. Shareholder Relations - The company expresses gratitude to shareholders, management, staff, and business partners for their dedication and support[17]. - The company does not recommend the payment of a final dividend for the current year, consistent with the previous year[95]. - As of December 31, 2021, the reserves available for distribution to shareholders were HK$nil[165]. Debt and Liabilities - The total outstanding debt amounted to HK$3,377,296, including principal of HK$2,835,327 and accrued interest of HK$541,969[105]. - The company received a winding-up petition related to an outstanding debt of HK$3,377,296, but the High Court dismissed the petition[101]. - As of December 31, 2021, the company did not have any contingent liabilities, maintaining a stable financial position[104]. Investment Performance - The carrying value of Fixed Income Product A as of December 31, 2021, is HK$11,890,574 against an initial investment of HK$12,000,000[39]. - The company realized losses of approximately HK$2,757,000 from the disposal of an unlisted investment fund invested in Hong Kong listed shares, with initial investment costs of HK$28,255,000 and disposal consideration of HK$25,498,000[75]. - The company’s total assets as at the reporting period end were not specified in the provided content, but the focus on investment performance indicates a strategic emphasis on asset management[73].

Financial Position - As of June 30, 2021, the total assets of the Group were approximately HK$136,282,000, with non-current assets at approximately HK$4,670,000 and current assets at approximately HK$131,612,000[12]. - The Group's net liabilities as of June 30, 2021, were approximately HK$33,269,000, a significant decrease of approximately HK$96,280,000 from net liabilities of approximately HK$129,549,000 as of December 31, 2020[13]. - The Group had cash and cash equivalents of approximately HK$1,145,000 as of June 30, 2021, compared to approximately HK$168,000 as of December 31, 2020[19]. - The net current assets of the Group as of June 30, 2021, were approximately HK$25,818,000, which included various liabilities such as convertible bonds and corporate bonds[13]. - The gearing ratio was reported at 121.62% as of June 30, 2021, a substantial decrease from 2,323.51% as of December 31, 2020[27]. - As of June 30, 2021, the company's total assets less current liabilities amounted to HK$30,487,538, a significant improvement from a negative value of HK$59,269,444 at the end of 2020[79]. - The company's net current assets improved to HK$25,817,631 from a net liability of HK$63,865,477 at the end of 2020, indicating a positive shift in financial position[79]. - The total liabilities decreased to HK$63,757,011 from HK$70,279,585, showing a reduction of approximately 9% in non-current liabilities[81]. - The company's capital deficiency improved to HK$33,269,473 from HK$129,549,029, indicating a substantial recovery in its capital position[81]. Financial Performance - The net loss attributable to owners of the Company for the six months ended June 30, 2021, was approximately HK$16,477,000, an increase of approximately HK$2,613,000 from the net loss of approximately HK$13,864,000 in the previous period[18]. - The company reported a net loss attributable to owners of approximately HK$16,477,000 for the six months ended June 30, 2021, an increase of HK$2,613,000 compared to a net loss of HK$13,864,000 for the same period last year[22]. - For the six months ended June 30, 2021, the company reported a loss before tax of HK$16,477,319, compared to a loss of HK$13,864,049 for the same period in 2020, representing an increase in loss of approximately 18.5%[76]. - The total comprehensive expense for the period was HK$16,477,319, reflecting the ongoing financial challenges faced by the Group[94]. - The net loss for the six months ended June 30, 2021, was HK$16,477,319, compared to a loss of HK$13,864,049 for the same period in 2020, reflecting a worsening financial position[137][142]. - The loss per share for the period was HK$0.85, compared to HK$0.77 in the previous year, reflecting an increase of approximately 10.4%[76]. - No revenue was reported for the six months ended June 30, 2021, consistent with the previous year[128]. Cash Flow and Financing - Net cash used in operating activities was HK$15,680,715 for the six months ended June 30, 2021, significantly higher than HK$888,148 in the same period of 2020[86]. - The Group raised HK$112,756,875 through the placing of new shares during the period, contributing to a net cash generated from financing activities of HK$146,502,121[86]. - Cash and cash equivalents at the end of the period increased to HK$1,145,023 from HK$139,161 at the end of June 2020[86]. - The Group plans to seek new investors and additional financial support, including loans and issuing new equity or debt securities, to improve liquidity[97]. Investment Activities - The Group's investment portfolio is diversified across various sectors, including unlisted multi-strategies funds and investments in listed securities[12]. - The Group's financial assets at fair value through profit or loss increased significantly to HK$127,842,527 from HK$448,000 at the end of 2020[79]. - The fair value of unlisted investment funds established in the Cayman Islands was approximately HK$127,769,000 as of June 30, 2021, compared to HK$nil in 2020[157]. - The Group's equity investments included a 23.70% shareholding in E-Com Holdings Pte. Ltd., valued at HK$4,535,340[150]. - The Group's financial assets include both listed and unlisted investments, reflecting a diverse investment portfolio[197]. Risk Management - The company is exposed to foreign currency risk primarily due to investments in financial assets, but the board believes the foreign exchange risk is minimal[25]. - The Group is exposed to various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since the year-end[192]. - The risk management and internal control systems are functioning effectively, providing reasonable assurance that material assets are protected and business risks are monitored[54]. - There is an ongoing process for identifying, evaluating, and managing significant risks faced by the group[54]. Corporate Governance - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all directors throughout the period[50]. - The company has complied with all corporate governance codes except for the attendance of two independent non-executive directors at the annual general meeting[47]. - The company has established a sound internal control system to safeguard shareholders' investments and assets[48]. Shareholder Information - The company does not recommend the payment of an interim dividend for the period, consistent with the previous year where no dividend was declared[26]. - No dividends were paid, declared, or proposed for the period, consistent with the previous year[139][140]. - As of June 30, 2021, Dr. Xiao Yanming holds 276,000,000 shares, representing 12.75% of the issued share capital[58]. - The issued and fully paid share capital increased to HK$27,052,735 as of June 30, 2021, following the placement of 360,660,000 new shares[180]. Compliance and Reporting - The interim financial information was approved for issue on 30 August 2021, indicating ongoing efforts to maintain transparency and compliance[89]. - The Group's financial statements were prepared on a going concern basis, with measures implemented to enhance working capital and liquidity[94]. - The application of new amendments to HKFRSs had no material effect on the Group's financial performance and positions for the current or prior periods[106]. - The Group's accounting policies and calculation methods remain consistent with those adopted in the annual financial statements for the year ended December 31, 2020[105].

Financial Performance - The operating loss of Goldstone Investment Group Limited was significantly reduced by 16.9% due to large-scale restructuring and cautious cost control measures implemented since August 2020[11]. - The net loss attributable to owners of the Company for the year ended 31 December 2020 was approximately HK$36,302,000, a decrease of approximately HK$7,372,000 from the previous year's loss of approximately HK$43,674,000[26]. - The net unrealised loss arising on fair value changes of unlisted equity investments was approximately HK$5,794,000, compared to an unrealised loss of approximately HK$4,767,000 in 2019[25]. - The gearing ratio as of 31 December 2020 was 2,323.51%, significantly higher than 516.12% in 2019[38]. - The company's debt-to-asset ratio as of December 31, 2020, was 2,323.51%, a significant increase from 516.12% in 2019[42]. - The Group had no contingent liabilities as of December 31, 2020, maintaining a stable financial position[47]. Investment Strategy - The investment strategy focuses on risk diversification through a variety of asset types, aiming to maximize investment returns by seizing opportunities across different industries and markets[13]. - The company may invest in various funds, including equity investment funds, hedge funds, and digital currency funds, among others[19]. - The company is committed to a prudent investment approach, focusing on high-tech, new economy, bio-medicine, new energy, real estate, and education sectors[56]. - The Group is primarily engaged in investments in securities of listed and unlisted companies and other related financial assets[81]. Fundraising and Financial Support - The management team is preparing for a series of fundraising efforts to establish a solid foundation for future growth amid challenging financial conditions[11]. - The Company raised net proceeds of approximately HK$30,500,000 and HK$19,000,000 for general working capital and repayment of borrowings, respectively[32]. - In January 2021, the Company placed a total of 90,140,000 new ordinary shares at a price of HK$0.28 per share, raising approximately HK$24,400,000 for general working capital[34]. - The Company plans to seek additional financial support through loans or issuing additional equity or debt securities to meet future working capital needs[36]. - The Company is seeking additional financial support, including loans and issuing new equity or debt securities[40]. Management and Governance - The new management team joined in August 2020, bringing extensive experience in the investment market[11]. - Dr. Xiao Yanming was appointed as the Executive Director on December 2, 2020, and has extensive experience in international financial institutions, including UBS and Citibank[63]. - The Company’s board of Directors includes both executive and independent non-executive members, ensuring a diverse governance structure[108]. - The Company has confirmed compliance with the Listing Rules regarding the independence of its Directors, following the re-appointment of an independent non-executive director on January 23, 2021[182]. - The Board is responsible for managing the Group's overall investment strategies and ensuring compliance with corporate governance duties[174]. Shareholder Relations - The management expressed gratitude to shareholders and partners for their support and commitment to overcoming challenges[14]. - The company is committed to achieving the best results to reward shareholders for their support[14]. - The Board does not recommend the payment of a final dividend for the current year, consistent with the previous year[37]. - The Company did not recommend the payment of a final dividend for the year ended 31 December 2020[84]. - At 31 December 2020, the reserves available for distribution to shareholders amounted to HK$Nil[94]. Market and Economic Conditions - The operating environment for financial markets in 2021 is expected to remain challenging due to global economic uncertainties[55]. - The company aims to optimize its development potential by capturing opportunities arising from new technologies and business models spawned by the COVID-19 pandemic[13]. Board Composition and Meetings - The Company convened a total of 32 Board meetings during the financial year ended 31 December 2020[186]. - All Directors are encouraged to attend general meetings, but two independent non-executive Directors and three non-executive Directors were unable to attend the annual general meeting held on 10 June 2020[184]. - The Board comprises seven Directors, including one executive Director and three non-executive Directors, along with three independent non-executive Directors[169]. - The Company has appointed three independent non-executive Directors, one of whom possesses the requisite professional qualifications or accounting expertise[187]. Training and Development - Directors' training is an ongoing process, and the Company has complied with the code provision A.6.5 of the CG Code on Directors' training[196]. - All directors are encouraged to attend relevant training courses, with costs covered by the company[198]. - Directors are committed to continuous professional development and participate in suitable training to enhance their knowledge and skills[199]. - A record of the training received by the respective Directors is kept and updated by the Company Secretary[196].

Financial Position - As of June 30, 2020, the Group's total assets were approximately HK$19,111,000, with non-current assets at approximately HK$18,890,000 and current assets at approximately HK$221,000[13]. - The net current liabilities of the Group as of June 30, 2020, were approximately HK$52,483,000, including approximately HK$15,373,000 for administrative and operating expenses, and approximately HK$12,120,000 as a loan from a director[14]. - The Group's net liabilities as of June 30, 2020, were approximately HK$110,231,000, indicating a need for improved liquidity and financial strategies[21]. - The gearing ratio increased to 596.35% as of June 30, 2020, compared to 516.12% as of December 31, 2019[29]. - The Group's total liabilities as of 30 June 2020 were HK$5,321,370, a decrease from HK$5,999,424 at the end of 2019, indicating a reduction of approximately 11.3%[138]. - The Group's unallocated assets decreased from HK$10,150,161 as of December 31, 2019, to HK$8,507,057 as of June 30, 2020[125]. - The Group's current assets included no equity investments listed in Hong Kong as of 30 June 2020[147]. Revenue and Loss - The net loss attributable to owners of the Company for the six months ended June 30, 2020, was approximately HK$13,864,000, a decrease of approximately HK$7,750,000 from the net loss of approximately HK$21,614,000 in the previous period[20]. - For the six months ended June 30, 2020, the company reported a total revenue of HK$0, indicating no revenue generation during this period[81]. - The total comprehensive expenses for the period were HK$13,864,049, reflecting the company's ongoing financial challenges[88]. - The Group incurred a loss from operations of HK$8,120,883 for the six months ended June 30, 2020, compared to a loss of HK$7,000,000 in 2019[129]. - The net loss for the period attributable to owners of the company was HK$13,864,049, a decrease of 35.9% compared to the loss of HK$21,614,108 in the same period of 2019[81]. Cash and Liquidity - As of June 30, 2020, the Group had cash and cash equivalents of approximately HK$139,000, a slight decrease from approximately HK$160,000 as of December 31, 2019[21]. - Cash and bank balances decreased from HK$160,039,000 on December 31, 2019, to HK$139,161,000 on June 30, 2020, representing a decline of approximately 13.04%[160]. - The cash and cash equivalents at the end of the period were HK$139,161, a decrease from HK$160,039 at the beginning of the period[100]. - The Group reported net proceeds from unsecured borrowings of HK$930,000 during the period, compared to HK$49,000,000 in the previous year[100]. Investments and Fundraising - The Group is exploring various means to strengthen its financial position and optimize its capital structure, including possible fundraising exercises[15]. - The Company is seeking new investors as shareholders or equity security holders and plans to place 20% of the issued share capital[24]. - The Group aims to realize its investments through the disposal of unlisted equity investments[103]. - The Group's investment portfolio is diversified across various sectors, including education and securities investment[12]. Corporate Governance and Compliance - The risk management and internal control systems of the Group were functioning effectively and adequately[56]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all Directors confirmed compliance during the Period[56]. - The Group's financial statements have been reviewed by the Audit Committee and approved for issue on 31 August 2020[95]. - The interim financial information has been prepared in accordance with HKAS 34 and the applicable disclosure requirements of the Listing Rules[98]. Employee and Operational Information - As of June 30, 2020, the group employed 5 employees, including one Executive Director, with no major changes in human resources[38]. - The Group's directors' remuneration and staff costs totaled HK$5,088,792 for the six months ended June 30, 2020, a decrease from HK$5,898,708 in 2019[129]. Shareholder Information - As of June 30, 2020, Mr. Hu Haisong holds 966,638,573 shares, representing 53.59% of the issued share capital[63]. - The total issued and fully paid share capital remained unchanged at 1,803,558,784 shares with a par value of HK$0.0125 each as of June 30, 2020[178]. - The Company did not redeem any shares during the Period, nor did it or its subsidiaries purchase or sell any shares[57]. Taxation - The Group did not make any provision for Hong Kong Profits Tax for the six months ended 30 June 2020 and 2019, as there were no assessable profits[134].

Financial Performance - The net unrealised loss from fair value changes of unlisted equity investments was approximately HK$4,767,000[23]. - The Company reported nil revenue from bond interest income for 2019, compared to HK$661,000 in 2018[24]. - The net loss attributable to owners of the Company was approximately HK$43,674,000, a decrease of approximately HK$9,594,000 from the loss of approximately HK$53,268,000 in the previous financial year[24]. - The decrease in loss position was mainly due to a reduction in administrative costs of approximately HK$19,877,000, offset by an increase in finance costs of approximately HK$8,363,000[28]. - The Group's total employee remuneration for the current financial year was approximately HK$3,624,000, down from approximately HK$6,424,000 in 2018[48]. - The company recorded a net loss and net operating cash outflow as of December 31, 2019, with net current liabilities and net liabilities[58]. - As of December 31, 2019, the Group had cash and cash equivalents of approximately HK$160,000, down from approximately HK$14,447,000 in 2018[26]. - The gearing ratio as of December 31, 2019, was 516.12%, significantly up from 245.21% in 2018[38]. Investment Strategy - The investment portfolio was diversified across different business sectors, including education and securities investment[20]. - The investment market is expected to remain challenging in 2020, prompting the Company to maintain a prudent investment approach[13]. - The Company aims to capture attractive investment opportunities as they arise to maximize returns for shareholders[13]. - The Company continued its investments in both listed and unlisted equity securities during the reporting period[20]. - The company plans to realize its investment through the disposal of unlisted equity investment, specifically E-Com Holdings Pte. Ltd., in 2020[69]. - The company is considering a rights issue, disposal of unlisted equity investments, and seeking new investors as shareholders[71]. - The company aims to turn net liabilities into net assets through placings in the coming months[71]. Economic Environment - The global financial markets faced volatility and uncertainties in 2019, impacting investor confidence[19]. - The economic downturn in Hong Kong was significantly influenced by social unrest and external shocks in 2019[18]. - The operating environment for financial markets in 2020 is expected to remain challenging due to global virus outbreaks and economic uncertainties[55]. Corporate Governance - The Company is committed to maintaining statutory and regulatory standards and adheres to corporate governance principles emphasizing transparency, independence, accountability, and responsibility[185]. - The Company complied with all code provisions of the Corporate Governance Code during the year ended December 31, 2019, except for provisions A.5.1 and A.6.7[186]. - The Board consists of eight Directors, including one executive Director and seven non-executive Directors, ensuring a balance of skills and experience[196]. - The Company has adopted a Board Diversity Policy to enhance the effectiveness of the Board and maintain high corporate governance standards[188]. - The Nomination Committee leads the process for the nomination of Directors based on merit[195]. - The Company regularly reviews its corporate governance practices to meet shareholder expectations and ensure excellence[185]. Shareholder Matters - The Company does not recommend the payment of a final dividend for the current year, consistent with the previous year where no dividend was paid[37]. - The Company did not purchase, sell, or redeem any of its own securities during the year[109]. - The movements in the reserves of the Group during the year are detailed in the consolidated statement of changes in equity[107]. - The Company does not provide any tax relief to shareholders based on their shareholding[177]. Management and Personnel - Employee count decreased to 3 as of December 31, 2019, down from 9 in 2018, with total employee compensation of approximately HK$3,624,000 in 2019, compared to HK$6,424,000 in 2018[53]. - The management team has a strong academic background, with degrees from prestigious institutions such as Jilin University and the University of Texas[84][85]. - The Company has maintained Directors' liability insurance to protect against losses arising from actual or alleged misconduct[178]. Financial Transactions - The Company obtained a loan of HK$20,000,000 in March 2020, repayable within 12 months at a fixed interest rate of 10% per annum[34]. - A loan of HK$20,000,000 was obtained in March 2020, repayable within 12 months at a fixed interest rate of 10% per annum[71]. - The proposed aggregate annual caps under the Supplemental Agreement were less than HK$10,000,000[155]. Risk Management - The Group's foreign currency investments expose it to foreign currency risk, with a potential loss fluctuation of approximately HK$545,000 if the exchange rate of HK$ against S$ changes by 5%[47]. - The Company is focused on identifying investments with synergy with other investee entities[96]. Miscellaneous - The Company promotes environmental protection through green office practices, including energy-saving lighting and minimizing paper usage[180]. - The Company maintained the public float percentage required under the Listing Rules at the date of the report[170]. - The auditor confirmed that the continuing connected transactions were approved by the Board and complied with the relevant agreements[169].

Financial Position - As of June 30, 2019, the Group's total assets were approximately HK$83,242,000, with non-current assets at approximately HK$29,690,000 and current assets at approximately HK$53,552,000[13]. - The net current assets of the Group were approximately HK$15,728,000, which included approximately HK$3,680,000 for administrative and other operating expenses[14]. - The Group has net liabilities of approximately HK$74,308,000 as of June 30, 2019[20]. - The Group's total liabilities as of June 30, 2019 were HK$157,549,258, up from HK$86,936,680 as of 31 December 2018[172]. - The Group reported a capital deficiency of HK$74,307,710 as of June 30, 2019, worsening from HK$52,693,602 at the end of 2018[81]. - The net liability value per share as of 30 June 2019 was calculated at HK$74,307,710, compared to HK$52,693,602 as of 31 December 2018[189]. Revenue and Loss - The net loss attributable to owners of the Company for the six months ended June 30, 2019, was approximately HK$21,614,000, a decrease of approximately HK$3,195,000 from the net loss of approximately HK$24,809,000 in the previous period[19]. - Revenue for the six months ended June 30, 2019, was HK$350,000, compared to HK$154,789 in the same period of 2018[14]. - Loss per share for the period was HK$1.20, compared to HK$1.38 in the previous year, indicating a reduction in loss per share by 13.0%[14]. - The Group incurred a net loss of approximately HK$21,614,000 during the period ended 30 June 2019[96]. - The basic loss per share for the period is HK$0.012 (loss of HK$21,614,108) compared to HK$0.014 (loss of HK$24,809,589) for the six months ended June 30, 2018[190][193]. Cash Flow and Financing - The Group's cash and cash equivalents as of June 30, 2019, were approximately HK$3,036,000, down from approximately HK$14,447,000 as of December 31, 2018[20]. - Net cash used in operating activities was HK$63,434,774, compared to HK$21,097,548 in the same period of 2018, highlighting increased operational cash burn[87]. - The company raised HK$49,000,000 from unsecured borrowings during the period, indicating a reliance on debt financing[87]. - Corporate bonds issued generated net proceeds of HK$8,350,000, contributing to the financing activities[87]. - The Group will seek additional financing through loans, equity, or debt securities to improve liquidity[1]. Investment and Assets - The Group's investment portfolio is diversified, including sectors such as education and securities investment[12]. - The Group's segment assets as of 30 June 2019 totaled HK$16,619,171, with HK$16,619,154 from Singapore and HK$17 from Hong Kong[172]. - The Group's unlisted equity investment in E-Com Holdings Pte. Ltd. has a carrying amount of HK$16,540,214, representing a 23.70% shareholding[198]. - The Group holds 17,634,000 shares (0.22% interest) in Tech Pro Technology Development, with no carrying value reported[198]. - As of June 30, 2019, the Group's total non-current assets include unlisted equity investments valued at HK$16,619,154[196]. Compliance and Governance - All Directors confirmed compliance with the Model Code for Securities Transactions throughout the period[53]. - The Company maintained the public float percentage required under the Listing Rules as of the date of the interim report[74]. - No arrangements were made during the period for Directors to acquire benefits through the acquisition of shares or debentures[62]. - The Company did not repurchase any of its shares during the reporting period[58]. - The directors believe that the Group will have sufficient working capital to finance its operations and financial obligations as they fall due[21]. Accounting Policies - The Group has applied HKFRS 16 for the first time, which supersedes HKAS 17 Leases[111]. - The new accounting policies resulting from HKFRS 16 include a revised definition of a lease, focusing on the right to control the use of an identified asset[112]. - The Group has adopted HKFRS 16 Leases, which replaces HKAS 17 and related interpretations, impacting accounting policies significantly[116]. - Right-of-use assets are recognized at the commencement date of the lease and measured at cost, less accumulated depreciation and impairment losses[127][129]. - Lease liabilities are recognized at the present value of unpaid lease payments at the commencement date, using the incremental borrowing rate[134][137]. Market Outlook - The investment market is expected to remain challenging in the second half of 2019, prompting a prudent investment approach[38][39]. - The Company is exploring various means to strengthen its financial position and optimize its capital structure, including possible fundraising exercises[15].

Investment Strategy and Portfolio - The Company reported a diversified investment portfolio as of December 31, 2018, including investments in E-Com Holdings Pte. Ltd., China Partners Consultancy Limited, Tech Pro Technology Development Limited, and State Energy Group International Assets Holdings Limited[20]. - E-Com Holdings Pte. Ltd. was profitable in 2018 and is considered the most effective Chinese e-learning platform, with coverage expanding from Singapore to other Asian regions and globally[11]. - The Company aims to maintain a prudent investment approach to capture attractive investment opportunities as they arise, striving to maximize returns for shareholders[12]. - The Company’s investment strategy includes focusing on established enterprises within their respective fields[18]. - The Company will continue to seek investments that have synergies with other investee entities to enhance overall performance[18]. - The Company aims to identify investments with a certain degree of synergy with other investee entities[91]. - The Company acts as an investment holding company, focusing on established enterprises in their respective fields[90]. - The Group is primarily engaged in investments in securities of listed and unlisted companies and other related financial assets[90]. Financial Performance - The company reported a revenue of approximately HK$661,000 from bond interest income for 2018, a decrease from approximately HK$718,000 in 2017[29]. - The net loss attributable to owners of the company was approximately HK$53,268,000, an increase of approximately HK$8,019,000 from the loss of approximately HK$45,249,000 in the previous financial year[29]. - The impairment loss on other receivables was approximately HK$2,317,000, and administrative costs increased by approximately HK$9.0 million due to efforts in seeking potential investors[30]. - As of December 31, 2018, the group had cash and cash equivalents of approximately HK$14,447,000, down from approximately HK$30,907,000 in 2017[31]. - The gearing ratio as of December 31, 2018, was 245.21%, significantly higher than 96.58% in 2017[39]. - The Company recorded a net loss and net operating cash outflow as of December 31, 2018, with net current liabilities and net liabilities[64]. - The Company plans to place 20% of its issued share capital in May 2019 and another 20% in September 2019 to improve its financial position[64]. - The Company aims to turn net liabilities into net assets through upcoming placings, which will allow for normal operational activities[66]. - The operating environment for financial markets in 2019 is expected to remain challenging, with potential volatility in capital markets[58]. Corporate Governance and Management - The Company has complied with all code provisions of the Corporate Governance Code during the year ended December 31, 2018, except for code provision A.6.7[181]. - The Company has adopted a Board Diversity Policy to enhance the effectiveness of the Board and maintain high standards of corporate governance[183]. - The Board has established various committees, including audit, remuneration, nomination, and investment committees, to delegate responsibilities and enhance governance[197]. - The Company emphasizes the importance of diversity in the Board, considering factors such as skills, experience, and background to achieve a variety of perspectives[189]. - The Board regularly reviews its composition to maintain an appropriate balance of expertise, skills, and experience for effective oversight[192]. - The Company has adopted a corporate governance code to ensure compliance with legal and regulatory requirements and to enhance overall governance practices[196]. - The Board is responsible for formulating the Group's overall investment strategies and guidelines in line with its investment objectives[196]. Shareholder Relations - The Chairman expressed gratitude to shareholders, management staff, and business partners for their dedication and support[13]. - The Company does not recommend the payment of a final dividend for the current year, consistent with the previous year[37]. - The Company did not purchase, sell, or redeem any of its own securities during the Year[105]. - The Directors and their associates had interests in shares and debentures of the Company as recorded in the required register[124]. - Eagle Ride Investments Limited holds approximately 53.59% of the company's issued share capital, and has provided written shareholder approval for the Supplemental Agreement and the transactions contemplated therein[157]. Future Outlook and Challenges - The investment market is expected to remain challenging in 2019 due to economic and political uncertainties, including the US-China trade conflict and rising interest rates[12][19]. - The global financial markets experienced volatility in 2018, impacting investor confidence and creating a challenging market environment for the Company[19]. - The auditors expressed a disclaimer of opinion regarding the Company's ability to continue as a going concern due to material uncertainties[59]. - The Company plans to seek new investors as shareholders in 2019 to strengthen its financial position[66]. Investment Agreements and Collaborations - The company has signed six memoranda of understanding (MOUs) during the year ended 31 December 2018 to explore cooperation and investment opportunities[24]. - The company plans to establish an equity investment fund focused on new energy materials and energy storage sectors through the Oceantec MOU[24]. - The WSQSI MOU aims to jointly establish an asset management company and a private equity investment fund targeting emerging industries with global growth potential[24]. - The company intends to invest in 中融優清, a health and data management company, to create a medical and health ecology leveraging big data technology[25]. - The Shenzhen MFExchange MOU was ultimately not pursued due to the directors' assessment that the potential investment was not in the best interests of the company and its shareholders[26]. - The Beijing Elive Technology MOU focuses on cooperation in intelligent security technologies and aims to provide integrated solutions through big data analysis[26]. Management Team Experience - Mr. Chan Yiu Pun has over 20 years of experience in the financial industry, including roles in investment management and regulatory activities[67]. - Mr. Hu Haisong has substantial experience in business management and investment project supervision in the energy and resources industry[72]. - Mr. Tung Shu Sun has extensive experience in corporate management and mergers and acquisitions, having served as the executive director of COSCO International Holdings Limited[73]. - Mr. Dang Yin Liang has a background in corporate business development and investment management, focusing on listed companies and private funds[76]. - The directors collectively bring a wealth of experience from various sectors, which supports the company's strategic growth initiatives[73].