Financial Performance - Revenue for the six months ended June 30, 2019, was HK$1,868,000, compared to HK$1,563,000 for the same period in 2018, representing an increase of 19.5%[6] - Loss before income tax for the period was HK$13,687,000, a significant improvement from a loss of HK$56,864,000 in the prior year, indicating a reduction of 76.0%[8] - Basic and diluted loss per share decreased to HK$1.95 from HK$8.12, reflecting a 76.0% improvement year-over-year[8] - The total comprehensive loss for the period attributable to owners of the company was HK$13,687,000, compared to HK$56,864,000 in the prior year, a reduction of 76.0%[8] - Loss for the six months ended June 30, 2019 attributable to owners of the Company was HK$13,687,000, a decrease from HK$56,864,000 in the same period of 2018, representing a reduction of approximately 76.0%[99] - The decrease in loss for Global Mastermind Capital Limited was mainly due to a reduction in loss arising from changes in fair value of financial assets at fair value through profit or loss, from approximately HK$46,886,000 in 2018 to approximately HK$5,261,000 in 2019[190] Assets and Liabilities - Total assets as of June 30, 2019, were HK$398,309,000, slightly down from HK$409,514,000 at the end of 2018, a decrease of 2.8%[10] - Net current assets were HK$370,607,000, compared to HK$388,008,000 at the end of 2018, indicating a decline of 4.7%[11] - As of June 30, 2019, total equity amounted to HK$374,638,000, a decrease from HK$388,325,000 as of January 1, 2019, reflecting a loss of HK$13,687,000 for the period[15] - The accumulated losses increased to HK$472,902,000 as of June 30, 2019, from HK$459,215,000 as of January 1, 2019[15] Cash Flow - For the six months ended June 30, 2019, net cash used in operating activities was HK$10,111,000, compared to a net cash generated of HK$39,717,000 for the same period in 2018[19] - Cash and cash equivalents at the end of the period were HK$29,801,000, down from HK$36,836,000 at the end of June 30, 2018[19] - The company reported a net decrease in cash and cash equivalents of HK$8,699,000 for the six months ended June 30, 2019, contrasting with an increase of HK$29,819,000 in the previous year[19] Expenses - Administrative expenses decreased to HK$9,924,000 from HK$11,426,000, a reduction of 13.1% year-over-year[8] - Staff costs for the six months ended June 30, 2019 were HK$1,844,000, down from HK$2,181,000 in 2018, indicating a decrease of about 15.5%[99] - Directors' remuneration decreased to HK$2,400,000 in the first half of 2019 from HK$4,035,000 in 2018, reflecting a reduction of approximately 40.5%[99] - Finance costs for the six months ended June 30, 2019 totaled HK$437,000, compared to HK$178,000 in 2018[92] Investments - The Group's principal activity is investment in listed and unlisted companies, regarded as a single business segment[90] - The Group's major investments included approximately HK$298,921,000 in a portfolio of listed financial instruments and approximately HK$62,478,000 in direct investments in unlisted financial instruments[200] - The investment portfolio primarily consists of equity and debt securities mainly located in Hong Kong, Canada, and the United States[200] - The Group's investments include Affluent Partners Holdings Limited with a market value of HK$29,341,000 as of June 30, 2019[152] - The total market value of the Group's investments as of June 30, 2019, is HK$339,628,000[152] Financial Instruments and Fair Value - The fair value of the Group's listed equity securities in Hong Kong and outside Hong Kong (excluding suspended trading securities) was approximately HK$252,164,000 as of the date of approval of the financial statements[115] - The Group's financial assets at fair value through profit or loss totaled HK$361,399,000 at the end of the reporting period, with unlisted equity and debt securities valued at HK$62,478,000[110] - The carrying amounts of the Group's financial instruments at amortized cost were not materially different from their fair values as of June 30, 2019, and December 31, 2018[128] - The fair value measurements are categorized into three levels based on the observability and significance of the inputs used in the valuation technique[131] Accounting Policies - The company's financial statements have been prepared in accordance with Hong Kong Accounting Standard 34, reflecting the same accounting policies as in the 2018 annual financial statements[20] - The Group applied HKFRS 16 for the first time, which superseded HKAS 17, with no material impact on the Interim Financial Information for the current and prior periods[28][30]. - The Group has not applied any new and revised HKFRSs that have been issued but not yet effective for the current accounting period[29]. Related Party Transactions - The Group's significant related party transactions include secretarial fees received of HK$63,000 and lease payments of HK$1,862,000 for the six months ended June 30, 2019[145] Dividend Policy - The Group did not recommend the payment of an interim dividend for the six months ended June 30, 2019, consistent with the previous year where no dividend was declared[104] - The Board of Global Mastermind Capital Limited resolved not to declare an interim dividend for the six months ended June 30, 2019, consistent with the previous year[190]

Financial Performance - The Group recorded a loss attributable to owners of approximately HK$141,223,000 for the year ended December 31, 2018, compared to a profit of approximately HK$26,468,000 for the year ended December 31, 2017[17]. - The loss was primarily due to a change from a gain of approximately HK$78,357,000 in fair value of financial assets to a loss of approximately HK$122,160,000 for the year ended December 31, 2018[17]. - For the year ended 31 December 2018, the Group recorded a loss attributable to owners of approximately HK$141.2 million, a significant decline from a profit of HK$26.5 million in 2017, representing a turnaround of approximately 632%[26]. - The loss was primarily driven by a change in fair value of financial assets at fair value through profit or loss, which resulted in a loss of approximately HK$122.2 million for 2018, compared to a gain of approximately HK$78.4 million in 2017[26]. - The Group's net asset value decreased to approximately HK$388,325,000 as of 31 December 2018, down from HK$519,218,000 as of 31 December 2017[112]. - The Group recorded a loss of approximately HK$141,223,000 for the year ended 31 December 2018, primarily due to a loss of approximately HK$122,160,000 from changes in fair value of financial assets[112]. Investment Strategy - The company anticipates a market turnaround in 2019 due to slowing rate hikes and increased liquidity[23]. - The company will focus on acquiring strong companies when they are trading at attractive prices, emphasizing a strategy of investing in compounders, undervalued, and special situations[23]. - The Group's investment strategy includes a restriction that no investment will represent more than 20% of the consolidated net assets at the time of investment[29]. - The Group does not intend to seek bank borrowings until substantially all funds have been invested, and any borrowing will not exceed the consolidated net assets at the time of borrowing[31]. - The Group's investment objectives include making capital gains as well as income from dividends or interests, with a focus on both short-term and long-term investments[28]. - The Group's investment review indicates that the loss from the top ten investments includes significant losses from Kingston Financial Group Limited (HK$56.4 million) and Huayi Tencent Entertainment Company Limited (HK$29.4 million)[42]. Market Conditions - The economic slowdown in China has prompted the government to boost liquidity and implement more policies to counteract the effects of the trade war[18]. - The Federal Reserve is expected to slow rate hikes in 2019, which may positively impact market conditions[18]. - The year 2018 was described as very challenging for worldwide investors, with nearly every major asset declining[18]. Corporate Governance - The Company is committed to maintaining a credible framework of corporate governance to ensure transparency and accountability to shareholders[170]. - The Company has complied with the code provisions of the CG Code during the year, except for specific deviations regarding the appointment of non-executive directors[174]. - The Board currently consists of two executive directors and three independent non-executive directors, with independent directors making up 60% of the Board[182]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance during the year[180]. - The Board has delegated various responsibilities to committees, including the audit committee and remuneration committee, to enhance governance[186]. Employee and Stakeholder Relations - The Group expressed gratitude to business partners, external professionals, fellow directors, employees, and shareholders for their support[24]. - The Group recognizes the importance of maintaining good relationships with employees and stakeholders to achieve its goals[109]. - The Group provides a defined contribution Mandatory Provident Fund retirement benefits scheme for all staff[168]. Future Outlook - BJ Ent Water aims to shift from high-speed development to high-quality growth in 2019, focusing on urban water services and comprehensive water environment renovation[45]. - The company plans to develop as a Marketing AI integrated solution provider, offering comprehensive services including a big data AI platform and OMO advertisement management[54]. - Despite global economic volatility, Frontier Services maintains a positive outlook for 2019 due to a strong foundation established[57]. Financial Position - As of December 31, 2018, the Group had cash and cash equivalents of approximately HK$38,500,000, an increase from approximately HK$7,017,000 as of December 31, 2017[67]. - The Group's net current assets as of December 31, 2018, were approximately HK$388,008,000, compared to approximately HK$383,883,000 as of December 31, 2017[72]. - The current ratio decreased to 19.04 as of December 31, 2018, from 24.42 as of December 31, 2017[72]. - The gearing ratio as of December 31, 2018, was 2.5%, down from 3.9% as of December 31, 2017[67]. Shareholder Information - The total number of shares issued by the Company as of December 31, 2018 was 700,333,925[157]. - The Company has adopted a dividend policy with no predetermined payout ratio, subject to the Board's discretion based on various factors including earnings and financial condition[165]. - As of December 31, 2018, the company's distributable reserves available for distribution to shareholders amounted to approximately HK$173,825,000, a decrease from HK$275,500,000 as of December 31, 2017, representing a decline of 37%[139].