Financial Performance - Revenue for the six months ended June 30, 2020, was HK$2,463,000, compared to HK$1,868,000 for the same period in 2019, representing a 31.8% increase[7]. - Loss for the period attributable to owners of the Company was HK$46,916,000, compared to a loss of HK$13,687,000 in 2019, indicating a significant increase in losses[7]. - Total comprehensive loss for the period attributable to owners of the Company was HK$46,912,000, compared to HK$13,687,000 in 2019[7]. - Basic and diluted loss per share was HK(6.70) cents, compared to HK(1.95) cents in 2019, reflecting a worsening financial position[7]. - The Group's administrative expenses and other operating expenses increased to HK$39,622,000 from HK$9,684,000 in 2019, indicating rising operational costs[7]. - For the six months ended June 30, 2020, the net cash used in operating activities was HK$1,621,000, an improvement compared to HK$10,111,000 for the same period in 2019[19]. - The net cash generated from investing activities was HK$2,449,000 for the six months ended June 30, 2020, compared to HK$3,461,000 in the prior year, reflecting a decrease of approximately 29.3%[19]. - The net cash used in financing activities was HK$2,068,000 for the first half of 2020, slightly higher than HK$2,049,000 in the same period of 2019[19]. - The company reported a total comprehensive loss for the period of HK$46,916,000 for the six months ended June 30, 2020, compared to a loss of HK$46,912,000 for the same period in 2019[15]. - For the six months ended 30 June 2020, the loss attributable to owners of the Company was HK$46,916,000, compared to a loss of HK$13,687,000 for the same period in 2019, representing an increase in loss of approximately 243%[49]. Assets and Liabilities - Current assets decreased to HK$270,868,000 as of June 30, 2020, down from HK$324,509,000 at the end of 2019[10]. - Current liabilities decreased to HK$32,161,000 as of June 30, 2020, compared to HK$29,697,000 at the end of 2019, indicating a slight increase in liabilities[10]. - Financial assets at fair value through profit or loss decreased to HK$225,035,000 from HK$316,419,000, showing a decline of 29%[10]. - Cash and cash equivalents were HK$2,617,000 as of June 30, 2020, down from HK$3,857,000 at the end of 2019[10]. - As of June 30, 2020, the total equity of the company decreased to HK$250,119,000 from HK$297,031,000 as of December 31, 2019, representing a decline of approximately 15.8%[12]. - The net asset value per share decreased to HK$0.36 as of June 30, 2020, down from HK$0.42 at the end of 2019, indicating a reduction of about 14.3%[12]. - The reserves attributable to owners of the company decreased to HK$243,116,000 from HK$290,028,000, reflecting a decline of approximately 16.2%[12]. - Lease liabilities amounted to HK$4,637,000 as of June 30, 2020, down from HK$6,355,000 at the end of 2019[115]. - Amounts due from a related company increased to HK$1,649,000 from HK$84,000[115]. Investments - The company continues to focus on investments in both listed and unlisted financial instruments as part of its principal activities[20]. - The Group's investment strategy includes making investments in listed and unlisted financial instruments with the objective of capital gain and income from dividends or interests[145]. - As of June 30, 2020, the Group's major investments included approximately HK$172,922,000 in listed financial instruments and approximately HK$52,113,000 in direct investments in unlisted financial instruments[148][151]. - Dividend income from listed equity investments for the six months ended June 30, 2020, was approximately HK$389,000, while interest income from debt securities was approximately HK$2,074,000[149][151]. - The largest losses from investments included Brockman Mining Limited at HK$5,672,000 and China Information Technology Development Limited at HK$4,180,000[155]. - The Group received dividends totaling HK$29,980,000 from its investments as of June 30, 2020[125]. - The fair value of listed equity and debt securities at 30 June 2020 was approximately HK$172,922,000, down from HK$251,922,000 at 31 December 2019, indicating a decrease of about 31%[59]. - The fair value of unlisted equity securities at 30 June 2020 was approximately HK$28,954,000, down from HK$41,338,000 at 31 December 2019, representing a decrease of about 30%[59]. Market Conditions and Strategic Initiatives - The COVID-19 pandemic has negatively impacted the capital market, and the Group will actively assess and react to its effects on financial position and operating results[139]. - The economic impact of COVID-19 has led many companies to cancel or postpone projects, with projections indicating a severe downturn in the global economy[159]. - The Group's investment strategy includes a focus on maintaining a diversified portfolio to mitigate risks associated with market volatility[148]. - The demand for China Info Tech's Virtual Desktop Infrastructure (VDI) solution significantly increased, particularly from the banking, finance, and insurance sectors, due to the "work from home" arrangements during the pandemic[161]. - The company aims to enhance brand awareness by participating as a virtual exhibitor in the Cloud Expo 2020 in September 2020[163]. - The company intends to leverage its research and development capabilities in Guangzhou to expand sales activities across the Guangdong-Hong Kong-Macau Greater Bay Area market[167]. - The company is focused on adapting to technological advancements such as 5G, AI, and data centers to create value for its clients and shareholders[167]. - The board believes the portfolio is positioned to weather the impact of the COVID-19 pandemic and is focusing on investing in companies with attractive value[184]. Governance and Management - The Board does not recommend the payment of an interim dividend for the six months ended 30 June 2020, consistent with no dividend paid for the same period in 2019[53]. - The directors closely monitor economic factors and fundamentals of investee companies to proactively adjust the Group's equity portfolio mix[182]. - The company has minimal foreign exchange exposure as most transactions are denominated in Hong Kong dollars[183]. - The board hopes for a vaccine release soon to mitigate the pandemic's impact[184]. Operational Adjustments - The first half of 2020 was described as one of the most challenging periods in decades due to the COVID-19 pandemic and its economic impact[183]. - The company has made significant adjustments to its portfolio to adapt to potential risks ahead[183]. - CST suspended mining operations at the coal mine in Alberta, Canada, due to COVID-19, with no scheduled resumption date yet determined[168]. - CST remains cautiously optimistic about capital markets, anticipating a slowdown in global economic growth and continued loose monetary policy from local governments[168].

Financial Performance - The Group recorded a loss attributable to owners of approximately HK$91.3 million for the year ended December 31, 2019, a decrease of approximately HK$49.9 million compared to a loss of HK$141.2 million in 2018[11]. - The decrease in loss was mainly due to a reduction in loss from changes in fair value of financial assets by approximately HK$44.5 million[11]. - Revenue increased by approximately HK$2.6 million during the year[11]. - Administrative and other operating expenses decreased by approximately HK$3.3 million[11]. - The Group recorded a loss of approximately HK$91,295,000 for the year ended December 31, 2019, primarily due to a loss of approximately HK$77,633,000 from changes in fair value of financial assets[91]. - The Group's net asset value decreased to approximately HK$297,031,000 as of December 31, 2019, down from HK$388,325,000 as of December 31, 2018[91]. - The Group's net current assets as of December 31, 2019, were approximately HK$294,812,000, compared to HK$388,088,000 as of December 31, 2018, reflecting a decline in financial health[68]. - The gearing ratio of the Group increased to 5.5% as of December 31, 2019, up from 2.5% in the previous year, indicating a rise in leverage[68]. - The current ratio of the Group decreased to 10.93 as of December 31, 2019, from 19.04 in 2018, suggesting a decline in short-term financial stability[68]. - The company's distributable reserves available for distribution to shareholders as of December 31, 2019, amounted to approximately HK$80,572,000, a decrease from HK$173,825,000 as of December 31, 2018[120]. Investment Strategy - The Group plans to focus on identifying and purchasing strong companies at attractive valuations while increasing its cash position for future reinvestment opportunities[19]. - The Group's investment strategy includes making investments in listed and unlisted companies with a focus on capital gains and income from dividends or interests[27]. - The Group's investment portfolio mainly comprises equity and debt securities primarily in Hong Kong, Singapore, Canada, and the United States[31]. - The Group will not take legal or effective management control of underlying investments, and will not own or control more than 30% of the voting rights in any one company[31]. - The Directors do not intend to seek bank borrowings until substantially all of the Company's funds have been invested, and if borrowing occurs, it will not exceed the consolidated net assets at the time[31]. - The Group's investment review indicates that there are no restrictions on the proportion of assets that may be invested in any specific sector or company, except for a limit of 20% of consolidated net assets[31]. Market Outlook - The outlook for 2020 was negatively impacted by ongoing social unrest and the outbreak of the coronavirus, leading to significant uncertainty in the market[12]. - Global stock markets are experiencing significant sell-offs, contributing to a bear market environment[18]. - The company acknowledges that the global stock markets are experiencing significant sell-offs due to the coronavirus outbreak, leading to increased uncertainty[70]. - The board originally expected a slight recovery in the Hong Kong stock market in 2020, but the outlook has changed drastically due to the pandemic[70]. - The financial results and position of the Group may be affected by the ongoing COVID-19 pandemic, but the financial effect cannot be reasonably estimated at the date of approval of the consolidated financial statements[156]. Corporate Governance - The Company has complied with the Corporate Governance Code during the year, with some deviations noted regarding the appointment terms of non-executive directors[166]. - The Board consists of two executive Directors and three Independent Non-executive Directors (INEDs), with INEDs making up 60% of the Board membership[175]. - The Company held 9 scheduled Board meetings during the year 2019, with all Directors attending all meetings[191]. - The Board is responsible for major strategic decisions, including acquisitions, capital investments, and dividend policies[178]. - Directors receive ongoing training to stay updated on Listing Rules and regulatory requirements, ensuring compliance and good corporate governance practices[193]. - The Company aims to ensure compliance with the Corporate Governance Code and disclose relevant information in its Corporate Governance Report[183]. - The roles of chairman and chief executive officer are separate, with Mr. Mung Kin Keung serving as chairman and Mr. Mung Bun Man, Alan as CEO, ensuring independence and accountability[196]. Employee and Operational Matters - The total staff costs for the year ended December 31, 2019, amounted to approximately HK$8,087,000, a decrease from approximately HK$11,974,000 in 2018[75]. - The Group provides a defined contribution Mandatory Provident Fund retirement benefits scheme to all staff, with immediate vesting of contributions[151]. - The company will provide competitive reward and benefit packages to attract and retain necessary employees[82]. - The company encourages continuous professional development for directors to enhance their knowledge and skills, with training records maintained[194]. Share Capital and Options - As of December 31, 2019, the total number of shares issued by the company was 700,333,925[134]. - The net asset value per share was HK$0.42, calculated based on the net asset value and 700,333,925 ordinary shares in issue as of December 31, 2019[91]. - The Company granted a total of 900,408 share options as of December 31, 2019, with an exercise price of HK$9,748[138]. - The share options granted to Mung Kin Keung remain unchanged at 581,802 as of December 31, 2019[138]. - The share option scheme aims to enhance the value of the company and its shares for the benefit of shareholders[139]. - Eligible participants for the share option scheme include full-time employees and directors, as well as consultants who contribute to the group[139]. Miscellaneous - The Group did not make any charitable donations during the year, consistent with 2018, where no donations were made either[156]. - The Company has not disclosed any new product or technology developments in the current report[114]. - The Company has not provided specific future outlook or performance guidance in the current report[114]. - The Company has not indicated any new market expansion strategies in the current report[114].

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].