香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何 部分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。 本公司董事會（「董事會」）謹此通知本公司股東（「股東」）及潛在投資者，根據本 集團截至二零二五年六月三十日止六個月（「本期間」）之未經審核管理賬目及董 事會目前可獲得的資料而作出的初步評估，比對本公司二零二四年中期報告所載 截至二零二四年六月三十日止六個月（「二零二四年期間」）所錄得的未經審核綜 合淨虧損，預期本集團於本期間錄得未經審核綜合淨溢利。該變動乃主要由於本 集團持作買賣資產的表現由二零二四年期間錄得虧損約43.4百萬港元轉為本期間 錄得溢利約6.7百萬港元。 1 本公告所載資料僅根據董事會經參考本集團於本期間之未經審核管理賬目及目前 可獲得的資料而作出的初步評估，有關資料並未經本公司核數師審核或審閱且經 彼等進一步審閱後或會予以調整。本期間的實際財務業績可能與本公告所披露資 料存在差異。謹請股東及潛在投資者細閱本公司於本期間的中期業績公告，該公 告預期將於二零二五年八月二十八日刊發。 本公司股東 ...

資產淨值 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，對其準確性或完備性亦不發表任何聲明，並明確表示概不會就因本公佈全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 於本公佈日期，本公司董事會成員包括： 執行董事： 獨立非執行董事： 沈潔蘭女士 洪祖星先生 鍾輝珍女士 余達志先生 於二零二五年七月三十一日，港灣數字產業資本有限公司(「本公司」)每股普通 股股份之未經審核綜合資產淨值約為 0.668 港元。 香港，二零二五年八月十五日 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 港灣數字產業資本有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00913 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 2,000,000,000,000 | HKD | | 0.001 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 2,000,000,000,000 | HKD | | 0.001 | HKD | | 2,000,00 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 1,226,000, a decrease of 15.1% compared to HKD 1,443,000 for the year ended December 31, 2023[3] - The total income from the sale of trading securities was HKD 2,928,000, down from HKD 10,405,000, representing a decline of 71.9%[3] - The loss from fair value changes of listed equity investments through profit or loss was HKD 11,945,000, compared to a gain of HKD 6,787,000 in the previous year[3] - The net loss attributable to equity holders for the year was HKD 16,848,000, compared to a loss of HKD 14,783,000 in the previous year, reflecting an increase in loss of 14.1%[3] - Basic and diluted loss per share for the year was HKD 0.06, compared to HKD 0.05 in the previous year[3] - The group reported a net loss attributable to shareholders of approximately HKD 16,800,000 for the year, compared to HKD 14,800,000 in the previous year, primarily due to losses from listed investments and impairment of financial assets[27] - The basic loss per share for the year was approximately HKD 0.06, compared to HKD 0.05 in the previous year[27] - The group experienced a loss of approximately HKD 14,700,000 from listed securities, including realized losses of HKD 2,800,000 and unrealized losses of HKD 11,900,000[35] Assets and Liabilities - Total assets as of December 31, 2024, were HKD 172,017,000, slightly up from HKD 170,304,000 in the previous year[4] - The net asset value per share decreased to HKD 0.48 from HKD 0.60 year-over-year[4] - Cash and cash equivalents increased significantly to HKD 11,351,000 from HKD 1,978,000, marking a growth of 474.5%[4] - The group's current assets as of December 31, 2024, are approximately HKD 153,700,000, with cash and bank balances of HKD 11,400,000, an increase from HKD 2,000,000 in the previous year[40] - The net asset value per share as of December 31, 2024, is HKD 0.48, down from HKD 0.60 in the previous year, with total net assets of approximately HKD 172,000,000[40] - The group's capital debt ratio remains stable at 0.5% as of December 31, 2024, indicating a solid financial structure[40] - The group has no outstanding bank borrowings as of December 31, 2024, ensuring adequate financial resources for ongoing operations[40] Investment Portfolio - The investment portfolio as of December 31, 2024, included listed equity investments worth HKD 106,600,000 and non-listed bond investments of HKD 18,300,000, representing approximately 62.0% and 10.6% of the group's net assets, respectively[29] - The group confirmed revenue of HKD 1,226,000 from listed equity investments and HKD 1,200,000 from debt investments, totaling HKD 3,129,000 for the year, a decrease from HKD 3,402,000 in the previous year[17] - The group has maintained a diversified investment portfolio across various industries, including finance, consumer products, media, construction, and mining[29] - The group recorded realized losses of approximately HKD 2,800,000 from listed equity investments, a significant improvement from HKD 23,600,000 in the previous year[29] - Unrealized losses from listed equity investments amounted to approximately HKD 11,900,000, compared to a gain of HKD 6,800,000 in the previous year[29] Corporate Governance and Compliance - The company maintains a commitment to effective corporate governance standards, adhering to the principles outlined in the corporate governance code[55] - The board of directors confirmed compliance with the standard code of conduct for securities trading throughout the year[58] - The audit committee, consisting of independent non-executive directors, reviewed the consolidated performance for the fiscal year ending December 31, 2024[61] - The financial statements for the year ending December 31, 2024, were audited by KPMG, confirming consistency with the group's financial data[62] - The annual performance announcement and annual report will be published on the company's website and the Hong Kong Stock Exchange website[63] Future Outlook and Strategic Plans - The company anticipates that the global investment environment will present both risks and opportunities, particularly due to the impact of tariffs and potential currency fluctuations[53] - The company has no specific plans for significant investments or capital assets as of December 31, 2024[50] - The application of new Hong Kong Financial Reporting Standards is not expected to have a significant impact on the group's financial position and performance in the foreseeable future[16] Capital Activities - The company successfully raised approximately HKD 14,200,000 through a placement, with a net amount of about HKD 14,000,000 after expenses, equivalent to a net issue price of approximately HKD 0.236 per share[44] - The placement price of HKD 0.240 per share represents a discount of approximately 14.3% to the closing price of HKD 0.280 on October 7, 2024, and a discount of approximately 9.4% to the average closing price of HKD 0.265 over the preceding five trading days[44] - As of December 31, 2024, approximately HKD 1,900,000 of the net proceeds has been utilized for intended operating capital and listed investment purposes, with the remaining HKD 12,100,000 expected to be used by December 31, 2025[44] - The company did not engage in any capital activities during the year, nor did it have any significant acquisitions or disposals of subsidiaries, associates, or joint ventures[45][47] Market Performance - The Dow Jones Industrial Average increased by 12.9% from 37,689 points at the end of 2023 to 42,544 points, while the Hang Seng Index rose by 17.7% from 17,047 points to 20,060 points during the same period[51]

[Corporate Information](index=2&type=section&id=Corporate%20Information) This section details the company's board composition, key corporate entities, and contact information [Board of Directors](index=2&type=section&id=Board%20of%20Directors) The company's board comprises one executive, one non-executive (Chairman), and three independent non-executive directors, with independent non-executive directors chairing all key committees - The Board includes **1 executive director** (Ms. Shen Jielan), **1 non-executive director** (Ms. Ye Ying, also Chairman), and **3 independent non-executive directors** (Mr. Hong Zuxing, Ms. Zhong Huizhen, Mr. Yu Dazhi)[2](index=2&type=chunk) - The Audit Committee is chaired by Mr. Yu Dazhi, while the Remuneration and Nomination Committees are both chaired by Mr. Hong Zuxing[2](index=2&type=chunk) [Key Corporate Entities](index=3&type=section&id=Key%20Corporate%20Entities) This report lists the company's investment manager, auditor, registered office, principal place of business in Hong Kong, and share registrar, along with its stock code and official website - The investment manager is **Evergrande Securities (Hong Kong) Limited**[3](index=3&type=chunk) - The auditor is **Kaiyuan Xin De Certified Public Accountants Limited**[3](index=3&type=chunk) - The company's stock code is **913**, and its official website is provided[3](index=3&type=chunk) [Condensed Consolidated Statement of Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income) This statement presents the company's financial performance, including revenue, expenses, and net loss for the period [Financial Performance Overview](index=4&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2024, the company reported a net loss of HK$45.9 million, an increase from HK$33.3 million in the prior year, primarily due to fair value losses on listed equity instruments at fair value through profit or loss Key Data from Condensed Consolidated Statement of Comprehensive Income | Metric | June 30, 2024 (HK$'000) | June 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Gross proceeds from disposal of trading securities | 1,466 | 5,650 | | Gain/(loss) on disposal of FVPL listed equity investments | 34 | (165) | | Revenue | 600 | 840 | | Other income | 2 | – | | Fair value changes of FVPL listed equity instruments | (43,438) | (30,187) | | Other operating expenses | (3,120) | (3,822) | | Loss before tax | (45,922) | (33,334) | | Income tax | – | – | | Loss and total comprehensive loss for the period | (45,922) | (33,334) | | Loss per share (basic and diluted) | HK(16.09 cents) | HK(11.85 cents) | - The net loss for the period was primarily attributable to fair value losses on listed equity instruments at fair value through profit or loss of approximately **HK$43.4 million**, an increase from **HK$30.2 million** in the prior year[6](index=6&type=chunk)[7](index=7&type=chunk) [Condensed Consolidated Statement of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) This statement provides a snapshot of the company's assets, liabilities, and equity at a specific point in time [Financial Position Overview](index=6&type=section&id=Financial%20Position%20Overview) As at June 30, 2024, the company's total assets and net assets decreased, mainly due to a reduction in the value of equity investments at fair value through profit or loss, leading to a corresponding decrease in net current assets and total equity Key Data from Condensed Consolidated Statement of Financial Position | Metric | June 30, 2024 (HK$'000) | December 31, 2023 (HK$'000) | | :--- | :--- | :--- | | **Non-current assets** | | | | Debt investments at amortised cost | 18,759 | 18,159 | | **Current assets** | | | | Equity investments at fair value through profit or loss | 70,909 | 112,441 | | Bank balances and cash | 3,946 | 1,978 | | Total current assets | 110,666 | 152,986 | | **Current liabilities** | | | | Other payables and accrued charges | 460 | 840 | | Total current liabilities | 460 | 841 | | Net current assets | 110,206 | 152,145 | | **Net assets** | 128,965 | 170,304 | | **Total equity** | 128,965 | 170,304 | - As at June 30, 2024, equity investments at fair value through profit or loss decreased from **HK$112.4 million** as at December 31, 2023, to **HK$70.9 million**, a reduction of approximately **36.9%**[8](index=8&type=chunk) - Total equity decreased from **HK$170.3 million** as at December 31, 2023, to **HK$129.0 million**, a reduction of approximately **24.3%**[8](index=8&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) This statement outlines the changes in the company's equity components over the reporting period [Equity Movements](index=7&type=section&id=Equity%20Movements) For the six months ended June 30, 2024, the company's total equity changed due to the loss for the period, as well as the exercise and lapse of share options, resulting in a total equity of HK$128.965 million at period-end Overview of Equity Movements | Metric | January 1, 2024 (HK$'000) | Loss and total comprehensive loss for the period (HK$'000) | Shares issued on exercise of share options (HK$'000) | Lapse of share options (HK$'000) | June 30, 2024 (HK$'000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Share capital | 281 | – | 15 | – | 296 | | Share premium | 1,065,814 | – | 6,601 | – | 1,072,415 | | Contributed surplus | 186,046 | – | – | – | 186,046 | | Share option reserve | 14,314 | – | (2,033) | (2,299) | 9,982 | | Accumulated losses | (1,096,151) | (45,922) | – | 2,299 | (1,139,774) | | Total reserves | 170,023 | (45,922) | 4,568 | – | 128,669 | | Total | 170,304 | (45,922) | 4,583 | – | 128,965 | - The loss for the period led to an increase in accumulated losses of **HK$45.922 million**[10](index=10&type=chunk) - Share capital increased by **HK$15 thousand** and share premium increased by **HK$6.601 million** due to the issuance of shares upon the exercise of share options[10](index=10&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This statement summarizes the cash inflows and outflows from operating, investing, and financing activities [Cash Flow Overview](index=9&type=section&id=Cash%20Flow%20Overview) For the six months ended June 30, 2024, the company experienced a reduced net cash outflow from operating activities and a net cash inflow from financing activities, resulting in a significant increase in cash and cash equivalents at period-end Key Data from Condensed Consolidated Statement of Cash Flows | Metric | June 30, 2024 (HK$'000) | June 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Net cash used in operating activities | (2,615) | (6,586) | | Net cash from financing activities | 4,583 | – | | Net increase/(decrease) in cash and cash equivalents | 1,968 | (6,586) | | Cash and cash equivalents at beginning of period | 1,978 | 7,424 | | Cash and cash equivalents at end of period | 3,946 | 838 | - Net cash used in operating activities decreased from **HK$6.586 million** in the prior year to **HK$2.615 million** for the current period[13](index=13&type=chunk) - Financing activities generated a net cash inflow of **HK$4.583 million**, compared to zero in the prior year[14](index=14&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements [1. BASIS OF PREPARATION](index=10&type=section&id=1.%20BASIS%20OF%20PREPARATION) The interim financial statements are prepared in accordance with Appendix 16 of the Hong Kong Listing Rules and Hong Kong Accounting Standard 34 "Interim Financial Reporting," maintaining consistency with the 2023 annual financial statements' accounting policies and calculation methods - The interim financial statements are prepared in accordance with **Appendix 16 of the Hong Kong Listing Rules** and **Hong Kong Accounting Standard 34 "Interim Financial Reporting"**[15](index=15&type=chunk) - Accounting policies and calculation methods are consistent with the 2023 annual financial statements, and new or revised HKFRSs have not resulted in significant changes[15](index=15&type=chunk) [2. REVENUE AND OTHER INCOME](index=11&type=section&id=2.%20REVENUE%20AND%20OTHER%20INCOME) The company primarily engages in investing in listed and unlisted securities, with revenue for the period mainly derived from interest income on debt investments at amortised cost, while dividend income was zero - The Group's principal business is investing in listed and unlisted securities[17](index=17&type=chunk) Revenue and Other Income | Revenue Source | June 30, 2024 (HK$'000) | June 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Interest income from debt investments at amortised cost | 600 | 597 | | Dividend income from listed equity investments at FVPL | - | 243 | | **Total Revenue** | **600** | **840** | | Interest income from amounts due from brokers | 2 | – | | **Total Other Income** | **2** | **–** | [3. SEGMENT INFORMATION](index=11&type=section&id=3.%20SEGMENT%20INFORMATION) The company operates in a single business segment, which is the investment in listed and unlisted securities, and no geographical information is presented as over 90% of revenue and non-current assets are primarily derived from Hong Kong - The Group has only **one business segment**: investment in listed and unlisted securities[18](index=18&type=chunk) - Over **90% of revenue** and non-current assets are primarily derived from Hong Kong, thus no geographical information is presented[18](index=18&type=chunk) [4. LOSS BEFORE TAX](index=12&type=section&id=4.%20LOSS%20BEFORE%20TAX) The loss before tax for the period was HK$45.922 million, primarily influenced by unrealized losses on listed equity investments, while staff costs and operating lease expenses remained stable Components of Loss Before Tax | Metric | June 30, 2024 (HK$'000) | June 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Staff costs (including directors' emoluments) | 871 | 868 | | Operating lease expenses (land and buildings) | 94 | 85 | | Realised (gain)/loss on disposal of listed equity investments | (34) | 165 | | Unrealised loss on listed equity investments | 43,438 | 30,187 | - Unrealised losses increased from **HK$30.187 million** in the prior year to **HK$43.438 million** in the current period, being the primary reason for the expanded loss before tax[20](index=20&type=chunk) [5. INCOME TAX](index=13&type=section&id=5.%20INCOME%20TAX) The company did not generate any assessable profits during the current period or the prior corresponding period, resulting in zero income tax - The Group did not generate any assessable profits during the current period and for the six months ended June 30, 2023, resulting in **zero income tax**[21](index=21&type=chunk) [6. LOSS PER SHARE](index=13&type=section&id=6.%20LOSS%20PER%20SHARE) Basic and diluted loss per share for the period was HK16.09 cents, an increase from HK11.85 cents in the prior year, primarily based on the increased loss for the period and the weighted average number of ordinary shares outstanding Loss Per Share | Metric | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Loss attributable to owners of the Company (HK$'000) | 45,922 | 33,334 | | Weighted average number of ordinary shares outstanding | 285,324,537 | 281,181,680 | | Basic and diluted loss per share | HK(16.09 cents) | HK(11.85 cents) | - Share options had an anti-dilutive effect for the six months ended June 30, 2024[21](index=21&type=chunk) [7. DEBT INVESTMENT AT AMORTISED COST](index=14&type=section&id=7.%20DEBT%20INVESTMENT%20AT%20AMORTISED%20COST) As at June 30, 2024, debt investments at amortised cost totaled HK$18.759 million, primarily comprising an investment in unsecured unlisted bonds issued by AMCO, with credit loss allowance remaining unchanged Debt Investments at Amortised Cost | Metric | June 30, 2024 (HK$'000) | December 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Unlisted debt investments | 20,000 | 20,000 | | Interest receivable | 1,524 | 924 | | Less: Credit loss allowance | (2,765) | (2,765) | | **Total** | **18,759** | **18,159** | - The unlisted debt investment consists of **unsecured bonds** with a principal of **HK$20 million** issued by AMCO, bearing an annual interest rate of **6%** and maturing in **8 years**[22](index=22&type=chunk) - The credit loss allowance remained at **HK$2.765 million** at period-end, with no new net impairment losses recognized during the period[23](index=23&type=chunk) [8. EQUITY INVESTMENTS AT FVPL](index=15&type=section&id=8.%20EQUITY%20INVESTMENTS%20AT%20FVPL) As at June 30, 2024, total equity investments at fair value through profit or loss amounted to HK$70.909 million, a significant decrease from the end of 2023, with a net fair value loss of approximately HK$43.438 million recognized during the period, but a net gain of approximately HK$34 thousand realized on disposal Overview of FVPL Equity Investments | Metric | June 30, 2024 (HK$'000) | December 31, 2023 (HK$'000) | | :--- | :--- | :--- | | Hong Kong listed equity investments | 70,909 | 112,441 | - A net fair value loss of approximately **HK$43.438 million** was recognized during the period, while a net gain of approximately **HK$34 thousand** was recognized on the disposal of listed equity investments[24](index=24&type=chunk) Major Listed Equity Investments (As at June 30, 2024) | Company Name | Stock Code | Fair Value/Market Value (HK$'000) | Approximate % of Investment Portfolio | Approximate % of Total Assets | Unrealised Gain/(Loss) (HK$'000) | | :--- | :--- | :--- | :--- | :--- | :--- | | CMMB Vision Holdings Limited | 205 | 6,874 | 7.7% | 5.3% | (7,597) | | China Integrated Holdings Limited | 1027 | 7,390 | 8.2% | 5.7% | (11,676) | | Well Long Holdings Limited | 8021 | 15,262 | 17.0% | 11.8% | (10,406) | | Asia Allied Infrastructure Holdings Limited | 8413 | 7,167 | 8.0% | 5.5% | 2,027 | [9. DUE FROM SECURITIES BROKERS](index=18&type=section&id=9.%20DUE%20FROM%20SECURITIES%20BROKERS) Amounts due from securities brokers represent deposits held with brokers for trading listed investments, which are repayable on demand and interest-free - Amounts due from securities brokers are deposits held with securities brokers for trading listed investments[30](index=30&type=chunk)[33](index=33&type=chunk) - These amounts are repayable on demand and are interest-free[30](index=30&type=chunk)[33](index=33&type=chunk) [10. DUE TO SECURITIES BROKERS](index=18&type=section&id=10.%20DUE%20TO%20SECURITIES%20BROKERS) Amounts due to securities brokers represent margin loans incurred for trading listed investments, repayable on demand, and the directors consider that an aging analysis provides no additional value given the nature of the business - Amounts due to securities brokers represent margin loans incurred for trading listed investments, repayable on demand[31](index=31&type=chunk)[33](index=33&type=chunk) - The directors consider that an aging analysis provides no additional value given the nature of the Group's business, and thus it is not disclosed[31](index=31&type=chunk)[33](index=33&type=chunk) [11. SHARE CAPITAL](index=18&type=section&id=11.%20SHARE%20CAPITAL) As at June 30, 2024, the company's issued and fully paid share capital increased due to the exercise of share options, bringing the total number of ordinary shares to 295,682 thousand Share Capital Movements | Metric | Number of Ordinary Shares ('000) | Par Value (HK$'000) | | :--- | :--- | :--- | | Issued and fully paid as at January 1, 2024 | 281,182 | 281 | | Shares issued on exercise of share options | 14,500 | 15 | | **Issued and fully paid as at June 30, 2024** | **295,682** | **296** | - The authorized share capital is **2,000,000 thousand shares** with a par value of **HK$2,000 thousand**[29](index=29&type=chunk)[34](index=34&type=chunk) [12. SHARE OPTION SCHEME](index=19&type=section&id=12.%20SHARE%20OPTION%20SCHEME) The company's existing share option scheme expired on April 30, 2023, with no new share options granted during the current period; as at June 30, 2024, 24,750,000 share options remained unexercised - The existing share option scheme was adopted on April 30, 2013, and expired on **April 30, 2023**, with no new scheme adopted as of the report date[35](index=35&type=chunk)[38](index=38&type=chunk) - The share option scheme aims to reward participants for their contributions to the Group and encourage them to enhance company value[35](index=35&type=chunk)[38](index=38&type=chunk) Share Option Movements (As at June 30, 2024) | Category | Held as at January 1, 2024 ('000) | Exercised during the period ('000) | Cancelled/Lapsed during the period ('000) | Held as at June 30, 2024 ('000) | | :--- | :--- | :--- | :--- | :--- | | Directors | 750 | (750) | – | – | | Employees (total) | 49,000 | (13,750) | (10,500) | 24,750 | | **Total** | **49,750** | **(14,500)** | **(10,500)** | **24,750** | [13. CHARGE OF ASSETS AND MARGIN FACILITIES](index=22&type=section&id=13.%20CHARGE%20OF%20ASSETS%20AND%20MARGIN%20FACILITIES) As at June 30, 2024, the company had margin facilities from several regulated securities brokers, secured by the Group's equity instruments and investments held for trading, but these facilities were not utilized during the period - As at June 30, 2024, the company had margin facilities from several regulated securities brokers, secured by the Group's equity instruments and investments held for trading[47](index=47&type=chunk)[49](index=49&type=chunk) - The Group did not utilize these margin facilities during the period[47](index=47&type=chunk)[49](index=49&type=chunk) [14. CONTINGENT LIABILITIES](index=22&type=section&id=14.%20CONTINGENT%20LIABILITIES) The company has provided corporate guarantees for a securities trading account opened by one of its subsidiaries with a broker, which remained unutilized as at June 30, 2024, and the directors believe the likelihood of a claim is remote - The company has provided corporate guarantees for a securities trading account opened by one of its subsidiaries with a broker[48](index=48&type=chunk)[49](index=49&type=chunk) - As at June 30, 2024, this guarantee remained unutilized[48](index=48&type=chunk)[49](index=49&type=chunk) - The directors believe that the likelihood of the company being subject to any claim under the guarantee is remote[48](index=48&type=chunk)[49](index=49&type=chunk) [15. RELATED PARTY TRANSACTIONS](index=22&type=section&id=15.%20RELATED%20PARTY%20TRANSACTIONS) During the period, the company engaged in related party transactions involving investment management fee payments and disclosed key management personnel compensation, including short-term and post-employment benefits Related Party Transactions | Transaction Type | June 30, 2024 (HK$'000) | June 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Investment management fees paid (Evergrande Securities (Hong Kong) Limited) | 300 | 300 | Key Management Personnel Compensation | Compensation Type | June 30, 2024 (HK$'000) | June 30, 2023 (HK$'000) | | :--- | :--- | :--- | | Short-term benefits | 600 | 600 | | Post-employment benefits | 9 | 9 | | **Total** | **609** | **609** | [Management Discussion and Analysis](index=24&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview and analysis of the company's financial performance, business operations, and future outlook [INTERIM DIVIDEND](index=24&type=section&id=INTERIM%20DIVIDEND) The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2024, consistent with the prior corresponding period - The Board does not recommend the payment of any interim dividend for the six months ended June 30, 2024 (2023 corresponding period: nil)[53](index=53&type=chunk) [RESULTS](index=24&type=section&id=RESULTS) During the period, the company recorded a net loss of approximately HK$45.9 million, an increase from the prior year's loss, primarily due to fair value losses on listed equity instruments - The Group recorded a net loss of approximately **HK$45.9 million**, compared to approximately **HK$33.3 million** in the prior year[53](index=53&type=chunk) - The loss was primarily attributable to fair value losses on listed equity instruments at fair value through profit or loss of approximately **HK$43.4 million** (2023 corresponding period: HK$30.2 million)[53](index=53&type=chunk) - Basic and diluted loss per share was **HK16.09 cents**, compared to **HK11.85 cents** in the 2023 corresponding period[53](index=53&type=chunk) [BUSINESS REVIEW](index=24&type=section&id=BUSINESS%20REVIEW) As an investment company, the company primarily invests in listed and unlisted securities in Hong Kong and other major global stock markets to achieve medium to long-term capital appreciation, maintaining a diversified investment portfolio while exercising caution in identifying opportunities amidst market deterioration - The company primarily invests in listed and unlisted securities in Hong Kong and other major global stock markets to achieve medium to long-term capital appreciation[53](index=53&type=chunk) - During the period, listed equity investments recorded a net realized gain of approximately **HK$34 thousand** (2023: loss of HK$0.2 million) and an unrealized loss of approximately **HK$43.4 million** (2023: HK$30.2 million)[53](index=53&type=chunk) - The Board will maintain a diversified investment portfolio covering a wide range of industries including financial, consumer goods, consumer services, media, and manufacturing[54](index=54&type=chunk)[57](index=57&type=chunk) [Significant Investments](index=25&type=section&id=Significant%20Investments) The company's primary investment portfolio includes listed shares of 34 companies and one direct unlisted debt investment, accounting for approximately 55.0% and 14.5% of consolidated net assets, respectively, with detailed business overviews and performance provided for major investments such as AMCO, CMMB Vision, China Integrated, Well Long Holdings, and Asia Allied Infrastructure - As at June 30, 2024, the investment portfolio primarily included **HK$70.9 million** in listed shares of **34 companies** and **HK$18.8 million** in **1 direct unlisted debt investment**[54](index=54&type=chunk)[57](index=57&type=chunk) - The unlisted debt investment is in bonds issued by AMCO, which primarily engages in medical equipment, plastic molds, money lending, and securities investment businesses, and the company believes it has sufficient working capital[55](index=55&type=chunk)[58](index=58&type=chunk) - Major listed equity investments include CMMB Vision (unrealized loss of approximately **HK$7.6 million**), China Integrated (unrealized loss of approximately **HK$11.8 million**), Well Long Holdings (unrealized loss of approximately **HK$10.4 million**), and Asia Allied Infrastructure (unrealized gain of approximately **HK$2.0 million**)[59](index=59&type=chunk)[60](index=60&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) [Segment Information_MD&A](index=28&type=section&id=Segment%20Information_MD%26A) There were no significant changes in the company's investment segment, primarily comprising investments in listed and unlisted securities, during the current period - During the period, there were no significant changes in the Group's investment segment, primarily comprising investments in listed and unlisted securities[65](index=65&type=chunk)[68](index=68&type=chunk) [Performance of the Group's Listed Securities](index=28&type=section&id=Performance%20of%20the%20Group's%20Listed%20Securities) During the period, listed securities recorded a net loss of approximately HK$43.4 million, primarily driven by unrealized losses, despite a small amount of realized gains - During the period, listed securities recorded a net loss of approximately **HK$43.4 million**, comprising a net realized gain of approximately **HK$34 thousand** and a net unrealized loss of approximately **HK$43.4 million**[66](index=66&type=chunk)[69](index=69&type=chunk) Major Unrealised Gain Stocks (As at June 30, 2024) | Company Name | Stock Code | Unrealised Gain (HK$ million) | | :--- | :--- | :--- | | Asia Allied Infrastructure Holdings Limited | 8413 | 2.0 | Major Unrealised Loss Stocks (As at June 30, 2024) | Company Name | Stock Code | Unrealised Loss (HK$ million) | | :--- | :--- | :--- | | China Integrated Holdings Limited | 1027 | 11.7 | | Well Long Holdings Limited | 8021 | 10.4 | | CMMB Vision Holdings Limited | 205 | 7.8 | | Milan Station Holdings Limited | 1150 | 3.5 | | Juntai Holdings Limited | 630 | 3.1 | | Tai Kam Holdings Limited | 8321 | 2.6 | [PROSPECTS](index=30&type=section&id=PROSPECTS) In the first half of 2024, global investment markets were dominated by expectations of declining USD exchange rates, with both the Dow Jones and Hang Seng indices rising; however, the US economic outlook may be less optimistic, while China's economy outperformed, leading the company to continue focusing on China and Hong Kong market investments with a conservative approach amidst global risks and opportunities - In the first half of 2024, the Dow Jones Industrial Average rose **3.8%** to **39,118 points**, and the Hang Seng Index rose **3.9%** to **17,718 points**[73](index=73&type=chunk) - The US economy is expected to experience a moderate slowdown, with cooling labor market momentum, cautious consumers, and a frozen housing market[73](index=73&type=chunk) - China's economy outperformed the US, with rapid growth in high-end manufacturing, an unexpected rise in retail sales, improving exports, and policymakers focusing on preventing further slowdowns in the property sector[74](index=74&type=chunk)[75](index=75&type=chunk) - The company will continue to focus on investments in the China and Hong Kong markets and adopt a conservative investment approach to navigate global uncertainties such as the war in Ukraine, the Israel-Gaza conflict, and the potential appreciation of the Japanese Yen[76](index=76&type=chunk)[77](index=77&type=chunk) [Future Plans for Material Investments or Capital Assets and Their Expected of Funding in Twelve Months](index=31&type=section&id=Future%20Plans%20for%20Material%20Investments%20or%20Capital%20Assets%20and%20Their%20Expected%20of%20Funding%20in%20Twelve%20Months) As of the date of this interim report, the company has no specific plans for material investments or capital assets - As at June 30, 2024, and up to the date of this interim report, the company has no specific plans for material investments or capital assets[76](index=76&type=chunk)[77](index=77&type=chunk) [FINANCIAL REVIEW](index=32&type=section&id=FINANCIAL%20REVIEW) The company maintains robust liquidity, with its asset portfolio primarily funded by internal cash resources; as at June 30, 2024, net current assets and net asset value per share decreased, but the gearing ratio remained low, indicating sufficient working capital Liquidity and Capital Structure | Metric | June 30, 2024 (HK$ million) | December 31, 2023 (HK$ million) | | :--- | :--- | :--- | | Net current assets | 110.2 | 152.1 | | Cash and bank balances | 3.9 | 2.0 | | Unaudited consolidated net asset value per share | 0.436 | 0.606 | | Gearing ratio | 0.4% | 0.5% | - The total number of issued ordinary shares increased to **295,681,680 shares** due to the issuance and allotment of **14,500,000 ordinary shares** upon the exercise of share options during the period[78](index=78&type=chunk) - The company believes its liquidity is robust, with no currency or interest rate risks associated with its debts and commitments[78](index=78&type=chunk) [Charge of Assets and Margin Facilities_MD&A](index=33&type=section&id=Charge%20of%20Assets%20and%20Margin%20Facilities_MD%26A) As at June 30, 2024, the company had margin facilities from several regulated securities brokers, secured by the Group's equity instruments and investments held for trading, but these facilities were not utilized during the period - As at June 30, 2024, the company had margin facilities from several regulated securities brokers, secured by the Group's equity instruments and investments held for trading[79](index=79&type=chunk)[84](index=84&type=chunk) - The Group did not utilize these margin facilities during the period[79](index=79&type=chunk)[84](index=84&type=chunk) [Capital Commitments](index=33&type=section&id=Capital%20Commitments) As at June 30, 2024, the company had no significant capital commitments - As at June 30, 2024, the Group had no significant capital commitments[80](index=80&type=chunk)[85](index=85&type=chunk) [Contingent Liabilities_MD&A](index=33&type=section&id=Contingent%20Liabilities_MD%26A) The company has provided corporate guarantees for a securities trading account opened by one of its subsidiaries with a broker, which remained unutilized as at June 30, 2024, and the directors believe the likelihood of a claim is remote - The company has provided corporate guarantees for a securities trading account opened by one of its subsidiaries with a broker, which remained unutilized as at June 30, 2024[81](index=81&type=chunk)[86](index=86&type=chunk) - The directors believe that the likelihood of the company being subject to any claim under the guarantee is remote[81](index=81&type=chunk)[86](index=86&type=chunk) [Foreign Exchange Exposure](index=33&type=section&id=Foreign%20Exchange%20Exposure) As at June 30, 2024, the majority of the company's investments were denominated in Hong Kong Dollars, and the Board considered the foreign exchange risk to be insignificant, thus no hedging was undertaken - As at June 30, 2024, the majority of the Group's investments were denominated in Hong Kong Dollars[82](index=82&type=chunk)[87](index=87&type=chunk) - The Board considered the foreign exchange risk to be insignificant and therefore did not use financial instruments to hedge against such risks[82](index=82&type=chunk)[87](index=87&type=chunk) [Other Information](index=33&type=section&id=Other%20Information) This section covers additional disclosures including subsidiaries, directors' and substantial shareholders' interests, corporate governance, and remuneration policies [SUBSIDIARIES](index=33&type=section&id=SUBSIDIARIES) During the current period, the company had no significant acquisitions or disposals of subsidiaries - During the current period, the company had no significant acquisitions or disposals of subsidiaries[83](index=83&type=chunk)[88](index=88&type=chunk) [DIRECTORS' AND CHIEF EXECUTIVES' INTEREST AND SHORT POSITIONS IN SHARES, UNDERLYING SHARES AND DEBENTURES OF THE COMPANY](index=33&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVES'%20INTEREST%20AND%20SHORT%20POSITIONS%20IN%20SHARES,%20UNDERLYING%20SHARES%20AND%20DEBENTURES%20OF%20THE%20COMPANY) As at June 30, 2024, no directors or chief executives held disclosable interests or short positions in the company's shares, underlying shares, or debentures, except for Ms. Zhong Huizhen, who held 750,000 shares - As at June 30, 2024, no directors or chief executives held disclosable interests or short positions in the company's shares, underlying shares, or debentures, except for Ms. Zhong Huizhen, who held **750,000 shares** of the company[83](index=83&type=chunk) [INTERESTS AND SHORT POSITIONS OF SUBSTANTIAL SHAREHOLDERS DISCLOSEABLE UNDER THE SFO](index=34&type=section&id=INTERESTS%20AND%20SHORT%20POSITIONS%20OF%20SUBSTANTIAL%20SHAREHOLDERS%20DISCLOSEABLE%20UNDER%20THE%20SFO) As at June 30, 2024, no person held interests or short positions in the company's shares or underlying shares that were required to be disclosed under Sections 2 and 3 of Part XV of the Securities and Futures Ordinance - As at June 30, 2024, no person held interests or short positions in the company's shares or underlying shares that were required to be disclosed under Sections 2 and 3 of Part XV of the Securities and Futures Ordinance[89](index=89&type=chunk)[94](index=94&type=chunk) [DIRECTORS' RIGHTS TO ACQUIRE SHARES OR DEBENTURES OF THE COMPANY](index=34&type=section&id=DIRECTORS'%20RIGHTS%20TO%20ACQUIRE%20SHARES%20OR%20DEBENTURES%20OF%20THE%20COMPANY) Except for disclosures related to the share option scheme, neither the company nor its subsidiaries participated in any arrangements during the period that would enable directors to benefit from acquiring company shares or debt securities - Except for disclosures related to the share option scheme, neither the company nor any of its subsidiaries participated in any arrangements during the period that would enable directors to benefit from acquiring company shares or debt securities[90](index=90&type=chunk)[95](index=95&type=chunk) - No director, their spouse, or children under 18 years of age had or exercised any such rights to subscribe for company shares or debt securities[90](index=90&type=chunk)[95](index=95&type=chunk) [DIRECTORS' SECURITIES TRANSACTIONS](index=34&type=section&id=DIRECTORS'%20SECURITIES%20TRANSACTIONS) The company has adopted the Model Code set out in Appendix C3 of the Listing Rules, and all directors confirmed their compliance with the code throughout the period - The company has adopted the Model Code set out in Appendix C3 of the Listing Rules as the code of conduct for directors' securities transactions[91](index=91&type=chunk)[96](index=96&type=chunk) - All directors confirmed their compliance with the required standards set out in the Model Code throughout the period[91](index=91&type=chunk)[96](index=96&type=chunk) [SHARE OPTION SCHEME_Other](index=34&type=section&id=SHARE%20OPTION%20SCHEME_Other) Details of the company's share option scheme, adopted on April 30, 2013, and expired on April 30, 2023, are disclosed in Note 12 to the condensed consolidated financial statements - Details of the company's share option scheme, adopted on April 30, 2013, and expired on April 30, 2023, are disclosed in Note 12 to the condensed consolidated financial statements[92](index=92&type=chunk)[97](index=97&type=chunk) [PURCHASE, SALE OR REDEMPTION OF THE COMPANY'S SHARES](index=34&type=section&id=PURCHASE,%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20SHARES) During the current period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the current period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities[93](index=93&type=chunk)[98](index=98&type=chunk) [CORPORATE GOVERNANCE](index=35&type=section&id=CORPORATE%20GOVERNANCE) The company has complied with the Corporate Governance Code throughout the period, except for Code Provision C.2.1 (separation of Chairman and Chief Executive roles), as no Chief Executive has been appointed since August 1, 2016 - The company has complied with the Corporate Governance Code as set out in Appendix C1 of the Listing Rules throughout the period, except for Code Provision C.2.1[99](index=99&type=chunk)[103](index=103&type=chunk) - The company has not appointed a Chief Executive since August 1, 2016, and all significant Board decisions are made at meetings, with each director having the right to propose and participate in decision-making[99](index=99&type=chunk)[103](index=103&type=chunk) [EMPLOYEE AND REMUNERATION POLICIES](index=35&type=section&id=EMPLOYEE%20AND%20REMUNERATION%20POLICIES) As at June 30, 2024, the Group had 16 employees (including directors), whose remuneration is based on performance, experience, and market standards, with benefits including medical insurance, MPF retirement benefit schemes, and share option schemes, and no significant changes to remuneration policies during the period - As at June 30, 2024, the Group had a total of **16 employees** (including the company's directors)[101](index=101&type=chunk)[104](index=104&type=chunk) - Remuneration is determined based on performance, work experience, and prevailing market standards, with benefits including medical insurance, MPF retirement benefit schemes, and share option schemes[101](index=101&type=chunk)[104](index=104&type=chunk) - There were no significant changes to the Group's remuneration policies during the period[101](index=101&type=chunk)[104](index=104&type=chunk) [AUDIT COMMITTEE](index=35&type=section&id=AUDIT%20COMMITTEE) The Audit Committee has reviewed the Group's accounting principles, risk management, internal controls, and financial reporting matters, including the unaudited interim financial statements for the period, and is composed of all independent non-executive directors, with Mr. Yu Dazhi serving as Chairman - The Audit Committee has reviewed the accounting principles and practices adopted by the Group with management and discussed risk management, internal controls, and financial reporting matters[102](index=102&type=chunk)[105](index=105&type=chunk) - The committee is composed of all independent non-executive directors, namely Mr. Yu Dazhi (Chairman), Mr. Hong Zuxing, and Ms. Zhong Huizhen[102](index=102&type=chunk)[105](index=105&type=chunk) [REMUNERATION COMMITTEE](index=36&type=section&id=REMUNERATION%20COMMITTEE) The Remuneration Committee, comprising all independent non-executive directors with Mr. Hong Zuxing as Chairman, is primarily responsible for determining the remuneration packages of executive directors and senior management, and making recommendations to the Board regarding the remuneration of non-executive directors - The Remuneration Committee is composed of all independent non-executive directors, with Mr. Hong Zuxing serving as Chairman[106](index=106&type=chunk)[109](index=109&type=chunk) - Its primary responsibilities include determining the remuneration packages of executive directors and senior management, and making recommendations to the Board regarding the remuneration of non-executive directors[106](index=106&type=chunk)[109](index=109&type=chunk) [NOMINATION COMMITTEE](index=36&type=section&id=NOMINATION%20COMMITTEE) The Nomination Committee, comprising all independent non-executive directors with Mr. Hong Zuxing as Chairman, is primarily responsible for reviewing the Board's structure, size, and composition, and making recommendations for the appointment or re-appointment of directors to ensure compliance with Listing Rules and fulfillment of fiduciary duties - The Nomination Committee is composed of all independent non-executive directors, with Mr. Hong Zuxing serving as Chairman[107](index=107&type=chunk)[110](index=110&type=chunk) - Its primary responsibilities include reviewing the Board's structure, size, and composition, and making recommendations for the appointment or re-appointment of directors[107](index=107&type=chunk)[110](index=110&type=chunk) - It ensures that the Board's composition complies with the Listing Rules and can fulfill its fiduciary duties in the best interests of shareholders[107](index=107&type=chunk)[110](index=110&type=chunk) [BOARD OF DIRECTORS_Other](index=36&type=section&id=BOARD%20OF%20DIRECTORS_Other) As at the date of this report, the Board of Directors comprises Ms. Shen Jielan (Executive Director), Ms. Ye Ying (Non-executive Director and Chairman), and Mr. Hong Zuxing, Ms. Zhong Huizhen, and Mr. Yu Dazhi (Independent Non-executive Directors) - The Board of Directors comprises **1 executive director**, **1 non-executive director** (also Chairman), and **3 independent non-executive directors**[108](index=108&type=chunk)[111](index=111&type=chunk) [APPRECIATION](index=36&type=section&id=APPRECIATION) The Board extends its gratitude to the Group's management team, employees, and all shareholders for their contributions and continued support during the reporting period - The Board expresses its sincere gratitude to the Group's management team and employees for their contributions during the period[109](index=109&type=chunk)[111](index=111&type=chunk) - Heartfelt thanks are extended to the Group's shareholders for their strong support[109](index=109&type=chunk)[111](index=111&type=chunk)

Financial Performance - Total revenue from the sale of trading securities for the six months ended June 30, 2024, was HKD 1,466,000, compared to HKD 5,650,000 for the same period in 2023, representing a decrease of approximately 74%[1] - The company reported a pre-tax loss of HKD 45,922,000 for the six months ended June 30, 2024, compared to a pre-tax loss of HKD 33,334,000 for the same period in 2023, indicating an increase in losses of approximately 38%[1] - The fair value change of listed equity investments through profit or loss resulted in a loss of HKD 43,438,000 for the current period, compared to a loss of HKD 30,187,000 in the previous period, reflecting a deterioration of approximately 44%[1] - Basic and diluted loss per share for the six months ended June 30, 2024, was HKD 0.1609, compared to HKD 0.1185 for the same period in 2023, representing an increase of approximately 36%[1] - The company recorded a net loss of approximately HKD 45,900,000 for the six months ended June 30, 2024, compared to a net loss of approximately HKD 33,300,000 for the same period last year[24] - The fair value loss on listed equity investments during this period was approximately HKD 43,400,000, compared to HKD 30,200,000 for the six months ended June 30, 2023[24] - The company reported a basic and diluted loss per share of HKD 0.1609, while the same period last year showed a basic and diluted earnings per share of HKD 0.1185[24] Assets and Liabilities - Total assets as of June 30, 2024, were HKD 110,666,000, down from HKD 152,986,000 as of December 31, 2023, indicating a decrease of approximately 28%[2] - The company's net asset value decreased to HKD 128,965,000 as of June 30, 2024, from HKD 170,304,000 as of December 31, 2023, representing a decline of approximately 24%[2] - The company's non-current assets amounted to HKD 18,759,000 as of June 30, 2024, compared to HKD 18,159,000 as of December 31, 2023[13] - The company's total assets included approximately HKD 70,909,000 in current assets as of June 30, 2024[16] - The group's current assets net value as of June 30, 2024, was approximately HKD 110,200,000, down from HKD 152,100,000 as of December 31, 2023[34] Revenue Sources - Interest income from receivables was HKD 602,000 for the six months ended June 30, 2024, slightly up from HKD 597,000 in the same period of 2023[3] - Over 90% of the company's revenue and non-current assets are derived from Hong Kong, indicating a concentrated market focus[7] Investment Portfolio - The company has only one business segment, which is the investment in listed and unlisted securities, and does not report segment data due to the nature of its operations[6] - The company’s major investments included a fair value of HKD 6,874,000 in Financial Media Group Limited, representing 7.7% of the investment portfolio[16] - The investment portfolio included listed equity investments worth HKD 70,900,000 and a direct unlisted debt investment of HKD 18,800,000, representing approximately 55.0% and 14.5% of the group's net asset value, respectively[25] - The investment in China Integrated Holdings accounted for approximately 5.7% of the group's total assets, with an unrealized loss of RMB 11,800,000 during the period[27] - The investment in Huilong Holdings represented approximately 11.8% of the group's total assets, with an unrealized loss of HKD 10,400,000[28] - Asia Foods, which operates in food and beverage distribution, reported a net profit of HKD 1,900,000 for the fiscal year ending March 31, 2024, with an unrealized gain of HKD 2,000,000[28] Strategic Outlook - The company plans to maintain a diversified investment portfolio across various industries, including finance, consumer goods, and manufacturing[25] - The board remains cautious in identifying investment opportunities to achieve medium to long-term capital appreciation[25] - The company is exploring suitable investment opportunities to maximize shareholder value, particularly in the rapidly growing digital media marketing sector[26] - Huilong Holdings is reviewing its asset structure and business strategy to adapt to economic uncertainties and enhance profitability[28] Corporate Governance and Management - The company did not recommend any interim dividend for the six months ended June 30, 2024, consistent with the previous year[23] - The credit loss provision for debt investments remained unchanged at HKD 2,765,000 for both periods[14] - The group did not have any significant capital commitments as of June 30, 2024[35] - The board believes that the foreign exchange risk faced by the group is minimal, as most investments are denominated in HKD[36] - The group has adhered to corporate governance codes throughout the reporting period, with no purchases, sales, or redemptions of its listed securities[38] - As of June 30, 2024, the group has a total of 16 employees, including directors, with compensation based on performance, experience, and market standards[39] - The audit committee, composed of independent non-executive directors, has reviewed the accounting principles and practices adopted by the group, discussing risk management and financial reporting matters[40] - The board expresses gratitude to the management team and employees for their contributions during the period, as well as to shareholders for their support[42] Market Performance - The Dow Jones Industrial Average increased by 3.8% from 37,689 points to 39,118 points during the reporting period[31] - The Hang Seng Index rose by 3.9% from 17,047 points to 17,718 points during the same period[31] Cash Flow and Financial Ratios - Cash and bank balances increased to approximately HKD 3,900,000 as of June 30, 2024, compared to HKD 2,000,000 as of December 31, 2023[34] - The group's capital debt ratio was 0.4% as of June 30, 2024, slightly down from 0.5% as of December 31, 2023[34]

Financial Performance - The Group's audited consolidated net loss attributable to shareholders for the year ended 31 December 2023 was approximately HK$14.8 million, a significant improvement from HK$44.1 million in 2022[10]. - Loss per share for the year was approximately HK$0.05, compared to HK$0.16 in 2022[10]. - The Group reported a loss for the year ended December 31, 2023, with no interim or final dividends recommended for the year[88][93]. Investment Portfolio - The Group's investment portfolio as of 31 December 2023 included listed shares in 32 companies valued at HK$112.4 million, representing approximately 66.0% of the Group's consolidated net asset value[18]. - The Group also held an unlisted bond investment in AMCO United Holding Limited valued at HK$18.2 million, accounting for approximately 10.7% of the Group's consolidated net asset value[18]. - The valuation of the Group's stake in AMCO as of 31 December 2023 was approximately HK$18.2 million, with an increase in value of approximately HK$1.1 million during the year[20]. - The Group's investment in unlisted bonds of JunTai Holdings Limited is valued at HK$18,200,000, accounting for about 10.7% of the Group's net assets[21]. - The Group's financial summary for the last five financial years is detailed on page 172, extracted from audited financial statements[100]. Investment Strategy - The Board plans to maintain a diversified investment portfolio across various sectors, including finance, consumer goods, media, construction, and mining[17]. - The Group's focus remains on identifying investment opportunities for medium-term or long-term capital appreciation[12]. - The Group's investment strategy includes maintaining a diversified portfolio across various industries, including finance, consumer products, media, construction, and mining[21]. Market Performance - The Hang Seng Index decreased by 13.8% from 19,781 points on December 31, 2022, to 17,047 points on December 31, 2023[58]. - The peak of the Hang Seng Index in 2023 was 22,688 points in late January, while the lowest point was 16,228 points in mid-December[58]. - The Nasdaq, S&P 500, and Dow Jones indices increased by approximately 43.4%, 24.2%, and 13.7% respectively in 2023[63]. Financial Position - The Group's net current assets as of December 31, 2023, were approximately HK$152.1 million, down from HK$168.0 million in 2022[41]. - Cash and bank balances decreased to approximately HK$2.0 million as of December 31, 2023, compared to HK$7.4 million in 2022[41]. - The consolidated net asset value per share was HK$0.60 as of December 31, 2023, down from HK$0.66 in 2022[41]. - The gearing ratio improved to 0.5% as of December 31, 2023, from 0.8% in 2022[42]. Corporate Governance - The Company complied with all provisions of the Corporate Governance Code for the year, except for code provision C.2.1 regarding the separation of roles between the chairman and chief executive[167]. - The Board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring a diverse and professional composition[175]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all directors confirmed compliance for the year[174]. - The Board of Directors has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to oversee specific company affairs[187]. Employee Development - The Group encourages employee development through professional examinations, seminars, and training, along with competitive remuneration and annual performance reviews[99]. - The Company provides competitive compensation and annual performance evaluations for employees to reflect their contributions[103]. Environmental and Regulatory Compliance - The Group has initiated environmental protection measures, including paper recycling and auto power-saving modes on office computers[97]. - The Group complies with relevant laws and regulations in Hong Kong and other jurisdictions regarding its investment activities[98]. - The Company has complied with relevant laws and regulations in Hong Kong and other jurisdictions regarding its investments as of December 31, 2023[102]. Future Outlook - The company will adopt a conservative investment approach in 2024 to enhance shareholder value amid global investment risks[68]. - The Federal Reserve is expected to cut interest rates by 25 basis points at each meeting starting in June 2024, bringing the target range to 4.00%-4.25% by the end of 2024[64]. - China's GDP growth is forecasted to slow to 4.6% in 2024 from an estimated 5.4% in 2023, with a potential drop to 3.4% by 2028[67].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,443,000, compared to HKD 1,723,000 for the previous year, representing a decrease of 16.2%[3] - The total income from the sale of trading securities increased to HKD 10,405,000, up from HKD 5,983,000, marking a growth of 74.5%[3] - The loss from fair value investments decreased to HKD 23,593,000 from HKD 47,047,000, a reduction of 49.8%[3] - Operating expenses were reduced to HKD 6,327,000 from HKD 16,720,000, a decrease of 62.1%[3] - The net loss attributable to equity holders for the year was HKD 14,783,000, down from HKD 44,080,000, indicating an improvement of 66.5%[3] - Basic and diluted loss per share improved to HKD 0.05 from HKD 0.16, reflecting a 68.8% reduction in loss per share[3] - The group reported a net loss attributable to shareholders of approximately HKD 14,800,000 for the year, compared to HKD 44,100,000 in the previous year, indicating a significant improvement in performance[23] - The basic loss per share for the year was approximately HKD 0.05, down from HKD 0.16 in the previous year, reflecting a reduction in losses[19] Assets and Investments - Total assets decreased to HKD 152,986,000 from HKD 169,390,000, a decline of 9.7%[4] - Net asset value per share decreased to HKD 0.60 from HKD 0.66, a decline of 9.1%[4] - The investment portfolio as of December 31, 2023, included listed equity investments valued at HKD 112,400,000, representing about 66.0% of the group's net assets[25] - The group's investment in Hui Long Holdings accounted for approximately 15.0% of total assets, with an unrealized loss of about HKD 22,200,000 during the year[28] - The investment in China Integrated Holdings represented approximately 11.1% of total assets, with unrealized gains of about RMB 12,600,000 during the year[29] - The fair value of the investment in Financial Media accounted for approximately 8.5% of the total assets of the group as of December 31, 2023[30] Market Conditions - Realized losses from listed investments amounted to approximately HKD 23,600,000, a decrease from HKD 47,000,000 in the previous year, showing improved market conditions[25] - Unrealized gains from listed investments were approximately HKD 6,800,000, compared to HKD 29,900,000 in the previous year, indicating a decline in unrealized gains[25] - The net loss from the sale of listed securities for the year was approximately HKD 16,800,000, with realized losses of HKD 23,600,000 and unrealized gains of HKD 6,800,000[31] - The net unrealized gains amounted to approximately HKD 45,500,000, offset by unrealized losses of HKD 38,700,000[32] - The Hang Seng Index decreased by 13.8% from 19,781 points on December 31, 2022, to 17,047 points on December 31, 2023[45] - The Nasdaq index increased by approximately 43.4% in 2023, outperforming the Hong Kong market[45] Corporate Governance and Strategy - The company has no significant new strategies or product developments mentioned in the report[6] - The group did not recommend a final dividend for the year, consistent with the previous year[24] - The group did not incur any taxable profits in Hong Kong for the years ended December 31, 2023, and December 31, 2022, resulting in no provision for Hong Kong profits tax[18] - The company has adhered to all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO[49] - The audit committee, composed of independent non-executive directors, has reviewed the consolidated performance for the year ending December 31, 2023[54] - The financial statements for the year ending December 31, 2023, have been audited by KPMG, confirming consistency with the reported figures[55] - The board of directors is committed to maintaining high standards of corporate governance to protect shareholder interests[49] Future Outlook - The company did not engage in any capital operations during the year but is actively seeking funding opportunities to enhance its financial position[38] - The Federal Reserve is expected to gradually normalize policy rates by mid-2024, with a target range of 4.00%-4.25% by the end of the year[48] - Quantitative tightening is projected to remove approximately $1 trillion from the economy in 2024, at a rate of $95 billion per month[48] - China's GDP growth is forecasted to slow from 5.4% last year to 4.6% in 2024, with further decline to 3.4% by 2028[48] - The U.S. stock market indices are nearing historical highs, indicating a risk of unexpected pullbacks[48] - The company will continue to adopt a conservative investment approach to enhance shareholder value amid a mixed global investment environment[48] - The annual performance announcement will be published on the company's website and the Hong Kong Stock Exchange[57]

Financial Performance - For the six months ended June 30, 2023, the gross proceeds from the disposal of trading securities amounted to HK$5,650,000, an increase of 96.5% compared to HK$2,881,000 in the same period of 2022[11]. - Revenue for the period was HK$840,000, down 20.6% from HK$1,057,000 in the previous year[11]. - The loss before tax for the period was HK$33,334,000, an improvement of 20.9% compared to a loss of HK$42,205,000 in the same period of 2022[12]. - The total comprehensive loss attributable to equity holders of the Company for the period was HK$33,334,000, compared to HK$42,205,000 in the previous year[12]. - For the six months ended June 30, 2023, the company reported a total comprehensive loss of HK$33,334,000, compared to a loss of HK$42,205,000 for the same period in 2022, representing a decrease in loss of approximately 21%[15]. - The company's total equity attributable to equity holders decreased from HK$185,087,000 at the beginning of the year to HK$151,753,000 by June 30, 2023, reflecting a decline of about 18%[15]. - The net cash used in operating activities for the six months ended June 30, 2023, was HK$6,586,000, compared to a net cash inflow of HK$8,419,000 in the same period of 2022[19]. - The Group recorded a net loss of approximately HK$33.3 million for the six months ended 30 June 2023, an improvement from a net loss of approximately HK$42.2 million in the same period last year[90]. - The net loss was primarily due to a fair value loss of listed equity instruments amounting to approximately HK$30.2 million during the Period, compared to HK$30.0 million in the prior year[90]. Assets and Liabilities - The net assets as of June 30, 2023, were HK$151,753,000, a decrease of 18.0% from HK$185,087,000 as of December 31, 2022[14]. - The equity investments at fair value through profit or loss (FVPL) decreased to HK$87,470,000 from HK$118,858,000, reflecting a decline of 26.4%[14]. - Current liabilities decreased slightly to HK$462,000 from HK$1,403,000, indicating a reduction of 67.1%[14]. - The cash and bank balances as of June 30, 2023, were HK$838,000, down 88.7% from HK$7,424,000 at the end of 2022[14]. - The Group's net current assets as of June 30, 2023, were approximately HK$135.3 million, down from approximately HK$168.0 million as of December 31, 2022[129]. - The unaudited consolidated net asset value per share was HK$0.540 as of June 30, 2023, compared to HK$0.658 as of December 31, 2022[131]. - The Group's gearing ratio improved to 0.3% as of June 30, 2023, from 0.8% as of December 31, 2022, indicating a healthy capital structure[132]. Revenue Sources - Interest income from debt investments at amortised cost increased to HK$597,000 in 2023 from HK$325,000 in 2022, marking an increase of approximately 83%[27]. - Dividend income from listed equity investments at fair value through profit or loss decreased significantly to HK$243,000 in 2023 from HK$732,000 in 2022, a decline of about 66.8%[27]. Corporate Governance - The Company complied with the Corporate Governance Code throughout the period, except for the separation of roles between the chairman and chief executive[159]. - The Audit Committee reviewed the accounting principles and practices, discussing risk management and financial reporting matters for the interim period[168]. - The Remuneration Committee is responsible for determining the remuneration packages for executive directors and senior management, ensuring alignment with market standards[169]. - The Nomination Committee reviews the structure and composition of the Board to ensure compliance with Listing Rules and fiduciary duties[170]. - The Board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring diverse governance[171]. - The Company has maintained its remuneration policy without significant changes during the reporting period[167]. - The Company expresses appreciation to the management team and staff for their contributions during the period[172]. - The Company is committed to reviewing and updating corporate governance practices to comply with Listing Rules[166]. Market and Economic Conditions - The Hang Seng Index decreased by 4.4% from 19,781 points at the end of 2022 to 18,916 points as of June 30, 2023, after experiencing significant volatility[117]. - The performance of the US stock markets was notably better, with Nasdaq increasing by approximately 31.7%, S&P 500 by 15.9%, and Dow Jones by 3.8% in the first half of 2023[118]. - The US economy's real GDP is estimated to have expanded at an annualized pace of 2.0% to 2.4% in the first half of 2023, driven by resilient consumer spending[119]. - The economic recovery in China is projected to achieve a GDP growth of 5.7% for 2023, slightly above the government's forecast of around 5%[124]. Investment Strategy - The Group's focus remains on listed equity investments in Hong Kong, with a cautious approach to identifying investment opportunities for medium to long-term capital appreciation[92]. - The Board will maintain a diversified investment portfolio covering various sectors, including finance, consumer goods, and media[97]. - The Group has not held any investment exceeding 5% of its total assets as of 30 June 2023, aside from its significant investments[99]. - The Group's significant unlisted bond investment in AMCO United Holding Limited has a net asset value of approximately HK$18.6 million, indicating sufficient working capital for ongoing business operations[99]. Employee and Management Information - As of June 30, 2023, the Group had 16 employees, with remuneration based on performance, experience, and market standards[167]. - The short-term benefits for key management personnel during the six months ended June 30, 2023, amounted to HK$600,000, a decrease from HK$690,000 in the same period of 2022[87]. Miscellaneous - The Company has not disclosed any new product developments or market expansion strategies in the interim report[9]. - The company did not receive any government grants during the six months ended June 30, 2023, compared to HK$24,000 in government grants received in the same period of 2022[27]. - The company did not purchase, sell, or redeem any of its listed securities during the period[152]. - The interim report is printed on environmentally friendly paper, reflecting the Company's commitment to sustainability[176].

Financial Performance - The Group reported a consolidated net loss attributable to shareholders of approximately HK$44.1 million for the year ended 31 December 2022, compared to a loss of HK$22.6 million in 2021, resulting in a loss per share of approximately HK$0.16[10]. - The Group experienced a net realized loss of approximately HK$47.0 million on listed equity investments, compared to a gain of HK$3.0 million in 2021[12]. - The Group reported an unrealized gain of approximately HK$29.9 million on listed equity investments, up from HK$9.0 million in 2021[12]. - The Group incurred a net realized loss of approximately HK$47.0 million on the disposal of listed securities, primarily due to a loss of approximately HK$46.8 million from Legendary Group Limited[34]. - The Group's total loss on listed securities for the year was approximately HK$17.1 million[34]. - The consolidated net asset value per share decreased to HK$0.66 as of December 31, 2022, down from HK$0.79 in 2021, based on net assets of approximately HK$185.1 million compared to HK$217.0 million in 2021[44]. - The Group's gearing ratio increased to 0.8% as of December 31, 2022, from 0.3% in 2021, calculated based on total liabilities divided by total assets[45]. - The Group reported a loss for the year ended December 31, 2022, with no interim or final dividends recommended for the year[98]. Investment Portfolio - The Group's investment portfolio as of 31 December 2022 included listed shares in 30 companies valued at HK$118.9 million, representing approximately 64.2% of the Group's consolidated net asset value[18]. - The Group also held an unlisted bond investment in a listed company valued at HK$17.1 million, accounting for approximately 9.2% of the Group's consolidated net asset value[18]. - The Board plans to maintain a diversified investment portfolio covering various sectors, including finance, consumer goods, media, construction, and mining[17]. - The Group's investment in AMCO was valued at approximately HK$17.1 million as of December 31, 2022, with a decrease of approximately HK$3.8 million in bond investment value during the year[24]. - WLS Holdings reported an audited consolidated loss of HK$12.0 million for the year ended April 30, 2022, with the fair value of the Group's investment in WLS representing approximately 25.7% of total assets[28]. - SEEC Media recorded an audited consolidated loss of HK$40.1 million for the year ended December 31, 2021, with the fair value of the Group's investment in SEEC accounting for approximately 5.8% of total assets[29]. - Asia Grocery reported an audited consolidated loss of HK$2.1 million for the financial year ended March 31, 2022, with the fair value of the Group's investment in Asia Grocery representing approximately 5.7% of total assets[33]. Market Conditions - The Dow Jones Industrial Index dropped by approximately 8.8% from 36,338 points at the end of 2021 to 33,147 points at December 31, 2022, while the Hang Seng Index decreased by approximately 15.5% from 23,397 points to 19,781 points during the same period[61]. - The Federal Reserve raised the target range for the fed funds rate by 50bps to 4.25%-4.5% in December 2022, marking the seventh consecutive rate hike[66]. - Credit Suisse reported an annual loss of CHF 7.3 billion, the largest loss since the 2008 global financial crisis[72]. - The EU's GDP growth for 2022 is estimated at 3.5%, with projections of 0.8% growth in 2023 and 1.6% in 2024[67]. - Headline inflation in the EU is forecasted to decrease from 9.2% in 2022 to 6.4% in 2023 and 2.8% in 2024[67]. - Daily new COVID-19 cases in China increased from double digits in early 2022 to over 99 million cases in March 2023[76]. Corporate Governance - The Company has adopted principal corporate governance practices, detailed on pages 28 to 51 of the report[124]. - The Company has complied with all code provisions set out in the Corporate Governance Code for the year ended December 31, 2022, except for code provision C.2.1[169]. - The Board consists of one executive director, two non-executive directors, and three independent non-executive directors, ensuring a diverse and professional composition[177]. - All independent non-executive directors have confirmed their independence in accordance with Rule 3.13 of the Listing Rules[182]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all directors have confirmed compliance for the year[176]. - The Board is committed to ongoing enhancement of corporate governance standards to safeguard shareholder interests and enhance corporate value[168]. Employee and Management - The Group maintained a stable workforce of 15 employees as of December 31, 2022, with no significant changes in the remuneration policy[52]. - The Company has provided competitive remuneration and career advancement opportunities for employees, with annual performance reviews reflecting contributions[109]. - The company secretary continuously updates all directors on the latest developments regarding listing rules and regulatory requirements[200]. - The company encourages directors to attend relevant training courses to stay abreast of changes in laws and regulations[200]. Future Outlook and Strategy - The company plans to adopt a conservative investment approach to enhance shareholder value amid uncertain global investment signals[77]. - The company is investing in the development of new technologies, with a budget allocation of $5 million for R&D in the upcoming year[90]. - Harbour Digital Asset Capital Limited plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[90]. - The company is exploring potential acquisitions to enhance its service offerings, with a focus on fintech startups[90]. - A new digital asset management platform is set to launch in Q3 2023, expected to increase operational efficiency by 30%[90]. - The board of directors emphasized the importance of sustainable growth strategies in their future business plans[90].