退市锦B 盘中临时停牌 退市锦B (900952)今日上午交易触及盘中临时停牌。根据《上海证券交易所交易规则》的有关规定，本 所决定，自2025年06月30日09时30分开始暂停退市锦B(900952)交易，自2025年06月30日09时40分起恢 复交易。 ...

Financial Performance - For the year ended December 31, 2024, total revenue increased to HKD 413,551,000, up 19.6% from HKD 345,654,000 in 2023[3] - Net investment income for 2024 was HKD 118,808,000, a significant recovery from a loss of HKD 218,384,000 in 2023[3] - The company reported a net loss attributable to equity holders of HKD 73,367,000 for 2024, compared to a profit of HKD 119,537,000 in 2023, reflecting a decline of 161.4%[4] - Basic and diluted loss per share for 2024 was HKD (1.2), compared to earnings of HKD 1.9 per share in 2023[4] - The reported segment revenue for the year 2024 is HKD 417,738,000, an increase from HKD 353,271,000 in 2023, representing a growth of approximately 18.3%[19] - The reported segment performance for 2024 showed a loss of HKD 86,283,000, compared to a profit of HKD 121,535,000 in 2023, reflecting a decline in profitability[19] - The company’s pre-tax loss for 2024 was HKD 66,049,000, compared to a pre-tax profit of HKD 117,871,000 in 2023, indicating a significant decrease in financial performance[19] - Total tax expense for 2024 amounted to HKD 7,318,000, compared to a tax credit of HKD 1,666,000 in 2023[28] - The company did not declare a final dividend for 2024, while a special dividend of HKD 68,168,000 was paid in 2023[30] Assets and Liabilities - Total assets increased to HKD 4,189,276,000 as of December 31, 2024, compared to HKD 4,064,012,000 in 2023, representing a growth of 3.1%[6] - The company’s liabilities totaled HKD 2,195,917,000 in 2024, a slight increase from HKD 2,002,597,000 in 2023, reflecting a growth of 9.7%[6] - The company’s equity attributable to equity holders decreased to HKD 1,993,359,000 in 2024 from HKD 2,061,415,000 in 2023, a decline of 3.3%[6] - The total accounts payable increased to HKD 1,220,571,000 in 2024 from HKD 1,076,880,000 in 2023, reflecting an increase of approximately 13.3%[42] - The group’s net assets as of the end of 2024 were HKD 1.993 billion, down from HKD 2.061 billion in 2023, resulting in a debt-to-equity ratio of 34% compared to 33% in the previous year[81] Cash Flow and Investments - Cash and cash equivalents rose to HKD 156,675,000 in 2024, up from HKD 122,380,000 in 2023, indicating a 28.0% increase[6] - The company recorded a net expected credit loss reversal of HKD 21,247,000 in 2024, down from HKD 61,954,000 in 2023[4] - The fair value change of investment properties resulted in a gain of HKD 8,580,000 in 2024, compared to a loss of HKD 42,120,000 in 2023[4] - The company completed the sale of 11,739,128 shares of a non-listed equity investment for USD 8,827,000 (approximately HKD 68,848,000) on January 23, 2025[42] - The company’s investment properties are all held in the United States, with a total value of HKD 851,760,000 as of December 31, 2024[39] Revenue Streams - Commission income from corporate finance business decreased significantly to HKD 9,133,000, down 70.9% from HKD 31,322,000 in 2023[21] - Interest income for the year 2024 reached HKD 204,834,000, compared to HKD 433,963,000 in 2023, indicating a decline of about 52.8%[18] - Interest income from credit loans and bonds dropped to HKD 55,094,000, a decline of 80.7% from HKD 285,931,000 in the previous year[21] - The corporate finance business revenue plummeted by approximately 71% from HKD 31 million in 2023 to HKD 9 million in 2024, attributed to delays in clients' IPO timelines[53] - The asset management business revenue decreased from HKD 11 million in 2023 to HKD 9 million in 2024, reflecting a decline in performance[54] - Brokerage business revenue fell by 20% from HKD 81 million in 2023 to HKD 65 million in 2024, while brokerage interest income slightly increased by 1% to HKD 147 million[52] Operational Efficiency - Total operating expenses decreased to HKD 51,301,000 from HKD 57,999,000 in 2023, reflecting a reduction of 11.9%[24] - Direct costs decreased by 22% from HKD 94 million in 2023 to HKD 73 million in 2024, mainly due to reduced commission expenses from lower total commission income[62] - Employee costs reduced by 9% from HKD 174 million in 2023 to HKD 159 million in 2024, attributed to resource streamlining and team optimization[62] Credit and Risk Management - The company has adopted a credit risk policy to manage its lending operations, which includes compliance with applicable laws and regulations, credit assessments of potential borrowers, and evaluation of collateral[68] - The expected credit loss is calculated using the formula: Expected Credit Loss = Default Risk Exposure × Default Probability × (1 - (Recovery Rate × Forward-Looking Factors) Present Value)[67] - The company applies strict procedures for credit approval, including due diligence and credit assessments of potential borrowers[75] - The risk management department reviews loan risk levels daily and submits monthly reports to the executive committee[77] - The group has established a three-tier risk management system to mitigate unexpected market fluctuations[89] Market Outlook - The company remains optimistic about opportunities in 2025 despite facing challenges in 2024, including a decrease in transaction volume and delays in IPO schedules[50] - The company reported a significant improvement in the Hong Kong stock market atmosphere, with the Hang Seng Index and daily trading volume showing positive trends[96] - The company's securities business performance in the second half of 2024 is expected to surpass that of the first half, indicating a recovery from previous lows[96] Compliance and Governance - The company has adopted a standard code of conduct for securities trading by directors, ensuring compliance with the latest listing rules[100] - The company’s audit committee has reviewed the audited annual performance for the year ending December 31, 2024, discussing accounting principles and internal controls[101]

(Incorporated in Bermuda with limited liability) Stock Code: 952 FLOURISH IN THE CHANGING WORLD Interim Report 2024 中期報告 2024 Interim Report (於百慕達註冊成立之有限公司) 股份代號: 952 迎變而生 創新立業 2024 中期報告 -- - - c3本報告以環保紙印製 目錄 簡明綜合損益表 2 3 簡明綜合損益及其他全面收益表 4 簡明綜合財務狀況表 5 簡明綜合現金流量表 7 簡明綜合權益變動表 簡明綜合中期財務報表附註 9 42 管理層討論及分析 54 其他資料 74 公司資料 75 釋義 簡明綜合損益表 | --- | --- | --- | --- | |-----------------------------------------|-------|-----------------------------------------------------------|---------------------------------------------- ...

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 368,700,000, a decrease from HKD 4,138,942,000 in the same period of 2023[1] - Commission income was HKD 40,859,000, down 30.5% from HKD 58,763,000 year-on-year[2] - Interest income calculated using the effective interest method was HKD 42,109,000, significantly lower than HKD 205,800,000 in the previous year[1] - Net investment loss was HKD (1,799,000), compared to a gain of HKD 47,484,000 in the same period last year[1] - Pre-tax profit decreased to HKD 11,760,000 from HKD 115,201,000 year-on-year, representing a decline of 89.8%[2] - Net profit attributable to equity holders was HKD 11,162,000, down 90% from HKD 111,269,000 in the previous year[3] - Basic and diluted earnings per share were both HKD 0.2, a decrease from HKD 1.8 in the same period last year[2] Assets and Liabilities - Total assets as of June 30, 2024, amounted to HKD 4,293,599,000, compared to HKD 4,064,012,000 at the end of 2023[4] - Total liabilities increased to HKD 2,218,148,000 from HKD 2,002,597,000 at the end of the previous year[4] - Total equity attributable to equity holders was HKD 2,075,451,000, a slight increase from HKD 2,061,415,000 at the end of 2023[4] Revenue Breakdown - The company reported segment revenue for the corporate finance division at HKD 4,570,000 and for the asset management division at HKD 6,526,000 for the six months ended June 30, 2024[9] - Brokerage segment revenue reached HKD 105,339,000, while interest income for the same segment was HKD 24,910,000 for the six months ended June 30, 2024[10] - Revenue from related parties for the six months ended June 30, 2024, was HKD 30,485,000, down from HKD 162,589,000 in the previous year[12] - Corporate finance business revenue decreased from approximately HKD 9 million in the first half of 2023 to approximately HKD 4 million in the first half of 2024, representing a decline of about 56%[40] - Asset management business revenue fell from approximately HKD 5 million in the first half of 2023 to approximately HKD 3 million in the first half of 2024, a decrease of 40%[41] Operating Expenses - Total operating expenses for the six months ended June 30, 2024, were HKD 27,236,000, down from HKD 29,487,000 in the previous year, a reduction of 7.6%[16] - Tax expense for the six months ended June 30, 2024, was HKD 598,000, compared to HKD 3,932,000 for the same period in 2023, reflecting a decrease of 84.8%[19] - The company incurred a loss of HKD 12,203,000 due to modifications in credit loan terms, which was not present in the previous year[14] - Legal and professional fees amounted to HKD 5,585,000, a decrease from HKD 9,067,000 in the previous year, indicating a reduction in professional service costs[16] Credit and Loans - Margin loans to clients amounted to HKD 520,434 as of June 30, 2024, down from HKD 547,986 as of December 31, 2023[23] - Total unsecured credit loans increased to HKD 4,021,751 as of June 30, 2024, compared to HKD 3,854,279 as of December 31, 2023[24] - The expected credit loss provision for secured credit loans was HKD 502,588 as of June 30, 2024, compared to HKD 558,615 as of December 31, 2023[24] - The net amount of credit loans after expected credit loss provisions decreased from approximately HKD 422.18 million to about HKD 354 million, reflecting a decline of 16.1%[57] Employee and Operational Management - The company employed 181 full-time employees in Hong Kong as of June 30, 2024, down from 193 as of December 31, 2023[62] - The company actively conducts briefings to enhance employee risk awareness and has established internal procedures and control guidelines[67] - The company has adopted a credit risk policy to manage its lending business, which includes assessing potential borrowers and their assets, ensuring compliance with applicable laws and regulations[54] Dividends and Shareholder Returns - The company declared a special dividend of HKD 0.011 per ordinary share for the six months ended June 30, 2023, totaling HKD 68,168, while no interim dividend was declared for the six months ending June 30, 2024[22] - The board has decided not to declare an interim dividend for the six months ending June 30, 2024, compared to a special dividend of HKD 0.011 per share in 2023[69] Risk Management and Compliance - The company has a business continuity policy and a special committee to address any potential operational risks[67] - The company continues to monitor and assess market risk conditions and reports significant risks to senior management[65] - The company has committed to complying with evolving regulatory requirements to protect investor interests and maintain market integrity[68]

Financial Performance - The total net revenue of the company increased from a negative HKD 28 million in 2022 to HKD 346 million in 2023, representing a significant recovery[14]. - The adjusted recurring income for 2023 was HKD 564 million, up from HKD 551 million in 2022, marking a year-on-year increase of HKD 13 million[14]. - The company's total assets under management grew from USD 116 million to USD 146 million, reflecting a positive trend in asset management[9]. - Interest income from brokerage operations rose by 7% to HKD 145 million in 2023, compared to HKD 135 million in 2022, driven by improved fund management[18]. - The expected credit loss reversal for 2023 was approximately HKD 62 million, a significant improvement from the HKD 1.066 billion expense in 2022[21]. Market Environment - The average daily trading volume in the Hong Kong securities market decreased by 16% year-on-year to HKD 105 billion in 2023[13]. - The number of new IPOs in Hong Kong dropped significantly to 73 in 2023, raising a total of HKD 46.3 billion, which is a 55.8% decrease compared to the previous year[13]. - The Hang Seng Index and the Hang Seng China Enterprises Index fell by 13.8% and 14.0% respectively in 2023, indicating a challenging market environment[13]. Regulatory and Compliance - The company successfully obtained a virtual asset license to conduct regulated activities under the Securities and Futures Ordinance, enhancing its service offerings[9]. - The company has complied with the disclosure requirements of the Listing Rules regarding related party transactions[53]. - The group has established a credit approval policy and procedures to manage potential credit risks across five major business areas, including corporate finance and asset management[97]. - The company maintains a disciplined approach to compliance, with a dedicated legal and compliance department overseeing any non-compliance incidents[199]. Loan Management - The company provided a loan of HKD 10,000,000 to China Oceanwide International Investment Co., Ltd. as a guarantee[30]. - The expected recovery rate for the loans is derived from Moody's published average debt recovery rates, with a recovery rate of 100% for defaulted counterparties as of December 31, 2023[36]. - The company has established a repayment agreement with a subsidiary of Tonghai Holdings, settling all outstanding interest and part of the principal amounting to HKD 446 million as of August 22, 2023[39]. - The company has sent payment reminders to corporate clients 1, 2, and 3, with no repayments received from clients 1 and 3 as of the report date[40]. - An independent third party has settled HKD 124 million (52% of the transfer price) for the loan to corporate client 5, with HKD 71 million attributable to the company[41]. - The company has a total of 38 credit loans, with 12 loans exceeding HKD 100 million and up to HKD 500 million[45]. - The expected credit loss is determined based on various factors including credit records and the financial status of borrowers, reflecting changes in credit risk since initial recognition[46]. - The risk management department regularly monitors the risk levels of the loan portfolio and provides updates to senior management monthly[38]. - The company has established a continuous loan monitoring process, checking for overdue balances and conducting independent reviews of the loan portfolio[51]. - The company extended loans totaling HKD 3 million, HKD 5 million, HKD 8 million, HKD 28 million, HKD 280 million, and HKD 156 million, all at an annual interest rate of 12%[55]. - As of December 31, 2023, the company had 21 borrowers, including 15 non-listed companies, 2 listed companies, and 4 individual borrowers[60]. - The company has a credit loan portfolio where 3% is secured by shares of listed and private companies, and 48% of loans are unsecured but backed by personal or corporate guarantees[61]. - The company has adopted a credit risk policy to manage its lending operations, which includes compliance with applicable laws and regulations, credit assessments of potential borrowers, and evaluation of collateral necessity[59]. - The company provided a loan of HKD 64.5 million to Minyun Limited at an interest rate of 7.875%, maturing on January 31, 2022[56]. - The company has established an approval authority structure for loans exceeding HKD 100 million, requiring higher-level approvals for larger loans[64]. - A partial repayment of HKD 50 million was received from corporate client 6 in 2023, and a two-year repayment plan was established in January 2024[58]. - The company is exploring feasible options to recover loans from certain borrowers due to unmet repayment conditions[56]. - The company has not received any repayments from corporate client 4 as of the report date, and legal actions are ongoing[57]. - The company has a total of HKD 276 million in credit loans classified as current liabilities as of December 31, 2023[155]. - The total amount of loans and unsecured private placements provided to Pan-Hai Holdings International Development III Limited is approximately HKD 2,484.9 million, with a net book value of HKD 412 million[155]. - The company extended a loan amounting to HKD 678 million with an adjusted annual interest rate of 10.5%, maturing on January 28, 2022[151]. - The company subscribed to non-listed preferred notes issued by the issuer for USD 91 million (approximately HKD 709.8 million) with a coupon rate of 11.8%, maturing on April 25, 2023[153]. Environmental, Social, and Governance (ESG) - The board of directors is responsible for overseeing the group's environmental, social, and governance (ESG) strategies and performance[81]. - The group aims to balance sustainable business growth with stakeholder interests, emphasizing the importance of effective ESG management for long-term development[80]. - The total greenhouse gas emissions for the year amounted to 26.07 metric tons of CO2 equivalent, with a density of 210.89 metric tons of CO2 equivalent per employee[122]. - The company has identified 22 key environmental, social, and governance (ESG) issues, with privacy and data security ranked as the most important[113]. - The company is committed to integrating sustainable development principles into its operations and actively supports carbon reduction and environmental protection efforts[116]. - The company has implemented a three-step approach for materiality assessment, assisted by an independent third-party consultant, to balance financial and impact significance[110]. - The company aims to minimize its environmental footprint and proactively address climate risks as part of its low-carbon operational journey[115]. - The primary air pollutants generated by the company this year included nitrogen oxides at 0.86 kg, sulfur oxides at 0.02 kg, and particulate matter at 0.06 kg[125]. - The company emphasizes the importance of stakeholder engagement and maintains open communication channels with various stakeholders[130]. - The company has established policies covering environmental protection, climate change, employment practices, and community investment, which are regularly reviewed[127]. - The company is focused on promoting workplace health and safety as part of its corporate governance strategy[107]. - The company is actively monitoring key environmental performance indicators to set targets and improve performance[116]. - The company identified eight key environmental, social, and governance (ESG) issues based on a new materiality assessment[134]. - Total greenhouse gas emissions decreased by 22% from 270.8 tons of CO2 equivalent in 2022 to 210.89 tons in 2023[140]. - Scope 1 emissions increased by 21% from 3.2 tons of CO2 equivalent in 2022 to 3.88 tons in 2023[140]. - Scope 2 emissions decreased by 32% from 267.6 tons of CO2 equivalent in 2022 to 180.94 tons in 2023[140]. - Total water consumption decreased by 76% from 528 cubic meters in 2022 to 129 cubic meters in 2023[146]. - The company aims to reduce its carbon footprint through a series of measures to enhance resource efficiency[139]. - Direct energy consumption increased by 23% from 12.8 MWh in 2022 to 15.71 MWh in 2023[143]. - Total energy consumption decreased by 28% from 392.6 MWh in 2022 to 283.17 MWh in 2023[143]. - The company generated 5.84 tons of non-hazardous waste and 0.03 tons of hazardous waste during the year[148]. - The company is actively seeking methods to enhance water conservation and reduce water usage[145]. - Total hazardous waste generated increased to 0.03 tons in 2023 from 0.01 tons in 2022, a 200% increase[164]. - Hazardous waste density per 1,000 employees rose to 0.16 tons in 2023, up from 0.1 tons in 2022, reflecting a 60% increase[164]. - Total non-hazardous waste generated was 5.84 tons in 2023, compared to 5.6 tons in 2022, marking a 4% increase[164]. - Non-hazardous waste density per employee remained stable at 0.03 tons in both 2023 and 2022[164]. Employee and Community Engagement - The company emphasizes the importance of employee development and conducts annual performance reviews to identify and promote talent[169]. - The company aims for zero workplace injuries and continuously improves occupational health and safety management[170]. - The company has established multiple feedback channels to manage customer feedback and complaints effectively[172]. - The company is committed to sustainable finance, integrating environmental considerations into financing decisions[175]. - The company actively seeks opportunities to support community development through various initiatives[177]. - The company promotes equal opportunities and diversity in the workplace, ensuring fair treatment for all employees[181]. - The company emphasizes the importance of employee training and development, offering internal and external training programs to enhance professional knowledge and skills[186]. - No work-related fatalities or injuries were reported in the past three years, indicating a strong focus on employee health and safety[190]. - The company has established a Product and Risk Committee to oversee product quality and customer service, ensuring continuous improvement through regular market analysis[191]. - There were no customer complaints received during the year, reflecting high customer satisfaction and service quality[192]. - The company is committed to sustainable economic growth and incorporates environmental sustainability principles into its core business strategy[194]. - Plans are in place to review the investment portfolio's sensitivity to climate change to understand and mitigate potential risks[195].

Dividend Policy - The company did not declare a final dividend for the year ending December 31, 2023, consistent with the previous year[1]. - The company does not recommend any final dividend for the year ending December 31, 2023, consistent with 2022[29]. Financial Performance - Total revenue increased from a negative HKD 0.28 million in 2022 to HKD 3.46 million in 2023, a year-on-year increase of HKD 3.74 million[28]. - Adjusted recurring income rose to HKD 5.64 million in 2023 from HKD 5.51 million in 2022, an increase of HKD 13 million[28]. - Corporate finance revenue surged by 63% to HKD 31 million in 2023, up from HKD 19 million in 2022, driven by increased advisory fees from IPOs[36]. - The company reported a net profit attributable to equity holders of HKD 119,537,000 for the year ended December 31, 2023, compared to a net loss of HKD 1,583,664,000 in the previous year[55]. - Total comprehensive income attributable to equity holders amounted to HKD 114,113,000, a significant recovery from a total comprehensive loss of HKD 1,585,189,000 in the prior year[55]. - The company reported a pre-tax profit of HKD 118 million for the year ended December 31, 2023, a significant increase from a pre-tax loss of HKD 1.584 billion in 2022[78]. - Total revenue for 2023 was HKD 345.654 million, compared to a loss of HKD 27.884 million in 2022[78]. Assets and Liabilities - As of December 31, 2023, total assets amounted to HKD 4,064,012, a decrease from HKD 4,678,087 as of December 31, 2022, representing a decline of approximately 13.1%[43]. - The total liabilities reached HKD 2,002,597, down from HKD 2,666,481, indicating a reduction of about 25%[43]. - The company’s equity totalled HKD 2,061,415, an increase from HKD 2,011,606, reflecting a growth of approximately 2.5%[43]. - Cash and cash equivalents decreased to HKD 122,380 from HKD 195,206, reflecting a decline of 37.2% year-over-year[43]. Credit and Loans - The total amount of unsecured credit loans as of December 31, 2023, was HKD 3.85 billion, down from HKD 4.39 billion in the previous year, representing a decrease of approximately 12.3%[7]. - The expected credit loss expenses netted HKD 1,066,478, an increase from the previous year's figure of HKD 916,544, indicating a rise of approximately 16.4%[46]. - The expected credit loss expense for independent third-party loans was HKD 377 million in 2023, down from HKD 667 million in 2022[145]. - The net expected credit loss expense for 2023 is HKD 337 million, primarily due to overdue loans from corporate clients[147]. - The credit loss percentage for corporate clients ranges from 77% to 100%, indicating a high level of risk associated with these loans[151]. Investment Performance - Investment losses decreased significantly by 62% to HKD 218 million in 2023 from HKD 579 million in 2022[32]. - The company recorded a net unrealized loss of HKD 230.221 million, an improvement from a net unrealized loss of HKD 591.215 million in 2022[69]. - The net investment loss for 2023 was HKD 218 million, a decrease from HKD 579 million in 2022, including a market value loss of HKD 107 million[119]. Market Conditions - The average daily trading volume in the Hong Kong securities market decreased by 16% year-on-year to HKD 105 billion in 2023[26]. - The total market capitalization of the Hong Kong securities market fell by 13% year-on-year to HKD 310.39 billion at the end of 2023[26]. - The Hang Seng Index and Hang Seng China Enterprises Index dropped by 13.8% and 14.0% respectively in 2023[26]. - The S&P 500 index rose by 24.2% by the end of 2023, with the Nasdaq index soaring by 43.4%[25]. Operational Changes - The company expanded its product pipeline through the establishment of an external asset management model, enhancing business prospects[30]. - The company is evaluating the impact of new accounting standards and has identified adjustments related to interest income from impaired loans and expected credit loss provisions[59]. - The company plans to adopt new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, which may affect future financial reporting[58]. Risk Management - The company’s risk management department regularly monitors the risk levels of the loan portfolio and provides updates to senior management monthly[159]. - The company has established a long-term approval authority structure for loan approvals, which varies based on the loan size and associated risks[172]. - The company has been actively discussing alternative recovery plans for loans to certain borrowers due to unmet repayment conditions[160].

Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 337,886,000, a significant increase from HKD 26,918,000 in the same period of 2022, representing a growth of approximately 1,151%[3] - Net investment income for the period was HKD 47,484,000, recovering from a loss of HKD 252,474,000 in the previous year[3] - The company reported a profit attributable to equity holders of HKD 111,269,000, compared to a loss of HKD 245,591,000 in the same period last year[3] - Basic and diluted earnings per share for the period were HKD 2, compared to a loss of HKD 4 per share in the previous year[3] - The company declared an interim dividend of HKD 1.1 per share, compared to no dividend in the same period last year[3] - Total comprehensive income attributable to equity holders was HKD 110,032,000, compared to a total comprehensive loss of HKD 247,029,000 in the previous year, indicating improved overall performance[28] - The pre-tax profit for the period was HKD 115,201,000, a significant recovery from a pre-tax loss of HKD 259,755,000 in the prior year[32] - The total tax expense for the period was HKD 3,932, a significant improvement from a tax credit of HKD 14,164 in the previous year[74] - The company reported a basic and diluted loss per share of HKD 111,269,000 for the six months ended June 30, 2023, compared to a loss of HKD 245,591,000 for the same period in 2022[136] Cost Management - Employee costs decreased to HKD 81,827,000 from HKD 89,644,000 year-on-year, reflecting cost management efforts[3] - Direct costs for the period were HKD 49,477,000, down from HKD 54,003,000 in the previous year, contributing to improved profitability[3] - The company’s short-term employee benefits for the six months ended June 30, 2023, were HKD 10.912 million, down from HKD 17.841 million for the same period in 2022[98] - The company incurred a total of HKD 29,487,000 in operating expenses for the six months ended June 30, 2023, slightly up from HKD 28,329,000 in the previous year[135] - Financial costs increased by approximately 8% to HKD 27 million from HKD 25 million, due to rising costs following US interest rate hikes[187] Credit Quality and Provisions - Expected credit loss expenses for the period were HKD 16,980,000, a significant decrease from HKD 80,570,000 in the previous year, indicating improved credit quality[3] - The expected credit loss provision increased to HKD 24,526,000 from HKD 17,669,000, indicating a rise of 38.7%[127] - Expected credit loss provisions for certain borrowers amounted to HKD 284 million, with a significant portion related to credit loans to China Oceanwide International Investment Co., Ltd.[190] - The company's credit loans and non-listed debt securities were classified as Stage 3, indicating significant credit risk and default status[194] Liquidity and Cash Flow - The company's cash and cash equivalents decreased to HKD 159,508,000 from HKD 195,206,000 as of December 31, 2022, reflecting a reduction in liquidity[30] - The company generated a net cash inflow from operating activities of HKD 48,435,000 for the six months ended June 30, 2023, compared to HKD 197,676,000 in the same period of 2022, indicating a decline in operational cash generation[32] - For the six months ended June 30, 2023, the net cash used in investing activities was HKD 1,434 million, compared to HKD 618 million for the same period in 2022, representing an increase of 132%[33] - The net cash used in financing activities for the first half of 2023 was HKD 80,889 million, a significant decrease of 79% from HKD 387,134 million in the same period of 2022[33] Market and Strategic Initiatives - The company aims to expand its market presence and enhance its service offerings in the financial advisory and investment sectors[17] - The company plans to focus on market expansion and new product development as part of its strategic initiatives moving forward[28] - The company has enhanced its talent pool in corporate finance, securities business, and asset management to improve business development and product expansion[180] Segment Performance - The company reported a segment loss of HKD 257,529 million for the brokerage segment for the six months ended June 30, 2023, compared to a profit of HKD 21,823 million in the same period of 2022[43] - Corporate finance business revenue increased by 80% to HKD 9 million, up from HKD 5 million in the previous year[181] - Brokerage business revenue decreased by 15% to HKD 41 million, down from HKD 48 million, primarily due to a 16.5% decline in average daily market turnover on the Hong Kong Stock Exchange[185] Changes and Developments - The financial report was authorized for publication by the board on August 24, 2023, indicating ongoing transparency and governance practices[17] - The company's name was changed from "China Tonghai International Financial Limited" to "Quam Plus Financial Limited" effective July 26, 2023[175] - The company successfully secured funding from the Hong Kong government's Employment Support Scheme in 2022, which has aided in retaining employees during the subsidy period[46]

其後可能重新分類至損益之項目 — 換算外國業務財務報表之匯兌虧損 | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|------------------------------------------------------|------------------------------------------|--------------------|----------------------------|-----------------------------------------------------------|------------------------| | 資產 | 附註 | 流動 千港元 （未經審核）（未經審核）（未經審核） | 於二零二三年六月三十日 \n非流動 千港元 | \n總額 千港元 | 流動 千港元 （經審核） | 於二零二二年十二月三十一日 \n非流動 千港元 （經審核） | 總額 千港元 （經審核） | | 現金及現金等值項目 | ...

Financial Performance - In 2022, China Tonghai International Financial Limited recorded a significant loss of HKD 1.58 billion due to provisions for risks related to past connected parties and the negative impact of the macro environment[15]. - The company reported a net loss of approximately HKD 1.584 billion for the year ended December 31, 2022, compared to a loss of HKD 2.261 billion in 2021, primarily due to expected credit losses and investment losses[27]. - Expected credit losses reached approximately HKD 900 million in 2022, down from HKD 2.6 billion in 2021[27]. - Adjusted operating income for 2022 was HKD 247 million, a decrease of about 29% from HKD 346 million in 2021[28]. - Revenue from corporate finance business decreased by 27% to HKD 19 million, while asset management revenue dropped by 66% to HKD 12 million[30]. - Brokerage business revenue fell by 33% to HKD 93 million, and margin loan interest income decreased by 16% to HKD 123 million[30]. - The average daily trading volume in the Hong Kong securities market decreased by 25.1% year-on-year to HKD 124.9 billion in 2022[26]. - The Hang Seng Index and Hang Seng China Enterprises Index fell by 15.5% and 18.6% respectively in 2022[26]. - The total market capitalization of the securities market at the end of 2022 was HKD 35.667 trillion, a decline of 15.8% year-on-year[26]. - The company does not recommend the distribution of any final dividend for 2022, consistent with the previous year[27]. Business Strategy and Management - Management is focused on liquidity management and cost control as primary tasks to navigate the challenging environment[15]. - The company is restructuring its divisions to enhance customer service efficiency by merging corporate finance and securities departments into a streamlined stock chain[17]. - A new wealth management division will be formed by integrating asset management, private wealth management, and Huafu Finance, focusing on providing a "wealth care" service platform[17]. - The management is committed to exploring ways to return the business to a growth trajectory and deliver returns to shareholders[16]. - The company is actively recruiting talent to adapt to rapidly changing investment trends and asset allocation needs[22]. - The company is implementing a talent recruitment policy focused on customer-centric approaches, which is beginning to show positive results[19]. - The company plans to provide shareholders with updates in the next report[20]. Credit Risk and Loan Management - The total outstanding loans amounted to HKD 4.449 billion, with cumulative provisions for expected credit losses at HKD 3.458 billion, resulting in a cumulative expected credit loss percentage of approximately 78%[59]. - Corporate clients 1, 2, and 3's loans were classified as Stage 3 due to overdue payments as of December 31, 2022, indicating default status[59]. - The expected credit loss provision for loans granted to corporate clients was assessed at HKD 1.02 billion[54]. - The company has extended the repayment arrangement deadline with Pan Ocean Holdings Limited and Zhongfan Holdings Limited to June 30, 2023, due to ongoing credit default events[61]. - The company classified loans to related parties as Stage 3, reflecting significant concerns regarding their liquidity and refinancing capabilities[61]. - The company has identified several counterparties as defaulting due to overdue principal and interest, leading to an increase in expected credit losses[71]. - The risk management department regularly monitors the risk levels of the loan portfolio and provides updates to the executive directors[76]. - The company monitors overdue balances and repayment schedules closely, taking appropriate actions for collections, including legal actions if necessary[94]. Environmental, Social, and Governance (ESG) Initiatives - The company has identified 25 significant ESG issues, including "Responsible Investment," "Cybersecurity," and "Systemic Risk Management" as new additions this year[128]. - The company reported no incidents related to data privacy and information security during the year, highlighting its commitment to customer privacy and cybersecurity[131]. - The board approved the ESG report on March 28, 2023, ensuring the accuracy and reliability of the data presented[116]. - The company has established an ESG Committee to drive effective ESG management and report progress to the board regularly[117]. - The company aims to enhance stakeholder engagement and diversify communication channels to improve ESG performance and sustainable development strategies[134]. - The company has integrated ESG-related risks into its risk management framework to enhance governance and management[118]. - The report emphasizes the importance of stakeholder participation in ESG management and reporting, utilizing various communication channels[120]. - The company has committed to developing a sustainable development strategy and setting goals to improve ESG management and performance[118]. Employee and Workplace Practices - The company promotes a diverse and inclusive workplace, adhering to equal employment principles and maintaining a zero-tolerance policy towards harassment and discrimination[156]. - The company has established a rigorous anti-money laundering and counter-terrorist financing policy, adopting a risk-based approach for customer due diligence and ongoing monitoring[149]. - The company has implemented dual-factor authentication for remote access and encryption for sensitive data, strengthening internal policies and controls[137]. - The company is committed to responsible employment practices, prohibiting child labor and forced labor, and ensuring compliance with employment terms and conditions[165]. - The company encourages employee professional development through internal training programs and external training subsidies, supporting skill enhancement and career growth[163]. - The company has introduced an employee recognition program to identify and reward outstanding employees, enhancing morale and acknowledging significant contributions[164]. Environmental Impact and Sustainability - The company has developed an environmental policy to manage emissions and resource use, focusing on sustainability and reducing waste through the "3R" principle (Reduce, Reuse, Recycle)[162]. - The total water consumption for the year was 528 cubic meters, with a consumption density of 2.78 cubic meters per employee[171]. - The company generated 5.6 tons of non-hazardous waste and 0.01 tons of hazardous waste during the year[172]. - The total greenhouse gas emissions amounted to 270.8 tons of CO2 equivalent, representing a 19% decrease compared to the previous year[175]. - The total energy consumption for the year was 392.6 MWh, with a density of 2.07 MWh per employee[175]. - The company donated HKD 75,000 and mobilized 37 employees for community activities during the year[185].

Financial Performance - The total revenue for the year ended December 31, 2022, was a loss of HKD 177,818,000 compared to a revenue of HKD 857,822,000 in 2021, representing a significant decline[18]. - The company reported a net loss attributable to equity holders of HKD 1,583,664,000 for the year, compared to a net loss of HKD 2,260,577,000 in the previous year, indicating an improvement in losses[22]. - The company incurred a net investment loss of HKD 578,750,000 in 2022, compared to a net gain of HKD 33,983,000 in 2021, indicating a substantial negative shift in investment performance[18]. - The company reported a comprehensive loss attributable to equity holders of HKD 1,585,189,000 for the year ended December 31, 2022, compared to HKD 2,263,437,000 in the previous year[35]. - The pre-tax consolidated loss for 2022 was HKD (1,584,178) thousand, compared to a loss of HKD (2,199,184) thousand in 2021, showing an improvement of about 28%[45]. - The basic and diluted loss per share for 2022 was HKD (26), compared to HKD (37) in 2021, indicating a reduction in loss per share[54]. - The group recorded a net exchange gain of HKD 419 thousand in 2022, a significant decrease from HKD 8,280 thousand in 2021[49]. - The financial costs for the group decreased to HKD 50.355 million in 2022 from HKD 62.442 million in 2021, indicating improved cost management[72]. - The group reported a pre-tax loss of HKD 1.579 billion for 2022, a significant increase from a pre-tax loss of HKD 2.194 billion in 2021[74]. - The company recorded a net loss of approximately HKD 1.584 billion for the year ended December 31, 2022, compared to a net loss of HKD 2.261 billion in 2021, primarily due to expected credit losses and investment losses[115]. Revenue Decline - The company experienced a significant drop in asset management fee income, which fell to HKD 11,748,000 from HKD 35,378,000, a decrease of about 67%[15]. - The company reported a decrease in commission income from corporate finance activities, which fell to HKD 18,676,000 from HKD 26,287,000, a decline of approximately 29%[15]. - The reported segment revenue for 2022 was HKD (166,476) thousand, compared to HKD 866,438 thousand in 2021, indicating a significant decline[45]. - The consolidated revenue for 2022 was HKD (177,818) thousand, down from HKD 857,822 thousand in 2021, reflecting a decrease of approximately 20.7%[45]. - Revenue from corporate finance business fell by 27% to HKD 19 million in 2022, primarily due to reduced income from sponsor projects and advisory services[94]. - Asset management revenue dropped 66% to HKD 12 million in 2022, impacted by a reduction in management scale and performance fees[95]. - Brokerage business revenue decreased by 33% to HKD 93 million in 2022, mainly due to a 50% drop in commission income from trading Hong Kong securities[95]. Liquidity and Financial Position - The company has taken measures to improve liquidity, including issuing secured and unsecured private notes and seeking additional financing from banks and financial institutions[5]. - The company faced liquidity concerns due to credit defaults and litigation involving related parties, impacting its ability to raise additional funds[25]. - The total assets as of December 31, 2022, amounted to HKD 4,678,087,000, a decrease from HKD 6,841,285,000 as of December 31, 2021[37]. - The total liabilities decreased to HKD 2,666,481,000 from HKD 3,244,490,000 year-over-year[37]. - The company's cash and cash equivalents were HKD 195,206,000, down from HKD 405,290,000 in the previous year[37]. - The total equity as of December 31, 2022, was HKD 2,011,606,000, compared to HKD 3,596,795,000 in the prior year[37]. - The company reduced its total borrowings from HKD 906,000,000 at the end of 2022 to HKD 755,000,000 by February 2023[39]. - The company has extended the maturity of its largest single bank loan of HKD 330,000,000 to December 2023[39]. - The company’s total available bank financing was approximately HKD 837 million at the end of 2022, down from HKD 1.888 billion in 2021[190]. Credit Risk and Provisions - The company has classified all loans, unlisted debt securities, and advances to customers as Stage 3, indicating significant credit impairment[128]. - The expected credit loss for advances to customers is HKD 102 million[146]. - The total amount of loans to related parties is HKD 4,449 million, with a cumulative provision of HKD 3,458 million, resulting in a cumulative expected credit loss percentage of 78%[153]. - The loans to China Oceanwide International Investment Co., Ltd. and Minyun Limited have a cumulative provision of HKD 973 million, representing 75% of the total amount[153]. - The loans to Oceanwide Holdings International Development Third Limited have a cumulative provision of HKD 1,352 million, representing 80% of the total amount[153]. - The loans to Zhongfan Holdings Limited have a cumulative provision of HKD 456 million, representing 85% of the total amount[153]. - The expected credit loss for corporate clients 1, 2, and 3 is calculated using a 100% default probability due to overdue loans[158][176]. - The company has recognized a significant credit loss provision of HKD 973 million for Minyun Limited, reflecting a 73.96% to 80.06% expected credit loss percentage[160]. - The company has been monitoring credit risk and has sent payment reminders to related parties every 2 to 3 months[138]. - The default probability for the loans is assessed at 100% due to the counterparties' default or high likelihood of default[133]. Government Assistance and Support - The company received financial assistance under the Employment Support Scheme, aimed at retaining employees who would otherwise be laid off[14]. - The group recognized government subsidies of HKD 4,546 thousand in 2022, a substantial increase from HKD 825 thousand in 2021[49]. Shareholder Actions and Corporate Governance - The company completed a share acquisition on February 3, 2023, involving 4,098,510,000 shares, representing approximately 66.14% ownership[40]. - The company completed a conditional sale of shares, resulting in the acquirer holding approximately 66.14% of the company's ordinary shares, totaling 4,098,510,000 shares[63]. - The company did not declare a final dividend for the year ended December 31, 2022, consistent with the previous year[78]. - The company did not recommend a final dividend for the year ended December 31, 2022, consistent with 2021[87]. Risk Management and Recovery Actions - The company’s risk management department continuously monitors loan risk levels and reports to senior management at least monthly[189]. - The risk management department conducts independent reviews of the loan portfolio and closely monitors overdue balances and repayments[200]. - Actions for debt recovery are discussed internally, including phone reminders, collateral seizure, and legal actions[200]. - Legal actions may be taken against borrowers to recover overdue payments and seize collateral when necessary[200]. - Monthly risk management reports are submitted to the executive committee detailing recovery and collection decisions and procedures[200].