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的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1073） 二零二三年中期業績公告 中期業績 大禹金融控股有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司 （「本集團」）截至二零二三年六月三十日止六個月之未經審核中期簡明綜合業績如 下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 未經審核 截至六月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 服務收益 3 18,410 44,237 利息收益 3 2,737 430 其他收入淨額 3 5 91 其他財務收益╱（虧損）淨額 892 (1,201) 僱員福利開支 (7,865) (7,943) ...

Financial Performance - The Group recorded a small profit in 2022, benefiting from synergies from the acquisitions of Morton Securities Limited and Morgan Finance Limited [26]. - The company recorded a slight profit in 2022, attributed to the synergies from the acquisition of Wan Ki Securities Limited and Wan Ki Finance Limited [29]. - Profit for the year was approximately HK$5.4 million, compared to HK$1.1 million in the previous year, indicating a significant increase in profitability [105]. - The Group's revenue for the year ended December 31, 2022, was approximately HK$76.7 million, an increase from HK$59.5 million in 2021, representing a growth of 28.6% [104]. - Revenue from corporate finance advisory services was approximately HK$47.2 million, up from HK$36.7 million in 2021, reflecting a growth of 28.6% [89]. - Revenue from asset management services was approximately HK$15.7 million, down from HK$18.3 million in 2021, a decrease of 14.2% [92]. - Revenue from securities broking and related services was approximately HK$2.8 million, down from HK$4.5 million in 2021, a decline of 37.8% [93]. - Revenue from money lending and related business was approximately HK$11.0 million, as this segment was newly established in 2022 [96]. - The Group's basic earnings per share for the current reporting period was HK0.47 cents, compared to HK0.10 cents in 2021, marking a substantial increase of 370% [106]. - The Group's return on equity attributable to owners of the Company was 1.1%, up from 0.2% in the previous year [104]. Acquisitions and Business Expansion - The Group completed the acquisition of a money lender operation in 2022 at a nominal consideration, expanding its loan portfolio [17]. - The Group completed the acquisition of Morgan Finance on 1 March 2022, which holds a money lenders license to operate in Hong Kong [83]. - The Group completed the acquisition of all issued shares of Wanji Finance for approximately HK$2.178 million on March 1, 2022 [142]. - The acquisition of two mortgage loan portfolios was completed on April 26, 2022, for an aggregated consideration of approximately HK$42.8 million [137]. - The acquisition of Morgan Finance in March 2022 enhances the Group's capability to offer comprehensive financial services [161]. - The Group acquired Wanji Financial in March 2022 to enhance its capabilities and provide more comprehensive financial services to existing and new clients [165]. Challenges and Outlook - The Group anticipates challenges due to ongoing tensions between China and the USA, affecting takeover activities and funding availability [26]. - The ongoing tensions in US-China relations and limited cross-border funding are expected to challenge future acquisition interests [29]. - The Group's management emphasizes the importance of staff dedication and professionalism in overcoming future challenges [26]. - The Group is well-prepared to face various challenges due to its competitive advantages and the dedication of its employees, alongside the global success in COVID-19 vaccinations [29]. Governance and Management - The Board of Directors does not recommend the payment of a dividend for the year ended December 31, 2022 [18]. - The upcoming annual general meeting is scheduled for May 30, 2023, with the register of members closed from May 24 to May 30, 2023 [19]. - The Group's future business outlook will be detailed in the "Management Discussion and Analysis" section following the Chairman's statement [25]. - The Chairman expresses appreciation for the efforts of the staff and the support from directors and shareholders [27]. Employee and Operational Insights - The Group's total employee benefit expense increased to HK$23.8 million from HK$17.8 million in 2021, reflecting a rise of 33.9% [104]. - The Group's workforce consisted of 28 employees as of December 31, 2022, a decrease from 29 in 2021 [146]. - Employee benefit expenses increased by approximately HK$6.0 million, or 34.2%, to approximately HK$23.8 million, mainly due to an increase in staff bonuses [113]. Revenue Breakdown - Revenue from corporate finance advisory and related services for the year ended 31 December 2022 was approximately HK$47.2 million, an increase of 28% from approximately HK$36.7 million in 2021 [85]. - The Group's charitable donations during the year amounted to approximately HK$5,000, a decrease from approximately HK$99,000 in 2021 [181]. - The top five customers accounted for approximately 57.9% of the Group's revenue in 2022, down from 65.6% in 2021, with the largest customer contributing approximately 20.5% of the revenue [182]. Financial Position - The group had cash and cash equivalents of approximately HK$91.3 million as of December 31, 2022, compared to approximately HK$99.0 million in 2021 [121]. - Total assets as of December 31, 2022, were approximately HK$655.3 million, down from approximately HK$679.1 million in 2021 [124]. - The group had no bank and other borrowings, resulting in a gearing ratio of 0% [123]. - The Group had no bank loans or other borrowings as of December 31, 2022, and December 31, 2021 [198]. Management Team Experience - Mr. Lam has over 16 years of experience in asset management and corporate finance [52]. - Ms. Li has over 20 years of experience in corporate finance and joined Yu Ming in October 2007 [53]. - Mr. Chan has over 20 years of experience in finance and accounting and is currently an independent non-executive director of Tongfang Kontafarma Holdings Limited [59]. - Mr. Chan served as the chief financial officer of Coolpoint Energy Limited from December 2009 to August 2010 [60]. - Mr. Chan was promoted to chief financial officer of NTEEP in September 2008, which was privatized on November 13, 2009 [61]. - Mr. Chan is a certified public accountant and a chartered financial analyst [63]. - Ms. Li is also an independent non-executive director of Fufeng Group Limited effective from April 1, 2022 [54]. - Mr. Lam is responsible for formulating investment ideas and identifying investment opportunities in both listed and unlisted securities [51]. - Ms. Li is involved in the provision of asset management services by Yu Ming [53]. - Mr. Chan is the chairman of the audit committee and a member of the remuneration and nomination committees of the Company [59]. Regulatory and Compliance - The Group's operations are primarily conducted through subsidiaries licensed by the Securities and Futures Commission in Hong Kong [171]. - Yu Ming Investment Management Limited is licensed for Type 1, Type 4, Type 6, and Type 9 regulated activities under the Securities and Futures Ordinance [81]. - Morton Securities is a licensed securities dealer and an Exchange Participant of The Stock Exchange of Hong Kong Limited [82]. - The corporate finance advisory services included three cases of resumption of trading of Main Board listed companies and two chain principle confirmations under the Takeovers Code [84]. - The Group continues to seek opportunities to assist clients in resolving business disputes and regulatory issues [165]. Environmental and Social Responsibility - The Group's environmental policies and performance are detailed in the Environmental, Social and Governance Report [170]. - The Group's financial performance and position are outlined in the consolidated financial statements from pages 72 to 167 of the Annual Report [184]. - The Company's share premium account is distributable to shareholders provided it can pay its debts as they fall due in the ordinary course of business [200].

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的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對本公告全部或任何部份內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1073） 二零二二年度全年業績公告 業績 大禹金融控股有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司（「本集團」）截至二零 二二年十二月三十一日止年度之經審核綜合業績如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 3 76,700 59,476 其他收入淨額 3 267 547 其他財務虧損淨額 (1,739) (9,785) 僱員福利開支 (23,848) (17,769) 貿易應收款項之減值虧損撥回╱（減值虧損） 13 138 (4,988) ...

Company Overview - For the six months ended June 30, 2022, Da Yu Financial Holdings Limited primarily engaged in corporate finance advisory, asset management, securities broking, and money lending services [8]. - The Group's principal activities include dealing in securities, advising on corporate finance, and asset management, among others [121]. Acquisitions and Investments - The Group completed the acquisition of Morgan Finance on March 1, 2022, which holds a money lenders license to operate in Hong Kong [8]. - The Group completed the acquisition of two mortgage loan portfolios for approximately HK$42.8 million on 26 April 2022 [27]. - The acquisition of Morgan Finance in March 2022 for approximately HK$42.8 million enhances the Group's capability to offer comprehensive financial services [33]. Financial Performance - Revenue for the Interim Period was approximately HK$44.7 million, an increase of 102.3% compared to HK$22.1 million in 2021 [13]. - The Group recorded a net profit of approximately HK$21.8 million, representing an increase of approximately HK$24.3 million from a net loss of HK$2.5 million in 2021 [13]. - Revenue from corporate finance advisory and related services was approximately HK$26.4 million, up from approximately HK$11.4 million in 2021 [11]. - Revenue from asset management services was approximately HK$7.6 million, down from approximately HK$9.3 million in 2021 [11]. - Revenue from money lending and related business was approximately HK$8.8 million, compared to nil in 2021 [11]. - Services revenue for the six months ended June 30, 2022, was HK$44,237,000, a 100.0% increase from HK$22,077,000 in 2021 [99]. - Profit before income tax for the period was HK$25,959,000, compared to a loss of HK$2,487,000 in the same period last year [99]. - Total comprehensive income attributable to the owners of the Company was HK$21,823,000, a significant recovery from a loss of HK$2,453,000 in 2021 [99]. - Basic and diluted earnings per share for the period were both 1.92 HK cents, compared to a loss of 0.22 HK cents in the previous year [99]. Assets and Liabilities - As at 30 June 2022, total assets were approximately HK$686.4 million, an increase from approximately HK$679.1 million as of 31 December 2021 [15]. - Total liabilities decreased to approximately HK$198.2 million from approximately HK$212.7 million as of 31 December 2021 [15]. - The Group's current ratio was approximately 150.8% as of 30 June 2022, compared to 151.7% as of 31 December 2021 [13]. - Net assets increased to HK$488,187,000 as of June 30, 2022, compared to HK$466,364,000 at the end of 2021 [104]. - The Company reported a net current asset position of HK$95,460,000 as of June 30, 2022, compared to HK$104,197,000 at the end of 2021 [101]. Employee Information - As of June 30, 2022, the Group had 30 employees, an increase from 29 employees as of December 31, 2021 [38]. - Employee benefit expenses totaled approximately HK$7.4 million for salaries, HK$0.3 million for mandatory provident fund, and HK$0.2 million for Directors' fees during the Interim Period, compared to HK$6.0 million, HK$0.3 million, and HK$0.2 million respectively in 2021 [40]. - The Group encourages continuous training and development for employees, viewing them as important assets [38]. Shareholder Information - As of June 30, 2022, Lee Wa Lun held 19.94% of the shares, amounting to 227,250,000 shares, making him the largest shareholder [47]. - Liu Yau Cheung holds 75,605,000 shares, representing 6.64% of the company's total shares [54]. - Chen Jian holds 57,360,000 shares, which accounts for 5.03% of the company's total shares [54]. - Heritage Riches Limited and Mariner Far East Limited hold 234,670,000 shares and 96,990,000 shares respectively, both controlled by First Steamship S.A. and First Mariner Holding Limited [57]. - BH Equities, wholly owned by Mr. Lau, holds 75,590,000 shares, along with Mr. Lau's personal interest in 10,000 shares and family interest in 5,000 shares [59]. - Universal Way Limited holds 63,475,000 shares, indirectly owned by AGL through its subsidiaries [59]. - ASM Connaught House Fund LP and ASM Connaught House (Master) Fund III LP hold 45,850,000 shares and 11,510,000 shares respectively, both controlled by ASMH [59]. Governance and Compliance - The Company has complied with all applicable code provisions set out in the Corporate Governance Code during the Interim Period [72]. - The Audit Committee reviewed the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2022 [71]. - The Company has adopted the Model Code for securities transactions by Directors and confirmed compliance during the Interim Period [83]. - The Company’s independent auditor conducted a review in accordance with Hong Kong Standard on Review Engagements 2410 [71]. Future Prospects and Market Conditions - The Group's future prospects for 2022-2023 depend on income recognition from corporate finance transactions and the renewal of the investment management agreement with SHK [40]. - The Stock Exchange's reforms have reduced new listing applications, impacting the Group less significantly than other licensed corporations [40]. - The Group continues to seek opportunities in advising contentious and hostile situations, which remains an attractive business segment [40]. Cash Flow and Financial Activities - The company reported a net cash outflow of HK$13,457,000 for the six months ended June 30, 2022, compared to a net cash inflow of HK$33,205,000 in 2021 [115]. - The total cash and cash equivalents at the end of the period were HK$86,055,000, down from HK$113,027,000 at the end of the previous period [118]. - The company incurred finance costs of HK$51,000 in the first half of 2022, slightly down from HK$59,000 in the same period of 2021 [115]. - The company recognized a fair value loss on financial assets of HK$1,623,000 for the period, compared to a loss of HK$7,475,000 in the previous year [115]. Segment Performance - The Group's reportable segments include corporate finance services, asset management services, securities and related services, and money lending business [146]. - The Group's financial performance reflects a focus on resource allocation and assessment of segment performance based on the type of services provided [146]. - Major customers contributed significantly to revenue, with Customer A generating HK$8,043,000, Customer B HK$8,000,000, and Customer C HK$8,000,000, indicating a strong reliance on key clients [183]. - The concentration of credit risk is notable, with 41.8% of total mortgage loans and term loans due from the largest customer and 63.2% from the five largest customers in the money lending segment [185].

Financial Performance - The Group achieved a break-even performance in 2021, indicating no profit or loss for the year[25]. - The Group's revenue for the Current Reporting Period was approximately HK$59.5 million, a decrease of approximately HK$51.2 million or 46.3% compared to HK$110.7 million in 2020[84][93]. - Profit attributable to the owners of the Company was approximately HK$1.1 million, representing a decrease of approximately HK$47.6 million or 97.7% from HK$48.7 million in 2020[84][92]. - Earnings per share for the Current Reporting Period was HK0.10 cent, down from HK4.28 cents in the previous year[84][93]. - Revenue from corporate finance advisory and related services was approximately HK$36.7 million, a decline from HK$66.4 million in 2020[85]. - Asset management services generated approximately HK$17.2 million, down from HK$43.2 million in the previous year[85]. - The Group recorded no asset management performance fee in the Current Reporting Period, compared to approximately HK$26.6 million in the previous period[92][93]. - Employee benefit expenses totaled approximately HK$17.8 million, a decrease from HK$24.5 million in 2020[86]. - The Group recorded a net profit of approximately HK$1.1 million, a decrease of approximately HK$47.6 million or 97.7% compared to the previous year[95]. - The Group's return on equity attributable to owners of the Company was 0.2%, compared to 10.5% in 2020[91]. Acquisitions and Growth - The acquisition of Morton Securities Limited, which engages in securities and related services, has resulted in positive synergy for the Group[25]. - In 2021, the Group completed the acquisition of a stock brokerage operation at a modest price and a money lender operation at a nominal consideration in 2022[12]. - The Group's loan portfolio grew rapidly shortly after the acquisition of the money lender operation[12]. - The Group completed the acquisition of Morton Securities Limited on March 29, 2021, enhancing its securities broking capabilities[73]. - The finalized consideration for the acquisition of Morton was approximately HK$7.14 million, completed on March 29, 2021[107]. - The Group completed the acquisition of Morton, a stockbroker, in March 2021, and Morgan Finance Limited, a money lender, in March 2022, to enhance its service capabilities[137][138]. Challenges and Risks - The Group anticipates various challenges arising from ongoing tensions in US-China relations and the global pandemic[25]. - The Group is well prepared to meet challenges arising from ongoing geopolitical tensions and the global coronavirus outbreak[26]. - The Stock Exchange's reforms are expected to disqualify 62% of new listing applications, which may lead to a reduced number of listed companies in Hong Kong, posing challenges for the Group[139][141]. - The Group faced challenges in client meetings during the COVID-19 pandemic, impacting revenue recognition due to travel restrictions[130][141]. - The Group's financial risks are detailed in the notes to the consolidated financial statements, highlighting potential adverse impacts on performance[127][132]. Management and Leadership - The Group expresses appreciation for the dedication and professionalism of its staff, particularly the innovative executive team[26]. - Mr. Lam has over 15 years of experience in asset management and corporate finance[48]. - Ms. Li has over 19 years of experience in corporate finance and is responsible for supervising corporate finance projects[50]. - Mr. Chan has over 20 years of experience in finance and accounting, currently serving as an independent non-executive director[55]. - The company has a strong leadership team with extensive experience in finance and investment management[54]. - The Group's success relies on retaining key management personnel; any loss without immediate replacement could adversely affect its business and financial performance[126][131]. Shareholder and Dividend Information - The Board of Directors did not recommend the payment of a dividend for the year ended December 31, 2021, consistent with the previous year[13]. - No dividend was declared or recommended for the year ended 31 December 2021, consistent with 2020[159]. - A share premium reduction of approximately HK$431,023,000 was approved to offset accumulated losses as of 31 December 2020[165]. Compliance and Governance - The Group complied with all relevant laws and regulations in the Cayman Islands and Hong Kong during the year[149]. - The audit committee reviewed the annual results for the year ended 31 December 2021, which were audited by BDO Limited[153]. - The company has maintained appropriate directors and officers liability insurance for relevant legal actions against the directors[185]. - The company has received confirmations of independence from all current independent non-executive directors, considering them independent[176]. - The Independent Non-Executive Directors reviewed the compliance of the Non-Competition Deed[192]. Environmental and Social Responsibility - The Group's environmental policies and performance are discussed in the Environmental, Social and Governance Report on pages 51 to 65 of the Annual Report[151]. - Charitable donations made by the Group during the year amounted to approximately HK$99,000, an increase from approximately HK$15,000 in 2020[154].

Corporate Finance and Advisory Services - For the six months ended June 30, 2021, Da Yu Financial Holdings Limited primarily engaged in corporate finance advisory and asset management services, with a focus on securities broking, underwriting, and placing through Morton Securities Limited[10]. - Corporate finance advisory services included acting as financial adviser for listed issuers on compliance with the Listing Rules and the Takeovers Code[13]. - The Group's corporate finance advisory services also involved providing independent advice required under the Listing Rules and the Takeovers Code[13]. - The company aims to expand its market presence through strategic acquisitions and enhanced service offerings in the financial advisory sector[10]. - The management emphasizes the importance of compliance and regulatory adherence in all advisory services provided[10]. - The Group's full-year 2021 outlook depends on income recognition from corporate finance transactions, the renewal of the investment management agreement with SHK, and the development of the securities business[25]. - The corporate finance services contract value is approximately HK$50,450,000 as of June 30, 2021, up from HK$40,200,000 as of December 31, 2020[192]. Financial Performance - The Group recorded a net loss of approximately HK$2.5 million for the Interim Period, a decrease of approximately HK$18.1 million compared to a net profit of approximately HK$15.6 million in the previous year[16]. - Revenue for the Interim Period was approximately HK$22.1 million, down from approximately HK$34.6 million in 2020, representing a decrease of about 36.4%[16]. - The company reported a loss before income tax of HK$2,487,000, compared to a profit of HK$18,415,000 in the same period of 2020[81]. - Total comprehensive income for the period was a loss of HK$2,453,000, down from a profit of HK$15,633,000 in 2020[81]. - Basic and diluted loss per share attributable to the owners of the company was HK$0.22, compared to earnings of HK$1.37 per share in 2020[81]. - Advisory and related services revenue dropped to HK$11,376,000, down 56.5% from HK$26,163,000 in the previous year[117]. - The Group's reportable segment profit before income tax for the same period was a loss of HK$2,487,000, with corporate finance services reporting a loss of HK$3,552,000[136]. Assets and Liabilities - Total assets as of June 30, 2021, were approximately HK$728.6 million, an increase from approximately HK$514.9 million at the end of 2020[18]. - Total liabilities increased to approximately HK$265.8 million as of June 30, 2021, compared to approximately HK$49.7 million at the end of 2020[18]. - The Group had no bank and other borrowings as of June 30, 2021, maintaining a gearing ratio of 0%[18]. - Current assets increased to HK$346,099,000 from HK$131,394,000, primarily due to an increase in cash and cash equivalents[83]. - The company’s total equity decreased to HK$462,776,000 from HK$465,229,000 as of December 31, 2020[86]. - Contract assets as of June 30, 2021, amounted to HK$22,320,000, an increase from HK$13,969,000 as of December 31, 2020, representing a growth of approximately 59.5%[196]. - Contract liabilities as of June 30, 2021, were HK$86,000, compared to HK$53,000 as of December 31, 2020, indicating a rise of 62.3%[196]. Employee and Operational Metrics - Employee benefit expenses amounted to approximately HK$6.0 million during the Interim Period, up from approximately HK$4.5 million in 2020[16]. - As of June 30, 2021, the Group had 33 staff members, including Directors, compared to 19 staff members as of December 31, 2020[22]. - The monthly salary of Executive Directors Mr. Lam Chi Shing and Ms. Li Ming was increased by approximately 2% effective from January 1, 2021 compared to 2020[63]. Compliance and Governance - The Company has complied with all applicable code provisions of the Corporate Governance Code during the interim period[56]. - The Company has complied with the corporate governance code as per the Listing Rules during the interim period[60]. - The Company has adopted the Model Code for securities transactions by Directors and confirmed compliance by all Directors during the Interim Period[67]. Shareholder Information - As of June 30, 2021, Lee Wa Lun held 227,250,000 shares, representing 19.94% of the total issued shares[32]. - Lam Chi Shing and Li Ming each held 17,800,000 shares, representing 1.56% of the total issued shares[32]. - The number of ordinary shares in issue remained constant at 1,139,330,190 for both 2021 and 2020[178]. Future Outlook and Strategic Initiatives - Future outlook includes a commitment to developing new financial products and services to meet market demands[10]. - The Group is exploring opportunities for further market expansion in the Asia-Pacific region[10]. - The management is focused on improving operational efficiency and leveraging synergies from the acquisition of Morton Securities Limited[10]. Cash Flow and Financial Management - The company reported a net cash generated from operating activities of HK$33,205,000 for the six months ended June 30, 2021, compared to HK$24,329,000 in the same period of 2020, representing an increase of approximately 36.7%[97]. - Cash and cash equivalents at the end of the period increased to HK$113,027,000, up from HK$63,377,000 at the end of June 2020, marking an increase of approximately 78.4%[100]. - The company continues to monitor the timing of recovery for contract assets to ensure effective cash management strategies[196].

Financial Performance - For the year ended December 31, 2020, the Group's revenue was approximately HK$110.7 million, compared to approximately HK$46.8 million for the six-month period ended December 31, 2019, representing a significant increase[11]. - Profit attributable to the owners of the Company for the year ended December 31, 2020, was approximately HK$48.7 million, a decrease from approximately HK$842.3 million for the six-month period ended December 31, 2019, due to non-recurring restructuring gains and expenses[11]. - Earnings per share for the year ended December 31, 2020, amounted to HK4.28 cents, down from HK83.92 cents for the six-month period ended December 31, 2019[11]. - The Group's revenue for the Current Reporting Period was approximately HK$110.7 million, representing an increase of approximately HK$63.9 million or 136.5% compared to HK$46.8 million for the six-month period ended 31 December 2019[46][48]. - The profit after tax for the Current Reporting Period was approximately HK$48.7 million, an increase of approximately HK$31.1 million or 177% compared to HK$17.6 million for the six-month period ended 31 December 2019[46][51]. - Basic earnings per share for the Current Reporting Period was HK4.28 cents, a decrease from HK83.92 cents for the six-month period ended December 31, 2019[46][52]. - Total operating expenses increased by approximately HK$22.5 million or 85.1% to approximately HK$48.9 million, primarily due to the longer reporting period[49][52]. Dividend Policy - The Company does not recommend the payment of a dividend for the year ended December 31, 2020, consistent with the six-month period ended December 31, 2019, where no dividend was paid[11]. - No dividend was declared or recommended for the year ended December 31, 2020, consistent with the six-month period ended December 31, 2019[114]. Governance and Compliance - The Company is focused on maintaining a strong governance structure, as evidenced by the composition of its board and committees[6]. - The independent auditor for the Company is BDO Limited, ensuring compliance and transparency in financial reporting[7]. - The Group has complied with all relevant laws and regulations in the Cayman Islands and Hong Kong during the year and up to the date of the annual report[106]. - The audit committee, comprising three Independent Non-Executive Directors, has reviewed the annual results for the year ended 31 December 2020[109]. - The Company has received confirmations of independence from all current Independent Non-Executive Directors, affirming their independent status[129]. Operational Highlights - The Group's core operating divisions delivered solid performances during the reporting period, indicating a positive operational outlook[11]. - Revenue for the year ended 31 December 2020 was approximately HK$66.4 million from corporate finance advisory services, a 77.5% increase from approximately HK$37.4 million in the six-month period ended 31 December 2019[37]. - Revenue from asset management services was approximately HK$43.2 million, significantly up from HK$8.1 million in the six-month period ended 31 December 2019, marking a 433.3% increase[37]. - The Group's corporate finance advisory services included acting as financial adviser for listed issuers, providing independent advice, and advising on corporate strategies[30]. - The Group's asset management services were exclusively provided to SHK Hong Kong Industries Limited, the first investment company listed on the Stock Exchange[31]. Challenges and Risks - The Group anticipates challenges due to ongoing tensions between China and the USA and the global coronavirus pandemic, but is prepared to meet these challenges with its competitive strengths[26]. - The company faces challenges in client meetings due to COVID-19, which may affect revenue recognition[67]. - The Group faces challenges due to a reduced number of listed companies in Hong Kong and new listing requirements for reverse takeovers[73]. - The Stock Exchange's proposal to double or triple minimum profit requirements for new listings could disqualify 62% of new listing applications[71]. Acquisition and Expansion - The company entered into a conditional agreement to acquire Morton Securities Limited for HK$9.5 million, expected to complete by 31 March 2021[64]. - The acquisition of Morton Securities Limited aims to expand the company's capabilities and service scope to attract new clients[70]. - The completion of the acquisition is contingent upon obtaining necessary approvals from regulatory bodies[64]. Financial Position - As of 31 December 2020, the Group had cash and cash equivalents of approximately HK$84.0 million, up from approximately HK$39.9 million in 2019[54]. - The Group's current ratio as of 31 December 2020 was approximately 359.9%, compared to 192.3% in 2019[54]. - Total assets as of 31 December 2020 were approximately HK$514.9 million, an increase from approximately HK$465.5 million in 2019[54]. - Total liabilities as of 31 December 2020 were approximately HK$49.7 million, slightly up from approximately HK$49.0 million in 2019[54]. - The Group's gearing ratio was 0% as of 31 December 2020, indicating no bank and other borrowings[54]. - The Group had no bank borrowings as of December 31, 2020 and 2019, indicating a debt-free status[123]. Employee and Management - Total employee benefit expenses for the year were approximately HK$24.5 million, compared to HK$14.1 million in the previous six-month period, reflecting a 73.0% increase[40]. - The company has maintained its remuneration policy to ensure competitive compensation for all staff, including directors[67]. - The company has 19 staff members as of 31 December 2020, with no share options granted during the current reporting period[67]. Shareholder Information - As of December 31, 2020, Lee Wa Lun holds 227,250,000 shares, representing 19.94% of the total issued shares[152]. - Lam Chi Shing and Li Ming each hold 17,800,000 shares, representing 1.56% of the total issued shares[152]. - The Company has adopted a Share Option Scheme with a remaining life of approximately 8 years as of the report date[168]. - No share options were granted, exercised, cancelled, lapsed, or outstanding during the year ended 31 December 2020[173]. Audit and Financial Reporting - The financial statements for the year ended 31 December 2020 were audited by BDO, who will offer itself for re-appointment at the AGM[190]. - The independent auditor BDO issued a qualified opinion on the Group's consolidated financial statements for the year ended 31 December 2020, specifically regarding the comparability of the 2019 Comparative Figures[197]. - The management, audit committee, and Board agree with BDO that the issues leading to the audit qualifications will not have ongoing effects on the Group's consolidated financial information in future reporting periods[200].

Revenue Performance - Revenue for the Interim Period was approximately HK$26.2 million from corporate finance advisory services, a decrease of 30% compared to approximately HK$37.4 million in the December 2019 reporting period[19]. - Revenue for the Interim Period was approximately HK$34.6 million, down from approximately HK$46.8 million in December 2019, representing a decrease of about 26.5%[28]. - The Group's total revenue for the six months ended June 30, 2020, was HK$34,649,000, a decrease of 26% compared to HK$46,793,000 for the same period in 2019[164]. - Advisory and related services generated revenue of HK$26,163,000, down 30% from HK$37,428,000 in the previous period[164]. - Revenue from listed companies was HK$30,549,000, a slight decrease from HK$31,353,000 in the previous period[164]. - Non-listed companies and others generated HK$4,100,000, significantly down from HK$15,440,000 in the prior period[164]. Profit and Loss - The Group recorded a net profit of approximately HK$15.6 million for the Interim Period, a decrease of approximately HK$826.7 million compared to approximately HK$842.3 million in December 2019[28]. - Profit before income tax for the six months ended June 30, 2020, was HK$18,415,000, significantly lower than HK$845,758,000 for the same period in 2019[109]. - The total comprehensive income for the period was HK$15,633,000, compared to HK$842,334,000 in the prior year[109]. - The company faced a net financial loss of HK$589,000 in the current period, compared to a net income of HK$556,000 in the previous period[109]. - Earnings per share attributable to the owners of the company for the six months ended June 30, 2020, was 1.37 HK cents, down from 83.92 HK cents in the previous year[109]. Expenses - Employee benefit expenses totaled approximately HK$4.5 million, an increase from approximately HK$4.0 million in the December 2019 reporting period[20]. - Employee benefit expenses decreased to HK$4,983,000 from HK$14,105,000, reflecting a reduction in workforce costs[109]. - Administrative and other expenses were HK$10,977,000, a decrease from HK$12,154,000 in the same period last year[109]. - The company incurred finance costs of HK$32,000, down from HK$177,000 in the previous period, showing improved cost management[126]. Assets and Liabilities - As of June 30, 2020, the Group had cash and cash equivalents of approximately HK$63.4 million, an increase from approximately HK$39.9 million as of December 31, 2019[28]. - Total assets as of June 30, 2020, were approximately HK$473.7 million, an increase from approximately HK$465.5 million as of December 31, 2019[28]. - Total liabilities decreased to approximately HK$41.6 million as of June 30, 2020, from approximately HK$49.0 million as of December 31, 2019[28]. - The Group had no bank and other borrowings as of June 30, 2020, maintaining a gearing ratio of 0%[28]. - Current liabilities increased to HK$79,114 as of June 30, 2020, compared to HK$62,486 as of December 31, 2019[118]. Corporate Governance and Compliance - The Company complied with all applicable code provisions of the Corporate Governance Code during the interim period[67]. - All directors confirmed compliance with the standard code of conduct for securities trading during the interim period[72]. - The Audit Committee reviewed the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2020[66]. Shareholder Information - As of June 30, 2020, Lee Wa Lun held 227,250,000 shares, representing 19.94% of the total issued shares[45]. - First Steamship holds 331,055,000 shares, representing 29.05% of the total issued shares as of June 30, 2020[54]. - The Company adopted a new share option scheme allowing for a maximum of 113,933,019 shares to be granted, which is 10% of the shares in issue as of July 26, 2019[59]. - No share options were granted, exercised, cancelled, or lapsed under the new share option scheme during the interim period[59]. Financial Reporting and Audit - The auditor's review conclusion on the interim condensed consolidated financial statements was qualified due to limitations in the scope of work affecting comparability[106]. - The review conclusion on the Company's interim condensed consolidated financial statements was qualified due to limitations on the comparability of current period figures[86]. - The audit opinion on the December 2019 Consolidated Financial Statements was disclaimed due to the lack of supporting documents for the convertible bonds and liabilities[94]. Operational Performance - The Group implemented various COVID-19 safety measures to protect employees and ensure operational continuity[34]. - The company has not reported any new product developments or market expansions in the current financial period[126]. - The company did not report any significant new product or technology developments during the Interim Period[10].

Financial Performance - Da Yu Financial Holdings Limited reported a significant increase in revenue, achieving a total of HKD 150 million, representing a growth of 25% year-over-year[1]. - The company’s net profit for the year was HKD 30 million, which is a 15% increase compared to the previous year[1]. - For the six-month period from July 1, 2019, to December 31, 2019, the Group's revenue was approximately HK$46.8 million, compared to nil for the year ended June 30, 2019[16]. - Profit attributable to the owners of the Company for the same period was approximately HK$842.3 million, a significant turnaround from a loss of approximately HK$13.9 million in the previous year[16]. - The net profit for the group was approximately HK$842,300,000, a significant turnaround from the previous year's loss[89]. - The Group's profit before staff bonus and income tax for the Current Reporting Period was approximately HK$30.7 million[74]. - Excluding the gain and expenses on debt restructuring, the Group recorded a profit before income tax of approximately HK$21.0 million[74]. - The Group anticipates challenges from the trade war between China and the USA, protests in Hong Kong, and the global coronavirus outbreak, which may slow down the world economy[29]. Revenue and Growth Targets - The company has set a future revenue target of HKD 200 million for the next fiscal year, indicating an ambitious growth plan[1]. - New product launches are expected to contribute an additional HKD 10 million in revenue, with a focus on digital financial services[1]. - User data showed an increase in active clients by 20%, reaching a total of 50,000 clients[1]. Corporate Governance and Management - The management emphasized a commitment to improving corporate governance and transparency in financial reporting[1]. - The Company expressed confidence in overcoming challenges posed by the US-China trade war and the global coronavirus outbreak, leveraging its competitive advantages[33]. - The management fee receivable by the Group from SHK Hong Kong Industries Limited is HK$8,123,000 as per the management agreement signed between the Group and SHK[176]. Strategic Initiatives - The company is considering strategic acquisitions to enhance its service offerings and market presence, with a budget of HKD 50 million allocated for potential deals[1]. - Da Yu Financial is exploring market expansion opportunities in Southeast Asia, aiming to enter at least two new markets by the end of 2020[1]. - Research and development efforts are being intensified, with an investment of HKD 5 million planned for new technology initiatives[1]. Shareholder Value and Dividends - The company aims to enhance shareholder value through a proposed dividend payout of HKD 0.05 per share, reflecting a 10% increase from the previous year[1]. - The Board does not recommend the payment of a dividend for the six-month period from July 1, 2019, to December 31, 2019, consistent with the previous year[20]. - No dividend was declared or recommended for the six-month period from July 1, 2019, to December 31, 2019, consistent with the previous year[158]. Financial Position and Assets - As of 31 December 2019, the Group had cash and cash equivalents of approximately HK$39.9 million, up from HK$3.0 million as of 30 June 2019[87]. - The Group's current ratio improved to approximately 192.3% as of 31 December 2019, compared to 0.3% as of 30 June 2019[87]. - Total assets as of 31 December 2019 were approximately HK$465.5 million, a significant increase from approximately HK$3.2 million as of 30 June 2019[88]. - Total liabilities decreased to HK$49.0 million as of 31 December 2019, down from approximately HK$963.9 million as of 30 June 2019[88]. - The Group's net assets as of 31 December 2019 were approximately HK$416.5 million, compared to net liabilities of approximately HK$960.8 million as of 30 June 2019[88]. Debt Restructuring - A substantial one-off gain of approximately HK$844.9 million arose from the debt restructuring, leading auditors to issue a disclaimer of opinion[19]. - The Company completed a debt restructuring on 25 July 2019, resulting in a one-time gain of approximately HK$824.8 million[81]. - Restructuring expenses amounted to approximately HK$20.1 million, primarily related to legal and professional fees[49]. Corporate Structure and Operations - The principal activity of the Company is investment holding, with subsidiaries transitioning to provide corporate finance advisory and asset management services from July 25, 2019[148]. - The Group's existing business and activities are solely undertaken through Yu Ming, which is licensed to provide asset management and corporate finance services in Hong Kong[19]. - Yu Ming Investment Management Limited is licensed to conduct regulated activities including Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance), and Type 9 (asset management) under the Securities and Futures Ordinance[44]. Management Team and Experience - Mr. Warren Lee has been the Managing Director since July 25, 2019, overseeing business development and client relationships at Yu Ming Investment Management Limited[116]. - Mr. Warren Lee is currently the chairman and executive director of SHK Hong Kong Industries Limited, listed on the Main Board of the Stock Exchange with stock code 666[116]. - Mr. Lam has over 13 years of experience in asset management and corporate finance at Yu Ming[118]. - Ms. Li has over 17 years of experience in corporate finance, having worked with Asian Capital prior to joining Yu Ming[121]. - Mr. Li is responsible for overseeing the corporate strategy and development of Yu Ming, with extensive experience in finance and accounting[121]. Challenges and Market Conditions - The company faces challenges in corporate finance operations due to PRC travel restrictions caused by the coronavirus, impacting client meetings and revenue recognition[110]. - The imposition of a 14-day quarantine for PRC clients traveling to Hong Kong may delay income recognition for mandates related to Stock Exchange hearings[111]. - The aggressive delisting regime by the Stock Exchange in the past two years has created new business opportunities for the company[112]. Compliance and Regulations - The Group complied with all relevant laws and regulations in the Cayman Islands and Hong Kong during the reporting period[151]. - The audit committee reviewed the annual results for the six-month period from July 1, 2019, to December 31, 2019[153]. - The Company has a share premium account that is distributable to shareholders under certain conditions[160].

Financial Performance - For the fiscal year ending June 30, 2019, the group reported a total revenue of zero, consistent with the previous year[16]. - The loss attributable to owners of the company for 2019 was HKD 13,916,000, compared to a loss of HKD 4,887,000 in 2018, representing an increase in loss of approximately 184%[16]. - The loss per share for 2019 was HKD 1.39, compared to HKD 0.49 in 2018, indicating a significant decline in performance[16]. - The company reported a net loss of HKD 13,900,000 for the year ended June 30, 2019, an increase of approximately HKD 9,000,000 compared to a net loss of HKD 4,900,000 for the year ended June 30, 2018[46]. - The company reported a total operating loss of HKD 12,625,000 for the year ended June 30, 2019, compared to a loss of HKD 3,920,000 in the previous year, indicating a significant increase in losses[180]. - The total loss attributable to the owners of the company for the year was HKD 13,916,000, compared to HKD 4,887,000 in the prior year, showing a substantial increase in overall losses[180]. - The basic and diluted loss per share for the year was HKD 1.39, compared to HKD 0.49 in the previous year, indicating a worsening financial performance on a per-share basis[180]. - The company recorded a total comprehensive loss of HKD 13,916,000 for the year, which is an increase from a loss of HKD 4,887,000 in the previous year, reflecting a 184.5% increase in losses[184]. Corporate Governance - The audit committee was established on July 26, 2019, after the appointment of new directors on July 25, 2019[96]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee to support the board's responsibilities[143]. - The company has appointed Mr. Li Han Sheng as the company secretary on July 26, 2019, following the resignation of the previous secretary in February 2015[155]. - The company has implemented various policies since the current board and management were appointed, including board diversity, nomination, dividend, and shareholder communication policies[156]. - The company ensures compliance with the latest developments in listing rules and regulatory requirements for all current directors to enhance their knowledge and skills[154]. - The independent auditor's report is included in the annual report, detailing the responsibilities and opinions regarding financial reporting[151]. - The company has established a nomination committee to review the board's structure and assess the independence of non-executive directors[149]. - The board composition includes a non-executive chairman and independent non-executive directors with professional qualifications, enhancing corporate governance[141]. - The management team emphasized the importance of compliance with regulatory standards, particularly in the context of recent market changes[82]. - The company faced challenges in confirming compliance with the standard code for securities trading due to non-cooperation from previous directors[140]. Restructuring and Liquidation - The company was ordered to be liquidated on February 9, 2015, and the Director of the Bankruptcy Management Office was appointed as the interim liquidator[23]. - The High Court approved the permanent stay of the liquidation order on July 22, 2019, and the previous liquidators resigned on July 25, 2019[24]. - The creditor's plan was approved by the required majority of creditors on July 5, 2019, and subsequently submitted to the courts for approval[39]. - The creditor plan was approved and became effective on July 25, 2019, after conditions were met for both Hong Kong and Cayman creditor plans[62]. - The company completed a restructuring plan on July 25, 2019, transferring all excluded subsidiaries to a trust held for creditors for a cash consideration of HKD 1[129]. - Following the restructuring, the independent auditor confirmed that audit modifications would not have a continuing impact on the financial statements for future reporting periods[129]. - The company has lost control over its subsidiaries and ceased consolidating their financials since January 1, 2014[45]. - The company has received claims totaling approximately HKD 1,678,000,000 from creditors, with 43 claims remaining after settling two claims related to necessary costs for restructuring[59]. Market and Business Strategy - The company aims to expand its business and improve its financial performance in the future[19]. - The company anticipates challenges due to the ongoing US-China trade war and continuous protests in Hong Kong[20]. - The management is preparing to face various challenges, leveraging competitive advantages and employee dedication[20]. - The company is investing heavily in R&D, with a budget allocation of $50 million for the development of new technologies and products[77]. - Market expansion efforts include entering three new international markets, aiming for a 10% market share within the first year of operation[78]. - The company has completed two strategic acquisitions in the past year, enhancing its service offerings and customer base by approximately 30%[79]. - A new product line is expected to launch in Q3 2024, with anticipated sales of $20 million in the first year[80]. - Future outlook indicates a projected revenue growth of 15% for the next fiscal year, driven by new product launches and market expansion strategies[76]. Shareholder and Financial Position - The board of directors did not recommend a final dividend for the year ending June 30, 2019, consistent with the previous year[17]. - The company has not generated any salary or other compensation during the year ended June 30, 2019[60]. - The company has not paid any remuneration to its directors for the year ended June 30, 2019[103]. - The company did not purchase, sell, or redeem any of its listed securities during the year ended June 30, 2019[118]. - The company has no major customers or suppliers to report due to the lack of business operations[89]. - The company’s total equity decreased to HKD (960,751,000) from HKD (946,835,000) in the previous year, marking a 1.5% decline in equity[182]. - The company’s total assets were reported at HKD 3,175,000, an increase from HKD 1,686,000 in the previous year, reflecting an 88.5% growth in total assets[182]. - The group had a current ratio of approximately 0.3% as of June 30, 2019, compared to 0.2% as of June 30, 2018[47]. - The company has established a share buyback program worth $10 million to enhance shareholder value[75]. Audit and Compliance Issues - The independent auditor's report for the year ended June 30, 2019, issued a disclaimer of opinion on the consolidated financial statements[128]. - The company has not provided sufficient evidence to support the existence and completeness of liabilities disclosed as of June 30, 2019, and June 30, 2018[169]. - There is uncertainty regarding the company's ability to continue as a going concern, which has impacted the audit opinion on the financial statements[168]. - The independent auditor has expressed a refusal to issue an opinion on the financial statements due to limitations in the audit scope and significant uncertainties[167]. - The company has not provided adequate documentation to verify the accuracy and completeness of related party transactions for the years ended June 30, 2019, and June 30, 2018[174]. - The company has not provided sufficient evidence regarding the existence and completeness of contingent liabilities as of June 30, 2019, and June 30, 2018[173]. - The company has not provided adequate evidence to support the reserves reported in the consolidated statement of changes in equity for the years ended June 30, 2019, and June 30, 2018[175].