格隆汇8月5日丨民银资本(01141.HK)公告，公司全资附属公司民银投资(香港)已透过牵头经办人认购发 行人SND International (BVI) Co., Ltd.发行的债券，而于2023年11月27日，有关指令已获确认且民银投资 (香港)已获分配债券，总认购金额为100万美元，总代价为100万美元，不包括交易成本。 于2025年8月5日，民银投资(香港)已于场外交易市场购买本金总额为1000万美元的债券，总代价为约 1024.2万美元。 ...

智通财经7月25日电，利弗莫尔证券显示，安徽金岩高岭土新材料股份有限公司向港交所提交上市申请 书，联席保荐人为国元国际、民银资本。 ...

智通财经5月28日电，利弗莫尔证券显示，新琪安科技股份有限公司向港交所提交上市申请书，独家保 荐人为民银资本。 ...

Economic Outlook - The global economy is experiencing a steady recovery in 2024, with the US showing robust growth and a significant "soft landing" trend[7]. - China's economy is achieving stable growth supported by a series of policies, with domestic demand gradually being released[7]. - The Federal Reserve initiated a rate cut cycle in September 2024, reducing rates by a total of 100 basis points throughout the year[7]. - External demand has strengthened due to the recovery of the global economy and the impact of tariff policies[7]. - The fourth quarter of 2024 saw an unexpected economic rebound in China, driven by a series of growth-stabilizing policies[7]. - The Hong Kong economy is expected to achieve slight growth despite challenges from high interest rates and currency fluctuations, supported by government measures to attract talent and activate financial markets[8]. Company Performance - Total revenue for the group reached approximately HKD 363.4 million, a 133.3% increase from HKD 155.7 million in the previous year, with a net profit of HKD 50.8 million compared to a net loss of HKD 572.3 million[13]. - The company reported a profit attributable to shareholders of approximately HKD 50.8 million, compared to a loss of HKD 572.3 million in the previous year, marking a turnaround from loss to profit[18]. - Basic and diluted earnings per share for the reporting year were HKD 0.0459, a significant improvement from a loss of HKD 0.5104 per share in the previous year[18]. - Total income generated from the investment portfolio for the reporting year is approximately HKD 119.7 million, a decline of about 55% compared to HKD 267.8 million in the previous year[29]. - The asset management business recorded revenue and profit of approximately HKD 135.9 million and HKD 111.0 million, respectively, an increase from HKD 124.4 million and HKD 99.3 million in the previous year[52]. Investment Strategy - The company is focusing on market expansion and new product development to leverage the improving economic conditions[7]. - The company aims to align its strategies with the global economic recovery trends to maximize growth opportunities[7]. - The company is focusing on investment opportunities in Greater China and gradually expanding into Asia and developed regions, targeting industries with high growth potential and strong competitive barriers[24]. - The investment strategy emphasizes sustainable high-level returns while adhering to a diversified investment principle, limiting individual bond holdings to no more than 5% of the total portfolio[31]. Risk Management - The company has established practical guidelines to control overall credit and operational risks, monitoring loan recoverability[39]. - The management team regularly assesses the financial status of borrowers and collateral to ensure loan recoverability[41]. - The risk management and internal control committee meets biannually to review risk management reports and ensure system effectiveness[41]. - The company has implemented strict risk control measures and ongoing management for its loan business to ensure credit and operational risks remain manageable[32]. - The company is enhancing risk compliance management capabilities by implementing a structured risk governance framework and strict credit risk controls[80]. Corporate Governance - The company has maintained high standards of corporate governance, adhering to all applicable provisions of the corporate governance code[186]. - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors[190]. - The independent non-executive directors have reviewed the continuous related transactions and confirmed they were conducted on fair and reasonable terms[161]. - The company has adopted the standard code of conduct for securities trading as per the listing rules, confirming compliance by all directors throughout the reporting year[187]. Future Outlook - The company has outlined a future outlook with a projected revenue growth of 20% for the next fiscal year[99]. - New product launches are expected to contribute an additional $200 million in revenue over the next year[99]. - A strategic acquisition is planned, which is anticipated to enhance the company's technology capabilities and add $150 million in annual revenue[99]. - The company plans to continue solid preparations for potential IPO projects, anticipating ongoing market volatility in 2025[53]. Employee and Talent Development - The talent development system is being strengthened to attract diverse and skilled professionals, ensuring a solid human resource foundation for the company's growth[80]. - The company has a focus on continuous employee engagement and loyalty to enhance overall business capabilities[80]. - The total employee cost for the reporting year was approximately HKD 86.7 million, an increase from HKD 62.8 million in the previous year, with the number of employees rising to 93 from 72[74].

于报告年度内，受再融资需求的带动，中资离岸债券发行的数量和规模较上一年度均有较大幅度的增 长。集团境外债券承销业务客群依然以金融机构和地方国有企业为主。于报告年度，集团共完成264笔 债券的承销发行，发行总规模超过530亿美元，承销主体的信用资质保持稳健。 本集团于报告年度的收入及投资的收益或亏损净额上升约133.3%至约3.634亿港元，而上一年度约为 1.557亿港元。此乃主要由于报告年度内资本市场情况较去年有所好转，金融资产价格较去年上升，使 金融资产公允价值变动同比由亏转盈及交易亏损同比大幅减少。报告年度内，即使债券投资规模及对外 贷款规模下降，导致金融投资和贷款及融资的收入减少，整体收入及投资的收益或亏损净额亦同比上 升。 智通财经APP讯，民银资本(01141)发布截至2024年12月31日止年度业绩，收入3.47亿港元，同比减少 29.83%;公司拥有人应佔本年度溢利5079.2万港元，而2023年同期取得亏损5.72亿港元;每股盈利4.59 港 仙。 于报告年度，由证券分类贡献的收入增加至约为4810万港元，分类业绩由亏转盈，溢利约620万港元， 而上一年度收入及亏损分别约3390万港元及14 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 346,545,000, a decrease of 29.9% compared to HKD 493,894,000 in the previous year[4] - The company achieved a pre-tax profit of HKD 68,102,000, a significant recovery from a pre-tax loss of HKD 560,986,000 in the previous year[4] - The net profit attributable to shareholders for the year was HKD 50,792,000, compared to a net loss of HKD 572,306,000 in the previous year[5] - The company’s total comprehensive income for the year was HKD 138,719,000, compared to a total comprehensive loss of HKD 337,411,000 in the previous year[5] - Total reported income for the year ending December 31, 2024, is HKD 346,545,000, a decrease from HKD 493,894,000 in 2023, representing a decline of approximately 29.9%[15] - The company reported a net loss of HKD 560,986,000 for the year ending December 31, 2023, compared to a profit in the previous year, indicating a significant downturn in performance[17] - The group reported a profit attributable to shareholders of approximately HKD 50.8 million for the fiscal year, a turnaround from a loss of HKD 572.3 million in the previous year[47] - Revenue and net investment income increased by approximately 133.3% to about HKD 363.4 million, compared to HKD 155.7 million in the previous year, primarily due to improved capital market conditions[47] Assets and Liabilities - The company's total assets decreased to HKD 3,774,063,000 from HKD 4,445,773,000, reflecting a decline of 15.1% year-over-year[6] - The company's current liabilities decreased to HKD 2,429,502,000 from HKD 3,257,141,000, a reduction of 25.4%[7] - Total assets as of December 31, 2024, are HKD 3,844,497,000, an increase from HKD 4,559,550,000 in 2023, showing a reduction of about 15.7%[18] - The company’s liabilities decreased to HKD 2,455,727,000 in 2024 from HKD 3,306,848,000 in 2023, a decline of approximately 25.8%[18] - The company’s total equity increased to HKD 1,388,770,000 from HKD 1,252,702,000, reflecting a growth of 10.9% year-over-year[7] Revenue Sources - Revenue from a major client for asset management services amounted to HKD 119,348,000 in 2024, accounting for over 10% of total revenue, compared to HKD 87,086,000 in 2023[21] - The company’s income from financial investments, including dividends and other investment income, decreased to HKD 66,345,000 in 2024 from HKD 140,145,000 in 2023, a decline of about 52.7%[15] - The total income from asset management services increased to HKD 135,944,000 in 2024 from HKD 124,425,000 in 2023, reflecting a growth of approximately 9.8%[16] - The corporate finance and advisory segment recorded revenue of approximately HKD 39.8 million, up from HKD 31.0 million in the previous year, while profit for the segment was approximately HKD 8.4 million, down from HKD 10.1 million[75] Costs and Expenses - The company reported a decrease in financing costs to HKD 107,275,000 from HKD 260,193,000, a reduction of 58.8%[4] - The company’s employee costs rose to HKD 86,725,000 in 2024, an increase of 37.9% from HKD 62,822,000 in 2023[25] - Administrative expenses and financing costs totaled approximately HKD 281.9 million, a decrease of 30% from HKD 403.3 million in the previous year[76] Credit and Risk Management - The total expected credit loss provision decreased significantly to HKD 234,690,000 in 2024 from HKD 231,603,000 in 2023, indicating improved credit quality[30] - The expected credit loss for receivables from securities trading was recognized at HKD 1,424,000 for the year ending December 31, 2024, a significant decrease from HKD 39,033,000 in 2023[36] - The company has established an expected credit loss model to measure credit risk changes, with management responsible for overseeing the credit quality of the loan portfolio[69] - The company monitors the financial status of borrowers and collateral on a regular basis to assess credit risk and loan recoverability[64] - The company’s risk management and internal control systems are evaluated by the Risk Management and Internal Control Committee every six months[66] Share Repurchase and Dividends - The company did not declare or pay any dividends for the years ending December 31, 2024, and 2023[29] - The group repurchased a total of 10,643,000 shares at prices ranging from HKD 0.16 to HKD 0.56 per share, for a total cost of approximately HKD 2.65 million[46] - All repurchased shares have been cancelled by the end of the reporting year[100] Strategic Focus and Future Outlook - The company remains optimistic about the economic development in China and Hong Kong, while preparing for external uncertainties and geopolitical challenges[90] - The company aims to enhance its investment banking services, focusing on high-tech, new energy, and consumer sectors, while also promoting green development strategies[91][92] - The company plans to strengthen its wealth management capabilities and develop a one-stop trading platform for various financial products[92] - The group focuses on high-growth potential sectors, particularly technology innovation and healthcare, while expanding its investment strategy in developed regions such as Asia and Europe[52]

Financial Performance - The group recorded revenue of approximately HKD 156.7 million, a year-on-year decrease of about 40.9%[5] - Net profit was approximately HKD 79.7 million, marking a turnaround from a loss, primarily due to a significant reduction in expected credit loss provisions on bond investments[5] - The company reported a profit attributable to shareholders of approximately HKD 79.7 million, compared to a loss of HKD 250.5 million in the previous period, achieving a turnaround[12] - Total revenue decreased by approximately 40.9% from HKD 265.2 million to HKD 156.7 million, primarily due to a significant reduction in fixed income investment scale and asset management fees[13] - The company reported a net profit before tax of HKD 102,267,000, a significant improvement from a loss of HKD 237,069,000 in the previous year[57] - Basic and diluted earnings per share for the period were HKD 7.16, compared to a loss of HKD 22.32 per share in the same period last year[57] - The company recognized a net loss of HKD 9,698,000 in impairment losses, a substantial decrease from HKD 249,552,000 in the prior year[57] - Total financing costs decreased to HKD 58,174,000 from HKD 149,555,000, reflecting improved financial management[57] - The company reported total comprehensive income for the period was HKD 139,314,000, compared to a total comprehensive loss of HKD 115,841,000 for the same period in 2023[58] Investment Activities - The fair value of investment projects increased significantly during the reporting period, including unrealized gains of approximately HKD 108.6 million from a specific equity investment[5] - The group completed 118 bond underwriting transactions during the reporting period, with a total issuance scale exceeding USD 24 billion, of which over 70% were investment-grade bonds[6] - The company completed nine equity underwriting projects during the reporting period, despite market instability, covering various sectors including agriculture, shared mobility, and AI[9] - The company is focusing on investment opportunities in high-growth sectors with strong competitive barriers, particularly in technology and healthcare[7] - The company is actively seeking high-potential technology innovation and healthcare enterprises that comply with listing regulations[7] Asset Management - The net asset value of the company's public funds increased by approximately 1.99% for the Min Yin Hong Kong Selected Bond Fund and 8.15% for the Min Yin Hong Kong Strategy Fund compared to December 31, 2023[8] - The group's asset management segment recorded revenue of approximately HKD 51.5 million, compared to HKD 73.5 million in the previous period, with a corresponding profit decrease from HKD 62.6 million to HKD 39.6 million[22] - The company plans to launch multiple fund products in Hong Kong to enrich its asset management offerings in response to local market trends[8] Economic Outlook - The Hong Kong economy showed moderate recovery with GDP growth of 2.7% and 3.3% in Q1 and Q2 2024, respectively, exceeding market expectations[10] - The overall outlook for the Hong Kong economy in the second half of 2024 is expected to remain stable, supported by domestic consumption and investment recovery[10] - The anticipated decline in interest rates in Hong Kong in Q4 2024 is expected to promote investment activities and a recovery in the residential market[10] Risk Management - The company is committed to improving risk compliance management and ensuring proper management of credit risks associated with new investment and financing[11] - The group has implemented comprehensive risk management policies and internal control procedures to monitor and manage various business risks[39] Financial Position - The investment portfolio as of June 30, 2024, totaled approximately HKD 3.1 billion, down from HKD 3.5 billion at the end of 2023[18] - The group's current assets were approximately HKD 3.84 billion as of June 30, 2024, down from HKD 4.45 billion as of December 31, 2023, with a current ratio of approximately 1.5[29] - The total equity attributable to shareholders was approximately HKD 1.39 billion, an increase from HKD 1.25 billion as of December 31, 2023[26] - The company's non-current assets decreased from HKD 113,777,000 as of December 31, 2023, to HKD 99,335,000 as of June 30, 2024, reflecting a reduction of approximately 12.7%[60] - Current assets decreased from HKD 4,445,773,000 to HKD 3,839,950,000, a decline of about 13.6%[60] - Current liabilities decreased from HKD 3,257,141,000 to HKD 2,494,461,000, representing a reduction of approximately 23.5%[61] Shareholder Information - Major shareholders include China Minsheng Bank, holding approximately 68.65% of the issued shares, and Minsheng International, holding approximately 68.43%[44] - The company did not declare an interim dividend for the reporting period, consistent with the previous period[40] - The company has not granted any share awards under its share incentive plan since its adoption in February 2016[41] Employee and Administrative Costs - The total employee cost during the reporting period was approximately HKD 40.6 million, an increase from HKD 30.6 million in the previous period, with the workforce growing from 75 to 88 employees[37] - Total administrative expenses and financing costs for the reporting period were approximately HKD 136.7 million, significantly reduced from HKD 221.3 million in the previous period[24] Other Financial Metrics - The company reported other income of HKD 9,630,000, compared to HKD 19,206,000 in the previous year, indicating a decline in additional revenue sources[57] - The company recorded a significant increase in commission income from brokerage and related services, rising to HKD 5,478 million from HKD 667 million year-over-year[88] - Interest income from debt securities investments was HKD 22,801 million, significantly lower than HKD 55,811 million in the previous year, reflecting a decline of approximately 59%[88]

Financial Performance - The company reported a revenue of HKD 156,673,000 for the six months ended June 30, 2024, a decrease of 41% compared to HKD 265,217,000 for the same period in 2023[2]. - The net profit attributable to the company's owners for the current period was HKD 79,673,000, a significant recovery from a loss of HKD 250,501,000 in the previous period[3]. - The company achieved a pre-tax profit of HKD 102,267,000, compared to a pre-tax loss of HKD 237,069,000 in the previous period[2]. - Total comprehensive income for the period amounted to HKD 139,314,000, compared to a total comprehensive loss of HKD 115,841,000 in the previous period[3]. - Total revenue for the six months ended June 30, 2024, was HKD 156,673,000, compared to HKD 265,217,000 for the same period in 2023, representing a decrease of 41%[9]. - The company reported a profit attributable to shareholders of approximately HKD 79.7 million, compared to a loss of approximately HKD 250.5 million in the previous period, achieving a turnaround[42]. - Total revenue decreased by approximately 40.9% from HKD 265.2 million to approximately HKD 156.7 million, primarily due to a significant reduction in fixed income investment scale and a decline in asset management scale[43]. Assets and Liabilities - The company's total assets decreased to HKD 3,839,950,000 as of June 30, 2024, down from HKD 4,445,773,000 as of December 31, 2023[4]. - Current liabilities were reported at HKD 1,284,358,000, a decrease from HKD 1,044,658,000 in the previous period[5]. - The company's cash and cash equivalents decreased to HKD 307,393,000 from HKD 436,102,000 in the previous period[4]. - The company's total equity increased to HKD 1,389,876,000 as of June 30, 2024, compared to HKD 1,252,702,000 as of December 31, 2023[5]. - Total assets as of June 30, 2024, amounted to HKD 3,939,285,000, with liabilities totaling HKD 2,549,409,000[12]. - Current assets as of June 30, 2024, were approximately HKD 3,840.0 million, down from HKD 4,445.8 million, while current liabilities were approximately HKD 2,494.5 million, resulting in a current ratio of approximately 1.5[52]. Revenue Sources - Commission income from brokerage and related services was HKD 5,478,000 for the six months ended June 30, 2024, up from HKD 667,000 in the same period of 2023, showing a significant increase[9]. - Financial advisory and underwriting service income surged to HKD 23,655,000 in the first half of 2024, compared to HKD 4,324,000 in the prior year, reflecting a growth of 448%[9]. - Asset management fees and performance fees decreased to HKD 51,498,000 from HKD 73,518,000 year-over-year, indicating a decline of 30%[9]. - Interest income from loans and financing dropped to HKD 3,185,000 in the first half of 2024, down from HKD 23,541,000 in the same period of 2023, a decrease of 86%[9]. - Interest income from debt securities investments was HKD 22,801,000 for the six months ended June 30, 2024, compared to HKD 55,811,000 in 2023, a decline of 59%[9]. - Dividend income and other investment income fell to HKD 34,031,000 from HKD 83,392,000 year-over-year, representing a decrease of 59%[9]. - The company reported a total of HKD 91,073,000 in customer contract revenue under HKFRS 15 for the first half of 2024, compared to HKD 82,573,000 in the same period of 2023, an increase of 10%[10]. Expenses and Costs - The company recorded a significant reduction in financing costs to HKD 58,174,000 from HKD 149,555,000 in the previous period[2]. - The company’s employee costs increased to HKD 40,588,000 from HKD 30,638,000 in the previous period[2]. - The company incurred a total of HKD 470,852,000 in segment expenses for the six months ended June 30, 2024[11]. - Total administrative expenses and financing costs decreased to approximately HKD 136.7 million from HKD 221.3 million, with employee costs rising due to an increase in headcount[50][51]. Risk Management and Compliance - The company has established a risk management and internal control committee to oversee its overall risk management framework[63]. - The company has implemented comprehensive risk management policies to monitor and manage various business risks[63]. - The independent auditor confirmed that there were no significant issues with the interim financial statements prepared in accordance with HKAS 34[65]. - The company does not use derivative financial instruments to hedge foreign exchange risks, which are considered manageable due to the peg between the Hong Kong dollar and the US dollar[61]. Market and Strategic Outlook - The Group aims to enhance cross-border collaboration and fully integrate into the development framework of China Minsheng Bank, focusing on project cooperation opportunities[40]. - The Group's investment strategy focuses on industries with high growth potential, particularly in technology innovation and healthcare sectors[34]. - The anticipated decline in interest rates in Hong Kong in the fourth quarter of 2024 is expected to promote investment activities and a recovery in the housing market[39]. - The Group is committed to developing strategic investment banking businesses in sectors such as TMT, new energy, and biomedicine, while enhancing revenue-generating capabilities through bond underwriting[40]. - The Group plans to launch multiple fund products in response to business development needs, further enriching its asset management product offerings[35]. Shareholder Actions - The company repurchased a total of 8,393,000 shares at prices ranging from HKD 0.16 to HKD 0.34, with a total cost of approximately HKD 2,140,000[30]. - The company did not declare an interim dividend for the six months ended June 30, 2024, compared to no dividend in the previous period[20]. - All repurchased shares have been cancelled as of the announcement date[66].

Economic Environment - In 2023, the global economy faced challenges despite supportive factors, with high interest rates suppressing demand and leading to concerns about a potential recession[6]. - China's macro policies have shown steady progress, with a series of demand expansion policies implemented, enhancing the role of consumption in economic growth[6]. - Infrastructure investment remains a key driver for stabilizing economic growth in China, supported by proactive policy measures[6]. - The service sector has accelerated its recovery due to measures aimed at stabilizing growth and employment, while high-tech manufacturing has made significant advancements[6]. - The real estate market continues to experience a downward trend, with weak rebound momentum observed[6]. - Hong Kong's economy is showing signs of recovery, with significant rebounds in retail and dining sectors, and gradual improvement in tourism[6]. Market Performance - The Hang Seng Index fell by 2,734 points or 13.8% in 2023, closing at 17,047 points, with a trading range exceeding 6,700 points[7]. - The average daily trading volume in the Hong Kong securities market decreased by 15.9% to HKD 105 billion in 2023, down from HKD 124.9 billion in 2022[7]. - The number of new listings in the Hong Kong stock market dropped by 19% to 73 companies in 2023, with total fundraising decreasing by 56% to HKD 46.3 billion[9]. - Total fundraising from the primary and secondary stock markets in Hong Kong fell by 41% year-on-year to HKD 150.7 billion[9]. Financial Performance - The group's total revenue for the reporting year was approximately HKD 155.7 million, a decline of about 70% from HKD 519.9 million in the previous year[13]. - The net loss for the group increased by approximately 31.1% to HKD 572.3 million, compared to HKD 436.6 million in the previous year[13]. - The group's total assets decreased by approximately 58% from HKD 10.85 billion at the end of 2022 to HKD 4.56 billion at the end of 2023[13]. - The group's investment portfolio generated total income of approximately HKD 267.8 million, a decrease from HKD 538.8 million in the previous year[33]. - Interest income from debt securities investments was approximately HKD 93.8 million, down from HKD 233.9 million year-on-year[33]. Investment Activities - The group completed 113 bond underwriting projects during the reporting year, showing growth compared to the previous year[12]. - The bond underwriting business completed 113 offshore bond issuances for 88 issuers, with a total underwriting scale of approximately USD 28.6 billion, where financial institutions accounted for 59% of the total underwriting scale[23]. - Direct fixed income investment revenue decreased significantly to approximately HKD 137.3 million, with a loss of about HKD 320.6 million, compared to HKD 428.2 million in revenue and a loss of HKD 197.8 million in the previous year[28]. - Other investments and financing recorded a net loss of approximately HKD 170.9 million, increasing from a loss of HKD 132.8 million in the previous year, primarily due to decreased interest income and declining fair value of investment projects[30]. Risk Management - The group maintained a rigorous risk management strategy, ensuring that no single bond holding exceeds 5% of the total portfolio[34]. - The group has established practical guidelines for controlling overall credit and operational risks, monitoring loan recoverability, and recovering loans[43]. - The group conducts regular monitoring of borrowers' financial conditions, including their earnings, profitability, cash flow, and asset quality[43]. - The group has implemented a credit loss model to measure expected credit losses and impairment related to credit risk changes in loans[51]. - The risk management and internal control committee meets semi-annually to review risk management reports and assess the effectiveness of the risk management system[46]. Corporate Governance - The company has maintained compliance with all applicable provisions of the corporate governance code throughout the reporting year[189]. - The board consists of eight directors, including three executive directors, two non-executive directors, and three independent non-executive directors[194]. - The board held four meetings during the reporting year, adhering to the requirement of at least four meetings annually[198]. - The independent non-executive directors have confirmed that the related party transactions were conducted on fair and reasonable terms[163]. - The company emphasizes the importance of corporate governance and compliance with established codes[198]. Management and Strategy - The company aims to enhance its investment banking competitiveness by focusing on sectors such as TMT, new energy, and biotechnology, while also expanding its U.S. stock business opportunities[81]. - The company is focused on expanding its market presence and enhancing its financial advisory services, particularly in the health, technology, and public utility sectors[91]. - The management team consists of approximately 72 employees, a slight decrease from 75 in 2022[78]. - The company has a strong management team with extensive experience in investment banking, financial advisory, and corporate restructuring[91]. - The company aims to leverage its expertise in financial services to drive growth and enhance shareholder value[96].

Financial Performance - The group reported a loss attributable to shareholders of approximately HKD 572.3 million, an increase of about 31.1% compared to the previous year's loss of HKD 436.6 million[6]. - The basic and diluted loss per share for the reporting year was HKD 0.5104, compared to HKD 0.3796 in the previous year[12]. - The company reported a net loss of HKD 560,986 thousand for the year ended December 31, 2023, compared to a net loss of HKD 430,813 thousand in 2022[40]. - The company reported a loss attributable to equity holders of HKD 572,306,000 for 2023, compared to a loss of HKD 436,597,000 in 2022, indicating a worsening of approximately 31%[88]. - The total reported income for 2023 was HKD 493,894 thousand, down from HKD 801,981 thousand in 2022, representing a decrease of approximately 38.3%[39]. Assets and Liabilities - The group's total assets as of December 31, 2023, were approximately HKD 4.45 billion, a significant decrease from HKD 10.74 billion in 2022[30]. - The company's total assets as of December 31, 2023, amounted to HKD 4,559,550 thousand, compared to HKD 10,849,997 thousand as of December 31, 2022[41]. - Total liabilities decreased to HKD 3,306,848 thousand in 2023 from HKD 9,250,639 thousand in 2022, reflecting a reduction of approximately 64.3%[41]. - The net current assets as of December 31, 2023, were HKD 1,188,632,000, compared to HKD 1,565,201,000 in 2022, a decrease of approximately 24%[47]. - The total assets less current liabilities decreased to HKD 1,302,409,000 in 2023 from HKD 1,676,086,000 in 2022, a decline of about 22.3%[47]. Investment and Income - The group's self-managed investment assets totaled approximately HKD 3.5 billion, down from HKD 8.7 billion in 2022, with bond investments accounting for about HKD 2.7 billion[8]. - The investment portfolio generated total income of approximately HKD 267.8 million, a decrease from HKD 538.8 million in the previous year, primarily due to lower interest income from debt securities[120]. - The total income from other sources, including interest income from loans and financing, was HKD 267,778 thousand in 2023, down from HKD 538,839 thousand in 2022, indicating a decrease of approximately 50.4%[38]. - The group's revenue and net investment income decreased by approximately 70.0% to about HKD 155.7 million, down from HKD 519.9 million in the previous year, primarily due to a downturn in the Hong Kong capital market[141]. - The group recorded a net loss of approximately HKD 170.9 million in other investment and financing income, an increase from a loss of approximately HKD 132.8 million in the previous year, primarily due to decreased interest income and declining fair value of investments[160]. Financing and Costs - The group's financing costs amounted to HKD 260.2 million, slightly down from HKD 266.1 million in the previous year[12]. - The total administrative expenses and financing costs amounted to approximately HKD 403.3 million, a decrease from HKD 434.3 million in the previous year[193]. - The total employee costs decreased from HKD 95,046,000 in 2022 to HKD 62,822,000 in 2023, a reduction of approximately 34%[86]. - The group has implemented strict controls over its receivables and has established procedures to assess the credit quality of its clients[93]. - The group has taken multiple steps to recover loans, including initiating legal proceedings and filing for liquidation against borrowers who failed to repay[177]. Credit Risk and Provisions - The expected credit loss for the first stage as of January 1, 2023, was HKD 449,000, while the total expected credit loss for all stages was HKD 141,649,000, indicating a total increase in credit risk provisions[69]. - The expected credit loss provision for margin clients was assessed, with approximately 23% of the balance secured by sufficient collateral as of December 31, 2023, down from 39% in 2022[94]. - The expected credit loss provision was HKD 2,713,000 for both years, indicating stable credit risk management[97]. - The expected credit loss provision for receivable loans was approximately HKD 231,603,000, up from HKD 141,649,000 in the previous year, indicating a significant increase in anticipated credit losses[125]. - The impairment loss recognized for receivables from securities trading was HKD 39,033,000 in 2023, a decrease from HKD 59,599,000 in 2022[95]. Market and Strategic Focus - The company plans to focus on expanding its market presence and enhancing its service offerings in the upcoming fiscal year[36]. - The group actively seeks investment opportunities in high-growth sectors within the Greater China region, focusing on industries with strong competitive advantages[116]. - The group has a rigorous risk management strategy, ensuring that no single bond holding exceeds 5% of the total portfolio at the time of purchase, promoting diversification across different issuers[121]. - The group has maintained a flexible and high liquidity asset allocation strategy, focusing on short to medium-term financing for its loan business[122]. - The group has adopted a cautious development strategy for its securities brokerage and margin financing businesses, focusing on risk control[144]. Shareholder Actions - The company repurchased a total of 12,961,000 shares at prices ranging from HKD 0.27 to HKD 1.70, costing approximately HKD 9,245,000, with 3,498,000 shares canceled during the reporting period[1]. - The company did not declare or pay any dividends for the year ended December 31, 2023[65]. - The group’s total equity attributable to shareholders was approximately HKD 1,252.7 million, down from HKD 1,599.4 million in the previous year[194]. - The average number of ordinary shares for calculating basic and diluted loss per share was 1,121,224,000 in 2023, down from 1,150,093,000 in 2022[88]. - The group has reduced its stake in the Medical Fund from 66.6% to 0%, resulting in the termination of the fund and the redemption of all participating shares[136].