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].

Financial Performance - The company recorded revenue of approximately HKD 265.2 million for the reporting period, representing a year-on-year decline of about 36.4%[132]. - The total income from financial investments, including interest income from debt securities, was HKD 55,811, down from HKD 156,617, a decrease of 64%[35]. - The total investment and financing classification income and net investment loss amounted to approximately -HKD 6.1 million, significantly improved from -HKD 97.7 million in the previous period[151]. - The company reported a total comprehensive loss of HKD 115,841 thousand for the period, compared to a loss of HKD 250,501 thousand in the previous period[49]. - The company reported a pre-tax loss of HKD 275,250 thousand, compared to a loss of HKD 126,544 thousand in the previous year, indicating a significant increase in losses[81]. Assets and Liabilities - As of June 30, 2023, the group's current assets were approximately HKD 7,566.2 million, down from HKD 10,739.1 million as of December 31, 2022[1]. - The group's total assets decreased to HKD 6,117,231 thousand from HKD 9,173,911 thousand as of December 31, 2022, representing a decline of approximately 33.5%[48]. - The company’s total liabilities decreased to HKD 4,636,644 thousand as of June 30, 2023, from HKD 5,574,553 thousand as of December 31, 2022, a decrease of approximately 16.8%[48]. - The group's liquid assets, excluding cash held on behalf of clients, totaled approximately HKD 5,641.7 million, a decrease from HKD 8,536.3 million as of December 31, 2022[1]. - Current liabilities, specifically accounts payable, decreased to HKD 228,571 thousand from HKD 261,375 thousand, a reduction of about 12.5%[48]. Employee and Operational Costs - The total employee cost for the reporting period was approximately HKD 30.6 million, a decrease from HKD 38.9 million in the previous period[7]. - The group had 75 employees as of June 30, 2023, down from 82 employees a year earlier[7]. Investment and Financing Activities - The group issued money market funds during the reporting period, enriching the variety of asset management products and filling gaps in cash management offerings[122]. - The group adapted to market changes by broadening the types of bond underwriting products offered, despite a slight decrease in the number and scale of bond underwriting compared to the previous period[119]. - The group continues to enhance risk control measures in financing operations to achieve an overall balance of risk and return amid a challenging market environment[156]. - The group’s expected credit loss provisions for certain high-yield bonds were increased due to a challenging external environment, including high inflation and rising interest rates[169]. - The group has maintained a steady development of its bond underwriting business despite external pressures, demonstrating resilience in adapting to market conditions[119]. Revenue Streams - The revenue from brokerage and related services increased to HKD 667, compared to HKD 141 in the previous year, representing a growth of 373%[35]. - The revenue from asset management fees, investment advisory services, and performance fees rose to HKD 73,518, up from HKD 63,533, marking a 23% increase[35]. - The asset management segment recorded revenue of approximately HKD 73.5 million, an increase from HKD 63.5 million in the previous period, driven by a rise in average management fees[157]. - The corporate finance and advisory segment reported revenue of approximately HKD 6.4 million, down from HKD 18.2 million in the previous period, resulting in a loss of approximately HKD 3.0 million[158]. Shareholder and Equity Information - The total equity as of June 30, 2023, was HKD 1,480,587 thousand, compared to HKD 1,599,358 thousand as of December 31, 2022, reflecting a decline of around 7.4%[49]. - The total equity attributable to shareholders was approximately HKD 1,480.6 million as of June 30, 2023, down from HKD 1,599.4 million as of December 31, 2022[180]. - The company’s accumulated losses increased to HKD 2,070,965 thousand as of June 30, 2023, compared to HKD 1,800,440 thousand previously, indicating a rise in financial strain[49]. Future Outlook and Strategy - The company plans to focus on market expansion and new product development to enhance future growth prospects[101]. - The company plans to enhance performance by optimizing its bond investment portfolio and expanding licensed business projects such as underwriting and sponsorship[125]. - The company aims to balance risk control with steady development by implementing a "three lines of defense" risk management policy and optimizing asset quality[126]. - The company expects continued volatility in the stock market in the second half of the year but remains committed to solid preparation and enhancing underwriting capabilities[137]. - The company is actively seeking investment opportunities in high-growth industries with strong competitive barriers, particularly in technology and healthcare sectors[148].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 民銀資本控股有限公司 CMBC CAPITAL HOLDINGS LIMITED （於百慕達註冊成立之有限公司） :1141 （股份代號 ） 截至二零二三年六月三十日止六個月之 中期業績 民銀資本控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「報告期間」）之簡 明綜合業績，連同截至二零二二年六月三十日止六個月（「上一期間」）之比較數字 載列如下： ...

Economic Overview - In 2022, the global economic growth began to slow down due to the ongoing COVID-19 pandemic and the Russia-Ukraine conflict, leading to persistent inflation and rising commodity prices[7]. - The Hong Kong economy showed weak performance in 2022, with external trade facing challenges and retail services under pressure despite government relief measures[7]. - The labor market stabilized, resulting in a declining unemployment rate, but global economic slowdown weakened overseas demand[7]. - Infrastructure investment remained a key driver for stabilizing economic growth, while the real estate market continued its downward trend[7]. - Future outlook indicates cautious optimism with potential recovery signs in domestic economic activities[7]. - Financial conditions tightened due to significant interest rate hikes by major central banks, impacting local demand[7]. - The outlook for 2023 anticipates continued high interest rates and economic uncertainty, with a focus on risk management and compliance[15]. Company Performance - The group's total revenue for the reporting year was approximately HKD 519.9 million, a decrease of about 36.2% from HKD 815.0 million in the previous year[14]. - The group reported a net loss of approximately HKD 436.6 million, compared to a profit of approximately HKD 291.2 million in the previous year[14]. - Total assets decreased by approximately 25.4% from HKD 145.4 billion at the end of 2021 to approximately HKD 108.5 billion at the end of 2022[14]. - The average daily trading volume of Hong Kong stocks fell by 25% year-on-year to HKD 124.9 billion[8]. - The total amount raised from initial public offerings in the Hong Kong stock market decreased by 68% to approximately HKD 104.6 billion, down from about HKD 331.3 billion in 2021[8]. - The total fundraising amount in the Hong Kong market, including placements and IPOs, was approximately HKD 251.9 billion, a decrease of 67% from about HKD 773.3 billion in 2021[8]. Investment and Financing Strategy - The company is focusing on new product development and technology innovation to enhance market competitiveness[1]. - The company plans to expand its market presence through strategic partnerships and acquisitions[1]. - The company is focusing on investment opportunities in high-growth sectors with strong competitive barriers, particularly in technology innovation and healthcare[26]. - The company is adopting a risk-controlled strategy for financing, offering customized financing solutions including asset-backed loans and acquisition financing[26]. - The company aims to maintain a prudent development strategy for its securities brokerage and margin financing businesses[24]. - The company has increased expected credit loss provisions due to market conditions, including rising interest rates and geopolitical instability, impacting bond investment returns[26]. Risk Management - The group maintained a rigorous risk management strategy, ensuring that no single bond holding exceeded 5% of the total portfolio[33]. - The company has established guidelines to control overall credit and operational risks, monitoring loan recoverability and taking appropriate follow-up actions when financial conditions deteriorate[42]. - The risk management and internal control committee meets semi-annually to review risk management reports and ensure timely improvements[44]. - The management has approved policies to monitor loan recoverability, holding monthly meetings to discuss the repayment progress of each outstanding loan[47]. - The investment committee evaluates the repayment capacity and financial status of borrowers before approving loan transactions, ensuring prudent assessments are made[50]. Corporate Governance - The management team is committed to maintaining transparency and effective communication with stakeholders[1]. - The company has established several committees, including the Nomination Committee, Remuneration Committee, and Development Strategy Committee, to oversee governance and strategic initiatives[93]. - The board includes independent non-executive directors with over 20 years of experience in business operations, capital markets, and accounting[94]. - The company has been recognized for its contributions to the financial sector, with board members receiving various accolades for their professional achievements[93]. - The company has a commitment to maintaining high standards of risk management and internal controls, as evidenced by the establishment of relevant committees[94]. Financial Health - As of December 31, 2022, the group's investment portfolio totaled approximately HKD 8.67 billion, a decrease of about 24.5% from HKD 11.46 billion in 2021[30]. - The group's self-managed investment assets were approximately HKD 8.7 billion, down from approximately HKD 11.5 billion in 2021, with bond investments around HKD 7.5 billion compared to HKD 10 billion in the previous year[32]. - Total income from the investment portfolio for the reporting year was approximately HKD 538.8 million, an increase of about 4.3% from HKD 513.7 million in the previous year[32]. - The total employee cost for the reporting year was approximately HKD 95.0 million, an increase from HKD 93.7 million in the previous year[75]. - The company does not recommend a final dividend for the year ended December 31, 2022, compared to a final dividend of HKD 0.0748 per share in the previous year[73]. Social Responsibility and Sustainability - The group actively participates in social responsibility initiatives and was awarded the "2022 Interbank Market Charity Day Caring Organization" title by several financial institutions[57]. - The company emphasizes environmental protection by encouraging employees to reduce electricity and paper usage, and to use eco-friendly products[135]. - The company encourages clients to issue green bonds and other green financial products, promoting sustainable finance[80]. Shareholder Relations - The company reported a total share buyback of 48,906,500 shares during the fiscal year, with a total cost of approximately HKD 98.1 million, excluding transaction costs[127]. - The board does not recommend the distribution of a final dividend for the reporting year, compared to a final dividend of HKD 0.0748 per share in the previous year[105]. - The company’s dividend policy will depend on various factors, including profitability, financial condition, operational needs, and capital requirements, subject to shareholder approval[106]. - The company confirms that at least 25% of its issued shares are held by the public as of the report date[192].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示不會就本公告全部或任 何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 民銀資本控股有限公司 CMBC CAPITAL HOLDINGS LIMITED （於百慕達註冊成立之有限公司） 1141 （股份代號： ） 截至二零二二年十二月三十一日止年度之 全年業績 民銀資本控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈本公司及其 附屬公司（統稱「本集團」）截至二零二二年十二月三十一日止年度（「報告年度」）之 綜合業績，連同截至二零二一年十二月三十一日止年度（「上一年度」）之比較數字 載列如下： ...

Loan Portfolio - The total receivable loans of the group at the end of the reporting year amounted to approximately HKD 894,441,000, with the largest borrower accounting for about 22% of this total [15]. - The loans issued ranged from USD 5,000,000 to USD 30,000,000, with annual interest rates between 3% and 12%, and repayment terms of approximately 3 to 12 months [14]. - At the end of the reporting year, the group had issued loans to nine market participants across various industries, including sports, technology, real estate, education, and finance [14]. - The group does not issue loans to individual clients, focusing solely on corporate borrowers [13]. Credit Risk Management - The group has established an expected credit loss model to measure the credit risk associated with loans, with a provision for loan losses amounting to approximately HKD 53,281,000 [16]. - The group monitors the financial status of borrowers and collateral regularly, taking appropriate actions if there are signs of financial deterioration [17]. - The group evaluates the recoverable amount of receivables and incorporates it into the expected credit loss model [25]. - Sufficient impairment losses are recognized for irrecoverable amounts, reviewed by auditors at each reporting date [25]. Borrower Assessment - The group assessed potential borrowers based on their financial stability and operational consistency, with no specific quantitative benchmarks for age, occupation, or minimum income [12]. - The group has no agreements or arrangements with related parties regarding the issuance of loans to borrowers, ensuring independence in its lending practices [14]. Team Composition - The business team consists of 6 members with an average of 7.3 years of experience in the financial industry, while the risk team has 5 members with an average of 8.3 years of experience [17]. Loan Oversight - Management is responsible for overseeing the loan repayment progress and the completion of any milestone events [25]. - The group relies on a three-year unsecured loan from Minsheng International to conduct its financing business, with interest rates set at 3.5% and 2.5% for different periods in 2021 [12].