香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈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。 COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 於百慕達註冊成立之有限公司 (香港股份代號: 1145) (新加坡股份代號: CIN) 執行董事、 董事會主席及 提名委員會成員之辭任；以及 授權代表之變更 勇利投資集團有限公司（「本公司」）董事會（「董事會」）謹此宣佈自二零二四年十 一月二十二日起，蘇家樂先生（「蘇先生」）因需要投放更多時間處理彼之其他商業事 務已辭任為本公司執行董事及董事會主席，及並不再為本公司提名委員會之成員。蘇先 生將繼續擔任本公司若干附屬公司之董事以確保其職務能順利過渡。 董事會進一步宣佈蘇先生辭任為本公司執行董事後，彼亦不再擔任根據香港聯合交易所 有限公司證券上市規則第 3.05 條之規定之本公司授權代表（「授權代表」），自二零二 四年十一月二十二日起生效。本公司執行董事兼行政總裁李春陽女士（「李女士」）已 獲委任為授權代表，以接替蘇先生， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會就本公佈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。 COURAGE INVESTMENT GROUPLIMITED 勇利投資集團有限公司 1 | | | | 票數 (%) | | | --- | --- | --- | --- | --- | | | | 普通決議案 | 贊成 | 反對 | | 2. | (i) | 批准、確認及追認出售協議及其項下擬進行之交 | 503,003,451 | 342,100 | | | | 易；及 | (99.93%) | (0.07%) | | | (ii) | 授權本公司董事於其認為就使出售事項生效而言屬 | | | | | | 必要、適宜或權宜之情況下，執行及採用一切有關 | | | | | | 必要步驟，採取一切有關行動及事宜以及簽立一切 | | | | | | 有關文件（包括加蓋公司印鑑（如適用）），以及 | | | | | | 同意就董事認為符合本公司及其股東整體利益有關 | | | | | | 於出售協議之修改 ...

COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 (Incorporated in Bermuda with limited liability) ( 於百慕達註冊成立之有限公司 ) (Hong Kong Stock Code 香港股份代號: 1145) (Singapore Stock Code 新加坡股份代號: CIN) Notes: Courage Investment Group Limited (the "Company") , 1 November 2024 Notice of publication of the Circular in relation to Major Transactions – acquisition of the entire issued share capital of a company and disposal of the entire issued share capital of a company and notice of special general meeting (the "Current Corporat ...

COURAGE INVESTMENT GROUP LIMITED 勇利投資集團有限公司 (Incorporated in Bermuda with limited liability) ( 於百慕達註冊成立之有限公司 ) (Hong Kong Stock Code 香港股份代號: 1145) (Singapore Stock Code 新加坡股份代號: CIN) Dear registered shareholder, Courage Investment Group Limited (the "Company") Notice of publication of (i) the Circular in relation to Major Transactions – acquisition of the entire issued share capital of a company and disposal of the entire issued share capital of a company and notice of special general meeting and (ii) the p ...

CIN 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不會就本公佈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。 COURAGE INVESTMENT GROUP LIMITED 1145 股東特別大會通告 茲通告勇利投資集團有限公司（「本公司」）謹訂於二零二四年十一月二十一日（星期四）上 午十一時正假座香港灣仔謝斐道238號香港諾富特世紀酒店B3層3號宴會廳舉行股東特別 大會（「股東特別大會」），並透過於Connection 1, Level 3, Amara Hotel, 165 Tanjong Pagar Road, Singapore 088539舉行視像會議，以考慮並酌情通過下列決議案（不論有否作出修 訂）： 普通決議案 - 1 - 1. 「動議： (i) 批准、確認及追認收購協議（定義見本公司日期為二零二四年十一月一日之通函 （「本通函」）且本通告構成其中部份）（收購協議註有「A」字樣之副本已提呈本大 會，並經大會主席簡簽以資識別）及其項下擬進行之交易；及 (ii) 授權本公司董事於其認為就使收購 ...

此乃要件 請即處理 閣下如對本通函任何方面有任何疑問，應諮詢持牌證券交易商、銀行經理、律師、專業會計師 或其他專業顧問。 閣下如已出售或轉讓名下之所有勇利投資集團有限公司股份，應立即將本通函連同隨附之委任 代表表格送交買主或承讓人或經手買賣或轉讓之持牌證券交易商、銀行或其他代理商，以便轉 交買主或承讓人。 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通函之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就本通函全部或任何部份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。 COURAGE INVESTMENT GROUP LIMITED 1145 CIN 主要交易 收購一間公司之全部已發行股本 及 出售一間公司之全部已發行股本 以及 股東特別大會通告 除文義另有所指外，本封面所用詞彙與本通函所界定者具有相同涵義。 一份召開勇利投資集團有限公司謹訂於二零二四年十一月二十一日（星期四）上午十一時正假座 香港灣仔謝斐道238號香港諾富特世紀酒店B3層3號宴會廳舉行股東特別大會或其任何續會之 大會通告載於本通函第SGM-1至SGM-3頁。倘任何股東或寄存人或其受委代表擬在新加坡參 ...

Financial Performance - For the first half of 2024, the company reported a revenue increase of 27% to $5,070,000 compared to $3,989,000 in the same period of 2023[4] - The shipping business recorded a revenue increase of 28% to $5,070,000, with a profit increase of 173% to $2,170,000, up from $796,000 in the previous year[5] - The company achieved a profit attributable to owners of $1,278,000, reversing a loss of $983,000 in the previous year[4] - Basic earnings per share for the first half of 2024 were $0.12, compared to a basic loss per share of $0.09 in the same period of 2023[4] - The group recorded a profit attributable to the owners of the company of $1,278,000 for the first half of 2024, compared to a loss of $983,000 for the same period in 2023[10] - The shipping business contributed a profit of $2,170,000, an increase from $796,000 in the previous year[10] - The pre-tax profit for the period was $1,278,000, a significant turnaround from a pre-tax loss of $983,000 in the previous year[17] - For the six months ended June 30, 2024, the company reported a pre-tax profit of $1,278,000, compared to a loss of $983,000 in the same period of 2023, representing a significant turnaround[12] Revenue and Segments - The total revenue for the six months ended June 30, 2024, was $5,070,000, up from $3,989,000 in 2023, indicating a growth of 27.2%[17] - The shipping revenue for the six months ended June 30, 2024, was $5,070,000, compared to $3,953,000 for the same period in 2023, representing a 28.2% increase[17] - The shipping segment generated $4,391,000 in revenue, up from $3,145,000 in the prior year, reflecting a 39.7% growth[28] - The company operates in four segments: shipping, investment holding, property holding and investment, and commodity trading, with performance metrics evaluated based on resource allocation and segment performance[30] Assets and Liabilities - The group's current assets as of June 30, 2024, were $20,574,000, up from $18,807,000 at the end of 2023, indicating a strong liquidity position[11] - The total assets as of June 30, 2024, amounted to $59,463,000, slightly up from $59,034,000 as of December 31, 2023[19] - The total liabilities and equity as of June 30, 2024, were $59,463,000, compared to $59,034,000 as of December 31, 2023[21] - The company’s total liabilities as of June 30, 2024, were $1,087,000, a decrease from $1,936,000 as of December 31, 2023[36] Cash Flow and Financial Management - Operating cash flow before changes in working capital increased to $2,252,000, up from $1,186,000 year-over-year, indicating improved operational efficiency[12] - Net cash from operating activities was $2,924,000, a significant improvement from a cash outflow of $498,000 in the previous year[12] - The company recorded a net increase in cash and cash equivalents of $600,000, compared to a decrease of $894,000 in the same period last year[12] - The company’s cash and cash equivalents increased to $1,914,000 as of June 30, 2024, from $1,314,000 at the end of 2023[19] - Financial costs decreased by 83% to $19,000 due to the repayment of all borrowings during the period[11] - The group’s bank interest income grew by 24% to $385,000, attributed to increased surplus funds and higher bank deposit rates[11] - The company has no outstanding borrowings as of June 30, 2024, following the full repayment of loans[14] Impairment and Investments - The company confirmed a vessel impairment loss of $299,000 for the first half of 2024, compared to a reversal of impairment loss of $109,000 in the previous year[5] - The investment holding business recorded no revenue or profit during the first half of 2024, down from $36,000 in revenue and a loss of $771,000 in the same period of 2023[6] - The company is considering the acquisition of a second-hand vessel and is currently evaluating several target vessels for purchase within the next twelve months[5] - The group plans to use the remaining net proceeds of $5,800,000 from a public offering for the acquisition of a second-hand bulk carrier within the next twelve months[12] Shareholder Information and Governance - The company reported a total of 1,097,704,000 shares issued and fully paid as of June 30, 2024, maintaining a par value of $0.001 per share[50] - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[41] - The company has adopted a share option plan that allows for the issuance of up to 109,770,356 shares, representing approximately 10% of the total issued shares as of the mid-report date[58] - The company aims to enhance the value of its shares through the share option plan, encouraging participants to work towards the overall benefit of the company and its shareholders[58] - The company has complied with all applicable code provisions of the Corporate Governance Code during the six-month period ending June 30, 2024[64] Market Conditions - The overall business environment for the shipping industry has improved, driven by increased commodity demand and reduced vessel supply due to disruptions in the Panama and Suez Canals[4] - The Baltic Dry Index fluctuated between approximately 1,300 and 2,400 points during the first half of 2024, compared to 500 to 1,500 points in the same period of 2023[5] - The company has not recorded any revenue from its commodity trading business, which remains temporarily suspended due to market volatility[8]

Financial Performance - Total revenue for the six months ended June 30, 2024, was $5,070,000, compared to $3,953,000 for the same period in 2023, representing a year-over-year increase of approximately 28.2%[1] - The pre-tax profit for the period was $1,278,000, a significant improvement from a loss of $983,000 in the prior year[2] - The total comprehensive income attributable to the owners of the company for the period was $1,278,000, compared to a loss of $1,232,000 in the previous year[2] - The company reported a basic earnings per share of $0.12, compared to a loss per share of $0.09 in the same period last year[2] - The total revenue for the shipping segment was $5,070,000 for the six months ended June 30, 2024, with a segment profit of $2,170,000[11] - The company reported a pre-tax profit of $1,278,000 for the six months ended June 30, 2024, compared to a pre-tax loss of $983,000 for the same period in 2023[17] - The shipping business recorded a profit increase of 173% to $2,170,000, up from $796,000 in the previous year[29] - The group recorded a profit attributable to owners of $1,278,000 for the first half of 2024, compared to a loss of $983,000 for the same period in 2023[35] Assets and Liabilities - Non-current assets as of June 30, 2024, totaled $38,889,000, a decrease from $40,227,000 as of December 31, 2023[3] - Current assets increased to $20,574,000 from $18,807,000 as of December 31, 2023, indicating improved liquidity[3] - Total liabilities decreased to $1,087,000 from $1,927,000, reflecting a reduction in current liabilities[4] - The total equity attributable to the owners of the company increased to $58,376,000 from $57,098,000, showing a positive trend in shareholder value[4] - Current assets increased to $20,574,000 as of June 30, 2024, compared to $18,807,000 at the end of 2023, reflecting a strong liquidity position[36] - The current ratio improved to approximately 18.93, significantly higher than 9.76 at the end of 2023, indicating robust financial health[36] Expenses and Income - The total company expenses for the six months ended June 30, 2024, were $737,000[12] - Employee benefits expenses totaled $417,000 for the six months ended June 30, 2024, compared to $347,000 in the same period of 2023[15] - The company reported bank interest income of $385,000 for the six months ended June 30, 2024, compared to $311,000 in the previous year[14] - Financial costs decreased by 83% to $19,000 due to the repayment of all borrowings during the period[36] - Bank interest income grew by 24% to $385,000, driven by increased surplus funds and higher bank deposit rates[36] Vessel and Impairment - The company incurred a vessel impairment loss of $299,000 during the reporting period, compared to a reversal of impairment loss of $109,000 in the previous year[19] - The total fair value of the company's vessels was $27,963,000 as of June 30, 2024, down from $28,919,000 at the end of 2023[19] - The company confirmed a vessel impairment loss of $299,000 for the first half of 2024, compared to a reversal of impairment loss of $109,000 in the same period of 2023[30] Dividends and Corporate Actions - The company did not declare or propose any dividends for the six months ended June 30, 2024, consistent with the previous year[18] - The company did not declare an interim dividend for the first half of 2024, consistent with the previous year[27] Strategic Outlook - The company has not reported any significant new product developments or market expansions during this period[1] - There were no major acquisitions or strategic changes mentioned in the earnings call[1] - The company is evaluating opportunities to acquire a second-hand vessel within the next twelve months[30] - The company raised $9,148,000 from a public offering, with $5,800,000 allocated for operating capital in the shipping business[37] - The outlook for the shipping business remains cautiously optimistic amid global economic recovery, despite geopolitical uncertainties[38] - The commodity trading business remains temporarily suspended with no recorded revenue or profit for the first half of 2024[33] Governance - The company has adhered to all applicable corporate governance codes as of June 30, 2024[39]

Financial Performance - For the fiscal year 2023, the company reported a revenue decrease of 31% to $8,512,000 compared to $12,372,000 in 2022[11] - The company recorded a loss attributable to owners of $3,974,000, contrasting with a profit of $1,123,000 in the previous year[11] - Basic loss per share was $0.36, compared to a basic earnings per share of $0.10 in 2022[11] - The shipping business's profit contribution decreased to $2,227,000 from $5,436,000 in 2022[11] - The company incurred a loss of $2,100,000 from the sale of a subsidiary holding an industrial property in Shanghai[11] - The overall performance for fiscal year 2023 resulted in a loss attributable to the company's owners of $3,974,000, compared to a profit of $1,123,000 in the previous year, mainly due to reduced profit contributions from the shipping business and losses from the sale of a subsidiary[26] - The investment holding business recorded revenue of $63,000, down from $293,000 in the previous year, and incurred a loss of $1,186,000, primarily due to credit loss provisions of $1,146,000 on corporate bonds[19] - The company confirmed a credit loss provision of $1,146,000 for debt instruments measured at fair value, reflecting increased credit risk due to the deteriorating financial conditions of bond issuers[20] - The company confirmed an impairment loss of $1,008,000 on vessels, an increase from $797,000 in the previous year[17] Shipping Business Outlook - The company remains cautiously optimistic about the medium to long-term outlook for its shipping business as global trade activities normalize[12] - The company plans to continue its acquisition strategy for second-hand dry bulk vessels when market conditions are favorable[12] - The company aims to identify potential investment and acquisition opportunities to enhance long-term shareholder value[12] - The overall shipping market faced challenges due to China's economic slowdown and inflationary pressures in developed economies[15] - In the fiscal year 2023, the shipping business recorded a revenue decrease of 30% to $8,449,000, and profit decreased by 59% to $2,227,000, primarily due to the overall economic slowdown in China and inflationary pressures in developed economies[16] - The Baltic Dry Index fluctuated significantly, reaching a low of approximately 500 points in February 2023 and a high of about 3,300 points in December 2023, with most of the year spent between 1,000 and 2,000 points, lower than the previous year's range of 1,500 to 2,500 points[16] Financial Position and Borrowings - As of December 31, 2023, the group reported current assets of $18,807,000, an increase from $18,277,000 in 2022, and quick assets totaling $17,849,000, up from $15,819,000 in 2022[27] - The current ratio improved significantly to approximately 9.76 from 4.78 in 2022, primarily due to net proceeds of $1,803,000 from the sale of a subsidiary used for operational funding[27] - The group's total borrowings decreased to $756,000 from $2,878,000 in 2022, resulting in a borrowing ratio of about 1%, down from 5% in the previous year[30] - Financial costs for the year were $187,000, a reduction of 46% compared to $346,000 in 2022, attributed to a decrease in average borrowings[30] - Bank interest income increased by 153% to $612,000 from $242,000 in 2022, driven by higher cash reserves and overall increases in bank deposit rates[30] Corporate Governance - The company has complied with all applicable provisions of the Corporate Governance Code as of December 31, 2023[98] - The company emphasizes the importance of transparency and accountability in its corporate governance practices[96] - The board of directors consists of six members, including three executive directors and three independent non-executive directors, ensuring a balance of skills and experience[101] - The board held four regular meetings and one annual general meeting during the year ending December 31, 2023, with all directors attending at least 75% of the meetings[109] - The remuneration committee conducted three meetings to evaluate director performance and review compensation policies, ensuring alignment with corporate governance standards[114] - The nomination committee held two meetings to review board diversity policies and assess the independence of non-executive directors[117] - The company has adopted a performance assessment system to reward outstanding employees with competitive compensation and career development opportunities[97] Environmental, Social, and Governance (ESG) Initiatives - The company is committed to long-term sustainability and adheres to regulations set by the International Maritime Organization, with annual compliance reviews conducted[49] - The group emphasizes stakeholder engagement, maintaining close communication with key stakeholders including government, shareholders, employees, and customers[164] - The group has identified key environmental, social, and governance issues through a materiality assessment, which will guide its reporting strategy and objectives[167] - The total greenhouse gas emissions for the fiscal year 2023 amounted to 8.94 tCO2e, an increase of 79.56% from 4.99 tCO2e in fiscal year 2022[179] - The company aims to reduce total greenhouse gas emissions intensity by 10% by the end of fiscal year 2026, using fiscal year 2021 as the baseline[174] - The company has implemented various measures to reduce energy consumption and improve energy efficiency, including transitioning to LED lighting by fiscal year 2026[185] - The company has established a "green office" initiative to further reduce waste generation and promote recycling[181] - The company has conducted a climate change assessment to identify and mitigate potential risks to its operations, including extreme weather events[192] Shareholder Relations - The company provides a communication platform for shareholders during the annual general meeting, allowing for questions to be addressed by the board[136] - Shareholders holding at least 10% of the paid-up capital have the right to request the board to convene a special general meeting[137] - The company has adopted a shareholder communication policy to ensure timely and equal access to comprehensive information for shareholders, including financial performance and strategic goals[145] - The board has reviewed the effectiveness of the shareholder communication policy and found it to be properly executed during the review year[146] - The company has a dividend policy that considers actual and expected financial performance, retained earnings, and future expansion plans when deciding on dividend recommendations[147] Employee and Labor Relations - Employee costs for the year were $802,000, an increase from $703,000 in 2022, reflecting the addition of one employee to a total of 17[38] - The company is committed to providing equal employment, training, and career development opportunities for all qualified employees[118] - The employee gender ratio is approximately 1:1 as of December 31, 2023[118] - The company encourages continuous professional development for all directors to enhance their knowledge and skills[105] Risk Management - The group faces financial risks related to foreign currency, interest rates, credit, and liquidity, with detailed management policies outlined in the financial statements[42] - The company has conducted an annual risk assessment to identify and manage significant strategic, financial, operational, compliance, and environmental, social, and governance (ESG) risks[130] - The board confirmed that there are no significant internal control and risk management weaknesses as of December 31, 2023, and that the company maintains an effective risk management and internal control system[131] - The company has implemented a whistleblowing policy to encourage reporting of fraud, misconduct, and improper behavior, ensuring confidentiality for whistleblowers[134]

Revenue Performance - Total revenue for the year ended December 31, 2023, was $8,512,000, a decrease of 31% from $12,372,000 in 2022[10] - Marine revenue decreased to $8,449,000 in 2023 from $12,079,000 in 2022, representing a decline of 30%[10] - The company's revenue decreased by 31% to $8,512,000 in the fiscal year 2023, compared to $12,372,000 in 2022, primarily due to a decline in shipping business revenue[90] - The shipping business's revenue for fiscal year 2023 was $8,449,000, down 30% from $12,079,000 in 2022, with profit decreasing by 59% to $2,227,000[111] Profit and Loss - The net loss attributable to the company's owners for 2023 was $3,974,000 compared to a profit of $1,123,000 in 2022[11] - The company recorded a loss attributable to owners of $3,974,000 for the fiscal year 2023, compared to a profit of $1,123,000 in 2022, resulting in a basic loss per share of $0.36[90] - The company reported a loss of $2,100,000 from the sale of subsidiaries in 2023[10] - The shipping segment reported a profit before tax of $5,436 thousand, while the investment holding segment incurred a loss of $1,104 thousand[44] - The company confirmed a loss of $2,100,000 related to the sale of a subsidiary during the fiscal year 2023[71] Assets and Liabilities - The total liabilities and equity as of December 31, 2023, was $59,034,000, down from $66,455,000 in 2022, a reduction of 6%[6] - The total equity decreased to $57,098,000 in 2023 from $61,138,000 in 2022, a decline of 7%[5] - Total assets decreased from $66,455 thousand in 2022 to $59,034 thousand in 2023, a decline of approximately 11.5%[34] - Current assets increased slightly from $18,277 thousand in 2022 to $18,807 thousand in 2023, an increase of about 2.9%[34] - Total liabilities decreased from $3,826 thousand in 2022 to $1,828 thousand in 2023, a reduction of approximately 52.2%[33] - As of year-end, the group's borrowings amounted to $756,000, significantly reduced from $2,878,000 in 2022, resulting in a low debt ratio of approximately 1% compared to 5% in the previous year[121] Financial Management - Interest income fell to $63,000 in 2023 from $293,000 in 2022, a decrease of 78%[10] - The company’s administrative expenses increased to $1,563,000 in 2023 from $1,335,000 in 2022, an increase of 17%[10] - Financial costs decreased by 46% to $187,000 in fiscal year 2023, primarily due to a reduction in average borrowing amounts compared to the previous year[100] - The company’s financial costs decreased from $346 thousand in 2022 to $346 thousand in 2023, indicating stable financial management[45] Impairment and Provisions - The credit loss provision for debt instruments measured at fair value through other comprehensive income was $1,146,000 in 2023, down from $1,402,000 in 2022[30] - The company recognized an impairment loss of $1,008,000 on vessels during the year, an increase from $797,000 in 2022, reflecting the current market conditions[92] - The loss was primarily due to a credit loss provision of $1,146,000 for debt instruments measured at fair value, reflecting the deteriorating financial condition of the bond issuers, which are mainly property companies based in mainland China[113] Market Conditions - The Baltic Dry Index fluctuated throughout the year, reaching a low of approximately 500 points in February 2023 and a high of about 3,300 points in December 2023, indicating a weaker shipping market compared to the previous year's range of 1,500 to 2,500 points[91] - The Baltic Dry Index, closely related to market freight rates, remained volatile, indicating a need for impairment assessment of the company's vessels[76] Future Outlook and Plans - The management plans to utilize the remaining net proceeds of $5,800,000 from the public offering for the acquisition of a second-hand bulk carrier, as recent market conditions have presented buying opportunities[124] - The management is actively evaluating potential investment and acquisition opportunities to enhance business performance and deliver long-term benefits to shareholders[126] - The company plans to restart its commodity trading business focused on electronic components when market conditions improve, as it recorded no revenue during the fiscal year 2023[95] Dividends and Shareholder Returns - The company did not declare a final dividend for the fiscal year ending December 31, 2023, consistent with the previous year[89] Employee and Operational Expenses - The company reported a decrease in employee benefits expenses to $802,000 in 2023 from $703,000 in 2022[73] - The company has no overdue or impaired trade receivables as of December 31, 2023, and all amounts have been fully settled[78]