Financial Performance - Revenue decreased by 1.8% to HKD 179.8 million for the six months ended June 30, 2024[1] - Gross profit increased by 2.4% to HKD 112.6 million during the same period[1] - Loss attributable to owners of the company was HKD 150.5 million, with a basic loss per share of HKD 2.36[2] - Total revenue for the six months ended June 30, 2024, was HKD 179,830,000, a decrease of 1.4% from HKD 183,079,000 in the same period of 2023[10] - Property management fee income was HKD 56,829,000, down from HKD 58,315,000, representing a decline of 2.5%[10] - Rental income increased to HKD 80,338,000, up 1.5% from HKD 79,179,000[10] - Interest income from financing services decreased significantly to HKD 9,842,000, down 23.3% from HKD 12,832,000[10] - The group reported a total loss before tax of HKD 142,078,000 for the period[14] - The property management segment generated a profit of HKD 4,166,000, while the financing services segment reported a profit of HKD 6,831,000[14] - The company recorded a basic loss per share of HKD 2.36 for the six months ended June 30, 2024, down from HKD 4.07 in the previous year[29] - The company reported a pre-tax loss of HKD 317,930,000 for the six months ended June 30, 2024, compared to a loss of HKD 259,588,000 for the same period in 2023[16][29] - Other income for the six months ended June 30, 2024, was HKD 49,175,000, slightly down from HKD 49,838,000 in the previous year[19] - Financing costs increased to HKD 49,582,000 for the six months ended June 30, 2024, compared to HKD 32,869,000 in the same period of 2023[20] - The company did not declare any dividends for the interim period, consistent with the previous year[27] - Employee benefits expenses, including director remuneration, increased to HKD 64,023,000 for the six months ended June 30, 2024, from HKD 61,164,000 in 2023[26] - The company recorded a loss attributable to owners of HKD 150.5 million, compared to a loss of HKD 259.6 million in the same period last year[64] - The group recorded a loss attributable to equity holders of HKD 150.5 million for the six months ended June 30, 2024, compared to a loss of HKD 259.6 million for the same period in 2023[91] Assets and Liabilities - Total assets decreased from HKD 8.32 billion as of December 31, 2023, to HKD 7.58 billion as of June 30, 2024[4] - Non-current assets decreased from HKD 8.32 billion to HKD 7.03 billion, primarily due to a decline in investment properties[4] - Current liabilities increased to HKD 2.90 billion from HKD 2.76 billion, with borrowings rising to HKD 1.68 billion[5] - Net current assets improved to HKD 549.9 million from a net current liability of HKD 149.5 million[5] - Cash and cash equivalents increased to HKD 710.1 million from HKD 512.6 million[4] - The total liabilities increased to HKD 437,597,000 as of June 30, 2024, compared to HKD 415,090,000 as of December 31, 2023, reflecting a rise of 5.4%[48] - The company reported a fair value loss of HKD 77,648,000 related to loans and receivables from associates[16] - The total receivables from loans amounted to HKD 329,526,000 as of June 30, 2024, down from HKD 360,101,000 as of December 31, 2023, reflecting a decrease of approximately 8.5%[36] - The impairment loss provision for receivables was HKD 59,882,000 as of June 30, 2024, compared to HKD 58,158,000 as of December 31, 2023, showing a slight increase in provisions[38] - The company held 81,000,000 shares of ZhongAn Online P&C Insurance Co., with a fair value of HKD 1,099,980,000 as of June 30, 2024, down from HKD 1,445,040,000 as of December 31, 2023[45] - The company reported a total of HKD 33,974,000 in payables as of June 30, 2024, an increase of 12.5% from HKD 30,376,000 as of December 31, 2023[48] - The company’s issued and paid-up share capital remained at 6,374,003,096 shares with a total value of HKD 637,400,000 as of June 30, 2024[49] - The company’s development properties amounted to HKD 870,701,000 as of June 30, 2024, slightly up from HKD 868,868,000 as of December 31, 2023[41] - The company’s other receivables, deposits, and prepayments decreased to HKD 29,976,000 from HKD 31,307,000, a decline of 4.2%[42] - As of June 30, 2024, the company reported bank borrowings of HKD 1,684,287,000, an increase from HKD 1,565,700,000 as of December 31, 2023, reflecting a year-on-year growth of approximately 7.5%[55] - The company secured new bank financing totaling HKD 1,520,000,000, which includes HKD 620,000,000 and HKD 900,000,000 from two banks[55] - The company issued zero stock options during the six months ending June 30, 2024, maintaining the total number of exercisable stock options at 114,444,000, which represents 1.8% of the total issued shares[57] - The company agreed to issue up to 110,354,279 new ordinary shares to investors for a total subscription price of USD 32,200,000, reducing its equity stake in Zhong An International from 45.05% to 43.50%[61] Investment and Financing Activities - The company plans to continue focusing on fintech investments and management alongside its real estate activities[1] - The company anticipates a compound annual growth rate of approximately 18% in the fintech industry, with the market size expected to exceed RMB 1.39 trillion by 2028[62] - The company is actively exploring partnerships with leading fintech firms and has invested in ZhongAn Online P&C Insurance Co., Ltd.[64] - The company has provided entrusted loans totaling RMB 150 million and RMB 180 million to an independent third party as of June 30, 2024, and June 30, 2023, respectively[67] - The company emphasizes strict credit assessments and has a dedicated team to manage credit limits and approvals to mitigate credit risk[69] - The company is closely monitoring the recoverability of receivables and has implemented effective measures to ensure timely collection of outstanding balances[69] - Peak3, a subsidiary, completed a USD 35 million Series A financing round in June 2023, led by EQT and followed by Alpha JWC Ventures, to accelerate expansion in the EMEA region[72] - Peak3 has established operations in 12 countries and aims to enhance its embedded insurance business through partnerships with companies like AIA and Zurich[72] - Peak3 plans to accelerate its focus on AI and big data to drive the digital transformation of the global insurance industry[72] Real Estate and Property Management - The company is engaged in real estate development, property management, real estate investment, financing services, and asset financing[1] - The occupancy rate for the office space in the Baishida Building was approximately 25.0%, primarily leased to tenants in the jewelry, investment, and real estate sectors[78] - The "Lock Bund Source" project in Shanghai has a total construction area of approximately 105,000 square meters, with two properties sold for a total consideration of RMB 1.4366 billion[79] - As of the reporting date, the group had received a deposit of approximately RMB 591.4 million for the sale of properties in the "Lock Bund Source" project, with one property expected to complete sale in the second half of 2024 and the other in 2025[79] - As of June 30, 2024, the group holds a residential project "Ningguo Mansion" in Shanghai, covering an area of 13,600 square meters, currently in the construction acceptance phase[80] - The group's other business segment reported a revenue of HKD 89.7 million for the six months ended June 30, 2024, a decrease of 1.6% compared to the same period last year[81] - Rental income for the six months ended June 30, 2024, totaled HKD 80.3 million, a 1.5% increase year-on-year, with improved occupancy rates due to reduced unit rents[77] Economic Outlook and Market Conditions - The company anticipates that the Chinese economy will continue to recover, supported by stable growth in household income and consumption, despite ongoing challenges in the real estate sector[88] - The company expects macroeconomic policy support in China to continue, with an emphasis on industrial upgrading and sustained economic growth[88] - The consumer price index (CPI) increased by 0.5% year-on-year as of July 2024, indicating a shift from deflation to inflation[62] - The net loss for ZA Bank was HKD 109 million, a reduction of nearly HKD 100 million compared to the same period last year, with the loss ratio narrowing from 114.6% in 2023 to 42.9%[75] - ZA Bank recorded net income of approximately HKD 255 million, a year-on-year increase of 45.9%, with non-interest income accounting for about 18.4% of total income[75] - ZA Bank's net interest margin improved from 1.87% in the same period of 2023 to 2.21%, outperforming the industry average[75] - ZhongAn Online's total premium income for the six months ended June 30, 2024, was approximately RMB 15.238 billion, representing a growth of about 5.36% year-on-year[86] - The net profit attributable to the parent company from ZhongAn Online was approximately RMB 55 million, compared to RMB 221 million in the same period last year[86] Compliance and Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[105] - The interim report for the six months ending June 30, 2024, will be published on the Stock Exchange and the company's website[106]

Corporate Governance and Management - The company reviewed the compensation policy for the fiscal year 2023/2024[4] - The remuneration committee held one meeting during the fiscal year 2023, with attendance details provided[5] - The board of directors is committed to fair disclosure to enhance corporate governance and build market confidence[32] - The nomination committee is responsible for assessing the independence of non-executive directors and recommending any changes to the board structure[12] - The company has established procedures to handle and disclose inside information, ensuring compliance with relevant guidelines[31] - The company secretary has ensured compliance with the training requirements under the listing rules[35] - The company has adopted a code of conduct for securities trading, confirming that all directors complied with the standards during the reporting period[52] Risk Management - The risk management framework is supported by the internal audit team and independent professional consultants, ensuring effective risk identification and management[29] - The independent auditor was engaged to conduct an independent review of certain internal control matters, with no significant deficiencies found[29] - The audit committee reported that the risk management and internal control systems are deemed sufficient and effective[30] - The company has established a risk management framework that includes monitoring and reviewing the effectiveness of measures[54] Financial Performance - The company recorded a loss attributable to shareholders of HKD 278.2 million for the year ended December 31, 2023, compared to a loss of HKD 142.4 million in the previous year[192] - The company's revenue for the year ending December 31, 2023, was HKD 360.8 million, resulting in a loss attributable to shareholders of HKD 278.2 million, with a basic loss per share of HKD 0.0437[125] - The group recorded a loss attributable to shareholders of HKD 278.2 million for the year, compared to a loss of HKD 142.4 million in the previous year, resulting in a basic loss per share of HKD 4.37[134] - The total operating costs for the year ended December 31, 2023, were approximately HKD 267.9 million, down about 8% from HKD 290.9 million in 2022 due to cost control measures[164] - Other income decreased to approximately HKD 95.7 million, down from HKD 130.5 million in 2022, primarily due to a reduction in interest income from financial assets[189] Banking and Financial Services - ZA Bank has become a major player in Hong Kong's banking sector, with 1 in 10 adults in Hong Kong being a user and 1 in 4 young adults aged 18-29 owning a ZA Card[36] - As of December 31, 2023, ZA Bank's retail user asset management scale reached nearly HKD 1 billion, following the launch of over 100 investment fund products in collaboration with top international fund management companies[37] - ZA Bank launched an e-onboarding service for corporate accounts on April 1, 2023, allowing customers to complete account applications in as little as 6 minutes[40] - ZA Bank was recognized as the first virtual bank in Hong Kong to surpass HKD 10 billion in customer deposits and ranked sixth globally in the Sia Partners "2023 International Mobile Banking Benchmark" for its mobile banking application[36] - As of December 31, 2023, ZA Bank had a deposit balance of approximately HKD 11.7 billion and a total loan balance of approximately HKD 5.43 billion, resulting in a loan-to-deposit ratio of 46.4%[69] - ZA Bank's net interest margin improved from 1.84% in the same period of 2022 to 1.94% in 2023, benefiting from the interest rate hike cycle and an expanding loan product range[69] - ZA Bank recorded net income of approximately HKD 366 million in 2023, representing a year-on-year growth of 42.9%, with non-interest income accounting for about 28.3%[69] - ZA Bank launched US stock trading services in February 2024, marking a significant milestone in its commitment to providing a one-stop digital financial platform[85] - ZA Bank has successfully migrated its core system to a "cross-cloud dual-active" infrastructure, enhancing its 24/7 banking services[80] - ZA Bank is a banking partner for local licensed virtual asset exchanges, providing fiat deposit services and participating in the pilot program for digital Hong Kong dollars[86] Real Estate and Investment - The total rental income for the year was HKD 166 million, a decrease of 5.8% compared to the previous year, attributed to reduced rental rates and low occupancy rates[39] - The rental income primarily comes from commercial properties including "Xihui City," and the occupancy rate for "Baishida Building" was approximately 24%[94][119] - The company aims to enhance the occupancy rates of its investment properties and hotels, benefiting from the deepening of the Greater Bay Area economic circle[95] - The total investment in real estate development in China for 2023 was RMB 1.10913 trillion, a year-on-year decline of 9.6%[107] - The "Rock Bund Source" project in Shanghai covers an area of 18,000 square meters with a total construction area of 94,080 square meters, combining residential, commercial, retail, dining, office, and cultural facilities[137] - The "Ningguo Mansion" project in Shanghai is currently in the construction acceptance phase, covering an area of 13,600 square meters[145] Technology and Innovation - ZA Tech's upgraded Graphene product line is expected to save insurance companies 30%-50% in IT expenses related to core insurance systems, opening significant market opportunities[65] - ZA Tech established a regional partnership with Home Credit in March 2023 to provide embedded insurance distribution solutions in Indonesia and Vietnam, enhancing business growth prospects in Southeast Asia[66] - ZA Tech's SaaS solutions minimize technical debt and versioning issues compared to traditional custom development, supporting strong initial growth for insurance companies and intermediaries[66] - As of 2023, ZA Tech's business footprint has expanded to Japan, Hong Kong, Southeast Asia, and Europe, focusing on digital insurance technology solutions[63] - The launch of the Graphene claims module for Prudential Thailand in May 2023 marked a significant milestone, enhancing service capabilities for small claims processing[67] - The financial technology sector is viewed as having the most development potential, with rapid advancements and applications in various financial service scenarios[184] - The company is actively exploring opportunities in fintech and has invested in ZhongAn Online P&C Insurance Co., Ltd., indicating a strategic shift towards technology-driven financial services[110] - The group holds significant investments in ZhongAn Online, a leading internet insurance technology company in China, which aims to integrate technology deeply into the insurance value chain[160] Economic Outlook - The internal and external economic environment remains complex, with a projected GDP growth of about 5%-6% for 2024, driven by the need to restore and expand demand[133][141] - The financial technology market in China reached a revenue of $85 billion in 2023, with a projected compound annual growth rate of approximately 18% until 2028, when the market size is expected to exceed RMB 1.39 trillion[130] - The GDP of China for 2023 was RMB 126 trillion, with a year-on-year growth of approximately 5.2%[100] - China's GDP for 2023 was RMB 126 trillion, reflecting a year-on-year growth of approximately 5.2%, with quarterly growth rates of 4.5%, 6.3%, 4.9%, and 5.2% respectively[135] - The real estate market in China continues to face challenges, with buyer sentiment affected by weak income expectations and concerns over falling property prices[131] - The inflation pressure in China is low, with the Consumer Price Index (CPI) expected to decline by 0.8% year-on-year in January 2024, indicating a potential deflationary trend[132] Operational Challenges - The group is experiencing a significant increase in operational challenges, with the service sector employment rate still below pre-pandemic levels, particularly in wholesale/retail, dining, and construction industries[141] - The hotel business environment remains challenging, with occupancy rates gradually increasing but still at low levels post-pandemic[144] - The group is focusing on stricter cost control and improved service measures to enhance overall hotel performance[144] - The group will continue to assess and closely monitor its borrowing portfolio and interest rate risks, considering appropriate hedging measures if necessary[165] Employee and Shareholder Information - The company employed approximately 627 full-time employees as of December 31, 2023, and continues to provide various benefits including medical and retirement benefits[199] - The company plans to retain resources for business development and has proposed not to declare a final dividend for the year ended December 31, 2023[199] - The company does not recommend the distribution of any final dividend for the year ending December 31, 2023[125] - The company’s shareholding in Zhong An International decreased from 45.53% to 45.08% following the issuance of 28,952,667 shares to another shareholder[198]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 360,813,000, a decrease of 5.5% from HKD 380,381,000 in 2022[4]. - Gross profit for the year was HKD 208,892,000, down 7.9% from HKD 226,894,000 in the previous year[4]. - The company reported a net loss attributable to shareholders of HKD 278,244,000, compared to a loss of HKD 142,413,000 in 2022, representing a 95.4% increase in losses[4]. - The company reported a pre-tax loss of HKD 306,356,000 for the year ended December 31, 2023, compared to a pre-tax loss of HKD 79,716,000 in 2022[37][39]. - The group recorded a loss attributable to owners of HKD 278.2 million, compared to a loss of HKD 142.4 million in the previous year[105]. - Other income for 2023 was HKD 95,710,000, down from HKD 130,516,000 in 2022, indicating a decrease of approximately 26.7%[44]. - The company does not recommend the payment of dividends for the year ended December 31, 2023, consistent with the previous year[59]. - The company reported a basic and diluted loss attributable to shareholders of HKD (278,244,000) for the year ended December 31, 2023, compared to a loss of HKD (142,413,000) in 2022[60]. Asset and Liability Management - Total assets as of December 31, 2023, amounted to HKD 8,318,476,000, a decrease from HKD 8,992,824,000 in 2022[6]. - Non-current assets, including investment properties, decreased to HKD 2,285,002,000 from HKD 2,574,020,000 in the previous year[6]. - Current liabilities increased to HKD 2,757,729,000 from HKD 2,352,581,000 in 2022, indicating a rise of 17.2%[7]. - The company's cash and cash equivalents decreased to HKD 512,602,000 from HKD 846,107,000 in 2022, reflecting a decline of 39.4%[6]. - The company's equity attributable to shareholders decreased to HKD 6,220,127,000 from HKD 6,684,441,000 in 2022, a drop of 6.9%[7]. - The total bank borrowings increased to HKD 1,565,700,000 in 2023 from HKD 1,153,600,000 in 2022[88]. - The total borrowings of the group amounted to HKD 1.5657 billion as of December 31, 2023, an increase from HKD 1.1536 billion in 2022, with management closely monitoring the borrowing portfolio and interest rate risks[128]. Revenue Breakdown - Property management fee income for 2023 was HKD 106,644,000, down from HKD 120,244,000 in 2022, reflecting a decrease of about 11.3%[24]. - Rental income for 2023 was HKD 166,042,000, compared to HKD 176,349,000 in 2022, indicating a decline of approximately 5.8%[24]. - Interest income from financing services for 2023 was HKD 25,223,000, slightly down from HKD 25,587,000 in 2022, a decrease of about 1.4%[24]. - The group's revenue from other services in 2023 was HKD 62,904,000, an increase from HKD 58,201,000 in 2022, representing a growth of approximately 12.5%[24]. - The financial services business had an interest income of HKD 25.2 million, slightly down from HKD 25.6 million in 2022[108]. - Other businesses generated revenue of HKD 169.5 million, a decrease of 5% compared to the previous year[191]. Investment and Fair Value Losses - The fair value loss on investment properties was HKD 253,483,000, significantly higher than the loss of HKD 11,472,000 in 2022[4]. - The fair value loss for the year ended December 31, 2023, was HKD 285,371,000, compared to HKD 202,171,000 in 2022[75]. - The fair value loss of investment properties was HKD (253,483,000) in 2023, compared to a loss of HKD (11,472,000) in 2022, with the carrying amount of completed investment properties at HKD 2,285,002,000 as of December 31, 2023[63]. - The net loss from the investment in Rockefeller Group Asia Pacific, Inc. was HKD 37.9 million, with a fair value loss of HKD 285.4 million recognized in the current year[192]. Operational Efficiency and Cost Management - Employee costs for 2023 were HKD 134,965,000, a decrease from HKD 142,866,000 in 2022, reflecting a reduction of about 5.5%[48]. - The total operating costs amounted to approximately HKD 267.9 million, a decrease of about 8% from HKD 290.9 million in 2022, attributed to cost control measures implemented by the group[127]. - Financing costs amounted to approximately HKD 87.1 million, an increase from HKD 46 million in 2022, mainly due to higher average bank borrowings and rising interest rates[185]. Market and Economic Context - The Chinese economy's GDP for 2023 was RMB 126 trillion, with a year-on-year growth of approximately 5.2%[99]. - The financial technology market in China reached USD 85 billion in 2023, with a projected compound annual growth rate of around 18%[100]. - The real estate development investment in China for 2023 was RMB 1.109 trillion, a year-on-year decline of 9.6%[100]. - The forecast for China's GDP growth in 2024 is approximately 5%-6%[103]. Strategic Initiatives and Future Outlook - The group plans to continue exploring partnerships with leading fintech companies to optimize business models and create new value[105]. - The company is closely monitoring market conditions and uncertainties, implementing prudent strategies in response to the global financial market downturn in 2023[119]. - The group aims to balance profitability and growth while exploring new opportunities in the fintech sector, which is seen as having significant development potential[181].

Financial Performance - Revenue decreased by 1.2% to HKD 183.1 million for the six months ended June 30, 2023[20] - Gross profit increased by 2.1% to HKD 109.9 million during the same period[20] - The company recorded a loss attributable to owners of HKD 259.6 million, compared to a loss of HKD 89.5 million in the same period last year[20] - Basic loss per share was HKD 0.0407, a decline from a basic earnings per share of HKD 0.0140 in the previous year[20] - The company reported a net loss of HKD 279,400,000 for the six months ended June 30, 2023, compared to a profit of HKD 101,613,000 for the same period in 2022[162] - The gross profit for the period was HKD 109,872,000, slightly up from HKD 107,595,000 in the previous year, indicating a marginal increase of 2.1%[162] - The company’s total assets decreased to HKD 8,250,655,000 as of June 30, 2023, down from HKD 8,872,161,000 at the end of 2022, reflecting a decline of 7.0%[173] - The net asset value of the company was HKD 7,499,166,000 as of June 30, 2023, compared to HKD 8,040,528,000 at the end of 2022, a decrease of 6.7%[173] - The company’s financing costs increased to HKD 32,869,000 for the period, compared to HKD 17,244,000 in the previous year, representing an increase of 90.5%[162] - The company reported a fair value loss on financial assets of HKD 14,121,000 for the period, compared to a loss of HKD 25,018,000 in the previous year, showing an improvement of 43.5%[162] - The company’s total liabilities decreased to HKD 751,489,000 as of June 30, 2023, down from HKD 831,633,000 at the end of 2022, a reduction of 9.6%[173] - The company’s cash flow from operating activities showed a significant decline, contributing to the overall net loss for the period[162] - The company reported a net cash outflow from financing activities of HKD 41,849,000 for the six months ended June 30, 2023, compared to an inflow of HKD 85,588,000 in the same period of 2022[180] Economic Outlook - The global economic outlook remains challenging, with high inflation and geopolitical risks impacting recovery[5] - The anticipated GDP growth for China in 2023 is approximately 4%, with expectations of a stable recovery in demand and consumption[9] - The company anticipates a marginal relaxation of policies in the second half of the year, potentially including a rate cut and issuance of medium to long-term government bonds[110] - The company anticipates GDP growth of approximately 4% for 2023, considering the balance between consumption recovery and adverse factors[104] Industry Trends - The financial technology industry is expected to maintain a compound growth rate of around 17% in China, with a market size projected to exceed RMB 1.39 trillion by 2028[7] - The company is focusing on digital transformation in the financial sector, which is seen as a key trend for future growth[7] - The real estate market in China faces significant challenges, with potential policy adjustments aimed at stimulating housing demand[18] Company Strategy and Operations - The company is focusing on balancing profitability and growth while exploring new development opportunities in the fintech sector[110] - The Group's management has closely monitored the recoverability of receivables, ensuring adequate collateral is obtained and timely collection of outstanding balances[28] - The group emphasizes strict credit assessments and risk management in its financing services, focusing on cash flow, income, net assets, and historical credit records of counterparties[50] - The company is focusing on integrating technology with insurance services to enhance operational efficiency and customer value[103] Financial Services and Products - ZA Bank, as Hong Kong's first virtual bank, aims to provide convenient and innovative financial services to retail and SME customers[37] - ZA Bank launched an e-onboarding service on April 1, 2023, allowing customers to complete account applications in as little as 6 minutes, with account opening completed within 2 hours[61] - The group’s financial services business primarily provides efficient financing leasing solutions and various consulting services to meet the needs of technology and new economy companies[46] - The group has invested in ZhongAn Online P&C Insurance Co., Ltd. and established a joint venture, ZhongAn Technology (International) Group Co., Ltd., to explore fintech opportunities[44] Investment and Assets - The company acquired 67,556,247 shares of Zhong An International for approximately USD 44.587 million (about HKD 345.55 million), increasing its stake from 44.75% to 46.04%[128] - The company held cash and bank balances of HKD 2.5816 billion as of June 30, 2023, compared to HKD 2.7046 billion as of December 31, 2022[120] - The company has available undrawn bank financing totaling HKD 376,400,000 as of June 30, 2023, to support its operations and financial obligations[186] Compliance and Governance - The company has maintained compliance with the corporate governance code as per the listing rules during the reporting period[133] - The audit committee reviewed the interim report for the six months ended June 30, 2023, ensuring compliance with applicable standards and regulations[135] Employment and Human Resources - The company employed approximately 631 full-time employees as of June 30, 2023, emphasizing the importance of skilled personnel[130]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立的有限公司） （股份代號：1168） 2 0 2 3 年 中 期 業 績 公 告 財務摘要 截至2023年6月30日止六個月 ‧ 收益減少1.2%至1.831億港元 ‧ 毛利增加2.1%至1.099億港元 ‧ 本公司擁有人應佔虧損為2.596億港元 ‧ 每股基本虧損為4.07港仙 ...

Economic Overview - In 2022, China's GDP was RMB 121 trillion, growing by 3.0% compared to the previous year[12]. - The first industry added value was RMB 8,834.5 billion, increasing by 4.1%; the second industry added value was RMB 48,316.4 billion, growing by 3.8%; and the third industry added value was RMB 63,869.8 billion, rising by 2.3%[12]. - The per capita disposable income for residents in 2022 was RMB 36,883, nominally increasing by 5.0%, with a real growth of 2.9% after adjusting for price factors[12]. - The service industry capacity utilization rate is expected to recover, potentially driving economic growth in 2023[13]. - The real estate sector remains weak, with ongoing challenges in housing sales despite recent policy measures aimed at helping developers refinance[13]. - The group is cautious about the short-term economic outlook in China but remains confident in its long-term development[30]. - The management anticipates an improvement in the macroeconomic environment in China for 2023, with a gradual recovery in consumption driven by optimized pandemic control policies[131]. - The Chinese macroeconomic policy is expected to maintain a relatively loose tone, supporting ongoing economic recovery, with a focus on stable monetary policy in 2023[104]. Company Performance - For the year ended December 31, 2022, the group's revenue was HKD 380.4 million, a decrease of 12% compared to the previous year[37]. - The group recorded a loss attributable to shareholders of HKD 143.4 million, compared to a profit of HKD 190.7 million in the previous year, resulting in a basic loss per share of HKD 0.0225[37]. - The group's gross profit was HKD 226.9 million, down 16% year-on-year[37]. - The total revenue for the group in the year was HKD 380.4 million, a decrease of 12% compared to HKD 432.2 million in 2021[106]. - The revenue from other businesses, including property, facility, and project management services, was HKD 178.4 million, an increase of 9% year-on-year[107]. - The group recorded a net loss attributable to the owners of approximately HKD 143.4 million, a significant decrease from a profit of HKD 190.7 million in the previous year[164]. Financial Position - The group's cash and bank balances amounted to HKD 2.7046 billion as of December 31, 2022, down from HKD 2.9744 billion in 2021[140]. - The total borrowings of the group as of December 31, 2022, amounted to HKD 1.1536 billion, an increase from HKD 955 million in 2021[164]. - The group's capital-to-equity ratio increased to 17.3% as of December 31, 2022, compared to 12.3% in the previous year[167]. - The group had unutilized borrowing facilities of HKD 376.4 million due within one year as of December 31, 2022, compared to HKD 845 million in 2021[140]. - The group reported financing costs of approximately HKD 46 million for the year ended December 31, 2022, compared to HKD 19.5 million in 2021, primarily due to new bank borrowings of HKD 270 million and rising interest rates[136]. Business Development - The company launched the "ZA Bank" fund investment service in August 2022, extending its business into the investment sector[23]. - The group has been actively exploring new business models in financial technology and new economy sectors to capture growth opportunities[26]. - The company is exploring new financial products and business collaborations, including the potential provision of Hong Kong stock trading services[79]. - The group plans to continue leveraging the growth momentum in the fintech industry through effective resource allocation and management[105]. - ZA Bank became the first virtual bank in Hong Kong to obtain a Type 1 regulated activity license from the Securities and Futures Commission in early 2022, launching fund investment services in August and successfully introducing nearly 100 HKD and USD fund products within four months[88]. Investment and Partnerships - The company has invested in leading financial technology companies and established joint ventures to enhance its business model[36]. - The company has invested in Zhong An International, believing in its long-term potential despite initial losses due to development and operational costs[60]. - The strategic partnership with Aladin Bank in Indonesia focuses on long-term collaboration for insurance product development and technology output[120]. - ZA Tech, established in partnership with SoftBank Vision Fund, focuses on delivering innovative digital solutions to insurance companies and internet platforms, with a headquarters in Singapore[91]. - ZA Tech achieved significant progress in the insurtech sector across multiple Asian markets, including Japan, Singapore, and Thailand, and expanded into Europe in 2021 with its first client product launch[119]. Risk Management - The expected credit loss provision for receivables increased by approximately HKD 20.8 million due to a deteriorating macroeconomic environment[50]. - The expected credit loss provision for loans receivable increased to HKD 30.0 million in 2022 from HKD 10.7 million in 2021[53]. - The company emphasized strict credit assessments and risk management to mitigate credit risks associated with its financing services[73]. - The management will continue to evaluate and closely monitor the group's borrowing portfolio and interest rate risks, considering appropriate hedging measures if necessary[165]. - The group has not made any arrangements or used financial instruments to hedge against potential foreign exchange risks as of December 31, 2022[141]. Operational Challenges - The overall hotel occupancy rate remains low, and management is implementing stricter cost controls and improved services to enhance performance[15]. - The company recorded a share of losses from Zhong An International amounting to HKD 252.9 million in 2022, an improvement from HKD 353.5 million in 2021[61]. - Rental income for the year totaled HKD 176.3 million, a decline of 17% compared to the previous year due to COVID-19 related restrictions in Shenzhen[64]. - The fair value loss on investment properties was approximately HKD 11.5 million, compared to a fair value gain of HKD 2.4 million in 2021, primarily due to capital depreciation of parking lots in China[163]. Corporate Governance - The company presented the report and audited consolidated financial statements for the year ended December 31, 2022[200]. - The annual general meeting of shareholders is scheduled for May 31, 2023[193]. - The board of directors includes experienced members with over 37 years in engineering, business management, and market development[195]. - The chairman and executive director has been with the company since 1997 and is a major shareholder[196]. - The company has undergone changes in its executive roles, with the current chairman previously serving as CEO[197].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 （於百慕達註冊成立的有限公司） （股份代號：1168） 全 年 業 績 公 告 財務摘要 截至2022年12月31日止年度 ‧ 收益減少12%至3.804億港元 ‧ 毛利減少16%至2.269億港元 ‧ 本公司擁有人應佔虧損為1.434億港元 ‧ 每股基本虧損為2.25港仙 ...

Financial Performance - Revenue decreased by 13.0% to HKD 185.3 million for the six months ended June 30, 2022[5] - Gross profit decreased by 19.2% to HKD 107.6 million for the same period[5] - Profit attributable to owners of the company was HKD 85.1 million, with basic earnings per share of HKD 0.0134[5] - The group's revenue for the six months ended June 30, 2022, was HKD 185.3 million, a decrease of 13.0% compared to the same period last year[13] - Gross profit for the same period was HKD 107.6 million, down 19.2% year-on-year[13] - The attributable profit to the company's owners was HKD 85.1 million, compared to a loss of HKD 114.4 million in the same period last year; basic earnings per share were HKD 0.0134, compared to a loss per share of HKD 0.0227 last year[13] - Total revenue for the six months ended June 30, 2022, was HKD 185,309,000, a decrease of 13.1% from HKD 213,117,000 in the same period of 2021[99] - The net profit for the six months ended June 30, 2022, was HKD 97,268,000, compared to a loss of HKD 97,394,000 in 2021, indicating a significant turnaround[101] - The company's basic and diluted earnings per share for the period were HKD 1.34, compared to a loss per share of HKD 2.27 in the previous year[99] - Total comprehensive income for the period was a loss of HKD 536,358,000, compared to a gain of HKD 526,700,000 in the same period of 2021[101] Economic Context - China's GDP for the first half of 2022 was RMB 56,264.2 billion, growing by 2.5% year-on-year[10] - The average disposable income per capita in China was RMB 18,463, with a nominal growth of 4.7% year-on-year[10] - The U.S. inflation rate reached a 40-year high, with June figures at 9.1%[8] - The European Central Bank has initiated a rate hike plan for the first time in eight years, marking a significant turning point[7] - The company anticipates that the economic impact of rising energy prices in Europe will be approximately 30% greater than in the U.S.[6] - The global economic growth is projected to slow from 6.1% last year to 3.2% this year, a decrease of 0.4 percentage points from previous forecasts[54] - China's economic growth for the first half of the year was 2.5%, indicating a significant effort is needed in the second half to meet the government's target of around 5.5%[56] - The ongoing challenges in the global economy include rising inflation and the impact of the Russia-Ukraine conflict, affecting supply chains and consumer spending[54] Business Development and Strategy - The company is actively responding to the financial technology development direction promoted by the Chinese and Hong Kong governments[11] - The company has invested in ZhongAn Online P&C Insurance Co., Ltd. and established a joint venture, ZhongAn Technology (International) Group Limited[11] - The company has entered into a partnership with Zhong An Bank to provide investment fund services, marking a strategic expansion into new business areas[24] - The company plans to leverage Hong Kong's international advantages to expand its business and enhance user experience in financial technology[32] - The company has actively sought breakthroughs in new business areas, including providing investment services to other financial institutions[24] - ZA Bank launched a partnership with Hong Kong Chubb Insurance to offer five comprehensive life insurance products, including critical illness and retirement plans, through its app[37] - ZA Insure introduced the "ZA Savings Plan 2" with a guaranteed average return rate of 2.5% per annum, enhancing user flexibility in achieving financial goals[38][39] - As of June 30, 2022, ZA Tech has expanded its footprint in multiple Asian markets, including Japan, Singapore, Malaysia, and Indonesia, and is now entering Vietnam, Thailand, and the Philippines[41] - ZA Tech became an investor in Aladin Bank, Indonesia's first Islamic digital bank, focusing on expanding its business ecosystem and promoting inclusive finance[42] - ZA Tech partnered with Sumitomo Life Insurance to launch an innovative heatstroke insurance product via the PayPay platform, receiving positive market feedback[42] Investment and Financial Position - The investment in Zhong An International has a carrying value of approximately HKD 996 million as of June 30, 2022, representing 8.3% of the total assets[31] - Zhong An International's project loss attributable to the group was HKD 101.1 million for the six months ended June 30, 2022, compared to a loss of HKD 156.4 million in the same period last year[34] - The fair value of redeemable preferred shares as of June 30, 2022, was approximately HKD 305.1 million, down from HKD 633.5 million as of December 31, 2021[28] - The company believes that the investment in Zhong An International is a long-term investment with expected performance improvement in the coming years[32] - The company has pledged HKD 9.824 billion to banks as collateral for general bank financing as of June 30, 2022[60] - The company's cash and bank balances reached HKD 31.785 billion as of June 30, 2022, up from HKD 29.744 billion on December 31, 2021[62] - The net proceeds from the rights issue were approximately HKD 788.2 million, with intended uses including debt repayment and further investment in fintech[52] - The company's total liabilities included non-current liabilities of HKD 8,354,370,000 as of June 30, 2022[65] - The company's total equity decreased to HKD 8,801,925 thousand from HKD 9,338,283 thousand, reflecting a decline of approximately 5.7%[105] Operational Challenges - Rental income for the six months ended June 30, 2022, totaled HKD 82.6 million, a decrease of 23.6% year-on-year, impacted by a week-long lockdown in Shenzhen[14] - The occupancy rate of the office space in the "Bai Shi Da Building" was approximately 37% as of June 30, 2022[15] - The group continues to enhance risk management in its financing leasing and factoring businesses due to the impact of the COVID-19 pandemic[23] - The company did not declare an interim dividend for the six months ended June 30, 2022, retaining resources for business development[68] - The group employed approximately 650 full-time employees as of June 30, 2022, and provided various benefits including medical and retirement benefits[69] Accounting and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial information for the six months ended June 30, 2022[74] - The financial data presented is unaudited and should be read in conjunction with the annual report for the year ended December 31, 2021[120] - The company is currently assessing the impact of newly issued accounting standards and interpretations[141] - The company plans to continue evaluating the comprehensive impact of new accounting standards on its financial reporting[141] Shareholder Information - Asia Pacific holds 3,272,309,301 shares, representing approximately 51.34% of the company's issued shares as of June 30, 2022[91] - The company did not purchase, sell, or redeem any of its listed shares during the period ended June 30, 2022[70] - The company did not declare any dividends during the interim period, consistent with the previous year[167]

Financial Performance - For the year ended December 31, 2021, the group's revenue was HKD 432.2 million, with a profit attributable to owners of the company of HKD 190.7 million, resulting in a basic earnings per share of HKD 0.0334[8]. - The group's revenue for the year ended December 31, 2021, was HKD 432.2 million, an increase of 12% compared to the previous year[24]. - Gross profit for the same period was HKD 268.8 million, up 17% year-on-year[24]. - The net profit attributable to the company's owners was HKD 190.7 million, a turnaround from a loss of HKD 453.1 million in the previous year[24]. - Rental income for the year reached HKD 212.4 million, a 23% increase compared to the previous year[25]. - The group's other business segment reported a revenue of HKD 196.8 million for the year ended December 31, 2021, representing an 8% increase year-on-year[33]. Economic Outlook - The economic outlook for 2022 indicates continued pressure, with expectations of a growth target between 5% and 5.5%[17]. - The global economic growth is expected to slow down to 4.5-4.8% in 2022, with challenges in external demand affecting domestic exports and industrial production[63]. - In 2021, China's GDP reached RMB 114.4 trillion, growing by 8.1% year-on-year, significantly exceeding the 6% target, highlighting the resilience of the Chinese economy[8]. Investment and Business Strategy - The company is exploring new investment opportunities in fintech and new economic sectors to drive sustainable development and returns[13]. - The group plans to maintain a long-term perspective while carefully analyzing market challenges to identify potential business opportunities[17]. - The company is committed to enhancing its operational strategies in response to the evolving economic landscape and market conditions[13]. - The company aims to focus on the fintech sector, which has shown significant growth potential, and aims to balance profitability with growth opportunities[66]. - The company is actively exploring opportunities in fintech and has invested in ZhongAn Online Property Insurance Co., Ltd.[24]. Corporate Governance - The company emphasizes the importance of corporate governance and compliance with regulatory requirements[74]. - The audit committee has been established in accordance with listing rules, consisting of three independent non-executive directors[74]. - The company has committed to high standards of corporate governance and compliance with the relevant codes since 2005[146]. - The board consists of 8 members, including 3 independent non-executive directors, ensuring a balance of power[149]. - The company has established various committees, including the audit, nomination, and remuneration committees, to enhance board functions[167]. Risk Management - The company emphasizes the importance of maintaining a robust risk management and internal control system to safeguard assets and manage operational risks[198]. - The risk management framework includes identifying significant risks, assessing their impact, and implementing necessary measures to manage these risks[199]. - An independent review by Huixin Accounting Firm found no significant deficiencies in the internal control processes as of December 31, 2021[199]. - The audit committee and board review the risk management and internal control systems at least annually[199]. Shareholder Returns - The company did not recommend a final dividend for the year ended December 31, 2021, consistent with the previous year[8]. - The company will not declare a final dividend for the year ended December 31, 2021, to retain resources for business development[72]. - No interim dividend was declared for the year ended December 31, 2021, consistent with 2020[96]. - The board recommended not to declare a final dividend for the year ended December 31, 2021, similar to the previous year[97]. Employee and Management - The company employed approximately 664 full-time employees as of December 31, 2021, and continues to offer competitive compensation and benefits[73]. - The company emphasizes the importance of high-quality employees and continues to provide competitive compensation and benefits[172]. - The remuneration for senior management members, including all executive directors, ranged from HKD 2,000,001 to HKD 3,000,000 for 1 individual and HKD 4,000,001 to HKD 5,000,000 for another individual[173]. Projects and Developments - The "Lock - Bund Source" project in Shanghai has a total construction area of 94,080 square meters and is expected to be completed in 2022[29]. - The "Ningguo Mansion" project in Shanghai is currently in the acceptance stage, with a total land area of 13,599.6 square meters[30]. Financial Position - The total borrowings of the group increased to HKD 955 million as of December 31, 2021, compared to HKD 753.1 million as of December 31, 2020, resulting in a capital debt ratio of 12.6%[67]. - The group held cash and bank balances totaling HKD 2.9744 billion as of December 31, 2021, primarily in RMB, HKD, and USD[67]. - The group's non-current assets totaled HKD 6,394,136,000, while current assets were HKD 1,704,563,000[139]. - The total current liabilities were HKD 868,024,000, and non-current liabilities were HKD 9,244,866,000, resulting in net liabilities of HKD 2,014,191,000[139]. Partnerships and Collaborations - ZA Tech partnered with Prudential Financial Group in Indonesia to co-develop insurance products and digital solutions, promoting digital transformation in the local insurance industry[47]. - The company announced a partnership with Thailand's largest life and health insurance company, Muang Thai Life Assurance, to simplify and accelerate product development cycles using its SaaS solution, Nano[47]. - The company has established partnerships with leading platforms such as Grab Holdings and Klook to enhance digital insurance offerings and customer reach[46][47].

百 仕 達 控 股 有 限 公 司* SINOLINK WORLDWIDE HOLDINGS LIMITED (於百慕達註冊成立之有限公司) 腰份代號 : 1168 中期報告 2021 * 佳供圖別 公司資料 | --- | --- | --- | |--------------------------------------------------------------------------------|--------------------|--------------------------------------------------------------------------------------------------------------------| | | | | | 董事會 | | 總辦事處及主要營業地點 | | 執行董事 項亞波 （主席兼行政總裁） 陳巍 | 香港 德輔道中 | 199 號 無限極廣場 28 樓 | | | 電話 | ： (852) 2851 8811 | | 非執行董事 歐晉羿 歐亞平 鄧銳民 | 傳真 股份代號 網址 | ： (852) 2851 09 ...