Company Overview - Jingji Financial International (01468.HK) reported a closing price of HKD 0.26 per share, with a significant increase of 13.04% and a trading volume of 51.685 million shares, resulting in a turnover of HKD 13.0448 million and a price fluctuation of 17.83% [1] - The company has experienced a cumulative increase of 5.5% over the past month, but a substantial decline of 66.67% year-to-date, underperforming the Hang Seng Index by 21.26% [2] Financial Performance - For the fiscal year ending March 31, 2025, Jingji Financial International reported total revenue of HKD 211 million, a decrease of 24.73% year-on-year [2] - The company recorded a net profit attributable to shareholders of -HKD 108 million, which represents a year-on-year increase of 78.79% [2][4] - The gross profit margin stood at 32.24%, while the debt-to-asset ratio was reported at 25.77% [2] Valuation Metrics - Currently, there are no institutional investment ratings for Jingji Financial International [3] - The average price-to-earnings (P/E) ratio for the Hong Kong Stock Exchange industry classification is 3.69 times, with a median of -0.04 times. Jingji Financial International's P/E ratio is -0.64 times, ranking 20th in the industry [3] - Comparatively, other companies in the sector have P/E ratios such as Kingsoft Energy (00663.HK) at 1.33 times, Tianjin Development (00882.HK) at 4.27 times, CITIC Limited (00267.HK) at 5.31 times, Shanghai Industrial Holdings (00363.HK) at 5.37 times, and Qifu Life Services (03686.HK) at 5.79 times [3] Company Background - Jingji Financial International was established on March 31, 2011, in the Cayman Islands as an exempted public company and was listed on the GEM in August 2012. The company transitioned to the main board on March 20, 2015 [3] - The company primarily engages in fur trading, Danish mink farming, fur brokerage, securities brokerage services, wealth management services, and lending [3]

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 會 就 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。 KINGKEY FINANCIAL INTERNATIONAL (HOLDINGS) LIMITED 京基金融國際（控股）有限公司 （於開曼群島註冊成立之有限公司） （股份代號 ︰01468） 截至二零二五年三月三十一日止年度之 全年業績公告 京 基 金 融 國 際（控 股）有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）呈 列 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 五 年 三 月 三 十 一 日 止 年 度 之 綜 合 業 績 連 同 二 零 二 四 年 同 期 之 比 較 數 字 如 下： 綜合損益及其他全面收益表 截至二零二五年三月三十一日止年度 | | | | | | | | | | | | | | 二零二五年 | | 二零二 ...

Group 1: Market Overview - The Hang Seng Index fell by 0.48%, down 117 points, closing at 24,357 points, while the Hang Seng Tech Index remained unchanged [1] - The early trading volume in the Hong Kong stock market reached HKD 142.1 billion [1] Group 2: Digital Currency and Stablecoins - Citic Securities highlighted the need to focus on opportunities related to stablecoins in response to the rising international dominance of digital dollars [1] - Stocks related to stablecoins saw significant gains, with Victory Securities (08540) doubling in price, China Everbright Holdings (00165) rising nearly 28%, and Yikang (09923) and Huaxing Capital Holdings (01911) both increasing by approximately 11% [1] Group 3: Sector Performance - Hong Kong Travel (00308) surged over 60% as the tourism industry continues to show positive trends, with the company increasing its tourism investments [3] - Defense and military stocks rose against the market trend, with China Shipbuilding Defense (00317) up 8.5% and AVIC (02357) increasing by 2.88%, as institutions expect a revaluation of defense assets [3] - China Molybdenum (03993) rose by 5.92% due to a new round of cobalt export bans from the Democratic Republic of Congo, which may exceed market expectations, providing strong support for cobalt prices [3] - Ocean Park (02255) increased by over 19% as Xiangyuan Holdings is set to become the new controlling shareholder, potentially leading to complementary advantages [3] Group 4: Company-Specific News - Sinopharm (01801) fell by 3.94% after announcing a 4.9% discount on a share placement, raising HKD 4.265 billion [4] - Kingkey Financial International (01468) dropped over 6% following a profit warning, expecting an annual net loss of no more than HKD 1.25 billion [5]

Revenue Performance - The group reported revenue from continuing operations of approximately HKD 140 million for the six months ended September 30, 2024, down from HKD 264.7 million in the same period last year[14]. - Total revenue for the six months ended September 30, 2024, was HKD 139,964, a decrease of 47% compared to HKD 264,666 in 2023[184]. - Revenue from the insurance brokerage business was approximately HKD 52.3 million, down from HKD 56.8 million in the previous year[16]. - The asset management segment reported revenue of HKD 13,464 million, while the technology segment generated HKD 38,541 million[173]. - Revenue from the Hong Kong market was HKD 78,653, down from HKD 86,883, a decrease of about 9%[186]. - Revenue from the People's Republic of China dropped significantly to HKD 46,191 from HKD 157,994, a decline of approximately 71%[186]. Profitability - The company recorded a profit of approximately HKD 2,400,000 for the six months ending September 30, 2024, compared to HKD 66,500,000 for the same period in 2023[36]. - The company recorded a pre-tax profit of HKD 3,208,000, a significant decrease from HKD 100,490,000 in the previous year, indicating a decline of approximately 97%[138]. - The net profit from continuing operations was HKD 2,610,000, compared to HKD 99,255,000 in the prior year, reflecting a decrease of about 97%[138]. - The total comprehensive income for the period was a loss of HKD 17,817,000, contrasting with a gain of HKD 64,940,000 in the same period last year[138]. - The company reported a loss attributable to owners of the company of HKD 10,452,000 for the six months ended September 30, 2024, compared to a profit of HKD 76,683,000 in the same period last year[147]. Segment Performance - The securities business segment recorded a profit of approximately HKD 37.5 million, an increase of about HKD 23.3 million compared to HKD 14.2 million in the previous year[15]. - The lending business generated segment revenue and profit contributions of approximately HKD 13,500,000 and HKD 14,800,000, respectively, compared to HKD 6,400,000 for both in the previous year[21]. - The insurance technology segment reported revenue of approximately HKD 38,500,000, down from HKD 72,100,000, with a segment loss of about HKD 4,600,000 compared to a loss of HKD 1,300,000 last year[27]. - The asset management business contributed total revenue of approximately HKD 2,900,000, down from HKD 8,100,000 in the previous year, with a segment profit of about HKD 200,000 compared to HKD 5,300,000 last year[20]. - The membership and activities segment was terminated, resulting in segment revenue and loss of approximately HKD 1,700,000 and HKD 4,500,000, respectively, compared to HKD 17,800,000 and HKD 43,800,000 in the previous year[25]. Financial Position - As of September 30, 2024, the company's cash and bank balances were approximately HKD 159,000,000, an increase from HKD 118,600,000 as of March 31, 2024[45]. - The company's net asset value as of September 30, 2024, was approximately HKD 556,400,000, up from HKD 405,000,000 as of March 31, 2024[45]. - The company's total liabilities due within 12 months decreased from HKD 112.8 million to HKD 108.7 million[1]. - The company's non-current liabilities due after 12 months decreased from HKD 36.8 million to HKD 19.6 million[1]. - The company's total liabilities increased to HKD 2,091,694,000 as of September 30, 2024, from HKD 1,498,583,000 as of April 10, 2023, representing an increase of approximately 39.5%[147]. Capital and Financing Activities - The company issued a total of HKD 39.2 million in corporate bonds during the reporting period, with a coupon rate of 6%[1]. - The company plans to raise approximately HKD 542.59 million through a rights issue, with a revised subscription price of HKD 0.76 per share[12]. - In March 2024, the company raised approximately HKD 91.6 million by issuing 1,525,992,613 new ordinary shares at HKD 0.060 per share, with net proceeds of about HKD 89.6 million used for debt repayment[63]. - In September 2024, the company raised approximately HKD 75.08 million by issuing 183,119,113 new ordinary shares at HKD 0.41 per share, with net proceeds of about HKD 74.12 million allocated as follows: HKD 14.82 million for AI project financing and HKD 44.48 million for business operations[64]. Employee and Operational Changes - The group had a total of 50 full-time employees as of September 30, 2024, down from 100 employees as of March 31, 2024, indicating a 50% reduction in workforce[102]. - Employee costs, including director remuneration, decreased to 15,590 thousand HKD from 19,530 thousand HKD, reflecting a reduction of approximately 20%[192]. - The company has maintained competitive salary levels and offers additional employee benefits, including provident fund contributions, insurance, and discretionary share options based on performance[102]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2024[106][107]. - The company has adhered to the corporate governance code, with a designated contact person ensuring compliance with board procedures and applicable laws[100]. - The company has a commitment to good corporate governance practices, as evidenced by its adherence to the relevant rules and regulations[100]. Risk Management - The company continues to face various financial risks, including market risk, credit risk, and liquidity risk[161]. - The company has established credit policies and continuously monitors credit risk associated with trade receivables and loans[91]. - The company has a low credit risk associated with receivables from brokers and clearing houses due to its dealings with reputable entities[74]. Future Outlook - The group remains optimistic about future prospects despite global economic uncertainties, focusing on identifying new investment opportunities for business diversification and sustainable development[130]. - The group is committed to maintaining operational stability while exploring potential business expansion opportunities in the Hong Kong and China markets, which have shown positive growth signals[130]. - The company plans to allocate additional resources to its securities and asset management businesses, aiming to expand these segments[136].

Financial Performance - For the six months ending September 30, 2024, the group reported segment revenues of approximately HKD 10,000,000 and HKD 2,900,000 for securities and asset management, respectively, down from HKD 15,500,000 and HKD 8,100,000 in the same period last year, totaling a decrease of approximately HKD 10,700,000[7]. - The lending business generated revenues of approximately HKD 13,500,000 for the six months ending September 30, 2024, an increase of about HKD 7,100,000 compared to HKD 6,400,000 in the same period last year, indicating a strong demand for borrowing[12]. - For the six months ending September 30, 2024, the total revenue significantly decreased to approximately HKD 139,964,000 compared to HKD 264,666,000 in the same period of 2023, representing a decline of about 47%[21]. - The insurance technology segment recorded revenue of approximately HKD 38,500,000 for the six months ending September 30, 2024, down from HKD 72,100,000 in 2023, indicating a decrease of around 47%[16]. - The network and licensing segment generated revenue of approximately HKD 7,700,000 for the six months ending September 30, 2024, compared to HKD 85,900,000 in 2023, reflecting a decline of about 91%[17]. - The pre-tax profit for the six months ending September 30, 2024, was HKD 3,208,000, a significant drop from HKD 100,490,000 in the same period of 2023[21]. - The net profit from continuing operations for the six months ending September 30, 2024, was HKD 2,610,000, down from HKD 99,255,000 in 2023, marking a decrease of approximately 97%[21]. - The company reported a total comprehensive income attributable to owners of (13,704) thousand HKD for the six months ended September 30, 2024, compared to 75,393 thousand HKD for the same period in 2023, representing a significant decline[33]. - Basic and diluted earnings per share from continuing and discontinued operations were 0.75 HKD and 0.63 HKD respectively for the six months ended September 30, 2024, down from 10.66 HKD and 13.84 HKD in the previous year[33]. Operational Challenges - The group faced significant challenges, including claims from shareholders and creditors, and is currently in a state of provisional liquidation, yet remains optimistic about future prospects[5]. - The overall economic environment remains uncertain, with geopolitical tensions and unclear U.S. Federal Reserve interest rate policies continuing to impact Hong Kong's capital markets[3]. - The group has successfully navigated a turbulent period and is optimistic about the future, despite facing significant local dynamics and international challenges[4]. - The government is expected to support long-term growth in the financial industry through enhanced regulatory frameworks and promotion of cross-border business[4]. Strategic Focus and Development - The company plans to focus on expanding its financial services, particularly in response to changes in Danish policies and the termination of related licenses[19]. - The company aims to explore potential business opportunities while maintaining operations across various sectors to ensure long-term sustainable development[18]. - The company will continue to monitor the global economic environment and assess its impact on overall financial conditions and operational performance[18]. - The company intends to allocate additional resources to its securities and asset management businesses to expand these existing segments[19]. - The group is focusing on developing a digital sales platform for the insurance business, enhancing its technology services[58]. - The group has plans for market expansion and new product development in the insurance technology sector[58]. - The group is committed to improving operational efficiency and exploring strategic acquisitions to drive growth[58]. Financial Position and Assets - Non-current assets totaled 196,849 thousand HKD as of September 30, 2024, a decrease from 223,383 thousand HKD as of March 31, 2024[35]. - Current assets increased to 769,911 thousand HKD as of September 30, 2024, compared to 643,218 thousand HKD as of March 31, 2024, driven by a rise in trade and other receivables[35]. - Current liabilities decreased to 389,358 thousand HKD as of September 30, 2024, from 421,452 thousand HKD as of March 31, 2024, indicating improved liquidity[37]. - The company's net asset value increased to 556,350 thousand HKD as of September 30, 2024, compared to 405,015 thousand HKD as of March 31, 2024[37]. - The company’s total equity attributable to owners increased to 561,545 thousand HKD as of September 30, 2024, from 406,097 thousand HKD as of March 31, 2024[37]. - The company’s cash and cash equivalents rose to 159,022 thousand HKD as of September 30, 2024, compared to 118,552 thousand HKD as of March 31, 2024, reflecting improved cash flow management[35]. - The company’s total liabilities decreased to 410,410 thousand HKD as of September 30, 2024, from 461,586 thousand HKD as of March 31, 2024, indicating a reduction in financial leverage[37]. Risk Management - The group’s financial risk factors include market risk, credit risk, and liquidity risk[47]. - The group has not experienced any significant changes in its financial risk management policies since the end of the last fiscal year[48]. - The group does not face significant interest rate risk as its income and cash flows are not heavily impacted by fluctuations in interest rates[184]. - Foreign exchange risk is considered manageable, with most transactions conducted in HKD and RMB, and the impact of currency fluctuations on overseas assets is deemed controllable[186]. - The group has no significant credit risk concentration due to providing credit to numerous clients, ensuring risk is diversified[181]. Corporate Actions - The company approved an increase in authorized share capital by 90,000,000,000 shares, raising the total authorized capital from HKD 100,000,000 to HKD 1,000,000,000, effective August 22, 2024[187]. - A share consolidation was approved, merging every 10 shares with a par value of HKD 0.01 into 1 share with a par value of HKD 0.10, effective September 2, 2024[188]. - In April 2024, the company raised approximately HKD 91,600,000 by issuing 1,525,992,613 new ordinary shares at HKD 0.060 per share, with net proceeds of about HKD 89,600,000 used for debt repayment[189]. - In September 2024, the company raised approximately HKD 75,080,000 by issuing 183,119,113 new ordinary shares at HKD 0.41 per share, with net proceeds of about HKD 74,120,000 allocated for AI project financing and operational funding[198]. - Of the September 2024 proceeds, approximately HKD 14,820,000 is designated for green energy projects, with an expected usage timeline by March 31, 2025[197].

Market Conditions - The company experienced significant challenges in 2023, with the Hong Kong stock market reaching a 10-year low and daily trading volumes consistently below HKD 100 billion[21]. - The overall sentiment in the stock market remains pessimistic, with foreign capital continuing to withdraw from Hong Kong[21]. - The office vacancy rate in Hong Kong was reported at 14.7% in Q4 2023, indicating a challenging rental market[21]. Financial Performance - The total revenue for the fiscal year ending March 31, 2024, was approximately HKD 330,400,000, a slight decrease of HKD 900,000 compared to HKD 331,300,000 in the previous fiscal year[32]. - The company’s net profit for the year was HKD 94,329 thousand, down from HKD 122,692 thousand, indicating a decline of 23.06%[200]. - The earnings per share (EPS) decreased to HKD 7.47 from HKD 17.16, representing a drop of 56.41%[200]. - The group recorded a total annual loss of approximately HKD 687,400,000 for the fiscal year 2024, an improvement from a loss of HKD 1,163,000,000 in the previous fiscal year, with a potential net profit of approximately HKD 32,500,000 if non-cash goodwill and intangible asset impairments were excluded[66]. - The group recorded a consolidated gross profit of approximately HKD 94.3 million for the fiscal year 2024, representing a gross profit margin of 28.5%, down from HKD 122.7 million and a 37.0% margin in fiscal year 2023[158]. Revenue Segments - The insurance brokerage revenue significantly increased to approximately HKD 89,700,000, representing a 90% increase from HKD 47,200,000 in the previous fiscal year[34][37]. - The interest income from the lending business decreased by 31.9% to approximately HKD 17,500,000, down from HKD 25,700,000 in the previous fiscal year[36][40]. - The securities brokerage commission income rose from approximately HKD 1,400,000 to about HKD 3,200,000 due to increased trading volume driven by market volatility[32]. - The asset management revenue increased to approximately HKD 14,200,000, up from HKD 5,600,000 in the previous fiscal year, attributed to the rise in managed asset values[39]. - The trading business generated approximately HKD 400,000 in revenue for the fiscal year, compared to zero in the previous fiscal year[29]. - The company recorded a significant decline in total revenue for the membership and events segment, dropping to approximately HKD 26,800,000 from HKD 56,100,000 in the previous fiscal year due to reputational damage from legal issues[39]. - The multi-channel network and licensing segment recorded revenue of approximately HKD 51,900,000 for the fiscal year ending March 31, 2024, down from HKD 85,600,000 in the previous fiscal year, with a post-tax loss of approximately HKD 900,000 compared to a loss of HKD 100,000 in the prior year[41]. - The insurtech segment generated revenue of approximately HKD 68,800,000 for the fiscal year ending March 31, 2024, slightly down from HKD 70,100,000 in the previous fiscal year, with a post-tax loss of approximately HKD 4,600,000 compared to a loss of HKD 3,900,000 in the prior year[42]. Operational Challenges - The company faced operational disruptions due to legal actions from a major shareholder, which required the assistance of independent professionals to stabilize operations[21]. - Margin income was adversely affected, with a provision for expected credit losses of approximately HKD 107.2 million, representing 68.2% of the total outstanding margin financing[13]. - The company is committed to addressing liquidity issues faced by many businesses, particularly small and medium enterprises, in the current economic climate[21]. Risk Management - The company has established credit policies and continuously monitors credit risk associated with trade receivables and loans[1]. - Liquidity needs are regularly monitored, ensuring sufficient cash flow and financing resources from reputable financial institutions[2]. - The company operates in multiple currencies, including HKD, RMB, USD, DKK, and AUD, exposing it to foreign exchange risks[3]. - The company has managed foreign exchange risks prudently, ensuring minimal exposure to currency fluctuations[82]. - The company is continuously evaluating and monitoring foreign currency risks to mitigate the impact of exchange rate fluctuations[99]. - The company has not engaged in any financial hedging or speculative activities during the year[84]. Corporate Governance - The company has adopted a diversity policy for the board, currently having one female director and aiming to improve gender representation[184]. - The company has implemented a whistleblowing policy to report any suspected misconduct, ensuring confidentiality for whistleblowers[188]. - The board and audit committee will regularly review the effectiveness of the anti-fraud and anti-corruption policies[190]. - The company is committed to preventing and investigating all forms of fraud and corruption among its employees and representatives[190]. - The company plans to continue its independent board evaluation process, which is considered an ongoing effort to enhance governance[196]. - The board's independence assessment indicated that it possesses the necessary skills and experience to fulfill its fiduciary duties effectively[199]. - The company is committed to ensuring that all board members receive timely and reliable information to make informed decisions[195]. Shareholder Actions - The company successfully placed a total of 1,525,992,613 new shares to at least six independent third-party subscribers, with the placement completed on April 26, 2024[81]. - The company plans to raise approximately HKD 91,600,000 from the share placement, with net proceeds expected to be around HKD 89,700,000, primarily to repay debts and support operations[95]. - As of March 31, 2024, the total number of issued shares is 7,629,963,067, which will increase to 9,155,955,680 after the completion of the share placement[96]. - The company issued 452,666,666 new shares on February 21, 2023, and another 452,666,666 new shares on August 31, 2023, as part of the payment for the acquisition[109]. Future Outlook - The group anticipates that the influx of capital will stimulate demand in its wealth management and asset management businesses, positively impacting these segments[44]. - The company plans to continue operating its membership and events business despite the termination of a licensing agreement, seeking new partnerships for diversification[30]. - The company completed a restructuring to improve its financial condition and resolved internal conflicts, leading to the termination of temporary liquidation status on June 6, 2024[121].

Financial Performance - The group reported a net asset value of 405,015 million, an increase from 373,838 million in the previous year, representing a growth of approximately 8.5%[18]. - Total revenue for the company reached 331,313 thousand HKD, with a significant contribution from the insurance technology segment at 70,109 thousand HKD[30]. - The company reported a pre-tax loss of 1,164,272 thousand HKD, reflecting challenges in various segments, particularly in the securities and insurance brokerage divisions[30]. - The net loss attributable to the company for the year was 1,162,989 thousand HKD, highlighting the need for operational improvements[30]. - The company reported a loss attributable to shareholders of HKD 551,252,000 for the year ended March 31, 2024, compared to a loss of HKD 1,158,455,000 for the previous year[60]. - The company reported a significant increase in user engagement within its digital platforms, contributing to a rise in overall revenue streams[30]. - The company recorded a pre-tax loss of HKD 823,993,000 for the year ending March 31, 2024, compared to a loss of HKD 1,164,272,000 in the previous year[179]. - The company reported a net loss of HKD 687,420,000 for the year, an improvement from a loss of HKD 1,162,989,000 in the previous fiscal year[179]. - The company's revenue from insurance brokerage services increased to HKD 89,697,000 in 2024 from HKD 47,237,000 in 2023, representing an increase of 89.9%[190]. - The total revenue from customers contributing 10% or more to the group's total revenue was below 10% for the year ended March 31, 2024[54]. Business Segments - The group’s major businesses include securities brokerage, insurance brokerage, asset management, and trade-related agency services, indicating a diversified revenue base[21]. - The group has initiated a new business segment providing trade-related agency services, which is expected to enhance revenue streams[12]. - The company anticipates continued growth in its asset management and insurance technology services, driven by market demand[21]. - The company plans to enhance its market presence through strategic partnerships and potential acquisitions in the insurance sector[30]. - The asset management business generated revenue of approximately HKD 14.2 million for the fiscal year 2024, compared to HKD 5.6 million in the fiscal year 2023, reflecting an increase due to asset value appreciation[148]. - The revenue from asset management services rose to HKD 11,964,000 in 2024, up from HKD 4,423,000 in 2023, marking an increase of 170.5%[190]. - The insurance technology segment generated revenue of approximately HKD 68,800,000, with a post-tax loss of HKD 4,600,000 for the fiscal year ending March 31, 2024[126]. - The revenue from technology insurance services decreased slightly to HKD 68,776,000 in 2024 from HKD 70,109,000 in 2023, a decline of 1.9%[190]. - The company reported a significant increase in insurance brokerage service revenue, totaling approximately HKD 89,700,000, representing a 90% increase year-over-year[121]. Assets and Liabilities - Total liabilities include trade and other payables amounting to 278,628 million, with bank and other borrowings at 38,329 million[3]. - Deferred tax liabilities were reported at 336 million, reflecting the company's tax obligations[4]. - The total assets of the company amounted to 1,784,307 thousand HKD, while total liabilities were reported at 1,410,469 thousand HKD, indicating a healthy asset-to-liability ratio[30]. - The total assets decreased from HKD 979,940,000 in 2023 to HKD 643,218,000 in 2024, a decline of 34.3%[183]. - The company's total liabilities were reported at HKD 421,452,000 in 2024, down from HKD 1,238,804,000 in 2023, a reduction of 66.0%[184]. - The company reported a cash balance of approximately HKD 47,300,000 from five margin clients, which is currently frozen due to regulatory restrictions[80]. - The company maintained a stable employee cost, with salaries and benefits amounting to HKD 42,271,000 in 2024, slightly down from HKD 42,466,000 in 2023[57]. Impairments and Provisions - The company experienced a substantial impairment loss of 491,597 thousand HKD related to intangible assets, impacting overall profitability[28]. - The impairment provision for trade receivables increased significantly to HKD 85,318,000 in 2024 from HKD 9,689,000 in 2023[57]. - The company recognized a net loss of HKD 2,058,000 for the impairment of property, plant, and equipment in 2024, while there was no such loss in 2023[57]. - The company incurred an impairment loss on goodwill of HKD 228,298,000, compared to HKD 106,814,000 in the previous year[182]. - The company made a provision for expected credit losses amounting to HKD 107,200,000, which accounts for 68.2% of the total outstanding securities margin financing[120]. Market Conditions and Strategic Focus - The overall market conditions in Hong Kong have been challenging, with the stock market turnover consistently below HKD 100 billion[118]. - The company has a strategic focus on expanding its operations in China, particularly in network and licensing businesses, to capture growth opportunities[21]. - The company anticipates that the removal of the minimum trading unit and further reduction of stamp duty will attract more investors to the Hong Kong market[127]. - In Q2 2024, the Hong Kong stock market rebounded strongly, with the Hang Seng Index rising by 4,000 points and daily trading volume reaching HKD 200 billion[127]. Shareholder Actions and Corporate Governance - The company issued 452,666,666 new ordinary shares on February 21, 2023, as part of the acquisition of 70% equity in FGA Holdings Limited, recording approximately HKD 4,527,000 in share capital[106]. - The company has not granted any rewards under its share incentive plan, which was terminated effective April 30, 2024, to reduce administrative costs and improve cash flow[141]. - The company completed a restructuring process to improve its financial condition and resolve internal conflicts among directors, with the Cayman court approving the termination of the joint provisional liquidators' appointment on June 6, 2024[139]. - The company plans to place up to 1,525,992,613 shares at a placement price of HKD 0.060 per share, subject to conditions, as part of its capital raising strategy[140].

Financial Position and Performance - As of March 31, 2023, the group has pledged bank deposits of HKD 35,000,000 as collateral for financing, which was released in September 2023 after partial repayment of the bank loan[1]. - As of September 30, 2023, the group had no significant capital commitments or contingent liabilities[22]. - The net asset value increased significantly to HKD 1,141.7 million as of September 30, 2023, compared to HKD 373.8 million as of March 31, 2023[71]. - Total revenue for the six months ended September 30, 2023, was HKD 282,423,000, significantly up from HKD 97,137,000 in the same period of 2022, representing an increase of approximately 191%[91]. - The company reported a profit attributable to owners of the company of HKD 76.7 million for the six months ending September 30, 2023, compared to a loss of HKD 10.2 million in the same period of 2022[68]. - The basic and diluted earnings per share increased to HKD 1.07 for the six months ending September 30, 2023, compared to HKD 0.04 in 2022[68]. - The total assets of the company as of September 30, 2023, amounted to HKD 1,685,040,000, up from HKD 1,419,737,000 as of the same date in 2022[134]. - Total liabilities increased to HKD 543,338,000 from HKD 328,926,000, indicating a rise of 65% year-over-year[134]. - The company reported a pre-tax profit of approximately HKD 76,683,000 for the six months ended September 30, 2023, compared to HKD 2,515,000 in the same period of 2022[146]. Revenue Segments - The insurance brokerage segment's revenue increased by approximately 91% from about HKD 29,700,000 to about HKD 56,800,000 compared to the same period last year[42]. - The insurance technology division recorded revenue of approximately HKD 72,100,000, a significant increase from HKD 2,100,000 in the previous year[45]. - The securities brokerage commission income nearly doubled to approximately HKD 1,600,000, attributed to increased trading activity as market participants believed the stock market had bottomed out[54]. - The wealth management division processed over 700 new policies for approximately 450 clients, accumulating over HKD 68,000,000 in annualized first-year premiums, down from HKD 98,000,000 in the previous year[56]. - The overall revenue from the fur business increased by approximately 127.6% to about HKD 19,800,000, despite a decline in profit margins due to falling mink prices[57]. - The media, internet, and licensing segment generated revenue of approximately HKD 85.9 million for the six months ending September 30, 2023, compared to zero in 2022[61]. - The asset management business generated revenue exceeding HKD 8,100,000 for the six months ended September 30, 2023, up over 226% from HKD 2,500,000 in the same period of 2022[82]. - Membership and events segment earned approximately HKD 17,800,000 for the six months ended September 30, 2023, compared to HKD 23,000,000 in the same period of 2022, reflecting a decrease of about 22%[84]. Credit and Risk Management - The group maintains a rigorous credit policy to mitigate credit risk, ensuring that all clients undergo individual credit assessments before any purchase transactions[2]. - The group has no major concentration of credit risk due to the diversified nature of its client base, with no significant credit risk concentration reported[26]. - The company has established a solid credit policy to manage credit risk associated with trade receivables and client loans[50]. - The company continues to monitor its credit risk exposure closely, with no significant changes in the overall credit environment reported[186]. - The provision for expected credit losses was not utilized during the period, indicating effective risk management practices[186]. - The expected credit loss provision for receivables remained stable at HKD 5,527 thousand as of September 30, 2023, unchanged from the previous audited figure[186]. Economic Environment and Future Outlook - The overall economic environment in Hong Kong remains challenging, with the Hang Seng Index declining since February and IPO fundraising activities dropping significantly[38]. - The company anticipates that the Hong Kong business will be adversely affected if the local economy does not improve significantly in the short term[87]. - Future outlook remains cautiously optimistic, with a focus on maintaining stable receivables and payables management strategies[186]. - The company is considering different options to further develop its insurance brokerage and asset management businesses, which may have reached a bottleneck due to economic conditions[63]. Cash Flow and Financing - The group regularly monitors liquidity needs and ensures sufficient cash flow and financing resources from reputable financial institutions to meet both short-term and long-term liquidity requirements[28]. - For the six months ended September 30, 2023, the company reported a net cash generated from operating activities of HKD 29,665 thousand, a decrease from HKD 71,415 thousand in the same period of 2022[97]. - The net cash used in investing activities was HKD (478) thousand, a notable improvement compared to HKD (44,486) thousand in the previous year[97]. - The financing activities resulted in a net cash outflow of HKD (38,727) thousand, compared to HKD (11,891) thousand in the same period last year[97]. - As of September 30, 2023, the company's cash and cash equivalents amounted to HKD 92,977 thousand, down from HKD 139,549 thousand at the same time last year[97]. Share Incentive Plan - As of September 30, 2023, there are 59,620,000 reward shares purchased by the share incentive plan trustee, with an average cost of HKD 0.9[19]. - The group has not issued any reward shares since the adoption of the share incentive plan[19]. - The share incentive plan aims to reward selected employees for their contributions and to attract suitable talent for the group's ongoing development[21]. Financial Risks - The company is exposed to various financial risks, including market risk, credit risk, and liquidity risk[102]. - The company has maintained a strict control over its loan portfolio, with credit terms ranging from 6 months to 3 years and interest rates between 10% to 48%[183]. - The company’s interest income from cash client accounts was HKD 1,000 for the six months ended September 30, 2023, compared to no income in the same period of 2022[162]. - Interest expenses for bank and other borrowings increased to HKD 2,652,000 in 2023 from HKD 1,435,000 in 2022, reflecting a significant rise of 85%[162].

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 會 就 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。 京 基 金 融 國 際（控 股）有 限 公 司（「本公司」）董 事 會（「董事會」）謹 此 呈 列 本 公 司 及 其 附 屬 公 司（統 稱「本集團」）截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 之 未 經 審 核 簡 明 綜 合 中 期 業 績 連 同 二 零 二 二 年 同 期 之 比 較 數 字。未 經 審 核 簡 明 綜 合 財 務 報 表 已 由 本 公 司 審 核 委 員 會 審 閱。 面 對 這 些 不 利 因 素，本 集 團 仍 然 能 夠 從 多 個 方 面 著 手 改 善 業 務。致 勝 之 道 主 要在於二零二二年收購FGA Holdings Limited 70%現 有 股 權，及 認 購First Achiever Ventures Li ...

Financial Performance - The group's revenue for the fiscal year ending March 31, 2023, was approximately HKD 331.3 million, an increase of HKD 204.3 million compared to HKD 127 million in the previous fiscal year, primarily due to contributions from new membership and event businesses (HKD 56.1 million) and insurance technology (HKD 70.1 million) [2]. - The securities brokerage segment reported commission income of approximately HKD 29.7 million, down from HKD 33.9 million in the previous fiscal year, attributed to a decline in commission income due to a sluggish stock market [3]. - The insurance brokerage segment generated revenue of approximately HKD 47.2 million, slightly down from HKD 47.7 million in the previous fiscal year, but recorded a profit of approximately HKD 1.2 million compared to a loss of HKD 5.4 million in the previous year [4]. - The group's administrative expenses increased by approximately 63.6% to HKD 162.9 million from HKD 99.6 million in the previous fiscal year, mainly due to the acquisition of two new businesses [12]. - The group recorded a consolidated gross profit of approximately HKD 122.7 million with a gross profit margin of 37.0%, down from HKD 86 million and a margin of 67.7% in the previous fiscal year [10]. - The group incurred a loss of approximately HKD 12.8 million in the lending business, compared to a loss of HKD 4 million in the previous fiscal year, mainly due to interest payments of HKD 22.3 million [7]. - The group's sales costs surged to approximately HKD 208.6 million from HKD 41.1 million in the previous fiscal year, more than a fivefold increase, primarily due to costs associated with new acquisitions [8]. - The group recognized an impairment loss of approximately HKD 106.8 million related to goodwill, reflecting a significant decline in the securities business's revenue [17]. - The annual loss for the fiscal year 2023 was approximately HKD 1,163,000,000, significantly higher than the loss of approximately HKD 73,100,000 in the fiscal year 2022 [35]. - The company recorded a fair value loss of approximately HKD 1,009,900,000 for contingent consideration during the fiscal year 2023, compared to zero in the fiscal year 2022 [34]. Cash and Assets - As of March 31, 2023, the company's bank balance and cash amounted to approximately HKD 111,100,000, down from approximately HKD 124,400,000 on March 31, 2022 [36]. - The net asset value of the company as of March 31, 2023, was approximately HKD 373,800,000, a decrease from approximately HKD 790,300,000 on March 31, 2022 [36]. - The company’s short-term bonds outstanding as of March 31, 2023, amounted to approximately HKD 108,000,000, down from approximately HKD 155,600,000 on March 31, 2022 [36]. - The group has pledged assets for bank loans amounting to approximately 46,016,000 Danish Krone (about 52,719,000 HKD) as of March 31, 2023 [69]. Shareholder and Governance - The company is committed to providing career development opportunities for female employees to create a pipeline of potential female senior management and board successors [45]. - The board currently has one female director and is committed to increasing female representation and achieving appropriate gender diversity in senior management and the board [45]. - The board's independence assessment was conducted through a questionnaire filled out by all directors, with independent non-executive directors actively participating in all board and committee meetings [44]. - The company has adopted a diversity policy for the board, considering factors such as gender, age, cultural background, and professional qualifications [62]. - The board consists of two executive directors and four independent non-executive directors, ensuring a balance of skills and experience [106]. - Independent non-executive directors account for at least one-third of the board, exceeding listing rule requirements [116]. - The company has established a three-year term for non-executive directors, with mandatory re-election at least every three years [125]. - The board meets at least quarterly, ensuring regular oversight and decision-making [129]. - The company has adopted a code of conduct for directors' securities transactions, confirming full compliance for the fiscal year ending March 31, 2023 [101]. - The company has adopted a shareholder communication policy to ensure effective communication between the board and shareholders [193]. - The company maintains a high standard of corporate governance to enhance shareholder value, complying with the corporate governance code as per the listing rules, with one exception regarding the company secretary's employment status [99]. Risk Management - The group has established a risk management system that includes identifying risks, assessing their likelihood and impact, and ensuring effective communication with the board [178]. - The group has not identified any significant risks based on the risk assessment conducted during the fiscal year [179]. - The group conducts monthly monitoring of loan repayment status and reports to management, ensuring that any significant deterioration in a customer's financial condition is addressed promptly [187]. - The group has implemented credit approval procedures and post-lending monitoring to manage credit risk effectively [184]. - The company has taken a prudent approach to managing foreign exchange risks, ensuring that exposure is minimized [67]. - The company continues to assess and monitor foreign exchange risks, implementing foreign exchange futures contracts to hedge against these risks, particularly considering the peg of the Hong Kong dollar to the US dollar [89]. Future Plans and Investments - The company plans to allocate approximately HKD 125,000,000 for establishing and developing multiple investment funds, with actual usage at HKD 70,600,000 [39]. - Approximately 72.05% of the net proceeds from the placement, amounting to about HKD 322,200,000, will be used to develop existing securities brokerage and financial services businesses [38]. - The company is committed to balancing shareholder returns with sustainable business development [198]. - The company is committed to sustainable development and continuously reviews its business strategies to adapt to changing market conditions [105]. Employee and Operational Insights - The total employee count as of March 31, 2023, was 83, compared to 69 as of March 31, 2022 [79]. - The employee costs for the fiscal year were approximately 43,600,000 HKD, slightly down from 44,400,000 HKD in the previous fiscal year [79]. - The company did not recommend any final dividend for the fiscal year 2023, consistent with the previous fiscal year [78]. - The company will not distribute any dividends in the near future, as it plans to reserve funds for business development [198]. Audit and Compliance - The audit committee, consisting of four independent non-executive directors, reviewed and supervised the group's financial reporting procedures and internal control systems during the year [56]. - The audit committee held two meetings during the year, with all members present, and there were no disagreements with the board regarding reappointment matters [59]. - The audit fees paid to the group's auditors for the year ended March 31, 2023, amounted to HKD 1,379,000, with HKD 1,100,000 for statutory audit services and HKD 279,000 for other auditors [161]. - The company confirmed that there are no significant uncertainties that may cast doubt on its ability to continue as a going concern [159].