Financial Performance - Total revenue for the six months ended September 30, 2024, was HKD 167,906,000, a slight decrease of 0.2% compared to HKD 168,244,000 in the same period last year[3] - Profit before tax for the period was HKD 80,054,000, down 22% from HKD 102,614,000 in the previous year[5] - Net profit for the period was HKD 71,814,000, a decrease of 16.5% compared to HKD 85,957,000 in the same period last year[5] - Basic and diluted earnings per share were 2.9 HK cents, down from 3.4 HK cents year-on-year[5] - The company declared a dividend of HKD 75,000,000, down from HKD 150,000,000 in the previous year[5] - The company's profit attributable to equity holders for the six months ended September 30, 2024, was HKD 71,814,000, a decrease of 16.4% compared to HKD 85,957,000 for the same period in 2023[40] - Earnings per share decreased to HKD 0.029 from HKD 0.034 in the previous year[68] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 4,480,774,000, a decrease from HKD 4,545,373,000 as of March 31, 2024[9] - Total liabilities increased to HKD 356,911,000 from HKD 260,522,000 as of March 31, 2024[11] - The group reported a total of HKD 4,613,766,000 in total assets as of September 30, 2024, compared to HKD 4,598,963,000 as of March 31, 2024[28] - The group’s liabilities totaled HKD 273,096,000, with a significant portion attributed to margin financing and brokerage activities[28] - The group’s non-current assets amounted to HKD 199,631,000 as of September 30, 2024, compared to HKD 60,248,000 as of March 31, 2024, indicating a substantial increase in long-term investments[29] Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2024, was HKD 286,801,000, an increase of 22.8% compared to HKD 233,471,000 for the same period in 2023[15] - The net cash used in investment activities was HKD (162,984,000), a significant decrease from HKD 9,190,000 in the previous year, indicating a shift in investment strategy[15] - The total cash and cash equivalents increased to HKD 2,480,112,000 from HKD 2,399,097,000, reflecting a growth of 3.4% year-over-year[15] - The company’s cash and cash equivalents in general accounts and cash amounted to HKD 2,480,112,000, slightly up from HKD 2,434,035,000 as of March 31, 2024[9] Impairment and Credit Risk - The company reported a net impairment loss on receivables of HKD 59,186,000, compared to HKD 45,905,000 in the previous year, indicating a significant increase in credit risk[3] - The net impairment loss on receivables for the period was HKD 59.2 million, compared to HKD 45.9 million in the previous year[67] - The group faced a net credit risk primarily from the carrying value of confirmed financial assets, with ongoing monitoring and risk assessment conducted quarterly[58] Market and Business Operations - The company continues to focus on expanding its financial services, including securities trading, asset management, and corporate finance[17] - The group operates primarily in Hong Kong and the UK, with all revenue generated from the Hong Kong market[28] - The Hong Kong economy continued to expand in the second and third quarters of 2024, although at a slower pace, impacted by geopolitical tensions affecting international trade and capital flows[69] - The average daily trading volume on the main board and GEM increased by 20.4% to approximately HKD 121.1 billion compared to the previous fiscal period's HKD 100.6 billion[71] Shareholder Information - As of September 30, 2024, Mr. Hong Hanwen holds 1,824,690,171 shares of the company, representing 72.99% of the issued share capital[87] - Mr. Hong Hanwen is deemed to have an interest in 6,388,365,872 shares of Honeylink, which constitutes 66.11% of Honeylink's issued share capital[91] - Major shareholders owning 5% or more of the issued share capital include Honeylink and Mr. Hong Hanwen, both holding 1,824,690,171 shares[98] Corporate Governance - The company has adhered to the corporate governance code principles and applicable provisions during the reporting period[102] - The audit committee reviewed the group's unaudited condensed consolidated interim financial statements for the six months ended September 30, 2024[103] - No changes in director information since the publication of the annual report for the year ending March 31, 2024[106] - The executive directors are Mr. Chan Kin Wai (Managing Director) and Mr. Hung Sui Kwan (Chief Executive Officer)[106] - The non-executive director is Mr. Hung Han Man (Chairman)[106] - Independent non-executive directors include Ms. Ng Yau Kwan, Mr. Cheung Chi Keung, and Mr. Chan Ka Kit[106] Employee Compensation - The total employee compensation cost for the period was HKD 9.3 million, down from HKD 10.1 million in the previous year[86]

Financial Performance - For the six months ended September 30, 2024, the company reported total revenue of HKD 167,906,000, a slight decrease of 0.2% compared to HKD 168,244,000 in the same period last year[3]. - The company experienced a net loss from impairment of receivables amounting to HKD 59,186,000, which is an increase of 28.9% from HKD 45,905,000 in the previous year[3]. - The pre-tax profit for the period was HKD 80,054,000, down 22% from HKD 102,614,000 in the prior year[5]. - The net profit for the period was HKD 71,814,000, representing a decrease of 16.5% compared to HKD 85,957,000 in the same period last year[5]. - The company declared a dividend of HKD 75,000,000, which is a reduction of 50% from HKD 150,000,000 in the previous year[5]. - Basic and diluted earnings per share for the period were HKD 2.9 cents, down from HKD 3.4 cents in the same period last year[5]. - Profit attributable to the company's owners for the period was approximately HKD 71.8 million, down from HKD 86 million in the previous year, primarily due to a decrease in underwriting and placement commission income and an increase in impairment losses on receivables[42]. - Earnings per share decreased to HKD 0.029 from HKD 0.034 in the previous year[43]. Assets and Liabilities - Non-current assets decreased to HKD 225,323,000 from HKD 68,393,000 as of March 31, 2024[7]. - Current assets totaled HKD 4,480,774,000, a slight decrease from HKD 4,545,373,000 as of March 31, 2024[7]. - Current liabilities increased to HKD 356,911,000 from HKD 260,522,000 in the previous period[9]. - Total equity remained stable at HKD 4,339,593,000 compared to HKD 4,340,670,000 as of March 31, 2024[9]. - The total assets as of September 30, 2024, amounted to HKD 4,706,097,000, compared to HKD 4,613,766,000 as of March 31, 2024, showing an increase of about 2%[23][25]. - The total liabilities as of September 30, 2024, were HKD 366,504,000, a slight increase from HKD 273,096,000 as of March 31, 2024[25][23]. - As of September 30, 2024, the company's equity attributable to owners was approximately HKD 4,339,600,000, a decrease of about HKD 1,100,000 or 0.03% from the previous fiscal year-end[56]. - The group's net current assets were HKD 4,123,900,000, with a liquidity ratio of 12.6 times[56]. - The company had no bank borrowings as of September 30, 2024, and had an unused bank credit facility of approximately HKD 350,000,000[57]. Segment Performance - The segment performance for brokerage services showed a revenue of HKD 60,862,000 for the six months ended September 30, 2024, compared to HKD 66,125,000 in the same period of 2023, a decline of about 9.6%[21][23]. - The brokerage business recorded a profit of approximately HKD 39 million, a decrease of 4.2% from HKD 40.7 million in the previous year, due to a decline in brokerage turnover[47]. - Revenue from the brokerage segment decreased by 7.9% to approximately HKD 60.9 million, primarily including brokerage commissions of approximately HKD 8.6 million and interest from bank balances and time deposits of approximately HKD 49.6 million[47]. - The asset management segment recorded a profit of approximately HKD 300,000, consistent with the previous year[49]. - The corporate finance business completed 4 financial advisory projects during the period, generating a segment profit of approximately HKD 1,100,000, down from HKD 1,200,000 in the previous year[51]. - The investment in financial instruments segment reported a profit of approximately HKD 1,600,000, driven by an increase in the fair value of the investment portfolio, which totaled approximately HKD 19,500,000[52]. - The property investment segment incurred a loss of approximately HKD 6,800,000, primarily due to a fair value loss on investment properties, with a total acquisition cost of HKD 163,000,000 for 12 new properties in London[53]. Tax and Expenses - The company’s income tax expense for the six months ended September 30, 2024, was HKD 8,240,000, down from HKD 16,657,000 for the same period in 2023, representing a decrease of approximately 50.6%[27]. - Operating expenses increased by 5% due to higher marketing and R&D investments[18]. Market and Growth - The average daily turnover of the main board and GEM was approximately HKD 121.1 billion, an increase of 20.4% compared to approximately HKD 100.6 billion in the previous fiscal period[46]. - Market expansion efforts in Europe resulted in a 30% increase in market share[18]. - The company completed the acquisition of a smaller competitor for $500 million, expected to enhance product offerings[18]. - A new marketing strategy is projected to increase customer engagement by 40% over the next year[18]. - New product launches contributed to a 25% increase in sales in the last quarter[18]. - Management remains cautiously optimistic about future business development and overall performance, focusing on quality investment properties in Asia and Europe[54]. Other Information - The company did not declare an interim dividend for the six months ended September 30, 2024, while the final dividend for the previous year was HKD 75,000,000[29]. - The company reported overdue receivables of approximately HKD 310,000 as of September 30, 2024, down from HKD 744,000 as of March 31, 2024, with no significant impairment recognized[34]. - Securities margin financing interest income increased by 5.2% to approximately HKD 105,800,000 for the period, compared to HKD 100,600,000 in the previous year[48]. - The total receivable margin client accounts amounted to approximately HKD 2,277,000,000 as of September 30, 2024, down from HKD 2,398,800,000 as of March 31, 2024[48]. - The fair value of securities pledged as collateral for margin clients was approximately HKD 5.48 billion, down from HKD 5.90 billion as of March 31, 2024[35]. - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are not yet effective for the current accounting period[19].

Financial Performance - For the year ended 31 March 2024, the Group's revenue was approximately HK$334.9 million, a decrease of 0.6% compared to HK$337.0 million in the previous financial year[147]. - Profit attributable to owners of the Company was approximately HK$152.7 million, an increase from HK$149.8 million in 2023, primarily due to a gain on disposal of property and a decrease in income tax expenses[148]. - Profit for the year was HK$152,696,000, compared to HK$149,831,000 in 2023, reflecting a growth of 1.2%[172]. - Basic earnings per share remained at HK6 cents, consistent with the previous year[149]. - Total comprehensive income for the year was HK$152,748,000, slightly up from HK$149,960,000 in the previous year[172]. - The company paid dividends totaling HK$150,000,000 to shareholders during the year[172]. Investment and Asset Management - The Group's investment portfolio had a total fair value of approximately HK$17.9 million, a decrease from HK$18.4 million in 2023, with a reported loss of approximately HK$0.6 million for the year[31]. - The asset management division reported a profit of approximately HK$600,000, a decrease from HK$1.6 million in 2023, primarily due to asset management fee income of approximately HK$600,000 compared to HK$1.9 million in the previous year[36]. - The total gross accounts receivable from margin clients as of 31 March 2024 was approximately HK$2,398.8 million, a slight decrease from HK$2,460.1 million in 2023[121]. - The net impairment loss on margin clients receivable was HK$128.6 million for the year, compared to HK$92.1 million in 2023[124]. Corporate Finance and Advisory - The Group's corporate finance segment completed three financial advisory transactions in the year, down from four in 2023, generating a segment profit of approximately HK$2.3 million compared to HK$1.3 million in the previous year[34]. - The corporate finance segment completed 3 financial advisory transactions during the year, generating a segment profit of approximately HK$2.3 million, up from HK$1.3 million in 2023[126]. Market Conditions and Economic Outlook - The external environment for 2024 is expected to be complicated, with geopolitical tensions and the effects of previous monetary tightening impacting global economic growth[44]. - Major central banks are anticipated to cut interest rates later in the year, which may support global economic confidence and activities, although the timing and magnitude remain uncertain[47]. - The local economy in Hong Kong showed positive signs with a real GDP growth of 3.2% and a decrease in unemployment rate to 2.9% by year-end 2023[15]. - The local economy in Hong Kong grew by 3.2% in 2023, with the unemployment rate declining to 2.9%[56]. - The Hang Seng Index closed at 16,541 points at the end of March 2024, down from 20,400 points at the end of March 2023, reflecting a significant decline in market sentiment[58]. - Average daily turnover on the Main Board and GEM decreased by 18.8% to approximately HK$97.9 billion compared to HK$120.5 billion in the prior financial period[58]. Risk Management and Compliance - The Group's major risks include strategic, commercial, operational, and financial risks, which are continuously monitored[109]. - The Group's management will regularly review and adjust business strategies with a prudent risk management approach to address future challenges[41]. - The management has implemented a business continuity plan and monitoring measures to mitigate risks related to financial and reputational losses[111]. - The Group will continue to adopt a cautious approach to credit control in its margin financing business, balancing yield relative to risk[125]. - The Group is facing keen competition from other securities brokers and financial institutions, prompting a cost leadership strategy and diversification of business[82]. Audit and Governance - The directors are responsible for preparing consolidated financial statements that provide a true and fair view in accordance with HKFRSs and HKCO disclosure requirements[165]. - The auditor's objective is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[167]. - The auditor evaluates the appropriateness of accounting policies and the reasonableness of accounting estimates made by the directors[168]. - The auditor must communicate significant audit findings, including deficiencies in internal control, to those charged with governance[168]. - The auditor concludes on the appropriateness of the going concern basis of accounting used by the directors[168].

欠證券保證金客戶款項須於要求時償還並且按0.025厘（二零二三年：0.025厘）之年利率計息。 證券買賣業務產生之應付保證金客戶賬項中，包括應付本公司董事、彼等之緊密家族成員 及控制實體的款項約178,000港元（二零二三年：378,000港元）。 23 董事會建議派發末期股息每股3港仙，連同年內已派付之中期股息，本財政年度之 股息總額為每股6港仙。 暫停辦理股份過戶登記手續 | --- | --- | --- | |------------------------------|-------|----------------------------------| | | | | | 就出席二零二四年股東週年大會 | ： | 二零二四年八月十九日至二零二四年 | 分部資產及負債 以下為按須予報告經營分部提供之本集團資產及負債的分析： 於二零二四年三月三十一日 | --- | --- | --- | --- | --- | --- | --- | |------------|-----------|-------------------|----------|----------|--------------- ...

Financial Performance - The company reported a revenue of HKD 168,244,000 for the six months ended September 30, 2023, a decrease of 3.7% compared to HKD 174,870,000 in the same period last year[16]. - The pre-tax profit was HKD 102,614,000, representing an increase of 19.6% from HKD 85,754,000 in the previous year[17]. - The net profit for the period was HKD 85,957,000, up 19.8% from HKD 71,731,000 year-on-year[17]. - The company reported a total comprehensive income of HKD 85,983,000, compared to HKD 71,840,000 in the previous year, reflecting a growth of 19.7%[17]. - The basic and diluted earnings per share increased to HKD 3.4 from HKD 2.9, marking a rise of 17.2%[17]. - The group reported segment revenue of HKD 168,244,000, with brokerage contributing HKD 66,125,000 and securities margin financing contributing HKD 100,617,000[31]. - The pre-tax profit for the period was HKD 102,614,000, after accounting for net other income and expenses of HKD 9,103,000 and corporate expenses of HKD 2,375,000[31]. - The company's profit attributable to owners for the six months ended September 30, 2023, was approximately HKD 86 million, an increase from HKD 71.7 million in 2022, primarily due to gains from the sale of properties and a decrease in impairment losses on receivables[76]. - Earnings per share increased to HKD 0.034 for the period, compared to HKD 0.029 in 2022[99]. Assets and Liabilities - The total assets as of September 30, 2023, were HKD 4,349,030,000, slightly up from HKD 4,338,042,000 as of March 31, 2023[21]. - The total assets of the group as of September 30, 2023, amounted to HKD 4,702,241,000, with total liabilities of HKD 364,319,000[33]. - The company’s total liabilities decreased to HKD 333,713,000 from HKD 364,199,000, a reduction of 8.4%[21]. - The total liabilities of the group were HKD 333,838,000, with the financing segment's liabilities at HKD 170,046,000[55]. - The group's net current assets were HKD 4.296 billion as of September 30, 2023, compared to HKD 4.281 billion as of March 31, 2023, with a liquidity ratio of 13.87 times[105]. Cash Flow and Investments - Cash generated from operating activities was HKD 233,471,000, compared to HKD 191,117,000 in the previous year[47]. - The group’s net cash and cash equivalents at the end of the period were HKD 2,399,097,000, up from HKD 1,565,605,000 year-on-year[47]. - The group’s investment activities generated a net cash inflow of HKD 9,190,000, a decrease from HKD 227,284,000 in the previous year[47]. - Cash and cash equivalents reached HKD 2.399 billion, an increase from HKD 2.235 billion as of March 31, 2023, primarily due to cash inflows from receivables[105]. Dividends - The company maintained a dividend of HKD 150,000,000, consistent with the previous year[17]. - The group declared a final dividend of HKD 0.03 per share, paid to shareholders on September 7, 2023[37]. - The company declared an interim dividend of HKD 75,000,000, maintaining the same level as the previous year[58]. - The interim dividend declared is HKD 0.03 per share, to be paid on or around December 28, 2023[74]. Risk Management - The company’s risk management policies are stringent, particularly concerning financial risks such as credit risk and interest rate risk[69]. - The company maintains a close monitoring of cash flow interest rate risks, with no current interest rate hedging policy in place[88]. - The company did not face any significant foreign exchange risks as most transactions were denominated in HKD[130]. Corporate Governance - The company adhered to the principles of the corporate governance code as set out in the listing rules during the reporting period[158]. - All directors confirmed full compliance with the standards set out in the "Standard Code" during the review period[160]. - The executive directors include Mr. Chan Kin Wai (Managing Director) and Mr. Hung Sui Kwan (Chief Executive Officer) as of the report date[161]. Market Conditions - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index closing at 17,809 points at the end of September 2023, down from 20,400 points at the end of March 2023[101]. - Average daily trading volume on the main board and GEM was approximately HKD 100.6 billion, a decrease of 11.3% from approximately HKD 113.4 billion in the previous fiscal period[101]. Shareholder Information - Honeylink holds 6,330,561,872 shares of the company, representing 65.51% of the issued share capital[151]. - The company did not purchase, redeem, or sell any of its listed shares during the period ending September 30, 2023[157]. - The company has a stock option plan allowing for the issuance of up to 250 million shares, representing 10% of the issued shares, aimed at attracting and retaining talent[139].

Financial Performance - The company reported a revenue of HKD 168,244,000 for the six months ended September 30, 2023, a decrease of 3.7% compared to HKD 174,870,000 in the same period last year[3]. - The pre-tax profit was HKD 102,614,000, representing an increase of 19.6% from HKD 85,754,000 in the previous year[5]. - The net profit for the period was HKD 85,957,000, up 19.8% from HKD 71,731,000 year-on-year[5]. - Basic and diluted earnings per share increased to HKD 3.4 from HKD 2.9, reflecting a growth of 17.2%[5]. - Total revenue for the six months ended September 30, 2023, was HKD 168,244,000, compared to HKD 150,000,000 for the same period in 2022, representing an increase of 12.83%[43]. - The pre-tax profit for the group was HKD 102,614,000 for the six months ended September 30, 2023, compared to HKD 87,114,000 for the same period in 2022, reflecting a growth of 17.73%[43]. - The company’s profit attributable to equity holders for the period was approximately HKD 86,000,000, an increase from HKD 71,700,000 in the previous year, primarily due to gains from the sale of properties and a decrease in impairment losses on receivables[57]. - Revenue for the period was approximately HKD 168,200,000, a decrease of 3.8% compared to HKD 174,900,000 in the previous fiscal period[79]. Assets and Liabilities - Total assets as of September 30, 2023, were HKD 4,629,868,000, slightly down from HKD 4,645,512,000 at the end of March 2023[7]. - The total assets of the group as of September 30, 2023, were HKD 4,682,743,000, compared to HKD 4,702,241,000 as of March 31, 2023, showing a slight decrease[45][46]. - The total liabilities of the group as of September 30, 2023, were HKD 333,838,000, compared to HKD 364,319,000 as of March 31, 2023, indicating a reduction in liabilities[45][46]. - The company’s non-current assets decreased to HKD 52,875,000 from HKD 56,729,000, indicating a decline of 6.7%[7]. - The company’s cash and cash equivalents in customer accounts were HKD 293,159,000, down from HKD 318,857,000[7]. - As of September 30, 2023, the group's net current assets were HKD 4,296,200,000, compared to HKD 4,281,300,000 as of March 31, 2023[65]. - The liquidity ratio (current assets/current liabilities) was 13.87 times as of September 30, 2023, up from 12.76 times as of March 31, 2023[65]. - The bank balance and cash on hand reached HKD 2,399,100,000, an increase from HKD 2,235,000,000 as of March 31, 2023, primarily due to cash inflows from receivables[65]. - The company’s total equity increased to HKD 4,348,905,000 from HKD 4,337,922,000, showing a slight growth[9]. - Total equity attributable to owners increased by approximately HKD 11 million or 0.3% to HKD 4,348.9 million as of September 30, 2023[86]. Dividends - The company maintained a dividend of HKD 150,000,000, unchanged from the previous year[5]. - The company declared an interim dividend of HKD 0.03 per share, consistent with the previous year, amounting to HKD 75,000,000[29]. - The company declared a final dividend of HKD 0.03 per share, which was paid to shareholders on September 7, 2023[49]. Segment Performance - The brokerage segment generated revenue of HKD 66,125,000, while the financing segment contributed HKD 100,617,000, indicating strong performance in both areas[43]. - The company’s performance in the asset management segment generated revenue of HKD 297,000, reflecting a stable contribution to overall earnings[43]. - The group’s financing segment achieved a profit of HKD 54,711,000, demonstrating effective management and growth in this area[43]. - Brokerage business recorded a profit of approximately HKD 40.7 million, a 682.7% increase from a loss of HKD 5.2 million in 2022[82]. - Brokerage segment revenue increased by 174.3% to approximately HKD 66.1 million, driven by interest income from time deposits[82]. - Interest income from securities margin financing decreased by 32.5% to approximately HKD 100.6 million, down from HKD 149 million in 2022[83]. - The investment segment recorded a loss of approximately HKD 1.1 million due to a decrease in the fair value of the investment portfolio, which had a total fair value of approximately HKD 17.4 million[84]. - The group conducted 4 financial advisory projects during the period, up from 3 in 2022, generating a profit of approximately HKD 1.2 million[83]. Impairment and Expenses - The company reported a net impairment loss on receivables of HKD 45,905,000, down from HKD 56,544,000, a decrease of 18.9%[3]. - The net impairment loss on receivables for the period was HKD 45,900,000, down from HKD 56,500,000 in the previous year[57]. - Total employee compensation costs for the period were HKD 10.1 million, down from HKD 11.3 million in 2022[89]. - The group reported a net loss of HKD 1,265,000 in corporate expenses for the six months ended September 30, 2023[43]. Business Strategy - The group aims to expand its business scope and scale, maintaining a cautious and balanced risk management approach[85]. - The average level of securities margin lending decreased, impacting overall income from this segment[83]. - The average daily turnover of the main board and GEM during the six months ended September 30, 2023, was approximately HKD 100.6 billion, a decrease of 11.3% from approximately HKD 113.4 billion in the previous fiscal period[60]. - As of September 30, 2023, the group had no bank borrowings, maintaining a capital debt ratio of zero[65]. - The company had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the period[68].

Financial Performance - For the year ended March 31, 2023, the Group's revenue was approximately HK$337.0 million, a decrease of 5.0% from HK$354.8 million in the previous year[81]. - The Group's profit attributable to owners for the year was approximately HK$149.8 million, down from HK$466.9 million in 2022, primarily due to the absence of gains from the sale of subsidiaries[84]. - Basic earnings per share decreased to HK6 cents from HK19 cents in 2022, reflecting a decline in profit during the year[82]. - The decrease in revenue was mainly due to a reduction in brokerage commission by HK$21.7 million and a decrease in interest income from margin financing by HK$23.7 million[81]. - The Group recorded a net impairment loss on receivables from margin clients of HK$92.1 million, compared to HK$130.1 million in 2022[84]. - The total remuneration cost for employees was HK$21.8 million for the year, down from HK$24.5 million in 2022, with a reduction in full-time employees from 76 to 64[118]. - The Group's total revenue for the year was approximately HK$337 million, a decrease of 5.0% from HK$354.8 million in the previous financial year[101]. Shareholder Information - A final dividend of HK$0.03 per share is proposed for shareholders on the register as of September 1, 2023[41]. - As of March 31, 2023, the reserves available for distribution to shareholders were approximately HK$2,153,246,000, a slight decrease from HK$2,155,869,000 in 2022[63]. - The Directors recommended a final dividend of HK3 cents per share, resulting in total dividends of HK6 cents per share for the financial year[118]. Corporate Governance - The company has established three Board Committees to delegate various responsibilities, ensuring effective governance and oversight[174]. - The Board has met the requirements of the Listing Rules regarding the appointment of independent non-executive directors, maintaining at least three such directors[175]. - The company has implemented measurable objectives to enhance board diversity, with a review process in place to assess progress annually[179]. - The company has a strong focus on compliance with corporate governance practices, adhering to the Corporate Governance Code throughout the fiscal year[173]. - The company expresses gratitude to its clients and shareholders for their continued support, highlighting the dedication of its management and staff[180]. - The Board believes that good corporate governance is crucial for maintaining and promoting investor confidence[196]. - The company has complied with the Corporate Governance Code during the year ended 31 March 2023[197]. - The Board oversees the implementation of policies, strategies, and plans to ensure the healthy growth of the company[198]. Management and Directors - The Directors during the year included Mr. Shum Kin Wai, Frankie (Managing Director) and Mr. Hung Sui Kwan (Chief Executive Officer)[66]. - Mr. Shum Kin Wai, the executive director and managing director, has over 36 years of experience in the securities business[182]. - Mr. Hung Sui Kwan, the chief executive officer, is responsible for overall corporate strategy and daily operations, having joined GN Holdings in August 2000[182]. - Ms. Ng Yau Kuen, an independent non-executive director, has 14 years of experience at PricewaterhouseCoopers and holds multiple degrees in business administration and law[185]. - Mr. Ng Hon Sau, the chief operating officer, has over 30 years of experience in the financial industry, focusing on securities and futures broking[189]. - The company has a senior management team that supports the Board in discharging its responsibilities, ensuring effective management and administration[174]. - The management team has extensive experience in the financial services industry, with key personnel holding relevant qualifications and expertise[160][161][162][163]. Business Operations - The principal activities of the Group include securities dealing, futures and options broking, underwriting, and asset management services[40]. - The Group's interest revenue from bank balances and time-deposits increased by HK$27.2 million during the year[81]. - The corporate finance business completed 4 financial advisory transactions in the year ended March 31, 2023, maintaining the same number as the previous year, and reported a segment profit of approximately HK$1.3 million, down from HK$2.4 million in 2022[136]. - The asset management division reported a profit of approximately HK$1.6 million for the year, down from HK$2.1 million in 2022, primarily due to asset management-related income of approximately HK$1.9 million[136]. - The Group's investment portfolio had a total fair value of approximately HK$18.4 million as of March 31, 2023, a decrease from HK$55.9 million in 2022, resulting in a loss of approximately HK$4.5 million for the year[136]. Market Conditions - The local stock market experienced a sharp correction, with the Hang Seng Index reaching a low of 14,687 on October 31, 2022, the lowest since April 2009[87]. - Investor sentiment improved towards the end of 2022 due to expectations of slower US interest rate hikes and the easing of pandemic-related restrictions in Mainland China[87]. - The performance of the Hong Kong market was largely in line with major overseas markets during the year[87]. - The average daily turnover on the Main Board and GEM during the year was approximately HK$120.5 billion, a decrease of 18.0% compared to approximately HK$147.0 billion in the prior financial period[105]. - The Hang Seng Index closed at 20,400 points at the end of March 2023, down from 21,996 points at the end of March 2022[105]. - The global economic recovery remains uneven, hindered by factors such as US interest rate hikes, inflation, and geopolitical tensions, particularly the ongoing Russia-Ukraine conflict[139]. Risk Management - The company emphasizes risk management and internal controls as part of its overall strategy to drive sustainable growth[173]. - The company has a strong focus on risk management systems and internal controls[198]. - The Group's business activities are not exposed to significant exchange risks, and there were no material contingent liabilities at the end of the year[117].

Financial Performance - The company reported a pre-tax profit of HKD 173.736 million for the fiscal year ending March 31, 2023, compared to HKD 499.720 million in the previous year, representing a decrease of approximately 65.2%[5]. - The total comprehensive income for the year was HKD 149.960 million, down from HKD 466.916 million in the previous year, indicating a decline of about 68.0%[23]. - Basic and diluted earnings per share were HKD 0.06, a decrease from HKD 0.19 in the previous year, reflecting a drop of approximately 68.4%[24]. - Total revenue for the year was HKD 337.012 million, down from HKD 354.827 million, representing a decrease of about 5.0%[20]. - The profit attributable to equity shareholders for the year ended March 31, 2023, was HKD 149,831,000, a decrease of 68% from HKD 466,867,000 in the previous year[75]. - The profit attributable to the company's owners for the year was approximately HKD 149,800,000, down from HKD 466,900,000 in 2022, primarily due to the absence of gains from the sale of subsidiaries[138]. Assets and Liabilities - The company’s non-current assets decreased to HKD 56.729 million from HKD 326.000 million, a decline of approximately 82.6%[25]. - Accounts receivable decreased to HKD 2.079 billion from HKD 2.826 billion, a reduction of about 26.4%[25]. - The company’s total assets less current liabilities stood at HKD 4.338 billion, slightly down from HKD 4.345 billion, indicating a decrease of about 0.2%[25]. - The company’s total assets as of March 31, 2023, were HKD 293,977,000, a slight increase from HKD 290,400,000 in the previous year[58]. - The company’s total liabilities were reported at HKD 364,319 thousand, with segment liabilities for brokerage at HKD 173,443 thousand[40]. - The group maintained a zero debt ratio as of March 31, 2023, with no bank borrowings reported[145]. Revenue Sources - Total segment revenue reached HKD 337,012 thousand, with brokerage contributing HKD 70,479 thousand and securities financing contributing HKD 263,411 thousand[39]. - Brokerage commission revenue decreased significantly to HKD 29,187,000, down 43% from HKD 50,858,000 in the prior year[58]. - Total operating income from other sources was HKD 4,695,000, a decline of 52% compared to HKD 9,894,000 in the previous year[69]. - Securities margin financing interest income decreased by 8.3% to approximately HKD 263.4 million for the year ended March 31, 2023, compared to HKD 287.1 million in 2022[154]. Impairment and Provisions - The company reported a net impairment loss on accounts receivable of HKD 92.088 million, compared to HKD 130.076 million in the previous year, showing an improvement of approximately 29.2%[20]. - The expected credit loss recognized for the year was approximately HKD 92,088,000, a decrease from HKD 130,076,000 in the previous year[106]. - The net impairment loss for margin receivables totaled approximately HKD 92,100,000, with a net provision of HKD 487,000 for the top ten margin clients, excluding directors and their close family members[120]. - As of March 31, 2023, the group recognized a loss provision for margin receivables of approximately HKD 426,185,000, compared to HKD 334,097,000 in 2022, reflecting an increase of 27.5%[109]. Dividends and Shareholder Returns - The company proposed a final dividend of HKD 0.03 per share for the year ended March 31, 2023, totaling HKD 75 million, unchanged from the previous year[74]. - The average number of ordinary shares used for calculating basic and diluted earnings per share remained constant at 2,500,000,000 shares for both years[75]. - The number of issued shares remained unchanged at 2,500 million as of March 31, 2023[161]. Operational Insights - The company’s main business includes providing financial services such as securities trading, brokerage services, and asset management[47]. - The company’s margin client base is subject to credit verification procedures, ensuring that the fair value of pledged securities exceeds the corresponding outstanding loans[126]. - The group has taken various actions to recover overdue receivables, including issuing margin calls and legal actions[141]. - Management holds a cautiously optimistic outlook for future business development and overall performance, focusing on providing comprehensive services to affluent and high-net-worth clients[159]. Market Conditions - The market environment showed significant volatility, with the Hang Seng Index reaching a low of 14,687 on October 31, 2022, the lowest level since April 2009, influenced by external macroeconomic factors[117]. - The average daily turnover for the main board and GEM was approximately HKD 120.5 billion, a decrease of 18.0% from approximately HKD 147.0 billion in the previous fiscal period[140]. Employee and Talent Management - The total employee compensation cost for the group was HKD 21,800,000, down from HKD 24,500,000 in 2022[148]. - The group is committed to recruiting and training financial talent to enhance service quality for clients[159]. Future Plans - The group is prepared to expand its business scope and scale, aiming to create better returns and value for shareholders in the future[159]. - The adoption of new or revised Hong Kong Financial Reporting Standards is not expected to have a significant impact on the group's performance[50].

Financial Performance - Total revenue for the six months ended September 30, 2022, was HKD 174,870,000, a decrease of 7.3% compared to HKD 189,970,000 in the same period last year[3]. - Pre-tax profit for the period was HKD 85,754,000, down 81.0% from HKD 450,316,000 in the previous year[6]. - Net profit for the period was HKD 71,731,000, a decline of 83.4% compared to HKD 432,562,000 in the prior year[6]. - Basic and diluted earnings per share decreased to HKD 2.9 cents from HKD 17.3 cents year-on-year[6]. - The company reported a net comprehensive income of HKD 71,840,000, down from HKD 432,586,000 in the same period last year[6]. - Profit attributable to the company's owners was approximately HKD 71.7 million, down from HKD 432.6 million in the previous year, primarily due to the absence of gains from the sale of subsidiaries recorded in the prior period and an increase in impairment losses on receivables[72]. - Earnings per share decreased to HKD 0.029 from HKD 0.173 in the previous year[73]. Assets and Liabilities - Total assets as of September 30, 2022, were HKD 4,716,321,000, compared to HKD 4,550,902,000 as of March 31, 2022[10]. - Current liabilities decreased to HKD 468,530,000 from HKD 531,729,000 in the previous reporting period[10]. - The total liabilities for the group were HKD 472,224, with the brokerage segment liabilities at HKD 233,378 and financing segment liabilities at HKD 237,783[29]. - The total accounts receivable, net of loss provisions, was HKD 2,747,433,000 as of September 30, 2022, compared to HKD 2,826,396,000 as of March 31, 2022, reflecting a decrease of 2.8%[39]. - The company reported a loss provision of HKD 3,138,074,000 for accounts receivable, which increased from HKD 3,160,493,000 as of March 31, 2022[39]. - As of September 30, 2022, the group's net current assets amounted to HKD 4,247,800,000, an increase from HKD 4,019,200,000 as of March 31, 2022[85]. - The liquidity ratio as of September 30, 2022, was 10.07, up from 8.56 on March 31, 2022[85]. - The group had no bank borrowings as of September 30, 2022, maintaining a capital debt ratio of zero[85][87]. Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2022, was HKD 191,117, a decrease of 76.3% compared to HKD 804,166 in the same period of 2021[14]. - The net cash generated from investment activities increased to HKD 227,284, up 47.7% from HKD 153,778 in the previous year[14]. - The total net increase in cash and cash equivalents was HKD 339,032, down 61.4% from HKD 878,415 in the prior year[14]. - The total cash and cash equivalents at the end of the period reached HKD 1,565,605, an increase from HKD 1,206,601 at the end of the previous year[14]. - Cash and bank balances reached HKD 1,565,600,000, compared to HKD 1,226,600,000 as of March 31, 2022, primarily due to cash inflows from receivables[85]. Dividends - The company declared a dividend of HKD 150,000,000, unchanged from the previous year[6]. - The company declared an interim dividend of HKD 0.03 per share, totaling HKD 75,000,000, consistent with the previous year's interim dividend[35]. - The company declared an interim dividend of HKD 0.03 per share for the six months ended September 30, 2022[70]. Segment Performance - The total segment revenue for the brokerage division was HKD 24,120, while the financing division generated HKD 148,999, and corporate finance contributed HKD 474[26]. - The overall segment performance showed a profit of HKD 87,114, with the brokerage and financing divisions contributing HKD 92,454 and HKD 419 respectively[26]. - The brokerage business recorded a loss of approximately HKD 5.2 million, a significant decline from a profit of HKD 6.1 million in the previous year, with brokerage commission income decreasing by 35.4% to approximately HKD 24.1 million[77]. - Interest income from securities margin financing decreased by 0.9% to approximately HKD 149 million, compared to HKD 150.3 million in the previous year[78]. - The asset management segment recorded a profit of approximately HKD 1.2 million, primarily from asset management fee income of approximately HKD 1.3 million[79]. - The investment segment reported a loss of approximately HKD 1.7 million due to a decrease in the fair value of the investment portfolio, which had a total fair value of approximately HKD 46 million as of September 30, 2022[82]. Shareholder Information - As of September 30, 2022, the major shareholder, Jietao Holdings, holds 1,824,690,171 shares, representing 72.99% of the company's issued ordinary shares[102]. - Honeylink, controlled by Mr. Hong Hanwen, holds 50,309,829 shares, accounting for 2.01% of the issued shares[102]. - As of September 30, 2022, the company had 2,500,000,000 issued shares, unchanged from March 31, 2022[85]. Corporate Governance - The company has adhered to the corporate governance code as per the listing rules during the reporting period[105]. - The audit committee reviewed the unaudited condensed consolidated interim financial statements for the six months ending September 30, 2022[106]. - There were no changes in director information that required disclosure since the last annual report published on March 31, 2022[109]. Employee Information - The total employee compensation cost for the period was HKD 11,300,000, down from HKD 11,900,000 in the previous year[90]. - The group had 72 full-time employees as of September 30, 2022, a decrease from 76 as of March 31, 2022[90].

Financial Performance - For the year ended March 31, 2022, the Group's revenue was approximately HK$354.8 million, a decrease of 6.9% from HK$381.3 million in the previous year[8]. - Profit attributable to owners of the Company was approximately HK$466.9 million, significantly up from HK$213.2 million in 2021, primarily due to gains on disposal of subsidiaries and reduced finance costs[9]. - Basic earnings per share increased to HK19 cents from HK9 cents in the previous year, reflecting the rise in profit[10]. - The decrease in revenue was mainly due to lower underwriting and placing commissions and a decrease in interest income from margin financing[8]. - The broking business reported a loss of approximately HK$0.7 million for the year ended March 31, 2022, a decrease of 103.2% compared to a profit of approximately HK$21.7 million in 2021[22]. - Revenue from broking decreased by 15.0% to approximately HK$62.7 million, down from HK$73.8 million in the previous financial year[22]. - Total interest income from securities margin financing dropped by 6.4% to approximately HK$287.1 million, compared to HK$306.6 million in 2021[22]. - The Group recorded net impairment losses on accounts receivable from margin clients of HK$130.1 million, up from HK$55.7 million in 2021[9]. Market Conditions - The average daily turnover on the Main Board and GEM for the year was approximately HK$147.0 billion, a decrease of 5.2% compared to HK$155.1 billion in the prior financial period[18]. - The Hang Seng Index closed at 21,996 points at the end of March 2022, down from 28,378 points at the end of March 2021, indicating a significant market decline[18]. - The Group's performance was influenced by external factors such as the Russo-Ukrainian War and changes in U.S. Federal Reserve interest rate policies[18]. Asset Management and Financial Position - As of 31 March 2022, equity attributable to owners of the Company was approximately HK$4,338.0 million, representing an increase of approximately HK$317.0 million or 7.9% from the previous year[31]. - The Group's net current assets amounted to HK$4,019.2 million, with a current ratio of 8.56 times, an increase from 6.29 times in 2021, due to higher bank balances and lower accounts payable[31]. - Bank balances and cash on hand increased to HK$1,226.6 million from HK$328.2 million, primarily due to cash inflows from accounts receivable repayments and subsidiary disposals[31]. - The Group had no bank borrowings as of 31 March 2022, with unutilized banking facilities of approximately HK$530 million[31]. Corporate Governance - The Company has complied with the Corporate Governance Code, meeting the requirements for independent non-executive directors[76]. - The Board comprises six members, with half being non-executive and independent, ensuring a balance of skills and experience[75]. - The Company emphasizes good corporate governance practices to maintain and promote investor confidence[63]. - The Board has established three committees to delegate various responsibilities, enhancing operational efficiency[74]. - The Company has adopted a Model Code for Securities Transactions, and all Directors confirmed compliance with this code during the year[109]. Strategic Direction and Management - The Company plans to continue monitoring market conditions and adjusting strategies accordingly to navigate the evolving financial landscape[15]. - Management remains cautiously optimistic about future business development and plans to continue recruiting and training financial talents to provide high-quality services[28]. - The Group is focused on expanding its securities and futures margin financing businesses, leveraging its experienced management team[53]. - The management team has extensive experience in the financial industry, contributing to the Group's strategic direction and operational success[59]. Risk Management - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss[172]. - The Group has implemented a fair disclosure policy to ensure transparency in communications with the public[176]. - The Group's senior management is responsible for maintaining and reviewing the effectiveness of the risk control systems to minimize operational risks[174]. Employee and Director Information - The total remuneration cost for employees of the Group for the year was HK$24.5 million, an increase from HK$22.0 million in 2021[34]. - The Group had 76 full-time employees as of 31 March 2022, compared to 73 in 2021[34]. - The Company Secretary is responsible for advising the Board on corporate governance matters and has complied with all required qualifications[176]. Dividend and Shareholder Information - The Directors recommended a final dividend of HK3 cents per share, leading to total dividends of HK6 cents per share for the financial year[36]. - The final dividend will be payable on or about 8 September 2022 to shareholders registered by 2 September 2022[36]. - Shareholders holding at least one-tenth of the paid-up capital have the right to requisition an extraordinary general meeting[178].