中 期 報 告 2024 �华兴资本 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：1911 簡明綜合損益及其他全面收益表 37 目錄 | --- | --- | --- | |--------------------------|-------|----------------------| | | | | | 公司資料 | 2 | 簡明綜合財務狀況表 | | 財務資料概要 | 4 | 簡明綜合權益變動表 | | 管理層討論與分析 | 6 | 簡明綜合現金流量表 | | 其他資料 | 25 | 簡明綜合財務報表附註 | | 簡明綜合財務報表審閱報告 | 35 | 釋義 | | --- | |-------| | | | 41 | | | | 43 | | 46 | | 93 | antil Button of the matter 2 公司資料 核數師 中匯安達會計師事務所有限公司 註冊公眾利益實體核數師 香港 九龍灣宏照道38號 企業廣場第五期二座23樓 | --- | --- | |---------------- ...

年度報告 2023 2023 年度報告 （於開曼群島註冊成立的有限公司） 股份代號：1911 香港九龍柯士甸道西1號 環球貿易廣場8 1樓8107-08室 +852 2287 1600 info@chinarenaissance.com 環境、社會及管治報告 75 其他資料 124 目錄 | --- | --- | --- | |------------------|-------|--------------------------| | | | | | 公司簡介 | 2 | 獨立核數師報告 | | 公司資料 | 4 | 綜合損益及其他全面收益表 | | 業務回顧 | 6 | 綜合財務狀況表 | | 財務資料概要 | 8 | 綜合權益變動表 | | 管理層討論與分析 | 11 | 綜合現金流量表 | | 董事會報告 | 30 | 綜合財務報表附註 | | 董事及高級管理層 | 51 | 釋義 | | 企業管治報告 | 58 | | | --- | |---------| | | | 137 142 | | 144 | | | | 146 | | 148 | | 151 | | 280 | 2 公司簡介 | ...

中期報告 2023 �华兴资本 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號：1911 公司資料 2 財務資料概要 4 管理層討論與分析 6 其他資料 28 簡明綜合損益及其他全面收益表 41 簡明綜合權益變動表 45 簡明綜合財務狀況表 43 簡明綜合現金流量表 47 簡明綜合財務報表附註 50 釋義 98 目錄 2 公司資料 董事會 執行董事 謝屹璟先生（主席） 林家昌先生（副主席） 杜永波先生 王力行先生 核數師 中匯安達會計師事務所有限公司 註冊公眾利益實體核數師 香港 九龍灣宏照道38號 企業廣場第五期二座23樓 非執行董事 林寧先生 孫千紅女士 獨立非執行董事 姚珏女士 葉俊英先生 肇越先生 審計委員會 姚珏女士（主席） 葉俊英先生 肇越先生 薪酬委員會 葉俊英先生（主席） 謝屹璟先生 肇越先生 提名委員會 謝屹璟先生（主席） 姚珏女士 肇越先生 公司秘書 余名章先生 授權代表 謝屹璟先生 余名章先生 公司地址 註冊辦事處 Maples Corporate Services Limited辦事處 P.O. B ...

Financial Performance - Total revenue and net investment income for 2022 was RMB 1.6 billion, a decrease of 37% year-on-year[9] - Total revenue for 2022 was RMB 1,585,380 thousand, a decrease of 9.1% compared to RMB 1,744,483 thousand in 2021[15] - Net loss attributable to the company's owners in 2022 was RMB 429,901 thousand, compared to a profit of RMB 1,624,362 thousand in 2021[15] - Total revenue and net investment income decreased by 36.6% to RMB 1,586,889 thousand in 2022 from RMB 2,504,011 thousand in 2021[19] - Operating loss in 2022 was RMB 103,866 thousand, compared to an operating profit of RMB 862,804 thousand in 2021[20] - The company's pre-tax loss for the year ended December 31, 2022, was RMB 383.0 million, compared to a pre-tax profit of RMB 1,855.9 million in the same period in 2021[53] - The company's net loss attributable to owners for the year ended December 31, 2022, was RMB 429.9 million, compared to a net profit of RMB 1,624.4 million in 2021[54] - The company's adjusted net loss attributable to owners (excluding unrealized net carried interest) for 2022 was RMB 234.4 million, compared to an adjusted net profit of RMB 842.9 million in 2021[55] - Total revenue for 2022 was RMB 1,585.38 million, a decrease from RMB 1,744.48 million in 2021[106] - The company reported a net loss of RMB 453.98 million in 2022, compared to a net profit of RMB 1,645.39 million in 2021[106] Investment Management Business - Investment management business contributed 53% of the group's total revenue and net investment income in 2022[10] - Asset management scale reached RMB 26.9 billion at the end of the reporting period, driven by new fundraising from USD Fund IV and Huaxing New Economy RMB Fund IV[10] - Total assets under management (AUM) for the investment management business reached RMB 42.9 billion by the end of the reporting period[10] - Investment management revenue decreased by 6.9% to RMB 847,531 thousand in 2022 from RMB 910,540 thousand in 2021[19] - Investment management operating profit decreased by 67.6% to RMB 174,897 thousand in 2022 from RMB 540,201 thousand in 2021[20] - Investment management fees increased by 21.3% to RMB 495.0 million in 2022 from RMB 408.0 million in 2021[26] - Assets under management generating management fees grew to RMB 26.9 billion in 2022 from RMB 23.8 billion in 2021[28] - Internal rate of return for self-managed private equity funds was 25.3% in 2022, while third-party private equity funds achieved 23.2%[27] - Total committed capital for investment management reached RMB 36.6 billion in 2022, up from RMB 32.7 billion in 2021[28] - The total committed capital increased by 11.7% from RMB 32.7 billion in 2021 to RMB 36.6 billion in 2022, driven by the completion of the initial fundraising for the Huaxing New Economy USD Fund IV in September 2021 and the Huaxing New Economy RMB Fund IV in April 2022[32] - Management fees for the investment management segment increased by 21.3% from RMB 408.0 million in 2021 to RMB 495.0 million in 2022[32] - The net investment loss for the investment management segment was RMB 70.3 million in 2022, compared to a net investment gain of RMB 473.7 million in 2021, primarily due to market volatility affecting mark-to-market valuations[32] - The investment management segment's operating expenses increased from RMB 370.3 million in 2021 to RMB 672.6 million in 2022, mainly due to higher impairment losses under the expected credit loss model and increased carried interest provisions[33] - The investment management segment's operating profit decreased from RMB 540.2 million in 2021 to RMB 174.9 million in 2022[34] Investment Banking Business - Huaxing Securities achieved a record high investment banking income of RMB 127 million in 2022[11] - Investment banking revenue decreased by 61.6% to RMB 422,824 thousand in 2022 from RMB 1,100,656 thousand in 2021[19] - Huaxing Securities revenue decreased by 50.0% to RMB 204,820 thousand in 2022 from RMB 409,633 thousand in 2021[19] - Huaxing Securities operating loss was RMB 147,526 thousand in 2022, compared to an operating profit of RMB 78,005 thousand in 2021[20] - Investment banking revenue and net investment income decreased by 61.6% to RMB 422.8 million in 2022 compared to 2021, primarily due to a significant decline in IPO issuance scale in the Hong Kong and US markets and reduced activity in the private financing market[23] - Investment banking advisory services revenue dropped by 50.0% to RMB 268.8 million in 2022 from RMB 537.9 million in 2021[21] - Equity underwriting revenue plummeted by 94.9% to RMB 17.9 million in 2022 from RMB 348.9 million in 2021[21] - Total transaction value for investment banking services decreased by 81.5% to RMB 4.14 billion in 2022 from RMB 22.35 billion in 2021[22] - Huaxing Securities' segment revenue increased by 16.6% from RMB 151.1 million in 2021 to RMB 176.2 million in 2022, driven by higher stock underwriting income from IPOs on the STAR Market and ChiNext[36] - Huaxing Securities' net investment income decreased by 88.9% from RMB 258.5 million in 2021 to RMB 28.6 million in 2022, primarily due to reduced investment income from proprietary investments and follow-on investments in STAR Market IPOs[36] - Huaxing Securities' operating expenses increased by 6.2% from RMB 331.6 million in 2021 to RMB 352.3 million in 2022, mainly due to higher compensation and benefits and other operating expenses[37] - Huaxing Securities' operating profit turned into a loss of RMB 147.5 million in 2022, compared to a profit of RMB 78.0 million in 2021[38] Wealth Management and Alternative Assets - The wealth management business increased its alternative asset scale to RMB 3.8 billion by the end of the reporting period[11] - The Duoduo Gold app, launched in November 2022, gained over 120,000 registered users and nearly 50,000 account-opening clients[11] Carried Interest and Fund Exits - Realized carried interest in 2022 totaled RMB 402 million (net carried interest of RMB 143 million), significantly higher than the same period in 2021[10] - The group completed RMB 6.7 billion in fund project exits during the reporting period[10] - Unrealized carried interest totaled RMB 3.7 billion (net unrealized carried interest of RMB 1.1 billion) at the end of the reporting period[10] - Realized carried interest income surged by 1,296.3% to RMB 402.4 million in 2022 from RMB 28.8 million in 2021[26] - Realized carried interest income increased significantly from RMB 28.8 million in 2021 to RMB 402.4 million in 2022, generated from three main funds and five special funds[32] - The total carried interest received by the general partners of the relevant investment funds for the year ended December 31, 2022, was RMB 151,051,098[83] - The company retained at least 25% of the distributable carried interest for each of the 22 relevant investment funds[82] - The general partner of Huaxing New Economy USD Fund I received RMB 9,334,948 in carried interest for the year ended December 31, 2022[84] - The general partner of Huaxing New Economy USD Fund II received RMB 29,801,131 in carried interest for the year ended December 31, 2022[84] - The general partner of the Project Fund received RMB 111,915,019 in carried interest for the year ended December 31, 2022[84] - RMB 2,345,343 of carried interest from Huaxing New Economy USD Fund I was distributed to the company, while RMB 2,623,081 was distributed to related investment team members[84] - RMB 8,205,019 of carried interest from Huaxing New Economy USD Fund II was distributed to the company, while RMB 3,211,030 was distributed to related investment team members[86] - RMB 53,118,226 of carried interest from the Project Fund was distributed to the company, with no distribution to related investment team members[87] - The carried interest distribution framework agreement is valid from the date of the agreement until December 31, 2030[81] - The independent non-executive directors confirmed that the carried interest distribution framework agreement was entered into under normal commercial terms and is fair and reasonable[89] Debt and Financial Management - The company actively repaid syndicated loans in Q1 2023 to further reduce debt levels and financial costs[13] - The company's debt-to-asset ratio decreased to 31.6% as of December 31, 2022, compared to 35.3% in 2021[62] - The company's cash and cash equivalents totaled RMB 1,537.7 million as of December 31, 2022, with RMB 1,442.3 million excluding Huaxing Securities[56] - The company's net cash used in operating activities for 2022 was RMB 738.0 million, primarily due to a pre-tax loss of RMB 383.0 million and adjustments for non-cash and non-operating items of RMB 699.2 million[57] - The company's net cash generated from operating activities in 2021 was RMB 1,697.8 million, driven by a pre-tax profit of RMB 1,855.9 million and adjustments for non-cash and non-operating items of RMB 1,469.1 million[58] - Net cash inflow from investing activities in 2022 was RMB 327.8 million, primarily due to proceeds from investments in associates (RMB 158.1 million), disposal of financial assets at fair value through profit or loss (RMB 566.2 million), and foreign exchange forward contracts (RMB 43.8 million), partially offset by net placement of term deposits (RMB 262.5 million) and pledged bank deposits (RMB 34.2 million)[59] - Net cash outflow from financing activities in 2022 was RMB 619.1 million, mainly due to dividend payments to shareholders (RMB 201.1 million), net repayment of bank borrowings (RMB 261.2 million), and interest payments (RMB 92.8 million), partially offset by net proceeds from income certificates (RMB 76.2 million)[60] Corporate Governance and Board Changes - Key management changes include the resignation of Mr. Fan Bao as Executive Director and Chairman effective February 2, 2024, and the appointment of Mr. Yijing Xie as Chairman and Mr. Jiachang Lin as Vice Chairman[72] - Significant board changes occurred on February 2, 2024, including the resignation of Mr. Bao Fan as Executive Director, Chairman, and CEO, and the appointment of Mr. Xie Yijing as Chairman and CEO, among other key appointments[133] - Non-executive directors Mr. Li Shimuo and Mr. Liu Xing, who resigned in July 2023, are associated with Chengwei Capital and Sequoia Capital China, respectively, which may have overlapping investments with the company's funds[134] - The company has a board of directors consisting of 9 members, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors[140] - During the reporting period, the company held 5 board meetings, approving key resolutions such as the 2021 annual report, 2022 interim report, and the adoption of a new share incentive plan[142] - The company adheres to the Corporate Governance Code and has implemented internal control measures to enhance transparency and accountability to shareholders[136] - The company has a strategic planning process to identify opportunities and challenges, and develop action plans to create sustainable long-term value for shareholders[139] - The company has strengthened its corporate culture framework through various initiatives in 2022, focusing on integrity, entrepreneurial spirit, openness, and pursuit of excellence[138] - The company has adopted the Standard Code as its securities trading code to regulate transactions by directors and relevant employees[137] - The company has a policy to avoid conflicts of interest in investment decisions, with certain directors abstaining from voting in cases of potential conflicts[135] - The company's chairman and CEO roles are currently held by the same person, with the board believing this arrangement ensures consistent leadership and efficient decision-making[141] - The Audit Committee held 3 meetings in 2022, approving key resolutions including the 2021 annual report, 2022 interim report, and 2022 annual report audit plan[150] - The Remuneration Committee held 1 meeting in 2022, approving resolutions on 2021 and 2022 executive compensation, restricted share units, and internal promotions[151] - Senior management (excluding directors and top executives) had 1 member earning over HKD 6,000,001 and 5 members earning between HKD 0-6,000,000 in 2022[152] - Bao Fan resigned as executive director on February 2, 2024, while Du Yongbo and Lin Jiachang were appointed as executive directors on the same date[144] - Li Shimuo and Liu Xing resigned as non-executive directors on July 14, 2023, while Sun Qianhong was appointed as non-executive director on February 2, 2024[144] - Independent non-executive directors confirmed their independence and had their terms extended for 3 years starting June 30, 2021[146] - The Board of Directors is responsible for overseeing the company's business, strategic decisions, and performance[148] - The company has established 5 board committees: Audit, Remuneration, Nomination, Executive, and ESG Committees[149] - Non-executive director Lin Ning has a 3-year term starting August 24, 2021, while Sun Qianhong has a 3-year term starting February 2, 2024[145] - All directors must retire and be re-elected at the AGM, with one-third required to retire each year[147] - The Nomination Committee held one meeting in 2022, focusing on the re-election of retiring directors, the independence of independent non-executive directors, and the Board Diversity Policy[153] - The Executive Committee, consisting of four executive directors and three senior management members, held three meetings in 2022 to discuss major strategies and significant matters[154] - The Environmental, Social, and Governance (ESG) Committee held two meetings in 2022, reviewing the ESG report for 2021, summarizing ESG work for 2022, and planning for 2023[155] - The company's Board Diversity Policy aims to achieve diversity in gender, age, cultural and educational background, professional qualifications, and industry experience, with a goal to maintain at least the current proportion of female directors[156] - As of December 31, 2022, the company had 754 full-time employees, with a gender ratio of 53% female to 47% male, reflecting a basic achievement of gender diversity[157] - The company's dividend policy allows dividends to be paid only from legally distributable profits and reserves, with no fixed payout ratio, and the Board has absolute discretion on dividend payments[158] - The Nomination Policy ensures a balance of skills, experience, and diversity in the Board, with the Nomination Committee evaluating candidates based on reputation, professional skills, independence, and diversity[159] - The Nomination Committee reviewed the Nomination Policy in 2022 and will continue to propose revisions as needed to ensure its effectiveness[160] - The company's Board of Directors is primarily composed of non-executive and independent non-executive directors, ensuring independence from senior management[161] - Independent non-executive directors are subject to annual reviews of their time commitment and independence, with attendance records disclosed in the 2022 annual report[161] - The company's Audit Committee and Remuneration Committee are chaired by independent non-executive directors[161] - The company paid a total of RMB 8,542,000 for audit and non-audit services in 2022, with audit services accounting for RMB 8,460,000[165] - The company appointed Zhonghui Anda CPA Limited as the new auditor effective December 13, 2023, following the resignation of Deloitte[165] - The Board of Directors is responsible for the company's risk management and internal control systems, which are deemed effective and adequate[166] - The company established an Operational Committee in 2018 to enhance control over significant risks, chaired by the CEO[167] - The company has a three-line defense risk management framework, including front-line business units, dedicated legal and compliance departments, and an independent internal audit department[167] - Risk issues identified by front-line business units are escalated through a clear reporting procedure, with significant risks reported to the Operational Committee and Executive Committee[168] - The company's risk management and internal control systems have been effective and adequate throughout the year ending December 31, 2022, with no significant changes since the IPO[169] - The company has adopted an insider information disclosure policy and an information barrier policy to ensure the confidentiality of client information[169] - Shareholders holding at least one-tenth of the company's paid-up share capital with voting rights can request a special general meeting[170][171]

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內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 截至2024年6月30日止六個月的 未經審計中期業績 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 截至2023年12月31日止年度的 年度業績公告 茲提述華興資本控股有限公司（「本公司」，連同其子公司統稱「本集團」）日期為2024年3 月28日之公告，內容有關（其中包括）延遲刊發經審計2023年年度業績。 截至2023年12月31日止年度之年度業績 本公司董事會（「董事會」）謹此宣佈本集團截至2023年12月31日止年度（「報告期」）之經審 計綜合業績。 – 1 – 綜合損益及其他全面收益表概要 | --- | --- | --- | |--------------------------|-------------------------|--------------------| | | 截至 12 月 31 \n2023 年 | 日止年度 \n2 ...

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內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 有關截至2023年6月30日止六個月的 未經審計中期業績 的補充公告 華興資本控股有限公司（「本公司」）提述其於2023年8月31日刊發的初步業績公告（「初步 中期業績公告」），內容有關（其中包括）本集團截至2023年6月30日止六個月的未經審計 綜合業績（「2023年中期業績」）。除另有說明者外，初步中期業績公告所界定詞彙與本公 告所用者具有相同涵義。 截至初步中期業績公告刊發日期，截至2022年12月31日止年度的年度業績（「2022年年度 業績」）的審計程序尚未完成。由於在完成審計後對2022年年度業績作出了後續調整，因 此對2023年中期業績亦作出相應調整，以反映相關變更及2023年中期業績期初結餘的變更。 2023年中期業績的經重列財務資料隨附於本 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 截至2022年12月31日止年度的 年度業績公告 茲提述華興資本控股有限公司（「本公司」，連同其子公司統稱「本集團」）日期為2023年3 月31日之公告，內容有關（其中包括）本集團截至2022年12月31日止年度之未經審計年度 業績（「未經審計年度業績公告」）。除非文義另有所指，否則本公告所用詞彙與未經審 計年度業績公告所界定者具有相同涵義。 截至2022年12月31日止年度之年度業績 董事會謹此宣佈本集團截至2022年12月31日止年度（「報告期」）之經審計綜合業績。 – 1 – 綜合損益及其他全面收益表概要 | --- | --- | --- | |-----------------------------------|---------------- ...

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內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 截至2023年6月30日止六個月的 未經審計中期業績 延遲寄發2023年中期報告 及 繼續暫停買賣 華興資本控股有限公司（「本公司」或「華興資本」，連同其子公司以及併表聯屬實體統稱 「本集團」）董事（「董事」）會（「董事會」）欣然公佈本集團截至2023年6月30日止六個月（「報 告期間」）的未經審計綜合業績。 儘管如下文「審計委員會及審閱財務報表」所述，該等中期業績已由本公司審計委員會（「審 計委員會」）審閱，組成審計委員會的獨立非執行董事及非執行董事已放棄審批報告期 間的未經審計綜合業績，這僅基於本公司核數師（「核數師」）未能就本公司截至2022年12 月31日止年度的綜合財務報表形成審計意見及完成其審計工作，而這可能會影響（其中 包括）報告期間的期初結餘 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 CHINA RENAISSANCE HOLDINGS LIMITED 華興資本控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1911） 延遲刊發截至2022年12月31日止年度的 經審核年度業績公告及年度報告 公佈截至2022年12月31日止年度的未經審核年度業績 及 暫停買賣 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.49(1)條及第 13.49(2)條，華興資本控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）須在其 截至2022年12月31日止年度結束後三個月內（即不遲於2023年3月31日），刊發該年度業績 （「2022年度業績」）的初步公告，且該業績應基於已與本公司核數師（「核數師」）協定同意 的財政年度財務報表。 延遲刊發截至2022年12月31日止年度的經審核年度業績公告及寄發2022年報 本公司董事（「董事」）會（「董事會」）宣佈，核 ...