Core Viewpoint - The report from Shenwan Hongyuan maintains a "buy" rating for China Pacific Insurance (023238) and raises profit forecasts due to better-than-expected performance in both assets and liabilities in the first three quarters of the year [1] Group 1: Profit Performance - The company's net profit for the first three quarters of 2025 increased by 50.5% year-on-year to 40.268 billion yuan, slightly above the expected range of 40%-60% [2] - In Q3 alone, net profit surged by 91.5% year-on-year to 15.813 billion yuan, driven by improved loss ratios and strong investment returns [2] - The comprehensive cost ratio improved by 2.1 percentage points year-on-year to 96.1%, outperforming expectations [2] Group 2: Underwriting Profit - The company's underwriting profit for the first three quarters increased by 130.7% year-on-year to 14.865 billion yuan, supported by a rise in both volume and price [2] - The combined ratio for auto insurance improved by 2.0 percentage points year-on-year to 94.8%, with underwriting profit rising by 64.8% to 11.729 billion yuan [3] - Non-auto insurance saw a turnaround with underwriting profit reaching 3.136 billion yuan, compared to a loss of 0.676 billion yuan in the same period last year [4] Group 3: Investment Performance - The company effectively capitalized on equity market opportunities, achieving an annualized total investment return of 5.4%, up by 0.8 percentage points year-on-year [5] - As of the end of September, the company's financial assets classified as AC/FVOCI/FVTPL totaled 1,478.84 billion yuan, 2,756.55 billion yuan, and 1,412.37 billion yuan, representing 26.2%, 48.8%, and 25.0% of the total assets, respectively [5]

Core Viewpoint -融科控股 (02323) has been ordered to be liquidated by the Hong Kong High Court on August 4, 2025, with the Director of the Bankruptcy Management Office appointed as the provisional liquidator [1] Group 1 - The company is currently suspended from trading [1]

Group 1 - The company,融科控股, has been ordered to be liquidated by the Hong Kong High Court on August 4, 2025 [1] - The Director of the Bankruptcy Management Office has been appointed as the provisional liquidator for the company [1] - The company's shares continue to be suspended from trading [1]

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，並明確表示概不就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法律責任。 由法院作出清盤； 委任臨時清盤人；及 繼續暫停買賣 兹提述融科控股集團有限公司（"該公司"）日期為 2025 年 4 月 24 日之公告， 內容有關該公司被提出的清盤呈請。 公司清盤令 該公司於 2025 年 8 月 4 日在 HCCW 235/2025 被香港高等法院頒令清盤， 而破產管理署署長獲委任為該公司的臨時清盤人。 Renco Holdings Group Limited 融科控股集團有限公司 （清盤中） （於百慕達註冊成立之有限公司） （股份代號：2323） 該公司會視乎適當情況發出進一步之公告，將最新消息告知公眾。 該公司股東如對上述淸盤令及繼續暫停買賣的影響有任何疑問，應徵詢適當之專 業意見。 周麗蓮 破產管理署署長暨 融科控股集團有限公司（清盤中） 的臨時清盤人 香港，2025 年 8 月 4 日 根據該公司先前作出的公布所得的資料，在緊接法院針對該公司頒布清盤令之前， 執行董事為李 ...

Core Points - The company Rongke Holdings (02323.HK) announced the resignation of two independent non-executive directors, Liu Fei and Mai Guoji, effective July 31, 2025 [1] Group 1 - Liu Fei has requested to resign from his positions as independent non-executive director, chairman of the audit committee, and member of the remuneration and nomination committees [1] - Mai Guoji has requested to resign from his roles as independent non-executive director, chairman of the remuneration committee, and member of the audit, nomination, and special investigation committees [1]

Core Viewpoint -融科控股 announced the resignation of two independent non-executive directors, Liu Fei and Mai Guoji, effective July 31, 2025 [1] Group 1 - Liu Fei has requested to resign from his positions as independent non-executive director, chairman of the audit committee, and member of the remuneration and nomination committees [1] - Mai Guoji has requested to resign from his roles as independent non-executive director, chairman of the remuneration committee, and member of the audit, nomination, and special investigation committees [1]

智通财经APP讯，融科控股(02323)发布公告，自2025年7月31日起，刘斐先生已提请辞任独立非执行董 事、审核委员会主席以及薪酬委员会及提名委员会各自之成员职务;及麦国基先生已提请辞任独立非执 行董事、薪酬委员会主席以及审核委员会、提名委员会及特别调查委员会各自之成员职务。 ...

Renco Holdings Group Limited 科控股集團有限公司 李永軍先生 （主席） 劉傳先生 邢梦瑋女士 （行政總裁） 獨立非執行董事 （於百慕達註冊成立之有限公司） （股份代號：2323） 董事名單與其角色及職能 融科控股集團有限公司董事會（「董事會」）之成員名單乃載列如下： 執行董事 | | 董事會委員會 | 審核委員會 | 薪酬委員會 | 提名委員會 | 執行委員會 | | --- | --- | --- | --- | --- | --- | | 董事 | | | | | | | 李永軍先生 | | 不適用 | 不適用 | 不適用 | 不適用 | | 劉傳先生 | | 不適用 | 不適用 | 不適用 | C | | 邢梦瑋女士 | | 不適用 | 不適用 | M | M | | 徐鑫煒先生 | | M | M | C | 不適用 | 附註： C 有關董事會委員會之主席 徐鑫煒先生 董事會已設立四個委員會。下表提供該四個委員會成員資料： M 有關董事會委員會之成員 香港，二零二五年七月三十一日 ...

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之任何損失承擔任何責任。 1 （於百慕達註冊成立之有限公司） （股份代號：2323） 獨立非執行董事辭任； 未能遵守上市規則；及 繼續暫停交易 董事會謹此宣佈，自二零二五年七月三十一日起， 融科控股集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，自二零二五年七月 三十一日起： 劉先生及麥先生已各自確認，除應付劉先生及麥先生各自之未償付董事酬金外，劉先生及麥 先生各自與董事會間並無意見分歧，且並無有關彼辭任之任何事宜須提請本公司股東（「股 東」）及香港聯合交易所有限公司（「聯交所」）垂注。 董事會謹此機會對劉先生及麥先生於彼等之任期內對本公司作出之貢獻致以謝意。 Renco Holdings Group Limited 科控股集團有限公司 (1) 劉斐先生已提請辭任獨立非執行董事、審核委員會主席以及薪酬委員會及提名委員會 各自之成員職務；及 (2) 麥國基先生已提請辭任獨立非執行董事、薪酬委員會主席以及審核委員 ...

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of HKD 2,431,000, compared to a loss of HKD 5,435,000 in the previous year[3]. - The company experienced a net loss of HKD 23,331,000 for the year, a significant improvement from a loss of HKD 376,286,000 in the prior year[4]. - The company reported a loss from continuing operations of HKD 253,005,000 for the year 2024, compared to a loss of HKD 286,918,000 in 2023, indicating an improvement in performance[17]. - Revenue from external customers for continuing operations was HKD 2,431,000 in 2024, recovering from a loss of HKD 5,435,000 in 2023[20]. - The company's annual loss for 2024 was HKD 23,331,000, a significant improvement from a loss of HKD 376,286,000 in 2023, indicating a reduction of approximately 93.8%[26]. - The pre-tax loss for the year was approximately HKD 253.01 million, an improvement from HKD 291.45 million in the previous year[39]. - The loss attributable to the company's owners was approximately HKD 23.33 million, significantly reduced from HKD 376.29 million in the same period last year[39]. - The basic loss per share for the year was approximately HKD 0.88, compared to HKD 14.21 in the previous year[39]. Asset and Liability Management - Total assets decreased to HKD 981,068,000 from HKD 1,707,391,000, reflecting a significant reduction in non-current assets[5]. - Current liabilities decreased to HKD 1,099,115,000 from HKD 1,784,796,000, indicating improved liquidity management[5]. - The company has a net debt of HKD 118,277,000, which is an increase from HKD 104,588,000 in the previous year[6]. - The total assets for continuing operations decreased to HKD 980,147,000 in 2024 from HKD 1,271,439,000 in 2023, reflecting a significant reduction in asset base[18]. - The company’s liabilities for continuing operations increased to HKD 1,099,345,000 in 2024 from HKD 1,047,821,000 in 2023, indicating a rise in financial obligations[18]. - The total liabilities decreased from HKD 1,710,891,000 in 2023 to HKD 1,304,136,000 in 2024, a reduction of about 23.7%[29]. - The company had no trade payables recorded in 2024, compared to HKD 60,459,000 in 2023, indicating a complete elimination of trade payables[30]. Credit and Impairment Management - The expected credit loss provision decreased to HKD 123,300,000 from HKD 216,740,000 year-over-year, indicating improved credit quality[3]. - The impairment loss on investments in associates was HKD 149,100,000 in 2024, indicating challenges in the performance of associated entities[22]. - The impairment loss on investments in associates for 2024 was HKD 149,100,000, while there was no such loss recorded in 2023[25]. - The impairment provision for other receivables increased to HKD 67,300,000 in 2024 from HKD 50,000,000 in 2023, reflecting a rise of 34.6%[28]. - Impairment losses recognized for the year were approximately HKD 272.40 million, an increase from HKD 216.74 million in the previous year, indicating a rise of about 25.7%[84]. Operational Strategy and Future Plans - The company plans to continue its operations in manufacturing and selling various types of printed circuit boards, as well as engaging in securities investment and asset management services[11]. - The company is actively exploring various financing sources, including asset sales and secured financing, to enhance profitability[16]. - The company is focused on identifying new investment and business development opportunities to increase profitability[16]. - The company plans to gradually shift its business focus from debt investments to portfolio and equity investments to achieve short-term returns[85]. - The company intends to recover investment losses from financial assistance and asset restructuring over the next three years[85]. Governance and Compliance - The company confirmed compliance with the corporate governance code as per the listing rules during the year[115]. - The company confirmed that the board members have adhered to the company's trading code throughout the year[116]. - The audit committee reviewed the audited consolidated annual performance and financial statements for the year[122]. - The independent auditor's report indicated a lack of opinion due to significant issues related to the completeness of records from a subsidiary[125]. - A special investigation committee has been established to examine the loan agreements and the responsibilities of the approving directors, effective from January 24, 2025[106]. Legal and Regulatory Matters - The company has engaged legal advisors to investigate the validity of the alleged sale of shares related to its subsidiary, which could significantly impact its financial performance[104]. - The company is taking actions to mitigate risks related to the alleged sale of subsidiaries or assets by reviewing internal control systems and approval processes[138]. - The management expects the removal of the audit opinion reservation by the next fiscal year ending December 31, 2025[139]. Market and Economic Conditions - The group operates in a competitive environment affected by macroeconomic risks, including the US-China trade war and rising labor and production costs[95]. - The group has experienced volatility in the Hong Kong securities market, which may impact the performance of its listed securities investments[96].