Financial Performance - The Group recorded total revenue of approximately HK$133.34 million, a decrease of approximately 2.59% compared to HK$136.89 million for the same period in 2023[24]. - Profit before tax for the Group was approximately HK$25.39 million, a significant improvement from a loss of HK$153.21 million for the same period in 2023, mainly due to a gain on disposal of a subsidiary of approximately HK$83.41 million[25]. - Profit attributable to owners of the Company during the Period was approximately HK$24.79 million, compared to a loss of approximately HK$153.77 million for the corresponding period in 2023[25]. - The treasury investments segment recorded a profit of approximately HK$45.27 million, a turnaround from a loss of HK$133.30 million in the same period last year[30]. - The consolidated profit after taxation was partially offset by provisions for overdue financial assistances and losses from decreased operations in the PCB and treasury investments segments[13]. Market Conditions - The PCB market remained weak in the first quarter, with excess capacity and reduced demand, but showed slight recovery in the second quarter[12]. - There is an optimistic forecast for China's GDP growth in 2024, which could positively impact the PCB market[16]. - The Group's manufacturing segment is facing challenges due to the Sino-US trade war, Ukraine war, and rising labor and production costs, impacting competitiveness[104]. Risk Management and Compliance - The Group aims to enhance risk management and compliance while exploring opportunities in asset management and financial services[16]. - The Group will actively take actions to recover investments affected by global capital market fluctuations, including legal proceedings and debt restructuring[18]. - The Group's credit risk management includes a thorough review process for potential borrowers, assessing their background, creditworthiness, and collateral adequacy[87]. - The Group requires guarantees and/or collaterals with expected realized values exceeding the principal amount of loans or investments to minimize credit risks[90]. Financial Position - As of June 30, 2024, the Group reported a total equity deficit of approximately HK$47.05 million, improved from HK$104.59 million as of December 31, 2023[37]. - The Group's net debts amounted to approximately HK$1,592.95 million as of June 30, 2024, compared to HK$1,483.39 million as of December 31, 2023, resulting in a gearing ratio of 103.04%[37]. - The Group's net current liabilities were approximately HK$841.20 million as of June 30, 2024, down from HK$916.41 million as of December 31, 2023, with a current ratio of 0.49[37]. Borrowing and Debt Management - The Group's secured borrowings amounted to approximately HK$117.83 million as of June 30, 2024, significantly up from HK$16.96 million as of December 31, 2023[42]. - The total carrying amount of loan receivables and note receivables was approximately HK$583.61 million, down from HK$630.14 million as of December 31, 2023, reflecting a decrease of about 7.4%[69]. - The Group is actively working to maximize recovery of financial assistance through restructuring and legal actions against debtors[55]. Legal and Regulatory Matters - The Group has filed for arbitration to recover approximately HK$381.50 million from the Zhonghong Borrower due to breach of agreements, with no further impairment loss recognized during the period[60]. - The management has engaged legal advisors to assess the implications of the court ruling on its operations and financial status[129]. - The audit committee has reviewed and agreed with the audit qualifications regarding the receivables and other payables[146]. Corporate Governance - The Company complied with the Corporate Governance Code throughout the reporting period, except for the absence of independent non-executive Director Mr. Xu Xinwei at the annual general meeting due to other commitments[192]. - The Board and Audit Committee believe the Company's internal control system is effective and adequate as of the report date[167]. - The primary objective is to enhance long-term business returns for shareholders, emphasizing strong financial performance[197]. Employee and Operational Matters - As of June 30, 2024, the Group had 710 employees, a decrease from 752 employees as of December 31, 2023, with total staff costs amounting to approximately HK$40.15 million, down from HK$43.46 million in 2023[113][116]. - The Group's policy encourages subsidiaries to send employees to training related to its business, reflecting a commitment to employee development[113][116]. Future Outlook - The Group aims to recover investment losses from financial assistance and asset restructuring businesses over the next two years and plans to gradually cease significant engagements in these transactions[84]. - The Company intends to transform its business from debt investment to portfolio and equity investments to achieve short-term returns[85]. - The Group plans to obtain a money lender license in Hong Kong to enhance its treasury investments and financial services segments in the future[85].

Financial Performance - Revenue for the six months ended June 30, 2024, was HKD 133,344,000, a decrease of 2.3% compared to HKD 136,885,000 in the same period of 2023[1] - Gross profit increased to HKD 25,103,000, up 22.6% from HKD 20,486,000 year-on-year[1] - Other income surged to HKD 146,442,000, compared to HKD 2,071,000 in the previous year, indicating a significant increase[1] - The net profit for the period was HKD 24,789,000, a turnaround from a loss of HKD 153,774,000 in the same period last year[2] - Total comprehensive income for the period reached HKD 57,541,000, compared to a loss of HKD 198,565,000 in the previous year[2] - Basic and diluted earnings per share were HKD 0.94, compared to a loss of HKD 5.81 per share in the same period of 2023[2] - The group recorded a net loss of HKD 53,881 for the six months ended June 30, 2024, compared to a net loss of HKD 92,289 in the same period of 2023, reflecting a reduction in losses of about 41.5%[18] - The group reported a profit before tax of approximately HKD 24.79 million, compared to a loss of HKD 153.21 million in the same period of 2023, primarily due to a gain of HKD 83.41 million from the sale of a subsidiary[35] Revenue Breakdown - For the six months ended June 30, 2024, total revenue from external customers was HKD 133,344, a decrease from HKD 136,885 in the same period of 2023, representing a decline of approximately 3.7%[15] - The manufacturing segment generated revenue of HKD 120,853, down from HKD 138,407 in the previous year, indicating a decrease of about 12.6%[17] - Revenue from Europe was HKD 56,112 for the six months ended June 30, 2024, down from HKD 62,765 in the previous year, a decrease of approximately 10.5%[15] - Revenue from the manufacturing segment was approximately HKD 120.85 million, down 12.69% from HKD 138.41 million in the same period of 2023, with a gross margin decrease from 15.94% to 10.44%[36] Assets and Liabilities - Non-current assets totaled HKD 823,143,000 as of June 30, 2024, down from HKD 839,005,000 at the end of 2023[3] - Current liabilities decreased to HKD 1,649,585,000 from HKD 1,784,796,000 at the end of 2023, indicating improved financial management[3] - Cash and cash equivalents were HKD 9,016,000, down from HKD 23,877,000 at the end of 2023, reflecting liquidity challenges[3] - The total liabilities increased to HKD 1,112,425,000 as of June 30, 2024, compared to HKD 1,195,468,000 at the end of 2023, indicating a decrease in overall liabilities[30] - The company's trade receivables as of June 30, 2024, were HKD 141,934,000, a decrease from HKD 150,275,000 at the end of 2023, with an allowance for doubtful debts of HKD 95,508,000[24] Debt and Financing - The company is actively negotiating with lenders for debt restructuring and refinancing to ensure operational funding[6] - The group is actively exploring various financing sources, including asset sales and asset pledges, to enhance profitability[8] - The net debt amounted to approximately HKD 1,592.95 million as of June 30, 2024, up from HKD 1,483.39 million as of December 31, 2023, with a debt-to-equity ratio of 103.04%[41] - The company has approximately HKD 834.90 million in loans due within the next twelve months, reflecting an increase from HKD 812.08 million as of December 31, 2023[43] Impairment and Credit Risk - The group reported a significant impairment loss of HKD 47,677 on receivables for the six months ended June 30, 2024, compared to HKD 61,665 in the same period of 2023, indicating a decrease of about 22.6%[12] - The company recognized impairment losses related to financial assistance of approximately HKD 47.68 million during the period, compared to HKD 61.66 million for the six months ending June 30, 2023[61] - The company anticipates that economic downturns may continue to impact borrowers' repayment capabilities, potentially leading to additional impairment losses[62] - The company has implemented a credit risk management process to assess potential recoverability issues for borrowers[63] Corporate Governance and Future Plans - The company has adhered to the corporate governance code as per the listing rules during the reporting period[110] - The board is committed to enhancing shareholder value through transparency, accountability, and independence[110] - The company aims to improve long-term business returns for shareholders by focusing on strong financial performance[111] - The company is actively pursuing business diversification, including the application of artificial intelligence in telecommunications and the development of smart cities and financial technology[106] Employee and Operational Metrics - As of June 30, 2024, the group had 710 employees, down from 752 employees as of December 31, 2023, with total employee costs amounting to HKD 40.15 million, a decrease from HKD 43.46 million in 2023[75] - The group has significant capital commitments of approximately HKD 38,000 for the purchase of property, plant, and equipment as of June 30, 2024, compared to HKD 33,000 as of December 31, 2023[78] Legal and Compliance Issues - The company’s auditor expressed a qualified opinion regarding the recoverability of receivables amounting to approximately HKD 671,047,000 as of June 30, 2024, and HKD 733,051,000 as of December 31, 2023[84] - The company is in the process of hiring legal advisors and recalculating accrued interest on loans[81] - The company has received a fifth demand letter from the lender indicating the intent to pursue legal action if obligations are not met[79] - The company is working to extend the repayment schedule with the lender[81]

Financial Performance - The Group recorded total revenue of approximately HK$257.69 million for the Year, representing a decrease of approximately 27.55% compared to HK$355.68 million in 2022[32]. - Revenue from the manufacturing segment decreased by approximately 28.67% from HK$368.83 million in 2022 to approximately HK$263.12 million for the Year[40]. - The loss before tax for the Year was approximately HK$375.11 million, a reduction from HK$464.22 million in 2022, primarily due to impairment losses totaling approximately HK$218.16 million[33]. - Loss attributable to owners of the Company amounted to approximately HK$376.29 million, compared to HK$466.14 million in the previous year, with a basic loss per share of approximately 14.21 HK cents[34]. - The treasury investments segment recorded a loss of approximately HK$281.73 million, down from HK$460.05 million in 2022, due to adverse market price changes[42]. Market Conditions and Customer Recovery - The performance of the printed circuit boards (PCBs) segment was lackluster in 2023, with long-time customers facing an unstable business environment[16]. - Moving into Q2 2024, some customers are showing signs of recovery, but uncertainties remain regarding the impact of geopolitical events and EU decisions on electric vehicle production and PCB demand[21]. Strategic Focus and Business Operations - The company plans to focus on improving risk management and compliance while exploring opportunities in asset management and financial services[22]. - The strategic upgrade includes diversifying business operations and enhancing traditional PCB manufacturing, while also exploring new investment opportunities in artificial intelligence and financial technology[23]. - The Group is exploring the option of ceasing regulated financial services activities, including the potential disposal of its remaining 34% shareholding in Renco Investments Limited in the first half of 2024[46]. Financial Position and Liabilities - As of December 31, 2023, the Group's total equity decreased to approximately HK$104.59 million from HK$301.97 million as of December 31, 2022, while net debts increased to approximately HK$1,483.39 million from HK$1,393.98 million, resulting in a gearing ratio of 107.59% compared to 82.19% in the previous year[56]. - The Group's net current liabilities rose to approximately HK$916.41 million as of December 31, 2023, up from HK$348.02 million as of December 31, 2022, with a current ratio of 0.49, down from 0.77[57]. - Current assets decreased to approximately HK$868.39 million as of December 31, 2023, from HK$1,194.09 million as of December 31, 2022[57]. - The Group's total liabilities included loans of approximately HK$16.96 million as of December 31, 2023, down from HK$111.14 million in the previous year[71]. Impairment and Financial Assistance - The Group provided additional impairment of approximately HK$211.55 million for overdue financial assistances during the year, compared to HK$302.51 million in 2022[125]. - The Group aims to maximize recovery of financial assistances through restructuring or legal actions against debtors[126]. - The company recognized an impairment loss of approximately HKD 211.55 million for the year, compared to HKD 302.51 million in the previous year, with HKD 31.89 million related to financial assistance and HKD 179.66 million related to fund subscriptions[189]. Investment Strategy and Opportunities - The Group's investment strategy focuses on acquiring listed securities to enhance financial performance and market presence[79]. - The Group's management anticipates significant market expansion opportunities in the robotics sector due to advancements in artificial intelligence technology[81]. - The Group's investment in SuperRobotics includes 41,666,666 shares (8.23% interest) with a fair value of HK$10,417,000 as of December 31, 2023[78]. Borrower and Loan Management - The total outstanding receivables for financial assistance provided to independent third parties amounted to approximately HK$630.14 million as of December 31, 2023, down from HK$854.75 million in 2022[124][127]. - The top five borrowers accounted for 77.83% of the total loan receivables as of December 31, 2023, with the Zhanjiang Borrower representing 30.48%[184]. - The Group had 16 borrowers of Debt Investments as of December 31, 2023, compared to 17 borrowers as of December 31, 2022[169]. Future Plans and Restructuring - The company plans to gradually cease significant transactions in financial assistance, asset and shareholding restructuring, and fund subscriptions over the next three years[194]. - The company is restructuring its treasury investments and financial services to effectively utilize available financial resources, shifting focus from debt investment to portfolio and equity investments for short-term returns[195]. - The company intends to obtain a money lender license in Hong Kong to enhance its treasury investments and financial services segments in the future[195].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of HKD 257,685,000, a decrease of 27.5% compared to HKD 355,682,000 in 2022[3] - The gross profit for the year was HKD 18,221,000, down 43.5% from HKD 32,261,000 in the previous year[3] - The operating loss for the year was HKD 300,359,000, an improvement from a loss of HKD 347,263,000 in 2022[3] - The net loss for the year was HKD 376,286,000, compared to a net loss of HKD 466,136,000 in the prior year, indicating a 19.3% reduction in losses[3] - The total reported loss for the group in 2023 was HKD 370,584 thousand, compared to a loss of HKD 454,417 thousand in 2022, indicating an improvement of approximately 18.4%[23] - The financial investment segment reported a loss of HKD 281,727 thousand in 2023, compared to a loss of HKD 460,048 thousand in 2022, showing a significant reduction in losses[19] - The company reported a net loss of HKD 376,286,000 for 2023, compared to a net loss of HKD 466,136,000 in 2022, showing an improvement of 19.3%[38] Assets and Liabilities - Total assets decreased to HKD 1,707,391,000 from HKD 2,037,595,000 in 2022, reflecting a decline of 16.2%[6] - Current liabilities increased to HKD 1,784,796,000 from HKD 1,542,115,000, representing a rise of 15.7%[6] - The group’s total assets decreased from HKD 2,037,595 thousand in 2022 to HKD 1,707,391 thousand in 2023, a reduction of about 16.2%[23] - The group’s liabilities increased from HKD 1,459,681 thousand in 2022 to HKD 1,811,979 thousand in 2023, marking an increase of approximately 24.1%[23] - The total equity as of December 31, 2023, was approximately HKD 104.59 million, down from HKD 301.97 million a year earlier, with a debt-to-equity ratio of 93.41%[59] - The net current liabilities increased to approximately HKD 916.41 million from HKD 348.02 million, with a current ratio of 0.49 compared to 0.77 in the previous year[59] Revenue Breakdown - The group reported external customer revenue of HKD 247,369 thousand in 2023, a decrease of 25.4% from HKD 331,522 thousand in 2022[26] - The manufacturing segment generated revenue of HKD 263,120 thousand in 2023, down from HKD 368,834 thousand in 2022, reflecting a decline of 28.7%[19] - Sales revenue from products was HKD 263,120,000 in 2023, down from HKD 368,834,000 in 2022, representing a decline of 28.7%[30] - Revenue from major customer A decreased from HKD 52,993 thousand in 2022 to HKD 30,004 thousand in 2023, a decline of 43.5%[27] Cash Flow and Financing - The company’s cash and cash equivalents decreased to HKD 23,877,000 from HKD 46,943,000, a decline of 49.1%[6] - The company is actively exploring various financing sources, including asset sales and secured financing, to improve liquidity and operational capacity[13] - The company received government subsidies totaling HKD 111,000 in 2023, down from HKD 1,520,000 in 2022[31] - The company has a short-term unsecured loan of HKD 20,000,000, which is secured by the same collateral as the bonds receivable[45] - The total borrowings increased from HKD 1,079,350,000 in 2022 to HKD 1,195,468,000 in 2023, an increase of approximately 10.8%[50] Employee and Operational Costs - Employee costs decreased to HKD 83,092,000 in 2023 from HKD 101,471,000 in 2022, a reduction of 18.1%[37] - The group had 752 employees, down from 874 employees in 2022, with total employee costs amounting to HKD 83.09 million, a decrease from HKD 101.47 million in 2022[134] Impairment and Provisions - The company recorded a full impairment provision of HKD 230,165,000 for receivables due to lack of response from the debtor since September 2023[46] - The company provided additional impairment of approximately HKD 211.55 million for overdue financial assistance during the year[87] - The impairment loss recognized for the year was approximately HKD 211.55 million, down from HKD 302.51 million in the previous year[116] - The company has recognized an additional impairment loss provision for the receivables due to increased recoverability risk, with ongoing legal actions against four borrowers totaling HKD 413.21 million[189] Legal and Compliance Issues - The company has established an independent investigation committee to address the auditor's qualified opinion, effective from May 9, 2023[140] - The company is in the process of negotiating a debt restructuring agreement involving approximately HKD 128,134,793 from five independent borrowers, expected to be completed by Q2 2024[146] - The company is seeking legal advice regarding the execution of a U.S. court judgment in Macau, with no significant assets at the subsidiary level[145] - The company is actively following up with tax authorities to provide necessary audit evidence to remove the reservation on tax payables[192] Strategic Focus and Future Plans - The company is considering terminating its regulated financial services activities and selling its 34% stake in a subsidiary after evaluating the costs and benefits[56] - The company is assessing options to terminate its offshore private fund management business due to operational difficulties faced by the funds[57] - The company plans to gradually shift its business focus from debt investments to portfolio and equity investments to achieve short-term returns[117] - The company is diversifying its business and exploring opportunities in AI technology, smart city construction, and fintech[154]

Financial Performance - The Group recorded total revenue of HK$136.89 million for the Period, a decrease of approximately 16.90% compared to HK$164.72 million in the corresponding period of 2022[28]. - Revenue from the manufacturing segment amounted to HK$138.41 million, down approximately 29.29% from HK$195.74 million in the same period of 2022[37]. - The loss before income tax for the Period was approximately HK$153.21 million, a significant improvement from a loss of HK$296.98 million in the same period of 2022[29]. - Loss attributable to owners of the Company was approximately HK$153.77 million, compared to HK$298.07 million in the corresponding period of 2022[30]. - Basic loss per share for the Period was approximately 5.81 HK cents, down from 13.34 HK cents in the same period of 2022[33]. - The treasury investments segment recorded a loss of approximately HK$133.30 million, an improvement from a loss of HK$275.76 million in the same period of 2022[39]. Market Conditions - The PCB industry is experiencing a downturn, with low order loading and continued price erosion globally[19]. - The economic downturn and geopolitical tensions have negatively affected the PCB industry, contributing to excess production capacity in China[14]. - The current worldwide capital market fluctuations are expected to impact the Group's financial results and hinder debt repayments, leading to potential additional impairment losses[22]. Business Strategy - The Group is focusing on improving risk management and compliance to ensure sustainable returns while exploring opportunities in asset management and financial services[20]. - The Group plans to diversify its business and enhance traditional PCB manufacturing while exploring new investment opportunities, including artificial intelligence and financial technology[21]. - The strategic upgrade and new plans are in response to changes in major shareholders, aiming to better utilize resources for business development[21]. - The Group aims to diversify its business and enhance the utilization of resources, including exploring opportunities in artificial intelligence and fintech[23]. Financial Position - As of June 30, 2023, the Group's total equity decreased to approximately HK$103.41 million from HK$301.97 million as of December 31, 2022[59]. - The Group's net debts increased to approximately HK$1,412.79 million as of June 30, 2023, compared to HK$1,393.98 million as of December 31, 2022, resulting in a gearing ratio of 93.18%[59]. - The Group's net current liabilities rose to approximately HK$533.94 million as of June 30, 2023, from HK$348.02 million as of December 31, 2022[60]. - The Group's current ratio decreased to 0.66 as of June 30, 2023, down from 0.77 as of December 31, 2022[60]. Investment Activities - The Group's total assets under management were approximately HK$2.62 billion as of the report date, with original capital contributions of approximately HK$1.38 billion[51]. - The Group is considering ceasing its regulated financial services activities and may dispose of its remaining 34% shareholding in Renco Investments's immediate holding company in the second half of 2023[45]. - The Group contributed HK$200.00 million into the Partners Fund, aimed at generating long-term capital appreciation for its investors[75]. - The Group contributed HK$340.00 million to the Huarong Fund, which raised net proceeds of up to HK$2.23 billion for investments[89]. - The Group is exploring the option of disposing of its interest in the Huarong Fund, expected to be completed by the end of 2023[96]. Impairment and Legal Proceedings - The Group's trade receivables from the Bond Issuer were fully impaired, with an accumulated impairment loss of HK$60.41 million as of June 30, 2023[86]. - The management is considering debt restructuring or litigation against the Bond Issuer regarding the underlying investment of the Partners Fund if no substantial progress is made in the coming months[84]. - The Group is undergoing litigation proceedings related to the Huarong Fund, with hearings scheduled for September 16, 2025, and November 17, 2025[95]. Asset Management and Funds - The Group's investment objectives focus on long-term capital appreciation through various financial instruments, including equity securities and convertible debts[146]. - The Group's investment strategy includes engaging in bridge and mezzanine financing as well as entering into repurchase agreements[146]. - The High-Tech Investment Fund aims for long-term capital appreciation through investments in high-tech industries and related sectors[137]. - The Infrastructure Fund III aims for long-term capital appreciation through investments in various sectors including transportation and telecommunications[160]. SuperRobotics Investment - The Group holds a 8.23% interest in SuperRobotics Shares Batch 1, with a fair value of HK$9,167,000 as of 30 June 2023[173]. - The Group's investment in SuperRobotics is expected to generate returns following the large-scale expansion of relevant technologies in the future[176]. - The Group's investment in SuperRobotics is aligned with the robust development of the robotic industry in the PRC, indicating significant market expansion potential[176].

Financial Performance - The Group's consolidated annual results for the year ended December 31, 2022, were presented, indicating overall performance metrics [16]. - The Group recorded total revenue of HK$355.68 million for the fiscal year 2022, a decrease of approximately 33.57% compared to HK$535.43 million in 2021 [33]. - Revenue from the manufacturing segment amounted to HK$368.83 million, down from HK$551.76 million in the previous year [33]. - The loss before income tax for the year was approximately HK$464.22 million, compared to a loss of HK$390.42 million in 2021 [34]. - Loss attributable to owners of the Company was approximately HK$466.14 million, slightly higher than the loss of HK$451.59 million in 2021 [35]. - The Group experienced unrealized fair value losses on financial investments of approximately HK$41.48 million, down from HK$57.27 million in the previous year [34]. - Impairment losses on trade receivables and other receivables totaled HK$335.02 million, compared to HK$244.83 million in 2021 [34]. - The Group will not declare any final dividend for the year, consistent with the previous year [36]. Market Conditions - The financial results were adversely impacted by global capital market fluctuations and the COVID-19 outbreak [18]. - The overall industry is facing a downturn due to a poor global economy, particularly affecting sales in key markets [22]. - The Group's regulated activities and corporate restructuring faced challenges in development due to complicated market conditions [18]. - The Group is optimistic about business improvement starting in the second half of 2023, anticipating easing demand shortages from major customers [22]. Strategic Focus - The Group continues to engage in the manufacture and sales of printed circuit boards, treasury investments, and financial services [13]. - The Group avoided unprofitable business areas and focused on quality and service excellence in its PCB operations [17]. - The Group's strategic focus remains on profitable segments while managing risks associated with market volatility [18]. - The Group plans to focus on improving risk management and exploring opportunities in asset management and financial services [23]. Investment Activities - The Group made a significant investment of HK$200.00 million into the Partners Special Opportunities Fund I, aimed at generating long-term capital appreciation [82]. - The Group invested HK$200.00 million in the Partners Fund, aiming for long-term capital appreciation [84]. - The Group's investment in the Partners Fund is expected to diversify its investment portfolio and maximize long-term returns through high-yield equity and debt products [86]. - The Group contributed HK$340.00 million to the Huarong Fund, which raised net proceeds to acquire shares in Fullshare Holdings Limited valued at up to HK$2.23 billion [96]. - The Group's investment strategy aligns with its expansion plans in financial investments [89]. Financial Position - As of 31 December 2022, the Group's total equity was approximately HK$301.97 million, down from HK$753.92 million in 2021, with net debts of approximately HK$1,393.98 million [62]. - The Group's current liabilities increased to approximately HK$1,542.12 million as of 31 December 2022, compared to HK$1,717.59 million in 2021, resulting in a current ratio of 0.77 [63]. - The Group's net current liabilities were approximately HK$348.02 million as of 31 December 2022, a significant decrease from net current assets of approximately HK$10.95 million in 2021 [63]. - The net debt amounted to approximately HK$1,393.98 million, down from HK$1,575.85 million in the previous year, resulting in a debt-to-equity ratio of 82.19%, compared to 67.64% in 2021 [67]. Asset Management - The Group's aggregated amount of assets under management was approximately HK$2.62 billion as of the report date, with original capital contributions of approximately HK$1.38 billion to offshore private funds [54]. - The Group's treasury investments faced substantial fair value losses due to the downturn of the Hong Kong stock market during the Year [43]. - The Group is exploring options to cease the business of Offshore Private Funds Management due to ongoing operational difficulties [56]. Impairment and Credit Risk - The Group recognized an impairment loss of HK$75.40 million for the Loan I in 2022, increasing the total impairment loss to HK$175.93 million as of December 31, 2022 [142]. - The Bond Issuer has not made any payments for three years, leading to a significant increase in credit risk for trade receivables [93]. - The extra interest of 8% per annum on the Group's contribution to the Partners Fund has been overdue since April 2017 [92]. Share Capital and Equity - The total issued share capital increased to HK$264.80 million as of December 31, 2022, from HK$220.80 million in 2021, comprising 2,648,000,000 ordinary shares [78]. - As of December 31, 2022, the fair value of the investment in the Huarong Fund was HK$Nil, reflecting substantial fair value losses due to adverse market price changes [101]. Future Outlook - The robust development of the robotic industry in China presents significant market expansion potential for SuperRobotics in the future [183]. - The construction of intelligent cities based on artificial intelligence technology is currently underway, enhancing the application of intelligent robotics across various sectors [183]. - The Group's investment team anticipates that the investment in SuperRobotics will generate returns following the realization and large-scale expansion of relevant technologies [183].

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份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 Renco Holdings Group Limited 科控股集團有限公司 （於百慕達註冊成立之有限公司） 2323 （股份代號： ） 截至二零二二年十二月三十一日止年度 末期業績公告 融科控股集團有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈，本集團截至二零 二二年十二月三十一日止年度（「二零二二財年」或「本年度」）之經審核綜合年度業績及財務狀 況，連同截至二零二一年十二月三十一日止年度之比較數字如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 5 355,682 535,431 收入 (323,421) (494,147) 銷售成本 32,261 41,284 ...

Business Performance - The Group recorded total revenue of HK$164.72 million, a decrease of approximately 31.55% compared to HK$240.63 million for the corresponding period in 2021[30]. - Revenue from the manufacturing segment amounted to HK$195.74 million, down approximately 18.54% from HK$240.30 million in the same period last year[39]. - The loss before income tax for the Period was approximately HK$296.98 million, compared to a loss of HK$232.27 million for the six months ended June 30, 2021[31]. - Loss attributable to owners of the Company was approximately HK$298.07 million, compared to HK$217.15 million for the same period in 2021[32]. - Basic loss per share attributable to owners of the Company was approximately 13.34 HK cents, compared to 9.83 HK cents for the corresponding period in 2021[35]. - The treasury investments segment recorded a loss of approximately HK$275.76 million, compared to HK$199.56 million for the six months ended June 30, 2021[41]. - The Group's gross profit margin for the manufacturing segment decreased from 17.28% to 10.15% during the Period[39]. Financial Challenges - The treasury investments and financial services segments suffered substantial losses during the period, primarily due to impairment losses on overdue receivables and fair value losses from listed securities[15]. - The financial results were adversely affected by global capital market fluctuations and the COVID-19 outbreak, leading to significant challenges in business development[15]. - The COVID-19 outbreak has caused temporary disruptions, making it unlikely for the manufacturing and financial services segments to recover in 2022[21]. - The Group's total equity decreased to approximately HK$447.75 million as of June 30, 2022, down from HK$753.92 million as of December 31, 2021[56][60]. - The Group's net debts were approximately HK$1,535.39 million as of June 30, 2022, resulting in a gearing ratio of 77.42%, compared to 67.64% as of December 31, 2021[56][60]. Risk Management and Compliance - The Group is focusing on improving risk management and compliance to ensure sustainable returns while exploring opportunities in asset management and financial services[19]. - The Group will focus on risk management and compliance while exploring opportunities in asset management and financial services[22]. - The Group aims to enhance cash flow and improve recoverability of transactions amid ongoing pandemic challenges[22]. - The Group is committed to maintaining sufficient cash flow levels while enhancing transaction recoverability[19]. Strategic Initiatives - A strategic upgrade is underway due to changes in major shareholders, with plans to diversify business and enhance traditional PCB manufacturing[20]. - The Group aims to leverage artificial intelligence technology in telecommunications and explore new investment opportunities in intelligent city construction and financial technology[20]. - The Group continues to excel in cost control to improve profitability for the remainder of the fiscal year[14]. Investment Activities - As of June 30, 2022, the Group's total assets under management amounted to approximately HK$2.62 billion, with 8 funds related to the One Belt One Road initiative and 4 related to HKBridge Funds[49][52]. - The Group's net current assets increased to approximately HK$228.78 million as of June 30, 2022, from HK$10.95 million as of December 31, 2021[57][60]. - The Group's current ratio improved to 1.19 as of June 30, 2022, compared to 1.01 as of December 31, 2021[57][60]. - The Group's trade receivables amounted to approximately HK$93.98 million as of June 30, 2022, with a debtor turnover of approximately 87 days[58][61]. - The Group's inventories decreased from approximately HK$56.70 million as of December 31, 2021, to approximately HK$49.68 million as of June 30, 2022, with an inventory turnover of approximately 51 days[59][61]. Loans and Financial Instruments - Bank loans as of June 30, 2022, were approximately HK$140.18 million, with fixed interest rates ranging from 3.45% to 3.85% per annum[62]. - Other loans from an associate amounted to approximately HK$177.94 million, which is unsecured and non-interest bearing, repayable in 2024[63]. - The Group's loans from executive directors amounted to HK$107.36 million, with an interest rate of 7%[66]. - The total amount of loans due within the next twelve months is approximately HK$210.42 million[65]. Impairment and Losses - The outstanding impairment loss on bond receivables held by the Partners Fund amounted to HK$60.41 million as of June 30, 2022, reflecting significant credit risk due to default payments[78]. - The Group recognized a cumulative impairment loss of HK$60.41 million for receivables related to the bond issuer, which has not made any payments in the last three years[80]. - The M&A Fund has not received outstanding amounts from the Strait Borrower for the past three years, leading to an impairment loss of HK$50.27 million for Loan I[123]. - The High-Tech Investment Fund provided an additional impairment loss of HK$19.48 million for Loan II during the period, with a previous six-month loss of HK$9.46 million[133]. - The Landmark Fund provided an additional impairment loss of HK$50.03 million for Bond III, increasing the total impairment loss to HK$150.10 million as of June 30, 2022[140]. Fund Management and Restructuring - The Group is actively seeking a new first-tier limited partner to expand the investment activities of both the Natural Resource Fund and the Fixed Income Fund[100][115]. - The Group's investment strategies for the Natural Resource Fund were adjusted as part of the OBOR Funds Restructuring, effective January 1, 2020[94]. - The Group's investment in the Natural Resource Fund has been consolidated into its financial statements since it became the only limited partner[89]. - The OBOR Funds Restructuring resulted in the offsetting of distribution values with original capital contributions, impacting the fair value of underlying assets[157]. - The total impairment loss for goodwill arising from the OBOR Funds Restructuring was recognized at HK$331.00 million for the year ended December 31, 2020[158]. Market Investments - The Group's investment in SuperRobotics includes 41,666,666 shares (8.23% interest) with a market value of HK$9,583,000 as of June 30, 2022, reflecting a loss of HK$7,084,000[165]. - The investment in SuperRobotics is expected to generate returns as the robotic industry in China shows significant potential for market expansion[168]. - The Group's total consideration for the acquisition of SuperRobotics Shares Batch 1 was approximately HK$200.00 million[166]. - The Group acquired a 75% interest in the Absolute Return Fund for HK$160.00 million, with a fair value of HK$186.03 million at the acquisition date[172]. - The Absolute Return Fund aims to generate returns by investing in equity securities related to in-flight wireless network engineering and services[173].

Financial Performance - The annual results for the Group were announced on May 31, 2022, with no interim or final dividends declared[8]. - The Group recorded total revenue of HK$535.43 million for the Year, representing an increase of approximately 92.89% compared to HK$277.58 million in 2020[32]. - Revenue from the manufacturing segment amounted to HK$551.76 million, up from HK$461.03 million in 2020, reflecting a sales increase of approximately 19.68%[39]. - The Group reported a loss before income tax of approximately HK$390.42 million, significantly reduced from HK$1,036.99 million in 2020[33]. - Loss attributable to owners of the Company for the Year was approximately HK$451.59 million, compared to HK$1,029.97 million in the previous year[34]. - The gross profit margin for the manufacturing segment increased from 9.45% in 2020 to 10.44% in 2021[39]. - The treasury investments segment recorded a loss of approximately HK$314.40 million, a substantial decrease from HK$926.80 million in 2020[41]. Market Challenges - The worldwide chip shortage began in Q4 2021 and is expected to persist until the end of 2022, impacting order volumes from major customers, particularly in the automobile sector[15]. - The regulated activities in Hong Kong and the PRC are facing challenges due to the complex market environment[20]. - The Group's financial services segment continues to face difficulties in developing its business amid adverse market conditions[20]. Strategic Initiatives - The Group aims to mitigate uncertainties by seeking more business opportunities domestically and in Asia[16]. - The strategic upgrade and new strategic plan implementation are in response to changes in major shareholders, focusing on diversifying business and enhancing traditional PCB manufacturing[22]. - The Group plans to explore new investment opportunities, including applications of artificial intelligence in telecommunications and financial technology[22]. - The Group will focus on risk management and compliance while exploring opportunities in asset management and financial services[24]. - The Group plans to enhance cash flow and improve recoverability of trades amid ongoing pandemic challenges[24]. Asset Management and Investments - The total assets under management reached approximately HK$2.62 billion, with 12 investment funds established, including 8 related to the One Belt One Road initiative[51]. - The Group made total original capital contributions of approximately HK$1.38 billion to the funds, unchanged from 2020[52]. - The Group's financial services subsidiaries actively engaged in asset management and corporate finance advisory services during the Year[46]. - The Group's investment strategy focuses on long-term capital appreciation through various financial instruments, including equity and debt securities[144][156]. - The Group aims to achieve long-term capital appreciation through investments in various sectors, including high-tech industries and energy resources[127]. Impairment and Credit Risk - The Group has recognized a significant impairment loss of HK$15.49 million for trade receivables from the Bond Issuer, with total accumulated impairment losses on bond receivables reaching HK$60.41 million[83]. - The Bond Issuer failed to meet repayment deadlines, resulting in increased credit risk and the classification of trade receivables as credit-impaired under HKFRS 9[83]. - The Group's management is considering debt restructuring or litigation against the Bond Issuer if no substantial progress is made in the coming months[78]. - The Group recognized an additional significant impairment loss of HK$15.49 million for trade receivables from the bond issuer due to increased credit risk, resulting in a carrying amount of zero as of December 31, 2021[84]. - The total cumulative impairment loss for receivables held by the partner fund amounted to HK$60.41 million[84]. Debt and Financing - The Group's net debts amounted to approximately HK$1,575.85 million, resulting in a gearing ratio of 67.64%, compared to 54.71% in 2020[59]. - The Group's net current assets decreased to approximately HK$10.95 million from HK$880.40 million in 2020, with a current ratio of 1.01, down from 1.81[60]. - Bank loans increased to approximately HK$144.42 million, with fixed interest rates ranging from 2.36% to 3.85% per annum[66]. - Trade payables rose to approximately HK$231.20 million, with creditors turnover days increasing to approximately 171 days from 121 days in 2020[62]. - The Group's inventories increased to approximately HK$56.70 million, with inventory turnover days at approximately 42 days[62]. Investments in Funds - The Group contributed HK$340.00 million to the Huarong Fund, which was used to acquire shares worth up to HK$2.23 billion in Fullshare Holdings Limited[86]. - As of December 31, 2021, the fair value of the investment in the Huarong Fund was zero, reflecting substantial fair value losses from adverse market price changes[91]. - The Group contributed HK$220.00 million and HK$375.00 million to the Natural Resource Fund on May 14, 2017, and March 12, 2018, respectively[92]. - The Group became the sole limited partner of the Natural Resource Fund on May 16, 2019, following the withdrawal of the first-tier limited partner, consolidating its assets, liabilities, and performance into the Group's financial statements[98]. - The Group aims to enhance investment quality and is actively seeking a new first-tier limited partner to expand fund investment activities[105]. Equity Investments - The Group's listed equity investments amounted to HK$115.87 million as of December 31, 2021, down from HK$173.13 million in 2020[166]. - The Group's investment in SuperRobotics is expected to generate returns due to the robust development of the robotic industry in China[174]. - The Absolute Return Fund, in which the Group holds a 100% interest, aims to generate returns by investing in equity securities of companies in the in-flight wireless network engineering and services industry[179]. - The Group's acquisition of a 75% interest in the Absolute Return Fund was completed for HK$160 million, with a fair value of HK$186.03 million at the time of acquisition[175]. - The High-Tech Investment Fund aims to generate high risk-adjusted returns by investing in equity and debt securities related to high-tech industries in Hong Kong[184][187].

Financial Performance - The Group recorded total revenue of HK$240.63 million, representing an increase of approximately 360.62% compared to HK$52.24 million for the same period in 2020[28]. - Revenue from the manufacturing segment amounted to HK$240.30 million, up approximately 10.77% from HK$216.94 million in the first half of 2020, with a gross profit margin increase from 11.73% to 17.28%[36]. - The Group reported a loss before income tax of approximately HK$232.27 million, a decrease from HK$359.89 million in the same period of 2020, primarily due to unrealized fair value losses of approximately HK$21.40 million[29]. - Loss attributable to owners of the Company for the Period was approximately HK$217.15 million, compared to HK$353.09 million for the corresponding period in 2020, with basic loss per share of approximately 9.83 HK cents[30]. - The treasury investments segment recorded a loss of approximately HK$199.56 million, an improvement from HK$337.06 million in the same period of 2020, due to adverse market price changes[38]. - The interim dividend for the period is nil, reflecting the financial challenges faced[6]. - The Group's financial results were impacted by the adverse effects of the COVID-19 outbreak and fluctuations in the global capital market[13]. Business Operations - The Group's gross profit margin in the manufacturing segment significantly reduced in the first half of 2021 due to increased material prices and customer resistance to price hikes[12]. - The demand for printed circuit boards (PCBs) remains strong, but customers are slow to accept price increases, which have become the new normal in the market[12]. - The COVID-19 outbreak has caused temporary disruptions in the Group's business, with expectations that sales and operations may not gradually restore in the second half of 2021[20]. - The laminate price remains unstable, and the supply of copper foil is still under allocation, affecting the manufacturing segment[11]. - The Group is actively diversifying its business and intends to upgrade its traditional PCB manufacturing while maintaining treasury investments and financial services[19]. - The Group aims to enhance cash flow and improve recoverability of transactions amid ongoing pandemic challenges[21]. - The ongoing COVID-19 pandemic continues to impact the Group's operations and financial performance, with expectations of challenges in debt repayment from borrowers[23]. Investment Strategy - The Group aims to identify new investment opportunities, including applications of artificial intelligence in telecommunications and financial technology[19]. - The Group plans to focus on improving risk management and compliance while exploring opportunities in asset management and financial services[18]. - The Group aims to diversify its business and leverage resources for traditional manufacturing and financial services development, including AI technology applications[21]. - The Group's investment strategy focuses on long-term capital appreciation through various financial instruments, including convertible debts and equity securities[146][153]. - The Group's investment strategy has been focused on minimizing losses due to the downturn in Huarong Investment's share price[195][198]. Asset Management - The total assets under management reached approximately HK$2.62 billion, with 8 out of 12 investment funds related to the One Belt One Road initiative[48]. - The Group made original capital contributions of approximately HK$1.38 billion to its funds, unchanged from December 31, 2020[49]. - The Group's current assets were approximately HK$1,839.91 million, with a current ratio of 1.64, down from 1.81 as of December 31, 2020[57]. - The Group's net debts amounted to approximately HK$1,456.46 million, resulting in a gearing ratio of 58.73%, an increase from 54.71% as of December 31, 2020[56]. - The Group's consolidated financial statements include the assets, liabilities, and returns of the Natural Resource Fund since it became the only limited partner[96]. Impairment and Losses - The Group recognized an aggregate impairment loss for goodwill of HK$331.00 million for the year ended 31 December 2020 due to the OBOR Funds Restructuring[166]. - The Group has recognized a significant impairment loss of HK$7.85 million on trade receivables from the bond issuer due to increased credit risk, with the carrying amount of these receivables at approximately HK$7.64 million as of June 30, 2021, down from HK$15.49 million as of December 31, 2020[83]. - The Group's share of loss from the Partners Fund amounted to HK$30.55 million during the period, with an impairment loss on the bond receivable held by the fund totaling HK$45.82 million[81]. - The Group's investments in the Fixed Income Fund have been consolidated into its financial statements since becoming the sole limited partner[115]. Litigation and Debt Restructuring - The Group may consider debt restructuring or litigation against the Bond Issuer if no substantial progress is made in the coming months[79]. - The Group is undergoing litigation related to the Huarong Fund, with proceedings delayed due to the COVID-19 pandemic[90]. - The bond issuer has defaulted on payments, leading to a significant increase in credit risk for the Group's receivables[83]. - The Group's management team is considering debt restructuring arrangements for the underlying investment projects of the Huarong Fund if no significant progress is made in the coming months[82]. Equity Investments - The Group's major listed equity investments included SuperRobotics Holdings Limited, with a total investment of approximately HK$116.19 million across three batches, resulting in fair value losses of HK$32.55 million[173]. - The Group's investment in SuperRobotics is anticipated to generate returns following the realization and large-scale expansion of relevant technologies[176]. - The Group's investment in the Absolute Return Fund is expected to enhance asset management experience and generate returns in the coming years[184]. - The Group's acquisition of Huarong Investment Shares totaled HK$79.20 million for 88,000,000 shares at HK$0.90 per share[191].