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].

Financial Performance - The Group recorded a total revenue of HK$277.58 million for the Year, representing an increase of approximately 32.85% compared to HK$208.94 million in 2019[36]. - The total revenue from the manufacturing segment amounted to HK$461.03 million, up from HK$425.09 million in 2019[36]. - The loss before income tax was approximately HK$1,036.99 million, compared to HK$602.60 million in 2019, primarily due to unrealised fair value losses of approximately HK$256.53 million[37]. - Loss attributable to owners of the Company for the Year was approximately HK$1,029.97 million, compared to HK$658.62 million in 2019[38]. - Basic loss per share attributable to owners of the Company was approximately 46.65 Hong Kong cents, up from 29.83 Hong Kong cents in 2019[38]. - The treasury investment segment reported a loss of HK$183.45 million, an improvement from a loss of HK$216.15 million in 2019[36]. - The Group's treasury investment segment recorded a loss of approximately HK$926.80 million for the year, compared to a loss of HK$442.80 million in 2019[44]. Manufacturing Segment - The manufacturing segment experienced a minor growth in sales during 2020 compared to 2019, despite the challenges posed by the COVID-19 outbreak[15]. - The prices of major materials such as laminates, prepreg, and copper have sharply increased, leading to supply shortages and loss of sales due to production delays[16]. - Revenue from the manufacturing segment increased by approximately 8.45% from HK$425.09 million in 2019 to approximately HK$461.03 million in 2020, with a gross profit margin rising from 8.72% to 9.45%[42]. - The Group's manufacturing business remained focused on the production and sale of a wide range of PCBs, with no significant changes in its principal business[42]. Risk Management and Compliance - The Group plans to focus on improving risk management and compliance while exploring opportunities in asset management and other financial services[21]. - The Group plans to focus on risk management and compliance while exploring opportunities in asset management and other financial services[23]. - The COVID-19 outbreak has had a material impact on the Group's financial results, affecting debt repayment from borrowers and issuers of bonds[26]. Asset Management and Investments - The Group's asset management business is gradually being built up, with a solid foundation for future development[55]. - The Group subscribed HK$200.00 million into the Partners Special Opportunities Fund, aimed at generating long-term capital appreciation for its investors[75]. - The investment strategy of the Partners Fund includes investing in debt and equity securities of both private and listed companies, aligning with the Group's expansion plans in financial investments[78]. - The Group's investment strategy includes diversifying its portfolio through high-yield equity and debt products to enhance long-term investment returns[79]. - The Group aims to find a new first-tier limited partner for the Fixed Income Fund to expand investment activities and enhance asset management experience[123]. Impairment Losses - Impairment losses on trade receivables, other receivables, loan receivables, and note receivables totaled HK$308.12 million[37]. - Impairment losses in the treasury investment segment were primarily due to an increase in credit-impaired receivables[44]. - The Group recognized an additional significant impairment loss of HK$28.20 million for trade receivables from the Bond Issuer, compared to HK$16.71 million in 2019[87]. - The impairment loss on the bond receivable held by the Partners Fund amounted to HK$125.98 million, with HK$62.32 million recorded as the Group's share of loss from joint ventures during the year[87]. - An aggregate impairment loss on goodwill of HK$331.00 million was recognized during the year due to the OBOR Funds Restructuring[164]. Equity and Debt - The total equity of the Group as of December 31, 2020, was approximately HK$1,189.19 million, down from HK$2,178.78 million in 2019[58]. - The Group's net debts amounted to approximately HK$1,436.74 million as of December 31, 2020, with a gearing ratio of 54.71% compared to 48.52% in 2019[58]. - The Group's net current assets were approximately HK$880.40 million, down from HK$1,851.53 million in the previous year, with a current ratio of 1.81 compared to 2.13 in 2019[63]. - As of December 31, 2020, bank loans amounted to approximately HK$131.86 million, with fixed interest rates ranging from 0.85% to 4.35% per annum[66]. Market Conditions and Future Outlook - The Group anticipates a gradual restoration of sales and operations in the manufacturing and financial services segments in the second half of 2021[25]. - The robust development of the robotic industry in China presents significant market expansion potential for SuperRobotics in the future[173]. - The construction of intelligent cities is advancing rapidly, leveraging artificial intelligence technology, which is expected to enhance the use of robotics across various sectors[175]. - The Group anticipates that investments in SuperRobotics will yield returns following the realization and large-scale expansion of relevant technologies[175].

Sales and Market Impact - The Group's PCB sales were impacted by the US-Sino trade war and COVID-19, with some automotive customers halting orders[9][10]. - The Group entered the LED display market in the first half of 2020, mitigating some downturn effects in the PCB sector[10]. - The COVID-19 outbreak has caused temporary disruptions in business operations, affecting sales and operations in both manufacturing and financial services segments[18]. - The financial results for the first half of 2020 indicate a challenging market environment, with a focus on recovery in the automotive sector by the end of Q3 2020[16]. Financial Performance - The Group recorded total revenue of HK$52.24 million for the Period, a decrease of approximately 65.21% compared to HK$150.19 million for the same period in 2019[27]. - The loss before income tax for the Period was approximately HK$359.89 million, compared to HK$413.35 million for the same period in 2019[28]. - Loss attributable to owners of the Company was approximately HK$353.09 million, slightly higher than HK$347.02 million in the corresponding period of 2019[29]. - The treasury investments segment recorded a loss of approximately HK$337.06 million due to unrealised fair value losses and interest income[37]. - The Group's gross profit margin in the manufacturing segment decreased from 12.02% in 2019 to 11.73% in 2020[35]. Dividends and Shareholder Returns - The interim dividend for the period is nil, reflecting the ongoing financial challenges faced by the Group[7]. - The Company has not recommended any interim dividend payment for the Period, consistent with the previous year[30]. Risk Management and Strategic Focus - The Group is focusing on improving risk management and exploring opportunities in asset management and financial services[17]. - A strategic upgrade is underway to diversify the business and enhance traditional PCB manufacturing while exploring new investment opportunities[18]. - The Group plans to focus on risk management and compliance while exploring opportunities in asset management and other financial services[20]. Asset Management and Investments - The total assets under management for the Group's offshore private funds amounted to approximately HK$2.38 billion, with contributions to these funds totaling approximately HK$1.13 billion as of June 30, 2020[44]. - The Group contributed HK$200.00 million to the Partners Special Opportunities Fund I, aiming for long-term capital appreciation through investments in debt and equity securities[66]. - The Group invested HK$340.00 million in the Huarong International Fortune Innovation LP, with proceeds used to acquire shares in Fullshare Holdings Limited valued at up to HK$2.23 billion[73]. - The Group's overall strategy focuses on enhancing asset management experience and generating investment returns for shareholders[103]. Legal and Recovery Actions - The Group is actively pursuing legal actions to recover RMB200.00 million from the Zhanjiang Borrower, with outstanding interest of approximately RMB60.75 million as of June 30, 2019[144]. - The first hearing for the litigation against the Zhanjiang Borrower was held on July 9, 2020, after multiple delays due to the COVID-19 outbreak[145]. - The Group entered into a loan agreement with Zhonghong Holding Co., Ltd. for RMB200.00 million on January 25, 2018, and has initiated arbitration proceedings to secure recovery of the principal amount[150]. Employee and Operational Metrics - The Group's total staff costs for the period amounted to HK$66.91 million, a decrease from HK$69.02 million for the six months ended June 30, 2019[172]. - The Group had 1,195 employees as of June 30, 2020, an increase from 1,183 employees as of December 31, 2019[172]. Credit and Financial Risk - Credit risk is considered minimal as the Group mainly trades with recognized and creditworthy third parties, with trade receivables substantially covered by credit insurance[164]. - The Group's maximum exposure to credit risk is detailed in the condensed consolidated statement of financial position as of June 30, 2020[166]. Corporate Governance and Shareholder Interests - The interests of Directors and the chief executive in shares and underlying shares were recorded as required by the SFO, with specific details to be disclosed in the register[196]. - As of June 30, 2020, Mr. Li Yongjun holds 624,960,000 ordinary shares, representing 28.30% of the issued capital[198]. - No other directors or the chief executive held any interests or short positions in the shares or debentures of the company as of June 30, 2020[199].

Financial Performance - The Group recorded total revenue of HK$208.94 million for the Year, a decrease of approximately 46.27% compared to HK$388.89 million in 2018[33]. - Revenue from the manufacturing segment was HK$425.09 million, down approximately 17.21% from HK$513.47 million in 2018, with a gross profit margin decrease from 11.26% to 8.72%[41]. - The net loss before income tax for the Year was approximately HK$602.60 million, compared to a loss of HK$509.58 million in 2018[34]. - Loss attributable to owners of the Company amounted to approximately HK$658.62 million, compared to HK$427.67 million in 2018, with basic loss per share increasing from 19.39 Hong Kong cents to 29.83 Hong Kong cents[35]. - The treasury investments segment recorded a loss of approximately HK$442.80 million due to realised and unrealised fair value losses and interest income[43]. Market Conditions - The Group's manufacturing segment operated at a minor loss due to reduced selling prices caused by excess capacity from the US-Sino trade disputes, resulting in a decrease in total sales[18]. - The PCB market price is expected to remain under pressure in 2020 due to the global economic downturn and decreased demand for PCBs[23]. - The Group's financial results were negatively impacted by the downturn of the Hong Kong stock market and the poor performance of individual listed securities[19]. - The Group's financial performance was affected by the complexity and challenges of regulated activities in Hong Kong and Mainland China[19]. - The manufacturing segment faces significant challenges due to the Sino-US trade war, rising labor costs, and competition, impacting overall performance[158][161]. Strategic Focus - The Group plans to focus on improving risk management and compliance while exploring opportunities in asset management and financial services[24]. - Following a strategic upgrade, the Group aims to diversify its business and enhance traditional PCB manufacturing while maintaining treasury investments and financial services[25]. - The Group will continue to develop and upgrade its traditional manufacturing business in PCBs while identifying new investment opportunities[25]. - The Group aims to diversify its business and improve the utilization of resources, focusing on traditional manufacturing and financial services[26]. - The Group has been actively reallocating resources to improve performance in light of the competitive market environment[17]. Financial Management - The Group's management is committed to maintaining sufficient cash flow levels amidst an unstable investment environment[24]. - The Group's total equity decreased to approximately HK$2,178.78 million as of December 31, 2019, down from HK$2,846.15 million in the previous year, reflecting a decrease of about 23.5%[60][63]. - The Group's net debts were approximately HK$2,058.60 million as of December 31, 2019, resulting in a gearing ratio of 48.58%, an increase from 41.60% in the previous year[60][63]. - The Group's net current assets increased to approximately HK$1,851.53 million as of December 31, 2019, compared to HK$1,129.24 million in the previous year, indicating a significant improvement in liquidity[61][63]. - The Group's inventories decreased slightly from approximately HK$57.94 million to HK$56.34 million, with inventory turnover days increasing from 46 to 53 days[66][69]. Investment Activities - The Group has obtained licenses for Type 1, Type 4, Type 6, and Type 9 financial services under the SFO, allowing participation in debt, asset, and shareholding restructuring in the PRC[48]. - The Group's investment strategy includes diversifying its portfolio by investing in high-yield equity and debt products[82][84]. - The Group invested HK$340 million in Huarong Fund as a limited partner, which was used to acquire shares of Prosperity Holdings Limited valued at up to HK$2.23 billion[90]. - The Group's investment in the Partners Fund has been transferred to "Investments in joint ventures" following the acquisition of joint control[82][84]. - The Group's investment in Zall Shares was disposed of for HK$68,324,451, involving 69,120,000 shares[134]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions during 2019, with one deviation regarding the roles of the chairman and CEO being held by the same individual[194]. - The Board believes that the current arrangement of having the same individual as chairman and CEO has not materially adversely affected corporate governance during the year[195]. - The Company emphasizes long-term financial performance and maintaining strong financial health as part of its corporate strategy[193]. - The Company has complied with risk management and internal control requirements under the Corporate Governance Code during 2019[199]. - The Company has adopted its own code of conduct for securities transactions by Directors, which meets or exceeds the standards set out in the Model Code[200]. Human Resources - As of December 31, 2019, the Group had 1,183 employees, a decrease from 1,353 employees in the previous year, with total staff costs amounting to HK$149.25 million, down from HK$182.52 million in 2018[171][174]. - The Share Award Scheme was adopted on May 17, 2016, to incentivize eligible persons, but it was proposed for termination in March 2020 to reduce operating costs[173][179]. - A total of 12,000,000 Award Shares for the years 2016 and 2017 were issued and vested to Mr. Liu, while 12,000,000 unissued Award Shares for 2018 were forfeited[178]. Impact of COVID-19 - The COVID-19 outbreak in early 2020 caused temporary disruptions in business, with potential impacts on sales and operations in the first half of 2020, but no material effects on financial results were reported as of the date of the report[184]. - The COVID-19 pandemic has temporarily disrupted business operations, with expected impacts on sales and operations in the manufacturing and financial services sectors during the first half of 2020[187].

Financial Assets and Investments - As of December 31, 2018, the group's financial assets measured at fair value amounted to approximately HKD 2,027,121,000, with non-listed fund investments at HKD 1,397,187,000 and listed equity investments at HKD 332,743,000[2]. - As of June 30, 2019, the group's financial assets measured at fair value were approximately HKD 440,610,000, with non-listed fund investments at HKD 207,187,000 and listed equity investments at HKD 182,026,000[6]. - The Partners Special Opportunities Fund I had a fair value of HKD 205,633,000 as of December 31, 2018, representing approximately 3.99% of the group's total assets[4]. - The Hong Kong Bridge One Belt One Road Natural Resource Fund LP had a fair value of HKD 595,777,000 as of December 31, 2018, accounting for approximately 11.57% of the group's total assets[4]. - The group recognized a fair value gain of HKD 1,554,000 from the Partners Special Opportunities Fund I for the six months ended June 30, 2019[7]. - The group held 41,666,666 shares in Super Smart Limited, representing an 8.23% stake, with a cost of HKD 536,667,000 and a market value of HKD 250,000,000 as of December 31, 2018[4]. - The group holds 41,666,666 shares of Super Intelligent Limited, representing an approximate 8.23% stake, with a cost/fair value of HKD 250 million and a market value of HKD 145.83 million as of June 30, 2019[9]. - The investment in Huarong Investment Co., Ltd. consists of 84,170,000 shares, approximately 4.63% of the company, with a cost/fair value of HKD 31.14 million and a market value of HKD 36.19 million[9]. - The group has recognized a fair value of HKD 293 million for Zall shares as derivative financial assets[11]. Losses and Impairments - The group reported a loss of HKD 340,000,000 from the Huarong International Fortune Innovation LP investment for the year ended December 31, 2018[4]. - The group’s investment in Qudian Inc. resulted in a loss of HKD 1,179,000 for the year ended December 31, 2018[4]. - The group’s investment in Huarong Investment Co., Ltd. resulted in a loss of HKD 104,410,000 for the year ended December 31, 2018[4]. - The group has incurred a loss of HKD 104.17 million from its investment in Super Intelligent Limited[9]. - The group has reported a total realized loss of HKD 1.18 million from the sale of 50,000 shares of Qudian Inc.[14]. - Crown Holdings sold the remaining 60,000,000 shares for a total consideration of HKD 48.00 million, which represents 100% of the realized loss of approximately HKD 3.60 million from the sale of listed securities for the six months ended June 30, 2019[16]. Strategic Plans and Market Outlook - The group plans to expand its investment portfolio through high-yield equity and debt products to maximize long-term investment returns[9]. - The group is actively seeking new limited partners for the Natural Resources Fund to enhance investment opportunities and asset management experience[12]. - The board sees significant potential for market expansion in the robotics industry, particularly through investments in Super Intelligent Limited[14]. - Huarong's core business operations are expected to improve in the future despite significant impairment losses in financial investments[16]. - Zall may further sell its shares through brokers in the coming months to minimize losses[16]. Business Operations - Zall's main business includes B2B trading platforms for consumer goods, agricultural products, and various metals, along with financial and supply chain management services[16]. - The group sold 24,162,000 shares of Zall Smart Commerce Group Limited, recovering approximately HKD 33.1 million to mitigate losses from Huarong Fund investments[11]. - The board will continue to assess the risk of recovering the principal amount of investments related to Huarong Fund[16].

Financial Performance - The Group recorded total revenue of HK$150.19 million for the Period, representing an increase of approximately 20.67% compared to HK$124.46 million for the corresponding period in 2018[28]. - Loss before income tax for the Period increased significantly to approximately HK$413.35 million, compared to HK$200.02 million for the same period in 2018[29]. - Loss attributable to owners of the Company for the Period amounted to approximately HK$347.02 million, compared to HK$171.23 million for the corresponding period in 2018[30]. - The Group's financial performance was adversely affected by the ongoing Sino-U.S. trade war, impacting both manufacturing and investment segments[10]. - The interim dividend declared for the period is nil, reflecting the Group's focus on financial stability[8]. Treasury Investments - The Group reported significant losses in the treasury investments segment due to a substantial reduction in the fair value of listed securities, attributed to the downturn in the Hong Kong stock market[11]. - The Group's treasury investment segment recorded a total loss of approximately HK$56.87 million due to unrealized fair value losses and interest income[39]. - As of June 30, 2019, the Group's equity investments for trading purposes had a total carrying value of HK$182.02 million, down from HK$281.14 million at the end of 2018, reflecting a fair value loss of HK$99.12 million[92]. Financial Services - The financial services segment has expanded, with the Group obtaining authorization to provide investment and consultancy services in the PRC, enhancing its business diversification[12]. - The financial services segment did not generate any income during the Period, compared to HK$20.53 million for the same period in 2018[28]. - The Group has successfully diversified its core business into financial services and treasury investments over the past two years, generating income from consultancy fees and interest despite market uncertainties[18]. Manufacturing Segment - The manufacturing segment continued to operate at a loss due to rising raw material prices and ongoing tariff disputes between the PRC and the United States, impacting PCB sales performance[17]. - The manufacturing segment's revenue decreased by approximately 23.02% from HK$268.98 million in 2018 to HK$207.06 million in 2019, while the gross profit margin increased from 8.75% to 12.02%[37]. - The Group's manufacturing segment is facing challenges due to the Sino-US trade war, rising labor, and production costs, impacting competitiveness[154]. Risk Management and Compliance - The Board emphasized the need for improved risk management and compliance to ensure sustainable returns while exploring opportunities in asset management and financial services[20]. - The Group plans to focus on improving risk management and exploring opportunities in asset management and other financial services[22]. - Credit risk is considered minimal as the Group mainly trades with recognized and creditworthy third parties, with trade receivables substantially covered by credit insurance[156]. Legal and Litigation Matters - The purchaser of North Mining Shares defaulted on the repayment of HK$223.06 million, leading to ongoing litigation[86]. - The Group is in the process of litigation against the purchaser for the outstanding payment[87]. - The Group filed a claim against a buyer for HK$223.06 million, which includes HK$179.44 million in principal and HK$43.63 million in interest, due on June 23, 2019[89]. - The Group is pursuing litigation against the buyer for unpaid amounts related to the sale of shares, indicating ongoing legal challenges[89]. - The Group's litigation proceedings are ongoing, with further announcements to be made regarding significant developments[106]. Investment Activities - The Group aims to enhance long-term returns for shareholders by identifying new investment and business development opportunities[24]. - The Group established 14 investment funds over the past two years, with a total managed asset amount of approximately HK$41.1 billion, including 9 funds related to the Belt and Road Initiative[51]. - The Group contributed HK$340 million to the Huarong International Fund, which raised net proceeds of up to HK$2.23 billion for acquiring shares in Fullshare Holdings Limited[93]. Employee and Remuneration Policies - As of June 30, 2019, the Group had 1,209 employees, a decrease from 1,353 employees as of December 31, 2018, with total staff costs amounting to HK$69.02 million[164]. - The Group's remuneration policy aligns employee rewards with market rates and includes discretionary bonuses based on individual performance[165]. - The Company adopted a Share Award Scheme on May 17, 2016, aimed at providing eligible persons with an opportunity to acquire shares, encouraging retention, and aligning interests with shareholders[170]. Shareholder Information - As of June 30, 2019, Mr. Liu Tingan holds 36,306,000 ordinary shares, representing 1.64% of the issued capital[195]. - The interests of substantial shareholders holding 5% or more in the shares and underlying shares were recorded as of June 30, 2019[200]. - No other directors or close associates held any shares as of June 30, 2019[196].