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].

Financial Performance - The Group experienced significant losses in the treasury investments segment due to a substantial reduction in the fair value of listed securities, attributed to the downturn of the Hong Kong stock market[14]. - The manufacturing segment operated at a loss for the year, primarily due to a sharp increase in major raw material prices and declining PCB purchase orders since Q4 2018[19]. - The Group's financial performance was impacted by the China-United States trade tensions, affecting PCB sales[13]. - The company recorded operational losses in the manufacturing segment due to soaring raw material prices and operational costs[22]. - The financial services segment has begun to yield income, indicating a positive shift in the Group's business model[20]. - The financial services segment has begun to provide a stable income source despite a challenging investment environment[23]. Business Transformation - The Group has successfully diversified its core business from PCBs into financial services over the past two years, with income now being generated from consultancy fees, interest income, and investment returns[20]. - The company has successfully expanded its core business from printed circuit boards (PCBs) to financial services after a two-year transformation, generating stable income from advisory fees, interest income, and investment returns[23]. - The Shenzhen Platform commenced investment and consultancy services, generating returns through professional services for a restructuring project in the PRC[18]. - The company has rebranded to "HKBridge Financial Holdings Limited" to better align with its focus on financial services and treasury investments, effective from September 13, 2018[26][29]. Risk Management and Compliance - The Group's strategies in 2018 focused on improving risk management, compliance management, and enhancing cash flow recoverability[21]. - The board emphasizes improving risk management and compliance while exploring opportunities in asset management and other financial services[23]. - The company has complied with the Corporate Governance Code, with one noted deviation regarding the roles of the chairman and CEO being held by the same individual[38][39]. - The company has complied with the new requirements under the CG Code related to risk management and internal control during 2018[46]. - The Group's risk management system includes phases of identification, evaluation, management, and monitoring of risks[168]. - The internal control framework includes components such as control environment, risk assessment, control activities, information and communication, and monitoring[171]. - The Group's risk management and internal control systems were concluded to be effective and adequate, providing reasonable assurance against material misstatement or loss[180]. Corporate Governance - The company plans to continue reviewing and proposing amendments to ensure compliance with corporate governance standards[40]. - The Board considers all Independent Non-Executive Directors (INEDs) to be independent during their tenure, based on annual confirmations received[67]. - The Company aims to achieve high standards of corporate governance and regularly reviews its governance policies[76]. - The Board has delegated authority to the Nomination Committee to review board diversity policy and measurable objectives[77]. - The Company is committed to monitoring compliance with legal and regulatory requirements as part of its corporate governance practices[79]. - The Board is responsible for determining material acquisitions and disposals of assets, investments, and major treasury policies[75]. Board Composition and Diversity - The board consisted of six directors as of December 31, 2018, with diverse skills in accounting, banking, manufacturing, marketing, finance, and investment[57]. - The Nomination Policy aims to enhance the effectiveness of the nomination process and will be reviewed at least annually[113]. - The Diversity Policy aims to enhance the effectiveness of the Board by considering various aspects such as gender, age, and professional experience[130]. - All Board appointments will be based on meritocracy, considering the benefits of diversity[140]. - The Nomination Committee will consider candidates' ethical character, experience, and insight into the Company's business when selecting nominees[120]. Shareholder Communication - The Board established a shareholders' communication policy to ensure timely access to balanced and understandable information about the Company[186]. - The Company provides shareholders with contact details for inquiries regarding shareholdings and dividends, enhancing investor relations[190]. - The Company ensures that shareholders' views are communicated to the Board during general meetings[192]. - The Company maintains a dedicated "Investor Relations" section on its website for regular updates and corporate information[187]. - The Company aims to utilize its website as a primary channel for corporate communications and information disclosure[200].