股份拆细：紧随股本削减生效后，公司法定股本中每股面值0.25港元的法定但未发行现有股份将拆细为 25股每股面值0.01港元的法定但未发行经调整股份。 董事会建议，待股本重组生效后，按于记录日期合资格股东每持有1股经调整股份获发1股供股股份的基 准，以每股供股股份0.12港元的认购价进行供股，透过发行最多约4.5亿股供股股份(假设供股获全数认 购及自本公告日期起至记录日期(包括该日)已发行股份总数并无变动，惟股本重组导致者除外)筹集最多 约5400万港元(扣除开支前)。 经扣除所有必要开支后，供股的估计所得款项净额将为约5290万港元。约2900万港元投资中国香港、中 国内地及美利坚合众国媒体及娱乐、金融服务及相关业务以及建筑行业的上市证券;于2027年3月31日前 动用约1800万港元投资主要位于中国香港、中国内地及美利坚合众国的媒体及娱乐、金融服务及相关业 务以及建筑行业的非上市债务证券;及于2027年3月31日前动用余下约590万港元以满足集团的一般营运 资金需求。 首都创投(02324)公布，董事会建议进行股本重组，当中涉及股本削减及股份拆细，详情如下： 股本削减：公司将透过注销公司每股现有股份的缴足股 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 Capital VC Limited 首都創投有限公司 （於開曼群島註冊成立之有限公司 並以CNI VC Limited名稱在香港經營業務） （股份代號：02324） 建議股本重組； 及 建議按於記錄日期每持有一(1)股經調整股份 獲發一(1)股供股股份的基準進行供股 配售代理 阿仕特朗資本管理有限公司 建議股本重組 董事會建議進行股本重組，當中涉及股本削減及股份拆細，詳情如下： (1) 股本削減 本公司將透過註銷本公司每股現有股份的繳足股本0.24港元削減已發行股本， 將每股已發行現有股份的面值由0.25港元削減至0.01港元。股本削減所產生 進賬金額將用以抵銷本公司於股本削減生效日期的累計虧損，從而減少本 公司的累計虧損；及 1 (2) 股份拆細 緊隨股本削減生效後，本公司法定股本中每股面值0.25港元之法定但未發 行現有股份將拆細為 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02324 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 800,000,000 | HKD | | 0.25 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 800,000,000 | HKD | | 0.25 | HKD | | 200,000,000 | 本月底法定/註冊股本總額： HKD 200,000,000 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 I ...

Financial Performance - For the six months ended March 31, 2025, the Company reported a turnover of HK$ (278,058) compared to HK$ 48,513,038 for the same period in 2024, indicating a significant decline in revenue[10]. - The operating loss for the period was HK$ (5,348,755), a decrease from an operating profit of HK$ 21,414,362 in the previous year[10]. - The loss before tax was HK$ (7,230,443), compared to a profit before tax of HK$ 18,179,019 for the same period last year[10]. - The total comprehensive loss attributable to equity holders of the Company for the period was HK$ (7,230,443), down from a profit of HK$ 18,384,344 in the prior year[10]. - Basic and diluted earnings per share for the period were both HK$ (1.61), compared to HK$ 4.38 in the same period last year[10]. - The total comprehensive loss for the period was HK$7,230,443, compared to a profit of HK$18,384,344 in the same period last year, reflecting a challenging financial environment[14]. - The Group reported a net realized loss on financial assets of HK$3,760,839 for the six months ended 31 March 2025, compared to a loss of HK$623,723 for the same period in 2024[29]. - The net unrealized loss on financial assets was HK$3,603,844 for the six months ended 31 March 2025, a significant decrease from a gain of HK$42,024,823 in 2024[29]. - The Group recorded a loss of approximately HK$7.4 million for the six months ended March 31, 2025, compared to a profit of approximately HK$41.4 million for the same period last year[88]. Assets and Equity - As of March 31, 2025, the Company’s net assets were HK$ 300,275,695, a decrease from HK$ 307,506,138 as of September 30, 2024[11]. - The net asset value per share decreased to HK$ 0.67 from HK$ 0.73 in the previous reporting period[11]. - As of March 31, 2025, total equity stood at HK$300,275,695, a decrease from HK$319,850,847 as of October 1, 2023, indicating a decline in shareholder value[14]. - The accumulated losses increased to HK$1,156,927,267 as of March 31, 2025, from HK$1,137,572,929 as of October 1, 2023, highlighting ongoing financial difficulties[14]. - The Group's net asset value decreased to HK$300,275,695 as of 31 March 2025, down from HK$307,506,138 as of 30 September 2024, indicating a decline of approximately 2.0%[63]. Cash Flow and Liquidity - For the six months ended March 31, 2025, the net cash used in operating activities was HK$9,578,422, a decrease from HK$17,979,171 in the same period of 2024, indicating improved cash flow management[16]. - The company reported a net decrease in cash and cash equivalents of HK$7,640,022 for the six months ended March 31, 2025, compared to a minor decrease of HK$31,171 in the same period of 2024[16]. - The company had cash and cash equivalents of HK$25,178,400 as of October 1, 2024, down from HK$33,075,167 on October 1, 2023, indicating a liquidity challenge[16]. - The current ratio improved to 7.0 as of March 31, 2025, compared to 4.6 as of September 30, 2024, indicating a strong liquidity position[89]. - The gearing ratio remained low at 12.6% as of March 31, 2025, compared to 12.9% as of September 30, 2024[90]. Investments - The net cash from investing activities for the same period was HK$1,938,400, a significant decrease from HK$17,948,000 in the previous year, suggesting a reduction in investment activities[16]. - The Group's principal bond investments include Gold Medal Hong Kong Limited with a carrying amount of HK$35,903,415 and a coupon rate of 6.50%, representing 11.96% of the net assets attributable to the investment as of 31 March 2025[54]. - Significant investments include 607.8 million shares of WLS Holdings Limited valued at approximately HK$23.7 million as of March 31, 2025[95]. - The Group also holds 40.2 million shares of Japan Kyosei Group Company Limited valued at approximately HK$22.4 million as of March 31, 2025[98]. - The Group's bond investments include HK$62.0 million in bonds issued by Gold Medal Hong Kong Limited and HK$42.5 million in bonds issued by Hao Wen Holdings Limited[92]. Corporate Governance - The Audit Committee, comprising all independent non-executive directors, reviewed the unaudited interim results for the six months ended March 31, 2025[134]. - The Company has complied with the Corporate Governance Code provisions, except for the separation of the roles of chairman and chief executive[136]. - The Company confirmed that all directors complied with the Model Code for Securities Transactions during the period[135]. - The Company has a strong corporate governance structure to ensure effective oversight of management[139]. Share Capital and Dividends - The company issued 7,500,000 shares upon conversion of convertible bonds, impacting the share capital structure[14]. - The Group's issued share capital increased from 420,128,249 shares to 450,128,249 shares due to the conversion of convertible bonds[116]. - The Company did not declare any dividends for the period, consistent with the previous year[10]. - No interim dividend was recommended for the six months ended 31 March 2025, consistent with the previous year[38][43]. Operational Efficiency - Administrative expenses for the period were HK$ 5,070,697, down from HK$ 7,589,623 in the previous year[10]. - Total staff costs decreased to HK$1,794,916 for the six months ended 31 March 2025, down from HK$2,036,593 in 2024[36]. - The investment management fee paid to Evergrande Securities (Hong Kong) Limited was HK$4,839 for the six months ended 31 March 2025, compared to HK$300,000 for the same period in 2024, indicating a significant reduction[67]. Market Conditions - The Hang Seng Index (HSI) increased from 21,134 points as of 30 September 2024 to 23,120 points as of 31 March 2025, indicating a positive market trend[84]. - The Group anticipates a cautious approach to managing its investment portfolio due to the unpredictable global political environment and lack of clear signals for improvement or recession[87]. - The Group anticipates no significant improvement or severe decline in global investment markets for the remainder of the year, maintaining a cautious approach to managing its investment portfolio[88].

Financial Performance - For the six months ended March 31, 2025, the company reported a revenue of HKD 48,513,038, a significant decrease from HKD 278,058 in the same period last year[5] - The operating loss for the period was HKD 5,348,755, compared to an operating profit of HKD 21,414,362 in the previous year[5] - The loss before tax amounted to HKD 7,230,443, a decline from a profit of HKD 18,179,019 in the prior year[5] - The company reported a basic and diluted loss per share of HKD 1.61, compared to earnings of HKD 4.38 in the same period last year[5] - For the six months ended March 31, 2025, the net loss from financial assets measured at fair value through profit or loss was HKD 3,760,839, compared to a net loss of HKD 623,723 for the same period in 2024[14] - The group reported a pre-tax loss of HKD 7,230,443 for the six months ended March 31, 2025, compared to a profit of HKD 18,384,344 for the same period in 2024[23] - The net loss attributable to equity holders for the period was approximately HKD 7,200,000, an improvement from a loss of HKD 18,400,000 in the previous year[36] Cash Flow and Assets - The net cash used in operating activities was HKD 9,578,422, an improvement from HKD 17,979,171 in the previous year[9] - The total assets as of March 31, 2025, were HKD 300,470,237, compared to HKD 209,094,102 as of September 30, 2024[6] - The company's cash and cash equivalents decreased to HKD 17,558,378 from HKD 25,178,400 in the previous period[9] - The total equity as of March 31, 2025, was HKD 300,275,695, a decrease from HKD 307,506,138 as of September 30, 2024[6] - The company's net asset value as of March 31, 2025, was approximately HKD 300,275,695, a decrease of about 2.3% from HKD 307,506,138 on September 30, 2024[31][37] - The fair value of listed equity securities held as of March 31, 2025, was HKD 162,695,114, down from HKD 172,568,448 as of September 30, 2024[25] Share Capital and Dividends - The company did not declare any dividends for the period[5] - The group did not recommend any interim dividend for the six months ended March 31, 2025, consistent with the previous year[22] - The company's issued and paid-up share capital increased to 450,128,249 shares as of March 31, 2025, from 420,128,249 shares on September 30, 2024[31] - The company's issued share capital increased from 420,128,249 shares to 450,128,249 shares due to the conversion of convertible bonds[51] Expenses and Liabilities - The total administrative expenses for the six months ended March 31, 2025, were HKD 5,070,697, compared to HKD 7,589,623 in the same period of 2024[19] - The interest expense for the six months ended March 31, 2025, was HKD 1,881,688, compared to HKD 3,235,343 in the previous year[19] - As of March 31, 2025, the total margin loans and debts amounted to approximately HKD 153,900,000, with an annual interest rate ranging from 7.7% to 15.5%[51] Investments - The group holds significant investments, including 607,800,000 shares of Huilong Holdings valued at approximately HKD 23,700,000, representing 6.9% of total assets[42] - The investment in Japan Symbiosis Group is valued at approximately HKD 22,400,000, with a loss of HKD 1.6 million recognized in the last six months[42] - The bond investment in Jinhui Hong Kong Limited amounts to HKD 52.5 million, accounting for 15.3% of total assets[42] - The company reported realized losses of approximately HKD 3,800,000 from the sale of shares in Sprocomm Intelligence Limited and Japan Synergy Group Limited[38][39] - The company maintained its bond portfolio during the period, recording bond interest income of approximately HKD 6,600,000[40] Governance and Compliance - The audit committee consists of all independent non-executive directors and has reviewed the company's accounting principles and practices[60] - The company has adopted the standard code for securities transactions by directors and confirmed full compliance during the period[61] - The company has adhered to the corporate governance code, with a noted deviation regarding the separation of the roles of chairman and CEO[62] Market Outlook - The company anticipates no significant improvement or decline in the global investment market for the remainder of the year due to the complex political environment[40] Employee and Operational Information - The total employee cost (excluding directors' remuneration) is approximately HKD 1,100,000, with 7 employees as of March 31, 2025[50] - The group has not entered into any foreign currency hedging contracts during the period, maintaining no open foreign currency hedging contracts as of March 31, 2025[48] - The group did not acquire or dispose of any fixed assets during the reporting period[24] - There were no significant investments or capital asset plans as of March 31, 2025[53] - No stock options were granted during the six months ended March 31, 2025[57] - The company did not repurchase, redeem, or sell any of its listed securities during the six months ended March 31, 2025[59]

Financial Performance - The Group recorded a loss of approximately HK$22.1 million on listed investments for the year, a decrease from approximately HK$109.9 million in the previous year[12]. - For the year ended September 30, 2024, the Group reported a negative revenue of approximately HK$2.3 million, a significant decrease from HK$93.9 million in the previous year[40]. - The net loss attributable to equity holders of the Company was approximately HK$19.9 million, compared to HK$149.1 million in the previous year[40]. - The loss on listed investments decreased from HK$109.9 million in the previous year to HK$22.1 million in the current year[41]. - The net unrealised loss for the year was approximately HK$22.7 million, consisting of an unrealised gain of approximately HK$35.8 million and an unrealised loss of approximately HK$58.5 million[47]. - The Group recorded a net loss of approximately HK$19.9 million for the year, a significant decrease from the net loss of approximately HK$149.1 million in the previous year[53]. Investment Portfolio - The Group will continue to adopt cautious measures to manage its investment portfolio in light of the ongoing US-China tensions and high interest rates[20]. - The Group anticipates a challenging investment environment in the coming year due to ongoing tensions in US-China relations and high US interest rates[22]. - The Group's strategic focus remains on careful investment management and exploring potential market opportunities despite the current economic challenges[22]. - The Group's listed investments were approximately HK$172.6 million as of 30 September 2024, indicating manageable currency and interest rate risks[68]. - The Group's bond investments include significant holdings in Gold Medal Hong Kong Limited and Hao Wen Holdings Limited, with fair values of HK$62.2 million and HK$43.8 million respectively[73]. Financial Position - As of September 30, 2024, the Group held total assets of approximately HK$353.0 million, down from HK$378.6 million in 2023, with cash and cash equivalents of HK$25.2 million[54]. - The current ratio decreased from 6.5 as of September 30, 2023, to 4.6 as of September 30, 2024, indicating a healthy liquidity position[54]. - The gearing ratio improved to 14.0% from 17.2% in the previous year, reflecting a low level of financial leverage[55]. - The Group is actively seeking fundraising opportunities to strengthen its financial position and support future investments[60]. - The net proceeds from the CB Placing amounted to approximately HK$20.5 million, fully utilized for general working capital and future investments[65]. Risk Management - The Group identifies and assesses significant risks that may affect its business operations, prioritizing them based on impact and likelihood[166]. - The risk management strategies are regularly monitored and revised in response to significant changes in the business environment[166]. - The Company engaged an independent professional adviser to conduct an annual review of the adequacy and effectiveness of the Group's risk management and internal control systems[169]. - The Board was satisfied that the Group's risk management and internal control processes are adequate for the current business environment[173]. Corporate Governance - The Board comprises two Executive Directors and three Independent Non-executive Directors as of the fiscal year ended September 30, 2024[119]. - The Company has a strong corporate governance structure to ensure effective oversight of management[132]. - The Audit Committee, chaired by Mr. Cheung Wai Kin, held three meetings during the year to review the financial reporting system and risk management[140]. - The Remuneration Committee is responsible for reviewing and determining the compensation of Directors and senior management, ensuring compliance with CG Code Provisions[144]. - The Board has adopted a diversity policy considering factors such as gender, age, and professional experience to enhance Board diversity[146]. Future Outlook - The management discussion highlighted the importance of adapting to market conditions and maintaining investor confidence moving forward[40]. - The company anticipates that the confidence in China's property market will continue to recover in 2024, driven by economic improvements and favorable policies[82]. - Japan Symbiosis Group aims to leverage its unique advantages and resources to explore real estate opportunities in Eurasia and collaborate with Japanese companies for mergers and acquisitions to enhance profitability[81]. Shareholder Communication - The Company prioritizes effective communication with shareholders and provides relevant information in its interim and annual reports[181]. - The Company has established procedures for shareholders to convene extraordinary general meetings, requiring at least one-tenth of the paid-up capital[184]. - The Company does not recommend the payment of a final dividend for the Period[195].

Financial Performance - For the fiscal year ending September 30, 2024, the company reported a net loss attributable to equity holders of HKD 19,915,626, a significant improvement from a loss of HKD 149,059,636 in the previous year, representing a reduction of approximately 86.6%[10] - The company reported a pre-tax loss of HKD (20,326,277) for the year ended September 30, 2024, compared to a pre-tax loss of HKD (149,511,191) for the previous year, reflecting a significant improvement[36] - The group recorded a net loss of approximately HKD 2,300,000 for the year ending September 30, 2024, compared to a net loss of HKD 93,900,000 for the year ending September 30, 2023[64] - The net loss attributable to equity holders was approximately HKD 19,900,000, a decrease from HKD 149,100,000 in the previous year[71] - The group reported a pre-tax loss of HKD (19,915,626) for 2024, a notable improvement from a loss of HKD (149,059,636) in 2023[53] Assets and Liabilities - The company's total assets decreased to HKD 307,506,138 from HKD 338,772,704, reflecting a decline of about 9.2% year-over-year[2] - The total assets of the group as of September 30, 2024, were HKD 352,974,554, compared to HKD 378,594,326 as of September 30, 2023, representing a decrease of about 6.8%[39] - The total liabilities increased to HKD 45,468,416 from HKD 39,821,622, reflecting an increase of approximately 14.1%[2] - The total liabilities of the group as of September 30, 2024, were HKD 45,468,416, compared to HKD 58,743,479 as of September 30, 2023, indicating a reduction of approximately 22.5%[39] Investment Income - Investment income for the year was HKD 19,849,416, slightly up from HKD 19,122,696, representing an increase of approximately 3.8%[10] - The total investment income for the year ended September 30, 2024, was HKD 19,849,416, compared to HKD 19,122,696 in the previous year, showing a slight increase of approximately 3.8%[34] - Interest income from bond investments increased to HKD 19,716,776 in 2024, up from HKD 18,178,957 in 2023, reflecting a growth of approximately 8.5%[34] - The group’s total revenue from bond investments was HKD 24,155,312 for the year ended September 30, 2024, compared to HKD 21,870,876 in 2023, indicating a growth of about 10.4%[42] - Other interest income increased to HKD 4,423,224 in 2024 from HKD 3,679,895 in 2023, representing a growth of approximately 20.2%[45] Expenses - Administrative expenses decreased to HKD 10,130,299 from HKD 14,656,325, a reduction of about 30.5%[10] - Total employee costs, including directors' remuneration, decreased to HKD 3,796,543 in 2024 from HKD 4,558,812 in 2023, reflecting a reduction of about 16.7%[50] - The total employee costs related to salaries, allowances, and other benefits decreased to HKD 2,384,480 in 2024 from HKD 3,076,914 in 2023, a reduction of about 22.5%[50] Accounting Policies - The company applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements for the year[14] - The group has adopted revised accounting policies under Hong Kong Accounting Standards No. 1 and Hong Kong Financial Reporting Standards Practice Report No. 2, which clarified the significance of accounting policy disclosures, but these changes did not have a significant impact on the group's financial position and performance[21] - The accounting policy changes made during the year did not have a significant impact on the financial statements[25] - The group anticipates that the application of all new and revised Hong Kong Financial Reporting Standards will not have a significant impact on the consolidated financial statements in the foreseeable future[30] Investments and Fair Value - The company continues to focus on investments in listed and unlisted companies primarily located in Hong Kong and China[11] - The fair value adjustment of financial assets at amortized cost resulted in a loss of HKD 4,137,071 in 2024, compared to a loss of HKD 3,398,380 in 2023[48] - The company recorded unrealized gains of approximately HKD 19.1 million from its investment in Japan Synergy Group Limited during the year[84] - The expected credit loss provision for bond investments is approximately HKD 20 million, and for receivables from sold investments, it is about HKD 20.7 million[89] Debt and Financing - The company issued convertible bonds with a total principal amount of up to HKD 21,000,000, raising net proceeds of approximately HKD 20,500,000 for general working capital and future investments[74] - As of September 30, 2024, the group had margin financing of approximately HKD 39,500,000, with interest rates ranging from 8% to 9.8%[78] - Margin financing increased to HKD 42,964,313 in 2024 from HKD 36,584,870 in 2023, reflecting a growth of approximately 17.5%[61] Dividend Policy - The company did not declare any dividends for the fiscal year ending September 30, 2024, consistent with 2023[51] - The group’s dividend declaration will depend on the board's decision, influenced by factors such as profitability and financial condition[96]

Financial Performance - The turnover for the six months ended March 31, 2024, was HK$48,513,038, a decrease of 19.5% compared to HK$60,228,181 for the same period in 2023[9]. - The operating profit for the period was HK$21,414,362, a significant recovery from an operating loss of HK$58,389,855 in the previous year[9]. - Profit before tax for the period was HK$18,179,019, compared to a loss before tax of HK$59,761,225 in the same period last year[9]. - The net profit attributable to equity holders of the Company for the period was HK$18,384,344, a turnaround from a loss of HK$59,761,225 in the previous year[9]. - Basic and diluted earnings per share for the period were HK$4.38, compared to a loss of HK$14.22 per share in the same period last year[9]. - For the six months ended March 31, 2024, the profit for the period was HK$18,384,344, compared to a loss of HK$59,761,225 for the same period in 2023[13]. - The Group's profit before tax for the six months ended 31 March 2024 was HK$18,384,344, a recovery from a loss of HK$59,761,225 in the same period of 2023[40][45]. - Basic earnings per share for the period were HK$0.0438, compared to a loss per share of HK$0.1426 in the same period of 2023[40][45]. Assets and Liabilities - Total assets less current liabilities as of March 31, 2024, were HK$358,196,120, an increase from HK$338,772,704 as of September 30, 2023[11]. - Net assets as of March 31, 2024, were HK$338,235,191, up from HK$319,850,847 as of September 30, 2023[11]. - The net asset value per share increased to HK$0.81 from HK$0.76 as of September 30, 2023[11]. - Current assets increased to HK$285,598,748 from HK$257,946,667 as of September 30, 2023[11]. - Total equity increased to HK$338,235,191 as of March 31, 2024, compared to HK$409,149,258 at the same date in 2023, reflecting a decline in accumulated losses[13]. - The net asset value (NAV) of the Group increased to approximately HK$338.2 million as of 31 March 2024, representing a growth of approximately 5.7% from HK$319.9 million as of 30 September 2023[78]. - The net asset value per share decreased from HK$0.8646 to HK$0.81 due to the aforementioned expected credit loss[65][77]. Cash Flow and Investments - Net cash used in operating activities decreased to HK$17,979,171 from HK$29,149,284 in the previous year, indicating improved operational efficiency[16]. - Net cash from investing activities was HK$17,948,000, a significant decrease from HK$68,731,741 in the prior year, reflecting changes in investment strategy[16]. - Cash and cash equivalents at March 31, 2024, were HK$33,043,996, down from HK$56,275,112 a year earlier, indicating a reduction in liquidity[16]. - The company reported a net increase in cash and cash equivalents of HK$31,171 for the period, contrasting with a significant increase of HK$39,582,457 in the previous year[16]. - The Group's bank balances as of March 31, 2024, slightly decreased to approximately HK$33.0 million from approximately HK$33.1 million as of September 30, 2023[93]. - The Group's margin payables and overdrafts totaled approximately HK$44.9 million, with interest rates ranging from 8% to 13.38% per annum[122]. Investment Performance - For the six months ended 31 March 2024, the Group reported a net realised loss on financial assets of HK$623,723, a significant improvement compared to a loss of HK$4,564,583 in the same period of 2023[29]. - The net unrealised gain on financial assets was HK$42,024,823, contrasting with a loss of HK$63,790,160 in the previous year, indicating a recovery in asset valuations[29]. - The performance of the Group's listed investments improved from a net loss of approximately HK$68.3 million in the prior period to a profit of approximately HK$41.4 million for the Period[75]. - The Group recorded an unrealized gain of approximately HK$58.4 million from its investment in Japan Kyosei during the period[108][112]. - The Group's listed investments generated a net realised loss of approximately HK$0.6 million, with a realised gain of approximately HK$0.7 million offset by a realised loss of approximately HK$1.3 million[80]. - Bond interest income recorded during the period was approximately HK$6.8 million[91]. Corporate Governance and Compliance - The Audit Committee, comprising two independent non-executive directors, reviewed the unaudited interim results for the six months ended March 31, 2024[138]. - The company confirmed full compliance with the Model Code for Securities Transactions by Directors during the reporting period[139]. - The company complied with the Corporate Governance Code, except for the separation of roles between the chairman and chief executive[140]. - Following the retirement of Mr. Lee Ming Gin, the company currently has only two independent non-executive directors, which is below the minimum required[145]. - The company is actively seeking a suitable candidate to fill the vacancy of independent non-executive director[146]. - The company believes its corporate governance structure ensures effective oversight of management despite the noted deviations from the CG Code[140]. Employee and Management Compensation - Compensation for key management personnel during the Period amounted to approximately HK$2.04 million, a decrease from HK$2.39 million in the previous year[71]. - As of March 31, 2024, the Group had 14 employees, with total staff costs (excluding directors' remuneration) amounting to approximately HK$1.4 million[118]. Market Conditions and Future Outlook - The Group plans to adopt cautious measures to manage its investment portfolio due to the unpredictable global political environment[92]. - Japan Kyosei's annual report indicated that the domestic property industry in China is experiencing significant turbulence due to a credit crisis, diminishing demand, and cash flow issues, leading to an unprecedented difficult situation[102]. - The Board of Japan Kyosei plans to explore cooperation opportunities in real estate development in Japan, aiming to enhance profitability and shareholder returns[104][107].

Financial Performance - Revenue for the six months ended March 31, 2024, was HKD 48,513,038, a decrease of 19.5% compared to HKD 60,228,181 for the same period in 2023[4] - Operating profit for the period was HKD 21,414,362, a significant recovery from an operating loss of HKD 58,389,855 in the previous year[4] - Profit before tax was HKD 18,179,019, compared to a loss before tax of HKD 59,761,225 in the same period last year[4] - Net profit attributable to equity holders for the period was HKD 18,384,344, a turnaround from a loss of HKD 59,761,225 in the previous year[4] - Basic and diluted earnings per share for the period were HKD 4.38, compared to a loss per share of HKD 14.22 in the same period last year[4] - The group reported a pre-tax profit of HKD 18,384,344 for the six months ended March 31, 2024, compared to a loss of HKD 59,761,225 for the same period in 2023[26] - The net unrealized gains for financial assets measured at fair value through profit or loss were HKD 42,024,823, a significant improvement from the loss of HKD 63,790,160 in the previous year[17] - The performance of listed investments improved from a net loss of HKD 68,300,000 to a profit of approximately HKD 41,400,000 during the period[45] - The net profit attributable to equity holders for the period was approximately HKD 18,200,000, a significant turnaround from a loss of HKD 59,800,000 in the previous year[43] Assets and Liabilities - Total assets less current liabilities amounted to HKD 358,196,120 as of March 31, 2024, up from HKD 338,772,704 as of September 30, 2023[6] - The company’s total equity increased to HKD 338,235,191 as of March 31, 2024, compared to HKD 319,850,847 as of September 30, 2023[6] - Cash and cash equivalents at the end of the period were HKD 33,043,996, slightly down from HKD 33,075,167 at the end of the previous period[10] - The group has a total of HKD 290,652 in prepaid expenses and deposits as of March 31, 2024, compared to HKD 221,328 as of September 30, 2023, indicating an increase of approximately 31.2%[33] - The total amount of receivables from the sale of unlisted investments decreased significantly from HKD 39,577,891 as of September 30, 2023, to HKD 7,802,678 as of March 31, 2024[33] - The group has pledged financial assets valued at HKD 130,327,523 as of March 31, 2024, up from HKD 105,944,151 as of September 30, 2023, reflecting an increase of approximately 23.1%[41] Cash Flow and Expenses - The company reported a net cash outflow from operating activities of HKD 17,979,171, an improvement from HKD 29,149,284 in the previous year[10] - The group recognized total administrative expenses of HKD 7,589,623 for the six months ended March 31, 2024, compared to HKD 8,426,649 in the previous year[23] - The group incurred interest expenses of HKD 3,235,343 for the six months ended March 31, 2024, compared to HKD 1,371,370 in the previous year[23] - The group recorded a total of HKD 2,036,593 in short-term benefits, including share-based payments, for the six months ended March 31, 2024, a decrease from HKD 2,393,732 in the prior year[40] - The group recorded approximately HKD 6,800,000 in bond interest income during the period[48] Dividends and Shareholder Information - The company did not declare any dividends for the period[4] - The group did not declare an interim dividend for the six months ended March 31, 2024, consistent with the previous year[25] - The total issued and paid-up ordinary shares remain at 420,128,249 shares with a par value of HKD 0.25 as of March 31, 2024[35] - The basic and diluted earnings per share for the period were calculated based on a weighted average of 420,128,249 shares, with earnings of HKD 18,384,344[27] Governance and Compliance - The audit committee consists of two independent non-executive directors as of March 31, 2024, and has reviewed the accounting principles and practices adopted by the company[72] - The company has adopted the standard code for securities transactions by directors as per the listing rules and confirmed full compliance by all directors during the period[73] - The company has adhered to the corporate governance code, with a noted deviation regarding the separation of the roles of chairman and CEO, which the board believes allows for efficient decision-making[74] - Following the resignation of Mr. Li Mingzheng on March 5, 2024, the number of independent non-executive directors fell below the minimum required by listing rules, and the company is seeking suitable candidates to fill the vacancy[75] Investments and Market Outlook - The group holds significant investments, including 51,800,000 shares in Japan Synergy Group Limited valued at approximately HKD 85,400,000[51] - The outlook for the investment market remains cautious, with no significant improvement or decline expected in the near term[48] - Japan Kyoei completed a capital restructuring in July 2023, including share consolidation and capital reduction, and recorded unrealized gains of approximately HKD 58.4 million during the period[52] - Kyoei's net asset value is approximately HKD 383.9 million, with current assets of HKD 565.6 million and total liabilities of HKD 194 million as of October 31, 2023[54] - Haowen Holdings reported a net asset value of approximately RMB 292.7 million, current assets of RMB 211.6 million, and total liabilities of RMB 85.9 million as of December 31, 2023[55] - The company has no significant changes in its investment segment during the period[56] Employee and Operational Information - As of March 31, 2024, the company has 14 employees with total employee costs of approximately HKD 1.4 million[60] - The company's outstanding margin loans and debts amount to approximately HKD 44.9 million, with interest rates ranging from 8% to 13.38%[61] - There are no specific plans for significant investments or capital assets as of March 31, 2024[63] - No stock options were granted during the period, and the total number of unexercised stock options is 33.6 million as of March 31, 2024[68] - The company did not repurchase, redeem, or sell any of its listed securities during the six months ending March 31, 2024[70]

Financial Performance - For the fiscal year ended September 30, 2023, the Group reported a negative turnover of approximately HK$92.3 million, compared to HK$25.1 million for the fiscal year 2022[41]. - The net loss attributable to equity holders of the Company was approximately HK$149.1 million, an increase from HK$88.1 million in the previous year[41]. - The Group recorded a net loss of approximately HK$149.1 million for the Year, an increase from the net loss of approximately HK$88.1 million in Year 2022[55]. - The Group's financial performance indicates a deteriorating trend in investment returns, necessitating a review of investment strategies moving forward[41][42]. Investment Activities - The Group's loss on listed investments increased from approximately HK$40.9 million in the year ended September 30, 2022, to approximately HK$109.9 million in the fiscal year 2022/23[13]. - The loss on listed investments for the year included a net realized loss of approximately HK$24.4 million and a net unrealized loss of approximately HK$86.4 million, net of dividend income of approximately HK$0.9 million[42]. - The Group subscribed to four unsecured bonds with coupon rates between 8% and 12% during the fiscal year[17]. - The Group redeemed a bond with a principal of HK$30 million and collected approximately HK$33.4 million during the year[17]. - A bond investment with a principal of HK$18 million was written off during the year, resulting in a loss of approximately HK$18.6 million[17]. - The Group received approximately HK$16.1 million in aggregate bonds interest during the fiscal year[18]. - The Group has adopted a prudent approach on the valuation of its bond investments and outstanding receivables due to the overall increase in interest rates since the second half of Year 2022[54]. - The Group plans to adopt cautious measures to manage its investment portfolio in the coming year[19]. Asset Management - As of 30 September 2023, the Group held assets of approximately HK$378.6 million, down from HK$511.7 million in 2022, with cash and cash equivalents increasing to HK$33.1 million from HK$16.7 million[56]. - The current ratio decreased from 15.0 as of 30 September 2022 to 6.5 as of 30 September 2023, indicating a maintained healthy level of liquidity[56]. - The gearing ratio increased to 17.2% from 8.1% in 2022, which is still considered low by the Board[57]. - The Group recorded a loss on written off of approximately HK$2.1 million for unlisted equity investments during the Year[53]. - The total market value of the company's bonds investments includes HK$59.9 million in Gold Medal Hong Kong Limited, representing 15.8% of total assets[78]. - The company holds significant investments, including HK$23.7 million in WLS Holdings Limited, which represents 6.3% of the company's total assets as of September 30, 2023[78][80]. - The investment in Fullsun International Holdings Group Co., Limited is valued at approximately HK$21.3 million, accounting for 5.6% of the company's total assets as of September 30, 2023[78][83]. Corporate Governance - The Board comprises two Executive Directors and three Independent Non-executive Directors as of September 30, 2023[125]. - The Board is committed to maintaining high standards of corporate governance, emphasizing transparency and accountability[122]. - The Company believes that the separation of the roles of Chairman and Chief Executive enhances decision-making efficiency[139]. - The Board will regularly review its composition to maintain an appropriate balance of skills and expertise[137]. - All Directors are required to retire and submit themselves for re-election at annual general meetings, ensuring accountability[138]. - The Company has adopted a board diversity policy considering various factors such as gender, age, and professional experience[156]. Risk Management - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss[165]. - The Company engaged an independent professional adviser to conduct an annual review of the risk management and internal control systems[176]. - The Audit Committee reviewed the efficiency and effectiveness of the Group's risk management and internal control systems with the assistance of the System Adviser[178]. - The management provided an action plan to mitigate identified deficiencies in the risk management and internal control systems[179]. - The risk management and internal control systems were deemed sufficient to meet the current operational environment, with ongoing reviews planned[183]. Shareholder Communication - The Company emphasizes effective communication with shareholders, providing information in interim and annual reports[187]. - The annual general meetings serve as a platform for direct communication between the Board and shareholders, with all Directors and senior management making efforts to attend[188]. - Shareholders holding at least 10% of the paid-up capital can requisition an extraordinary general meeting[190]. - The Company is committed to addressing shareholder queries and encourages attendance at meetings for direct communication[192].