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，並明確表示概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 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） 截至二零二三年九月三十日止年度業績公告 首都創投有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然公佈本公司及其 附屬公司（統稱「本集團」）截至二零二三年九月三十日止年度之經審核綜合業績， 連同截至二零二二年九月三十日止年度之比較數字如下： 綜合損益及其他全面收益表 截至二零二三年九月三十日止年度 二零二三年 二零二二年 附註 港元 港元 營業額 3、4 (92,314,801) (25,149,110) 其他收入淨額 5 (20,160,417) (1,276,970) ...

Financial Performance - The Group reported a turnover of HK$ (60,228,181) for the six months ended March 31, 2023, compared to HK$ (40,707,096) for the same period in 2022, indicating a decline in revenue[9]. - The operating loss for the period was HK$ (58,389,855), compared to HK$ (48,171,089) in the previous year, representing an increase in losses of about 21%[9]. - Loss before tax was HK$ (59,761,225), up from HK$ (49,730,781) in the prior year, marking a year-on-year increase of approximately 20%[9]. - The company reported a comprehensive loss of HK$59,761,225 for the six months ended March 31, 2023, compared to a loss of HK$49,730,781 for the same period in 2022[15]. - The net loss attributable to equity holders of the Company for the Period was approximately HK$59.8 million, an increase from HK$49.7 million in the previous year, reflecting a worsening financial performance[75]. - The loss on listed investments increased to approximately HK$68.3 million for the Period, compared to a net loss of approximately HK$52.0 million recognized during the six months ended 31 March 2022[75]. Expenses and Costs - Administrative expenses increased to HK$ (8,426,649) from HK$ (5,722,107) year-on-year, reflecting a rise of approximately 47%[9]. - Total staff costs, including directors' remuneration and share-based payments, amounted to HK$2,393,732, a decrease from HK$6,406,821 in the previous year[38]. - The total short-term benefits, including share-based payments, for key management personnel amounted to HK$2,393,732, an increase from HK$2,253,391 in the previous year[71]. Assets and Equity - The net assets decreased to HK$ 409,149,258 as of March 31, 2023, down from HK$ 468,910,483 as of September 30, 2022, indicating a decline of about 13%[12]. - The net asset value per share decreased to HK$ 0.97 from HK$ 1.12, reflecting a reduction of approximately 13%[12]. - The total assets less current liabilities decreased to HK$ 425,822,872 from HK$ 485,584,097, indicating a decline of about 12%[12]. - As of March 31, 2023, the total equity of Capital VC Limited decreased to HK$409,149,258 from HK$468,910,483 as of October 1, 2022, reflecting a loss of HK$59,761,225 during the period[15]. - The accumulated losses increased to HK$1,048,274,518 as of March 31, 2023, from HK$988,513,293 as of October 1, 2022[15]. Cash Flow and Liquidity - The Group's cash and bank balances increased to HK$ 56,275,112 from HK$ 16,692,655, showing a significant improvement in liquidity[12]. - The net cash used in operating activities for the six months ended March 31, 2023, was HK$29,149,284, compared to HK$24,858,915 for the same period in 2022[18]. - The net cash from investing activities significantly increased to HK$68,731,741 for the six months ended March 31, 2023, up from HK$11,722,571 in the previous year[18]. - The cash and cash equivalents at March 31, 2023, amounted to HK$56,275,112, a substantial increase from HK$17,739,779 at the same date in 2022[18]. - The current ratio maintained a healthy level of 9.6 as of March 31, 2023, down from 15.0 on September 30, 2022[96]. - The gearing ratio was low at 10.9% as of March 31, 2023, compared to 8.4% on September 30, 2022[97]. Investments - For the six months ended 31 March 2023, the Group reported a net realized loss on financial assets of HK$4,564,583, compared to a loss of HK$1,162,994 for the same period in 2022, representing an increase of 292%[31]. - The net unrealized loss on financial assets for the same period was HK$63,790,160, up from HK$50,987,981 in 2022, indicating a 25% increase[31]. - Segment revenue for investments in listed securities was HK$6,383,054, while the investment in unlisted equity securities resulted in a loss of HK$68,347,579, leading to a total segment result loss of HK$58,389,855[34]. - The Group's significant investments included 654 million shares of WLS Holdings Limited valued at approximately HK$43.2 million, representing 12.1% of the Group's investment portfolio[104][103]. - Bonds issued by Gold Medal Hong Kong Limited amounted to HK$62 million, while bonds from Hao Wen Holdings Limited totaled HK$42.5 million[101][102]. Corporate Governance - The Audit Committee, comprising three independent non-executive directors, reviewed the unaudited interim results for the six months ended March 31, 2023[142]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed full compliance by all directors during the period[145]. - The company complied with the Corporate Governance Code provisions, with a noted deviation regarding the separation of roles of chairman and chief executive[146]. - The company has a strong corporate governance structure to ensure effective oversight of management[146]. - The roles of the Chairman and CEO are separated, allowing for efficient decision-making by the executive directors[148].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 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） 截至二零二三年三月三十一日止六個月 中期業績公告 中期財務報表 首都創投有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本公司及其 附屬公司（「本集團」）截至二零二三年三月三十一日止六個月（「本期間」）之未經 審核綜合業績。該未經審核之簡明綜合中期財務報表（「中期財務報表」）並未經本 公司獨立核數師審核，但經由本公司之審核委員會（「審核委員會」）審閱。 ...

Financial Performance - The Group's listed investments turned from a profit of approximately HK$53.4 million in the year ended September 30, 2021, to a loss of approximately HK$40.9 million in the fiscal year 2021/22[12]. - For the fiscal year ended September 30, 2022, the Group reported a negative turnover of approximately HK$25.1 million, compared to a positive turnover of HK$76.7 million in the previous year[39]. - The net loss attributable to equity holders of the Company for the year was approximately HK$88.1 million, a significant decline from a net profit of HK$62.7 million in the prior year[39]. - The performance of listed investments shifted from a gain of HK$53.4 million in the previous year to a loss of approximately HK$40.9 million in the current year[40]. - The loss on listed investments included a net realized loss of approximately HK$19.9 million and a net unrealized loss of approximately HK$21.4 million, offset by dividend income of approximately HK$0.4 million[40]. - The Group's financial performance indicates a substantial decline in investment returns, highlighting challenges in the market environment[39]. - The management is expected to focus on strategies to recover from the losses and improve future performance[39]. - The Group's investment strategy may need to be reassessed in light of the recent financial results to enhance resilience against market volatility[39]. - Future guidance will likely include measures to mitigate risks associated with listed investments and improve overall financial health[39]. Investment Strategy - The Group plans to adopt cautious measures to manage its investment portfolio in light of the emergence of the Omicron variant and geopolitical tensions[18]. - The Group's focus on bond investments continued to provide constant cash flows[19]. - The Group's bonds investments in significant companies such as WLS, Gold Medal, Hao Wen, and AMCO show a diversified investment strategy with a focus on companies with strong asset positions[88][89][94]. - The Group's strategy aligns with the overall direction of the Hong Kong government's development plans for property construction and infrastructure investment, expected to generate considerable profit in the medium to long term[87][90]. Financial Position - As of September 30, 2022, the Group held assets of approximately HK$511.7 million, including cash and cash equivalents of HK$16.7 million[53]. - The current ratio increased from 14.1 as of September 30, 2021, to 15.0 as of September 30, 2022, indicating a healthy liquidity position[53]. - The gearing ratio was 8.1% as of September 30, 2022, up from 4.5% in 2021, which is still considered low[54]. - The Group recorded a net loss of approximately HK$88.1 million for the Year, a turnaround from a net profit of approximately HK$62.7 million in Year 2021[52]. - The net unrealised loss for the Year was approximately HK$21.4 million, consisting of an unrealised gain of approximately HK$50.2 million and an unrealised loss of approximately HK$71.6 million[46]. - The Group had margin payables and overdrafts totaling approximately HK$22.0 million as of September 30, 2022, with interest rates ranging from 8% to 16.0% per annum[76]. Share Capital and Fundraising - The share capital increased from 343,238,249 shares as of September 30, 2021, to 420,128,249 shares as of September 30, 2022 due to the issuance of new shares[55]. - The Company raised approximately HK$17.2 million from the Equity Placing, with net proceeds of approximately HK$16.9 million intended for general working capital and future investments[67]. - The Equity Placing involved the issuance of 68,640,000 new shares at a placing price of HK$0.250 per share, representing a discount of approximately 5.66% to the closing price on the agreement date[65]. - The Company completed a convertible bond placing on September 26, 2022, raising gross proceeds of approximately HK$21.0 million and net proceeds of approximately HK$20.5 million[68]. - As of September 30, 2022, none of the net proceeds from the convertible bond placing had been utilized, with expectations to fully utilize them by September 30, 2023[74]. Corporate Governance - The Company complies with the mandatory Corporate Governance Code provisions, with some deviations discussed in the report[120]. - The Board intends to distribute any excess balance by way of dividends, subject to net income from underlying investments and approval by shareholders[100]. - Future dividend declarations will depend on earnings, financial condition, cash requirements, and other relevant factors as determined by the Board[101]. - The Company has a strong corporate governance structure to ensure effective oversight of management[136]. - The Audit Committee is responsible for the appointment of external auditors and oversight of the Group's financial reporting system and risk management[143]. - 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[173]. Risk Management - The risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement[164]. - The processes for identifying, evaluating, and managing significant risks include risk identification, assessment, response, and monitoring[165]. - The Board is committed to implementing effective risk management and internal control systems to safeguard shareholders' interests and Group assets[162]. - An action plan was provided by management to mitigate identified deficiencies in the risk management and internal control systems[176]. Staff and Operations - The total staff costs, excluding Directors' remuneration, amounted to approximately HK$6.2 million for 20 employees as of September 30, 2022[109]. - The Group did not engage in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the fiscal year[110]. - The Company prioritizes effective communication with shareholders and provides relevant information in its interim and annual reports[184].

Financial Performance - For the fiscal year ending September 30, 2022, the company reported a revenue of HKD (25,149,110), a significant decrease from HKD 76,705,162 in the previous year, representing a decline of approximately 132.8%[3] - The net other income decreased to HKD (1,276,970) from HKD 6,736,988, indicating a decline of about 118.9% year-over-year[3] - The operating loss for the year was HKD (85,053,399), compared to an operating profit of HKD 64,391,336 in the previous year, marking a significant shift in performance[3] - The loss attributable to equity holders for the year was HKD (88,125,550), compared to a profit of HKD 62,724,232 in the prior year, indicating a change of approximately 240.5%[4] - Basic and diluted loss per share for the year was HKD (0.21), compared to earnings of HKD 0.18 and HKD 0.17 respectively in the previous year[4] - The net loss for the year ended September 30, 2022, was HKD 88,125,550, compared to a profit of HKD 62,724,232 for the year ended September 30, 2021, indicating a shift of 240.5%[16][17] - The group reported a net loss of HKD 56,606,206 from listed securities and HKD 16,001,930 from unlisted securities for the year ended September 30, 2022[16] - The company reported a net loss attributable to shareholders of approximately HKD 88.1 million for the year ended September 30, 2022, compared to a profit of HKD 62.7 million in the previous year, indicating a significant decline in performance[32] - The total net loss for the year is approximately HKD 88,100,000, compared to a net profit of approximately HKD 62,700,000 in the previous year[36] Expenses and Liabilities - Administrative expenses increased to HKD (17,036,194) from HKD (11,589,451), reflecting a rise of approximately 46.5%[3] - The group did not incur any tax expenses for the year ended September 30, 2022, due to no taxable profits being reported[20] - The total liabilities decreased to HKD 20.0 million in 2022 from HKD 28.1 million in 2021, reflecting a reduction in margin payables and accrued expenses[30] Assets and Cash Flow - Total assets decreased to HKD 391,042,097 from HKD 394,971,951, a decline of about 1.0%[6] - The company's net asset value decreased to HKD 468,910,483 from HKD 526,214,629, representing a decrease of approximately 11.0%[6] - Cash and cash equivalents increased to HKD 16,692,655 from HKD 11,912,344, showing an increase of about 40.5%[6] - The total assets as of September 30, 2022, amounted to HKD 511,697,965, down from HKD 554,316,595 as of September 30, 2021[16][17] - As of September 30, 2022, the group holds assets of approximately HKD 511,700,000, including cash and cash equivalents of HKD 16,700,000[37] Investments - The fair value of financial assets at fair value through profit or loss decreased to HKD 247.6 million in 2022 from HKD 271.9 million in 2021[26] - The fair value of bonds held at amortized cost decreased to HKD 154.9 million in 2022 from HKD 186.5 million in 2021[29] - The company reported a loss from listed investments of approximately HKD 40.9 million for the year, compared to a profit of HKD 53.4 million in the previous year[32] - The bond investment in Jinhui Hong Kong Limited is valued at HKD 45.5 million, representing 8.9% of the company's total assets, with a coupon income of HKD 5.1 million received[49] - The bond investment in Haowen Holdings Limited is valued at HKD 33.9 million, accounting for 6.6% of total assets, with a coupon income of HKD 4.7 million received[50] - The bond investment in JunTai Holdings Limited is valued at HKD 26.4 million, representing 5.2% of total assets, with a coupon income of HKD 3.8 million received[51] Shareholder Information - The weighted average number of ordinary shares used for calculating basic and diluted loss per share increased to 417,130,523 shares in 2022 from 341,467,016 shares in 2021[22] - The company's share capital increased from 343,238,249 shares to 420,128,249 shares due to the issuance of new shares[39] - The company raised approximately HKD 17,200,000 through a share placement, with a net amount of approximately HKD 16,900,000 allocated for general working capital and future investments[42] - The convertible bond placement raised a total of approximately HKD 21,000,000, with a net amount of approximately HKD 20,500,000 intended for general working capital and future investments[43] Market Conditions and Outlook - The company anticipates a pessimistic outlook for global investments in the coming year due to the emergence of the Omicron variant and turbulent US-China relations[61] - The Hang Seng Index fell from 24,575 points on September 30, 2021, to 17,223 points on September 30, 2022, further declining to a recent low of 14,687 points by October 31, 2022[57] Governance and Compliance - The audit committee, composed of three independent non-executive directors, held three meetings during the fiscal year to review financial reporting and risk management[66] - The company has complied with the corporate governance code, with the board believing that the current decision-making structure allows for efficient and effective management[62] - The financial data for the year ending September 30, 2022, has been agreed upon by the external auditor, confirming consistency with the audited consolidated financial statements[67]

Financial Performance - The turnover for the six months ended March 31, 2022, was HK$40,707,096, a decrease of 76.6% compared to HK$53,181,523 for the same period in 2021[9]. - The operating loss for the period was HK$48,171,089, compared to an operating profit of HK$47,944,772 in the previous year[9]. - The profit attributable to equity holders of the Company for the period was a loss of HK$49,730,781, compared to a profit of HK$47,040,285 in the same period last year[10]. - Basic and diluted earnings per share for the period were both HK$-12.25, compared to HK$13.87 and HK$13.53 respectively for the previous year[10]. - The Company reported a comprehensive loss for the period of HK$49,730,781 for the six months ended March 31, 2022[18]. - The Group's profit before tax for the six months ended 31 March 2022 was a loss of HK$49,730,781, compared to a profit of HK$47,040,285 in the previous year[42]. - For the six months ended 31 March 2022, the Group recorded a negative turnover of approximately HK$40.7 million, compared to a positive turnover of HK$53.2 million in the same period of 2021, resulting in a net loss attributable to equity holders of approximately HK$49.7 million, down from a profit of HK$47.0 million in 2021[83]. Assets and Liabilities - Non-current assets as of March 31, 2022, totaled HK$144,482,470, down from HK$159,344,644 as of September 30, 2021[12]. - Current assets decreased to HK$389,097,385 from HK$394,971,951 as of September 30, 2021[12]. - The total equity as of March 31, 2022, was HK$499,544,998, down from HK$510,530,682 as of March 31, 2021[18]. - The net asset value per share decreased to HK$1.19 from HK$1.53 as of September 30, 2021[12]. - The company had a total accumulated losses of HK$950,118,524 as of March 31, 2022, compared to HK$916,858,240 as of March 31, 2021[18]. - As of March 31, 2022, the net asset value (NAV) of the Group was approximately HK$499.5 million, representing a decrease of approximately 5.1% from HK$526.2 million as of 30 September 2021[86]. Cash Flow - For the six months ended March 31, 2022, the net cash used in operating activities was HK$24,858,915, compared to HK$16,223,210 for the same period in 2021, indicating an increase in cash outflow[18]. - The net cash from investing activities for the same period was HK$11,722,571, a decrease from HK$15,697,160 in the previous year[18]. - The net cash from financing activities was HK$18,963,779, with no financing activities reported in the same period of the previous year[18]. - The cash and cash equivalents at March 31, 2022, were HK$17,739,779, compared to HK$16,317,324 at the same date in 2021, showing an increase[18]. - The Group's bank balances increased to approximately HK$17.7 million as of 31 March 2022, up from approximately HK$11.9 million as of 30 September 2021[103][107]. Share Capital and Equity - The company issued 17,160,000 new shares during the reporting period, contributing to an increase in total equity[18]. - The number of ordinary shares issued increased to 420,128,249 as of March 31, 2022, compared to 343,238,249 as of September 30, 2021, reflecting a growth of approximately 22.5%[69][71]. - The Company successfully raised approximately HK$17.2 million from a placing completed on 25 October 2021, with net proceeds of approximately HK$16.9 million fully used for working capital and investments[157]. - A total of 68,640,000 new shares were fully placed at a net placement price of approximately HK$0.246 per share[161]. - The Company granted 25,200,000 share options to certain employees, representing approximately 6.0% of the issued share capital, with an exercise price of HK$0.275 per share[169]. Expenses and Costs - Administrative expenses for the period were HK$5,722,107, slightly up from HK$5,554,433 in the previous year[9]. - Total staff costs for the period increased to HK$6,406,821 from HK$5,013,746 in the previous year[37]. - The company paid investment management fees of HK$300,000 to Evergrande Securities (Hong Kong) Limited during the period, compared to HK$188,710 in the previous year[72]. Investments - The Group's investment in AMCO United Holding Limited generated coupons of HK$3,787,500 for the six months ended 31 March 2022[60]. - The Group holds 24,312,000 shares of Hong Kong Education (Int'l) Investments Limited valued at HK$38,169,840 as of 31 March 2022[54]. - The Group recorded bond coupons of approximately HK$19.4 million during the period[101][106]. - The Group acquired new bonds from SEEC Group Limited at a principal of HK$20 million with a coupon rate of 6% and a term of 6 years, and extended bonds from AMCO United Holding Limited with a principal of HK$30 million and a coupon rate of 10.5%, due in January 2027[84]. Corporate Governance - The company confirmed full compliance with the Model Code for Securities Transactions by Directors during the period[181]. - The company complied with the Corporate Governance Code provisions, with some deviations noted regarding the separation of roles for chairman and chief executive[182]. - The Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the company as of March 31, 2022[177]. Market Conditions and Future Outlook - The Group plans to adopt cautious measures to manage its investment portfolio due to ongoing uncertainties in the global investment market[102][106]. - The Group anticipates that the full resumption of business will not occur in the near future due to ongoing threats from COVID-19 variants[119]. - The Group is exploring opportunities for mergers and acquisitions in the education sector to increase market share and revenue base[120].

Financial Performance - For the six months ended March 31, 2022, the company reported a revenue of HKD (40,707,096), a decrease from HKD 53,181,523 in the same period last year, representing a decline of approximately 176.5%[7]. - The operating loss for the period was HKD (48,171,089), compared to an operating profit of HKD 47,944,772 in the previous year, indicating a significant shift in performance[7]. - The company recorded a loss before tax of HKD (49,730,781), contrasting with a profit before tax of HKD 47,040,285 in the prior year, marking a change of approximately 206.2%[7]. - Basic and diluted earnings per share for the period were both HKD (12.25), down from HKD 13.87 and HKD 13.53 respectively in the previous year[7]. - The group recorded a pre-tax loss attributable to equity holders of HKD 49,730,781 for the six months ended March 31, 2022, compared to a profit of HKD 47,040,285 for the same period in 2021[22][23]. - The net loss attributable to equity holders was approximately HKD 49.7 million, a significant decline from a profit of HKD 47 million in the same period last year[42]. Assets and Liabilities - Total assets as of March 31, 2022, amounted to HKD 499,544,998, a decrease from HKD 526,214,629 as of September 30, 2021, reflecting a decline of approximately 5.1%[8]. - The company's net asset value per share decreased to HKD 1.19 from HKD 1.53, indicating a reduction of about 22.2%[8]. - The fair value of listed equity securities decreased to HKD 236,101,311 as of March 31, 2022, down from HKD 263,876,612 as of September 30, 2021, indicating a decline of approximately 10.6%[26]. - The company's net asset value decreased by approximately 5.1% to about HKD 499.5 million as of March 31, 2022, down from HKD 526.2 million as of September 30, 2021[44]. - The current ratio remained stable at 11.4 as of March 31, 2022, compared to 14.1 as of September 30, 2021[52]. - The debt-to-asset ratio was low at 6.4% as of March 31, 2022, compared to 5.1% as of September 30, 2021[52]. Cash Flow and Expenses - Cash and cash equivalents increased to HKD 17,739,779 from HKD 11,912,344, representing a growth of approximately 49.2%[8]. - The company’s administrative expenses rose to HKD (5,722,107) from HKD (5,554,433), an increase of about 3%[7]. - The total interest expense for the six months ended March 31, 2022, was HKD 1,559,692, compared to HKD 904,487 in the same period of 2021, reflecting an increase of approximately 72.5%[22]. - The total employee costs, including directors' remuneration and share-based payments, increased to HKD 6,406,821 in 2022 from HKD 5,013,746 in 2021, representing a rise of approximately 27.7%[22]. Dividends and Share Capital - The company has not declared any dividends for the period, consistent with the previous year[7]. - No interim dividend was recommended for the six months ended March 31, 2022, consistent with the previous year[20]. - As of March 31, 2022, the company's share capital increased from 343,238,249 shares to 420,128,249 shares due to the issuance of 68,640,000 new shares and 8,250,000 shares from the exercise of stock options[71]. - The company issued and allotted 68,640,000 shares at HKD 0.25 each, raising approximately HKD 16.9 million during the period[44]. Investments and Market Conditions - The group anticipates a continued poor performance in global investment markets for the remainder of the year due to ongoing COVID-19 challenges[51]. - The group has adopted a cautious approach to manage its investment portfolio in light of market conditions[51]. - The performance of listed investments turned from a net profit of approximately HKD 40.2 million in the previous year to a net loss of approximately HKD 52 million in the current period[42]. - The group's listed investment performance shifted from a profit of HKD 40,200,000 for the six months ending March 31, 2021, to a loss of HKD 52,000,000 for the current period[46]. Future Outlook and Strategic Initiatives - The company anticipates that the private education sector will continue to face unprecedented changes due to the suspension of in-person classes and economic downturns, with a full recovery dependent on controlling the spread of COVID-19 variants[57]. - The company is considering market-related acquisition opportunities in the education sector to increase market share and expand its revenue base[59]. - The acquisition of Youfo Group aims to address unprecedented challenges posed by COVID-19, introducing VR, augmented reality, and artificial intelligence to enhance educational services[56]. Corporate Governance - The audit committee consists of three independent non-executive directors and has reviewed the company's accounting principles and practices[87]. - The company has adopted the standard code for securities transactions by directors and confirmed compliance during the period[89]. - The company has adhered to the corporate governance code, with some deviations noted regarding the separation of roles between the chairman and CEO[90].

Financial Performance - For the year ended 30 September 2021, the Group reported a turnover of approximately HK$76.7 million, a significant increase from a negative turnover of HK$52.4 million in the previous year[43][46]. - The net profit attributable to equity holders of the Company was approximately HK$62.7 million, reversing from a net loss of HK$105.5 million in the prior year[43][46]. - The Group's performance of listed investments improved from a loss of HK$61.0 million in the previous year to a gain of approximately HK$53.4 million, which included a net realised gain of approximately HK$9.5 million and a net unrealised gain of approximately HK$43.7 million[44][53]. - As of 30 September 2021, the Group held total assets of approximately HK$554.3 million, up from HK$489.8 million in 2020, with cash and cash equivalents at HK$11.9 million[54][57]. - The current ratio increased from 13.8 as of 30 September 2020 to 14.1 as of 30 September 2021, indicating a healthy liquidity position[54][57]. - The gearing ratio decreased to 4.5% from 8.13% in the previous year, reflecting improved financial stability[55][58]. Investment Activities - The Group's listed investments turned from a loss of approximately HK$61.0 million in the year ended 30 September 2020 to a gain of approximately HK$53.4 million in the year ended 30 September 2021[14]. - The total carrying amounts of the bonds held by the Group increased from HK$119.9 million as at 30 September 2020 to HK$186.5 million as at 30 September 2021[20]. - The Group recognized aggregate bonds interest income of approximately HK$21.3 million during the year[20]. - The Group acquired/extended three bonds during the year, including one with a size of HK$42.0 million and a coupon of 8%[19]. - Another bond acquired had a size of HK$42.5 million with a coupon of 11%[19]. - The bond subscribed from China e-Wallet Payment Group Limited had a size of HK$20.0 million and a coupon rate of 10%[19]. - The increase in bond value was attributed to the purchase of new bonds during the year, offset by an expected loss of approximately HKD 4,800,000[23]. - Total bond interest income recognized for the year was approximately HKD 21,300,000[23]. - The company raised approximately HKD 16,900,000 through the placement of 68,640,000 new shares at HKD 0.25 per share in October 2021[24]. Market Conditions - The Hang Seng Index fell from over 31,000 points in February 2021 to 24,575 points as at 30 September 2021[13]. - The outlook for global investment for the remainder of the year is pessimistic due to the emergence of the Omicron variant and tensions in US-China relations[24]. - The Group will continue to adopt cautious measures to manage its investment portfolio due to the emergence of the Omicron variant and geopolitical tensions[22]. Corporate Governance - The Company is in compliance with the mandatory Corporate Governance Code provisions, with no significant deviations reported[130]. - The Board comprises two Executive Directors and three Independent Non-executive Directors as of the fiscal year ended September 30, 2021[133]. - All Directors are subject to retirement by rotation and re-election at annual general meetings, ensuring governance compliance[144]. - The Company has a strong corporate governance structure to ensure effective oversight of management[146]. - The Audit Committee held five meetings in the fiscal year 2020/21 to review the final results and accounts for the year ended September 30, 2021, and the interim results for the six months ended March 31, 2021[156]. - The Company has established a solid corporate governance framework to ensure effective oversight of management[149]. Risk Management - The Board is committed to implementing effective risk management and internal control systems to safeguard shareholders' interests and the Group's assets[171]. - The risk management and internal control systems aim to manage risks rather than eliminate them, providing reasonable assurance against material misstatements[175]. - The management has provided an action plan to address identified deficiencies in the risk management and internal control systems in a timely manner[189]. - The Company has engaged an independent professional adviser to conduct an annual review of the risk management and internal control systems, providing recommendations for improvement[186]. - The Audit Committee, with the assistance of the System Adviser, reviewed the efficiency and effectiveness of the Group's risk management and internal control systems during the year[188]. Employee and Operational Information - The Group's total staff costs, excluding Directors' remuneration, amounted to approximately HK$5.0 million as of September 30, 2021[122]. - The Group had a total of 13 employees (excluding directors) with total employee costs (excluding director remuneration) of approximately HK$5 million as of September 30, 2021[125]. - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[123][126]. Significant Investments - WLS Holdings Limited, a significant investment, reported a net asset value of approximately HK$535.5 million and a current asset coverage of total liabilities as of October 31, 2021[66]. - WLS recorded an audited consolidated loss of approximately HK$16.9 million for the year ended April 30, 2021, but improved to an unaudited net profit of approximately HK$27.8 million for the six months ended October 31, 2021[68]. - The company considers that all significant investments have sufficient financial resources to meet ongoing operations, with no signals of default on bonds issued[66][73][74].

Financial Performance - The turnover for the six months ended March 31, 2021, was HK$53,181,523, compared to HK$49,358,393 for the same period in 2020, representing an increase of approximately 7%[9] - The operating profit for the period was HK$47,944,772, a significant recovery from an operating loss of HK$59,897,813 in the previous year[9] - Profit before tax for the period was HK$47,040,285, compared to a loss before tax of HK$60,940,058 in the same period last year[9] - The total comprehensive income attributable to equity holders of the Company for the period was HK$47,040,285, a turnaround from a loss of HK$60,940,058 in the previous year[10] - Basic earnings per share for the period was 13.87 HK cents, compared to a loss of 22.12 HK cents per share in the same period last year[10] - The company reported a profit of HK$47,040,285 for the period, contributing positively to the total equity[14] - Profit attributable to the equity holders of the Company for the six months ended 31 March 2021 was HK$47,040,285, compared to a loss of HK$60,940,058 for the same period in 2020[44] Assets and Liabilities - Non-current assets as of March 31, 2021, totaled HK$154,701,313, an increase from HK$99,687,915 as of September 30, 2020[12] - Current assets as of March 31, 2021, were HK$381,351,645, slightly down from HK$390,095,882 as of September 30, 2020[12] - The net current assets decreased slightly to HK$355,829,369 from HK$361,886,793, indicating a decline of about 1.5%[13] - The total liabilities increased to HK$510,530,682 from HK$461,574,708, reflecting an increase of approximately 10.6%[13] - As of March 31, 2021, the net asset value of the Group was HK$510,530,682, an increase from HK$448,670,719 as of September 30, 2020, representing a growth of approximately 13.5%[68] Cash Flow - The net cash used in operating activities for the six months ended March 31, 2021, was HK$16,223,210, an improvement compared to HK$20,478,393 for the same period in 2020, showing a reduction of about 20.9%[18] - The net cash from investing activities rose significantly to HK$15,697,160 from HK$6,685,233, marking an increase of approximately 134.5%[18] - The cash and cash equivalents at March 31, 2021, were HK$16,317,324, compared to HK$12,251,842 at the same date in 2020, representing an increase of about 33.5%[18] Investments - The Group's profit before tax for the six months ended 31 March 2021 was HK$47,040,285, compared to a loss of HK$60,940,058 for the same period in 2020[42] - The segment revenue from investments in listed equity securities for the six months ended 31 March 2021 was HK$40,237,509, compared to a loss of HK$60,018,155 in the same period of 2020[35] - The Group's listed investments generated a net unrealised gain of approximately HK$33.5 million during the Period[90] - The net realised gain on listed investments for the Period was approximately HK$6.7 million, consisting of a realised gain of approximately HK$6.9 million net of a realised loss of approximately HK$0.2 million[91] Administrative Expenses - Administrative expenses decreased to HK$5,554,433 from HK$8,879,799, reflecting improved cost management[9] - The Group's total staff costs for the six months ended 31 March 2021 were HK$5,013,746, an increase from HK$4,437,867 in the previous year[37] Share Capital and Equity - The share capital increased to HK$85,809,562 from HK$68,872,062, reflecting an increase of approximately 24.6%[14] - The reserves grew to HK$424,721,120 from HK$379,798,657, indicating an increase of about 11.8%[13] - The number of ordinary shares issued increased to 343,238,249 as of March 31, 2021, from 275,488,249 as of September 30, 2020, reflecting a share consolidation and conversion of convertible bonds[68] Corporate Governance - The Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the Company as of March 31, 2021[163] - The Company has complied with the Corporate Governance Code, with deviations noted regarding the separation of roles between the chairman and the chief executive[169] - All non-executive directors are subject to retirement by rotation, although they do not have a specific term of appointment[170] Market Conditions and Future Outlook - The Hang Seng Index rose from 23,459 points on 30 September 2020 to 28,378 points on 31 March 2021, reflecting a recovery in the market[99] - The management believes that the private education industry will only return to pre-COVID-19 levels once the pandemic is under control[126] - The Group plans to adopt cautious measures to manage its investment portfolio amid an optimistic global investment outlook[102]

Financial Performance - The Group reported a loss of approximately HK$69.9 million on listed investments for the fiscal year 2019/20, compared to a loss of approximately HK$163.6 million in the previous year[11]. - For the year ended 30 September 2020, the Group reported a negative turnover of approximately HK$52.4 million, a decrease from HK$142.8 million in the previous year[37]. - The net loss attributable to equity holders of the Company was approximately HK$105.5 million, down from HK$183.6 million in the previous year, indicating a significant reduction in losses[37]. - The loss on listed investments decreased from HK$150.6 million in the previous year to approximately HK$61.0 million, comprising a net realised loss of approximately HK$23.6 million and a net unrealised loss of approximately HK$37.6 million[38]. - The Group's performance in financial assets investments was unsatisfactory, leading to a net loss of approximately HK$105.5 million for the year[50]. Investment Strategy - The Group's focus on bond investments has provided a constant cash flow despite the challenging market conditions[12]. - The Directors will continue to adopt cautious measures to manage the Group's investment portfolio in light of uncertainties from COVID-19 and potential trade tensions between China and the US[18]. - The Group's investment strategy will remain cautious as the global investment landscape is expected to be challenging in the coming year[18]. - The Federal Reserve's quantitative easing measures may provide investment opportunities for investors[20]. - The Group anticipates challenges in global investment due to uncertainties from COVID-19 and the potential restart of the US-China trade war[20]. Asset Management - The value of bonds held by the Group decreased from HK$167.7 million as of September 30, 2019, to HK$119.9 million as of September 30, 2020, with an expected loss on bonds of approximately HK$20.2 million recorded during the year[17]. - Aggregate bond coupons received during the year amounted to approximately HK$17.2 million[17]. - As of 30 September 2020, the Group held assets of approximately HK$489.8 million, down from HK$576.0 million in the previous year, including cash and cash equivalents of HK$16.8 million[51]. - The gearing ratio increased to 8.13% from 3.93% in the previous year, reflecting a change in the capital structure[52]. - As of 30 September 2020, the Group had margin payables of approximately HK$23.7 million, secured by listed investments valued at approximately HK$178.1 million[65]. Corporate Governance - The Company is in compliance with the mandatory Corporate Governance Code provisions, with some deviations discussed in the report[101]. - The Board believes it has a strong corporate governance structure to ensure effective oversight of management[116]. - The Audit Committee reviewed the final results for the Year ended 30 September 2020 and the interim results for the six months ended 31 March 2020[127]. - The Remuneration Committee is responsible for reviewing and determining the compensation and benefits of the Directors and senior management[131]. - The Nomination Committee is tasked with reviewing the structure, size, composition, and diversity of the Board[132]. Risk Management - The management has engaged an independent professional adviser to conduct an annual review of the Group's risk management and internal control systems[156]. - The existing risk management and internal control systems will continue to be reviewed and updated to adapt to changes in the operating environment[160]. - The Board has not identified any issues that would indicate inadequacies in the Group's risk management and internal control systems[164]. - The risk management processes include identifying, assessing, and prioritizing risks, as well as determining management strategies[153]. - The Company has established internal control procedures to safeguard assets and ensure the reliability of financial information[147]. Employee and Stakeholder Engagement - As of September 30, 2020, the Group had 13 employees, with total staff costs (excluding Directors' remuneration) amounting to approximately HK$4.5 million[93]. - The Group emphasizes the importance of stakeholder engagement for long-term growth and success, identifying key stakeholders such as employees, business partners, shareholders, suppliers, government, and the community[191]. - The Group maintains ongoing communication with stakeholders to adapt business strategies to meet their needs and expectations[192]. - Employees seek career development opportunities, competitive salary and benefits, and a safe working environment, with training provided to enhance safety awareness[198]. - Customers prioritize the protection of their rights and interests, customer information security, and compliance marketing practices[198]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainability by integrating environmental, social, and governance considerations into its operations[185]. - The ESG report highlights the group's strategies for sustainable development during the reporting period[181]. - The company aims to minimize environmental impact and enhance employee well-being as part of its commitment to corporate social responsibility[189]. - The governance system ensures timely implementation of sustainable development measures and the accuracy of presented data[193]. - The annual materiality assessment was conducted to identify significant operating, environmental, and social impacts on the business through interviews and surveys with stakeholders[199].