Summary of Key Points from Conference Call Records Industry or Company Involved - Japanese financial sector, specifically the three major financial groups in Japan - Chinese energy storage market - Innovative pharmaceutical industry Core Points and Arguments Japanese Financial Sector - The EC measurement indicators in Japan have rebounded, benefiting from overseas business interest margins, especially after the Federal Reserve's interest rate hikes, which significantly contributed to overseas business and offset the domestic monetary policy's downward impact on interest margins [1][2] - The three major financial groups in Japan have increased their dividend payout ratio to 40% and intensified stock buybacks, with dividends and buybacks now accounting for 60%-70% of profits, which is a key driver for valuation recovery [3][4] - Future risks for the Japanese banking sector include potential negative impacts from rising US Treasury yields on overseas bonds and the risk of prematurely exiting loose monetary policy, which could adversely affect the economy and inflation [5] Chinese Energy Storage Market - Strong demand in China's energy storage market is expected, with renewable energy generation projected to exceed 30% by 2024, and wind and solar generation expected to surpass 23% and 35% by 2025 and 2030, respectively [6] - Lithium batteries remain the mainstream technology for energy storage in the short term, with costs around 500 RMB per kilowatt-hour, while the commercialization of compressed air storage and flow batteries is expected to accelerate, depending on cost reduction [6] - Hydrogen energy is anticipated to commercialize post-2030 due to its current high costs and technological maturity issues [6] Innovative Pharmaceutical Industry - Recent favorable policies for the innovative pharmaceutical industry include comprehensive support for innovative drugs and adjustments to the drug pricing mechanism, with more favorable policies expected to be introduced [9] - Leading innovative pharmaceutical companies like BeiGene have reported better-than-expected performance, with adjusted operating profits turning positive for the first time, and many companies expected to achieve breakeven by 2025 [10][11] - The collective profitability of leading companies without one-time income will provide strong evidence for the industry's potential, reinforcing optimism for both short-term and long-term development in the innovative pharmaceutical sector [12] Other Important but Possibly Overlooked Content - Budweiser's performance in the current economic environment shows a slight decline in revenue and a more significant drop in profits, attributed to weak consumer spending and market conditions in China, although overseas markets are performing well [13] - Mengniu Dairy's stock price has shown improvement, with a significant increase in net profit excluding one-time impairments, and plans to raise the dividend payout ratio to 50% [14][15] - The Hong Kong data center market is experiencing strong demand driven by AI applications and increased power needs, with stable growth expected despite potential benefits for remote areas [16]

建议关注：康方生物、先声药业等。 校对：刘榕枝 证券时报网讯，交银国际研报称，新年伊始，中国创新药企业延续出海热潮，多数企业成功与MNC大 药企或通过NewCo形式将创新药资产授权出海，出海仍是2025年创新药板块最大的看点之一，更多重 磅交易值得期待。 结合此前各类药械集采持续为创新品种医保支付创造资金空间、后续财政和医保/商保利好政策继续出 台、估值仍处历史底部，板块仍有较大修复空间。 ...

Financial Performance - For the first half of 2024, the company's revenue and other income amounted to HKD 285 million, a decrease of 40.9% compared to HKD 482 million in the first half of 2023[2]. - The loss attributable to shareholders for the first half of 2024 was HKD 355 million, compared to a loss of HKD 373 million in the same period of 2023, indicating a slight improvement[2]. - The basic/diluted loss per share for the first half of 2024 was HKD 0.14, compared to HKD 0.13 in the first half of 2023[2]. - The company reported a loss of HKD 355.3 million for the first half of 2024, an improvement from a loss of HKD 373.2 million in the same period of 2023[5]. - The company reported a net loss of HKD 355,288 thousand for the period ending June 30, 2024, compared to a loss of HKD 373,225 thousand for the same period in 2023, showing an improvement of approximately 4.5%[40]. - The company reported a pre-tax loss of HKD 358,524 thousand, slightly improved from HKD 368,664 thousand in the previous year[36]. Assets and Liabilities - Total assets as of the first half of 2024 were HKD 17,162 million, down from HKD 18,211 million in the first half of 2023, reflecting a decrease of 5.8%[2]. - The equity attributable to shareholders was HKD 1,579 million in the first half of 2024, down from HKD 1,797 million in the first half of 2023, representing a decline of 12.2%[2]. - Total liabilities decreased from HKD 16,414,406 thousand to HKD 15,583,763 thousand, a reduction of about 5.06%[39]. - The company's total liabilities decreased to HKD 9,068,318,000 as of June 30, 2024, from HKD 10,257,749,000 as of December 31, 2023, reflecting a decline of 11.6%[84]. - The company's cash and bank balances increased to HKD 1,591,548,000 as of June 30, 2024, compared to HKD 1,299,438,000 as of December 31, 2023, marking a rise of 22.5%[81]. Revenue Streams - The company reported a significant decrease in asset management and advisory revenue, which fell to HKD 30 million in the first half of 2024 from HKD 68 million in the same period of 2023, a drop of 55.9%[2]. - Commission and fee income from the securities brokerage business was HKD 42.3 million, a decrease of HKD 5.6 million or 11.5% compared to HKD 47.9 million in the same period of 2023[6]. - Commission and fee income from corporate finance and underwriting services was HKD 33.7 million, an increase of HKD 28.6 million or 560.6% compared to HKD 5.1 million in the same period of 2023[8]. - Total revenue for the brokerage segment was HKD 47,797,000, while corporate finance and underwriting generated HKD 33,717,000[49]. - The asset management and advisory segment reported revenue of HKD 46,171,000, and margin financing contributed HKD 33,766,000[49]. Market Activity - The number of new IPOs on the Hong Kong Stock Exchange in the first half of 2024 was 29, a decrease of 6.45% compared to the same period in 2023[4]. - The total amount raised from IPOs in the first half of 2024 was HKD 13.15 billion, down 26.04% from the same period in 2023[4]. - The Hang Seng Index increased by 3.94% in the first half of 2024, with notable performance in the energy, materials, and communication services sectors[4]. Operational Strategy - The company aims to enhance its market presence and explore new strategies in response to the evolving economic landscape[4]. - The company is focusing on a transition to a light-asset operating model while enhancing licensed business capabilities[5]. - The company aims to transform towards a light-asset business model while enhancing its financial service capabilities through technology and green finance initiatives[26]. - The company continues to focus on its core business areas, including securities brokerage, margin financing, and asset management, as part of its strategic direction[43]. Risk Management - The group faces significant risks including currency risk, interest rate risk, credit risk, liquidity risk, and operational risk, which are actively managed to ensure financial stability[20][21][22][23][24]. - The group has implemented measures to monitor and mitigate credit risk, including regular assessments of borrowers' financial conditions and repayment histories[22]. - The company has implemented measures to effectively manage credit risk, including thorough due diligence on potential clients[99]. Employee and Governance - As of June 30, 2024, the total employee cost reached approximately HKD 173.7 million, with a total of 535 employees[25]. - The company has complied with all corporate governance codes as of June 30, 2024[32]. - The company is focused on improving employee skills through comprehensive training programs[25]. Future Outlook - The company anticipates a recovery in global economic conditions in the second half of 2024, driven by core service inflation in the US and easing financial conditions in the Eurozone[26].

Financial Performance - Commission and fee income increased to HKD 96,019,000, up 27.8% from HKD 75,132,000 in the same period last year[1] - Interest income decreased to HKD 162,669,000, down 41.0% from HKD 275,298,000 year-on-year[1] - Total revenue and other income decreased to HKD 285,148,000, down 40.8% from HKD 481,665,000 in the previous year[1] - The company reported a loss attributable to shareholders of HKD 355,288,000, compared to a loss of HKD 373,225,000 in the same period last year, representing an improvement of 4.5%[2] - Basic and diluted loss per share improved to HKD 0.13 from HKD 0.14 year-on-year[2] - The company reported a pre-tax loss of HKD 368,664,000 for the six months ended June 30, 2024, compared to a loss of HKD 312,915,000 in 2023[11] - The group reported a loss of approximately HKD 355.3 million for the six months ended June 30, 2024, compared to a loss of HKD 373.2 million in the same period of 2023[41] Revenue Breakdown - Total revenue for the brokerage segment was HKD 42,331,000, while the corporate finance and underwriting segment generated HKD 33,717,000[10] - Other income increased to HKD 109,053,000 for the six months ended June 30, 2024, compared to HKD 91,256,000 in 2023, marking a rise of 19.5%[14] - The asset management and advisory segment reported revenue of HKD 19,971,000, while the margin financing segment had no revenue[10] - Commission and fee income from corporate finance and underwriting services was HKD 33.7 million, an increase of HKD 28.6 million or 560.6% compared to HKD 5.1 million in the same period of 2023[34] Assets and Liabilities - Total assets decreased to HKD 17,162,460,000 from HKD 18,211,046,000 as of December 31, 2023[5] - Total liabilities decreased to HKD 15,583,763,000 from HKD 16,414,406,000 as of December 31, 2023[6] - The company’s total equity decreased to HKD 1,578,697,000 from HKD 1,796,640,000[5] - The total amount of loans and advances as of June 30, 2024, was HKD 1,344,776, a decrease from HKD 1,504,413 as of December 31, 2023, reflecting a decline of approximately 10.6%[23] - The total accounts receivable as of June 30, 2024, was HKD 818,560, significantly higher than HKD 475,934 as of December 31, 2023, representing an increase of approximately 71.9%[24] Expenses - The total expenses for the group were HKD 676,375,000, leading to a pre-tax loss of HKD 358,524,000[10] - The total expenses for the six months ended June 30, 2024, were HKD 855,422,000, compared to HKD 577,456,000 in 2023, reflecting an increase of approximately 48%[11] - Depreciation expenses totaled HKD 61,631,000 across various segments[10] Cash Flow and Liquidity - As of June 30, 2024, the group's cash and bank balances increased by HKD 292.1 million to HKD 1,591.5 million[42] - The net current assets increased by HKD 323.8 million to HKD 4,382.2 million as of June 30, 2024[42] - The group has sufficient liquidity to support business operations and potential investment opportunities[43] Market Activity - The company completed 29 new listings on the Hong Kong Stock Exchange, a decrease of 6.45% from the same period in 2023, with total IPO fundraising amounting to HKD 13.15 billion, down 26.04% year-on-year[34] - The group covered 135 listed companies across nine major industries, with a 30% increase in the issuance of in-depth reports compared to the previous year[40] Strategic Focus - The company is focusing on expanding its asset management services in mainland China through its subsidiaries in Shanghai and Shenzhen[35] - The company aims to transform towards a light-asset business model while enhancing its financial service capabilities through technology and green finance initiatives[44] - The company is focused on enhancing its comprehensive financial service capabilities to create value for shareholders and investors[44] Governance and Compliance - The company has adopted the Corporate Governance Code and complied with all relevant provisions during the reporting period[46] - No interim dividends were declared for the six months ending June 30, 2024, consistent with the previous year[47]

Summary of Conference Call Records Industry Overview - **Global Economic Outlook**: The global macroeconomic outlook for 2024 is optimistic, with expectations of entering a pro-cyclical trading phase, where both domestic and external demand are likely to improve [1][2] - **China's Economic Environment**: The state of the economy in China is characterized as "tight yet loose," with a cautious attitude from the Federal Reserve regarding interest rate cuts, while the pace of balance sheet reduction is slowing. The M2 money supply in the U.S. has turned positive year-on-year since April [1][2] Key Points on Specific Markets Stock Market - **Market Sentiment**: There is a cautious optimism towards risk assets, with a return of re-inflation trading. Valuations may be supported by improved earnings expectations, particularly in the Chinese stock market due to liquidity improvements, policy support, and re-inflation cycle sectors [1][2] Bond Market - **Interest Rate Outlook**: A neutral stance is taken on overseas interest rate bonds, particularly U.S. Treasuries, which are expected to maintain high volatility [1][3] Commodity Market - **Commodity Prices**: A bullish outlook on commodity prices is maintained due to tight supply and rising global economic sentiment, with a continued positive view since Q4 of the previous year [1][3] Real Estate Market - **China's Real Estate**: The real estate market in China is expected to continue receiving policy support, with local governments likely to introduce more measures to reduce inventory and leverage. However, the probability of a rapid turnaround remains low. Investment preferences are shifting towards state-owned enterprises and leading private enterprises, although private firms may lag due to debt restructuring impacts [1][3] - **Hong Kong Real Estate**: Retail rents are expected to stabilize and moderately recover, supported by the reopening of personal travel and an increase in tourists. The office market faces significant pressure with high vacancy rates, while the residential market is expected to perform well, particularly in the primary market [1][3] Data Center Industry - **Growth Prospects**: The data center industry is viewed positively, with strong growth drivers, especially in data generation and AI cloud services. Investment scales are steadily increasing, and current valuations are considered low, with high long-term return expectations [1][3] Financial Sector Insights - **High Dividend Strategy**: The environment supporting high dividend strategies remains unchanged, with a focus on the insurance sector and a recommendation to increase flexible allocations [4][5] - **Banking Sector**: The banking sector's profitability is expected to remain stable, while the insurance sector is projected to see a year-on-year profit increase of over 10% in 2024 [6] - **Securities Sector**: The securities industry is facing profit pressure, with overall profitability expected to decline due to high base effects from previous years [7] Consumer Market Outlook - **Consumer Confidence**: A cautiously optimistic view is held for the consumer market in the second half of the year, with signs of recovery in discretionary spending categories such as home appliances and building materials [8] - **Segment Performance**: There is a polarization in consumer goods, with high-end products performing well while basic products see weak demand. The outlook for optional consumer goods remains attractive [8] Internet Industry Trends - **Subsector Performance**: The online travel agency (OTA), gaming, and social services sectors have shown strong stock performance, supported by solid earnings and shareholder returns [9] - **Key Indicators**: Focus on performance certainty in the internet sector, with particular attention to revenue growth from key business areas [9][10] Automotive Industry Insights - **Sales Projections**: The automotive industry is expected to see a 2% increase in sales, with new energy vehicles projected to reach nearly 10 million units sold, a 30% year-on-year increase [14] - **Export Performance**: In the first four months of the year, China's total vehicle exports reached 1.87 million units, a 26% increase year-on-year, with a significant portion being passenger vehicles [14] Renewable Energy Sector - **Market Outlook**: The renewable energy sector, particularly in operators and the photovoltaic inverter segment, is expected to perform well, benefiting from government policies and increasing installation speeds [16][17] Conclusion The overall sentiment across various sectors indicates a cautiously optimistic outlook for 2024, with specific attention to the recovery in consumer spending, the performance of the data center industry, and the resilience of the financial sector amidst changing economic conditions.

Summary of Conference Call Company and Industry - The discussion revolves around Xiaomi's automotive supply chain and its potential investment opportunities in the automotive industry [1] Core Points and Arguments - A report was recently released analyzing Xiaomi's automotive supply chain, focusing on core technologies and supply chain dynamics [1] - The report aims to identify potential market investment opportunities within the automotive sector [1] Other Important Content - The analysis includes insights from both automotive and technology industry analysts, indicating a comprehensive approach to understanding Xiaomi's position in the market [1]

Summary of Conference Call Company and Industry Involved - The discussion involves Xiaomi and the automotive industry, specifically focusing on Xiaomi's automotive supply chain and technology [1]. Core Points and Arguments - A report was recently released analyzing Xiaomi's automotive supply chain, highlighting core technologies and potential market investment opportunities [1]. Other Important but Possibly Overlooked Content - The analysis includes a deep dive into the supply chain, which may reveal insights into operational efficiencies and strategic partnerships that could impact future performance [1].

Revenue and Income - Total revenue for 2023 was HKD 613,177,000, compared to HKD 585,690,000 in 2022, representing an increase of approximately 4.2%[1] - The company reported a significant increase in other income, which rose to HKD 304,911,000 in 2023 from a loss of HKD 844,229,000 in 2022[1] - Interest income from external sources reached HKD 536,397,000, with HKD 427,264,000 coming from investment and loans[52] - Other income totaled HKD 308,266,000, which includes service fees, interest income, and foreign exchange gains[57] - Commission and fee income from brokerage services was HKD 81,577,000, while corporate finance and underwriting fees amounted to HKD 25,211,000, reflecting a decrease from HKD 108,281,000 and HKD 59,360,000 respectively[54] - The company’s loss attributable to shareholders for 2023 was HKD 1,469.5 million, a decrease from a loss of HKD 2,983.8 million in 2022, representing a 50.7% improvement[72] Expenses and Losses - Total expenses decreased to HKD 2,075,321,000 in 2023 from HKD 2,433,665,000 in 2022, a reduction of about 14.7%[1] - The financing cost increased by 50.0% due to rising average interest rates[82] - The pre-tax loss for the year was HKD 1,444,717,000, compared to a loss of HKD 2,984,585,000 in the previous year[53] - The company reported a loss of HKD 1,469,500,000 for the year ending December 31, 2023, compared to a loss of HKD 2,983,800,000 in 2022, representing a 50.7% improvement in losses year-over-year[41] Assets and Liabilities - Total liabilities decreased to HKD 16,414,406,000 in 2023 from HKD 21,985,260,000 in 2022, a reduction of approximately 25.3%[43] - Current liabilities dropped significantly from HKD 14,713,094,000 in 2022 to HKD 7,052,118,000 in 2023, indicating a decrease of about 52.1%[43] - The company's total assets decreased from HKD 24,661,853,000 in 2022 to HKD 18,211,046,000 in 2023, a decline of approximately 26.4%[43] - The net current assets increased to HKD 4,058,382,000 in 2023 from HKD 600,146,000 in 2022, showing a substantial improvement[43] - The company’s equity attributable to shareholders decreased from HKD 2,676,593,000 in 2022 to HKD 1,796,640,000 in 2023, a decline of about 32.8%[43] Financial Performance - The company’s loss per share improved to HKD (0.54) in 2023 from HKD (1.09) in 2022, reflecting a 50.5% reduction in loss per share[41] - The group reported a total expenditure of HKD 2,075,321,000, which includes various operational costs and financing expenses[52] - The cumulative impairment provision as of December 31, 2023, was HKD 1,717.8 million, an increase of HKD 72.4 million from the previous year[95] Business Strategy and Operations - The company is focused on expanding its investment and loan segments, which include various bond and equity securities investments[15] - The financial technology business is part of the company's strategy to enhance operational efficiency and service offerings[8] - The company plans to continue leveraging its asset management and advisory services to attract third-party clients and enhance revenue streams[27] - The group plans to focus on enhancing its financial services capabilities and promoting high-quality transformation development[107] Market and Economic Outlook - The global economic growth outlook for 2024 is positive, with expectations of resilient growth in China supported by stable policies[107] Employee and Operational Metrics - As of December 31, 2023, the total number of employees in the group was 538, with total employee costs amounting to approximately HKD 398.0 million for the year[120] - The group has a diversified training program to enhance employee skills, ensuring they are equipped with the latest industry and technological developments[120] Miscellaneous - The company does not recommend a final dividend for the year[108] - The annual general meeting of shareholders is scheduled for June 2024[149] - The group has not adopted new accounting standards that are expected to have a significant impact on its financial statements in the foreseeable future[49]

智通财经APP获悉，交银国际发布研究报告称，维持行业同步评级，目前市场和行业估值偏低，看好业务结构均衡的头部券商，并维持中信证券(06030)、华泰证券(06886)“买入”评级。短期来看，市场需要修正此前对于美联储降息的乐观预期，A股和港股市场仍面临一定的外部压力，但考虑到目前市场情绪，估值处于历史低位，监管机构积极出台政策稳定资本市场，提振市场信心，该行看好业务结构均衡的头部券商，兼具低估值水平上的弹性和业绩韧性。 交银国际主要观点如下： A股20家上市券商公布2023年业绩快报： 其中中泰、西部等6家券商盈利增速超过100%，申万宏源、光大、东兴、财通等7家券商盈利双位数增长，国元为个位数增长，天风、太平洋证券扭亏为盈;中信、东方为个位数降幅，海通、华林盈利双位数下降。 预计上市券商2023年盈利同比基本持平。 已公布业绩快报的20家券商2023年前三季度归母净利润同比增长10.7%(vs.上市券商整体增长6.3%)，2023年合计盈利同比增速在3.4-8.8%之间。考虑到公布业绩快报的券商主要为中小券商，且盈利增速相对较高，预计A股全部上市券商的盈利增速将低于业绩快报计算的盈利增速。该行预计2023年 ...

Financial Performance - For the first half of 2023, the company's revenue and other income reached HKD 692 million, a significant increase of 43.6% compared to HKD 482 million in the same period of 2022[4]. - The company reported a loss attributable to shareholders of HKD 1,678 million for the first half of 2023, compared to a loss of HKD 373 million in the same period of 2022[4]. - Basic/diluted loss per share for the first half of 2023 was HKD 0.14, a decrease from HKD 0.61 in the first half of 2022[4]. - The company reported a loss of HKD 373.2 million for the first half of 2023, compared to a loss of HKD 1,677.9 million in the same period of 2022, indicating a significant improvement[20]. - The total comprehensive loss attributable to shareholders was HKD 389.1 million for the six months ended June 30, 2023, compared to HKD 2,700.2 million in the same period of 2022[137]. - The group reported a loss of approximately HKD 373.2 million for the six months ended June 30, 2023, compared to a loss of HKD 1,677.9 million in the same period of 2022, indicating a significant improvement[68]. - The operating loss for the first half of 2023 was HKD 373,757 million, compared to an operating loss of HKD 1,674,320 million in the first half of 2022, indicating an improvement in performance[163]. Assets and Liabilities - Total assets amounted to HKD 23,039 million as of June 30, 2023, down from HKD 24,662 million in the same period of 2022[4]. - The total assets as of June 30, 2023, amounted to HKD 23,039,006 million, down from HKD 24,661,853 million as of December 31, 2022, representing a decrease of approximately 6.6%[166]. - The total equity attributable to shareholders decreased to HKD 2,287,522 million as of June 30, 2023, from HKD 2,676,593 million at the end of 2022, a decline of about 14.5%[166]. - The total borrowings of the group as of June 30, 2023, were HKD 17,662.5 million, a slight decrease from HKD 18,315.7 million at the end of 2022[96]. - Current liabilities decreased significantly to HKD 11,143,167 thousand from HKD 14,713,094 thousand, a decrease of approximately 24.0%[167]. - Non-current liabilities increased to HKD 9,608,317 thousand from HKD 7,272,166 thousand, marking an increase of about 32.0%[167]. Revenue Streams - The securities brokerage business generated commission and fee income of HKD 47.9 million, a decrease of 25.1% from HKD 63.9 million in the same period of 2022[9]. - Commission and fee income from corporate finance and underwriting services decreased by HKD 19.5 million or 79.3%, totaling HKD 5.1 million for the first half of 2023, down from HKD 24.6 million in 2022[26]. - The commission and fee income for the first half of 2023 was HKD 75,132 million, down from HKD 109,902 million in the same period of 2022, a decrease of about 31.7%[163]. - Income from asset management and advisory services increased by HKD 0.8 million or 3.8% to HKD 22.2 million for the six months ended June 30, 2023[131]. Market Conditions - The global economic environment remains challenging, with tightening monetary policies impacting market sentiment, yet there are signs of recovery in the Chinese economy and service sectors[19]. - The Hong Kong IPO market saw a 22% increase in the number of transactions year-on-year in the first half of 2023, although the total fundraising amount decreased by 9.9% compared to the same period in 2022[19]. - The number of new listings on the Hong Kong Stock Exchange increased by 29% year-on-year, totaling 31 new stocks, while the total fundraising amount from IPOs decreased by 9.9% to HKD 17.78 billion[50]. Operational Efficiency - Operating expenses and financing costs for the group were HKD 855.4 million, down from HKD 982.6 million in 2022, reflecting a decrease of 12.9%[69]. - Other operating expenses decreased by 58.0%, primarily due to reductions in foreign exchange losses, software development costs, and operating lease expenses[71]. - The group recognized impairment losses on 119 debt securities, with the fair value of stage two and stage three debts amounting to HKD 148.3 million and HKD 174.1 million, respectively[75]. - The impairment provision increased by HKD 159.2 million to a total of HKD 1,804.7 million as of June 30, 2023, primarily due to market volatility and a downturn in the real estate sector in mainland China[92]. Cash Flow and Financing - Cash used in operating activities was HKD 375,611 thousand for the six months ended June 30, 2023, compared to cash generated of HKD 1,687,970 thousand in the same period of the previous year[170]. - The company's cash flow from operating activities before changes in working capital improved significantly, moving from a negative HKD 682,220 thousand in 2022 to a negative HKD 337,524 thousand in 2023[170]. - The net cash generated from investing activities was HKD 1,107,603 thousand for the six months ended June 30, 2023, compared to HKD 315,189 thousand in the same period of 2022[172]. Governance and Compliance - The company has adopted the Corporate Governance Code as its governance framework and has complied with all relevant provisions as of June 30, 2023[31]. - Major shareholders, including Bank of Communications, held approximately 73.14% of the company's issued shares[61]. Dividends - No interim dividend was declared for the six months ended June 30, 2023, consistent with the same period in 2022[41]. - No dividends were declared for the current fiscal year, while the previous fiscal year had a dividend of HKD 0.05 per ordinary share, totaling HKD 136,720 thousand[196].