茲提述 LFG 投資控股有限公司（「本公司」）日期為 2025 年 7 月 15 日之通函（「通 函」）。除文義另有所指外，本公告所用詞彙與通函所界定者具有相同涵義。 於股東週年大會（「股東週年大會」）當日， (i) 本公司未持有任何庫存股份及待註銷 的購回股份；及 (ii)已發行股份總數為 487,155,558 股，即賦予持有人權利出席股東週 年大會並於會上投票贊成或反對所提呈決議案之股份總數。任何股東於股東週年大會 上就所提呈的任何決議案投票時概不受到限制。概無股東根據上市規則須於股東週年 大會上就任何提呈的決議案放棄投票。概無股份賦予股東有權出席股東週年大會並根 據上市規則第 13.40 條所載於會上放棄投票贊成所提呈的決議案。概無任何人士於該通 函中表明欲就於股東週年大會上所提呈的任何決議案投反對票或放棄投票。 本公司的香港股份過戶登記分處卓佳證券登記有限公司獲委任為股東週年大會上負責 點票之監票人。 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 ...

Core Viewpoint - LFG Investment Holdings has completed a share placement agreement, with a total of 81,192,600 shares issued at a price of HKD 0.40 per share, representing approximately 16.67% of the company's enlarged issued share capital post-transaction [1] Group 1 - On August 5, LFG Investment Holdings' shareholders deposited shares worth HKD 51.9633 million into Fuzhong Securities, accounting for 20% of the total [1] - The placement agreement's conditions have been fully met, and the transaction was completed on August 5, 2025 [1] - A total of 81,192,600 shares were allocated to no fewer than six subscribers under the terms of the placement agreement [1]

Core Viewpoint - LFG Investment Holdings (03938) has completed a placement agreement, fulfilling all preconditions, with the transaction finalized on August 5, 2025 [1] Summary by Relevant Sections - The company issued a total of 81,192,600 placement shares, which represents approximately 16.67% of the company's issued share capital after the placement [1] - The placement shares were issued at a price of HKD 0.40 per share to no fewer than six subscribers as per the terms and conditions of the placement agreement [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 第 1 頁 共 5 頁 v 1.3.0 公司名稱： LFG 投資控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期： 2025年8月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 03938 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | ...

FF301 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 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: LFG 投資控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2025年8月4日 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) | 03938 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | | | 本月底結存 | | 10,000,000,000 | HKD | | 0.01 HKD | | 100,000,000 | 本月底法定/註冊股本總額： H ...

Group 1 - LFG Investment Holdings experienced a 20.0% increase in stock price, reaching HKD 0.72 per share with a trading volume of HKD 12.67 million as of 09:53 on July 30 [1] - The company primarily provides corporate financing, securities trading and brokerage services, and asset management services to international clients [1] - LFG Investment Holdings is listed on the main board of the Hong Kong Stock Exchange and has three licensed subsidiaries engaged in regulated activities [1] Group 2 - As of the 2024 annual report, LFG Investment Holdings reported total revenue of HKD 28.01 million and a net loss of HKD 32.30 million [2]

年報 2024/25 Annual Report 2023/24 目錄 | | | 4 | 1 | | --- | --- | --- | --- | | 44 | | | | | | 1 | | | 02 公司資料 03 財務概要 04 主席報告 05 管理層討論與分析 13 董事及高級管理層 19 董事會報告 41 企業管治報告 55 環境、社會及管治報告 80 獨立核數師報告 86 綜合損益及其他全面收益表 88 綜合財務狀況表 90 綜合權益變動表 92 綜合現金流量表 94 綜合財務報表附註 公司資料 董事 執行董事 梅浩彰先生 （主席兼行政總裁） 廖子慧先生 吳肇軒先生 何思敏女士 鄧振輝先生 獨立非執行董事 林延芯女士 潘禮賢先生 黃浩麒博士 審核委員會 林延芯女士 （主席） 潘禮賢先生 黃浩麒博士 薪酬委員會 潘禮賢先生 （主席） 林延芯女士 黃浩麒博士 提名委員會 公司秘書 吳肇軒先生 核數師 梅浩彰先生 （主席） 林延芯女士 潘禮賢先生 黃浩麒博士 授權代表 梅浩彰先生 吳肇軒先生 香港立信德豪會計師事務所有限公司 執業會計師 註冊公眾利益實體核數師 香港 干諾道中111 號 永安中心 2 ...

Financial Performance Summary [Overall Financial Performance](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E6%91%98%E8%A6%81) For FY2025, total revenue significantly decreased, leading to a substantial expansion of loss for the year and a decline in net assets FY2025 vs. FY2024 Performance Summary Comparison | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 25,171 | 94,173 | -73.3% | | **Loss Before Income Tax** | (35,114) | (4,323) | +712.3% | | **Loss for the Year** | (35,140) | (4,229) | +731.1% | | **Basic Loss Per Share** | (8.6 HKD cents) | (1.0 HKD cents) | +760.0% | | **Total Assets** | 254,049 | 231,369 | +9.8% | | **Net Assets** | 98,421 | 133,754 | -26.4% | Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In FY2025, total revenue significantly declined due to reduced core business income and financial asset losses, leading to an expanded loss for the year despite cost controls Key Items from Consolidated Statement of Profit or Loss (For the year ended March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **25,171** | **94,173** | **-73.3%** | | Corporate Finance Advisory Services | 21,478 | 60,275 | -64.4% | | Securities and Underwriting Services | 4,041 | 8,531 | -52.6% | | Interest Income from Margin Financing Services | 7,117 | 11,127 | -36.0% | | Asset Management Services | 288 | 4,932 | -94.2% | | Net (Loss)/Gain on Financial Assets | (7,753) | 9,308 | -183.3% | | **Staff Costs** | (35,217) | (54,494) | -35.4% | | **Other Expenses** | (21,126) | (27,476) | -23.1% | | **Loss Before Income Tax** | (35,114) | (4,323) | +712.3% | | **Loss for the Year** | **(35,140)** | **(4,229)** | **+731.1%** | - Loss for the year attributable to owners of the Company was **HKD 34.997 million**, corresponding to a basic and diluted loss per share of **8.6 HKD cents**, a significant increase from **1.0 HKD cents** in the prior year[4](index=4&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets slightly increased, but net assets decreased, primarily due to declining net current assets and rising current liabilities Key Items from Consolidated Statement of Financial Position (As of March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | 23,578 | 8,946 | +163.6% | | **Current Assets** | 230,471 | 222,423 | +3.6% | | Trade Receivables | 39,711 | 100,280 | -60.4% | | Cash and Bank Balances | 46,061 | 41,273 | +11.6% | | **Total Assets** | **254,049** | **231,369** | **+9.8%** | | **Current Liabilities** | 142,302 | 97,418 | +46.1% | | Trade Payables | 110,322 | 43,929 | +151.1% | | Bank Borrowings | 5,490 | 24,639 | -77.7% | | **Total Liabilities** | 155,628 | 97,615 | +59.4% | | **Net Assets** | **98,421** | **133,754** | **-26.4%** | Notes to the Consolidated Financial Statements [Note 3: Revenue and Segment Information](index=8&type=section&id=Note%203%3A%20Revenue%20and%20Segment%20Information) All Group revenue from Hong Kong financial services constitutes a single segment, with revenue from customer contracts significantly decreasing due to a sharp decline in corporate finance advisory services Revenue Breakdown (For the year ended March 31) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Revenue from Contracts with Customers** | **25,807** | **73,738** | | Corporate Finance Advisory Services | 21,478 | 60,275 | | Securities and Underwriting Services | 4,041 | 8,531 | | Asset Management Services | 288 | 4,932 | | **Revenue from Other Sources** | **(636)** | **20,435** | | Interest Income from Margin Financing Services | 7,117 | 11,127 | | Net Fair Value Changes on Financial Assets | (7,985) | 8,750 | | **Total** | **25,171** | **94,173** | - As of March 31, 2025, the aggregate transaction price allocated to unsatisfied performance obligations under existing contracts was approximately **HKD 18.635 million**, expected to be recognized as revenue within the next 1 to 11 months[26](index=26&type=chunk) [Note 10: Trade Receivables](index=15&type=section&id=Note%2010%3A%20Trade%20Receivables) As of March 31, 2025, total trade receivables significantly decreased by 60.4%, primarily from securities margin financing, with impairment losses recognized for the year Composition of Trade Receivables (As of March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Securities Margin Financing Services | 35,660 | 85,421 | | Securities Trading from Clearing House | – | 6,788 | | Corporate Advisory and Other Services | 2,258 | 4,636 | | Receivables from Brokers | 1,791 | 3,435 | | **Total** | **39,711** | **100,280** | - The top five trade receivables from margin clients accounted for **72.9%** of the total amount in this category, indicating concentrated credit risk[38](index=38&type=chunk) Movement in Impairment Allowance for Trade Receivables | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Balance at Beginning of Year | 14,618 | 10,605 | | Impairment Losses Recognized | 7,225 | 11,167 | | Written off from Receivables | (1,629) | (7,154) | | **Balance at End of Year** | **20,414** | **14,618** | Management Discussion and Analysis [Business Review](index=20&type=section&id=Business%20Review) Amidst a challenging environment, all Group segments faced pressure, with core business revenue declining and asset management and investment funds recording significant losses - In the current fiscal year, corporate finance advisory services contributed **85.3%** of total revenue, securities and financing services contributed **44.3%**, while asset management and financial asset investments recorded a negative contribution of **-29.7%**[53](index=53&type=chunk) [Corporate Finance Advisory Services](index=20&type=section&id=Corporate%20Finance%20Advisory%20Services) Corporate finance advisory services, the core business, saw revenue significantly decrease by 64.3% due to lower per-project contributions and declines in key service areas Corporate Finance Advisory Services Revenue Breakdown | Service Type | FY2025 Revenue (HKD million) | FY2024 Revenue (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | IPO Sponsorship | 3.2 | 7.9 | -59.5% | | Financial and Independent Financial Advisory | 17.9 | 51.5 | -65.2% | | Compliance Advisory | 0.4 | 0.9 | -55.6% | | **Total** | **21.5** | **60.3** | **-64.3%** | [Securities and Financing Services](index=22&type=section&id=Securities%20and%20Financing%20Services) Securities and financing services performed weakly, with trading and brokerage revenue declining and margin financing interest income decreasing due to a significant drop in outstanding loan balances - Securities trading and brokerage business revenue was approximately **HKD 2.3 million**, compared to **HKD 6.7 million** in the prior year[58](index=58&type=chunk) - Total outstanding margin loan balances were approximately **HKD 35.7 million**, a **58.2%** year-on-year decrease; interest income generated was approximately **HKD 7.1 million**, a **36.0%** year-on-year decrease[58](index=58&type=chunk) [Asset Management Services and Investment Funds](index=22&type=section&id=Asset%20Management%20Services%20and%20Investment%20Funds) Asset management business contracted, with managed fund net asset value decreasing, causing service revenue to plummet, and investment funds recording a significant loss - As of March 31, 2025, the net asset value of funds under management and/or investment advisory was approximately **USD 2.9 million**, a **35.6%** year-on-year decrease[59](index=59&type=chunk) - Investment funds recorded a loss of approximately **HKD 7.8 million**, primarily due to underperformance of the investment portfolio[59](index=59&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) This fiscal year, the Group faced severe financial challenges, with total revenue down 73.3% and loss attributable to owners reaching HKD 35 million, despite cost controls [Results Analysis](index=23&type=section&id=Results%20Analysis) Total revenue decreased from HKD 94.2 million to HKD 25.2 million, staff costs declined by 35.4%, and loss attributable to owners expanded from HKD 4 million to HKD 35 million - Total revenue decreased by **73.3%**, primarily due to reduced revenue from corporate finance advisory services, securities and financing services, and investment fund losses[60](index=60&type=chunk) - Staff costs decreased by **35.4%** to **HKD 35.2 million**, mainly due to a reduction in average headcount and discretionary bonuses[63](index=63&type=chunk) - Loss for the year attributable to owners of the Company was approximately **HKD 35 million**, compared to a loss of approximately **HKD 4 million** last year[68](index=68&type=chunk) [Liquidity and Capital Structure](index=25&type=section&id=Liquidity%20and%20Capital%20Structure) As of March 31, 2025, net current assets were HKD 88.2 million, with the current ratio decreasing, while total debt was approximately HKD 22 million, maintaining a stable gearing ratio Liquidity and Capital Structure Indicators (As of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 88.2 million | HKD 125 million | | Current Ratio | 1.6 times | 2.3 times | | Cash and Bank Balances | HKD 56.1 million | HKD 51.3 million | | Total Debt | HKD 22 million | HKD 33 million | | Gearing Ratio | 22.4% | 24.7% | [Prospects and Outlook](index=28&type=section&id=Prospects%20and%20Outlook) The Group anticipates continued challenges from global economic uncertainties impacting client fundraising and M&A, but will leverage its expertise to seek new global opportunities and maintain prudent risk management - Global economic uncertainties may lead to reduced, delayed, or terminated client demand for fundraising and M&A activities[83](index=83&type=chunk) - The Group will actively seek business opportunities in resumption and restructuring projects to navigate the current market environment[84](index=84&type=chunk) - Future plans include enhancing marketing efforts, seeking new global business opportunities, and evaluating strategies for virtual assets and ESG-related businesses[85](index=85&type=chunk) Other Company Information [Dividend Policy](index=28&type=section&id=Dividend%20Policy) Given the current year's loss, the Board has resolved not to declare any final dividend for the year ended March 31, 2025, consistent with the prior year - The Board resolved not to declare any final dividend for the year ended March 31, 2025[86](index=86&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The Company maintains high corporate governance standards, complying with all applicable provisions except for the combined roles of Chairman and CEO, which the Board deems in the Group's and shareholders' best interests - The Company has complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are not segregated, both held by Mr. Mui Ho Cheung[88](index=88&type=chunk)[89](index=89&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the audited consolidated financial statements for the current year[92](index=92&type=chunk)

Financial Performance - The total revenue for the six months ended September 30, 2024, was HKD 8,576,000, a significant decrease from HKD 63,607,000 for the same period in 2023, reflecting a decline of approximately 86.5%[148] - The company reported a loss before tax of HKD 17,634,000 for the six months ended September 30, 2024, compared to a profit of HKD 11,660,000 for the same period in 2023[148] - The company reported a net loss of HKD 17,648,000 for the six months ended September 30, 2024, compared to a profit of HKD 10,938,000 for the same period in 2023[148] - The company incurred employee costs of HKD 16,950,000 for the six months ended September 30, 2024, down from HKD 29,695,000 in the same period of 2023, indicating a reduction of approximately 43%[148] - The company recorded a loss attributable to owners of approximately HKD 17.5 million for the period, compared to a profit of approximately HKD 11.0 million in 2023, primarily due to a decrease in revenue[185] Investment and Assets - The total assets and liabilities of investments as of September 30, 2024, were approximately HKD 15,315,000 and HKD 1,384,000, respectively, down from HKD 21,346,000 and HKD 4,420,000 as of March 31, 2024[6] - The group's investment in Lohas Holdings included an unconverted convertible bond principal of USD 150,000 (approximately HKD 1,170,000) as of the acquisition date[12] - The fair value of convertible bonds as of September 30, 2024, was HKD 1,336,000, an increase from HKD 698,000 as of March 31, 2024[141] - The net asset value of funds under management and/or investment advisory as of September 30, 2024, was approximately USD 5.7 million (about HKD 44.7 million), up from USD 4.5 million (about HKD 34.7 million) as of March 31, 2024[161] - The net asset value per share of the Lego Vision Fund decreased from approximately USD 75.3 (about HKD 587.5) to approximately USD 62.0 (about HKD 483.6), reflecting an overall negative return of approximately 17.7%[194] Share Options and Capital - The company's issued and paid-up share capital as of September 30, 2024, was HKD 4,060,000, with 405,962,965 shares issued[23] - The company has established a pre-IPO share option plan, granting 33,041,054 options at an exercise price of HKD 0.60 per share[24] - The total number of options available for exercise as of September 30, 2024, is 8,080,540, with a weighted average exercise price of HKD 0.60[48] - The company has not recognized any expenses related to the granted options for the six months ending September 30, 2024[38] - The company adopted the 2024 Share Option Scheme on August 13, 2024, allowing for the issuance of up to 40,596,296 shares, representing 10% of the total issued shares as of the adoption date[88] Corporate Finance and Advisory Services - The company's revenue from corporate finance advisory services accounted for approximately 131.9% of total revenue, compared to 77.4% in 2023[160] - The group participated in a total of 70 corporate finance advisory projects during the period, compared to 67 projects in the same period last year[166] - Revenue from financial and independent advisory services was approximately HKD 11.1 million, down from HKD 43.3 million in the previous year, with 49 financial advisory projects and 17 independent advisory projects completed[169] - The group’s corporate finance advisory service revenue decreased by approximately 77.0% to about HKD 49.2 million for the six months ended September 30, 2023[166] - The company completed one underwriting and placement project during the reporting period[161] Financial Position and Liabilities - The group's undrawn credit facilities amounted to approximately HKD 17,524,000, down from HKD 19,629,000 as of March 31, 2024[1] - Bank loans due within one year amounted to HKD 5,564,000 as of September 30, 2024, significantly down from HKD 24,639,000 as of March 31, 2024[14] - The total outstanding balance of margin loans was approximately HKD 60.5 million as of September 30, 2024, down from HKD 85.4 million as of March 31, 2024[171] - The total financial liabilities measured at amortized cost amount to HKD 72,149,000, with accounts payable of HKD 47,485,000[91] - The company has no significant capital commitments or contingent liabilities as of September 30, 2024[192] Market and Economic Conditions - The Hang Seng Index increased by approximately 27.8% from 16,541.42 points on March 28, 2024, to 21,133.68 points on September 30, 2024[164] - The average daily trading volume on the main board exceeded HKD 100 billion during the six-month period, with trading volume on September 30, 2024, exceeding HKD 500 billion[164] - The group anticipates gradual recovery in the Hong Kong economy and financial markets, although uncertainties remain due to various global factors[198] - The company aims to expand its marketing efforts to explore new business opportunities not only in Hong Kong and China but also in Southeast Asia, Oceania, Europe, and the Americas[199] - The company adopted prudent risk management and cost control measures in response to a challenging business environment[164]

Revenue Performance - Total revenue (excluding investment funds) decreased from approximately HKD 64.9 million for the six months ended September 30, 2023, to approximately HKD 16.0 million for the current period[1]. - Total revenue (including investment funds) decreased from approximately HKD 63.6 million for the six months ended September 30, 2023, to approximately HKD 8.6 million for the current period[1]. - For the six months ended September 30, 2024, the total revenue was HKD 12,245,000, a decrease from HKD 58,670,000 in the same period of 2023, representing a decline of approximately 79.1%[28][34]. - The total revenue of the group decreased from approximately HKD 63.6 million for the six months ended September 30, 2023, to about HKD 8.6 million for the current period, representing a decline of approximately 86.5%[86]. Revenue Breakdown - Revenue from corporate finance advisory services for the current period was approximately HKD 11.3 million, accounting for about 131.9% of total revenue (compared to 77.4% in 2023)[1]. - Revenue from securities and financing services for the current period was approximately HKD 4.6 million, accounting for about 54.2% of total revenue (compared to 20.7% in 2023)[1]. - The revenue from corporate finance advisory services was HKD 11,311,000, down from HKD 49,219,000, indicating a decrease of about 77% year-over-year[29][34]. - Revenue from financial and independent financial advisory services was approximately HKD 11.1 million for the current period, compared to about HKD 43.3 million in 2023, with 49 financial advisory projects and 17 independent financial advisory projects undertaken[78]. Financial Losses - The group recorded a loss of approximately HKD 17.6 million for the current period, compared to a profit of approximately HKD 10.9 million in 2023[1]. - The group recorded a loss attributable to owners of approximately HKD 17.5 million for the period, compared to a profit of approximately HKD 11.0 million in 2023, primarily due to a decrease in revenue[96]. - The group recorded a loss of approximately HKD 7.5 million from investment fund income, compared to a loss of about HKD 1.3 million in 2023[85]. Employee Costs - Employee costs for the current period were HKD 16.95 million, down from HKD 29.695 million in 2023[3]. - The group reported a total employee cost of HKD 16,950,000 for the six months ended September 30, 2024, down from HKD 29,695,000 for the same period in 2023, reflecting a decrease of approximately 42.9%[45]. - Employee costs decreased by approximately 42.7% to about HKD 17.0 million for the current period, down from approximately HKD 29.7 million for the six months ended September 30, 2023[89]. Assets and Liabilities - The group's net assets as of September 30, 2024, were HKD 116.33 million, compared to HKD 133.75 million as of March 31, 2024[10]. - The group's cash and bank balances as of September 30, 2024, were HKD 33.723 million, down from HKD 41.273 million as of March 31, 2024[7]. - The group’s total liabilities as of September 30, 2024, were HKD 77.17 million, compared to HKD 97.418 million as of March 31, 2024[7]. - As of September 30, 2024, the group's current assets net value was approximately HKD 105.3 million, down from approximately HKD 125.0 million on March 31, 2024, with a current ratio of approximately 2.4 times[98]. Credit and Risk Management - The company did not provide any credit facilities to its margin clients, indicating a conservative approach to credit risk management[56]. - The company’s management assessed the recoverability of loans based on the credit quality of margin clients, collateral values, and past collection records[55]. - The group regularly assesses the recoverability and adequacy of impairment for receivables based on various factors, including credit risk and historical settlement records[93]. - The expected credit loss assessment for receivables is based on a full-period expected credit loss model due to significant increases in credit risk from certain securities[92]. Market and Economic Outlook - The outlook for the future anticipates gradual recovery in Hong Kong's economy and financial markets, although volatility may persist due to various global uncertainties[110]. - The group plans to enhance its marketing efforts to explore new business opportunities not only in Hong Kong and China but also in Southeast Asia, Oceania, Europe, and the Americas[112]. - The group believes its comprehensive financial services provide a competitive advantage in acquiring new mandates and maintaining a healthy project pipeline[111]. Compliance and Governance - The audit committee consists of three independent non-executive directors, ensuring clear responsibilities and accountability[117]. - The group has adopted accounting principles and practices that comply with relevant standards and regulations as of September 30, 2024[119]. - The group continues to adhere to strict risk management and compliance policies to provide quality services to clients[112]. Dividends and Shareholder Information - The group did not declare or pay any interim dividends for the six months ended September 30, 2024, compared to HKD 10,149,000 in 2023[48]. - No interim dividend has been declared for the six months ending September 30, 2024, compared to HKD 0.025 per share in 2023[120]. - The interim results announcement is published on the Hong Kong Stock Exchange website and the company's website for shareholder access[122].