Market Overview - The Hong Kong stock market experienced a significant rise on May 14, with all three major indices increasing by over 2%. The Hang Seng Index rose by 2.3% to 23,640.65 points, the Hang Seng China Enterprises Index increased by 2.47% to 8,593.07 points, and the Hang Seng Tech Index gained 2.13% to 5,381.78 points [2]. Financial Sector Performance - Major financial stocks saw a substantial surge, particularly in the insurance and Chinese brokerage sectors. Notable gains included China Pacific Insurance rising nearly 8%, with China Life and China Taiping both increasing by over 6%. In the brokerage sector, Hongye Futures surged over 12%, while other firms like Xingsheng International and GF Securities rose by 9% and 6%, respectively [4][9]. Technology Sector Performance - Large technology stocks collectively performed well, with Baidu increasing by over 4%, Alibaba and JD.com both rising by over 3%, and Tencent gaining nearly 3%. Internet healthcare stocks also showed strength, with JD Health and ZhongAn Online both rising over 5% [4][6]. Automotive Sector Performance - The automotive sector continued its upward trend, with Leap Motor increasing by over 6% to reach a new high. Other notable gains included BYD and Li Auto, both rising over 4%, while XPeng and NIO increased by over 3% [5][10]. Regulatory Impact - The China Securities Regulatory Commission (CSRC) recently released a plan to promote the high-quality development of public funds, which is expected to drive capital flows towards the brokerage sector. The new regulations may lead fund managers to allocate more resources to sectors with lower current allocations, particularly those with higher benchmark weights [9].

在港股市场春潮涌动的2024年，券商板块以"牛市旗手"的姿态再度成为市场焦点，市场热度与投资者关注度持续攀 升。 年报季的来临为投资者提供了关键验证窗口。已披露业绩的港股国际化券商中，业绩分化显著：部分机构展现韧性， 而部分券商出现负增长。其中，兴证国际交出一份远超同业水平的答卷。 一、年内溢利接近翻倍，远超行业平均水平 兴证国际2024年业绩表现亮眼，多项核心财务指标实现跨越式增长。公司全年总收入达8.81亿港元，较2023年的5.4亿 港元大幅增长62.16%；税前溢利从7316万港元跃升至1.34亿港元，同比增长83.55%；年内溢利更是从5456万港元翻倍 至1.08亿港元，同比增幅高达98.11%，展现出强劲的盈利能力。 | | 2023 年 | 2024 年 | 同比增速 | | --- | --- | --- | --- | | 营业收入 | 5.4亿港元 | 8.81 亿港元 | 62.16% | | 税前利润 | 7316万港元 | 1.34 亿港元 | 83.55% | | 归母净利润 | 5456 万港元 | 1.08 亿港元 | 98.11% | 这一业绩表现同一赛道的竞争对手。根据公 ...

去年9月下旬以来资本市场活跃度大幅提升，市场交投情绪高涨，为券商经纪业务等多业务线带来利 好，为券商业绩增长提供强劲助力。因此，就全年业绩成绩单来看，券商企业接连传吉报喜，一扫去年 上半年证券业的"阴霾"，为行业打入一针强心剂。 3月24日，兴证国际（06058）发布2024年度业绩。期内，公司实现营业收入8.81亿元（单位：港元，下 同），同比增长62.16%，净利润1.08亿元，同比增长98.11%，盈利能力再上新台阶。亮丽的2024年业 绩，为稳固兴证国际大湾区行业领先地位提供强力支撑。 大机构为抓手 平台化与生态化成长曲线呼之欲出 金融支持经济高质量发展，春江水暖资本知。 9月24日发布政策组合拳以来，A股港股两地资本市场大幅回暖。尤其是港股市场，全年新股上市集资 额达800多亿元，重回世界第四；恒生指数触底反弹，全年累计升约17.7%；港股平均每日成交金额为 1318亿元，同比上升26%，全面反映投资者信心回升。债券市场方面，因美联储启动降息，2024年亚洲 (日本除外)的G3货币(美元、欧元和日圆)债券发行额按年上升38.41%至1755亿美元，亦终止连续两年下 跌趋势。 股债双牛的背景下，兴证国 ...

Financial Performance - The company achieved a revenue of HKD 881.08 million for the year ended December 31, 2024, representing a 62.2% increase compared to HKD 543.35 million in 2023[18]. - Net profit for the year reached HKD 108.09 million, a significant increase of 98.1% from HKD 54.56 million in the previous year[18]. - Basic earnings per share increased by 69.1% to HKD 0.0231, compared to HKD 0.0136 in the previous year[8]. - The company maintained a net profit margin of 12.3%, up from 10.0% in 2023, indicating improved profitability[12]. - The return on equity (ROE) improved to 3.3% from 1.8% in the previous year, reflecting better utilization of equity[12]. - The group achieved a revenue of HKD 881.08 million for the year ended December 31, 2024, representing a year-on-year growth of 62.16% compared to HKD 543.35 million in 2023[26]. - The net profit after tax for the group was HKD 108.09 million, a significant increase of 98.11% from HKD 54.56 million in 2023[26]. - Wealth management services revenue grew by 38.01% to HKD 195.03 million, driven by a shift towards diversified income models[32]. - The group’s financial performance in 2024 demonstrated a steady increase, with shareholder returns also improving significantly[22]. Revenue Sources - Commission and fee income from brokerage services rose by 43.1% to HKD 158.86 million, while corporate finance service income surged by 219.8% to HKD 130.59 million[8]. - The group's corporate finance business revenue reached HKD 130.59 million, a year-on-year increase of 219.84% from HKD 40.83 million in 2023, driven by significant growth in bond underwriting[33]. - Financial products and investment revenue increased by 56.87% to HKD 543.05 million from HKD 346.18 million in 2023, with a focus on low-risk fixed-income bond investments[36]. Asset and Liability Management - The company's total assets decreased by 4.9% to HKD 15.73 billion from HKD 16.55 billion in 2023[12]. - Total assets decreased by 4.95% to HKD 15,732.77 million from HKD 16,552.02 million in 2023, while total liabilities decreased by 7.49% to HKD 11,496.69 million[37]. - The group’s net cash inflow was HKD 69.14 million, a significant improvement from a cash outflow of HKD 811.80 million in 2023[38]. Risk Management - The company has established a comprehensive risk management framework involving the board of directors, management, risk management committee, and various departments to ensure effective risk oversight and control[48]. - The company implements a three-line defense model for risk management, with self-control at the departmental level as the first line, professional risk management by the risk management department as the second line, and post-event supervision by the audit department as the third line[49]. - The company maintains a neutral to conservative risk appetite as determined by the board, focusing on prudent operations and long-term development while managing various risks including liquidity, market, credit, operational, and reputational risks[49]. - The company closely monitors credit risk exposure and conducts regular stress tests to mitigate potential losses from clients' non-fulfillment of obligations[51]. - The company has established liquidity risk management processes to ensure timely access to sufficient funds to meet obligations and maintain compliance with applicable regulations[52]. - The company has set market risk limits and regularly reviews market strategies to adapt to changes in operational performance and market conditions[54]. - The company has implemented a robust operational risk management framework to reduce the frequency and impact of operational risk events[55]. - The company has developed business continuity management mechanisms, including emergency plans and regular drills to enhance its ability to respond to unexpected events[56]. Corporate Governance - The company has a complete corporate governance structure to proactively manage and mitigate reputation risks[59]. - The board of directors is collectively responsible for the long-term success of the company and oversees strategic decisions[142]. - The company has complied with the corporate governance code, with one exception regarding the attendance of independent non-executive directors at the special general meeting[141]. - The company has established a governance framework to monitor compliance with legal and regulatory requirements[151]. - The company has adopted a board diversity policy, aiming for a balanced representation of gender, age, cultural background, and professional experience[150]. - The company has a code of conduct for securities trading, ensuring compliance with standard regulations by all directors[157]. Shareholder Engagement - The board recognizes the importance of effective communication with shareholders and strives to provide accurate and comprehensive information[184]. - The company’s website serves as a communication platform for the public and shareholders to access business developments and financial performance[184]. - Shareholder meetings provide a platform for dialogue between shareholders and the board, with independent resolutions presented for voting[190]. Environmental, Social, and Governance (ESG) Initiatives - The group issued 42 green bonds, raising over HKD 80 billion, showcasing its commitment to green finance[29]. - The group received a BBB rating in ESG from Wind and improved its climate change rating to "B" from the CDP, indicating significant progress in its ESG initiatives[29]. - The company emphasizes environmental policies, including energy conservation and participation in carbon reduction programs[134]. Board Composition and Changes - The new non-executive director, Mr. Xiong, has over 24 years of experience in the financial services industry and has been appointed as the chairman of the board[60]. - The new executive director, Ms. Zhang, has over 16 years of experience in the financial services industry and has held various senior positions within the group[63]. - The independent non-executive director, Ms. Hong, has over 46 years of experience in the accounting industry and holds several prestigious positions in various organizations[67]. - The company has undergone changes in its board of directors, with significant appointments and resignations noted[87]. Financial Obligations and Agreements - The company entered into a non-committed short-term loan agreement with a bank for a maximum amount of HKD 900,000,000, with a guarantee provided by the company[106]. - A revolving loan agreement was established for a maximum amount of USD 25,000,000, with a requirement to maintain at least 51% equity ownership[107]. - The company secured a non-committed revolving loan of HKD 300,000,000, with the same equity ownership requirement[108]. - A new financing agreement was established for a maximum of RMB 50,000,000, requiring the maintenance of ultimate holding company status[110]. Compliance and Legal Risks - The compliance department has implemented a three-line defense structure to monitor compliance operations and ensure adherence to regulatory requirements[58]. - The compliance department conducts regular training for employees to enhance compliance awareness and provide guidance on regulatory developments[58]. - The group has engaged five long-term legal advisors to ensure timely prevention and handling of legal risks[58]. Dividend Policy - The board proposed a final dividend of HKD 0.01 per share for the year ended December 31, 2024, compared to no dividend in 2023[46]. - The company has adopted a dividend policy aiming for a total annual dividend of no less than 40% of the net profit attributable to shareholders[186]. - The board will review the dividend policy periodically based on factors such as operational and capital requirements, legal restrictions, and overall economic conditions[187].

Financial Performance - Total revenue for the year ended December 31, 2024, was HKD 881,083,621, representing a 62.2% increase from HKD 543,354,617 in 2023[3] - Commission and fee income increased to HKD 301,859,422, up 80.7% from HKD 166,897,751 in the previous year[3] - Net trading and investment income rose to HKD 420,357,867, a 64.9% increase compared to HKD 254,606,269 in 2023[3] - Profit before tax for the year was HKD 134,267,821, which is an 83.6% increase from HKD 73,157,762 in 2023[3] - Net profit for the year reached HKD 108,088,890, doubling from HKD 54,564,283 in the previous year[3] - Basic and diluted earnings per share increased to HKD 0.0231 from HKD 0.0136, reflecting a 70.8% growth[3] - Total comprehensive income for the year was HKD 127,936,255, slightly down from HKD 129,064,496 in 2023[5] Revenue Breakdown - The wealth management segment generated revenue of HKD 196,130,503 in 2024, compared to HKD 141,480,410 in 2023, which is an increase of approximately 38.7%[19][21] - The asset management and investment segment reported a revenue of HKD 543,053,774 in 2024, significantly higher than HKD 346,182,408 in 2023, representing a growth of about 56.8%[19][21] - Corporate finance revenue surged by 219.84% to HKD 130.59 million, primarily due to a rebound in the capital markets and significant growth in bond underwriting[79] - Financial products and investment revenue increased by 56.87% to HKD 543.05 million for the year ended December 31, 2024, up from HKD 346.18 million in 2023[84] Assets and Liabilities - Non-current assets totaled HKD 964,100,192, up from HKD 594,717,619 in the previous year[7] - Current liabilities decreased to HKD 10,316,187,272 from HKD 11,521,766,372 in 2023, indicating improved financial stability[8] - Total equity increased to HKD 4,236,078,453 from HKD 4,123,942,198, showing a growth of 2.7%[8] - Total assets decreased by 4.95% to HKD 15,732.77 million as of December 31, 2024, down from HKD 16,552.02 million in 2023[85] - Total liabilities decreased by 7.49% to HKD 11,496.69 million as of December 31, 2024, compared to HKD 12,428.08 million in 2023[85] Cash Flow and Dividends - Net cash inflow for the year ended December 31, 2024, was HKD 69.14 million, a significant improvement from a cash outflow of HKD 811.80 million in 2023[86] - The proposed final dividend for the year ending December 31, 2024, is HKD 0.01 per share, totaling HKD 40,000,000, subject to shareholder approval[65] - The board proposed a final dividend of HKD 0.01 per share for the year ended December 31, 2024, compared to no dividend in 2023[95] Risk Management - The group implements a risk preference, limit management, and authorization management system to ensure risks are controlled within a reasonable range[100] - The group closely monitors credit risk exposure and conducts regular stress tests to mitigate potential losses[101] - The liquidity risk management system is in place to ensure sufficient funds are available to meet obligations and operational needs[103] - The operational risk management framework aims to reduce the frequency and impact of operational risk events[107] - A robust compliance and legal risk management framework is in place to ensure adherence to evolving regulations[110] Market Position and Strategy - The company was among the first to obtain the "Cross-Border Wealth Management Connect" pilot qualification, enhancing its wealth management business prospects[72] - The company issued 42 green bonds, raising over HKD 80 billion, significantly higher than previous years, showcasing its commitment to ESG principles[75] - The company ranked 9th among Chinese brokers in Hong Kong for bond underwriting volume, improving its market position[81] - The company plans to enhance wealth management services and explore innovative business models in asset management for 2025[89] Employee and Governance - The total number of full-time employees decreased to 209 as of December 31, 2024, from 230 in 2023, with total compensation rising to HKD 238.85 million from HKD 196.92 million[93] - The company adhered to the corporate governance code, with the exception of one independent non-executive director's absence from the special general meeting due to other commitments[121] - The audit committee reviewed the group's annual performance for the year ending December 31, 2024, and confirmed compliance with applicable accounting standards and regulations[124]

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 418,874,972, a significant increase of 66.5% compared to HKD 251,335,997 in the same period of 2023[16] - Net profit for the period was HKD 88,669,217, representing a 42.6% increase from HKD 62,193,981 in the previous year[16] - Commission and fee income rose to HKD 141,299,173, up 47.9% from HKD 95,510,693 year-on-year[16] - Interest income increased by 57.9% to HKD 72,773,734 from HKD 46,076,263 in the prior year[16] - Trading and investment income netted HKD 204,802,065, a 86.5% increase compared to HKD 109,749,041 in the same period last year[16] - The company reported a pre-tax profit of HKD 96,802,222, which is an increase of 29.2% from HKD 74,893,259 in the previous year[16] - The basic earnings per share for ordinary shareholders was HKD 0.0182, up from HKD 0.0155 in the same period of 2023[16] - The company reported a profit of HKD 88,669,217 for the six months ended June 30, 2024, compared to HKD 62,193,981 for the same period in 2023, representing a year-over-year increase of approximately 42.6%[24] Comprehensive Income - Other comprehensive income after tax for the period was HKD 40,664,283, compared to HKD 22,919,992 in the previous year, marking an increase of 77.5%[18] - Other comprehensive income for the period was HKD 40,664,283, contributing to a total comprehensive income of HKD 129,333,500 for the six months ended June 30, 2024[24] Assets and Liabilities - As of June 30, 2024, total non-current assets decreased to HKD 570,452,751 from HKD 594,717,619 as of December 31, 2023, representing a decline of approximately 4.5%[20] - Accounts receivable increased significantly to HKD 1,722,383,760 from HKD 1,010,886,882, marking a growth of approximately 70.4%[20] - Current liabilities decreased to HKD 8,361,618,526 from HKD 11,521,766,372, reflecting a reduction of about 27.5%[20] - The company's net asset value increased to HKD 4,237,475,698 as of June 30, 2024, compared to HKD 4,123,942,198 as of December 31, 2023, indicating a growth of approximately 2.8%[22] - The total equity attributable to ordinary shareholders rose to HKD 3,237,475,698 from HKD 3,123,942,198, an increase of about 3.6%[22] - The company's financial liabilities at fair value through profit or loss decreased significantly to HKD 7,587,965 from HKD 30,659,837, a reduction of about 75.3%[20] - The total assets as of June 30, 2024, were HKD 5,240,352,224, compared to HKD 4,934,918,927 as of December 31, 2023, indicating an increase of about 6.2%[51] - The company's receivables from securities trading activities amounted to HKD 1,722,383,760 as of June 30, 2024, compared to HKD 1,010,886,882 as of December 31, 2023, showing a significant increase of approximately 70.4%[58] Cash Flow - Net cash generated from operating activities for the six months ended June 30, 2024, was HKD 329,846,780, a significant increase from HKD 12,299,366 in the same period of 2023[26] - The company’s cash and cash equivalents in general accounts decreased to HKD 1,495,274,484 from HKD 1,892,147,583, a decline of approximately 21%[20] - The company’s net cash and cash equivalents at the end of the period decreased to HKD 1,403,484,132 from HKD 2,068,536,811 in the previous year, a decline of about 32.1%[26] - The company’s cash flow from investing activities showed a net inflow of HKD 502,474,098, contrasting with a net outflow of HKD 1,289,427,031 in the same period of 2023[26] - Total cash used in financing activities amounted to HKD 1,193,378,849, compared to cash generated of HKD 641,715,960 in the prior year[26] Operational Focus and Strategy - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth[17] - The company has integrated the brokerage and margin financing segments into the wealth management division, which may enhance operational efficiency[39] - The group aims to enhance wealth management business transformation and diversify income sources through the "big sales exchange" ecosystem[114] - The asset management business will focus on investment research capabilities to enrich the product line and meet client asset allocation needs[114] - The group will continue to strictly control risks and maintain a prudent investment strategy to improve asset utilization and efficiency[114] Risk Management - The group emphasizes risk management with a three-line defense structure to ensure effective risk control[120] - The group actively monitors credit risk and implements measures to mitigate potential losses from defaults[124] - The group faces market risks due to adverse changes in exchange rates, interest rates, and financial asset prices, which could lead to potential losses[127] - The group has established market risk limits and regularly reviews and adjusts market strategies to respond to changes in operational performance and market conditions[127] - The operational risk management structure includes a board, management, and risk management committees to ensure effective oversight and control[128] Shareholder Information - As of June 30, 2024, the group’s directors hold a total of 2,058,531 shares, representing approximately 0.05% of the company[132] - The group’s director Zhang Chunjuan holds 1,004,000 shares and debt securities worth 5,900,000 HKD and 900,000 USD[132] - As of June 30, 2024, the major shareholder, 兴证（香港）金融控股有限公司, holds 2,263,971,644 shares, representing 56.60% of the total equity[134] - 嘉实资本管理有限公司, managed by 嘉实基金管理有限公司, holds 293,232,000 shares, accounting for 7.33% of the total equity[134] Corporate Governance - The company has confirmed compliance with the corporate governance code as of June 30, 2024[149] - The audit committee has reviewed the unaudited consolidated results for the six months ending June 30, 2024, ensuring compliance with applicable accounting standards[150]

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 418,874,972, representing a 66.5% increase from HKD 251,335,997 in the same period of 2023[2] - Commission and fee income reached HKD 141,299,173, up 47.9% from HKD 95,510,693 year-over-year[2] - Interest income increased to HKD 72,773,734, a 57.9% rise compared to HKD 46,076,263 in the previous year[2] - Net profit for the period was HKD 88,669,217, which is a 42.5% increase from HKD 62,193,981 in the same period last year[3] - Basic earnings per share rose to HKD 0.0182, compared to HKD 0.0155 in the prior year, reflecting a 17.4% increase[2] - Total comprehensive income for the period amounted to HKD 129,333,500, up 52.0% from HKD 85,113,973 in the previous year[3] Assets and Liabilities - Non-current assets decreased to HKD 570,452,751 from HKD 594,717,619 at the end of December 2023[4] - Current liabilities decreased to HKD 8,361,618,526 from HKD 11,521,766,372 at the end of December 2023, indicating a reduction in financial obligations[5] - The company's net asset value increased to HKD 4,237,475,698 from HKD 4,123,942,198 at the end of December 2023[5] - Total assets decreased by 6.33% to HKD 15,504.03 million as of June 30, 2024, compared to HKD 16,552.02 million at the end of 2023[43] - Total liabilities fell by 9.35% to HKD 11,266.55 million, down from HKD 12,428.08 million at the end of 2023[43] Revenue Breakdown - Corporate finance income, including underwriting and advisory fees, surged to HKD 48,719,171, compared to HKD 23,993,599, marking a growth of 102.67%[14] - Net trading and investment income increased to HKD 204,802,065, up from HKD 109,749,041, reflecting an increase of 86.38%[15] - Interest income from debt investments rose to HKD 57,833,109, compared to HKD 30,567,281, representing an increase of 88.93%[15] - Wealth management services revenue increased by 26.21% to HKD 100.17 million, driven by a 33.45% rise in brokerage commissions and fees to HKD 85.22 million[38][36] - Financial products and investment income rose by 87.17% to HKD 262.64 million, capitalizing on high-yield opportunities in the USD market[42] Accounts Receivable and Payable - The company reported a significant increase in receivables, with accounts receivable rising to HKD 1,722,383,760 from HKD 1,010,886,882 year-over-year[4] - As of June 30, 2024, the accounts receivable from securities trading business amounted to HKD 1,104,530,678, an increase from HKD 722,094,853 as of December 31, 2023, representing a growth of approximately 53%[25] - The accounts receivable from financial products and investment business reached HKD 1,722,383,760, up from HKD 1,010,886,882, indicating a significant increase of about 70%[25] - The accounts payable from securities trading business totaled HKD 2,274,922,807 as of June 30, 2024, down from HKD 3,278,752,352 as of December 31, 2023, showing a decrease of about 31%[31] - The accounts payable from financial products and investment business increased to HKD 408,230,055 from HKD 17,700,269, marking a substantial rise of approximately 2200%[32] Employee Costs and Dividends - Employee costs, including director remuneration, rose to HKD 101,204,007 from HKD 71,318,719, an increase of approximately 42.0%[20] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with the previous year[23] Risk Management and Compliance - The group has established a comprehensive risk management framework, with the board responsible for overall risk management oversight[52] - The group has implemented a liquidity risk management system to identify, monitor, and mitigate potential liquidity risks[55] - The company has established a comprehensive operational risk management framework to reduce the frequency and impact of operational risk events[57] - The company actively promotes a robust compliance and legal risk management framework, ensuring business operations align with current laws and regulations[58] - The company has implemented a market risk management policy to monitor and control risks arising from adverse changes in exchange rates, interest rates, and financial asset prices[56] Corporate Actions and Ratings - The group issued USD 300 million three-year secured bonds on February 2, 2024, with outstanding bonds amounting to HKD 2,362.34 million as of June 30, 2024[45] - The capital-to-debt ratio improved to 188.9% as of June 30, 2024, down from 210.0% at the end of 2023[45] - The group received a first-time long-term issuer default rating of "BBB" and a first-time shareholder support rating of "bbb" from Fitch, with a stable outlook[46] Business Strategy and Innovation - The group continues to enhance its wealth management business transformation and expand customer resources and diversified income sources[46] - The group aims to strengthen its leading position in the bond underwriting market and capitalize on new opportunities in equity financing[46] - The group is focused on deepening business innovation and promoting the development of derivative business[46]

Financial Performance - For the year ended December 31, 2023, the group's revenue from brokerage services, corporate finance services, asset management services, guarantee financing services, and financial products and investment experienced year-on-year declines of 29.63%, 10.68%, and 23.76%, while guarantee financing services increased by 0.56% and financial products and investment surged by 7,265.53%[7] - Commission and fee income from brokerage services decreased by 29.6% to HKD 111,040,955 compared to HKD 157,800,167 in the previous year[147] - Corporate finance service commission and advisory fee income fell by 10.7% to HKD 40,833,714 from HKD 45,709,535[147] - Asset management service management and advisory fee income declined by 23.7% to HKD 15,023,082 from HKD 19,700,817[147] - Total revenue increased by 110.6% to HKD 543,354,617 from HKD 258,004,188[147] - Net profit for the year was HKD 54,564,283, a turnaround from a loss of HKD 297,402,416 in the previous year, representing a 118.3% improvement[147] - Basic earnings per share improved to HKD 0.0136 from a loss of HKD 0.0744, marking a 118.3% increase[147] - Total revenue for 2023 was HKD 543,355,000, a decrease from HKD 636,371,000 in 2021 and HKD 12,472,181,000 in 2022[156] - The net profit for 2023 was HKD 40,094,000, showing a significant recovery from the losses in previous years[156] Asset Management and Financial Position - As of December 31, 2023, the group managed 30 asset management products with a total management scale of HKD 6,200 million, and the flagship fixed income product achieved a return of 25.2% since inception[14] - The total equity attributable to ordinary shareholders increased to HKD 3,123.94 million as of December 31, 2023, compared to HKD 2,994.88 million at the end of the previous year[18] - Total assets grew by 32.7% to HKD 16,552,022,975 from HKD 12,472,181,491[152] - The return on equity for the year was 1.8%, up from a negative 9.4% in the previous year, reflecting an improvement of 11.2%[152] - The capital-to-debt ratio increased to 210.0% from 126.1%, showing an increase of 83.9%[152] - The net debt-to-equity ratio rose to 164.1% from 58.5%, indicating a significant increase of 105.6%[152] Liquidity and Risk Management - The group's net cash outflow for the year was HKD 811.80 million, a significant improvement from a net outflow of HKD 2,755.01 million in the previous year, with a bank balance of HKD 1,892.15 million as of December 31, 2023[17] - The group aims to enhance liquidity reserve management capabilities by establishing a funding center and launching innovative projects such as the first private ECP note in Hong Kong[3] - The group continues to strengthen liquidity risk management and ensure compliance with regulatory requirements, maintaining a good overall liquidity position[9] - The company is committed to enhancing its risk management and internal control systems to protect shareholder interests and assets[180] - The company maintains a neutral and stable risk preference while strengthening its compliance and risk control systems[186] Corporate Governance and Compliance - The company has confirmed compliance with relevant pricing policies and guidelines for transactions as of November 30, 2021[61] - The company’s independent non-executive directors have confirmed their independence in accordance with the listing rules[47] - The company has established a remuneration committee in accordance with the listing rules and corporate governance code[121] - The company has adopted a code of conduct for securities trading by directors, ensuring compliance with the standard code[113] - The audit committee approved the annual audit plan for the year, ensuring compliance with regulatory requirements[159] - The independent non-executive directors have reviewed and confirmed that the controlling shareholders have complied with the non-competition agreement[96] Strategic Focus and Future Plans - The group plans to continue its focus on innovation and internationalization, aiming for sustainable growth and stable profitability while adhering to compliance and risk management principles[5] - The company plans to continue its market expansion and product development strategies in the upcoming fiscal year[180] - The nomination committee will consider candidates' skills, experience, and diversity when recommending board members[171] - The company is committed to improving its ESG management capabilities and actively responding to national "dual carbon" initiatives[185] Environmental and Social Responsibility - The group received a management-level rating of "B-" in the 2023 Climate Change Rating by the Global Environmental Information Research Center (CDP)[10] - The company emphasizes the importance of energy conservation and environmental protection, promoting digital documentation and reducing paper waste[100] - The company participated in the issuance of green bonds for 16 enterprises, enhancing its engagement in green finance initiatives[185] Miscellaneous - The company made charitable donations of approximately HKD 10,000 in the current year, down from HKD 19,600 in 2022[65] - The company has not purchased, sold, or redeemed any of its listed securities during the year[66] - The company has arranged appropriate directors and officers liability insurance to protect against legal liabilities incurred while performing their duties[67] - The company has maintained a public float of at least 25% of its issued shares as of December 31, 2023[68] - The financial statements for the year have been audited by KPMG[69] - The company has entered into a financing agreement with a bank for a revolving loan facility of up to HKD 300,000,000 on May 23, 2023[87] - A subsequent financing agreement was established on November 16, 2023, for a revolving loan facility of up to USD 35,000,000[88] - The company has entered into a supplementary service agreement with a related party to provide various services, including logistics management and IT consulting[91] - The company has agreed to provide investment management services to 兴业证券集团 with a proposed maximum amount of HKD 37 million, HKD 75 million, and HKD 112 million for the years ending December 31, 2022, 2023, and 2024 respectively[92] - The company will also provide investment advisory services to 兴业证券集团 with a proposed maximum amount of HKD 20 million, HKD 26 million, and HKD 30 million for the same three years[92]

Financial Performance - The pre-tax profit for 2023 was HKD 73,157,762, a significant recovery from a loss of HKD 305,283,511 in 2022[8] - The company reported a basic earnings per share of HKD 13.64 for 2023, recovering from a loss of HKD 74.35 per share in 2022[8] - The net profit for 2023 was HKD 54,564,283, a turnaround from a loss of HKD 297,402,416 in 2022[44] - The total comprehensive income for 2023 amounted to HKD 129,064,496, compared to a loss of HKD 392,320,270 in 2022[44] - Total revenue for 2023 reached HKD 543,354,617, a significant increase from HKD 258,004,188 in 2022, representing a growth of approximately 110.5%[43] Revenue Breakdown - Commission and fee income decreased to HKD 166,897,751 in 2023 from HKD 223,210,519 in 2022, a decline of about 25.2%[43] - Interest income surged to HKD 121,850,597 in 2023, compared to HKD 49,393,205 in 2022, marking an increase of approximately 146.3%[43] - The total amount raised in the primary market for Hong Kong equity fundraising was HKD 150.7 billion, a significant decrease of 40.70% year-on-year[137] - The average daily trading volume in the secondary market for Hong Kong stocks was HKD 105 billion, reflecting a year-on-year decline of 15.93%[137] Assets and Liabilities - The company's total assets increased to HKD 15,957,305,356 in 2023 from HKD 11,928,645,856 in 2022, reflecting a growth of approximately 33.4%[35] - Total liabilities rose to HKD 11,521,766,372 in 2023, up from HKD 6,397,295,638 in 2022, indicating an increase of about 80.5%[35] - The net asset value for 2023 was HKD 4,435,538,984, down from HKD 5,531,350,218 in 2022, a decrease of approximately 19.8%[35] - The group's total assets grew by 32.71% to HKD 16,552.02 million as of December 31, 2023, compared to HKD 12,472.18 million in the previous year[177] - The group's total liabilities increased by 46.60% to HKD 12,428.08 million as of December 31, 2023, up from HKD 8,477.30 million in the previous year[177] Employee Costs - Employee costs increased to HKD 196,919,115 in 2023 from HKD 160,103,290 in 2022, reflecting a rise of approximately 23%[1] - As of December 31, 2023, the group employed 230 full-time employees, an increase from 193 employees in the previous year, with total compensation amounting to HKD 196.92 million, up from HKD 160.10 million[183] Impairment and Losses - The impairment loss on collateralized margin loans decreased dramatically to HKD 6,417,671 in 2023 from HKD 81,936,022 in 2022, indicating a reduction of about 92%[4] - The company reported a financial asset impairment loss of HKD 8,416,652 in 2023, a significant reduction from HKD 82,462,673 in 2022[43] - The group recorded a pre-tax loss of HKD 305,283,511 for the year, with significant losses in various segments including asset management and financial products[75] Taxation - The tax expense for 2023 was HKD 18,593,479, compared to a tax credit of HKD 7,881,095 in 2022, indicating a turnaround in tax position[8] - The company reported a current year Hong Kong profits tax of HKD 5,972,862, a substantial increase from HKD 19,354 in the previous year[23] - Deferred tax for the current year amounted to HKD 12,660,544, compared to a negative HKD 11,874,070 in the previous year, indicating a significant turnaround[23] Risk Management - The company aims to strictly control outstanding receivables and monitor credit risk to mitigate potential losses[12] - The group has established a comprehensive risk management structure involving the board, management, and risk management committees to oversee and guide risk management efforts[187] - The group has implemented strict liquidity management measures, including daily monitoring reports and liquidity stress tests, to ensure compliance with capital requirements[192] - The group has developed policies to monitor and control market risks associated with new transactions and business launches[193] Strategic Initiatives - The company plans to offset certain accounts receivable and payable when it has legal rights to do so, indicating a strategic approach to managing its financial position[18] - The group will continue to enhance its professional development and improve profitability through wealth management business transformation and optimizing customer and revenue structure[180] - The group aims to maintain growth in its debt financing business by focusing on high-quality project issuances and enhancing its underwriting ranking[180] - The group continues to focus on enhancing its asset management capabilities and expanding its product offerings[180] Dividends - The company did not recommend any final dividend for the year ended December 31, 2023, consistent with the previous year[104] - The group has not proposed any final dividends for the year ending December 31, 2023[200]

Financial Performance - For the six months ended June 30, 2023, the company recorded sponsorship fee income of HKD 3.34 million, a year-on-year increase of 102.42% from HKD 1.65 million in 2022[15]. - The company achieved a profit of HKD 140.32 million from financial products and investments, compared to a loss of HKD 22.99 million in 2022, representing a year-on-year growth of 710.35%[16]. - For the six months ending June 30, 2023, the company reported total revenue of HKD 251,335,997, with brokerage commission and fee income contributing HKD 63,864,439 and interest income contributing HKD 46,076,263[68]. - Total revenue for the six months ended June 30, 2023, was HKD 251,335,997, compared to HKD 93,195,343 for the same period in 2022, indicating a significant increase[89]. - The company reported a profit attributable to ordinary shareholders of HKD 62,193,981 for the six months ended June 30, 2023, compared to a loss of HKD 198,345,423 for the same period in 2022, indicating a significant turnaround in performance[96]. - The pre-tax profit for the period was HKD 74,893,259, reflecting the overall performance across various segments[68]. - The total comprehensive income for the period was HKD 85,113,973, a recovery from a total comprehensive loss of HKD 206,170,874 in the same period last year[120]. Cash Flow and Liquidity - The company's net cash outflow for the six months ended June 30, 2023, was HKD 635.41 million, significantly improved from a net outflow of HKD 2,755.01 million as of December 31, 2022[19]. - The company reported a net cash inflow from operating activities of HKD 12,299,366 for the six months ended June 30, 2023, compared to a net cash outflow of HKD 862,795,844 in the previous year[154]. - The financing activities resulted in a net cash inflow of HKD 641,715,960, contrasting with a net cash outflow of HKD 112,141,494 in the prior year[154]. - The company is committed to maintaining strict liquidity management measures, including daily monitoring and future cash flow forecasting[47]. - The liquidity risk management framework is in place to identify, monitor, and mitigate potential liquidity risks, ensuring compliance with applicable legal requirements[46]. Assets and Liabilities - As of June 30, 2023, total liabilities increased by 28.80% to HKD 10,918.54 million from HKD 8,477.30 million as of December 31, 2022[18]. - Current assets increased from HKD 11,928,645,856 as of December 31, 2022, to HKD 14,555,848,751 as of June 30, 2023, representing an increase of about 22.0%[108]. - Total liabilities rose from HKD 6,397,295,638 as of December 31, 2022, to HKD 10,002,511,805 as of June 30, 2023, marking an increase of approximately 56.0%[109]. - The company's total equity as of June 30, 2023, was HKD 4,079,991,675, reflecting a decrease from HKD 3,994,877,702 at the beginning of the year[150]. - The total assets amounted to HKD 4,688,437,943, an increase from HKD 2,843,382,488 as of December 31, 2022, representing a growth of approximately 64.7%[170]. Investment and Financing Activities - The company adopted a conservative investment strategy, primarily allocating to investment-grade bonds and maintaining a short to medium duration position[16]. - The company is actively exploring and broadening its financing channels, including bank loans and bond issuance, to meet its financing needs[47]. - The company secured a non-committal revolving loan facility of up to HKD 300 million on October 21, 2022, and up to USD 30 million on June 13, 2023, with a requirement to maintain at least 51% equity ownership[38][39]. - The company extracted HKD 1,750,000,000 from a total bank credit facility of HKD 7,437,000,000 as of June 30, 2023, compared to HKD 1,000,000,000 extracted from HKD 8,316,000,000 as of December 31, 2022[192]. Compliance and Risk Management - The company has established a compliance management policy to ensure adherence to regulatory requirements and promote a strong compliance culture[50]. - The company continues to enhance its reputation risk management system, ensuring no significant reputation risk events occurred during the reporting period[31]. Market Position and Recognition - The company was officially included in the MSCI Hong Kong Micro Cap Index on May 31, 2023[11]. - The company ranked 18th among Chinese brokers in total equity financing amount, including stock underwriting, with a total of USD 1.24 million[15]. - The Hong Kong Stock Exchange launched a dual counter model for HKD and RMB, which is expected to strengthen Hong Kong's position as an offshore RMB center[10].