HANG TAI YUE GP(08081)

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恒泰裕集团(08081) - 2023 Q1 - 季度财报
2023-05-12 13:40
Financial Performance - The Group reported a revenue of HK$20,042,000 for the three months ended March 31, 2023, a decrease of 65.8% compared to HK$58,603,000 in the same period of 2022[6]. - The Group incurred a loss of approximately HK$11,096,000 for the period, a significant decline from a profit of approximately HK$3,566,000 in the prior year, primarily due to a change in share of results from associates[18]. - Total comprehensive income for the period was HK$19,984,000, compared to a total comprehensive loss of HK$15,683,000 in the same period of 2022[6]. - The loss attributable to shareholders for the period was HK$11,045,000, compared to earnings of HK$3,994,000 in the same period of 2022[152]. - Basic and diluted loss per share for the period was HK$0.21, compared to earnings of HK$0.07 per share in the same period of 2022[144]. Revenue Sources - Revenue from contracts with customers, including hospitality services and food and beverage sales, totaled HK$18,911,000, down 67.2% from HK$57,579,000 in the previous year[147]. - The Group's lending business generated interest income of approximately HKD 1,131,000 for the three months ended March 31, 2023, compared to HKD 1,024,000 in the same period of 2022, reflecting an increase due to a rise in loans issued[32]. - The Group's two platforms, providing micro-lending services and healthcare information, generated approximately HKD 24,000 in revenue for the three months ended March 31, 2023, compared to zero in the same period of 2022[29]. - Revenue from the network media services segment significantly decreased to approximately HK$24,000 from HK$42,788,000 in 2022, primarily due to the Walletku Disposal[163]. - Revenue from the hospitality and related services segment in Australia was approximately HK$18,887,000, an increase of approximately HK$4,096,000 or approximately 27.69% compared to HK$14,791,000 in 2022[160]. Investments and Partnerships - The Group has partnered with Endota Spa to provide day spa services, which is expected to enhance revenue through a percentage of the revenue generated by the Spa Partner[21]. - A new "Wellness Retreat" product/service was launched in collaboration with Endota Spa, featuring wellness packages that include nutrition and calming activities[21]. - The Group intends to maintain its investment portfolio unless there are changes in investment strategy or opportunities to realize existing investments arise[33]. - The Group's overall strategy includes optimizing returns from its investment portfolios and creating value for shareholders[33]. - Dynamic Indonesia Holdings issued a total of 2,000 subscription shares to the first subscriber for a total subscription price of USD 400,000, resulting in ownership stakes of approximately 55.65% and 44.35% for the first and second subscribers, respectively[28]. Operational Highlights - The Group's administrative expenses were HK$24,460,000, slightly higher than HK$24,181,000 in the same period of 2022, reflecting ongoing operational costs[6]. - The Group's hospitality business is focused on providing integrated resort-based travel experiences, including event hosting and dining services[45]. - Balgownie's occupancy rate improved to approximately 80% for the three months ended 31 March 2023, up from 77% in the same period in 2022[47]. - The new restaurant at Balgownie began accepting bookings in February 2022, with a maximum capacity of approximately 270 customers, aimed at enhancing the dining experience and expanding income streams through banquet services[45]. - The Group plans to regularly review and enhance Balgownie's products, services, and interior design to maintain market competitiveness[162]. Legal and Compliance - The Audit Committee reviewed the Group's unaudited condensed consolidated results for the three months ended March 31, 2023, ensuring compliance with applicable accounting standards and GEM Listing Rules[90]. - The Group's entities operating in Hong Kong are subject to a profits tax rate of 16.5%, with no provision made for the current period due to sufficient tax losses carried forward[149]. - The Group has not early adopted any new and revised HKFRSs that have been issued but are not yet effective[146]. - The company has complied with the Corporate Governance Code during the three months ended March 31, 2023[117]. - The company has adopted a code of conduct regarding Directors' securities transactions, with no reported non-compliance during the review period[116]. Future Outlook - The Group's future outlook remains uncertain, heavily influenced by the development of the pandemic and global economic conditions[66]. - The stabilization of the global pandemic situation and the recovery of the labor market are expected to boost domestic consumption demand[66]. - Positive effects on consumption demand may be offset by declines in general asset prices due to quantitative tightening measures and uncertainties from recent economic turmoil and the Russo-Ukrainian War[66]. - The Group will continue to implement its business plans and strategies to enhance existing businesses, aiming for sustainable value creation and investment returns for shareholders[95]. - The Group's management expects continued improvement in the resort's business for the second quarter of 2023[162].
恒泰裕集团(08081) - 2023 Q1 - 季度业绩
2023-05-12 13:37
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佈之內容概不負 責,對其準確性或完整性亦不發表任何聲明,並明確表示概不就因本公佈全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 (於開曼群島註冊成立並於百慕達存續之有限公司) (股份代號:8081) 二零二三年第一季度業績公佈 恆泰裕集團控股有限公司(「本公司」,連同其附屬公司稱為「本集團」)董事(「董事」) 會(「董事會」)欣然公佈本集團截至二零二三年三月三十一日止三個月之未經審 核業績。本公佈載有本公司二零二三年第一季度報告全文,乃符合香港聯合交 易所有限公司GEM證券上市規則(「GEM上市規則」)中有關第一季度業績初步公 佈之附載資料。 代表董事會 恆泰裕集團控股有限公司 主席 吳廷浩 香港,二零二三年五月十二日 於本公佈日期,董事會成員包括(i)一名非執行董事,即吳廷浩先生;(ii)兩名執 ...
恒泰裕集团(08081) - 2022 - 年度财报
2023-03-31 09:07
Revenue Generation - The Group generated approximately HK$16,005,000 in revenue from providing administrative and management services to its associate company, Hong Kong Health Check and Medical Diagnostic Centre Limited, during the year ended December 31, 2022[12]. - The Group recorded revenue of approximately HK$134,373,000 for the year ended 31 December 2022, a decrease of 93% compared to HK$1,799,501,000 in 2021 due to the disposal of its entire interest in Concord-Linked Limited and the deemed disposal of Dynamic Indonesia Holdings Limited[26]. - The Group recorded a revenue of approximately HK$63,834,000 in the hospitality and related services segment in Australia for the year, an increase from HK$37,457,000 in 2021[76]. - Revenue from Balgownie improved to approximately HK$63,834,000, up from HK$30,898,000 in 2021, primarily due to the relaxation of COVID-19 restrictions[76]. - Luck Key Group's revenue for the year amounted to approximately HK$410,754,000, representing an increase of approximately 33% compared to HK$308,956,000 in 2021[195]. Profit and Loss - The Group recognized a net gain on disposal of subsidiaries of approximately HK$26,907,000 for the year ended December 31, 2022, following the completion of the first tranche of a subscription agreement[16]. - The profit for the year ended 31 December 2022 was approximately HK$9,925,000, slightly down from HK$10,841,000 in 2021[26]. - The Group recorded a segment loss from its assets investment business of approximately HK$1,856,000 for the year ended December 31, 2022, compared to a segment profit of HK$9,739,000 in 2021[181]. - Profit attributable to shareholders for the year was approximately HK$29,576,000, a decrease from HK$49,707,000 in 2021[195]. Business Activities and Strategy - The Group's principal activities include mobile internet business, hospitality services in Australia, money lending, and asset investments[14]. - The Group's strategic focus includes leveraging partnerships to attract new customers in both leisure and corporate segments[11]. - The Group continues to adopt a diversified business development strategy despite the significant revenue decline[26]. - The Group's strategy includes potential market expansion through the development of new products and services in the digital finance sector[17]. - The Group plans to regularly review and refine its products and services to remain competitive in the market[88]. Hospitality and Wellness Services - The Group launched a new "Wellness Retreat" product/service in partnership with Endota Spa, which includes wellness packages and experiences such as nutrition, meditation, yoga, and pilates[11]. - The new restaurant at Balgownie reached a maximum capacity of approximately 270 customers, allowing the Group to provide banquet services and broaden its income stream[11]. - The Group aims to brand Balgownie as an integrated resort destination for travel and event hosting[11]. - The Group expects to launch holistic or alternative healing spa experiences in 2023, subject to approval from medical practitioners[11]. - Balgownie opened a new day spa in partnership with a Spa Partner, which is expected to generate additional income through rental and product sales[36]. Market Conditions and Recovery - The occupancy rate of Balgownie improved to approximately 75% in the year under review, up from approximately 44% in 2021[27]. - The Group's revenue from the hospitality business segment improved due to the gradual relaxation of COVID-19 restrictions by the Victorian Government[27]. - The Group's revenue from the hospitality sector is expected to improve as restrictions continue to ease and consumer confidence returns[51]. - The Group anticipates continued improvement in business conditions due to strong domestic tourism demand following the government's declaration of the end of the pandemic[137]. Legal and Financial Obligations - The Group is required to transfer 45,779,220 shares of Jixiang to LEO and assist with the acquisition and cancellation of these shares[95]. - The Group must pay LEO cash compensation of RMB9,626,612.92 and damages calculated as 9,626,612.92 x 3.85%/365 x B, where B is the number of days from December 4, 2019, to the date of full payment[95]. - The Group's financial position is under scrutiny due to the inability to settle the Arbitral Awards, raising concerns about its solvency[104]. - The Group's borrowing facilities were secured by freehold land and buildings valued at approximately HK$85,450,000 and financial assets at FVTOCI valued at approximately HK$91,701,000[119]. Investment and Asset Management - The Group's financial assets at FVTOCI decreased from approximately HK$137,978,000 in 2021 to HK$91,701,000 in 2022[119]. - The Group's significant securities investments as of December 31, 2022, included 45,779,220 shares in LEO, representing 0.68% of total assets, with a fair value of HK$91,701,000[184]. - The investment in World Biotech had a fair value of HK$49,455,000, representing 8.3% of total assets, with an unrealized gain of approximately HK$175,000[184]. - The Group completed the sale of 159,720 series B shares of Heals Healthcare (Asia) Limited for US$5,120,623 (approximately HK$39,838,000), representing a 7.69% equity interest[181]. Credit and Lending Operations - The Group's lending business is regulated under the Money Lenders Ordinance (Cap. 163) in Hong Kong, ensuring compliance with local laws[138]. - The Group's credit committee consists of two executive directors, ensuring that loan applications undergo thorough credit assessments before final approval[142]. - The Group's credit assessment process includes verification of identity, income, assets, and credit history[171]. - The Group's loan terms are influenced by prevailing interest rates, borrower backgrounds, and payment records[146]. Future Outlook and Strategic Goals - The Group's focus for 2023 includes maintaining operational resilience, remaining competitive, and exploring new opportunities amid geopolitical and macroeconomic uncertainties[198]. - The Group aims to enhance competitiveness and create long-term value through sustainable business strategies and operational plans[199]. - The Group is committed to supporting market and community prosperity and sustainability while implementing strategic plans[200].
恒泰裕集团(08081) - 2022 - 年度业绩
2023-03-27 14:56
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佈之內容概不負責,對其準確 性或完整性亦不發表任何聲明,並明確表示概不就因本公佈全部或任何部分內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 (於開曼群島註冊成立並於百慕達存續之有限公司) 8081 (股份代號: ) 截至二零二二年十二月三十一日止年度 全年業績公佈 恆泰裕集團控股有限公司(「本公司」,連同其附屬公司稱為「本集團」)董事(「董事」)會(「董事 會」)欣然公佈本集團截至二零二二年十二月三十一日止年度之全年業績。本公佈載有本公司 GEM GEM 二零二二年年度報告全文,乃符合香港聯合交易所有限公司 證券上市規則(「 上市規 則」)中有關全年業績初步公佈附載資料之相關要求。 承董事會命 恆泰裕集團控股有限公司 主席 吳廷浩 ...
恒泰裕集团(08081) - 2022 Q3 - 季度财报
2022-11-11 09:30
恆 泰 裕 集 團 控 股 有 限 公 司 HANG TAI YUE GROUP HOLDINGS LIMITED (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (於開曼群島註冊成立並於百慕達存續之有限公司) (Stock Code 股份代號: 8081) THIRD QUARTERLY REPORT ■ 第三季度報告 2022 ○ CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED ("STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospe ...
恒泰裕集团(08081) - 2022 - 中期财报
2022-08-12 12:05
Financial Performance - The Group reported revenue of HK$100,041,000 for the six months ended June 30, 2022, a decrease of 88.3% compared to HK$856,632,000 in the same period of 2021[10]. - The profit before tax for the six months ended June 30, 2022, was HK$12,409,000, compared to a loss of HK$64,501,000 in the same period of 2021[10]. - The Group's total comprehensive income for the period attributable to shareholders was a loss of HK$16,883,000, compared to a loss of HK$99,438,000 in the same period of 2021[12]. - Basic earnings per share for the six months ended June 30, 2022, was HK$0.24, compared to a loss of HK$0.85 in the same period of 2021[12]. - For the six months ended June 30, 2022, the company reported a profit attributable to shareholders of HK$12,885,000, compared to a loss of HK$45,532,000 in the same period of 2021[63]. - The Group reported a profit of approximately HK$12,409,000 for the six months ended 30 June 2022, a turnaround from a loss of approximately HK$64,501,000 in 2021[129]. Revenue Breakdown - The mobile internet business generated revenue of HK$67,888,000 for the six months ended June 30, 2022, compared to HK$827,972,000 in 2021, reflecting a decrease of about 91.8%[44]. - The hospitality and related services segment in Australia reported revenue of HK$30,645,000 for the first half of 2022, down from HK$25,115,000 in 2021, indicating an increase of approximately 22.5%[43]. - The lending business generated revenue of HK$1,508,000 in the first half of 2022, a decrease from HK$3,545,000 in the same period of 2021, representing a decline of about 57.5%[48]. - Revenue from the mobile internet business segment decreased by approximately 92% to HK$67,888,000, down from HK$827,972,000 in 2021[130]. - The Group recorded revenue of approximately HK$30,645,000 from its hospitality and related services in Australia, an increase from HK$25,115,000 in 2021[158]. Expenses and Costs - The Group's administrative expenses for the six months ended June 30, 2022, were HK$53,800,000, down from HK$139,040,000 in the same period of 2021[10]. - The total depreciation and amortization for the period was HK$5,803,000, compared to HK$30,306,000 in the same period of 2021, indicating a significant reduction in expenses[44]. - The cost of sales for the six months ended June 30, 2022, was HK$70,822,000, significantly higher than HK$2,961,000 in 2021, indicating a substantial increase in inventory costs[51]. - Staff costs, including directors' emoluments, amounted to HK$23,003,000 for the six months ended June 30, 2022, compared to HK$623,064,000 in 2021, reflecting a decrease in overall employee expenses[51]. Cash Flow and Liquidity - Net cash flow from operating activities for the six months ended June 30, 2022, was HK$19,853,000, compared to a cash outflow of HK$14,883,000 in the same period of 2021[22]. - The net increase in cash and cash equivalents for the period was HK$21,588,000, compared to a decrease of HK$13,082,000 in the same period of 2021[25]. - Cash and cash equivalents at the end of the period amounted to HK$34,762,000, down from HK$73,698,000 at the end of the previous year[27]. - The Group reported net current liabilities of approximately HK$7,267,000 as of June 30, 2022, but continues to operate as a going concern due to ongoing financial support from a substantial shareholder[29]. Assets and Liabilities - Total non-current assets decreased from HK$399,281,000 as of December 31, 2021, to HK$372,419,000 as of June 30, 2022, representing a decline of approximately 6.7%[14]. - Current assets decreased from HK$258,613,000 as of December 31, 2021, to HK$219,740,000 as of June 30, 2022, a reduction of about 15%[14]. - Total current liabilities decreased from HK$277,300,000 as of December 31, 2021, to HK$227,007,000 as of June 30, 2022, indicating a decline of approximately 18.2%[16]. - Net assets decreased from HK$317,811,000 as of December 31, 2021, to HK$305,651,000 as of June 30, 2022, reflecting a decline of about 3.8%[16]. - The Group's interest-bearing bank borrowings decreased from HK$40,710,000 on December 31, 2021, to HK$38,017,000 on June 30, 2022, reflecting a reduction in debt levels[100]. Investments and Financial Assets - The Group's investments in listed equity securities at FVTOCI amounted to approximately HK$104,025,000, a decrease of 24.6% from HK$137,978,000 as of December 31, 2021[74]. - The Group's total financial assets at FVTPL increased to HK$103,743,000 as of June 30, 2022, from HK$89,051,000 as of December 31, 2021, marking a rise of 16.3%[74]. - The Group's unlisted investments at fair value remained stable at approximately HK$79,971,000 as of June 30, 2022, compared to HK$79,456,000 as of December 31, 2021[74]. - The Group's investment in Heals Healthcare (Asia) Limited, representing approximately 7.69% equity interest, had an investment cost of approximately HK$38,962,000 and a fair value of approximately HK$39,205,000 as of June 30, 2022[188]. Strategic Outlook and Future Plans - The company aims to enhance its market presence through the expansion of its hospitality services in Australia and the development of its mobile internet business[49]. - Future strategies include focusing on improving operational efficiency and exploring potential mergers and acquisitions to strengthen market position[49]. - The Group plans to launch a new "Wellness Retreat" product/service in September 2022, which will include holistic healing, nutrition, and calming activities[145]. - The Group's future outlook includes potential expansion in the digital wallet and e-commerce sectors in Indonesia through Dynamic Indonesia Holdings[138]. Segment Performance - The Group has four reportable operating segments: mobile internet business, hospitality services in Australia, money lending business, and assets investments business[36]. - The Group's hospitality business in Australia operated through the Balgownie Estate Vineyard Resort & Spa Yarra Valley during the review period[139]. - Balgownie’s revenue rose to approximately HKD 30,645,000, up from HKD 18,404,000 in 2021, primarily due to the gradual easing of restrictions by the Victorian Government[158]. Challenges and Market Conditions - The Group's mobile internet business faced challenges due to the forced sale of its subsidiary, impacting revenue significantly[132]. - Balgownie was forced to close for a total of 120 days in 2021 due to lockdowns, significantly impacting the Group's performance in the hospitality sector[163]. - Consumer confidence was impacted in January 2022, leading to cancellations of room bookings and corporate events at Balgownie[164].
恒泰裕集团(08081) - 2022 Q1 - 季度财报
2022-05-13 12:00
恆泰裕集團控股有限公司 HANG TAI YUE GROUP HOLDINGS LIMITED (Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (於開曼群島註冊成立並於百慕達存續之有限公司) (Stock Code 股份代號: 8081) FIRST QUARTERLY REPORT 季度報告 2022 第一 H CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective i ...
恒泰裕集团(08081) - 2021 - 年度财报
2022-04-26 09:22
Financial Performance - Hang Tai Yue Group Holdings Limited reported a significant increase in revenue, achieving a total of HKD 150 million, representing a growth of 25% compared to the previous year[11]. - The Group recorded revenue of approximately HK$1,799,501,000 for the year ended 31 December 2021, representing a 71% increase compared to HK$1,050,847,000 in 2020[18]. - Profit attributable to shareholders was approximately HK$55,699,000, a significant recovery from a loss of approximately HK$72,697,000 in 2020[18]. - The Group reported a profit of approximately HK$10,841,000 for the year ended 31 December 2021, a turnaround from a loss of approximately HK$104,436,000 in 2020, primarily due to a 64% increase in revenue from approximately HK$109,966,000 in 2020 to approximately HK$180,762,000 in 2021[46]. - Revenue from the mobile internet cultural business and IT services reached approximately HK$1,755,272,000 in 2021, representing a growth of approximately 73% compared to HK$1,014,554,000 in 2020[46]. Market Expansion and Strategy - Future outlook indicates a projected revenue growth of 30% for the next fiscal year, driven by new product launches and market expansion strategies[11]. - The company plans to enter two new markets in Southeast Asia by the end of the next fiscal year, aiming to capture an additional 10% market share[11]. - A strategic acquisition of a local competitor is under consideration, which could potentially increase market presence by 20%[11]. - The Group aims to leverage its competitive advantages to enhance existing businesses and create value for shareholders[40]. - The Group plans to expand its Walletku payment application and e-commerce platform in Indonesia, capitalizing on the country's large unbanked population and growing smartphone penetration[175]. Operational Improvements - Investment in research and development increased by 15%, focusing on innovative technologies to enhance product offerings[11]. - The gross profit margin improved to 35%, up from 30% in the previous year, reflecting better cost management and pricing strategies[11]. - The company has set a target to reduce operational costs by 10% through efficiency improvements in the supply chain[11]. - The Group aims to maintain operational resilience and explore new opportunities amid geopolitical and macroeconomic uncertainties[179]. Customer Engagement and Retention - The company’s user base expanded to 500,000 active users, marking a 40% increase year-over-year[11]. - Customer retention rate reached 85%, indicating strong brand loyalty and satisfaction among users[11]. Impact of COVID-19 - The Group's hospitality services in Australia were impacted by COVID-19, with Balgownie remaining open for most of the year despite several lockdowns[26]. - The Group's resorts were closed for several periods due to COVID-19, but Balgownie remained open for most of 2021, contributing to improved revenue[87]. - The ongoing pandemic situation has necessitated the implementation of new strategies to adapt to changing market conditions and consumer behavior[104]. Financial Health and Assets - As of December 31, 2021, the Group's total assets were approximately HK$657,894,000, a decrease from HK$1,134,050,000 in 2020[181]. - The Group's cash and cash equivalents were approximately HK$10,839,000, down from HK$89,480,000 in 2020[181]. - The Group's borrowings repayable within one year were approximately HK$86,827,000, significantly reduced from HK$277,205,000 in 2020[181]. - The gearing ratio improved to 0.52 times as of December 31, 2021, compared to 0.77 times in 2020[185]. - The net debt-to-equity capital ratio decreased to 0.80 times from 2.36 times in 2020[185]. Investment and Asset Management - The Group's investment strategy includes monitoring loan repayments and engaging legal advisers if necessary for recovery of loans[127]. - The Group's internal control procedures ensure that loans are only granted to borrowers with sound credit history and sufficient collateral[127]. - The Group plans to maintain its existing investment portfolio unless there are changes in investment strategy or opportunities to realize existing investments arise[165]. New Product Development - Plans for launching a new product line in Q3 2022 are underway, expected to contribute an additional HKD 50 million in revenue[11]. - The group plans to launch a new "Wellness Retreat" product/service in partnership with Endota Spa by the end of Q2 2022, targeting leisure and corporate segments[73]. - The new wellness offerings will include comprehensive treatments, healthy dining options, and mindfulness activities, aimed at attracting more customers[75]. Challenges and Adjustments - The Group faced a significant decline in bookings across Victoria due to ongoing restrictions, leading to underperformance in hospitality services for the financial years ended December 31, 2020, and 2021[104]. - The Group incurred significant human resources costs to retain and recruit IT professionals due to strong market demand, which outpaced revenue growth[52]. - The Group's operations were affected by the fluctuating restrictions, with multiple closures and reopenings throughout 2020 and 2021[104].
恒泰裕集团(08081) - 2021 Q3 - 季度财报
2021-11-12 08:33
(Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (於開曼群島註冊成立並於百慕達存續之有限公司) (Stock Code 股份代號: 8081) THIRD QUARTERLY REPORT 第三季度報告 2021 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of ...
恒泰裕集团(08081) - 2021 - 中期财报
2021-08-13 08:55
(Incorporated in the Cayman Islands and continued in Bermuda with limited liability) (於開曼群島註冊成立並於百慕達存續之有限公司) (Stock Code 股份代號: 8081) INTERIM REPORT 中期報告 2021 Chairman CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of i ...