Financial Performance - For the period ending June 30, 2020, Cornerstone Financial Holdings Limited reported total revenue of approximately HKD 26,000,000 and a net loss attributable to shareholders of approximately HKD 15,000,000[5]. - Revenue from continuing operations for the six months ended June 30, 2020, was approximately HKD 26,200,000, a decrease of about 46% compared to the same period last year[24]. - The group recorded a loss attributable to equity holders of approximately HKD 14,800,000 for the six months ended June 30, 2020, compared to a loss of approximately HKD 1,300,000 in the same period last year[27]. - The total comprehensive loss for the period was HKD 15,654,544, compared to a comprehensive income of HKD 370,092 in the previous year[44]. - The company reported a loss from continuing operations of HKD 14,829,295 for the six months ended June 30, 2020, compared to a profit of HKD 36,597 in 2019[44]. - The total comprehensive loss for the period was HKD (15,615,737) for the six months ended June 30, 2020, compared to a total comprehensive loss of HKD (1,527,682) in the same period of 2019[54]. - The company reported a pre-tax loss of HKD 14,040,295 for the six months ended June 30, 2020, compared to a profit of HKD 734,597 in the same period of 2019[82]. - The company reported a loss attributable to owners of the parent of HKD 14,789,652 for the six months ended June 30, 2020, compared to a loss of HKD 1,310,995 for the same period in 2019, indicating a significant increase in losses[101]. Revenue Breakdown - For the six months ended June 30, 2020, total revenue was HKD 26,238,516, with advertising and media contributing HKD 19,501,599 and financial services contributing HKD 6,736,917[75]. - The geographical revenue breakdown shows that Hong Kong generated HKD 16,542,980 and Singapore HKD 9,695,536 for the six months ended June 30, 2020[85]. - Revenue from customer contracts for the six months ended June 30, 2020, was HKD 19,607,835, down from HKD 41,480,379 in 2019, representing a decline of 52.8%[90]. - The company's segment performance showed a significant drop in advertising and media revenue, which was HKD 9,941,286 for the six months ended June 30, 2020, compared to HKD 17,108,536 in 2019, a decline of 42.5%[93]. Financial Position - As of June 30, 2020, the group's current assets net value was approximately HKD 205,000,000, down from HKD 219,000,000 as of December 31, 2019[28]. - The company's net asset value decreased to HKD 228,575,338 from HKD 244,229,882 at the end of 2019, representing a decline of 6.4%[52]. - Total assets as of June 30, 2020, amounted to HKD 308,794,360, with segment assets for advertising and media at HKD 63,497,151 and financial services at HKD 236,286,177[75]. - Non-current assets decreased to HKD 43,390,089 as of June 30, 2020, from HKD 47,695,120 as of December 31, 2019, reflecting a decline of 9.7%[49]. - The company's cash and cash equivalents as of June 30, 2020, were approximately HKD 56,000,000, compared to HKD 61,000,000 as of December 31, 2019[28]. Operational Highlights - The financial services segment generated total revenue of approximately HKD 6,700,000, with a pre-tax operating profit of about HKD 160,000, primarily impacted by fair value changes in listed equity investments[5]. - Margin financing business provided approximately HKD 165,000,000 in margin loans to clients as of June 30, 2020[5]. - The management remains cautiously optimistic about the recovery of the economy post-COVID-19 and expects the financial services division to continue contributing stable revenue[5]. - The advertising and media business operates as a leading digital outdoor media company in Hong Kong and Singapore, with a significant network of display screens[10]. - The group has established brand display screens in 1,565 offices, commercial, and residential buildings in Hong Kong and Singapore as of June 30, 2020[12]. Impact of COVID-19 - The advertising and media business was severely impacted by the COVID-19 pandemic, particularly due to the lockdown in Singapore during April, May, and June[20]. - The group anticipates a gradual recovery of its Singapore business in the second half of the year, provided there are no sudden outbreaks of COVID-19[20]. - The management is actively monitoring market conditions and may adjust the development strategy for asset management business based on risk management and business returns[6]. Corporate Governance - The company has adopted the corporate governance principles and practices as per the GEM Listing Rules[160]. - The audit committee has been established to review risk management and internal control systems, consisting of three independent non-executive directors[162]. - The interim financial data for the six months ending June 30, 2020, has been reviewed by the audit committee and management, confirming compliance with applicable accounting standards and legal requirements[162]. - The company emphasizes full disclosure in its financial reporting as per the audit committee's recommendations[162]. Shareholder Information - As of June 30, 2020, the company had issued and fully paid ordinary shares totaling 57,354,612, with a share capital of HKD 114,709,224[116]. - Mr. An Xilei holds 17,000,000 shares, representing approximately 29.64% of the company's equity[146]. - The company did not recommend any dividend payment for the six months ended June 30, 2020, which was also the case for the same period in 2019[101].

Financial Performance - For the period ending March 31, 2020, Cornerstone Financial Holdings Limited reported total revenue of approximately HKD 15,800,000 and a net loss attributable to shareholders of approximately HKD 9,000,000[5]. - Revenue for the first quarter of 2020 was HKD 15,768,471, a decrease of 37% compared to HKD 24,966,446 in the same period of 2019[24]. - The company reported a net loss of HKD (9,202,607) for the first quarter of 2020, compared to a loss of HKD (5,784,172) in the same quarter of 2019[24]. - For the three months ended March 31, 2020, total revenue was HKD 15,768,471, with advertising and media services contributing HKD 12,447,732 and financial services contributing HKD 3,320,739[60]. - The loss attributable to equity holders of the parent for the three months was approximately HKD 9,000,000, compared to a loss of HKD 5,900,000 in the same period last year[29]. - The company reported a total comprehensive loss of HKD 10,193,655 for the period, which includes a loss of HKD 9,014,105[60]. - The company’s cumulative losses reached HKD 274,912,075 as of March 31, 2020[60]. - The company did not recommend any dividend for the three months ended March 31, 2020, consistent with the previous year[31]. Revenue Sources - The advertising and media business remains the primary source of revenue for the group, with a well-established digital outdoor media network in Hong Kong and Singapore[11]. - The financial services segment generated total revenue of approximately HKD 3,320,000, with a pre-tax operating loss of approximately HKD 1,980,000 during the reporting period[5]. - The adjusted profit before tax for the financial services segment was HKD 2,987,552, while the overall adjusted profit before tax for the group was HKD 8,043,798[60]. Operational Developments - The number of selected locations for digital outdoor media screens increased to 1,523 as of March 31, 2020, compared to 1,450 in the same period last year, representing a growth of approximately 5%[12]. - The company has expanded its outdoor media network in Singapore to a total of ten locations, enhancing its presence in key areas[16]. - The company aims to expand its digital outdoor media network by gradually adding selected locations and new static/LED outdoor sites[21]. - The company has a strategic focus on enhancing its outdoor media operations through partnerships with leading outdoor media owners in Thailand[21]. - The company continues to hold exclusive advertising sales rights for four LED panels in strategic locations in Hong Kong, including Causeway Bay and Tsim Sha Tsui[15]. Strategic Initiatives - The group plans to explore financing opportunities to enhance the capital base of its securities brokerage and margin financing businesses[10]. - The company is adjusting its corporate strategy by selling its asset management business, pending regulatory approval[6]. - The company plans to review its business strategy in the film development and production sector due to significant industry downturns and resource allocation[22]. - The company plans to implement a capital reorganization involving a share consolidation and reduction of share capital, as announced on April 7, 2020[75]. Financial Position - The net current assets as of March 31, 2020, were approximately HKD 209,000,000, down from HKD 219,000,000 as of December 31, 2019[30]. - As of March 31, 2020, total equity amounted to HKD 233,848,121, with non-controlling interests at HKD 18,020,447[60]. - The company’s share capital remained at HKD 114,709,224 as of March 31, 2020[60]. - The total employee costs for the three months ended March 31, 2020, were approximately HKD 9,900,000, down from HKD 11,200,000 in the same period last year[32]. Management Outlook - Management maintains a cautiously optimistic outlook for business recovery post-COVID-19, anticipating gradual improvement in the global business environment[9]. - The management team is confident that the financial services division will continue to contribute stable revenue to the group[10]. Compliance and Governance - The company has complied with the corporate governance code as per GEM Listing Rules during the three months ended March 31, 2020[94]. - The audit committee has reviewed the unaudited condensed consolidated financial information for the three months ended March 31, 2020, ensuring compliance with applicable accounting standards[95]. - The company has established an audit committee to oversee risk management and internal control systems[95].

基石金融控股有限 公 司 Stock Code 股份代號：8112 (於開曼群島註冊成立的有限公司) (Incorporated in the Cayman Islands with limited liability) CORNERSTONE FINANCIAL HOLDINGS LIMITED Annual Report 年度報告 香港聯合交易所有限公司（「聯交所」）GEM之特點 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的中小型公司提供上市的市場。有意投資者應了解投資於該等 公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 鑒於GEM上市公司通常為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波動風險， 同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概 不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 基石金融控股有限公司（「本公司」）各董事（「董事」）願就本報告所載內容共同及個別承擔全部責任。本報告乃遵照聯交 所GEM證 ...

Financial Performance - For the financial services segment, total revenue reached approximately HKD 11,000,000, with a pre-tax operating profit of about HKD 13,000,000 for the period ending September 30, 2019[5]. - The group's revenue from continuing operations for the nine months ended September 30, 2019, was approximately HKD 73,100,000, an increase of about 5% compared to the same period last year[24]. - The gross profit from continuing operations for the same period was approximately HKD 42,700,000, reflecting a 6% increase year-on-year[24]. - The group's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the nine months was approximately HKD 1,200,000, compared to HKD 10,600,000 in the same period last year[25]. - The loss attributable to equity holders of the parent for the nine months was approximately HKD 6,300,000, an improvement from HKD 58,700,000 in the previous year[26]. - For the nine months ended September 30, 2019, the group's revenue was HKD 73,149,829, an increase of 5.7% compared to HKD 69,568,880 for the same period in 2018[43]. - The gross profit for the nine months ended September 30, 2019, was HKD 42,655,537, compared to HKD 40,423,252 for the same period in 2018, reflecting a growth of 5.5%[43]. - The total loss for the nine months ended September 30, 2019, was HKD 5,305,595, a significant improvement from a loss of HKD 68,076,829 in the same period of 2018[43]. - The company reported a total comprehensive loss of HKD (6,847,688) for the nine months ended September 30, 2019, which includes a loss of HKD (6,340,633) from the period[49]. - The company’s accumulated losses as of September 30, 2019, amounted to HKD (254,468,722), indicating a continued financial strain[49]. Business Segments - Margin financing business was a significant revenue source, with approximately HKD 164,000,000 in margin loans granted to clients, and total net asset value of client accounts was around HKD 2,920,000,000[5]. - The company’s financial services segment includes securities trading and brokerage services, which are critical to its operations[53]. - The asset management business has faced challenges due to economic uncertainties related to the US-China trade war, leading to a strategic adjustment in business operations[6]. - The company has sold its early childhood education business and terminated its skincare retail business to focus on core operations[5]. - The financial data presented is unaudited and prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with regulatory requirements[56]. - For the nine months ended September 30, 2019, segment revenue from advertising and media was HKD 62,207,971, an increase from HKD 54,200,867 in the same period of 2018, representing a growth of approximately 14.8%[73]. - Financial services segment revenue for the nine months ended September 30, 2019, was HKD 10,941,858, consistent with HKD 10,832,686 in the same period of 2018, showing a slight increase of 1%[73]. Corporate Governance and Compliance - The company is committed to ensuring the accuracy and completeness of the financial report, with all directors taking responsibility for its contents[3]. - The company has adhered to the GEM Listing Rules and corporate governance codes as of September 30, 2019, with no reported violations[100]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated financial information for the nine months ended September 30, 2019, ensuring compliance with applicable accounting standards and legal requirements[106]. - The company emphasizes the importance of good corporate governance as a key factor in balancing the interests of shareholders, customers, and employees[104]. Strategic Initiatives - The management team remains optimistic about the future of the financial services business, particularly in securities brokerage and margin financing[9]. - The company holds exclusive advertising sales rights for key locations in Tsim Sha Tsui and Raffles Green, with plans to allocate resources to higher-margin new large outdoor LED locations starting in Q4 2019[12][13]. - The group has established exclusive advertising sales rights for various strategic locations, including Galaxis and Orchard Gateway, enhancing its outdoor media network[16][17]. - The partnership with BL Falcon has added five strategic locations to the group's media portfolio, including the first free-form LED screen in Singapore[17]. - The group is actively seeking new static and LED outdoor locations to expand its digital outdoor media network[17]. - The group continues to explore potential investors for film projects while focusing on developing superhero character rights without direct involvement in film production[21]. Financial Position - As of September 30, 2019, the group's net current assets were approximately HKD 234 million, a decrease from HKD 245 million as of December 31, 2018[27]. - The group's cash and cash equivalents amounted to approximately HKD 84 million, up from HKD 79 million as of December 31, 2018[27]. - The debt ratio as of September 30, 2019, was approximately 7.7%, slightly up from 7.5% as of December 31, 2018[30]. - The group had a total employee cost of approximately HKD 32 million for the nine months ended September 30, 2019, down from previous costs[34]. - The group held listed investments worth approximately HKD 11 million as of September 30, 2019[36]. - The company engaged in the sale of a subsidiary, resulting in a transaction total of HKD 1,598,836, which may impact future financial performance[49]. Shareholder Information - The major shareholder, Profit Cosmo Group Limited, held 340,000,000 shares, representing approximately 29.64% of the company[93]. - iMediaHouse Asia Limited held 69,079,800 shares, accounting for approximately 6.02% of the company[93]. - The company did not redeem any of its listed securities during the nine months ended September 30, 2019, nor did it purchase or sell any of its listed securities[97]. - There were no reported conflicts of interest or competitive activities involving the company's directors, management, or major shareholders during the nine months ended September 30, 2019[98]. - The company had unexercised options under its pre-IPO share option plan and share option plan totaling 513,769 and 376,968 options, respectively, as of September 30, 2019[90].

Financial Performance - For the financial services segment, total revenue reached approximately HKD 7,000,000, with a pre-tax operating profit of about HKD 14,000,000 for the period ending June 30, 2019[5]. - The group's revenue from continuing operations for the six months ended June 30, 2019, was approximately HKD 48,300,000, an increase of about 9% compared to the same period last year[24]. - Revenue from the advertising and media business increased from approximately HKD 34,000,000 in 2018 to approximately HKD 41,000,000 in 2019[24]. - The group's gross profit from continuing operations for the six months ended June 30, 2019, was approximately HKD 27,400,000, an increase of about 8% year-on-year[24]. - The group's gross margin decreased from approximately 58% to about 57% due to rising operating sales costs[24]. - For the six months ended June 30, 2019, the company reported a loss per share of approximately HK$0.11, an improvement from a loss per share of HK$4.95 in the same period last year[26]. - The group recorded a loss attributable to equity holders of approximately HK$1,300,000 for the six months ended June 30, 2019, compared to a loss of approximately HK$56,700,000 in the same period last year, indicating a significant improvement in financial performance[26]. - Revenue for the six months ended June 30, 2019, was HK$48,295,967, an increase from HK$44,164,819 in the same period last year, representing a growth of approximately 7.5%[43]. - Gross profit for the same period was HK$27,431,047, up from HK$25,496,132, reflecting a stable gross margin[43]. - The company reported a profit of HKD 4,593,831 from continuing operations for the six months ended June 30, 2019, compared to a loss of HKD 41,622,403 in the same period of 2018[45]. - Total comprehensive income attributable to equity holders of the parent was HKD 5,240,986 for the six months ended June 30, 2019, compared to a loss of HKD 52,833,627 in the same period of 2018[45]. Operational Changes - The company sold its early childhood education business and terminated its skincare retail business to focus more resources on its core operations[5]. - The management team remains optimistic about the future of the financial services business, particularly in securities brokerage and margin financing[9]. - The asset management business faced challenges due to economic uncertainties related to the US-China trade war, leading to a strategic adjustment in the company's approach[6]. - The company decided not to bid for advertising rights that expired on June 30, 2019, to better allocate resources to more profitable new outdoor locations[12]. - The group aims to expand its digital outdoor media network gradually by adding selected locations[17]. - The group has established a partnership with BL Falcon, adding five strategic locations to its outdoor media network, including the first free-form LED screen in Singapore[17]. Financial Position - As of June 30, 2019, the group's current assets net value was approximately HK$238,000,000, slightly down from HK$245,000,000 as of December 31, 2018[27]. - The company's debt ratio as of June 30, 2019, was approximately 7.8%, compared to 7.5% as of December 31, 2018, indicating a slight increase in leverage[30]. - The company reported a total equity of HKD 350,409,615 as of June 30, 2019, reflecting a decrease from HKD 356,793,383 at the end of 2018[53]. - The company’s total assets as of June 30, 2019, were HKD 260,539,726, compared to HKD 259,653,436 at the end of 2018[53]. - The company maintained its share capital at HKD 114,709,224 as of June 30, 2019, consistent with the previous period[50]. - The company reported a net asset value of HKD 267,753,125 after deducting current liabilities as of June 30, 2019[48]. Cash Flow and Investments - For the six months ended June 30, 2019, the cash flow from operating activities was a net outflow of HKD 12,546,114, compared to a net outflow of HKD 62,565,922 for the same period in 2018, indicating a significant improvement[55]. - The net cash used in investing activities was HKD 89,308 for the six months ended June 30, 2019, a substantial recovery from a net outflow of HKD 9,423,347 in the previous year[55]. - The company sold a subsidiary during the period, generating proceeds of HKD 1,598,836[53]. Corporate Governance - The management confirmed that the information in the report is accurate and complete, with no misleading or fraudulent elements[3]. - The company has consistently prioritized good corporate governance principles, which are seen as essential for balancing the interests of shareholders, customers, and employees[155]. - The company adhered to the corporate governance code as per GEM Listing Rules Appendix 15 during the six months ending June 30, 2019[156]. - An audit committee has been established to review the company's risk management and internal control systems, and to provide recommendations to the board[158]. Shareholder Information - Major shareholder Profit Cosmo Group Limited holds 340,000,000 shares, representing approximately 29.64% of the company's equity[148]. - Director Huang Xiongji holds 69,079,800 shares, accounting for about 6.02% of the company's equity[148]. - The company has a total of 1,147,092,240 shares issued as of June 30, 2019, which serves as the basis for equity percentage calculations[145].

Financial Performance - For the financial services segment, total revenue reached approximately HKD 3,500,000, with a post-tax operating profit of about HKD 1,700,000[6]. - The group's revenue for the three months ended March 31, 2019, was approximately HKD 24,966,446, representing a 19% increase compared to HKD 20,999,980 in the same period last year[22]. - Revenue from continuing operations was HKD 24,678,895, up 21% from HKD 20,426,115 year-on-year[22]. - Gross profit for the same period was HKD 14,545,351, a 20% increase from HKD 12,114,346 in the previous year[22]. - Gross profit from continuing operations was HKD 14,265,538, reflecting a 23% increase compared to HKD 11,554,791 last year[27]. - The loss attributable to the owners of the parent company for the three months was approximately HKD 5,900,000, an improvement from HKD 15,100,000 in the same period last year[28]. - The group reported total revenue of HKD 24,678,895 for the three months ended March 31, 2019, compared to HKD 20,426,115 for the same period in 2018, representing an increase of approximately 21%[39]. - Gross profit for the same period was HKD 14,265,538, up from HKD 11,554,791 in 2018, indicating a growth of about 23%[39]. - The group incurred a loss before tax of HKD 5,358,532 for the three months ended March 31, 2019, compared to a loss of HKD 14,829,694 in the same period of 2018, showing an improvement of approximately 64%[39]. - The group reported a total comprehensive loss of HKD 5,611,078 for the three months ended March 31, 2019, compared to HKD 14,543,231 in 2018, indicating a reduction of about 61%[41]. Advertising and Media Business - The advertising and media business accounted for about 86% of the group's total revenue during the reporting period[5]. - The group operates the largest digital outdoor media network in Hong Kong and Singapore, with a total of 1,450 selected locations as of March 31, 2019, compared to 1,407 locations in the same period last year[10]. - The number of selected locations in Hong Kong increased from 893 to 928, while Singapore saw an increase from 514 to 522[10]. - The group holds exclusive advertising sales rights for key locations in Hong Kong, including Tsim Sha Tsui and Central, which are high-traffic areas[11]. - The company continues to develop new advertising partnerships in Singapore, enhancing its presence in strategic locations[13]. - The advertising and media segment generated revenue of HKD 21,228,446, compared to HKD 15,036,025 in the prior year, reflecting a growth of about 41%[64]. Financial Services Segment - Margin financing business contributed significantly, with margin loans granted to clients amounting to approximately HKD 168,000,000 as of March 31, 2019[6]. - The management team remains optimistic about the future of the financial services segment, aiming to expand the customer base and enhance shareholder returns[6]. - The group aims to further develop its financial services division and has sold its early childhood education business during the reporting period[21]. - The financial services segment reported revenue of HKD 3,450,449, slightly down from HKD 3,729,683 in the previous year, indicating a decrease of approximately 7.5%[64]. Operational Changes - The group has streamlined its operations by selling its early childhood education business and terminating its skincare retail business[5]. - The group sold its entire interest in Babysteps for HKD 1, which had accumulated losses of approximately HKD 6 million since its establishment in 2014[34]. - The group plans to expand its digital outdoor media network progressively, starting with selected locations[15]. - The group is actively seeking partnerships in Hollywood and/or Chinese studios for film production financing[19]. Assets and Liabilities - As of March 31, 2019, the group's net current assets were approximately HKD 226 million, a decrease from HKD 245 million as of December 31, 2018[29]. - The total assets as of March 31, 2019, were HKD 255,298,740, reflecting a decrease from the previous reporting period[44]. - The company recognized a foreign exchange gain of HKD 173,184 during the first quarter of 2019[44]. - The company completed the sale of a subsidiary, resulting in a transaction amount of HKD 1,598,836 during the period[44]. - The company had no significant contingent liabilities or pledged assets as of March 31, 2019, remaining unchanged from December 31, 2018[35][36]. Corporate Governance and Compliance - The company is registered in the Cayman Islands and primarily operates in financial services, advertising, film production, skincare retail, and early childhood education[46]. - The financial data for the first quarter of 2019 is prepared in accordance with HKFRS and GEM Listing Rules[49]. - The company’s shares are listed on the GEM of the Hong Kong Stock Exchange[47]. - The financial information for the first quarter of 2019 has been reviewed by the company's audit committee[48]. - The audit committee reviewed the unaudited condensed consolidated financial information for the three months ended March 31, 2019, ensuring compliance with applicable accounting standards[90]. - The company has complied with the corporate governance code as per the GEM Listing Rules during the reporting period[88]. - The company has adopted the GEM Listing Rules regarding the conduct of securities transactions by directors[87]. - There were no reported conflicts of interest involving directors or major shareholders during the three months ended March 31, 2019[86]. Shareholder Information - As of March 31, 2019, the company had a total of 1,147,092,240 shares issued[84]. - Profit Cosmo Group Limited holds 340,000,000 shares, representing approximately 29.64% of the total shares[81]. - iMediaHouse Asia Limited owns 69,079,800 shares, accounting for 6.02% of the total shares[81]. - The average number of ordinary shares in issue for calculating basic loss per share was 1,147,092,240 for both periods[69]. - No stock options were granted or exercised during the three months ended March 31, 2019[80]. - The company did not repurchase any of its listed securities during the three months ended March 31, 2019[85]. - The company did not declare any dividends for the three months ended March 31, 2019, consistent with the same period in 2018[30]. - The company did not recommend any dividend for the three months ended March 31, 2019, consistent with the previous year[68].

Cornerstone Financial Holdings Limited 基石金融控股有限公司 基石金融控股有限公 司 CORNERSTONE FINANCIAL HOLDINGS LIMITED 年度報告 ANNUAL REPORT 2018 基石金融控股有限公 司 Stock Code 股份代號：8112 (於開曼群島註冊成立的有限公司) (Incorporated in the Cayman Islands with limited liability) CORNERSTONE FINANCIAL HOLDINGS LIMITED 5.6631 Annual Report 年度報告 2018 香港聯合交易所有限公司（「聯交所」）GEM之特點 GEM乃為較於聯交所上市的其他公司帶有更高投資風險的公司提供上市的市場。有意投資者應了解投資於該等公司的潛 在風險，並應經過審慎周詳考慮後方作出投資決定。GEM的較高風險及其他特色表明GEM較適合專業及其他經驗豐富 的投資者。 由於GEM上市公司的新興性質使然，在GEM買賣的證券可能會承受較於聯交所主板買賣的證券為高的市場波動風險， 同時亦無法保證在GEM買賣的 ...