股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 第一信用金融集團有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08215 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 250,000,000,000 | HKD | | 0.02 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 250,000,000,000 | HKD | | 0.02 | HKD | | 5,000,000, ...

FIRST CREDIT(08215)发布截至2025年6月30日止6个月中期业绩，该集团取得收益97.45万港元，同比增 加6.8%;公司拥有人应占亏损249.67万港元，同比减少94%;每股亏损0.07港仙。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告之 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 公告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。 （股份代號：8215） （於開曼群島註冊成立並於百慕達存續之有限公司） 截至二零二五年六月三十日止六個月 中期業績公告 第一信用金融集團有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此公佈本 公司及其附屬公司截至二零二五年六月三十日止六個月的未經審核業績。本公告 載有本公司截至二零二五年六月三十日止六個月中期報告（「二零二五年中期報告」） 的全文，符合聯交所GEM 證券上市規則（「GEM 上市規則」）有關附帶中期業績初 步公告的資料的相關規定。二零二五年中期報告將適時按本公司股東就收取公司 通訊已作出選擇的方式寄發予股東。 代表董事會 第一信用金融集團有限公司 執行董事 鄧錫聰 香港，二零二五年八月二十九日 於本公告日期，董事會由執行董事賴思妤女士及鄧錫聰先生，以及獨立非執行董 事黃健寧先生及黃瑞洋先生組成。 本公告的資料乃遵照GEM 上市規則而刊載，旨在提供有關本公司的資料；本公 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （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：8215） 香港，二零二五年八月十八日 於本公告日期，董事會由執行董事賴思妤女士及鄧錫聰先生，以及獨立非執行董事黃健 寧先生及黃瑞洋先生組成。 董事會會議通告 第一信用金融集團有限公司（「本公司」）董事（「董事」）會（「董事會」）僅此公 佈，將於二零二五年八月二十九日（星期五）召開董事會會議，藉以（其中包括）考慮 及批准本公司及其附屬公司截至二零二五年六月三十日止六個月之未經審核中期業績及 其發佈，以及考慮派發中期股息（如有）。 承董事會命 第一信用金融集團有限公司 執行董事 鄧錫聰 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何 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。 （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：8215） (1)停牌最新進展之更新資料及 (2)繼續暫停股份買賣 本定期公告乃由第一信用金融集團有限公司（「本公司」，連同其附屬公司統稱「本 集團」）根據GEM上市規則第17.26A條而作出。 茲提述本公司日期為二零一七年十一月二十四日、二零一八年八月一日、二零 一八年十一月一日、二零一九年二月一日、二零一九年五月二日、二零一九年六月 二十四日、二零一九年八月一日、二零一九年十一月一日、二零二零年一月三十一 日、二零二零年四月二十九日、二零二零年七月三十一日、二零二零年十月三十日、 二零二一年二月一日、二零二一年四月三十日、二零二一年七月三十日、二零二一 年十月二十九日、二零二二年一月二十八日、二零二二年四月二十八日、二零二二 年七月二十八日、二零二二年十月二十八日、二零二三年一月二十七日、二零二三 年四月二十七日、二零二三年七月二十七日、二零 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 第 1 頁 共 10 頁 v 1.1.1 公司名稱: 第一信用金融集團有限公司 呈交日期: 2025年8月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08215 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 250,000,000,000 | HKD | | 0.02 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 250,000,000,000 | HKD | | 0.02 | HKD | | 5,00 ...

Financial Performance - The Group's revenue for the year ended December 31, 2024, was approximately HK$1.83 million, representing a decrease of approximately 71.18% from HK$6.35 million for the year ended December 31, 2023[27]. - The decrease in revenue was mainly due to a reduction in accrued interest from credit-impaired loans receivables during the year[28]. - The Group recorded a consolidated loss attributable to owners of approximately HK$85.99 million for the year ended 31 December 2024, a decrease from approximately HK$152.95 million in 2023, primarily due to a significant decrease in impairment on loans and interest receivables[70][71]. - The Group's loan balance decreased from approximately HK$96.59 million as of December 31, 2023, to approximately HK$12.29 million as of December 31, 2024, representing a decline of about 87.3%[17]. - The Group's bank and cash balances were approximately HK$2.43 million as of December 31, 2024, indicating adequate funds to maintain operations under the current economic environment[21]. - The net current assets of the Group amounted to approximately HK$15.45 million as of 31 December 2024, a decrease from approximately HK$97.46 million in 2023, resulting in a current ratio of approximately 13.28 times compared to 50.55 times in 2023[75]. - The Group has maintained a zero gearing ratio as of 31 December 2024, with net cash of approximately HK$2.43 million[89]. Loan Management and Strategy - The Company adopted a more cautious approach to granting new loans due to a negative outlook on the local economy, leading to a decrease in interest income during the 2023 and 2024 fiscal years[18]. - The Company plans to focus on identifying high-quality individual customers for personal loans in 2025, implementing more stringent criteria to control default risk[20]. - The conservative lending strategy adopted by the Company has been a response to the adverse impacts of the global economic recession on its business and profitability[19]. - The Group's focus remains on conducting money lending business, providing both secured and unsecured loans to a diverse customer base[17]. - The Company will prioritize efforts on loan repayment collection through the Credit Control Department and debt collection agencies in Hong Kong and the PRC in the first half of 2025[20]. - The Group aims to focus resources on developing quality personal loans and will implement stricter standards in customer selection to control default risks[23]. Impairment and Credit Risk - The Group recorded a reversal of impairment loss on loans receivables of approximately HK$7.03 million for the year ended December 31, 2024, compared to an impairment loss of approximately HK$137.07 million in 2023[48]. - The impairment loss on interests receivables was approximately HK$90.95 million for the year ended December 31, 2024, compared to HK$2.16 million for the corresponding period in 2023[49]. - The expected credit loss (ECL) on individual assessment for loans was HK$61,174,000 in 2024, down from HK$130,223,000 in 2023, while the collective assessment showed a reversal of HK$68,208,000 in 2024 compared to an ECL of HK$6,846,000 in 2023[61]. - The Group conducts collective assessments on impairment allowances for loans and interests receivables at least quarterly, categorizing them by loan types to calculate ECL based on credit risk characteristics[52]. - Monthly individual assessments are also performed for impairment allowances, considering factors such as expected recovery dates and the fair value of collateral[53]. - Credit risk assessments are conducted before advancing loans, including identity checks and financial background checks on borrowers and guarantors[57]. - The Group employs a "two eyes" process for credit approval, requiring higher-level approvals based on transaction size and nature[58]. - The Group actively monitors loan repayment statuses and enhances collection procedures, including direct communication with customers[59]. Corporate Governance - The Company has complied with the GEM Listing Rules regarding the composition of the Board, which includes at least three independent non-executive Directors, representing at least one-third of the Board[115]. - All independent non-executive Directors have confirmed their independence in accordance with Rule 5.09 of the GEM Listing Rules[116]. - The Board is responsible for the Group's long-term strategy and significant transactions, ensuring effective performance of management duties[113]. - The Company is committed to maintaining statutory and regulatory standards of corporate governance, applying principles from the Corporate Governance Code[105]. - The Board has delegated day-to-day management to executive Directors and management staff, who regularly review financial results and performance[118]. - The Company has mechanisms in place to ensure Board independence, including annual assessments of independent non-executive Directors[144]. - The Company ensures that adequate information is provided to Directors in a timely manner before meetings to facilitate informed decision-making[138]. Committees and Meetings - The audit committee held two meetings during the year ended December 31, 2024[150]. - The audit committee is composed of three independent non-executive Directors: Mr. Wong Shui Yeung, Dr. Fung Kam Man, and Mr. Wong Kin Ning[149]. - The nomination committee, comprising three independent non-executive Directors, held two meetings during the year ended December 31, 2024[160]. - The remuneration committee held two meetings during the year ended December 31, 2024, with all members attending both meetings[178]. - The credit committee held one meeting during the year ended December 31, 2024, with all members present[186]. - The compliance committee held two meetings during the year ended December 31, 2024, with full attendance from all members[191]. - The credit review committee held one meeting during the year ended December 31, 2024, with full attendance from all members[200]. Trading Status and Regulatory Compliance - The Company has been suspended from trading since November 24, 2017, and will remain suspended until further notice[97]. - As of January 28, 2025, the Company is actively communicating with the SFC to address concerns and expedite the resumption of trading, but no concrete timeframe for resumption can be provided at this stage[100]. - The Company has issued multiple announcements regarding its trading status and compliance with GEM Listing Rules from August 2018 to January 2025[98]. - The compliance committee reviews and monitors the training and professional development of Directors and senior management[186]. - The compliance committee identified no material compliance issues during the review year and made several recommendations to the Board regarding internal control and corporate governance[195].

Financial Performance - Revenue for the year ended December 31, 2024, was approximately HK$1.83 million, representing a decrease of approximately 71.18% from HK$6.35 million for the year ended December 31, 2023[28]. - The Group recorded a consolidated loss attributable to owners of approximately HK$85.99 million for the year ended 31 December 2024, a decrease from approximately HK$152.95 million for the year ended 31 December 2023, primarily due to a significant decrease in impairment on loans and interest receivables[71]. - The net interest margin for the year ended December 31, 2024, was approximately 3.74%, down from approximately 12.00% for the previous year[35]. - Unsecured loans' net interest margin decreased from approximately 13.78% in 2023 to approximately 5.90% in 2024[37]. - The Group's other income increased from approximately HK$30,000 for the year ended December 31, 2023, to approximately HK$3.91 million for the year ended December 31, 2024[40]. - The Group recorded other gains of approximately HK$0.87 million for the year ended December 31, 2024, compared to a loss of approximately HK$4.53 million for the year ended December 31, 2023[41]. Loan Activity and Management - The Group's loan balance decreased from approximately HK$96.59 million as of December 31, 2023, to approximately HK$12.29 million as of December 31, 2024, indicating a significant reduction in lending activity[18]. - The Company adopted a more cautious approach to granting new loans due to a deteriorating economic environment, leading to a decrease in interest income during the 2023 and 2024 fiscal years[19]. - The Company plans to focus on identifying high-quality individual customers for personal loans in 2025, implementing more stringent criteria for customer selection to mitigate default risks[21]. - The Group aims to focus resources on developing personal loans for quality individual clients by implementing stricter customer selection criteria[24]. - The Group will continue to monitor credit risk and modify credit assessments as necessary to manage loan receivables[29]. - The total expected credit loss (ECL) on loans receivables for 2024 was approximately (HK$7.03 million), compared to HK$137.07 million for 2023, indicating a significant improvement in credit quality[62]. Economic Environment and Strategy - The management is confident that the Group will navigate through the global economic recession and reach an economic recovery stage in the near future[20]. - The post-COVID recovery in Hong Kong was short-lived, impacting the Group's business and profitability negatively[19]. - The Company is implementing various budget control measures to manage expenses effectively[22]. - The Company plans to maintain adequate funding through various means to capture potential opportunities in the market[27]. Corporate Governance - The Company has complied with the GEM Listing Rules regarding the composition of the Board, which includes at least three independent non-executive Directors, representing at least one-third of the Board[116]. - The Board consists of two executive Directors and three independent non-executive Directors, with independent Directors representing more than one-third of the Board[123]. - The Company has adopted a code of conduct for securities transactions by Directors, with no incidents of non-compliance reported during the year[109]. - The Board is responsible for the strategic development of the company, aiming to maximize long-term shareholder value while balancing broader stakeholder interests[115]. - The Company has maintained sound corporate governance practices, applying principles from the Corporate Governance Code to ensure effective Board operations and transparency[106]. Compliance and Risk Management - The compliance committee was established in 2010 to ensure compliance with relevant laws and regulations, including the Money Lenders Ordinance and GEM Listing Rules[188]. - The compliance committee identified no material compliance issues during the review year and made several recommendations to the Board regarding internal control and corporate governance[196]. - The credit committee was formed in 2007 to manage credit risk and operations, approving and overseeing the Group's credit policy[186]. - The credit review committee conducts periodic reviews of loan cases based on credit risk reports[197]. Operational Efficiency - Administrative expenses decreased to approximately HK$4.85 million for the year ended December 31, 2024, compared to approximately HK$10.12 million for the year ended December 31, 2023[47]. - Other operating expenses decreased to approximately HK$3.72 million for the year ended December 31, 2024, compared to approximately HK$5.29 million for the year ended December 31, 2023, mainly due to reduced debt collection agency service fees[67]. - Finance costs for the year ended 31 December 2024 were approximately HK$0.09 million, a decrease from approximately HK$0.15 million for the year ended December 31, 2023[66]. Share Trading and Communication - Trading of the company's shares has been suspended since November 24, 2017, and will remain suspended until further notice[98]. - The company is actively communicating with the Securities and Futures Commission (SFC) to address concerns and expedite the resumption of trading, although a concrete timeline for resumption is not available at this stage[101].

(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） 2024 INTERIM REPORT 中期報告 945.10 and 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. Prospective investors should be aware of the potential risks of investing in such companies ...

[Company Information and Declarations](index=1&type=section&id=Company%20Information%20and%20Declarations) This section outlines the company's interim results, board composition, and directors' responsibilities for GEM market compliance [Announcement Overview and Board Composition](index=1&type=section&id=Announcement%20Overview%20and%20Board%20Composition) This announcement details First Credit Finance Group's H1 2024 unaudited results, board, and directors' responsibilities - This announcement covers First Credit Finance Group Limited's unaudited results for the six months ended June 30, 2024[1](index=1&type=chunk) - The Board of Directors comprises three executive directors, including CEO Ms. Ho Yuen Mei, and five independent non-executive directors[1](index=1&type=chunk) [GEM Market Characteristics and Directors' Responsibilities](index=2&type=section&id=GEM%20Market%20Characteristics%20and%20Directors'%20Responsibilities) The GEM market for SMEs carries high investment risks, with directors fully responsible for the report's accuracy - The GEM market targets small and medium-sized enterprises, carrying **higher investment risks and market volatility**[2](index=2&type=chunk)[5](index=5&type=chunk) - The company's directors collectively and individually bear full responsibility for the accuracy, completeness, and non-misleading nature of the report's information[4](index=4&type=chunk)[5](index=5&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including income, balance sheet, equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=3&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For H1 2024, the company saw significant revenue decline, expanded losses, and increased loss per share Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | | :--- | :--- | :--- | | Revenue | 912,469 | 17,159,460 | | Other losses | (166,813) | (2,155,283) | | Administrative expenses | (2,619,878) | (6,006,282) | | Net impairment losses on loans receivable | (37,512,734) | (31,430,381) | | Operating loss | (41,751,941) | (25,290,244) | | Loss before tax | (41,804,195) | (25,393,117) | | Loss and total comprehensive expenses for the period attributable to owners of the Company | (41,804,195) | (25,402,909) | | Basic loss per share (HK cents) | (1.15) | (0.70) | - **Revenue decreased significantly by 94.7%** year-on-year, from HKD 17,159,460 to HKD 912,469[6](index=6&type=chunk) - **Net impairment losses on loans receivable increased by 19.3%** year-on-year, from HKD 31,430,381 to HKD 37,512,734[6](index=6&type=chunk) [Condensed Consolidated Statement of Financial Position](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets and net assets declined due to reduced loans receivable, decreasing net current assets and total equity Condensed Consolidated Statement of Financial Position Key Data | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Total non-current assets | 22,020,948 | 27,051,070 | | Total current assets | 62,408,954 | 99,431,611 | | Total current liabilities | 1,792,520 | 1,966,960 | | Net current assets | 60,616,434 | 97,464,651 | | Total assets less current liabilities | 82,637,382 | 124,515,721 | | Net assets | 82,637,382 | 124,441,577 | | Total equity | 82,637,382 | 124,441,577 | - **Total current assets decreased by 37.2%**, from HKD 99,431,611 to HKD 62,408,954[9](index=9&type=chunk) - **Total equity decreased by 33.6%**, from HKD 124,441,577 to HKD 82,637,382[9](index=9&type=chunk) [Condensed Consolidated Statement of Changes in Equity](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For H1 2024, total equity decreased due to comprehensive loss, further expanding accumulated losses Condensed Consolidated Statement of Changes in Equity Key Data | Metric | June 30, 2024 (HKD) | January 1, 2023 (HKD) | | :--- | :--- | :--- | | Share capital | 72,576,000 | 72,576,000 | | Accumulated losses | (701,360,565) | (506,603,055) | | Total equity | 82,637,382 | 279,602,892 | - As of June 30, 2024, **accumulated losses increased to HKD 701,360,565**, compared to HKD 506,603,055 on January 1, 2023[10](index=10&type=chunk) - The **total comprehensive loss for the period was HKD 41,804,195**, leading to a corresponding reduction in total equity[10](index=10&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2024, operating activities consumed cash, and despite investment inflows, net cash and cash equivalents significantly decreased Condensed Consolidated Statement of Cash Flows Key Data | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | | :--- | :--- | :--- | | Net cash used in operating activities | (3,495,247) | (20,812,486) | | Net cash from investing activities | 1,368,601 | 7,072,379 | | Net cash used in financing activities | (122,402) | (834,986) | | Net decrease in cash and cash equivalents | (2,249,048) | (14,575,093) | | Cash and cash equivalents at end of period | 1,491,092 | 5,261,618 | - **Net cash used in operating activities significantly improved** year-on-year, decreasing from HKD 20,812,486 to HKD 3,495,247[11](index=11&type=chunk) - **Cash and cash equivalents at the end of the period were HKD 1,491,092**, a significant decrease from HKD 5,261,618 in the prior year period[11](index=11&type=chunk) [Notes to the Financial Statements](index=7&type=section&id=Notes%20to%20the%20Financial%20Statements) This section details the basis of preparation, accounting policies, fair value measurements, segment information, and other notes [Basis of Preparation and Accounting Policies](index=7&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) These interim financial statements comply with HKAS 34 and GEM Listing Rules, consistent with 2023, and incorporate new HKFRS amendments - The financial statements are prepared in accordance with **HKAS 34 "Interim Financial Reporting" and the GEM Listing Rules**[12](index=12&type=chunk) - This period marks the first application of amendments to HKFRS, including revisions to HKFRS 16, HKAS 1, HKAS 7, and HKFRS 7[12](index=12&type=chunk) - The company's shares remain suspended from trading[12](index=12&type=chunk) [Fair Value Measurement and Segment Information](index=8&type=section&id=Fair%20Value%20Measurement%20and%20Segment%20Information) Financial assets and liabilities approximate fair value using a three-level hierarchy; all revenue from Hong Kong credit financing is highly concentrated - Fair value measurement is categorized into three levels, with the carrying amounts of the company's financial assets and liabilities approximating their fair values[13](index=13&type=chunk) - All revenue is derived from **credit financing business in Hong Kong**, primarily loan interest income[13](index=13&type=chunk) - As of June 30, 2024, the **top five customers contributed 84.0% of revenue**, with the largest customer contributing 24.6%[13](index=13&type=chunk) [Revenue and Other Income/Losses](index=9&type=section&id=Revenue%20and%20Other%20Income%2FLosses) Current revenue is mainly loan interest, with zero from credit-impaired loans; other income is minimal, and other losses are from fair value losses Revenue and Other Income/Losses | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | | :--- | :--- | :--- | | Interest income from loan financing | 912,469 | 17,159,460 | | Interest income from credit-impaired loans receivable | Nil | 13,036,219 | | Bank interest income | 3,518 | 3,145 | | Net fair value loss on financial assets at fair value through profit or loss | (210,987) | (2,120,408) | | Total other losses | (166,813) | (2,155,283) | - **Interest income from loan financing decreased by 94.7%** year-on-year[14](index=14&type=chunk) - **Net fair value loss on financial assets at fair value through profit or loss significantly decreased by 89.9%** year-on-year[19](index=19&type=chunk) [Finance Costs and Taxation](index=10&type=section&id=Finance%20Costs%20and%20Taxation) Current finance costs, mainly bond and lease interest, decreased year-on-year, with no income tax expense Finance Costs and Income Tax Expense | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | | :--- | :--- | :--- | | Total finance costs | 52,254 | 102,873 | | Interest on bonds payable | 42,384 | – | | Interest on lease liabilities | 9,870 | 102,873 | | Income tax expense | – | 9,792 | - **Total finance costs decreased by 49.2%** year-on-year, primarily due to a significant reduction in interest on lease liabilities[21](index=21&type=chunk) - There was **no income tax expense** for the current period, compared to HKD 9,792 in the prior year period[23](index=23&type=chunk) [Loss Per Share and Dividends](index=13&type=section&id=Loss%20Per%20Share%20and%20Dividends) For H1 2024, basic and diluted loss per share increased to 1.15 HK cents due to expanded loss, with no interim dividend Loss Per Share | Metric | Six Months Ended June 30, 2024 (HK cents) | Six Months Ended June 30, 2023 (HK cents) | | :--- | :--- | :--- | | Basic loss per share | (1.15) | (0.70) | | Diluted loss per share | (1.15) | (0.70) | - **Basic loss per share increased from 0.70 HK cents to 1.15 HK cents**, reflecting an expanded loss[6](index=6&type=chunk)[27](index=27&type=chunk) - Diluted loss per share is the same as basic loss per share due to the **absence of potential dilutive ordinary shares**[28](index=28&type=chunk)[31](index=31&type=chunk) - The directors do not recommend the payment of any interim dividend[24](index=24&type=chunk)[26](index=26&type=chunk) [Property, Plant and Equipment](index=13&type=section&id=Property%2C%20Plant%20and%20Equipment) For H1 2024, the company neither acquired nor disposed of property, plant, and equipment, nor recorded related losses - **No property, plant and equipment were acquired** in the current period, compared to total acquisitions of HKD 645,500 in the prior year period[29](index=29&type=chunk)[32](index=32&type=chunk) - **No loss on disposal of property, plant and equipment was recorded** in the current period, compared to HKD 274,751 in the prior year period[29](index=29&type=chunk)[32](index=32&type=chunk) [Loans Receivable](index=14&type=section&id=Loans%20Receivable) As of June 30, 2024, total loans receivable decreased, impairment provisions increased, reducing net loans receivable, and total impaired loans rose Loans Receivable Key Data | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Fixed-rate loans receivable | 576,645,956 | 580,940,605 | | Accrued interest receivable | 96,751,727 | 96,101,425 | | Less: Individually assessed expected credit losses | (429,012,171) | (395,033,294) | | Less: Collectively assessed expected credit losses | (183,261,444) | (183,261,444) | | Less: Expected credit losses on accrued interest receivable | (2,160,000) | (2,160,000) | | Net loans receivable | 58,964,068 | 96,587,292 | | Total impaired loans | 671,323,724 | 655,830,162 | - **Net loans receivable decreased by 38.9%**, from HKD 96,587,292 to HKD 58,964,068[34](index=34&type=chunk) - **Individually assessed expected credit loss provisions increased by 8.6%** year-on-year, from HKD 395,033,294 to HKD 429,012,171[34](index=34&type=chunk) - **Total impaired loans increased by 2.4%**, from HKD 655,830,162 to HKD 671,323,724[37](index=37&type=chunk) [Financial Assets at Fair Value Through Profit or Loss](index=16&type=section&id=Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2024, the company held no financial assets at fair value through profit or loss, compared to HKD 1.53 million in 2023 Financial Assets at Fair Value Through Profit or Loss | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Financial assets mandatorily at fair value through profit or loss | – | 1,531,896 | | －Hong Kong listed equity securities | – | 1,531,896 | - As of the current period end, there are **no financial assets at fair value through profit or loss**, indicating disposal or zero valuation of related investments[40](index=40&type=chunk) [Share Capital and Related Party Transactions](index=16&type=section&id=Share%20Capital%20and%20Related%20Party%20Transactions) Share capital structure is unchanged, consistent with 2023, and key management remuneration slightly decreased Share Capital | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Authorized share capital (250,000,000,000 shares of HKD 0.02 each) | 5,000,000,000 | 5,000,000,000 | | Issued and fully paid share capital (3,628,800,000 shares of HKD 0.02 each) | 72,576,000 | 72,576,000 | Key Management Personnel Remuneration | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | | :--- | :--- | :--- | | Short-term employee benefits | 1,191,720 | 1,200,000 | | Pension scheme contributions | 15,000 | 15,000 | | Total | 1,206,720 | 1,215,000 | - **Total key management personnel remuneration slightly decreased by 0.68%** year-on-year[45](index=45&type=chunk) [Contingent Liabilities](index=17&type=section&id=Contingent%20Liabilities) As of June 30, 2024, the company recorded no significant contingent liabilities, consistent with 2023 - As of June 30, 2024, the Group had **no significant contingent liabilities**[47](index=47&type=chunk)[48](index=48&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the company's business, financial performance, liquidity, capital structure, and operational aspects [Business Review and Outlook](index=18&type=section&id=Business%20Review%20and%20Outlook) During the period, the company focused on Hong Kong money lending, adopting a conservative strategy due to economic slowdown, decreasing interest income; future plans include stricter client screening and debt collection - The company continues to focus on **money lending business in Hong Kong**, providing secured and unsecured loans to individuals, corporations, and foreign domestic helpers[50](index=50&type=chunk) - Due to slower-than-expected economic recovery in Hong Kong and global recession, the company adopted a **more conservative lending strategy**, leading to decreased interest income in FY2023 and FY2024[50](index=50&type=chunk) - The company plans to focus resources on identifying quality individual customers, implementing **stricter client selection criteria**, and enhancing debt collection in H2 2024[50](index=50&type=chunk) [Financial Review](index=19&type=section&id=Financial%20Review) During the period, revenue declined, net interest margin narrowed, expenses decreased, but increased impairment losses led to an expanded loss Financial Review Key Data | Metric | Six Months Ended June 30, 2024 (HKD) | Six Months Ended June 30, 2023 (HKD) | | :--- | :--- | :--- | | Revenue | 910,000 (approx) | 17,160,000 (approx) | | Net interest margin | 8.19% | 13.44% | | Other losses | 170,000 (approx) | 2,160,000 (approx) | | Administrative expenses | 2,620,000 (approx) | 6,010,000 (approx) | | Impairment losses on loans receivable | 37,510,000 (approx) | 31,430,000 (approx) | | Other operating expenses | 2,370,000 (approx) | 2,860,000 (approx) | | Finance costs | 50,000 (approx) | 100,000 (approx) | | Loss for the period | 41,800,000 (approx) | 25,400,000 (approx) | - **Revenue decreased by approximately 94.7%** year-on-year, primarily due to reduced accrued interest on credit-impaired loans receivable[52](index=52&type=chunk) - **Net interest margin decreased from 13.44% to 8.19%** in the prior year period[52](index=52&type=chunk) - **Impairment losses on loans receivable increased by approximately 19.3%** year-on-year, mainly due to an increase in overdue loans receivable[59](index=59&type=chunk) - **Loss for the period expanded by approximately 64.6%** year-on-year, primarily impacted by increased impairment losses on loans receivable and decreased revenue[66](index=66&type=chunk)[70](index=70&type=chunk) [Revenue and Net Interest Margin](index=19&type=section&id=Revenue%20and%20Net%20Interest%20Margin) During the period, revenue significantly decreased due to lower accrued interest on credit-impaired loans, narrowing the net interest margin - During the review period, **revenue significantly decreased to approximately HKD 0.91 million** (2023: approximately HKD 17.16 million), primarily from loan interest income in the money lending business[52](index=52&type=chunk) - The decrease in revenue is mainly attributable to **reduced accrued interest on credit-impaired loans receivable**[52](index=52&type=chunk) - **Net interest margin was approximately 8.19%**, lower than approximately 13.44% in the prior year period[52](index=52&type=chunk) [Other Losses and Administrative Expenses](index=20&type=section&id=Other%20Losses%20and%20Administrative%20Expenses) Other losses decreased due to reduced fair value losses on listed securities, and administrative expenses declined due to lower employee and depreciation costs - **Other losses decreased to approximately HKD 0.17 million** (2023: approximately HKD 2.16 million), primarily due to reduced fair value losses on listed securities investments[53](index=53&type=chunk)[56](index=56&type=chunk) - **Administrative expenses decreased to approximately HKD 2.62 million** (2023: approximately HKD 6.01 million), mainly due to reduced employee expenses and depreciation costs[54](index=54&type=chunk)[57](index=57&type=chunk) [Impairment Losses on Loans Receivable](index=20&type=section&id=Impairment%20Losses%20on%20Loans%20Receivable) Impairment losses on loans receivable increased due to overdue loans, assessed by collective and monthly individual methods - **Impairment losses on loans receivable increased to approximately HKD 37.51 million** (2023: approximately HKD 31.43 million), primarily due to an increase in overdue loans receivable during the review period[59](index=59&type=chunk) - Impairment assessment combines **collective assessment** (based on loan type, probability of default, and loss given default) and **monthly individual assessment** (based on discounted cash flows and fair value of collateral)[60](index=60&type=chunk)[61](index=61&type=chunk)[63](index=63&type=chunk) [Other Operating Expenses and Finance Costs](index=21&type=section&id=Other%20Operating%20Expenses%20and%20Finance%20Costs) Other operating expenses decreased due to reduced fees, and finance costs declined due to lower lease interest - **Other operating expenses decreased to approximately HKD 2.37 million** (2023: approximately HKD 2.86 million), primarily due to reduced promotion and professional fees[64](index=64&type=chunk) - **Finance costs decreased to approximately HKD 0.05 million** (2023: approximately HKD 0.10 million), primarily comprising interest on lease liabilities and interest on bonds payable[65](index=65&type=chunk)[69](index=69&type=chunk) [Loss for the Period](index=22&type=section&id=Loss%20for%20the%20Period) The unaudited consolidated loss expanded, primarily due to increased impairment losses and decreased revenue - The **unaudited consolidated loss attributable to owners of the Company was approximately HKD 41.80 million** (2023: approximately HKD 25.40 million)[66](index=66&type=chunk)[70](index=70&type=chunk) - The primary reasons for the expanded loss are **increased impairment losses on loans receivable and decreased revenue**[66](index=66&type=chunk)[70](index=70&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=22&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of June 30, 2024, bank and cash balances, net current assets, and current ratio decreased due to reduced loans receivable; no bank borrowings, potential external financing Liquidity and Capital Structure Key Data | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Bank and cash balances | 1,490,000 (approx) | 3,740,000 (approx) | | Net current assets | 60,620,000 (approx) | 97,460,000 (approx) | | Current ratio | 34.82 times (approx) | 50.55 times (approx) | - **Bank and cash balances decreased by 60.1%** year-on-year[71](index=71&type=chunk) - **Current ratio decreased from 50.55 times to 34.82 times**, primarily due to reduced loans receivable[71](index=71&type=chunk) - The company has **no bank borrowings** and may raise funds through loans, credit facilities, or issuance of equity/loan notes[71](index=71&type=chunk) [Significant Investments and Asset Disposals](index=23&type=section&id=Significant%20Investments%20and%20Asset%20Disposals) As of June 30, 2024, no significant investments (over 5% of assets), no major acquisitions/disposals, and no specific future investment plans - As of June 30, 2024, the company held **no significant investments exceeding 5% of total assets**[73](index=73&type=chunk)[76](index=76&type=chunk) - There were **no significant acquisitions or disposals of subsidiaries, associates, and joint ventures** during the review period[74](index=74&type=chunk)[76](index=76&type=chunk) - As of June 30, 2024, the company had **no specific future major investment or capital asset plans**[74](index=74&type=chunk)[76](index=76&type=chunk) [Employee Information](index=23&type=section&id=Employee%20Information) As of June 30, 2024, employee count and remuneration significantly decreased; compensation policies are performance-based with regular training Employee Information | Metric | June 30, 2024 (Number of employees) | December 31, 2023 (Number of employees) | | :--- | :--- | :--- | | Total number of employees | 8 | 23 | | Total employee remuneration (including directors' emoluments) | 2,250,000 (approx) | 4,180,000 (approx) | - **Total number of employees decreased by 65.2%**, from 23 to 8[77](index=77&type=chunk) - **Total employee remuneration decreased by approximately 46.1%** year-on-year[77](index=77&type=chunk) - The company's remuneration policy is based on **performance, qualifications, and experience**, referencing market conditions, offering fixed monthly salaries and discretionary year-end bonuses[77](index=77&type=chunk) [Pledge of Assets and Gearing Ratio](index=24&type=section&id=Pledge%20of%20Assets%20and%20Gearing%20Ratio) As of June 30, 2024, HKD 8 million in loans receivable were pledged; the company transitioned from net cash to net debt with a 0.36% gearing ratio - As of June 30, 2024, the company **pledged approximately HKD 8 million in loans receivable as collateral for bonds**[79](index=79&type=chunk)[83](index=83&type=chunk) Gearing Ratio | Metric | June 30, 2024 (HKD) | December 31, 2023 (HKD) | | :--- | :--- | :--- | | Net debt | 300,000 (approx) | (1,700,000) (approx) | | Gearing ratio | 0.36% (approx) | Not applicable | - The company transitioned from a net cash position at year-end 2023 to a **net debt position of approximately HKD 0.3 million** as of June 30, 2024, with a **gearing ratio of 0.36%**[80](index=80&type=chunk)[84](index=84&type=chunk) [Exchange Rate Risk and Contingent Liabilities](index=24&type=section&id=Exchange%20Rate%20Risk%20and%20Contingent%20Liabilities) The company's HKD-denominated Hong Kong money lending business faces minimal exchange rate risk, uses no hedging, and has no significant contingent liabilities - The company primarily engages in **money lending in Hong Kong**, with business revenue and costs denominated in HKD, resulting in **negligible exchange rate fluctuation risk**[81](index=81&type=chunk)[85](index=85&type=chunk) - **No financial instruments were used for exchange rate hedging** during the review period[81](index=81&type=chunk)[85](index=85&type=chunk) - As of June 30, 2024, the company had **no significant contingent liabilities**[82](index=82&type=chunk)[86](index=86&type=chunk) [Directors' and Major Shareholders' Interests](index=25&type=section&id=Directors'%20and%20Major%20Shareholders'%20Interests) As of June 30, 2024, directors and chief executives held no interests in shares or debentures; major shareholder Xiao Guoliang held a 29.50% long position - As of June 30, 2024, **none of the company's directors or chief executives held any interests or short positions** in the company's shares, related shares, or debentures[87](index=87&type=chunk)[88](index=88&type=chunk) Major Shareholders' Shareholding | Name | Nature of interest | Number of ordinary shares held | Approximate percentage of issued share capital | | :--- | :--- | :--- | :--- | | Xiao Guoliang | Beneficial owner | 1,070,400,000 | 29.50% | [Corporate Governance Practices](index=26&type=section&id=Corporate%20Governance%20Practices) The company adheres to GEM Corporate Governance Code, but the vacant Chairman position leads to non-compliance with specific rules; the Board remains effective, with an Executive Director chairing the AGM - The company has complied with all code provisions of the Corporate Governance Code, but the **vacant Chairman position leads to non-compliance with rules C.2.1-C.2.9 and F.2.2**[91](index=91&type=chunk)[93](index=93&type=chunk) - The Board, composed of experienced directors, operates effectively, with **major decisions made by the Board as a whole** and daily operations overseen by the Chief Executive Officer[92](index=92&type=chunk) - Executive Director Mr. Lui Cheuk Fung **chaired the Annual General Meeting on June 21, 2024**, addressing shareholder questions[93](index=93&type=chunk)[95](index=95&type=chunk) - The company has adopted the **Model Code for Securities Transactions by Directors**, with all directors confirming compliance[96](index=96&type=chunk) [Suspension of Trading in Shares](index=28&type=section&id=Suspension%20of%20Trading%20in%20Shares) Shares have been suspended since Nov 24, 2017, and will remain so; the company is communicating with SFC for resumption, but no specific timetable is available - **Trading in the company's shares has been suspended since November 24, 2017**, and will remain suspended until further notice[98](index=98&type=chunk) - The company is actively engaging with the SFC to **resume share trading as soon as possible**[98](index=98&type=chunk) - **No specific timetable for resumption of trading can be provided** at present, as the resumption application is still under review[98](index=98&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The Audit Committee, composed of four independent non-executive directors, reviewed the report and interim results, confirming compliance with accounting standards, GEM rules, and legal requirements - The Audit Committee comprises **four independent non-executive directors**, with Mr. Wong Shui Yeung as Chairman[100](index=100&type=chunk)[101](index=101&type=chunk) - The Audit Committee has reviewed this report and interim results, confirming that the **financial information complies with applicable accounting standards, GEM Listing Rules, and legal requirements**, with adequate disclosures[100](index=100&type=chunk)[101](index=101&type=chunk)