（股份代號：8317） 於將在二零二五年九月二十九日中午十二時正假座 香港灣仔告士打道77–79號富通大廈30樓舉行的股東週年大會 （或其任何續會）（「大會」）使用的代表委任表格 本人╱吾等 （附註1） 地址為 為財華社集團有限公司（「本公司」）股本中每股面值0.01港元的普通股（「股份」） 股 （附註2） 的登記持有人，茲委任大會主席或 （附註3） 地址為 FINET GROUP LIMITED 財華社集團有限公司 （於開曼群島註冊成立並於百慕達存續之有限公司） 為本人╱吾等的代表，代表本人╱吾等出席大會及行事，以考慮並酌情通過召開大會的通告所載的決議案，並 於大會上代表本人╱吾等以本人╱吾等名義按下列指示就召開大會的通告所載的決議案表決；如無作出有關指 示以及就妥善提呈大會的任何其他事項，本人╱吾等的代表可按其認為適合者作出表決。 請在適當空格內加上剔（「✓」）號表示 閣下希望就決議案如何表決 （附註4） 。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 省覽、考慮及採納本公司及其附屬公司截至二零二五年三月三十一 | ...

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的任何損失承擔任何責任。 FINET GROUP LIMITED 財華社集團有限公司 （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：8317） 股東週年大會通告 茲通告財華社集團有限公司（「本公司」）謹訂於二零二五年九月二十九日中午十二時 正假座香港灣仔告士打道77–79號富通大廈30樓舉行股東週年大會（「股東週年大 會」），藉以處理下列普通事項： 普通決議案 – 1 – 1. 省覽、考慮及採納本公司及其附屬公司截至二零二五年三月三十一日止年度的 經審核綜合財務報表及本公司董事會與本公司核數師報告。 2. 考慮並酌情批准以下決議案（各為一項獨立決議案）： (a) 重選勞玉儀女士為本公司執行董事。 (b) 重選徐袓力博士為本公司獨立非執行董事。 (c) 重選李志洪先生為本公司獨立非執行董事。 (d) 授權本公司董事會釐定本公司董事酬金。 「動議： 「有關期間」指本決議案獲通過起至下列任何一項最早發生者為止的期間： – ...

此 乃 要 件 請 即 處 理 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」）對本通函之內容概不負責，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通函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。 閣下如對本通函任何方面或應採取的行動有任何疑問，應諮詢持牌證券交易商、證券註冊機構、銀行經 理、律師、專業會計師或其他專業顧問。 （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：8317） (1)建議重選退任董事； (2)重新委任核數師； (3)建議授出購回股份及 發行股份之一般授權； (4)建議修訂現有公司細則及採納新公司細則； 閣下如已將名下的財華社集團有限公司（「本公司」）股份全部售出或轉讓，應立即將本通函及隨附之代表委 任表格送交買主或承讓人或經手買賣或轉讓的銀行、持牌證券交易商、證券註冊機構或其他代理商，以便 轉交買主或承讓人。 FINET GROUP LIMITED 財華社集團有限公司 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提 供一個上市的市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審 ...

Core Insights - The establishment of the "Hong Kong Digital Asset Listed Companies Association" marks a significant step in promoting digital assets in Hong Kong, with participation from over 80 listed companies and financial institutions [1][2] - The Hong Kong government is committed to fostering innovation in financial technology, with over 1,100 fintech companies operating in the region and a 15% annual growth rate [1][2] Group 1: Government Initiatives - The Hong Kong government plans to regularize the issuance of green bonds and explore tokenization applications in various sectors, including renewable energy [2] - A funding program has been launched to support projects with commercial potential, offering up to HKD 500,000 for tokenization certification and commercialization [2] Group 2: Participating Companies - A list of participating companies includes notable H-shares such as Guofu Quantum, China New Economy Investment, and Huya Capital, among others [3] - A-share participants include Zhaoxin Co. and Jingbeifang, while US-listed companies include Galaxy Digital and Amber [4]

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 內容而引致的任何損失承擔任何責任。 FINET GROUP LIMITED 財華社集團有限公司 ( 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： 8317) 建議修訂組織章程大綱及細則及 採納新組織章程大綱及細則 本公告由財華社集團有限公司（「本公司」）根據香港聯合交易所有限公司（「聯交所」） GEM 證券上市規則（「GEM 上市規則」）第 17.50(1)條作出。 本公司董事（「董事」）會（「董事會」）建議對本公司現行組織章程大綱及細則（「組 織章程大綱及細則」）作出若干修訂（「建議修訂」），以及採納歸併及整合所有建議修 訂的經修訂及重列組織章程大綱及細則（「新組織章程大綱及細則」），以（其中包括） (i)使組織章程大綱及細則與擴大無紙化上市機制相關最新監管規定以及 GEM 上市規 則所作相關修訂保持一致；(ii)允許以現場會議、混合會議或完全以電子方式召開及舉 行股東大會，從而為本公司舉行股東大會的方式提供更多靈活度；( ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 財華社集團有限公司 呈交日期: 2025年8月1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) | 08317 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,000,000,000 | HKD | | 0.01 | HKD | | 150,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 15,000,000,000 | HKD | | 0.01 | HKD | | 150,000,000 | 本月底法定/註 ...

Summary of Key Points Group 1: Stock Performance - A total of 137 stocks reached 52-week highs as of July 10, with the top three performers being: - Puxing Energy (00090) with a high rate of 196.30%, closing at 1.400 and reaching a peak of 2.240 [1] - Lushang Service (02376) with a high rate of 74.24%, closing at 3.260 and peaking at 3.990 [1] - Yaocai Securities Finance (01428) with a high rate of 28.19%, closing at 13.900 and peaking at 14.460 [1] Group 2: Additional High Performers - Other notable stocks that reached 52-week highs include: - Qianxun Technology (01640) with a high rate of 25.56% [1] - China San San Media (08087) with a high rate of 18.93% [1] - Juneng Group (01730) with a high rate of 11.40% [1] Group 3: 52-Week Low Performance - The 52-week low performance includes: - Shengtong Technology (02495) with a low rate of -17.89%, closing at 68.700 and reaching a low of 66.100 [4] - Xinda Holdings (08471) with a low rate of -10.00%, closing at 0.112 and reaching a low of 0.099 [4] - Caihua Group (08317) with a low rate of -8.20%, closing at 0.062 and reaching a low of 0.056 [4]

財華社集團有限公司 (於百慕達存續之有限公司) (股份代號: 08317) 年 報 2024 • 2025 香 港 深 圳 北 京 Finet Group Limited (Continued in Bermuda with limited liability) (Stock Code: 08317) ANNUAL REPORT 2024 • 2025 HONG KONG SHENZHEN BEIJING Annual Report 2024/2025 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一個上市的 市場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於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年報之內容概不負責，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年報全部或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔 ...

[Company Profile](index=4&type=section&id=Company%20Profile) Finet Group Limited (08317.HK) provides diverse financial and investment services in Hong Kong and China, including financial information, brokerage, and property investment, having terminated its loan business this year - The company was incorporated in the Cayman Islands, later re-domiciled to Bermuda, and its shares are listed on GEM (stock code: **08317**)[9](index=9&type=chunk) - Principal businesses include financial information, advertising and investor relations services, technology solutions, brokerage, underwriting and asset management services, and property investment[9](index=9&type=chunk) - The loan business was terminated during the current year[9](index=9&type=chunk) - The Group's headquarters are in Hong Kong, with offices in Beijing and Shenzhen[10](index=10&type=chunk) [Company Information](index=6&type=section&id=Company%20Information) This section details Finet Group Limited's board members, company secretary, authorized representatives, compliance officer, auditor, registered and head office addresses, website, principal bankers, and stock code, along with changes in committee memberships - The Board of Directors includes Ms. Lo Yuk Yee (Chairperson and Executive Director), Mr. Tai Kwok Leung (Executive Director), and Independent Non-executive Directors Mr. Wong Wai Kin, Mr. Li Chi Hung, and Mr. Tsui Chor Lik (the latter two with appointment changes)[12](index=12&type=chunk) - Membership of the Audit, Remuneration, Nomination, and Corporate Governance Committees changed during the reporting period, reflecting adjustments to board composition and governance structure[12](index=12&type=chunk) - The Company Secretary is Ms. Cheung Yin, and the Auditor is Ascent Partners CPA Limited[13](index=13&type=chunk) - The Company's stock code is **08317**, and its website is **www.finet.hk**[13](index=13&type=chunk) [Financial Highlights](index=7&type=section&id=Financial%20Highlights) For the year ended March 31, 2025, Group revenue decreased by **22.5%** to **HK$10,414 thousand**, while loss attributable to owners significantly narrowed by approximately **50%** to **HK$4,261 thousand**, with total assets slightly down but net current assets up **37.6%** Financial Highlights for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,414 | 13,433 | -22.5% | | Loss for the year attributable to owners of the Company | (4,261) | (8,497) | -49.9% | | Profit for the year attributable to non-controlling interests | 1,194 | 1,216 | -1.8% | | Total assets | 64,774 | 66,114 | -2.0% | | Total liabilities | 23,950 | 22,272 | +7.5% | | Net assets | 40,824 | 43,842 | -6.9% | | Cash and cash equivalents | 9,199 | 8,551 | +7.6% | | Basic and diluted loss per share (HK cents) | 0.43 | 0.91 | -52.8% | [Chairman's Statement](index=8&type=section&id=Chairman's%20Statement) The Chairman's Statement reviews the Group's performance and strategic adjustments amid Hong Kong's economic transformation and Web3.0 development, highlighting its embrace of digital economy and virtual asset opportunities, AI-powered content creation, and plans to expand into Greater Bay Area and family office services for new revenue growth - Hong Kong's economy is moving towards full recovery, with Web3.0 and virtual asset development presenting significant business opportunities, and the company is preparing to launch more educational courses on digital asset trading and tokenized financing products[15](index=15&type=chunk)[16](index=16&type=chunk) - As a leading provider of investor education and information, the Group leverages AI software to enhance content production, delivering extensive, timely, and accurate financial information, with products focused on short videos, articles, financial data, and analytical reports[17](index=17&type=chunk) - For the year ended March 31, 2025, turnover was approximately **HK$10,414,000**, with steady performance[18](index=18&type=chunk) - Future strategies include serving Greater Bay Area investors interested in the Hong Kong financial market, leveraging cross-border financial information service advantages, and collaborating with Invest Hong Kong and other institutions to provide professional services for family offices establishing in Hong Kong as new revenue growth drivers[19](index=19&type=chunk) - The Group will increase investment in AI technology, recruit more foreign language editors, and produce more international short videos to meet global new media platform display requirements[20](index=20&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section details the Group's business overview, financial performance, liquidity, financial resources and capital structure, contingent liabilities, significant investments and disposals, exchange rate risk, employees and remuneration, dividends, and future outlook, noting a **22.5%** revenue decrease due to reduced advertising and investor relations services, but a significant narrowing of losses, alongside the disposal of seven inactive subsidiaries and increased bank borrowings - Advertising and investor relations business remains the primary revenue source, with securities brokerage and asset management business revenue significantly increasing to approximately **HK$3,002,000** (2024: approximately HK$6,000)[21](index=21&type=chunk)[25](index=25&type=chunk) - For the year ended March 31, 2025, revenue was approximately **HK$10,414,000**, a year-on-year decrease of approximately **22.5%**, primarily due to reduced advertising and investor relations service income[27](index=27&type=chunk) - Loss for the year decreased, with consolidated loss attributable to owners of the Company being approximately **HK$4,261,000** (2024: approximately HK$8,497,000)[28](index=28&type=chunk) - Net current assets increased by **37.6%** to **HK$29,846 thousand**, total assets slightly decreased by **2.0%**, and total liabilities increased by **7.5%**[29](index=29&type=chunk) - The Group disposed of seven inactive subsidiaries, including Finet Asset Management, Finet Corporate Finance, and Finet Finance, to the ultimate controlling shareholder, Ms. Lo, for **HK$1** per share[36](index=36&type=chunk) - As of March 31, 2025, the Group had **40** full-time employees (2024: 52), with employee benefit expenses decreasing by approximately **17.8%**[39](index=39&type=chunk)[40](index=40&type=chunk) - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[43](index=43&type=chunk) - In the future, the Group will continue to consolidate its leading position in financial news services, strengthen its market share in the Chinese and Hong Kong media industries, and develop its investor relations business, covering listed companies and pre-IPO projects[45](index=45&type=chunk) [Board of Directors](index=15&type=section&id=Board%20of%20Directors) This section details the biographies of Finet Group Limited's Board members, including Executive Directors Ms. Lo Yuk Yee and Mr. Tai Kwok Leung, and Independent Non-executive Directors Mr. Wong Wai Kin, Mr. Wong Kwok Yin (resigned), Mr. Li Chi Hung (appointed), and Mr. Tsui Chor Lik (appointed), who collectively possess extensive experience in investment, finance, accounting, corporate finance, and education - Ms. Lo Yuk Yee (Chairperson) has over **30 years** of experience in cutting-edge technology, venture capital, biotechnology, internet, and finance industries, and serves as an independent non-executive director for other listed companies[48](index=48&type=chunk) - Mr. Tai Kwok Leung possesses experience in accounting, corporate finance, and investment, holding SFC Type 1, 4, and 9 regulated activity licenses, and serves as an independent non-executive director for several listed companies[49](index=49&type=chunk) - Mr. Wong Wai Kin is a practicing accountant with over **38 years** of professional experience in accounting, auditing, taxation, and corporate finance[50](index=50&type=chunk) - Mr. Li Chi Hung is a qualified music therapist with experience in biotechnology and international trade, holding an MBA and a Master of Arts in Music Therapy[54](index=54&type=chunk)[55](index=55&type=chunk) - Mr. Tsui Chor Lik has extensive experience in cross-border education resource integration and high-end talent strategic planning, holding a Ph.D. in Physics[57](index=57&type=chunk) [Corporate Governance Report](index=18&type=section&id=Corporate%20Governance%20Report) This report outlines Finet Group Limited's corporate governance practices, covering board structure, director securities dealing rules, committee operations (Audit, Remuneration, Nomination, Corporate Governance), board diversity and nomination policies, director training, auditor's remuneration, risk management and internal controls, whistleblowing and anti-corruption policies, insider information handling, and shareholder rights, demonstrating the company's commitment to high transparency, accountability, and integrity - The Company has complied with all Corporate Governance Code principles and applicable provisions of the GEM Listing Rules, and adopted the required dealing standards for directors' securities transactions[60](index=60&type=chunk)[61](index=61&type=chunk) - The Board held **three** meetings during the reporting period, with good attendance from directors, and is responsible for overall management, strategy approval, and oversight of management[64](index=64&type=chunk)[65](index=65&type=chunk) - The Audit, Remuneration, Nomination, and Corporate Governance Committees have all been established and fulfilled their duties in accordance with the GEM Listing Rules, ensuring the effectiveness of financial reporting, remuneration, director nominations, and corporate governance[68](index=68&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - The Company has adopted Board Diversity and Director Nomination Policies to ensure a balanced mix of skills, experience, and diverse perspectives on the Board, and has achieved gender diversity on the Board[75](index=75&type=chunk)[80](index=80&type=chunk) - The Board is responsible for assessing and determining the nature and extent of risks, ensuring the establishment and maintenance of effective risk management and internal control systems, with the Audit Committee reviewing their effectiveness annually[90](index=90&type=chunk) - The Company has adopted Whistleblowing and Anti-Corruption Policies, committed to maintaining the highest levels of openness, integrity, and accountability, and has established an Inside Information Disclosure Policy to ensure fair and timely information dissemination[93](index=93&type=chunk)[94](index=94&type=chunk)[95](index=95&type=chunk) - Shareholders may request an extraordinary general meeting in writing and submit written inquiries to the Company, with all resolutions to be voted on by poll[99](index=99&type=chunk)[100](index=100&type=chunk) [Directors' Report](index=28&type=section&id=Directors'%20Report) The Directors' Report provides a business review, details of principal properties, key risks and uncertainties, legal and regulatory compliance, employee and customer relations, results and appropriations, financial summary, share capital changes, listed shares trading, pre-emptive rights, borrowings and interest capitalization, public float, directors' biographies, remuneration, service agreements, share and related share interests, major shareholders' interests, connected transactions, and auditor changes for the year ended March 31, 2025 - The Group's principal business review is elaborated in the Management Discussion and Analysis section[106](index=106&type=chunk) - The Group faces risks from intense competition in the media business and a downturn in financial markets, which it will address by improving its website and mobile applications, recruiting experienced journalists, and strengthening risk management[109](index=109&type=chunk) - The Group has complied with relevant laws and regulations and maintains good relationships with employees and customers, motivating employees through career development and communication channels, and obtaining customer feedback[110](index=110&type=chunk)[111](index=111&type=chunk) - The Board does not recommend the payment of a final dividend for the year ended March 31, 2025[113](index=113&type=chunk) - As of March 31, 2025, Ms. Lo Yuk Yee held **67.38%** of the Company's issued shares through beneficial ownership and interests in controlled corporations[126](index=126&type=chunk) - Major shareholders include Maxx Capital holding **59.45%** of shares, Broadgain International Limited holding **7.06%**, and Wang Yuan holding **5.85%**[128](index=128&type=chunk) - For the year ended March 31, 2025, the auditor changed from Crowe (HK) CPA Limited to Ascent Partners CPA Limited due to a failure to reach a consensus on audit fees[140](index=140&type=chunk) [Environmental, Social and Governance Report](index=35&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This report discloses Finet Group Limited's Environmental, Social, and Governance (ESG) performance, covering environmental protection, social responsibility, and governance, demonstrating the Group's commitment to sustainable development, reducing environmental impact, safeguarding employee rights, providing training, and adhering to anti-corruption and product responsibility regulations, with detailed social performance data including employee composition, turnover, and training - The Group is committed to sustainable development, complies with environmental laws and regulations, and encourages employees to commute green, reduce business travel, use eco-friendly transportation and cleaning agents to reduce emissions[146](index=146&type=chunk)[149](index=149&type=chunk) Greenhouse Gas Emissions for the Year Ended March 31, 2025 | GHG Emission Type | 2025 (kg CO2e) | 2024 (kg CO2e) | | :--- | :--- | :--- | | Scope 1 Direct Emissions | Zero | Zero | | Scope 2 Indirect Emissions | 75,378.2 | 87,302.8 | | Total | 75,378.2 | 87,302.8 | | Intensity (per employee) | 1,884.5 | 1,678.9 | - The Group manages waste and conserves resources through measures such as paperless office, using recycled paper, and eco-friendly procurement[153](index=153&type=chunk)[159](index=159&type=chunk) - The Group complies with the Employment Ordinance and Labor Law, has established an Employee Handbook, safeguarding employee remuneration and benefits, attendance and leave, recruitment and promotion, and anti-discrimination, while providing a safe and healthy working environment[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk)[165](index=165&type=chunk)[166](index=166&type=chunk)[168](index=168&type=chunk) - The Group provides comprehensive induction training and continuous professional development, strictly prohibits child and forced labor, and is committed to delivering quality products and services, protecting customer privacy and intellectual property rights[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk) - The Group strictly complies with anti-corruption, bribery, extortion, fraud, and money laundering laws and regulations, and encourages employees to participate in community and charitable activities[173](index=173&type=chunk)[176](index=176&type=chunk) Summary of Social Performance Data for the Year Ended March 31, 2025 | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Total Employees | 40 | 52 | | Turnover Rate | 50.7% | 51.6% | | Percentage of Employees Trained | 8% | 13% | | Average Training Hours for Female Employees | 64.0 | 9.0 | | Average Training Hours for Male Employees | 63.0 | 7.4 | | Average Training Hours for Management | 95.0 | 11.0 | | Average Training Hours for General Employees | 190 | 27.5 | [Independent Auditor's Report](index=46&type=section&id=Independent%20Auditor's%20Report) Independent auditor Ascent Partners CPA Limited issued an unmodified opinion on Finet Group Limited's consolidated financial statements for the year ended March 31, 2025, affirming they present a true and fair view of the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, also highlighting investment property valuation as a key audit matter and outlining auditor responsibilities - The auditor issued an unmodified opinion on the consolidated financial statements, deeming them true and fair and in compliance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[179](index=179&type=chunk) - Investment property valuation was identified as a key audit matter due to its significance to the financial statement balances and the material judgments involved in fair value determination[181](index=181&type=chunk)[182](index=182&type=chunk) - The auditor's procedures included understanding management's review process of the valuer's work, assessing the valuer's competence, discussing valuation techniques and input data, and evaluating the reasonableness of key input data[186](index=186&type=chunk) - Directors are responsible for preparing true and fair consolidated financial statements and for internal controls; the auditor's objective is to obtain reasonable assurance and identify material misstatements[188](index=188&type=chunk)[190](index=190&type=chunk) [Consolidated Statement of Profit or Loss](index=50&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) For the year ended March 31, 2025, Group revenue from continuing operations was **HK$10,414 thousand**, a **22.5%** year-on-year decrease, with loss before tax from continuing operations significantly narrowing to **HK$3,267 thousand** (2024: HK$9,289 thousand), and loss attributable to owners of the Company substantially reduced to **HK$4,261 thousand** from HK$8,497 thousand last year Key Data from Consolidated Statement of Profit or Loss for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 10,414 | 13,433 | -22.5% | | Other income and other losses, net | 6,565 | 6,622 | -0.9% | | Employee benefit expenses | (11,172) | (13,595) | -17.8% | | Reversal (provision) for impairment loss on trade receivables | 1,685 | (3,731) | N/A | | Finance costs | (329) | (160) | +105.6% | | Loss before tax from continuing operations | (3,267) | (9,289) | -64.8% | | Income tax credit | 205 | 2,016 | -89.8% | | Loss for the year from continuing operations | (3,062) | (7,273) | -57.9% | | Loss for the year | (3,067) | (7,281) | -57.9% | | Loss for the year attributable to owners of the Company | (4,261) | (8,497) | -49.9% | | Basic and diluted loss per share (HK cents) | (0.43) | (0.91) | -52.8% | [Consolidated Statement of Comprehensive Income](index=51&type=section&id=Consolidated%20Statement%20of%20Comprehensive%20Income) For the year ended March 31, 2025, the Group's loss for the year was **HK$3,067 thousand**, with other comprehensive income primarily comprising exchange differences on translation of foreign operations' financial statements, amounting to **HK$49 thousand** (2024: HK$-115 thousand), and total comprehensive expense for the year significantly reduced to **HK$3,018 thousand** from HK$7,396 thousand last year Key Data from Consolidated Statement of Comprehensive Income for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Loss for the year | (3,067) | (7,281) | | Exchange differences arising on translation of financial statements of foreign operations | 49 | (115) | | Total comprehensive expense for the year | (3,018) | (7,396) | | Total comprehensive expense for the year attributable to owners of the Company | (4,212) | (8,612) | | Total comprehensive income for the year attributable to non-controlling interests | 1,194 | 1,216 | [Consolidated Statement of Financial Position](index=52&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were **HK$64,774 thousand**, a slight decrease from last year, with non-current assets primarily comprising **HK$23,556 thousand** in investment properties, net current assets significantly increasing to **HK$29,846 thousand**, and total liabilities at **HK$23,950 thousand**, including new secured borrowings of **HK$10,515 thousand** Key Data from Consolidated Statement of Financial Position as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | **NON-CURRENT ASSETS** | | | | | Property, plant and equipment | 557 | 790 | -29.4% | | Right-of-use assets | 2,340 | 4,806 | -51.3% | | Investment properties | 23,556 | 23,900 | -1.4% | | **CURRENT ASSETS** | | | | | Trade receivables | 1,808 | 5,836 | -69.0% | | Amounts due from related companies | 26,163 | 20,383 | +28.4% | | Cash and cash equivalents | 9,199 | 8,551 | +7.6% | | **CURRENT LIABILITIES** | | | | | Trade payables | 1,966 | 2,795 | -29.6% | | Contract liabilities | 67 | 1,805 | -96.3% | | Loan from a shareholder | — | 3,600 | -100.0% | | Borrowings | 385 | — | N/A | | **NON-CURRENT LIABILITIES** | | | | | Borrowings | 10,130 | — | N/A | | Deferred tax liabilities | 5,500 | 5,705 | -3.6% | | **TOTAL** | | | | | Total assets | 64,774 | 66,114 | -2.0% | | Total liabilities | 23,950 | 22,272 | +7.5% | | Net assets | 40,824 | 43,842 | -6.9% | - As of March 31, 2025, the Group incurred new secured bank borrowings of **HK$10,515 thousand**, collateralized by investment properties and the personal guarantee of Ms. Lo, the ultimate controlling shareholder[196](index=196&type=chunk)[392](index=392&type=chunk)[395](index=395&type=chunk) [Consolidated Statement of Changes in Equity](index=54&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the year ended March 31, 2025, equity attributable to owners of the Company decreased from **HK$49,318 thousand** at the beginning of the year to **HK$45,106 thousand**, primarily due to a loss for the year of **HK$4,261 thousand**, while non-controlling interests improved from **HK$-5,476 thousand** to **HK$-4,282 thousand** Consolidated Statement of Changes in Equity for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Equity attributable to owners of the Company at beginning of year | 49,318 | 25,746 | | (Loss) profit for the year | (4,261) | (8,497) | | Exchange differences arising on translation of foreign operations | 49 | (115) | | Shares issued after rights issue | — | 33,327 | | Transaction costs attributable to share issue after rights issue | — | (1,143) | | Reversal of lapsed share-based payments | — | — | | Equity attributable to owners of the Company at end of year | 45,106 | 49,318 | | Non-controlling interests at end of year | (4,282) | (5,476) | | Total equity at end of year | 40,824 | 43,842 | [Consolidated Statement of Cash Flows](index=55&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2025, net cash outflow from operating activities was **HK$2,145 thousand** (2024: net inflow of HK$1,382 thousand), net cash outflow from investing activities was **HK$24 thousand**, and net cash inflow from financing activities was **HK$3,133 thousand**, primarily due to new borrowings of **HK$11,082 thousand** offsetting repayment of shareholder loans and lease liabilities, with cash and cash equivalents increasing to **HK$9,199 thousand** at year-end Key Data from Consolidated Statement of Cash Flows for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Net cash (used in) from operating activities | (2,145) | 1,382 | | Net cash (used in) from investing activities | (24) | 101 | | Net cash from (used in) financing activities | 3,133 | (801) | | Net increase in cash and cash equivalents | 964 | 682 | | Cash and cash equivalents at end of year | 9,199 | 8,551 | - Operating cash flow shifted from a net inflow to a net outflow, primarily impacted by changes in trade receivables and an increase in amounts due from related companies[202](index=202&type=chunk) - Financing cash flow shifted from a net outflow to a net inflow, mainly due to new borrowings of **HK$11,082 thousand** and the repayment of a **HK$3,600 thousand** loan from a shareholder[203](index=203&type=chunk) [Notes to the Consolidated Financial Statements](index=57&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes to the consolidated financial statements, covering the Group's general information, accounting policies, financial risk management, key estimates, and detailed breakdowns of income, expenses, assets, liabilities, equity, and cash flows, along with disclosures on related party transactions and contingent liabilities [16.1 General Information](index=57&type=section&id=16.1%20General%20Information) Finet Group Limited, incorporated in the Cayman Islands and re-domiciled to Bermuda, is listed on GEM, with Ms. Lo Yuk Yee as the ultimate controlling party, primarily engaged in financial information, advertising, investor relations, technology solutions, brokerage, underwriting, asset management, and property investment, having terminated its loan business this year - The Company was incorporated in the Cayman Islands, later re-domiciled to Bermuda, and its shares have been listed on GEM since January 7, 2005[204](index=204&type=chunk)[205](index=205&type=chunk) - The ultimate controlling party is Ms. Lo Yuk Yee, the Company's Chairperson and Executive Director[204](index=204&type=chunk) - Principal businesses include financial information, advertising, investor relations services, technology solutions, brokerage, underwriting, asset management, and property investment, with the loan business terminated during the current year[205](index=205&type=chunk) [16.2 Basis of Preparation](index=57&type=section&id=16.2%20Basis%20of%20Preparation) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards issued by the HKICPA, comply with GEM Listing Rules and the Hong Kong Companies Ordinance disclosure requirements, and are presented on a historical cost basis, except for investment properties measured at fair value - The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and comply with the disclosure requirements of the GEM Listing Rules and the Hong Kong Companies Ordinance[207](index=207&type=chunk) - Except for investment properties measured at fair value, the statements are prepared on a historical cost basis[208](index=208&type=chunk) [16.3 Application of New and Revised Hong Kong Financial Reporting Standards](index=58&type=section&id=16.3%20Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) The Group has adopted revised Hong Kong Financial Reporting Standards effective on or after April 1, 2024, including amendments related to lease liabilities in a sale and leaseback and classification of liabilities as current or non-current, which had no significant impact on current or prior period financial performance or position, while newly issued but not yet effective standards, such as HKFRS 18, are not expected to materially affect financial position, though presentation and disclosure impacts are still being assessed - The Group has adopted revised Hong Kong Financial Reporting Standards effective on or after April 1, 2024, but these had no significant impact on financial performance or position[211](index=211&type=chunk) - Newly issued but not yet effective HKFRS 18 (Presentation and Disclosure in Financial Statements) is not expected to have a significant impact on financial position, but its presentation and disclosure impacts are still being assessed[212](index=212&type=chunk)[214](index=214&type=chunk) [16.4 Significant Accounting Policies](index=59&type=section&id=16.4%20Significant%20Accounting%20Policies) This section details the Group's accounting policies for consolidation, separate financial statements, foreign currency translation, property, plant and equipment, investment properties, impairment of non-financial assets, investments and other financial assets, offsetting financial instruments, trade receivables, cash and cash equivalents, trade and other payables, borrowings, borrowing costs, current and deferred income tax, employee benefits, share-based payments, provisions, revenue recognition, interest income, leases, contingent liabilities and assets, government grants, contract assets and liabilities, and related party transactions - The Group consolidates or de-consolidates subsidiaries upon gaining or losing control, and attributes profit or loss and comprehensive income of subsidiaries[218](index=218&type=chunk) - Foreign currency transactions are translated at exchange rates on transaction dates, with exchange gains and losses recognized in the consolidated statement of profit or loss; financial statements of foreign operations are translated at closing or average exchange rates[221](index=221&type=chunk)[223](index=223&type=chunk) - Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment, with depreciation calculated using the straight-line method; investment properties are accounted for at fair value[224](index=224&type=chunk)[227](index=227&type=chunk) - Financial assets are classified as measured at fair value through other comprehensive income or profit or loss, or at amortized cost, with expected credit losses assessed on a forward-looking basis[229](index=229&type=chunk)[231](index=231&type=chunk)[235](index=235&type=chunk)[237](index=237&type=chunk)[238](index=238&type=chunk) - Revenue is recognized when control over goods or services is transferred to the customer, primarily from financial information, advertising, investor relations services, brokerage, underwriting and asset management services, and investment property rentals[262](index=262&type=chunk)[265](index=265&type=chunk)[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) - Leases are recognized as right-of-use assets and corresponding liabilities, measured on a present value basis, and depreciated or recognized as expenses over the lease term[271](index=271&type=chunk)[275](index=275&type=chunk) - Related party transactions are broadly defined to include control or joint control, significant influence, key management personnel, and entities within the same group[285](index=285&type=chunk)[286](index=286&type=chunk) [16.5 Financial Risk Management](index=78&type=section&id=16.5%20Financial%20Risk%20Management) The Group faces market risks (foreign currency and interest rate risks), credit risk, and liquidity risk, with foreign currency risk primarily from RMB-denominated investment property income deemed immaterial by management, interest rate risk considered insignificant due to low bank balance rates, credit risk managed through regular recoverability reviews, continuous monitoring of receivables, and an expected credit loss model, and liquidity risk managed by maintaining sufficient reserves and borrowing facilities - The Group faces market risks (foreign currency and interest rate risks), credit risk, and liquidity risk, with an overall risk management program designed to mitigate potential adverse effects[287](index=287&type=chunk) - Foreign currency risk primarily arises from RMB-denominated investment property income, but management considers the net impact immaterial, with no formal hedging policy currently in place[288](index=288&type=chunk) - Interest rate risk is not significant due to low interest rates on bank balances, and management will closely monitor it[289](index=289&type=chunk) - Credit risk is managed through regular reviews of financial asset recoverability, continuous monitoring of receivable balances, and the application of an expected credit loss model (including probability of default, loss given default, and exposure at default)[290](index=290&type=chunk)[291](index=291&type=chunk)[292](index=292&type=chunk)[299](index=299&type=chunk)[300](index=300&type=chunk) Loss Allowance for Trade Receivables as of March 31, 2025 | Trade Receivables (excluding related companies) | 0–30 Days (HK$ thousand) | 31–60 Days (HK$ thousand) | 61–90 Days (HK$ thousand) | 91–120 Days (HK$ thousand) | Over 120 Days (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 2025 Gross Carrying Amount | 57 | 15 | 11 | 116 | 7,898 | 8,097 | | 2025 Total Loss Allowance | 16 | 10 | 8 | 98 | 7,898 | 8,030 | | 2025 Expected Credit Loss Rate | 28.38% | 62.32% | 73.51% | 84.99% | 100% | | | 2024 Gross Carrying Amount | 1,191 | — | — | 40 | 9,361 | 10,592 | | 2024 Total Loss Allowance | 339 | — | — | 37 | 9,361 | 9,737 | | 2024 Expected Credit Loss Rate | 28.47% | — | — | 92.92% | 100% | | Expected Credit Loss Allowance for Trade Receivables and Amounts Due from Related Companies as of March 31, 2025 | Metric | Trade Receivables (HK$ thousand) | Amounts Due from Related Companies (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | | April 1, 2023 | 6,854 | 1,625 | 8,479 | | Increase in loss allowance recognized in profit or loss during the year | 3,731 | 889 | 4,620 | | March 31, 2024 and April 1, 2024 | 9,737 | 2,514 | 12,251 | | (Decrease) increase in loss allowance recognized in profit or loss during the year | (1,685) | 552 | (1,133) | | March 31, 2025 | 8,030 | 3,066 | 11,096 | - Liquidity risk is managed by maintaining sufficient reserves and borrowing facilities, continuously monitoring cash flows, and matching the maturity profiles of financial assets and liabilities[304](index=304&type=chunk) Maturity Analysis of Financial Liabilities as of March 31, 2025 | Type of Liability | On demand or within 1 year (HK$ thousand) | Over 1 year but within 2 years (HK$ thousand) | Over 2 years but within 5 years (HK$ thousand) | Total Undiscounted Cash Flows (HK$ thousand) | Carrying Amount (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | **2025** | | | | | | | Trade payables | 1,966 | — | — | 1,966 | 1,966 | | Accrued expenses and other payables | 3,552 | — | — | 3,552 | 3,552 | | Borrowings | 726 | 713 | 10,517 | 11,956 | 10,515 | | Lease liabilities | 2,381 | — | — | 2,381 | 2,350 | | **2024** | | | | | | | Trade payables | 2,795 | — | — | 2,795 | 2,795 | | Accrued expenses and other payables | 3,503 | — | — | 3,503 | 3,503 | | Amount due to a related company | 5 | — | — | 5 | 5 | | Loan from a shareholder | 3,600 | — | — | 3,600 | 3,600 | | Lease liabilities | 3,240 | 1,829 | — | 5,069 | 4,859 | - The Group monitors capital using the capital gearing ratio, which was **8.98%** as of March 31, 2025 (2024: not applicable)[307](index=307&type=chunk) [16.6 Critical Accounting Estimates and Judgments](index=86&type=section&id=16.6%20Critical%20Accounting%20Estimates%20and%20Judgments) Financial statement preparation involves significant management accounting estimates and judgments regarding investment property fair value, financial asset impairment, and impairment of property, plant and equipment and right-of-use assets, which are based on past experience, market conditions, and forward-looking projections, and may be materially affected by changes in assumptions - The fair value of investment properties is determined annually by independent professional valuers, assessed based on market conditions and assumptions[313](index=313&type=chunk) - Financial asset impairment provisions are based on assumptions regarding default risk and expected credit loss rates, requiring management judgment based on historical records, market conditions, and forward-looking estimates[314](index=314&type=chunk) - Impairment assessment for property, plant and equipment and right-of-use assets involves judgment, including factors affecting asset value, support for recoverable amounts, and key assumptions such as future cash flow projections and discount rates[315](index=315&type=chunk) [16.7 Revenue](index=87&type=section&id=16.7%20Revenue) For the year ended March 31, 2025, the Group's total revenue was **HK$10,414 thousand**, comprising **HK$5,925 thousand** from advertising and investor relations services, **HK$3,002 thousand** from brokerage and underwriting commissions (a significant year-on-year increase), and **HK$1,298 thousand** from investment property rental income, with most revenue recognized at a point in time Revenue Analysis for the Year Ended March 31, 2025 | Revenue Source | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Service income from providing financial information services | 189 | 212 | -10.8% | | Advertising and investor relations service income | 5,925 | 12,018 | -50.7% | | Commission income from brokerage and underwriting services | 3,002 | 6 | +49933.3% | | Investment property rental income | 1,298 | 1,197 | +8.4% | | **Total** | **10,414** | **13,433** | **-22.5%** | - Of the revenue from contracts with customers, **HK$8,927 thousand** was recognized at a point in time, and **HK$189 thousand** was recognized over time[316](index=316&type=chunk) [16.8 Other Income and Other Losses, Net](index=88&type=section&id=16.8%20Other%20Income%20and%20Other%20Losses%2C%20Net) For the year ended March 31, 2025, the Group's other income and other losses, net, amounted to **HK$6,565 thousand**, largely consistent with **HK$6,622 thousand** in the prior year, primarily comprising **HK$6,335 thousand** in income from shared administrative expenses and a **HK$344 thousand** loss from fair value changes of investment properties (2024: HK$3,360 thousand) Other Income and Other Losses, Net for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Interest income from bank deposits | 13 | 27 | | Income from shared administrative expenses | 6,335 | 9,077 | | Fair value changes of investment properties | (344) | (3,360) | | Net gain on disposal of property, plant and equipment | 1 | 152 | | Government grants | — | 395 | | Miscellaneous income | 560 | 331 | | **Total** | **6,565** | **6,622** | - Loss from fair value changes of investment properties significantly decreased from **HK$3,360 thousand** in 2024 to **HK$344 thousand** in 2025[318](index=318&type=chunk) [16.9 Segment Information](index=88&type=section&id=16.9%20Segment%20Information) The Group has identified three continuing reportable segments: financial information, advertising and investor relations services; securities business; and property investment business, with the loan business discontinued, reporting revenues of **HK$6,114 thousand** from financial information, advertising and investor relations, **HK$3,002 thousand** from securities, and **HK$1,298 thousand** from property investment for the year ended March 31, 2025, with **HK$8,971 thousand** from Hong Kong and **HK$1,443 thousand** from China - The Group has identified three continuing reportable segments: financial information, advertising and investor relations services business, securities business, and property investment business; the loan business has been discontinued[320](index=320&type=chunk)[321](index=321&type=chunk) Segment Revenue for the Year Ended March 31, 2025 | Segment | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Financial information, advertising and investor relations services business | 6,114 | 12,230 | | Securities business | 3,002 | 6 | | Property investment business | 1,298 | 1,197 | | **Total** | **10,414** | **13,433** | Revenue by Geographical Region for the Year Ended March 31, 2025 | Region | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Hong Kong | 8,971 | 11,701 | | China | 1,443 | 1,732 | | **Total** | **10,414** | **13,433** | - As of March 31, 2025, revenue from customers C1, D1, E1, and F2 each exceeded **10%** of the Group's total sales[329](index=329&type=chunk) [16.10 Finance Costs](index=92&type=section&id=16.10%20Finance%20Costs) For the year ended March 31, 2025, the Group's finance costs were **HK$329 thousand**, an increase of **105.6%** from **HK$160 thousand** in the prior year, primarily due to increased interest expenses on borrowings Finance Costs for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Interest expense on borrowings | 138 | — | N/A | | Interest expense on lease liabilities | 191 | 160 | +19.4% | | **Total** | **329** | **160** | **+105.6%** | [16.11 Loss Before Tax from Continuing Operations](index=93&type=section&id=16.11%20Loss%20Before%20Tax%20from%20Continuing%20Operations) For the year ended March 31, 2025, loss before tax from continuing operations was **HK$3,267 thousand**, with major expenses including **HK$3,783 thousand** for depreciation of right-of-use assets, **HK$350 thousand** for auditor's remuneration, and **HK$134 thousand** for expenses related to short-term lease payments Components of Loss Before Tax from Continuing Operations for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Expenses relating to short-term lease payments | 134 | 290 | | Depreciation of property, plant and equipment | 268 | 263 | | Depreciation of right-of-use assets | 3,783 | 3,889 | | Direct operating expenses arising from investment properties that generated rental income | 118 | 120 | | Auditor's remuneration | 350 | 500 | [16.12 Income Tax Credit](index=93&type=section&id=16.12%20Income%20Tax%20Credit) For the year ended March 31, 2025, the Group received an income tax credit of **HK$205 thousand** (2024: HK$2,016 thousand), primarily from deferred tax credits, with no tax provision made for Hong Kong and PRC subsidiaries due to absence of assessable profits, and deferred tax assets unrecognized due to uncertainty regarding future utilization of tax benefits Income Tax Credit for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Deferred tax | (205) | (2,016) | | **Income Tax Credit** | **(205)** | **(2,016)** | - No tax provision was made for Hong Kong and PRC subsidiaries due to the absence of assessable profits[333](index=333&type=chunk) - Deferred tax assets were not recognized due to uncertainty regarding future utilization of tax benefits, including unutilized tax losses of approximately **HK$206,412 thousand** in Hong Kong and approximately **HK$26,926 thousand** in the PRC[396](index=396&type=chunk) [16.13 Loss Per Share](index=94&type=section&id=16.13%20Loss%20Per%20Share) For the year ended March 31, 2025, basic and diluted loss per share was **0.43 HK cents** (2024: 0.91 HK cents), reflecting a significant narrowing of loss, with no dilutive effect from share options this year as their exercise price exceeded the Company's share price Loss Per Share for the Year Ended March 31, 2025 | Metric | 2025 (HK cents) | 2024 (HK cents) (Restated) | | :--- | :--- | :--- | | Basic loss per share (from continuing operations) | (0.43) | (0.91) | | Basic loss per share (from discontinued operations) | — | — | | **Basic Loss Per Share** | **(0.43)** | **(0.91)** | | Diluted loss per share | (0.43) | (0.91) | - For the years ended March 31, 2025 and 2024, no dilutive effect arose from the Company's share options as their exercise price was higher than the Company's share price[337](index=337&type=chunk) [16.14 Employee Benefit Expenses](index=95&type=section&id=16.14%20Employee%20Benefit%20Expenses) For the year ended March 31, 2025, the Group's total employee benefit expenses, including directors' and chief executive's emoluments, amounted to **HK$11,172 thousand**, a **17.8%** decrease from **HK$13,595 thousand** in the prior year, primarily comprising **HK$10,374 thousand** in salaries and allowances and **HK$748 thousand** in defined contribution plan contributions Employee Benefit Expenses for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change (%) | | :--- | :--- | :--- | :--- | | Salaries and allowances | 10,374 | 12,487 | -17.0% | | Defined contribution plan contributions | 748 | 1,018 | -26.5% | | Others | 50 | 90 | -44.4% | | **Total** | **11,172** | **13,595** | **-17.8%** | [16.15 Directors' and Chief Executive's Emoluments](index=96&type=section&id=16.15%20Directors'%20and%20Chief%20Executive's%20Emoluments) For the year ended March 31, 2025, total emoluments for directors and the chief executive amounted to **HK$2,442 thousand** (2024: HK$1,758 thousand), with Ms. Lo Yuk Yee's emoluments being **HK$1,818 thousand**, and the Chief Executive position remaining vacant with its functions shared among Board members Directors' and Chief Executive's Emoluments for the Year Ended March 31, 2025 | Name of Director | Fees (HK$ thousand) | Salaries, allowances and benefits in kind (HK$ thousand) | Defined contribution scheme contributions (HK$ thousand) | Total (HK$ thousand) | | :--- | :--- | :--- | :--- | :--- | | **2025** | | | | | | Ms. Lo Yuk Yee | — | 1,800 | 18 | 1,818 | | Mr. Tai Kwok Leung | 240 | 240 | — | 480 | | Mr. Wong Wai Kin | — | — | — | — | | Mr. Wong Kwok Yin | 60 | — | — | 60 | | Mr. Yu Kai Yiu | 49 | — | — | 49 | | Mr. Li Chi Hung | 35 | — | — | 35 | | **Total** | **384** | **2,040** | **18** | **2,442** | | **2024** | | | | | | Ms. Lo Yuk Yee | — | 1,332 | 18 | 1,350 | | Mr. Tai Kwok Leung | 49 | — | — | 49 | | Ms. Chan Wai Kit | 95 | — | — | 95 | | Mr. Wu Chun Yuk | 103 | — | 4 | 107 | | Mr. Wong Wai Kin | — | — | — | — | | Mr. Wong Kwok Yin | 60 | — | — | 60 | | Mr. Yu Kai Yiu | 73 | — | — | 73 | | Mr. Chu Ka Chung | 24 | — | — | 24 | | **Total** | **404** | **1,332** | **22** | **1,758** | - The Chief Executive position is vacant, with its functions and responsibilities shared among the Board members[342](index=342&type=chunk) [16.16 Five Highest Paid Individuals](index=98&type=section&id=16.16%20Five%20Highest%20Paid%20Individuals) For the year ended March 31, 2025, the Group's five highest paid individuals included two directors, with the remaining three non-director individuals receiving total emoluments of **HK$949 thousand** (2024: HK$1,786 thousand) Emoluments of Five Highest Paid Individuals (Non-Directors) for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Salaries and allowances | 896 | 1,717 | | Defined contribution plan contributions | 53 | 69 | | **Total** | **949** | **1,786** | - The number of individuals with emoluments ranging from **HK$0** to **HK$1,000,000** was **3** in 2025 and **4** in 2024[346](index=346&type=chunk) [16.17 Property, Plant and Equipment](index=99&type=section&id=16.17%20Property%2C%20Plant%20and%20Equipment) As of March 31, 2025, the Group's net book value of property, plant and equipment was **HK$557 thousand**, a decrease from **HK$790 thousand** last year, primarily comprising leasehold improvements, computer equipment, furniture and fixtures, office equipment, and motor vehicles Net Book Value of Property, Plant and Equipment as of March 31, 2025 | Category | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Leasehold improvements | 174 | 337 | | Computer equipment | 191 | 217 | | Furniture and fixtures | 8 | 21 | | Office equipment | 125 | 155 | | Motor vehicles | 59 | 60 | | **Total** | **557** | **790** | [16.18 Leases](index=100&type=section&id=16.18%20Leases) As of March 31, 2025, the Group's right-of-use assets (office properties) had a carrying amount of **HK$2,340 thousand**, with lease liabilities of **HK$2,350 thousand**, and during the year, depreciation of right-of-use assets was **HK$3,783 thousand** and interest expense on lease liabilities was **HK$191 thousand**, with the Group leasing multiple office properties typically for 1 to 2 years Lease-Related Amounts as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Right-of-use assets (office properties) | 2,340 | 4,806 | | Lease liabilities (current) | 2,350 | 3,060 | | Lease liabilities (non-current) | — | 1,799 | | **Total Lease Liabilities** | **2,350** | **4,859** | Lease-Related Profit or Loss Amounts for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Depreciation of right-of-use assets | 3,783 | 3,889 | | Interest expense (included in finance costs) | 191 | 160 | | Expenses relating to short-term leases | 134 | 290 | - The Group leases multiple office properties, typically with fixed lease terms of **1 to 2 years**, and lease liabilities do not include any renewal or termination options[350](index=350&type=chunk) [16.19 Investment Properties](index=102&type=section&id=16.19%20Investment%20Properties) As of March 31, 2025, the Group's investment properties had a carrying amount of **HK$23,556 thousand**, a slight decrease from **HK$23,900 thousand** last year, primarily due to a **HK$344 thousand** loss from fair value changes, with these properties located in China, having lease terms of **10 to 50 years**, and pledged as collateral for bank borrowings Carrying Amount of Investment Properties as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | At beginning of year | 23,900 | 27,260 | | Fair value changes | (344) | (3,360) | | **At end of year** | **23,556** | **23,900** | - Investment properties are located in China, with lease terms ranging from **10 to 50 years**[353](index=353&type=chunk) - As of March 31, 2025, investment properties with a fair value of **HK$23,556 thousand** were pledged as collateral for the Group's bank borrowings of **HK$10,515 thousand**[355](index=355&type=chunk) - The fair value of investment properties is determined using the direct comparison method, with market unit prices ranging from approximately **HK$46,000** to **HK$48,000** per square meter[354](index=354&type=chunk) [16.20 Intangible Assets](index=104&type=section&id=16.20%20Intangible%20Assets) As of March 31, 2025, the Group's intangible assets had a carrying amount of **zero** (2024: zero), primarily comprising trading rights on the Stock Exchange and Hong Kong Futures Exchange Limited, with an impairment loss of **HK$950 thousand** recognized due to actual performance falling below expectations in 2024 - As of March 31, 2025, the carrying amount of intangible assets was **zero**, primarily consisting of trading rights on the Stock Exchange and Hong Kong Futures Exchange Limited[360](index=360&type=chunk) - For the year ended March 31, 2024, an impairment loss of approximately **HK$950 thousand** on intangible assets was recognized, primarily due to actual performance falling below management's expectations, leading to a significant decrease in commission and brokerage income and net profit margin[361](index=361&type=chunk) [16.21 Statutory Deposits and Other Assets](index=105&type=section&id=16.21%20Statutory%20Deposits%20and%20Other%20Assets) As of March 31, 2025, the Group's total statutory deposits and other assets amounted to **HK$155 thousand**, consistent with last year, primarily including Stock Exchange compensation fund deposits, HKSCC guarantee fund and admission fees, and stamp duty deposits Statutory Deposits and Other Assets as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | The Stock Exchange of Hong Kong Limited — Compensation fund deposit | 50 | 50 | | Hong Kong Securities Clearing Company Limited — Guarantee fund | 50 | 50 | | Hong Kong Securities Clearing Company Limited — Admission fee | 50 | 50 | | Stamp duty deposit | 5 | 5 | | **Total** | **155** | **155** | [16.22 General Information of Subsidiaries](index=105&type=section&id=16.22%20General%20Information%20of%20Subsidiaries) This section details the Group's subsidiaries as of March 31, 2025, including their place of incorporation, principal business, share capital, and effective equity interest, noting the Group controls the structured entity Shenzhen Finet Think Tank Information Technology Co., Ltd. through contractual arrangements (exclusive call option agreement, nominee agreement, and consultancy and service agreement) for consolidation purposes, and discloses financial details of Modern Television Limited, a non-wholly owned subsidiary with significant non-controlling interests - The Group owns multiple subsidiaries primarily engaged in media, financial information, investment holding, brokerage, underwriting, and asset management services[363](index=363&type=chunk)[364](index=364&type=chunk)[365](index=365&type=chunk) - The Group controls the structured entity Shenzhen Finet Think Tank Information Technology Co., Ltd. through contractual arrangements, including an exclusive call option agreement, nominee agreement, and consultancy and service agreement, leading to the consolidation of its financial results[366](index=366&type=chunk)[367](index=367&type=chunk)[368](index=368&type=chunk)[370](index=370&type=chunk)[372](index=372&type=chunk) - Modern Television Limited is a non-wholly owned subsidiary with significant non-controlling interests, in which the Company indirectly holds a **50%** equity interest, and its profit for the year in 2025 was **HK$2,388 thousand**[375](index=375&type=chunk)[376](index=376&type=chunk) [16.23 Disposal of Subsidiaries](index=110&type=section&id=16.23%20Disposal%20of%20Subsidiaries) For the year ended March 31, 2025, the Group disposed of its entire equity interest in seven inactive subsidiaries to the ultimate controlling shareholder, Ms. Lo, for a consideration of **HK$1** per share, with these subsidiaries having zero net assets at the disposal date and generating no cash inflow/outflow - The Group disposed of its entire equity interest in seven inactive subsidiaries (including Finet Asset Management, Finet Corporate Finance, Finet Finance, etc.) to the ultimate controlling shareholder, Ms. Lo[377](index=377&type=chunk) - The disposal consideration was **HK$1** per share, with these subsidiaries having zero net assets at the disposal date and generating no cash inflow/outflow[377](index=377&type=chunk) [16.24 Discontinued Operations](index=111&type=section&id=16.24%20Discontinued%20Operations) The Group discontinued its loan business segment during the current year due to unfavorable external conditions, continuous losses, and no revenue generation, resulting in a loss for the year from discontinued operations of **HK$5 thousand** (2024: HK$8 thousand) for the year ended March 31, 2025 - The Group discontinued its loan business segment during the current year due to unfavorable external conditions, continuous losses, and no revenue generation[378](index=378&type=chunk) Loss from Discontinued Operations for the Year Ended March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) (Restated) | | :--- | :--- | :--- | | Administrative expenses | (5) | (8) | | Loss before tax from discontinued operations | (5) | (8) | | Income tax | — | — | | **Loss and total comprehensive expense for the year from discontinued operations** | **(5)** | **(8)** | [16.25 Trade Receivables](index=112&type=section&id=16.25%20Trade%20Receivables) As of March 31, 2025, the Group's net trade receivables significantly decreased to **HK$1,808 thousand** from **HK$5,836 thousand** last year, with approximately **HK$1,741 thousand** (2024: HK$4,981 thousand) related to associated companies, and the aging of trade receivables primarily concentrated in over **90 days** Trade Receivables as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Gross trade receivables | 9,838 | 15,573 | | Less: Impairment loss allowance for trade receivables | (8,030) | (9,737) | | **Net** | **1,808** | **5,836** | - Approximately **HK$1,741 thousand** (2024: HK$4,981 thousand) of trade receivables are related to associated companies[380](index=380&type=chunk) Aging Analysis of Trade Receivables as of March 31, 2025 | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 Days | 41 | 852 | | 31–60 Days | 6 | — | | 61–90 Days | 3 | — | | Over 90 Days | 1,758 | 4,984 | | **Total** | **1,808** | **5,836** | [16.26 Prepayments, Deposits and Other Receivables](index=113&type=section&id=16.26%20Prepayments%2C%20Deposits%20and%20Other%20Receivables) As of March 31, 2025, the Group's total prepayments, deposits, and other receivables amounted to **HK$849 thousand**, a decrease from **HK$1,525 thousand** last year, primarily including **HK$650 thousand** in utilities and other deposits Prepayments, Deposits and Other Receivables as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Prepayments | 46 | 253 | | Utilities and other deposits | 650 | 1,245 | | Other receivables | 153 | 27 | | **Total** | **849** | **1,525** | [16.27 Amounts Due From/(To) Related Companies](index=113&type=section&id=16.27%20Amounts%20Due%20From%2F%28To%29%20Related%20Companies) As of March 31, 2025, the Group's net amounts due from related companies increased to **HK$26,163 thousand** from **HK$20,383 thousand** last year, primarily from companies beneficially owned by the ultimate controlling shareholder, Ms. Lo, such as International Finet, Maxx Capital Finance, China-Hong Kong Gold Stock Exchange, and HK100 Research Centre, all being unsecured, interest-free, and repayable on demand Amounts Due from Related Companies as of March 31, 2025 | Name of Related Company | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | International Finet Limited | 2,094 | 1,442 | | Maxx Capital Finance Limited | 5,608 | 4,371 | | China-Hong Kong Gold Stock Exchange Holdings Limited | 4,650 | 3,049 | | Finet Jinsheng Investment Management (Zhuhai) Co., Ltd. | 928 | 927 | | HK100 Research Centre Limited | 11,135 | 9,792 | | HK100 Limited | 19 | 19 | | PR Smart Limited | 1,647 | 783 | | Wai Hip International Investment Limited | 81 | — | | China-Hong Kong Financial Group Limited | 1 | — | | **Total amounts due from related companies** | **29,229** | **22,897** | | Less: Impairment loss allowance for amounts due from related companies | (3,066) | (2,514) | | **Net** | **26,163** | **20,383** | - All amounts due from/to related companies are unsecured, interest-free, and repayable/settled on demand[385](index=385&type=chunk) [16.28 Cash and Cash Equivalents](index=114&type=section&id=16.28%20Cash%20and%20Cash%20Equivalents) As of March 31, 2025, the Group's cash and cash equivalents increased to **HK$9,199 thousand** from **HK$8,551 thousand** last year, with bank balances earning interest at floating rates and primarily held with reputable banks Cash and Cash Equivalents as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Bank and cash in hand | 9,199 | 8,551 | - Bank balances earn interest at floating rates based on daily bank deposit rates and are primarily held with reputable banks[386](index=386&type=chunk) - Cash and cash equivalents denominated in RMB amounted to **HK$1,355 thousand** (2024: HK$348 thousand)[387](index=387&type=chunk) [16.29 Trade Payables](index=114&type=section&id=16.29%20Trade%20Payables) As of March 31, 2025, the Group's total trade payables decreased to **HK$1,966 thousand** from **HK$2,795 thousand** last year, comprising **HK$147 thousand** due to clients from securities brokerage business and **HK$1,819 thousand** in other trade payables, with the latter primarily concentrated in over **90 days** Trade Payables as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Trade payables from securities brokerage business — Clients | 147 | 168 | | Other trade payables | 1,819 | 2,627 | | **Total** | **1,966** | **2,795** | Aging Analysis of Other Trade Payables as of March 31, 2025 | Aging | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | 0–30 Days | 30 | 86 | | 31–60 Days | 30 | 103 | | 61–90 Days | 59 | 63 | | Over 90 Days | 1,700 | 2,375 | | **Total** | **1,819** | **2,627** | [16.30 Contract Liabilities](index=115&type=section&id=16.30%20Contract%20Liabilities) As of March 31, 2025, the Group's contract liabilities significantly decreased to **HK$67 thousand** from **HK$1,805 thousand** last year, primarily comprising advances received for advertising and investor relations services, with **HK$1,805 thousand** of revenue recognized during the current year Contract Liabilities as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Contract liabilities | 67 | 1,805 | - Contract liabilities include advances received for providing advertising and investor relations services, with **HK$1,805 thousand** of revenue recognized during the current year[390](index=390&type=chunk) [16.31 Accrued Expenses and Other Payables](index=115&type=section&id=16.31%20Accrued%20Expenses%20and%20Other%20Payables) As of March 31, 2025, the Group's total accrued expenses and other payables amounted to **HK$3,552 thousand**, largely consistent with **HK$3,503 thousand** last year, primarily comprising **HK$2,940 thousand** in accrued expenses and **HK$596 thousand** in rental deposits received Accrued Expenses and Other Payables as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Rental deposits received | 596 | 488 | | Other payables | 16 | 63 | | Accrued expenses | 2,940 | 2,952 | | **Total** | **3,552** | **3,503** | [16.32 Borrowings](index=116&type=section&id=16.32%20Borrowings) As of March 31, 2025, the Group incurred new secured borrowings of **HK$10,515 thousand** (2024: zero), with a current portion of **HK$385 thousand** and a non-current portion of **HK$10,130 thousand**, maturing on September 30, 2029, bearing a fixed annual interest rate of **3.00%**, and collateralized by investment properties and the personal guarantee of Ms. Lo, the ultimate controlling shareholder Borrowings as of March 31, 2025 | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | | :--- | :--- | :--- | | Secured borrowings | 10,515 | — | | Classified as: Current | 385 | — | | Classified as: Non-current | 10,130 | — | - The borrowings have a final maturity date of **September 30, 2029**, and bear interest at a fixed annual rate of **3.00%**[392](index=392&type=chunk) - The borrowings are secured by the Group's investment properties with a fair value of approximately **HK$23,556 thousand** and the personal guarantee of Ms. Lo, the ultimate controlling shareholder[395](index=395&type=chunk) [16.33 Deferred Tax Liabilities](index=116&type=section&id=16.33%20Deferred%20Tax%20Liabilities) As of March 31, 2025, the Group's deferred tax liabilities were **HK$5,500 thousand**, a slight decrease from **HK$5,705 thousand** last year, primarily arising from property revaluation, with deferred tax assets unrecognized due to uncertainty regarding future utilization of tax benefits, including substantial unutilized tax losses in Hong Kong and China Movement in Deferred Tax Liabilities as of March 31, 2025 | Metric | Property revaluation (HK$ thousand) | | :--- | :--- | | April 1, 2023 | 7,721 | | Credited to profit or loss | (2,016) | | March 31, 2024 and April 1, 2024 | 5,705 | | Credited to profit or loss | (205) | | **March 31, 2025** | **5,500** | - Deferred tax assets were not recognized due to uncertainty regarding future utilization of tax benefits, including unutilized tax losses of approximately **HK$206,412 thousand** in Hong Kong and approximately **HK$26,926 thousand** in the PRC[396](index=396&type=chunk) [16.34 Share Capital](index=117&type=section&id=16.34%20Share%20Capital) As of March 31, 2025, the Company's issued and fully paid share capital was **HK$9,998 thousand**, comprising **999,808,161 shares**, consistent with last year, following the issuance of **333,269,387** ordinary shares through a rights issue in 2024, generating total p

Financial Performance - For the six months ended September 30, 2024, the group recorded revenue of approximately HKD 4,167,000, a decrease of about 65.8% compared to HKD 9,380,000 for the same period in 2023[21] - The group reported an unaudited consolidated loss attributable to owners of approximately HKD 4,301,000 for the six months ended September 30, 2024, compared to a loss of HKD 3,781,000 for the same period in 2023[21] - Gross profit for the six months ended September 30, 2024, was HKD 3,903,000, down from HKD 9,082,000 in the same period of 2023[23] - The total comprehensive loss for the period was HKD 5,096,000, compared to HKD 2,123,000 for the same period in 2023[25] - The basic and diluted loss per share attributable to owners of the company was HKD 0.43 for the six months ended September 30, 2024, compared to HKD 0.47 for the same period in 2023[23] - The group reported a total loss of HKD 4,133 thousand for the six months ended September 30, 2024, compared to a loss of HKD 2,044 thousand for the same period in 2023[52] - For the six months ended September 30, 2024, the company reported a pre-tax loss of approximately HKD 4,301,000, compared to a loss of HKD 3,781,000 for the same period in 2023, reflecting an increase in loss of about 13.8%[65] Revenue Breakdown - Revenue for the six months ended September 30, 2024, was HKD 4,167 thousand, a decrease of 55.6% compared to HKD 9,380 thousand for the same period in 2023[49] - Service income from financial information services was HKD 566 thousand, up from HKD 111 thousand, representing a significant increase of 410.8%[49] - Advertising and investor relations service income decreased to HKD 1,760 thousand from HKD 8,661 thousand, a decline of 79.7%[49] - The securities business generated brokerage and service income of HKD 1,840 thousand, down from HKD 2,606 thousand, a decrease of 29.4%[49] - The company’s revenue from financial information services decreased to HKD 720,000 for the six months ended September 30, 2024, down from HKD 3,000,000 in the same period of 2023, indicating a decline of approximately 76%[81] Expenses and Costs - General and administrative expenses were HKD 9,525,000 for the six months ended September 30, 2024, compared to HKD 12,815,000 for the same period in 2023[23] - Other income and losses amounted to HKD 1,603,000 for the six months ended September 30, 2024, down from HKD 3,633,000 in the same period of 2023[23] - The cost of revenue for the six months ended September 30, 2024, was approximately HKD 264,000, down about 11.4% from approximately HKD 298,000 in the same period of 2023[92] Assets and Liabilities - As of September 30, 2024, total assets increased to HKD 77,279 million from HKD 66,114 million as of March 31, 2024, representing a growth of approximately 16.5%[27] - Current liabilities increased to HKD 31,028 million from HKD 14,768 million, reflecting a rise of 109.5%[29] - The company’s equity decreased to HKD 38,746 million from HKD 43,842 million, a decline of approximately 11.6%[29] - The total liabilities increased to HKD 38,533 million from HKD 14,768 million, reflecting a growth of 160.5%[29] - The net value of current assets was HKD 18,136 million, down from HKD 21,695 million, indicating a decrease of about 16.5%[29] Cash Flow - The net cash outflow from operating activities was HKD 4,419 million, compared to HKD 868 million in the previous year, indicating a deterioration in cash flow[33] - Financing activities generated a net cash inflow of HKD 14,156 million, a substantial increase from HKD 4,464 million in the prior period[33] - Cash and cash equivalents rose significantly to HKD 18,307 million, up from HKD 8,551 million, marking an increase of 114.5%[27] Shareholder Information - As of September 30, 2024, the company has 999,808,161 shares issued[119] - Major shareholder Pablos holds 594,340,889 shares, representing 59.45% of the total shares[118] - Executive director Ms. Lau holds 79,349,087 shares, which is 67.38% of the total shares[115] Corporate Governance - The company has complied with the corporate governance code as per GEM listing rules, with some exceptions noted[133] - The company has a stock option plan in place, with 9,038,640 options remaining as of September 30, 2024[123] - The company has adopted a conservative management policy and currently does not have insurance for legal actions against directors[135] - The company’s audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024[129] Management and Strategy - The group plans to enhance its sales and marketing team to boost revenue and expects the investor relations business to become a significant profit source in the coming years[97] - The group continues to expand its service offerings through its securities company, which is expected to generate considerable management and performance fee income from fund management activities in the near future[98] - The company continues to review the separation of the roles of chairman and CEO, currently held by Ms. Lao Yuyi, who has managed the group's business since 2011[143] Changes in Management - Mr. Yu Jiayao resigned as an independent non-executive director and chairman of the corporate governance committee effective August 27, 2024, with Mr. Li Zhihong appointed to the roles[139]