Financial Performance - Revenue for the three months ended March 31, 2023, was approximately HKD 2,275,000, compared to HKD 1,898,000 for the same period in 2022, representing an increase of 19.88%[6] - The total comprehensive loss attributable to owners for the three months ended March 31, 2023, was approximately HKD 6,074,000, a significant decrease from HKD 19,827,000 for the same period in 2022, reflecting a reduction of 69.32%[6] - Basic loss per share for the three months ended March 31, 2023, was approximately HKD 0.0633, compared to HKD 0.1662 for the same period in 2022, indicating an improvement of 61.91%[6] - The company recorded a loss attributable to shareholders of approximately HKD 6,074,000, an improvement from a loss of HKD 19,827,000 in the same period last year[28] - The net loss for the period was approximately HKD 6,074,000, an improvement compared to a net loss of HKD 19,827,000 in the same period last year[38] Expenses and Costs - The company’s administrative and other operating expenses for the three months ended March 31, 2023, were approximately HKD 6,895,000, down from HKD 7,858,000 in the same period of 2022, a decrease of 12.24%[7] - Administrative and other operating expenses decreased by approximately 12.3% from HKD 7,858,000 to HKD 6,895,000, attributed to a reduction in employee benefits expenses[35] - Financing costs increased significantly by approximately 4.5 times from HKD 22,000 to HKD 120,000 due to interest expenses from unsecured revolving loans[36] Income Sources - Total income from other sources increased from HKD 349,000 to HKD 401,000, with notable growth in interest income from debt securities[20] - The company reported a total income of HKD 2,275,000, which includes client contract income and other income sources[18] - Other income rose by approximately 14.9% from HKD 349,000 to HKD 401,000, primarily due to interest income from non-listed debt securities increasing from HKD 177,000 to HKD 285,000[32] Dividends - The company’s board of directors did not recommend the payment of an interim dividend for the three months ended March 31, 2023, consistent with the same period in 2022[6] - The company did not declare an interim dividend for the period ending March 31, 2023, consistent with the previous year[26] - The board of directors did not recommend the payment of an interim dividend for the three months ended March 31, 2023[41] Shareholder Information - As of March 31, 2023, the major shareholder, Ms. Liao Mingli, holds 54,068,500 shares, representing approximately 56.32% of the total issued shares of 96,000,000[46][47] - The company’s weighted average number of ordinary shares decreased from 119,300,000 to 96,000,000 due to a share consolidation effect[27] - The company has granted a total of 8,000,000 share options to 11 eligible participants, with an exercise price of HKD 0.96 per share, effective for five years from January 4, 2021[48] - As of March 31, 2023, there are 6,800,000 unexercised share options remaining, with no options exercised or expired during the period[49] Compliance and Governance - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[13] - The company has confirmed compliance with the non-competition agreement by Mr. Pan and Autumn Ocean Limited for the period from January 1, 2023, to March 31, 2023[52] - The company has adhered to the GEM Listing Rules regarding the trading of securities by directors, with no violations reported during the period[54] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the period[55] - The company has maintained compliance with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by Mr. Pan since 2007[56] Market and Economic Context - The Hong Kong economy showed signs of recovery with a year-on-year GDP growth of approximately 2.7% in Q1 2023, ending a four-quarter decline[39] Operational Focus - The company continues to focus on providing brokerage services, underwriting and placement services, corporate finance advisory services, financing services, and asset management services[11] - The company’s operational headquarters is located in Hong Kong, indicating a strategic focus on the local market for its financial services[11] Financial Assets - The fair value changes of financial assets measured at fair value through profit or loss for the three months ended March 31, 2023, were a loss of HKD 1,735,000, compared to a loss of HKD 14,100,000 for the same period in 2022, showing a significant improvement[7] - The fair value loss on financial assets measured at fair value through profit or loss was approximately HKD 1,735,000, a significant reduction from HKD 14,100,000 in the previous period[33] - The company has not made any provisions for Hong Kong profits tax as there were no taxable profits generated in Hong Kong during the reporting period[25] Revenue Streams - Brokerage service commission decreased significantly by approximately 56.1% from HKD 679,000 to HKD 298,000 due to reduced trading volume amid a sluggish market sentiment[29] - Corporate finance advisory service fees increased by approximately 13.2% from HKD 265,000 to HKD 300,000 due to an increase in the number of projects from two to four[30] - Interest income from securities and IPO financing surged by approximately 116.6% from HKD 645,000 to HKD 1,397,000 driven by increased client demand[30] - Asset management service fees slightly decreased by about 9.4% from HKD 309,000 to HKD 280,000, with no performance fees recognized during the period[30] - The company experienced a decrease in administrative service income from HKD 48,000 to HKD 3,000, indicating a significant decline in this revenue stream[20]

香港交易及結算所有限公司及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。 （於開曼群島註冊成立的有限公司） （股份代號：8333） 截至二零二三年三月三十一日止三個月之 第一季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在主板上市的公司帶有較高 投資風險。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。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關阿仕特朗金 融控股有限公司 （「本公司」）的資料；本公司的董事（「董事」）願就本公告的資料共同及個別地 承擔全部責任。各董事在作出一切合理查詢後，確認就其所知及所信，本公告所載資料在各重要方面 均屬準確完備，沒有誤導或欺詐成分，且並無遺 ...

Financial Performance - The company reported a significant decline in revenue due to external factors, with a decrease of approximately HKD 3,280,000 in brokerage service commission income and related financing income[9]. - Revenue from corporate finance advisory services and asset management services also fell by about HKD 926,000[9]. - The company's revenue for the year ended December 31, 2022, was HKD 8,705,000, a decrease of 32.6% compared to HKD 12,911,000 in 2021[25]. - The pre-tax loss increased by 307.8%, from HKD 8,428,000 in 2021 to HKD 34,368,000 in 2022[25]. - The total equity decreased by 31.0%, from HKD 216,353,000 in 2021 to HKD 149,384,000 in 2022[25]. - The average daily turnover of the Hong Kong securities market fell by 25.1%, from HKD 166.7 billion in 2021 to HKD 124.9 billion in 2022[16]. - The Hang Seng Index dropped by 15.5%, from approximately 23,398 points at the end of 2021 to 19,781 points at the end of 2022[16]. - The company recorded a loss of approximately HKD 34,116,000 for the year, compared to a loss of HKD 8,873,000 in the previous year[37]. - The total revenue for the year was approximately HKD 8,705,000, a decrease of about 32.6% compared to HKD 12,911,000 in the previous year[27]. - Commission income from brokerage services decreased by approximately 46.7% to HKD 1,791,000, primarily due to a decline in client trading volume[27]. - Income from placement and underwriting services dropped significantly by about 60.0% to HKD 540,000, with the number of placements decreasing from 7 to 4[27]. - Interest income from securities and IPO financing fell by approximately 19.5% to HKD 3,715,000, attributed to weak demand for these services[27]. - Other income increased by approximately 47.4% to HKD 2,782,000, mainly due to a rise in interest income from non-listed debt securities and a subsidy from the Hong Kong government[29]. Market Conditions - The average daily trading volume in the Hong Kong securities market and the fundraising scale for IPOs and secondary markets saw a significant decline, impacting overall performance[9]. - The company faced challenges from various external factors, including geopolitical risks and the ongoing COVID-19 pandemic, affecting market conditions[8]. - The Federal Reserve raised interest rates seven times, increasing the target federal funds rate from 0-0.25% to 4.25-4.5%, contributing to economic uncertainty[8]. - The report highlights the impact of the COVID-19 pandemic on the Hong Kong economy, particularly during the fifth wave of infections[8]. - The outlook for 2023 anticipates growth in Hong Kong's export market and an increase in business travelers, with GDP expected to grow by 3.9%[38]. Corporate Governance - The company is committed to transparency and accuracy in its financial reporting, with directors confirming the completeness and accuracy of the annual report[3]. - The company is committed to maintaining high standards of corporate governance, aligning with the GEM listing rules and enhancing stakeholder confidence[86]. - The board has reviewed and continues to improve corporate governance standards to ensure accountability and transparency[87]. - The company emphasizes the importance of internal controls and effective governance practices to drive long-term shareholder value[86]. - The board consists of 6 members, including 3 executive directors and 3 independent non-executive directors, ensuring effective oversight and governance[92]. - The company has established an environmental, social, and governance (ESG) working group to manage ESG matters across its business units[88]. - The board is responsible for leading and monitoring the group, aiming to maximize long-term value for shareholders while balancing stakeholder interests[92]. - The company has implemented a credit risk management team to minimize financial losses from counterparty defaults[70]. - The company maintains a monitoring system to ensure compliance with regulatory liquidity requirements[71]. - The board believes that internal resources and operating capital are sufficient to meet financial obligations[72]. Strategic Planning and Development - The company plans to continue monitoring market conditions and adjusting strategies accordingly to navigate the challenging environment[9]. - The company plans to focus on placement and underwriting services and corporate finance advisory services while continuously reviewing operational capital levels[13]. - The management remains optimistic about the future performance of the Original Growth SP3, expecting continued growth in emerging markets and a cautious approach to managing the investment portfolio[53]. - The company is committed to responsible investment and aims to create long-term value for stakeholders through sustainable growth and development[88]. - The company has a structured approach to business planning and development, ensuring alignment with market trends and opportunities[76]. - The executive team is actively involved in overseeing daily trading operations, which is crucial for maintaining market competitiveness[83]. Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely access to comprehensive and understandable information for shareholders and potential investors[147]. - The board will continue to engage in dialogue with shareholders to establish a two-way communication relationship[148]. - The company’s financial performance and position as of December 31, 2022, are detailed in the annual report, pages 75 to 163[159]. Risk Management - The company has implemented measures to ensure compliance with insider information disclosure regulations[137]. - The company has a zero-tolerance policy towards corruption, bribery, and fraud[139]. - The company has established a code of conduct for preventing corruption, which all directors and staff must adhere to[140]. - The company’s risk management framework identifies and manages key business risks, including financial performance and shareholder interests[133]. - The company has not reported any significant internal control deficiencies during the independent review conducted by the external consultant[136]. Employee Relations - The company maintained harmonious relationships with employees, clients, and business partners, with no complaints received during the year[191]. - The total employee costs for the group were approximately HKD 16,891,000, a decrease from approximately HKD 17,672,000 in 2021[41]. - The monthly salary of executive director Yu Huiling was increased to HKD 30,000 starting January 1, 2023[198]. - As of December 31, 2022, the company had 26 full-time employees, with a gender ratio of approximately 1.9:1 (17 males and 9 females)[112]. Share Options and Capital Structure - The company has adopted a share option scheme to reward eligible participants based on individual qualifications and contributions[199]. - As of December 31, 2022, there were 6,800,000 unexercised share options remaining, equivalent to 68,000,000 options before the share consolidation[181]. - The exercise price of the share options was adjusted to HKD 0.96 per share following the share consolidation effective December 21, 2022[180]. - The total number of share options available for issuance under the plan was 8,000,000 shares, representing approximately 7.1% of the total issued shares[181]. - The company has committed to comply with all relevant laws and regulations in the financial services industry, particularly the Securities and Futures Ordinance[185]. - The company did not engage in any other purchases, sales, redemptions, or cancellations of any redeemable or listed securities during the year[172].

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。 Astrum Financial Holdings Limited 阿 仕 特 朗 金 融 控 股 有 限 公司 （於開曼群島註冊成立的有限公司） （股份代號：8333） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 全 年 業 績 公 告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯 交所上市的公司帶有較高投資風險。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聯交所 主板買賣之證券承受較大之市場波動風險，同時無法保證在GEM買賣之證券 會有高流通量的市場。 本公告的資料乃遵照《聯交所的GEM證券上市規則》（「GEM上市規則」）而刊載，旨 在提供有關阿仕特朗金融控股有限公司（「本公司」）的資料；本 ...

Financial Performance - For the nine months ended September 30, 2022, revenue was approximately HKD 5,925,000, a decrease of 45.8% compared to HKD 10,910,000 for the same period in 2021[7]. - The loss attributable to owners for the nine months ended September 30, 2022, was approximately HKD 21,460,000, compared to a loss of HKD 12,641,000 for the same period in 2021, representing an increase of 69.8%[7]. - Basic loss per share for the nine months ended September 30, 2022, was approximately HKD 1.82, compared to HKD 1.36 for the same period in 2021, indicating a worsening of 33.8%[7]. - Total comprehensive loss for the three months ended September 30, 2022, was HKD 1,262,000, compared to a loss of HKD 4,248,000 for the same period in 2021[9]. - The company reported a total income from client contracts of HKD 5,925,000 for the nine months ended September 30, 2022, compared to HKD 10,910,000 in the same period of 2021, reflecting a significant decline[21]. - The company incurred a pre-tax loss of HKD 12,997,000 for the nine months ended September 30, 2022, compared to a loss of HKD 13,681,000 in the same period of 2021[24]. - The company’s employee benefit expenses totaled HKD 12,997,000 for the nine months ended September 30, 2022, a slight decrease from HKD 13,681,000 in the same period of 2021[24]. - The company’s interest income from debt securities for the nine months ended September 30, 2022, was HKD 691,000, compared to no income in the previous year[23]. Revenue Breakdown - Brokerage service commission revenue for the nine months ended September 30, 2022, was HKD 1,521,000, down 42.8% from HKD 2,659,000 in the previous year[20]. - Commission from brokerage services dropped by about 42.8% from approximately HKD 2,659,000 to about HKD 1,521,000 due to reduced trading volumes[35]. - Interest income from securities and IPO financing fell by approximately 42.3% from about HKD 3,919,000 to about HKD 2,260,000 due to weak demand[35]. Other Income and Expenses - The company reported other income of HKD 2,411,000 for the nine months ended September 30, 2022, an increase from HKD 1,317,000 in the same period of 2021[9]. - Other income increased by approximately 83.1% from about HKD 1,317,000 to about HKD 2,411,000, mainly due to interest income from non-listed debt securities[38]. - Administrative and other operating expenses for the nine months ended September 30, 2022, were HKD 22,847,000, slightly decreased from HKD 22,888,000 in the previous year[9]. - Administrative and other operating expenses slightly decreased by about 0.2% from approximately HKD 22,888,000 to about HKD 22,847,000[41]. - Financing costs significantly decreased by approximately 94.7% from about HKD 1,513,000 to about HKD 80,000 due to no interest expenses from IPO bank loans[42]. Equity and Shareholder Information - As of September 30, 2022, total equity attributable to owners was HKD 161,108,000, a decrease from HKD 216,353,000 at the beginning of the year[11]. - The company engaged in share buybacks amounting to HKD 33,785,000 during the nine months ended September 30, 2022[11]. - As of September 30, 2022, the company had a total of 960,000,000 issued shares, with major shareholder Mr. Pan holding 540,685,000 shares, representing approximately 56.32% of the total[55][57][58]. - Mr. Pan's shares are held through Autumn Ocean Limited, which he fully owns, thus he is deemed to have an interest in all shares held by the company[56]. - The company repurchased a total of 233,000,000 ordinary shares at a cost of HKD 32,853,000, equating to HKD 0.141 per share, and subsequently cancelled all repurchased shares[69]. Corporate Governance and Compliance - The company has maintained high standards of corporate governance, adhering to the principles and code provisions set out in the GEM Listing Rules[72]. - The company has confirmed compliance with the non-competition agreements during the reporting period, with satisfactory evaluations from the audit committee regarding adherence to these commitments[66][67]. - The audit committee reviewed the group's unaudited condensed consolidated financial statements and found that the performance met applicable accounting standards and GEM listing rules[76]. - The company has not identified any violations of the trading standards by directors during the reporting period[68]. - The company has confirmed that the roles of the chairman and CEO are not separated, which is a deviation from the corporate governance code[72]. Market Conditions - The Hang Seng Index fell approximately 26.4% from about 23,398 points on December 31, 2021, to about 17,223 points on September 30, 2022, and further declined to around 14,687 points by October 31, 2022, marking the lowest level since April 2009[44]. - The US, Europe, and UK inflation rates were reported at 8.2%, 9.9%, and 13.2% respectively in September 2022, leading to tightening monetary policies by global central banks[44]. Acquisitions and Changes - The company completed the acquisition of 25% of RS (BVI) for HKD 32,853,000, issuing 233,000,000 shares at HKD 0.141 per share as payment[46]. - The guaranteed profit from RaffAello Holdings for the fiscal year ending March 31, 2022, was set at no less than HKD 15,500,000, but the actual unaudited profit was less than HKD 1,000,000[47][48]. - Following negotiations, the company and RaffAello Holdings agreed to a settlement on June 16, 2022, regarding the acquisition and share repurchase[48]. - The company’s name changed from "RaffAello-Astrum Financial Holdings Limited" to "Astrum Financial Holdings Limited" effective October 10, 2022, with the stock trading symbol changing to "ASTRUM FIN" from "RAFFAELLOASTRUM" on October 13, 2022[52]. - The company proposed a share consolidation on November 1, 2022, merging every ten existing shares into one new share with a par value of HKD 0.1[53].

（股份代號：8333） 有關截至二零二一年十二月三十一日止年度之 年度報告的補充公告 茲提述RaffAello-Astrum Financial Holdings Limited（「本公司」）於二零二二年三月三十日刊發的本公司 截至二零二一年十二月三十一日止年度之年度報告（「二零二一年報」）。除文義另有所指外，本公告所 用詞彙與二零二一年報所界定者具相同涵義。 香港交易及結算所有限公司及香港聯交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。 RaffAello-Astrum Financial Holdings Limited （於開曼群島註冊成立的有限公司） 除二零二一年報提供的資料外，董事欲提供有關截至二零二一年十二月三十一日止年度內授出的購股 權的進一步資料，載於二零二一年報第 37 頁「購股權計劃」一節內。 誠如二零二一年報所披露，本公司根據該計劃向其客戶及一個商業夥伴（即非僱員承授人）授予 24,000,000 份購股權，具體如下： | | 授出之購股 | | | --- | ...

Financial Performance - Revenue for the six months ended June 30, 2022, was approximately HKD 3,931,000, a decrease of 49.1% compared to HKD 7,718,000 for the same period in 2021[8]. - The total loss attributable to owners for the six months ended June 30, 2022, was approximately HKD 22,722,000, compared to HKD 8,393,000 for the same period in 2021, representing a 170.5% increase in losses[8]. - Basic loss per share for the six months ended June 30, 2022, was approximately HKD 1.90, compared to HKD 0.92 for the same period in 2021, indicating a significant decline in performance[8]. - For the six months ended June 30, 2022, the company reported a total comprehensive loss of HKD 22,722,000, compared to a loss of HKD 8,393,000 for the same period in 2021, representing an increase in loss of approximately 171%[15]. - The company reported a pre-tax loss of HKD 22,722,000 for the six months ended June 30, 2022, compared to a loss of HKD 8,393,000 in the same period of 2021[37]. - Total revenue for the three months ended June 30, 2022, was HKD 2,033,000, a decrease of 38% compared to HKD 3,279,000 for the same period in 2021[28]. - Client contract income for the three months ended June 30, 2022, was HKD 1,382,000, a decline of 43% from HKD 2,406,000 in 2021[30]. - Client contract income for the six months ended June 30, 2022, was HKD 2,635,000, down 47% from HKD 4,959,000 in the same period last year[30]. Assets and Liabilities - Non-current assets as of June 30, 2022, totaled approximately HKD 26,106,000, a decrease of 41.5% from HKD 44,584,000 as of December 31, 2021[12]. - Current assets decreased to approximately HKD 200,016,000 as of June 30, 2022, from HKD 288,720,000 as of December 31, 2021, reflecting a decline of 30.7%[12]. - Total assets as of June 30, 2022, were approximately HKD 259,684,000, down from HKD 333,304,000 as of December 31, 2021, representing a decrease of 22.1%[12]. - The company's equity attributable to owners decreased to approximately HKD 193,631,000 as of June 30, 2022, from HKD 216,353,000 as of December 31, 2021, a decline of 10.5%[13]. - Trade receivables as of June 30, 2022, were approximately HKD 67,050,000, down from HKD 81,528,000 as of December 31, 2021, indicating a decrease of 17.8%[12]. - The company's total cash and cash equivalents decreased by HKD 16,428,000 during the period, compared to a decrease of HKD 48,457,000 in the same period of the previous year[17]. - The total cash and bank balances amount to approximately HKD 108,983,000, down from HKD 165,562,000 as of December 31, 2021, primarily due to net withdrawals of HKD 40,151,000 and cash used in operating activities of HKD 15,223,000[87]. - The group has no debt as of June 30, 2022, consistent with the situation as of December 31, 2021, making the debt-to-asset ratio not applicable[87]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2022, was HKD 15,223,000, a significant improvement from HKD 505,171,000 used in the same period in 2021[17]. - The company’s financing activities resulted in a net cash outflow of HKD 1,230,000 for the six months ended June 30, 2022, compared to a net inflow of HKD 461,797,000 in the same period of 2021[17]. - The company reported a significant decrease in financing costs, which fell to HKD 40,000 for the six months ended June 30, 2022, compared to HKD 1,201,000 for the same period in 2021[10]. - The company’s total equity as of June 30, 2022, was HKD 193,631,000, a decrease from HKD 216,353,000 as of January 1, 2022, reflecting a decline of approximately 10.5%[15]. Share Capital and Ownership - The company’s share capital increased from HKD 9,600,000 to HKD 11,930,000 due to the issuance of new shares[15]. - The issued and paid-up share capital as of June 30, 2022, was HKD 11,930,000, with 1,193,000,000 ordinary shares issued[56]. - As of June 30, 2022, the total number of issued shares was 1,193,000,000, with significant shareholders holding substantial stakes, including 532,685,000 shares (44.65%) held by Autumn Ocean Limited[101][103]. - Major shareholders include Ms. Liao Mingli with 540,685,000 shares (45.32%) and Mr. Zeng Jianxiong with 233,000,000 shares (19.53%)[101][103]. - The company has a significant concentration of ownership, with the top shareholders holding over 84% of the total shares[101][103]. Corporate Governance and Compliance - The company has maintained high standards of corporate governance, although it has not separated the roles of Chairman and CEO as recommended[117]. - The board currently consists of 6 members, including 3 executive directors and 3 independent non-executive directors, ensuring diverse expertise[119]. - The audit committee reviewed the unaudited consolidated results for the period and confirmed compliance with applicable accounting standards and GEM Listing Rules[122]. - The company has confirmed compliance with non-competition agreements during the specified periods, ensuring adherence to competitive practices[111]. Market Conditions and Future Outlook - The management anticipates continued risks and uncertainties in the global and Hong Kong stock markets due to factors such as the ongoing Russia-Ukraine war and rising global inflation[79]. - The company faced delays in recognizing revenue from RCL-driven income and other underwriting commissions due to adverse operating conditions[128]. - The company anticipates that market trends and conditions will not deviate significantly from general economic forecasts[136]. Impairment and Valuation - The impairment loss on investments in associates amounted to approximately HKD 14.7 million for the fiscal year 2021[129]. - The recoverable amount of the investment in the associate was determined to be lower than its carrying value, necessitating the impairment[129]. - The valuation report indicated that the market method was not appropriate due to the unpredictability of RSL's project portfolio impacted by the COVID-19 pandemic[143]. - The board acknowledged that the income approach is more suitable for evaluating the recoverable amount of the investment in the joint venture under HKAS 36[142].

RaffAello-Astrum FinancialHoldingsLimited 中期報告 2022 RaffAello-Astrum Financial Holdings Limited • 中期報告 2022 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在主板上市的公司帶有較高 投資風險。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報告之內容概不負責，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報告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 本報告的資料乃遵照聯交所 GEM 證券上市規則（「 GEM 上市規則」）而刊載，旨在提供有關 RaffAello- Astrum Financial Holdings Limited （「本公司」）的資料；本公司的董 ...

RaffAello-Astrum FinancialHoldingsLimited 第一季度報告 2022 RaffAello-Astrum Financial Holdings Limited • 第一季度報告 2022 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在主板上市的公司帶有較高 投資風險。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報告之內容概不負責，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報告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔 任何責任。 本報告的資料乃遵照聯交所 GEM 證券上市規則（「 GEM 上市規則」）而刊載，旨在提供有關 RaffAello- Astrum Financial Holdings Limited （「本公司」）的資料；本公 ...

Financial Performance - The company recorded a total loss and comprehensive expenses of approximately HKD 8.9 million for the year ended December 31, 2021, compared to a loss of about HKD 2.1 million for the year ended December 31, 2020[11]. - Revenue from placement and underwriting commissions decreased by approximately HKD 30.9 million due to reduced IPO activity and market pessimism[9]. - The total revenue for the year ended December 31, 2021, was approximately HKD 12.9 million, a decrease of about 73.0% compared to HKD 47.8 million for the year ended December 31, 2020[26]. - The group reported a pre-tax loss of HKD 8.4 million for the year, an increase of 327.6% compared to a loss of HKD 1.97 million in 2020[24]. - The revenue from asset management services decreased by approximately 26.1% to HKD 1.7 million from HKD 2.3 million in 2020[27]. - Other income decreased by approximately 26.9% to HKD 1.9 million, primarily due to the absence of government subsidies received in the previous year[28]. - Interest income from securities and IPO financing was approximately HKD 4.6 million, a decrease of about 39.5% from HKD 7.6 million in the previous year[21]. - The company recorded a net gain of approximately HKD 23.1 million from fair value changes of financial assets, compared to HKD 0.5 million in the previous period[30]. - The total cash and bank balances amounted to approximately HKD 165.6 million in 2021, down from HKD 196.6 million in 2020, due to cash used in operating activities of approximately HKD 12.9 million and purchases of debt securities totaling HKD 12.0 million[53]. - The company recorded a loss of approximately HKD 8.9 million for the year, compared to a loss of HKD 2.1 million in the previous period[36]. Business Strategy and Operations - The company plans to focus on placement and underwriting services and corporate finance advisory services while continuing to support brokerage services and IPO financing as ancillary services[13]. - The company completed the acquisition of 25% of RS (BVI) Holdings Limited for HKD 32,853,000, aiming to expand its placement and underwriting business through collaboration with RS (BVI)'s subsidiaries[10]. - The company’s subsidiary, New Power Capital Limited, obtained a money lending license in December 2021 to diversify income sources[37]. - The group completed 7 placement mandates in the year, generating revenue of approximately HKD 1.4 million, down from HKD 1.9 million in 2020[19]. - The company has changed its English name to "RaffAello-Astrum Financial Holdings Limited" and its stock abbreviation to "RAFFAELLOASTRUM" effective from October 29, 2021[61]. - The group’s main business remains unchanged, focusing on investment holding and providing brokerage, underwriting, corporate finance advisory, financing, and asset management services[135]. Market Conditions - The Hang Seng Index fell by approximately 14.1% by the end of 2021, reflecting the overall performance challenges in the Hong Kong financial market[9]. - The number of new listed companies in Hong Kong decreased by approximately 36.4% to 98 in 2021, with total fundraising amounting to approximately HKD 331.3 billion, down 17.2% from the previous year[24]. - The global economic growth is projected to slow to 4.4% in 2022 from 5.9% in 2021, influenced by various factors including the pandemic and inflation[39]. Risk Management - The group faces various financial risks, including credit risk and liquidity risk, with a focus on minimizing potential adverse impacts on financial performance[67]. - To mitigate credit risk, the management has established a team to set trading limits and monitor receivables, significantly reducing credit risk[68]. - The group complies with regulatory liquidity requirements and has monitoring systems in place to ensure sufficient liquidity for business obligations[69]. - The board is responsible for assessing the nature and extent of risks acceptable in achieving strategic objectives and ensuring effective risk management and internal control systems are in place[123]. - The group has implemented a risk management framework to identify, assess, and manage key business risks, ensuring effective control in line with the group's risk appetite[124]. Corporate Governance - The company has adopted and complied with the corporate governance code as of December 31, 2021, with the exception of deviation from code provision A.2.1[87]. - The board consists of 7 members, including 4 executive directors and 3 independent non-executive directors, ensuring compliance with GEM listing rules[90]. - The company aims to provide long-term value to shareholders while balancing the interests of a wide range of stakeholders[90]. - The independent non-executive directors bring over 20 years of experience in financial reporting and accounting, enhancing the board's expertise[82]. - The company has a strong internal control and corporate governance framework to promote accountability and transparency[87]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee to oversee special matters[98]. - The company has arranged suitable insurance plans covering legal liabilities arising from company activities for its directors and senior officers[178]. Shareholder Relations - The group has adopted a shareholder communication policy to ensure timely and equal access to comprehensive information for shareholders and potential investors[127]. - The group encourages shareholders to actively engage with the board and management during annual general meetings[128]. - The group has established procedures for shareholders to propose resolutions for consideration at special general meetings[132]. - The company has no predetermined dividend payout ratio, and any dividend declaration is subject to board approval based on various financial and operational factors[122]. Employee Relations - As of December 31, 2021, the company had 30 employees, with total employee costs of approximately HKD 17.7 million[42]. - The company maintained strong relationships with employees, customers, and business partners, with no complaints received during the year[165]. Related Party Transactions - The group engaged in related party transactions, including a significant acquisition that constituted a discloseable transaction under GEM listing rules, with a percentage exceeding 5% but below 25%[191]. - The maximum annual limit for financing services provided to the Pan family was set at HKD 80 million, with actual transactions approximating HKD 76.995 million[194]. - The maximum annual limit for interest payments to the Pan family was set at HKD 2.3 million, with actual payments amounting to HKD 682,000[194]. - The company conducted related party transactions that required disclosure and independent shareholder approval, with the total annual limit exceeding HKD 10 million[199]. - The independent shareholders approved the financing service agreements at a special meeting held on September 24, 2020[199]. Environmental Commitment - The company is committed to environmental protection through green office measures, including energy-efficient lighting and resource conservation[164].