预期本期间扭亏为盈主要由于本期间确认上市股本证券及非上市投资基金的公平值收益约140万港元(同 期：亏损约990万港元);收益大幅增加约480万港元;及行政及其他经营开支减少约290万港元。 智通财经APP讯，阿仕特朗金融(08333)发布公告，集团预期于截至2025年6月30日止六个月取得约20万 港元的净溢利，相比截至2024年6月30日止六个月则取得净亏损约1960万港元。 ...

Core Viewpoint - Astron Financial (08333) anticipates a net profit of approximately HKD 200,000 for the six months ending June 30, 2025, a significant turnaround from a net loss of approximately HKD 19.6 million for the same period ending June 30, 2024 [1] Financial Performance - The expected turnaround to profitability is primarily due to the recognition of fair value gains from listed equity securities and non-listed investment funds amounting to approximately HKD 1.4 million, compared to a loss of approximately HKD 9.9 million in the same period last year [1] - Revenue is projected to increase significantly by approximately HKD 4.8 million [1] - Administrative and other operating expenses are expected to decrease by approximately HKD 2.9 million [1]

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。 （於開曼群島註冊成立的有限公司） （股份代號：8333） 正面盈利預喜 本公告乃阿仕特朗金融控股有限公司 (「本公司」，連同其附屬公司，統稱「本集團」) 根 據香港聯合交易所有限公司 GEM 證券上市規則 (「GEM 上市規則」) 第 17.10 條及香港 法例第 571 章證券及期貨條例第 XIVA 部之內幕消息條文 (定義見 GEM 上市規則) 而作 出。 本公司董事 (「董事」) 會 (「董事會」) 謹此知會本公司股東 (「股東」) 及潛在投資者， 根據對本集團截至二零二五年六月三十日止六個月(「本期間」) 之未經審核綜合管理賬目 及董事會目前可獲得的資料而作出的初步評估，本集團預期於本期間錄得約 0.2 百萬港元 的淨溢利，相比截至二零二四年六月三十日止六個月 (「同期」) 則錄得淨虧損約 19.6 百 萬港元。預期本期間扭虧為盈主要由於(a)本期間確認上市股本證券及非上市投資基金的公 平值收益 ...

致：香港交易及結算所有限公司 公司名稱: 阿仕特朗金融控股有限公司 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) | 08333 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 200,000,000 | HKD | | 0.1 | HKD | | 20,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 200,000,000 | HKD | | 0.1 | HKD | | 20,000,000 | 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 本月底法定/註冊股本總額： ...

Group 1 - The core viewpoint of the news highlights the recent performance of Astrum Financial, noting a significant increase in its stock price despite a decline in overall revenue and profit [1] - As of July 17, the Hang Seng Index fell by 0.08%, closing at 24,498.95 points, while Astrum Financial's stock price rose by 18.84% to HKD 0.41 per share, with a trading volume of 100,000 shares and a turnover of HKD 36,500 [1] - Over the past month, Astrum Financial has experienced a cumulative decline of 4.17%, while year-to-date, it has seen a cumulative increase of 15%, underperforming the Hang Seng Index, which has risen by 22.22% [1] Group 2 - Financial data indicates that for the year ending December 31, 2024, Astrum Financial reported total revenue of HKD 10.5633 million, a decrease of 21.14% year-on-year, and a net profit attributable to shareholders of -HKD 16.2594 million, down 83.62% year-on-year [1] - The company's debt-to-asset ratio stands at 25.64% [1] - Currently, there are no institutional investment ratings available for Astrum Financial [1] Group 3 - The company operates as a financial service provider in Hong Kong, offering services such as securities trading and brokerage, underwriting, corporate finance advisory, financing services, and asset management [2] - All business activities are conducted through its subsidiary, Astrum Capital, which is licensed to conduct regulated activities under the Securities and Futures Ordinance [2] - Astrum Capital is a participant of the Hong Kong Stock Exchange and has expanded its services through the Stock Connect program to include eligible stocks listed on the Shanghai Stock Exchange [2]

Company Overview - Astrum Financial Holdings Limited operates in Hong Kong, providing services such as securities trading and brokerage, underwriting and placement services, corporate finance advisory, financing services including securities and IPO financing, and asset management services [2] Financial Performance - As of December 31, 2024, Astrum Financial reported total revenue of 10.5633 million HKD, a year-on-year decrease of 21.14% - The net profit attributable to shareholders was -16.2594 million HKD, reflecting a year-on-year decline of 83.62% - The company's debt-to-asset ratio stands at 25.64% [1] Stock Performance - As of June 2, the stock price of Astrum Financial closed at 0.41 HKD per share, marking an increase of 20.59% with a trading volume of 5,000 shares and a turnover of 2,100 HKD - Over the past month, the stock has seen a cumulative increase of 19.3%, while year-to-date, it has risen by 13.33%, underperforming the Hang Seng Index which has increased by 16.1% [1] Valuation Metrics - The average price-to-earnings (P/E) ratio for the financial industry (TTM) is 23.35 times, with a median of -0.17 times - Astrum Financial's P/E ratio is -1.86 times, ranking 145th in the industry - Comparatively, other financial firms have P/E ratios of 1.93 times (Oriental Securities), 2.28 times (China Merchants Fund), 3.12 times (Guoyin Financial Leasing), 3.36 times (Hong Kong Credit), and 3.69 times (Zhongguancun Technology Leasing) [1]

Core Insights - As of May 19, a total of 67 stocks reached their 52-week highs, with Astron Financial (08333), Reading Wang (02385), and Ming Shi Kuai Xiang (08483) leading the increase rates at 165.00%, 89.39%, and 58.41% respectively [1][2] 52-Week Highs Summary - Astron Financial (08333) closed at 0.315 with a peak of 1.060, achieving a high rate of 165.00% [2] - Reading Wang (02385) closed at 7.300 with a peak of 15.000, achieving a high rate of 89.39% [2] - Ming Shi Kuai Xiang (08483) closed at 0.118 with a peak of 0.179, achieving a high rate of 58.41% [2] - Other notable stocks include: - Kuang Yi International (01683) with a high rate of 23.53% [2] - Pu Hui Zhong Jin International (00997) with a high rate of 19.51% [2] - Wei Tai Chuang Ke (06133) with a high rate of 18.57% [2] 52-Week Lows Summary - Yun Gong Chang (02512) reached a low of 1.700, with a decrease rate of -22.84% [3] - Jawa Holdings (00251) reached a low of 1.340, with a decrease rate of -14.39% [3] - Huan Neng International (01102) reached a low of 0.051, with a decrease rate of -8.16% [3] - Other notable stocks include: - Asia Energy Logistics (00351) with a decrease rate of -8.14% [3] - Heng Chang Group International (01421) with a decrease rate of -7.48% [3] - Tie Huo (01029) with a decrease rate of -7.04% [3]

Financial Performance - The company's revenue decreased by approximately 21.1% from about HKD 14.5 million in the previous year to about HKD 11.4 million this year[11]. - The net loss attributable to shareholders increased from approximately HKD 9.6 million in the previous year to about HKD 17.6 million this year[11]. - The total revenue for the group decreased by 21.1% from HKD 14,464,000 in 2023 to HKD 11,407,000 in 2024[23]. - The pre-tax loss increased by 81.0% from HKD 9,700,000 in 2023 to HKD 17,559,000 in 2024[22]. - The net loss for the year was approximately HKD 17,558,000, compared to a loss of approximately HKD 9,562,000 in the previous year[30]. - The total equity decreased by 12.6% from HKD 139,822,000 in 2023 to HKD 122,264,000 in 2024[22]. - The company reported a fair value loss of approximately HKD 2.7 million on financial assets measured at fair value through profit or loss this year[11]. - Other income decreased by approximately 3.3% to about HKD 2,858,000 from approximately HKD 2,955,000 in the same period last year, primarily due to a drop in commission income and the absence of rental income from a yacht[26]. - The group reported a significant decrease in distributable reserves, approximately HKD 46,402,000 as of December 31, 2024, down from HKD 63,193,000 in the previous year[127]. - The company did not recommend the distribution of dividends for the current year, consistent with the previous year where no dividends were distributed[119]. Market Conditions - The economic growth in Hong Kong for 2024 was approximately 2.5%, down from 3.2% in 2023, primarily due to a slight decline in private consumption expenditure[9]. - The Hang Seng Index recorded an annual increase of approximately 17.7%, closing at around 20,060 points by the end of 2024[10]. - The average daily turnover in the Hong Kong securities market increased by 25.5% from HKD 105 billion in 2023 to HKD 131.8 billion in 2024[15]. - The total capital raised from initial public offerings (IPOs) rose by 89.6% from HKD 46.3 billion in 2023 to HKD 87.8 billion in 2024[15]. Business Strategy - The company plans to focus on placement and underwriting services as well as corporate finance advisory services moving forward[12]. - The company aims to explore new business opportunities and maximize returns for shareholders in the coming year[12]. - The company will continue to monitor regulatory updates and compliance requirements in the Hong Kong financial market[12]. - The company will regularly review and adjust its business strategies using a prudent and balanced risk management approach[12]. Client and Revenue Dynamics - The number of active clients decreased from 173 in 2023 to 146 in 2024, with the top ten clients contributing approximately 64.3% of commission income[17]. - Commission income from brokerage services increased by 35.8% to approximately HKD 2,167,000 in 2024, compared to HKD 1,596,000 in 2023[23]. - The income from asset management services dropped by 77.4% from HKD 979,000 in 2023 to HKD 221,000 in 2024 due to the termination of the Astrum China Fund[25]. Corporate Governance - The company is committed to maintaining high levels of corporate governance to protect stakeholder interests and enhance confidence and support[60]. - The company has adopted all code provisions of the corporate governance code as set out in the GEM Listing Rules[60]. - The board consists of 6 members, including 3 executive directors and 3 independent non-executive directors, ensuring compliance with GEM listing rules[65]. - The company has established three board committees: the remuneration committee, nomination committee, and audit committee, to oversee specific matters[72]. - The board is responsible for leading and monitoring the group, aiming to maximize long-term shareholder value while balancing stakeholder interests[65]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes responsible investment and aims to reduce its carbon footprint while creating a diverse and inclusive workplace[62]. - The board has established an Environmental, Social, and Governance (ESG) working group to manage ESG matters across the company's business sectors[62]. - The company has implemented green office measures to reduce energy and natural resource consumption[140]. - The company has adopted a "green office" policy to reduce energy consumption and waste, including the use of energy-efficient LED lighting[193]. - The company provides regular ESG training and guidance to employees to enhance awareness and integration of ESG initiatives[186]. Risk Management - The group faces various financial risks, including credit and liquidity risks, with a focus on minimizing potential adverse impacts on financial performance[47][49]. - The company has a risk management and internal control system in place to ensure compliance with applicable laws and regulations[68]. - The board is responsible for evaluating the nature and extent of risks acceptable in achieving strategic objectives and ensuring effective risk management and internal control systems are in place[96]. Employee Relations - The total employee costs for the year were approximately HKD 16,462,000, a decrease from approximately HKD 16,886,000 in the previous year[32]. - The company has maintained harmonious relationships with employees, customers, and business partners, with no complaints received during the year[141]. - The company promotes a healthy work-life balance and organizes various employee activities to foster a harmonious work environment[198]. - The total number of employees remained stable at 24 for both 2023 and 2024, with no part-time employees reported[200]. Related Party Transactions - The group conducted ongoing related party transactions, including financing service agreements with Mr. Pan and Mr. Kwan, which required compliance with GEM Listing Rules[159]. - The financing service agreements with Mr. Pan and Mr. Kwan exceeded the thresholds requiring independent shareholder approval, which was obtained at a special meeting[164][165]. - Independent non-executive directors reviewed and confirmed that the ongoing related party transactions were conducted on normal commercial terms and in the best interest of shareholders[168].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported total revenue of HKD 11,407,000, a decrease of 21.3% compared to HKD 14,464,000 for the same period in 2023[6] - The company incurred a pre-tax loss of HKD 17,559,000, compared to a loss of HKD 9,700,000 in the previous year, indicating a significant increase in losses[6] - The total comprehensive loss attributable to owners of the company for the year was HKD 17,558,000, up from HKD 9,562,000 in the prior year, reflecting a 83.5% increase in losses[6] - The company reported a basic and diluted loss per share of HKD 18.29, compared to HKD 9.96 in the previous year, indicating a worsening of financial performance[6] - The group reported a pre-tax loss of HKD 16,462,000 in 2024, compared to HKD 16,886,000 in 2023, indicating a slight reduction in expenses[22] - The net loss for the year was approximately HKD 17,558,000, compared to a loss of approximately HKD 9,562,000 in the previous year[62] - The company reported a pre-tax loss of HKD 17,559,000 for 2024, compared to a loss of HKD 9,700,000 in 2023, reflecting an increase in losses of approximately 81.5% year-over-year[25] Revenue Breakdown - The total revenue for the group in 2024 was HKD 11,407,000, a decrease of 21.3% from HKD 14,464,000 in 2023[19] - The revenue from brokerage services was HKD 2,167,000 in 2024, up by 35.7% from HKD 1,596,000 in 2023[19] - The revenue from corporate finance advisory services decreased to HKD 1,888,000 in 2024 from HKD 2,700,000 in 2023, representing a decline of 30.0%[19] - The revenue from asset management services fell to HKD 221,000 in 2024 from HKD 979,000 in 2023, a decrease of 77.5%[19] - Major clients contributing over 10% of total revenue included Client A with HKD 1,754,000 in 2024, down from HKD 2,001,000 in 2023, and Client B, which contributed HKD 2,560,000 in 2023[22] Assets and Liabilities - The company's total assets decreased to HKD 164,423,000 from HKD 191,062,000, representing a decline of 13.9% year-over-year[8] - The company’s equity attributable to owners decreased to HKD 122,264,000 from HKD 139,822,000, a decline of 12.6%[9] - Current liabilities also decreased to HKD 42,159,000 from HKD 51,239,000, a reduction of 17.7%[9] - Trade receivables from cash clients decreased to HKD 218,000 in 2024 from HKD 794,000 in 2023, while receivables from margin clients fell to HKD 75,509,000 from HKD 88,957,000, showing a decline in both categories[28] - The total value of securities pledged by margin clients as collateral was approximately HKD 201,116,000 in 2024, down from HKD 313,857,000 in 2023, indicating a reduction in collateral value[30] Market and Economic Outlook - The company expects Hong Kong's economy to remain stable, with a projected GDP growth of 3% in 2025, supported by government stimulus policies[63] - The Hang Seng Index increased by approximately 17.7% from about 17,047 points on December 29, 2023, to around 20,060 points on December 31, 2024, reflecting a significant market rebound[38] - The stock and bond markets are expected to remain supported by economic growth, stable inflation, and lower interest rates, with Original Growth SP3 anticipating no recession in 2025[74] - The technology sector is projected to continue delivering strong growth and returns, with the group maintaining a positive outlook on Original Growth SP3's future performance[76] Corporate Strategy and Governance - The company continues to focus on providing financial services, including corporate finance advisory and asset management, as part of its core business strategy[11] - The company is exploring market expansion opportunities and new product development to enhance its service offerings and improve financial performance in the future[11] - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that are not yet effective, indicating a cautious approach to regulatory changes[15] - The company has adhered to the corporate governance code, with the board believing that the current structure provides effective oversight of management[86] - There are no interests held by directors, major shareholders, or their associates in any business that competes directly or indirectly with the group[93] Share Options and Capital Management - As of December 31, 2024, a total of 6,800,000 share options remain unexercised under the share option scheme, representing approximately 7.1% of the company's total issued shares[92] - The total number of share options available for grant under the scheme is 1,200,000, which is about 1.3% of the company's total issued shares[92] - The board has no plans for any significant investments or increases in capital assets as of the announcement date[79] - The company has entered into a loan financing agreement with Weiye Holdings Group Limited, providing a total loan amount not exceeding HKD 192,000,000, with HKD 80,000,000 from its subsidiary Astron Capital Management Limited[84] Future Commitments and Meetings - As of December 31, 2024, the group has future minimum lease payment obligations of approximately HKD 785,000 for office property under non-cancellable operating leases[80] - As of December 31, 2024, the group has no capital commitments[81] - As of December 31, 2024, there are no significant contingent liabilities[82] - The annual general meeting is scheduled for May 23, 2025, with formal notices to be issued in due course[98] - The annual report for the current year will be distributed to shareholders and published on the stock exchange and the company’s website as soon as practicable[103]

[Performance Highlights](index=3&type=section&id=Performance%20Highlights) The Group's performance for the six months ended June 30, 2024, shows a decrease in revenue and a significant expansion of loss attributable to owners Performance Summary for the Six Months Ended June 30, 2024 | Metric | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Revenue | Approx. 6,094,000 HKD | Approx. 7,993,000 HKD | | Loss Attributable to Owners of the Company | Approx. 19,558,000 HKD | Approx. 9,906,000 HKD | | Basic Loss Per Share | Approx. 20.37 HK cents | Approx. 10.32 HK cents | | Dividend | Not Proposed | Nil | [Condensed Consolidated Financial Statements](index=4&type=section&id=Condensed%20Consolidated%20Interim%20Results) This section presents the Group's condensed consolidated financial statements, including the statement of profit or loss, financial position, changes in equity, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=4&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2024, revenue decreased to HKD 6.094 million, and loss attributable to owners expanded to HKD 19.558 million, driven by increased fair value losses on financial assets and higher administrative expenses Key Profit or Loss Statement Data (Six Months Ended June 30) | Item (HKD thousands) | 2024 (Unaudited) | 2023 (Unaudited) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 6,094 | 7,993 | -23.8% | | Fair Value Changes of Financial Assets at FVTPL | (9,855) | (3,193) | +208.6% (Loss Widened) | | Administrative and Other Operating Expenses | (16,505) | (15,435) | +6.9% | | Loss Before Tax | (19,558) | (9,906) | +97.4% (Loss Widened) | | Loss for the Period Attributable to Owners of the Company | (19,558) | (9,906) | +97.4% (Loss Widened) | | Basic Loss Per Share (HK cents) | (20.37) | (10.32) | +97.4% (Loss Widened) | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2024, total assets decreased to HKD 154.025 million from HKD 191.062 million, with net assets declining to HKD 120.264 million, reflecting the period's operating loss Key Financial Position Data | Item (HKD thousands) | As of June 30, 2024 (Unaudited) | As of December 31, 2023 (Audited) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 154,025 | 191,062 | -19.4% | | Total Liabilities | 33,761 | 51,240 | -34.1% | | Net Assets | 120,264 | 139,822 | -14.0% | | Total Equity | 120,264 | 139,822 | -14.0% | [Condensed Consolidated Statement of Changes in Equity](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of June 30, 2024, total equity decreased from HKD 140 million to HKD 120 million, solely due to the HKD 19.558 million comprehensive expense for the period - The decrease in total equity is entirely attributable to the **HKD 19.558 million loss** for the period, with opening equity at **HKD 139,822 thousands** and closing equity at **HKD 120,264 thousands**[5](index=5&type=chunk) [Condensed Consolidated Statement of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) In H1 2024, net cash and cash equivalents decreased by HKD 60 thousand, a significant improvement from the prior period, driven by reduced cash used in operations and a shift to net cash inflow from investing activities Key Cash Flow Statement Data (Six Months Ended June 30) | Item (HKD thousands) | 2024 (Unaudited) | 2023 (Unaudited) | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (633) | (6,401) | | Net Cash From/(Used in) Investing Activities | 1,489 | (206) | | Net Cash (Used in)/From Financing Activities | (916) | 970 | | Net Decrease in Cash and Cash Equivalents | (60) | (5,637) | | Cash and Cash Equivalents at End of Period | 12,338 | 16,543 | [Notes to the Financial Statements](index=8&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering revenue, financial assets, and related party transactions [Revenue and Segment Information](index=10&type=section&id=3.%20Revenue%20and%20Segment%20Information) The Group operates a single financial services segment, with total revenue decreasing 23.8% to HKD 6.094 million in H1 2024, as declines in key commissions were partially offset by growth in advisory and financing income - The Group operates a single operating segment, providing brokerage, placing and underwriting, corporate finance advisory, financing, and asset management services[10](index=10&type=chunk) Revenue Breakdown by Service Type (Six Months Ended June 30) | Service Type (HKD thousands) | 2024 | 2023 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Brokerage Service Commissions | 621 | 906 | -31.5% | | Placing and Underwriting Commissions | 728 | 2,688 | -72.9% | | Corporate Finance Advisory Service Fees | 1,450 | 1,060 | +36.8% | | Asset Management Service Fees | 221 | 543 | -59.3% | | Securities and IPO Financing Interest Income | 3,074 | 2,796 | +9.9% | | **Total Revenue** | **6,094** | **7,993** | **-23.8%** | [Financial Assets at Fair Value Through Profit or Loss](index=15&type=section&id=11.%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) As of June 30, 2024, financial assets at FVTPL totaled HKD 10.248 million, nearly halving from HKD 20.103 million, comprising Hong Kong-listed equity securities and unlisted investment funds Fair Value of Financial Assets | Item (HKD thousands) | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | Listed Equity Securities in Hong Kong | 4,452 | 6,385 | | Unlisted Investment Funds Outside Hong Kong | 5,796 | 13,718 | | **Total** | **10,248** | **20,103** | - Fair value of listed equity securities is classified as Level 1 (quoted prices in active markets), while unlisted investment fund units are classified as Level 2 (fund net asset value)[30](index=30&type=chunk) [Significant Related Party Transactions](index=17&type=section&id=14.%20Significant%20Related%20Party%20Transactions) During the period, the Group engaged in transactions with controlling shareholder Mr. Poon and his close relatives, providing brokerage and financing services, with key management personnel compensation totaling HKD 3.537 million - The Group provided brokerage and financing services to controlling shareholder Mr. Poon and his close relatives, receiving corresponding commissions and interest income[25](index=25&type=chunk) Key Management Personnel Compensation (Six Months Ended June 30) | Item (HKD thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Salaries and Other Benefits in Kind | 3,492 | 3,209 | | Retirement Benefit Scheme Contributions | 45 | 45 | | **Total** | **3,537** | **3,254** | [Management Discussion and Analysis](index=21&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the Group's business and financial performance, outlook, and liquidity [Business Review](index=21&type=section&id=Business%20Review) In H1 2024, Group revenue decreased 23.8% to HKD 6.094 million, and loss attributable to owners surged 97.4% to HKD 19.558 million, driven by lower revenue and expanded investment losses - Revenue decreased by **23.8%** to **HKD 6.094 million** for the current period from **HKD 7.993 million** in the prior period[33](index=33&type=chunk) - Loss attributable to owners increased by **97.4%** to **HKD 19.558 million** from **HKD 9.906 million** in the prior period, primarily due to decreased revenue and expanded fair value losses on listed equity securities and unlisted investment funds[33](index=33&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) This section details the Group's financial performance, highlighting revenue decline from reduced business activities, expanded unrealized losses on financial assets, and increased administrative expenses, collectively leading to a significant rise in period loss [Revenue](index=21&type=section&id=Revenue) Total revenue decreased by 23.8%, with significant declines in brokerage, placing, underwriting, and asset management commissions, partially offset by growth in corporate finance advisory fees and securities financing interest income - Placing and underwriting commissions and service fees decreased by **72.9%** from **HKD 2.688 million** to **HKD 0.728 million**, primarily due to the absence of a large underwriting mandate in the current period compared to the prior period[36](index=36&type=chunk) - Asset management service fees decreased by **59.3%** from **HKD 0.543 million** to **HKD 0.221 million**, as the assets under management of Astrum China Fund declined and it was voluntarily liquidated in May 2024[36](index=36&type=chunk) [Fair Value Changes of Financial Assets at Fair Value Through Profit or Loss](index=23&type=section&id=Fair%20Value%20Changes%20of%20Financial%20Assets%20at%20Fair%20Value%20Through%20Profit%20or%20Loss) During the period, the Group recorded a net fair value loss of HKD 9.855 million on financial assets, significantly higher than the prior period, with all losses being unrealized and having no significant cash flow impact - A net loss of approximately **HKD 9.855 million** was recorded from fair value changes of financial assets at FVTPL, compared to a loss of **HKD 3.193 million** in the prior period[38](index=38&type=chunk) - All fair value losses are unrealized and non-cash in nature, having no significant impact on the Group's cash flow[38](index=38&type=chunk) [Administrative and Other Operating Expenses](index=23&type=section&id=Administrative%20and%20Other%20Operating%20Expenses) Administrative and other operating expenses increased 6.9% to HKD 16.505 million, primarily due to higher legal and professional fees, asset disposal losses, and increased office rent, partially offset by reduced employee benefits - Administrative and other operating expenses increased by **6.9%** from **HKD 15.435 million** to **HKD 16.505 million**[39](index=39&type=chunk) - The increase in expenses is primarily attributable to: (a) an increase in legal and professional fees of approximately **HKD 1.577 million**; (b) recognition of a loss on disposal of property, plant and equipment of approximately **HKD 0.908 million**; and (c) an increase in office rent and rates of approximately **HKD 0.976 million**[39](index=39&type=chunk) [Outlook](index=24&type=section&id=Outlook) Management anticipates continued risks and uncertainties in global and local stock markets, despite moderate Hong Kong economic growth, and will regularly review and adjust business strategies with prudent risk management - Management expects global and Hong Kong stock markets to face continuous risks and uncertainties due to geopolitical instability, interest rate policies of major economies, and the US election[42](index=42&type=chunk) - The Group's management will regularly review and adjust business strategies with a prudent and balanced risk management approach to navigate the current unpredictable economic landscape[42](index=42&type=chunk) [Liquidity and Financial Resources](index=25&type=section&id=Liquidity%20and%20Financial%20Resources) As of June 30, 2024, total assets and equity decreased due to operating losses and declining investment fair values; however, the current ratio improved to 3.8x, with total bank balances and cash at HKD 37.115 million Liquidity and Financial Resources Status | Metric | As of June 30, 2024 | As of December 31, 2023 | | :--- | :--- | :--- | | Total Assets | Approx. 154,025,000 HKD | Approx. 191,062,000 HKD | | Total Equity Attributable to Owners | Approx. 120,264,000 HKD | Approx. 139,822,000 HKD | | Current Ratio | Approx. 3.8 times | Approx. 3.0 times | | Total Bank Balances and Cash | Approx. 37,115,000 HKD | Approx. 51,802,000 HKD | | Gearing Ratio | Approx. 5.5% | 5.2% | [Other Information](index=27&type=section&id=Other%20Information) This section provides additional information regarding the company's directors' and major shareholders' interests, share option scheme, and corporate governance practices [Directors' and Major Shareholders' Interests](index=27&type=section&id=Interests%20and%20Short%20Positions%20of%20Directors%20and%20Chief%20Executive%20in%20the%20Company) As of June 30, 2024, Chairman Mr. Poon, through his wholly-owned company and personal beneficial ownership, held a combined 56.32% of the company's shares, making him the controlling shareholder - Chairman Mr. Poon, through controlled corporations and as a beneficial owner, collectively held **54,068,500 shares**, representing **56.32%** of the Company's issued share capital[51](index=51&type=chunk) - Mr. Poon's spouse, Ms. Liu Mingli, is deemed to have an interest in all **54,068,500 shares** held by Mr. Poon and related shares due to their spousal relationship[53](index=53&type=chunk) [Share Option Scheme](index=29&type=section&id=Share%20Option%20Scheme) The company has a share option scheme adopted in 2016, with 6,800,000 unexercised options outstanding as of June 30, 2024; no options were granted, exercised, or lapsed during the reporting period - As of June 30, 2024, there were **6,800,000** outstanding share options[55](index=55&type=chunk) - No share options were granted, exercised, or lapsed during the period[55](index=55&type=chunk) [Corporate Governance](index=31&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company maintains high corporate governance standards, largely complying with the code, with one deviation: the roles of Chairman and Chief Executive are not separated, both held by Mr. Poon - The Company deviated from Code Provision C.2.1 of the Corporate Governance Code, which states that the roles of chairman and chief executive should be separate and not performed by the same individual[63](index=63&type=chunk) - The Board believes that Mr. Poon's dual role as Chairman and Chief Executive Officer is beneficial to the Group's operations and management, providing strong and consistent leadership[63](index=63&type=chunk)