RaffAello-Astrum Financial Holdings Limited • 第三季度報告 2021 香港聯合交易所有限公司（「 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM之定位，乃為中小型公司提供一個上市的市場 乃為中小型公司提供一個上市的市場 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 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 有意投資的人士應了解投資於該等公司的潛在風險 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 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， 上市公司普遍為中小型公司，在GEM買賣之證券可能會較於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 同時無法保證在GEM買賣之證券會有高流通量之市場。 買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲 明，並明確表示，概不對因本報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 ...

阿仕特朗金融控股有限公司‧中期報告 2021 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM之定位，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買賣之證券可能會較於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之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示，概不對因本報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。 本報告包括的資料乃遵照 GEM 證券上市規則（「 GEM 上市規則」）的規定而提供有關阿仕特朗金融控股有限公司 （「本公司」）的資料。本公司董事（「董事」）願就本報告共同及個別承擔全部責任。董事在作出一切合理查 詢後確認，就彼等所知及所信，本報告所載的資料在各重大方面均屬準確完整，且無誤導或欺騙成份，及本報告 並無遺漏其他事實致使本報告所載任何陳述或本報告產生誤導。 本報告將於香港聯合交 ...

Financial Performance - For the three months ended March 31, 2021, the revenue was approximately HKD 4.4 million, a decrease of 50.7% compared to HKD 9.0 million for the same period in 2020[6]. - The loss attributable to owners of the company for the three months ended March 31, 2021, was approximately HKD 4.1 million, compared to a profit of HKD 1.1 million for the same period in 2020[6]. - The basic loss per share for the three months ended March 31, 2021, was approximately HKD 0.47, compared to a basic earnings per share of HKD 0.13 for the same period in 2020[6]. - The total comprehensive loss for the three months ended March 31, 2021, was approximately HKD 4.1 million, compared to a total comprehensive income of HKD 1.1 million for the same period in 2020[7]. - The company reported a significant decrease in client contract income, with revenue recognized at a point in time dropping to HKD 1,428,000 from HKD 7,101,000 year-over-year[20]. - The company recorded a loss of approximately HKD 4.1 million for the period, compared to a profit of approximately HKD 1.1 million in the same period last year[38]. Revenue Breakdown - Total revenue for the three months ended March 31, 2021, was HKD 4,439,000, a decrease of 50.6% compared to HKD 8,978,000 for the same period in 2020[19]. - Brokerage service commission revenue increased to HKD 1,083,000, up 142.5% from HKD 447,000 in the previous year[19]. - Revenue from placement and underwriting services dropped significantly by approximately 95.5% to about HKD 0.3 million, with three placements completed compared to five in the same period last year[31]. - Interest income from securities and IPO financing rose by approximately 72.7% to about HKD 1.9 million, due to increased demand for guaranteed financing services[31]. - Other income for the three months ended March 31, 2021, was HKD 1,006,000, an increase of 57.4% from HKD 639,000 in 2020[22]. - Asset management service fees increased by approximately 22.6% to about HKD 402,000, with performance fees recognized for the Astrum Absolute Return China Fund[32]. Expenses and Costs - The company’s administrative and other operating expenses for the three months ended March 31, 2021, were HKD 8.6 million, slightly higher than HKD 8.3 million for the same period in 2020[7]. - The company incurred total employee benefit expenses of HKD 5,628,000, an increase of 17.7% from HKD 4,778,000 in the previous year[23]. - The company’s financing costs increased to HKD 945,000 for the three months ended March 31, 2021, from HKD 169,000 for the same period in 2020[7]. - Financing costs increased by approximately 459.2% to about HKD 945,000, primarily due to IPO loans from a bank[37]. Dividends and Shareholder Information - The company did not recommend the payment of an interim dividend for the three months ended March 31, 2021, compared to an interim dividend of HKD 0.005 per share for the same period in 2020[6]. - The company does not recommend the distribution of an interim dividend for the period ending March 31, 2021[42]. - As of March 31, 2021, the major shareholder, Ms. Liao Mingli, holds 540,685,000 shares, representing approximately 56.32% of the total issued shares of 960,000,000[48]. - The total number of unexercised share options as of March 31, 2021, is 80,000,000[49]. Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by Mr. Pan Ji[57]. - The audit committee, chaired by an independent non-executive director, has reviewed the unaudited condensed consolidated financial statements for the period and found them compliant with applicable accounting standards[59]. - The company has confirmed compliance with the non-competition agreement during the period from January 1, 2021, to March 31, 2021[53]. - No directors or major shareholders have interests in any business that competes directly or indirectly with the company's operations as of March 31, 2021[52]. - The company has not established any arrangements for directors and senior management to acquire shares or debt securities during the reporting period[51]. - The company has not disclosed any circumstances that would trigger disclosure obligations under GEM Listing Rules as of March 31, 2021[58]. Market Outlook - The management anticipates global growth of 6% in 2021, with China's economic growth target set at 6% or above, but acknowledges ongoing risks and uncertainties[40].

Financial Performance - The company recorded a total loss of approximately HKD 2.1 million for the fiscal year ending December 31, 2020, compared to a profit of HKD 12.0 million for the previous year[7]. - Total revenue for the year ended December 31, 2020, was approximately HKD 47.8 million, an increase of about 5.3% from HKD 45.4 million in the previous year[21]. - The company reported a loss before tax of HKD 1,971,000 compared to a profit of HKD 14,143,000 in 2019, indicating a substantial decline[193]. - The net loss for the year was HKD 2,121,000, a decrease from a profit of HKD 12,012,000 in the previous year[193]. - Basic and diluted loss per share was HKD 0.27, down from earnings of HKD 1.50 per share in 2019[193]. - Other income rose significantly to HKD 2,624,000 from HKD 881,000, marking a 197.3% increase[193]. Market Overview - The average daily turnover in the Hong Kong securities market increased by 48.5% to HKD 129.5 billion in 2020, compared to HKD 87.2 billion in 2019[10]. - The number of new listed companies decreased by 15.8% to 154 in 2020, while the total funds raised increased by 26.5% to HKD 397.5 billion[10]. - The number of placement transactions rose by 52.8% to 275, with total funds raised increasing by 193.9% to HKD 290.7 billion[10]. - The Hang Seng Index fell by 3.4% to 27,231 points as of December 31, 2020[10]. Business Strategy - The company plans to focus on placement and underwriting services as well as corporate finance advisory services moving forward[8]. - The company expressed cautious optimism regarding future business development and overall performance despite ongoing economic challenges[8]. - The company is committed to exploring new business ventures and maximizing returns for shareholders in a challenging year[8]. - The company plans to adopt a prudent and balanced risk management approach to regularly review and adjust its business strategies in response to the uncertain global economic outlook[28]. Financial Position - As of December 31, 2020, the total assets of the group were approximately HKD 282.6 million, an increase from approximately HKD 264.0 million in 2019, primarily due to trade receivables of approximately HKD 22.9 million from the subscription of new shares in the IPO[33]. - The total equity attributable to the owners of the company was approximately HKD 173.4 million, a decrease from approximately HKD 183.5 million in 2019, mainly due to a loss and total comprehensive expenses of approximately HKD 2.1 million and interim dividends of HKD 8.0 million paid during the year[33]. - The net current assets decreased by approximately 6.3% to about HKD 165.7 million, with the current ratio dropping from approximately 3.2 times in 2019 to about 2.5 times in 2020 due to a 37.4% increase in current liabilities[40]. - The total cash and bank balances amounted to approximately HKD 196.6 million, down from approximately HKD 209.7 million in 2019, primarily due to a decrease of approximately HKD 48.6 million in general account balances[40]. Corporate Governance - The company reported a commitment to high levels of corporate governance, adhering to the GEM Listing Rules Appendix 15, with a focus on accountability and transparency[62]. - The board consists of 5 members, including 2 executive directors and 3 independent non-executive directors, ensuring diverse expertise for effective oversight[65]. - The company emphasizes the importance of robust internal controls and effective governance practices to drive long-term shareholder value[62]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee to oversee specific aspects of its affairs[74]. Risk Management - The group has implemented a credit risk management team to minimize potential financial losses from counterparty defaults[45]. - The company is committed to ensuring appropriate risk and internal control systems are in place to comply with relevant laws and regulations[68]. - The board believes that the risk management and internal control systems are adequate and effective, with no significant weaknesses identified during the review[92]. Shareholder Information - The company has no predetermined dividend payout ratio, and any interim or final dividend decisions require board approval based on factors such as financial performance and capital requirements[90]. - The company declared a first-quarter dividend of HKD 0.005 per share, totaling HKD 4.0 million, consistent with the previous year[106]. - The second-quarter dividend was set at HKD 0.0025 per share, totaling HKD 2.0 million, down from HKD 4.0 million in the previous year[106]. - The third-quarter dividend remained at HKD 0.0025 per share, totaling HKD 2.0 million, also a decrease from HKD 4.0 million in the previous year[107]. Related Party Transactions - The company confirms compliance with GEM Listing Rules regarding the disclosure of related party transactions[152][158]. - The independent non-executive directors have reviewed the related party transactions and confirmed they are conducted on normal commercial terms and in the interest of shareholders[161]. - The company’s auditor has issued an unqualified opinion on the related party transactions disclosed in the report[160].

Financial Performance - For the nine months ended September 30, 2020, revenue was approximately HKD 40.9 million, compared to HKD 40.6 million for the same period in 2019, representing a slight increase of 0.74%[6] - The company reported a loss attributable to owners of approximately HKD 1.1 million for the nine months ended September 30, 2020, compared to a profit of HKD 12.7 million for the same period in 2019, indicating a significant decline[6] - Basic loss per share for the nine months ended September 30, 2020, was approximately HKD 0.14, down from a basic earnings per share of HKD 1.59 for the same period in 2019[6] - The net loss before tax for the nine months ended September 30, 2020, was HKD 1.13 million, compared to a profit before tax of HKD 14.71 million for the same period in 2019[8] - The company’s total comprehensive income for the nine months ended September 30, 2020, was a loss of HKD 1.13 million, compared to a total comprehensive income of HKD 12.71 million for the same period in 2019[8] - The company reported a total of HKD 1,273,000 in other income for the nine months ended September 30, 2020, compared to no other income reported in 2019[22] - The company recorded a loss of approximately HKD 1.1 million for the period, compared to a profit of approximately HKD 12.7 million in the same period last year[39] Revenue Breakdown - Total revenue for the period was approximately HKD 40.9 million, remaining stable compared to HKD 40.6 million in the same period last year[32] - Brokerage service commission revenue decreased to HKD 1,891,000 for the nine months ended September 30, 2020, down 27.7% from HKD 2,615,000 in 2019[19] - Underwriting and placing commission revenue remained stable at HKD 30,507,000 for the nine months ended September 30, 2020, compared to HKD 30,578,000 in 2019[19] - Asset management service revenue increased significantly to HKD 1,742,000 for the nine months ended September 30, 2020, up 80.4% from HKD 965,000 in 2019[19] - Interest income from securities and IPO financing rose to HKD 4,963,000 for the nine months ended September 30, 2020, compared to HKD 2,511,000 in 2019, marking a 97.4% increase[19] - The revenue from corporate finance advisory services decreased by approximately 55% to HKD 1.8 million, down from HKD 4.0 million in the same period last year[33] - Interest income from securities and IPO financing increased by approximately 100% to HKD 5.0 million, compared to HKD 2.5 million in the previous year, driven by a rebound in demand for guaranteed financing services[33] - Asset management service fees rose by approximately 70% to HKD 1.7 million, up from HKD 1.0 million in the same period last year[33] Expenses and Costs - Total administrative and other operating expenses for the nine months ended September 30, 2020, were HKD 42.96 million, an increase from HKD 26.03 million in the same period of 2019, reflecting a rise of 65.2%[8] - Commission expenses surged to HKD 23.8 million for the nine months ended September 30, 2020, compared to HKD 6.6 million in the previous year, marking an increase of approximately 260%[31] - The company experienced a significant increase in employee benefit expenses, totaling HKD 12.6 million for the nine months ended September 30, 2020, compared to HKD 12.3 million in the previous year[31] - Administrative and other operating expenses rose by approximately 65.4% to about HKD 43.0 million from approximately HKD 26.0 million in the same period last year, attributed to increased commission expenses for placement and underwriting services[37] - Financing costs surged by approximately 433.3% to about HKD 1.6 million from approximately HKD 0.3 million in the same period last year, primarily due to loans taken for the initial public offering[38] Dividends - The company declared an interim dividend of HKD 0.0025 per share for the third quarter, totaling HKD 2.0 million, which is the same as the dividend declared for the same period in 2019[6] - The company declared an interim dividend of HKD 2.0 million for the second quarter, down from HKD 4.0 million in the same period last year[27] - The company also announced an interim dividend of HKD 2.0 million for the third quarter, consistent with the second quarter's dividend, and a decrease from HKD 4.0 million in the same period last year[27] - The board declared an interim dividend of HKD 0.0025 per share for the three months ended September 30, 2020, totaling HKD 2.0 million, down from HKD 4.0 million in the same period last year[43] Shareholder Information - The major shareholder, Mr. Pan, holds approximately 66.59% of the company’s shares, totaling 532,685,000 shares[45] - The weighted average number of ordinary shares remained constant at 800 million shares for both the current and prior periods[29] Compliance and Governance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual since May 2007[57] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the period and found them compliant with applicable accounting standards[59] - No directors or major shareholders have any interests in businesses that directly or indirectly compete with the company as of September 30, 2020[52] - The company has confirmed compliance with the non-competition agreement during the specified period[53] - The company has not identified any violations of trading standards by directors during the reporting period[54] Other Information - The company is currently evaluating the impact of new and revised Hong Kong Financial Reporting Standards but has not determined any significant effects on its operational performance and financial position[16] - The financial statements were authorized for publication by the board on November 6, 2020[17] - No significant events affecting the group's business or financial performance were reported after September 30, 2020[42] - The company has not granted any share options under its share option scheme since its adoption on June 23, 2016[49] - There were no purchases, sales, or redemptions of the company's listed securities during the period[55] - The company will suspend share transfer registration from November 25 to November 27, 2020, to determine eligibility for the interim dividend[61] - The audit committee consists of independent non-executive directors, ensuring compliance with GEM listing rules regarding financial oversight[59]

Financial Performance - For the six months ended June 30, 2020, revenue was approximately HKD 35.8 million, compared to HKD 32.6 million for the same period in 2019, representing an increase of 6.5%[6] - The company reported a loss attributable to owners of approximately HKD 0.4 million for the six months ended June 30, 2020, compared to a profit of HKD 11.1 million for the same period in 2019[6] - Basic loss per share for the six months ended June 30, 2020, was approximately HKD 0.05, down from basic earnings of HKD 1.39 per share for the same period in 2019[6] - The total comprehensive income for the period was a loss of HKD (411) thousand, contrasting with a profit of HKD 11,141 thousand in the previous year[11] - The company reported a loss attributable to equity holders of HKD 1,490,000 for the three months ended June 30, 2020, compared to a profit of HKD 9,110,000 in 2019[33] - The company recorded a loss attributable to owners of approximately HKD 0.4 million for the period, compared to a profit of approximately HKD 11.1 million for the same period in 2019[59][68] Dividends - The board declared an interim dividend of HKD 0.005 per share for the first quarter, totaling HKD 4.0 million, consistent with the previous year[6] - The second quarter interim dividend was declared at HKD 0.0025 per share, totaling HKD 2.0 million, down from HKD 4.0 million in the same period last year[6] - The company declared an interim dividend of HKD 0.005 per share, totaling HKD 4,000,000 for the three months ended June 30, 2020, unchanged from the same period in 2019[31] - The company declared dividends of HKD (4,000) thousand during the period, consistent with the previous year[11] Assets and Liabilities - Total assets as of June 30, 2020, were HKD 254.8 million, a decrease from HKD 264.0 million as of December 31, 2019[10] - Current liabilities decreased to HKD 75.7 million as of June 30, 2020, from HKD 79.5 million as of December 31, 2019[10] - The company's net asset value as of June 30, 2020, was HKD 179.1 million, down from HKD 183.5 million as of December 31, 2019[10] - The total equity attributable to owners decreased to HKD 179,133 thousand as of June 30, 2020, from HKD 190,672 thousand at the end of June 2019[11] - The group's net current assets were approximately HKD 173.1 million as of June 30, 2020, compared to HKD 176.9 million as of December 31, 2019, with a current ratio of approximately 3.3 times, up from 3.2 times[74] - The total cash and bank balances amounted to approximately HKD 127.9 million as of June 30, 2020, down from HKD 209.7 million as of December 31, 2019[74] - The group had no debt as of June 30, 2020, maintaining a debt-to-asset ratio that is not applicable[74] Cash Flow - For the six months ended June 30, 2020, the company reported a net cash outflow from operating activities of HKD (73,659) thousand, compared to a net inflow of HKD 15,489 thousand for the same period in 2019[13] - The company’s cash and cash equivalents decreased by HKD 81,107 thousand, ending the period at HKD 62,197 thousand, down from HKD 145,778 thousand at the end of June 2019[13] - The company’s initial cash balance was HKD 143,304 thousand, compared to HKD 134,994 thousand at the beginning of the previous year[13] - The company’s investment activities resulted in a cash outflow of HKD (2,009) thousand, compared to HKD (226) thousand in the prior year[13] - The financing activities led to a cash outflow of HKD (5,439) thousand, slightly higher than HKD (4,479) thousand in the same period last year[13] Revenue Breakdown - Total revenue for the three months ended June 30, 2020, was HKD 26,869,000, an increase of 9.3% compared to HKD 24,576,000 for the same period in 2019[23] - Total revenue for the six months ended June 30, 2020, was HKD 35,847,000, up 10.4% from HKD 32,583,000 in the same period of 2019[23] - Brokerage service commission revenue decreased to HKD 784,000 for the three months ended June 30, 2020, down 36.3% from HKD 1,231,000 in 2019[23] - Underwriting and placement commission revenue increased to HKD 23,746,000 for the three months ended June 30, 2020, up 16.5% from HKD 20,437,000 in 2019[23] - Corporate finance advisory service fees dropped to HKD 565,000 for the three months ended June 30, 2020, a decline of 66.1% from HKD 1,660,000 in 2019[23] - Interest income from securities and IPO financing was HKD 1,456,000 for the three months ended June 30, 2020, an increase of 58% compared to HKD 922,000 in 2019[23] Operational Insights - The company has identified only one operating segment, which includes brokerage services, underwriting services, corporate finance advisory services, financing services, and asset management services[22] - The company completed seven placements and underwriting appointments during the period, compared to six in the same period last year[61] - The company maintained stable asset management service fees at approximately HKD 0.6 million for both periods[62] - The company has established a credit period of 7 days for corporate finance advisory services and 30 days for asset management services[37] Employee and Governance - The group employed 26 staff members as of June 30, 2020, with total employee costs amounting to approximately HKD 8.4 million during the period[71] - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which have not been distinguished since May 2007[97] - The board consists of 5 members, including 2 executive directors and 3 independent non-executive directors[99] - The audit committee has reviewed the group's unaudited financial statements for the period and found them compliant with applicable accounting standards[102] Market Conditions - The company continues to face market volatility risks due to its listing on the GEM, which is designed for small to medium-sized enterprises[2] - The International Monetary Fund (IMF) projected a global economic growth rate of -4.9% for 2020, indicating a slower recovery than previously anticipated due to the ongoing impact of the COVID-19 pandemic[70] Miscellaneous - The company has not adopted any new accounting standards that would significantly impact its financial performance or position[19] - The group had no significant investments or acquisitions during the period[77][78] - There were no capital commitments or contingent liabilities as of June 30, 2020[80][81] - The group faced minimal foreign exchange risk as its revenue and business costs were primarily denominated in HKD[76] - The company has not disclosed any interests in businesses that may compete directly or indirectly with its operations as of June 30, 2020[91] - The company has not encountered any circumstances that would trigger disclosure obligations under GEM Listing Rules as of June 30, 2020[98]

Financial Performance - Revenue for the three months ended March 31, 2020, was approximately HKD 9.0 million, compared to HKD 8.0 million for the same period in 2019, representing a growth of 12.5%[7] - Profit attributable to owners for the three months ended March 31, 2020, was approximately HKD 1.1 million, down from HKD 2.0 million in the same period in 2019, a decrease of 45.3%[7] - Basic earnings per share for the three months ended March 31, 2020, was approximately HKD 0.13, compared to HKD 0.25 for the same period in 2019, a decline of 48.0%[7] - Total comprehensive income attributable to owners for the three months ended March 31, 2020, was HKD 1.1 million, down from HKD 2.0 million in the same period in 2019, a decrease of 46.9%[8] - The group reported a pre-tax profit of HKD 1.2 million for the three months ended March 31, 2020, compared to HKD 2.2 million for the same period in 2019, a decrease of 47.3%[8] - The company's pre-tax profit decreased from HKD 2.031 million in the same period last year to HKD 1.079 million, a decline of approximately 45%[31] - The company recorded a profit of approximately HKD 1.1 million for the period, down from approximately HKD 2.0 million in the same period last year[39] Revenue Breakdown - Brokerage service commission revenue was HKD 447 thousand, down from HKD 612 thousand in the previous year[20] - Underwriting and placement commission revenue increased to HKD 6.654 million from HKD 4.206 million year-over-year[20] - Corporate finance advisory service fees dropped to HKD 450 thousand from HKD 2.170 million in the previous year[20] - Interest income from securities and IPO financing rose to HKD 1.099 million from HKD 704 thousand year-over-year[20] - Revenue from placement and underwriting services significantly increased by approximately 59.5% to about HKD 6.7 million from approximately HKD 4.2 million, attributed to an increase in completed placements and underwriting appointments from three to five[32] - Corporate finance advisory fees decreased by approximately 77.3% to about HKD 0.5 million from approximately HKD 2.2 million, due to a reduction in the number of advisory appointments from five to two[32] - Interest income from securities and IPO financing increased by approximately 57.1% to about HKD 1.1 million from approximately HKD 0.7 million, driven by a rebound in demand for guaranteed financing services[32] - Other income rose by approximately 391.5% to about HKD 639,000 from approximately HKD 130,000, mainly due to increased bank interest income and processing fees from clients[35] Expenses - Administrative and other operating expenses increased to HKD 8.3 million for the three months ended March 31, 2020, from HKD 5.9 million in the same period in 2019, an increase of 40.5%[8] - Total administrative and operating expenses increased, contributing to the decline in profit despite revenue growth[31] - Administrative and other operating expenses increased by approximately 40.7% to about HKD 8.3 million from approximately HKD 5.9 million, primarily due to higher employee benefits and commission expenses[37] - Financing costs surged by approximately 1,436.4% to about HKD 169,000 from approximately HKD 11,000, mainly due to a loan taken for an IPO[38] Dividends - The board declared an interim dividend of HKD 0.005 per share, totaling HKD 4,000,000, which was not recognized as a liability as of March 31, 2020[7] - The company declared an interim dividend of HKD 0.005 per share, totaling HKD 4 million, consistent with the previous year[27] - The board declared an interim dividend of HKD 0.005 per share for the three months ended March 31, 2020[62] Shareholder Information - As of March 31, 2020, the major shareholder, Ms. Liao Mingli, holds 532,685,000 shares, representing 66.59% of the total issued shares of 800,000,000[48] - The weighted average number of ordinary shares for basic earnings per share remained at 800 million shares[29] Compliance and Governance - The financial report was prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with applicable disclosure requirements[14] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated results for the period and confirmed compliance with applicable accounting policies and GEM listing rules[61] - The company has adhered to the corporate governance code, with the exception of the separation of roles between the chairman and CEO, which has not been implemented since May 2007[58] - The company has confirmed compliance with the non-competition agreement from January 1, 2020, to March 31, 2020[53] - The company has not identified any individuals or corporations with interests in its shares that require disclosure under the Securities and Futures Ordinance as of March 31, 2020[48] Stock Options and Securities - The company has not granted any stock options under its stock option plan since its adoption on June 23, 2016, until March 31, 2020[50] - The company has not issued any arrangements for directors or senior management to acquire shares or debt securities during the reporting period[51] - There were no acquisitions, sales, or repurchases of the company's listed securities during the reporting period[56] - No directors or major shareholders have interests in any business that competes directly or indirectly with the company as of March 31, 2020[52]

Financial Performance - Total revenue for Astrum Financial Holdings Limited decreased by approximately 9.2% to about HKD 454 million in 2019, primarily due to a significant drop in brokerage service commissions and corporate finance advisory income[9]. - Net profit fell by approximately 46.7% to about HKD 12 million in 2019, reflecting the challenging market conditions[9]. - Total revenue for the year was approximately HKD 45.4 million, a decrease of about 9.2% compared to HKD 50.0 million in the previous year[23]. - Commission income from brokerage services significantly dropped by approximately 48.6% to HKD 3.7 million, attributed to a relatively poor investment atmosphere in the local stock market[23]. - Corporate finance advisory fees decreased by approximately 54.6% to HKD 4.9 million, with the number of advisory appointments dropping from 23 to 13[23]. - Net profit for the year decreased by approximately 46.7% to HKD 12.0 million, down from HKD 22.5 million in the previous year[29]. - The company reported a profit before tax of HKD 14,143,000, down 47.3% from HKD 26,785,000 in the previous year[195]. - Net profit for the year was HKD 12,012,000, a decline of 46.6% compared to HKD 22,485,000 in 2018[195]. - Basic and diluted earnings per share decreased to HKD 1.50 from HKD 2.81, representing a drop of 46.5%[195]. Market Conditions - The average daily turnover in the Hong Kong securities market decreased by 18.8% to HKD 87.2 billion in 2019[12]. - The number of new listed companies in Hong Kong decreased by 16.1% to 183, while the total funds raised increased by 9.1% to HKD 314.2 billion[12]. - The Hang Seng Index fluctuated between 25,000 and 30,200 points during 2019, closing at 28,190 points, a 9.1% increase from the previous year[12]. - Following the outbreak of COVID-19 in early 2020, the board anticipated a negative impact on the group's business, with the Hang Seng Index dropping approximately 19.1% from December 31, 2019, to the report date[51]. Business Strategy - The company plans to focus on placement and underwriting services as well as corporate finance advisory services in response to the current economic conditions[10]. - The management remains cautiously optimistic about future business development and overall performance despite the ongoing challenges[10]. - The company aims to explore new business ventures and maximize shareholder returns in a challenging environment[10]. - The company plans to regularly review and adjust its business strategies to seek sustainable income and balanced growth amid economic uncertainties[30]. Financial Position - As of December 31, 2019, the total assets of the group were approximately HKD 264.0 million, an increase from approximately HKD 226.6 million in 2018, primarily due to an increase in trust bank balances by approximately HKD 30.8 million[35]. - The net asset value of the group was approximately HKD 176.9 million as of December 31, 2019, compared to approximately HKD 168.8 million in 2018, with a current ratio of approximately 3.2 times, down from approximately 4.9 times in 2018[42]. - The total equity attributable to owners of the company was approximately HKD 183.5 million, unchanged from 2018, after accounting for a profit and total comprehensive income contribution of approximately HKD 12 million offset by interim dividends of HKD 12 million paid during the year[35]. - The group's total liabilities as of December 31, 2019, were approximately HKD 62.1 million, related to underwriting agreements with independent third parties, with a sub-underwriting commitment of approximately HKD 12.3 million[43]. - The group's cash and bank balances totaled approximately HKD 209.7 million, an increase from approximately HKD 170.6 million in 2018, driven by increases in trust account bank balances and general account bank balances[42]. Corporate Governance - The company reported a commitment to high levels of corporate governance, adhering to the GEM Listing Rules Appendix 15, with a focus on accountability and transparency[63]. - The board consists of 5 members, including 2 executive directors and 3 independent non-executive directors, ensuring diverse expertise for effective oversight[66]. - The company has been compliant with the corporate governance code throughout the reporting year, except for a specific provision[64]. - The company emphasizes the importance of robust internal controls and effective governance practices to drive accountability[63]. - The company has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee to oversee specific aspects of its affairs[75]. - The company has engaged ACCE Consulting Group Limited to review its internal control system, which did not identify any significant deficiencies during the review period[92]. Risk Management - The group maintained a strong focus on risk management, particularly regarding credit risk and liquidity risk, to mitigate potential adverse impacts on financial performance[46][49]. - The board is responsible for evaluating the risks associated with achieving strategic objectives and ensuring effective risk management and internal control systems are in place[91]. Shareholder Information - The company has not established a predetermined dividend payout ratio, and any dividend declaration is subject to board approval based on various factors including financial performance and capital requirements[90]. - The company declared a first-quarter dividend of HKD 0.005 per share, totaling HKD 4.0 million, consistent with the previous year[107]. - The second-quarter dividend was also HKD 0.005 per share, amounting to HKD 4.0 million, unchanged from the prior year[108]. - The third-quarter dividend remained at HKD 0.005 per share, with a total of HKD 4.0 million, similar to the previous year[109]. - The company's distributable reserves as of December 31, 2019, were approximately HKD 80.4 million, unchanged from the previous year[117]. Related Party Transactions - The group conducted ongoing connected transactions that required reporting and independent shareholder approval, including financing service agreements[150]. - The independent non-executive directors confirmed that the related transactions were conducted in the ordinary course of business and on normal commercial terms[162]. Audit and Compliance - The independent auditor has issued an unqualified opinion on the group's consolidated financial statements for the year ended December 31, 2019[177]. - The audit opinion is based on the compliance with the Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, ensuring the preparation of true and fair consolidated financial statements[185]. - Key audit matters include the impairment of trade receivables from margin clients in the securities trading business, which is assessed based on expected credit loss models[181]. - The audit report indicates that there are no significant uncertainties regarding the company's ability to continue as a going concern[190].

Astrum Financial Holdings Limited 阿仕特朗金融控股有限公司 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會較於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之市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示，概不對因本報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。 本報告包括的資料乃遵照GEM證券上市規則（「GEM上市規則」）的規定而提供有關阿仕特朗金融控股有限公司（「本公 司」）的資料。本公司董事（「董事」）願就本報告共同及個別承擔全部責任。董事在作出一切合理查詢後確認，就彼等 所知及所信，本報告所載的資料在各重大方面均屬準確完整，且無誤導或欺騙成份，及本報告並無遺漏其他事實致 使本報告所載任何陳述或本報告產生誤導。 本報告將於聯交所網站(www.hkexnews.hk)之「最新上市公司公告」（由刊發日期起計最少保存七天）及本公司之網站 (www.astrum-capital.com)內刊發。 1 第三季度報告 2019 • 阿仕特朗 ...

Financial Performance - For the six months ended June 30, 2019, revenue was approximately HKD 32.6 million, compared to HKD 13.0 million for the same period in 2018, representing a growth of 150%[5] - The profit attributable to owners of the company for the six months ended June 30, 2019, was approximately HKD 11.1 million, a significant increase from HKD 34,000 in the same period of 2018[5] - Basic earnings per share for the six months ended June 30, 2019, were approximately HKD 1.39, compared to HKD 0.004 for the same period in 2018[5] - The company reported a significant increase in pre-tax profit to HKD 12.8 million for the six months ended June 30, 2019, compared to HKD 0.134 million for the same period in 2018[7] - The total comprehensive income for the period was HKD 11,141,000, an increase from HKD 34,000 in the previous year[10] - The company reported a significant increase in retained earnings, reaching HKD 67,092,000 as of June 30, 2019, compared to HKD 45,500,000 in the previous year[10] - The income from placement and underwriting services increased by approximately 423.4% to about HKD 24.6 million, driven by the completion of six placement and underwriting transactions during the period[59] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.005 per share for both the first and second quarters, totaling HKD 4.0 million each quarter, consistent with the previous year[5] - The company declared dividends of HKD 4,000,000 during the period, consistent with the previous year[10] - The company declared an interim dividend of HKD 0.005 per share for the three months ending June 30, 2019[104] Assets and Liabilities - As of June 30, 2019, total assets amounted to HKD 252.9 million, an increase from HKD 226.6 million as of December 31, 2018[9] - The company's cash and bank balances increased to HKD 145.9 million from HKD 135.1 million year-over-year[9] - Total liabilities increased to HKD 59.9 million from HKD 43.1 million year-over-year, primarily due to an increase in trade payables[9] - The company's net asset value as of June 30, 2019, was HKD 190.7 million, up from HKD 183.5 million at the end of 2018[9] - The total equity attributable to owners of the company as of June 30, 2019, was HKD 190,672,000, compared to HKD 169,080,000 at the end of June 2018, reflecting a growth of approximately 12.8%[10] - The group's total assets as of June 30, 2019, were approximately HKD 252.9 million, an increase from HKD 226.6 million as of December 31, 2018, primarily due to an increase in bank balances and cash of about HKD 24.2 million[71] Cash Flow and Operating Activities - The net cash generated from operating activities for the six months ended June 30, 2019, was HKD 15,489,000, compared to a net cash used of HKD 23,282,000 in the same period of 2018[12] - The total bank balances and cash amounted to approximately HKD 194.8 million, an increase from HKD 170.6 million, mainly due to an increase in general account bank balances by about HKD 10.8 million and trust bank balances by about HKD 13.4 million[81] Employee and Operational Expenses - The total employee benefits expenses, including directors' remuneration, amounted to HKD 8,384,000 for the six months ended June 30, 2019, compared to HKD 7,645,000 in 2018, indicating an increase of 10%[28] - Administrative and other operating expenses increased by approximately 56.3% to about HKD 20.0 million, primarily due to higher employee benefits expenses[63] Trade Receivables and Payables - Trade receivables decreased to HKD 37.7 million from HKD 39.7 million compared to the previous year[9] - The total trade receivables for normal business operations were HKD 37,677,000, down from HKD 39,744,000, indicating a decline of 5.2%[41] - Trade payables for cash clients rose to HKD 23,844,000, up 19.9% from HKD 19,851,000 as of December 31, 2018[44] - Margin client payables increased significantly to HKD 22,370,000 from HKD 15,670,000, reflecting a growth of 42.8%[44] Risk Management and Economic Outlook - The company is cautious about the global economic outlook and its potential impact on performance due to uncertainties such as the US-China trade war and local political developments[66] - The company is maintaining strict control over outstanding receivables to reduce credit risk, with overdue balances reviewed regularly by senior management[39] - The group faced minimal foreign exchange risk as its revenue and business costs were primarily denominated in HKD, with no financial instruments used for hedging purposes[74] Corporate Governance and Compliance - The board consists of 5 members, including 2 executive directors and 3 independent non-executive directors, ensuring compliance with GEM listing rules[101] - The audit committee reviewed the group's unaudited financial results for the period and confirmed compliance with applicable accounting standards and GEM listing rules[102] - The company has adhered to the corporate governance code, with a commitment to high standards to protect shareholder interests[97] - The company has not encountered any violations of trading standards by directors during the period[94]