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)

Financial Performance - The company's revenue increased by approximately 66.2% from about HKD 8,705,000 in the previous year to about HKD 14,464,000 for the year ended December 31, 2023[9]. - The net loss attributable to shareholders significantly decreased from approximately HKD 34,116,000 in the previous year to about HKD 9,562,000 for the year ended December 31, 2023[9]. - The total revenue for the year ended December 31, 2023, was approximately HKD 14,464,000, representing an increase of 66.2% compared to HKD 8,705,000 for the year ended December 31, 2022[24]. - The company's pre-tax loss improved by 71.8%, reducing to HKD 9,700,000 from HKD 34,368,000 in the previous year[22]. - The company recorded a loss of approximately HKD 9,562,000 for the year, an improvement from a loss of HKD 34,116,000 in the previous period[34]. - The total equity decreased by 6.4% to HKD 139,822,000 from HKD 149,384,000 in the previous year[22]. - The company's current assets net value was approximately HKD 102,216,000, with a current ratio decreasing to approximately 3.0 times from 3.6 times in the previous period[45]. - The total assets under management for the Astrum Absolute Return China Fund decreased to approximately USD 4,435,000 from USD 6,973,000 in the previous year[20]. Revenue Drivers - The increase in revenue was primarily driven by significant growth in commission and service fees from placements and underwriting, as well as interest income from corporate finance advisory services[9]. - Interest income from securities and IPO financing increased by approximately 60.8% to HKD 5,974,000, up from HKD 3,715,000 in the previous year, driven by higher demand and increased interest rates charged to clients[19][25]. - The company completed four placements and underwriting appointments in the current year, generating total commission income of approximately HKD 3,215,000, a significant increase from HKD 540,000 in the previous year[25]. - The average advisory fee for corporate finance consulting services increased, contributing to total income of HKD 2,700,000, up 78.2% from HKD 1,515,000 in the previous year[25]. - The average commission income from brokerage services decreased by 10.9% to HKD 1,596,000 from HKD 1,791,000 in the previous year due to a decline in overall trading volume[24]. Economic Environment - The Hong Kong economy rebounded with a growth of approximately 3.2% in 2023, following a contraction of about 3.7% in 2022[8]. - The Hang Seng Index fell by approximately 13.8% in 2023, closing at 17,047.39 points[8]. - The external environment is expected to remain challenging, but there may be stabilization in the second half of 2024 if developed economies lower interest rates[9]. - The International Monetary Fund forecasts a GDP growth of 2.9% for Hong Kong in 2024, indicating potential economic recovery[35]. - The company acknowledges the ongoing risks posed by global economic uncertainties, including interest rate hikes and the sluggish recovery of the Chinese economy[13]. Business Strategy - The company plans to focus on placement and underwriting services as well as corporate finance advisory services moving forward[11]. - The company aims to explore new business opportunities and maximize returns for shareholders in the coming year[11]. - The company will continue to monitor regulatory updates and compliance requirements in the Hong Kong financial market[11]. - The company will continue to adopt a conservative approach in managing its securities and fund investments due to market volatility[29]. - The company will continuously review and adjust its business strategies to respond to changing market conditions and ensure sustainable development[76]. Corporate Governance - The company is committed to maintaining high levels of corporate governance to protect stakeholder interests and enhance confidence and support[73]. - The company has adopted all provisions of the corporate governance code as stipulated in the GEM Listing Rules Appendix C1 for the year ending December 31, 2023[74]. - The board consists of 6 members, including 3 executive directors and 3 independent non-executive directors, ensuring compliance with GEM listing rules[79]. - The board has established three board committees: the Remuneration Committee, the Nomination Committee, and the Audit Committee, to oversee specific matters[88]. - The independent non-executive directors possess recognized experience and expertise, contributing valuable advice to the board[85]. Risk Management - The group faces various financial risks, including credit risk and liquidity risk, and has implemented measures to minimize potential adverse impacts on financial performance[56]. - The management team has established a system to ensure compliance with regulatory liquidity requirements and maintain sufficient liquidity for business obligations[58]. - The board is responsible for evaluating and determining the nature and extent of risks acceptable in achieving strategic objectives, ensuring effective risk management and internal control systems are in place[118]. - The audit committee conducted an annual review of the risk management and internal control systems, covering all significant controls including financial, operational, and compliance controls[119]. - The company has adopted a zero-tolerance policy towards corruption, bribery, extortion, fraud, and money laundering, promoting a culture of compliance and ethical behavior[123]. Shareholder Communication - The company has adopted a shareholder communication policy to ensure timely and comprehensive information dissemination to shareholders and potential investors[132]. - The board of directors reviews the shareholder communication policy annually, confirming its effectiveness for the current year[134]. - The company encourages shareholders to raise questions during the annual general meeting and provides multiple channels for communication[133]. - The company has no preferential purchase rights as per the revised articles of association effective from December 21, 2022[157]. Related Party Transactions - The group conducted ongoing related party transactions that required disclosure, including financing agreements with Mr. Pan and Mr. Kwan[193]. - The financing service agreements with Mr. Pan and Mr. Guan for 2022 exceeded the annual cap of HKD 10 million and applicable percentage ratios over 25%[198][199]. - The company confirms compliance with Chapter 20 of the GEM Listing Rules regarding the above continuing connected transactions[200].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of HKD 14,464,000, a significant increase of 65.8% compared to HKD 8,705,000 for the previous year[6] - Other income for the same period was HKD 2,955,000, up from HKD 2,782,000, reflecting a growth of 6.2%[6] - The company incurred a pre-tax loss of HKD 9,700,000, an improvement from a loss of HKD 34,368,000 in the prior year, indicating a reduction in losses by approximately 71.7%[6] - The net loss attributable to the owners of the company for the year was HKD 9,562,000, compared to HKD 34,116,000 in the previous year, representing a decrease of 71.9%[6] - Total revenue for the year 2023 reached HKD 14,464,000, a significant increase of 65% compared to HKD 8,705,000 in 2022[25] - The company reported a pre-tax loss of HKD 9,700,000 for 2023, an improvement from a loss of HKD 34,368,000 in 2022[31] - The company recorded a loss of approximately HKD 9,562,000 for the year, compared to a loss of approximately HKD 34,116,000 in the same period last year[69] Assets and Liabilities - The company's total assets as of December 31, 2023, were HKD 191,062,000, slightly down from HKD 193,517,000 in the previous year[8] - Current liabilities increased to HKD 51,239,000 from HKD 43,994,000, marking a rise of 16.1%[8] - The company's cash and cash equivalents decreased to HKD 12,513,000 from HKD 22,290,000, a decline of 43.8%[8] - The total equity attributable to the owners of the company was HKD 139,822,000, down from HKD 149,384,000, reflecting a decrease of 6.4%[9] - The net current assets decreased by 9.4% to HKD 102,216,000 from HKD 112,840,000 in the previous year[55] - The total bank balances and cash amounted to approximately HKD 51,802,000, a decrease from HKD 55,353,000 in 2022, primarily due to net cash used in operating activities of approximately HKD 9,870,000[77] - The group's asset-liability ratio is approximately 5.2%, up from 4.0% in 2022[77] Revenue Sources - Revenue from corporate finance advisory services increased to HKD 2,700,000 in 2023, up 78% from HKD 1,515,000 in 2022[25] - The revenue from brokerage services decreased to HKD 1,596,000 in 2023 from HKD 1,791,000 in 2022, representing a decline of 11%[25] - Interest income from securities and IPO financing increased to HKD 5,974,000 in 2023 from HKD 3,715,000 in 2022, marking a growth of 61%[25] - The company recognized service fee income of HKD 310,000 from brokerage-related services, which was not recorded in the previous year[56] Corporate Governance and Compliance - The company has adopted all provisions of the GEM Listing Rules Appendix C1 as its corporate governance code, ensuring high standards of corporate governance to protect stakeholder interests[92] - The audit committee confirms that the group's consolidated financial statements comply with applicable accounting standards and GEM listing rules[109] Future Outlook - The outlook for 2024 indicates continued pressure on the Hong Kong economy, with the International Monetary Fund forecasting a GDP growth of 2.9%[71] - The company's management discussed the impact of global economic uncertainties, including interest rate hikes in the US and Europe, on the Hong Kong market outlook[44] Shareholder Information - The company did not declare or recommend any dividends for the year ending December 31, 2023, consistent with 2022[32] - The annual general meeting is scheduled for May 31, 2024, with formal notice to be issued in due course[107] - The company will suspend share transfer registration from May 28, 2024, to May 31, 2024, inclusive[108] Miscellaneous - The group has no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the year[85] - There are no plans for significant investments or increases in capital assets as of the announcement date[86] - The group has no significant contingent liabilities as of December 31, 2023[90] - The company has not made any provisions for Hong Kong profits tax as there was no taxable profit generated in both 2023 and 2022[30]

Financial Performance - For the nine months ended September 30, 2023, revenue was approximately HKD 10,793,000, compared to HKD 5,925,000 for the same period in 2022, representing an increase of 82.5%[6] - The total loss attributable to owners for the nine months ended September 30, 2023, was approximately HKD 13,962,000, a decrease from HKD 21,460,000 for the same period in 2022, indicating an improvement of 34.8%[6] - Basic loss per share for the nine months ended September 30, 2023, was approximately HKD 0.1454, compared to HKD 0.1820 for the same period in 2022, reflecting a reduction of 20.0%[6] - For the three months ended September 30, 2023, revenue was HKD 2,800,000, an increase from HKD 1,994,000 in the same quarter of 2022, representing a growth of 40.4%[8] - The total comprehensive loss for the nine months ended September 30, 2023, was HKD 13,962,000, compared to HKD 21,460,000 for the same period in 2022, showing a reduction of 34.8%[8] - The company reported a fair value loss on financial assets of HKD 4,119,000 for the nine months ended September 30, 2023, compared to a loss of HKD 6,775,000 for the same period in 2022, indicating an improvement of 39.2%[8] Revenue Breakdown - Brokerage service income for the nine months ended September 30, 2023, was HKD 1,225,000, down from HKD 1,521,000 in 2022, a decrease of 19.5%[19] - Corporate finance advisory service fees increased to HKD 1,700,000 for the nine months ended September 30, 2023, compared to HKD 730,000 in 2022, an increase of 132.9%[19] - Interest income from securities and IPO financing for the nine months ended September 30, 2023, was HKD 4,367,000, up from HKD 2,260,000 in 2022, an increase of 93.1%[19] - The company reported a significant increase in underwriting and placement commission and service fees, rising approximately fourfold from HKD 540,000 in the nine months ended September 30, 2022, to HKD 2,722,000 in the nine months ended September 30, 2023[33] - Other income decreased by approximately 13.6% from HKD 2,411,000 in the nine months ended September 30, 2022, to HKD 2,084,000 in the nine months ended September 30, 2023, primarily due to the absence of government subsidies[36] Expenses and Costs - Administrative and other operating expenses for the nine months ended September 30, 2023, were HKD 22,253,000, slightly down from HKD 22,847,000 in the same period of 2022, a decrease of 2.6%[8] - Financing costs increased significantly by approximately 4.8 times to about HKD 467,000 from HKD 80,000 in the same period last year[41] - Employee benefits expenses for the nine months ended September 30, 2023, were HKD 13,085,000, compared to HKD 12,997,000 in 2022, reflecting a slight increase[23] Equity and Dividends - The company did not recommend any dividend for the nine months ended September 30, 2023, consistent with the previous year[6] - The company’s total equity attributable to owners as of September 30, 2023, was HKD 135,422,000, down from HKD 161,108,000 as of September 30, 2022, a decrease of 16.0%[10] - The company did not declare any dividends for the nine months ended September 30, 2023, consistent with the same period in 2022[27] Compliance and Governance - The company has not early adopted new and revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, and is currently assessing their potential impact[16] - The financial statements are prepared on a historical cost basis, except for certain financial instruments measured at fair value at the end of each reporting period[17] - 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[61] - The Audit Committee has reviewed the unaudited consolidated results for the third quarter and found them compliant with applicable accounting standards and GEM Listing Rules[65] Market Context - Hong Kong's GDP grew by 4.1% in Q3 2023, marking the highest quarterly growth since Q1 2022[44] - The average daily turnover of the Hong Kong stock market was HKD 109.7 billion, a decrease of approximately 11.6% compared to the same period last year[44] - The stamp duty on stock transfers will be reduced from 0.13% to 0.10% to boost trading volume, with legislative procedures expected to be completed by the end of November 2023[44] Shareholder Information - The company’s major shareholder holds approximately 56.32% of the shares, with 54,068,500 shares owned directly or indirectly[51] - The total number of unexercised stock options as of September 30, 2023, is 6,800,000, unchanged from January 1, 2023[54] - The stock option plan allows for the granting of 8,000,000 options at an exercise price of HKD 0.96 per share, with an effective period of five years[53] Other Information - The company has not identified any significant matters related to its business or financial performance after September 30, 2023[46] - There were no purchases, sales, or redemptions of the company's listed securities during the reporting period[59] - The company has not disclosed any situations that would trigger disclosure obligations under GEM Listing Rules during the reporting period[63] - The company has not established any arrangements for directors and senior executives to acquire shares or bonds during the reporting period[55] - There are no interests held by directors or major shareholders in any competing businesses during the reporting period[56] - The company received confirmations from Mr. Pan and Autumn Ocean Limited regarding compliance with non-competition commitments for the periods ending March 31, June 30, and September 30, 2023[57] - The company has adopted the GEM Listing Rules regarding the trading conduct of directors, with no violations reported during the period[58]

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） 截至二零二三年九月三十日止九個月之 第三季度業績公告 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。 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，且並無遺漏任 ...

Financial Performance - For the six months ended June 30, 2023, the revenue was approximately HKD 7,993,000, compared to HKD 3,931,000 for the same period in 2022, representing an increase of 103%[6] - The total loss attributable to owners for the six months ended June 30, 2023, was approximately HKD 9,906,000, a significant decrease from HKD 22,722,000 for the same period in 2022, reflecting a reduction of 56%[6] - The basic loss per share for the six months ended June 30, 2023, was approximately HKD 0.1032, down from HKD 0.1905 for the same period in 2022, indicating an improvement in performance[6] - The pre-tax loss for the six months ended June 30, 2023, was HKD 9,906,000, a significant improvement from a loss of HKD 22,722,000 in the same period of 2022, indicating a reduction of about 56%[32] - The basic and diluted loss per share for the six months ended June 30, 2023, was HKD (0.103), compared to HKD (0.191) for the same period in 2022, reflecting a decrease in loss per share of approximately 46%[32] Revenue Breakdown - Brokerage service commission revenue for the six months ended June 30, 2023, was HKD 906,000, down 22.7% from HKD 1,172,000 in the same period of 2022[23] - The revenue from underwriting and placing services reached HKD 2,688,000 for the six months ended June 30, 2023, compared to HKD 540,000 in the same period of 2022, marking a substantial increase of 396.3%[23] - The revenue from securities and IPO financing interest income for the six months ended June 30, 2023, was HKD 2,796,000, an increase of 115.5% from HKD 1,296,000 in the same period of 2022[23] - The company reported a total of HKD 4,319,000 in client contract income for the three months ended June 30, 2023, compared to HKD 1,382,000 in the same period of 2022, reflecting a growth of 212.5%[24] Assets and Liabilities - The total assets as of June 30, 2023, were HKD 189,762,000, slightly down from HKD 193,517,000 as of December 31, 2022[10] - The net current assets as of June 30, 2023, were HKD 106,470,000, compared to HKD 112,840,000 as of December 31, 2022, showing a decrease of 5.5%[10] - The company’s equity attributable to owners decreased to HKD 139,478,000 as of June 30, 2023, from HKD 149,384,000 as of December 31, 2022[10] - The company’s cash and cash equivalents in general accounts decreased to HKD 16,655,000 as of June 30, 2023, from HKD 22,290,000 as of December 31, 2022[10] - The total financial assets measured at fair value through profit or loss decreased to HKD 14,408,000 as of June 30, 2023, down 18.5% from HKD 17,740,000 as of December 31, 2022[38] Cash Flow - The net cash used in operating activities for the six months ended June 30, 2023, was HKD (6,401,000), an improvement from HKD (15,223,000) in the same period of 2022[13] - The net cash generated from financing activities was HKD 970,000 for the six months ended June 30, 2023, compared to a net cash used of HKD (1,230,000) in the same period of 2022[13] - The cash and cash equivalents decreased by HKD 5,637,000 for the six months ended June 30, 2023, compared to a decrease of HKD 16,428,000 in the same period of 2022[13] - The total cash and cash equivalents at the end of the period were HKD 16,543,000, down from HKD 49,883,000 at the end of June 30, 2022[13] Expenses - The company reported administrative and other operating expenses of HKD 15,435,000 for the six months ended June 30, 2023, which is comparable to HKD 15,536,000 for the same period in 2022[8] - The total employee benefits expenses, including directors' remuneration, amounted to HKD 8,985,000 for the six months ended June 30, 2023, a decrease from HKD 9,060,000 in the same period of 2022, representing a reduction of approximately 0.8%[27] - The company incurred depreciation expenses of HKD 1,266,000 for property, plant, and equipment for the six months ended June 30, 2023, compared to HKD 1,231,000 in the same period of 2022, showing a slight increase of about 3%[27] Shareholder Information - The company has 96,000,000 issued shares, with significant ownership by Autumn Ocean Limited, which holds 53,268,500 shares, representing approximately 55.49% of total shares[91] - The major shareholder, Ms. Liao Mingli, holds a total of 54,068,500 shares, representing approximately 56.32% of the total shares[91] - The company's issued share capital remained at HKD 9,600,000 as of June 30, 2023, unchanged from January 1, 2023[44] Corporate Governance - The company has adhered to the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by Mr. Pan since 2007, believed to provide strong and consistent leadership[103] - The board consists of 6 members, including 3 executive directors and 3 independent non-executive directors, ensuring compliance with GEM listing rules[107] - The audit committee, chaired by an independent non-executive director, oversees the company's financial reporting and compliance with applicable accounting standards[111] - The company has maintained a high standard of corporate governance to protect shareholder interests and enhance corporate value[103]