Group 1 - The company, Lihqiao Securities Holdings, has agreed to acquire all issued shares of the target company, Haishan Co., Ltd., for a total consideration of HKD 35 million, to be paid through the issuance of consideration bonds [1] - Upon completion of the acquisition, the target company will become a wholly-owned subsidiary of Lihqiao Securities, and its financial information will be consolidated into the company's financial statements [1] - The target company has a long operating history since its establishment in 2005, with approximately 20,000 customers, which will enhance the company's position as a leading online brokerage in Hong Kong [1] Group 2 - The company has demonstrated its ability to attract high-net-worth clients through investment consulting, private placements, bond trading, and guaranteed financing via an introduction brokerage model over the past two fiscal years [2] - The target company's customer base is predominantly retail, with potential for some retail clients to become high-net-worth clients, allowing for better segmentation and service by the company [2] - The competitive environment in Hong Kong necessitates effective cost management and continuous investment for the company to make progress in the market [2] Group 3 - The company operates two similar businesses, allowing for better integration of financial resources and expansion of business scale [3] - Despite the target company reporting a loss for the year ending December 31, 2024, the loss was primarily due to expected credit loss impairment on guaranteed financing receivables, which has since been reduced [3] - Excluding the impairment, the target company's net loss would have turned into a net profit of HKD 11.4 million [3]

Financial Performance - The group's revenue decreased by approximately 6.5% to about HKD 22.6 million for the year ending December 31, 2024, compared to HKD 24.1 million in the previous year[9]. - Profit for the year fell by approximately 24.4% to about HKD 6.7 million, down from HKD 8.9 million in the previous year, primarily due to reduced revenue and a decrease in one-time impairment reversal of HKD 2.2 million[9]. - Basic earnings per share for the year were approximately HKD 0.81, compared to HKD 1.11 in the previous year[10]. - The group's revenue decreased by approximately 6.5% to HKD 22.6 million from approximately HKD 24.1 million in the previous year, primarily due to a reduction in placement and advisory fee income[21]. - The group's net profit after tax fell by 24.4% to HKD 6.7 million, despite a threefold increase in revenue in the previous year and achieving a turnaround in business performance[20]. - The group's profit for the year was approximately HKD 6.7 million, compared to HKD 8.9 million in the previous year, resulting in a profit margin of 29.8% compared to 36.9% in the previous year[30]. - The actual tax expense for the year was approximately HKD 1.9 million, down from HKD 2.5 million in the previous year, with an effective tax rate of 22.2%[29]. - Total revenue for the year ended December 31, 2024, was HKD 22,577,000, a decrease of 6.5% from HKD 24,143,000 in 2023[156]. - Net profit attributable to owners for the year was HKD 6,735,000, down 24.5% from HKD 8,909,000 in 2023[156]. - Basic and diluted earnings per share decreased to HKD 0.81 from HKD 1.11, representing a decline of 27.0%[156]. Dividend Policy - The board does not recommend the payment of a final dividend for the year, maintaining the previous year's policy of no final dividend[11]. - The company has adopted a dividend policy that allows for the declaration and distribution of dividends at the board's discretion, considering various factors including financial performance and cash flow[94]. - The board of directors does not recommend the payment of a final dividend for the year, consistent with the previous year[100]. Corporate Governance - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced composition[46]. - The company has established a board independence assessment mechanism to enhance board efficiency and protect shareholder interests[51]. - The company has complied with the corporate governance code and has received annual confirmations of independence from all independent non-executive directors[50]. - The company has established four committees: audit, remuneration, nomination, and risk management, each with defined written terms of reference[59]. - The audit committee, consisting of three independent non-executive directors, held two meetings this year to assess the company's auditor independence and review financial performance[61]. - The remuneration committee is responsible for recommending compensation for individual executive directors and senior management, ensuring transparency in the remuneration process[62]. - The nomination committee evaluates the board's structure and independence of non-executive directors, having held one meeting this year to review diversity policies[64]. - The company has implemented appropriate insurance for directors and senior management to protect against legal actions arising from company business[57]. - The board is responsible for key decisions regarding policy, strategy, budgeting, and risk management, ensuring objective decision-making in the company's best interest[56]. - The company has established a whistleblowing policy for employees and business partners to report concerns about misconduct confidentially and anonymously[84]. Operational Developments - The company continues to reinvest profits into technology development, successfully upgrading mobile applications and trading systems, and launching new products[11]. - The company successfully upgraded its mobile application and trading system, launched new products, and streamlined business processes, enhancing automation and electronic trading compared to traditional paper-based operations[20]. - The company plans to integrate resources and simplify operations through the "Well Link" platform, aiming to achieve competitive advantages and economies of scale[12]. - The group plans to integrate resources and further streamline operations in the coming year, leveraging the "Bridge" platform to enhance competitive advantages and economies of scale[31]. Financial Position - The total assets of the group increased from HKD 71.7 million to HKD 89.0 million, while net assets rose from HKD 7.7 million to HKD 52.6 million[19]. - The group generated approximately HKD 18.9 million from brokerage services, related advisory services, and margin financing, a decrease of about 15.6% or approximately HKD 3.5 million compared to the previous year[22]. - The group raised a total of HKD 40.0 million through a new share issuance to repay issued notes, along with an additional interest-free loan of HKD 30.0 million from the controlling shareholder to support the group's securities business[19]. - As of December 31, 2024, the group's receivables and interest balance, after deducting expected credit losses of approximately HKD 0.3 million, amounted to approximately HKD 17.1 million, compared to HKD 13.8 million in 2023[24]. - The interest income from receivables for the current year was approximately HKD 3.6 million, an increase from HKD 1.7 million in the previous year[24]. - The group employed a total of 14 employees as of December 31, 2024, compared to 12 in 2023, with total employee costs for the year amounting to approximately HKD 4.9 million, down from HKD 6.2 million in the previous year[27]. - Other operating and administrative expenses for the year were approximately HKD 8.7 million, an increase of HKD 0.7 million or 9.6% from the previous year[28]. - The company reported a net asset value of HKD 52,588,000, significantly up from HKD 7,653,000 in 2023[157]. - Cash and cash equivalents increased to HKD 13,898,000 from HKD 12,369,000, reflecting a growth of 12.4%[157]. - The company issued new shares, raising HKD 38,200,000, which contributed to the increase in total equity[158]. Risk Management - The group has adopted a comprehensive credit policy to manage its lending business, ensuring compliance with applicable laws and regulations[26]. - The group anticipates no significant credit risk due to all bank balances and deposits being held in recognized banks and financial institutions in Hong Kong and Macau[32]. - The group is exposed to liquidity risk due to timing differences in settlements with clearing houses and clients, which is closely monitored by the financial team[34]. - The company does not anticipate significant foreign currency risk due to its transactions being primarily in Hong Kong dollars and US dollars, and currently has no foreign currency hedging policy in place[35]. - The company has no significant contingent liabilities as of December 31, 2024[36]. - The company has no significant capital commitments that are contracted but not provided for as of December 31, 2024[37]. - The company has no assets pledged for borrowing as of December 31, 2024[39]. - The company has implemented a risk management policy to identify, assess, and mitigate operational risks[82]. Shareholder Information - Major shareholders include Lihqiao Financial Technology Holdings Limited, holding 523,672,000 shares (54.55%), and Mr. Xu Chujia and Ms. Zhang Meijuan, holding a combined 683,672,000 shares (71.22%) of the company[123]. - The total number of issued shares of the company is 960,000,000 shares as of the report date[126]. - The company maintains sufficient public float as per GEM Listing Rules[127]. - The company will hold its annual general meeting on June 13, 2025, with a suspension of share transfer registration from June 10 to June 13, 2025[101]. - The company has established a shareholder communication policy to ensure proper handling of shareholder opinions and concerns, with satisfactory results from the recent review[93]. Audit and Compliance - The total fees paid to the external auditor, Baker Tilly, for audit and non-audit services amounted to HKD 485,000[87]. - The company's audit was conducted in accordance with Hong Kong auditing standards, ensuring independence and compliance with ethical responsibilities[137]. - The independent auditor aims to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[151]. - The audit committee is responsible for overseeing the financial reporting process of the company[150]. - The independent auditor's report does not cover other information outside the consolidated financial statements[148]. Asset Management - The company did not recognize any impairment losses on property, plant, and equipment, right-of-use assets, or intangible assets in 2024, compared to HKD (2,907,000) in 2023[160]. - The company recognized a reversal of impairment losses amounting to HKD 743,000, compared to HKD 2,985,000 in 2023[156]. - The company experienced a significant increase in depreciation of right-of-use assets, rising to HKD 1,647,000 in 2024 from HKD 56,000 in 2023[160]. - The company faced an increase in accounts receivable from daily operations, which rose to HKD (16,529,000) in 2024 from HKD (14,023,000) in 2023[160].

Financial Performance - The group's revenue decreased by approximately 6.5% from about HKD 24.1 million for the year ended December 31, 2023, to about HKD 22.6 million for the year ended December 31, 2024[4]. - Profit for the year ended December 31, 2024, decreased by approximately 24.4% to about HKD 6.7 million, down from HKD 8.9 million for the year ended December 31, 2023[4]. - Basic earnings per share for the year ended December 31, 2024, were approximately HKD 0.81, compared to HKD 1.11 for the year ended December 31, 2023[4]. - Revenue and profit after tax decreased by 6.5% and 24.4% to HKD 22.6 million and HKD 6.7 million, respectively[27]. - The group generated a profit of approximately HKD 6.7 million for the year, compared to HKD 8.9 million in the previous year, resulting in a profit margin of 29.8% (previous year: 36.9%)[37]. Assets and Liabilities - Total assets increased to HKD 88.993 million for the year ended December 31, 2024, from HKD 71.674 million for the year ended December 31, 2023[6]. - Current liabilities rose to HKD 36.405 million for the year ended December 31, 2024, compared to HKD 21.465 million for the year ended December 31, 2023[7]. - The company's net asset value increased to HKD 52.588 million for the year ended December 31, 2024, from HKD 7.653 million for the year ended December 31, 2023[7]. - The company's total assets increased from HKD 71.7 million to HKD 89.0 million, and net assets rose from HKD 7.7 million to HKD 52.6 million[26]. Revenue Sources - The group reported segment revenue of HKD 22,577,000 for the year ending December 31, 2024, with brokerage services contributing HKD 18,932,000 and lending services contributing HKD 3,645,000[16]. - Revenue from brokerage services, specifically securities trading, increased to HKD 16,975,000 from HKD 12,841,000, representing a growth of approximately 32.5% year-over-year[17]. - Revenue from brokerage services, related advisory services, and margin financing was approximately HKD 18.9 million, a decrease of about HKD 3.5 million or approximately 15.6% compared to the previous year, primarily due to reduced placement and advisory fee income[29]. Dividends - The board of directors did not recommend the payment of a final dividend for the year ended December 31, 2024[4]. - The company did not declare or propose any dividends for the year ended December 31, 2024, consistent with the previous year[20]. - The company does not recommend the payment of a final dividend for the year[52]. Employee Costs - The total employee costs decreased from HKD 6.19 million to HKD 4.87 million, with a significant reduction in director remuneration from HKD 2.04 million to HKD 541,000[19]. - The group employed 7 employees as of December 31, 2024, down from 15 in the previous year, with total employee costs amounting to approximately HKD 4.9 million, a reduction from about HKD 6.2 million[34]. Financial Standards and Reporting - The group adopted revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the current or past financial performance[11]. - The group expects that the implementation of Hong Kong Financial Reporting Standard No. 18 will not have a significant impact on its financial position but may affect the presentation of the income statement and cash flow statement in future reports[13]. - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[12]. - The group's revenue decreased by approximately 6.5% from about HKD 24.1 million to approximately HKD 22.6 million due to a reduction in placement and advisory fee income, partially offset by increases in securities trading brokerage service income and interest income from margin financing and loans[28]. Audit and Governance - The company has established an Audit Committee consisting of three independent non-executive directors[56]. - The Audit Committee is responsible for independent reviews of internal audit functions, financial reporting processes, internal controls, and risk management systems[56]. - The audited financial results for the year ending December 31, 2024, have been reviewed by the Audit Committee[56]. - The annual report for 2024 will be published on the Hong Kong Stock Exchange and the company's website[57]. Future Outlook - The board maintains a cautiously optimistic outlook for 2025, despite ongoing economic uncertainties in Hong Kong, with the Hang Seng Index rising approximately 20% since the beginning of 2025[38]. - The group plans to integrate resources and simplify operations through the "Bridge" platform, aiming for competitive advantages and economies of scale[38]. - The group plans to achieve cost savings in the future by relocating and sharing office space with other businesses of the controlling shareholder after the office lease expires in November 2024[35]. Risk Management - The group does not foresee significant credit risk due to comprehensive credit policies and all bank balances being held in recognized banks in Hong Kong and Macau[39]. - The group has improved its liquidity position through the proceeds from the placement of notes at the beginning of 2023[40]. - The group does not have any significant contingent liabilities as of December 31, 2024[42]. - There are no major investments or capital asset plans disclosed beyond what is mentioned in the management discussion[43].

Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 5,997,000, a decrease of 41.9% compared to HKD 10,262,000 in the same period of 2023[16] - The company reported a loss before tax of HKD 1,074,000, compared to a profit of HKD 3,036,000 in the previous year[16] - Basic loss per share was HKD 0.14, compared to earnings of HKD 0.28 per share in the same period last year[16] - For the six months ended June 30, 2024, the company reported a loss of HKD 1,122,000, compared to a profit of HKD 2,249,000 for the same period in 2023[19] - The total comprehensive income for the six months ended June 30, 2023, was HKD 2,249,000, while for the same period in 2024, it was a loss of HKD 1,122,000[19] - The group reported a net loss of approximately HKD 1.1 million and a net current liability of about HKD 6.3 million as of June 30, 2024, indicating uncertainty regarding the group's ability to continue as a going concern[25] - The group recorded a loss of approximately HKD 1.1 million for the current period, compared to a profit of approximately HKD 2.2 million in the previous period[68] Revenue Breakdown - Total segment revenue for the six months ended June 30, 2024, was HKD 5,997 thousand, a decrease from HKD 10,262 thousand in the same period of 2023[31][32] - The brokerage services segment generated revenue of HKD 4,020 thousand, while the debt issuance segment contributed HKD 1,977 thousand for the six months ended June 30, 2024[31] Assets and Liabilities - Non-current assets decreased to HKD 12,854,000 from HKD 25,240,000, reflecting a decline of 49.1%[17] - Current assets dropped to HKD 39,134,000, down 15.8% from HKD 46,434,000 in 2023[17] - Total liabilities increased significantly to HKD 45,456,000, compared to HKD 21,465,000 in the previous year[17] - The company's net asset value decreased to HKD 6,532,000 from HKD 7,653,000, a decline of 14.6%[18] - Accounts receivable as of June 30, 2024, totaled 10,386 thousand HKD, a decrease from 30,619 thousand HKD as of December 31, 2023[46] - As of June 30, 2024, accounts payable amounted to HKD 794,000, compared to HKD 18,254,000 as of December 31, 2023, indicating a significant decrease[52] Cash Flow and Financing - Operating cash flow before changes in working capital for the first half of 2024 was HKD 448,000, a significant decrease from HKD 3,341,000 in the same period of 2023[21] - The company has a cash and cash equivalents balance of HKD 12,506,000, slightly up from HKD 12,369,000 year-on-year[17] - The company incurred financing costs of HKD 14,000 in the first half of 2024, a decrease from HKD 976,000 in the same period of 2023[21] - The group currently holds approximately HKD 12.5 million in cash, and expects to generate more stable recurring revenue through technology upgrades and marketing activities in the second half of the year[25] Cost Management and Expenses - The company is focusing on cost management strategies to improve financial performance in the upcoming quarters[9] - Total employee costs amounted to 2,494 thousand HKD in 2024, down from 3,082 thousand HKD in 2023, reflecting a reduction of approximately 19%[40] - Other operating and administrative expenses amounted to approximately HKD 3.9 million, a slight increase of about HKD 34,000 or approximately 0.9% compared to the previous period[71] - Technology and communication expenses accounted for approximately 47.3% of the general and administrative expenses, totaling about HKD 1.9 million, an increase of approximately 15.3% from HKD 1.6 million in the previous period[71] Future Outlook and Strategy - The company aims to achieve profitability in the second half of 2024, despite a challenging market environment in the first half[63] - The group expects revenue of not less than approximately HKD 7.0 million for July and August 2024, including placement income of HKD 3.6 million, and a pre-tax profit of not less than approximately HKD 6.0 million[64] - The group anticipates that technology upgrades and marketing activities will lead to a larger customer base and more stable recurring revenue in the second half of the year[65] Corporate Governance and Compliance - The group has complied with the corporate governance code and has confirmed adherence to the applicable standards throughout the reporting period[82] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the period ending June 30, 2024[89] Shareholder Information - Major shareholder Lihqiao Financial Technology Holdings holds 523,672,000 shares, representing approximately 65.46% of the issued share capital[92] - Director Guan Jianwen holds 24,000,000 shares, accounting for approximately 3.0% of the issued share capital[90] - The total number of issued shares as of the report date is 800,000,000 shares[93]

Financial Performance - The group's revenue decreased by approximately 41.6% from about HKD 10.3 million for the period ended June 30, 2023, to about HKD 6.0 million for the period ended June 30, 2024[2]. - The loss for the period ended June 30, 2024, was approximately HKD 1.1 million, compared to a profit of about HKD 2.2 million for the same period in 2023[2]. - Basic loss per share for the period ended June 30, 2024, was approximately HKD 0.14, while basic earnings per share for the period ended June 30, 2023, was approximately HKD 0.28[3]. - The company recorded a net loss of HKD 1.122 million attributable to shareholders for the period ended June 30, 2024, compared to a profit of HKD 2.249 million for the same period in 2023[3]. - The company experienced a decrease in client contract revenue from HKD 8.591 million in 2023 to HKD 3.766 million in 2024[3]. - Total revenue for the six months ended June 30, 2024, was HKD 5.997 million, with segment revenues of HKD 4.020 million from advisory services and HKD 1.977 million from lending services[11]. - The group reported a net loss of approximately HKD 1.1 million and a net current liability of about HKD 6.3 million as of June 30, 2024, indicating uncertainty regarding the group's ability to continue as a going concern[8]. - The group’s total income for the six months ended June 30, 2023, was HKD 10.262 million, with a pre-tax profit of HKD 3.036 million[12]. - The group recorded a loss of approximately HKD 1.1 million for the current period, compared to a profit of approximately HKD 2.2 million in the previous period[30]. Assets and Liabilities - Total assets less current liabilities amounted to HKD 6.532 million as of June 30, 2024, down from HKD 50.209 million as of June 30, 2023[4]. - Current liabilities increased to HKD 45.456 million as of June 30, 2024, compared to HKD 21.465 million as of June 30, 2023[4]. - Non-current assets decreased from HKD 25.240 million as of June 30, 2023, to HKD 12.854 million as of June 30, 2024[4]. - Accounts receivable from contract customers decreased significantly to HKD 6,272,000 from HKD 25,290,000, a decline of approximately 75.2%[19]. - The group has outstanding notes payable of HKD 40.0 million, which are due in January 2025[38]. - As of June 30, 2024, the group recorded a net current liability of approximately HKD 6.3 million, compared to a net current asset of approximately HKD 25.0 million as of December 31, 2023[36]. Dividends and Shareholder Returns - The company did not recommend the payment of an interim dividend for the period ended June 30, 2024, consistent with no interim dividend for the period ended June 30, 2023[2]. - The company has no plans to declare dividends for the period ending June 30, 2024, consistent with the previous year[17]. - The company does not recommend the payment of an interim dividend for the current period[47]. Operational Changes and Future Outlook - The company is transitioning to a fully digital securities and wealth management firm, launching a comprehensive product suite on a mobile application platform[25]. - The group anticipates a positive outlook for the second half of the year, driven by technology upgrades and marketing activities aimed at expanding the customer base and generating more stable recurring revenue[8]. - The group is implementing new accounting policies effective from January 1, 2024, but these changes are not expected to have a significant impact on financial performance[9]. - The company is increasing resources for market promotion and plans to create positive synergies with its affiliates, including Lihqiao Bank and Lihqiao Insurance[25]. Employee and Operational Costs - The group employed a total of 10 employees as of June 30, 2024, down from 15 employees in the previous year, with total employee costs of approximately HKD 2.5 million[32]. - Total employee costs decreased to HKD 2,494,000 from HKD 3,082,000, representing a reduction of about 19.1%[16]. - Other operating and administrative expenses were approximately HKD 3.9 million, a slight increase of about HKD 34,000 or approximately 0.9% from the previous period[33]. - Technology and communication expenses accounted for approximately 47.3% of the general and administrative expenses, totaling about HKD 1.9 million, an increase of approximately 15.3% from the previous period[33]. - The depreciation of right-of-use assets was approximately HKD 0.9 million, an increase of about 1,866.5% compared to the previous period[34]. Financial Management and Governance - The group maintains a prudent treasury policy to manage its cash balance and ensure strong liquidity[37]. - The management anticipates no significant credit risk due to all bank balances being held in recognized banks and financial institutions in Hong Kong and Macau[39]. - The group has no significant contingent liabilities as of June 30, 2024[42]. - The company has complied with the corporate governance code and maintains the required public float as per GEM listing rules[45]. - The audit committee has been established to assist the board in overseeing internal audit functions and financial reporting processes[49]. Miscellaneous - The group held approximately HKD 12.5 million in cash and is in discussions to raise funds to repay notes due in January 2025, expected to be completed by September 2024[8]. - The group generated a pre-tax profit of HKD 288, after accounting for unallocated corporate expenses of HKD 1.362 million[11]. - The group's cash and cash equivalents amounted to approximately HKD 12.5 million as of June 30, 2024, slightly up from HKD 12.4 million as of December 31, 2023[37]. - The executive directors include Ms. Xu Wenxia and Mr. Guan Jianwen, with independent non-executive directors Mr. Li Jun, Ms. Wu Hongru, and Mr. Yang Zicheng[51]. - The announcement will be available on the Hong Kong Stock Exchange website for at least seven days from the date of publication[52].

Loans Information - Loan A principal amount is HKD 3,900,000 with an interest rate of 11.4% per annum, maturing on January 30, 2025 after a two-year extension[1] - Loan B principal amount is HKD 4,200,000 with an interest rate of 12% per annum, maturing on March 23, 2025 after a two-year extension[3] - Loan C principal amount is HKD 4,100,000 with an interest rate of 12.6% per annum, maturing on March 31, 2025 after a two-year extension[4] - All three loans (A, B, and C) are unsecured and have provisions for early repayment without penalties[3][4] - The loans are part of the company's lending business under the Money Lenders Ordinance in Hong Kong[2] Customer Information - The company confirms that customers A, B, and C are independent third parties with no connections to each other[4] Corporate Governance - The board of directors has confirmed the accuracy and completeness of the information provided in the announcement[7] - The announcement is published in compliance with GEM listing rules to provide relevant information to shareholders and potential investors[7] - The company will maintain the announcement on the Hong Kong Stock Exchange website for at least seven days[7] Transparency and Accountability - The company aims to ensure transparency and accountability in its financial dealings and reporting[7]

Financial Performance - The company reported a revenue increase of approximately 244%, from about HKD 7.0 million for the year ended December 31, 2022, to about HKD 24.1 million for the year ended December 31, 2023[11]. - Profit for the year ended December 31, 2023, was approximately HKD 8.9 million, compared to a loss of about HKD 12.7 million for the year ended December 31, 2022[11]. - Basic earnings per share for the year ended December 31, 2023, were approximately HKD 1.11, compared to a basic loss per share of about HKD 1.59 for the year ended December 31, 2022[11]. - The increase in revenue was primarily driven by increased trading volume from a collaboration with another Hong Kong securities company, as well as increases in placement fees and advisory fees[11]. - Brokerage services and related advisory services generated approximately HKD 22.4 million in revenue for the year ended December 31, 2023, an increase of about HKD 18.3 million or approximately 447% compared to the previous year[19]. - The group expects a challenging year in 2024 due to the high interest environment and geopolitical factors affecting the Hong Kong economy[12]. - Total revenue for the year ended December 31, 2023, was HKD 24,143,000, a significant increase from HKD 7,022,000 in 2022, representing a growth of approximately 243%[177]. - The company reported a pre-tax profit of HKD 11,402,000 for 2023, compared to a loss of HKD 14,384,000 in the previous year[183]. - Net profit attributable to owners for the year was HKD 8,909,000, a turnaround from a loss of HKD 12,740,000 in 2022[180]. Cost Management and Efficiency - Operating and administrative expenses decreased from HKD 10.1 million for the year ended December 31, 2022, to HKD 8.0 million for the year ended December 31, 2023, mainly due to reduced depreciation of right-of-use assets[11]. - The management is focused on maintaining cost efficiency while exploring new revenue opportunities through strategic partnerships[11]. - The group will continue to control costs while focusing on enhancing liquidity and financial stability[12]. - Other operating and administrative expenses decreased by approximately 22% to about HKD 8.0 million from HKD 10.2 million in the previous year[28]. Future Outlook and Strategy - The company plans to continue leveraging its collaboration model to enhance trading volumes and revenue streams in the future[11]. - Future outlook remains positive with expectations of sustained growth in trading activities and advisory services[11]. - The group plans to reinvest profits from the previous year into technology development to enhance trading platforms and improve user experience[12]. - The company is committed to enhancing its market presence and exploring potential mergers and acquisitions to drive further growth[11]. - The group aims to leverage new brand influence and allocate more resources for market promotion to expand its customer base[12]. Corporate Governance - The company has adopted the GEM Listing Rules Appendix 15 Corporate Governance Code and has complied with applicable provisions throughout the year[40]. - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balanced composition[45]. - The company has established a board independence assessment mechanism to enhance board efficiency and protect shareholder interests[51]. - The company has committed to regular reviews and improvements of its corporate governance practices based on the latest developments[41]. - The board has a strong commitment to ethical standards and aims to deliver high-quality products and services to customers[43]. - The company has established a mechanism for evaluating the effectiveness of its board independence assessment, with satisfactory results reported[52]. - The company has adopted written guidelines for securities trading by employees who may possess insider information, ensuring compliance with trading regulations[42]. - The company has established four committees: Audit Committee, Remuneration Committee, Nomination Committee, and Risk Management Committee, to oversee specific aspects of corporate governance[61]. Risk Management - The board is committed to risk management and has established a risk management team to identify, assess, and mitigate operational risks[90]. - The Risk Management Committee's main responsibilities include overseeing risk management and internal control systems[72]. - The board has reviewed the effectiveness of the risk management and internal control systems and found them to be adequate and effective[92]. Shareholder Information - The company does not recommend the payment of a final dividend for the year, consistent with the previous year[113]. - The total reserves available for distribution to equity shareholders as of December 31, 2023, is zero HKD, unchanged from the previous year[120]. - The company has adopted a dividend policy that allows the board to declare dividends at its discretion based on various factors, including financial performance and cash flow[106]. - The board of directors has the authority to propose and declare interim, final, or special dividends as deemed appropriate[106]. Audit and Compliance - The independent auditor, Hua Rong (Hong Kong) CPA Limited, received a total fee of HKD 592,000 for audit and non-audit services for the year ending December 31, 2023[96]. - The Audit Committee's primary responsibilities include reviewing financial data, risk management, and internal control systems, as well as maintaining relationships with external auditors[64]. - The auditor evaluated the appropriateness of the accounting policies adopted by the directors and the reasonableness of accounting estimates and related disclosures[176]. Employee and Management Information - The group employed 14 staff members as of December 31, 2023, with total employee costs amounting to approximately HKD 6.2 million, slightly up from HKD 6.1 million in the previous year[27]. - The company has arranged appropriate insurance for directors concerning legal proceedings[136]. - The company has appointed a new chairperson and CEO on December 14, 2023, ensuring clear division of responsibilities[48]. Financial Position - Non-current assets increased to HKD 25,240,000 in 2023 from HKD 16,172,000 in 2022, marking a growth of approximately 56%[179]. - Current assets decreased slightly to HKD 46,434,000 in 2023 from HKD 49,960,000 in 2022[179]. - The company’s cash and cash equivalents at year-end were HKD 12,369,000, up from HKD 5,861,000 in 2022, indicating a growth of approximately 111%[183]. - The company’s total assets less current liabilities increased to HKD 50,209,000 in 2023 from HKD 40,758,000 in 2022, reflecting a growth of approximately 23%[179]. - The company’s equity increased to HKD 7,653,000 in 2023 from a deficit of HKD 1,256,000 in 2022, indicating a recovery in financial position[179].

Financial Performance - The company recorded revenue of approximately HKD 24.1 million for the year ended December 31, 2023, representing an increase of about 244% from approximately HKD 7.0 million for the year ended December 31, 2022[6]. - Profit for the year ended December 31, 2023, was approximately HKD 8.9 million, a turnaround from a loss of approximately HKD 12.7 million for the year ended December 31, 2022[6]. - Basic earnings per share for the year ended December 31, 2023, was approximately HKD 1.11, compared to a basic loss per share of approximately HKD 1.59 for the previous year[6]. - Total revenue for the year ended December 31, 2023, was HKD 24,143,000, a significant increase from HKD 7,022,000 in 2022, representing a growth of 244%[32]. - Brokerage services generated revenue of HKD 22,434,000 in 2023, compared to HKD 4,102,000 in 2022, marking an increase of 447%[34]. - The company reported a pre-tax profit of HKD 11,402,000 for 2023, a turnaround from a pre-tax loss of HKD 14,384,000 in 2022[32]. - Basic earnings attributable to shareholders for 2023 were HKD 8,909,000, compared to a loss of HKD 12,740,000 in 2022[43]. - The company incurred total employee costs of HKD 6,190,000 in 2023, slightly up from HKD 6,125,000 in 2022[41]. - Other income for the year was approximately HKD 0.1 million, a decrease from HKD 0.8 million in the previous year due to the absence of government subsidies[64]. - The company generated a tax expense of approximately HKD 2.5 million for the year, compared to a tax credit of approximately HKD 1.6 million in the previous year due to profitability[69]. Assets and Liabilities - Total assets less current liabilities increased to HKD 50.2 million as of December 31, 2023, compared to HKD 40.8 million as of December 31, 2022[9]. - Non-current assets increased to HKD 25.2 million as of December 31, 2023, from HKD 16.2 million as of December 31, 2022[9]. - Current liabilities decreased to HKD 21.5 million as of December 31, 2023, from HKD 25.4 million as of December 31, 2022[9]. - The company reported a net asset value of HKD 7.7 million as of December 31, 2023, compared to a net liability of HKD 1.3 million as of December 31, 2022[9]. - The company reported a total of HKD 30,619,000 in accounts receivable for 2023, a significant increase from HKD 16,766,000 in 2022[43]. - The group's accounts receivable and interest amounted to approximately HKD 839,000,000, compared to HKD 137,000,000 in 2022[45]. - The group's accounts receivable and interest, after deducting expected credit losses, was approximately HKD 13.8 million for the year, down from HKD 27.8 million in 2022[58]. - The group reported a fixed-rate receivable loan and interest of HKD 14,959,000 in 2023, down from HKD 29,254,000 in 2022[46]. - The expected credit loss ratio for corporate loans is 9.1%, while the expected credit loss ratio for personal loans is 0%[60]. Operational Efficiency - The increase in revenue was primarily driven by increased trading volume from collaboration with another Hong Kong brokerage and higher income from placement fees and consultancy fees[6]. - The company experienced a reduction in other operating and administrative expenses from HKD 10.1 million for the year ended December 31, 2022, to HKD 8.0 million for the year ended December 31, 2023[6]. - General and administrative expenses decreased by approximately 22% to HKD 8.0 million from HKD 10.2 million in the previous year[67]. - IT and communication expenses accounted for approximately 49.2% of general and administrative expenses, totaling about HKD 3.9 million, an increase of approximately 11.7% from the previous year[67]. - Legal and professional fees amounted to approximately HKD 1.0 million, an increase of about 11.1% from HKD 0.9 million in the previous year due to one-time costs related to a change in the ultimate holding company[68]. Corporate Governance and Compliance - The company changed its name from "駿溢環球金融控股有限公司" to "立橋證券控股有限公司" as approved in a special shareholders meeting on December 29, 2023[10]. - The company adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, with no significant impact on the financial position and performance[15]. - The company first applied the revised Hong Kong Accounting Standard 8, clarifying the definition of accounting estimates, with no impact on the consolidated financial statements[16]. - The company first adopted the revised Hong Kong Accounting Standard 12 regarding deferred tax assets and liabilities, with no impact on the consolidated financial statements[18]. - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[30]. - The board is committed to good corporate governance practices and has adhered to the corporate governance code throughout the year[79]. - The company has maintained the required public float as per GEM listing rules as of December 31, 2023[87]. - There are no significant events occurring after the report date[85]. Future Outlook and Strategy - The group plans to reinvest profits from the previous year into technology development to enhance trading platforms and improve user experience[53]. - The group aims to maintain a loan scale between approximately HKD 5 million and HKD 20 million to ensure appropriate risk diversification relative to total assets[57]. - The group plans to control costs while increasing resources for market promotion to expand its customer base following a change in major shareholders in 2023[53]. - The group faced a challenging year in 2024 due to high interest rates and geopolitical factors affecting the Hong Kong economy[52]. - The group’s cash flow improved in the second half of 2023, but the board remains cautious and continues to monitor liquidity[53]. - The company is focused on expanding its market presence and exploring new business opportunities[93]. - The board emphasizes the importance of innovation and technology development in driving growth[93]. - The company will continue to monitor market trends and adjust strategies accordingly[93]. - Stakeholder engagement remains a priority for the company in its strategic planning[93].

Financial Performance - Total revenue for the nine months ended September 30, 2023, was approximately HKD 22,400,000, a significant increase of about HKD 17,100,000 compared to approximately HKD 5,300,000 for the same period last year[9]. - The company recorded a profit of approximately HKD 9,100,000 for the nine months ended September 30, 2023, compared to a loss of approximately HKD 7,900,000 for the same period last year[9]. - Basic and diluted earnings per share for the nine months ended September 30, 2023, was HKD 1.14, compared to a loss per share of HKD 0.99 for the same period last year[15]. - The company reported a pre-tax profit of approximately HKD 11,380,000 for the nine months ended September 30, 2023, compared to a pre-tax loss of approximately HKD 9,163,000 for the same period last year[15]. - For the nine months ended September 30, 2023, the total comprehensive income was HKD 9,085,000, compared to a total comprehensive loss of HKD 7,888,000 for the same period in 2022[16]. - For the three months ended September 30, 2023, the company reported a profit attributable to equity shareholders of HKD 6,836,000, compared to a loss of HKD 1,866,000 for the same period in 2022, representing a significant turnaround[32]. - For the nine months ended September 30, 2023, the profit attributable to equity shareholders was HKD 9,085,000, compared to a loss of HKD 7,888,000 in the previous year, indicating a recovery in financial performance[32]. Revenue Sources - Brokerage income for the three months ended September 30, 2023, was approximately HKD 11,500,000, accounting for about 95.1% of total revenue for that period[8]. - Brokerage commission income from futures and options trading in the Hong Kong market decreased by 41.5% to HKD 919,000 for the nine months ended September 30, 2023, down from HKD 1,539,000 in 2022[24]. - Interest income from margin financing increased to HKD 378,000 for the nine months ended September 30, 2023, compared to HKD 342,000 in 2022, reflecting a growth of 10.5%[24]. Expenses and Cost Management - Other operating and administrative expenses decreased by approximately HKD 2,700,000 or about 30.7% compared to the same period last year, primarily due to a reduction in one-time miscellaneous expenses related to office relocation[12]. - Total expenses for the nine months ended September 30, 2023, were approximately HKD 4,500,000, remaining stable compared to the same period last year[10]. - The company incurred total operating and administrative expenses of HKD 4,547,000 for the nine months ended September 30, 2023, slightly down from HKD 4,571,000 in 2022[28]. Future Outlook - The company is optimistic about future performance and is considering launching brokerage services for U.S. securities and stock options due to strong interest from existing clients[13]. - The company aims to enhance business performance by collaborating with institutional clients to explore opportunities in equity and debt securities placement services[8]. Shareholder Information - As of September 30, 2023, the company had a total issued share capital of 800,000,000 shares, with major shareholders holding approximately 69.94% of the equity[39]. - Mr. Pan Guohua and Mr. Chen Yingliang, as controlling shareholders, are recognized as having joint control over 559,504,000 shares, representing 69.94% of the issued share capital[39]. - The weighted average number of ordinary shares used for calculating basic and diluted earnings per share remained constant at 800,000,000 shares for both periods[32]. - The board of directors did not declare any dividends for the nine months ended September 30, 2023, consistent with the previous year[34]. Governance and Compliance - The company has adhered to the corporate governance code as per GEM listing rules, with the exception of a deviation regarding the separation of roles between the Chairman and CEO[49]. - The audit committee has reviewed the unaudited performance for the nine months ending September 30, 2023, and confirmed compliance with applicable accounting standards and GEM listing rules[56]. - There were no interests held by directors or controlling shareholders in any competing businesses during the reporting period[46]. Other Notable Information - The company received government grants totaling HKD 324,000 for the nine months ended September 30, 2022, with no grants reported for the same period in 2023[26]. - The total comprehensive loss as of January 1, 2023, was HKD 74,466,000, which improved to a total comprehensive loss of HKD 65,381,000 by September 30, 2023[16]. - There were no significant events related to the company's business or financial performance known to the directors after the reporting period[35]. - The company has not granted any share options under the share option scheme since its adoption on December 19, 2017[44]. - No arrangements were made that would give directors or key executives any rights to acquire shares or bonds of the company during the nine months ended September 30, 2023[45]. - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the nine months ending September 30, 2023[54].

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告 的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承 擔任何責任。 Excalibur Global Financial Holdings Limited 駿 溢 環 球 金 融 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8350） 截 至 二 零 二 三 年 九 月 三 十 日 止 九 個 月 的 第 三 季 業 績 公 告 駿溢環球金融控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈本 公司及其附屬公司（統稱「本集團」）於截至二零二三年九月三十日止九個月之 未經審核綜合業績。本公告載列本公司二零二三年第三季業績報告（「報告」）全 文，並符合聯交所GEM證券上市規則（「GEM上市規則」）內有關季度業績初步公 告附載資料的相關規定。報告之印刷版本載有GEM上市規則所規定之資料，將 按照GEM上市規則所規定之方式適時寄發予本公司股東。 承董事會命 駿溢環球金融控股有限公司 主席 潘國華 香港，二零二三年十一月八 ...