香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Victory Securities (Holdings) Company Limited 勝利證券（控股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8540） 有 關 截 至2022年12月31日 止 年 度 之 年 報 之 補 充 公 告 謹此提述勝利證券（控股）有限公司（「本公司」，連同其附屬公司統稱為「本集團」） 截至2022年12月31日止年度的年度報告（「年報」）。除非文義另有所指，否則本 公告所採用詞彙與年報所界定者具有相同涵義。 除年報所載董事會報告中「股份獎勵計劃」一節及綜合財務報表附註33所披露 的資料外，本公司謹根據香港聯合交易所有限公司GEM證券上市規則（「GEM上 市規則」）第23.09條就獎勵計劃補充以下資料： 可供發行之股份總數 獎勵計劃項下可供發行之股份總數為20,004,200股，約佔本公司於獎勵計劃採 納日期及於年報日期已發行股份的10.00%。 ...

Financial Performance - For the six months ended June 30, 2023, total revenue was HKD 30,645,970, a decrease of 11.4% compared to HKD 34,557,405 for the same period in 2022[18]. - The company reported a net loss of HKD 3,946,062 for the six months ended June 30, 2023, compared to a net loss of HKD 4,782,646 for the same period in 2022, indicating an improvement[18]. - For the six months ended June 30, 2023, the company's revenue was approximately HKD 27.58 million, a decrease of about 22.4% compared to HKD 35.54 million for the same period in 2022, primarily due to reduced income from securities and futures brokerage services, commission services, and financing services[44]. - The net loss for the six months ended June 30, 2023, was approximately HKD 3.95 million, a decrease of about 17.5% from a loss of HKD 4.78 million for the same period in 2022, mainly due to a reduction in expected credit loss provisions[45]. - The total comprehensive loss for the three months ended June 30, 2023, was HKD (3,409,059), compared to HKD (7,396,772) for the same period in 2022[39]. - The company reported a loss of HKD 1,927,960 for the six months ended June 30, 2023, compared to a loss of HKD 4,953,939 in the same period of 2022, showing an improvement of about 61%[110]. - The company reported a loss attributable to equity holders of HKD 2,227,344 for the six months ended June 30, 2023, compared to a loss of HKD 2,969,792 in the same period of 2022[123]. Revenue Breakdown - Customer contract revenue for the three months ended June 30, 2023, was HKD 7,468,680, up 47.2% from HKD 5,074,894 in the same period of 2022[18]. - Total revenue for the six months ended June 30, 2023, was HKD 27,575,795, a decrease from HKD 35,536,821 for the same period in 2022, representing a decline of approximately 22.3%[102]. - Client contract revenue for the six months ended June 30, 2023, was HKD 15,491,122, down from HKD 22,884,578 in the previous year, indicating a decrease of about 32.5%[102]. - Interest income from clients for the six months ended June 30, 2023, was HKD 10,819,207, compared to HKD 14,341,567 for the same period in 2022, reflecting a decline of approximately 24.5%[102]. - The total revenue from asset management fees for the six months ended June 30, 2023, was HKD 3,377,184, slightly up from HKD 3,355,596 in the same period of 2022[114]. - The total financing service revenue was HKD 10,819,207 for the six months ended June 30, 2023, compared to HKD 12,543,574 for the same period in 2022, reflecting a decrease of about 13.8%[102]. Cash and Liquidity - The company’s cash and cash equivalents as of June 30, 2023, were HKD 20,662,979, a decrease of 24.5% from HKD 27,373,963 at the end of 2022[14]. - Net cash generated from operating activities for the six months ended June 30, 2023, was HKD 25,050,071, a decrease of 76.0% compared to HKD 104,205,191 for the same period in 2022[51]. - The company reported a net cash outflow from financing activities of HKD 33,806,632, an improvement from HKD 75,736,942 in the previous year[51]. - The company received dividends of HKD 58,935, slightly up from HKD 58,414 in the same period last year[51]. - The company paid dividends totaling HKD 2,227,344, a decrease of 25.0% compared to HKD 2,969,792 in the prior period[51]. Assets and Liabilities - Total current liabilities decreased to HKD 133,692,174 as of June 30, 2023, from HKD 164,280,031 at the end of 2022, reflecting a reduction of 18.6%[22]. - The total assets less current liabilities as of June 30, 2023, were HKD 192,943,114, down from HKD 201,140,632 at the end of 2022[22]. - The company’s total current assets amounted to HKD 251,846,688, down from HKD 290,626,816 in the previous year[40]. - The total non-current liabilities decreased to HKD 9,441,418 from HKD 12,176,805 year-on-year[37]. - The company’s total liabilities decreased to HKD 32,292,000 from HKD 36,000,000 year-on-year[49]. - The company’s total assets as of June 30, 2023, were primarily located in Hong Kong, reflecting its focus on the local market[101]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.80 per share for the six months ended June 30, 2023, down from HKD 1.00 per share for the same period in 2022[45]. - The total equity attributable to the owners of the parent company was HKD 183,334,957, compared to HKD 188,913,849 in the previous year[42]. - Total equity as of June 30, 2023, was HKD 188,963,827, reflecting a decrease of 2.0% from HKD 193,909,889 in the prior period[56]. Regulatory and Compliance - The company has received approval from the Hong Kong Securities and Futures Commission to provide virtual asset trading services through its subsidiary, including direct trading and promotion of private funds related to virtual assets[72]. - The subsidiary has been granted permission to manage investment portfolios in virtual assets, subject to compliance with specific regulatory standards[72]. - The company is currently reassessing its accounting policy disclosures to ensure compliance with recent amendments to the Hong Kong Financial Reporting Standards[78]. - The group has applied the revised Hong Kong Financial Reporting Standards (HKFRS) effective from January 1, 2023, which are expected to have no significant impact on the financial statements[83]. Operational Segments - The company has established five reportable operating segments, including securities/futures brokerage services and financing services, to facilitate management and performance evaluation[80]. - The company’s financing services segment provides financing to margin and cash clients, contributing to its overall performance evaluation[80]. Asset Management and Investments - The group holds a 30% stake in Nest Asset Management Pte. Ltd. based in Singapore, which provides asset management services[182]. - The investment in joint ventures and associates amounts to HKD 4,229,940,000 as of June 30, 2023, up from HKD 2,159,940,000 on December 31, 2022[190]. - The group’s share of net assets in associates was HKD 457,602 as of June 30, 2023, compared to HKD 554,163 as of December 31, 2022[181]. Property and Equipment - The total value of property, plant, and equipment was reported at HKD 67,688,311 as of June 30, 2023, compared to HKD 55,644,764 in the previous year, showing an increase in asset value[137]. - The fair value of investment properties as of June 30, 2023, was HKD 10,400,000, unchanged from December 31, 2022, despite a net loss of HKD 500,000 in fair value adjustments for the previous year[145]. - The estimated price per square foot for properties decreased from HKD 18,227 on December 31, 2022, to HKD 17,958 on June 30, 2023, reflecting a decline in property values[141].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Victory Securities (Holdings) Company Limited 勝利證券（控股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8540） 截 至2023年6月30日 止 六 個 月 中 期 業 績 公 告 勝利證券（控股）有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈本公 司及其附屬公司截至2023年6月30日止六個月之未經審計業績。本公告列載本 公司2023年中期報告全文，乃符合香港聯合交易所有限公司GEM證券上市規則 （「GEM上市規則」）中有關中期業績初步公告附載的資料之要求。本公司將於適 當時候發送2023年中期報告的印刷版本予本公司股東。 承董事會命 勝利證券（控股）有限公司 主席 陳英傑 香港，2023年8月3日 ...

Financial Performance - The company reported a basic and diluted loss per share of HK$0.28 for the period, compared to a profit of HK$1.42 in the previous year, resulting in a total loss attributable to equity holders of HK$537,003,000, down from a profit of HK$2,614,126,000[1]. - Total comprehensive income for the period was HK$79,426,000, significantly lower than HK$3,042,686,000 in the previous year[2]. - Revenue from customer contracts decreased to HK$8,022,442,000 from HK$13,056,871,000 year-over-year, indicating a decline of approximately 38.5%[16]. - The company reported a loss from derivative financial instruments amounting to HK$1,545,512,000, with no comparable figure from the previous year[16]. - For the three months ended March 31, 2023, the company reported a loss of approximately HKD 0.54 million, a decrease of about 120.5% compared to a profit of approximately HKD 2.61 million for the same period in 2022[72]. - The company reported a revenue of approximately HKD 15.03 million for the three months ended March 31, 2023, a decrease of about 28.8% from approximately HKD 21.11 million for the same period in 2022, attributed to a reduction in client trading activities[123]. - The group recorded a loss of HKD 1,941,855 for the three months ended March 31, 2023, compared to a loss of HKD 856,564 for the same period in 2022, indicating a significant increase in losses[198]. Revenue and Income Sources - Interest income from customers was HK$6,717,582,000, down from HK$7,905,616,000, reflecting a decrease of about 15.1%[16]. - The company reported a revenue of approximately HKD 4.78 million for brokerage services for the three months ended March 31, 2023, a decrease of about 43.9% compared to HKD 8.52 million for the same period in 2022[64]. - Asset management service revenue increased to approximately HKD 1.65 million, up about 16.2% from HKD 1.42 million year-on-year, primarily due to increased revenue from new clients[38]. - The company’s total income from client contracts was HKD 8.02 million for the three months ended March 31, 2023, compared to HKD 13.06 million for the same period in 2022[126]. - Commission and brokerage income decreased to HKD 4,776,511 from HKD 8,517,254, representing a decline of approximately 44%[142]. - Other service revenue increased by approximately 73.1%, reaching HKD 3.14 million for the three months ended March 31, 2023, up from HKD 1.81 million in the same period of 2022[182]. Expenses and Costs - Commission expenses for the three months ended March 31, 2023, were approximately HKD 1.04 million, a decrease of about 61.7% from HKD 2.71 million in the same period last year[41]. - Other operating expenses increased by approximately 34.0% to HKD 5.64 million, compared to HKD 4.21 million in the previous year, mainly due to increased marketing expenses related to the company's 50th anniversary[42]. - Employee costs increased by 14.0% to HKD 7.79 million for the three months ended March 31, 2023, compared to HKD 6.83 million for the same period in 2022[123]. - The company’s commission expenses decreased by 61.7% to HKD 1.04 million for the three months ended March 31, 2023, from HKD 2.71 million for the same period in 2022[123]. Regulatory and Compliance - The effective tax rate for the group remains at 16.5%, consistent with the previous year, with a reduced rate of 8.25% applicable to the first HK$2,000,000 of taxable profits for one subsidiary[24]. - The company has fully complied with the corporate governance code as per GEM Listing Rules during the reporting period[85]. - The board confirmed compliance with the GEM Listing Rules regarding securities trading standards for the three months ended March 31, 2023[100]. - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended March 31, 2023, and found them to be prepared in accordance with applicable accounting standards[106]. Strategic Initiatives - The company has allocated sufficient resources to its asset management division, which is expected to play a significant role in future growth and development[30]. - The company received licenses from authorities in China and Singapore in 2022 to provide asset management services, indicating an expansion of its operational capabilities[30]. - The group plans to actively participate in other financial transactions to further develop and solidify its market position as a comprehensive financial service provider[30]. - The company aims to provide asset management services related to virtual assets, which is expected to create new revenue channels and enhance industry expertise[59]. - The company has become the first and only financial group in Hong Kong to obtain regulatory approval to provide trading, advisory, and asset management services related to virtual assets[61]. - The company continues to explore potential opportunities in the financial advisory services segment, largely dependent on the economic recovery in China following the easing of COVID-19 measures[177]. Shareholder Information - As of March 31, 2023, Dr. TT Kou's Family Company Limited (DTTKF) holds 90,193,750 shares, representing 45.09% of the company's issued share capital[74]. - The beneficial ownership of DTTKF is distributed among several individuals, with Dr. Kou owning approximately 81.22% of the shares[76]. - The company did not purchase any ordinary shares through the trustee during the three months ended March 31, 2023[83]. - There were no significant acquisitions or disposals of subsidiaries or associated companies during the reporting period[87]. - The company did not repurchase, sell, or redeem any listed securities during the reporting period[84]. Other Financial Metrics - The company recorded a foreign exchange gain of HKD 182,625 compared to a gain of HKD 16,197 in the previous period[149]. - Total comprehensive income for the period was impacted by a tax expense of HKD 312,188, contrasting with a tax credit of HKD 580,688 in the prior period[147]. - The company's other comprehensive income for the period, net of tax, was HKD 616,429 compared to HKD 428,560 previously[148]. - The total equity attributable to the owners of the parent company was HKD 104,118, down from HKD 3,076,307 in the previous period[149]. - The company’s total reserves as of March 31, 2023, were HKD 187,306,650, a decrease from HKD 217,500,140 in 2022[151]. - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[134].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Victory Securities (Holdings) Company Limited 勝利證券（控股）有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8540） 截 至2023年3月31日 止 三 個 月 第 一 季 度 業 績 公 告 勝利證券（控股）有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然宣佈本公 司及其附屬公司截至2023年3月31日止三個月之未經審計業績。本公告列載本 公司2023年第一季度報告全文，乃符合香港聯合交易所有限公司GEM證券上市 規則（「GEM上市規則」）中有關季度業績初步公告附載的資料之要求。本公司將 於適當時候發送2023年第一季度報告的印刷版本予本公司股東。 承董事會命 勝利證券（控股）有限公司 主席 陳英傑 香港，2023年5月4日 ...

Financial Performance - The company's revenue decreased by approximately 24.5% from about HKD 102.18 million in the year ended December 31, 2021, to approximately HKD 77.11 million in the review year[9]. - The company recorded a net loss of HKD 24.24 million for the year ended December 31, 2022, compared to a profit of approximately HKD 15.05 million for the year ended December 31, 2021[9]. - The group's revenue for the year ended December 31, 2022, was approximately HKD 77.11 million, a decrease of about 24.5% compared to HKD 102.18 million for the year ended December 31, 2021[20]. - The group reported a loss of approximately HKD 24.24 million for the year ended December 31, 2022, a decline of about 261.1% compared to a profit of HKD 15.05 million for the year ended December 31, 2021[21]. - The total trading volume in Hong Kong's stock market decreased by approximately 25.4%, from about HKD 4,118.225 billion for the year ended December 31, 2021, to about HKD 3,072.719 billion for the year ended December 31, 2022, negatively impacting the company's revenue[39]. Market Conditions - The Hang Seng Index dropped by 3,616 points from December 31, 2021, to December 30, 2022, with a significant decline of 7,262 points in the third quarter of the review year[7]. - The increase in stock transfer tax by 30% to 0.13% on August 1, 2022, contributed to a worsening market sentiment in the second half of the review year[7]. - The review year was marked by significant challenges, including the impact of COVID-19 and the ongoing US-China trade war, which adversely affected economic activities[7]. - The group believes that the global economy is expected to stabilize and recover, which may positively impact its business outlook[14]. - The overall economic outlook for Hong Kong in 2023 remains uncertain, influenced by global factors including the ongoing COVID-19 pandemic[49]. Business Strategy and Development - The company obtained asset management licenses in Singapore and Shenzhen, which will enable the expansion into new business segments and create new revenue sources[10]. - The group plans to continue focusing on the development of new core service segments, specifically virtual asset trading and consulting services, in response to the evolving market conditions[17]. - The group plans to allocate more resources to the asset management division and explore selective acquisitions to seek opportunities for growth[47]. - The group aims to enhance its risk management and compliance capabilities through continued investment in financial technology[17]. - The group anticipates that the Hong Kong financial market will undergo changes, with the introduction of new asset classes that are increasingly recognized and regulated[14]. Revenue Breakdown - The company’s revenue from securities, futures, and insurance brokerage services accounted for approximately 33.8% and 57.5% of total revenue for the years ended December 31, 2022, and 2021, respectively[33]. - Revenue from placement and underwriting services represented about 13.4% and 1.4% of total revenue for the years ended December 31, 2022, and 2021, respectively[33]. - Financing services contributed approximately 35.0% and 33.4% to total revenue for the years ended December 31, 2022, and 2021, respectively, driven by increased demand for leveraged investments[35][36]. - The asset management services generated approximately 8.7% and -2.6% of total revenue for the years ended December 31, 2022, and 2021, respectively, with plans to expand through private funds in China, Singapore, and Japan[36]. Operational Performance - Brokerage service revenue was approximately HKD 25.36 million, down 56.2% from HKD 57.92 million in the previous year, primarily due to a 25.4% decrease in total trading volume in the Hong Kong stock market[53]. - The revenue from placement and underwriting services increased significantly by 608.4% to approximately HKD 10.39 million, compared to HKD 1.47 million in the previous year, attributed to successful IPO placements[53]. - Asset management service revenue rose by 75.6% to approximately HKD 9.39 million, up from HKD 5.35 million, mainly due to increased revenue from new clients[58]. - Financing service revenue decreased by 20.8% to approximately HKD 27.01 million from HKD 34.09 million, reflecting a cautious investment environment[54]. - Financial advisory service revenue dropped to zero, a 100% decrease from HKD 0.97 million, due to significant disruptions caused by travel restrictions and social distancing measures[58]. Governance and Management - The company held 4 board meetings in the year ending December 31, 2022, with all directors present at each meeting[78]. - The board is responsible for leading and monitoring the company, delegating daily operations to executive directors and senior management while retaining authority over significant matters[79]. - The company has established three permanent committees: Audit Committee, Remuneration Committee, and Nomination Committee[79]. - The management team includes experienced professionals with backgrounds in finance, accounting, and medical fields, enhancing the company's governance and strategic direction[99]. - The independent non-executive directors provide oversight and independent opinions to the board, contributing to corporate governance[91]. Financial Position - As of December 31, 2022, the total bank and cash balance was approximately HKD 31.42 million, an increase from approximately HKD 21.93 million as of December 31, 2021[67]. - The current ratio as of December 31, 2022, was approximately 1.77 times, compared to approximately 1.55 times as of December 31, 2021[67]. - The total bank and other borrowings as of December 31, 2022, were approximately HKD 130.23 million, a decrease from approximately HKD 209.37 million as of December 31, 2021[69]. - The capital debt ratio as of December 31, 2022, was approximately 35.6%, down from approximately 42.2% as of December 31, 2021[69]. - The fair value of financial assets as of December 31, 2022, was approximately HKD 8.45 million, compared to approximately HKD 9.66 million as of December 31, 2021[69]. Employee and Compensation - As of December 31, 2022, the group had 57 full-time employees, a decrease from 59 employees as of December 31, 2021[108]. - Total employee costs for the year ended December 31, 2022, amounted to approximately HKD 32.72 million, compared to approximately HKD 30.23 million for the year ended December 31, 2021, reflecting an increase of about 8.2%[108]. - The group provides competitive compensation, retirement plans, and benefits, with performance-based bonuses available for employees[108]. - The group encourages employee development through internal training courses and supports participation in professional development programs[108]. - The group has established a mandatory provident fund scheme for its Hong Kong employees in compliance with local regulations[108].

Financial Performance - For the nine months ended September 30, 2022, revenue was approximately HKD 50.95 million, a decrease of about 38.2% compared to HKD 82.42 million for the same period in 2021[4] - The loss for the nine months ended September 30, 2022, was approximately HKD 9.72 million, a decrease of about 142.9% compared to a profit of HKD 22.64 million for the same period in 2021[5] - The company reported a basic and diluted loss per share of HKD (5.21) for the nine months ended September 30, 2022, compared to a profit of HKD 12.10 for the same period in 2021[7] - The company experienced a net loss of HKD (4.94) million for the three months ended September 30, 2022, compared to a profit of HKD 8.94 million for the same period in 2021[7] - The total comprehensive loss for the three months ended September 30, 2022, was HKD 5,020,739, compared to a comprehensive income of HKD 9,325,748 in the same period of 2021[9] - The company’s total comprehensive loss for the nine months ended September 30, 2022, was HKD 8,007,744, compared to HKD 27,562,292 in the same period of 2021[9] Revenue Breakdown - Client contract revenue for the three months ended September 30, 2022, was HKD 8.02 million, down from HKD 17.76 million for the same period in 2021[7] - Total customer contract revenue for the nine months ended September 30, 2022, was HKD 28,880,347, down 48.7% from HKD 55,875,190 in the prior year[37] - Brokerage services revenue decreased by approximately 54.7%, from HKD 42,567 thousand to HKD 19,283 thousand, primarily due to reduced income from the Hong Kong stock market[70] - Financing services revenue decreased by approximately 18.2%, from HKD 25,926 thousand to HKD 21,198 thousand, attributed to a decline in guaranteed financing loans due to unfavorable market conditions[76] - Asset management services revenue increased by approximately 47.6%, from HKD 4,017 thousand to HKD 5,929 thousand, mainly due to increased income from new clients[77] - Financial advisory services revenue dropped to zero, a 100% decrease from HKD 971 thousand, due to significant disruptions caused by travel restrictions and social distancing measures[78] Expenses and Costs - Commission expenses for the nine months ended September 30, 2022, were HKD 5.50 million, down from HKD 13.24 million for the same period in 2021[4] - Employee costs increased to HKD 21.47 million for the nine months ended September 30, 2022, compared to HKD 20.36 million for the same period in 2021[4] - Other operating expenses for the nine months ended September 30, 2022, were approximately HKD 12.83 million, a decrease of about 2.0% compared to approximately HKD 13.10 million for the same period in 2021, primarily due to reductions in marketing and employee benefits expenses[85] - The total interest expense on financial liabilities not measured at fair value for the nine months ended September 30, 2022, was HKD 3,373,090, compared to HKD 5,703,630 in the same period of 2021[44] Equity and Dividends - The company did not recommend the payment of a dividend for the nine months ended September 30, 2022, consistent with the previous year[5] - The company's total equity as of September 30, 2022, was HKD 215,943,352, down from HKD 220,363,658 in the previous year[14] - The retained earnings as of September 30, 2022, were HKD 42,823,759, reflecting a decrease from the previous year[11] Strategic Developments - The company received approval from the Securities and Futures Commission to engage in virtual asset-related activities, which is expected to diversify its service offerings and create new revenue streams[59] - The group plans to provide virtual asset trading services under a comprehensive account arrangement, enhancing its service portfolio in response to the rapid development of virtual assets[60] - The group plans to allocate more resources to the asset management division and explore selective acquisitions to seek opportunities for growth[63] Compliance and Governance - The audit committee has reviewed the unaudited condensed consolidated financial statements for the nine months ended September 30, 2022, and found them to be prepared in accordance with applicable accounting standards[116] - The company has maintained high standards of corporate governance and fully complied with the corporate governance code during the nine months ended September 30, 2022[114] - The board consists of three executive directors, one non-executive director, and three independent non-executive directors as of November 3, 2022[117]

Financial Performance - For the six months ended June 30, 2022, the revenue was approximately HKD 35.54 million, a decrease of about 35.9% compared to HKD 55.46 million for the same period in 2021[6]. - The loss for the six months ended June 30, 2022, was approximately HKD 4.78 million, a decline of about 134.9% compared to a profit of HKD 13.70 million for the same period in 2021[7]. - The basic loss per share for the six months ended June 30, 2022, was HKD (2.55), compared to earnings of HKD 7.29 for the same period in 2021[6]. - The diluted loss per share for the six months ended June 30, 2022, was HKD (2.58), compared to earnings of HKD 7.29 for the same period in 2021[10]. - The company reported a loss before tax of HKD 7,783,729 for the three months ended June 30, 2022, compared to a profit of HKD 4,754,133 in the same period of 2021[11]. - The net loss for the six months ended June 30, 2022, was HKD 4,782,646, a significant decrease from a profit of HKD 13,698,257 in the same period of 2021[13]. - The group reported a total revenue of HKD 35,536,821 for the six months ended June 30, 2022, with a net loss of HKD 4,588,915[64]. - Total revenue for the six months ended June 30, 2022, was HKD 20,860,652, a decrease of 45.3% compared to HKD 38,113,651 for the same period in 2021[69]. - Client contract revenue for the three months ended June 30, 2022, was HKD 7,803,781, down 46.1% from HKD 14,520,724 in the same period of 2021[76]. - Commission and brokerage income for the six months ended June 30, 2022, was HKD 14,493,983, a decline of 50.7% from HKD 29,311,182 in the same period of 2021[76]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.01 per share for the six months ended June 30, 2022, down from HKD 0.013 per share for the same period in 2021[7]. - The interim dividend declared for the six months ended June 30, 2022, was HKD 2,000,420, down from HKD 2,600,546 for the same period in 2021, representing a decrease of approximately 23.1%[93]. Expenses and Costs - Commission expenses for the six months ended June 30, 2022, were HKD 4.30 million, a decrease from HKD 9.37 million for the same period in 2021[6]. - Employee costs for the six months ended June 30, 2022, were HKD 14.07 million, slightly up from HKD 14.01 million for the same period in 2021[6]. - Other operating expenses for the six months ended June 30, 2022, were HKD 8.97 million, compared to HKD 8.31 million for the same period in 2021[6]. - Interest expenses on bank loans, overdrafts, and other loans decreased to HKD 741,425 for the three months ended June 30, 2022, compared to HKD 1,126,844 for the same period in 2021, representing a reduction of approximately 34.2%[85]. - The total interest expense on financial liabilities not measured at fair value was HKD 889,510 for the three months ended June 30, 2022, down from HKD 1,638,255 in the same period of 2021, indicating a decrease of about 45.7%[87]. Assets and Liabilities - Non-current assets totaled HKD 78,763,383 as of June 30, 2022, an increase from HKD 76,172,153 as of December 31, 2021[16]. - Current assets decreased to HKD 323,983,335 as of June 30, 2022, down from HKD 420,315,663 as of December 31, 2021[17]. - The company’s total liabilities decreased from HKD 270,720,614 to HKD 179,242,185, reflecting a reduction of approximately 33.9%[17]. - The equity attributable to shareholders was HKD 211,129,791 as of June 30, 2022, down from HKD 215,794,066 as of December 31, 2021[20]. - The company reported a net cash position of HKD 40,723,743 as of June 30, 2022, compared to HKD 17,932,054 at the end of 2021, indicating a significant increase in liquidity[17]. - The group’s total receivables amounted to HKD 260,248,888 as of June 30, 2022, compared to HKD 380,078,131 at the end of 2021[162]. - The group’s cash and cash equivalents from client accounts were HKD 34,036,386 as of June 30, 2022, down from HKD 46,134,725 at the end of 2021[159]. Credit Loss Provisions - The expected credit loss provision increased during the period, contributing to the overall loss reported[7]. - The group reported a provision for expected credit losses of HKD 13,254,145 as of June 30, 2022, compared to HKD 8,300,206 at the end of 2021[160]. - The group incurred a net loss provision of HKD 4,778,846 for the three months ended June 30, 2022, compared to HKD 973,369 for the same period in 2021, indicating a significant increase in loss provisions[87]. Market Conditions and Business Operations - The company experienced a decrease in revenue primarily from securities/futures brokerage services, commission services, financing services, financial advisory services, and insurance advisory services due to poor market conditions in the first half of 2022 compared to 2021[6]. - The company operates as an investment holding company with subsidiaries engaged in securities, futures, and insurance brokerage, as well as asset management and financial advisory services[41]. - The group operates five reportable segments: securities/futures brokerage, financing services, asset management, insurance consulting, and financial advisory services[62]. - The company plans to continue focusing on expanding its market presence and enhancing its service offerings in the financial advisory and asset management sectors[68]. Accounting and Reporting Standards - The group’s financial statements for the six months ended June 30, 2022, are prepared in accordance with Hong Kong Accounting Standards and are unaudited[48]. - The company has adopted new accounting policies effective from January 1, 2022, in line with revisions to Hong Kong Financial Reporting Standards[55]. - The group has applied the revised Hong Kong Financial Reporting Standards from January 1, 2022, with no identified impact on financial performance[58]. - The financial report does not include all disclosures required by annual financial statements, and should be read in conjunction with the group’s audited financial statements for the year ended December 31, 2021[48]. Property and Valuation - The fair value of investment properties as of June 30, 2022, was HKD 50,100,000, up from HKD 48,300,000 as of December 31, 2021[104]. - The estimated price per square foot for investment properties increased to HKD 19,307 from HKD 18,613 as of December 31, 2021, indicating a significant rise in property valuation[112]. - The carrying value of right-of-use assets for office properties increased to HKD 4,074,148 as of June 30, 2022, up from HKD 3,017,738 as of December 31, 2021[124]. - The company engaged an external valuer quarterly to assess property valuations, ensuring adherence to professional standards and market knowledge[114]. Joint Ventures and Investments - As of June 30, 2022, the total assets of the group’s joint ventures amounted to HKD 6,005,104, with non-current assets at HKD 4,157,842 and current assets at HKD 100[150]. - The group’s share of net assets from joint ventures was HKD 2,889,853 as of June 30, 2022, reflecting a significant investment in these entities[143]. - The total revenue generated by the joint ventures was HKD 1,150,312, while the total loss for the period was HKD 10,747,702[150].

Financial Performance - Revenue for the three months ended March 31, 2022, was approximately HKD 21.11 million, a decrease of about 35.4% compared to HKD 32.67 million for the same period in 2021[5]. - Profit for the same period was approximately HKD 2.61 million, down approximately 73.0% from HKD 9.68 million in the prior year[6]. - Basic and diluted earnings per share for the three months ended March 31, 2022, were HKD 1.42, compared to HKD 5.06 for the same period in 2021[9]. - Total comprehensive income for the period was HKD 3.04 million, down from HKD 13.63 million in the same period last year[12]. - The decrease in revenue was primarily attributed to declines in securities and futures brokerage, fee-based services, financing services, and financial advisory services due to unfavorable market conditions compared to Q1 2021[5]. - The net profit attributable to the owners of the parent company for the three months ended March 31, 2022, was approximately HKD 2.61 million, a decrease of about 73.0% from HKD 9.68 million in the same period last year, primarily due to the aforementioned revenue declines[81]. Expenses and Costs - Commission expenses decreased by 55.5% to HKD 2.71 million from HKD 6.10 million year-over-year[5]. - Employee costs decreased by 4.8% to HKD 6.83 million compared to HKD 7.18 million in the previous year[5]. - Other operating expenses increased by 6.9% to HKD 4.21 million from HKD 3.94 million in the prior year[5]. - Total commission expenses for the three months ended March 31, 2022, were approximately HKD 2.71 million, a decrease of about 55.5% from HKD 6.10 million in the same period last year, consistent with the decline in brokerage service revenue[78]. - Other operating expenses increased to approximately HKD 4.21 million, up about 6.9% from HKD 3.94 million in the same period last year, mainly due to an increase in legal, consulting, and professional fees[80]. Revenue Breakdown - Revenue for the three months ended March 31, 2022, was HKD 13,056,871, a decrease of 44.6% compared to HKD 23,592,927 for the same period in 2021[36]. - Commission and brokerage income decreased to HKD 8,517,254 from HKD 19,275,106, representing a decline of 55.8% year-over-year[40]. - Interest income from clients was HKD 7,905,616, down from HKD 8,903,262, a decrease of 11.2%[36]. - Financing services revenue decreased by 11.2% to HKD 7,906,000 from HKD 8,903,000 year-on-year[62]. - The asset management services segment saw an increase in revenue of 26.8%, rising to HKD 1,417,000 from HKD 1,118,000[62]. - The financial advisory services segment reported no revenue for the current period, a decline of 100% compared to HKD 304,000 in the previous year[62]. - Brokerage services revenue for the three months ended March 31, 2022, was approximately HKD 8.52 million, a decrease of about 55.8% compared to HKD 19.28 million for the same period in 2021, primarily due to reduced income from the Hong Kong stock market[65]. - Placement and underwriting services revenue increased to approximately HKD 1.12 million, up about 61.6% from HKD 0.69 million in the same period last year, mainly due to a successful IPO project[67]. - Securities advisory services generated revenue of approximately HKD 0.15 million, compared to zero revenue in the same period last year, attributed to an increase in commissioned research reports and analysis[68]. - Other services revenue was approximately HKD 1.81 million, a decrease of about 16.4% from HKD 2.17 million in the same period last year, mainly due to reduced fees from clients for subscribing to IPO shares[69]. - Financing services interest income was approximately HKD 7.91 million, down about 11.2% from HKD 8.90 million in the same period last year, primarily due to a conservative approach from investors in unfavorable market conditions[71]. - Asset management services revenue increased to approximately HKD 1.42 million, up about 26.8% from HKD 1.12 million in the same period last year, mainly due to increased revenue from new clients[72]. Corporate Governance and Compliance - The board of directors did not recommend the payment of a dividend for the three months ended March 31, 2022[7]. - The company confirmed compliance with the GEM Listing Rules regarding securities trading standards during the reporting period[106]. - There were no competitive interests held by directors or controlling shareholders in businesses that may compete with the group as of March 31, 2022[108]. - The company has fully complied with the corporate governance code as per GEM listing rules for the three months ending March 31, 2022[112]. - The audit committee, established on June 14, 2018, consists of two independent non-executive directors and one non-executive director[110]. - The board of directors includes three executive directors and three independent non-executive directors as of the report date[113]. Share Capital and Ownership - The company has a total issued share capital of HKD 145,000,000 for its subsidiary, Victory Securities Limited, which is fully owned[23]. - Dr. TT Kou's Family Company Limited (DTTKF) holds 110,193,750 shares, representing 55.09% of the company's issued share capital[94]. - Mr. Chen Ying-jie, as the spouse of Ms. Kou, is deemed to have an interest in the same number of shares held by Ms. Kou, totaling 118,869,750 shares or 59.42%[88]. - Mr. Zhao Zi-liang holds 1,000,000 shares, accounting for 0.50% of the total shares[94]. - Mr. Chen Pei-chuan owns 3,394,000 shares, which is 1.70% of the total shares[94]. - The company has adopted a share option scheme since June 14, 2018, with a total of 7,050,000 options available as of March 31, 2022[99]. - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the three months ending March 31, 2022[105]. - As of March 31, 2022, no shares were awarded to participants under the share reward plan during the reporting period[104]. Market Conditions and Outlook - The overall economic outlook for Hong Kong in 2022 remains uncertain due to global factors, including the ongoing COVID-19 pandemic, which may continue to impact market and investment sentiment[59]. - The total trading volume of the Hong Kong stock market decreased by approximately 34.7% from HKD 1,368.88 billion in Q1 2021 to HKD 893.82 billion in Q1 2022[65].

Financial Performance - The company reported a significant decline in the Hang Seng Index, dropping approximately 5,430 points in the second half of the fiscal year, negatively impacting financial performance [7]. - The company experienced a 30% increase in stock trading stamp duty to 0.13% starting August 1, 2021, which further dampened market sentiment in the latter half of the year [7]. - The company noted that the fundraising amount on the Hong Kong Stock Exchange dropped to third place globally, a decline from its previous first-place ranking due to adverse market conditions [8]. - Revenue for the year ended December 31, 2021, was approximately HKD 102.18 million, an increase of about 26.8% from approximately HKD 80.56 million for the year ended December 31, 2020 [11]. - Net profit for the year ended December 31, 2021, was approximately HKD 15.05 million, a decrease of about 35.1% from approximately HKD 23.18 million for the year ended December 31, 2020, primarily due to increased employee costs and various operating expenses [11]. - Employee costs for the year ended December 31, 2021, were approximately HKD 30.23 million, an increase of about 11.5% from approximately HKD 27.10 million for the year ended December 31, 2020 [18]. - Other operating expenses for the year ended December 31, 2021, were approximately HKD 16.83 million, an increase of about 26.7% from approximately HKD 13.28 million for the year ended December 31, 2020 [18]. - The company anticipates a more certain and better performance in the financial markets in 2022 compared to 2021, driven by positive factors affecting Hong Kong [11]. Business Strategy and Operations - The company plans to focus on two core service segments in 2022: asset management and wealth management services [12]. - The establishment of a new subsidiary, Victory Asset Management Japan Limited, in Fukuoka, Japan, aims to expand the asset management service range, with plans to launch new private fund products in 2022 [22]. - The company has qualified for the Qualified Foreign Institutional Investor (QFII) program, allowing for more direct investment in the Chinese capital market, which is expected to benefit the company and its clients [23]. - The company plans to expand its asset management services by establishing new subsidiaries in China and Japan, and acquiring a stake in a Singapore-registered asset management company [37]. - The company aims to enhance its financial advisory services, focusing on mergers and acquisitions, with revenue from this segment accounting for about 1.0% and 2.8% of total revenue for the years ended December 31, 2021, and 2020, respectively [33]. - The company has delayed promotional activities due to the COVID-19 pandemic but launched several major promotional campaigns in 2021 to expand its customer base [36]. - The company will continue to review and assess its business objectives and strategies in light of market uncertainties and risks associated with the COVID-19 pandemic [37]. Risk Management - The company continues to invest in risk management capabilities to ensure sound credit management procedures in an unstable market environment [14]. - The group identified significant risks related to customer defaults and has enhanced marketing capabilities and optimized loan service procedures to mitigate these risks [142]. - High turnover rates among senior staff have been identified as a risk, prompting the implementation of retention policies, including monthly training sessions and annual performance reviews [145]. - The COVID-19 pandemic has significantly disrupted business activities related to financial advisory services, with ongoing monitoring and emergency measures in place [147]. - The company has engaged professional consultants to independently review its internal controls for the year ending December 31, 2021, covering various functions including financial, operational, compliance, and risk management [150]. - The company’s risk management framework includes identifying, assessing, updating, and monitoring risks related to financial, operational, and compliance activities [152]. Corporate Governance - The company is committed to maintaining high standards of corporate governance through its audit and remuneration committees [87][94]. - The board of directors consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors [103]. - The company has fully complied with the corporate governance code as per GEM listing rules for the year ended December 31, 2021 [101]. - Independent non-executive directors account for over one-third of the board, ensuring adherence to relevant guidelines in financial reporting [107]. - The company has established three permanent committees: audit committee, remuneration committee, and nomination committee to oversee various governance aspects [106]. - The board is responsible for reviewing the company's compliance with the corporate governance code and ensuring proper disclosure in the corporate governance report [136]. - The board acknowledges its responsibility to establish and maintain effective risk management and internal control systems to protect the group's assets and shareholders' interests [139]. Environmental, Social, and Governance (ESG) - The environmental, social, and governance (ESG) report outlines the company's policies and performance regarding significant ESG responsibilities for the year ending December 31, 2021 [178]. - The company has set up various communication channels to ensure timely responses to stakeholder feedback and concerns regarding ESG issues [185]. - The board of directors is responsible for formulating the overall ESG strategy and reporting, ensuring alignment with sustainability goals [178]. - The company has committed to reviewing and assessing its ESG initiatives and measures based on international standards [183]. - The company has implemented energy-saving measures, including the use of LED lighting and energy-efficient appliances, to reduce its carbon footprint [198]. - The company encourages employees to participate in environmental policy planning to promote sustainable development values [193]. - The company emphasizes transparency and effective communication with stakeholders regarding its environmental, social, and governance practices [190].