Group 1 - The core viewpoint of the article highlights the collective rise of stablecoin concept stocks in the Hong Kong market, with notable increases in share prices for several companies [1] Group 2 - Lianlian Digital (02598) saw a price increase of 7.08%, reaching a latest price of 11.350 with a total market capitalization of 12.674 billion [2] - ZhongAn Online (06060) increased by 6.55%, with a latest price of 20.000 and a market cap of 33.696 billion [2] - Guotai Junan International (01788) rose by 6.46%, priced at 5.440 and a market value of 51.827 billion [2] - OSL Group (00863) experienced a 5.04% increase, with a latest price of 17.700 and a market cap of 13.059 billion [2] - Yao Cai Securities Financial (01428) increased by 4.78%, reaching a price of 11.840 and a total market value of 20.096 billion [2] - China Everbright Holdings (00165) rose by 3.31%, with a latest price of 10.000 and a market cap of 16.853 billion [2] - Yika (09923) saw a 3.27% increase, priced at 13.580 with a market capitalization of 6.269 billion [2] - Victory Securities (08540) increased by 2.63%, with a latest price of 6.840 and a market cap of 1.449 billion [2] - Duodian Smart (02586) rose by 2.60%, priced at 10.650 with a market value of 9.979 billion [2] - Delin Holdings (01709) increased by 2.60%, with a latest price of 3.160 and a market cap of 5.324 billion [2] - Dafen Financial (00376) saw a 2.04% increase, priced at 3.000 with a market capitalization of 11.604 billion [2]

New Stock Activities - Companies currently in the IPO process include Jiaxin International Resources, Shuangdeng Co., and Kanglong Chemical [1] - Other companies in the IPO process are Suteng Juchuang, Jinglian Group, Binjiang Services, and Yika [1] Earnings Announcement Dates - Companies scheduled to announce earnings include Tengsheng Bo Pharmaceutical-B, Chunquan Industrial Trust, and Jinchao Yang Group [1] - Additional companies include Zaitong, China Petroleum & Chemical Corporation, Jinyuan Development International Industry, and Runli Maritime [1] - Other firms set to report earnings are New Fire Technology Holdings, Weijun Group Holdings, and Citic Bank [1] Shareholder Meetings - Companies holding shareholder meetings include Wuxi Life, China Wangwang, Cultural Communication, and Jingneng Clean Energy [1] - Additional companies include GC Construction [1] Dividend Distribution - Companies declaring dividends include Huixian Industrial Trust, Cabin, and Baotan Holdings [1] - Other firms include Pacific Shipping, China New Town, and Victory Securities [1] - Additional companies declaring dividends are Jinsang Machine Tool China, Aihua Credit, and Gaoxin Retail [1] - First Service Holdings is also listed for dividend distribution [1] Dividend Payment Dates - Companies with scheduled dividend payment dates include Midea Real Estate, China Galaxy, CITIC Securities, and China Life [2]

胜利证券(08540)发布公告，于2025年8月15日行使股份期权计划(于2018年6月14日采纳)而发行171.8万 股新股份。 ...

Group 1 - The company, Victory Securities (08540), announced the exercise of its share option plan on August 15, 2025, which was adopted on June 14, 2018 [1] - A total of 1.718 million new shares will be issued as part of this plan [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 勝利證券(控股)有限公司 呈交日期： 2025年8月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 08540 | 說明 | 行使購股權 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已 ...

稳定币概念普跌，截至发稿，耀才证券金融(01428)跌19.14%港元；连连数字(02598)跌2.9%，报10.06港 元；胜利证券(08540)跌2.66%，报6.94港元；德林控股(01709)跌1.26%，报148.5港元。 针对部分声称近期曾与香港金融监管当局接触的情况，金管局重申在考虑稳定币发行人牌照申请时将采 取稳健及审慎方式，并设立较高的门槛。金管局强调，表达意向或提交稳定币牌照申请，以及金管局与 相关机构的沟通，只是申请牌照的过程，最终获发牌照与否将视乎申请是否符合发牌条件。鉴于这些计 划或申请结果存在重大不确定性，上述由市场情绪或投机驱动的波动突显了在市场狂热时保持警惕的必 要性。股价剧烈波动可能导致非理性决策，使投资者面临不必要的风险。 消息面上，香港金管局及香港证监会就稳定币相关市场波动发布联合声明。声明称，香港金管局和香港 证监会留意到近期出现与稳定币概念相关的市场波动。这些波动看似源于拟在香港申请稳定币发行人牌 照、从事相关活动或探讨此类计划可行性等相关的公告、新闻、社交媒体帖文或市场揣测。 ...

Victory Securities (Holdings) Company Limited 勝利證券（控股）有限公司 , 14 August 2025 The following document(s) of Victory Securities (Holdings) Company Limited ("Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at www.victorysec.com.hk and The Stock Exchange of Hong Kong Limited at www.hkexnews.hk (collectively "Websites"):- • 2025 Interim Report (If you have previously requested to receive Corporate Communication(s)(Note 2) in printed form, the printed copy ...

Victory Securities (Holdings) Company Limited • 2025 Interim Report (If you have previously requested to receive Corporate Communication(s)(Note) in printed form, the printed copy (or copies) is/are enclosed.) 勝利證券（控股）有限公司 （ Incorporated in the Cayman Islands with limited liability ） （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：8540） NOTIFICATION LETTER 通 知 信 函 Dear Shareholder(s), 14 August 2025 The following document(s) of Victory Securities (Holdings) Company Limited ("Company") has/have been prepared in English an ...

Company Information [Company Overview and Business Scope](index=4&type=section&id=Company%20Overview%20and%20Business%20Scope) The company is an investment holding company with subsidiaries offering diversified financial services in Hong Kong, notably virtual asset services, led by CEO Ms. Gao Juan - The company is an investment holding company, with subsidiaries providing diversified financial services in Hong Kong, including securities/futures brokerage, financing, asset management, financial advisory, and virtual asset services[18](index=18&type=chunk) - One subsidiary is approved by the SFC to provide virtual asset trading, advisory, and asset management services, making it Hong Kong's first and only financial group offering all these services simultaneously[19](index=19&type=chunk) - The ultimate controlling shareholder is Ms. Gao Juan, the Executive Director and Chief Executive Officer[20](index=20&type=chunk) Financial Highlights [Key Financial Performance](index=5&type=section&id=Key%20Financial%20Performance) For the six months ended June 30, 2025, the company achieved a significant 318.5% revenue growth to approximately HKD 124 million and turned profitable with HKD 40.72 million, driven by strong virtual asset service revenue growth | Metric | 2025 (HKD) | 2024 (HKD) | Difference (HKD) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 123,716,188 | 29,559,993 | 94,156,195 | 318.5 | | Commission Expenses | 33,797,579 | 3,548,210 | 30,249,369 | 852.5 | | Staff Costs | 23,784,939 | 17,741,235 | 6,043,704 | 34.1 | | Other Operating Expenses | 14,567,120 | 8,039,185 | 6,527,935 | 81.2 | | Profit/(Loss) for the Period | 40,723,054 | (5,818,738) | 46,541,792 | 799.9 | | Basic Earnings/(Loss) Per Share (HK cents) | 21.27 | (3.04) | | | | Diluted Earnings/(Loss) Per Share (HK cents) | 21.13 | (3.04) | | | - Revenue increased by **318.5%** year-on-year to approximately **HKD 124 million**, primarily driven by growth in securities/futures brokerage, virtual assets, financing, fee income, asset management, and financial advisory services[6](index=6&type=chunk) - Profit for the period was approximately **HKD 40.72 million**, a significant improvement from a loss of HKD 5.82 million in the prior period, mainly due to a **2,000.0%** increase in virtual asset-related service revenue[7](index=7&type=chunk) - Interim dividend declared was **1.50 HK cents per share**, a significant increase from 0.10 HK cents per share in the prior period[7](index=7&type=chunk) Interim Condensed Consolidated Financial Statements [Interim Condensed Consolidated Statement of Profit or Loss](index=6&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss) For the six months ended June 30, 2025, the Group's revenue reached HKD 124 million, a substantial increase from HKD 29.56 million in the prior period, achieving a profit of HKD 40.72 million, reversing a loss of HKD 5.82 million, with basic earnings per share of 21.27 HK cents | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Revenue | 123,716,188 | 29,559,993 | | Other Income | 328,241 | 316,258 | | Other Gains/(Losses), Net | 1,602,683 | (1,103,877) | | Total Revenue, Gains/(Losses) and Other Income | 125,647,112 | 28,772,374 | | Commission Expenses | (33,797,579) | (3,548,210) | | Staff Costs | (23,784,939) | (17,741,235) | | Total Expenses | (78,284,030) | (34,649,010) | | Profit/(Loss) Before Tax | 47,036,101 | (5,698,633) | | Income Tax Expense | (6,313,047) | (120,105) | | Profit/(Loss) for the Period | 40,723,054 | (5,818,738) | | Basic Earnings/(Loss) Per Share Attributable to Owners of the Company (HK cents) | 21.27 | (3.04) | [Interim Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=7&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the six months ended June 30, 2025, the Group's profit for the period was HKD 40.72 million, a reversal from a loss in the prior period, with total comprehensive income of HKD 34.15 million, significantly improved from a prior period comprehensive loss, primarily due to revaluation losses on owner-occupied land and buildings | Metric | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Profit/(Loss) for the Period | 40,723,054 | (5,818,738) | | Exchange Differences on Translation of Overseas Operations | 322,762 | (506,359) | | Revaluation Loss on Leasehold Land and Buildings for Own Use (Net of Tax) | (6,895,939) | (1,056,552) | | Other Comprehensive Loss for the Period, Net of Tax | (6,573,177) | (1,562,911) | | Total Comprehensive Income/(Loss) for the Period | 34,149,877 | (7,381,649) | | Attributable to Owners of the Company | 34,621,935 | (7,292,313) | | Attributable to Non-controlling Interests | (472,058) | (89,336) | - Total comprehensive income for the period was **HKD 34.1499 million**, a significant improvement from a total comprehensive loss of HKD 7.3816 million in the prior period[9](index=9&type=chunk) - Revaluation loss on leasehold land and buildings for own use was **HKD 8.2586 million**, significantly impacting other comprehensive loss[9](index=9&type=chunk) [Interim Condensed Consolidated Statement of Financial Position](index=8&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets less current liabilities were HKD 229 million, with net assets of HKD 212 million, driven by a significant increase in net current assets to HKD 175 million due to growth in receivables, other investments, and cash and cash equivalents | Metric | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Total Non-current Assets | 53,993,125 | 62,116,832 | | Total Current Assets | 648,019,119 | 457,926,031 | | Total Current Liabilities | 473,493,967 | 341,619,086 | | Net Current Assets | 174,525,152 | 116,306,945 | | Total Assets Less Current Liabilities | 228,518,277 | 178,423,777 | | Total Non-current Liabilities | 17,008,696 | 952,551 | | Net Assets | 211,509,581 | 177,471,226 | | Total Equity | 211,509,581 | 177,471,226 | - Total current assets increased to **HKD 648.02 million**, primarily driven by growth in trade receivables (**HKD 489.00 million**), other investments (**HKD 40.63 million**), and cash and cash equivalents (**HKD 87.61 million**)[10](index=10&type=chunk) - Total non-current liabilities significantly increased to **HKD 17.01 million**, mainly due to an increase in issued bonds (**HKD 10.24 million**) and deferred tax liabilities (**HKD 5.87 million**)[11](index=11&type=chunk) [Interim Condensed Consolidated Statement of Changes in Equity](index=10&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) For the six months ended June 30, 2025, total equity attributable to owners of the company increased to HKD 207 million, with a profit for the period of HKD 41.25 million, offset by a HKD 6.90 million decrease in property revaluation reserve due to revaluation losses, and an increase in share capital from share option exercises and share issuance | Equity Item | January 1, 2025 (Audited) (HKD) | Profit/(Loss) for the Period (HKD) | Other Comprehensive Loss for the Period (HKD) | Issue of Shares (HKD) | Equity-settled Share Option Arrangements (HKD) | Final Dividend (HKD) | June 30, 2025 (Unaudited) (HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Share Capital | 2,080,218 | – | – | 14,190 | – | – | 2,094,408 | | Share Premium | 74,731,662 | – | – | 3,235,320 | 862,996 | – | 78,829,978 | | Property Revaluation Reserve | 33,947,775 | – | (6,895,939) | – | – | – | 27,051,836 | | Share Option Reserve | 3,503,315 | – | – | – | (857,711) | – | 2,645,604 | | Exchange Fluctuation Reserve | (312,706) | – | 271,466 | – | – | – | (41,240) | | Retained Profits/(Accumulated Losses) | (19,065,846) | 41,246,408 | – | – | 137,473 | (3,503,790) | 18,814,245 | | Total Attributable to Owners of the Company | 172,548,658 | 41,246,408 | (6,895,939) | 3,249,510 | 142,758 | (3,503,790) | 207,059,071 | | Non-controlling Interests | 4,922,568 | (523,354) | 51,296 | – | – | – | 4,450,510 | | Total Equity | 177,471,226 | 40,723,054 | (6,844,643) | 3,249,510 | 142,758 | (3,503,790) | 211,509,581 | - Profit for the period attributable to owners of the company was **HKD 41.2464 million**[13](index=13&type=chunk) - Property revaluation reserve decreased by **HKD 6.8959 million** due to revaluation losses[13](index=13&type=chunk) - Share capital increased by **HKD 14,190** due to the exercise of share options and issuance of shares[13](index=13&type=chunk)[110](index=110&type=chunk) [Interim Condensed Consolidated Statement of Cash Flows](index=12&type=section&id=Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For the six months ended June 30, 2025, the Group's net cash generated from operating activities significantly increased to HKD 78.74 million, while net cash used in investing activities decreased to HKD 1.08 million, and net cash generated from financing activities was HKD 18.29 million, resulting in period-end cash and cash equivalents increasing to HKD 92.07 million | Cash Flow Category | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Net Cash Generated From Operating Activities | 78,743,235 | 1,143,582 | | Net Cash Used In Investing Activities | (1,083,009) | (5,907,865) | | Net Cash Generated From Financing Activities | 18,294,951 | 28,216,001 | | Net Increase in Cash and Cash Equivalents | 95,955,177 | 23,451,718 | | Cash and Cash Equivalents at Beginning of Period | (4,075,788) | 17,028,695 | | Effect of Exchange Rate Changes, Net | 194,584 | (417,088) | | Cash and Cash Equivalents at End of Period | 92,073,973 | 40,063,325 | - Net cash generated from operating activities significantly increased to **HKD 78.7432 million**, primarily due to an increase in amounts due to margin clients[16](index=16&type=chunk)[184](index=184&type=chunk) - Net cash generated from financing activities was **HKD 18.2950 million**, mainly from proceeds from share issuance and new bank borrowings[16](index=16&type=chunk) - Cash and cash equivalents at period-end increased to **HKD 92.0740 million**[17](index=17&type=chunk) Notes to the Interim Condensed Consolidated Financial Statements [1. Company Information](index=14&type=section&id=1.%20Company%20Information) The company is an investment holding company with subsidiaries primarily offering diversified financial services in Hong Kong, including virtual asset trading, advisory, and asset management, with Ms. Gao Juan as the ultimate controlling shareholder - The company is an investment holding company, with subsidiaries providing diversified financial services in Hong Kong, including securities/futures brokerage, financing, asset management, financial advisory, and virtual asset services[18](index=18&type=chunk) - One subsidiary is approved by the SFC to provide virtual asset trading, advisory, and asset management services, making it Hong Kong's first and only financial group offering all these services simultaneously[19](index=19&type=chunk) - The ultimate controlling shareholder is Ms. Gao Juan, the Executive Director and Chief Executive Officer[20](index=20&type=chunk) [2. Basis of Preparation](index=17&type=section&id=2.%20Basis%20of%20Preparation) The interim condensed consolidated financial statements are prepared in accordance with HKAS 34 and GEM Listing Rule Chapter 18, primarily using the historical cost convention, except for certain assets and liabilities measured at fair value, with consolidation based on the Group's control over entities - The financial statements are prepared in accordance with HKAS 34 and Chapter 18 of the GEM Listing Rules[22](index=22&type=chunk) - The historical cost convention is primarily adopted, except for investment properties, certain property, plant and equipment, and financial assets and liabilities at fair value through profit or loss[22](index=22&type=chunk) - The basis of consolidation is the Group's control over an entity, meaning it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity[23](index=23&type=chunk) [3. Changes in Accounting Policies](index=19&type=section&id=3.%20Changes%20in%20Accounting%20Policies) Accounting policies for the six months ended June 30, 2025, are consistent with those used in the audited consolidated financial statements for the year ended December 31, 2024, with changes only due to new and revised HKFRSs issued by the HKICPA, none of which had a material impact on the Group's financial position or performance - Accounting policies are consistent with the 2024 annual consolidated financial statements, with changes only due to new and revised HKFRSs[28](index=28&type=chunk) - The adoption of HKAS 21 and HKFRS 1 (Amendments) "Lack of Exchangeability" had no material impact on the financial position and performance[28](index=28&type=chunk) [4. Operating Segment Information](index=20&type=section&id=4.%20Operating%20Segment%20Information) The Group operates six reportable segments: securities/futures brokerage, financing, asset management, insurance advisory, financial advisory, and virtual asset services, with virtual asset services contributing HKD 64.24 million in revenue for the period ended June 30, 2025, and no single customer contributing over 10% of total revenue - The Group has six reportable operating segments: securities/futures brokerage, financing, asset management, insurance advisory, financial advisory, and virtual asset services[30](index=30&type=chunk) | Segment | 2025 Revenue (HKD) | 2024 Revenue (HKD) | | :--- | :--- | :--- | | Securities/Futures Brokerage Services | 43,618,349 | 14,293,057 | | Financing Services | 9,645,061 | 8,209,567 | | Asset Management Services | 5,306,649 | 3,406,072 | | Insurance Advisory Services | 184,838 | 296,276 | | Financial Advisory Services | 720,000 | 280,000 | | Virtual Asset Services | 64,241,291 | 3,075,021 | | Total | 123,716,188 | 29,559,993 | - For the six months ended June 30, 2025, no customer contributed more than **10%** to the Group's total revenue[33](index=33&type=chunk) [5. Revenue](index=23&type=section&id=5.%20Revenue) The Group's total revenue for the first half of 2025 reached HKD 124 million, a substantial increase from HKD 29.56 million in the prior period, with virtual asset trading and related income being the largest contributor at HKD 64.24 million, and commission and brokerage income also significantly increasing, with revenue from contracts with customers forming the vast majority of total revenue | Revenue Source | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Revenue from Contracts with Customers | 105,503,522 | 16,588,353 | | Revenue from Other Sources | 18,212,666 | 12,971,640 | | Total Revenue | 123,716,188 | 29,559,993 | | Main Service Lines | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Commission and Brokerage Income | 21,329,812 | 4,016,080 | | Placing and Underwriting Commission Income | 1,260,579 | 4,432,693 | | Virtual Asset Trading and Related Income | 64,241,291 | 3,075,021 | | Fee Income | 13,671,564 | 1,082,211 | | Asset Management Fees | 4,095,438 | 3,406,072 | | Financial Advisory Income | 720,000 | 280,000 | | Insurance Advisory Fees | 184,838 | 296,276 | | Total Revenue from Contracts with Customers | 105,503,522 | 16,588,353 | - Virtual asset trading and related income was the largest component of revenue from contracts with customers, reaching **HKD 64.24 million**, a significant increase from HKD 3.08 million in the prior period[35](index=35&type=chunk) [6. Other Income and Other Gains/(Losses), Net](index=25&type=section&id=6.%20Other%20Income%20and%20Other%20Gains%2F(Losses),%20Net) For the six months ended June 30, 2025, the Group's total other income was HKD 0.3282 million, and net other gains were HKD 1.6027 million, a significant improvement from a loss of HKD 1.1039 million in the prior period, primarily driven by fair value gains on other investments and investment properties | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Total Rental Income | 237,000 | 237,000 | | Miscellaneous Income | 91,241 | 79,258 | | Total Other Income | 328,241 | 316,258 | | Fair Value Gains/(Losses) on Other Investments | 1,239,093 | (84,727) | | Fair Value Gains/(Losses) on Investment Properties | 300,000 | (1,081,600) | | Other Gains/(Losses), Net | 1,602,683 | (1,103,877) | - Net other gains/(losses) improved from a loss of **HKD 1.1039 million** in 2024 to a gain of **HKD 1.6027 million** in 2025[36](index=36&type=chunk) - Fair value gain on investment properties was **HKD 0.30 million**, compared to a loss of HKD 1.0816 million in the prior period[36](index=36&type=chunk) [7. Staff Costs](index=26&type=section&id=7.%20Staff%20Costs) For the six months ended June 30, 2025, the Group's total staff costs amounted to HKD 23.78 million, an increase of 34.1% from HKD 17.74 million in the prior period, primarily due to higher salaries, allowances, and benefits in kind | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Salaries, Allowances and Benefits in Kind | 23,247,594 | 17,198,490 | | Mandatory Provident Fund and Occupational Retirement Scheme Contributions | 537,345 | 542,745 | | Total | 23,784,939 | 17,741,235 | - Total staff costs increased by **34.1%** year-on-year to **HKD 23.7849 million**[6](index=6&type=chunk)[37](index=37&type=chunk) [8. Finance Costs](index=26&type=section&id=8.%20Finance%20Costs) For the six months ended June 30, 2025, the Group's total finance costs increased to HKD 3.6287 million from HKD 2.7534 million in the prior period, with interest on bank and other borrowings being the main component at HKD 3.1171 million | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Interest on Bank and Other Borrowings | 3,117,083 | 2,576,951 | | Interest on Issued Bonds | 244,110 | 20,765 | | Interest on Amounts Due to Clients (No Fixed Repayment Terms) | 237,204 | 108,332 | | Interest on Lease Liabilities | 30,272 | 47,341 | | Total | 3,628,669 | 2,753,389 | - Total finance costs increased to **HKD 3.6287 million** year-on-year[38](index=38&type=chunk) - Interest on bank and other borrowings was the primary finance cost, amounting to **HKD 3.1171 million**[38](index=38&type=chunk) [9. Profit/(Loss) Before Tax](index=27&type=section&id=9.%20Profit%2F(Loss)%20Before%20Tax) For the six months ended June 30, 2025, the Group's profit before tax was HKD 47.0361 million, successfully reversing a loss of HKD 5.6986 million in the prior period, reflecting significant revenue growth alongside increased operating expenses such as transaction and clearing fees and information service expenses | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Auditor's Remuneration | 31,300 | 2,167 | | Amortization | 402,833 | 126,092 | | Depreciation of Property, Plant and Equipment | 1,408,737 | 1,521,741 | | Depreciation of Right-of-Use Assets | 380,676 | 959,980 | | Transaction and Clearing Fees | 1,095,979 | 281,741 | | Information Service Expenses | 1,375,265 | 1,338,238 | | Expected Credit Loss Provision for Trade Receivables, Net | 170,720 | (40,822) | | Share-based Payment Expenses | 142,757 | – | - Profit before tax was **HKD 47.0361 million**, a significant improvement from a loss of HKD 5.6986 million in the prior period[8](index=8&type=chunk) - Transaction and clearing fees significantly increased to **HKD 1.0960 million**, reflecting increased business activity[39](index=39&type=chunk) [10. Income Tax Expense](index=28&type=section&id=10.%20Income%20Tax%20Expense) For the six months ended June 30, 2025, the Group's total income tax expense was HKD 6.3130 million, a substantial increase from HKD 0.1201 million in the prior period, with no Hong Kong profits tax provision for Hong Kong entities due to sufficient tax losses, and corporate income tax provided at a 25% rate as per PRC Enterprise Income Tax Law | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Deferred Tax | 6,313,047 | 120,105 | | Total Tax Expense for the Period | 6,313,047 | 120,105 | - Total income tax expense was **HKD 6.3130 million**, a substantial increase from the prior period[41](index=41&type=chunk) - No Hong Kong profits tax provision was made for Hong Kong entities due to sufficient tax losses carried forward to offset taxable profits[40](index=40&type=chunk) - Corporate income tax is provided at a rate of **25%** as stipulated by the Enterprise Income Tax Law of the People's Republic of China[40](index=40&type=chunk) [11. Dividends](index=29&type=section&id=11.%20Dividends) For the six months ended June 30, 2025, the company declared a final dividend of HKD 3.5038 million and an interim dividend of HKD 3.1424 million, with the interim dividend of 1.50 HK cents per share significantly higher than 0.10 HK cents in the prior period | Item | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Final Dividend Declared | 3,503,790 | 967,540 | | Interim Dividend Declared | 3,142,365 | 208,022 | - Interim dividend of **1.50 HK cents per share** declared for the six months ended June 30, 2025, a significant increase from 0.10 HK cents per share in the prior period[43](index=43&type=chunk) [12. Earnings/(Loss) Per Share Attributable to Owners of the Company](index=29&type=section&id=12.%20Earnings%2F(Loss)%20Per%20Share%20Attributable%20to%20Owners%20of%20the%20Company) For the six months ended June 30, 2025, basic earnings per share attributable to owners of the company was 21.27 HK cents and diluted earnings per share was 21.13 HK cents, both significantly improved from a loss of 3.04 HK cents in the prior period, based on profit for the period and the weighted average number of ordinary shares outstanding | Metric | 2025 (HK cents) | 2024 (HK cents) | | :--- | :--- | :--- | | Basic Earnings/(Loss) Per Share | 21.27 | (3.04) | | Diluted Earnings/(Loss) Per Share | 21.13 | (3.04) | - Basic earnings per share was **21.27 HK cents**, compared to a loss of 3.04 HK cents in the prior period[42](index=42&type=chunk) - Diluted earnings per share calculation considered the dilutive effect of share options, with a weighted average of **195,227,671 shares**[45](index=45&type=chunk) [13. Property, Plant and Equipment](index=31&type=section&id=13.%20Property,%20Plant%20and%20Equipment) As of June 30, 2025, the net book value of property, plant and equipment was HKD 35.4276 million, a decrease from HKD 43.3829 million at the beginning of the year, with a revaluation loss of HKD 8.2586 million recognized during the period in property revaluation reserve and other comprehensive income, and certain leasehold land and buildings pledged as collateral for bank financing | Item | June 30, 2025 (HKD) | January 1, 2025 (HKD) | | :--- | :--- | :--- | | Net Book Value | 35,427,628 | 43,382,862 | | Additions | 2,051,919 | 470,296 | | Depreciation Charged During the Period | (1,789,413) | (4,844,610) | | Revaluation Loss | (8,258,610) | (5,954,470) | - Revaluation loss of **HKD 8.2586 million** recognized during the period, recorded in property revaluation reserve and other comprehensive income[48](index=48&type=chunk) - Leasehold land and buildings with a carrying amount of **HKD 29.90 million** are pledged as collateral for bank financing[49](index=49&type=chunk) [14. Investment Properties](index=36&type=section&id=14.%20Investment%20Properties) As of June 30, 2025, the carrying amount of investment properties was HKD 7.50 million, an increase from HKD 7.20 million at the end of 2024, with a fair value adjustment resulting in a gain of HKD 0.30 million during the period, and the investment property pledged as collateral for the Group's bank financing | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Carrying Amount at Beginning/End of Period | 7,200,000 | 9,081,600 | | Net Fair Value Adjustment Gains/(Losses) | 300,000 | (1,881,600) | | Carrying Amount at End/Beginning of Period | 7,500,000 | 7,200,000 | - Fair value adjustment on investment properties resulted in a gain of **HKD 0.30 million**[54](index=54&type=chunk) - Investment properties with a carrying amount of **HKD 7.50 million** are pledged as collateral for the Group's bank financing[55](index=55&type=chunk) [15. Leases](index=39&type=section&id=15.%20Leases) As a lessee, the Group's right-of-use assets increased to HKD 1.4348 million and lease liabilities to HKD 1.5303 million, with total lease-related expenses of HKD 0.8229 million, while as a lessor, the Group earned HKD 0.237 million in rental income from investment properties | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Carrying Amount of Right-of-Use Assets | 1,434,795 | 437,538 | | Carrying Amount of Lease Liabilities | 1,530,306 | 455,326 | | Total Recognized in Profit or Loss (Lease-related) | 822,905 | 2,189,048 | | Total Rental Income (as Lessor) | 237,000 | 237,000 | - Right-of-use assets increased to **HKD 1.4348 million** and lease liabilities increased to **HKD 1.5303 million**[59](index=59&type=chunk)[60](index=60&type=chunk) - Total lease-related expenses were **HKD 0.8229 million**, including interest on lease liabilities, depreciation of right-of-use assets, and short-term lease expenses[61](index=61&type=chunk) [16. Intangible Assets](index=42&type=section&id=16.%20Intangible%20Assets) As of June 30, 2025, the Group's total intangible assets amounted to HKD 5.4341 million, primarily comprising trading rights and software, with trading rights considered to have an indefinite useful life and software having a net book value of HKD 5.4341 million | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Trading Rights | 1 | 1 | | Software | 5,434,094 | 5,836,927 | | Total | 5,434,095 | 5,836,928 | - Trading rights are considered to have an indefinite useful life due to their perpetual contribution to net cash flows[64](index=64&type=chunk) - Software had a net book value of **HKD 5.4341 million**, with amortization of HKD 0.4028 million recognized during the period[65](index=65&type=chunk) [17. Investment in a Joint Venture/Associate](index=44&type=section&id=17.%20Investment%20in%20a%20Joint%20Venture%2FAssociate) The Group has joint control over the joint venture VS Fintech Holding Limited and significant influence over associates Nest Asset Management Pte. Ltd. and VDX Group Limited, with the carrying amount of investment in associates at HKD 0.7141 million as of June 30, 2025, and the Group effectively holding a 23% interest in VDX | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Investment in a Joint Venture | – | – | | Investment in Associates | 714,077 | 909,922 | - The Group has joint control over the joint venture VS Fintech Holding Limited, not control[69](index=69&type=chunk) - The Group effectively holds a **23%** interest in VDX Group Limited and can exercise significant influence over it[71](index=71&type=chunk)[74](index=74&type=chunk) [18. Other Assets](index=46&type=section&id=18.%20Other%20Assets) As of June 30, 2025, the Group's total other assets amounted to HKD 0.43 million, primarily comprising guarantee fund deposits, participation fees, compensation fund deposits, mutual guarantee fund deposits, and stamp duty deposits with Hong Kong Clearing and the Stock Exchange | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | HKSCC – Guarantee Fund Deposits | 100,000 | 100,000 | | HKSCC – Participation Fees | 100,000 | 100,000 | | SEHK – Compensation Fund Deposits | 100,000 | 100,000 | | SEHK – Mutual Guarantee Fund Deposits | 100,000 | 100,000 | | SEHK – Stamp Duty Deposits | 30,000 | 30,000 | | Total | 430,000 | 430,000 | - Other assets primarily consist of various deposits with Hong Kong Clearing and the Stock Exchange[73](index=73&type=chunk) [19. Trade Receivables](index=47&type=section&id=19.%20Trade%20Receivables) As of June 30, 2025, the Group's total trade receivables amounted to HKD 489 million, an increase from HKD 411 million at the end of 2024, with amounts due from brokers and margin clients being the main components, and a total provision for expected credit losses of HKD 38.5144 million | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Amounts Due from Margin Clients | 205,227,934 | 195,798,257 | | Amounts Due from Cash Clients | 46,704,742 | 59,400,366 | | Amounts Due from Clearing Houses | 2,398,414 | 23,046,645 | | Amounts Due from Brokers | 267,591,867 | 168,903,428 | | Total Trade Receivables | 488,987,317 | 410,786,577 | | Less: Provision for Expected Credit Losses | (38,514,362) | (38,343,642) | - Amounts due from brokers significantly increased to **HKD 267.59 million**, and amounts due from margin clients increased to **HKD 205.23 million**, collateralized by securities of approximately HKD 697 million[75](index=75&type=chunk)[76](index=76&type=chunk) - Total provision for expected credit losses was **HKD 38.5144 million**, with the majority being Stage 3 loss allowance[75](index=75&type=chunk)[84](index=84&type=chunk) [20. Prepayments and Other Receivables](index=51&type=section&id=20.%20Prepayments%20and%20Other%20Receivables) As of June 30, 2025, the Group's total prepayments and other receivables amounted to HKD 25.4403 million, a significant increase from HKD 15.4419 million at the end of 2024, including HKD 4.2299 million due from a joint venture, which are non-trade, interest-free, unsecured, and without fixed repayment terms | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Prepayments, Other Receivables and Deposits | 19,833,605 | 10,279,259 | | Amounts Due from a Joint Venture | 4,229,940 | 4,229,940 | | Amounts Due from a Holding Company | 220,870 | 188,716 | | Amounts Due from Related Companies | 1,155,877 | 744,021 | | Total | 25,440,292 | 15,441,936 | - Amounts due from a joint venture were **HKD 4.2299 million**, which are non-trade in nature, interest-free, unsecured, and without fixed repayment terms[85](index=85&type=chunk)[86](index=86&type=chunk) - No impairment was recognized for other receivables at period-end[85](index=85&type=chunk) [21. Other Investments](index=52&type=section&id=21.%20Other%20Investments) As of June 30, 2025, the Group's total other investments amounted to HKD 45.1182 million, a substantial increase from HKD 18.2187 million at the end of 2024, with investments in cryptocurrencies significantly increasing to HKD 33.1557 million and listed equity securities at HKD 5.5502 million, and certain listed equity securities and unlisted investments pledged as collateral for bank financing | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Unlisted Investments Designated at FVTPL (Non-current) | 4,487,325 | 4,357,120 | | Listed Equity Securities (Current) | 5,550,172 | 4,307,598 | | Other Unlisted Investments (Current) | 1,925,000 | 1,300,000 | | Investments in Cryptocurrencies (Current) | 33,155,692 | 8,254,007 | | Total | 45,118,189 | 18,218,725 | - Investments in cryptocurrencies significantly increased to **HKD 33.1557 million**, resulting in a fair value loss of HKD 0.5113 million during the period[87](index=87&type=chunk)[92](index=92&type=chunk) - Certain listed equity securities and unlisted investments are pledged as collateral for bank financing[93](index=93&type=chunk) [22. Cash and Cash Equivalents and Pledged Deposits](index=54&type=section&id=22.%20Cash%20and%20Cash%20Equivalents%20and%20Pledged%20Deposits) As of June 30, 2025, the Group's total cash and cash equivalents (excluding bank overdrafts) amounted to HKD 87.6138 million, a significant increase from HKD 12.5598 million at the end of 2024, with pledged deposits of HKD 4.4711 million, and client funds held in segregated accounts totaling HKD 873 million not treated as assets or liabilities | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Bank Balances | 87,601,906 | 12,516,402 | | Time Deposits | 4,471,092 | 4,400,423 | | Cash on Hand | 11,937 | 43,377 | | Total | 92,084,935 | 16,960,202 | | Less: Pledged Time Deposits for Bank Overdraft Facilities | (4,471,092) | (4,400,423) | | Cash and Cash Equivalents (Excluding Bank Overdrafts) | 87,613,843 | 12,559,779 | - Pledged deposits of **HKD 4.4711 million** serve as collateral for bank financing[95](index=95&type=chunk) - Client monies held in segregated accounts amounted to **HKD 873 million** and are not treated as assets or liabilities in the financial statements[95](index=95&type=chunk) [23. Trade Payables](index=55&type=section&id=23.%20Trade%20Payables) As of June 30, 2025, the Group's total trade payables amounted to HKD 291 million, a substantial increase from HKD 161 million at the end of 2024, with amounts due to margin and cash clients being the main component at HKD 274 million, and amounts due to clearing houses at HKD 10.95 million | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Amounts Due to Margin and Cash Clients | 273,930,522 | 157,397,804 | | Amounts Due to Clearing Houses | 10,949,623 | 3,492,359 | | Amounts Due to Brokers | 5,731,607 | – | | Amounts Due to Insurance Companies | 791,782 | 127,832 | | Total | 291,403,534 | 161,017,995 | - Amounts due to margin and cash clients were **HKD 273.93 million**, with the majority repayable on demand[96](index=96&type=chunk)[97](index=97&type=chunk) - Amounts due to clearing houses were **HKD 10.95 million**, with a legally enforceable right to offset corresponding receivables[97](index=97&type=chunk) [24. Other Payables and Accrued Expenses](index=56&type=section&id=24.%20Other%20Payables%20and%20Accrued%20Expenses) As of June 30, 2025, the Group's other payables and accrued expenses amounted to HKD 27.2896 million, a significant increase from HKD 7.7613 million at the end of 2024, which are interest-free and have an average repayment period of one month - Other payables and accrued expenses amounted to **HKD 27.2896 million**, are interest-free, and have an average repayment period of one month[10](index=10&type=chunk)[99](index=99&type=chunk) [25. Interest-Bearing Bank and Other Borrowings](index=56&type=section&id=25.%20Interest-Bearing%20Bank%20and%20Other%20Borrowings) As of June 30, 2025, the Group's total interest-bearing bank and other borrowings amounted to HKD 154 million, slightly lower than HKD 167 million at the end of 2024, secured by client securities, the Group's own securities, unlisted investments, time deposits, leasehold land and buildings, and investment properties, and bearing interest at floating rates | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Bank Overdrafts – Secured | 10,962 | 21,035,990 | | Bank Loans – Secured | 154,154,000 | 145,654,000 | | Total | 154,164,962 | 166,689,990 | - Bank borrowings are secured by client securities, the Group's own securities, unlisted investments, time deposits, leasehold land and buildings, and investment properties[101](index=101&type=chunk) - Bank loans bear interest at floating rates ranging from **1.07% to 7.90%** per annum[101](index=101&type=chunk) [26. Other Liabilities](index=57&type=section&id=26.%20Other%20Liabilities) As of June 30, 2025, the Group's other liabilities were zero, a significant decrease from HKD 5.7273 million at the end of 2024, primarily related to loss protection discretionary account management agreements (guarantee contracts) - Other liabilities were **zero**, a significant decrease from HKD 5.7273 million at the end of 2024[10](index=10&type=chunk)[102](index=102&type=chunk) - These liabilities were primarily related to loss protection discretionary account management agreements (guarantee contracts)[102](index=102&type=chunk) [27. Issued Bonds](index=57&type=section&id=27.%20Issued%20Bonds) As of June 30, 2025, the Group's issued bonds had a carrying amount of HKD 10.2441 million, a significant increase from zero at the end of 2024, with HKD 10 million of 5.5% non-convertible bonds issued during the period and measured at amortized cost | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Carrying Amount at Beginning/End of Period | – | 1,079,235 | | Additions | 10,000,000 | – | | Redemptions | – | (1,100,000) | | Interest Expense Recognized During the Period/Year | 244,110 | 20,765 | | Carrying Amount at End/Beginning of Period | 10,244,110 | – | - During the period, **HKD 10 million** of 5.5% non-convertible bonds were issued[103](index=103&type=chunk) - Issued bonds are measured at amortized cost, with a carrying amount of **HKD 10.2441 million** at period-end[104](index=104&type=chunk) [28. Deferred Tax Liabilities](index=59&type=section&id=28.%20Deferred%20Tax%20Liabilities) As of June 30, 2025, the Group's total deferred tax liabilities amounted to HKD 5.8701 million, a significant increase from HKD 0.9197 million at the end of 2024, primarily due to deferred tax of HKD 6.3130 million charged to profit or loss during the period, and a decrease of HKD 1.3627 million in deferred tax recognized in other comprehensive income | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Total | (5,870,121) | (919,745) | | Deferred Tax Charged to Profit or Loss During the Period | (6,313,047) | (163,405) | | Decrease in Deferred Tax Recognized in Other Comprehensive Income | 1,362,671 | 982,488 | - Total deferred tax liabilities amounted to **HKD 5.8701 million**, a significant increase from the end of 2024[11](index=11&type=chunk)[105](index=105&type=chunk) - Deferred tax of **HKD 6.3130 million** was charged to profit or loss during the period[105](index=105&type=chunk) [29. Share Capital](index=60&type=section&id=29.%20Share%20Capital) As of June 30, 2025, the company's total issued and fully paid ordinary shares were 209,441,000, with share capital of HKD 2.0944 million, primarily changing due to the exercise of share options during the period, resulting in the issuance of 1,419,000 new shares | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Issued and Fully Paid Ordinary Share Capital | 2,094,408 | 2,080,218 | | Number of Issued Shares | 209,441,000 | 208,022,000 | - Share capital increased by **HKD 14,190** due to the issuance of **1,419,000 shares** upon exercise of share options during the period[107](index=107&type=chunk)[110](index=110&type=chunk) - Total authorized ordinary shares are **2,000,000,000** with a par value of HKD 0.01 each[106](index=106&type=chunk) [30. Share Option Scheme](index=61&type=section&id=30.%20Share%20Option%20Scheme) As of June 30, 2025, the company's share option scheme had 15,307,000 outstanding share options, representing 7.3% of issued shares, with 11,190,000 options granted and 1,419,000 exercised during the period, and share option expenses of HKD 0.1428 million recognized - The Share Option Scheme, effective June 14, 2018, for a period of 10 years, aims to reward eligible participants for their contributions to the Group's business[109](index=109&type=chunk) | Share Option Movement | June 30, 2025 (Shares) | December 31, 2024 (Shares) | | :--- | :--- | :--- | | Outstanding at Beginning/End of Period | 5,761,000 | 6,387,000 | | Granted During the Period | 11,190,000 | – | | Lapsed or Forfeited During the Period | (225,000) | (170,000) | | Exercised During the Period | (1,419,000) | (456,000) | | Outstanding at End/Beginning of Period | 15,307,000 | 5,761,000 | - As of June 30, 2025, the number of outstanding share options was **15,307,000**[113](index=113&type=chunk)[116](index=116&type=chunk) - Share option expenses of **HKD 0.1428 million** were recognized during the period[114](index=114&type=chunk) [31. Share Award Scheme](index=65&type=section&id=31.%20Share%20Award%20Scheme) The company adopted a share award scheme on August 11, 2020, to reward and retain eligible individuals contributing to the Group, with Victory Global Trustee Limited acting as trustee, and no awarded shares granted or ordinary shares purchased by the trustee during the period ended June 30, 2025 - The Share Award Scheme was adopted on August 11, 2020, to reward and retain eligible persons contributing to the Group[117](index=117&type=chunk) - Victory Global Trustee Limited acts as the trustee, having purchased **14,430,000** ordinary shares of the Company for a total consideration of HKD 18.4768 million[117](index=117&type=chunk)[119](index=119&type=chunk) - No awarded shares were granted during the period ended June 30, 2025[119](index=119&type=chunk) [32. Group Reserves](index=67&type=section&id=32.%20Group%20Reserves) The Group's reserves include share premium, property revaluation reserve, share option reserve, merger reserve, and exchange fluctuation reserve, representing the excess of issue price over par value, fair value increases of land and buildings, fair value of unexercised share options, reorganization and acquisition-related balances, and foreign exchange differences from overseas operations, respectively - Share premium represents the excess of issue price over par value of shares issued, distributable under certain conditions[121](index=121&type=chunk) - Property revaluation reserve relates to land and buildings included in property, plant and equipment, reflecting fair value increases[122](index=122&type=chunk) - Share option reserve represents the fair value of unexercised share options recognized under equity-settled share-based payment arrangements[123](index=123&type=chunk) - Exchange fluctuation reserve comprises all foreign exchange differences arising from the translation of financial statements of overseas operations[126](index=126&type=chunk) [33. Partially Owned Subsidiaries with Material Non-Controlling Interests](index=68&type=section&id=33.%20Partially%20Owned%20Subsidiaries%20with%20Material%20Non-Controlling%20Interests) The Group's partially owned subsidiaries include Victory Asset Management Japan Limited, with a 9.375% non-controlling interest, and BTC Fund, accounted for as a consolidated structured entity with a 63.76% non-controlling interest, with non-controlling interests attributable losses of HKD 0.0713 million for Victory Japan and HKD 0.4631 million for BTC Fund as of June 30, 2025 | Subsidiary | Percentage of Equity Held by Non-Controlling Interests | Profit/(Loss) for the Period/Year Allocated to Non-Controlling Interests (HKD) | Accumulated Balance of Non-Controlling Interests at Reporting Date (HKD) | | :--- | :--- | :--- | :--- | | Victory Asset Management Japan Limited | 9.375% | (71,269) | 27,301 | | BTC Fund | 63.76% | (463,135) | 4,422,857 | - Victory Asset Management Japan Limited has a non-controlling interest of **9.375%**, with a loss attributable to NCI of HKD 0.0713 million for the period[128](index=128&type=chunk) - BTC Fund, a consolidated structured entity, has a non-controlling interest of **63.76%**, with a loss attributable to NCI of HKD 0.4631 million for the period[129](index=129&type=chunk) [34. Interests in Consolidated Structured Entities](index=71&type=section&id=34.%20Interests%20in%20Consolidated%20Structured%20Entities) The Group consolidates structured entities, including private equity funds, based on whether it is exposed to significant variable returns from the entity's activities as an investment manager and investor, indicating it acts as a principal, with BTC Fund being a significant consolidated structured entity with a size of USD 799,970, a 36.24% interest held by the Group, and primarily investing in virtual assets and Bitcoin - The Group consolidates structured entities, based on whether it is exposed to significant variable returns from the entity's activities as an investment manager and investor, indicating it acts as a principal[130](index=130&type=chunk) | Structured Entity Name | Size of Paid-up Capital/Fund | Percentage of Ownership Interest | Principal Activities | | :--- | :--- | :--- | :--- | | BTC Fund | USD 799,970 | 36.24% | Investment in virtual assets and Bitcoin | - As of June 30, 2025, the Company's direct interest in all consolidated structured entities was **HKD 2.5138 million**[131](index=131&type=chunk) [35. Notes to the Interim Condensed Consolidated Statement of Cash Flows](index=72&type=section&id=35.%20Notes%20to%20the%20Interim%20Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) This note details changes in liabilities arising from financing activities and total cash outflow for leases, with bank and other loans increasing by HKD 8.5 million and issued bonds by HKD 10 million as of June 30, 2025, and total lease cash outflow amounting to HKD 0.7494 million | Liability Category | January 1, 2025 (HKD) | Changes from Financing Cash Flows (HKD) | Additions (HKD) | Interest Expense (HKD) | Interest Paid (HKD) | Exchange Adjustments (HKD) | June 30, 2025 (HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Bank and Other Loans | 145,654,000 | 8,500,000 | – | 3,117,083 | (3,117,083) | – | 154,154,000 | | Lease Liabilities | 455,326 | (307,204) | 1,349,330 | 30,272 | (30,272) | 32,854 | 1,530,306 | | Issued Bonds | – | 10,000,000 | – | 244,110 | – | – | 10,244,110 | | Total Cash Outflow for Leases | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | | Within Operating Activities | 411,957 | 304,654 | | Within Financing Activities | 337,476 | 1,973,249 | | Total | 749,433 | 2,277,903 | - Total cash outflow for leases was **HKD 0.7494 million**, with HKD 0.4120 million from operating activities and HKD 0.3375 million from financing activities[133](index=133&type=chunk) [36. Related Party Transactions](index=74&type=section&id=36.%20Related%20Party%20Transactions) The Group engaged in several significant transactions with immediate family members of directors, key management personnel, and related companies, including brokerage income, commission expenses, interest income/expenses, asset management fees, and IT expenses, with related party balances typically unsecured, interest-free, and without fixed repayment terms | Related Party Category | Transaction Type | 2025 (HKD) | 2024 (HKD) | | :--- | :--- | :--- | :--- | | Immediate Family Members of Directors | Brokerage Income | 365 | – | | | Interest Expense | (97) | (10) | | Key Management Personnel | Brokerage Income | 10,603 | 3,634 | | | Interest Income | 1,787,629 | 1,701,750 | | Victory Global Trustee | Asset Management Fees | 501,088 | 186,905 | | Victory Overseas Consulting Limited | IT Expenses | (1,973,421) | (411,751) | | VDX | Commission Expenses | (2,593,876) | – | - Interest income from key management personnel amounted to **HKD 1.7876 million**[134](index=134&type=chunk) - Amounts due from key management personnel were **HKD 31.0352 million**, and amounts due from Fintech Holding were HKD 4.2299 million[136](index=136&type=chunk) - Related party balances are generally unsecured, interest-free, and without fixed repayment terms[137](index=137&type=chunk) [37. Retirement Benefit Schemes](index=77&type=section&id=37.%20Retirement%20Benefit%20Schemes) The Group operates a Mandatory Provident Fund Scheme (MPF Scheme) for employees governed by the Hong Kong Employment Ordinance, which is a defined contribution retirement plan where both employer and employee contribute 5% of the employee's relevant income, subject to a monthly cap of HKD 1,500 - The Group operates a Mandatory Provident Fund Scheme (MPF Scheme) for employees governed by the Hong Kong Employment Ordinance, which is a defined contribution retirement plan[138](index=138&type=chunk) - Both employer and employee contribute **5%** of the employee's relevant income to the scheme, subject to a monthly cap of **HKD 1,500**[138](index=138&type=chunk) [38. Fair Value of Financial Instruments](index=78&type=section&id=38.%20Fair%20Value%20of%20Financial%20Instruments) The Group's total financial assets were HKD 617 million and total financial liabilities were HKD 485 million, with financial instruments classified at amortized cost or fair value through profit or loss, and fair value measurements using a three-level hierarchy, where listed equity securities are Level 1, unlisted investments are Level 2, and some other unlisted investments are Level 3, and the fair value of issued bonds is calculated by discounting expected future cash flows at current interest rates for similar instruments | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Total Financial Assets | 617,029,930 | 451,986,999 | | Total Financial Liabilities | 484,632,542 | 341,215,382 | | Financial Assets at Fair Value Through Profit or Loss | 11,962,497 | 9,964,718 | | Issued Bonds (Carrying Amount) | 10,244,110 | – | | Issued Bonds (Fair Value) | 10,030,505 | – | - Fair value measurements of financial assets and liabilities use a three-level hierarchy: Level 1 (quoted prices in active markets), Level 2 (significant observable inputs), and Level 3 (significant unobservable inputs)[144](index=144&type=chunk) - The fair value of issued bonds was **HKD 10.0305 million**, calculated by discounting expected future cash flows at current interest rates for similar instruments[150](index=150&type=chunk) [39. Offsetting Financial Assets and Financial Liabilities](index=86&type=section&id=39.%20Offsetting%20Financial%20Assets%20and%20Financial%20Liabilities) The Group has a legally enforceable right to offset continuously net settled monetary obligations with Hong Kong Clearing for receivables and payables, with net trade receivables from clearing houses of HKD 2.3984 million and net trade payables to clearing houses of HKD 10.9496 million as of June 30, 2025 - The Group has a legally enforceable right to offset continuously net settled monetary obligations with Hong Kong Clearing for receivables and payables[152](index=152&type=chunk) | Item | June 30, 2025 (HKD) | December 31, 2024 (HKD) | | :--- | :--- | :--- | | Net Trade Receivables from Clearing Houses | 2,398,414 | 23,046,645 | | Net Trade Payables to Clearing Houses | 10,949,623 | 3,492,359 | [40. Comparative Amounts](index=87&type=section&id=40.%20Comparative%20Amounts) Certain comparative figures in the unaudited interim condensed consolidated financial statements have been reclassified to conform with the current period's presentation - Certain comparative figures in the unaudited interim condensed consolidated financial statements have been reclassified to conform with the current period's presentation[155](index=155&type=chunk) Management Discussion and Analysis [Introduction](index=88&type=section&id=Introduction) The Group, a comprehensive financial services provider with over 50 years of history in Hong Kong, offers diversified securities brokerage and related financial services, including virtual asset services, leveraging its strong business model to navigate complex market environments - The Group is a comprehensive financial services provider with over 50 years of history in Hong Kong, offering diversified securities brokerage and related financial services[156](index=156&type=chunk) - Services include securities/futures/insurance brokerage, placing and underwriting, securities advisory, financing, asset management, financial advisory, investment advisory, and virtual asset services[156](index=156&type=chunk) [Updates on Business Development](index=88&type=section&id=Updates%20on%20Business%20Development) For the six months ended June 30, 2025, there are no new material updates on the Group's business development, consistent with disclosures in the 2024 annual report - No further material updates on business development for the six months ended June 30, 2025[157](index=157&type=chunk) [Business Review, Prospects and Outlook](index=89&type=section&id=Business%20Review,%20Prospects%20and%20Outlook) The Group achieved significant strategic progress in the first half of 2025, particularly in its virtual asset business segment, which contributed approximately 51.9% of total revenue, benefiting from increased Hong Kong stock market turnover despite economic challenges in Hong Kong and China, and plans to continue expanding asset management and financial advisory services while prudently managing capital and liquidity risks to address market volatility and uncertainties - The Group achieved significant strategic progress in the virtual asset business segment in H1 2025, with this segment contributing approximately **51.9%** of total revenue (10.4% in H1 2024)[158](index=158&type=chunk) - Average daily turnover on the Hong Kong Stock Exchange increased by **117.6%** year-on-year to **HKD 240.21 billion**, positively impacting brokerage income[159](index=159&type=chunk) - The Group will continue to allocate resources to expand its asset management segment and explore potential opportunities in financial advisory services[160](index=160&type=chunk) - Hong Kong's economic outlook is generally optimistic, with an expected real GDP growth of **2% to 3%** in 2025, despite challenges from declining private consumption expenditure and external uncertainties[161](index=161&type=chunk) [Overview of Virtual Asset Business Segment](index=91&type=section&id=Overview%20of%20Virtual%20Asset%20Business%20Segment) Hong Kong's virtual asset segment is rapidly developing with government support and robust regulation, positioning the Group as a market leader as the first and only financial group approved by the SFC to provide virtual asset trading, advisory, and asset management services, with virtual asset business revenue accounting for 51.9% of total revenue and 4,522 active clients, further enhanced by the launch of the "Victory Pass" application for one-stop securities and virtual asset trading, demonstrating a commitment to investor safety under strict regulation - The Hong Kong government is committed to building a vibrant virtual asset ecosystem, solidifying its position as a digital asset hub[162](index=162&type=chunk) - The Group is the first and only financial group in Hong Kong approved by the SFC to simultaneously provide virtual asset trading, advisory, and asset management services[163](index=163&type=chunk) - For the six months ended June 30, 2025, the virtual asset segment contributed approximately **51.9%** of total revenue, with **4,522** active clients[164](index=164&type=chunk) - The Group launched the 'Victory Pass' application, the first platform in Hong Kong enabling one-stop trading for both securities and virtual assets[165](index=165&type=chunk) - Its associate, Victory Digital Technology Limited, is applying for virtual asset trading platform licenses to offer comprehensive services to various investor levels[167](index=167&type=chunk) [Financial Review](index=93&type=section&id=Financial%20Review) The Group's total revenue increased by 318.5% year-on-year to HKD 124 million, primarily driven by a 1,989.1% surge in virtual asset trading and related service revenue to HKD 64.241 million, alongside a 205.2% growth in securities/futures brokerage service revenue, while placing and underwriting service revenue declined due to reduced corporate activities, resulting in a significant 799.9% increase in profit for the period to HKD 40.72 million, mainly attributable to the strong performance of the virtual asset business | Service Category | 2025 (Thousand HKD) | 2024 (Thousand HKD) | Change (%) | | :--- | :--- | :--- | :--- | | Securities/Futures Brokerage Services, Placing and Underwriting Services, and Securities Advisory Services | 43,619 | 14,293 | 205.2 | | Virtual Asset Trading and Related Services | 64,241 | 3,075 | 1,989.1 | | Financing Services | 9,645 | 8,210 | 17.5 | | Asset Management Services | 4,095 | 3,406 | 20.2 | | Financial Advisory Services | 720 | 280 | 157.1 | | Insurance Brokerage Services | 185 | 296 | (37.6) | | Guarantee Contract Profit | 1,211 | – | Not Applicable | | Total | 123,716 | 29,560 | 318.5 | - Revenue from virtual asset trading and related services surged by **1,989.1%** to **HKD 64.241 million**, becoming the primary revenue source[168](index=168&type=chunk)[173](index=173&type=chunk) - Revenue from securities/futures brokerage services increased by **431.1%** to **HKD 21.33 million**, driven by increased Hong Kong stock market turnover[170](index=170&type=chunk) - Revenue from placing and underwriting services decreased by **71.6%** to **HKD 1.261 million** due to reduced corporate activities[171](index=171&type=chunk) - Profit for the period significantly increased by **799.9%** to **HKD 40.72 million**, primarily attributable to strong growth in the virtual asset business[181](index=181&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=99&type=section&id=Liquidity,%20Financial%20Resources%20and%20Capital%20Structure) The Group maintains a healthy liquidity position, with net cash generated from operating activities significantly increasing to HKD 78.74 million, total cash and bank balances of HKD 92.09 million, a current ratio of 1.37 times as of June 30, 2025, and a gearing ratio decreasing to 23.4% due to increased total assets and reduced bank borrowings - Net cash generated from operating activities was approximately **HKD 78.74 million**, a significant increase from HKD 1.14 million in the prior period[184](index=184&type=chunk) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Cash and Bank Balances | HKD 92.09 million | HKD 16.96 million | | Current Assets | HKD 648.02 million | HKD 457.93 million | | Current Liabilities | HKD 473.49 million | HKD 341.62 million | | Current Ratio | 1.37 times | 1.34 times | | Bank and Other Borrowings and Issued Bonds | HKD 164.41 million | HKD 166.69 million | | Gearing Ratio | 23.4% | 32.1% | - The gearing ratio decreased to **23.4%**, mainly due to an increase in total assets and a decrease in bank and other borrowings[185](index=185&type=chunk) [Pledge of Assets](index=100&type=section&id=Pledge%20of%20Assets) As of June 30, 2025, the Group's bank loans are secured by client securities, the Group's own securities, unlisted investments, time deposits, leasehold land and buildings, and investment properties, with a total pledged asset value of approximately HKD 223 million - Bank loans are secured by client securities and the Group's own securities (**HKD 177 million**), unlisted investments (**HKD 4.49 million**), time deposits (**HKD 4.47 million**), leasehold land and buildings, and investment properties (**HKD 37.40 million**)[187](index=187&type=chunk) [Foreign Exchange Risk](index=101&type=section&id=Foreign%20Exchange%20Risk) The Group is exposed to foreign exchange risk from assets and liabilities denominated in Renminbi and US dollars, and while there is no current hedging policy, management continuously monitors and implements measures to reduce foreign currency-denominated assets to mitigate this risk - The Group is exposed to foreign exchange risk arising from assets and liabilities denominated in Renminbi and US dollars[188](index=188&type=chunk) - Management continuously monitors foreign exchange risk and implements measures to reduce foreign currency-denominated assets to mitigate this risk[188](index=188&type=chunk) [Capital and Other Commitments](index=101&type=section&id=Capital%20and%20Other%20Commitments) Except for lease commitments disclosed in Note 15 to the interim condensed consolidated financial statements, the Group had no other significant capital and other commitments as of June 30, 2025, and December 31, 2024 - Save for lease commitments disclosed in Note 15 to the interim condensed consolidated financial statements, the Group had no other significant capital and other commitments as at June 30, 2025 and December 31, 2024[189](index=189&type=chunk) [Contingent Liabilities](index=101&type=section&id=Contingent%20Liabilities) The Group had no significant contingent liabilities as of June 30, 2025, and December 31, 2024 - The Group had no significant contingent liabilities as at June 30, 2025 and December 31, 2024[190](index=190&type=chunk) [Significant Acquisitions or Disposals of Subsidiaries and Associates and Significant Investments](index=101&type=section&id=Significant%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%20and%20Associates%20and%20Significant%20Investments) Except for those disclosed in Note 17 to the interim condensed financial statements, the Group held no other significant acquisitions or disposals of subsidiaries and associates and significant investments for the six months ended June 30, 2025 - Save for those disclosed in Note 17 to the interim condensed financial statements, the Group had no other significant acquisitions or disposals of subsidiaries and associates and significant investments for the six months ended June 30, 2025[191](index=191&type=chunk) [Events After Reporting Period](index=101&type=section&id=Events%20After%20Reporting%20Period) As of the date of this report, the Directors are not aware of any significant post-reporting period events concerning the Group's business or financial performance - As of the date of this report, the Directors are not aware of any significant post-reporting period events concerning the Group's business or financial performance[192](index=192&type=chunk) Other Information [Employees and Remuneration Policy](index=102&type=section&id=Employees%20and%20Remuneration%20Policy) As of June 30, 2025, the Group had 59 full-time employees with total staff costs of HKD 23.78 million, and its remuneration policy, based on qualifications, experience, market conditions, and individual performance, offers competitive compensation, retirement plans, and benefits, supplemented by a share option scheme and share award scheme to incentivize staff - As of June 30, 2025, the Group had **59** full-time employees (excluding independent non-executive directors), with total staff costs of **HKD 23.78 million**[193](index=193&type=chunk) - Remuneration packages are based on employee qualifications, experience, market conditions, and individual performance, supplemented by a share option scheme and share award scheme[193](index=193&type=chunk) - The Group operates a Mandatory Provident Fund Scheme for eligible employees[193](index=193&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures](index=103&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures) As of June 30, 2025, the company's directors and chief executive held interests in the company's shares, with CEO Ms. Gao Juan directly and through a controlled corporation holding 51.61% of the total issued shares, Chairman Mr. Chan Ying Kit deemed to have the same interest, and Mr. Chan Pui Chuen holding a 6.61% interest | Director Name | Capacity/Nature of Interest | Number of Shares (Long Position) | Interest in Share Options (Long Position) | Percentage of Total Issued Shares of the Company | | :--- | :--- | :--- | :--- | :--- | | Ms. Gao Juan | Interest of Controlled Corporation | 80,193,750 | – | 38.29% | | | Beneficial Owner | 27,596,090 | 300,000 | 13.32% | | Mr. Chan Ying Kit | Spouse's Interest | 107,789,840 | 300,000 | 51.61% | | Mr. Chiu Tsz Leung | Beneficial Owner | 280,000 | 300,000 | 0.28% | | Mr. Chan Pui Chuen | Beneficial Owner | 13,394,000 | 455,000 | 6.61% | - Ms. Gao Juan (CEO) directly and through controlled corporation DTTKF holds **51.61%** of the Company's total issued shares[194](index=194&type=chunk) - Mr. Chan Ying Kit (Chairman) is deemed to be interested in the same number of shares held by Ms. Gao Juan due to spousal relationship[194](index=194&type=chunk) [Substantial Shareholders' Interests and Short Positions in Shares and Underlying Shares of the Company](index=105&type=section&id=Substantial%20Shareholders'%20Interests%20and%20Short%20Positions%20in%20Shares%20and%20Underlying%20Shares%20of%20the%20Company) As of June 30, 2025, excluding directors and the chief executive, substantial shareholder DTTKF (Dr. TT Kou's Family Company Limited) held 38.29% of the company's issued share capital, with Ms. Gao Juan deemed to be interested in this interest | Shareholder Name | Capacity/Nature of Interest | Number of Shares (Long Position) | Percentage of Total Issued Shares of the Company | | :--- | :--- | :--- | :--- | | DTTKF | Beneficial Owner | 80,193,750 | 38.29% | - DTTKF holds **38.29%** of the Company's issued share capital, and Ms. Ga

胜利证券(08540)发布公告，于2025年8月8日行使股份期权计划(于2018年6月14日采纳)而发行新股份 66.6万股。 ...