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].

Financial Performance - For the nine months ended September 30, 2021, revenue was approximately HKD 82.42 million, an increase of about 62.7% compared to HKD 50.65 million for the same period in 2020[5]. - Profit for the nine months ended September 30, 2021, was approximately HKD 22.64 million, representing a 42.8% increase from HKD 15.86 million for the same period in 2020[6]. - Basic and diluted earnings per share for the nine months ended September 30, 2021, were HKD 12.10, compared to HKD 7.96 for the same period in 2020[5]. - The company's net profit for the three months ended September 30, 2021, was HKD 8,944,233, compared to HKD 5,719,672 for the same period in 2020, representing a year-over-year increase of 56.5%[17]. - For the nine months ended September 30, 2021, the net profit was HKD 22,642,490, up from HKD 15,858,406 in the previous year, indicating a growth of 42.5%[17]. - Total comprehensive income for the three months ended September 30, 2021, was HKD 9,325,748, compared to HKD 4,444,020 in the same period of 2020, reflecting an increase of 109.5%[17]. - The company reported a total comprehensive income of HKD 27,562,292 for the nine months ended September 30, 2021, compared to HKD 12,634,007 for the same period in 2020, marking an increase of 118.5%[17]. Expenses and Costs - Employee costs for the nine months ended September 30, 2021, were approximately HKD 20.36 million, up from HKD 15.25 million for the same period in 2020, primarily due to business expansion[8]. - Commission expenses for the nine months ended September 30, 2021, were approximately HKD 13.24 million, an increase from HKD 8.65 million for the same period in 2020, driven by increased trading activity[8]. - Other operating expenses for the nine months ended September 30, 2021, were approximately HKD 13.10 million, compared to HKD 9.34 million for the same period in 2020, mainly due to increased marketing and IPO-related bank fees[8]. - The company recorded financing costs of approximately HKD 5.70 million for the nine months ended September 30, 2021, up from HKD 3.41 million for the same period in 2020[8]. - The total tax expense for the nine months ended September 30, 2021, was HKD 3,223,510, an increase from HKD 2,807,087 in the same period in 2020[64]. Revenue Sources - Revenue from securities and futures brokerage services, placement and underwriting services, and securities advisory services reached approximately HKD 50.86 million, up 61.7% from HKD 31.46 million in the previous year[85]. - Financing services generated revenue of approximately HKD 25.93 million, reflecting a 70.0% increase from HKD 15.26 million in the same period last year[96]. - Asset management services saw a significant increase in revenue to approximately HKD 4.02 million, a rise of 249.4% from HKD 1.15 million in the previous year[97]. - Financial advisory services reported a decrease in revenue to approximately HKD 0.97 million, down 46.4% from HKD 1.81 million in the same period last year[98]. - For the nine months ended September 30, 2021, customer contract revenue reached HKD 55,875,190, up 58.5% from HKD 35,318,592 in the prior year[48]. Market and Economic Context - The average daily trading volume in the Hong Kong stock market increased by approximately 43.4% to HKD 180.26 billion for the nine months ended September 30, 2021, compared to HKD 125.72 billion for the same period in 2020[79]. - The total trading volume for the nine months ended September 30, 2021, was approximately HKD 3,334.79 billion, a rise of about 41.9% from HKD 2,350.89 billion in the same period of 2020[79]. - The overall economic outlook for Hong Kong in 2021 remains influenced by global and local factors, including the effects of the COVID-19 pandemic[82]. Corporate Governance and Compliance - The board confirmed that the financial report is accurate and complete, with no misleading or fraudulent elements[5]. - The audit committee reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2021, and confirmed compliance with applicable accounting standards[135]. - The company has adopted the revised Hong Kong Financial Reporting Standards for the first time during this financial period, ensuring consistency with the accounting policies applied in the previous fiscal year[37]. - The company did not experience any impact on its financial position or performance due to the amendments to the Hong Kong Financial Reporting Standards[40]. Shareholder Information - The major shareholder, DTTKF, holds 110,193,750 shares, representing 55.09% of the company's issued share capital[122]. - The company did not recommend the payment of a dividend for the nine months ended September 30, 2021, consistent with the previous year[9]. - The group declared an interim dividend of HKD 1.30 per share for the six months ended June 30, 2021, consistent with the previous year[70]. Strategic Plans and Future Outlook - The company plans to continue expanding its services in securities brokerage and financial advisory, leveraging its strong market position[24]. - The group plans to continue exploring opportunities in financial advisory services, although this is heavily dependent on the ongoing impact of COVID-19[2]. - The group will maintain a cautious approach to capital and liquidity management to address future challenges[1].

Revenue and Profit - For the six months ended June 30, 2021, revenue was approximately HKD 55.46 million, an increase of about 71.7% compared to HKD 32.31 million for the same period in 2020[7]. - Profit for the six months ended June 30, 2021, was approximately HKD 13.70 million, representing a 35.1% increase from HKD 10.14 million for the same period in 2020[8]. - The company's revenue for the six months ended June 30, 2021, was HKD 13,698,257, an increase of 35.3% compared to HKD 10,138,734 for the same period in 2020[12]. - Total revenue for the six months ended June 30, 2021, was HKD 55,457,960, representing a 71.9% increase from HKD 32,305,714 for the same period in 2020[72]. - Client contract revenue for the six months ended June 30, 2021, was HKD 38,113,651, up from HKD 23,170,239 in the same period of 2020, reflecting a 64.4% growth[75]. Expenses - Employee costs for the six months ended June 30, 2021, were approximately HKD 14.01 million, up from HKD 9.64 million for the same period in 2020, primarily due to business expansion[9]. - Commission expenses for the six months ended June 30, 2021, were approximately HKD 9.37 million, an increase from HKD 5.46 million for the same period in 2020, mainly due to increased trading activity in the Stock Connect programs[9]. - Other operating expenses for the six months ended June 30, 2021, were approximately HKD 8.31 million, compared to HKD 6.13 million for the same period in 2020, driven by increased trading and settlement fees as well as marketing expenses[10]. - Financing costs for the six months ended June 30, 2021, were approximately HKD 3.74 million, up from HKD 2.11 million for the same period in 2020, consistent with increased interest income from financing services[10]. - Total tax expenses for the six months ended June 30, 2021, were HKD 1,965,785, compared to HKD 1,672,140 in the same period in 2020, marking a 17.5% increase[98]. Assets and Liabilities - The total assets as of June 30, 2021, amounted to HKD 886,112,883, a significant increase from HKD 431,876,659 as of December 31, 2020[17]. - Current liabilities increased to HKD 729,805,008 as of June 30, 2021, from HKD 280,306,122 at the end of 2020, indicating a rise in short-term obligations[17]. - The company’s total liabilities as of June 30, 2021, were HKD 742,566,025, compared to HKD 281,801,192 at the end of 2020, indicating a substantial increase in overall debt[17]. - The company’s cash and cash equivalents as of June 30, 2021, were HKD 44,122,445, up from HKD 30,335,158 at the end of 2020[17]. - Total receivables increased to HKD 819,694,613 as of June 30, 2021, compared to HKD 384,821,689 as of December 31, 2020, reflecting a growth of 113.2%[190]. Equity and Dividends - The interim dividend declared for the six months ended June 30, 2021, was HKD 0.013 per share, unchanged from the same period in 2020[10]. - Total equity as of June 30, 2021, is HKD 208,941,860, an increase from HKD 205,376,379 as of June 30, 2020, representing a growth of approximately 1.3%[27][30]. - Retained earnings reached HKD 33,283,894, showing a significant increase from HKD 15,665,689 in the previous year, indicating a growth of approximately 112.5%[27][30]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2021, was HKD (435,358,640), compared to HKD (2,798,592) in the same period of 2020, reflecting a substantial increase in cash outflow[33]. - The company reported a net cash inflow from financing activities of HKD 448,457,553, a significant increase from HKD 21,788,163 in the previous year[34]. - The company’s cash flow from investing activities showed a net outflow of HKD (10,305,176), compared to HKD (2,798,868) in the previous year, indicating increased investment activity[33]. Financial Performance by Segment - The securities and futures brokerage services segment generated revenue of HKD 34,640,317 for the six months, contributing significantly to the overall performance[66]. - Financing services reported revenue of HKD 8,012,305 for the six months, with a profit before tax of HKD 5,414,965[66]. - Asset management services achieved revenue of HKD 16,915,567 for the six months, with a profit before tax of HKD 12,237,753[66]. - Insurance consulting services generated revenue of HKD 385,058 for the six months, with a slight loss of HKD 11,173[66]. Accounting and Reporting - The financial statements for the six months ending June 30, 2021, were prepared in accordance with Hong Kong Accounting Standards and have been reviewed by the audit committee[56]. - The company has not reported any significant changes in accounting policies compared to the previous fiscal year ending December 31, 2020[57]. - The financial report does not include all disclosures required by annual financial statements, indicating a focus on interim reporting[52]. Investments and Assets Valuation - The company has established a licensed entity for institutional financing advisory services, which is restricted to professional investors and does not hold client assets[48]. - The group has secured general bank financing against its properties, with total carrying values of HKD 48,300,000 for land and buildings and HKD 9,900,000 for investment properties as of June 30, 2021[115][137]. - The company plans to continue engaging external valuers quarterly to assess the value of its properties, ensuring accurate market assessments[135].

Financial Performance - Revenue for the three months ended March 31, 2021, was approximately HKD 32.67 million, an increase of about 89.1% compared to HKD 17.28 million for the same period in 2020[11]. - Profit for the same period was approximately HKD 9.68 million, representing an increase of about 196.6% from HKD 3.26 million in the prior year[12]. - Total comprehensive income for the period was HKD 13.63 million, compared to HKD 2.58 million in the prior year[19]. - The net profit for the three months ended March 31, 2021, was HKD 9,676,659, compared to HKD 3,262,766 for the same period in 2020, indicating a significant increase of approximately 196%[21]. - Basic earnings per share rose to HKD 50.69 cents, compared to HKD 16.31 cents in the previous year, marking a 211% increase[61]. Revenue Sources - The increase in revenue was attributed to growth in securities and futures brokerage, fee-based services, financing services, asset management services, and employee stock option plan services[11]. - Brokerage services generated revenue of approximately HKD 19.28 million, up 105.5% from HKD 9.38 million in the same period last year, driven by increased trading volume in the Hong Kong stock market[79]. - Financing services recorded interest income of approximately HKD 8.90 million, a significant increase of 133.7% from HKD 3.81 million in the previous year, reflecting a rise in client demand for margin financing[85]. - Asset management services saw revenue rise to approximately HKD 1.12 million, marking a 150.4% increase from HKD 0.45 million in the same period last year, attributed to new client acquisitions[86]. - Commission and brokerage income reached HKD 19,275,106, up 105.5% from HKD 9,379,678 in the previous year[40]. Expenses - Employee costs for the three months ended March 31, 2021, were approximately HKD 7.18 million, up 47.5% from HKD 4.87 million in the same period of 2020[11]. - Other operating expenses increased to approximately HKD 3.94 million, a rise of 31.8% compared to HKD 2.99 million in the previous year[11]. - Financing costs increased to approximately HKD 2.10 million for the three months ended March 31, 2021, compared to HKD 0.89 million in the same period of 2020[99]. - The total tax expense for the period was HKD 1,233,250, a substantial rise from HKD 430,411 in the same period last year, indicating a 186% increase[56]. Dividends and Shareholder Information - The company did not recommend the payment of a dividend for the three months ended March 31, 2021[15]. - The major shareholder, DTTKF, holds 55.09% of the company's issued share capital, with 110,193,750 shares[111]. - No dividends were recommended for the three months ended March 31, 2021, consistent with the previous year[62]. Subsidiaries and Expansion - The company holds a 100% interest in its subsidiary, Victory Securities Limited, which is engaged in securities and futures brokerage services[26]. - The company has established a new subsidiary, Victory Asset Management Japan Limited, registered on January 21, 2021, to expand its asset management services in Japan[26]. - The company’s financial advisory services are provided through its subsidiary, Victory Capital Limited, which has a registered capital of HKD 2,500,000[26]. Market Conditions and Future Outlook - The overall economic outlook for Hong Kong in 2021 may continue to be affected by global and local factors, including the ongoing impact of COVID-19, which could lead to short-term market volatility[71]. - The group will continue to review and assess its business objectives and strategies in light of market uncertainties and risks associated with the ongoing pandemic[70]. - The company plans to launch a major promotional campaign in 2021 to expand its customer base as it prepares to celebrate its 50th anniversary[68]. Corporate Governance - The board confirmed compliance with the trading standards set forth in GEM Listing Rules during the three months ended March 31, 2021[118]. - The company maintained high standards of corporate governance and fully complied with the corporate governance code during the three months ended March 31, 2021[120]. - The audit committee reviewed the unaudited consolidated financial statements for the three months ended March 31, 2021, ensuring compliance with applicable accounting standards[122].

Market Performance - The average daily trading volume in the Hong Kong stock market increased by approximately 48.6% from about HKD 871.6 billion in 2019 to about HKD 1,294.8 billion in 2020[11]. - The total annual trading volume rose by approximately 21.5% from about HKD 26,422.8 billion in 2019 to about HKD 32,110.1 billion in 2020[11]. - The number of listed companies on the Hong Kong Stock Exchange increased by about 3.6% from 2,449 at the end of 2019 to 2,538 at the end of 2020[11]. - The number of new listings decreased by approximately 15.8% from 183 in 2019 to 154 in 2020[11]. - The company expects the number of new listings to continue to increase in 2021, with total trading volume in the Hong Kong stock market expected to at least maintain 2020 levels[18]. Financial Performance - Total revenue for the year ended December 31, 2020, was approximately HKD 80.56 million, an increase of about 29.4% from approximately HKD 62.23 million for the year ended December 31, 2019[22]. - Net profit for the year ended December 31, 2020, was approximately HKD 23.18 million, representing an increase of about 146.2% from approximately HKD 9.42 million for the year ended December 31, 2019[23]. - Employee costs for the year ended December 31, 2020, were approximately HKD 27.10 million, an increase of about 31.4% from approximately HKD 20.62 million for the year ended December 31, 2019[26]. - The group's total revenue for the year ended December 31, 2020, was approximately HKD 80.56 million, an increase of 29.4% compared to HKD 62.23 million for the year ended December 31, 2019[48]. - The group's net other income and gains for the year ended December 31, 2020, was approximately HKD 8.62 million, a significant increase of 457.5% from HKD 1.55 million in 2019[59]. Revenue Breakdown - Revenue from securities and futures brokerage services accounted for approximately 48.7% and 54.9% of total revenue for the years ended December 31, 2020, and 2019, respectively[34]. - Revenue from placing and underwriting services represented about 7.6% and 10.9% of total revenue for the years ended December 31, 2020, and 2019, respectively[35]. - Revenue from financing services increased to approximately 27.1% and 22.5% of total revenue for the years ended December 31, 2020, and 2019, respectively[38]. - Asset management services generated approximately 8.5% and 2.4% of total revenue for the years ended December 31, 2020, and 2019, respectively[39]. - Financial advisory services accounted for about 2.8% and 1.4% of total revenue for the years ended December 31, 2020, and 2019, respectively[40]. Business Strategy and Expansion - The company is focused on capturing more opportunities in the market following the launch of new business lines since its listing in 2018[10]. - The company plans to focus on two core service segments in 2021: asset management services and wealth management services[18]. - The company has successfully expanded its asset management services by investing in Guangzhou Victory Private Equity Fund Management Co., Ltd., with a total capital of HKD 11.2 million[29]. - The company acquired a 30% stake in Victory Nest Asset Management Pte. Limited for SGD 240,000, expanding its asset management business network to overseas markets[30]. - The company plans to expand its asset management services through the establishment of private equity funds in China and Singapore, which is expected to positively impact revenue[39]. Risk Management and Compliance - The company aims to enhance its risk management capabilities to ensure stable returns despite market volatility[12]. - The company is committed to improving compliance and risk management processes to adapt to the evolving regulatory landscape[12]. - The company acknowledges the challenges posed by the ongoing COVID-19 pandemic and US-China trade tensions on the global economy and financial markets[14]. - The company has delayed promotional activities due to the COVID-19 pandemic but plans to launch a major promotional campaign in 2021 to expand its customer base[44]. - The company intends to review and assess its business objectives and strategies in light of market uncertainties and risks associated with the COVID-19 pandemic[45]. Corporate Governance - The company has fully complied with the corporate governance code as per GEM Listing Rules for the year ended December 31, 2020[115]. - The board consists of seven members, including three executive directors, one non-executive director, and three independent non-executive directors[117]. - The company has established an audit committee to maintain high standards of corporate governance[136]. - The company is committed to maintaining high standards of corporate governance to enhance shareholder confidence[115]. - The company emphasizes equal opportunity in all aspects of its business, adhering to merit-based principles in board appointments[150]. Management Team - The company has a strong management team with extensive experience in finance and compliance, including licensed representatives under the Securities and Futures Ordinance[95][96]. - The Chief Financial Officer, Mr. Jiang, has over 16 years of experience in auditing, accounting, corporate governance, and corporate finance[112]. - The management team includes family members, indicating a strong internal governance structure[97]. - The company’s independent non-executive directors provide independent opinions to the board, enhancing governance oversight[106]. - The company has a strategic focus on global market development and business planning, led by the Vice President of Operations, Mr. Zhou[111]. Operational Risks and Challenges - The company has identified operational risks including insufficient human resources and a lack of senior staff, which it aims to mitigate through various measures[174]. - The long-term financial and operational impact of COVID-19 on the group will depend on the duration of the pandemic and the effectiveness of control measures[47]. - The impact of COVID-19 on the company's financial performance is being closely monitored, with potential short-term market volatility expected[84]. - The company has not encountered any significant contingent liabilities as of December 31, 2020[83]. - The company has not implemented any foreign currency hedging policies but is monitoring foreign exchange risks and may consider hedging significant foreign exchange risks when necessary[81].

Financial Performance - For the nine months ended September 30, 2020, revenue was approximately HKD 50.65 million, an increase of about 14.5% compared to HKD 44.23 million for the same period in 2019[11]. - The profit for the nine months ended September 30, 2020, was approximately HKD 15.86 million, a significant increase of about 129.9% from HKD 6.90 million in the same period of 2019[12]. - The fair value gains on financial assets recorded for the nine months ended September 30, 2020, were approximately HKD 5.03 million, compared to a loss of about HKD 0.63 million in the same period of 2019[12]. - Total comprehensive income for the three months ended September 30, 2020, was HKD 21.13 million, compared to HKD 10.68 million for the same period in 2019[17]. - The company recorded a net loss of HKD 983,137 for the three months ended September 30, 2019, while achieving a profit of HKD 5.72 million for the same period in 2020[16]. - The total comprehensive income for the period was HKD 4,020,680, compared to a loss of HKD 1,903,129 in the previous period[21]. - The company reported a total comprehensive loss of HKD 3,647,739 for the nine months ended September 30, 2020, compared to a total comprehensive income of HKD 6,759,119 in the same period last year[21]. - The company's pre-tax profit for the nine months ended September 30, 2020, was HKD 15,858,406, significantly higher than HKD 6,898,718 for the same period in 2019[63]. Revenue Breakdown - For the three months ended September 30, 2020, customer contract revenue was HKD 13,166,420, compared to HKD 8,328,377 for the same period in 2019, representing a growth of 58.5%[45]. - For the nine months ended September 30, 2020, customer contract revenue reached HKD 37,462,717, an increase from HKD 33,493,357 in the same period of 2019, reflecting a growth of 8.8%[46]. - Interest income from customers for the nine months ended September 30, 2020, was HKD 13,111,064, up from HKD 10,407,900 in the same period of 2019, indicating a growth of 26.0%[45]. - Commission and brokerage income for the three months ended September 30, 2020, was HKD 8,450,425, an increase of 21% compared to HKD 6,992,205 for the same period in 2019[47]. - Total revenue from underwriting and placement commissions was HKD 1,291,159 for the three months ended September 30, 2020, compared to HKD 8,680 in the same period last year[47]. - The securities and futures brokerage services generated revenue of HKD 33,601,000, up 6.8% from HKD 31,463,000 in the previous year[76]. - Financing services revenue rose by 26.0% to HKD 13,111,000 from HKD 10,408,000 year-on-year[76]. - Asset management services saw a significant increase of 138.1%, reaching HKD 1,150,000 compared to HKD 483,000 in the prior year[76]. - The financial advisory services revenue surged by 1,695.0% to HKD 1,813,000 from HKD 101,000 in the previous year[76]. - Insurance consulting services revenue decreased by 44.9% to HKD 979,000 from HKD 1,776,000 year-on-year[76]. Expenses and Costs - Other operating expenses decreased to approximately HKD 9.66 million for the nine months ended September 30, 2020, down from HKD 11.68 million in the same period of 2019[12]. - Employee costs increased to approximately HKD 15.25 million for the nine months ended September 30, 2020, compared to HKD 13.01 million in the same period of 2019[13]. - Financing costs rose to approximately HKD 3.41 million for the nine months ended September 30, 2020, from HKD 2.33 million in the same period of 2019[13]. - Total operating expenses decreased by approximately 17.3% to HKD 9.66 million from HKD 11.68 million for the same period in 2019, mainly due to reductions in transaction and settlement costs[93]. Corporate Governance and Compliance - The company has maintained high standards of corporate governance and fully complied with the corporate governance code[123]. - The board has confirmed compliance with the GEM Listing Rules regarding securities trading standards[120]. - The audit committee, established on June 14, 2018, consists of a majority of independent non-executive directors and has reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2020[126]. - The audit committee confirmed that the financial statements were prepared in accordance with applicable accounting standards and GEM listing rules[126]. - The company terminated the compliance advisory agreement with Pulse Capital Limited due to significant disputes over fees, effective August 16, 2020[124]. - The company appointed Zhongzhou International Financial Holdings Limited as the new compliance advisor, effective August 16, 2020[124]. Strategic Plans and Market Position - The company plans to expand its market presence through new product offerings and strategic partnerships in the upcoming quarters[49]. - The company plans to launch a major marketing campaign in 2021 to expand its customer base as it celebrates its 50th anniversary[73]. - The company is applying for multiple new asset management licenses to expand its asset management division by the end of 2020[73]. - The company aims to continue exploring acquisition opportunities selectively within the asset management sector[73]. Impact of COVID-19 - The impact of COVID-19 on the company's financial performance will depend on the effectiveness of measures taken to control the virus and the duration of the pandemic[74]. - The group has not experienced any significant changes in lease terms due to COVID-19, and thus the related accounting standards revisions did not affect its financial performance[41]. Shareholder Information - DTTKF holds 110,193,750 shares, representing 55.09% of the company's issued share capital[104]. - Dr. TT Kou's family owns approximately 75.57% of DTTKF, with significant stakes held by other family members[104]. Financial Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and are presented in HKD[30]. - The financial statements for the nine months ended September 30, 2020, have not been audited but have been reviewed by the company's audit committee[36]. - The group’s financial statements are prepared consistently with the accounting policies applied in the previous financial year[38]. - The company has adopted revised Hong Kong Financial Reporting Standards, which clarified the definition of a business and did not impact the financial position or performance of the group[39].