Financial Performance - Revenue for the period was HK$3,129,000, slightly down by 2.2% from HK$3,201,000 in 2019[10] - The total comprehensive loss attributable to owners of the Company for the period was HK$19,002,000, compared to HK$30,925,000 in the same period last year, indicating a 38.5% reduction in losses[10] - Basic and diluted loss per share was reported at 1.49 cents, an improvement from 2.43 cents in the prior year[10] - The Group reported a loss before taxation of approximately HK$19,002,000 for the six months ended 30 September 2020, compared to a loss of HK$30,925,000 in the same period of 2019, indicating a 38% improvement year-over-year[42][44] - The Group recorded a net loss attributable to owners of approximately HK$19,002,000 for the six months ended 30 September 2020, a decrease from a net loss of approximately HK$30,925,000 in the same period last year, reflecting a reduction in realized and unrealized losses on financial assets at fair value through profit or loss[95] Financial Assets and Liabilities - The net loss on financial assets at fair value through profit or loss was HK$20,270,000, representing a 35.7% improvement from a loss of HK$31,391,000 in the previous year[10] - Financial assets at fair value through profit or loss decreased to HK$86,233,000 as of 30 September 2020, down from HK$103,800,000 as of 31 March 2020, representing a decline of approximately 17%[46][47] - The unrealized loss on listed equity investments was HK$12,490,000 for the six months ended September 30, 2020, down from HK$30,483,000 in the previous year, showing a 59.0% decrease[35] - The net realized and unrealized loss on financial assets at fair value through profit or loss for the period ended 30 September 2020 amounted to approximately HK$20.3 million[199] Cash Flow and Liquidity - Cash and bank balances as of September 30, 2020, were HK$3,550,000, a decrease from HK$5,745,000 at the end of March 2020[11] - The net decrease in cash and cash equivalents during the period was HK$2,195,000, an improvement from HK$6,360,000 in the prior year, indicating a 65.5% reduction in cash outflow[16] - The Group maintained cash and bank balances of approximately HK$3.55 million and HK$5.75 million for the six months ended 30 September 2020 and the year ended 31 March 2020, respectively, indicating healthy liquidity[95] Investment Strategy - The Group's short-term strategy focuses on trading listed securities and maintaining sufficient dividend income for operations[99] - The Group's long-term strategy aims to balance listed and unlisted investments to enhance returns for shareholders while maintaining liquidity for future opportunities[99] - The Group plans to invest in more unlisted equity securities with potential for future listing[109] - The Group's investment strategy will continue to be cautious and pragmatic to achieve better returns for shareholders[109] Market Conditions - The Dow Jones Index increased by 26.76% from 21,917 at the end of March 2020 to 27,781 at the end of September 2020[102] - The Shanghai Composite Index rose by 17.02% from 2,750 at the end of March 2020 to 3,218 at the end of September 2020[105] - The Hong Kong Stock Index (HSI) slightly decreased by 0.61% from 23,603 at the end of March 2020 to 23,459 at the end of September 2020[106] - The Caixin China Manufacturing Purchasing Managers Index (PMI) improved from 49.4 in April 2020 to 53 at the end of September 2020[105] Administrative Expenses - The administrative and other operating expenses were reduced to HK$2,305,000 from HK$2,639,000 in the prior year, reflecting a decrease of 12.6%[10] - The Company reported no finance costs for the current period, compared to HK$302,000 in the previous year[10] Shareholder Information - The basic loss per share for the period was calculated based on 1,271,732,200 ordinary shares, resulting in a loss per share of approximately HK$0.015[42][44] - The Group did not declare any interim dividend for the six months ended 30 September 2020, consistent with the previous year where no dividend was declared[50][52] Connected Transactions - The Group's connected transactions were approved at the extraordinary general meeting of shareholders held on 26 March 2019[68] - The Company has entered into a New Investment Management Agreement with Upbest Assets Management Limited, with a monthly management fee of 1.5% per annum of the net asset value[55] Other Investments - The Group holds 50,000 shares in CK Hutchison Holdings Limited, representing 0.001% of its issued share capital, and received dividend income of approximately HK$122,000 for the period ended 30 September 2020[122] - The Group holds 5,800,265 shares in PCCW, representing 0.075% interest in the issued share capital of PCCW[127] - The Group holds 182,643 shares in MTR, representing 0.003% interest in the issued share capital of MTR[133] - The Group holds 1,200,000 shares in Bank of Communications, representing 0.0016% of its issued share capital, and received a dividend income of approximately HK$ 381,000[164] - The Group holds 4,600,000 shares in Bank of China, representing 0.0016% of its issued share capital, and received a dividend income of approximately HK$ 861,000[171] - The Group holds 4,791,250 shares in Gemilang, representing 1.906% of its issued share capital, with no dividend received during the period[178]
开明投资(00768) - 2021 - 中期财报