Financial Performance - The Group's consolidated net loss attributable to shareholders for the year ended 31 December 2018 was approximately HK$123.3 million, compared to a loss of approximately HK$613.3 million in 2017[40]. - Loss per share for the year was approximately HK$0.07, down from HK$0.34 in 2017[40]. - The Group's listed equity investments recorded a net realized loss of approximately HK$15.4 million and an unrealized loss of approximately HK$40.9 million for the year[43]. - As of December 31, 2018, the net current assets of the Group amounted to approximately HK$154.0 million, down from HK$212.7 million in 2017[79]. - The consolidated net asset value per share of the Company as of December 31, 2018, was HK$0.18, compared to HK$0.25 in 2017[79]. - The gearing ratio of the Group was 7.9% as of December 31, 2018, slightly up from 7.7% in 2017[81]. - The Group reported a loss for the year ended December 31, 2018, with no interim or final dividends recommended for the year[122]. Investment Strategy - The Board will maintain a diversified investment portfolio covering various sectors, including finance, consumer goods, media, construction, and mining[50]. - The Group remains cautious in identifying investment opportunities to achieve medium-term or long-term capital appreciation[43]. - The Company continues to focus on listed investments in Hong Kong amid volatile market conditions[43]. - The Group's investment strategy emphasizes maintaining a reasonable spread of investments across different business sectors[50]. - The principal activities of the Group include investments in listed and unlisted financial instruments in Hong Kong and globally[125]. - The Group's investment strategy focuses on listed investments in Hong Kong and major stock markets worldwide[123]. Unlisted Investments - The Group holds three principal unlisted equity investment projects: Keen Champ Investments Limited, Peak Zone Group Limited, and Pure Power Holdings Limited[52]. - The Group did not acquire or dispose of any unlisted investments during the year[57]. - As of December 31, 2018, the valuations of the Group's stakes in Peak Zone, Keen Champ, and Pure Power were approximately HK$42.8 million, HK$66.0 million, and HK$72.5 million respectively, with corresponding decreases of approximately HK$9.2 million, HK$28.1 million, and HK$21.4 million during the year[56][60]. Company Performance of Subsidiaries - Pure Power reported an unaudited consolidated net loss attributable to equity holders of approximately US$377,000 for the financial year ended December 31, 2018, due to operations not yet commencing at a significant scale[58][61]. - Keen Champ recorded an unaudited consolidated net loss attributable to equity holders of approximately HK$1.0 million for the financial year ended December 31, 2018, also due to operations not yet commencing at a significant scale[59][61]. - Peak Zone achieved an unaudited consolidated net profit attributable to equity holders of approximately HK$2.5 million for the financial year ended December 31, 2018, and is expanding its business in Eastern China[63][65]. - China Kingstone reported an audited consolidated loss attributable to owners of RMB19.3 million for the year ended December 31, 2018, facing challenges in the competitive construction material market[67][70]. - China e-Wallet incurred an audited consolidated loss attributable to owners of approximately HK$46.8 million for the financial year ended December 31, 2018, focusing on growth in the mobile and gaming industry[68][70]. - CNC reported an audited consolidated loss attributable to owners of approximately HK$358.7 million for the year ended March 31, 2018, with plans for long-term returns through advertising and e-commerce business development[69][70]. - China National Cultural Industry reported a consolidated loss attributable to equity holders of approximately HK$358.7 million for the year ended March 31, 2018[71]. - KPM HLDS recorded audited consolidated earnings attributable to equity holders of approximately S$884,000 for the financial year ended December 31, 2018[73]. - CHINA PPT INV reported a consolidated loss attributable to equity holders of approximately HK$569.5 million for the financial year ended March 31, 2018[74]. - SEEC MEDIA experienced a consolidated loss attributable to equity holders of approximately HK$125.1 million for the financial year ended December 31, 2018[77]. Corporate Governance - The Company has complied with all code provisions set out in the Corporate Governance Code for the Year, except for provisions A.2.1 and A.4.1[186]. - The Company has maintained Directors and officers liability insurance during the Year[155]. - The Board currently consists of one executive director, one non-executive director, and three independent non-executive directors, ensuring a diverse and professional composition[193]. - The Board has confirmed compliance with the Listing Rules regarding the appointment of at least three INEDs, representing at least one-third of the Board[198]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all directors have confirmed compliance with its standards for the year[192]. - The Company has taken sufficient measures to comply with the corporate governance code provisions regarding the separation of roles between the chairman and chief executive officer[189]. - The non-executive director, Ms. Hu Xiaoting, is subject to retirement by rotation according to the Company's articles of association[193]. - The Board has received written annual confirmations from each INED regarding their independence, in accordance with the Listing Rules[199]. Economic Environment - The Federal Reserve maintained the target range for the Federal Funds rate at 2.25% to 2.5% since December 2018, indicating no rate hikes for the remainder of 2019 due to weakening economic momentum[88][93]. - The US economic growth forecast for 2019 was downgraded to 2.1% from 2.3%, reflecting concerns about sustaining nearly 3% growth achieved in the previous year[90][91]. - Economic activity in the euro area slowed significantly, with growth dropping to 0.2% in the last two quarters of 2018, and this weak momentum is expected to continue into 2019[92][94]. - IHS Markit's flash composite Purchasing Managers' Index fell to 51.5 in March 2019, the lowest since June 2013, driven by the weakest manufacturing activity since August 2012[99]. - China's economy grew by 6.6% in 2018, but forecasts suggest a slowdown to less than 6.5% in the coming year, marking the slowest growth since official data began over two decades ago[99].
港湾数字(00913) - 2018 - 年度财报