Financial Performance - Total income for the six months ended June 30, 2021, was HK$3,802,000, a decrease of 42% compared to HK$6,548,000 in the same period of 2020[16]. - Loss before tax for the period was HK$31,366,000, representing a 12% increase from HK$27,913,000 in the previous year[16]. - Loss attributable to shareholders of the Company increased by 41% to HK$29,981,000 compared to HK$21,202,000 in the same period last year[16]. - Basic and diluted loss per share was HK$1.47, up 41% from HK$1.04 in the previous year[16]. - The Company reported a significant decline in total income, indicating challenges in revenue generation during the interim period[13]. - The increase in total expenses suggests rising operational costs that may need to be addressed for future profitability[15]. - Net loss for the 2021 Interim Period was HK$29.98 million, compared to a net loss of HK$21.20 million for the 2020 Interim Period[29]. - Total comprehensive expense for the period was HK$35,989,000, compared to HK$25,892,000 in the previous year, indicating a significant increase in overall expenses[80]. - The company reported a loss attributable to equity holders of HK$29,981,000 for the six months ended June 30, 2021, compared to a loss of HK$21,202,000 in 2020[173]. Expenses and Costs - Total expenses increased by 3% to HK$35,038,000 from HK$34,082,000 year-on-year[16]. - Staff costs increased by approximately 57% to HK$12.38 million for the 2021 Interim Period from HK$7.90 million for the 2020 Interim Period[29]. - Total operating expenses for the six months ended June 30, 2021, were HK$15,133,000, a decrease of 14.1% from HK$17,622,000 in 2020[162]. - The share option expense for the six months ended June 30, 2021, was recorded at HK$1,618,000, compared to HK$32,000 for the same period in 2020[95]. - Currency translation difference resulted in an expense of HK$6,008,000, compared to HK$4,690,000 in the previous year, indicating increased foreign exchange losses[80]. Cash Flow and Liquidity - Net cash used in operating activities was HK$21,927,000, a significant decline from cash generated of HK$38,888,000 in the prior year, marking a 156% change[16]. - The cash and cash equivalents at the end of the period were HK$253,374,000, down from HK$325,393,000 at the end of the same period in 2020, representing a decrease of approximately 22.1%[97]. - The net cash used in investing activities was HK$743,000, compared to a net cash inflow of HK$686,000 in 2020[97]. - The net cash used in financing activities was HK$6,133,000, slightly lower than the HK$6,245,000 used in the same period of 2020[97]. Assets and Equity - Total assets decreased by 10% to HK$387.63 million as of 30 June 2021 from HK$430.44 million at the end of 2020[22]. - Total equity decreased by 11% to HK$297.07 million as of 30 June 2021 from HK$333.06 million at the end of 2020[22]. - The company's total equity at June 30, 2021, included retained earnings of HK$(61,565,000)[87]. - Total current liabilities decreased from HK$93,803,000 as of December 31, 2020, to HK$89,845,000 as of June 30, 2021, representing a reduction of approximately 4.3%[84]. - Total liabilities decreased from HK$97,380,000 as of December 31, 2020, to HK$90,561,000 as of June 30, 2021, indicating a decline of approximately 7.5%[84]. Market and Business Strategy - The Company is focusing on strategies to improve financial performance and mitigate losses in subsequent periods[12]. - Future outlook includes potential market expansion and new product development to enhance revenue streams[12]. - The Group recognizes business opportunities in the institutional space and has officially launched its institutional business in June 2021[39]. - The Group is enhancing its online and offline marketing efforts to attract potential investors from both retail and institutional sectors[39]. - The Group plans to launch additional core products in the second half of 2021 to enrich its product line and provide comprehensive trading services[39]. Regulatory and Governance - The Company complied with the Corporate Governance Code throughout the 2021 Interim Period[58]. - The Audit Committee reviewed the unaudited condensed consolidated interim results and expressed no disagreement with the accounting treatment adopted by the Company[71]. - All Directors confirmed compliance with the Model Code regarding securities transactions during the 2021 Interim Period[73]. - There were no significant contracts involving Directors' interests during the 2021 Interim Period[59]. Shareholder Information - As of June 30, 2021, CITIC Securities Overseas Investment Company Limited holds 1,200,310,001 shares, representing approximately 59.03% of the issued shares[51]. - KVB Holdings Limited owns 300,000,000 shares, accounting for about 14.75% of the issued shares[51]. - The Board did not declare any interim dividend for the 2021 Interim Period, consistent with the previous year[56]. - The company did not recommend any dividend for the six months ended June 30, 2021, consistent with the previous year[168].
CLSA PREMIUM(06877) - 2021 - 中期财报