Financial Performance - The Company reported a net loss attributable to shareholders of HK$28,978,531 for the year ended December 31, 2024, primarily due to a net change in fair value loss of HK$17,515,762 on investment positions in the portfolio[13]. - As of December 31, 2024, the audited net asset value per share was approximately HK$0.05, reflecting the impact of market volatility on financial assets[14]. - The investment performance was adversely affected by significant economic challenges in the Chinese economy and increasing political risks in the Hong Kong and China stock markets[14]. - The Company reported a market value of HK$6,627,000 for its investment in Gransing Financial Group Limited, with a cost of HK$46,377,000, resulting in an unrealized loss of HK$39,750,000[30]. - The Company’s investment in Strong Petrochemical Holdings Limited was valued at HK$10,000,000 as of December 31, 2024[30]. - The total remuneration cost incurred by the Company for the Year was approximately HK$2,738,910, a decrease from HK$4,132,184 in the previous year[67][72]. - The Company had no capital expenditure or commitments as of December 31, 2024[58][63]. - There were no significant contingent liabilities as of December 31, 2024[51][55]. - The Company held six investments as of December 31, 2024, with the largest investment in the financial printing sector focusing on the Hong Kong IPO market[60][65]. - The Company aims to maximize returns for shareholders by focusing on Greater China and other significant global markets[23]. Market Overview - The Chinese GDP for 2024 reached RMB134,908.4 billion, representing a 5.0% increase compared to the previous year, with quarterly growth rates of 5.3%, 4.7%, 4.6%, and 5.4% respectively[18]. - The Hang Seng Index increased by 17.7% in 2024, while the Hang Seng China Enterprises Index surged by 26.4%, indicating strong performance in the Chinese enterprises sector[19]. - The U.S. Federal Reserve cut the federal funds rate by 25 basis points in December 2024, bringing it to a range of 4.25%–4.5%, influencing market expectations[17]. - The prolonged period of high interest rates in the U.S. presented further economic challenges, impacting the performance of the Hong Kong stock market[17]. - Recent policy measures in China showed signs of stabilization in the property market, with home sales picking up towards the end of 2024[17]. Investment Strategy - The Company maintained a medium to long-term investment strategy, holding one investment in a Hong Kong-listed company and three investments in private equity securities as of year-end[13]. - The Company invested in one listed company, two funds, and three private equity securities, reflecting a diversified investment strategy[24]. - The Company remains vigilant in seeking additional investment opportunities, including unlisted investments, to enhance value for investors and shareholders[24]. - The Company’s investment strategy emphasizes short to medium-term investments in listed securities while maintaining a commitment to long-term investments in private equity[22]. Corporate Governance - The Company is focused on compliance with regulatory requirements regarding share registration and corporate governance[78]. - The board's composition reflects a strategic approach to leverage expertise in financial management and corporate governance[83]. - The Company has complied with all applicable code provisions set out in the Corporate Governance Code during the year[195]. - The Company has arranged appropriate directors' and officers' liabilities insurance coverage during the year[128]. - The Company has not entered into any management contracts with individuals or firms to manage its business, except for the disclosed Investment Management Agreement[136]. Shareholder Information - The Directors do not recommend the payment of any final dividend for the Year[50]. - The Company has not commenced any operation or business prior to the Listing Date[98]. - The Company has not entered into any equity-linked agreements during the year, nor were there any subsisting agreements at the end of the year[121]. - The Company has not entered into any arrangements that would allow its Directors or their family members to benefit from purchasing shares or debentures of the Company[143]. - As of December 31, 2024, the company had 1,319,700,274 issued shares[163]. Related Party Transactions - The Company has a continuing connected transaction with the custodian as defined under Chapter 14A of the Listing Rules[168]. - The Investment Manager is considered a connected person under Rule 14A.08 of the Listing Rules, due to the involvement of Mr. Chan Cheong Yee, an executive Director[182]. - The auditor has issued an unqualified letter regarding the Company's continuing connected transactions, confirming compliance with the Listing Rules[184]. Directors and Management - Mr. Chan Cheong Yee has been an executive director since June 1, 2013, and is licensed for type 4 and type 9 regulated activities under the SFO[79]. - Mr. Chen Shengjie has been appointed as a non-executive director and chairman since October 16, 2024, with over 30 years of experience in accounting and financial affairs[83]. - The company has a diverse board with members experienced in various sectors, including finance, real estate, and media[83][85][86].
中国新经济投资(00080) - 2024 - 年度财报