Stock Market Performance - The stock market in Hong Kong rebounded nearly 18% after a four-year losing streak in 2024[11]. - The Hang Seng Index rose by 3.9% and the Hang Seng China Enterprises Index increased by 9.8% in the first half of 2024[12]. - The Shanghai Composite Index fell by 0.3% and the Shenzhen Component Index declined by 12.0% in the first half of 2024[13]. - The Dow Jones Industrial Average increased by 3.8%, the Nasdaq Composite Index rose by 18.1%, and the S&P 500 Index advanced by 14.5% in the first half of 2024[14]. - The Hang Seng TECH Index declined by 5.6% in the first half of 2024[12]. Financial Performance - The Group recorded a revenue of approximately HK$254,000 for the year ended 31 December 2024, a decrease of approximately 81.8% compared to HK$1,399,000 in the prior year, primarily due to a reduction in interest income[27]. - Gross proceeds from disposals of trading securities were approximately HK$49,114,000 for the Reporting Period, down from approximately HK$62,032,000 for the year ended 31 December 2023[27]. - The Group experienced a realised gain of approximately HK$6,673,000 on equity securities during the Reporting Period, compared to a gain of approximately HK$251,000 in 2023[27]. - A fair value loss of approximately HK$78,891,000 was recorded on equity securities, contrasting with a gain of approximately HK$54,869,000 in the previous year, attributed to poor performance of U.S. equity securities[27]. - The loss attributable to owners of the Company was approximately HK$76,810,000, compared to a profit of approximately HK$53,505,000 in the prior year[27]. - As of 31 December 2024, the Group's net assets were approximately HK$130,064,000, representing a decrease of 30.17% from HK$186,246,000 in 2023[29]. - Financial assets at fair value through profit or loss decreased from approximately HK$172,306,000 in 2023 to approximately HK$115,713,000 in 2024[29]. - The Group had borrowings of approximately HK$13,939,000 as of 31 December 2024, with a gearing ratio of 10.72%, up from 7.70% in 2023[35]. - The Group had available funds of approximately HK$2,662,000 as of 31 December 2024, primarily held in banks and licensed securities firms[34]. Investment Strategy - The Company plans to invest in trading securities, private equity funds, and private enterprises with potential prospects in 2025[22]. - The Board will closely monitor macro trends and seek investment opportunities in China, Hong Kong, and overseas[22]. - The Company aims to implement risk management policies to achieve stable returns on investments for shareholders[22]. - The Group's investment strategy focuses on strengthening existing businesses and financing future investment opportunities domestically and internationally to achieve financial growth and maximize shareholder value[59]. Capital Management - The gross proceeds from the Placing A were approximately HK$10.4 million, with net proceeds of approximately HK$10.2 million intended for investments and repayment of short-term loans[44]. - The Company raised approximately HK$10.2 million from the placing of new shares, with net proceeds of approximately HK$10.2 million intended for investment in listed and/or unlisted securities, repayment of short-term loans, and general working capital[47]. - Approximately HK$6.7 million of the net proceeds was used for investment in listed and/or unlisted securities, approximately HK$2.0 million for repayment of short-term loans and interest, and approximately HK$1.5 million for general working capital[47]. - The Company entered into a placing agreement on 23 August 2024 to issue up to 14,158,848 new shares at a price of HK$0.300 per share, raising gross proceeds of approximately HK$4.3 million and net proceeds of approximately HK$4.2 million[50]. - The intended use of the net proceeds from the Placing B includes approximately HK$3.7 million for investment in listed and/or unlisted securities and approximately HK$0.5 million for general working capital[54]. Corporate Governance and ESG - The ESG Report outlines the Group's commitment to sustainable development and summarizes its ESG initiatives and performances for the financial year ended December 31, 2024[102]. - The Group's core business activities in Hong Kong are highlighted in the ESG Report, incorporating relevant ESG data collected under its direct operational control[103]. - The Board holds ultimate responsibility for monitoring the Group's ESG issues, ensuring effective control of ESG risks and internal control mechanisms[121]. - The ESG Taskforce is responsible for gathering and analyzing ESG-related information, reporting directly to the Board, and ensuring compliance with ESG laws and regulations[122]. - Stakeholder engagement is prioritized, with multi-channel interactions established to gather feedback from key stakeholder groups including shareholders, employees, and regulatory authorities[125]. - The Group conducts materiality assessments to identify and prioritize significant ESG-related issues relevant to its operations and stakeholders[128]. - The Group is committed to high standards in business ethics and aims to improve community and environmental quality, providing long-term returns to stakeholders[115]. - The Group's ESG strategies are guided by stakeholder opinions, ensuring alignment with their expectations and compliance with local laws[126]. - The Group emphasizes transparency in corporate governance to attract investment and enhance shareholder value[120]. Employee Management - The Group employed a total of 5 employees as of December 31, 2024, an increase from 2 employees in 2023[86]. - The remuneration policy for employees is designed to be competitive and aligned with market practices, ensuring effective attraction and retention[87]. - The Group has established a Remuneration Committee to ensure competitive compensation and benefits packages for employees[175]. - No material non-compliance with employment-related laws was reported during the year, ensuring compliance with various ordinances in Hong Kong[176]. - The employee turnover rate remained at 0% for both 2023 and 2024, indicating no employee departures during the reporting period[182]. - The Group emphasizes a fair recruitment process, focusing on candidates' experience and expertise, with periodic reviews to ensure effectiveness[184]. - Employee promotions and career development are based on contributions, with annual performance appraisals determining adjustments and opportunities[185]. - The Group provides attractive benefits, including office insurance and discretionary bonuses, to retain talent and enhance employee loyalty[194]. - Training programs are tailored to specific needs to facilitate employee career advancement, reflecting the Group's commitment to employee development[200]. Environmental Initiatives - The Group achieved a 5% reduction in electricity consumption intensity, non-hazardous waste intensity, and greenhouse gas emissions intensity, all marked as achieved[137]. - Total greenhouse gas emissions decreased from 3.01 tCO2e in 2023 to 2.51 tCO2e in 2024, indicating a positive trend in emissions management[143]. - Scope 2 indirect greenhouse gas emissions increased slightly from 1.80 tCO2e in 2023 to 1.86 tCO2e in 2024[143]. - The Group has implemented paper-saving initiatives to create a paperless working environment, aiming to reduce paper consumption and enhance recycling efforts[148]. - The Group's environmental targets include reducing pollutant emissions and resource consumption as part of its commitment to sustainability[132]. - The Group's non-hazardous waste is primarily paper waste generated from office operations, with minimal anticipated impact[147]. - The Group does not generate hazardous waste due to its office-based operations[151]. - The Group's sewage discharge into land is insignificant, with no significant amount of sewage water discharged during the reporting period[146]. - The Group is committed to integrating sustainability into its business strategy to minimize carbon footprint and strengthen resilience to climate-related risks[131]. - Total non-hazardous waste decreased from 253.49 kg in 2023 to 135.87 kg in 2024, representing a reduction of approximately 46.4%[153]. - Energy consumption increased from 2,640 kWh in 2023 to 2,813 kWh in 2024, marking a rise of about 6.5%[159]. - Energy consumption intensity rose significantly from 41.62 kWh/million rev in 2023 to 56.98 kWh/million rev in 2024, an increase of approximately 37%[159]. - The Group aims to reduce energy consumption intensity by 5% over the next four years, using FY2021 as the baseline[156]. - The Group's water usage records were not accessible during the year due to management by a property management company, but no significant issues in sourcing water were reported[160]. - The Group has implemented measures to monitor and improve indoor air quality, including air purification equipment and regular cleaning of air-conditioning systems[164]. - The Group recognizes the increasing physical risks from climate change, including extreme weather events that may disrupt business operations[166]. - Transition risks related to climate change may lead to increased compliance costs and legal risks, impacting the Group's reputation[173].
中国天弓控股(00428) - 2024 - 年度财报