Financial Performance - The Company reported a net loss attributable to shareholders of HK$52,745,075 for the year ended 31 December 2022, primarily due to a net change in fair value loss of HK$39,041,595 on investment positions[14]. - The audited net asset value per share was approximately HK$0.11 as of 31 December 2022[15]. - The investment performance was negatively impacted by a net unrealised loss of HK$27,794,781 and a net realised loss of HK$11,246,814 on financial assets at fair value through profit or loss[15]. - The total unrealized losses across the mentioned investments indicate a significant impact on the company's net asset value[35][38][41][42]. - The Company recorded a realised gain of HK$320,000 from Crater Gold Mining Limited, while the top realised losses included HK$10,046,000 from State Innovation Holdings Limited[65]. - The Company did not recommend any final dividend for the Year, consistent with the previous year[68]. - The Company raised approximately HK$74 million through a rights issue, with plans to allocate HK$62.9 million towards investments in funds and HK$11.1 million for general working capital[76][77]. - The Company had no capital expenditure or commitments as of December 31, 2022[79]. - The Company did not purchase, redeem, or sell any of its listed shares during the Year[78]. - There were no significant contingent liabilities as of December 31, 2022[69]. Investment Strategy - The Company maintained a long-term investment strategy in both public and private equities throughout the year[14]. - The Company aims to diversify investment risks and enhance long-term returns through various investment strategies[27]. - The Company plans to continue focusing on Greater China and other major global markets for investment opportunities[28]. - The Company plans to monitor investments cautiously due to recent uncertain market conditions[15]. - The company invested in Hanvey Group Holdings Limited, focusing on enhancing product design and development capabilities[26]. - The company also invested in two new funds: Goldstone 1 LPF and SWK Dynamic OFC, targeting capital appreciation and the Hong Kong and China equity markets[27]. - The company continues to explore market expansion opportunities and new product developments to enhance future performance[39]. - The management remains focused on strategic investments and potential acquisitions to strengthen its market position[39]. Economic Overview - China's GDP increased to RMB121,021 billion in 2022, representing a growth of 3.0% compared to 2021[20]. - The GDP growth rate for the first quarter of 2022 was 4.8%, which slowed to 0.4%, 3.9%, and 2.9% in the subsequent quarters[20]. - The Hang Seng Index decreased by 15.5% in 2022, while the Hang Seng Chinese Enterprises Index fell by 18.6%[21]. - The U.S. Federal Reserve raised interest rates seven times in 2022, increasing from 0.25% to 4.5% by year-end[21]. - The U.S. GDP grew at an annualized rate of 2.9% in Q4 2022, with an overall growth rate of 2.1% for the year[21]. - The recovery of business in 2023 is expected to be challenging but may lead to significant growth[22]. - The outbreak of COVID-19 and its variants continued to affect global markets, but adjustments in China's anti-epidemic strategy are expected to restore business activities[19]. - The Company believes that the pandemic is coming to an end and anticipates a rebound in the national economy[19]. Shareholder Information - As of December 31, 2022, the company had 1,319,700,274 issued shares[189]. - Wang Dingben holds 68,330,000 shares, representing approximately 5.18% of the issued share capital[189]. - CAS International Investment Management Company Limited and its affiliates collectively hold 315,000,000 shares, accounting for 23.87% of the issued share capital[193]. - Yang Kun is a beneficial owner of 129,640,000 shares, which is about 9.82% of the issued share capital[195]. - Choi Koon Shum and associated entities hold 117,898,595 shares, representing approximately 8.93% of the issued share capital[195]. - The company has not been notified of any other persons with interests or short positions in shares as of December 31, 2022[197]. Corporate Governance - The Company has established an audit committee in compliance with the Listing Rules, comprising three independent non-executive directors[97][100]. - The Company has arranged appropriate Directors' and officers' liabilities insurance coverage during the Year[163]. - The Company has complied with all material relevant laws and regulations in Hong Kong during the Year[162]. - The Company operates a share option scheme to provide incentives and rewards to eligible participants contributing to its success[176]. - The maximum number of shares that may be issued upon exercise of all outstanding options under the Share Option Scheme must not exceed 30% of the issued share capital[175]. - The total number of shares issued upon exercise of options granted to each participant in any twelve-month period shall not exceed 1% of the shares in issue[181]. Management and Directors - Mr. Chan Cheong Yee has been appointed as an executive director since June 1, 2013, and is currently the managing director of Evergrande Securities (Hong Kong) Limited[107]. - Mr. Huang Bin has been appointed as a non-executive director and chairman since January 10, 2022, with extensive experience in fund and asset management[110]. - Mr. Choi Koon Ming has over 26 years of experience in corporate financing and has been an executive director of Sunwah Kingsway Capital Holdings Limited since 2000[115]. - Mr. Choi Chit Sze Jackson, appointed as a non-executive director since February 8, 2022, was recognized as an outstanding young entrepreneur in the Guangdong-Hong Kong-Macao Greater Bay Area in 2020[114]. - Mr. Huang organized special funds to support the "Belt and Road" initiative and promote the development of the Guangdong-Hong Kong-Macao Bay Area[110]. - Mr. Chan is currently an executive director of multiple companies listed on the Main Board of the Stock Exchange, including China Innovation Investment Limited and Capital VC Limited[107]. - Mr. Huang has experience working with international financial institutions, including Crédit Agricole Corporate and Investment Bank in France[110]. - Mr. Choi Koon Ming is also an independent non-executive director of EPS Creative Health Technology Group Limited since 2021[115].
中国新经济投资(00080) - 2022 - 年度财报