Financial Performance - The Group reported a loss after tax of approximately HK$4.8 million for the Year, an improvement from a loss of HK$16 million in 2021[21]. - Gross proceeds from the disposal of financial assets at FVTPL decreased substantially to HK$3.1 million in 2022 from HK$30.9 million in 2021[27]. - Dividend income for the Year was HK$1.2 million, down from HK$2.3 million in 2021[27]. - Other comprehensive income included a fair value gain on financial assets of approximately HK$0.17 million, compared to a loss of HK$24.04 million in 2021[22]. - The Group reported a loss of approximately HK$1.6 million from revenue nature listed equity investments at FVTPL, compared to a loss of HK$1.8 million in 2021[29]. - A gain of approximately HK$4.5 million was recorded from capital nature listed equity investments at FVTPL, a significant improvement from a loss of HK$1.5 million in the previous year[29]. - Administrative expenses decreased to approximately HK$7.1 million from HK$9.3 million in 2021, with staff remuneration accounting for about 56% of total administrative expenses[29][34]. - Other income for the year was HK$295,000, up from HK$0 in 2021, primarily due to government subsidies under the Employment Support Scheme[33][36]. - The company's stock price decreased by 13.79% during the year[55]. - The Group's unrealized loss at year-end for one significant investment amounted to HK$49.2 million, after an impairment loss of HK$1.3 million[53]. - The share price of another significant investment decreased by 38.10% during the year, with an unrealized loss of HK$11.3 million at year-end[54]. Market Conditions - The Hang Seng Index dropped 15.5% in the Year, following a decline of 14.1% in 2021[15]. - The economic environment in Hong Kong remained challenging, influenced by global inflation and COVID-19 restrictions[8][9]. - The overall market performance is expected to vary significantly in 2023 due to geopolitical tensions and financial market instability[10]. Investment Strategy - The Group's strategy includes identifying and investing in both listed and unlisted investments with growth potential, without a specific industry focus[43][47]. - The Group aims to enhance shareholder value by improving earnings through ongoing projects and selective portfolio replenishment[50][51]. - The Group did not make any new unlisted investments during the Year[17]. Financial Management - Investment management expenses were reduced from HK$4.2 million to HK$0.96 million[21]. - Finance costs decreased by HK$0.3 million due to the repayment of margin loans[21]. - The margin loan from a securities broker at year-end was approximately HK$10.5 million, down from HK$12.1 million in 2021, with related interest expenses decreasing to HK$1.1 million from HK$1.4 million[41]. - The gearing ratio at year-end was 25.71%, an increase from 22.72% in the previous year[67]. - The group had cash and cash equivalents of approximately HK$455,000, down from HK$2,488,000 in the previous year[60]. Corporate Governance - The Board does not recommend the payment of a dividend for the year, consistent with the previous year[95]. - The Company has confirmed the independence of all INEDs in accordance with Rule 3.13 of the Listing Rules[126][132]. - The Company has maintained appropriate insurance cover for potential legal actions against the Directors[128]. - The INEDs have extensive experience, with backgrounds in law, finance, and corporate governance, contributing to the Company's oversight[119][120][124]. - The roles of chairman and chief executive have been performed by the same individual, which the board believes is in the best interest of the group for consistent leadership[198]. Employee and Director Information - The Group had 8 employees and 4 directors at year-end, with a compensation policy that includes a 5% contribution to the MPF scheme from both the Group and its employees[90]. - Each Independent Non-Executive Director (INED) received a director's fee of HK$100,000 per annum, which will remain the same for 2023[123][129]. - No Director proposed for re-election has a service contract that is not determinable within one year without compensation[125][131]. Compliance and Risk Management - The Board is not aware of any significant non-compliance with relevant laws and regulations affecting the Group[166]. - The Group engages an experienced investment director and manager to mitigate risks associated with investment price fluctuations[162]. - The Group promotes environmental protection practices, including recycling and reducing energy consumption[164].
嘉进投资国际(00310) - 2022 - 年度财报