Financial Performance - Total revenue for the six months ended June 30, 2022, was a loss of $376,615,000, compared to a loss of $63,534,000 for the same period in 2021, indicating a significant decline[11]. - The company reported a pre-tax loss of $608,089,000 for the period, compared to a loss of $319,804,000 in the prior year[11]. - The total comprehensive loss for the six months ended June 30, 2022, was $608,089, compared to a loss of $319,804 for the same period in 2021, representing an increase of 90%[18]. - The company recorded an unaudited net loss of $608,089 for the six months ended June 30, 2022, compared to a net loss of $319,804 for the same period in 2021, primarily due to increased net losses from listed securities investments[63]. - The company recorded total investment losses of $388,691 for the six months ended June 30, 2022, compared to $67,480 for the same period in 2021, marking a significant increase of 474.5%[32]. Assets and Equity - Net assets decreased to $2,373,001,000 as of June 30, 2022, from $2,981,090,000 at the end of 2021, reflecting a decline of approximately 20.3%[13]. - Total equity decreased from $2,981,090,000 to $2,373,001,000, a reduction of approximately 20.3%[13]. - The company's total assets as of June 30, 2022, amounted to $2,462,138, a decrease from $3,077,737 as of December 31, 2021, indicating a reduction of 19.9%[29]. - The fair value of financial assets at fair value through profit or loss dropped significantly to $732,882,000 from $1,658,595,000, a decline of about 56%[13]. - The fair value of listed equity investments decreased from $1,658,595 on December 31, 2021, to $732,882 on June 30, 2022, reflecting a decline of 55.8%[42]. Cash Flow and Income - Cash and bank balances increased to $1,663,564,000 from $1,376,307,000, showing a growth of about 21%[13]. - The company reported a net cash flow from operating activities of $287,257 for the six months ended June 30, 2022, compared to a cash outflow of $792,839 for the same period in 2021, indicating a significant improvement[18]. - The company’s basic and diluted loss per share was 5.69 cents, compared to 2.99 cents in the previous year, indicating a worsening loss per share[11]. - The company recognized dividend income of $14,130 for the six months ended June 30, 2022, compared to $6,659 for the same period in 2021, representing an increase of 112.1%[18]. - The company’s interest income decreased to $16 for the six months ended June 30, 2022, from $23 for the same period in 2021, indicating a decline of 30.4%[18]. Administrative Expenses - The company incurred administrative expenses of $203,380,000, down from $219,939,000, reflecting a decrease of approximately 7.2%[11]. - Management and administrative fees paid to the fund management company for the six months ended June 30, 2022, were $28,094, a decrease from $36,331 in the same period of 2021[51]. - The outstanding balance payable to the fund management company at the end of the reporting period was $39,402, down from $52,359 as of December 31, 2021[53]. Market and Economic Conditions - The Chinese economy experienced a GDP growth of only 0.4% in Q2 2022, the slowest since Q1 2020, following a 4.8% growth in Q1 2022[71]. - The investment environment in the second quarter was affected by inflation pressures and economic stagnation, leading to a decline in market expectations for interest rates[75]. - The technology sector (cloud computing, software, media, IT platforms) fell by 14.12%, while the healthcare sector dropped by 18.65% in the first half of 2022[78]. - The Hang Seng Index closed at 21,859.79 on June 30, 2022, down 6.57% from 23,397.67 on December 31, 2021[72]. - The company anticipates a recovery in the internet sector following the easing of strict government controls[79]. Governance and Compliance - The company has maintained compliance with the Corporate Governance Code, with no deviations noted during the six months ending June 30, 2022[104]. - The board consists of five members, including one executive director and three independent non-executive directors, following the retirement of Dr. Wang Jing on March 23, 2022[107]. - All directors confirmed compliance with the Securities Trading Code during the six months ending June 30, 2022[115].
SHANGHAI GROWTH(00770) - 2022 - 中期财报