Financial Performance - As of December 31, 2022, the net asset value of the company was approximately HK$55.6 million, a decrease of about HK$27.9 million compared to the previous year[17]. - The company reported an operational loss of approximately HK$28.0 million for the year, compared to a loss of HK$9.5 million in 2021[17]. - Revenue for the year ended December 31, 2022, was HK$0.5 million, unchanged from 2021, primarily consisting of dividend income from equity investments[20]. - Gross proceeds from the disposal of investments decreased significantly from HK$136.8 million to about HK$31.4 million due to reduced trading activities in the Hong Kong stock market[20]. - For the year ended December 31, 2022, the loss from operations increased from HK$9.5 million to about HK$28.0 million, with a fair value loss of approximately HK$10.8 million[25]. - The Group's total revenue for the year was HK$500,000, unchanged from the previous year, primarily derived from dividend income from equity investments[24]. - The Group suffered net fair value losses of about HK$281,000 and HK$2,363,900 from investments in HSI and HSTI constituents, respectively[26]. - The net losses on financial assets at fair value through profit or loss amounted to approximately HK$3.0 million as of the approval date of the consolidated financial statements[59]. Investment Strategy and Focus - The company changed its name from "China Internet Investment Finance Holdings Limited" to "China Castson 81 Finance Company Limited" to reflect a new strategic focus on diversified investments[11]. - The company aims to explore investment opportunities in new economy sectors, sustainable agriculture, green food, and biotech, moving away from a primary focus on internet finance[11]. - The company’s investment strategy will adopt a diversified approach to enhance long-term returns while managing risk levels suitable for the company and its shareholders[11]. - The company plans to integrate ESG issues into its investment decision-making process and explore private equity, SPAC-related, and pre-IPO investment opportunities post-reopening of the Hong Kong-mainland border[42]. - The Company aims to achieve capital appreciation and generate stable income from interests and dividends as its primary investment objective[138]. Market Conditions - The year 2022 was characterized by challenging capital market conditions, with significant declines in both equities and bonds due to global inflationary pressures and geopolitical conflicts[19]. - The Hang Seng Index (HSI) and Hang Seng TECH Index (HSTI) dropped significantly by 15.5% and 27.2% respectively during the year[26]. - The prolonged geopolitical tensions in Ukraine continue to pose risks to the global economy, raising concerns about a potential recession[36]. - The global economic outlook improved in late 2022, with hopes for a potential deceleration in monetary tightening due to moderating inflation in the US and Eurozone[35]. Corporate Governance - The Board consists of five Directors, including one Executive Director and three Independent non-executive Directors, ensuring a balance of skills and experience[157]. - The Company emphasizes a culture of creating long-term value for stakeholders and recognizes the importance of inclusion in the workplace[144]. - All Directors confirmed compliance with the Model Code for Securities Transactions, with no incidents of non-compliance reported for the year ended December 31, 2022[136]. - The Company has adopted a Board Diversity Policy to enhance the quality of its performance and maintain high standards of corporate governance[158]. - The Board's composition is reviewed annually to ensure diversity in skills, experience, and gender representation[177]. - The Company has received written annual confirmations of independence from all independent non-executive directors[174]. - The roles of Chairman and Chief Executive Officer are separated to ensure a balance of power[183]. - The Company confirms no material uncertainties affecting its ability to continue as a going concern[182]. Financial Management - The investment manager's monthly fee has been reduced from HK$45,000 to HK$22,500, effective from January 25, 2023[143]. - The Company’s financial statements are prepared in accordance with statutory requirements and applicable accounting standards[180]. - The Audit Committee is responsible for reviewing the Company's interim and annual financial statements[190]. - The Company’s external auditor is RSM Hong Kong, which provides an independent report on the financial statements[181]. - The Directors are committed to timely publication of financial statements[180].
中国铸晨81(00810) - 2022 - 年度财报