Financial Performance - The net loss attributable to owners of the Company was approximately HK$34,859,000, a decrease of approximately HK$6,984,000 from the loss of approximately HK$41,843,000 in the last financial year[31]. - The net unrealised loss from fair value changes of listed and unlisted equity investments and unlisted investment funds was approximately HK$10,730,000, compared to an unrealised loss of approximately HK$7,327,000 in 2021[29]. - As of December 31, 2022, the Group had cash and cash equivalents of approximately HK$3,068,000, down from approximately HK$7,745,000 in 2021[33]. - The audited consolidated net liabilities value of the Group was approximately HK$90,374,000, an increase from approximately HK$55,515,000 in 2021[33]. - The Group's gearing ratio as of December 31, 2022, was 179.97%, an increase from 141.90% in 2021[86]. - As of December 31, 2022, the Group had no contingent liabilities, maintaining a stable financial position[94]. - The Group reported no contingent liabilities as of December 31, 2022, compared to zero in 2021[98]. - The Group had no margin financing utilized as of December 31, 2022, consistent with 2021, with financial assets valued at approximately HK$38,000, down from approximately HK$57,000 in 2021[99]. - The Company does not recommend the payment of a final dividend for the year ended December 31, 2022[145]. - As of December 31, 2022, the reserves available for distribution to shareholders amounted to HK$nil[158]. Investment Strategy - Goldstone will continue to adopt a prudent investment strategy, focusing on attractive opportunities in medical/biotech, green economy, new economy, and high-tech fields[14]. - The Company aims to leverage its strong market analytical capability to optimize investments and maximize returns for shareholders[14]. - The Group's investment strategy includes a diverse range of instruments, including private equity, fixed income, and derivatives, to achieve its investment goals[79]. - The Group's investments may include hedge funds, quantitative funds, and digital currency funds[143]. - The investment strategy for both Fixed Income Products aims for a 10% annual return with manageable risks[55]. - The investment objective for CAM SPC Alpha SP is to maximize capital growth with an annual return around 10% across a wide spectrum of assets[64]. - CAM SPC CNNC SP aims for a similar investment objective of around 10% annual return and has invested in a private bond with an 11% annual interest[68]. - The investment objective of CAM SPC Omega SP is to achieve an annual return of approximately 10% through capital growth across various asset classes[77]. - The investment prospects for the bonds are positive, with expectations of stable returns and potential upside through equity conversion in the future[64][68]. Economic Outlook - Inflation is expected to cool down in 2023, with balanced risks in developed markets, while China is restarting its economy faster than expected[14]. - The macroeconomic environment in 2022 was impacted by inflation, Federal Reserve interest rate policies, and the Russia-Ukraine war, affecting global markets[11]. - The economic outlook for 2023 indicates a shift from inflation and interest rate hikes to recession and corporate revenue outlook, with continued high-interest rates and inflation expected[104][105]. - The ongoing Russia-Ukraine war is creating uncertainty in global markets, particularly affecting energy and food prices, which may lead to long-term inflation in Europe[106]. - China's economic agenda for 2023 will focus on growth, emphasizing domestic demand expansion, foreign investment attraction, and real estate market stabilization[107]. Cost Control and Financial Management - Goldstone reduced administrative and operating expenses by 40.7% through cautious cost control measures during the year under review[12]. - The Group is tightening cost control measures to achieve positive cash flow from operations[42]. - The Group is negotiating with corporate bondholders to restructure and refinance borrowings to meet working capital needs[42]. - The Group aims to secure additional financial support through loans or issuing new equity or debt securities[42]. - The Company experienced a decrease in administrative and other operating expenses of approximately HK$6,855,000[32]. Management and Governance - The management team is preparing for fundraising and identifying new investment projects with good prospects and returns under challenging economic conditions[12]. - The Group's capital management objectives include maintaining an optimal capital structure to reduce the cost of capital and support stability and growth[87]. - The company has a diverse board with members holding various licenses from the Securities and Futures Commission of Hong Kong, indicating a strong regulatory compliance[122][126][129]. - The board includes independent directors with significant experience in international banking and investment management, enhancing corporate governance[130][131]. - The Company has received annual written confirmations from independent non-executive Directors regarding their independence[170]. Shareholder Information - Major shareholders include Eagle Ride Investments Limited with 31.91% of issued shares, Harmony Rise International Limited with 12.75%, and Dragon Synergy Holdings Limited with 12.50%[175]. - The maximum number of securities available for issue under the share option scheme is limited to 10% of the issued capital of the Company[197]. - The maximum entitlement of each grantee under the share option scheme in any 12-month period is limited to 1% of the ordinary shares in issue[197]. - The Company did not enter into any arrangements to enable Directors to acquire benefits through shares or debentures during the year[191]. - There were no interests or short positions in the shares or debentures of the Company by Directors or their associates as of December 31, 2022[190].
金石投资集团(00901) - 2022 - 年度财报