Financial Performance - Revenue for the six months ended 30 June 2023 was HK$353,000, compared to HK$43,000 for the same period in 2022, representing an increase of 720.93%[5]. - Net loss on financial assets at fair value through profit or loss improved to HK$2,376,000 from HK$9,130,000, a reduction of 73.93%[5]. - Loss from operations decreased to HK$3,609,000 from HK$11,048,000, reflecting a 67.24% improvement[6]. - Loss attributable to owners of the Company for the period was HK$3,618,000, down from HK$11,055,000, indicating a 67.24% reduction[6]. - The company reported a total comprehensive income loss of HK$3,618,000 for the six months ended June 30, 2023, compared to a loss of HK$20,502,000 for the entire year of 2022[14]. - For the six months ended June 30, 2023, the loss before income tax was approximately HK$3,618,000, a decrease from HK$11,055,000 for the same period in 2022, representing a reduction of about 67.24%[54][57]. - Basic loss per share for the period was approximately HK$0.0208, compared to HK$0.0638 for the same period in 2022, reflecting a decrease of about 67.24%[54][57]. - The Group recorded a loss of approximately HK$3,618,000, compared to a loss of HK$11,055,000 in 2022[100]. Assets and Liabilities - Total assets less current liabilities as of 30 June 2023 were HK$64,519,000, compared to HK$68,230,000 at the end of 2022, a decrease of 5.03%[10]. - Net assets as of 30 June 2023 were HK$64,519,000, down from HK$68,137,000, representing a decline of 5.03%[12]. - Current assets as of 30 June 2023 totaled HK$64,678,000, down from HK$68,871,000, a decrease of 6.43%[10]. - As of June 30, 2023, total equity decreased to HK$64,519,000 from HK$68,137,000 at the end of 2022, reflecting a decline of approximately 3.8%[14]. - The accumulated losses as of June 30, 2023, were HK$298,687,000, slightly improved from HK$295,069,000 at the end of 2022[14]. - The Group had net assets of approximately HK$64,519,000 as of June 30, 2023, compared to HK$68,137,000 as of December 31, 2022[162]. - The Group had no interest-bearing liabilities, resulting in a gearing ratio of zero[162]. Cash Flow - The net decrease in cash from operating activities for the six months ended June 30, 2023, was HK$4,750,000, an improvement from a net decrease of HK$10,790,000 in the same period of 2022[16]. - Cash and cash equivalents at the end of the period were HK$18,041,000, compared to HK$10,188,000 at the end of June 30, 2022, indicating a year-over-year increase of approximately 77.5%[16]. - As of June 30, 2023, the Group maintained bank and cash balances of approximately HK$18,041,000, down from HK$22,933,000 as of December 31, 2022[161]. Share Capital and Equity - The capital reduction resulted in a decrease of HK$43,940,000 in share capital, with total comprehensive income for the year reflecting a loss of HK$20,502,000[14]. - The company issued shares during the rights issue, resulting in an increase of HK$43,940,000 in share capital[14]. - The total number of issued shares remained at 173,448,741 as of June 30, 2023[165]. - The share consolidation became effective on September 21, 2022, with 115,632,494 consolidated shares issued on October 27, 2022[171]. Investments - The gross proceeds from trading of listed equity securities for the period amounted to approximately HK$58,186,000, an increase from HK$49,347,000 in 2022, reflecting a growth of about 15%[38]. - The realized gains on financial assets at fair value through profit or loss for the six months ended June 30, 2023, were approximately HK$3,806,000, compared to realized losses of HK$10,517,000 in 2022, indicating a turnaround in performance[38]. - The unrealized losses on financial assets at fair value through profit or loss for the same period were approximately HK$6,182,000, compared to unrealized gains of HK$1,387,000 in 2022, highlighting volatility in the market[38]. - The total fair value of the Group's investments as of June 30, 2023, was approximately HK$46,612,000, an increase from HK$45,913,000 as of December 31, 2022[101]. - The total cost of investments was HK$76,474,000, with a fair value of HK$46,612,000, representing a 72.24% of the group's net assets[107]. - The total unrealized loss from all investments amounted to HK$8,998,000 for the six months ended June 30, 2023[107]. Taxation - The Group had unused tax losses of approximately HK$361,936,000 as of June 30, 2023, slightly down from HK$363,390,000 at the end of 2022, indicating a decrease of about 0.4%[52][56]. - The Group did not recognize any deferred tax assets related to the unused tax losses due to the unpredictability of future profit streams[52][56]. - There were no provisions made for Hong Kong profits tax for the six months ended June 30, 2023, as there was no estimated assessable profit, consistent with the previous year[51][56]. Management and Governance - The company adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which did not have a material effect on the financial statements[23]. - The company has maintained the same accounting policies as in the 2022 annual consolidated financial statements, with some expected changes to be reflected in the 2023 annual financial statements[18]. - The Group did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[89]. - The board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2023[187]. Market Conditions - The Hang Seng Index (HSI) dropped 4.4% to close at 18,916, while the Hang Seng Tech Index fell 5.3% to 3,911 during the first half of 2023[95]. - The Hong Kong stock market was one of the worst-performing financial markets globally in the first half of 2023, with sluggish turnover figures[93]. - The performance of the Chinese economy is expected to be a key factor influencing local market performance in the second half of 2023[96]. Other Income - Other income for the six months ended June 30, 2023, totaled HK$20,000, compared to HK$16,000 in 2022, showing a slight increase[45]. - The group received dividends totaling HK$96,000 from its investments during the six months ended June 30, 2023[107].
中国金融租赁(02312) - 2023 - 中期财报