Financial Performance - For the first half of 2023, the company's revenue and other income reached HKD 692 million, a significant increase of 43.6% compared to HKD 482 million in the same period of 2022[4]. - The company reported a loss attributable to shareholders of HKD 1,678 million for the first half of 2023, compared to a loss of HKD 373 million in the same period of 2022[4]. - Basic/diluted loss per share for the first half of 2023 was HKD 0.14, a decrease from HKD 0.61 in the first half of 2022[4]. - The company reported a loss of HKD 373.2 million for the first half of 2023, compared to a loss of HKD 1,677.9 million in the same period of 2022, indicating a significant improvement[20]. - The total comprehensive loss attributable to shareholders was HKD 389.1 million for the six months ended June 30, 2023, compared to HKD 2,700.2 million in the same period of 2022[137]. - The group reported a loss of approximately HKD 373.2 million for the six months ended June 30, 2023, compared to a loss of HKD 1,677.9 million in the same period of 2022, indicating a significant improvement[68]. - The operating loss for the first half of 2023 was HKD 373,757 million, compared to an operating loss of HKD 1,674,320 million in the first half of 2022, indicating an improvement in performance[163]. Assets and Liabilities - Total assets amounted to HKD 23,039 million as of June 30, 2023, down from HKD 24,662 million in the same period of 2022[4]. - The total assets as of June 30, 2023, amounted to HKD 23,039,006 million, down from HKD 24,661,853 million as of December 31, 2022, representing a decrease of approximately 6.6%[166]. - The total equity attributable to shareholders decreased to HKD 2,287,522 million as of June 30, 2023, from HKD 2,676,593 million at the end of 2022, a decline of about 14.5%[166]. - The total borrowings of the group as of June 30, 2023, were HKD 17,662.5 million, a slight decrease from HKD 18,315.7 million at the end of 2022[96]. - Current liabilities decreased significantly to HKD 11,143,167 thousand from HKD 14,713,094 thousand, a decrease of approximately 24.0%[167]. - Non-current liabilities increased to HKD 9,608,317 thousand from HKD 7,272,166 thousand, marking an increase of about 32.0%[167]. Revenue Streams - The securities brokerage business generated commission and fee income of HKD 47.9 million, a decrease of 25.1% from HKD 63.9 million in the same period of 2022[9]. - Commission and fee income from corporate finance and underwriting services decreased by HKD 19.5 million or 79.3%, totaling HKD 5.1 million for the first half of 2023, down from HKD 24.6 million in 2022[26]. - The commission and fee income for the first half of 2023 was HKD 75,132 million, down from HKD 109,902 million in the same period of 2022, a decrease of about 31.7%[163]. - Income from asset management and advisory services increased by HKD 0.8 million or 3.8% to HKD 22.2 million for the six months ended June 30, 2023[131]. Market Conditions - The global economic environment remains challenging, with tightening monetary policies impacting market sentiment, yet there are signs of recovery in the Chinese economy and service sectors[19]. - The Hong Kong IPO market saw a 22% increase in the number of transactions year-on-year in the first half of 2023, although the total fundraising amount decreased by 9.9% compared to the same period in 2022[19]. - The number of new listings on the Hong Kong Stock Exchange increased by 29% year-on-year, totaling 31 new stocks, while the total fundraising amount from IPOs decreased by 9.9% to HKD 17.78 billion[50]. Operational Efficiency - Operating expenses and financing costs for the group were HKD 855.4 million, down from HKD 982.6 million in 2022, reflecting a decrease of 12.9%[69]. - Other operating expenses decreased by 58.0%, primarily due to reductions in foreign exchange losses, software development costs, and operating lease expenses[71]. - The group recognized impairment losses on 119 debt securities, with the fair value of stage two and stage three debts amounting to HKD 148.3 million and HKD 174.1 million, respectively[75]. - The impairment provision increased by HKD 159.2 million to a total of HKD 1,804.7 million as of June 30, 2023, primarily due to market volatility and a downturn in the real estate sector in mainland China[92]. Cash Flow and Financing - Cash used in operating activities was HKD 375,611 thousand for the six months ended June 30, 2023, compared to cash generated of HKD 1,687,970 thousand in the same period of the previous year[170]. - The company's cash flow from operating activities before changes in working capital improved significantly, moving from a negative HKD 682,220 thousand in 2022 to a negative HKD 337,524 thousand in 2023[170]. - The net cash generated from investing activities was HKD 1,107,603 thousand for the six months ended June 30, 2023, compared to HKD 315,189 thousand in the same period of 2022[172]. Governance and Compliance - The company has adopted the Corporate Governance Code as its governance framework and has complied with all relevant provisions as of June 30, 2023[31]. - Major shareholders, including Bank of Communications, held approximately 73.14% of the company's issued shares[61]. Dividends - No interim dividend was declared for the six months ended June 30, 2023, consistent with the same period in 2022[41]. - No dividends were declared for the current fiscal year, while the previous fiscal year had a dividend of HKD 0.05 per ordinary share, totaling HKD 136,720 thousand[196].
交银国际(03329) - 2023 - 中期财报