Financial Performance - For the six months ended June 30, 2023, the company reported a net profit of $80,411,139, compared to a net loss of $(85,640,580) for the same period in 2022[2]. - The total pre-tax loss for the period was $(13,303,100), compared to a pre-tax profit of $19,212,692 in the same period last year[14]. - For the six months ended June 30, 2023, the company's attributable profit was $63.68 million, compared to a loss of $70.99 million in the same period last year, marking a significant turnaround[35]. - The net profit for the current period is $63,682,960, compared to a net loss of $70,991,583 in the previous period[72]. - The net gain from financial assets for the current period is $8,041,000, while the previous period recorded a net loss of $85,640,000[54]. - The overall value of financial assets measured at fair value through profit or loss significantly increased, contributing to the profit turnaround[35]. Investment Income - The total investment income for the period was $1,072,112, down from $1,646,785 in the previous year, reflecting a decrease of approximately 34.8%[20]. - The company reported a total dividend income of $817,294, which decreased from $1,513,027 in the previous year, representing a decline of approximately 46%[20]. - Investment income decreased by 35.15% to $1.07 million for the six months ended June 30, 2023, down from $1.65 million in the same period last year, primarily due to reduced dividend income from investment projects[36]. Assets and Liabilities - The total assets under management for the company were reported at $158,746,148, an increase from $143,176,403 in the previous year[11]. - As of June 30, 2023, the company's cash and cash equivalents decreased by 24.64% to $19.21 million from $25.49 million at the end of the previous year, representing 2.51% of total assets[39]. - The total assets after deducting current liabilities amount to $730,812,765, up from $689,198,781 in the previous year[74]. - The company has no outstanding liabilities as of June 30, 2023, maintaining a stable financial position[40]. - The company has no bank loans as of June 30, 2023, consistent with the previous year[57]. Investment Strategy - The financial performance indicates a shift in investment strategy, focusing on sectors such as cultural media and consumption, as well as information technology[22]. - The company plans to focus on investment opportunities in digital finance, emerging technologies, cultural tourism, and healthcare sectors[62]. - The total investment value of the company as of June 30, 2023, was $744.52 million, with allocations of $412.86 million in financial services (54.05%), $83.58 million in cultural media and consumption (10.94%), and $229.84 million in information technology (30.08%)[41]. - The company is actively seeking investment opportunities and has signed an information technology investment project after the reporting date[37]. Dividends - The company did not declare an interim dividend for the six months ended June 30, 2023, consistent with the previous year[45]. - The interim dividend declared for the year ended December 31, 2022, is $10,663,311, maintaining a dividend of $0.07 per share[63]. Market Outlook - The company expects China's economic growth to achieve a target of around 5.0% in 2023, supported by recovering consumer demand and government stimulus measures in infrastructure[43]. Accounting and Reporting - The financial information for the six months ended June 30, 2023, is prepared in accordance with Hong Kong Accounting Standards and relevant listing rules[77]. - The accounting policies and calculation methods used for the financial information are consistent with those applied in the consolidated financial reports for the year ended December 31, 2022[78]. - The analysis of the group's investment income (loss) for the six months ended June 30, 2023, includes realized and unrealized gains or losses on financial instruments[80]. - The total comprehensive income (expense) attributable to the company's shareholders for the period is reported[81]. Other Information - The company has not disclosed any new product developments or market expansion strategies during this reporting period[22]. - The company has not reported any significant mergers or acquisitions in the current financial period[22]. - The company sold all 67.24 million shares of China Reinsurance (Group) Corporation, generating net proceeds of 34.77 million HKD (approximately $4.46 million) with a pre-tax internal rate of return of -15.47%[56]. - The company invested 50 million RMB (approximately $7.02 million) in Beijing Hanwei Chuangxin Electronics Technology Co., acquiring a 6.42% equity stake[55]. - The company's net asset value as of June 30, 2023, was $604.07 million, an increase from $571.57 million on December 31, 2022, with a net asset value per share of $3.965[35]. - The basic earnings per share increased to $3.965 from $3.752 year-over-year[74]. - Administrative expenses for the period amounted to $(5,567,698), compared to $(6,549,964) in the previous year, indicating a reduction of about 15%[9].
招商局中国基金(00133) - 2023 - 中期业绩