Financial Performance - The Group reported a loss after tax of approximately HK$10.28 million for the period, compared to a loss of HK$4.7 million for the same period in 2022[16]. - Loss before income tax for the six months ended June 30, 2023, was HK$10,275,000, compared to a loss of HK$4,691,000 in 2022, reflecting an increase in loss of approximately 119%[117]. - Total comprehensive expense attributable to owners of the Company for the period was HK$10,275,000, up from HK$4,691,000 in the previous year, marking an increase of about 119%[117]. - The loss attributable to the owners of the Company for the period was HK$10,275,000, compared to HK$4,691,000 in 2022, reflecting an increase in losses of approximately 118.5%[154]. Revenue and Proceeds - Gross proceeds from operations for the six months ended June 30, 2023, were HK$7,659,000, a significant increase from HK$2,950,000 in the same period of 2022, representing a growth of approximately 159%[117]. - Revenue for the same period was HK$20,000, a decrease from HK$26,000 in 2022, indicating a decline of about 23%[117]. - Gross proceeds from the disposal of financial assets at FVTPL which are revenue in nature decreased by approximately HK$677,000, totaling HK$2.25 million for the period[18]. - Gross proceeds from the disposal of financial assets at FVTPL which are capital in nature increased significantly to HK$5.39 million, compared to HK$0 in the previous period[18]. Expenses - Administrative expenses increased to approximately HK$4.22 million from HK$3.83 million in the previous period[20]. - Investment management expenses were reduced from HK$0.48 million to HK$0.32 million during the period[16]. - Staff costs increased to HK$2,398,000 from HK$2,129,000, marking a rise of approximately 12.6%[151]. - Depreciation of plant and equipment increased to HK$108,000 from HK$77,000, reflecting a rise of approximately 40.3%[159]. Investment Performance - The fair value loss of revenue in nature listed equity investments at FVTPL was approximately HK$0.78 million, while the loss for capital in nature investments was approximately HK$4.18 million[20]. - The overall performance of listed investments was mixed at the period end date, reflecting varying industry sector results[11]. - Significant investment in ITC Properties Group Ltd saw a share price decrease of 4% during the period, with an unrealised loss of HK$41,497,000 at period end[36]. - Dynamic Growth's share price decreased by 35.58%, with realised losses of HK$4,902,000 and unrealised losses of HK$7,790,000 at period end[42]. Cash Flow and Liquidity - The Group's cash and cash equivalents at the Period End Date were approximately HK$220,000, down from HK$455,000 at 31 December 2022[52]. - For the six months ended June 30, 2023, cash generated from operations was HK$61,000, a significant decrease from HK$674,000 in the same period of 2022, representing a decline of approximately 91%[124]. - The company reported a net cash outflow from investing activities of HK$847,000, compared to a net cash outflow of HK$950,000 in the previous year[124]. - The net decrease in cash and cash equivalents for the period was HK$235,000, compared to a net decrease of HK$1,970,000 in the same period last year[124]. Assets and Liabilities - Net assets as of June 30, 2023, were HK$34,016,000, down from HK$44,291,000 at the end of 2022, representing a decrease of approximately 23%[121]. - Current liabilities decreased to HK$13,195,000 as of June 30, 2023, from HK$15,325,000 at the end of 2022, indicating a reduction of approximately 14%[121]. - The gearing ratio at the Period End Date was 27.95%, compared to 25.71% at 31 December 2022[54]. - Financial assets at FVTPL decreased to HK$23,614,000 as of June 30, 2023, from HK$26,997,000 as of December 31, 2022, representing a decline of approximately 12.5%[162]. Corporate Governance - The Company complied with the corporate governance code provisions during the period[92]. - The roles of chairman and chief executive are separated, and the Company is actively seeking a new executive director[93]. - The audit committee consists of four independent non-executive directors who reviewed the accounting principles and practices adopted by the group[98]. - The directors confirmed full compliance with the Model Code regarding securities transactions throughout the reporting period[100]. Market Conditions - The Hang Seng Index dropped by 6.1% between January 3, 2023, and June 30, 2023, indicating market volatility[10]. - The global macroeconomic outlook for the latter half of 2023 is mixed, with risks including the fragile situation in Ukraine and potential financial market instability[77]. Employee Information - The Group had 7 employees and 5 Directors, with remuneration packages including monthly salary and contributions to the MPF Scheme[70]. - The Group encourages on-the-job training and reimburses employees for job-related training courses[76]. - Directors' remuneration increased to HK$759,000 in 2023 from HK$150,000 in 2022[187]. Tax and Compliance - The Group has unused tax losses of HK$461,068,000 available to offset against future profits, slightly up from HK$450,793,000 at the end of 2022[148]. - The financial statements were prepared in accordance with the applicable disclosure requirements of the Listing Rules and HKAS 34, and were approved for issue by the Board on August 25, 2023[126][127].
嘉进投资国际(00310) - 2023 - 中期财报