Financial Performance - Total revenue for 2023 was HKD 514.9 million, a decrease of 11.9% from HKD 584.5 million in 2022[8]. - The company reported a profit attributable to shareholders of HKD 23.1 million, a significant recovery from a loss of HKD 544.3 million in the previous year, representing a 104.2% change[8]. - The company's total assets amounted to HKD 4,678.1 million, a decline of 1.5% compared to HKD 4,747.9 million in 2022[8]. - The net asset value decreased by 21.2% to HKD 3,542.7 million from HKD 4,494.2 million in the previous year[8]. - Basic earnings per share for 2023 were HKD 1.3, a recovery from a loss of HKD 29.6 per share in 2022, reflecting a 104.4% change[8]. - The total management fee income for 2023 was HKD 467 million, a decrease of 15% year-on-year[28]. - Management fees decreased by 14.9% to HKD 467.4 million in 2023 from HKD 549.3 million in 2022, attributed to an 18.8% decline in average managed assets to USD 6.044 billion[48]. - The company recorded a net profit of HKD 23 million in 2023, a significant improvement from a loss of HKD 544 million in 2022, driven by investment income from proprietary capital and reduced expenses[28]. Asset Management - Assets under management decreased by 9.4% to USD 5.57 billion in 2023, down from USD 6.145 billion in 2022[8]. - The company's asset management scale reached USD 5.6 billion, a decrease of 9% compared to the previous year, with total subscriptions of USD 1.2 billion and redemptions of USD 1.5 billion[23]. - The company's two leading equity funds, the Value Fund (USD 894 million) and the High Dividend Equity Fund (USD 1.44 billion), outperformed the MSCI China Index in both short-term and long-term performance[21]. - The Value Fund and High Dividend Equity Fund recorded a 5.0% decline and a 4.1% increase respectively in 2023, while the MSCI China Index fell by 11.2%[22]. - The company's asset management performance ranked among the top two-thirds in 2023, with flagship funds showing strong results, including a 10.4% growth in the value of the Gold ETF to $243 million[30]. Strategic Initiatives - The company launched its first USD currency fund for retail investors in 2023[15]. - A special opportunity fund focusing on the Greater Bay Area was jointly launched with Shenzhen Capital in 2023[15]. - The company established a strategic partnership with Indonesian PT Aldiracita Sekuritas and PT STAR Asset Management[16]. - The company aims to explore new product ideas for its ETF brand, including a potential Bitcoin spot ETF in collaboration with a licensed digital asset manager in Hong Kong[34]. - The company plans to launch more fixed income strategy funds in 2024, further diversifying its product portfolio[33]. Awards and Recognition - The company received multiple awards, including the "2023 Best Lifetime Achievement Award" from Asian Asset Management magazine, recognizing over 35 years of industry contributions[9]. - Value Partners Group was recognized as the most promising overseas investment institution at the 2023 Insurance Asset Management Conference in Beijing[10]. - Datuk Seri Cheah Cheng Hye received the "2023 Lifetime Achievement Award" from Asia Asset Management, recognizing his 35 years of outstanding contributions to the industry[61]. - The company has accumulated over 200 professional awards and honors since its establishment in 1993, highlighting its strong performance in asset management[61]. Corporate Governance - The company emphasizes the importance of maintaining a high standard of corporate governance and ethical practices in its operations[64]. - The board believes that effective corporate governance is crucial for enhancing shareholder value and maintaining the interests of stakeholders[101]. - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules throughout the year 2023[101]. - The company has received annual independence confirmations from all independent non-executive directors, affirming their independence[107]. - The company has established a clear framework for the Audit Committee to ensure independent review of financial reporting processes[110]. ESG Initiatives - The group has integrated Environmental, Social, and Governance (ESG) analysis into its investment process since 2019, enhancing its fundamental assessment framework and reducing related risks[152]. - The launch of the Value Partners Asian Food and Nutrition Fund marks the group's first ESG-themed fund focused on Asia, compliant with Article 8 of the Sustainable Finance Disclosure Regulation[156]. - The group aims to address food challenges in Asia by investing in companies aligned with seven United Nations Sustainable Development Goals[156]. - The company has committed to responsible investment principles, actively incorporating ESG factors into its policies and practices since signing the UN Principles for Responsible Investment in July 2019[153]. - The company has established a sustainability committee and integrated ESG metrics into key departmental performance evaluations[165]. Employee Management - Total full-time employees decreased from 205 in 2022 to 182 in 2023, a reduction of approximately 11.2%[181]. - The total training hours related to cybersecurity for each employee in 2023 was 1 hour[179]. - The company organized over 15 compliance training seminars in 2023, focusing on anti-money laundering and insider trading[192]. - The company has maintained a zero injury and fatality record for employees over the past three years due to its commitment to workplace safety[194]. - The company established a wellness committee to enhance employee welfare and engagement in recreational activities[186]. Community Engagement - Employees contributed a total of 42 hours to community service activities in 2023, with the company encouraging volunteer work by providing one paid volunteer day per year[195]. - Over 20 employees and their family members packaged 1,000 kilograms of rice for donation to underprivileged areas in Hong Kong, benefiting 500 families[196]. - The company actively promotes sustainability and participated in various discussions on ESG (Environmental, Social, and Governance) issues, including a seminar on sustainable investment risks and opportunities[198]. Risk Management - The company has established a comprehensive risk management framework based on the "three lines of defense" model to ensure asset protection and compliance with relevant regulations[174]. - The company has implemented a business continuity plan reviewed annually to ensure the continuity of significant business operations during disasters[174]. - The company’s risk management and environmental policies are detailed in the annual report under the corporate governance and environmental, social, and governance reports[99]. - The internal audit department reported on the adequacy and effectiveness of internal controls throughout the year[119]. - The company has implemented a strict anti-money laundering and anti-terrorism financing framework to ensure compliance with applicable laws and regulations[172].
惠理集团(00806) - 2023 - 年度财报