Financial Performance - For the year ended December 31, 2023, the Group's revenue was approximately HK$165,000, with a loss attributable to owners of the Company of approximately HK$25.3 million, a significant decrease from a loss of approximately HK$117.0 million in 2022[10]. - The decrease in loss of approximately HK$91.7 million was primarily due to a reduction in loss from changes in fair value of financial assets by approximately HK$86.7 million and a decrease in administrative and other operating expenses by approximately HK$5.5 million[19]. - The Group reported a loss of approximately HK$25,294,000 for the year ended December 31, 2023, primarily due to a loss of approximately HK$12,032,000 from changes in fair value of financial assets and administrative expenses of approximately HK$13,225,000[92]. - The Group's net current assets decreased to approximately HK$64,655,000 from HK$89,853,000 as of December 31, 2022[51]. - The gearing ratio increased to 14.2% in 2023 from 10.8% in 2022, indicating a rise in leverage[51]. - The total staff costs for the year ended December 31, 2023, amounted to approximately HK$7,701,000, a decrease from approximately HK$11,158,000 in 2022[72]. Investment Strategy - The Group's investment strategy includes making investments in both listed and unlisted companies, with a focus on capital gains and income from dividends or interests[21]. - The investment portfolio mainly comprises equity and debt securities primarily in Hong Kong and the United States[24]. - The Group will adopt prudent strategies to manage its investment portfolio in light of the uncertain investment environment[11]. - The Group's investment strategy includes not owning or controlling more than 30% of voting rights in any one company to avoid mandatory general offers[29]. - There are no restrictions on the proportion of the Company's assets that may be invested in any specific sector or company, except that no investment will exceed 20% of the consolidated net assets at the time of investment[21]. Market Environment - The Company anticipates a challenging investment environment in the coming year due to risks such as the US-China relationship, persistent inflation, and high interest rates[11]. - The Group continuously monitors market dynamics and adopts a conservative investment approach to mitigate business risks[78]. - The Group actively monitors exchange risk exposures and considers using financial instruments to hedge against such risks[82]. - Frontier identified opportunities amidst global economic uncertainties and is focused on enhancing market competitiveness[45]. Corporate Governance - The Company has not disclosed any relationships between its Directors and substantial shareholders, ensuring independence in governance[106][114][116]. - The Board has confirmed the independence of all three independent non-executive Directors as per the Listing Rules[187]. - The Company has complied with the public float requirement of the Listing Rules throughout the year ended December 31, 2023[191]. - The Company has no contractual or statutory restrictions on the payment of dividends to shareholders[186]. Shareholder Information - The Directors do not recommend the payment of any dividend for the year ended December 31, 2023, consistent with the previous year[138]. - The Group's reserves available for distribution to shareholders as of December 31, 2023, amounted to approximately HK$58,975,000, down from HK$84,379,000 as of December 31, 2022[147]. - The Company has adopted a dividend policy with no pre-determined payout ratio, subject to the Board's discretion based on various factors[186]. - The Company cannot declare or pay a dividend if it is unable to pay its liabilities as they become due or if the realizable value of its assets is less than the aggregate of its liabilities and issued share capital[155]. Employee and Stakeholder Relations - The Group recognizes the importance of maintaining good relationships with employees and stakeholders to achieve its goals[86]. - The Group provides a defined contribution mandatory provident fund retirement benefit scheme to all staff, with immediate vesting of contributions[194]. - The total number of employees as of December 31, 2023, was 15, including 2 executive directors[71]. Environmental and Compliance Practices - The Group is committed to environmental sustainability and regularly reviews its environmental practices to implement eco-friendly measures[83]. - There were no incidents of non-compliance with relevant laws and regulations that significantly impacted the Group during the year[84]. Notable Events and Developments - The Group completed the disposal of certain unlisted equity securities to Mr. Mung Bun Man, Alan for an aggregate consideration of HK$1,736,000 on December 19, 2023[167]. - The Company entered into a tenancy agreement with Famous Flamingo for a monthly rental of HK$70,000, effective from October 15, 2023, to October 14, 2024[167]. - The tenancy agreement with Hope Master was terminated on May 31, 2023, after a rental period of HK$124,050 per month[166].
胡桃资本(00905) - 2023 - 年度财报