Financial Performance - As of December 31, 2023, the net asset value of the Group was approximately HK$49.3 million, a decrease of about HK$6.3 million compared to the previous year[11]. - The Group reported an operational loss of approximately HK$6.3 million for the year, compared to a loss of HK$28.0 million in 2022[11]. - The portfolio value decreased by HK$17.2 million, totaling approximately HK$31.3 million, with current and non-current portions at about HK$21.9 million and HK$9.4 million, respectively[12]. - For the year ended December 31, 2023, the Group's revenue was HK$0.2 million, a decrease from HK$0.5 million in 2022, primarily from dividend income[24][28]. - The loss from operations decreased significantly from HK$28.0 million to approximately HK$6.3 million, with a fair value gain of about HK$13.0 million[25][29]. - The net fair value gains from the listed equity investment portfolio were approximately HK$13.0 million, compared to net fair value losses of about HK$10.8 million in the prior year[26][30]. - Gross proceeds from the disposal of investments increased to about HK$71.5 million in 2023, up from approximately HK$31.4 million in 2022[23][27]. - Administrative expenses rose from about HK$16.6 million in the prior year to HK$18.4 million, mainly due to professional fees related to a name change and one-off retirement compensation[34][39]. - The net current assets decreased to approximately HK$31.6 million from HK$35.0 million in 2022, mainly to finance operations[55]. - The Group maintained a low gearing ratio of 1.2% as of December 31, 2023, compared to 2.0% in the previous year[50]. Market Conditions - The Hang Seng Index fell by 13.8% and the Hang Seng TECH Index decreased by 8.8% during the year, reflecting underperformance compared to major overseas markets[19]. - Major overseas markets saw significant gains, with the Dow, Nasdaq, and S&P rising by 13.7%, 43.4%, and 24.2% respectively[18]. - The ongoing conflict between China and the US, along with US investment curbs, poses significant risks to market performance and investment opportunities[36][41]. - The tightening of US monetary policy has led to increased risks of recession in the US, affecting global market sentiment[20]. - The average daily turnover of the Hong Kong stock market was lower in 2023 than in 2022, reflecting the pressure on market performance due to external factors[23][27]. - The operational challenges were influenced by external macro factors, including geopolitical tensions and uncertainties in the Chinese real estate market[19]. - The Group's performance was impacted by higher political risks and economic uncertainties following the reopening of borders in Hong Kong and China[18]. Corporate Governance - The Company has confirmed that all Independent Non-executive Directors are independent according to the guidelines set out in Rule 3.13 of the Listing Rules[172]. - The Board met the requirements of having at least three Independent Non-executive Directors, representing at least one third of the Board, during the year ended December 31, 2023[171]. - The Company has separated the roles of Chairman and Chief Executive Officer, with Dr. Lam Man Chan serving as Chairman and Dr. Yeung Cheuk Kwong as Chief Executive Officer[184]. - The Company has successfully separated the roles of Chairman and CEO, enhancing corporate governance[186]. - The Company has adopted terms of reference for both committees in line with the Corporate Governance Code[200]. - The nomination committee will review the diversity policy and its effectiveness annually, with a target to maintain at least one female director on the board[163]. - The board diversity policy aims to enhance performance quality and maintain high corporate governance standards, with a focus on gender, age, and professional experience[157][160]. - Continuous professional development for directors is emphasized to ensure informed contributions to the board[151][154]. - The Company held an annual general meeting and one special general meeting during the year ended December 31, 2023[167]. - The Audit Committee held four meetings during the year, reviewing the completeness, accuracy, and fairness of the Company's financial statements[197]. Employee and Community Engagement - The Company is committed to creating job opportunities and promoting economic growth within the community[144]. - The Company had 13 employees as of December 31, 2023, down from 16 in 2022, with remuneration packages aligned with market practices[65]. - The company emphasizes a culture of long-term value creation for stakeholders and promotes a family-friendly workplace[144][148]. Investment Strategy - The Company aims to achieve capital appreciation and stable income from interest and dividends as its primary investment objective[140]. - The Group's investment portfolio is primarily composed of Hong Kong-listed equities classified as financial assets at fair value through profit or loss[12]. - The Company plans to continue investing prudently while diversifying risks to improve overall performance in the future[44].
中国铸晨81(00810) - 2023 - 年度财报