Core Viewpoint - New Technology (01063) reported a significant increase in revenue and a turnaround in profit for the first half of 2025, indicating strong business performance and optimistic market outlook [1] Financial Performance - Revenue reached HKD 25.167 million, representing a year-on-year growth of 46.3% [1] - The company recorded a profit attributable to shareholders of HKD 21.393 million, a substantial improvement from a loss of HKD 38.798 million in the same period last year [1] - Basic earnings per share were HKD 0.0139 [1] Business Segments - Sales of computer-related components, apparel, and beauty products significantly contributed to revenue, with the company maintaining an optimistic outlook for these segments and planning to seize more market opportunities [1] - Sales and marketing of electronic devices and related products remain a crucial source of income for the group [1] - The financial sector, including securities brokerage, placement and underwriting, as well as lending services, also contributed to the group's revenue during this period [1]

Core Viewpoint - The privatization of Haitong International Securities Group Limited by its parent company Haitong Securities is a strategic move in response to significant financial losses and market pressures, with a proposed buyout price reflecting a substantial premium over its recent trading price [1][2][3]. Group 1: Privatization Details - Haitong International's privatization offer is set at HKD 1.52 per share, representing a premium of approximately 114% over its last closing price of HKD 0.71 before suspension [2][3]. - The total cash consideration for the privatization is estimated to be around HKD 34.70 billion, covering approximately 2.283 billion shares [2][3]. - The privatization plan will result in Haitong International being delisted from the Hong Kong Stock Exchange [2][3]. Group 2: Financial Performance - Haitong International has faced significant financial challenges, with projected net losses of approximately HKD 64 billion to HKD 66 billion for 2022, attributed to market volatility and declining commission revenues [3][4]. - The company's net profit has declined sharply from HKD 30.29 billion in 2017 to a loss of HKD 65.41 billion in 2022, indicating a downward trend in profitability since 2021 [3][4]. - The financial difficulties have impacted the company's ability to raise funds, leading to increased scrutiny from the market regarding its financial health [4]. Group 3: Parent Company Stability - Haitong Securities, the parent company, reported a robust financial position with a revenue of HKD 169.68 billion and a net profit of HKD 38.3 billion for the first half of 2023 [5][6]. - The company's total assets were reported at HKD 762.39 billion, with a net asset value of HKD 167.02 billion as of June 30, 2023 [6]. - Haitong Securities' liquidity ratios are well above regulatory requirements, indicating a strong capacity to manage financial risks associated with the privatization [6]. Group 4: Market Context - The trend of privatization in the Hong Kong market has been notable, with over five companies successfully completing privatization this year, including notable names like Dali Foods and Yashili [6]. - Industry analysts suggest that privatization decisions are often driven by strategic considerations, including cost savings, competition avoidance, and addressing low stock liquidity and valuation issues [6].

Core Viewpoint - Victory Securities (08540) reported a significant increase in revenue and profit for the six months ending June 30, 2025, indicating strong performance across various service segments [1] Financial Performance - The company achieved a revenue of HKD 124 million, representing a year-on-year growth of 318.5% [1] - The attributable profit reached HKD 41.2464 million, a turnaround from a loss of HKD 5.7557 million in the same period last year [1] - Basic earnings per share were HKD 0.2127, with a proposed interim dividend of HKD 0.015 [1] Revenue Sources - The increase in revenue was driven by growth in securities and futures brokerage services, virtual asset services, financing services, commission services, asset management services, and financial consulting services [1] - This growth offset a decline in revenue from placement and underwriting services and insurance consulting services compared to 2024 [1]

Company Overview - Astrum Financial Holdings Limited operates in Hong Kong, providing services such as securities trading and brokerage, underwriting and placement services, corporate finance advisory, financing services including securities and IPO financing, and asset management services [2] Financial Performance - As of December 31, 2024, Astrum Financial reported total revenue of 10.5633 million HKD, a year-on-year decrease of 21.14% - The net profit attributable to shareholders was -16.2594 million HKD, reflecting a year-on-year decline of 83.62% - The company's debt-to-asset ratio stands at 25.64% [1] Stock Performance - As of June 2, the stock price of Astrum Financial closed at 0.41 HKD per share, marking an increase of 20.59% with a trading volume of 5,000 shares and a turnover of 2,100 HKD - Over the past month, the stock has seen a cumulative increase of 19.3%, while year-to-date, it has risen by 13.33%, underperforming the Hang Seng Index which has increased by 16.1% [1] Valuation Metrics - The average price-to-earnings (P/E) ratio for the financial industry (TTM) is 23.35 times, with a median of -0.17 times - Astrum Financial's P/E ratio is -1.86 times, ranking 145th in the industry - Comparatively, other financial firms have P/E ratios of 1.93 times (Oriental Securities), 2.28 times (China Merchants Fund), 3.12 times (Guoyin Financial Leasing), 3.36 times (Hong Kong Credit), and 3.69 times (Zhongguancun Technology Leasing) [1]

Group 1 - The Hang Seng Index rose by 0.7% to close at 22,662.71 points on May 6 [1] - Changli Holdings (08098.HK) closed at HKD 0.047 per share, up 11.9%, with a trading volume of 20,000 shares and a turnover of HKD 940 [1] - Over the past month, Changli Holdings has seen a cumulative decline of 10.64%, underperforming the Hang Seng Index's increase of 12.19% [2] Group 2 - As of September 30, 2024, Changli Holdings reported total revenue of HKD 20.637 million, a year-on-year increase of 16.5%, and a net profit attributable to shareholders of HKD 22.352 million, up 332.36% [2] - The company's debt-to-asset ratio stands at 17.91% [2] - Currently, there are no institutional investment ratings for Changli Holdings [3] Group 3 - The average price-to-earnings (P/E) ratio for the other financial industry is 20.62 times, while Changli Holdings has a P/E ratio of 3.98 times, ranking 8th in the industry [3] - Other financial companies have the following P/E ratios: High Yu Financial (08221.HK) at 0.55 times, Oriental Huicai Securities (08001.HK) at 1.93 times, China Merchants China Fund (00133.HK) at 2.17 times, Hong Kong Credit (01273.HK) at 3 times, and Guoyin Financial Leasing (01606.HK) at 3.04 times [3] Group 4 - Changli Holdings is a well-established financial services group in Hong Kong, fully owning Changli Securities Limited, which provides securities and futures trading services, as well as placement and underwriting services [3] - The company has a strong client base, including many high-end institutional clients, which is a key factor in its rapid growth [3] - The group plans to optimize its existing trading platforms, expand its client network, launch new services, and form partnerships with more financial institutions to become a comprehensive financial services enterprise [3]