Financial Performance - Total revenue for the six months ended June 30, 2024, was HKD 51,053,000, a decrease of 13.5% compared to HKD 59,260,000 for the same period in 2023[1] - Interest income decreased to HKD 30,662,000, down 25.5% from HKD 41,147,000 year-over-year[1] - Commission and fee income fell to HKD 10,748,000, a decline of 30.5% from HKD 15,499,000 in the previous year[1] - Investment income increased significantly to HKD 9,643,000, up 269.5% from HKD 2,614,000 in the same period last year[1] - The company reported a net loss of HKD 20,585,000 for the period, an improvement from a net loss of HKD 36,399,000 in the previous year[3] - Total comprehensive loss for the period was HKD 68,926,000, compared to HKD 162,601,000 in the same period last year[4] - The company incurred employee costs and related expenses of HKD 115,847,000, significantly higher than HKD 39,540,000 in the previous year[2] - The company’s basic loss per share was HKD 0.06, compared to HKD 0.11 in the previous year[3] Assets and Liabilities - As of June 30, 2024, total assets amounted to HKD 4,289,467,000, a slight decrease from HKD 4,318,496,000 as of December 31, 2023[5] - Non-current assets totaled HKD 2,857,812,000, an increase from HKD 2,733,834,000 in the previous period[5] - Current assets decreased to HKD 1,431,655,000 from HKD 1,584,662,000, reflecting a decline of approximately 9.6%[5] - Total equity attributable to the company was HKD 3,997,210,000, compared to HKD 3,982,376,000 at the end of 2023, showing a marginal increase[6] - Current liabilities decreased to HKD 284,975,000 from HKD 323,734,000, indicating a reduction of about 11.9%[6] - The company reported a cumulative loss of HKD 367,517,000 as of June 30, 2024, compared to HKD 255,035,000 at the end of 2023[6] - The total liabilities decreased to HKD 284,975,000 from HKD 329,539,000, reflecting a decrease of approximately 13.5%[6] Credit Loss and Provisions - The expected credit loss for the period was HKD 2,832,000, a decrease from HKD 3,355,000 year-over-year[2] - The expected credit loss provision for the securities brokerage segment was HKD 48,130 million, indicating potential risks in this area[13] - The total expected credit loss provision for financial assets measured at fair value through profit or loss was HKD 592,435,000 as of June 30, 2024[30] - The expected credit loss provision for margin receivables as of June 30, 2024, is HKD 111,697,000, an increase of HKD 48,131,000 from HKD 63,566,000 as of December 31, 2023[32] - The expected credit loss provision for loans and interest as of June 30, 2024, is HKD 262,075,000, slightly reduced from HKD 263,310,000 as of December 31, 2023[34] Employee Costs - The company incurred employee costs and related expenses of HKD 115,847,000, significantly higher than HKD 39,540,000 in the previous year[2] - As of June 30, 2024, the group had 65 employees, a decrease from 71 employees as of June 30, 2023[49] Investment Segments - The asset management segment generated revenue of approximately HKD 8,200,000 for the six months ended June 30, 2024, down from HKD 8,900,000 in the same period of 2023, with a profit of HKD 2,100,000 compared to HKD 400,000 previously[45] - The securities brokerage segment's revenue increased to approximately HKD 4,500,000 for the six months ended June 30, 2024, from HKD 3,100,000 in 2023, while losses rose to about HKD 47,300,000 from HKD 1,200,000[46] - The investment holding segment reported revenue of approximately HKD 184,700,000 for the six months ended June 30, 2024, significantly up from HKD 67,900,000 in 2023, with a profit of HKD 145,700,000 compared to HKD 8,400,000[47] Market Conditions - The A-share market showed significant divergence, with the Shanghai Composite Index down 0.25%, the Shenzhen Component Index down 7.10%, and the ChiNext Index down 10.99% in the first half of 2024[39] - The Hong Kong IPO market saw a decline in fundraising scale, ranking 9th globally, with both the amount and number of IPOs decreasing compared to the same period last year[39] - The global economic outlook is expected to show a downward trend in the long term, with a focus on high-quality development and risk prevention in the domestic capital market[41] Governance and Compliance - The company has adopted the listing rules regarding the standards for directors' securities trading and confirmed compliance as of June 30, 2024[58] - An independent legal investigation was initiated by the board to examine allegations against a former executive director, with the investigation completed in May 2024[59] - A lawsuit was filed by the former executive director on February 28, 2024, but she expressed intent to withdraw the lawsuit on May 8, 2024[60] Dividends and Shareholder Information - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[23] - The group does not recommend the payment of an interim dividend for the six months ended June 30, 2024, compared to no dividend for the same period in 2023[48] - The mid-year report for the six months ending June 30, 2024, will be sent to shareholders and published on the company's website and the Hong Kong Stock Exchange[61]
中薇金融(00245) - 2024 - 中期业绩