茂宸集团2023中期报告

2023Interim Report CONTENTS 2Corporate Information4Deputy Chief Executive Officer’s Statement7Management Discussion and Analysis15Corporate Governance and Other Information18Condensed Consolidated Statement ofComprehensive Income20Condensed Consolidated Statement of Financial Position22Condensed Consolidated Statement of Changes in Equity24Condensed Consolidated Statement of Cash Flows26Notes to the Condensed ConsolidatedFinancial Statements CORPORATE INFORMATION DIRECTORS Executive DirectorsMs. Han Ruixia(Deputy Chief Executive Officer)Mr. Zhang Zhenyi Non-executive DirectorMs. Hui Mei Mei, Carol Independent Non-executive Directors Mr. Tian Ren CanMr. Wang CongMr. Wu Xu’anMr. Ng Yu Yuet AUDIT COMMITTEE Mr. Wu Xu’an(chairman)Mr. Tian Ren CanMr. Wang CongMr. Ng Yu Yuet REMUNERATION COMMITTEE Mr. Wang Cong(chairman)Ms. Hui Mei Mei, CarolMr. Tian Ren CanMr. Ng Yu Yuet NOMINATION COMMITTEE Mr. Wang Cong(chairman)Ms. Hui Mei Mei, CarolMr. Tian Ren CanMr. Ng Yu Yuet COMPANY SECRETARYMr. Zhang Zhenyi AUTHORISED REPRESENTATIVES Ms. Han RuixiaMr. Zhang Zhenyi AUDITOR BDO LimitedCertified Public Accountants CORPORATE INFORMATION REGISTERED AND PRINCIPAL OFFICE Unit 2101, 21/F., Office Tower,Convention Plaza, No. 1 Harbour Road,Wan Chai,Hong Kong 1212101 PRINCIPAL BANKERS The Hongkong and Shanghai Banking Corporation LimitedDBS Bank (Hong Kong) LimitedHang Seng Bank LimitedBank of Communications (Hong Kong) LimitedDah Sing Bank LimitedChina Minsheng Banking Corporation Limited SHARE REGISTRAR AND TRANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedTransfer OfficeShops 1712–171617/F, Hopewell Centre183 Queen’s Road EastHong Kong 18317M Investor Centre17M Floor, Hopewell Centre183 Queen’s Road EastHong Kong http://www.masonhk.com WEBSITE http://www.masonhk.com DEPUTY CHIEF EXECUTIVE OFFICER’S STATEMENT Onbehalf of the management of Mason Group HoldingsLimited (the “Company”), I hereby present to shareholders theunauditedinterim results of the Company and its subsidiaries(collectivelythe“Group”)for the six months ended 30 June2023 (the “Period”) and the prospects of the Group’s businessin the future. Duringthe first half of 2023,the uncertainties in the globaleconomyfurther intensified.In particular,factors such as thepersistenceof the Russian-Ukrainian war,the interest ratehikes of the central banks of the Western developed countriescontinued from last year, the sharp contraction of internationaltrade transactions and the weak recovery of the global economycontinue to have an impact on the market trend in the post-pandemic era, hindering the recovery of the market. The Group’smanagementhas achieved significant results in improving theefficiencyof the Company’s operations and management byadhering to its established governance principles, exploring newsourcesof income and cutting costs,focusing on sustainablebusinesses,and proactively responding to market challengesthroughmeasures such as reducing operating costs,businessrestructuring and optimising internal operating processes. 1) 1)The Group continued to embrace its belief of being rootedin Hong Kong and dedicating to the development of its corebusiness in the Greater China region over the long term. In2023, the Group continued to optimise its internal structureand constantly innovate, which is the only way to maximisethe efficiency of management by focusing on the limitedresources available. Mason Securities, HFG and ShengangSecurities Company Limited, being the Group’s three corefinancialbusiness platforms,have managed to maintainstabledevelopment under the extremely challenging andunfavourable operating environment. 2)77%62% 2)The Group continued to implement diversified cost-cuttingoptimisationmeasures and achieved significant results.Operating expenses for the Period were only approximately77% of the same period last year, and employee benefitsexpenses were further reduced to 62% of the same periodlastyear.In the second half of the year,we will worktowards further lowering operating costs as our businessstabilises and efficiencies improve, maximising the efficientuse of the Group’s capital funds. DEPUTY CHIEF EXECUTIVE OFFICER’S STATEMENT 3)Inrecent years,the Group has continued to reorganiseitsunderperforming business segments,conducted closedynamicmonitoring to enhance the Group’s operationalefficiency,and terminated further investments in variousnon-controllingplatforms.Apart from continuouslyassessing the market value of various investments in recentyears, making timely adjustments to the valuations in linewiththe prevailing market conditions,making adequateprovisionfor impairment,and taking into account thetrend of de-globalisation and the growing risks of overseasbusinesses,since the timely decision to voluntarily windup our European private banking business in March 2021,we have also adopted a status quo approach for our otheroverseas businesses by either reducing or terminating ourinvest