耀才证券金融2023/24 中期报告

Contents 5 29 30 EXECUTIVE DIRECTORS Mr. Yip Mow Lum(Chairman)Mr. Hui Yik Bun(Chief Executive Officer)Mr. Chan Wing Shing, Wilson INDEPENDENT NON-EXECUTIVEDIRECTORS Mr. Yu Yun KongMr. Szeto Wai SunMr. Ling Kwok Fai, JosephMs. Wong Ting Ting, Priscilla (Appointed on 3 April 2023) AUTHORISED REPRESENTATIVES Mr. Hui Yik BunMr. Chan Wing Shing, Wilson COMPANY SECRETARY Mr. Chan Kwan Pak MEMBERS OF AUDIT COMMITTEE Mr. Yu Yun Kong(Chairman)Mr. Szeto Wai SunMr. Ling Kwok Fai, JosephMs. Wong Ting Ting, Priscilla (Appointed on 3 April 2023) MEMBERS OF REMUNERATION COMMITTEE Mr. Yu Yun Kong(Chairman)Mr. Yip Mow LumMr. Szeto Wai SunMr. Ling Kwok Fai, JosephMs. Wong Ting Ting, Priscilla (Appointed on 3 April 2023) MEMBERS OF NOMINATION COMMITTEE Mr. Yip Mow Lum(Chairman)Mr. Yu Yun KongMr. Szeto Wai SunMr. Ling Kwok Fai, JosephMs. Wong Ting Ting, Priscilla (Appointed on 3 April 2023) Corporate Information MEMBERS OF RISK MANAGEMENTCOMMITTEE Mr. Yu Yun Kong(Chairman)Mr. Yip Mow LumMr. Hui Yik BunMr. Szeto Wai SunMr. Ling Kwok Fai, JosephMs. Wong Ting Ting, Priscilla (Appointed on 3 April 2023) MEMBERS OF ENVIRONMENTAL, SOCIALAND GOVERNANCE COMMITTEE Mr. Hui Yik Bun(Chairman)Mr. Yu Yun KongMr. Szeto Wai SunMr. Ling Kwok Fai, JosephMs. Wong Ting Ting, Priscilla (Appointed on 3 April 2023)Ms. Li Wan Mei REGISTERED OFFICE P.O. Box 31119Grand Pavilion, Hibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands P.O. Box 31119Grand Pavilion, Hibiscus Way802 West Bay RoadGrand CaymanKY1-1205Cayman Islands HEAD OFFICE AND PRINCIPAL PLACE OFBUSINESS 711023 10th Floor and 23rd Floor, Wing On House71 Des Voeux Road CentralCentral, Hong Kong PRINCIPAL SHARE REGISTRAR ANDTRANSFER OFFICE Appleby Global Services (Cayman) Limited71 Fort Street, PO Box 500George Town, Grand Cayman KY1-1106Cayman Islands Appleby Global Services (Cayman) Limited71 Fort Street, PO Box 500George Town, Grand Cayman KY1-1106Cayman Islands |/ HONG KONG BRANCH SHARE REGISTRAR 1617 Tricor Investor Services Limited17th Floor, Far East Finance Centre16 Harcourt RoadHong Kong PRINCIPAL BANKERS Bank of China (Hong Kong) LimitedBank of Communications Co., Ltd. Hong Kong BranchBank of Shanghai (Hong Kong) LimitedChina CITIC Bank International LimitedChina Construction Bank (Asia) Corporation LimitedChina Merchants Bank Co., Ltd., Hong Kong BranchChina Minsheng Banking Corp., Ltd., Hong Kong BranchChong Hing Bank LimitedCMB Wing Lung Bank LimitedDah Sing Bank, LimitedDBS Bank (Hong Kong) LimitedFubon Bank (Hong Kong) LimitedHang Seng Bank LimitedHua Xia Bank Co., Limited Hong Kong BranchIndustrial and Commercial Bank of China (Asia) LimitedOCBC Bank (Hong Kong) LimitedShanghai Commercial Bank LimitedThe Bank of East Asia, LimitedThe Hongkong and Shanghai Banking Corporation Limited AUDITOR KPMGCertified Public AccountantsPublic Interest Entity Auditor registered in accordance with theAccounting and Financial Reporting Council Ordinance WEBSITE https://www.bsgroup.com.hk https://www.bsgroup.com.hk Management Discussion and Analysis MARKET REVIEW Stepping into the second half of 2023, the world has been goingthrough troubled times. Trade issues between China and theUnited States have yet resolved, on the contrary, the tensionbetween China and the United States has been intensifying andthe sanctions against each other were nothing new, and in thisinstance, Hong Kong’s commerce and trade has thus sufferedand the volume of import and export continued to decline. Withthecontinuation of the Russo-Ukrainian War and the spreadof the war between Israelis and Palestinians, the energy crisisin Europe was imminent, which had a direct or indirect impacton investors’ investment sentiment and therefore slowed downtheglobal economic recovery.While the continuous three-yearglobal COVID-19 pandemic has subsided,global lifehas also returned to normal, and all countries have reopenedtheirborders.With the official resumption of the economicexchanges between mainland China and Hong Kong after thelong-awaited reopening of boarders between each other, manyinvestorsbelieved that Hong Kong’s economy would surelymake some progress after it embarked on the road to recovery.Unfortunately, Hong Kong’s recovery has not been as smoothas expected and the recovery has not accelerated as expected.In the first half of this year, the number of visitors to Hong Kongwas only 13 million, being less than 40% of the pre-pandemiclevel of almost 35 million visitors in the first half of 2019. HongKong’s GDP grew by 1.5% year-on-year in the second quarterof this year, which was significantly slower than the 2.9% year-on-year growth in the first quarter and significantly lower thanthe3.5%expected by the market.The weak consumptionpower of Hong Kong and citizens’ travel to mainland China forspending as well as overseas travelling were the “fatal injuries”of the lower-than-expected GDP growth of Hong Kong. Coupledwith the sluggish external economic environment, GDP grow