耀才证券金融2024/25 中期报告

Contents 5 31 32 Corporate Information 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 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 MEMBERS OF REMUNERATION COMMITTEE Mr. Yu Yun Kong(Chairman)Mr. Yip Mow LumMr. Szeto Wai SunMr. Ling Kwok Fai, JosephMs. Wong Ting Ting, Priscilla MEMBERS OF NOMINATION COMMITTEE Mr. Yip Mow Lum(Chairman)Mr. Yu Yun KongMr. Szeto Wai SunMr. Ling Kwok Fai, JosephMs. Wong Ting Ting, Priscilla 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 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, PriscillaMs. 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 Corporate Information 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 AND BUSINESS REVIEW Stepping into 2024, the global economy was still in a fluctuatingphase, with uncertainties looming over the entire economy.Pressures such as rising inflation and interest rates sloweddown the economic recovery. Global economic growth wassluggish, and major economies were facing great shocks.The relationship between China and the U.S. seemed toease but remained tense in reality. Unexpected geopoliticalconflicts in other regions have also caused negative sentimentamong investors towards the investment market. Attackedfromnumerous internal and external problems of HongKong’s economy and business environment, Hong Kongwas facing unprecedented impacts and challenges and wasin an unprecedented predicament. Although the Hong Konggovernment forecasted that Hong Kong’s GDP growth ratein 2024 would range from 2.5% to 3.5%, which could beconsidered as encouraging figures. However, the actual growthmainly benefited from the rebound in domestic demand andthe recovery of the tourism industry, while the real economyof Hong Kong, such as the financial and real estate sectors,seemed to have no benefit from them at all. Even though theeconomy seemed to have recovered to a certain extent, theconsumption pattern of the citizens in Hong Kong was verydifferent from that before the pandemic. Northbound spendinghas become the norm, resulting in the failure of consumerdemand to rebound significantly, which has caused therecovery of Hong Kong’s retail and catering industries to bealmost frozen. The wave of closures has become the talk of thetown this year, and vacant shops could be seen everywherein prosperous districts with the rental rate of certain shopseven dropping by 90% significantly. Even though the HongKong government has removed all stringent measures from theproperty market this year, as interest rates continued to remainhigh, property prices declined instead of rising, returning to thelevel of 10 years ago, deterring investors from purchasing. Asthe dominance of the stock market has also been taken awayby