贝森金融二零二四年年报

2024Annual Report年 報 CONTENTS Letter from the Board2Operational Review4Financial Highlights15Financial Review16Profiles of Directors28Directors’ Report31Corporate Governance Report47Environmental, Social andGovernance Report71Financial Report104Five-Year Financial Summary206Corporate Information208 LETTER FROM THE BOARD Dear Shareholders, Onbehalf of the board(the “Board”)ofdirector s(the“Directors”) of Bison Finance Group Limited (the “Company”together with its subsidiaries, collectively the “Group”), I herebypresent to the shareholders of the Company (the “Shareholders”)the annual report of the Company for the year ended 31 December2024. RESULTS FOR THE YEAR 44,200,00035,600,00024.2% For the year ended 31 December 2024, the Group reported revenueof approximately HK$44.2 million, representing an increase ofapproximately 24.2% from the revenue of approximately HK$35.6million of the previous year. 27,200,00020,600,00031.7%(i)3,300,00020,600,000(ii)11,000,00023,000,0005,600,000 For the year ended 31 December 2024, the Group reported a lossattributable to owners of the parent of approximately HK$27.2million (2023: approximately HK$20.6 million), representing anincrease in loss of approximately 31.7% as compared to previousyear. Such increase in loss was mainly attributable to (i) provisionfor impairment losses on financial assets, net of approximatelyHK$3.3 million was recognised for the year ended 31 December2024, whereas a reversal of provision for impairment losseson financial assets, net of approximately HK$20.6 million wasrecognised for the year ended 31 December 2023, and (ii) theincrease in research and development costs of approximatelyHK$11.0 million, and set off by an effect of net unrealised gainon investment in a private equity fund of approximately HK$23.0million was recognised for the year ended 31 December 2024,whereas net unrealised loss on that investment of approximatelyHK$5.6 million was recognised for the year ended 31 December2023. FINAL DIVIDEND The Directors do not recommend the payment of a final dividendfor the year ended 31 December 2024 (2023: Nil). BUSINESS REVIEW 1469 The Group was principally engaged in the provision of financialservices with the licenses to carry out Type 1 (dealing in securities),Type 4 (advising on securities), Type 6 (advising on corporatefinance) and Type 9 (asset management) regulated activities underthe Securities and Futures Ordinance (“SFO”) (collectively, the“Financial Services Business”) during the reporting period. (1) (1)Financial Services Business (i)(ii)(iii)(iv)(v) As at 31 December 2024, the Financial Services Business ofthe Group mainly consists of (i) external asset management(“EAM”) services; (ii) fund management services; (iii)securities services; (iv) investment advisory services to fundmanagement; and (v) corporate finance advisory services.The Group from time to time reviews and analyses the cost-performance of the resources allocated to various segmentsof its Financial Services Business with the view to maximise LETTER FROM THE BOARD 6 the returns for the Shareholders. As part of the review andcost-control measures, the Group taking into account thecurrent operation of its corporate finance advisory servicesand cost involved in maintaining such operation, decidedto cease the business in provision for corporate financeadvisory services, effective on 31 October 2024. Pursuantto a request submitted by the Group to the Securities andFuture Commission (the “SFC”) in October 2024 to revokethe licence for carrying out Type 6 (advising on corporatefinance) regulated activity under the SFO, such licence wasrevoked on 26 March 2025. (2) (2)Other Investments BeiTai InvestmentLP43,900,00072,000,00059.0%71.0%18,700,00023,900,000 The Group has been continuously exploring opportunitiesfor investments to diversify income stream and maximisereturns for the Shareholders. As disclosed in the Company’sannouncement dated 22 February 2019, the Group subscribedfor limited partner interests in BeiTai Investment LP (the“Investment Fund”). As at 31 December 2024, the totalinvestment made by the Group amounted to HK$43.9 million(2023: HK$72.0 million) in the Investment Fund as a limitedpartner, which represented approximately 59.0% (2023:approximately 71.0%) of the total capital commitment ofthe Investment Fund. As at 31 December 2024, the fair valueof the Investment Fund was approximately HK$18.7 million(2023: approximately HK$23.9 million). PROSPECTS It is expected that the overall business environment in whichthe Group operates will remain challenging, especially amid thegeopolitical tensions and high interest rate and global inflationpressure. The Group will continue to cautiously monitor thedevelopment to ensure timely response to changes regarding themarket condition. The Group will strategically adjust the allocationof the resources within the Financial Services Business whereappropriate and will continue to seize investment opport