CFININTINV：INTERIMREPORT2024.pdf

1、INTERIM REPORT2024Corporate InformationInterim Report 202401BOARD OF DIRECTORSExecutive DirectorMr.Du Lin Dong (Chairman and Chief Executive Officer)Independent Non-executive DirectorsMr.Lei ZhiweiMr.Liu XiaodongMr.Zong ShijianEXECUTIVE COMMITTEEMr.Du Lin Dong(Chairman)AUDIT COMMITTEEMr.Zong Shijian

2、(Chairman)Mr.Lei ZhiweiMr.Liu XiaodongREMUNERATION COMMITTEEMr.Lei Zhiwei(Chairman)Mr.Du Lin DongMr.Liu XiaodongNOMINATION COMMITTEEMr.Lei Zhiwei(Chairman)Mr.Liu XiaodongMr.Zong ShijianRISK MANAGEMENT COMMITTEEMr.Du Lin Dong(Chairman)Mr.Lei ZhiweiAUTHORISED REPRESENTATIVESMr.Du Lin DongMr.Hui Ching

3、YatCOMPANY SECRETARYMr.Wong Tsz Lun(resigned on 24 July 2024)Mr.Hui Ching Yat(appointed on 24 July 2024)AUDITORSCL Partners CPA LimitedCertified Public AccountantsRegistered Public Interest Entity AuditorINVESTMENT MANAGERChina Financial International Investments&Managements LimitedCUSTODIANBank of

4、Communications Trustee LimitedLEGAL ADVISERAs to Bermuda lawConyers Dill&PearmanREGISTERED OFFICEClarendon House2 Church StreetHamiltonHM 11BermudaPRINCIPAL PLACE OF BUSINESS IN HONG KONGSuite 2001,20/F,Tower 1The GatewayHarbour City,Hong KongSHARE REGISTRAR AND TRANSFER OFFICE IN BERMUDAMUFG Fund S

5、ervices(Bermuda)LimitedThe Belvedere Building69 Pitts Bay RoadPembroke HM08BermudaSHARE REGISTRAR AND TRANSFER OFFICE IN HONG KONGTricor Tengis Limited17/F,Far East Centre16 Harcourt RoadHong KongPRINCIPAL BANKERThe Hongkong and Shanghai Banking Corporation LimitedTRADING CODE ON THE STOCK EXCHANGE

6、OF HONG KONG LIMITED0721COMPANY WEBSITEhttp:/ Consolidated Statement of Profit or Loss and Other Comprehensive IncomeFor the six months ended 31 December 2024China Financial International Investments Limited02UnauditedSix months ended 31 December20242023NotesHK$000HK$000Revenue4164123Other gains or

7、losses3,6771,000Fair value loss on financial assets at fair value through profit or loss(“FVTPL”)1,13972,082Administrative expenses(2,780)(4,263)Share of loss from an associate(126)(164)Finance costs5(433)(453)Profit before tax1,64168,325Income tax expense6 Profit for the period1,64168,325 OTHER COM

8、PREHENSIVE INCOMEItem that will not be reclassified to profit or loss:Fair value gain on equity instruments at fair value through other comprehensive income(“FVTOCI”)1,1649,105Item that may be reclassified subsequently to profit or loss:Exchange differences on translation from functional currency to

9、 presentation currency(879)1,832 OTHER COMPREHENSIVE INCOME FOR THE PERIOD28510,937 TOTAL COMPREHENSIVE INCOME FOR THE PERIOD1,92679,262 EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY Basic(HK cents)90.0150.62 Condensed Consolidated Statement of Financial PositionAt 31 December 2024Interim

10、 Report 202403UnauditedAudited31 December 30 June20242024NoteHK$000HK$000NON-CURRENT ASSETSProperty,plant and equipmentRight-of-use assetInterest in an associate73199Financial assets at FVTPL36,04336,992Equity instruments at FVTOCI29,08727,923Deposits268268 65,47165,382 CURRENT ASSETSPrepayments,dep

11、osits and other receivables65,214104,275Financial assets at FVTPL23,11221,215Cash and cash equivalents38,30319 126,629125,509 CURRENT LIABILITIESOther payable and accruals14,04714,376Amount due to an associate310402Tax payableBorrowing9,9979,997Lease liability623602 24,97725,377 NET CURRENT ASSETS10

12、1,652100,132 TOTAL ASSETS LESS CURRENT LIABILITIES167,123165,514 NON-CURRENT LIABILITYLease liability54371 NET ASSETS167,069165,143 EQUITYShare capital109,717109,717Reserves57,35255,426 TOTAL EQUITY167,069165,143 NET ASSET VALUE PER SHARE(HK cents)101.521.51 Condensed Consolidated Statement of Chang

13、es in EquityFor the six months ended 31 December 2024China Financial International Investments Limited04Share capitalShare premiumContributed surplusCapital reserveFinancial assets at FVTOCI reserveExchange reserveAccumulated lossesTotalHK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000At 1 July 2024(

14、audited)109,7172,067,672278,9792,766(78,321)650(2,216,320)165,143 Profit for the period1,6411,641Other comprehensive income/(expense)for the period1,164(879)285 Total comprehensive income/(expense)for the period1,164(879)1,6411,926 At 31 December 2024(unaudited)109,7172,067,672278,9792,766(77,157)(2

15、29)(2,214,679)167,069 At 1 July 2023(audited)109,7172,067,672278,9792,766(86,883)1,415(2,244,217)129,449 Profit for the period68,32568,325Other comprehensive income for the period9,1051,83210,937 Total comprehensive income for the period9,1051,83268,32579,262 At 31 December 2023(unaudited)109,7172,0

16、67,672278,9792,766(77,778)3,247(2,175,892)208,711 Condensed Consolidated Statement of Cash FlowsFor the six months ended 31 December 202405Interim Report 2024UnauditedSix months ended 31 December20242023HK$000HK$000Cash flows from operating activitiesProfit before tax1,64168,325Adjustments for:Share

17、 of loss from an associate126164Dividend income(164)(123)Finance costs433453Reversal of impairment loss of other receivables(1,000)Fair value change of financial assets at fair value through profit or loss(1,139)(72,082)Operating profit/(loss)before working capital changes897(4,263)Decrease in prepa

18、yments,deposits and other receivables33,4241,478(Decrease)/increase in other payables and accruals(329)3,319(Decrease)/increase in an amount due to an associate(92)68 Cash generated from operations33,900602Dividend received13123 Net cash generated from operating activities33,913725 Cash flows from i

19、nvesting activitiesRepayment of prepayments for potential investments5,600Prepayments for potential investments(79)Proceeds on disposal of financial assets at FVTPL not held for trading purpose149 Net cash generated from/(used in)investing activities5,749(79)Cash flows from financing activitiesInter

20、est paid(433)(453)Repayment of lease liability(296)(276)Net cash used in financing activities(729)(729)Net increase/(decrease)in cash and cash equivalents38,933(83)Cash and cash equivalents at beginning of the period19606Effect of foreign exchange rate changes(649)Cash and cash equivalents at the en

21、d of period38,303523 Analysis of the balances of cash and cash equivalentsCash and bank balances38,303523 Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial International Investments Limited061.CORPORATION INFORMATION AND BASIS OF PREPARA

22、TIONChina Financial International Investments Limited(the“Company”)was incorporated in the Cayman Islands under the Cayman Islands Companies Law as an exempted company with its shares listed on the Main Board of The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).With effect from 9 May 2006

23、,the Company was de-registered from the Cayman Islands under the Cayman Islands Companies Law and re-domiciled in Bermuda under the Companies Act 1981 of Bermuda as an exempted company.The Companys registered office address is Clarendon House,2 Church Street,Hamilton,HM 11,Bermuda and the Companys p

24、rincipal place of business is Suite 2001,20th Floor,Tower 1,The Gateway,Harbour City,Kowloon,Hong Kong.The Company and its subsidiaries(the“Group”)are principally engaged in investing in listed and unlisted companies established and/or doing business in Hong Kong and the Peoples Republic of China(th

25、e“PRC”).The unaudited condensed consolidated financial statements for the six months ended 31 December 2024 have been prepared in accordance with Hong Kong Accounting Standard 34 Interim Financial Reporting(“HKAS 34”)issued by the Hong Kong Institute of Certified Public Accountants(“HKICPA”)and with

26、 the applicable disclosure requirements of Appendix D2 to the Rules Governing the Listing of Securities on the Stock Exchange(the“Listing Rules”).In the preparation of the condensed consolidated financial statements,the directors of the Company have given due and careful consideration to the future

27、liquidity of the Group by continuously monitoring forecast and actual cash flows.For the six months ended 31 December 2024,the Group reported profit for the period of HK$1,641,000.At 31 December 2024,the Group had cash and cash equivalents of HK$38,303,000 and net current assets of HK$101,652,000.Fu

28、ture cash flows from operating activities are dependent on realisation of the listed and unlisted investments.In order to continue funding future capital programmes,the Company may need to obtain additional equity or debt financing,or assess other financing options.The ability to access the required

29、 capital to maintain current financial position and cash flows is dependent on a variety of external factors.The condensed consolidated financial statements have been prepared on a going concern basis as,in the opinion of the directors of the Company,the Group has the ability to obtain debt or equit

30、y financing,or other sources of funding for future capital programmes should the need arise.They have been prepared on the historical cost convention,except for financial assets at FVTPL and financial assets at FVTOCI which have been measured at fair value.These unaudited condensed consolidated fina

31、ncial statements are presented in Hong Kong dollars(“HK$”)and all values are rounded to the nearest thousand except when otherwise indicated.The unaudited condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements,and sh

32、ould be read in conjunction with the Groups annual financial statements for the year ended 30 June 2024,which have been prepared in accordance with Hong Kong Financial Reporting Standards(“HKFRS”)Accounting Standards.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31

33、 December 202407Interim Report 20242.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe preparation of unaudited condensed consolidated financial statements in compliance with HKAS 34 requires the use of certain judgements,estimates and assumptions that affect the application of policies and the reported

34、 amounts of assets and liabilities,income and expenses on a year to date basis.Actual results may differ from these estimates.The significant judgements made by the management in applying the Groups accounting policies and the key sources of estimation uncertainty were the same as those that applied

35、 to the Groups annual consolidated financial statements for the year ended 30 June 2024.The accounting policies adopted in the unaudited interim condensed consolidated financial statements are consistent with those followed in the Groups annual financial statements for the year ended 30 June 2024,ex

36、cept for the adoption of the following amendments to HKFRS Accounting Standards issued by the HKICPA as disclosed below.Other than changes in accounting policies resulting from application of new and amendments to HKFRS Accounting Standards,the accounting policies and methods of computation used in

37、the condensed consolidated financial statements for the six months ended 31 December 2024 are the same as those presented in the Groups annual consolidated financial statements for the year ended 30 June 2024.Application of amendments to HKFRS Accounting StandardsIn the current interim period,the Gr

38、oup has applied the following amendments to HKFRS Accounting Standards issued by the HKICPA for the first time,which are mandatorily effective for the annual periods beginning on or after 1 July 2024 for the preparation of the condensed consolidated financial statements:Amendments to HKFRS 16Lease L

39、iability in a Sale and LeasebackAmendments to HKAS 1Classification of Liabilities as Current or Non-current and related amendments to Hong Kong Interpretation 5(2020)Amendments to HKAS 1Non-current Liabilities with CovenantsAmendments to HKAS 7 and HKFRS 7Supplier Finance ArrangementsThe application

40、 of the amendments to HKFRS Accounting Standards in the current interim period has had no material impact on the Groups financial positions and performance for the current and prior periods and/or on the disclosures set out in these consolidated financial statements.3.OPERATING SEGMENTSInformation r

41、eported to the executive directors of the Company,being the chief operating decision maker,for the purpose of resource allocation and assessment of segment performance focuses on the type and underlying business of the Groups investments.Specifically,the Groups reportable segments under HKFRS 8“Oper

42、ating Segments”are as follows:1.Micro-loan service equity investments in investees engaged in micro-loan services2.Real estate and natural gas equity investments in investees engaged in real estate and natural gas business3.Clean energy equity investment in investees engaged in clean energy industry

43、4.Others equity investments in investees engaged in guarantee service and management consultation service and other businessesNotes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial International Investments Limited083.OPERATING SEGMENTS(conti

44、nued)Micro-loan serviceReal estate and natural gasClean energyOthersTotalHK$000HK$000HK$000HK$000HK$000Six months ended 31 December 2024Segment revenue164164 Segment profit/(loss)1642,180(907)(134)1,303 Share of loss of an associate(126)Reversal of impairment loss of other receivables3,677Finance co

45、sts(433)Central administrative expenses(2,780)Profit before tax1,641 Six months ended 31 December 2023Segment revenue123123 Segment profit14,8274,64552,73372,205 Share of loss of an associate(164)Reversal of impairment loss of other receivables1,000Finance costs(453)Central administrative expenses(4

46、,263)Loss before tax68,325 Segment profit/(loss)represent the profit earned/(loss from)by each segment without allocation of share of loss of an associate,other income,reversal of impairment loss of other receivables,finance costs and central administrative expenses.Notes to the Condensed Consolidat

47、ed Financial StatementsFor the six months ended 31 December 202409Interim Report 20243.OPERATING SEGMENTS(continued)Segment assetsThe following is an analysis of the Groups assets by reportable segment:Unaudited 31 December 2024Audited 30 June 2024HK$000 HK$000Micro-loan serviceReal estate and natur

48、al gas36,99833,508Clean energy36,04366,002Others79,05389,765 Total segment assets152,094189,275Unallocated assets40,0061,616 Consolidated assets192,100190,891 For the purposes of monitoring segment performance and allocating resources between segments:all assets are allocated to reportable segments

49、other than property,plant and equipment,right-of-use assets,interest in an associate,certain prepayments,deposits and other receivables and cash and cash equivalents;and no liabilities are allocated to reportable segments.4.REVENUEAn analysis of revenue and other income is as follows:UnauditedSix mo

50、nths ended 31 December20242023HK$000 HK$000RevenueDividend income from financial assets at FVTPL164123 Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial International Investments Limited105.FINANCE COSTSUnauditedSix months ended 31 Decem

51、ber20242023HK$000 HK$000Interest on borrowing403403Interest on lease liability3050 433453 6.INCOME TAX EXPENSEUnauditedSix months ended 31 December20242023HK$000 HK$000Current PRC Provision for the period Deferred tax PRC Provision for the period Under the two-tiered profits tax rates regime of Hong

52、 Kong Profits Tax,the first HK$2 million of profits of the qualifying group entity will be taxed at 8.25%,and profits above HK$2 million will be taxed at 16.5%.The profits of group entities not qualifying for the two-tiered profits tax rates regime will continue to be taxed at a flat rate of 16.5%.A

53、ccordingly,the Hong Kong Profits Tax of the qualifying group entity is calculated at 8.25%on the first HK$2 million of the estimated assessable profits and at 16.5%on the estimated assessable profits above HK$2 million.The directors of the Company considered the amount involved upon implementation o

54、f the two-tiered profits tax rates regime as insignificant to the interim condensed consolidated financial statements.Hong Kong Profits Tax is calculated at 16.5%of the estimated assessable profit for both periods.For the six months ended 31 December 2024,assessable profit of the Group is wholly abs

55、orbed by tax losses brought forward for the period(31 December 2023:No provision for Hong Kong Profits Tax has been made in the financial statements as the Group has no assessable profits for the period).Under the Law of the Peoples Republic of China on Enterprise Income Tax(the“EIT Law”)and Impleme

56、ntation Regulation of the EIT Law,the tax rate of the PRC subsidiaries is 25%for both periods.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202411Interim Report 20247.PROFIT FOR THE PERIODThe Groups profit before tax is arrived at after charging/(credit

57、ing):UnauditedSix months ended 31 December20242023HK$000HK$000Custodian fee7778Investment management fees5768Reversal of impairment loss of other receivables(3,677)(1,000)Staff costs,including directors remuneration:Salaries and other benefits1,0422,295 Contributions to retirement benefit scheme6032

58、 8.DIVIDENDThe directors did not recommend the payment of an interim dividend for the six months ended 31 December 2024(31 December 2023:nil).9.EARNINGS PER SHAREThe calculation of the basic earnings per share attributable to owners of the Company is based on the following data:UnauditedSix months e

59、nded 31 December20242023HK$000HK$000Profit for the period attributable to owners of the Company for the purpose of basic earnings per share1,64168,325 Number of shares20242023000000Weight average number of ordinary shares for the purpose of basic earnings per share10,971,63410,971,634 No diluted ear

60、nings per share for both periods were presented as there were no potential ordinary shares in issue for both periods.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial International Investments Limited1210.INTEREST IN AN ASSOCIATEUnaudite

61、d 31 DecemberAudited 30 June20242024HK$000 HK$000Cost of investment in an associate290290Share of post-acquisition losses and other comprehensive expense(217)(91)73199 Name of associatePlace of incorporationPrincipal place of businessPaid up issued capitalProportion of ownership interest and voting

62、rights held by the GroupPrincipal activity31 December 202430 June 2024China Financial International Investments&Managements Limited(“CFIIM”)Hong KongHong KongHK$1,000,00029%29%Provision of asset management servicesNotes to the Condensed Consolidated Financial StatementsFor the six months ended 31 De

63、cember 202413Interim Report 202411.FINANCIAL ASSETS AT FVTPLUnaudited 31 DecemberAudited 30 June20242024NotesHK$000HK$000Financial assets mandatorily measured at FVTPL:Listed securities held for trading Equity securities listed in Hong Kong(i)23,11221,215 Financial assets classified/designated at FV

64、TPL:Unlisted equity investments(ii)36,04336,992 Total59,15558,207 Analysed for reporting purposes as:Current assets23,11221,215Non-current assets36,04336,992 59,15558,207 Notes:(i)The fair values of listed securities are determined based on the quoted market prices available on the relevant exchange

65、 at the end of the period.Particular of the major components of the investment portfolio as at 31 December 2024,in terms of the carrying value of the respective individual investment,are as follows:China City Infrastructure Group Limited(“China City Infrastructure”)As at 31 December 2024 and 30 June

66、 2024,the Group held 436,079,429 shares in China City Infrastructure,representing approximately 13.94%of the issued share capital of China City Infrastructure.As at 31 December 2024,the market value of the investment in the shares of China City Infrastructure was HK$23,112,000(30 June 2024:HK$20,932

67、,000).Hidili Industry International Development Limited(“Hidili Industry”)As at 30 June 2024,the Group held 2,555,000 shares in Hidili Industry,representing approximately 0.06%of the issued share capital of Hidili Industry.Hidili Industry is principally engaged in coal mining and manufacture and sal

68、e of clean coal.As at 30 June 2024,the market value of the investment in the shares of Hidili Industry was HK$283,000.In December 2024,the Group disposed of 2,555,000 Shares in Hidili Industry on market for the aggregated consideration of approximately HK$149,000.Notes to the Condensed Consolidated

69、Financial StatementsFor the six months ended 31 December 2024China Financial International Investments Limited1411.FINANCIAL ASSETS AT FVTPL(continued)Notes:(continued)(ii)At the end of the reporting period,the Group had the following unlisted equity investments:NameNotesPlace of incorporation/regis

70、tration and businessGroups effective interestPrincipal activitiesUnaudited 31 December 2024 Fair valueUnaudited 31 December 2024 CostAudited 30 June2024 Fair valueAudited 30 June 2024 CostUnaudited 31 December 2024Audited 30 June2024HK$000HK$000HK$000HK$000Micro-loan service:Harbin Zhongjinguoxin Mi

71、crofinance Co.Limited(“Harbin Zhongjinguoxin”)(a)The PRC30%30%Provision of small loan and financial consultation services36,69336,693Tianjin Binlian Microfinance Limited(“Tianjin Binlian”)(b)The PRC3.3%3.3%Provision of small loan and financial consultation services12,27112,271Nanjing Jiangning MingY

72、angRongTong Agricultural Microfinance Co.,Ltd(“Nanjing Jiangning”)(c)The PRC30%30%Provision of small loan and financial consultation service36,67336,673Clean energy:Henan Tianguan Energy and Biotechnology Company Limited(“Henan Tianguan”)(d)The PRC30%30%Production and sales of denatured fuel ethanol

73、,sales of acetone,butanol,polyols,production and sales of biodegradable plastics and biodiesel,sales of chemical products,wheat bran flour,feed sales,acetic acid and acetaldehyde production6,989230,7636,808230,763Hunan South China New Energy Limited(“South China New Energy”)(e)The PRC30%30%New energ

74、y technology development transfer and consultation,research and development,manufacturing and sales of chemical products,chemical reagents and auxiliaries(excluding hazardous chemicals and precursor chemicals)51,20051,200Hainan Keyi Huirui Energy and Biotechnology Company Limited(“Keyi Huirui”)(f)Th

75、e PRC30%30%Biotechnology energy technology development,transfer and consultation,research and development,manufacturing and sales of biotechnology energy and chemical equipment117,450117,450Henan Zhongxin Bioenergy Co.,Ltd(“Zhongxin Bioenergy”)(g)The PRC30%30%Production and sales of fuel ethanol and

76、 related products6,94552,0849,52752,084Henan Zhongxin Petrochemical Oil Trading Limited(“Zhongxin Petrochemical Oil”)(h)The PRC30%30%Operating refined petroleum products22,10952,08420,65752,084Others:Xian Kairong Financial Service Limited(“Xian Kairong”)(i)The PRC30%30%Provision of financial managem

77、ent services18,72418,724 36,04336,992 Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202415Interim Report 202411.FINANCIAL ASSETS AT FVTPL(continued)Notes:(continued)(ii)At the end of the reporting period,the Group had the following unlisted equity inves

78、tments:(continued)(a)On 29 August 2011,the Group invested in a 30%equity interest of Harbin Zhongjinguoxin,a joint venture established in the PRC.Harbin Zhongjinguoxin is principally engaged in the provision of small loan and financial consultation services in Harbin,Heilongjiang Province,the PRC.On

79、 22 December 2016,the Company entered into a disposal agreement to dispose of all of its equity interest in Harbin Zhongjinguoxin to an independent third party for a cash consideration of RMB25,000,000.A deposit of HK$2,500,000 was received and still included as receipt in advance in“other payables

80、and accruals”as at 30 June 2024 and 2023.As at 31 December 2024,in the opinion of the Directors of the Company,the disposal transaction has yet been completed after 12 months from the date of the disposal agreement but the transaction still be considered as valid.(b)On 13 January 2012,the Group inve

81、sted in a 10%equity interest of Tianjin Binlian,a joint venture established in the PRC.The Groups equity interest in Tianjin Binlian was reduced to 3.3%on 22 January 2014,as the registered capital of Tianjin Binlian was enlarged by the new registered capital subscribed by its other shareholders on t

82、hat date.Tianjin Binlian is principally engaged in the provision of small loan and financial consultation services in Tianjin,especially Dongli District,the PRC.(c)On 31 August 2012,the Group invested in a 30%equity interest of Nanjing Jiangning,a joint venture established in the PRC.Nanjing Jiangni

83、ng is principally engaged in the provision of small loan and financial consultation services in Jiangning District,Nanjing,Jiangsu Province,the PRC.(d)On 11 May 2018,the Group invested in a 30%equity interest of Henan Tianguan,a joint venture established in the PRC.Henan Tianguan is principally enga

84、ged in production and sales of denatured fuel ethanol,sales of acetone,butanol,polyols,production and sales of biodegradable plastic and biodiesel,sales of chemical products,wheat bran flour,feed sales,acetic acid and acetaldehyde production.(e)On 23 January 2019,Keyi(Shanghai)Investments Limited(“K

85、eyi(Shanghai)”),a wholly-owned subsidiary of the Company,entered into an agreement with South China New Energy to inject capital contribution of RMB45,000,000 into South China New Energy for acquiring 30%of South China New Energys equity interest.South China New Energy is engaged in new energy techn

86、ologies development,transfer and consultation,research and development,manufacturing and sales of chemical products,chemical reagents and auxiliaries(excluding hazardous chemicals and precursor chemicals).(f)On 5 September 2019,Keyi and three independent third parties formed Keyi Huirui,which had th

87、e registered capital of RMB350,000,000.Keyi injected RMB105,000,000 for its contribution for 30%of Keyi Huiruis equity interest.On 31 October 2023,the registered capital of Keyi Huirui was increased to RMB450,000,000 and Keyi remained as a 30%shareholder.Notes to the Condensed Consolidated Financial

88、 StatementsFor the six months ended 31 December 2024China Financial International Investments Limited1611.FINANCIAL ASSETS AT FVTPL(continued)Notes:(continued)(ii)At the end of the reporting period,the Group had the following unlisted equity investments:(continued)(g)On 16 March 2020,the Group inves

89、ted in a 30%equity interest of Zhongxin Bioenergy,a joint venture established in the PRC.Zhongxin Bioenergy is principally engaged in production and sales of fuel ethanol and related products,the production and supply of electricity and heat,and the research,development and technical services of fue

90、l ethanol and denatured fuel ethanol.(h)On 16 March 2020,the Group invested in a 30%equity interest of Zhongxin Petrochemical Oil,a joint venture established in the PRC.Zhongxin Petrochemical Oil is principally operating refined petroleum products(such as vehicle ethanol gasoline,kerosene,diesel,nat

91、ural gas)without storage facilities,selling food and chemical products,retail medicine and road cargo transport.(i)On 18 December 2012,the Group invested in a 30%equity interest of Xian Kairong,a joint venture established in the PRC.Xian Kairong is principally engaged in the provision of financial m

92、anagement services to SMEs in Xian Economic Development Zone,Shaanxi Province,the PRC.The fair values of all the above investments were determined by the directors of the Company with reference to the professional valuation carried out by GW Financial Advisory Services Limited,an independent valuer

93、not connected to the Group.At the end of the period,the Group held more than 20%of the effective shareholding interest in the above investee companies except Tianjin Binlian.The investments in these companies are not accounted for as associates as the Group had no significant influence over these co

94、mpanies.In accordance with the relevant agreement signed between the Group and these investee companies as well as the other shareholders of the investee companies,the Group does not have the right to participate in its policy-making processes,to appoint directors nor management and to interchange o

95、f managerial personnel.Hence,all of these investments are not regarded as associates of the Group and are accounted for as financial assets at FVTPL for the period/year ended 31 December 2024 and 30 June 2024.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 Decembe

96、r 202417Interim Report 202412.EQUITY INSTRUMENTS AT FVTOCIUnaudited 31 DecemberAudited 30 June20242024HK$000 HK$000Listed investments:Equity securities listed in Hong Kong(note i)13,88612,576 Unlisted investments:Equity securities(note ii)15,20115,347 Total29,08727,923 Notes:(i)Listed equity securit

97、iesThe fair values of listed equity securities are determined based on the quoted market prices available on the relevant exchange at the end of the reporting period.Particulars of the investment as at 31 December 2024,in terms of the carrying value of the listed investment,are as follows:China City

98、 Infrastructure Group Limited(“China City Infrastructure”)On 21 June 2016,the Company and China City Infrastructure,a company listed on the Stock Exchange,entered into the share subscription agreement to subscribe for 262,000,000 new shares of China City Infrastructure with a one-year lock-up period

99、 for a total subscription price of HK$131,000,000 at HK$0.50 per share.The transaction was completed on 28 June 2016.At 31 December 2024,the 262,000,000 shares(30 June 2024:262,000,000 shares)representing approximately 8.4%(30 June 2024:8.4%)of the entire issued share capital in China City Infrastru

100、cture.China City Infrastructure is principally engaged in infrastructure businesses,property investment,property development,hotel business,property management and natural gas in the PRC.As at 31 December 2024,the fair value of the Groups interest in China City Infrastructure was HK$13,886,000(30 Ju

101、ne 2024:HK$12,576,000).Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial International Investments Limited1812.EQUITY INSTRUMENTS AT FVTOCI(continued)Notes:(continued)(ii)Unlisted equity investmentsAs at 31 December 2023,the Group held t

102、he following unlisted equity investments:NameNotesPlace of incorporation/registration and businessGroups effective interestPrincipal activitiesUnaudited 31 December 2024 Fair valueUnaudited 31 December 2024 CostAudited 30 June2024 Fair valueAudited 30 June 2024 CostUnaudited 31 December 2024Audited

103、30 June2024HK$000HK$000HK$000HK$000Others:Jiangxi Huazhang Hanchen Guarantee Group Limited(“Jiangxi Huazhang”)(a)The PRC1.77%1.77%Provision of financing guarantees to small and medium enterprises(“SMEs”)15,20143,15015,34743,150Shenzhen Zhongtoujinxin Asset Management Company Limited(“Zhongtoujinxin”

104、)(b)The PRC30%30%Provision of consultation services on project investments18,35018,350 15,20115,347 (a)On 13 April 2011,the Group acquired a 30%equity interest of Jiangxi Huazhang,a joint venture established in the PRC.The Groups equity interest in Jiangxi Huazhang became 7.2%on 15 July 2013,then dr

105、opped to 2.98%on 19 August 2016 and to 2.06%on 23 September 2021 and further dropped to 1.77%on 21 February 2024,as the registered capital of Jiangxi Huazhang was enlarged by the new registered capital subscribed by its other shareholders on those dates.Jiangxi Huazhang is principally engaged in the

106、 provision of financing guarantees to SMEs in the Jiangxi Province,the PRC.(b)On 29 April 2011,the Group invested in a 30%equity interest of Zhongtoujinxin,a joint venture established in the PRC.The first contribution of RMB6,000,000(equivalent to HK$7,200,000)was made by the Company in 2011 and the

107、 second contribution of RMB9,000,000(equivalent to HK$11,150,000)was made on 10 May 2012.Zhongtoujinxin is principally engaged in the provision of consultation services for project investments in the PRC.The fair values of all of the above investments were determined by the directors of the Company

108、with reference to the professional valuation carried out by GW Financial Advisory Services Limited,an independent valuer not connected to the Group.As the end of the reporting period,the Group held more than 20%of the effective shareholding interest in China City Infrastructure and Zhongtoujinxin.Th

109、e investments in these companies are not accounted for as associates as the Group had no significant influence over these companies.In accordance with the relevant agreement/declaration signed between the Group and the investee companies as well as the other shareholders of the investee companies,th

110、e Group does not have the right to participate in their policy-making processes,to appoint directors nor management and to interchange of managerial personnel.Hence,these investments are not regarded as associates of the Group and are accounted for as equity instruments at FVTOCI for the period/year

111、 ended 31 December 2024 and 30 June 2024.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202419Interim Report 202413.PREPAYMENTS,DEPOSITS AND OTHER RECEIVABLESUnaudited 31 DecemberAudited 30 June20242024NotesHK$000HK$000Deposits paid for potential investm

112、ents(i)3,677Rental and utilities deposits274274Prepayment for investments(ii)29,009Consideration receivable for disposal of an investment(iii)63,85374,135Dividend receivables148148Other receivables(iv)3,3553,144 67,660110,387Less:loss allowance(2,580)(6,278)65,050104,109Prepayments433434 65,483104,5

113、43 Analysed for reporting purposes as:Current assets65,215104,275Non-current assets268268 65,483104,543 Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial International Investments Limited2013.PREPAYMENTS,DEPOSITS AND OTHER RECEIVABLES(co

114、ntinued)Notes:(i)Deposits paid for potential investmentsUnaudited 31 DecemberAudited 30 June20242024HK$000HK$000Mr.Zhang Gui Qing(“Mr.Zhang”)3,677 3,677Less:loss allowance(3,677)During the year ended 30 June 2020,the Company entered into an agreement(“Agreement 1”)with an independent third party,Mr.

115、Zhang.Pursuant to Agreement 1,Mr.Zhang is responsible for assisting to seek and recommend potential investments in the PRC to the Company with a term of three years,and the Company agreed to provide the deposit to Mr.Zhang amounted to HK$10,000,000 during the period as agreed.The deposit is refundab

116、le after the period expired and is interest free.During the year ended 30 June 2023,this contracts three-years term expired in October 2022,although Mr.Zhang recommended several investment projects to the Group,no suitable investment project was chosen by the Group.Hence,the Group made a request to

117、Mr.Zhang to refund the deposit in full.During the year ended 30 June 2024 and six months ended 31 December 2024,the Group received repayments of HK$6,323,000 and HK$3,677,000,respectively.As a result,a reversal of loss allowanced of HK$3,677,000(30 June 2024:HK$6,323,000)has been recognised and incl

118、uded in other gains and losses during the six months ended 31 December 2024.(ii)During the year ended 30 June 2023,the Group made certain prepayments totaling RMB26,827,000(equivalent to HK$29,009,000(2023:HK$29,092,000)intended as capital injection for two unlisted investments.In the opinion of the

119、 directors of the Company,such amounts would be recorded as investment costs for unlisted investment included in financial assets at FVTPL once all their existing investors fulfil their capital call and the official capital registration procedure is completed.Subsequently,there was no additional cap

120、ital injection made from other investors into these entities up to the end of reporting period,and hence the Group retrieved these amounts from the two investees.Such amount have been received by the Group in September 2024.(iii)During the year ended 30 June 2023,the Group disposed its entire intere

121、st of Mengzhou Houyuan for a consideration of RMB9,000,000(equivalent to HK$9,670,000(2023:HK$9,723,000)to an independent third party,in which the Group provided one-year credit period to this purchaser.In the opinion of the directors of the Company,the amount of this receivable is expected to be re

122、coverable based on the assessment of the financial background of the purchaser.Such amount has been received by the Group in September 2024.During the year ended 30 June 2024,the Group disposed its entire interest of Jusheng Light Alloy for a consideration of RMB60,000,000(equivalent to HK$64,465,00

123、0)to an independent third party.In the opinion of the directors of the Company,the amount of this receivable is expected to be recoverable based on the assessment of the financial background of the purchaser.Such amount has been received by the Group in February 2025.(iv)Included in the other receiv

124、ables were interest receivable of approximately HK$1,144,000(30 June 2024:HK$1,144,000)from a bond issued by China City Infrastructure and an advance made to Zhongtoujinxin of approximately RMB1,350,000(equivalent to HK$1,437,000(30 June 2024:HK$1,450,000).The directors are in negotiation with the c

125、ounterparties for the repayment of the receivables to the Group,however,such amounts have yet been repaid to the Group and the impairment loss of HK$2,580,000 was recognised as at 31 December 2024.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202421Inte

126、rim Report 202414.BORROWINGUnaudited 31 DecemberAudited 30 June20242024HK$000 HK$000Bonds(unsecured)9,9979,997 The carrying amount of the above borrowing is repayable(based on scheduled repayment dates set out in the loan agreements):Within one year9,9979,997 Analysed for reporting purposes as:Curre

127、nt liabilities9,9979,997Non-current liabilities 9,9979,997 Notes:(a)As at 9 April 2020,the Group has entered into an extension agreement for the bond of HK$5,000,000(the“Bond 1”)to extend the maturity date from 8 July 2020 to 7 July 2021.(b)As at 9 April 2020,the Group has entered into an extension

128、agreement for the bond of HK$5,000,000(the“Bond 2”)to extend the maturity date from 12 November 2020 to 11 November 2021.(c)As at 30 June 2021,the Group has entered into an agreement with the bond holder of Bond 1 and Bond 2(collectively referred to as the“Bond 3”)to combine two bonds with the princ

129、ipal amount of HK$10,000,000 at an interest rate of 7%per annum with maturity date on 30 June 2023,effective from 1 July 2021.(d)As 30 June 2023,the Group has entered into a subscription agreement with the bond holder of Bond 3 for a bond with principal amount of HK$10,000,000(the“Bond 4”)at an inte

130、rest rate of 8%per annum with maturity date on 30 June 2026,effective from 1 July 2023.The bond holder of Bond 3 agreed with the Company to use Bond 4 to renew the Bond 3 which matured on 30 June 2023.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024Ch

131、ina Financial International Investments Limited2215.SHARE CAPITAL OF THE COMPANYUnaudited 31 December 2024Audited 30 June 2024Numberof sharesNumberof shares000HK$000 000HK$000Authorised:Ordinary shares of HK$0.01 each30,000,000300,00030,000,000300,000 Issued and fully paid:Ordinary shares of HK$0.01

132、 each10,971,634109,71710,971,634109,717 16.SHARE-BASED PAYMENT TRANSACTIONSUnder the share option scheme adopted by the Company on 15 January 2008(the“Scheme”),options were granted to certain directors and consultants entitling them to subscribe for shares of the Company under the Scheme.The Scheme

133、was approved and adopted by shareholders of the Company on 15 January 2008(the“Date of Adoption”),whereby the directors of the Company are authorised,at their discretion,to invite full time employees of the Group,(including executive and non-executive directors of the Company or any of its subsidiar

134、ies)and any suppliers,consultants,agents or advisers of the Group,to take up options to subscribe for shares of the Company.The maximum number of shares in respect of which options may be granted under the Scheme,when aggregated with any shares subject to any other schemes,shall not exceed 10%of the

135、 issued share capital of the Company on the Date of Adoption.On 15 December 2017,the Scheme was terminated and the new share option scheme(the“New Scheme”)was approved by the Shareholders of the Company at the annual general meeting to replace the Scheme.The New Scheme shall be valid and effective f

136、or a period of 10 years ending on 14 December 2027.The exercise price of the options under the New Scheme is determinable by the board of directors,but will be at least the highest of:(i)The closing price of the shares on the Stock Exchange(as stated in the Stock Exchanges daily quotation sheets)on

137、the offer date,which must be a business day;(ii)The average of the closing prices of the shares on the Stock Exchange(as stated in the Stock Exchanges daily quotation sheets)for the 5 business days immediately preceding the offer date;and(iii)The nominal value of the Companys shares on the offer dat

138、e.The maximum number of shares issuable under share options to each eligible participant in the Scheme within any 12-month period is limited to 1%of the shares of the Company in issue at any time.Any further grant of share options in excess of this limit is subject to shareholders approval in a gene

139、ral meeting.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202423Interim Report 202416.SHARE-BASED PAYMENT TRANSACTIONS(continued)Share options granted to a director,chief executive or substantial shareholder of the Company,or to any of their associates,

140、are subject to approval in advance by the independent non-executive directors.In addition,any share options granted to a substantial shareholder or an independent non-executive director of the Company,or to any of their associates,in excess of 0.1%of the shares of the Company in issue at any time or

141、 with an aggregate value(based on the price of the Companys shares at the date of grant)in excess of HK$5,000,000,within any 12-month period,are subject to shareholders approval in advance in a general meeting.The offer of a grant of share options under the New Scheme may be accepted within 21 days

142、from the date of offer,upon payment of a nominal consideration of HK$1 in total by the grantee.The exercise period of the share options granted is determinable by the directors.Share options do not confer rights on the holders to dividends or to vote at shareholders meetings.The maximum number of th

143、e shares available for issue upon exercise of all share options which may be further granted under the New Scheme is 1,097,163,403 shares,representing 10%of the total number of issued shares of the Company on 15 December 2017.No share options were granted under the New Scheme for both period/year.17

144、.RELATED PARTY TRANSACTIONSDuring the period,the Group entered into the following transactions with related parties:UnauditedSix months ended 31 December20242023HK$000 HK$000Investment management fee paid/payable to CFIIM(Note)5768 Note:An investment management agreement(the“Investment Management Ag

145、reement”)was entered into between the Company and CFIIM on 25 April 2014 to renew the appointment of CFIIM as the investment manager of the Company for a further period of three years effective from 29 April 2014 to 28 April 2017.Pursuant to the Investment Management Agreement,CFIIM is entitled to a

146、 management fee which is receivable monthly in arrears at the rate of 0.75%per annum of the aggregate market value of the portfolio managed by CFIIM on the last business day of each calendar month.The Investment Management Agreement expired on 28 April 2017 and a new investment management agreement(

147、the“2nd Investment Management Agreement”)was entered into accordingly on 26 April 2017 to renew the appointment of CFIIM as the investment manager of the Company for a further period of three years effective from 29 April 2017 to 28 April 2020.Pursuant to the 2nd Investment Management Agreement,CFII

148、M is entitled to a management fee which is receivable monthly in arrears at the rate of 0.75%per annum of the aggregate market value of the portfolio managed by CFIIM on the last business day of each calendar month.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 D

149、ecember 2024China Financial International Investments Limited2417.RELATED PARTY TRANSACTIONS(continued)Note:(continued)The Investment Management Agreement expired on 28 April 2020 and a new investment management agreement(the“3rd Investment Management Agreement”)was entered into accordingly on 27 Ap

150、ril 2020 to renew the appointment of CFIIM as the investment manager of the Company for a further period of three years effective from 29 April 2020 to 28 April 2023.Pursuant to the 3rd Investment Management Agreement,CFIIM is entitled to a management fee which is receivable monthly in arrears at th

151、e rate of 0.75%per annum of the aggregate market value of the portfolio managed by CFIIM on the last business day of each calendar month.The Investment Management Agreement expired on 28 April 2023 and a new investment management agreement(the“4th Investment Management Agreement”)was entered into ac

152、cordingly on 27 April 2023 to renew the appointment of CFIIM as the investment manager of the Company for a further period of three years effective from 29 April 2023 to 28 April 2026.Pursuant to the 4th Investment Management Agreement,CFIIM is entitled to a management fee which is receivable monthl

153、y in arrears at the rate of 0.75%per annum of the aggregate market value of the portfolio managed by CFIIM on the last business day of each calendar month.Investment management fees also constitute continuing connected transactions as defined in Chapter 14A of the Listing Rules.The disclosures requi

154、red by Chapter 14A of the Listing Rules are disclosed in the report of directors in the annual report.Compensation of key management personnelUnauditedSix months ended 31 December20242023HK$000 HK$000Salaries and other benefits4551,682 Contributions to retirement benefits scheme99 18.FINANCIAL INSTR

155、UMENTSFair value measurements of financial instrumentsA number of assets and liabilities included in these unaudited interim condensed consolidated financial statements require measurement at,and/or disclosure of,fair value.The fair value measurement of the Groups financial and non-financial assets

156、and liabilities utilised market observable inputs and data as far as possible.Inputs used in determining fair value measurements are categorised into different levels based on how observable the inputs used in the valuation technique utilised are(the“Fair Value Hierarchy”):Level 1:Quoted prices in a

157、ctive markets for identical items(unadjusted);Level 2:Observable direct or indirect inputs other than Level 1 inputs;Level 3:Unobservable inputs(i.e.not derived from market data).The classification of an item into the above levels is based on the lowest level of the inputs used that has a significan

158、t effect on the fair value measurement of the item.Transfers of items between levels are recognised in the period they occur.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202425Interim Report 202418.FINANCIAL INSTRUMENTS(continued)Fair value measurement

159、s of financial instruments(continued)The following tables illustrate the fair value measurement hierarchy of the Groups financial instruments:Fair value hierarchy at 31 December 2024(unaudited)Level 1Level 2Level 3TotalHK$000 HK$000 HK$000 HK$000 Equity instruments at FVTOCI:Listed equity securities

160、13,88613,886 Unlisted investments15,20115,201Financial assets at FVTPL Listed equity securities23,11223,112 Unlisted equity investments36,04336,043 36,99851,24488,242 Fair value hierarchy at 30 June 2024(audited)Level 1Level 2Level 3TotalHK$000 HK$000 HK$000 HK$000 Equity Instruments at FVTOCI:Liste

161、d equity securities12,57612,576 Unlisted investments15,34715,347Financial assets at FVTPL Listed equity securities21,21521,215 Unlisted equity investments36,99236,992 33,79152,33986,130 Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial I

162、nternational Investments Limited2618.FINANCIAL INSTRUMENTS(continued)Fair value measurements of financial instruments(continued)Below is a summary of significant unobservable inputs to the valuation of financial instruments together with a quantitative sensitivity analysis as at 31 December 2024 and

163、 30 June 2024:Fair valueValuation techniqueSignificant unobservable inputsRange/valueSensitivity of fair value to the inputUnlisted equity investments classified as financial assets at FVTPLMicro-loan service31 December2024:nilMarket comparable companiesPrice to book ratio(“PB ratio”)31 December2024

164、:nil(note)The fair value is positively correlated to the PB ratios.Had the PB ratio increased by 5%,the carrying amount would have increased by increased by nil(30 June 2024:nil).Had the PB ratio decreased by 5%,the carrying amount would have decreased by nil(30 June 2024:nil).30 June 2024:nil30 Jun

165、e 2024:nil(note)Discount for lack of marketability(“DLOM”)31 December2024:nil(note)The fair value is negatively correlated to the DLOM.Had the DLOM decreased by 5%as at 31 December 2024,the carrying amount would have increased by nil(30 June 2024:nil).Had the DLOM increased by 5%as at 31 December 20

166、24,the carrying amount would have decreased by nil(30 June 2024:nil).30 June 2024:nil(note)Note:Since the unlisted equity investments reflect a negative valuation,no inputs have been adopted.Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 202427Interim Re

167、port 2024Fair valueValuation techniqueSignificant unobservable inputsRange/valueSensitivity of fair value to the inputUnlisted equity investments classified as financial assets at FVTPLOthers31 December2024:nilMarket comparable companiesPB ratio 31 December2024:nil(note)The fair value is positively

168、correlated to the PB ratios.Had the PB increased by 5%,the carrying amount would have increased by nil(30 June 2024:nil).Had the PB ratios decreased by 5%,the carrying amount would have decreased by nil(30 June 2024:nil).30 June 2024:nil30 June 2024:nil(note)DLOM31 December2024:nil(note)The fair val

169、ue is negatively correlated to the DLOM.Had the DLOM decreased by 5%,the carrying amount would have increased by nil(30 June 2024:nil).Had the DLOM increased by 5%,the carrying amount would have decreased by nil(30 June 2024:nil).30 June 2024:nil(note)Note:Since the unlisted equity investments refle

170、ct a negative valuation,no inputs have been adopted.18.FINANCIAL INSTRUMENTS(continued)Fair value measurements of financial instruments(continued)Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial International Investments Limited28Fair v

171、alueValuation techniqueSignificant unobservable inputsRange/valueSensitivity of fair value to the inputUnlisted equity investments classified as financial assets at FVTPLClean energy31 December2024:HK$36,043,00030 June2024:HK$36,992,000Market comparable companiesRatio of enterprise value over sales(

172、“EV/Sales”)31 December2024:(ethanolproducer:0.49;ethanol trading:1.40)30 June 2024:(ethanolproducer:0.56;ethanol trading:1.00)The fair values of companies are determined with reference to multiples of comparable listed companies,using average of the EV/Sales ratio of comparables.The fair value measu

173、rement is positively correlated to the EV/Sales ratio.Had the EV/Sales ratio increased by 5%,the carrying value would have increased by HK$569,000(30 June 2024:HK$647,000).Had the EV/Sales ratio decreased by 5%,the carrying amount would have decreased by HK$569,000(30 June 2024:HK$647,000).DLOM31 De

174、cember2024:(ethanolproducer:90%;ethanol trading:60%)The fair values of companies are also determined with reference to DLOM.The fair value measurement is negatively correlated to the DLOM.Had the DLOM decreased by 5%,the carrying amount would have increased by HK$9,731,000(30 June 2024:HK$10,750,000

175、).Had the DLOM increased by 5%,the carrying amount would have decreased by HK$9,731,000(30 June 2024:HK$10,750,000).30 June 2024:(ethanolproducer:90%;ethanol trading:60%)18.FINANCIAL INSTRUMENTS(continued)Fair value measurements of financial instruments(continued)Notes to the Condensed Consolidated

176、Financial StatementsFor the six months ended 31 December 202429Interim Report 2024Fair valueValuation techniqueSignificant unobservable inputsRange/valueSensitivity of fair value to the inputUnlisted security classified as equity instrument as FVTOCIOthers31 December2024:HK$15,201,00030 June 2024:HK

177、$15,347,000Market comparable companiesPB ratio31 December2024:0.6830 June 2024:0.70The fair value the companies are determined with reference to multiples of comparable listed companies,using average of the PB ratios of comparables.The fair value measurement is positively correlated to the PB ratios

178、.Had the PB ratio increased by 5%,the carrying amount have increased by HK$683,000(30 June 2024:HK$767,000).Had the PB ratio decreased by 5%,the carrying amount would have decreased by HK$683,000(30 June 2024:HK$767,000).DLOM31 December2024:70%The fair value of companies are also determined with ref

179、erence to DLOM.The fair value is negatively correlated to DLOM.Had the DLOM decreased by 5%,the carrying amount would have increased by HK$2,278,000(30 June 2024:HK$2,558,000).Had the DLOM increased by 5%,the carrying amount would have decreased by HK$2,278,000(30 June 2024:HK$2,558,000).30 June 202

180、4:70%There were no transfers between Level 1 and 2 during both period/year.18.FINANCIAL INSTRUMENTS(continued)Fair value measurements of financial instruments(continued)Notes to the Condensed Consolidated Financial StatementsFor the six months ended 31 December 2024China Financial International Inve

181、stments Limited3018.FINANCIAL INSTRUMENTS(continued)Fair value measurements of financial instruments(continued)Reconciliation of Level 3 fair value measurements31 December 2024(Unaudited)FinancialAssetsat FVTPL(unlisted)securities)Equityinstrumentsat FVTOCITotalHK$000HK$000HK$000Opening balance36,99

182、215,34752,339Total losses:in profit or loss(907)(907)in OCI(146)(146)exchange realignment(42)(146)Closing balance36,04315,20151,244 30 June 2024(Audited)FinancialAssetsat FVTPL(unlisted)securities)Equityinstrumentsat FVTOCITotalHK$000HK$000HK$000Opening balance83,44810,71594,163Total losses:in profi

183、t or loss18,54918,549 in OCI4,6324,632 exchange realignment121121Disposals(65,126)(65,126)Closing balance36,99215,34752,339 19.APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTSThe unaudited condensed consolidated financial statements were approved and authorised for issue by the board of directors on 26

184、 March 2025.Management Discussion and Analysis31Interim Report 2024BUSINESS REVIEWThe Group is principally engaged in the investments in the listed and unlisted companies established and/or doing business in Hong Kong and the Peoples Republic of China(the“PRC”or,“China”).The Group recorded a profit

185、of HK$1,641,000 for the six months ended 31 December 2024(the“Period”),as compared to a profit of HK$68,325,000 for the six months ended 31 December 2023(the“Corresponding Period”).The profit was mainly attributable to the fair value gain of approximately HK$2,046,000 on listed investments at FVTPL

186、and the fair value loss of approximately HK$907,000 on unlisted investments at FVTPL.Listed Investment ReviewDuring the Period,the Group recorded the total profit of HK$3,356,000 on listed securities business.No dividend income from listed investment was recorded for the six months ended 31 December

187、 2024 and 2023.As at 31 December 2024,the market value of the listed securities amounted to HK$36,998,000(30 June 2024:HK$33,791,000).All the listed securities were listed on The Stock Exchange of Hong Kong Limited(the“Stock Exchange”).Listed Securities PortfolioName of listed securitiesNature of bu

188、sinessNumber of shares heldGroups effective interestMarket value at 31 December 2024Dividend received/receivable during the Period%to the Groups net assets as at 31 December 2024Investment costDisposal considerationRealized gain/(loss)HK$000HK$000HK$000HK$000HK$000Hidili Industry International Devel

189、opment Limited (“Hidili Industry”)(stock code:1393)(note)Coal mining and manufacture and sale of clean coal8,1641498,051China City Infrastructure Group Limited(“China City Infrastructure”)(stock code:2349)Infrastructure businesses,property investment,property development,hotel business,property mana

190、gement and natural gas in the PRC698,079,42922.32%36,99819.26%36,998 Note:In December 2024,the Company disposed of 2,555,000 shares in Hidili Industry on market for the aggregated consideration of approximately HK$149,000.Based on the investment cost of approximately HK$8,164,000,the Company recorde

191、d a realized loss of approximately HK$8,015,000 arising from the said disposals.As at the date of this report,the Company does not hold any securities in Hidili Industry.Management Discussion and AnalysisChina Financial International Investments Limited32BUSINESS REVIEW(continued)Unlisted Investment

192、 ReviewFor the Period,the total profit on the Groups unlisted investment portfolio recorded as HK$1,053,000(31 December 2023:HK$53,431,000).The profit was mainly attributable to the increase in fair value of clean energy companies and warehouse management company.During the Period,dividend income fr

193、om an unlisted investment,Tianjin Binlian Micro-finance Limited was recorded(31 December 2023:HK$123,000 from Henan Zhongxin Bioenergy Co.,Ltd.The fair value of the Groups unlisted investments decreased by 2.09%to HK$51,244,000(30 June 2024:HK$52,339,000).Unlisted Equity InvestmentsThe Companys unli

194、sted equity investments are mainly concentrated on clean energy industry and small loan companies in the PRC.Since 2018,the Group focuses on clean energy industry and made several investments.Bioenergy is a carbon neutral and renewable energy source that reducing greenhouse gas emissions.Biofuels su

195、ch as ethanol and biodiesel,are less toxic and are biodegradable.Using biomass can help build resilience in agricultural,timber and food-processing industries.Bioenergy provides a use for their waste streams,can help them reduce their energy costs.Meanwhile,small loan industry in the PRC is still fa

196、cing worries of the decreasing interest rate of private lending and the increase of operation risks,resulting in certain small loan companies continue to generate overdue loans and incur losses.In view of the slipping performance of the small loan industry,the Company has plan to exit the investment

197、s in small loan industry.In the foreseeable future,the Company will continuously focus its investment on bioenergy sector and gradually exit past investments in the small loan industry with the aim to maximize value of the shareholders of the Company.Management Discussion and Analysis33Interim Repor

198、t 2024BUSINESS REVIEW(continued)Unlisted Investment Review(continued)Unlisted Equity Investments(continued)Unlisted Equity Investment PortfolioName of companyNotes LocationGroups effective interestBusiness natureCostFair value at 31 December 2024%to the Groups net assets as at 31 December 2024HK$000

199、HK$000Micro-loan service1Harbin Zhongjinguoxin Microfinance Co.,Ltd.(“Harbin Zhongjinguoxin”)(1)Harbin,Heilongjiang Province30%Provision of small loan and financial consultation services36,6932Tianjin Binlian Microfinance LimitedTianjin3.3%Provision of small loan and financial consultation services1

200、2,2713Nanjing Jiangning MingYangRongTong Agricultural Microfinance Co.,Ltd.Nanjing,Jiangsu Province30%Provision of small loan and financial consultation service36,673 Sub-total:85,637 Guarantee Service4Jiangxi Huazhang Hanchen Guarantee Group Limited(2)Nanchang,Jiangxi Province1.77%Provision of fina

201、ncing guarantees to small and medium enterprises43,15015,2019.10%Investment and management consultation service5Shenzhen Zhongtoujinxin Asset Management Company LimitedShenzhen,Guangdong Province30%Provision of consultation services on project investments18,3506Xian Kairong Financial Service Limited

202、Xian,Shaanxi Province30%Provision of financial management services18,724 Sub-total:37,074 Management Discussion and AnalysisChina Financial International Investments Limited34Name of companyNotes LocationGroups effective interestBusiness natureCostFair value at 31 December 2024%to the Groups net ass

203、ets as at 31 December 2024HK$000HK$000Clean energy7Henan Tianguan Energy and Biotechnology Company Limited(“Henan Tianguan”)(3)Henan Province30%Production and sales of denatured fuel ethanol,sales of acetone,butanol,polyols,production and sales of biodegradable plastics and biodiesel,sales of chemic

204、al products,wheat bran flour,feed sales,acetic acid and acetaldehyde production230,7636,9894.18%8Hunan South China New Energy Limited(“South China New Energy”)(4)Hunan Province30%New energy technologies development,transfer and consultation,research and development,manufacturing and sales of chemica

205、l products,chemical reagents and auxiliaries(excluding hazardous chemicals and precursor chemicals)51,2009Hainan Keyi Huirui Bioenergy Technology Company Limited(“Keyi Huirui”)(5)Hainan Province30%Biotechnology energy technology development,transfer and consultation,research and development,manufact

206、uring and sales of biotechnology energy and chemical equipment117,45010Henan Zhongxin Petrochemical Oil Sales Co.,Ltd(“Zhongxin Petrochemical”)(6)Henan Province30%Engage in petrol station operation52,08422,10913.23%11Henan Zhongxin Bioenergy Co.,Ltd(“Zhongxin Bioenergy”)(6)Henan Province30%Engage in

207、 biotechnology and ethanol bio-chemical product development and production of ethanol chemical products52,0846,9454.16%Sub-total:503,58136,043 Total:669,44251,244 BUSINESS REVIEW(continued)Unlisted Investment Review(continued)Unlisted Equity Investments(continued)Unlisted Equity Investment Portfolio

208、(continued)Management Discussion and Analysis35Interim Report 2024BUSINESS REVIEW(continued)Unlisted Investment Review(continued)Unlisted Equity Investments(continued)Unlisted Equity Investment Portfolio(continued)Notes:(1)On 22 December 2016,the Company entered into a disposal agreement to dispose

209、of all of its equity interest in Harbin Zhongjinguoxin to an independent third party for a cash consideration of RMB25,000,000.A deposit of HK$2,500,000 has been received which was included in receipt in advance in“other payables and accruals”as at 30 June 2023 and 2022.As at 31 December 2023,in the

210、 opinion of the Directors of the Company,this disposal transaction has not been completed after 12 months from the date of the disposal agreement but the transaction still be considered as valid.(2)On 13 April 2011,the Group acquired a 30%equity interest of Jiangxi Huazhang,a joint venture establish

211、 in the PRC.The Groups equity interest in Jiangxi Huazhang became 7.2%on 15 July 2013 and reduce to 2.98%on 19 August 2016,as Jiangxi Huazhang was enlarged by the new registered capital subscribed by its other shareholders on these dates.(3)On 11 May 2018,the Company entered into the joint venture a

212、greement with the joint venture partners in relation to the formation of the Henan Tianguan in Henan province,the PRC.Pursuant to the joint venture agreement,the Company owned 30%of the registered capital of the Henan Tianguan.On 31 July 2018,Henan Tianguan increased the registered capital from RMB3

213、00,000,000 to RMB660,000,000 hence Keyi(Shanghai)Investments Limited(“Keyi”)and Joy State Holdings Limited,wholly-owned subsidiaries of the Company,further injected RMB30,000,000 and RMB78,000,000 respectively.(4)On 23 January 2019,Keyi invested in a 30%equity interest of South China New Energy with

214、 the capital contribution of RMB45,000,000.(5)On 5 September 2019,Keyi and three independent third parties formed Keyi Huirui,which had the registered capital of RMB350,000,000.Keyi injected RMB105,000,000 for its contribution for 30%of Keyi Huiruis equity interest.On 31 October 2023,the registered

215、capital of Keyi Huirui was increased to RMB450,000,000 and Keyi remained as a 30%shareholder.(6)On 16 March 2020,the Company executed a cooperation agreement with the Peoples Government of Nanyang of the PRC,Sinopec Marketing Company Limited and South South Asia Pacific Bioenergy Limited,in relation

216、 to the formation of two joint venture companies,Zhongxin Petrochemical and Zhongxin Bioenergy.The company acquired 30%equity interest in both companies.PROSPECTThe Company is expected to continue to focus on Chinas bioethanol sector with the aim to maximize value for the Shareholders.As the Groups

217、business is moving forward towards its strategic goals,the Board will carefully assess and minimize potential risks and strive to generate more returns to all shareholders.Management Discussion and AnalysisChina Financial International Investments Limited36LIQUIDITY,FINANCIAL RESOURCES AND GEARINGAs

218、 at 31 December 2024,the Group had cash and cash equivalents of HK$38,303,000(30 June 2024:HK$523,000).Majority of the cash and bank balances denominated in Hong Kong dollars,United States dollars and Renminbi are placed with banks in Hong Kong and the PRC.The current ratio(calculated as the current

219、 assets to the current liabilities)of the Group as at 31 December 2024 was approximately 5.07 times(30 June 2024:4.95 times),gearing ratio(total liabilities to total assets)of the Group as at 31 December 2024 was approximately 13.03%(30 June 2024:13.49%).The Group did not have any bank borrowing as

220、at 31 December 2024(30 June 2024:Nil).The Group did not have any capital commitments as at 31 December 2024(30 June 2024:Nil).INTERIM DIVIDENDThe Board of the Directors does not recommend any payment of interim dividend for the Period(31 December 2023:Nil).CHARGES ON THE GROUPS ASSETSAs at 31 Decemb

221、er 2024,there were no charges on the Groups assets.CONTINGENT LIABILITIESThe Group did not have any material contingent liabilities as at 31 December 2024.CAPITAL STRUCTUREAs at 31 December 2024,the Groups shareholders equity and total number of shares in issue for the Company stood at HK$167,069,00

222、0(30 June 2024:HK$165,143,000)and approximately 10,971,634,030(30 June 2024:10,971,634,030),respectively.EXPOSURE TO FLUCTUATIONS IN EXCHANGE RATESHong Kong dollars and Renminbi are the main currencies of the Group to carry out its business transactions.During the Period,transactions in Renminbi wer

223、e not significant,the Board considers that the Groups exposure to fluctuation in exchange rates was insignificant.EMPLOYEES AND REMUNERATION POLICYAs at 31 December 2024,the Group had 6 employees(including Directors).The total staff cost(including Directors remuneration)of the Group for the Period w

224、as HK$1,102,000(31 December 2023:HK$2,327,000).The remuneration package of the employees is determined by various factors including the employees experience and performance,the market condition,industry practice and applicable employment law.Other Information37Interim Report 2024DIRECTORS AND CHIEF

225、EXECUTIVES INTERESTS AND SHORT POSITIONS IN SHARES AND UNDERLYING SHARESAs at 31 December 2024,the interests and short positions of the Directors and the chief executive of the Company and their respective associates in the ordinary shares,share options,underlying shares or debentures of the Company

226、 or its associated corporations(within the meaning of Part XV of the Securities and Futures Ordinance(Chapter 571 of the Laws of Hong Kong(the“SFO”)which(i)were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests and s

227、hort positions which they were taken or deemed to have under such provisions of the SFO);(ii)were required,pursuant to section 352 of the SFO,to be entered in the register referred to therein;or(iii)were required to be notified to the Company and the Stock Exchange pursuant to the Model Code for Sec

228、urities Transactions by Directors of Listed Issuers(the“Model Code”)contained in Listing Rules,were as follows:Long positions in ordinary shares of the CompanyNumber of issued ordinary shares heldApproximatepercentage ofshareholding in the Company Name of directorCapacityPersonalinterestsInterests o

229、fspouseCorporateinterestsTotal interestsDu Lin DongBeneficial owner and interests of spouse173,624,83034,400,000208,024,8301.90%Note:Mr.Du Lin Dong is personally holding 173,624,830 ordinary shares.The 34,400,000 ordinary shares were held by Ms.Liu Zan,who is the spouse of Mr.Du Lin Dong.Under SFO,M

230、r.Du Lin Dong is deemed to be interested in the ordinary shares in which Ms.Liu Zan is interested in and vice versa.Save as disclosed above,as at 31 December 2024,none of the Directors nor the chief executive of the Company and their respective associates had or was deemed to have any interests and

231、short positions in the ordinary shares,share options,underlying shares or debentures of the Company or any of its associated corporations(within the meaning of Part XV of the SFO)which(i)were required to be notified to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of th

232、e SFO(including interests and short positions which they were taken or deemed to have under such provisions of the SFO);(ii)were required,pursuant to section 352 of the SFO,to be entered in the register referred to therein;or(iii)were required to be notified to the Company and the Stock Exchange pur

233、suant to the Model Code.Other InformationChina Financial International Investments Limited38SUBSTANTIAL SHAREHOLDERS AND OTHER PERSONS INTERESTS IN SHARES AND UNDERLYING SHARESThe register of substantial Shareholders maintained under Section 336 of the SFO shows that as at 31 December 2024,the Compa

234、ny had been notified of the following substantial Shareholders interests or short positions,being 5%or more of the Companys ordinary shares and underlying shares:Number of issued ordinary shares heldApproximatepercentage ofshareholding in the Company Name of directorCapacityNotesPersonalinterestsInt

235、erests ofspouseCorporateinterestsGen XiaoqingBeneficial owner1,117,780,00010.19%Jumbo View Holdings LimitedBeneficial owner(1)1,016,860,0009.27%Zhang GuiInterests of controlled corporation(1)1,016,860,0009.27%Zhang ZuhaoBeneficial owner1,000,000,0009.11%Century Golden Resources Investments Co.,LtdBe

236、neficial owner(2)1,000,000,0009.11%Huang ShiyingInterests of controlled corporation(2)1,000,000,0009.11%Huang TaoInterests of controlled corporation(2)1,000,000,0009.11%Li ZebinBeneficial owner662,070,0006.03%Notes:(1)70%of the issued share capital of Jumbo View Holdings Limited is owned by Mr.Zhang

237、 Gui,and Mr.Zhang Gui is therefore deemed to be interested in the ordinary shares held by Jumbo View Holdings Limited.(2)40%and 50%of the issued share capital of Century Golden Resources Investment Co.,Limited is owned by Mr.Huang Shiying and Mr.Huang Tao,respectively,and Mr.Huang Shiying and Mr.Hua

238、ng Tao are therefore deemed to be interested in the ordinary shares held by Century Golden Resources Investment Co.,Limited.Save as disclosed above,as at 31 December 2024,the Company has not been notified by any other persons,not being a Director or chief executive of the Company,who has interests o

239、r short positions in the ordinary shares and underlying shares of the Company representing 5%or more of the Companys issued share capital.Other Information39Interim Report 2024SHARE OPTION SCHEMEIn light of the requirements of Chapter 17 of the Listing Rules,the Company adopted a share option scheme

240、(the“Scheme”)on 15 December 2017.Under the Scheme,the Directors may grant options to those participants who,in the opinion of the Board,have contributed or may contribute to the development and growth of the Group and any entity in which the Group holds any equity interest.As at 31 December 2024,no

241、any share options were granted,exercised,lapsed,forfeited or outstanding.DIRECTORS RIGHTS TO ACQUIRE SHARES OR DEBENTURESAt no time during the Period was the Company or any of its subsidiaries or fellow subsidiaries,a party to any arrangement to enable the Directors to acquire benefits by means of t

242、he acquisition of shares in,or debentures of,the Company or any other body corporate.DIRECTORS INTERESTS IN TRANSACTION,ARRANGEMENTS AND CONTRACTSNo transactions,arrangements or contracts of significance,to which the Company,or its holding companies,subsidiaries or fellow subsidiaries was a party an

243、d in which the Director or the Directors connected entity had a material interest,whether directly or indirectly,subsisted at the end or at any time during the six months ended 31 December 2024.DIRECTORS INTERESTS IN COMPETING BUSINESSDuring the six months ended 31 December 2024,none of the Director

244、s has an interest in a business which competes or is likely to compete,either directly or indirectly,with the business of the Group.PURCHASES,REDEMPTION OR SALE OF LISTED SECURITIES OF THE COMPANYNeither the Company,nor any of its subsidiaries purchased,redeemed or sold any of the Companys listed se

245、curities during the Period.CORPORATE GOVERNANCEThe Board is responsible for ensuring high standards of corporate governance are maintained and for accounting to Shareholders.During the Period,the Company complied with the Corporate Governance Code(the“CG Code”)as contained in Appendix C1 of the List

246、ing Rules except for the following deviations:(a)The code provision A.2.1 of the CG Code stipulates that the roles of chairman and chief executive officer should be separated and should not be performed by the same individual.The positions of both chairman and chief executive officer have been held

247、by Mr.Du Lin Dong.Given the Groups current stage of development,the Board considers that this structure will not impair the balance of power and authority between the Board and the management of the Company.Mr.Du Lin Dong possesses the essential leadership skills to manage the Board and extensive kn

248、owledge in the business of the Group.The Board considers the present structure is more suitable for the Company because it can promote the efficient formulation and implementation of the Companys strategies.The Board will continue to monitor and review the Companys corporate governance practices to

249、ensure compliance with the CG Code.Other InformationChina Financial International Investments Limited40MODEL CODE FOR SECURITIES TRANSACTIONSThe Company has adopted the Model Code as set out in Appendix C3 to the Listing Rules as its own code of conduct regarding directors securities transactions.Ha

250、ving made specific enquiry by the Company,all Directors have confirmed that they have fully complied with the Model Code throughout the Period.AUDIT COMMITTEEThe Company established the audit committee(the“Audit Committee”)which comprises three independent non-executive Directors namely,Mr.Zong Shij

251、ian(chairman of the audit committee),Mr.Lei Zhiwei and Mr.Liu Xiaodong.The Audit Committee had reviewed with the management the accounting principles and practices adopted by the Group and discussed auditing,risk management system,internal control systems and financial reporting matters including th

252、e review of the unaudited interim consolidated financial statements for the Period before recommending them to the Board for approval.The Audit Committee is established with specific terms of references which deal clearly with the committees authority and duties and is available on the website of the Stock Exchange and the Company.