Bison Finance : 2023 Annual Report / 2023 Environmental, Social and Governance Report

2023

Annual Report 年報

CONTENTS 目錄

Letter from the Board 董事會函件

Operational Review 業務回顧

Financial Highlights 財務摘要

Financial Review 財務回顧

Profiles of Directors 董事簡介

Directors' Report 董事會報告

Corporate Governance Report 企業管治報告

Environmental, Social and Governance Report

環境、社會及管治報告

Financial Report 財務報告

Five-Year Financial Summary 五年財務概要

Corporate Information 公司資料

2

5

16

17

28

31

44

68

102

206

208

LETTER FROM THE BOARD

董事會函件

Dear Shareholders,

尊敬的股東：

On behalf of the board (the "Board") of directors (the "Directors") of Bison Finance Group Limited (the "Company" together with its subsidiaries, collectively the "Group"), I hereby present to the shareholders of the Company (the "Shareholders") the annual report of the Company for the year ended 31 December 2023.

本人謹代表貝森金融集團有限公司（「本 公 司」，連同其附屬公司統稱「本 集 團」）董事 （「董 事」）會（「董 事 會」）謹此向本公司股東 （「股 東」）提呈本公司截至二零二三年十二月 三十一日止年度的年報。

RESULTS FOR THE YEAR	本年度業績
For the year ended 31 December 2023, the Group reported	截至二零二三年十二月三十一日止年度，本
revenue of approximately HK$35.6 million, representing a decrease	集團錄得收入約港幣35,600,000元，較去年收
of approximately 13.2% from the revenue of approximately	入約港幣41,000,000元減少約13.2%。
HK$41.0 million of the previous year.
For the year ended 31 December 2023, the Group reported a loss	截至二零二三年十二月三十一日止年度，
attributable to owners of the Company of approximately HK$20.6	本集團錄得本公司擁有人應佔虧損約港幣
million (2022: approximately HK$123.1 million), representing a	20,600,000元（二零二二年：約港幣123,100,000
decrease in loss of approximately 83.2% as compared to previous	元），較去年虧損減少約83.2%。虧損減少主
year. Such decrease in loss was mainly attributable to:	要由於：

1. Reduction in provision for impairment losses on non-current assets and depreciation and amortisation

1. 非流動資 產減值虧損撥備及折 舊 與攤銷減 少

The provision for impairment losses on non-current	截至二零二三年十二月三十一日止年度，
assets for the year ended 31 December 2023 amounted to	非流動資產減值虧損撥備為港幣零元（二
HK$nil (2022: approximately HK$43.9 million), whereas	零二二年：約港幣43,900,000元），折舊及
the depreciation and amortisation for the year ended 31	攤銷約為港幣1,000,000元（二零二二年：
December 2023 amounted to approximately HK$1.0 million	約港幣15,400,000元）。減少主要由於截
(2022: approximately HK$15.4 million). Such reduction	至二零二二年十二月三十一日止年度(a)
was mainly due to no impairment losses on intangible assets	本公司無形資產已悉數減值及(b)本公司
and property and equipment and right-of-use assets being	物業及設備以及使用權資產近乎悉數減
recognised for the year ended 31 December 2023 (2022:	值，故截至二零二三年十二月三十一日
approximately HK$43.9 million) as (a) intangible assets	止年度並無確認無形資產、物業及設備
of the Company were fully impaired and (b) property and	以及使用權資產的減值虧損（二零二二
equipment and right-of-use assets of the Company were close	年：約港幣43,900,000元）。
to fully impaired during the year ended 31 December 2022.

1. Reduction in net realised and unrealised losses on financial assets at fair value through profit or loss

1. 按公允價 值計入損益之金融資 產 之已變現 及未變現虧損淨額減 少

The net realised and unrealised losses on financial assets	截至二零二三年十二月三十一日止年度，
at fair value through profit or loss for the year ended 31	按公允價值計入損益之金融資產的已變
December 2023 amounted to approximately HK$5.4 million	現及未變現虧損淨額約為港幣5,400,000
(2022: approximately HK$39.7 million). Such reduction	元（二零二二年：約港幣39,700,000元），
was mainly due to the net unrealised loss on investment in	減少主要由於截至二零二三年十二月
a private equity fund having decreased to approximately	三十一日止年度，於一隻私募股權基
HK$5.6 million for the year ended 31 December 2023 (2022:	金之投資的未變現虧損淨額減少至約
approximately: HK$36.8 million).	港幣5,600,000元（二零二二年：約港幣
	36,800,000元）。

2 Bison Finance Group Limited Annual Report 2023

	LETTER FROM THE BOARD
	董事會函件
(iii) Reversal of provision for impairment losses	(iii) 金融資產 減值虧損撥備撥回淨 額
on financial assets, net
The reversal of provision for impairment losses on financial	截至二零二三年十二月三十一日止年
assets, net for the year ended 31 December 2023 amounted	度錄得金融資產減值虧損撥備撥回淨
to approximately HK$20.6 million, whereas provision for	額約港幣20,600,000元，而截至二零二二
impairment losses on financial assets, net for the year ended	年十二月三十一日止年度錄得金融資
31 December 2022 amounted to approximately HK$0.6	產減值虧損撥備淨額約港幣600,000元。
million. Such reversal was mainly due to a decrease in loans	有關撥回主要由於截至二零二三年十二
receivable and loan to a related company as a result of the	月三十一日止年度，應收貸款及給予關
repayment from these borrowers during the year ended 31	聯公司之貸款因借款人還款而減少，因
December 2023 and hence (a) a reversal of provision for	此(a)截至二零二三年十二月三十一日止
impairment losses on loans receivable of approximately	年度確認應收貸款減值虧損撥備撥回約
HK$14.3 million (2022: approximately HK$1.8 million) was	港幣14,300,000元（二零二二年：約港幣
recognised for the year ended 31 December 2023, and (b) a	1,800,000元），及(b)截至二零二三年十二
reversal of provision for impairment loss on loan to a related	月三十一日止年度確認給予關聯公司之
company of approximately HK$2.9 million (2022: provision	貸款減值虧損撥備撥回約港幣2,900,000
for impairment loss of approximately HK$3.5 million) was	元（二零二二年：減值虧損撥備約港幣
recognised for the year ended 31 December 2023.	3,500,000元）。
FINAL DIVIDEND	末期股息
The Directors do not recommend the payment of a final dividend	董事不建議就截至二零二三年十二月三十一
for the year ended 31 December 2023 (2022: Nil).	日止年度派發末期股息（二零二二年：無）。
BUSINESS REVIEW	業務回顧
The Group was principally engaged in the provision of financial	於報告期內，本集團主要從事提供金融服務，
services with the licenses to carry out Type 1 (dealing in securities),	持牌進行《證券及期貨條例》（「《證 券 及 期
Type 4 (advising on securities), Type 6 (advising on corporate	貨條例》」）項下第1類（證券交易）、第4類（就
finance) and Type 9 (asset management) regulated activities under	證券提供意見）、第6類（就機構融資提供意
the Securities and Futures Ordinance ("SFO") (collectively, the	見）及第9類（提供資產管理）受規管活動（統
"Financial Services Business") during the reporting period.	稱「金融服務業務」）。
(1) Financial Services Business	(1) 金融服務 業務

As at 31 December 2023, the Financial Services Business of the Group mainly consists of (i) external asset management ("EAM") services; (ii) fund management services; (iii) securities services; (iv) investment advisory services to fund management; and (v) corporate finance advisory services.

於二零二三年十二月三十一日，本集團 的金融服務業務主要分為(i)外部資產管 理（「外部資產管理」）服務；(ii)基金管理 服務；(iii)證券服務；(iv)基金管理的投資 顧問服務；及(v)機構融資顧問服務。

(2) Other Investments	(2) 其他投資
The Group has been continuously exploring opportunities	本集團一直在不斷尋求投資機會，以使
for investments to diversify income stream and maximise	收入來源多元化及提高股東回報。誠如
returns for the Shareholders. As disclosed in the Company's	本公司日期為二零一九年二月二十二
announcement dated 22 February 2019, the Group subscribed	日 的 公 告 所 披 露，本 集 團 認 購B e i Ta i
for limited partner interests in BeiTai Investment LP (the	Investment LP（「投 資 基 金」）的有限合夥
"Investment Fund"). As at 31 December 2023, the Group	人權益。於二零二三年十二月三十一
has made investment of HK$72.0 million (2022: HK$72.0	日，本集團（作為有限合夥人）已投資
million) in the Investment Fund as a limited partner, which	港幣72,000,000 元（二零二二年：港幣
represented approximately 71.0% (2022: approximately	72,000,000元）於投資基金，佔投資基金
71.0%) of the total capital commitment of the Investment	資本承諾總額約71.0%（二零二二年：約
Fund. As at 31 December 2023, the fair value of the	71.0% ）。於二零二三年十二月三十一日，
Investment Fund was approximately HK$23.9 million (2022:	投資基金的公允價值約為港幣23,900,000
approximately HK$29.5 million).	元（二零二二年：約港幣29,500,000元）。

2 0 2 3 年 報 貝 森 金 融 集 團 有 限 公 司 3

LETTER FROM THE BOARD 董事會函件

PROSPECTS	前景
It is expected that the overall business environment in which	預期本集團經營所在的整體營商環境仍將充
the Group operates will remain challenging, especially amid the	滿挑戰，尤其是在地緣政治局勢緊張、利率高
geopolitical tensions and high interest rate and global inflation	企及全球通脹壓力加劇的形勢下。本集團將
pressure. The Group will continue to cautiously monitor the	繼續審慎監察事態發展以確保及時應對市況
development to ensure timely response to changes regarding the	變化。本集團將適時有策略地調整金融服務
market condition. The Group will strategically adjust the allocation	業務的資源分配，並將繼續把握投資機會，致
of the resources within the Financial Services Business where	力提高股東的回報。
appropriate and will continue to seize investment opportunities
with a view to maximise returns for the Shareholders.

APPRECIATION	致謝
The Board would like to express its gratitude to all the staff for	董事會謹此對全體員工努力不懈的工作表現，
their hard work and dedication and to thank all our Shareholders,	以及各位股東、客戶及供應商一直以來的鼎
clients and suppliers for their continuous support.	力支持深表謝意。
By Order of the Board	承董事會命

ZHU Dong	朱冬
Executive Director	執行董事
Hong Kong, 26 March 2024	香港，二零二四年三月二十六日

4 Bison Finance Group Limited Annual Report 2023

	OPERATIONAL REVIEW
	業務回顧
FINANCIAL SERVICES BUSINESS	金融服務業務
The Group has been engaging in the Financial Services Business	自二零一八年十二月起及於整個報告期內，
with the licences to carry out Type 1 (dealing in securities), Type	本集團一直從事金融服務業務，持牌進行《證
4 (advising on securities) and Type 9 (asset management) regulated	券及期貨條例》項下第1類（證券交易）、第4
activities under the SFO since December 2018 and throughout the	類（就證券提供意見）及第9類（提供資產管
reporting period. On 16 December 2020, Bison Corporate Finance	理）受規管活動。於二零二零年十二月十六
Limited, a wholly-owned subsidiary of the Company, was granted	日，貝森企業融資有限公司（本公司之全資附
a licence to carry out Type 6 (advising on corporate finance)	屬公司）獲證券及期貨事務監察委員會（「證
regulated activity under the SFO by the Securities and Future	監 會」）授出進行《證券及期貨條例》項下第
Commission (the "SFC"). Since then, the Group commenced the	6類（就機構融資提供意見）受規管活動的牌
provision of corporate finance advisory services.	照。自此，本集團開始提供機構融資顧問服
	務。
During the year ended 31 December 2023, the Group reported	截至二零二三年十二月三十一日止年度，
revenue of approximately HK$35.6 million (2022: approximately	本集團錄得收入約港幣35,600,000元（二零
HK$41.0 million), representing a decrease of approximately	二二年：約港幣41,000,000元），較去年減少約
13.2% as compared to that of the previous year, which was mainly	13.2%，主要由於合併外部資產管理服務、基
attributable to the overall decrease in revenue after consolidating	金管理服務及機構融資顧問服務應佔收入後
the revenue attributable from EAM services, fund management	的整體收入減少，詳情於下文各節討論。
services and corporate finance advisory services discussed in the
sections below.
(i) EAM services	(i) 外部資產 管理服務
The Group provides EAM services to clients, most of whom	本集團為客戶（大多為高淨值資產人士）
are high net worth individuals, with aggregate asset sizes	提供外部資產管理服務。客戶於外部資
under EAM business amounted to approximately HK$4.1	產管理業務項下的資產總值於二零二三
billion as at 31 December 2023 (2022: approximately HK$3.8	年十二月三十一日為約港幣41億元（二
billion). Revenue generated from EAM services for the	零二二年：約港幣38億元）。截至二零
year ended 31 December 2023 amounted to approximately	二三年十二月三十一日止年度，外部資
HK$27.0 million (2022: approximately HK$24.7 million)	產管理服務收入約為港幣27,000,000元
representing an increase of approximately 9.7% from the	（二零二二年：約港幣24,700,000元），較
revenue for the year ended 31 December 2022.	截至二零二二年十二月三十一日止年度
	的收入增加約9.7%。
The Group will continue to leverage on (i) the stable	本集團將繼續借助(i)本集團與能夠提供
relationship between the Group and the financial institutions	適合外部資產管理客戶所需投資產品的
which are able to provide investment products which suit the	金融機構的穩定關係；及(ii)擁有豐富資
needs of the EAM clients; and (ii) the management team with	產管理經驗和龐大高淨值資產客戶網絡
extensive asset management experience and strong network	的管理團隊，拓寬客戶群，並支持外部
with high net worth clients, to broaden the customer base	資產管理業務的持續發展。
and support continuous development of the EAM business.

2 0 2 3 年 報 貝 森 金 融 集 團 有 限 公 司 5

OPERATIONAL REVIEW 業務回顧

(ii) Fund management services	(ii) 基金管理 服務
The Group acts as the investment managers or general	本集團是若干離岸私募股權基金的基金
partners of certain offshore private equity funds and manages	經理或普通合夥人，按酌情基準管理基
the assets and investments of the funds on a discretionary	金的資產及投資以達成基金的投資目
basis in pursuit of the investment objectives and strategies	標及戰略，包括為投資者實現長期複合
of the funds, which include achievement of long term	資產淨值收益。截至二零二三年十二月
compounded net asset value gain for investors. Revenue	三十一日止年度，基金管理服務收入約
generated from fund management services during the year	為港幣5,400,000元（二零二二年：約港幣
ended 31 December 2023 amounted to approximately	13,600,000元），較去年減少約60.1%。收
HK$5.4 million (2022: approximately HK$13.6 million),	入減少主要由於流動資金趨緊，本集團
representing a decrease of approximately 60.1% as compared	基金管理服務業務所管理的基金償付管
to the previous year. Such decrease was mainly attributable	理費的能力因而受到暫時性影響，導致
to the decrease in management fees income received and	本集團收到及確認的管理費收入減少。
recognised by the Group from the funds that are managed by
the Group under the fund management services business due
to tightened liquidity and therefore temporarily eventually
affecting their ability to repay the Group's management fees.

(iii) Corporate finance advisory services	(iii) 機構融資 顧問服務
Revenue generated from corporate finance advisory services	截至二零二三年十二月三十一日止年度，
during the year ended 31 December 2023 amounted to	機構融資顧問服務收入約為港幣1,900,000
approximately HK$1.9 million (2022: approximately	元（二零二二年：約港幣1,200,000元），
HK$1.2 million), representing an increase of approximately	較去年增加約62.4%，該增加主要由於新
62.4% as compared to previous year. Such increase was	型冠狀病毒疫情結束，客戶計劃或進行
mainly attributable to the increase in investing and financing	的投資及融資交易增加，令二零二三年
transactions planned or done by clients following the end of	間對機構融資顧問服務的需求增加。
COVID-19 pandemic which resulted in an increase in demand
of corporate finance advisory services during the year of
2023.

(iv) Securities services

The Group, through Target Capital Management Limited ("TCM"), a wholly-owned subsidiary of the Company, provides a full range of securities brokerage services, including securities margin financing, underwriting, placing services, as well as securities dealing which was commenced since TCM's admission as a CCASS participant of the Stock Exchange of Hong Kong Limited (the "Stock Exchange") in 2019. The securities margin financing services of TCM are mainly provided to its institutional and retail clients for the security trading in their securities accounts maintained in TCM, which form part of the securities brokerage services provided by TCM. The business remains minimal at this stage so as to minimise the operating cost during such uncertain economic condition.

1. 證券服務

自泰達資產管理有限公司（「泰 達 資 產 管 理」），為本公司之全資附屬公司於二零 一九年獲香港聯合交易所有限公司（「聯 交 所」）接納為中央結算系統參與者後， 本集團開始透過泰達資產管理提供全面 的證券經紀服務，包括證券孖展融資、 包銷、配售服務及證券買賣。泰達資產 管理的證券孖展融資服務主要提供予其 機構及零售客戶，供該等客戶通過於泰 達資產管理開立的證券賬戶進行證券交 易，構成泰達資產管理提供的證券經紀 服務的一部分。為了在不確定的經濟狀 況之下盡量減少營運成本，該業務現階 段維持最小規模。

6 Bison Finance Group Limited Annual Report 2023

Internal control over the securities margin financing services

In order to ensure the compliance with the relevant rules and regulations and proper risk management for its securities margin financing services, TCM has in place a written policy setting out the relevant margin lending policy and internal control system in compliance with all applicable rules and regulations including the SFO, the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission (including Schedule 5 "Additional requirements for licensed persons providing margin lending" of the Code of Conduct) and Guidelines for Securities Margin Financing Activities. In particular, pursuant to such written policy:

(i) Credit risk assessment of customers

TCM should assure itself that the clients have the financial capacity to meet margin loan obligations by assessing credit risk of each client based on the objective documentary proof of net income or net asset worth obtained. Upon receipt of the appropriate documentary proof, TCM would set the appropriate credit and margin limits accordingly, and conduct regular review on the limits to ensure the credit risks are properly managed.

In addition, TCM sets up a credit control committee (the "Credit Control Committee"), which is mainly responsible for, inter alia, overseeing and ensuring the creditworthiness of clients, the margin and credit limits and the client's application for the increase of credit limits so assessed and approved by the responsible officers of TCM are supported by the objective proof(s) of the client's income and asset.

(ii) Determination of Terms of Margin Loan

Normally, TCM charges its client at a designated interest rate. For certain clients with good creditability and sound financial background, a lower interest rate may be charged after officer of TCM are satisfied with the client's creditworthiness. The Credit Control Committee would also review the latest financial and credit condition of clients from time to time and make recommendations to increase the interest rate for those accounts with persistent margin calls.

TCM only accepts securities listed on the Stock Exchange as underlying collaterals with different margin ratios based on their liquidity, type (as equity or debt) and market value etc. The margin ratio for different types of collateral would be reviewed and revised either quarterly or at times of significant market movement.

OPERATIONAL REVIEW

業務回顧

證券孖展 融資服務之內部監控

為確保其證券孖展融資服務遵守相關規 則及規例並具備妥善風險管理，泰達資 產管理已制定書面政策，當中載列相關 孖展借貸政策及內部監控系統，以遵守 所有適用規則及規例，包括《證券及期 貨條例》、《證券及期貨事務監察委員 會持牌人或註冊人操守準則》（包括操 守準則附表5「提供孖展借貸之持牌人 之額外規定」）及《證券孖展融資活動指 引》。具體而言，根據該書面政策：

1. 客戶的信貸風險評估

泰達資產管理應根據所取得的有關 客戶淨收入或資產淨值的客觀證明 文件以評估各客戶的信貸風險，以 確保客戶具備履行孖展貸款責任的 財務能力。於收到合適的證明文件 後，泰達資產管理將相應設定適當 的信貸及孖展額度，並定期檢討有 關額度以確保妥善管理信貸風險。

此外，泰達資產管理設立信貸控制 委員會（「信 貸 控 制 委 員 會」），主要 負責（其中包括）監督及確保客戶 的信用、孖展及信貸額度以及經泰 達資產管理負責人員評估及批准的 客戶信貸額度增加申請均得到有關 客戶收入及資產的客觀證據支持。

1. 釐定孖展貸款的條款

一般而言，泰達資產管理按指定利 率向客戶收取費用。就若干信用良 好及財務背景良好的客戶而言，在 泰達資產管理的負責人員信納客戶 的信用情況後，可能會收取較低的 利率。信貸控制委員會亦將不時檢 討客戶的最新財務及信貸狀況，並 提出建議就該等經常被追繳保證金 的賬戶調升利率。

泰達資產管理僅接納於聯交所上市 之證券作為相關抵押品，並根據其 流動性、種類（即股本或債務）及市 值等給予不同孖展融資比率。不同 類型抵押品的孖展融資比率將每季 或於市場出現重大變動時檢討及修 訂。

2 0 2 3 年 報 貝 森 金 融 集 團 有 限 公 司 7

OPERATIONAL REVIEW 業務回顧

(iii) Approval process for granting loans, and	(iii) 授出貸款的審批程序及相關
related checks and balances	制衡
The sales and trading team are responsible for obtaining	銷售及交易團隊負責取得證明客戶
objective proof(s) showing client's income and net	收入及資產淨值之客觀證據，以釐
asset for determining the terms of the margin loan and	定孖展貸款之條款，並將有關結果
submit such results and information to the responsible	及資料交予泰達資產管理之負責人
officers of TCM for review and approval; whereas the	員審閱及批准；而信貸控制委員會
Credit Control Committee serves as an independent	則作為獨立的監督委員會，以確保
supervising committee to ensure the decisions made by	泰達資產管理的負責人員就（其中
the responsible officers of TCM regarding, inter alia, the	包括）客戶的信用、孖展及信貸額
creditworthiness of clients, the margin and credit limits	度以及客戶增加信貸額度申請所作
and the client's application for the increase of credit	出的決定得到相關收入及資產證明
limits are supported objectively by the relevant income	的客觀支持。為確保有適當的制衡，
and asset proof(s). To ensure appropriate checks and	信貸控制委員會直接向泰達資產管
balances are in place, the Credit Control Committee	理董事會報告。
reports directly to the board of directors of TCM.

(iv) Monitoring loan repayment and recovery	(iv) 監察貸款之償還及追收
In order to ensure repayment and recovery of the	為確保孖展貸款得到償還及收回以
margin loans and sufficiency of the securities collateral,	及持有足夠的證券抵押品，該政策
the policy sets out the triggering events and steps for	訂明，當客戶賬戶中的證券價值低
margin calls to make demands for additional funds	於若干規定水平時追繳保證金（以
or collateral when the value of the equity in client's	要求客戶增加資金或抵押品）的觸
account declines below certain required levels, and a	發事件及步驟，及倘客戶未能於指
forced liquidation of collateral if the client fails to meet	定期限前滿足保證金追繳要求，則
the margin call before designated deadlines. The Credit	對抵押品強制平倉。信貸控制委員
Control Committee shall monitor the status of the	會將監察保證金追繳的情況。
margin calls.

(v) Actions on delinquent loans	(v) 對拖欠貸款採取之行動
In case that the proceeds from the forced liquidation is	倘強制平倉所得款項不足以收回孖
insufficient to recover the margin loan balance, TCM	展貸款結餘，泰達資產管理將向律
shall obtain legal advice from its lawyers and take legal	師尋求法律意見並採取法律行動以
action to recover the outstanding balance.	收回未償還結餘。

1. Investment advisory services to fund management

1. 基金管理 的投資顧問服務

The Group acts as the investment adviser to fund managers or	本集團擔任若干離岸私募股權基金的基
general partners of several offshore private equity funds and	金經理或普通合夥人的投資顧問，為彼
provides portfolio advisory services to them.	等提供投資組合諮詢服務。
Although the Group's Financial Services Business continued to	儘管由於地緣政治緊張局勢的不明朗因素、
face challenges and uncertainties due to the uncertainties in the	高利率環境及市場前景不佳，本集團的金融
geopolitical tensions, high interest rate and unfavorable market	服務業務仍面臨諸多挑戰及不確定性，但本
prospect, the management of the Group is optimistic that the	集團管理層抱持樂觀態度，認為在可預見的
Group will be benefited from the recovery of economy in Hong	未來本集團將受益於香港經濟復甦。本集團
Kong in the foreseeable future. The Group will continue to develop	將繼續拓展及增強金融服務業務的收入來源。
and enhance the income stream from its Financial Services Business.

8 Bison Finance Group Limited Annual Report 2023

	OPERATIONAL REVIEW
	業務回顧
Apart from the traditional financial services, the Group is exploring	除傳統的金融服務外，本集團亦在探索新興
new opportunities from emerging financial markets to further	金融市場的新機遇以進一步發展其金融服務
develop its Financial Services Business. The Group's Financial	業務。本集團的金融服務業務將繼續善用本
Services Business will continue to utilise the Group's resources	集團的資源和網絡以及本集團高級管理人員
and network as well as the extensive investment experience of our	豐富的投資經驗，該等因素被視為本集團保
senior management, which are considered as major contributing	持金融服務業務持續發展的關鍵因素。
factors to maintain an ongoing business development in the
Financial Services Business carried out by the Group.
OTHER INVESTMENTS	其他投資
On 22 February 2019, the Group entered into the subscription	於 二 零 一 九 年 二 月 二 十 二 日，本 集 團 與
agreements with BeiTai Investment Limited (the "General	BeiTai Investment LP（「投資基金」）的普通合夥
Partner") (an independent third party to the Company and its	人BeiTai Investment Limited（（「普通合夥人」，
connected persons), being the general partner of BeiTai Investment	本公司及其關連人士的獨立第三方）訂立認
LP (the "Investment Fund") to subscribe for limited partner	購協議，認購投資基金的有限合夥權益。投資
interests in the Investment Fund. The objective of the Investment	基金的目的為投資於香港或其他地方的私人
Fund is to invest in debt securities or equity securities of both	及上市公司的債務證券或股本證券或投資普
private and listed companies in Hong Kong or elsewhere or by	通合夥人釐定的其他金融工具。該項投資為
investing in such other financial instruments as its General Partner	被動投資，而本集團作為有限合夥人，可獲得
may determine. Such investment is a passive investment and the	投資基金根據本集團出資作出的分派，但無
Group, as a limited partner, is entitled to receive distributions	權參與投資基金的日常營運，亦無權控制投
of the Investment Fund in accordance with the Group's capital	資基金的管理。於投資基金的投資策略乃為
commitment therein, but has no right to participate in the day-to-	把握投資機會並提高財務資源效益，且本集
day operations of the Investment Fund, nor does it have control	團可於投資基金的投資期內獲得合理回報。
over the management of the Investment Fund. The investment	詳情請參閱本公司日期為二零一九年二月
strategy in the Investment Fund is to capture investment	二十二日的公告。
opportunities and increase the efficiency of its financial resources,
and to generate a reasonable return for the duration of the Group's
investments in the Investment Fund. For details, please refer to the
Company's announcement dated 22 February 2019.
As at 31 December 2023, the Group has made investment of	於二零二三年十二月三十一日，本集團（作
HK$72.0 million (2022: HK$72.0 million) in the Investment	為有限合夥人）已投資港幣72,000,000元（二
Fund as a limited partner, which represent approximately 71.0%	零二二年：港幣72,000,000元）於投資基金，佔
(2022: approximately 71.0%) of the total capital contribution of	投資基金注資總額的約71.0%（二零二二年：
the Investment Fund. As at 31 December 2023, the underlying	約71.0%)。於二零二三年十二月三十一日，
investments of the Investment Fund represent equity securities	投資基金的相關投資指於香港上市的股本證
listed in Hong Kong, a bond issued by a company listed in Hong	券、一家香港上市公司發行的債券及一家私
Kong and a bond issued by a private limited company. The	營有限公司發行的債券。於投資基金的投資
investment in the Investment Fund is stated at fair value and is	以公允價值列示並列賬於綜合財務狀況表的
recorded as "financial assets at fair value through profit or loss" in	「按公允價值計入損益之金融資產」。於二零
the consolidated statement of financial position. As at 31 December	二三年十二月三十一日，由於截至二零二三
2023, due to the overall decline in fair value of the underlying	年十二月三十一日止年度內投資基金相關資
assets of the Investment Fund during the year ended 31 December	產之公允價值整體下跌，投資基金的公允價
2023, the fair value of Investment Fund amounted to approximately	值約為港幣23,900,000元（二零二二年：約港
HK$23.9 million (2022: approximately HK$29.5 million), which	幣29,500,000元），約佔本集團於二零二三年
represents approximately 12.8% (2022: approximately 14.2%) of	十二月三十一日資產總值的12.8%（二零二二
the total assets of the Group as at 31 December 2023. During the	年：約14.2% ）。截至二零二三年十二月三十一
year ended 31 December 2023, as a result of an overall decrease	日止年度，由於投資基金相關資產的公允價
in fair value of the underlying assets of the Investment Fund, the	值整體下降，本集團錄得按公允價值計入損
Group recorded an unrealised loss on financial assets at fair value	益之金融資產的未變現虧損約港幣5,600,000

through profit or loss of approximately HK$5.6 million (2022: 元（二零二二年：約港幣36,800,000元）。截至

approximately HK$36.8 million). No dividend was received from	二零二三年及二零二二年十二月三十一日止
the Investment Fund for the years ended 31 December 2023 and	年度並無自投資基金獲得任何股息。
2022.

2 0 2 3 年 報 貝 森 金 融 集 團 有 限 公 司 9