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Chairman’s Statement

2022 was a very challenging year in terms of both international geopolitics and global business environment. The ongoing Russia-Ukraine conflict has intensified global geopolitical risks, with tensions causing energy and raw material prices to soar and inflation to rise in Europe and the US. As inflation continued and the US Federal Reserve accelerated the pace of interest rate hikes, high interest rates led to a downturn in global financial markets, declines in major stock markets and a slowdown in global economy. The past year has been very tough and challenging for the Hong Kong capital market due to the impacts of the macro environment and the COVID-19 pandemic. The Hang Seng Index even hit its lowest level in nearly 13 years, falling more than 15% for the year, and the average daily turnover of the Hong Kong securities market fell by more than 25% year-on-year. Hong Kong’s initial public offering market was also affected, with a total of 90 new listings in 2022, raising a total of HK$104.6 billion, a significant drop of 68% in capital raised from the previous year. In the face of the complex world economic situation and the volatility of the external macro environment, the Company acted with perseverance, flexibility and innovation, sized opportunities arising from China’s economic development and balanced progress and stability through timely adjustments, thus laying a more solid foundation for the long-term and sustainable development of the Group.

Taking Advantage Of Hong Kong’S Integration Into The Overall Development Of The Country

Despite the challenges during the year, there were a number of encouraging developments towards the end of 2022, such as the gradual reopening of borders between Hong Kong and the Mainland and the gradual resumption of normal flows of people, goods and money, which would accelerate the overall economic recovery. The Company will make full use of the historical opportunity offered by Hong Kong’s integration into the overall development of the country and Hong Kong’s unique advantage of “enjoying strong support of the Motherland and being closely connected to the world”, exploit the positioning of the Guangdong-Hong Kong-Macao Greater Bay Area as a “bridgehead” for domestic and international exchanges to serve the new development pattern of domestic and international “dual circulation” and the Belt and Road Initiative, and utilize the role of Hong Kong as a bridge between the Mainland and the world to facilitate two-way capital flows.

Steadfastly Developing Fintech Innovation Business

As science and technology constitute a primary productive force, improving the systems for scientific and technological innovation and accelerating the implementation of the innovationdriven development strategy are key initiatives for enhancing core competitiveness. As an international financial centre and financial technology (fintech) hub, Hong Kong has made itself the most desirable centre for fintech development in the world by optimising the infrastructure and regime of its fintech services sector. Furthermore, as part of the Hong Kong government’s vigorous effort to support technological innovation, the Securities and Futures Commission has recently introduced a new licensing regime for virtual asset service providers, providing an important opportunity for traditional financial service institutions to shift towards financial technology. The Company has resolved to leverage the system flexibility, seize the opportunities arising from the fintech innovation in China and Hong Kong, and forge ahead with reforms and innovation by introducing strategic investors and reorganising and optimising its management team. Also, the Company officially changed its name to “GoFintech Innovation Limited 国富创新有限公司 ” in the year, so as to reflect its commitment to fintech innovation. Based in Hong Kong, the Company is committed to becoming an ideal integrated financial service partner for corporate and individual investors and an innovation-driven one-stop platform offering premium integrated financial services. The Company will, while further developing its cross-border financial services, expand fintech innovation business by tapping into the needs of customers and market segments to enrich its business lines and thus enhance its capability to provide comprehensive financial services.