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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2023
HKD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
HKD ($)
Dec. 31, 2021
HKD ($)
Cash flows from operating activities        
Net income $ 4,278,949 $ 547,817 $ 2,926,893 $ 2,810,210
Adjustments for:        
Depreciation and amortization 60,849 7,790 54,714 36,436
Expected credit loss expenses 18,080 2,315 15,619 3,200
Share of loss from equity method investments 13,497 1,728 17,752 0
Impairment from other non-current assets 0 0 77,217 0
Foreign exchange (gains)/losses (66,032) (8,454) 133,124 (138,234)
Share-based compensation 290,831 37,234 204,529 98,913
Realized gain from short-term investments (68,323) (8,747) (23,059)  
Unrealized gain from short-term investments (58,950) (7,547) (1,728) (26)
Deferred income tax benefit (14,769) (1,891) (52,112) (21,431)
Amortization of right-of-use assets 110,357 14,129 94,933 83,695
Changes in operating assets:        
Net (increase)/decrease in securities purchased under agreements to resell (101,039) (12,936) 74,203 (106,203)
Net (increase)/decrease in loans and advances (5,852,341) (749,253) 2,858,601 (10,765,123)
Net (increase)/decrease in accounts receivable from clients and brokers 945,661 121,069 1,936,445 (1,847,898)
Net increase in accounts receivable from clearing organizations (1,177,840) (150,794) (1,101,912) (717,193)
Net decrease / (increase) in accounts receivable from fund management companies and fund distributors (72,605) (9,295) (6,746) 225,282
Net (increase)/decrease in interest receivable 9,737 1,247 (199,714) (30,953)
Net increase in prepaid assets (9,929) (1,271) (8,904) (6,653)
Net increase in other assets (287,513) (36,809) (445,903) (105,145)
Changes in operating liabilities:        
Net (decrease)/increase in amounts due to related parties 17,593 2,252 3,690 (37,983)
Net increase/(decrease) in accounts payable to clients and brokers (4,613,791) (590,686) 2,297,647 16,130,249
Net increase/(decrease) in accounts payable to clearing organizations (27,771) (3,555) (341,915) 69,516
Net (decrease)/increase in accounts payable to fund management companies and fund distributors 84,774 10,853 34,111 (70,752)
Net increase in payroll and welfare payable 307,192 39,329 337,237 213,981
Net increase/(decrease) in interest payable 34,245 4,384 (5,495) 9,866
Net decrease in operating lease liabilities (107,528) (13,766) (93,093) (79,544)
Net decrease in securities sold under agreements to repurchase     (4,467,861) (985,176)
Net increase/(decrease) in other liabilities (50,730) (6,495) (843,342) 1,242,937
Net cash generated from/(used in) operating activities (6,337,396) (811,352) 3,474,931 6,011,971
Cash flows from investing activities        
Purchase of property and equipment and intangible assets (77,763) (9,956) (90,520) (70,456)
Purchase of short-term investments (4,755,173) (608,787) (4,061,490) (1,169,715)
Proceeds from disposal of short-term investments 2,417,221 309,468 4,590,834  
Acquisition of long-term investments (11,767) (1,506) (235,434) (23,394)
Placement of term deposits (29,282) (3,749)    
Maturity of term deposits 29,882 3,826   300,000
Cash paid for acquisitions, net of cash acquired (17,536) (2,245) (109,531)  
Net cash (used in)/generated from investing activities (2,444,418) (312,949) 93,859 (963,565)
Cash flows from financing activities        
Proceeds from public offering, net of issuance costs       10,856,524
Proceeds from exercise of employee share options 11,616 1,487 16,332 23,492
Purchase of treasury stocks (874,692) (111,984) (3,145,810) (1,178,755)
IPO loan borrowings (net)       (300,199)
Proceeds from other borrowings 79,581,200 10,188,480 70,806,177 53,483,435
Repayment of other borrowings (76,410,167) (9,782,505) (74,686,220) (52,313,417)
Payment of other financing expenses       (16,862)
Net cash generated from/ (used in) financing activities 2,307,957 295,478 (7,009,521) 10,554,218
Effect of exchange rate changes on cash, cash equivalents and restricted cash 66,352 8,495 (135,196) 167,130
Net increase/(decrease) in cash, cash equivalents and restricted cash (6,407,505) (820,328) (3,575,927) 15,769,754
Cash, cash equivalents and restricted cash at beginning of the year 55,715,585 7,133,055 59,291,512 43,521,758
Cash, cash equivalents and restricted cash at end of the Year 49,308,080 6,312,727 55,715,585 59,291,512
Cash, cash equivalents and restricted cash        
Cash and cash equivalents 4,937,538   5,028,898 4,555,096
Cash held on behalf of clients 44,369,310   50,685,472 54,734,351
Restricted cash 1,232   1,215 2,065
Cash, cash equivalents and restricted cash at end of the year 49,308,080   55,715,585 59,291,512
Supplemental disclosure        
Interest paid (876,514) (112,217) (297,998) (367,036)
Income tax paid (698,821) (89,467) (694,973) (102,890)
Cash paid for amounts include in operating lease liabilities $ (128,160) $ (16,408) $ (106,497) $ (89,427)