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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2025
HKD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
HKD ($)
Dec. 31, 2023
HKD ($)
Cash flows from operating activities        
Net income $ 11,301,907 $ 1,452,070 $ 5,433,056 $ 4,278,949
Adjustments for:        
Depreciation and amortization 72,313 9,291 69,917 60,849
Expected credit loss expenses 270,336 34,733 39,610 18,080
Share of loss from equity method investments 51,619 6,632 103,934 13,497
Foreign exchange (gains)/losses (234,859) (30,175) 150,416 (66,032)
Share-based compensation 343,024 44,072 334,926 290,831
Realized gain from investments (78,464) (10,081) (99,856) (68,323)
Unrealized (gains)/ losses from investments (242,965) (31,216) 81,440 (58,950)
Revaluation gain on previously held equity interest (8,167) (1,049)    
Deferred income tax benefit (78,992) (10,149) (17,975) (14,769)
Amortization of right-of-use assets 150,674 19,359 105,588 110,357
Realized loss from disposal of property and equipment and intangible assets 13,174 1,693 31,094  
Changes in operating assets:        
Net (increase)/decrease in amounts due from related parties 54,420 6,992 (61,200)  
Net increase in securities purchased under agreements to resell (191,466) (24,600) (183,262) (101,039)
Net increase in loans and advances (13,929,429) (1,789,656) (17,206,444) (5,852,341)
Net decrease/(increase) in accounts receivable from clients and brokers (1,539,231) (197,761) (12,275,804) 945,661
Net (increase)/decrease in accounts receivable from clearing organizations (2,245,409) (288,491) 967,730 (1,177,840)
Net increase in accounts receivable from fund management companies and fund distributors (786,614) (101,064) (1,058,781) (72,605)
Net decrease/(increase) in interest receivable (225,079) (28,918) (314,170) 9,737
Net (increase)/decrease in prepaid assets 8,594 1,104 (19,487) (9,929)
Net increase in other assets (1,062,992) (136,574) (941,275) (287,513)
Changes in operating liabilities:        
Net increase/(decrease) in amounts due to related parties (11,939) (1,534) 10,089 17,593
Net (decrease)/ increase in accounts payable to clients and brokers 44,853,871 5,762,836 51,666,332 (4,613,791)
Net (decrease)/ increase in accounts payable to clearing organizations 247,568 31,808 479,300 (27,771)
Net increase in accounts payable to fund management companies and fund distributors 769,229 98,831 331,501 84,774
Net increase in payroll and welfare payable 526,140 67,599 116,188 307,192
Net increase/(decrease) in interest payable (34,970) (4,493) 42,855 34,245
Net decrease in operating lease liabilities (139,738) (17,954) (88,736) (107,528)
Net increase in securities sold under agreements to repurchase 2,168,437 278,601 2,574,659  
Net (decrease)/increase in other liabilities 767,141 98,562 724,678 (50,730)
Net cash (used in)/generated from operating activities 40,788,133 5,240,468 30,996,323 (6,337,396)
Cash flows from investing activities        
Purchase of property and equipment and intangible assets (54,732) (7,033) (167,521) (77,763)
Purchase of short-term investments (3,283,961) (421,924) (796,358) (4,755,173)
Proceeds from disposal of short-term investments 1,454,962 186,934 1,509,471 2,417,221
Acquisition of long-term investments (381,313) (48,991) (440,000) (11,767)
Placement of term deposits       (29,282)
Maturity of term deposits 4,990 641   29,882
Cash (paid)/acquired for acquisitions, net of cash acquired 476,659 61,241 (1,660) (17,536)
Net cash (used in)/ generated from investing activities (1,783,395) (229,132) 103,932 (2,444,418)
Cash flows from financing activities        
Proceeds from exercise of employee share options 7,897 1,015 20,157 11,616
Purchase of treasury stocks       (874,692)
Dividends distribution (2,151,038) (276,366)    
Proceeds from other borrowings 197,364,836 25,357,475 85,513,998 79,581,200
Repayment of other borrowings (190,924,915) (24,530,073) (85,463,304) (76,410,167)
Net cash generated from financing activities 4,296,780 552,051 70,851 2,307,957
Effect of exchange rate changes on cash, cash equivalents and restricted cash 235,916 30,311 (149,866) 66,352
Net (decrease)/ increase in cash, cash equivalents and restricted cash 43,537,434 5,593,698 31,021,240 (6,407,505)
Cash, cash equivalents and restricted cash at beginning of the year 80,329,320 10,320,727 49,308,080 55,715,585
Cash, cash equivalents and restricted cash at end of the year 123,866,754 15,914,425 80,329,320 49,308,080
Cash, cash equivalents and restricted cash        
Cash and cash equivalents 10,465,888   11,688,383 4,937,538
Cash held on behalf of clients 113,398,356   68,639,816 44,369,310
Restricted cash 2,510   1,121 1,232
Cash, cash equivalents and restricted cash at end of the year 123,866,754   80,329,320 49,308,080
Supplemental disclosure        
Interest paid (1,792,822) (230,342) (1,574,595) (876,514)
Income tax paid (1,646,304) (211,517) (761,907) (698,821)
Cash paid for amounts include in operating lease liabilities $ (185,237) $ (23,799) $ (138,875) $ (128,160)