Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Period End Date | Dec. 31, 2019 |
Document Type | 20-F/A |
Amendment Flag | false |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Registrant Name | AMTD International Inc. |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Well-known Seasoned Issuer | No |
Current Fiscal Year End Date | --12-31 |
Entity Central Index Key | 0001769731 |
Entity File Number | 001-39006 |
Document Annual Report | true |
Document Transition Report | false |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
Document Shell Company Report | false |
Entity Address, Country | HK |
American depository shares [member] | |
Document Information [Line Items] | |
Security Exchange Name | NYSE |
Trading Symbol | HKIB |
Title of 12(b) Security | American depositary shares |
Class A Ordinary Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 41,084,851 |
Security Exchange Name | NYSE |
No Trading Symbol Flag | true |
Title of 12(b) Security | Class A ordinary shares |
Class B Ordinary Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 204,526,628 |
Consolidated Statements Of Prof
Consolidated Statements Of Profit Or Loss And Other Comprehensive Income - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
REVENUE | |||
Fee and commission income | $ 580,006,276 | $ 367,538,115 | $ 278,976,203 |
Dividend and gain related to disposed investment | 100,551,728 | 99,227,724 | 69,508,298 |
Total income | 680,558,004 | 466,765,839 | 348,484,501 |
Net fair value change on financial assets at fair value through profit or loss and stock loan | (641,603,993) | 256,460,295 | 684,679,252 |
Net fair value change on derivative financial asset | 1,165,220,000 | ||
Total revenue | 1,204,174,011 | 723,226,134 | 1,033,163,753 |
Other income | 22,090,268 | 15,392,775 | 17,914,166 |
Operating expenses, net | (114,696,855) | (52,582,107) | (111,563,188) |
Staff costs | (94,607,497) | (68,024,513) | (102,204,502) |
Finance costs | (27,705,955) | (9,047,063) | (28,724,758) |
PROFIT BEFORE TAX | 989,253,972 | 608,965,226 | 808,585,471 |
Income tax expense | (158,349,518) | (83,839,597) | (135,213,625) |
PROFIT FOR THE YEAR AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 830,904,454 | 525,125,629 | 673,371,846 |
Attributable to: | |||
Owners of the parent | 938,272,885 | 468,061,079 | 568,266,428 |
Non-controlling interests | (107,368,431) | 57,064,550 | 105,105,418 |
PROFIT FOR THE YEAR AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 830,904,454 | 525,125,629 | 673,371,846 |
Class A Ordinary Shares [Member] | |||
Attributable to: | |||
Owners of the parent | $ 69,906,757 | ||
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | |||
Basic, profit for the year attributable to ordinary equity holders of the parent | $ 4.34 | ||
Diluted, profit for the year attributable to ordinary equity holders of the parent | $ 4.34 | ||
Class B Ordinary Shares [Member] | |||
Attributable to: | |||
Owners of the parent | $ 868,366,128 | $ 468,061,079 | $ 568,266,428 |
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT | |||
Basic, profit for the year attributable to ordinary equity holders of the parent | $ 4.34 | $ 2.34 | $ 2.84 |
Diluted, profit for the year attributable to ordinary equity holders of the parent | $ 4.34 | $ 2.34 | $ 2.84 |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Position | Dec. 31, 2019HKD ($) | Dec. 31, 2018HKD ($) |
Current assets | ||
Accounts receivable | $ 346,379,574 | $ 161,093,054 |
Prepayments, deposits and other receivables | 36,440,972 | 33,343,859 |
Due from a related company | 0 | 4,085,019 |
Due from immediate holding company | 2,921,838,772 | 66,141,756 |
Due from fellow subsidiaries | 0 | 2,596,118,859 |
Financial assets at fair value through profit or loss | 1,572,697,716 | 1,953,078,309 |
Stock loan | 1,200,980,200 | 1,535,679,600 |
Derivative financial asset | 1,165,220,000 | 0 |
Other assets | 245,502,780 | 615,491,200 |
Cash and bank balances | 766,430,471 | 126,855,518 |
Total current assets | 8,255,490,485 | 7,091,887,174 |
Non-current assets | ||
Property, plant and equipment | 30,997 | 131,206 |
Intangible assets | 15,171,170 | 15,171,170 |
Total non-current assets | 15,202,167 | 15,302,376 |
Total assets | 8,270,692,652 | 7,107,189,550 |
Current liabilities | ||
Accounts payable | 492,039,336 | 602,202,126 |
Margin loans payable | 317,722,438 | 321,999,549 |
Other payables and accruals | 178,017,594 | 80,123,688 |
Due to fellow subsidiaries | 0 | 574,202,907 |
Due to immediate holding company | 0 | 2,145,792,209 |
Tax payable | 94,695,263 | 25,109,794 |
Total current liabilities | 1,082,474,631 | 3,749,430,273 |
Non-current liabilities | ||
Deferred tax liabilities | 242,913,577 | 163,357,177 |
Derivative financial liability | 20,813,810 | 0 |
Convertible bond | 95,995,690 | 0 |
Total liabilities | 1,442,197,708 | 3,912,787,450 |
Equity | ||
Share capital | ||
Capital reserve | 4,551,187,228 | 1,312,802,676 |
Retained profits | 2,277,115,014 | 1,338,842,129 |
Total ordinary shareholders' equity | 6,828,494,944 | 2,651,801,803 |
Non-controlling interests | 0 | 542,600,297 |
Total equity | 6,828,494,944 | 3,194,402,100 |
Total liabilities and equity | 8,270,692,652 | 7,107,189,550 |
Class A ordinary shares [Member] | ||
Equity | ||
Share capital | 32,162 | 0 |
Class B Ordinary Shares [Member] | ||
Equity | ||
Share capital | $ 160,540 | $ 156,998 |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Position (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Class A ordinary shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorised | 8,000,000,000 | 0 |
Common stock shares issued | 41,084,851 | 0 |
Common stock shares outstanding | 41,084,851 | 0 |
Class B ordinary shares [Member] | ||
Disclosure of classes of share capital [line items] | ||
Common stock par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock shares authorised | 2,000,000,000 | 0 |
Common stock shares issued | 204,526,628 | 0 |
Common stock shares outstanding | 204,526,628 | 0 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Equity - HKD ($) | Total | Share capital | Capital reserve | Retained profits | Total | Non-controlling interests | |
Beginning balance at Dec. 31, 2016 | $ 336,004,623 | $ 156,998 | $ 33,333,003 | $ 302,514,622 | $ 336,004,623 | $ 0 | |
Capital injection to a subsidiary | 1 | 0 | 1 | 0 | 1 | 0 | |
Deemed contributions | 1,659,900,000 | 0 | 1,279,469,671 | 0 | 1,279,469,671 | 380,430,329 | |
Profit for the year and total comprehensive income for the year | 673,371,846 | 0 | 0 | 568,266,428 | 568,266,428 | 105,105,418 | |
Ending balance at Dec. 31, 2017 | 2,669,276,470 | 156,998 | 1,312,802,675 | 870,781,050 | 2,183,740,723 | 485,535,747 | |
Capital injection to a subsidiary | 1 | 0 | 1 | 0 | 1 | 0 | |
Profit for the year and total comprehensive income for the year | 525,125,629 | 0 | 0 | 468,061,079 | 468,061,079 | 57,064,550 | |
Ending balance at Dec. 31, 2018 | 3,194,402,100 | 156,998 | 1,312,802,676 | 1,338,842,129 | 2,651,801,803 | 542,600,297 | |
Deemed disposal of non-controlling interest | [1] | 0 | 0 | 435,231,866 | 0 | 435,231,866 | (435,231,866) |
Exercise of warrants | 94,197,600 | 1,308 | 94,196,292 | 0 | 94,197,600 | 0 | |
Pre-IPO financing | 419,382,149 | 6,451 | 419,375,698 | 0 | 419,382,149 | 0 | |
Initial public offering | 1,507,215,141 | 18,681 | 1,507,196,460 | 0 | 1,507,215,141 | 0 | |
Capital injection to a subsidiary | 9 | 0 | 9 | 0 | 9 | 0 | |
Issuance of shares | 782,393,491 | 9,264 | 782,384,227 | 0 | 782,393,491 | 0 | |
Profit for the year and total comprehensive income for the year | 830,904,454 | 0 | 938,272,885 | 938,272,885 | (107,368,431) | ||
Ending balance at Dec. 31, 2019 | $ 6,828,494,944 | $ 192,702 | $ 4,551,187,228 | $ 2,277,115,014 | $ 6,828,494,944 | $ 0 | |
[1] | AMTD ISG and AMTD SI were indirectly held by AMTD Group for 79.13% before the Reorganization (see note 1.2). In March 2019, due to the Reorganization, the non-controlling shareholders surrendered their indirect interests in AMTD ISG and AMTD SI amounting to HK$435,231,866 which represented 20.87% of the total net assets of AMTD ISG and AMTD SI. Thereafter AMTD ISG and AMTD SI became wholly-owned subsidiaries of the Company. The non-controlling interests were reclassified into capital reserves as a deemed disposal of non-controlling interests. |
Consolidated Statements Of Ch_2
Consolidated Statements Of Changes In Equity (Parenthetical) - AMTD Investment Solutions Group And AMTD Strategic Investments [Member] - HKD ($) | Feb. 28, 2019 | Mar. 31, 2019 | Dec. 31, 2019 |
Proportion of ownership interest In subsidiaries indirect | 79.13% | ||
Payment from changes in ownership interests that does not result in loss of control | $ 435,231,866 | ||
Percentage of non controlling interests acquired | 20.87% |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows | 12 Months Ended | ||
Dec. 31, 2019HKD ($) | Dec. 31, 2018HKD ($) | Dec. 31, 2017HKD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit before tax | $ 989,253,972 | $ 608,965,226 | $ 808,585,471 |
Adjustments for: | |||
Interest income | (18,677,943) | (7,681) | (158,863) |
Finance costs | 27,705,955 | 9,047,063 | 28,724,758 |
Depreciation | 113,919 | 334,841 | 379,132 |
Dividend income | (92,316,548) | (99,227,724) | (22,564,600) |
Gain related to disposed investment | (8,235,180) | 0 | (46,943,698) |
Net fair value changes on financial assets at fair value through profit or loss and stock loan | 641,603,993 | (256,460,295) | (684,679,252) |
Net fair value changes on derivative financial asset | (1,165,220,000) | 0 | 0 |
Cash flows from (used in) operations before changes in working capital | 374,228,168 | 262,651,430 | 83,342,948 |
Decrease/(increase) in accounts receivable | (185,286,520) | (67,920,338) | (169,351) |
Increase in prepayments, deposits and other receivables | (3,097,113) | (10,140,416) | (3,769,215) |
(Increase)/decrease in due from a related company | 0 | 7,500 | (2,104,418) |
(Decrease)/increase in other payables and accruals | 97,893,906 | 73,607,010 | (3,063,112) |
Change in amount with immediate holding company | 0 | 439,200,382 | 284,494,845 |
Change in amount with fellow subsidiaries | 0 | (699,864,420) | (460,296,468) |
Decrease in financial assets at fair value through profit or loss | 81,711,180 | 0 | 199,909,698 |
Increase in accounts payables | 259,825,630 | (229,906) | 7,844,897 |
Cash from/(used in) operations | 625,275,251 | (2,688,758) | 106,189,824 |
Profits tax paid | (9,207,649) | (17,435,053) | (44,586,669) |
Dividend received | 92,316,548 | 99,227,724 | 22,564,600 |
Interest received | 1,115,839 | 7,681 | 158,863 |
Net cash flows generated from operating activities | 709,499,989 | 79,111,594 | 84,326,618 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of items of property, plant and equipment | (13,710) | (14,214) | (138,704) |
Advance to immediate holding company | (2,957,926,150) | 0 | 0 |
Net cash flows used in investing activities | (2,957,939,860) | (14,214) | (138,704) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issue of shares | 2,767,254,756 | 0 | 0 |
Share issue expenses | (58,263,976) | 0 | 0 |
Proceeds from issue of warrants | 15,699,600 | 0 | 0 |
Exercise of warrants | 78,498,000 | ||
Proceeds from issue of convertible bond | 116,809,500 | ||
Repayment of margin loans | (4,277,101) | (351,610,081) | (38,557,701) |
Proceeds from margin loans | 0 | 322,000,000 | 0 |
Financing costs paid | (27,705,955) | (9,047,063) | (28,724,758) |
Net cash flows (used in)/generated from financing activities | 2,888,014,824 | (38,657,144) | (67,282,459) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 639,574,953 | 40,440,236 | 16,905,455 |
Cash and cash equivalents at beginning of year | 126,855,518 | 86,415,282 | 69,509,827 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 766,430,471 | 126,855,518 | 86,415,282 |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | |||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 766,430,471 | $ 126,855,518 | $ 86,415,282 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2019 | |
Corporate Information [Abstract] | |
Corporate Information | 1.1 CORPORATE INFORMATION AMTD International Inc. (the “Company”) (formerly known as AMTD Inc.) is a limited liability company incorporated in Cayman Islands on February 4, 2019. The Company completed its initial public offering on New York Stock Exchange on August 5, 2019. The Company is an investment holding company. The Company and its subsidiaries (collectively referred to as the “Group”) is involved in investment banking, the provision of financial advisory services, assets management services and strategic investments. The Company’s immediate holding company is AMTD Group Company Limited (“AMTD Group”), a private company incorporated in the British Virgin Islands (“BVI”). The directors consider that the Company’s ultimate holding company is L.R. Capital Management Company (Cayman) Limited, a private company incorporated in the Cayman Islands. Information about subsidiaries Particulars of the Company’s principal subsidiaries are as follows : Name Place of incorporation Issued and Percentage Principal activities Direct Indirect AMTD International Holding Group Limited (formerly known as AMTD Financial Planning Limited) (“AMTD IHG”) Hong Kong (“HK”) HK$ 500,000 100 % — Investment holding AMTD Securities Limited HK HK$ 1 — 100 % Investment holding AMTD Global Markets Limited (formerly known as AMTD Asset Management Limited) (“AMTD GM”) HK HK$ 1,561,610,980 — 100 % Provision of investment banking, financial advisory services and asset management services Asia Alternative Asset Partners Limited (“AMTD AAAPL”) HK HK$ 5,000,000 — 100 % Provision of investment advisory services AMTD Strategic Investment Limited (“AMTD SI”) HK HK$ 1 — 100 % Provision of strategic investment AMTD Investment Solutions Group Limited (“AMTD ISG”) HK HK$ 1 — 100 % Provision of strategic investment AMTD Overseas Limited (formerly known as AMTD Europe Holdings Limited) (“AMTD Overseas”) HK HK$ 1 — 100 % Strategic investment AMTD Fintech Investment Limited (“AMTD FI”) HK HK$ 1 — 100 % Strategic investment AMTD Investment Inc. (“AMTD Investment”) Cayman Islands US$ 1 100 % — Investment holding AMTD Strategic Investment (BVI) Limited BVI US$ 1 — 100 % Investment holding AMTD Investment Solutions Group (BVI) Limited BVI US$ 1 — 100 % Investment holding AMTD Overseas (BVI) Limited BVI US$ 1 — 100 % Investment holding AMTD Fintech Investment (BVI) Limited BVI US$ 1 — 100 % Investment holding 1.2 REORGANIZATION In order to facilitate the Company’s initial public offering at the New York Stock Exchange, AMTD Group completed a Reorganization (the “Reorganization”) whereby, certain operating and their respective immediate holding entities under AMTD Group’s common control, were ultimately contributed to the Company: • On February 8, 2019, AMTD Investment was incorporated in Cayman Islands and directly held by the Company; • From March 12, 2019 to March 14, 2019, four wholly-owned subsidiaries were incorporated in the BVI and were held indirectly by the Company through AMTD Investment; • On March 18, 2019, non-controlling • On April 1, 2019, the Securities and Futures Commission (“SFC”) approved the shareholder change of AMTD IHG, which holds two licensed subsidiaries (AMTD GM and AMTD AAAPL) governed by the SFC in Hong Kong, from AMTD Group to the Company. The sale and purchase agreement with respect to the transfer of AMTD IHG became effective automatically as ed by The Reorganization was completed on April 1, 2019. Through the Reorganization, the Company became the holding company of the companies now comprising the Group. Accordingly, for the purpose of preparation of the consolidated financial statements of the Group, the Company is considered as the holding company of the companies now comprising the Group throughout the years ended December 31, 2017, 2018 and 2019. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | 2.1 BASIS OF PRESENTATION Basis of preparation Through the Reorganization, the Company became the holding company of the contributed businesses now comprising the Group, which were under the common control of the controlling shareholder before and after the Reorganization. Accordingly, the financial statements were prepared on a consolidated basis by applying the principles of the pooling of interest method as if the Reorganization had been completed at the beginning of the reporting period. The consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows of the Group for the relevant periods included the results and cash flows of all companies now comprising the Group from the earliest date presented or since the date when the subsidiaries and/or businesses first came under the common control of the controlling shareholder, whenever the period is shorter. The consolidated statements of financial position of the Group as at December 31, z Equity interests in subsidiaries and/or businesses held by parties other than the controlling shareholder, and changes therein, prior to the Reorganization are presented as non-controlling All intra-group transactions and balances have been eliminated on consolidation. The Group’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) of the International Accounting Standards Board (“IASB”) and the Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). The consolidated financial statements have been prepared on a historical cost basis, except for financial assets at fair value through profit or loss, stock loan, derivative financial asset Basis of consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the years ended December 31, The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases. Profit or loss is attributed to the owners of the parent of the Group and to the non-controlling non-controlling The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above. 2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES New standards and interpretation adopted by the Group IFRIC Interpretation 23 Uncertainty over Income Tax Treatments The interpretation addresses the accounting for income taxes (current and deferred) when tax treatments involve uncertainty that affects the application of IAS 12 Income Taxes An entity has to determine whether to consider each uncertain tax treatments separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be followed. The interpretation is effective for annual reporting periods beginning on or after January 1, 2019, but certain transition reliefs are available. The Group has applied the interpretation from its effective date. The adoption of the interpretation did not have any material impact on the Company’s consolidated financial statements. IFRS 16 Leases IFRS 16, which supersedes IAS 17 Leases In respect of the lessor accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently. The adoption of IFRS 16 did not have any impact on the consolidated financial statements of the Group as the companies within the Group did not enter into any lease contracts under their name. Several other amendments and interpretations apply for the first time in 2019, but do not have an impact on the consolidated financial statements of the Group. 2.3 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS New standards already adopted in previous financial statements in the application of IFRS 1 First Time Adoption of International Financial Reporting Standards Amendments to IFRS 3 Definition of a Business In October 2018, IASB issued the amendment to IFRS 3, Definition of a Business, which is effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period. Amendments to IFRS 3 clarify and provide additional guidance on the definition of a business. The amendments clarify that for an integrated set of activities and assets to be considered a business, it must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. A business can exist without including all of the inputs and processes needed to create outputs. The amendments remove the assessment of whether market participants are capable of acquiring the business and continue to produce outputs. Instead, the focus is on whether acquired inputs and acquired substantive processes together significantly contribute to the ability to create outputs. The amendments have also narrowed the definition of outputs to focus on goods or services provided to customers, investment income or other income from ordinary activities. Furthermore, the amendments provide guidance to assess whether an acquired process is substantive and introduce an optional fair value concentration test to permit a simplified assessment of whether an acquired set of activities and assets is not a business. The Group has early adopted the amendments. The Company acquired the intangible assets included in the consolidated financial statements through the acquisition of a subsidiary in 2015. The acquisition was determined to be and accounted for as an asset acquisition as the intangible assets met the fair value concentration test. New and revised IFRS not yet adopted by the Group Amendments to IAS 1 and IAS 8 Definition of Material Amendments to IAS 1 and IAS 8 provide a new definition of material. The new definition states that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or magnitude of information. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. The Group expects to adopt the amendments prospectively from January 1, 2020. The amendments are not expected to have any significant impact on the Group’s consolidated financial statements. Amendments to IAS 1 Classification of Liabilities as Current or Non-current Amendments to IAS 1 clarify the meaning of a right to defer settlement. If an entity’s right to defer settlement of a liability is subject to the entity complying with specified conditions, the entity has a right to defer settlement of the liability at the end of the reporting period if it complies with those conditions at that date. The amendments also clarify that the requirement for the right to exist at the end of the reporting period applies regardless of whether the lender tests for compliance at that date or at a later date. Management’s intention to settle in the short run does not impact the classification. Furthermore, the amendments clarify the meaning of settlement of a liability. Settlement by way of an entity’s own equity instruments is considered settlement for the purpose of classification of liabilities as current or non-current, with one exception. In cases where a conversion option is classified as a liability or part of a liability, the transfer of equity instruments would constitute settlement of the liability for the purpose of classifying it as current or non-current. Only if the conversion option itself is classified as an equity instrument would settlement by way of own equity instruments be disregarded when determining whether the liability is current or non-current. Unchanged from the current standard, a rollover of a borrowing is considered the extension of an existing liability and is therefore not considered to represent ‘settlement’. The Group expects to adopt the amendments retrospectively from January 1, 2022. Upon the adoption of the amendments, the liability component and the conversion option included in the derivative financial liability will be reclassified as current liabilities as the conversion option will be exercisable at any time after six months following the date of issuance of the convertible bond as disclosed in note 23 of the financial statements. 2. 4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fair value measurement The Group measures its derivative financial instruments, debt and equity investments at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimi z All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — based on quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 — based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly Level 3 — based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Impairment of non-financial Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises. Related parties A party is considered to be related to the Group if: (a) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group; or (b) the party is an entity where any of the following conditions applies: (i) the entity and the Group are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Group are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; and the sponsoring employers of the post-employment benefit plan; (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. Property, plant and equipment and depreciation Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the year in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitali z z Depreciation is calculated on a straight-line basis to write off the cost or valuation of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows: Furniture and fixtures 20 % Computer equipment 33 1 3 Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. Intangible assets (other than goodwill) The Company acquired the intangible assets included in the consolidated financial statements through the acquisition of a subsidiary in 2015. The Company early adopted the amendment to IFRS 3 on the definition of a business. The acquisition was determined to be and accounted for as an asset acquisition as the intangible assets met the fair value concentration test. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination or asset acquisition is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis. Security trading licenses and trading right Purchased security trading license and trading right are stated at cost less any impairment losses and have indefinite useful life. Investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortized cost, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below. In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in profit or loss. This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other income in profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • the rights to receive cash flows from the asset have expired; or • the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a “pass-through” arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. General approach ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months 12-month At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers a financial asset in default when contractual payments are 90 Financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for accounts receivable which apply the simplified approach as detailed below. Stage 1 — Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month Stage 2 — Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 — Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs Simplified approach For accounts receivable that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a default approach that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For accounts receivable that contain a significant financing component, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at amortized cost or at fair value through profit or loss (derivative financial instruments), as appropriate. All financial liabilities are recognized initially at fair value and, in the case of financial liabilities at amortized cost, net of directly attributable transaction costs. The Group’s financial liabilities include accounts payable, margin loan payable, financial liabilities included in other payables and accruals, amount due to fellow subsidiaries and immediate holding company, derivative financial liability and convertible bond. Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: Financial liabilities at fair value through profit or loss Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. The net fair value gain or loss recognized in the statement of profit or loss does not include any interest charged on these financial liabilities. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in profit or loss. Convertible bond If the conversion option of convertible bond exhibits characteristics of an embedded derivative, it is separated from its liability component. On initial recognition, the derivative component of the convertible bond is measured at fair value and presented as part of derivative financial instruments. Any excess of proceeds over the amount initially recognized as the derivative component is recognized as the liability component. Transaction costs are apportioned between the liability and derivative components of the convertible bond based on the allocation of proceeds to the liability and derivative components when the instruments are initially recognized. The portion of the transaction costs relating to the liability component is recognized initially as part of the liability. The portion relating to the derivative component is recognized immediately in the statement of profit or loss. Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cance l When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss. Derivative financial asset Derivative financial asset is initially recognized at fair value on the date on which a derivative contract is entered into and is subsequently remeasured at fair value. Derivative financial asset is carried as an asset when the fair value is positive and as a liability when the fair value is negative. Any gain or loss arising from changes in fair value of the derivative financial asset is taken directly to profit or loss. Day 1 profit or loss If the fair value of the derivative financial asset at initial recognition differs from the transaction price and the fair value is not evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or a valuation technique that uses only data from observable markets, the difference between the fair value at initial recognition and the transaction price is deferred and is only recognized as a gain or loss during the term of the derivative financial asset using a systematic basis that reflects a change in a factor (including time) that market participants would take into account when pricing the derivative financial asset. Cash and cash equivalents For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management. For the purpose of the consolidated statements of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to u |
Significant Accounting Estimate
Significant Accounting Estimates and Judgments | 12 Months Ended |
Dec. 31, 2019 | |
Accounting judgements and estimates [Abstract] | |
Significant Accounting Estimates and Judgments | 3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the Group’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future. Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, apart from those involving estimations, which have the most significant effect on the amounts recognized in the consolidated financial statements: Income tax Significant judgments on the future tax treatment of certain transactions are required in determining income tax provisions. The Group carefully evaluates tax implications of transactions and tax provisions are recorded accordingly. The tax treatment of such transactions is reconsidered periodically to take into account all changes in tax legislation. Estimation uncertainty The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below: Provision for expected credit losses on accounts receivable The Group uses the probability of default approach to calculate ECLs for accounts receivable. The probability of default approach is initially based on the Group’s estimates on the probability of default and the loss given default, adjusted for factors of general economic conditions. The probability of default and loss given default are estimated based on the Group’s assessment on credit ratings of the accounts receivable and historical loss experience. The assessment of the probability of default and the loss given default involves uncertainty and therefore ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and forecast economic conditions. The Group’s estimates may also not be representative of a customer’s actual default in the future. The information about the ECLs on the Group’s accounts receivable is disclosed in Note 11 and Note 29 to the consolidated financial statements. Fair value of unlisted debt securities and unlisted equity investments As at December 31, 2018 and 2019, the fair values of unlisted debt and equity investments-Investment C and Investment E (Note 13) were based on the prices of recent transactions of the same instruments with the same rights of the same issuers that occurred within 12 months without adjustment. The valuation relies on management’s judgment about whether there have been any events occurred from the date of last transaction and the year end that could significantly affect the prices. As at December 31, 2018, the fair value of unlisted equity investment-Investment D (Note 13) has been estimated using an equity value allocation (“EVA”) valuation technique based on assumptions that are supported by observable recent transactions with similar risk characteristics. The valuation requires management to estimate the expected equity volatility and hence they are subject to uncertainty. As at December 31, 2019, the fair value of the unlisted equity investment-Investment D was estimated using an EVA valuation technique relying on the hybrid method, considering two scenarios in a probability weighted expected return method (“PWERM”) framework, and using the option pricing method (“OPM”) to allocate value in one of the scenarios. The valuation requires the management to consider two scenarios in its PWERM analysis which was non-IPO The Group classifies the fair value of these investments as Level 3. Fair value of warrants The fair value of the warrants was estimated using binominal option pricing model which requires the management to estimate volatility of the fair value of the equity securities. The Group classifies the fair value of warrants as Level 3. Fair value of derivative financial asset The fair value of the derivative financial asset in respect of the “Upside Participation and Profit Distribution Agreements” as detailed in Note 14 to the financial statements was estimated using the Monte Carlo Simulation (“MCS”) and was determined based on significant observable and unobservable inputs including the current stock price, dividend yield, risk-free rate, volatility of the underlying equity securities and the credit rating of the counterparty on the valuation date. MCS is a financial model that is commonly used to simulate variables that are highly unpredictable. The valuations performed using the MCS require management to estimate the volatility of the underlying equity securities and the credit rating of the counterparty and hence the valuations are subject to estimation uncertainty. The Group classifies the fair value of derivative financial asset as Level 3. Fair value of the conversion option embedded in the convertible bond The fair value of the conversion option embedded in the convertible bond is calculated based on the difference of the fair value of convertible bond as a whole using the binomial option pricing model, and the fair value of the loan using the discounted cash flow method. The valuation of the fair value of convertible bond as a whole requires the Group to determine credit spread, liquidity spread and volatility. The Group classifies the fair value of the conversion option embedded in the convertible bond as Level 3. |
Operating Segment Information
Operating Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Operating Segment Information | 4. OPERATING SEGMENT INFORMATION For management purposes, the Group is organi z (a) The investment banking segment assists customers in raising funds through equity and debt financing, providing underwriting for initial public offerings (“IPOs”), private placements and debt issuances and providing financial advisory services (including but not limited to domestic and cross border advisory services for merger and acquisitions). (b) The asset management segment provides a wide range of asset management products and services, including in relation to listed equity, fixed income securities, hedge funds, structured products, foreign exchange, private equities, alternative investments, discretionary account services, investment advisory services and external asset management services. (c) The strategic investment segment engages in proprietary investments and management of investment portfolio mainly focuses on financial services and asset classes in Hong Kong and China. Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment result, which is a measure of adjusted profit/loss before tax from operations. The adjusted result before tax from operations is measured consistently with the Group’s profit before tax from operations after allocation of controllable costs of specialized staff, commission paid to asset management segment and finance costs to strategic investment segment for the first half 2019 and starting from the third quarter of 2019, the immediate holding company charged a fixed service fee of HK$6,000,000 per quarter in place of previous recharging arrangement. Other corporate income and expenses such as staff costs not directly attributable to segment, office rental and administrative expenses are excluded from such measurement. Segment assets exclude property, plant and equipment, tax recoverable, amounts due from fellow subsidiaries and immediate holding company, prepayments, deposits and other receivables, cash and bank balances and other unallocated head office and corporate assets as these assets are managed on a group basis. Segment liabilities exclude amounts due to fellow subsidiaries and immediate holding company, tax payable, deferred tax liabilities and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis. Segment revenue and results Year ended December 31, Investment Asset Strategic Total HK$ HK$ HK$ HK$ Segment revenue Revenue —from external customers 208,162,829 70,813,374 — 278,976,203 —others — — 754,187,550 754,187,550 208,162,829 70,813,374 754,187,550 1,033,163,753 Segment results 197,333,389 48,059,488 739,674,246 985,067,123 Other income 17,674,605 Unallocated finance costs (15,285,311 ) Corporate and other unallocated expenses (178,870,946 ) Profit before tax 808,585,471 Other segment information Depreciation 379,132 Capital expenditure* 138,704 * Capital expenditure consists of additions of property, plant and equipment. Year ended December 31, Investment Asset Strategic Total HK$ HK$ HK$ HK$ Segment revenue N Revenue —from external customers 288,591,129 78,946,986 — 367,538,115 —others — — 355,688,019 355,688,019 Intersegment — 172,809 — 172,809 288,591,129 79,119,795 355,688,019 723,398,943 Reconciliation Intersegment (172,809 ) 723,226,134 Segment results 254,901,096 57,385,943 350,306,996 662,594,035 Other income 15,372,350 Unallocated finance costs (3,666,040 ) Corporate and other unallocated expenses (65,335,119 ) Profit before tax 608,965,226 Other segment information Depreciation 334,841 Capital expenditure* 14,214 * Capital expenditure consists of additions of property, plant and equipment. Year ended December 31, Investment Asset Strategic Total HK$ HK$ HK$ HK$ Segment revenue N Revenue —from external customers 455,955,912 124,050,364 — 580,006,276 —others — — 624,167,735 624,167,735 455,955,912 124,050,364 624,167,735 1,204,174,011 Segment results 413,354,182 109,182,198 624,167,734 1,146,704,114 Other income 22,088,780 Unallocated finance costs (27,705,955 ) Corporate and other unallocated expenses (151,832,967 ) Profit before tax 989,253,972 Other segment information Depreciation 113,919 Capital expenditure* 13,710 * Capital expenditure consists of additions to property, plant and equipment. Segment assets and liabilities December 31 , 2018 2019 HK$ HK$ Segment assets Investment banking 134,855,898 64,813,018 Asset management 712,011,344 539,713,339 Strategic investments 3,494,527,773 2,894,217,916 Total segment assets 4,341,395,015 3,498,744,273 Unallocated corporate assets 2,765,794,535 4,771,948,379 Total assets 7,107,189,550 8,270,692,652 Segment liabilities Investment banking 15,000,000 — Asset management 663,698,964 492,039,337 Strategic investments 321,999,549 317,722,439 Total segment liabilities 1,000,698,513 809,761,776 Unallocated corporate liabilities 2,912,088,937 632,435,932 Total liabilities 3,912,787,450 1,442,197,708 The unallocated segment assets and liabilities mainly consist of amounts due from and due to related companies, respectively, which are not directly attributable to individual segments. Geographical information The following table sets forth the Group’s revenue from external customers by geographical areas based on the location of the customers: Year ended December 31, Investment Asset Total HK$ HK$ HK$ Hong Kong 70,332,752 11,352,777 81,685,529 Mainland China 137,830,077 53,184,060 191,014,137 Others — 6,276,537 6,276,537 208,162,829 70,813,374 278,976,203 Year ended December 31, Investment Asset Total HK$ HK$ HK$ Hong Kong 128,880,466 39,451,207 168,331,673 Mainland China 158,780,244 36,615,872 195,396,116 Others 930,419 2,879,907 3,810,326 288,591,129 78,946,986 367,538,115 Year ended December 31, Investment Asset Total HK$ HK$ HK$ Hong Kong 118,086,900 21,441,042 139,527,942 Mainland China 300,078,498 92,797,260 392,875,758 United States 30,342,514 3,229,613 33,572,127 Others 7,448,000 6,582,449 14,030,449 455,955,912 124,050,364 580,006,276 The Group’s revenue is derived solely from its operations in Hong Kong based on the location in which contracts were executed and services were rendered. As at December 31, non-current Information about a major customer During the years ended December 31, |
Revenue and Other Income
Revenue and Other Income | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Revenue and Other Income | 5. REVENUE AND OTHER INCOME An analysis of revenue is as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Revenue from contracts with customers Investment banking Investment banking fee and income 208,162,829 288,591,129 455,955,912 Asset management Management fee and performance-based incentive fee 47,774,685 43,465,186 103,509,196 Brokerage and handling fees 16,270,055 31,393,570 19,383,099 Others 6,768,634 4,088,230 1,158,069 70,813,374 78,946,986 124,050,364 278,976,203 367,538,115 580,006,276 Revenue from other sources Strategic investment Dividend income 22,564,600 99,227,724 92,316,548 Gain related to disposed investment 46,943,698 — 8,235,180 69,508,298 99,227,724 100,551,728 Net fair value changes on financial assets at fair value through profit or loss and stock loan - 684,660,652 202,304,000 (683,060,000 ) - — 86,000 — - 18,600 54,070,295 41,456,007 Total net fair value changes on financial assets at fair value through profit or loss and stock loan 684,679,252 256,460,295 (641,603,993 ) Net fair value changes on derivative financial asset -from derivative financial asset — — 1,165,220,000 — — 1,165,220,000 1,033,163,753 723,226,134 1,204,174,011 (i) Disaggregated revenue information The Company assesses revenues based upon the nature or type of goods or services it provides and the operating segments of the related businesses. For more information on the operating segments, see N Year ended December 31, Segments Investment Asset Strategic Total HK$ HK$ HK$ HK$ Investment banking Underwriting commission and brokerage fee 150,649,829 — — 150,649,829 Financial advisory fee 57,513,000 — — 57,513,000 Asset management Management fee and performance-based incentive fee — 47,774,685 — 47,774,685 Brokerage and handling fee — 16,270,055 — 16,270,055 Strategic investment Net fair value changes on financial assets at fair value through profit or loss and stock loan — — 684,679,252 684,679,252 Gain related to disposed investment — — 46,943,698 46,943,698 Dividend income — — 22,564,600 22,564,600 Others — 6,768,634 — 6,768,634 Total 208,162,829 70,813,374 754,187,550 1,033,163,753 Segments Investment Asset Total HK$ HK$ HK$ Timing of revenue recognition Services transferred at a point in time 150,649,829 23,038,689 173,688,518 Services transferred over time 57,513,000 47,774,685 105,287,685 Total revenue from contracts with customers 208,162,829 70,813,374 278,976,203 Year ended December 31, Segments Investment Asset Strategic Total HK$ HK$ HK$ HK$ Investment banking Underwriting commission and brokerage fee 217,002,789 — — 217,002,789 Financial advisory fee 71,588,340 — — 71,588,340 Asset management Management fee and performance-based incentive fee — 43,465,186 — 43,465,186 Brokerage and handling fee — 31,393,570 — 31,393,570 Strategic investment Net fair value changes on financial assets at fair value through profit or loss and stock loan — — 256,460,295 256,460,295 Dividend income — — 99,227,724 99,227,724 Others — 4,088,230 — 4,088,230 Total 288,591,129 78,946,986 355,688,019 723,226,134 Segments Investment Asset Total HK$ HK$ HK$ Timing of revenue recognition Services transferred at a point in time 217,002,789 35,481,800 252,484,589 Services transferred over time 71,588,340 43,465,186 115,053,526 Total revenue from contracts with customers 288,591,129 78,946,986 367,538,115 Year ended December 31, Segments Investment Asset Strategic Total HK$ HK$ HK$ HK$ Investment banking Underwriting commission and brokerage 403,573,912 — — 403,573,912 Financial advisory fee 52,382,000 — — 52,382,000 Asset management Management fee and performance-based incentive fee — 103,509,196 — 103,509,196 Brokerage and handling fees — 19,383,099 — 19,383,099 Strategic investment Net fair value changes on financial assets at fair value through profit or loss and stock loan — — (641,603,993 ) (641,603,993 ) Net fair value changes on derivative financial instruments — — 1,165,220,000 1,165,220,000 Gain related to disposed investment — — 8,235,180 8,235,180 Dividend income — — 92,316,548 92,316,548 Others — 1,158,069 — 1,158,069 Total 455,955,912 124,050,364 624,167,735 1,204,174,011 Segments Investment Asset Total HK$ HK$ HK$ Timing of revenue recognition Services transferred at a point in time 403,573,912 20,541,168 424,115,080 Services transferred over time 52,382,000 103,509,196 155,891,196 Total revenue from contracts with customers 455,955,912 124,050,364 580,006,276 The following table shows the amount of revenue recognized in the current period that were included in the contract liabilities at the beginning of the reporting period: December 31, December 31, HK$ HK$ Revenue recongised that was included in contract liabilities at the beginning of the reporting period: Asset management — 39,296,815 (ii) Performance obligations The Company started to receive advances from its customers of asset management in 2018. The transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, December 31, December 31 , HK$ HK$ Within one year 37,165,868 75,077,754 More than one year 17,945,950 36,896,409 55,111,818 111,974,163 The remaining performance obligations expected to be recognized in more than one year relate to upfront fee that are to be satisfied within two years. All the other remaining performance obligations are expected to be recognized within one year. Other income Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Bank interest income 158,863 7,681 1,115,839 Interest income from the immediate holding company (Note 26(a)(v)) (Note 26(b)(i)) — — 17,562,104 Other income from a fellow subsidiary (Note 26 15,285,311 3,666,040 — Management fee income from a fellow subsidiary 2,231,559 — — Others 238,433 11,719,054 3,412,325 17,914,166 15,392,775 22,090,268 |
Operating Expenses, Net
Operating Expenses, Net | 12 Months Ended |
Dec. 31, 2019 | |
Operating Income Expense [Abstract] | |
Operating Expenses, Net | 6. OPERATING EXPENSES, NET Operating expenses and foreign exchange differences included in the consolidated statement of profit or loss and other comprehensive income are as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Operating expenses Marketing and brand promotional expenses 26,207,524 11,864,097 12,903,989 Premises costs and office utilities —Premises costs 18,361,737 9,465,094 11,965,344 —Office utilities 7,421,124 6,117,640 9,152,802 25,782,861 15,582,734 21,118,146 Traveling and business development expenses 18,460,191 10,860,318 19,362,587 Commissions and bank charges 7,978,311 5,197,984 2,307,050 Office renovation and maintenance expenses 15,880,216 1,603,484 1,430,834 Administrative service fee (Note 26(a)(iii)) — — 12,000,000 Legal and professional fees —Auditor’s remuneration 503,240 789,000 11,402,267 —Other legal and professional fees 5,268,795 1,650,070 11,776,501 5,772,035 2,439,070 23,178,768 Staff welfare and staff recruitment expenses 7,637,277 3,659,523 2,471,705 Others —Depreciation 379,132 334,841 113,919 —Foreign exchange differences, net (206,072 ) 382,757 12,596,647 —Other expenses 3,671,713 657,299 7,213,210 3,844,773 1,374,897 19,923,776 111,563,188 52,582,107 114,696,855 |
Staff Costs
Staff Costs | 12 Months Ended |
Dec. 31, 2019 | |
Classes of employee benefits expense [abstract] | |
Staff Costs | 7. STAFF COSTS Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Salaries and bonuses 101,092,455 67,187,493 93,703,848 Pension scheme contributions (defined contribution schemes) 1,112,047 837,020 903,649 102,204,502 68,024,513 94,607,497 |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2019 | |
Finance Costs [Abstract] | |
Finance Costs | 8. FINANCE COSTS An analysis of finance costs from operations is as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Interests on margin loans payable 27,705,955 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
Income Tax | 9. INCOME TAX Hong Kong profits tax has been provided at the rate of 16.5% (2018: 16.5%; 2017: 16.5%) on the estimated assessable profits arising in Hong Kong: Year ended December 31 , Note 2017 2018 2019 HK$ HK$ HK$ Hong Kong profits tax Charge for the year 19,988,157 43,127,820 69,585,469 Overprovision in prior year — (2,359,495 ) — Deferred tax 21 112,969,008 33,148,500 79,556,400 The People’s Republic of China withholding tax charge for the year 2,256,460 9,922,772 9,207,649 135,213,625 83,839,597 A reconciliation of tax expense and profit before tax at the Hong Kong statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Profit before tax 808,585,471 608,965,226 989,253,972 Tax at statutory tax rate of 16.5% 133,416,603 100,479,262 163,226,906 Tax effect of non-taxable (3,834,400 ) (25,554,680 ) (23,255,305 ) Tax effect of non-deductible 3,308,966 1,355,050 8,952,076 Tax effect of unrecognized temporary difference 13,522 16,553 223,434 Tax effect of tax loss not recognized 64,264 10,797 24,541 Overprovision in prior year — (2,359,495 ) — Utilization of tax losses previously not recognized (11,790 ) (30,662 ) (29,783 ) Withholding tax on the dividend income 2,256,460 9,922,772 9,207,649 Income tax expense 135,213,625 83,839,597 158,349,518 |
Earnings Per Share Attributable
Earnings Per Share Attributable To Ordinary Equity Holders of The Parent | 12 Months Ended |
Dec. 31, 2019 | |
Earnings/(loss) Per Share Attributable To Ordinary Equity Holders of The Parent | |
Earnings Per Share Attributable To Ordinary Equity Holders of The Parent | 10. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT The Company’s ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote and is not convertible into Class B ordinary share under any circumstances. Each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof. The basic earnings per share attributable to Class A ordinary equity holders and Class B ordinary equity holders are calculated by dividing the profit for the year attributable to Class A ordinary equity holders and Class B ordinary equity holders of the parent by the number of Class A ordinary shares and Class B ordinary shares, respectively, after the Reorganisation as mentioned in Note 1.2. The diluted earnings per share attributable to Class A ordinary equity holders and Class B ordinary equity holders are based on the profit for the year attributable to Class A ordinary equity holders and Class B ordinary equity holders of the parent, adjusted to reflect the interest on the convertible bond and fair value (gain)/loss on the derivative component of the convertible bonds, which are immaterial in 2019. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the year, as used in the basic earnings per share calculation, the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise or conversion of all dilutive potential ordinary shares into ordinary shares. Basic and diluted earnings per share for each of the periods presented are calculated as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Basic earnings per share: Numerator: Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (HK$)-basic Class A — — 69,906,757 Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (HK$)-basic Class B 568,266,428 468,061,079 868,366,128 Denominator: Weighted average number of Class A ordinary shares outstanding—basic — — 16,112,737 Weighted average number of Class B ordinary shares outstanding—basic 200,000,001 200,000,001 200,148,822 Basic earnings per share (HK$) Class A — — 4.34 Basic earnings per share (HK$) Class B 2.84 2.34 4.34 Diluted earnings per share: Numerator: Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share calculation (HK$)-diluted Class A — — 69,906,757 Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share calculation (HK$)-diluted Class B 568,266,428 468,061,079 868,366,128 Denominator: Weighted average number of Class A ordinary shares outstanding—diluted — — 16,117,254 Weighted average number of Class B ordinary shares outstanding—diluted 200,000,001 200,000,001 200,204,936 Diluted earnings per share (HK$) Class A — — 4.34 Diluted earnings per share (HK$) Class B 2.84 2.34 4.34 Number of s Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Shares: Weighted average number of Class A ordinary shares in issue during the year used in the basic earnings per share calculation — — 16,112,737 Effect of dilution – weighted average number of ordinary shares: Warrants — — 864 Convertible bond — — 3,653 — — 16,117,254 Weighted average number of Class B ordinary shares in issue during the year used in the basic earnings per share calculation 200,000,001 200,000,001 200,148,822 Effect of dilution – weighted average number of ordinary shares: Warrants — — 10,728 Convertible bond — — 45,386 200,000,001 200,000,001 200,204,936 In addition to the transactions detailed elsewhere in the consolidated financial statements, there have been no other transactions involving Class A and Class B ordinary shares between the reporting date and the date of authorization of these financial statements. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Accounts Receivable | 11. ACCOUNTS RECEIVABLE December 31, Notes 2018 2019 HK$ HK$ Receivable from investment banking services (i) 134,855,898 66,740,188 Receivable from brokers and clearing house (ii) 10,813,497 261,329,847 Clients’ receivables (ii) 12,848,608 18,309,539 Margin loan receivable (iii) 2,575,051 — 161,093,054 346,379,574 Notes: (i) The normal settlement terms of receivables from investment banking services are specific terms mutually agreed between the contracting parties. Receivable from investing banking services is non-interest As at December 31, 2018, the Group’s receivable from investment banking services of HK$70,875,980 are due from fellow subsidiaries, which are repayable on similar credit terms to those offered to the major customers of the Group. There is no amount due from the immediate holding company as at December 31, 19. (Note 26 (ii) The normal settlement terms of clients’ receivables and receivable from brokers and clearing houses arising from asset management services are 2 days after trade date or at specific terms agreed with brokers and clearing houses. Overdue clients’ receivable is interest-bearing. As at December 31, 2019, the Group’s clients’ receivables of HK$2,142,145 which are due from fellow subsidiaries, which are repayable on similar credit terms to those offered to the major customers of the Group. The Group did not have any clients’ receivables due from fellow subsidiaries as at December 31, 2018. (iii) As at December 31, 2018, the Group had collateral of listed shares with fair value amounted to HK$3,808,116 in margin financing business. Margin loan receivable is interest-bearing. The Group seeks to maintain strict control over its outstanding receivables and has a credit control team to minimize credit risk. Overdue balances are reviewed regularly by senior management. Except for the margin loan receivable, the Group does not hold any collateral over its accounts receivable. An aging analysis of the accounts receivable as at the end of the reporting periods, based on the due December 31, 2018 2019 HK$ HK$ Not yet due 95,469,641 294,541,514 Past due Within 1 month 732,497 41,032,006 1 to 3 months 840,942 5,232,320 Over 3 months 64,049,974 5,573,734 161,093,054 346,379,574 As at December 31, Margin loan receivable are assessed for impairment under stage 1 of general approach. Where applicable, an impairment analysis is performed at each reporting date by considering the probability of default of comparable companies with published credit ratings. Their recoverability was assessed with reference to the credit status of the debtors. The expected credit losses as at December 31, 2018 are considered to be minimal and no loss allowance of margin loan receivable was provided. An impairment analysis of clients’ receivables, receivable from brokers and clearing house, and receivable from investment banking services is performed at each reporting date using probability of default approach to measure expected credit losses. The probability of default and loss given default are estimated based on the Group’s assessment on credit ratings of the accounts receivable and historical loss experience. As at December 31, 2018, the probability of default was ranged from 0.13% to 0.80% and the loss given default was estimated to be 45%. As at December 31, 2019, the probability of default was ranged from 0.14% to 18.24% and the loss given default was estimated to be 45%. Internal credit risk rating AAA AA A BBB BB CCC Total As at December 31, 2018 Expected credit loss rate 0.13 % — 0.30 % 0.49 % 0.80 % — — Gross carrying amount (HK$‘000) 668 — 72,535 83,454 1,861 — 158,518 Internal credit risk rating AAA AA A BBB BB CCC Total As at December 31, 2019 Expected credit loss rate — 0.14 % 0.17 % 0.33 % 0.59 % 18.24 % — Gross carrying amount (HK$‘000) — 141,440 64,914 136,928 1,826 1,272 346,380 The expected credit losses as at December , 2 s |
Prepayments, Deposits And Other
Prepayments, Deposits And Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
Prepayments, Deposits And Other Receivables [Abstract] | |
Prepayments, Deposits And Other Receivables | 12. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES December 31, 2018 2019 HK$ HK$ Prepayments 27,301,254 35,085,959 Deposits 451,759 451,593 Other receivables 5,590,846 903,420 33,343,859 36,440,972 Deposits and other receivables mainly represent rental deposits and deposits with event organi z As at December 31, 31, None of the above assets is either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default. |
Financial Assets At Fair Value
Financial Assets At Fair Value Through Profit Or Loss And Stock Loan | 12 Months Ended |
Dec. 31, 2019 | |
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Abstract] | |
Financial Assets At Fair Value Through Profit Or Loss And Stock Loan | 13. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS AND STOCK LOAN December 31, 2018 2019 HK$ HK$ Financial assets at fair value through profit or loss 1,953,078,309 1,572,697,716 Stock loan 1,535,679,600 1,200,980,200 3,488,757,909 2,773,677,916 Listed equity shares, at quoted price —Investment A 3,134,040,000 2,450,980,000 —Investment B 73,476,000 — Total listed equity shares, at quoted price 3,207,516,000 2,450,980,000 Unlisted debt securities —Investment C 78,316,000 — Unlisted equity shares —Investment C — 77,023,394 —Investment D 47,417,581 47,149,360 —Investment E 155,508,328 198,525,162 Total unlisted equity shares 202,925,909 322,697,916 3,488,757,909 2,773,677,916 The above unlisted investments at December 31 , z z As at December 31, On September 17, The intermediate holding company pledged the listed equity shares to a third party as collateral for loan facilities maturing in 2022. In November 2018, the Group demanded and partially recovered some of the listed equity investments with carrying amounts of HK$660,983,400. As at December 31, In addition , 31, 31, |
Derivative Financial Asset
Derivative Financial Asset | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Derivative Financial Asset | 14. DERIVATIVE FINANCIAL ASSET On April 1, (a) The counterparty is entitled to 25% (the “Sharing Percentage”) of the gain of the Underlying Assets if the quoted market price or disposal price of the Underlying Assets is higher than HK$8.1 per share (the “Underlying Price”); (b) The counterparty shall pay a sum equivalent to the loss if the quoted market price or disposal price of the Underlying Assets is lower than Underlying Price (“Participation Cost”) ; and (c) Dividend or cash distributions generated from the Underlying Assets during the term of the Agreements shall be received by the Group Further addendums to the Agreements were entered into on June 30 1 30, 31, • On June 30, • On July 1, 30, • On September 3 0, 31, • On December 31, 2019, the Agreements were further extended for an another three - In December 2019, the controlling person of the counterparty, with which the Group has entered into the Agreements, was appointed as a Director to the Board of Directors of the Company. Accordingly, the counterparty became a related party of the Company. The Agreements together with the Addendums satisfied the definition of derivative financial asset in accordance with IFRS 9 and were stated at fair value with any subsequent changes recognized in profit or loss. In addition, since the transaction price of the derivative financial asset differed from the fair value at origination and the fair value was based on a valuation technique using significant inputs not observable, the difference between the transaction price and the fair value (Day 1 profit or loss) was deferred and amortized during the term of the Agreements. The table below shows the movement of: (i) the profit or loss not recognized when the derivative financial asset was initially recognized (Day 1 profit or loss); (ii) net carrying amount presented in the consolidated statements of financial position; and (iii) net fair value change on derivative financial asset presented in profit or loss Fair value using valuation Day 1 (profit)/loss Net carrying Net change in fair value HK$ HK$ HK$ HK$ As at January 1, 2019 — — — — Initial transaction on April 1, 2019 355,294,216 (355,294,216 ) — — Recognized in profit and loss prior to contract renegotiation on July 1, 2019 - Changes in fair value 106,129,339 — 106,129,339 106,129,339 - Recognition of day 1 profit or loss — 88,338,180 88,338,180 88,338,180 As at June 30, 2019 461,423,555 (266,956,036 ) 194,467,519 194,467,519 Contract renegotiation on July 1, 2019 115,758,384 (115,758,384 ) — — As at July 1, 2019 577,181,939 (382,714,420 ) 194,467,519 194,467,519 Recognized in profit and loss prior to contract renegotiation on September 30, 2019 - Changes in fair value 230,436,061 — 230,436,061 230,436,061 - Recognition of day 1 profit or loss — 382,714,420 382,714,420 382,714,420 As at September 30, 2019 807,618,000 — 807,618,000 807,618,000 Contract renegotiation on September 30, 2019 1,538,635 (1,538,635 ) — — As at September 30, 2019 809,156,635 (1,538,635 ) 807,618,000 807,618,000 Recognized in profit and loss prior to contract renegotiation on December 31, 2019 - Changes in fair value 356,063,365 — 356,063,365 356,063,365 - Recognition of day 1 profit or loss — 1,538,635 1,538,635 1,538,635 As at December 31, 2019 1,165,220,000 — 1,165,220,000 1,165,220,000 Contract renegotiation on December 31, 2019 (17,847,221 ) 17,847,221 — — As at December 31, 2019 1,147,372,779 17,847,221 1,165,220,000 1,165,220,000 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Detailed Information About Other Assets [Abstract] | |
Other Assets | 15. OTHER ASSETS The Group maintains segregated bank accounts with corporate banks to hold clients’ monies on trust under custody arising from its asset management and other business. The Group has classified the clients’ monies as other assets under the assets section of the consolidated statements of financial position and recognized the corresponding amounts as clients’ monies held on trust in accounts payable (Note 19) to respective clients on the basis that it is legally liable for any possible loss or misappropriation of the clients’ monies. The Group is not allowed to use the clients’ monies to settle its own obligations. December 31, 2018 2019 HK$ HK$ Segregated clients’ bank accounts balances: - Asset management business 586,096,042 225,439,918 - Others 29,395,158 20,062,862 615,491,200 245,502,780 |
Cash And Bank Balances
Cash And Bank Balances | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Cash And Bank Balances | 16. CASH AND BANK BALANCES December 31, 2018 2019 HK$ HK$ Cash and cash equivalents: - Cash on hand 31,031 31,031 - General bank accounts 126,824,487 766,399,440 Total cash and cash equivalents 126,855,518 766,430,471 Cash at banks earns interest at floating rates based on daily bank deposit rates for all the periods. The bank balances are deposited with creditworthy banks with no recent history of default. |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant And Equipment | 17 PROPERTY, PLANT AND EQUIPMENT Furniture Computer Total HK$ HK$ HK$ Cost: At January 1, 2018 11,090 4,045,710 4,056,800 Additions — 14,214 14,214 At December 31, 2018 and January 1, 2019 11,090 4,059,924 4,071,014 Additions — 13,710 13,710 At December 31, 2019 11,090 4,073,634 4,084,724 Accumulated depreciation: At 4,060 3,600,907 3,604,967 Charge for the year 2,218 332,623 334,841 At December 31, 2018 and January 1, 2019 6,278 3,933,530 3,939,808 Charge for the year 2,218 111,701 113,919 At December 31, 2019 8,496 4,045,231 4,053,727 Carrying amount: At December 31, 2019 2,594 28,403 30,997 At December 31, 2018 4,812 126,394 131,206 At January 1, 2018 7,030 444,803 451,833 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Intangible assets [Abstract] | |
Intangible Assets | 18 INTANGIBLE ASSETS HK$ Net carrying amount as at December 31, 2018 and 2019 15,171,170 The intangible assets represented securities trading licenses and trading right with indefinite useful lives because they are expected to contribute to the net cash flows of the Group indefinitely and therefore, are not amorti z |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables [abstract] | |
Accounts Payable | 19 ACCOUNTS PAYABLE December 31, Note 2018 2019 HK$ HK$ Clients’ payables (i) 12,157,051 256,423,531 Payables to clearing house and brokers (i) 3,153,820 9,062,629 Clients’ monies held on trust (Note 15) 586,891,255 226,553,176 602,202,126 492,039,336 Note: (i) As at December 31, pre-agreed ed An aging analysis of the accounts payable as at the end of the reporting period is as follows: December 31, 2018 2019 HK$ HK$ Within one month 15,310,871 265,486,160 Repayable on demand 586,891,255 226,553,176 602,202,126 492,039,336 The balances of accounts payable are unsecured and non-interest-bearing. |
Margin Loans Payable
Margin Loans Payable | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables [abstract] | |
Margin Loans Payable | 20 MARGIN LOANS PAYABLE As at December 31, er , N |
Other Payables And Accruals
Other Payables And Accruals | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Expenses And Other Liabilities [Abstract] | |
Other Payables And Accruals | 2 1 OTHER PAYABLES AND ACCRUALS December 31, Note s 2018 2019 HK$ HK$ Accruals and other payables 25,011,870 66,043,431 Contract liabilities (i) 55,111,818 111,974,163 80,123,688 178,017,594 Note: (i) Contract liabilities include upfront fees received to deliver asset management services. The Company started to receive advances from its customers of asset management services in 2018. Movements in contract liabilities during the years ended December 31, HK$ January 1, 2018 — Deferred revenue received during the year 58,344,702 Revenue recognized during the year (3,232,884 ) At December 31, 2018 55,111,818 Deferred revenue received during the year 127,418,656 Revenue recognized during the year (70,556,311 ) At December 31, 2019 111,974,163 |
Deferred Tax Liabilities
Deferred Tax Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |
Deferred Tax Liabilities | 2 2 DEFERRED TAX LIABILITIES The movements in deferred tax liabilities during the years are as follows: Unrealized gain January 1, 130,208,677 Deferred tax charged to profit or loss during the year ( N 33,148,500 At December 31, 2018 and January 1, 2019 163,357,177 Deferred tax charged to profit or loss during the year N 79,556,400 At December 31, 2019 242,913,577 As at December 31, , z unutili z z |
Convertible bond
Convertible bond | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings [abstract] | |
Convertible bond | 2 3 CONVERTIBLE BOND On December 19 , is 30, C bondholder 30, On initial recognition, the derivative component of the convertible bonds is measured at fair value and presented as part of derivative financial liability z The movement of convertible bond during the year is as follows: Liability Derivative HK$ HK$ At December 31, 2017, 2018 — — Convertible bond issued during the year 95,995,690 20,813,810 At December 31, 2019 95,995,690 20,813,810 |
Share Capital and Capital Reser
Share Capital and Capital Reserve | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
Share Capital and Capital Reserve | 2 4 SHARE CAPITAL AND CAPITAL RESERVE 2018 2019 Share Capital Authorized Class A ordinary shares 8,000,000,000 8,000,000,000 Class B ordinary shares 2,000,000,000 2,000,000,000 Issued and fully paid: Class A ordinary shares — 41,084,851 Class B ordinary shares 200,000,001 204,526,628 Each Class A ordinary share shall entitle the holder thereof to one vote on all matters subject to vote at general meetings of the Company, and each Class B ordinary share shall entitle the holder thereof to twenty votes on all matters subject to vote at general meetings of the Company. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Each Class A ordinary share is not convertible into Class B ordinary shares under any circumstances. Except for the voting rights and the conversion rights, the Class A ordinary shares and the Class B ordinary shares shall rank pari passu with one another and shall have the same rights, preferences, privileges and restrictions. As at December 31, and 31, Share Capital reserve Notes HK$ HK$ As at January 1, 2017 (i ) 156,998 33,333,003 Capital injection to a subsidiary — 1 Deemed contributions (ii ) — 1,279,469,671 As at December 31, 2017 156,998 1,312,802,675 Capital injection to a subsidiary — 1 As at December 31, 2018 156,998 1,312,802,676 Deemed disposal of non-controlling interests — 435,231,866 Exercise of warrants (iii ) 1,308 94,196,292 Pre-IPO financing (iv ) 6,451 419,375,698 Initial public offering (v ) 18,681 1,507,196,460 Capital injection to subsidiaries — 9 Issuance of shares (v i ) 9,264 782,384,227 As at December 31, 2019 192,702 4,551,187,228 Notes: (i) As described in Note 1.2, the issued capital of the Company is presented as if the shares after completion of the Reorganisation were issued since inception. The carrying amount of the issued capital of HK$156,998 (equivalent to US$20,000) as at January 1, 2017, December 31, 2017 and 2018 represents nominal amount of the 200,000,001 Class B ordinary shares at US$0.0001 per share issued by the Company. All issued shares to the contributing shareholder of AMTD IHG, AMTD ISG, AMTD SI, AMTD Overseas and AMTD FI during the Reorganisation are Class B ordinary shares. The equity interest of AMTD GM was transferred between two companies within its group. The amount of consideration in excess of the net asset value of AMTD GM on the transaction date was recorded in capital reserve. (ii) For the year ended December 31, Besides, a balance of HK$1,313,478,870 due to the former holding company of a subsidiary was waived and recorded as deemed contribution. (iii) On March 6, 2019, the Company issued warrant s US$2 million. Each warrant entitles the holder thereof to subscribe for one ordinary share at a subscription price of US$7.2. On April 10, Class A ordinary shares. At the end of the reporting period, the Company had no warrants outstanding. (iv) Between April 26, 19, pre-IPO (v) On August 5, 2019, the Company completed its Initial Public Offering (“IPO”) on the New York Stock Exchange under the symbol of “HKIB”. The Company issued an aggregate 23,873,655 American Depositary Shares (“ADSs”), representing 23,873,655 Class A Ordinary Shares for total net proceeds of HK$1,507.2 million after deducting listing expenses of HK$58.3 million. (v i In December 2019, the Company issued an aggregate of 7,307,692 Class A ordinary shares and 4,526,627 Class B ordinary shares, both with par value US$0.0001 per share, for an aggregate amount of US$100 million (representing a per share price of US$8.45) to Value Partners Greater China High Yield Income Fund, Ariana Capital Investment Limited, and Infinity Power Investments Limited in the form of private placement. Infinity Power Investments Limited is a British Virgin Islands company wholly owned by Mr. Calvin Choi, Chairman and Chief Executive Officer of the Company. |
Notes To The Consolidated State
Notes To The Consolidated Statements Of Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Cash Flow Information [Abstract] | |
Notes To The Consolidated Statements Of Cash Flows | 25 NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (a) Major non-cash During the years ended December 31, 31, During the year ended December 31, On April 10, 2019, the warrant holder exercised the warrants in full and pa i (b) Changes in liabilities arising from financing activities Margin loans Derivative Convertible Total HK$ HK$ HK$ HK$ At January 1, 2017 638,350,783 — — 638,350,783 Cash flow changes from financing activities (38,557,701 ) — — (38,557,701 ) Released from disposal of financial assets at fair value through profit or loss (248,183,452 ) — — (248,183,452 ) Interest expenses 28,724,758 — — 28,724,758 Interest paid (28,724,758 ) — — (28,724,758 ) At December 31, 2017 351,609,630 — — 351,609,630 Cash flow changes from financing activities (29,610,081 ) — — (29,610,081 ) Interest expenses 9,047,063 — — 9,047,063 Interest paid (9,047,063 ) — — (9,047,063 ) At December 31, 2018 321,999,549 — — 321,999,549 Cash flow changes from financing activities (4,277,111 ) 20,813,810 95,995,690 112,532,389 Interest expense 27,705,955 — — 27,705,955 Interest paid (27,705,955 ) — — (27,705,955 ) At December 31, 2019 20,813,810 (c) Changes in the movement of balances with related parties Year ended December 31, Related Fellow HK$ Immediate HK$ Operating activities (2,104,418 ) (460,296,468 ) 284,494,845 Financing activities — 1,675,510,800 — Net cash (outflow) / inflow (2,104,418 ) 1,215,214,332 284,494,845 Year ended December 31, Related Fellow HK$ Immediate HK$ Operating activities 7,500 (699,864,420 ) 439,200,382 Financing activities — 203,607,914 — Net cash inflow/(outflow) 7,500 (496,256,506 ) 439,200,382 Year ended December 31, Related Fellow Immediate Investing activities — — (2,957,926,150 ) Net cash outflow — — (2,957,926,150 ) |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
Related Party Transactions | 2 6 RELATED PARTY TRANSACTIONS (a) In addition to the transactions disclosed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the years: Year ended December 31, Notes 2017 2018 2019 HK$ HK$ HK$ Underwriting services rendered to immediate holding company (i) 31,221,600 — 26,420,072 Financial advisory services rendered to fellow subsidiaries (i) — 70,988,340 15,691,000 Management fee income from a fellow subsidiary (i) 2,231,559 — — Management fee income from immediate holding company (i) — — 150,000 Investment advisory fee paid to a fellow subsidiary (i) 15,000 180,000 180,000 Insurance commission paid to a fellow subsidiary (i) 81,606 57,063 84,133 Asset management services rendered to a fellow subsidiary (i) — 5,784,775 457,431 Acquisition of investment from a fellow subsidiary ( i — 72,072,000 — Administrative service fee paid to immediate holding company (ii i — — 12,000,000 Interest income from immediate holding company (v) — — 17,562,104 Recharge from/(to) immediate holding company —Staff costs 66,163,850 11,678,050 17,936,752 —Premises cost 17,910,916 9,329,432 5,300,986 —Office renovation 14,118,570 1,250,906 869,214 —Other operating expenses 10,512,120 (1,753,759 ) 9,798,649 (iii) 108,705,456 20,504,629 33,905,601 Net fair value change on derivative financial asset entered into with a related party controlled by a director of the Company (vi) — — 1,165,220,000 Asset management service fee income from a related party controlled by a director of the Company (i) — — 478,611 Investment banking service fee income from a related party controlled by a director of the Company (i) — — 2,999,584 Notes: (i) The terms of these services were comparable to the fee and conditions offered to the major customers of the Group. (ii) The transaction represented the transfer of 234,000 ordinary shares of a listed company from its fellow subsidiary based on the market price as at December 12, (iii) During the years ended December 31, HK$6,000,000 per quarter in place of previous recharging arrangement. (iv) As at June 30, (v) The transaction represented the interest income carried at 2% per annum (Note 5) of advance amount to immediate holding company which was payable on demand. (vi) In December 2019, the controlling person of the counterparty, with which the Group has entered into the Agreements (Note 14), was appointed as a Director to the Board of Directors of the Company. Accordingly, the counterparty became a related party of the Company. (b) Outstanding balances with related parties: (i) As at January 1, 1, 31, As at December balance of HK$130,000,000 and interest receivable of HK$3,223,360 were unsecured, interest free and repayable on demand and were included in amounts due from fellow subsidiaries. During the year ended December 31, During the year ended December 31, At December 31, 2017, the outstanding balance of HK$70,332,300 was included in amounts due from fellow subsidiaries. During the year ended December 31, As at December 31, As at December 31, On August 5, 2019, the Group entered into an intercompany financing agreement with its immediate holding company. Under such agreement, any intercompany receivables and payables balances with the immediate holding company and the fellow subsidiaries shall be settled on a net basis with the immediate holding company. As at December 31, 2019, the net balance between the Group and the immediate holding company was an amount due from immediate holding company of HK$2,921,838,772, which bears interest at 2% per annum and are unsecured and repayable on demand. The Group did not have any outstanding balances with its fellow subsidiaries as at December 31, 2019 due to the intercompany financing agreement. For the years ended December 31, 2018 and 2019, there was no provision for credit loss on amounts due from fellow subsidiaries and immediate holding company. (ii) As at December 31, 2018, the Group had an outstanding accounts receivable balance due from its fellow subsidiaries of HK$70,875,980. The balances arose from the provision of investment banking services and the balances were non-interest As at December 31, 2019, the Group’s client receivables of HK$2,142,145 and HKD$156,659,071 we due from fellow subsidiaries and a related party which is controlled by a director of the Company, respectively. The balance arose the normal settlement term of two days after trade date arising from asset management services. Any overdue balance is interest-bearing. There was no such balance as at December 31, 2018. (iii) As at December 31, 2018, the Group had an outstanding balance due from a related company associated with a major shareholder of HK$4,085,019. This balance was unsecured, interest free and repayable on demand. For the year ended December 31, 2018, there was no provision of credit loss on amount due from the related company. During the year ended December 31, 2019, the immediate holding company acquired the Company’s receivable from the related company of HK$4,075,351 at cost through the current account with the Company. The Group did not have any outstanding balances with the related company as at December 31, 2019. (iv) A s at December 31, 31, The fellow subsidiary shall bear all costs and expenses in connection with the custody, acquisition and disposal of the listed equity shares. The Group recorded other income from a fellow subsidiary of HK$15,285,311 and HK$3,666,040 for the years ended December 31, 31, (c) Compensation of key management personnel of the Group: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Short-term employee benefits 8,745,651 19,473,470 43,062,534 Other long-term benefit 53,624 61,428 92,700 8,799,275 19,534,898 43,155,234 |
Financial Instruments By Catego
Financial Instruments By Category | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial assets [abstract] | |
Financial Instruments By Category | 27 FINANCIAL INSTRUMENTS BY CATEGORY The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows: As at December 31, Financial assets Financial assets at Mandatorily fair value Financial assets at cost Total HK$ HK$ HK$ Accounts receivable — 161,093,054 161,093,054 Financial assets included in prepayments, deposits and other receivables — 6,042,605 6,042,605 Due from a related company — 4,085,019 4,085,019 Due from immediate holding company — 66,141,756 66,141,756 Due from fellow subsidiaries — 2,596,118,859 2,596,118,859 Financial assets at fair value through profit or loss 1,953,078,309 — 1,953,078,309 Stock loan 1,535,679,600 — 1,535,679,600 Other assets — 615,491,200 615,491,200 Cash and bank balances — 126,855,518 126,855,518 3,488,757,909 3,575,828,011 7,064,585,920 Financial liabilities Financial z HK$ Accounts payable 602,202,126 Margin loans payable 321,999,549 Financial liabilities included in other payables and accruals 25,011,870 Due to fellow subsidiaries 574,202,907 Due to immediate holding company 2,145,792,209 3,669,208,661 As at December 31, Financial assets Financial assets at Mandatorily fair value Financial assets Total HK$ HK$ HK$ Accounts receivable — 346,379,574 346,379,574 Financial assets included in prepayments, deposits and other receivables — 1,355,013 1,355,013 Due from immediate holding company — 2,921,838,772 2,921,838,772 Financial assets at fair value through profit or loss 1,572,697,716 — 1,572,697,716 Stock loan 1,200,980,200 — 1,200,980,200 Derivative financial asset 1,165,220,000 — 1,165,220,000 Other assets — 245,502,780 245,502,780 Cash and bank balances — 766,430,471 766,430,471 3,938,897,916 4,281,506,610 8,220,404,526 Financial liabilities Financial Financial Total HK$ HK$ HK$ Accounts payable — 492,039,336 492,039,336 Margin loans payable — 317,722,438 317,722,438 Financial liabilities included in other payables and accruals — 66,043,431 66,043,431 Derivative financial liability 20,813,810 — 20,813,810 Convertible bond — 95,995,690 95,995,690 20,813,810 971,800,895 992,614,705 |
Fair Value and Fair Value Hiera
Fair Value and Fair Value Hierarchy of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Fair Value and Fair Value Hierarchy of Financial Instruments | 28 FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS The carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows: Carrying amounts Fair values December 31, December 31, 2018 2019 2018 2019 HK$ HK$ HK$ HK$ Financial assets Financial assets at fair value through profit or loss 1,953,078,309 1,572,697,716 1,953,078,309 1,572,697,716 Derivative financial asset — 1,165,220,000 — 1,147,372,779 Stock loan 1,535,679,600 1,200,980,200 1,535,679,600 1,200,980,200 3,488,757,909 3,938,897,916 3,488,757,909 3,921,050,695 Financial liabilities Derivative financial liability and convertible bond — 116,809,500 — 116,809,500 Management has assessed that the fair values of cash and cash balances, accounts receivable, financial assets included in prepayments, deposits and other receivables, accounts payable, financial liabilities included in other payables and accruals, clients’ monies held on trust, margin loans payable, and balances with a related company, fellow subsidiaries and immediate holding company, approximate to their carrying amounts largely due to the short-term maturities of these instruments or repayable on demand. The Group’s finance department headed by the finance director is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance director reports directly to the chief financial officer. At each reporting date, finance department analyzes the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the chief financial officer. The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies’ management team as well as potential future strategies to realize the investments. The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values: As at December 31, 2018 and 2019, the fair values of listed equity investments, including the stock loan, were based on quoted market prices. As at December 31, 2018 and 2019, the fair values of unlisted debt and equity investments-Investment C and Investment E were based on the prices of recent transactions of the same instruments with the same rights of the same issuers that occurred within 12 months without adjustment. As at December 31, 2018, the fair value of unlisted equity investment-Investment D has been estimated using an EVA valuation technique based on assumptions that are supported by observable recent transactions with similar risk characteristics. The valuation requires management to estimate the expected equity volatility and hence they are subject to uncertainty. As at December 31, 2019, the fair value of the unlisted equity investment-Investment D was estimated using forward price/earnings (“P/E”) ratio as the valuation multiple and an EVA valuation technique is used by relying on the hybrid method, considering two scenarios in a probability weighted expected return method (“PWERM”) framework, and using the option pricing method (“OPM”) to allocate value in IPO exist scenario. The valuation requires the management to consider two scenarios in its PWERM analysis which was non-IPO The fair value of the derivative financial asset in relation the Agreements was estimated using the MCS and was determined based on significant observable and unobservable inputs including the current stock price, dividend yield, risk-free rate, volatility of the underlying equity securities and the credit rating of the counterparty on the valuation date. MCS is a financial model that is commonly used to simulate variables that are highly unpredictable. The valuations performed using the MCS require management to estimate the volatility of the underlying equity securities and the credit rating of the counterparty and hence the valuations are subject to estimation uncertainty. The Group classifies the fair value of derivative financial asset as Level 3. The management believed that the estimated fair values resulting from the valuation technique were reasonable. The accounting policy of the day 1 profit or loss arising from the difference between the transaction price and the fair value upon initial recognition is disclosed in Note 2.4 to the consolidated financial statements. The fair value of the conversion option embedded in the convertible bond is calculated based on the difference of the fair value of convertible bond as a whole using binomial method, and the fair value of the loan using the discounted cash flow method. The valuation of the fair value of convertible bond as a whole requires the Group to determine credit spread, liquidity spread and volatility. Below is summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 2018: Valuation Significant Range Sensitivity of value to the input Unlisted equity investments EVA Equity 56.72 % 5% increase/ decrease in volatility results in decrease/ increase in fair value by 0.27%/0.15% Below is summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 2019: Valuation Significant Range Sensitivity of value to the input Unlisted equity investment Multiple/ EVA Equity volatility 33.08% 5% increase/decrease in volatility results in decrease/increase in fair value by 1.0%/0.3% Average P/E multiple of 10.8 5% increase/decrease in P/E multiple Derivative financial asset MCS Calculated volatility of the Underlying Assets 32.82%-36.28% 5% increase/decrease in volatility results in increase/decrease in fair value by 0.02%/0.23% Credit rating BB One rank level increase in credit rating of the counterparty from BB to BBB results in increase in fair value by 0.04% One rank level decrease in credit rating of the counterparty from BB to B Derivative financial liability Binomial option pricing model Volatility 67.87% 5% increase/decrease in volatility results in increase/decrease in fair value by 4.58%/4.66% Credit 12.52% 5% increase/decrease in credit spread Liquidity spread 2.99% increase/decrease in liquidity spread Fair Value Hierarchy The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value Fair value measurement using Quoted prices (Level 1) Significant Significant Total HK$ HK$ HK$ HK$ As at December 31, Financial assets at fair value through profit or loss 1,671,836,400 — 281,241,909 1,953,078,309 Stock loan 1,535,679,600 — — 1,535,679,600 3,207,516,000 — 281,241,909 3,488,757,909 As at December 31, Financial assets at fair value through profit or loss 1,249,999,800 — 322,697,916 1,572,697,716 Stock loan 1,200,980,200 — — 1,200,980,200 Derivative financial asset — — 1,165,220,000 1,165,220,000 2,450,980,000 — 1,487,917,916 3,938,897,916 Liability measured at fair value Fair value measurement using Quoted prices Significant Significant Total HK$ HK$ HK$ HK$ As at December 31, 2019 Derivative financial liability — — 20,813,810 20,813,810 The Group did not have any financial liabilities measured at fair value as at December 31, 2018. During the years ended December 31, 2017, The movements in fair value measurements within Level 3 during the years are as follow: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Unlisted debt securities and unlisted equity shares at fair value through profit or loss: At January 1, — 15,629,400 281,241,909 Total unrealized gain recogni z 18,600 54,156,295 41,456,007 Purchase 15,610,800 211,456,214 — At December 31, 15,629,400 281,241,909 322,697,916 December 31, HK$ Warrants at fair value through profit or loss: At January 1, — Issued 15,699,600 Exercised (15,699,600 ) At December 31, — December 31, HK$ Derivative financial asset (Note 14): At January 1, — Recognition of day 1 profit or loss 472,591,235 Other fair value gains recogni z 692,628,765 At December 31, 1,165,220,000 December 31, HK$ Derivative financial liability (Note 23): — Convertible bond issued during the year — Issued 20,813,810 At December 31, 2019 20,813,810 |
Financial Risk Management Objec
Financial Risk Management Objectives and Policies | 12 Months Ended |
Dec. 31, 2019 | |
Financial Risk Management Objective And Policies [Abstract] | |
Financial Risk Management Objectives and Policies | 2 9 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group has various financial assets and liabilities such as financial assets at fair value through profit or loss, stock loan, accounts receivable, accounts payable, financial assets included in prepayments, deposits and other receivables, financial liabilities included in other payables and accruals, clients’ monies held on trust, margin loans payable, amounts with a related company, fellow subsidiaries and immediate holding company which primarily arise directly from its operations. The main risks arising from the Group’s financial instruments are price risk, foreign currency risk, credit risk and liquidity risk. Management manages and monitors these risks to ensure appropriate measures are implemented on a timely and effective manner. Price risk Equity price risk is the risk that the fair values of equity investments decrease as a result of changes in the levels of equity indices and the value of individual securities. The Group is exposed to equity securities price risk because certain investments held by the Group are classified in the consolidated statements of financial position as financial assets at fair value through profit or loss and derivative financial asset asset At December 31, listed equity shares included in and stock loan At December 31, 2018 and 2019, if there had been a 5% increase/decrease in the market value of unlisted equity shares and unlisted debt securities, included in financial assets at fair value through profit or loss, with all other variables held constant, the Group’s profit before tax would have been approximately HK$14,062,095 and HK$16,134,896 higher/lower. The Group had concentration risk in its strategic investments segment as 46% and 46 31, 31, Investment A On April 1, asset z asset 31, asset The Group is also exposed to equity price risk arising from changes in the price of the Company’s own shares to the extent that the Company’s own equity investments underlie the fair values of derivatives. At December 31 2019, the Group was exposed to this risk through the conversion rights attached to the convertible bond (Note 23) issued by the Company. If there have been increase/ decrease in the share price by 5%, it will result in increase in the profit before tax by HK$822,015 or decrease by HK$791,873. There was no such equity price risk as at December 31, 2018. Foreign currency risk Certain transactions of the Group are denominated in foreign currencies which are different from the functional currency of the Group, i.e. HK$, and therefore the Group is exposed to foreign currency risk. The Group currently does not have a foreign currency hedging policy. However, management monitors foreign exchange exposure and will consider hedging significant foreign exchange exposure should the need arise. As HK$ is currently pegged to United States dollars (“US$”), management considers that there is no significant foreign currency risk arising from the Group’s monetary assets and the liability denominated in US$. The Group’s key currency risk exposure primarily arises from accounts receivable and bank balances denominated in Australian Dollar (“AUD”), Euro (“EUR”), Renminbi (“RMB”) and New Taiwan Dollar (“NTD”). The sensitivity at the end of the reporting period to a reasonably possible change in the AUD, EUR, RMB and NTD exchange rate, with all other variables held constant, of the Group’s profit before tax is as followings: Foreign currency sensitivity If AUD had appreciated/depreciated by 5% with all other variables held constant, the increase/decrease 31, If EUR had appreciated/depreciated by 5% with all other variables held constant, the increase/decrease on the Group’s profit before tax for the year would be HK$4,903 for the year ended December 31 , If RMB had appreciated/depreciated by 5% with all other variables held constant, the increase/decrease on the Group’s profit before tax would be HK$13,163, HK$12,405 and HK$11,369 for the years ended December 31, If NTD had appreciated/depreciated by 5% with all other variables held constant, the increase/decrease on the Group’s profit before tax would be HK$277,654, HK$74,959 and HK$70,348 for the years ended December 31, Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of financial loss from defaults. The Group’s exposure of its counterparties is continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the management periodically. The Group has credit risk exposure in relation the Agreements entered into with a counterparty amounting to HK$1,165,220,000 as at December 31, 20, As at December 31, 2019, the market value of listed securities pledged to the Group amounted to approximately HK$962,442,277 (Note 14). The carrying amount of financial assets recorded in the consolidated financial statements, grossed up for any allowances for losses, represents the Group’s maximum exposure to credit risk. The credit risk on liquid funds is limited because the counterparties are mainly banks and insurance companies with sound credit. Maximum exposure and staging as at December 31, The table below shows the credit quality and the maximum exposure to expected credit loss (“ECL”) based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and the staging classification as at December 31, z As at December 31, 12-month ECLs Lifetime ECLs HK$ Stage 1 HK$ Stage 2 Stage 3 Simplified approach Accounts receivable* — — — 158,518,003 158,518,003 Accounts receivable —Normal** 2,575,051 — — — 2,575,051 —Doubtful** — — — — — Financial assets included in prepayments, deposits and other receivables —Normal** 6,042,605 — — — 6,042,605 —Doubtful** — — — — — Due from a related company —Normal** 4,085,019 — — — 4,085,019 —Doubtful** — — — — — Due from immediate holding company —Normal** 66,141,756 — — — 66,141,756 —Doubtful** — — — — — Due from fellow subsidiaries —Normal** 2,596,118,859 — — — 2,596,118,859 —Doubtful** — — — — — Other assets —Not yet past due 615,491,200 — — — 615,491,200 Cash and bank balances —Not yet past due 126,855,518 — — — 126,855,518 3,417,310,008 — — 158,518,003 3,575,828,011 * For accounts receivable to which the Group applies the simplified approach for impairment, information based on the probability of default approach is disclosed in Note 11 to the consolidated financial statements. ** The credit quality of the financial assets included in prepayments, deposits and other receivables, due from a related company, due from immediate holding company and due from fellow subsidiaries is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”. As at December 31, 12-month Lifetime ECLs HK$ Stage 1 Stage 2 Stage 3 Simplified approach Accounts receivable* — — — 346,379,574 346,379,574 Financial assets included in prepayments, other receivables and other assets —Normal** 1,355,013 — — — 1,355,013 —Doubtful** — — — — — Due from a related company —Normal** — — — — — —Doubtful** — — — — — Due from immediate holding company —Normal** 2,921,838,772 — — — 2,921,838,772 —Doubtful** — — — — — Other assets —Not yet past due 245,502,780 — — — 245,502,780 Cash and bank balances —Not yet past due 766,430,471 — — — 766,430,471 3,935,127,036 — — 346,379,574 4,281,506,610 * For accounts receivable to which the Group applies the simplified approach for impairment, information based on the probability of default approach is disclosed in Note 11 to the consolidated financial statements. ** The credit quality of the financial assets included in prepayments, deposits and other receivables, due from a related company and due from immediate holding company is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”. Liquidity risk The Group aims to maintain cash and credit lines to meet its liquidity requirements. The Group finances its working capital requirements through a combination of funds generated from operations, loans and equity financing. The following tables detail the Group’s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. December 31, 2018 Weighted On demand 3 months 1 to 5 years Total % HK$ HK$ HK$ HK$ Accounts payable N/A 602,202,126 — — 602,202,126 Margin loans payable 6.75 % 321,999,549 — — 321,999,549 Financial liabilitie s N/A 25,011,870 — — 25,011,870 Due to fellow subsidiaries N/A 574,202,907 — — 574,202,907 Due to immediate holding company N/A 2,145,792,209 — — 2,145,792,209 3,669,208,661 — — 3,669,208,661 December 31, 2019 Weighted On demand 3 months 1 to 5 years Total % HK$ HK$ HK$ HK$ Accounts payable N/A 492,039,336 — — 492,039,336 Margin loans payable 6.625 % 317,722,438 — — 317,722,438 Financial liabilitie s N/A 66,043,430 — — 66,043,430 Convertible bond 7.80 % — — 125,273,321 125,273,321 875,805,204 125,273,321 1,001,078,525 Capital risk management The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximi z The capital structure of the Group consists of debt which includes amounts due to the immediate holding company and convertible bond As AMTD GM and AMTD AAAPL are licensed corporations under the Hong Kong Securities and Futures Ordinances, the Group is subject to statutory capital requirement and is required to maintain adequate financial resources to support its business. The Securities and Futures (Financial Resources) Rules require a licensed corporation to maintain liquid capital which is not less than its required liquid capital. In addition, AMTD GM is a member of the Hong Kong Confederation of Insurance Brokers, which is required to maintain a minimum capital and net assets value of not less than HK$100,000. There were no changes on the Group’s approach to capital risk management during the years ended December 31, |
Stock Incentive Plan
Stock Incentive Plan | 12 Months Ended |
Dec. 31, 2019 | |
Stock Incentive Plan [Abstract] | |
Stock Incentive Plan | 30. STOCK INCENTIVE PLAN AMTD SpiderMan Share Incentive Plan In June 2019, the Group’s board of directors approved the AMTD SpiderMan Share Incentive Plan, or the 2019 Plan, to attract and retain the best available personnel, provide additional incentives to employees, directors, and consultants, and promote the success of the business. The maximum aggregate number of ordinary shares that may be issued under the Plan is initially 20,000,000 and on January 1 of each year after the effective date of the 2019 Plan, will automatically increase to the number of shares that is equal to ten percent (10%) of the total issued and outstanding share capital of the Group as at December 31 of the preceding year. In addition, on January 1 of each year after the effective date of the Plan, the aggregate number of shares that may be issued under the 2019 Plan will automatically increase by the number of shares representing 1.0% of the total issued and outstanding share capital of the Group as at December 31 of the preceding year, or such less number as the board of directors may determine. As at the date of this annual report, no awards have been granted under the Plan. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 3 1 SUBSEQUENT EVENT S On March 30, 2020, the Company submitted the application to The Stock Exchange of Hong Kong Limited (“SEHK”) for the listing of the US$1.0 billion medium term note program of the Company (the “MTN Program”) for a period of twelve months from March 30, 2020 by way of debt issues to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on SEHK and in the Securities and Futures Ordinance (Cap. 571) of Hong Kong). The listing of the MTN Program became effective on April 6 On March 31, 2020, the Agreements were further extended for an additional three months till June 30, 2020 (Note 14). On April 2, 2020, the Company received approval in principle from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of each applicable series of the securities under the US$1.0 billion medium term note program of the Company (the “MTN Program”) on the Official List of the SGX-ST. With this approval, the MTN Program will become a dual-listed medium term note program, which will successfully list on both SEHK and the SGX-ST. The listing of the MTN Program on SGX-ST became effective on April 6 On April 8, 2020, the Company completed the secondary listing by way of introduction of 23,873,655 class A ordinary shares of the Company on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) under the stock code “HKB”, being class A ordinary shares that have been registered with the United States Securities and Exchange Commission as part of the Company’s initial public offering and listing on the New York Stock Exchange (the “NYSE”) under the stock code “HKIB” in August 2019, and which were previously represented by the American depositary shares (“ADSs”, each representing one class A ordinary share of the Company) listed for trading on the NYSE. The Company’s ADSs will continue to be listed and traded on the NYSE. On April 24, 2020, the Company announced an invitation to holders of the outstanding US$123 million 7.625% senior perpetual securities of AMTD Group (the “Existing Securities”) to offer to exchange any and all of their outstanding Existing Securities for new securities (the “New Securities”) to be issued by the Company under the Company’s US$1.0 billion medium term note program (the “Exchange Offer”). The amount of New Securities to be delivered in exchange for a principal amount of the Existing Securities offered and accepted for exchange will be the product of (i) such principal amount of Existing Securities and (ii) the relevant exchange ratio pursuant to the exchange instruction, subject to a minimum offer amount of US$200,000. The Exchange Offer will commence on April 23, 2020 and expire on May 6, 2020, unless extended, re-opened, or closed earlier. The Company may further issue additional new securities under the Company’s US$1.0 billion medium term note program to be immediately fungible with the New Securities issued in connection with the Exchange Offer. The emergence and wide spread of the novel Coronavirus (“COVID-19”) mark-to-market COVID-19 |
Approval of Consolidated Financ
Approval of Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Approval of Consolidated Financial Statements | 3 2 APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements were approved and authori z 30, |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation [Abstract] | |
Fair value measurement | Fair value measurement The Group measures its derivative financial instruments, debt and equity investments at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimi z All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 — based on quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 — based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly Level 3 — based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. |
Impairment of non-financial assets | Impairment of non-financial Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises. |
Related parties | Related parties A party is considered to be related to the Group if: (a) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group; or (b) the party is an entity where any of the following conditions applies: (i) the entity and the Group are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Group are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; and the sponsoring employers of the post-employment benefit plan; (vi) the entity is controlled or jointly controlled by a person identified in (a); (vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. |
Property, plant and equipment and depreciation | Property, plant and equipment and depreciation Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the year in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitali z z Depreciation is calculated on a straight-line basis to write off the cost or valuation of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows: Furniture and fixtures 20 % Computer equipment 33 1 3 Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. |
Intangible assets (other than goodwill) | Intangible assets (other than goodwill) The Company acquired the intangible assets included in the consolidated financial statements through the acquisition of a subsidiary in 2015. The Company early adopted the amendment to IFRS 3 on the definition of a business. The acquisition was determined to be and accounted for as an asset acquisition as the intangible assets met the fair value concentration test. Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination or asset acquisition is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis. |
Security trading licenses and trading right | Security trading licenses and trading right Purchased security trading license and trading right are stated at cost less any impairment losses and have indefinite useful life. |
Investments and other financial assets | Investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, and subsequently measured at amortized cost, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below. In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss. All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace. Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in profit or loss. This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other income in profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably. A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category. A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss. |
Derecognition of financial assets | Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when: • the rights to receive cash flows from the asset have expired; or • the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a “pass-through” arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. |
Impairment of financial assets | Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. General approach ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months 12-month At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information. The Group considers a financial asset in default when contractual payments are 90 Financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for accounts receivable which apply the simplified approach as detailed below. Stage 1 — Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month Stage 2 — Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 — Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs Simplified approach For accounts receivable that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a default approach that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For accounts receivable that contain a significant financing component, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above. |
Financial liabilities | Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at amortized cost or at fair value through profit or loss (derivative financial instruments), as appropriate. All financial liabilities are recognized initially at fair value and, in the case of financial liabilities at amortized cost, net of directly attributable transaction costs. The Group’s financial liabilities include accounts payable, margin loan payable, financial liabilities included in other payables and accruals, amount due to fellow subsidiaries and immediate holding company, derivative financial liability and convertible bond. Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: Financial liabilities at fair value through profit or loss Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. The net fair value gain or loss recognized in the statement of profit or loss does not include any interest charged on these financial liabilities. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in profit or loss. Convertible bond If the conversion option of convertible bond exhibits characteristics of an embedded derivative, it is separated from its liability component. On initial recognition, the derivative component of the convertible bond is measured at fair value and presented as part of derivative financial instruments. Any excess of proceeds over the amount initially recognized as the derivative component is recognized as the liability component. Transaction costs are apportioned between the liability and derivative components of the convertible bond based on the allocation of proceeds to the liability and derivative components when the instruments are initially recognized. The portion of the transaction costs relating to the liability component is recognized initially as part of the liability. The portion relating to the derivative component is recognized immediately in the statement of profit or loss. |
Derecognition of financial liabilities | Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or cance l When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss. |
Cash and cash equivalents | Cash and cash equivalents For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management. For the purpose of the consolidated statements of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use. |
Provisions | Provisions A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in profit or loss. |
Income tax | Income tax Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates. Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: • when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, and the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carryforward of unused tax credits and unused tax losses can be utilized, except: • when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and • in respect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. |
Revenue recognition | Revenue recognition Revenue from contracts with customers Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. The primary components of fee and commission income are investment banking fee and income and asset management fee. (a) Investment banking fee and income Investment banking service income is composed of underwriting commission, brokerage fee and financial advisory fee. Underwriting commission earned from underwriting equity and debt securities is recognized at the point in time when the Group’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of a transaction if there is no uncertainty or contingency related to the amount to be paid. The normal credit term is 60 to 120 days upon the completion of performance. Brokerage fee earned from sales of equity and debt securities from underwriting is recognized at the point in time when the associated service is fulfilled, generally on the trade execution date. Financial advisory fee is recognized as advice is provided to the customer, based on the estimated progress of work and when revenue is not probable of a significant reversal. The majority of the contracts have a duration of 60 120 For investment banking service, each contract contains only one performance obligation. (b) Asset management fee Asset management fee primarily includes fees associated with asset management, performance-based incentive fee, brokerage and handling fee. The management fee and the performance-based incentive fee are earned for the provision of asset management services, which include portfolio diversification and rebalancing. These services represent a single performance obligation comprised of a series of distinct services which are substantially the same, being provided continuously over the contract period. Asset management fees consist of management and performance fees that are fixed or variable consideration. Variable consideration is determined based on underlying assets under management, i.e. AUM, of a customer’s account at a specified period end. Management fee is recognized when services are performed and the fee becomes known. Fixed consideration is recognized over the schedule period on a straight-line basis because the customer simultaneously receives and consumes the benefits provided by the Company. Performance-based incentive fee is recognized when the performance target is met and the revenue is not probable of a significant reversal. For the years ended December 31, 2017, 2018 and 2019, the Company did not have any revenue related to such variable consideration and recognized from performance obligations satisfied in previous periods. Brokerage and handling fees are recognized at the point in time when the associated service is fulfilled, generally on the trade execution date. For asset management services, when a single contract contains two performance obligations, the stand-alone selling prices of each of the distinct services underlying the performance obligations (i.e. management fee and performance-based incentive fee for asset management service and brokerage and handling fee for transaction processing service) are stated separately in the contract. These are the observable prices of services when the Company sells each of them separately. Revenue from other sources Fair value changes on financial assets at fair value through profit or loss and stock loan is recognized in the period in which they arise. Gain/loss recognized for the financial assets at fair value through profit or loss disposed during the current period is defined as gain/loss related to disposed investment, whereas gain/loss recognized for those financial assets at fair value through profit or loss in the consolidated statements of financial position held at the end of the reporting period is defined as net fair value changes on financial assets at fair value through profit or loss and stock loan. Dividend income is recognized when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably. |
Contract liabilities | Contract liabilities A contract liability is recognized when the payment is made received or the payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer). For certain customers of asset management service, the Company requires upfront payment of management fee and recorded such upfront fee as contract liabilities in other payables and accruals. Upfront fee is recognized as revenue based on the time elapsed for the service period. Asset management contracts normally cover periods of one to three years. |
Employee benefits | Employee benefits Retirement benefit cost The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance for all of its employees. Contributions are made based on a percentage of the employees’ basic salaries and are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme. |
Foreign currencies | Foreign currencies These financial statements are presented in Hong Kong dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary Non-monetary non-monetary In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary non-monetary non-monetary non-monetary |
Warrants | Warrants The warrants, as part of financial liabilities, are recognised initially at fair value. They are classified as financial liabilities at fair value through profit or loss as they are derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities at fair value through profit and loss are recognised in profit or loss. |
Derivative financial asset | Derivative financial asset Derivative financial asset is initially recognized at fair value on the date on which a derivative contract is entered into and is subsequently remeasured at fair value. Derivative financial asset is carried as an asset when the fair value is positive and as a liability when the fair value is negative. Any gain or loss arising from changes in fair value of the derivative financial asset is taken directly to profit or loss. |
Day 1 profit or loss | Day 1 profit or loss If the fair value of the derivative financial asset at initial recognition differs from the transaction price and the fair value is not evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or a valuation technique that uses only data from observable markets, the difference between the fair value at initial recognition and the transaction price is deferred and is only recognized as a gain or loss during the term of the derivative financial asset using a systematic basis that reflects a change in a factor (including time) that market participants would take into account when pricing the derivative financial asset. |
Corporate Information (Tables)
Corporate Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of subsidiaries [abstract] | |
Summary of information about company principal subsidiaries | Particulars of the Company’s principal subsidiaries are as follows : Name Place of incorporation Issued and Percentage Principal activities Direct Indirect AMTD International Holding Group Limited (formerly known as AMTD Financial Planning Limited) (“AMTD IHG”) Hong Kong (“HK”) HK$ 500,000 100 % — Investment holding AMTD Securities Limited HK HK$ 1 — 100 % Investment holding AMTD Global Markets Limited (formerly known as AMTD Asset Management Limited) (“AMTD GM”) HK HK$ 1,561,610,980 — 100 % Provision of investment banking, financial advisory services and asset management services Asia Alternative Asset Partners Limited (“AMTD AAAPL”) HK HK$ 5,000,000 — 100 % Provision of investment advisory services AMTD Strategic Investment Limited (“AMTD SI”) HK HK$ 1 — 100 % Provision of strategic investment AMTD Investment Solutions Group Limited (“AMTD ISG”) HK HK$ 1 — 100 % Provision of strategic investment AMTD Overseas Limited (formerly known as AMTD Europe Holdings Limited) (“AMTD Overseas”) HK HK$ 1 — 100 % Strategic investment AMTD Fintech Investment Limited (“AMTD FI”) HK HK$ 1 — 100 % Strategic investment AMTD Investment Inc. (“AMTD Investment”) Cayman Islands US$ 1 100 % — Investment holding AMTD Strategic Investment (BVI) Limited BVI US$ 1 — 100 % Investment holding AMTD Investment Solutions Group (BVI) Limited BVI US$ 1 — 100 % Investment holding AMTD Overseas (BVI) Limited BVI US$ 1 — 100 % Investment holding AMTD Fintech Investment (BVI) Limited BVI US$ 1 — 100 % Investment holding |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of annual rates for depreciation of property plant and equipment | The principal annual rates used for this purpose are as follows: Furniture and fixtures 20 % Computer equipment 33 1 3 |
Operating Segment Information (
Operating Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of operating segments [abstract] | |
Summary of operating segments | Segment revenue and results Year ended December 31, Investment Asset Strategic Total HK$ HK$ HK$ HK$ Segment revenue Revenue —from external customers 208,162,829 70,813,374 — 278,976,203 —others — — 754,187,550 754,187,550 208,162,829 70,813,374 754,187,550 1,033,163,753 Segment results 197,333,389 48,059,488 739,674,246 985,067,123 Other income 17,674,605 Unallocated finance costs (15,285,311 ) Corporate and other unallocated expenses (178,870,946 ) Profit before tax 808,585,471 Other segment information Depreciation 379,132 Capital expenditure* 138,704 * Capital expenditure consists of additions of property, plant and equipment. Year ended December 31, Investment Asset Strategic Total HK$ HK$ HK$ HK$ Segment revenue N Revenue —from external customers 288,591,129 78,946,986 — 367,538,115 —others — — 355,688,019 355,688,019 Intersegment — 172,809 — 172,809 288,591,129 79,119,795 355,688,019 723,398,943 Reconciliation Intersegment (172,809 ) 723,226,134 Segment results 254,901,096 57,385,943 350,306,996 662,594,035 Other income 15,372,350 Unallocated finance costs (3,666,040 ) Corporate and other unallocated expenses (65,335,119 ) Profit before tax 608,965,226 Other segment information Depreciation 334,841 Capital expenditure* 14,214 * Capital expenditure consists of additions of property, plant and equipment. Year ended December 31, Investment Asset Strategic Total HK$ HK$ HK$ HK$ Segment revenue N Revenue —from external customers 455,955,912 124,050,364 — 580,006,276 —others — — 624,167,735 624,167,735 455,955,912 124,050,364 624,167,735 1,204,174,011 Segment results 413,354,182 109,182,198 624,167,734 1,146,704,114 Other income 22,088,780 Unallocated finance costs (27,705,955 ) Corporate and other unallocated expenses (151,832,967 ) Profit before tax 989,253,972 Other segment information Depreciation 113,919 Capital expenditure* 13,710 * Capital expenditure consists of additions to property, plant and equipment. |
Summary of segment assets and liabilities | Segment assets and liabilities December 31 , 2018 2019 HK$ HK$ Segment assets Investment banking 134,855,898 64,813,018 Asset management 712,011,344 539,713,339 Strategic investments 3,494,527,773 2,894,217,916 Total segment assets 4,341,395,015 3,498,744,273 Unallocated corporate assets 2,765,794,535 4,771,948,379 Total assets 7,107,189,550 8,270,692,652 Segment liabilities Investment banking 15,000,000 — Asset management 663,698,964 492,039,337 Strategic investments 321,999,549 317,722,439 Total segment liabilities 1,000,698,513 809,761,776 Unallocated corporate liabilities 2,912,088,937 632,435,932 Total liabilities 3,912,787,450 1,442,197,708 |
Summary of group's revenue from external customers by geographical areas | The following table sets forth the Group’s revenue from external customers by geographical areas based on the location of the customers: Year ended December 31, Investment Asset Total HK$ HK$ HK$ Hong Kong 70,332,752 11,352,777 81,685,529 Mainland China 137,830,077 53,184,060 191,014,137 Others — 6,276,537 6,276,537 208,162,829 70,813,374 278,976,203 Year ended December 31, Investment Asset Total HK$ HK$ HK$ Hong Kong 128,880,466 39,451,207 168,331,673 Mainland China 158,780,244 36,615,872 195,396,116 Others 930,419 2,879,907 3,810,326 288,591,129 78,946,986 367,538,115 Year ended December 31, Investment Asset Total HK$ HK$ HK$ Hong Kong 118,086,900 21,441,042 139,527,942 Mainland China 300,078,498 92,797,260 392,875,758 United States 30,342,514 3,229,613 33,572,127 Others 7,448,000 6,582,449 14,030,449 455,955,912 124,050,364 580,006,276 |
Revenue and Other Income (Table
Revenue and Other Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | |
Summary of analysis of revenue | Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Revenue from contracts with customers Investment banking Investment banking fee and income 208,162,829 288,591,129 455,955,912 Asset management Management fee and performance-based incentive fee 47,774,685 43,465,186 103,509,196 Brokerage and handling fees 16,270,055 31,393,570 19,383,099 Others 6,768,634 4,088,230 1,158,069 70,813,374 78,946,986 124,050,364 278,976,203 367,538,115 580,006,276 Revenue from other sources Strategic investment Dividend income 22,564,600 99,227,724 92,316,548 Gain related to disposed investment 46,943,698 — 8,235,180 69,508,298 99,227,724 100,551,728 Net fair value changes on financial assets at fair value through profit or loss and stock loan - 684,660,652 202,304,000 (683,060,000 ) - — 86,000 — - 18,600 54,070,295 41,456,007 Total net fair value changes on financial assets at fair value through profit or loss and stock loan 684,679,252 256,460,295 (641,603,993 ) Net fair value changes on derivative financial asset -from derivative financial asset — — 1,165,220,000 — — 1,165,220,000 1,033,163,753 723,226,134 1,204,174,011 |
Summary of revenue from contracts with customers | Year ended December 31, Segments Investment Asset Strategic Total HK$ HK$ HK$ HK$ Investment banking Underwriting commission and brokerage fee 150,649,829 — — 150,649,829 Financial advisory fee 57,513,000 — — 57,513,000 Asset management Management fee and performance-based incentive fee — 47,774,685 — 47,774,685 Brokerage and handling fee — 16,270,055 — 16,270,055 Strategic investment Net fair value changes on financial assets at fair value through profit or loss and stock loan — — 684,679,252 684,679,252 Gain related to disposed investment — — 46,943,698 46,943,698 Dividend income — — 22,564,600 22,564,600 Others — 6,768,634 — 6,768,634 Total 208,162,829 70,813,374 754,187,550 1,033,163,753 Segments Investment Asset Strategic Total HK$ HK$ HK$ HK$ Investment banking Underwriting commission and brokerage fee 217,002,789 — — 217,002,789 Financial advisory fee 71,588,340 — — 71,588,340 Asset management Management fee and performance-based incentive fee — 43,465,186 — 43,465,186 Brokerage and handling fee — 31,393,570 — 31,393,570 Strategic investment Net fair value changes on financial assets at fair value through profit or loss and stock loan — — 256,460,295 256,460,295 Dividend income — — 99,227,724 99,227,724 Others — 4,088,230 — 4,088,230 Total 288,591,129 78,946,986 355,688,019 723,226,134 Segments Investment Asset Strategic Total HK$ HK$ HK$ HK$ Investment banking Underwriting commission and brokerage 403,573,912 — — 403,573,912 Financial advisory fee 52,382,000 — — 52,382,000 Asset management Management fee and performance-based incentive fee — 103,509,196 — 103,509,196 Brokerage and handling fees — 19,383,099 — 19,383,099 Strategic investment Net fair value changes on financial assets at fair value through profit or loss and stock loan — — (641,603,993 ) (641,603,993 ) Net fair value changes on derivative financial instruments — — 1,165,220,000 1,165,220,000 Gain related to disposed investment — — 8,235,180 8,235,180 Dividend income — — 92,316,548 92,316,548 Others — 1,158,069 — 1,158,069 Total 455,955,912 124,050,364 624,167,735 1,204,174,011 |
Disclosure of Revenue Recognition from Performance Obligation | The following table shows the amount of revenue recognized in the current period that were included in the contract liabilities at the beginning of the reporting period: December 31, December 31, HK$ HK$ Revenue recongised that was included in contract liabilities at the beginning of the reporting period: Asset management — 39,296,815 |
Summary of transaction prices allocated to the remaining performance obligations | December 31, December 31 , HK$ HK$ Within one year 37,165,868 75,077,754 More than one year 17,945,950 36,896,409 55,111,818 111,974,163 |
Summary of other income | Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Bank interest income 158,863 7,681 1,115,839 Interest income from the immediate holding company (Note 26(a)(v)) (Note 26(b)(i)) — — 17,562,104 Other income from a fellow subsidiary (Note 26 15,285,311 3,666,040 — Management fee income from a fellow subsidiary 2,231,559 — — Others 238,433 11,719,054 3,412,325 17,914,166 15,392,775 22,090,268 |
Summary of timing of revenue recognition | Segments Investment Asset Total HK$ HK$ HK$ Timing of revenue recognition Services transferred at a point in time 150,649,829 23,038,689 173,688,518 Services transferred over time 57,513,000 47,774,685 105,287,685 Total revenue from contracts with customers 208,162,829 70,813,374 278,976,203 Segments Investment Asset Total HK$ HK$ HK$ Timing of revenue recognition Services transferred at a point in time 217,002,789 35,481,800 252,484,589 Services transferred over time 71,588,340 43,465,186 115,053,526 Total revenue from contracts with customers 288,591,129 78,946,986 367,538,115 Segments Investment Asset Total HK$ HK$ HK$ Timing of revenue recognition Services transferred at a point in time 403,573,912 20,541,168 424,115,080 Services transferred over time 52,382,000 103,509,196 155,891,196 Total revenue from contracts with customers 455,955,912 124,050,364 580,006,276 |
Operating Expenses, Net (Tables
Operating Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Income Expense [Abstract] | |
Summary of Operating Expenses and Foreign Exchange Differences | Operating expenses and foreign exchange differences included in the consolidated statement of profit or loss and other comprehensive income are as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Operating expenses Marketing and brand promotional expenses 26,207,524 11,864,097 12,903,989 Premises costs and office utilities —Premises costs 18,361,737 9,465,094 11,965,344 —Office utilities 7,421,124 6,117,640 9,152,802 25,782,861 15,582,734 21,118,146 Traveling and business development expenses 18,460,191 10,860,318 19,362,587 Commissions and bank charges 7,978,311 5,197,984 2,307,050 Office renovation and maintenance expenses 15,880,216 1,603,484 1,430,834 Administrative service fee (Note 26(a)(iii)) — — 12,000,000 Legal and professional fees —Auditor’s remuneration 503,240 789,000 11,402,267 —Other legal and professional fees 5,268,795 1,650,070 11,776,501 5,772,035 2,439,070 23,178,768 Staff welfare and staff recruitment expenses 7,637,277 3,659,523 2,471,705 Others —Depreciation 379,132 334,841 113,919 —Foreign exchange differences, net (206,072 ) 382,757 12,596,647 —Other expenses 3,671,713 657,299 7,213,210 3,844,773 1,374,897 19,923,776 111,563,188 52,582,107 114,696,855 |
Staff Costs (Tables)
Staff Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Classes of employee benefits expense [abstract] | |
Summary of staff costs | Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Salaries and bonuses 101,092,455 67,187,493 93,703,848 Pension scheme contributions (defined contribution schemes) 1,112,047 837,020 903,649 102,204,502 68,024,513 94,607,497 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Finance Costs [Abstract] | |
Summary of Finance Costs | An analysis of finance costs from operations is as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Interests on margin loans payable 27,705,955 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
Components of Income Tax Benefits/(Expenses) | Hong Kong profits tax has been provided at the rate of 16.5% (2018: 16.5%; 2017: 16.5%) on the estimated assessable profits arising in Hong Kong: Year ended December 31 , Note 2017 2018 2019 HK$ HK$ HK$ Hong Kong profits tax Charge for the year 19,988,157 43,127,820 69,585,469 Overprovision in prior year — (2,359,495 ) — Deferred tax 21 112,969,008 33,148,500 79,556,400 The People’s Republic of China withholding tax charge for the year 2,256,460 9,922,772 9,207,649 135,213,625 83,839,597 |
Reconciliation of income tax expenses and profit before tax at statutory tax rate | A reconciliation of tax expense and profit before tax at the Hong Kong statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Profit before tax 808,585,471 608,965,226 989,253,972 Tax at statutory tax rate of 16.5% 133,416,603 100,479,262 163,226,906 Tax effect of non-taxable (3,834,400 ) (25,554,680 ) (23,255,305 ) Tax effect of non-deductible 3,308,966 1,355,050 8,952,076 Tax effect of unrecognized temporary difference 13,522 16,553 223,434 Tax effect of tax loss not recognized 64,264 10,797 24,541 Overprovision in prior year — (2,359,495 ) — Utilization of tax losses previously not recognized (11,790 ) (30,662 ) (29,783 ) Withholding tax on the dividend income 2,256,460 9,922,772 9,207,649 Income tax expense 135,213,625 83,839,597 158,349,518 |
Earnings Per Share Attributab_2
Earnings Per Share Attributable To Ordinary Equity Holders of The Parent (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings/(loss) Per Share Attributable To Ordinary Equity Holders of The Parent | |
Summary of Basic and diluted earnings per share | Basic and diluted earnings per share for each of the periods presented are calculated as follows: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Basic earnings per share: Numerator: Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (HK$)-basic Class A — — 69,906,757 Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (HK$)-basic Class B 568,266,428 468,061,079 868,366,128 Denominator: Weighted average number of Class A ordinary shares outstanding—basic — — 16,112,737 Weighted average number of Class B ordinary shares outstanding—basic 200,000,001 200,000,001 200,148,822 Basic earnings per share (HK$) Class A — — 4.34 Basic earnings per share (HK$) Class B 2.84 2.34 4.34 Diluted earnings per share: Numerator: Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share calculation (HK$)-diluted Class A — — 69,906,757 Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share calculation (HK$)-diluted Class B 568,266,428 468,061,079 868,366,128 Denominator: Weighted average number of Class A ordinary shares outstanding—diluted — — 16,117,254 Weighted average number of Class B ordinary shares outstanding—diluted 200,000,001 200,000,001 200,204,936 Diluted earnings per share (HK$) Class A — — 4.34 Diluted earnings per share (HK$) Class B 2.84 2.34 4.34 |
Summary of weighted average shares | Number of s Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Shares: Weighted average number of Class A ordinary shares in issue during the year used in the basic earnings per share calculation — — 16,112,737 Effect of dilution – weighted average number of ordinary shares: Warrants — — 864 Convertible bond — — 3,653 — — 16,117,254 Weighted average number of Class B ordinary shares in issue during the year used in the basic earnings per share calculation 200,000,001 200,000,001 200,148,822 Effect of dilution – weighted average number of ordinary shares: Warrants — — 10,728 Convertible bond — — 45,386 200,000,001 200,000,001 200,204,936 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other receivables [abstract] | |
Summary of accounts receivables | December 31, Notes 2018 2019 HK$ HK$ Receivable from investment banking services (i) 134,855,898 66,740,188 Receivable from brokers and clearing house (ii) 10,813,497 261,329,847 Clients’ receivables (ii) 12,848,608 18,309,539 Margin loan receivable (iii) 2,575,051 — 161,093,054 346,379,574 Notes: (i) The normal settlement terms of receivables from investment banking services are specific terms mutually agreed between the contracting parties. Receivable from investing banking services is non-interest As at December 31, 2018, the Group’s receivable from investment banking services of HK$70,875,980 are due from fellow subsidiaries, which are repayable on similar credit terms to those offered to the major customers of the Group. There is no amount due from the immediate holding company as at December 31, 19. (Note 26 (ii) The normal settlement terms of clients’ receivables and receivable from brokers and clearing houses arising from asset management services are 2 days after trade date or at specific terms agreed with brokers and clearing houses. Overdue clients’ receivable is interest-bearing. As at December 31, 2019, the Group’s clients’ receivables of HK$2,142,145 which are due from fellow subsidiaries, which are repayable on similar credit terms to those offered to the major customers of the Group. The Group did not have any clients’ receivables due from fellow subsidiaries as at December 31, 2018. (iii) As at December 31, 2018, the Group had collateral of listed shares with fair value amounted to HK$3,808,116 in margin financing business. Margin loan receivable is interest-bearing. |
Summary of aging analysis of accounts receivable | December 31, 2018 2019 HK$ HK$ Not yet due 95,469,641 294,541,514 Past due Within 1 month 732,497 41,032,006 1 to 3 months 840,942 5,232,320 Over 3 months 64,049,974 5,573,734 161,093,054 346,379,574 |
Summary of accounts receivables past due analysis | Past due As at December 31, Current Less than 1 to 3 Over Total Expected credit loss rate. 0.13 % — 0.10 % 0.22 % 0.17 % Gross carrying amount (HK$‘000) 95,470 719 828 61,501 158,518 Past due As at December 31, Current Less than 1 to 3 Over Total Expected credit loss rate. 0.11 % 0.11 % 0.11 % 0.53 % 0.12 % Gross carrying amount (HK$‘000) 296,016 41,032 5,232 3,947 346,380 |
Prepayments, Deposits And Oth_2
Prepayments, Deposits And Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Prepayments, Deposits And Other Receivables [Abstract] | |
Summary of prepayments and other assets | December 31, 2018 2019 HK$ HK$ Prepayments 27,301,254 35,085,959 Deposits 451,759 451,593 Other receivables 5,590,846 903,420 33,343,859 36,440,972 |
Financial Assets At Fair Valu_2
Financial Assets At Fair Value Through Profit Or Loss And Stock Loan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Abstract] | |
Summary of financial assets at fair value through profit or loss and stock loan | December 31, 2018 2019 HK$ HK$ Financial assets at fair value through profit or loss 1,953,078,309 1,572,697,716 Stock loan 1,535,679,600 1,200,980,200 3,488,757,909 2,773,677,916 Listed equity shares, at quoted price —Investment A 3,134,040,000 2,450,980,000 —Investment B 73,476,000 — Total listed equity shares, at quoted price 3,207,516,000 2,450,980,000 Unlisted debt securities —Investment C 78,316,000 — Unlisted equity shares —Investment C — 77,023,394 —Investment D 47,417,581 47,149,360 —Investment E 155,508,328 198,525,162 Total unlisted equity shares 202,925,909 322,697,916 3,488,757,909 2,773,677,916 |
Derivative Financial Asset (Tab
Derivative Financial Asset (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of financial Asset fair value | Fair value using valuation Day 1 (profit)/loss Net carrying Net change in fair value HK$ HK$ HK$ HK$ As at January 1, 2019 — — — — Initial transaction on April 1, 2019 355,294,216 (355,294,216 ) — — Recognized in profit and loss prior to contract renegotiation on July 1, 2019 - Changes in fair value 106,129,339 — 106,129,339 106,129,339 - Recognition of day 1 profit or loss — 88,338,180 88,338,180 88,338,180 As at June 30, 2019 461,423,555 (266,956,036 ) 194,467,519 194,467,519 Contract renegotiation on July 1, 2019 115,758,384 (115,758,384 ) — — As at July 1, 2019 577,181,939 (382,714,420 ) 194,467,519 194,467,519 Recognized in profit and loss prior to contract renegotiation on September 30, 2019 - Changes in fair value 230,436,061 — 230,436,061 230,436,061 - Recognition of day 1 profit or loss — 382,714,420 382,714,420 382,714,420 As at September 30, 2019 807,618,000 — 807,618,000 807,618,000 Contract renegotiation on September 30, 2019 1,538,635 (1,538,635 ) — — As at September 30, 2019 809,156,635 (1,538,635 ) 807,618,000 807,618,000 Recognized in profit and loss prior to contract renegotiation on December 31, 2019 - Changes in fair value 356,063,365 — 356,063,365 356,063,365 - Recognition of day 1 profit or loss — 1,538,635 1,538,635 1,538,635 As at December 31, 2019 1,165,220,000 — 1,165,220,000 1,165,220,000 Contract renegotiation on December 31, 2019 (17,847,221 ) 17,847,221 — — As at December 31, 2019 1,147,372,779 17,847,221 1,165,220,000 1,165,220,000 |
Cash And Bank Balances (Tables)
Cash And Bank Balances (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Summary of detailed information about cash and bank balances | December 31, 2018 2019 HK$ HK$ Cash and cash equivalents: - Cash on hand 31,031 31,031 - General bank accounts 126,824,487 766,399,440 Total cash and cash equivalents 126,855,518 766,430,471 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment | Furniture Computer Total HK$ HK$ HK$ Cost: At January 1, 2018 11,090 4,045,710 4,056,800 Additions — 14,214 14,214 At December 31, 2018 and January 1, 2019 11,090 4,059,924 4,071,014 Additions — 13,710 13,710 At December 31, 2019 11,090 4,073,634 4,084,724 Accumulated depreciation: At 4,060 3,600,907 3,604,967 Charge for the year 2,218 332,623 334,841 At December 31, 2018 and January 1, 2019 6,278 3,933,530 3,939,808 Charge for the year 2,218 111,701 113,919 At December 31, 2019 8,496 4,045,231 4,053,727 Carrying amount: At December 31, 2019 2,594 28,403 30,997 At December 31, 2018 4,812 126,394 131,206 At January 1, 2018 7,030 444,803 451,833 |
Intangible Asset (Tables)
Intangible Asset (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Intangible assets [Abstract] | |
Summary of intangible assets | HK$ Net carrying amount as at December 31, 2018 and 2019 15,171,170 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade and other payables [abstract] | |
Summary of accounts payable | December 31, Note 2018 2019 HK$ HK$ Clients’ payables (i) 12,157,051 256,423,531 Payables to clearing house and brokers (i) 3,153,820 9,062,629 Clients’ monies held on trust (Note 15) 586,891,255 226,553,176 602,202,126 492,039,336 Note: (i) As at December 31, pre-agreed ed |
Summary of aging analysis of accounts payable | An aging analysis of the accounts payable as at the end of the reporting period is as follows: December 31, 2018 2019 HK$ HK$ Within one month 15,310,871 265,486,160 Repayable on demand 586,891,255 226,553,176 602,202,126 492,039,336 |
Other payables and accruals (Ta
Other payables and accruals (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Expenses And Other Liabilities [Abstract] | |
Summary of detailed information about other payables and accruals | December 31, Note s 2018 2019 HK$ HK$ Accruals and other payables 25,011,870 66,043,431 Contract liabilities (i) 55,111,818 111,974,163 80,123,688 178,017,594 Note: (i) Contract liabilities include upfront fees received to deliver asset management services. The Company started to receive advances from its customers of asset management services in 2018. |
Summary of detailed information about contract liabilities | Movements in contract liabilities during the years ended December 31, HK$ January 1, 2018 — Deferred revenue received during the year 58,344,702 Revenue recognized during the year (3,232,884 ) At December 31, 2018 55,111,818 Deferred revenue received during the year 127,418,656 Revenue recognized during the year (70,556,311 ) At December 31, 2019 111,974,163 |
Deferred Tax Liabilities (Table
Deferred Tax Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |
Summary of deferred tax liabilites | The movements in deferred tax liabilities during the years are as follows: Unrealized gain January 1, 130,208,677 Deferred tax charged to profit or loss during the year ( N 33,148,500 At December 31, 2018 and January 1, 2019 163,357,177 Deferred tax charged to profit or loss during the year N 79,556,400 At December 31, 2019 242,913,577 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Detailed Information About Other Assets [Abstract] | |
Summary of detailed information about other assets | December 31, 2018 2019 HK$ HK$ Segregated clients’ bank accounts balances: - Asset management business 586,096,042 225,439,918 - Others 29,395,158 20,062,862 615,491,200 245,502,780 |
Convertible bond (Tables)
Convertible bond (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Borrowings [abstract] | |
Summary of convertible bond | The movement of convertible bond during the year is as follows: Liability Derivative HK$ HK$ At December 31, 2017, 2018 — — Convertible bond issued during the year 95,995,690 20,813,810 At December 31, 2019 95,995,690 20,813,810 |
Share Capital and Capital Res_2
Share Capital and Capital Reserve (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
Summary of classes of share capital | 2018 2019 Share Capital Authorized Class A ordinary shares 8,000,000,000 8,000,000,000 Class B ordinary shares 2,000,000,000 2,000,000,000 Issued and fully paid: Class A ordinary shares — 41,084,851 Class B ordinary shares 200,000,001 204,526,628 |
Summary of reserves within equity | Share Capital reserve Notes HK$ HK$ As at January 1, 2017 (i ) 156,998 33,333,003 Capital injection to a subsidiary — 1 Deemed contributions (ii ) — 1,279,469,671 As at December 31, 2017 156,998 1,312,802,675 Capital injection to a subsidiary — 1 As at December 31, 2018 156,998 1,312,802,676 Deemed disposal of non-controlling interests — 435,231,866 Exercise of warrants (iii ) 1,308 94,196,292 Pre-IPO financing (iv ) 6,451 419,375,698 Initial public offering (v ) 18,681 1,507,196,460 Capital injection to subsidiaries — 9 Issuance of shares (v i ) 9,264 782,384,227 As at December 31, 2019 192,702 4,551,187,228 Notes: (i) As described in Note 1.2, the issued capital of the Company is presented as if the shares after completion of the Reorganisation were issued since inception. The carrying amount of the issued capital of HK$156,998 (equivalent to US$20,000) as at January 1, 2017, December 31, 2017 and 2018 represents nominal amount of the 200,000,001 Class B ordinary shares at US$0.0001 per share issued by the Company. All issued shares to the contributing shareholder of AMTD IHG, AMTD ISG, AMTD SI, AMTD Overseas and AMTD FI during the Reorganisation are Class B ordinary shares. The equity interest of AMTD GM was transferred between two companies within its group. The amount of consideration in excess of the net asset value of AMTD GM on the transaction date was recorded in capital reserve. (ii) For the year ended December 31, Besides, a balance of HK$1,313,478,870 due to the former holding company of a subsidiary was waived and recorded as deemed contribution. (iii) On March 6, 2019, the Company issued warrant s US$2 million. Each warrant entitles the holder thereof to subscribe for one ordinary share at a subscription price of US$7.2. On April 10, Class A ordinary shares. At the end of the reporting period, the Company had no warrants outstanding. (iv) Between April 26, 19, pre-IPO (v) On August 5, 2019, the Company completed its Initial Public Offering (“IPO”) on the New York Stock Exchange under the symbol of “HKIB”. The Company issued an aggregate 23,873,655 American Depositary Shares (“ADSs”), representing 23,873,655 Class A Ordinary Shares for total net proceeds of HK$1,507.2 million after deducting listing expenses of HK$58.3 million. (v i In December 2019, the Company issued an aggregate of 7,307,692 Class A ordinary shares and 4,526,627 Class B ordinary shares, both with par value US$0.0001 per share, for an aggregate amount of US$100 million (representing a per share price of US$8.45) to Value Partners Greater China High Yield Income Fund, Ariana Capital Investment Limited, and Infinity Power Investments Limited in the form of private placement. Infinity Power Investments Limited is a British Virgin Islands company wholly owned by Mr. Calvin Choi, Chairman and Chief Executive Officer of the Company. |
Notes To The Consolidated Sta_2
Notes To The Consolidated Statements Of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [abstract] | |
Summary of liabilities arising from financing activities | (b) Changes in liabilities arising from financing activities Margin loans Derivative Convertible Total HK$ HK$ HK$ HK$ At January 1, 2017 638,350,783 — — 638,350,783 Cash flow changes from financing activities (38,557,701 ) — — (38,557,701 ) Released from disposal of financial assets at fair value through profit or loss (248,183,452 ) — — (248,183,452 ) Interest expenses 28,724,758 — — 28,724,758 Interest paid (28,724,758 ) — — (28,724,758 ) At December 31, 2017 351,609,630 — — 351,609,630 Cash flow changes from financing activities (29,610,081 ) — — (29,610,081 ) Interest expenses 9,047,063 — — 9,047,063 Interest paid (9,047,063 ) — — (9,047,063 ) At December 31, 2018 321,999,549 — — 321,999,549 Cash flow changes from financing activities (4,277,111 ) 20,813,810 95,995,690 112,532,389 Interest expense 27,705,955 — — 27,705,955 Interest paid (27,705,955 ) — — (27,705,955 ) At December 31, 2019 20,813,810 |
Summary of movement of balances with related parties | (c) Changes in the movement of balances with related parties Year ended December 31, Related Fellow HK$ Immediate HK$ Operating activities (2,104,418 ) (460,296,468 ) 284,494,845 Financing activities — 1,675,510,800 — Net cash (outflow) / inflow (2,104,418 ) 1,215,214,332 284,494,845 Year ended December 31, Related Fellow HK$ Immediate HK$ Operating activities 7,500 (699,864,420 ) 439,200,382 Financing activities — 203,607,914 — Net cash inflow/(outflow) 7,500 (496,256,506 ) 439,200,382 Year ended December 31, Related Fellow Immediate Investing activities — — (2,957,926,150 ) Net cash outflow — — (2,957,926,150 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
Summary of detailed information about additional information of transactions with related parties | (a) In addition to the transactions disclosed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the years: Year ended December 31, Notes 2017 2018 2019 HK$ HK$ HK$ Underwriting services rendered to immediate holding company (i) 31,221,600 — 26,420,072 Financial advisory services rendered to fellow subsidiaries (i) — 70,988,340 15,691,000 Management fee income from a fellow subsidiary (i) 2,231,559 — — Management fee income from immediate holding company (i) — — 150,000 Investment advisory fee paid to a fellow subsidiary (i) 15,000 180,000 180,000 Insurance commission paid to a fellow subsidiary (i) 81,606 57,063 84,133 Asset management services rendered to a fellow subsidiary (i) — 5,784,775 457,431 Acquisition of investment from a fellow subsidiary ( i — 72,072,000 — Administrative service fee paid to immediate holding company (ii i — — 12,000,000 Interest income from immediate holding company (v) — — 17,562,104 Recharge from/(to) immediate holding company —Staff costs 66,163,850 11,678,050 17,936,752 —Premises cost 17,910,916 9,329,432 5,300,986 —Office renovation 14,118,570 1,250,906 869,214 —Other operating expenses 10,512,120 (1,753,759 ) 9,798,649 (iii) 108,705,456 20,504,629 33,905,601 Net fair value change on derivative financial asset entered into with a related party controlled by a director of the Company (vi) — — 1,165,220,000 Asset management service fee income from a related party controlled by a director of the Company (i) — — 478,611 Investment banking service fee income from a related party controlled by a director of the Company (i) — — 2,999,584 Notes: (i) The terms of these services were comparable to the fee and conditions offered to the major customers of the Group. (ii) The transaction represented the transfer of 234,000 ordinary shares of a listed company from its fellow subsidiary based on the market price as at December 12, (iii) During the years ended December 31, HK$6,000,000 per quarter in place of previous recharging arrangement. (iv) As at June 30, (v) The transaction represented the interest income carried at 2% per annum (Note 5) of advance amount to immediate holding company which was payable on demand. (vi) In December 2019, the controlling person of the counterparty, with which the Group has entered into the Agreements (Note 14), was appointed as a Director to the Board of Directors of the Company. Accordingly, the counterparty became a related party of the Company. |
Summary of detailed information about compensation of key management personnel | (c) Compensation of key management personnel of the Group: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Short-term employee benefits 8,745,651 19,473,470 43,062,534 Other long-term benefit 53,624 61,428 92,700 8,799,275 19,534,898 43,155,234 |
Financial Instruments By Cate_2
Financial Instruments By Category (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of financial liabilities [abstract] | |
Summary of financial assets | Financial assets Financial assets at Mandatorily fair value Financial assets at cost Total HK$ HK$ HK$ Accounts receivable — 161,093,054 161,093,054 Financial assets included in prepayments, deposits and other receivables — 6,042,605 6,042,605 Due from a related company — 4,085,019 4,085,019 Due from immediate holding company — 66,141,756 66,141,756 Due from fellow subsidiaries — 2,596,118,859 2,596,118,859 Financial assets at fair value through profit or loss 1,953,078,309 — 1,953,078,309 Stock loan 1,535,679,600 — 1,535,679,600 Other assets — 615,491,200 615,491,200 Cash and bank balances — 126,855,518 126,855,518 3,488,757,909 3,575,828,011 7,064,585,920 Financial assets at Mandatorily fair value Financial assets Total HK$ HK$ HK$ Accounts receivable — 346,379,574 346,379,574 Financial assets included in prepayments, deposits and other receivables — 1,355,013 1,355,013 Due from immediate holding company — 2,921,838,772 2,921,838,772 Financial assets at fair value through profit or loss 1,572,697,716 — 1,572,697,716 Stock loan 1,200,980,200 — 1,200,980,200 Derivative financial asset 1,165,220,000 — 1,165,220,000 Other assets — 245,502,780 245,502,780 Cash and bank balances — 766,430,471 766,430,471 3,938,897,916 4,281,506,610 8,220,404,526 |
Summary of financial liabilities | Financial liabilities Financial z HK$ Accounts payable 602,202,126 Margin loans payable 321,999,549 Financial liabilities included in other payables and accruals 25,011,870 Due to fellow subsidiaries 574,202,907 Due to immediate holding company 2,145,792,209 3,669,208,661 Financial Financial Total HK$ HK$ HK$ Accounts payable — 492,039,336 492,039,336 Margin loans payable — 317,722,438 317,722,438 Financial liabilities included in other payables and accruals — 66,043,431 66,043,431 Derivative financial liability 20,813,810 — 20,813,810 Convertible bond — 95,995,690 95,995,690 20,813,810 971,800,895 992,614,705 |
Fair Value and Fair Value Hie_2
Fair Value and Fair Value Hierarchy of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of carrying amount and fair value of the financial instruments | The carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows: Carrying amounts Fair values December 31, December 31, 2018 2019 2018 2019 HK$ HK$ HK$ HK$ Financial assets Financial assets at fair value through profit or loss 1,953,078,309 1,572,697,716 1,953,078,309 1,572,697,716 Derivative financial asset — 1,165,220,000 — 1,147,372,779 Stock loan 1,535,679,600 1,200,980,200 1,535,679,600 1,200,980,200 3,488,757,909 3,938,897,916 3,488,757,909 3,921,050,695 Financial liabilities Derivative financial liability and convertible bond — 116,809,500 — 116,809,500 |
Disclosure of detailed information about in unobservable inputs to valuation of financial instruments explanatory | Below is summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 2018: Valuation Significant Range Sensitivity of value to the input Unlisted equity investments EVA Equity 56.72 % 5% increase/ decrease in volatility results in decrease/ increase in fair value by 0.27%/0.15% Below is summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 2019: Valuation Significant Range Sensitivity of value to the input Unlisted equity investment Multiple/ EVA Equity volatility 33.08% 5% increase/decrease in volatility results in decrease/increase in fair value by 1.0%/0.3% Average P/E multiple of 10.8 5% increase/decrease in P/E multiple Derivative financial asset MCS Calculated volatility of the Underlying Assets 32.82%-36.28% 5% increase/decrease in volatility results in increase/decrease in fair value by 0.02%/0.23% Credit rating BB One rank level increase in credit rating of the counterparty from BB to BBB results in increase in fair value by 0.04% One rank level decrease in credit rating of the counterparty from BB to B Derivative financial liability Binomial option pricing model Volatility 67.87% 5% increase/decrease in volatility results in increase/decrease in fair value by 4.58%/4.66% Credit 12.52% 5% increase/decrease in credit spread Liquidity spread 2.99% increase/decrease in liquidity spread |
Disclosure of fair value measurement of assets explanatory | The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value Fair value measurement using Quoted prices (Level 1) Significant Significant Total HK$ HK$ HK$ HK$ As at December 31, Financial assets at fair value through profit or loss 1,671,836,400 — 281,241,909 1,953,078,309 Stock loan 1,535,679,600 — — 1,535,679,600 3,207,516,000 — 281,241,909 3,488,757,909 As at December 31, Financial assets at fair value through profit or loss 1,249,999,800 — 322,697,916 1,572,697,716 Stock loan 1,200,980,200 — — 1,200,980,200 Derivative financial asset — — 1,165,220,000 1,165,220,000 2,450,980,000 — 1,487,917,916 3,938,897,916 |
Disclosure of Fair Value Measurement of Liabilities Explanatory | Liability measured at fair value Fair value measurement using Quoted prices Significant Significant Total HK$ HK$ HK$ HK$ As at December 31, 2019 Derivative financial liability — — 20,813,810 20,813,810 |
Schedule of detailed information about in fair value measurement level 3 | The movements in fair value measurements within Level 3 during the years are as follow: Year ended December 31, 2017 2018 2019 HK$ HK$ HK$ Unlisted debt securities and unlisted equity shares at fair value through profit or loss: At January 1, — 15,629,400 281,241,909 Total unrealized gain recogni z 18,600 54,156,295 41,456,007 Purchase 15,610,800 211,456,214 — At December 31, 15,629,400 281,241,909 322,697,916 December 31, HK$ Warrants at fair value through profit or loss: At January 1, — Issued 15,699,600 Exercised (15,699,600 ) At December 31, — December 31, HK$ Derivative financial asset (Note 14): At January 1, — Recognition of day 1 profit or loss 472,591,235 Other fair value gains recogni z 692,628,765 At December 31, 1,165,220,000 December 31, HK$ Derivative financial liability (Note 23): — Convertible bond issued during the year — Issued 20,813,810 At December 31, 2019 20,813,810 |
Financial Risk Management Obj_2
Financial Risk Management Objectives and Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Risk Management Objective And Policies [Abstract] | |
Disclosure of financial assets that are either past due or impaired | The amounts presented are gross carrying amounts for financial assets at amorti z 12-month ECLs Lifetime ECLs HK$ Stage 1 HK$ Stage 2 Stage 3 Simplified approach Accounts receivable* — — — 158,518,003 158,518,003 Accounts receivable —Normal** 2,575,051 — — — 2,575,051 —Doubtful** — — — — — Financial assets included in prepayments, deposits and other receivables —Normal** 6,042,605 — — — 6,042,605 —Doubtful** — — — — — Due from a related company —Normal** 4,085,019 — — — 4,085,019 —Doubtful** — — — — — Due from immediate holding company —Normal** 66,141,756 — — — 66,141,756 —Doubtful** — — — — — Due from fellow subsidiaries —Normal** 2,596,118,859 — — — 2,596,118,859 —Doubtful** — — — — — Other assets —Not yet past due 615,491,200 — — — 615,491,200 Cash and bank balances —Not yet past due 126,855,518 — — — 126,855,518 3,417,310,008 — — 158,518,003 3,575,828,011 * For accounts receivable to which the Group applies the simplified approach for impairment, information based on the probability of default approach is disclosed in Note 11 to the consolidated financial statements. ** The credit quality of the financial assets included in prepayments, deposits and other receivables, due from a related company, due from immediate holding company and due from fellow subsidiaries is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”. |
Disclosure of maturity analysis for non-derivative financial liabilities | The following tables detail the Group’s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay. December 31, 2018 Weighted On demand 3 months 1 to 5 years Total % HK$ HK$ HK$ HK$ Accounts payable N/A 602,202,126 — — 602,202,126 Margin loans payable 6.75 % 321,999,549 — — 321,999,549 Financial liabilitie s N/A 25,011,870 — — 25,011,870 Due to fellow subsidiaries N/A 574,202,907 — — 574,202,907 Due to immediate holding company N/A 2,145,792,209 — — 2,145,792,209 3,669,208,661 — — 3,669,208,661 December 31, 2019 Weighted On demand 3 months 1 to 5 years Total % HK$ HK$ HK$ HK$ Accounts payable N/A 492,039,336 — — 492,039,336 Margin loans payable 6.625 % 317,722,438 — — 317,722,438 Financial liabilitie s N/A 66,043,430 — — 66,043,430 Convertible bond 7.80 % — — 125,273,321 125,273,321 875,805,204 125,273,321 1,001,078,525 |
Corporate Information - Summary
Corporate Information - Summary of information about company principal subsidiaries (Detail) | 12 Months Ended | ||
Dec. 31, 2019HKD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018HKD ($) | |
Disclosure of subsidiaries [line items] | |||
Issued and registered share capital | |||
AMTD International Holding Group Limited (formerly known as AMTD Financial Planning Limited) ("AMTD IHG") [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | HK | ||
Issued and registered share capital | $ 500,000 | ||
Proportion Of Ownership Interest In Subsidiary Direct | 100.00% | ||
Principal activities | Investment holding | ||
AMTD Securities Limited [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | HK | ||
Issued and registered share capital | $ 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Investment holding | ||
AMTD Global Markets Limited (formerly known as AMTD Asset Management Limited) ("AMTD GM") [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | HK | ||
Issued and registered share capital | $ 1,561,610,980 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Provision of investment banking, financial advisory services and asset management services | ||
Asia Alternative Asset Partners Limited ("AMTD AAAPL") [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | HK | ||
Issued and registered share capital | $ 5,000,000 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Provision of investment advisory services | ||
AMTD Strategic Investment Limited ("AMTD SI") [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | HK | ||
Issued and registered share capital | $ 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Provision of strategic investment | ||
AMTD Investment Solutions Group Limited ("AMTD ISG") [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | HK | ||
Issued and registered share capital | $ 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Provision of strategic investment | ||
AMTD Overseas Limited (formerly known as AMTD Europe Holdings Limited) ("AMTD Overseas") [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | HK | ||
Issued and registered share capital | $ 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Strategic investment | ||
AMTD Fintech Investment Limited ("AMTD FI") [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | HK | ||
Issued and registered share capital | $ 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Strategic investment | ||
AMTD Investment Inc. ("AMTD Investment") [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | Cayman Islands | ||
Issued and registered share capital | $ 1 | ||
Proportion Of Ownership Interest In Subsidiary Direct | 100.00% | ||
Principal activities | Investment holding | ||
AMTD Strategic Investment (BVI) Limited [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | BVI | ||
Issued and registered share capital | 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Investment holding | ||
AMTD Investment Solutions Group (BVI) Limited [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | BVI | ||
Issued and registered share capital | 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Investment holding | ||
AMTD Overseas (BVI) Limited [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | BVI | ||
Issued and registered share capital | 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Investment holding | ||
AMTD Fintech Investment (BVI) Limited [member] | |||
Disclosure of subsidiaries [line items] | |||
Place of incorporation | BVI | ||
Issued and registered share capital | $ 1 | ||
Proportion of Ownership Interest In Subsidiaries Indirect | 100.00% | ||
Principal activities | Investment holding |
Corporate Information - Summa_2
Corporate Information - Summary of Reorganization - Additional Information (Detail) | Mar. 14, 2019Subsidiaries | Apr. 01, 2019shares | Mar. 18, 2019shares |
AMTD Group And Transferred Entities [Member] | |||
Disclosure of subsidiaries [line items] | |||
Percentage of equity transferred | 100.00% | ||
AMTD Group And Transferred Entities [Member] | Class B Ordinary Shares [Member] | |||
Disclosure of subsidiaries [line items] | |||
Newly issued Shares | 199,990,000 | ||
AMTD ISG [Member] | Class B Ordinary Shares [Member] | |||
Disclosure of subsidiaries [line items] | |||
Newly issued Shares | 199,990,000 | ||
AMTD IHG [Member] | |||
Disclosure of subsidiaries [line items] | |||
Percentage of equity transferred | 100.00% | ||
AMTD IHG [Member] | Class B Ordinary Shares [Member] | |||
Disclosure of subsidiaries [line items] | |||
Newly issued Shares | 1 | ||
VIRGIN ISLANDS, BRITISH [member] | |||
Disclosure of subsidiaries [line items] | |||
Number of subsidiaries incorporated | Subsidiaries | 4 |
Basis of Presentation - Summary
Basis of Presentation - Summary of annual rates for depreciation of property plant and equipment (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation rate, property, plant and equipment | 20.00% | 20.00% |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Depreciation rate, property, plant and equipment | 33.33% | 33.33% |
Operating Segment Information -
Operating Segment Information - Schedule Of Operating Segments (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | $ 580,006,276 | $ 367,538,115 | $ 278,976,203 |
Revenue | 1,204,174,011 | 723,226,134 | 1,033,163,753 |
Other income | 22,090,268 | 15,392,775 | 17,914,166 |
Unallocated finance costs | (27,705,955) | (9,047,063) | (28,724,758) |
PROFIT BEFORE TAX | 989,253,972 | 608,965,226 | 808,585,471 |
Depreciation | 113,919 | 334,841 | 379,132 |
Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 1,204,174,011 | 723,398,943 | 1,033,163,753 |
Intersegment | (172,809) | ||
Revenue | 723,226,134 | ||
Gross profit | 662,594,035 | 985,067,123 | |
Other Segments [member] | |||
Disclosure of operating segments [line items] | |||
Other income | 15,372,350 | 17,674,605 | |
Depreciation | 113,919 | 334,841 | 379,132 |
Capital expenditure | 13,710 | 14,214 | 138,704 |
Unallocated amounts [member] | |||
Disclosure of operating segments [line items] | |||
Other income | 22,088,780 | ||
Unallocated finance costs | (3,666,040) | (15,285,311) | |
Corporate and other unallocated expenses | (151,832,967) | (65,335,119) | (178,870,946) |
Intersegment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 172,809 | ||
External Customer [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 580,006,276 | 367,538,115 | 278,976,203 |
Gross profit | 1,146,704,114 | ||
Other Customer [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 624,167,735 | 355,688,019 | 754,187,550 |
Investment Banking [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 455,955,912 | 288,591,129 | 208,162,829 |
Revenue | 455,955,912 | 288,591,129 | 208,162,829 |
Investment Banking [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 455,955,912 | 288,591,129 | 208,162,829 |
Gross profit | 254,901,096 | 197,333,389 | |
Investment Banking [member] | External Customer [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 455,955,912 | 288,591,129 | 208,162,829 |
Gross profit | 413,354,182 | ||
Investment Banking [member] | Other Customer [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 0 | ||
Asset Management [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 124,050,364 | 78,946,986 | 70,813,374 |
Revenue | 124,050,364 | 78,946,986 | 70,813,374 |
Asset Management [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 124,050,364 | 79,119,795 | 70,813,374 |
Gross profit | 57,385,943 | 48,059,488 | |
Asset Management [member] | Intersegment [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 172,809 | ||
Asset Management [member] | External Customer [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 124,050,364 | 78,946,986 | 70,813,374 |
Gross profit | 109,182,198 | ||
Strategic Investment | |||
Disclosure of operating segments [line items] | |||
Revenue | 624,167,735 | 355,688,019 | 754,187,550 |
Strategic Investment | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 624,167,735 | 355,688,019 | 754,187,550 |
Gross profit | 350,306,996 | 739,674,246 | |
Strategic Investment | External Customer [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | 0 | ||
Gross profit | 624,167,734 | ||
Strategic Investment | Other Customer [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Revenue from external customers and others | $ 624,167,735 | $ 355,688,019 | $ 754,187,550 |
Operating Segment Information_2
Operating Segment Information - Schedule of segment assets and liabilities (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of operating segments [line items] | ||
Segment assets | $ 8,270,692,652 | $ 7,107,189,550 |
Segment liabilities | 1,442,197,708 | 3,912,787,450 |
Operating segments [member] | ||
Disclosure of operating segments [line items] | ||
Segment assets | 3,498,744,273 | 4,341,395,015 |
Segment liabilities | 809,761,776 | 1,000,698,513 |
Operating segments [member] | Investment Banking [member] | ||
Disclosure of operating segments [line items] | ||
Segment assets | 64,813,018 | 134,855,898 |
Segment liabilities | 15,000,000 | |
Operating segments [member] | Asset Management [member] | ||
Disclosure of operating segments [line items] | ||
Segment assets | 539,713,339 | 712,011,344 |
Segment liabilities | 492,039,337 | 663,698,964 |
Operating segments [member] | Strategic Investment [member] | ||
Disclosure of operating segments [line items] | ||
Segment assets | 2,894,217,916 | 3,494,527,773 |
Segment liabilities | 317,722,439 | 321,999,549 |
Unallocated amounts [member] | ||
Disclosure of operating segments [line items] | ||
Segment assets | 4,771,948,379 | 2,765,794,535 |
Segment liabilities | $ 632,435,932 | $ 2,912,088,937 |
Operating Segment Information_3
Operating Segment Information - Schedule of group's revenue from external customers by geographical areas (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | $ 580,006,276 | $ 367,538,115 | $ 278,976,203 |
Investment Banking [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 455,955,912 | 288,591,129 | 208,162,829 |
Asset Management [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 124,050,364 | 78,946,986 | 70,813,374 |
HK [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 139,527,942 | 168,331,673 | 81,685,529 |
HK [Member] | Investment Banking [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 118,086,900 | 128,880,466 | 70,332,752 |
HK [Member] | Asset Management [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 21,441,042 | 39,451,207 | 11,352,777 |
CN [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 392,875,758 | 195,396,116 | 191,014,137 |
CN [Member] | Investment Banking [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 300,078,498 | 158,780,244 | 137,830,077 |
CN [Member] | Asset Management [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 92,797,260 | 36,615,872 | 53,184,060 |
US [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 33,572,127 | ||
US [Member] | Investment Banking [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 30,342,514 | ||
US [Member] | Asset Management [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 3,229,613 | ||
Other Countries [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 14,030,449 | 3,810,326 | 6,276,537 |
Other Countries [Member] | Investment Banking [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | 7,448,000 | 930,419 | |
Other Countries [Member] | Asset Management [Member] | |||
Disclosure of geographical areas [line items] | |||
Revenue from contracts with customers | $ 6,582,449 | $ 2,879,907 | $ 6,276,537 |
Operating Segment Information_4
Operating Segment Information - Additional Information (Detail) - Administrative Service Fees [Member] - Immediate holding company [Member] | 12 Months Ended |
Dec. 31, 2019HKD ($) | |
Disclosure of operating segments [line items] | |
Services received, related party transactions | $ 12,000,000 |
Quarterly [Member] | |
Disclosure of operating segments [line items] | |
Services received, related party transactions | $ 6,000,000 |
Revenue and Other Income - Sche
Revenue and Other Income - Schedule of analysis of revenue (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | $ 580,006,276 | $ 367,538,115 | $ 278,976,203 |
Dividend income | 92,316,548 | 99,227,724 | 22,564,600 |
Gains on disposals of investments | 46,943,698 | ||
Dividend and gain related to disposed investment | 100,551,728 | 99,227,724 | 69,508,298 |
Total net fair value changes on financial assets at fair value through profit or loss and stock loan | (641,603,993) | 256,460,295 | 684,679,252 |
Net fair value changes on derivative financial asset -from derivative financial asset | 1,165,220,000 | ||
Total revenue | 1,204,174,011 | 723,226,134 | 1,033,163,753 |
Management Fee and Performance Based Incentive Fee [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 103,509,196 | 43,465,186 | 47,774,685 |
Brokerage And Handling Fees [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 19,383,099 | 31,393,570 | 16,270,055 |
Others [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 1,158,069 | 4,088,230 | 6,768,634 |
Listed Equity Shares [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Total net fair value changes on financial assets at fair value through profit or loss and stock loan | (683,060,000) | 202,304,000 | 684,660,652 |
Unlisted Debt Securities [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Total net fair value changes on financial assets at fair value through profit or loss and stock loan | 86,000 | ||
Unlisted Equity Shares [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Total net fair value changes on financial assets at fair value through profit or loss and stock loan | 41,456,007 | 54,070,295 | 18,600 |
Investment Banking [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 455,955,912 | 288,591,129 | 208,162,829 |
Total revenue | 455,955,912 | 288,591,129 | 208,162,829 |
Investment Banking [member] | Investment banking fee and income [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 455,955,912 | 288,591,129 | 208,162,829 |
Asset Management [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 124,050,364 | 78,946,986 | 70,813,374 |
Total revenue | 124,050,364 | 78,946,986 | 70,813,374 |
Asset Management [member] | Management Fee and Performance Based Incentive Fee [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 103,509,196 | 43,465,186 | 47,774,685 |
Asset Management [member] | Brokerage And Handling Fees [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 19,383,099 | 31,393,570 | 16,270,055 |
Asset Management [member] | Others [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Revenue from external customers and others | 1,158,069 | 4,088,230 | 6,768,634 |
Strategic Investment [member] | |||
Disclosure Of Analysis Of Revenue [Line Items] | |||
Dividend income | 92,316,548 | 99,227,724 | 22,564,600 |
Gains on disposals of investments | 8,235,180 | 46,943,698 | |
Total revenue | $ 624,167,735 | $ 355,688,019 | $ 754,187,550 |
Revenue and Other Income - Sc_2
Revenue and Other Income - Schedule revenue from contracts with customers (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | $ 580,006,276 | $ 367,538,115 | $ 278,976,203 |
Net fair value changes on financial assets at fair value through profit or loss and stock loan | 8,235,180 | 256,460,295 | 684,679,252 |
Net fair value changes on derivative financial instrument | 1,165,220,000 | 0 | 0 |
Gains on disposals of investments | 46,943,698 | ||
Gain related to disposed investment | 8,235,180 | 256,460,295 | 684,679,252 |
Dividend income | 92,316,548 | 99,227,724 | 22,564,600 |
Total revenue | 1,204,174,011 | 723,226,134 | 1,033,163,753 |
Underwriting Commission And Brokerage Fee [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 403,573,912 | 217,002,789 | 150,649,829 |
Financial Advisory Fee [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 52,382,000 | 71,588,340 | 57,513,000 |
Management Fee And Performance Based Incentive Fee [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 103,509,196 | 43,465,186 | 47,774,685 |
Brokerage And Handling Fees [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 19,383,099 | 31,393,570 | 16,270,055 |
Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 1,158,069 | 4,088,230 | 6,768,634 |
Investment Banking [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 455,955,912 | 288,591,129 | 208,162,829 |
Total revenue | 455,955,912 | 288,591,129 | 208,162,829 |
Investment Banking [member] | Underwriting Commission And Brokerage Fee [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 403,573,912 | 217,002,789 | 150,649,829 |
Investment Banking [member] | Financial Advisory Fee [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 52,382,000 | 71,588,340 | 57,513,000 |
Asset Management [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 124,050,364 | 78,946,986 | 70,813,374 |
Total revenue | 124,050,364 | 78,946,986 | 70,813,374 |
Asset Management [member] | Management Fee And Performance Based Incentive Fee [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 103,509,196 | 43,465,186 | 47,774,685 |
Asset Management [member] | Brokerage And Handling Fees [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 19,383,099 | 31,393,570 | 16,270,055 |
Asset Management [member] | Others [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from external customers and others | 1,158,069 | 4,088,230 | 6,768,634 |
Strategic Investment [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Net fair value changes on financial assets at fair value through profit or loss and stock loan | (641,603,993) | 256,460,295 | 684,679,252 |
Net fair value changes on derivative financial instrument | 1,165,220,000 | ||
Gains on disposals of investments | 8,235,180 | 46,943,698 | |
Gain related to disposed investment | (641,603,993) | 256,460,295 | 684,679,252 |
Dividend income | 92,316,548 | 99,227,724 | 22,564,600 |
Total revenue | $ 624,167,735 | $ 355,688,019 | $ 754,187,550 |
Revenue and Other Income - Summ
Revenue and Other Income - Summary of timing of revenue recognition (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | $ 580,006,276 | $ 367,538,115 | $ 278,976,203 |
Investment Banking [member] | |||
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | 455,955,912 | 288,591,129 | 208,162,829 |
Asset Management [member] | |||
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | 124,050,364 | 78,946,986 | 70,813,374 |
Services transferred at a point in time | |||
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | 424,115,080 | 252,484,589 | 173,688,518 |
Services transferred at a point in time | Investment Banking [member] | |||
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | 403,573,912 | 217,002,789 | 150,649,829 |
Services transferred at a point in time | Asset Management [member] | |||
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | 20,541,168 | 35,481,800 | 23,038,689 |
Services transferred over time | |||
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | 155,891,196 | 115,053,526 | 105,287,685 |
Services transferred over time | Investment Banking [member] | |||
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | 52,382,000 | 71,588,340 | 57,513,000 |
Services transferred over time | Asset Management [member] | |||
Disclosure Of Timing Of Revenue Recognition [Line Items] | |||
Revenue from contracts with customers | $ 103,509,196 | $ 43,465,186 | $ 47,774,685 |
Revenue and Other Income - Disc
Revenue and Other Income - Disclosure of Revenue Recognition from Performance Obligation (Detail) - HKD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [abstract] | ||
Asset management | $ 39,296,815 | $ 0 |
Revenue and Other Income - Sc_3
Revenue and Other Income - Schedule of transaction prices allocated to the remaining performance obligations (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of performance obligations [line items] | |||
Current contract liabilities | $ 111,974,163 | $ 55,111,818 | $ 0 |
Within one year | |||
Disclosure of performance obligations [line items] | |||
Transaction price allocated to remaining performance obligations | 75,077,754 | 37,165,868 | |
More than one year | |||
Disclosure of performance obligations [line items] | |||
Transaction price allocated to remaining performance obligations | $ 36,896,409 | $ 17,945,950 |
Revenue and Other Income - Sc_4
Revenue and Other Income - Schedule of other income (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Other Operating Income [Line Items] | |||
Bank interest income | $ 1,115,839 | $ 7,681 | $ 158,863 |
Interest income from the immediate holding company (Note 26(a)(v)) (Note 26(b)(i)) | 17,562,104 | 0 | 0 |
Other income from a fellow subsidiary (Note 26(b)(iv)) | 0 | 3,666,040 | 15,285,311 |
Management fee income from a fellow subsidiary | 0 | 0 | 2,231,559 |
Others | 3,412,325 | 11,719,054 | 238,433 |
Total other income | $ 22,090,268 | $ 15,392,775 | $ 17,914,166 |
Operating Expenses, Net - Sched
Operating Expenses, Net - Schedule of operating expenses and foreign exchange differences included in the consolidated statement of profit or loss and other comprehensive income (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating expenses | |||
Marketing and brand promotional expenses | $ 12,903,989 | $ 11,864,097 | $ 26,207,524 |
Premises costs and office utilities | |||
Premises costs | 11,965,344 | 9,465,094 | 18,361,737 |
Office utilities | 9,152,802 | 6,117,640 | 7,421,124 |
Premises costs and office utilities | 21,118,146 | 15,582,734 | 25,782,861 |
Traveling and business development expenses | 19,362,587 | 10,860,318 | 18,460,191 |
Commissions and bank charges | 2,307,050 | 5,197,984 | 7,978,311 |
Office renovation and maintenance expenses | 1,430,834 | 1,603,484 | 15,880,216 |
Administrative service fee (Note 26(a)(iii)) | 12,000,000 | ||
Legal and professional fees | |||
Auditor's remuneration | 11,402,267 | 789,000 | 503,240 |
Other legal and professional fees | 11,776,501 | 1,650,070 | 5,268,795 |
Legal and professional fees | 23,178,768 | 2,439,070 | 5,772,035 |
Staff welfare and staff recruitment expenses | 2,471,705 | 3,659,523 | 7,637,277 |
Staff welfare and staff recruitment expenses | |||
Depreciation | 113,919 | 334,841 | 379,132 |
Foreign exchange differences, net | 12,596,647 | 382,757 | (206,072) |
Other expenses | 7,213,210 | 657,299 | 3,671,713 |
Other expenses, by nature | 19,923,776 | 1,374,897 | 3,844,773 |
Operating expenses | $ 114,696,855 | $ 52,582,107 | $ 111,563,188 |
Staff Costs - Schedule of staff
Staff Costs - Schedule of staff costs (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Classes of employee benefits expense [abstract] | |||
Salaries and Bonuses | $ 93,703,848 | $ 67,187,493 | $ 101,092,455 |
Pension scheme contributions (defined contribution schemes) | 903,649 | 837,020 | 1,112,047 |
Employee benefits expense | $ 94,607,497 | $ 68,024,513 | $ 102,204,502 |
Finance Costs - Schedule of fin
Finance Costs - Schedule of finance costs (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finance Costs [Abstract] | |||
Interests on margin loans payable | $ 27,705,955 | $ 9,047,063 | $ 28,724,758 |
Income Tax - Components of Inco
Income Tax - Components of Income Tax Benefits/(Expenses) (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Hong Kong profits tax | |||
Charge for the year | $ 69,585,469 | $ 43,127,820 | $ 19,988,157 |
Overprovision in prior year | 0 | (2,359,495) | 0 |
Deferred tax | 79,556,400 | 33,148,500 | 112,969,008 |
The People's Republic of China withholding tax charge for the year | 9,207,649 | 9,922,772 | 2,256,460 |
Income tax expense | $ 158,349,518 | $ 83,839,597 | $ 135,213,625 |
Income Tax - Reconciliation of
Income Tax - Reconciliation of income tax expenses and profit before tax at statutory tax rate (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Profit before tax | $ 989,253,972 | $ 608,965,226 | $ 808,585,471 |
Tax at statutory tax rate | 163,226,906 | 100,479,262 | 133,416,603 |
Tax effect of non-taxable income | (23,255,305) | (25,554,680) | (3,834,400) |
Tax effect of non-deductible expenses | 8,952,076 | 1,355,050 | 3,308,966 |
Tax effect of unrecognized temporary difference | 223,434 | 16,553 | 13,522 |
Tax effect of tax loss not recognized | 24,541 | 10,797 | 64,264 |
Overprovision in prior year | 0 | (2,359,495) | 0 |
Utilization of tax losses previously not recognized | (29,783) | (30,662) | (11,790) |
Withholding tax on the dividend income | 9,207,649 | 9,922,772 | 2,256,460 |
Income tax expense | $ 158,349,518 | $ 83,839,597 | $ 135,213,625 |
Income Tax - Reconciliation o_2
Income Tax - Reconciliation of income tax expenses and profit before tax at statutory tax rate (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
HK [Member] | |||
Reconciliation Of Income Tax Expenses And Profit Before Tax At Statutory Tax Rate [Line Items] | |||
Applicable tax rate | 16.50% | 16.50% | 16.50% |
Earnings Per Share Attributab_3
Earnings Per Share Attributable To Ordinary Equity Holders of The Parent - Summary of Basic and diluted earnings per share (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share | $ 938,272,885 | $ 468,061,079 | $ 568,266,428 |
Class A ordinary shares [Member] | |||
Numerator: | |||
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share | $ 69,906,757 | ||
Denominator: | |||
Weighted average number of shares outstanding—basic | 16,112,737 | 0 | 0 |
Basic earnings per share | $ 4.34 | ||
Numerator: | |||
Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share | $ 69,906,757 | ||
Denominator: | |||
Weighted average number of ordinary shares outstanding—diluted | 16,117,254 | 0 | 0 |
Diluted earnings per share | $ 4.34 | ||
Class B ordinary shares [Member] | |||
Numerator: | |||
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share | $ 868,366,128 | $ 468,061,079 | $ 568,266,428 |
Denominator: | |||
Weighted average number of shares outstanding—basic | 200,148,822 | 200,000,001 | 200,000,001 |
Basic earnings per share | $ 4.34 | $ 2.34 | $ 2.84 |
Numerator: | |||
Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share | $ 868,366,128 | $ 468,061,079 | $ 568,266,428 |
Denominator: | |||
Weighted average number of ordinary shares outstanding—diluted | 200,204,936 | 200,000,001 | 200,000,001 |
Diluted earnings per share | $ 4.34 | $ 2.34 | $ 2.84 |
Earnings Per Share Attributab_4
Earnings Per Share Attributable To Ordinary Equity Holders of The Parent - Summary of weighted average shares (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class A Ordinary Shares [Member] | |||
Shares: | |||
Weighted average number of ordinary shares | 16,112,737 | 0 | 0 |
Total shares | 16,117,254 | 0 | 0 |
Class A Ordinary Shares [Member] | Warrants [member] | |||
Shares: | |||
Effect of dilution – weighted average number of ordinary shares | 864 | 0 | 0 |
Class A Ordinary Shares [Member] | Convertible Bond [member] | |||
Shares: | |||
Effect of dilution – weighted average number of ordinary shares | 3,653 | ||
Class B Ordinary Shares [Member] | |||
Shares: | |||
Weighted average number of ordinary shares | 200,148,822 | 200,000,001 | 200,000,001 |
Total shares | 200,204,936 | 200,000,001 | 200,000,001 |
Class B Ordinary Shares [Member] | Warrants [member] | |||
Shares: | |||
Effect of dilution – weighted average number of ordinary shares | 10,728 | 0 | 0 |
Class B Ordinary Shares [Member] | Convertible Bond [member] | |||
Shares: | |||
Effect of dilution – weighted average number of ordinary shares | 45,386 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of trade receivables (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Trade Receivables [Line Items] | ||
Accounts receivable | $ 346,379,574 | $ 161,093,054 |
Receivable from investment banking services [Member] | ||
Disclosure Of Trade Receivables [Line Items] | ||
Accounts receivable | 66,740,188 | 134,855,898 |
Receivable from brokers and clearing house [Member] | ||
Disclosure Of Trade Receivables [Line Items] | ||
Accounts receivable | 261,329,847 | 10,813,497 |
Clients' receivables [Member] | ||
Disclosure Of Trade Receivables [Line Items] | ||
Accounts receivable | $ 18,309,539 | 12,848,608 |
Margin loan receivable [Member] | ||
Disclosure Of Trade Receivables [Line Items] | ||
Accounts receivable | $ 2,575,051 |
Accounts Receivable - Summary_2
Accounts Receivable - Summary of aging analysis of accounts receivable (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items] | ||
Accounts receivable | $ 346,379,574 | $ 161,093,054 |
Current [member] | ||
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items] | ||
Accounts receivable | 294,541,514 | 95,469,641 |
Within 1 month [member] | ||
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items] | ||
Accounts receivable | 41,032,006 | 732,497 |
1 to 3 months [member] | ||
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items] | ||
Accounts receivable | 5,232,320 | 840,942 |
Over 3 months [member] | ||
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items] | ||
Accounts receivable | $ 5,573,734 | $ 64,049,974 |
Accounts Receivable - Summary_3
Accounts Receivable - Summary of trade receivable past due analysis (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Trade Receivable Past Due Analysis [Line Items] | ||
Gross carrying amount | $ 346,379,574 | $ 161,093,054 |
Credit Grade AAA [Member] | ||
Disclosure Of Trade Receivable Past Due Analysis [Line Items] | ||
Expected credit loss rate. | 0.13% | |
Gross carrying amount | $ 668,000 | |
Credit Grade AA [Member] | ||
Disclosure Of Trade Receivable Past Due Analysis [Line Items] | ||
Expected credit loss rate. | 0.14% | |
Gross carrying amount | $ 141,440,000 | |
Credit Grade A [Member] | ||
Disclosure Of Trade Receivable Past Due Analysis [Line Items] | ||
Expected credit loss rate. | 0.17% | 0.30% |
Gross carrying amount | $ 64,914,000 | $ 72,535,000 |
Credit Grade BBB [Member] | ||
Disclosure Of Trade Receivable Past Due Analysis [Line Items] | ||
Expected credit loss rate. | 0.33% | 0.49% |
Gross carrying amount | $ 136,928,000 | $ 83,454,000 |
Credit Grade BB [Member] | ||
Disclosure Of Trade Receivable Past Due Analysis [Line Items] | ||
Expected credit loss rate. | 0.59% | 0.80% |
Gross carrying amount | $ 1,826,000 | $ 1,861,000 |
Credit Grade CCC [Member] | ||
Disclosure Of Trade Receivable Past Due Analysis [Line Items] | ||
Expected credit loss rate. | 18.24% | |
Gross carrying amount | $ 1,272,000 |
Accounts Receivable - Additiona
Accounts Receivable - Additional information (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
DisclosureOfTradeReceivables [Line Items] | ||
Loss allowance for accounts receivable | $ 0 | $ 0 |
Trade and other current receivables due from related parties | $ 2,142,145 | |
Estimated loss on default percent | 45.00% | 45.00% |
Bottom of range [member] | ||
DisclosureOfTradeReceivables [Line Items] | ||
Probability of default | 0.14% | 0.13% |
Top of range [member] | ||
DisclosureOfTradeReceivables [Line Items] | ||
Probability of default | 18.24% | 0.80% |
Fellow Subsidaries [Member] | ||
DisclosureOfTradeReceivables [Line Items] | ||
Trade and other current receivables due from related parties | $ 2,142,145 | $ 2,142,145 |
Fellow Subsidaries And Immediate Holding Company [Member] | ||
DisclosureOfTradeReceivables [Line Items] | ||
Loss allowance for accounts receivable | $ 0 | 0 |
Fellow Subsidaries And Immediate Holding Company [Member] | Investment Banking [member] | ||
DisclosureOfTradeReceivables [Line Items] | ||
Trade and other current receivables due from related parties | 70,875,980 | |
At fair value [member] | ||
DisclosureOfTradeReceivables [Line Items] | ||
Collateral On Margin loan receivable | $ 3,808,116 |
Prepayments, Deposits And Oth_3
Prepayments, Deposits And Other Receivables - Summary of prepayments, deposits and other receivables (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Detailed Information About Prepayments And Other Assets [Line Items] | ||
Prepayments | $ 35,085,959 | $ 27,301,254 |
Deposits | 451,593 | 451,759 |
Other receivables | 903,420 | 5,590,846 |
Current prepayments and other current assets | $ 36,440,972 | $ 33,343,859 |
Prepayments, Deposits And Oth_4
Prepayments, Deposits And Other Receivables - Additional information (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Detailed Information About Prepayments And Other Assets [Line Items] | ||
Percentage Of Loss On Default | 45.00% | 45.00% |
Bottom of range [member] | ||
Disclosure Of Detailed Information About Prepayments And Other Assets [Line Items] | ||
Probability Of Default | 0.33% | 0.33% |
Top of range [member] | ||
Disclosure Of Detailed Information About Prepayments And Other Assets [Line Items] | ||
Probability Of Default | 0.50% | 0.50% |
Financial Assets At Fair Valu_3
Financial Assets At Fair Value Through Profit Or Loss And Stock Loan - Summary of financial assets at fair value through profit or loss and stock loan (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets at fair value through profit or loss and stock loan [Line Items] | ||
Financial assets at fair value through profit or loss | $ 1,572,697,716 | $ 1,953,078,309 |
Stock loan | 1,200,980,200 | 1,535,679,600 |
Financial assets | 2,773,677,916 | 3,488,757,909 |
Listed equity shares, at quoted price [Abstract] | ||
Listed equity shares, at quoted price | 2,450,980,000 | 3,207,516,000 |
Fair value of investments in unlisted equity shares [Abstract] | ||
Unlisted equity shares | 322,697,916 | 202,925,909 |
Financial assets | 2,773,677,916 | 3,488,757,909 |
Investment A [member] | ||
Listed equity shares, at quoted price [Abstract] | ||
Listed equity shares, at quoted price | 2,450,980,000 | 3,134,040,000 |
Investment B [member] | ||
Listed equity shares, at quoted price [Abstract] | ||
Listed equity shares, at quoted price | 73,476,000 | |
Investment C [member] | ||
Listed equity shares, at quoted price [Abstract] | ||
Listed equity shares, at quoted price | 78,316,000 | |
Fair value of investments in unlisted equity shares [Abstract] | ||
Unlisted equity shares | 77,023,394 | |
Investment D [member] | ||
Fair value of investments in unlisted debt securities [Abstract] | ||
Unlisted debt securities | 47,417,581 | |
Fair value of investments in unlisted equity shares [Abstract] | ||
Unlisted equity shares | 47,149,360 | |
Investment E [member] | ||
Fair value of investments in unlisted equity shares [Abstract] | ||
Unlisted equity shares | $ 198,525,162 | $ 155,508,328 |
Financial Assets At Fair Valu_4
Financial Assets At Fair Value Through Profit Or Loss And Stock Loan - (Additional Information) (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | |
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Line Items] | |||
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 1,249,999,800 | $ 1,598,360,400 | |
Listed Equity Shares [member] | |||
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Line Items] | |||
Unrealized gain on stock loan | 98,441,000 | ||
Unrealized loss on stock loan | 334,699,400 | ||
Listed Equity Shares [member] | Stock Loan [member] | |||
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Line Items] | |||
Fair value of listed equity shares | $ 1,200,980,200 | $ 1,535,679,600 | |
Intermediate Holding Company [member] | |||
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Line Items] | |||
Listed equity investment | $ 660,983,400 |
Derivative Financial Asset - Ad
Derivative Financial Asset - Additional information (Detail) - $ / shares | Jul. 01, 2019 | Apr. 01, 2019 |
Upside Participation And Profit Distribution Amendment Agreement One [Member] | AMTD Investment Solutions Group And AMTD Strategic Investments [Member] | Ariana Capital And Investment [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of profit eligible based on market price | 25.00% | |
Underlying, derivative instrument | $ 8.1 | |
Upside Participation And Profit Distribution Amendment Agreement Two [Member] | Bottom of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of profit eligible based on market price | 25.00% | |
Underlying, derivative instrument | $ 8.1 | |
Upside Participation And Profit Distribution Amendment Agreement Two [Member] | Top of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of profit eligible based on market price | 40.00% | |
Underlying, derivative instrument | $ 9 |
Derivative Financial Asset - Su
Derivative Financial Asset - Summary of financial instrument fair value (Detail) | Apr. 01, 2019HKD ($) | Dec. 31, 2019HKD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019HKD ($) | Jun. 30, 2019HKD ($) |
Fair value using valuation technique [member] | |||||
Disclosure Of Derivative Financial Instrument Fair Value Change In Profit Or Loss And Other Comprehensive Income [Line Items] | |||||
Beginning balance | $ 807,618,000 | $ 461,423,555 | $ 0 | ||
Initial transaction on April 1, 2019 | $ 355,294,216 | ||||
Changes in fair value | 356,063,365 | 230,436,061 | 106,129,339 | ||
Recognition of day 1 profit or loss | 0 | 0 | 0 | ||
Contract renegotiation on July 1, 2019 | 115,758,384 | ||||
Contract renegotiation on September 30, 2019 | (115,758,384) | ||||
Contract renegotiation | $ (17,847,221) | ||||
Ending balance | 1,165,220,000 | 807,618,000 | 461,423,555 | ||
Day 1 profit or loss [member] | |||||
Disclosure Of Derivative Financial Instrument Fair Value Change In Profit Or Loss And Other Comprehensive Income [Line Items] | |||||
Beginning balance | 0 | (266,956,036) | 0 | ||
Initial transaction on April 1, 2019 | (355,294,216) | ||||
Changes in fair value | 0 | 0 | 0 | ||
Recognition of day 1 profit or loss | 1,538,635 | 382,714,420 | 88,338,180 | ||
Contract renegotiation on July 1, 2019 | 1,538,635 | ||||
Contract renegotiation on September 30, 2019 | (1,538,635) | ||||
Contract renegotiation | 17,847,221 | ||||
Ending balance | 17,847,221 | 0 | (266,956,036) | ||
Net carrying amount presented on the statement of financial position [member] | |||||
Disclosure Of Derivative Financial Instrument Fair Value Change In Profit Or Loss And Other Comprehensive Income [Line Items] | |||||
Beginning balance | 807,618,000 | 194,467,519 | 0 | ||
Initial transaction on April 1, 2019 | 0 | ||||
Changes in fair value | 356,063,365 | 230,436,061 | 106,129,339 | ||
Recognition of day 1 profit or loss | 1,538,635 | 382,714,420 | 88,338,180 | ||
Contract renegotiation on July 1, 2019 | 0 | ||||
Contract renegotiation on September 30, 2019 | 0 | ||||
Contract renegotiation | 0 | ||||
Ending balance | 1,165,220,000 | 807,618,000 | 194,467,519 | ||
Net fair value change on derivative financial instrument presented on the statement of profit or loss and other comprehensive income [member] | |||||
Disclosure Of Derivative Financial Instrument Fair Value Change In Profit Or Loss And Other Comprehensive Income [Line Items] | |||||
Beginning balance | 807,618,000 | 194,467,519 | 0 | ||
Initial transaction on April 1, 2019 | $ 0 | ||||
Changes in fair value | 356,063,365 | 230,436,061 | 106,129,339 | ||
Recognition of day 1 profit or loss | $ 1,538,635 | 382,714,420 | 88,338,180 | ||
Contract renegotiation on July 1, 2019 | 0 | ||||
Contract renegotiation on September 30, 2019 | 0 | ||||
Contract renegotiation | 0 | ||||
Ending balance | $ 1,165,220,000 | $ 807,618,000 | $ 194,467,519 |
Other Assets - Summary of detai
Other Assets - Summary of detailed information about other assets (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Detailed Information About Other Assets [Line Items] | ||
Other assets | $ 245,502,780 | $ 615,491,200 |
Asset management business [Member] | ||
Disclosure Of Detailed Information About Other Assets [Line Items] | ||
Other assets | 225,439,918 | 586,096,042 |
Others [Member] | ||
Disclosure Of Detailed Information About Other Assets [Line Items] | ||
Other assets | $ 20,062,862 | $ 29,395,158 |
Cash and bank balances - Summar
Cash and bank balances - Summary of detailed information about cash and bank balances (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||
Cash on hand | $ 31,031 | $ 31,031 |
General bank accounts | 766,399,440 | 126,824,487 |
Total cash and bank balances | $ 766,430,471 | $ 126,855,518 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of detailed information about property plant and equipment (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | $ 131,206 | ||
Ending balance | 30,997 | $ 131,206 | |
Carrying amount | 30,997 | 131,206 | $ 451,833 |
Fixtures and fittings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Carrying amount | 2,594 | 4,812 | 7,030 |
Computer equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Carrying amount | 28,403 | 126,394 | $ 444,803 |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,071,014 | 4,056,800 | |
Additions | 13,710 | 14,214 | |
Ending balance | 4,084,724 | 4,071,014 | |
Cost [member] | Fixtures and fittings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 11,090 | 11,090 | |
Ending balance | 11,090 | 11,090 | |
Cost [member] | Computer equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 4,059,924 | 4,045,710 | |
Additions | 13,710 | 14,214 | |
Ending balance | 4,073,634 | 4,059,924 | |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,939,808 | 3,604,967 | |
Change for the year | 113,919 | 334,841 | |
Ending balance | 4,053,727 | 3,939,808 | |
Accumulated depreciation [member] | Fixtures and fittings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 6,278 | 4,060 | |
Change for the year | 2,218 | 2,218 | |
Ending balance | 8,496 | 6,278 | |
Accumulated depreciation [member] | Computer equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,933,530 | 3,600,907 | |
Change for the year | 111,701 | 332,623 | |
Ending balance | $ 4,045,231 | $ 3,933,530 |
Intangible asset - Summary of I
Intangible asset - Summary of Intangible asset (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Intangible assets [Abstract] | ||
Net carrying amount as at December 31, 2018 and 2019 | $ 15,171,170 | $ 15,171,170 |
Accounts payable - Summary of t
Accounts payable - Summary of trade and other payables (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables [abstract] | ||
Clients' payables | $ 256,423,531 | $ 12,157,051 |
Payables to clearing house and brokers | 9,062,629 | 3,153,820 |
Clients' monies held on trust (Note 15) | 226,553,176 | 586,891,255 |
Accounts payable | $ 492,039,336 | $ 602,202,126 |
Accounts payable - Summary of a
Accounts payable - Summary of aging analysis of the accounts payable (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Detailed Information About Aging Analysis Of Trade And Other Payables Explanatory [Line Items] | ||
Trade and other current payables | $ 492,039,336 | $ 602,202,126 |
Within one month [member] | ||
Disclosure Of Detailed Information About Aging Analysis Of Trade And Other Payables Explanatory [Line Items] | ||
Trade and other current payables | 265,486,160 | 15,310,871 |
Repayable on demand [member] | ||
Disclosure Of Detailed Information About Aging Analysis Of Trade And Other Payables Explanatory [Line Items] | ||
Trade and other current payables | $ 226,553,176 | $ 586,891,255 |
Margin loans payable - Addition
Margin loans payable - Additional information (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 1,249,999,800 | $ 1,598,360,400 |
Financial assets at fair value through profit or loss, category [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets pledged as collateral for liabilities or contingent liabilities | $ 1,249,999,800 | $ 1,598,360,400 |
Margin Loans Payable [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings, interest rate | 6.625% | 6.75% |
Other Payables And Accruals - S
Other Payables And Accruals - Summary of detailed information about other payables and accruals (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Detailed Information About Accrued Expenses And Other Liabilities [Line Items] | |||
Accruals and other payables | $ 66,043,431 | $ 25,011,870 | |
Contract liabilities | 111,974,163 | 55,111,818 | $ 0 |
Current accrued expenses and other current liabilities | $ 178,017,594 | $ 80,123,688 |
Other Payables And Accruals -_2
Other Payables And Accruals - Summary of detailed information about contract liabilities (Detail) - HKD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of performance obligations [line items] | ||
Beginning Value | $ 55,111,818 | $ 0 |
Deferred revenue received during the year | 127,418,656 | 58,344,702 |
Revenue recognized during the year | (70,556,311) | (3,232,884) |
Ending value | $ 111,974,163 | $ 55,111,818 |
Deferred Tax Liabilities - Summ
Deferred Tax Liabilities - Summary of Deferred Tax Liabilites (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | $ 163,357,177 | ||
Deferred tax charged to profit or loss during the year (Note 9) | 79,556,400 | $ 33,148,500 | $ 112,969,008 |
Ending balance | 242,913,577 | 163,357,177 | |
Unrealized Gain on Investment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 163,357,177 | 130,208,677 | |
Deferred tax charged to profit or loss during the year (Note 9) | 79,556,400 | 33,148,500 | |
Ending balance | $ 242,913,577 | $ 163,357,177 | $ 130,208,677 |
Deferred Tax Liabilities - Addi
Deferred Tax Liabilities - Additional Information (Detail) - HKD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
HK [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Estimated tax losses | $ 1,010,061 | $ 1,041,831 |
Convertible bond - Additional I
Convertible bond - Additional Information (Detail) - Convertible bonds [member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 19, 2019 | |
Summary of convertible bonds [line items] | ||
Convertible bond, interest rate | 2.00% | |
Convertible bond, principal amount | $ 15,000,000 | |
Convertible bond, maturity date | Jun.30, 2023 | |
Convertible bond, conversion basis | 99.44 ADSs per US$1,000 principal | |
Convertible bond, conversion price | $ 99.44 | |
Convertible bond, minimum conversion amount | $ 10,000,000 |
Convertible bond - Summary of c
Convertible bond - Summary of convertible bonds (Detail) - Convertible bonds [member] | 12 Months Ended |
Dec. 31, 2019HKD ($) | |
Liability component [Member] | |
Summary of movement of convertible bond [line items] | |
Beginning balance | $ 0 |
Convertible bond issued during the year | 95,995,690 |
Ending balance | 95,995,690 |
Derivative Financial Liability [Member] | |
Summary of movement of convertible bond [line items] | |
Beginning balance | 0 |
Convertible bond issued during the year | 20,813,810 |
Ending balance | $ 20,813,810 |
Share Capital and Capital Res_3
Share Capital and Capital Reserve - Summary of classes of share capital (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Class A Ordinary Shares [Member] | ||
Number of shares authorised [abstract] | ||
Number of shares authorised | 8,000,000,000 | 0 |
Number of shares issued [abstract] | ||
Number of shares issued and fully paid | 41,084,851 | |
Class B Ordinary Shares [Member] | ||
Number of shares authorised [abstract] | ||
Number of shares authorised | 2,000,000,000 | 0 |
Number of shares issued [abstract] | ||
Number of shares issued and fully paid | 204,526,628 | 200,000,001 |
Share Capital and Capital Res_4
Share Capital and Capital Reserve - Additional Information (Detail) | Aug. 05, 2019HKD ($)shares | Apr. 26, 2019USD ($)shares | Apr. 10, 2019USD ($)shares | Dec. 31, 2019HKD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018HKD ($)shares | Dec. 31, 2017HKD ($) | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018$ / shares |
Disclosure of classes of share capital [line items] | |||||||||
Increase (decrease) through exercise of warrants, equity | $ 94,197,600 | ||||||||
Share capital | |||||||||
Proceeds from issue of shares | 2,767,254,756 | 0 | $ 0 | ||||||
Proceeds from warrant issue | $ 15,699,600 | $ 2,000,000 | 0 | $ 0 | |||||
Description of warrant rights | one ordinary share | one ordinary share | |||||||
Exercise price of warrant | $ / shares | $ 7.2 | ||||||||
New issuance of shares | $ 782,393,491 | ||||||||
Listing expense | 58,300,000 | ||||||||
AMTD ISG and AMTD SI [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Percentage of equity interest issued | 20.87% | ||||||||
Decrease in equity attributable to owners of parent | $ 34,009,199 | ||||||||
Former Holding Company Of Subsidiary [Member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Due to former holding company | 1,313,478,870 | ||||||||
Initial Public Offer [Member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Share issuance costs | $ 1,507,200,000 | ||||||||
Class B Ordinary Shares [Member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Share capital | $ 160,540 | $ 156,998 | $ 20,000 | ||||||
Shares Issued and fully paid | shares | 204,526,628 | 200,000,001 | 204,526,628 | ||||||
Par value per share | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Number of ordinary shares issued during the period | shares | 4,526,627 | 4,526,627 | |||||||
Common stock shares outstanding | shares | 204,526,628 | 0 | 204,526,628 | ||||||
Class B Ordinary Shares [Member] | Initial Public Offer [Member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Shares Issued and fully paid | shares | 200,000,001 | 200,000,001 | |||||||
Class A ordinary shares [Member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Increase (decrease) through exercise of warrants, equity | $ 10,000,000 | ||||||||
Share capital | $ 32,162 | $ 0 | |||||||
Shares Issued and fully paid | shares | 41,084,851 | 41,084,851 | |||||||
Par value per share | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Number of ordinary shares issued during the period | shares | 8,236,838 | 1,666,666 | 7,307,692 | 7,307,692 | |||||
Proceeds from issue of shares | $ 53,500,000 | ||||||||
Common stock shares outstanding | shares | 41,084,851 | 0 | 41,084,851 | ||||||
Class A ordinary shares [Member] | Initial Public Offer [Member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Shares Issued and fully paid | shares | 23,873,655 | ||||||||
American depository shares [member] | Initial Public Offer [Member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Shares Issued and fully paid | shares | 23,873,655 | ||||||||
Class A and Class B ordinary shares [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Issue price per share | $ / shares | $ 8.45 | ||||||||
New issuance of shares | $ 100,000,000 |
Share Capital and Capital Res_5
Share Capital and Capital Reserve - Summary of Reserves Within Equity (Detail) - HKD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | $ 1,312,802,676 | |||
Capital injection to a subsidiary | 9 | $ 1 | $ 1 | |
Deemed contributions | 1,659,900,000 | |||
Deemed disposal of non-controlling interest | [1] | 0 | ||
Exercise of warrants | 94,197,600 | |||
Pre-IPO financing | 419,382,149 | |||
Initial public offering | 1,507,215,141 | |||
New issuance of shares | 782,393,491 | |||
Ending balance | 4,551,187,228 | 1,312,802,676 | ||
Share capital [Member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | 156,998 | 156,998 | 156,998 | |
Exercise of warrants | 1,308 | |||
Pre-IPO financing | 6,451 | |||
Initial public offering | 18,681 | |||
New issuance of shares | 9,264 | |||
Ending balance | 192,702 | 156,998 | 156,998 | |
Capital reserve [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | 1,312,802,676 | 1,312,802,675 | 33,333,003 | |
Capital injection to a subsidiary | 9 | 1 | 1 | |
Deemed contributions | 1,279,469,671 | |||
Deemed disposal of non-controlling interest | 435,231,866 | |||
Exercise of warrants | 94,196,292 | |||
Pre-IPO financing | 419,375,698 | |||
Initial public offering | 1,507,196,460 | |||
New issuance of shares | 782,384,227 | |||
Ending balance | $ 4,551,187,228 | $ 1,312,802,676 | $ 1,312,802,675 | |
[1] | AMTD ISG and AMTD SI were indirectly held by AMTD Group for 79.13% before the Reorganization (see note 1.2). In March 2019, due to the Reorganization, the non-controlling shareholders surrendered their indirect interests in AMTD ISG and AMTD SI amounting to HK$435,231,866 which represented 20.87% of the total net assets of AMTD ISG and AMTD SI. Thereafter AMTD ISG and AMTD SI became wholly-owned subsidiaries of the Company. The non-controlling interests were reclassified into capital reserves as a deemed disposal of non-controlling interests. |
Notes To The Consolidated Sta_3
Notes To The Consolidated Statements Of Cash Flows - Summary Of Liabilities Arising From Financing Activities (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | $ 321,999,549 | $ 351,609,630 | $ 638,350,783 |
Cash flow changes from financing activities | 112,532,389 | (29,610,081) | (38,557,701) |
Released from disposal of financial assets at fair value through profit or loss | (248,183,452) | ||
Interest expenses | 27,705,955 | 9,047,063 | 28,724,758 |
Interest paid | (27,705,955) | (9,047,063) | (28,724,758) |
Ending balance | 434,531,938 | 321,999,549 | 351,609,630 |
Margin Loans Payable [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Beginning balance | 321,999,549 | 351,609,630 | 638,350,783 |
Cash flow changes from financing activities | (4,277,111) | (29,610,081) | (38,557,701) |
Released from disposal of financial assets at fair value through profit or loss | (248,183,452) | ||
Interest expenses | 27,705,955 | 9,047,063 | 28,724,758 |
Interest paid | (27,705,955) | (9,047,063) | (28,724,758) |
Ending balance | 317,722,438 | $ 321,999,549 | $ 351,609,630 |
Convertible Bond [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash flow changes from financing activities | 95,995,690 | ||
Ending balance | 95,995,690 | ||
Derivative Financial Liability [Member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Cash flow changes from financing activities | 20,813,810 | ||
Ending balance | $ 20,813,810 |
Notes To The Consolidated Sta_4
Notes To The Consolidated Statements Of Cash Flows - Summary Of Balances With Related Parties Explnatory (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Company [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Operating activities | $ 7,500 | $ (2,104,418) | |
Net cash inflow/(outflow) | 7,500 | (2,104,418) | |
Fellow Subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Operating activities | (699,864,420) | (460,296,468) | |
Financing activities | 203,607,914 | 1,675,510,800 | |
Net cash inflow/(outflow) | (496,256,506) | 1,215,214,332 | |
Immediate holding company [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Operating activities | 439,200,382 | 284,494,845 | |
Investing activities | $ (2,957,926,150) | ||
Net cash inflow/(outflow) | $ (2,957,926,150) | $ 439,200,382 | $ 284,494,845 |
Notes To The Consolidated Sta_5
Notes To The Consolidated Statements Of Cash Flows - Additional Information (Detail) $ in Millions | Apr. 26, 2019shares | Apr. 10, 2019USD ($)shares | Dec. 31, 2019HKD ($)shares | Dec. 31, 2018HKD ($) | Dec. 31, 2017HKD ($) |
Notes To The Consolidated Statement Of Cash Flows [Line Items] | |||||
Released from disposal of financial assets at fair value through profit or loss | $ 248,183,452 | ||||
Exercise of warrants | $ 94,197,600 | ||||
Class A ordinary shares [Member] | |||||
Notes To The Consolidated Statement Of Cash Flows [Line Items] | |||||
Exercise of warrants | $ 10 | ||||
Number of ordinary shares issued during the period | shares | 8,236,838 | 1,666,666 | 7,307,692 | ||
Margin Loans Payable [Member] | |||||
Notes To The Consolidated Statement Of Cash Flows [Line Items] | |||||
Released from disposal of financial assets at fair value through profit or loss | 248,183,452 | ||||
Fellow Subsidiaries [Member] | |||||
Notes To The Consolidated Statement Of Cash Flows [Line Items] | |||||
Purchasing financial assets | $ 203,607,914 | $ 1,675,510,800 |
Related Party Transactions - Su
Related Party Transactions - Summary of Detailed Information About Additional Information of Transactions With Related Parties (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | |||
Interest income from immediate holding company | $ 17,562,104 | $ 0 | $ 0 |
Immediate holding company [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Staff costs | 17,936,752 | 11,678,050 | 66,163,850 |
Premises cost | 5,300,986 | 9,329,432 | 17,910,916 |
Office renovation | 869,214 | 1,250,906 | 14,118,570 |
Other operating expenses/(income), net | 9,798,649 | (1,753,759) | 10,512,120 |
Adjustments In Related Parties Net | 33,905,601 | 20,504,629 | 108,705,456 |
Net fair value change on derivative financial instrument entered into with a related party controlled by a director of the Company | 1,165,220,000 | ||
Underwriting Services [Member] | Immediate holding company [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from rendering of services, related party transactions | 26,420,072 | 31,221,600 | |
Financial Advisory Service [Member] | Fellow Subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from rendering of services, related party transactions | 15,691,000 | 70,988,340 | |
Management Fee Income [Member] | Immediate holding company [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Management fee income from immediate holding company | 150,000 | ||
Management Fee Income [Member] | Fellow Subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from rendering of services, related party transactions | 2,231,559 | ||
Investment Advisory Fee [Member] | Fellow Subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Services received, related party transactions | 180,000 | 180,000 | 15,000 |
Insurance Commission [Member] | Fellow Subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Services received, related party transactions | 84,133 | 57,063 | $ 81,606 |
Asset Management Services [Member] | Fellow Subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from rendering of services, related party transactions | 457,431 | 5,784,775 | |
Asset Management Services [Member] | Entities with joint control or significant influence over entity [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from rendering of services, related party transactions | 478,611 | ||
Acquisition of Investment [Member] | Fellow Subsidiaries [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Purchases of property and other assets, related party transactions | $ 72,072,000 | ||
Administrative Service Fees [Member] | Immediate holding company [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Services received, related party transactions | 12,000,000 | ||
Investment banking service [Member] | Entities with joint control or significant influence over entity [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Revenue from rendering of services, related party transactions | 2,999,584 | ||
Interest income [Member] | Immediate holding company [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Interest income from immediate holding company | $ 17,562,104 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Dec. 12, 2018shares | Jun. 30, 2018HKD ($) | Jan. 01, 2017HKD ($) | Dec. 31, 2019HKD ($) | Dec. 31, 2018HKD ($) | Dec. 31, 2017HKD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) |
Disclosure of unconsolidated structured entities [line items] | ||||||||
Interest receivable | $ 3,223,360 | $ 3,223,360 | ||||||
Due from fellow subsidiaries | $ 2,142,145 | |||||||
Other income from a fellow subsidiary | 0 | $ 3,666,040 | 15,285,311 | |||||
Amounts receivable, related party transactions | $ 130,000,000 | 130,000,000 | ||||||
Due from a related company | 0 | 4,085,019 | ||||||
Provision for credit loss from related parties | $ 0 | 0 | ||||||
Outstanding balance due from subsidiary, interet rate | 2.50% | |||||||
Advances made to related party | 70,332,300 | $ 9,000,000 | ||||||
Outstanding balance due from subsidiary | 70,332,300 | |||||||
Listed equity shares held | $ 489,600,000 | |||||||
Immediate holding company [Member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Interest on advances | 2.00% | 2.00% | ||||||
Advances to related parties | $ 2,921,838,772 | |||||||
Receivables Acquired | $ 4,075,351 | |||||||
Fellow Subsidiaries [member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Transfer of ordinary shares for acquisition of investments | shares | 234,000 | |||||||
Due from fellow subsidiaries | 70,875,980 | |||||||
Fellow Subsidiaries [member] | Insurance Brokerage Business [member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Net assets transferred | $ 775,955 | |||||||
Fellow Subsidiaries [member] | Insurance Brokerage Business [member] | Accounts And Other Receivables [member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Net assets transferred | 1,366,402 | |||||||
Fellow Subsidiaries [member] | Insurance Brokerage Business [member] | Accounts And Other Payable [member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Net assets transferred | $ 590,447 | |||||||
Other related parties [member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Due from a related company | $ 4,085,019 | |||||||
Immediate holding company [Member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Interest rate on receivables | 2.00% | 2.00% | ||||||
Immediate holding company [Member] | Administrative Service Fees [Member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Service received related party transactions | $ 12,000,000 | |||||||
Immediate holding company [Member] | Administrative Service Fees [Member] | Quarterly [Member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Service received related party transactions | 6,000,000 | |||||||
Entities with joint control or significant influence over entity [Member] | ||||||||
Disclosure of unconsolidated structured entities [line items] | ||||||||
Current payables to related parties | $ 156,659,071 |
Related Party Transactions - _2
Related Party Transactions - Summary of Detailed Information About Compensation Of Key Management Personnel (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Detailed Information About Compensation Of Key Management Personnel [Line Items] | |||
Short-term employee benefits | $ 43,062,534 | $ 19,473,470 | $ 8,745,651 |
Other long-term benefit | 92,700 | 61,428 | 53,624 |
Total benefits | $ 43,155,234 | $ 19,534,898 | $ 8,799,275 |
Financial Instruments By Cate_3
Financial Instruments By Category - Summary of Financial Assets (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of financial assets [line items] | ||||
Accounts receivable | $ 346,379,574 | $ 161,093,054 | ||
Financial assets included in prepayments, deposits and other receivables | 1,355,013 | 6,042,605 | ||
Due from a related company | 0 | 4,085,019 | ||
Due from immediate holding company | 2,921,838,772 | 66,141,756 | ||
Due from fellow subsidiaries | 0 | 2,596,118,859 | ||
Financial assets at fair value through profit or loss | 1,572,697,716 | 1,953,078,309 | ||
Stock Loan | 1,200,980,200 | 1,535,679,600 | ||
Derivative financial Asset | 1,165,220,000 | 0 | ||
Other assets | 245,502,780 | 615,491,200 | ||
Cash and bank balances | 766,430,471 | 126,855,518 | $ 86,415,282 | $ 69,509,827 |
Financial assets | 8,220,404,526 | 7,064,585,920 | ||
Financial assets at fair value through profit or loss mandatorily measured at fair value category [member] | ||||
Disclosure of financial assets [line items] | ||||
Financial assets at fair value through profit or loss | 1,572,697,716 | 1,953,078,309 | ||
Stock Loan | 1,200,980,200 | 1,535,679,600 | ||
Derivative financial Asset | 1,165,220,000 | |||
Financial assets | 3,938,897,916 | 3,488,757,909 | ||
Financial assets at amortised cost, category [member] | ||||
Disclosure of financial assets [line items] | ||||
Accounts receivable | 346,379,574 | 161,093,054 | ||
Financial assets included in prepayments, deposits and other receivables | 1,355,013 | 6,042,605 | ||
Due from a related company | 4,085,019 | |||
Due from immediate holding company | 2,921,838,772 | 66,141,756 | ||
Due from fellow subsidiaries | 2,596,118,859 | |||
Other assets | 245,502,780 | 615,491,200 | ||
Cash and bank balances | 766,430,471 | 126,855,518 | ||
Financial assets | $ 4,281,506,610 | $ 3,575,828,011 |
Financial Instruments By Cate_4
Financial Instruments By Category - Summary of Financial Liabilities (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial liabilities [line items] | ||
Accounts payable | $ 492,039,336 | $ 602,202,126 |
Margin loans payable | 317,722,438 | 321,999,549 |
Financial liabilities included in other payables and accruals | 66,043,431 | |
Due to fellow subsidiaries | 0 | 574,202,907 |
Derivative financial liability | 20,813,810 | |
Due to immediate holding company | 0 | 2,145,792,209 |
Convertible bond | 95,995,690 | |
Financial liabilities | 992,614,705 | |
Financial liabilities at amortized cost [Member] | ||
Disclosure of financial liabilities [line items] | ||
Accounts payable | 492,039,336 | 602,202,126 |
Margin loans payable | 317,722,438 | 321,999,549 |
Financial liabilities included in other payables and accruals | 66,043,431 | 25,011,870 |
Due to fellow subsidiaries | 574,202,907 | |
Due to immediate holding company | 2,145,792,209 | |
Convertible bond | 95,995,690 | |
Financial liabilities | 971,800,895 | $ 3,669,208,661 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Disclosure of financial liabilities [line items] | ||
Derivative financial liability | 20,813,810 | |
Financial liabilities | $ 20,813,810 |
Fair value and fair value hie_3
Fair value and fair value hierarchy of financial instruments - Schedule of carrying amount and fair value of the financial instruments (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Categories of financial assets [abstract] | ||
Financial assets at fair value through profit or loss | $ 1,572,697,716 | $ 1,953,078,309 |
Derivative financial Asset | 1,165,220,000 | 0 |
Stock loan | 1,200,980,200 | 1,535,679,600 |
Financial assets | 2,773,677,916 | 3,488,757,909 |
Carrying amounts [member] | ||
Categories of financial assets [abstract] | ||
Financial assets | 3,938,897,916 | 3,488,757,909 |
Carrying amounts [member] | Financial assets at fair value through profit or loss, category [member] | ||
Categories of financial assets [abstract] | ||
Financial assets at fair value through profit or loss | 1,572,697,716 | 1,953,078,309 |
Carrying amounts [member] | Stock loan [member] | ||
Categories of financial assets [abstract] | ||
Stock loan | 1,200,980,200 | 1,535,679,600 |
Carrying amounts [member] | Derivative financial Asset [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial Asset | 1,165,220,000 | |
Categories of financial liabilities [abstract] | ||
Derivative financial liability and convertible bond | 116,809,500 | |
Fair values [member] | ||
Categories of financial assets [abstract] | ||
Financial assets | 3,921,050,695 | 3,488,757,909 |
Fair values [member] | Financial assets at fair value through profit or loss, category [member] | ||
Categories of financial assets [abstract] | ||
Financial assets at fair value through profit or loss | 1,572,697,716 | 1,953,078,309 |
Fair values [member] | Stock loan [member] | ||
Categories of financial assets [abstract] | ||
Stock loan | 1,200,980,200 | $ 1,535,679,600 |
Fair values [member] | Derivative financial Asset [member] | ||
Categories of financial assets [abstract] | ||
Derivative financial Asset | 1,147,372,779 | |
Categories of financial liabilities [abstract] | ||
Derivative financial liability and convertible bond | $ 116,809,500 |
Fair value and fair value hie_4
Fair value and fair value hierarchy of financial instruments - Summary of Significant Unobservable Inputs to Valuation of Financial Instruments (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unlisted Equity Investment | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Valuation Technique | Multiple/ EVA | EVA |
Significant Unobservable input | Equity volatility | Equity volatility |
Range | 33.08% | 56.72% |
Sensitivity of Value to the input | 5% increase/decrease in volatility results in decrease/increase in fair value by -1.0%-0.3% | 5% increase/ decrease in volatility results in decrease/ increase in fair value by 0.27%/0.15% |
Derivative Financial Liability [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Valuation Technique | Binomial option pricing model | |
Significant Unobservable input | Volatility | |
Range | 67.87% | |
Sensitivity of Value to the input | 5% increase/decrease in volatility results in increase/decrease in fair value by 4.58%/4.66% | |
Derivative financial Asset [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Valuation Technique | MCS | |
Significant Unobservable input | Calculated volatility of the Underlying Assets | |
Sensitivity of Value to the input | 5% increase/decrease in volatility results in increase/decrease in fair value by 0.02%/0.23% | |
Bottom of range [member] | Derivative financial Asset [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Range | 32.82% | |
Top of range [member] | Derivative financial Asset [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Range | 36.28% | |
Credit Rate Increase BB To BBB | Derivative Financial Liability [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Significant Unobservable input | Credit rating | |
Credit Rate Increase BB To BBB | Derivative financial Asset [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Sensitivity of Value to the input | One rank level increase in credit rating of Company from BB to BBB results in increase in fair value by 0.04% | |
Credit Rate Decrease BB to B | Derivative financial Asset [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Sensitivity of Value to the input | One rank level decrease in credit rating of the counterparty from BB to B results in decrease in fair value by 0.80% | |
Credit spread [Member] | Derivative Financial Liability [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Significant Unobservable input | Credit spread | |
Range | 12.52% | |
Sensitivity of Value to the input | 5% increase/decrease in credit spread results in increase/decrease in fair value by 0.32%/0.32% | |
Liquidity spread [Member] | Derivative Financial Liability [member] | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Significant Unobservable input | Liquidity spread | |
Range | 2.99% | |
Sensitivity of Value to the input | increase/decrease in liquidity spread would not result in change in fair value | |
Average PE multiple of peers [Member] | Unlisted Equity Investment | ||
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items] | ||
Significant Unobservable input | Average P/E multiple of peers | |
Range | 10.80% | |
Sensitivity of Value to the input | 5% increase/decrease in P/E multiple results in increase/decrease in fair value by 5.4-4.1% |
Fair value and fair value hie_5
Fair value and fair value hierarchy of financial instruments - Disclosure of Fair Value Measurement of Assets Explanatory (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at fair value through profit or loss | $ 1,572,697,716 | $ 1,953,078,309 | |
Stock Loan | 1,200,980,200 | 1,535,679,600 | |
Financial assets | 2,773,677,916 | 3,488,757,909 | |
Derivative financial Asset | 1,165,220,000 | 0 | |
Quoted prices in active markets (Level 1) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at fair value through profit or loss | 1,249,999,800 | 1,671,836,400 | |
Stock Loan | 1,200,980,200 | 1,535,679,600 | |
Financial assets | 2,450,980,000 | 3,207,516,000 | |
Significant unobservable inputs (Level 3) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets at fair value through profit or loss | 322,697,916 | 281,241,909 | |
Financial assets | 1,487,917,916 | 281,241,909 | $ 15,629,400 |
Derivative financial Asset | $ 1,165,220,000 | $ 0 |
Fair Value and Fair Value Hie_6
Fair Value and Fair Value Hierarchy of Financial Instruments - Disclosure of Fair Value Measurement of Liabilities Explanatory (Detail) - Liability measured at fair value [Member] | Dec. 31, 2019HKD ($) |
Disclosure of fair value measurement of liabilities [line items] | |
Derivative financial instrument | $ 20,813,810 |
Level 3 [member] | |
Disclosure of fair value measurement of liabilities [line items] | |
Derivative financial instrument | $ 20,813,810 |
Fair value and fair value hie_7
Fair value and fair value hierarchy of financial instruments - Schedule of detailed information about in fair value measurement Level 3 (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unlisted debt securities and unlisted equity shares at fair value through profit or loss: | |||
Balance | $ 3,488,757,909 | ||
Total unrealized gain recognized in profit or loss | 8,235,180 | $ 256,460,295 | $ 684,679,252 |
Balance | 2,773,677,916 | 3,488,757,909 | |
Derivative financial asset (Note 14): | |||
Balance | 0 | ||
Balance | 1,165,220,000 | 0 | |
Financial liabilities at fair value through profit or loss—Held for trading [Member] | |||
Derivative financial liability (Note 23): | |||
Beginning balance | 0 | ||
Issued | 20,813,810 | ||
Ending balance | 20,813,810 | 0 | |
Level 3 [member] | |||
Unlisted debt securities and unlisted equity shares at fair value through profit or loss: | |||
Balance | 281,241,909 | 15,629,400 | |
Total unrealized gain recognized in profit or loss | 41,456,007 | 54,156,295 | 18,600 |
Purchase | 211,456,214 | 15,610,800 | |
Balance | 1,487,917,916 | 281,241,909 | $ 15,629,400 |
Warrants at fair value through profit or loss: | |||
Balance | 0 | ||
Issued | 15,699,600 | ||
Exercised | (15,699,600) | ||
Balance | 0 | 0 | |
Derivative financial asset (Note 14): | |||
Balance | 0 | ||
Recognition of day 1 profit or loss | 472,591,235 | ||
Other fair value gains recognised in profit or loss | 692,628,765 | ||
Balance | $ 1,165,220,000 | $ 0 |
Fair value and fair value hie_8
Fair value and fair value hierarchy of financial instruments - Additional information (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Transfer from level 1 to level 2 | $ 0 | $ 0 | $ 0 |
Transfer from level 2 to level 1 | 0 | 0 | 0 |
Transfers out of level3 | 0 | 0 | 0 |
Transfers into level3 | $ 0 | $ 0 | $ 0 |
Financial risk management obj_3
Financial risk management objectives and policies - Disclosure of financial assets that are either past due or impaired (Details) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2017 |
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Accounts receivable | $ 346,379,574 | $ 161,093,054 | ||
Financial assets included in prepayments, other receivables and other assets | 36,440,972 | 33,343,859 | ||
Due from a related company | $ 130,000,000 | $ 130,000,000 | ||
Financial assets at amortised cost | 4,281,506,610 | 3,575,828,011 | ||
Normal [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Accounts receivable | 2,575,051 | |||
Financial assets included in prepayments, other receivables and other assets | 1,355,013 | 6,042,605 | ||
Due from a related company | 4,085,019 | |||
Due from immediate holding company | 2,921,838,772 | 66,141,756 | ||
Due from fellow subsidiaries | 2,596,118,859 | |||
Not yet past due [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Bank balances-segregated accounts | 245,502,780 | 615,491,200 | ||
Cash and bank balances | 766,430,471 | 126,855,518 | ||
12-month expected credit losses [member] | Stage 1 [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Financial assets at amortised cost | 3,935,127,036 | 3,417,310,008 | ||
12-month expected credit losses [member] | Stage 1 [member] | Normal [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Accounts receivable | 2,575,051 | |||
Financial assets included in prepayments, other receivables and other assets | 1,355,013 | 6,042,605 | ||
Due from a related company | 4,085,019 | |||
Due from immediate holding company | 2,921,838,772 | 66,141,756 | ||
Due from fellow subsidiaries | 2,596,118,859 | |||
12-month expected credit losses [member] | Stage 1 [member] | Not yet past due [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Bank balances-segregated accounts | 245,502,780 | 615,491,200 | ||
Cash and bank balances | 766,430,471 | 126,855,518 | ||
Lifetime expected credit losses [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Accounts receivable | 346,379,574 | 158,518,003 | ||
Lifetime expected credit losses [member] | Simplified approach [member] | ||||
Disclosure of financial assets that are either past due or impaired [line items] | ||||
Accounts receivable | 346,379,574 | 158,518,003 | ||
Financial assets at amortised cost | $ 346,379,574 | $ 158,518,003 |
Financial risk management obj_4
Financial risk management objectives and policies - Disclosure of maturity analysis for non-derivative financial liabilities (Detail) - HKD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable | $ 492,039,336 | $ 602,202,126 |
Margin loans payable | 317,722,438 | 321,999,549 |
Financial liabilities included in other payables and accruals | 66,043,430 | 25,011,870 |
Convertible bonds | 125,273,321 | |
Due to fellow subsidiaries | 574,202,907 | |
Due to immediate holding company | 2,145,792,209 | |
Non-derivative financial liabilities, undiscounted cash flows | $ 1,001,078,525 | $ 3,669,208,661 |
Margin Loans Payable [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average interest rate | 6.625% | 6.75% |
Convertible Bond [Member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Weighted average interest rate | 7.80% | |
On demand or less than 3 months [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable | $ 492,039,336 | $ 602,202,126 |
Margin loans payable | 317,722,438 | 321,999,549 |
Financial liabilities included in other payables and accruals | 66,043,430 | 25,011,870 |
Due to fellow subsidiaries | 574,202,907 | |
Due to immediate holding company | 2,145,792,209 | |
Non-derivative financial liabilities, undiscounted cash flows | 875,805,204 | $ 3,669,208,661 |
1 to 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Convertible bonds | 125,273,321 | |
Non-derivative financial liabilities, undiscounted cash flows | $ 125,273,321 |
Financial risk management obj_5
Financial risk management objectives and policies - Additional Information (Detail) - HKD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of financial assets that are either past due or impaired [line items] | |||
Profit Loss Before Tax | $ 989,253,972 | $ 608,965,226 | $ 808,585,471 |
Derivative financial instrument charged to profit or loss | 1,165,220,000 | ||
Ariana Capital Investment Limited [member] | Derivative Financial Assets [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Credit risk exposure of derivative financial instruments | $ 1,165,220,000 | ||
Invesment Segment [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Concentration risk percentage | 46.00% | 46.00% | |
Hong Kong Confederation of Insurance Brokers [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Net Asset Value | $ 100,000 | ||
Stock Loan [member] | Bank of Qingdao Co Ltd [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Stock Loan Percent | 100.00% | 100.00% | |
Price Risk [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Percentage Of Increase Decrease In Market Value Of Financial Assets At FVTPL | 5.00% | 5.00% | |
Profit Loss Before Tax | $ 122,549,000 | $ 160,375,800 | |
Percent Of Increase Decrease In Share Price | 5.00% | ||
Increase in profit before tax | $ 822,015 | ||
Decrease in profit before tax | $ 791,873 | ||
Price Risk [member] | Unlisted Equity Shares And Unlisted Debt Securities [Member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Percentage Of Increase Decrease In Market Value Of Financial Assets At FVTPL | 5.00% | 5.00% | |
Profit Loss Before Tax | $ 16,134,896 | $ 14,062,095 | |
Currency risk [member] | RMB [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Profit Loss Before Tax | 11,369 | 12,405 | $ 13,163 |
Foreign Currency Risk Appreciated And Depreciated | 5.00% | ||
Currency risk [member] | TWD [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Profit Loss Before Tax | 70,348 | 74,959 | $ 277,654 |
Foreign Currency Risk Appreciated And Depreciated | 5.00% | ||
Currency risk [member] | EUR [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Profit Loss Before Tax | $ 4,903 | ||
Foreign Currency Risk Appreciated And Depreciated | 5.00% | ||
Currency risk [member] | AUD [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Profit Loss Before Tax | 780 | $ 3,536 | $ 84,996 |
Foreign Currency Risk Appreciated And Depreciated | 5.00% | ||
Credit risk [member] | |||
Disclosure of financial assets that are either past due or impaired [line items] | |||
Fair value of securities pledged | $ 962,442,277 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Detail) - Two Thousand Nineteen Plan [member] | Dec. 31, 2019shares |
Stock Incentive Plan [Line Items] | |
Maximum number of ordinary shares that may be issued | 20,000,000 |
Percent of automatic increase of shares on total issued and outstanding share capital | 10.00% |
Percent of additional automatic increase of shares on total issued and outstanding share capital | 1.00% |
Subsequent event - Additional I
Subsequent event - Additional Information (Detail) - Subsequent event [Member] - USD ($) | Apr. 24, 2020 | Apr. 23, 2020 | Apr. 08, 2020 | Apr. 02, 2020 | Mar. 30, 2020 |
Disclosure of non-adjusting events after reporting period [line items] | |||||
Authorized value of notes to be issued | $ 1,000,000,000 | ||||
AMTD Group [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Authorized value of notes to be issued | $ 1,000,000,000 | $ 1,000,000,000 | |||
Borrowings | $ 123,000,000 | ||||
Borrowings, interest rate | 7.625% | ||||
AMTD Group [Member] | Top of range [member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Amounts subject to netting arrangement | $ 200,000 | ||||
Debt Instrument [Member] | AMTD Group [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Additional number of shares authorized | 23,873,655 | ||||
Medium Term Borrowings [Member] | |||||
Disclosure of non-adjusting events after reporting period [line items] | |||||
Authorized value of notes to be issued | $ 1,000,000,000 |
Approval of Consolidated Fina_2
Approval of Consolidated Financial Statements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Date of approval of financial statements | Apr. 30, 2020 |