According to the Zhitong Finance App, Shifu Financial Services Group (00510) announced the results for the year ended December 31, 2023. The group achieved total revenue of HK$58,365,000, a year-on-year decrease of 20.76%; shareholders' losses of HK$95,247 million, an increase of 49.35% over the previous year; and a basic loss of HK27 cents per share.
According to the announcement, brokerage revenue decreased by about 45.4% or HK$11.7 million during the year due to the sluggish investor sentiment reflected by a sharp drop of 15.9% in the average daily volume of the Hong Kong stock market (2023: HK$105 billion; 2022: HK$124.9 billion). In line with the relevant strategic goals, the Group is currently actively evaluating the integration of its brokerage business into value-added services and transforming it into a Greater Bay Area wealth management expert. As the Group strategically adjusted its previous focus from East Asia to the Greater Bay Area, the Group's wealth management revenue briefly declined by around 66.8% or HK$13.5 million during the year (2023: HK$6.7 million; 2022: HK$20.5 million). Despite this, the Group is still trying to establish and expand its sales force in the Greater Bay Area. The Group believes that its wealth management business will remain steady while making a significant contribution to overall revenue growth in the second half of 2024.