Smart Fish Wealthlink Holdings Limited (Smart Fish, 00139) reported a sharp reduction in its interim net loss to HK$10.90 million for the six months ended 30 June 2026, versus a HK$60.84 million deficit a year earlier. The recovery was driven by HK$1.61 million in unrealised gains on equity investments (H1 2025: HK$157.22 million loss) and a HK$5.82 million fair-value uplift on investment properties, offsetting softer operating results.

Revenue fell 12.4% year-on-year to HK$30.17 million, mainly due to a HK$4.62 million drop in advisory fees and lower interest income from securities margin financing (HK$6.56 million vs HK$8.70 million). Commission income from securities dealing almost doubled to HK$9.93 million, cushioning the overall decline.

Gross profit slipped to HK$25.75 million (H1 2025: HK$31.53 million) as brokerage expenses rose 51.6% to HK$4.42 million. Administrative expenses increased 23.4% to HK$37.05 million, while finance costs fell 66.0% to HK$1.65 million after the repayment of certain higher-cost borrowings.

Segment performance • Financial investments & services: Revenue fell 37.9% to HK$12.88 million; segment profit HK$6.34 million (H1 2025: HK$144.69 million loss) on improved investment results. • Brokerage & commission: Revenue rose 26.2% to HK$17.29 million; segment profit contracted to HK$0.45 million (H1 2025: HK$97.61 million) amid higher costs. • Corporate & others: Loss widened to HK$15.31 million (H1 2025: HK$8.32 million).

Balance sheet and liquidity Total assets increased 12.5% since end-2025 to HK$1.10 billion, led by a rise in non-current assets to HK$450.34 million, including equity investments at fair value through other comprehensive income of HK$147.07 million (31 December 2025: HK$6.43 million) and loan receivables of HK$144.30 million. Current assets stood at HK$651.37 million, with loan receivables of HK$347.64 million and cash of HK$13.01 million.

Total borrowings (bank overdrafts and other loans) reached HK$119.00 million, yielding a gearing ratio of 14.6% (31 December 2025: 14.3%). The current ratio eased to 2.29x (31 December 2025: 2.71x).

Investment portfolio Financial assets at fair value expanded to HK$160.87 million (31 December 2025: HK$61.55 million). The largest holding is a 2.98% stake in CMBC Capital Holdings worth HK$147.07 million, up HK$105.11 million during the period.

Money-lending operations Gross loan book totalled HK$545.71 million (31 December 2025: HK$560.46 million) across 25 loans, bearing annual interest of 5%–7% and secured mainly by properties, securities and equity interests. Interest income rose 24.2% to HK$20.01 million. Credit loss allowances stood at HK$53.78 million.

Corporate actions and events • May 2026: Agreed to acquire a Shenzhen commercial floor for RMB26.00 million and 170 Qingdao carpark spaces for RMB25.50 million. • Post-period (3 July 2026): Completed placement of 245.71 million new shares at HK$0.16 each, raising net proceeds of HK$39.30 million for debt repayment and working capital. • Post-period (24 July 2026): Entered agreements to sell 31.78 million CMBC Capital shares for HK$95.30 million, earmarked mainly for debt reduction and working capital.

Dividend No interim dividend declared (H1 2025: nil).

Outlook Management cited ongoing global uncertainties but expects steady economic support from Mainland China and expanded cross-border activities. The Group plans to pursue prudent investment strategies, with an emphasis on property assets in Hong Kong and mainland China and steady expansion of its financial services platform.