Victory Securities (referred to as “Victory Securities (Holdings) Company Limited” or “Victory Securities”) reported a HK$7.51 million net loss for the six months ended 30 June 2026, reversing a HK$40.72 million profit in the prior-year period. Management cited higher expenses and a collapse in virtual-asset (VA) trading volumes as primary drivers.
Financial Highlights (H1 2026 vs. H1 2025) • Revenue: HK$93.11 million, down 24.7% from HK$123.72 million. • Commission expenses: HK$44.03 million, up 30.3%. • Staff costs: HK$29.36 million, up 23.4%, reflecting additional headcount in IT and compliance. • Other operating expenses: HK$18.31 million, up 25.7%, driven by legal, professional and overseas expansion-related costs. • Share-based payment expenses: HK$2.90 million, versus HK$0.14 million a year earlier. • Finance costs: HK$2.56 million, down 29.3% after lower borrowing costs. • Basic and diluted loss per share: HK3.71 cents, versus earnings of HK21.27 cents and HK21.13 cents respectively.
Segment Performance • Securities/futures broking, placing & advisory revenue declined 32.4% to HK$29.47 million. • VA dealing and related services plunged 86.9% to HK$8.44 million amid weak crypto markets. • Financing income fell 32.4% to HK$6.52 million due to lower average margin loans. • Asset management fees rose 18.4% to HK$4.85 million on higher assets under management. • Insurance consultancy revenue surged to HK$43.75 million (H1 2025: HK$0.19 million), now the largest contributor following recruitment of a new specialist team.
Balance Sheet & Liquidity • Cash and cash equivalents: HK$66.10 million (31 December 2025: HK$92.48 million). • Bank and other borrowings: HK$99.65 million (31 December 2025: HK$83.65 million). • Bonds outstanding: HK$8.64 million (31 December 2025: HK$8.42 million). • Current ratio improved to 1.74x (31 December 2025: 1.65x); gearing ratio rose to 25.9% from 17.9%.
Dividend The Board declared an interim dividend of HK1.20 cents per share, lower than the HK1.50 cents paid a year earlier.
Management Commentary & Outlook Management attributed the earnings reversal to non-recurring share-based expenses, higher compliance and IT costs, and subdued VA trading activity. The Group continues to invest in technology infrastructure, insurance consultancy expansion, and international growth initiatives. While acknowledging global economic uncertainty, Victory Securities remains focused on developing regulated virtual-asset services, enlarging asset-management mandates, and exploring overseas markets to diversify revenue streams.
Key Dates • Ex-dividend: 16–18 September 2026 (register of members closed). • Interim dividend payment: on or before 5 October 2026.
No material post-balance-sheet events or share buy-backs were reported. The audit committee has reviewed the interim results, and all Directors confirmed compliance with the Hong Kong Stock Exchange’s required standards on securities dealings.
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