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Income Tax (Credit) / Expense (Tables)
 12 Months Ended
Dec. 31, 2022
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% (2021: 16.5%; 2020: 16.5%) on the estimated
assessable profits arising in Hong Kong
.
Overseas tax is calculated at rates of tax applicable in
c
ountries in which the Group is assessable for tax:
 
    
For the year ended December 31,
  
    
2020
    
2021
     
2022
  
    
HK$
    
HK$
     
HK$
  
Current tax:
                    
 
 
 
Hong Kong profits tax
                          
Charge for the year
      96,708,600       104,423,916        101,232,315  
Overprovision in prior year
      (143,606 )      —          —    
The People’s Republic of China withholding tax
                          
Charge for the year
      8,807,816       4,871,121        5,021,351  
Other jurisdictions
                          
Charge for the year
      —         —          626,778  
Deferred tax
     
(242,913,577
)

     —          (1,896,006 ) 
 
 
 
 
 
 
 
 
 
 
 
 
 
       (137,540,767 )      109,295,037        104,984,438  
    
 
 
    
 
 
     
 
 
  
Reconciliation of income tax expenses and profit before tax at statutory tax rate
A
reconciliation of tax (credit)/expense and profit before tax at the statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows:
 

 
  
For the year ended December 31,
 
 
  
2020
 
 
2021
 
 
2022
 
 
  
HK$
 
 
HK$
 
 
HK$
 
Profit before tax
      1,001,420,217       1,331,176,555       1,361,698,473  
 
 
   
 
 
    
 
 
    
 
 
  
Tax at statutory tax rate of 16.5%
      165,234,336       219,644,132       224,680,248  
Tax effect of foreign tax jurisdictions
      —         —         264,583  
Tax effect of
two-tiered
profit
s
tax rate
      (165,000 )      (165,000 )      (165,000 )
Tax effect of
non-taxable
income
      (79,190,106 )      (95,836,917 )      (122,208,901 )
Tax effect of distribution to perpetual securities holders that are deductible for tax purpose
      —         (20,747,569 )      (20,290,239 )
Tax effect of
non-deductible
expenses
      10,887,971       1,566,657       17,740,105  
Tax effect of unrecognized temporary difference
      (25,011 )      (4,075 )      (2,839 ) 
Tax effect of deferred tax liability reversed
      (242,913,577 )      —         —    
Overprovision in prior year
      (143,606 )      —         —    
Utilization of tax losses previously not recognized
      (33,590 )      (33,312 )      (54,870 ) 
Withholding tax on the dividend income
      8,807,816       4,871,121       5,021,351  
    
 
 
    
 
 
    
 
 
  
Income tax (credit)/expense
      (137,540,767 )      109,295,037       104,984,438