XML 86 R73.htm IDEA: XBRL DOCUMENT

Fair Value and Fair Value Hierarchy of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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 measured at fair value are as follows:


	Carrying amounts				Fair values
	As of December 31,				As of December 31,
	2021		2022		2021		2022
	HK$		HK$		HK$		HK$
Financial assets
Financial assets at fair value through profit or loss		2,786,027,085		1,523,195,334		2,786,027,085		1,523,195,334
Derivative financial asset s		969,894,519		1,443,134,162		968,386,750		1,443,214,318

		3,755,921,604		2,966,329,496		3,754,413,835		2,966,409,652

Financial liabilities
Derivative financial liability		13,752,673		—		13,752,673		—

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 of December 31, 2021:


	Valuation technique	Significant unobservable input	Range or estimate			Sensitivity of value to the input
Unlisted equity investment Investment D	Multiple/ EVA	Equity volatility		75.29	%	5% increase/decrease in volatility results in decrease/increase in fair value by 0%/ 0%
		Median Forward P/E multiple of peers		2.10		5% increase/decrease in P/E multiple results in increase/decrease in fair value by 0%/1.9%
Unlisted equity investment Investment E	Multiple/ EVA	Equity volatility		48.52	%	5% increase/decrease in volatility results in decrease/increase in fair value by 1.3%/1.3%
		Median Forward P/E multiple of peers		18.97		5% increase/decrease in P/E multiple results in increase/decrease in fair value by 4.2%/4.3%
Unlisted equity investment Investment F	Multiple/ EVA	Average P/E multiple of peers		61.29		5% increase/decrease in P/E multiple results in increase/decrease in fair value by 5.0%/5.0%
		Discount of lack of marketability		45	%	5% increase/decrease in discount of lack of marketability results in decrease/increase in fair value by 4.1%/4.1%
Unlisted equity investment Investment H	Net asset value method	Net asset value		Note	(a)	5% increase/decrease in net asset value results in increase/decrease in fair value by 5.0%/5.0%
Derivative financial assets in relation to the Agreements	MCS	Volatility of Underlying Assets		35.95	%	5% increase/decrease in volatility results in increase/decrease in fair value by 0.06%
Derivative financial liability	Binomial option pricing model	Volatility		46.21	%	5% increase/decrease in volatility results in increase/decrease in fair value by 0.07%/0.13%
Derivative financial liability	Binomial option pricing model	Discount rate		12.52	%	5% increase/decrease in discount rate results in decrease/increase in fair value by 0.70%/0.71%

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 in active markets (Level 1)		Observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	HK$		HK$		HK$		HK$
As of December 31, 2021
Financial assets at fair value through profit or loss		1,055,407,260		21,525,064		1,709,094,761		2,786,027,085
Derivative financial asset		—		—		969,894,519		969,894,519

		1,055,407,260		21,525,064		2,678,989,280		3,755,921,604

As of December 31, 2022
Financial assets at fair value through profit or loss		861,455,286		33,804,838		627,935,210		1,523,195,334
Derivative financial assets		—		137,877,845		1,305,256,317		1,443,134,162

		861,455,286		171,682,683		1,933,191,527		2,966,329,496

Disclosure of Fair Value Measurement of Liabilities Explanatory

Liability measured at fair value

Fair value measurement using

Quoted prices
in active
markets

(Level 1)

Observable
inputs

(Level 2)

Significant
unobservable
inputs

(Level 3)

Total

HK$

As of December 31, 2021

Derivative financial liabilities

—

13,752,673

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:


	For the year ended December 31,
	2020			2021			2022
	HK$			HK$			HK$
Financial assets at fair value through profit or loss:
At January 1,		322,697,916			299,855,685			1,709,094,761
Addition		—			163,180,000			169,303,189
Disposal		—			(196,036,584	)		(354,050,259	)
Transfer (Note 3)		—			1,120,244,487			11,630,000
Derecognition (Note 34(a))		—			—			(1,271,643,878	)
Receipt of investment return		—			—			(20,899,338	)
Total (losses) gains in profit or loss		(22,842,231	)		321,851,173			384,500,735

At December 31,		299,855,685			1,709,094,761			627,935,210

The total profits for the year included an unrealized gain of HK$216,520,744 relating to level 3 financial assets at FVTPL that are measured at fair value held as at December 31, 202

(Unrealized gain of HK$321,851,173

and unrealized loss of HK$22,842,231 as at December 31, 2021 and 2020, respectively). Fair value gains or losses on financial assets at FVTPL are included in the “Net fair value changes on financial assets at fair value through profit or loss (except derivative financial assets)” line item.

Included in the total (losses) gains in profit or loss for the year ended December 31, 2022 is HK$168,063,704 relating to gain from disposal of financial assets at fair value through profit or loss.


	For the year ended December 31,
	2021			2022
	HK$			HK$
Derivative financial assets in relation to the Agreements (Note 14):
At January 1,		1,023,902,566			969,894,519
Recognition of day 1 profit or loss deferred on inception of contract, renegotiation and extension		14,591,113			15,588,500
Net fair value gains recognized in profit or loss		(68,599,160	)		331,293,928
Gain related to disposed investment		—			3,786,355
Partial settlement		—			(15,306,985	)

At December 31,		969,894,519			1,305,256,317


	For the year ended December 31,
	2021		2022
	HK$		HK$

Derivative financial liability (Note 25):
At January 1,		12,954,313		13,752,673
Net fair value changes recognized in profit or loss		798,360		(13,347,266	)
Converted into class A shares		—		(405,407	)

At December 31,		13,752,673		—