20-F/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 20-F/A

(Amendment No. 1)

(Mark One)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to                     

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

Commission File Number: 001-39006

AMTD INTERNATIONAL INC.

(Exact Name of Registrant as Specified in Its Charter)

N/A

(Translation of Registrant’s Name into English)

Cayman Islands

(Jurisdiction of Incorporation or Organization)

23/F Nexxus Building

41 Connaught Road Central

Hong Kong

(Address of Principal Executive Offices)

Calvin Choi, Chief Executive Officer

23/F Nexxus Building

41 Connaught Road Central

Hong Kong

Telephone: +852 3163-3389

Facsimile: +852 3163-3289

(Name, Telephone, Email and/or Facsimile Number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
American depositary shares, each representing one Class A ordinary share, par value US$0.0001 per share Class A ordinary shares, par value US$0.0001 per share*	HKIB	New York Stock Exchange

* Not for trading, but only in connection with the listing of American depositary shares on the New York Stock Exchange.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 41,084,851 Class A ordinary shares, par value US$0.0001 per share, and 204,526,628 Class B ordinary shares, par value US$0.0001 per share, as of December 31, 2019.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    ☐  Yes    ☒  No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    ☐  Yes    ☒  No

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    ☒  Yes    ☐  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    ☒  Yes    ☐  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated File	☐
Non-Accelerated Filer	☒	Emerging Growth Company	☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards^† provided pursuant to Section 13(a) of the Exchange Act.  ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP  ☐	International Financial Reporting Standards as issued		Other  ☐
	by the International Accounting Standards Board Board	☒

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    ☐  Item 17    ☐  Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    ☐  Yes    ☒  No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13, or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.    ☐  Yes    ☐  No

EXPLANATORY NOTE

This Amendment No. 1 (the “Amendment”) is being filed solely for the purpose of filing, for the first time, the Interactive Data File disclosure in accordance with Rule 405 of Regulation S-T as Exhibit 101 to the annual report on Form 20-F of AMTD International Inc. for the fiscal year ended December 31, 2019, which was originally filed with the Securities and Exchange Commission on April 30, 2020 (the “Original Filing”).

This Amendment speaks as of the date of the Original Filing. Except as specifically set forth herein, this Amendment does not amend, update, or restate any of the information previously included in the Original Filing, nor does this Amendment reflect any event that has occurred after the date of the Original Filing.

TABLE OF CONTENTS

PART III.	1
ITEM 19. EXHIBITS	1

ITEM 19. EXHIBITS

Exhibit Number	Document
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Scheme Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

1

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing this Amendment and that it has duly caused and authorized the undersigned to sign this Amendment on its behalf.

AMTD International Inc.
By:	/s/ Calvin Choi
	Name:	Calvin Choi
	Title:	Chairman of the Board of Directors and Chief Executive Officer

Date: May 5, 2020

XML

Income Tax - Reconciliation of income tax expenses and profit before tax at statutory tax rate (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Major components of tax expense (income) [abstract]
Profit before tax	$ 989,253,972	$ 608,965,226	$ 808,585,471
Tax at statutory tax rate	163,226,906	100,479,262	133,416,603
Tax effect of non-taxable income	(23,255,305)	(25,554,680)	(3,834,400)
Tax effect of non-deductible expenses	8,952,076	1,355,050	3,308,966
Tax effect of unrecognized temporary difference	223,434	16,553	13,522
Tax effect of tax loss not recognized	24,541	10,797	64,264
Overprovision in prior year	0	(2,359,495)	0
Utilization of tax losses previously not recognized	(29,783)	(30,662)	(11,790)
Withholding tax on the dividend income	9,207,649	9,922,772	2,256,460
Income tax expense	$ 158,349,518	$ 83,839,597	$ 135,213,625

XML

Consolidated Statements Of Changes In Equity - HKD ($)		Total	Share capital	Capital reserve	Retained profits	Total	Non-controlling interests
Beginning balance at Dec. 31, 2016		$ 336,004,623	$ 156,998	$ 33,333,003	$ 302,514,622	$ 336,004,623	$ 0
Capital injection to a subsidiary		1	0	1	0	1	0
Deemed contributions		1,659,900,000	0	1,279,469,671	0	1,279,469,671	380,430,329
Profit for the year and total comprehensive income for the year		673,371,846	0	0	568,266,428	568,266,428	105,105,418
Ending balance at Dec. 31, 2017		2,669,276,470	156,998	1,312,802,675	870,781,050	2,183,740,723	485,535,747
Capital injection to a subsidiary		1	0	1	0	1	0
Profit for the year and total comprehensive income for the year		525,125,629	0	0	468,061,079	468,061,079	57,064,550
Ending balance at Dec. 31, 2018		3,194,402,100	156,998	1,312,802,676	1,338,842,129	2,651,801,803	542,600,297
Deemed disposal of non-controlling interest	[1]	0	0	435,231,866	0	435,231,866	(435,231,866)
Exercise of warrants		94,197,600	1,308	94,196,292	0	94,197,600	0
Pre-IPO financing		419,382,149	6,451	419,375,698	0	419,382,149	0
Initial public offering		1,507,215,141	18,681	1,507,196,460	0	1,507,215,141	0
Capital injection to a subsidiary		9	0	9	0	9	0
Issuance of shares		782,393,491	9,264	782,384,227	0	782,393,491	0
Profit for the year and total comprehensive income for the year		830,904,454		0	938,272,885	938,272,885	(107,368,431)
Ending balance at Dec. 31, 2019		$ 6,828,494,944	$ 192,702	$ 4,551,187,228	$ 2,277,115,014	$ 6,828,494,944	$ 0

[1] AMTD ISG and AMTD SI were indirectly held by AMTD Group for 79.13% before the Reorganization (see note 1.2). In March 2019, due to the Reorganization, the non-controlling shareholders surrendered their indirect interests in AMTD ISG and AMTD SI amounting to HK$435,231,866 which represented 20.87% of the total net assets of AMTD ISG and AMTD SI. Thereafter AMTD ISG and AMTD SI became wholly-owned subsidiaries of the Company. The non-controlling interests were reclassified into capital reserves as a deemed disposal of non-controlling interests.

XML

Revenue and Other Income - Schedule of analysis of revenue (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	$ 580,006,276	$ 367,538,115	$ 278,976,203
Dividend income	92,316,548	99,227,724	22,564,600
Gains on disposals of investments			46,943,698
Dividend and gain related to disposed investment	100,551,728	99,227,724	69,508,298
Total net fair value changes on financial assets at fair value through profit or loss and stock loan	(641,603,993)	256,460,295	684,679,252
Net fair value changes on derivative financial asset -from derivative financial asset	1,165,220,000
Total revenue	1,204,174,011	723,226,134	1,033,163,753
Management Fee and Performance Based Incentive Fee [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	103,509,196	43,465,186	47,774,685
Brokerage And Handling Fees [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	19,383,099	31,393,570	16,270,055
Others [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	1,158,069	4,088,230	6,768,634
Listed Equity Shares [member]
Disclosure Of Analysis Of Revenue [Line Items]
Total net fair value changes on financial assets at fair value through profit or loss and stock loan	(683,060,000)	202,304,000	684,660,652
Unlisted Debt Securities [member]
Disclosure Of Analysis Of Revenue [Line Items]
Total net fair value changes on financial assets at fair value through profit or loss and stock loan		86,000
Unlisted Equity Shares [member]
Disclosure Of Analysis Of Revenue [Line Items]
Total net fair value changes on financial assets at fair value through profit or loss and stock loan	41,456,007	54,070,295	18,600
Investment Banking [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	455,955,912	288,591,129	208,162,829
Total revenue	455,955,912	288,591,129	208,162,829
Investment Banking [member] | Investment banking fee and income [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	455,955,912	288,591,129	208,162,829
Asset Management [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	124,050,364	78,946,986	70,813,374
Total revenue	124,050,364	78,946,986	70,813,374
Asset Management [member] | Management Fee and Performance Based Incentive Fee [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	103,509,196	43,465,186	47,774,685
Asset Management [member] | Brokerage And Handling Fees [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	19,383,099	31,393,570	16,270,055
Asset Management [member] | Others [member]
Disclosure Of Analysis Of Revenue [Line Items]
Revenue from external customers and others	1,158,069	4,088,230	6,768,634
Strategic Investment [member]
Disclosure Of Analysis Of Revenue [Line Items]
Dividend income	92,316,548	99,227,724	22,564,600
Gains on disposals of investments	8,235,180		46,943,698
Total revenue	$ 624,167,735	$ 355,688,019	$ 754,187,550

XML

Operating Segment Information - Schedule Of Operating Segments (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating segments [line items]
Revenue from external customers and others	$ 580,006,276	$ 367,538,115	$ 278,976,203
Revenue	1,204,174,011	723,226,134	1,033,163,753
Other income	22,090,268	15,392,775	17,914,166
Unallocated finance costs	(27,705,955)	(9,047,063)	(28,724,758)
PROFIT BEFORE TAX	989,253,972	608,965,226	808,585,471
Depreciation	113,919	334,841	379,132
Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	1,204,174,011	723,398,943	1,033,163,753
Intersegment		(172,809)
Revenue		723,226,134
Gross profit		662,594,035	985,067,123
Other Segments [member]
Disclosure of operating segments [line items]
Other income		15,372,350	17,674,605
Depreciation	113,919	334,841	379,132
Capital expenditure	13,710	14,214	138,704
Unallocated amounts [member]
Disclosure of operating segments [line items]
Other income	22,088,780
Unallocated finance costs		(3,666,040)	(15,285,311)
Corporate and other unallocated expenses	(151,832,967)	(65,335,119)	(178,870,946)
Intersegment [member]
Disclosure of operating segments [line items]
Revenue from external customers and others		172,809
External Customer [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	580,006,276	367,538,115	278,976,203
Gross profit	1,146,704,114
Other Customer [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	624,167,735	355,688,019	754,187,550
Investment Banking [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	455,955,912	288,591,129	208,162,829
Revenue	455,955,912	288,591,129	208,162,829
Investment Banking [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	455,955,912	288,591,129	208,162,829
Gross profit		254,901,096	197,333,389
Investment Banking [member] | External Customer [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	455,955,912	288,591,129	208,162,829
Gross profit	413,354,182
Investment Banking [member] | Other Customer [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	0
Asset Management [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	124,050,364	78,946,986	70,813,374
Revenue	124,050,364	78,946,986	70,813,374
Asset Management [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	124,050,364	79,119,795	70,813,374
Gross profit		57,385,943	48,059,488
Asset Management [member] | Intersegment [member]
Disclosure of operating segments [line items]
Revenue from external customers and others		172,809
Asset Management [member] | External Customer [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	124,050,364	78,946,986	70,813,374
Gross profit	109,182,198
Strategic Investment
Disclosure of operating segments [line items]
Revenue	624,167,735	355,688,019	754,187,550
Strategic Investment | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	624,167,735	355,688,019	754,187,550
Gross profit		350,306,996	739,674,246
Strategic Investment | External Customer [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	0
Gross profit	624,167,734
Strategic Investment | Other Customer [member] | Operating segments [member]
Disclosure of operating segments [line items]
Revenue from external customers and others	$ 624,167,735	$ 355,688,019	$ 754,187,550

XML

Operating Expenses, Net - Schedule of operating expenses and foreign exchange differences included in the consolidated statement of profit or loss and other comprehensive income (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating expenses
Marketing and brand promotional expenses	$ 12,903,989	$ 11,864,097	$ 26,207,524
Premises costs and office utilities
Premises costs	11,965,344	9,465,094	18,361,737
Office utilities	9,152,802	6,117,640	7,421,124
Premises costs and office utilities	21,118,146	15,582,734	25,782,861
Traveling and business development expenses	19,362,587	10,860,318	18,460,191
Commissions and bank charges	2,307,050	5,197,984	7,978,311
Office renovation and maintenance expenses	1,430,834	1,603,484	15,880,216
Administrative service fee (Note 26(a)(iii))	12,000,000
Legal and professional fees
Auditor's remuneration	11,402,267	789,000	503,240
Other legal and professional fees	11,776,501	1,650,070	5,268,795
Legal and professional fees	23,178,768	2,439,070	5,772,035
Staff welfare and staff recruitment expenses	2,471,705	3,659,523	7,637,277
Staff welfare and staff recruitment expenses
Depreciation	113,919	334,841	379,132
Foreign exchange differences, net	12,596,647	382,757	(206,072)
Other expenses	7,213,210	657,299	3,671,713
Other expenses, by nature	19,923,776	1,374,897	3,844,773
Operating expenses	$ 114,696,855	$ 52,582,107	$ 111,563,188

XML

Cover Page	12 Months Ended
	Dec. 31, 2019 shares
Document Information [Line Items]
Document Period End Date	Dec. 31, 2019
Document Type	20-F/A
Amendment Flag	false
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Registrant Name	AMTD International Inc.
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Well-known Seasoned Issuer	No
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001769731
Entity File Number	001-39006
Document Annual Report	true
Document Transition Report	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Shell Company Report	false
Entity Address, Country	HK
American depository shares [member]
Document Information [Line Items]
Security Exchange Name	NYSE
Trading Symbol	HKIB
Title of 12(b) Security	American depositary shares
Class A Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	41,084,851
Security Exchange Name	NYSE
No Trading Symbol Flag	true
Title of 12(b) Security	Class A ordinary shares
Class B Ordinary Shares [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding	204,526,628

XML

Revenue and Other Income - Schedule of transaction prices allocated to the remaining performance obligations (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of performance obligations [line items]
Current contract liabilities	$ 111,974,163	$ 55,111,818	$ 0
Within one year
Disclosure of performance obligations [line items]
Transaction price allocated to remaining performance obligations	75,077,754	37,165,868
More than one year
Disclosure of performance obligations [line items]
Transaction price allocated to remaining performance obligations	$ 36,896,409	$ 17,945,950

XML

Basis of Presentation

12 Months Ended

Dec. 31, 2019

Basis of Presentation [Abstract]

Basis of Presentation

2.1 BASIS OF PRESENTATION

Basis of preparation

Through the Reorganization, the Company became the holding company of the contributed businesses now comprising the Group, which were under the common control of the controlling shareholder before and after the Reorganization. Accordingly, the financial statements were prepared on a consolidated basis by applying the principles of the pooling of interest method as if the Reorganization had been completed at the beginning of the reporting period.

The consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flows of the Group for the relevant periods included the results and cash flows of all companies now comprising the Group from the earliest date presented or since the date when the subsidiaries and/or businesses first came under the common control of the controlling shareholder, whenever the period is shorter.

The consolidated statements of financial position of the Group as at December 31, 2018 and 2019 have been prepared to present the assets and liabilities of the subsidiaries and/or businesses using the existing book values from the controlling shareholder’s perspective. No adjustments are made to reflect fair values, or to recognize any new assets or liabilities as a result of the Reorganization.

Equity interests in subsidiaries and/or businesses held by parties other than the controlling shareholder, and changes therein, prior to the Reorganization are presented as non-controlling interests in equity applying the principles of the pooling of interest method.

All intra-group transactions and balances have been eliminated on consolidation.

The Group’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) of the International Accounting Standards Board (“IASB”) and the Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

The consolidated financial statements have been prepared on a historical cost basis, except for financial assets at fair value through profit or loss, stock loan, derivative financial asset and derivative financial liability which are measured at fair value. The consolidated financial statements are presented in Hong Kong Dollars (“HK$”) unless otherwise stated.  

Basis of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries for the years ended December 31, 2017, 2018 and 2019. A subsidiary is an entity, directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee).

The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

Profit or loss is attributed to the owners of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control described above.

2.2 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

New standards and interpretation adopted by the Group

IFRIC Interpretation 23 Uncertainty over Income Tax Treatments

The interpretation addresses the accounting for income taxes (current and deferred) when tax treatments involve uncertainty that affects the application of IAS 12 Income Taxes (often referred to as “uncertain tax positions”). It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The interpretation specifically addresses (i) whether an entity considers uncertain tax treatments separately; (ii) the assumptions an entity makes about the examination of tax treatments by taxation authorities; (iii) how an entity determines taxable profits or tax losses, tax bases, unused tax losses, unused tax credits and tax rates; and (iv) how an entity considers changes in facts and circumstances. Upon adoption of the interpretation, the Group considered whether it has any uncertain tax positions arising from the transfer pricing on its intergroup sales. Based on the Group’s tax compliance and transfer pricing study, the Group determined that it is probable that its transfer pricing policy will be accepted by the tax authorities. Accordingly, the interpretation did not have any impact on the financial position or performance of the Group.

An entity has to determine whether to consider each uncertain tax treatments separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be followed.

The interpretation is effective for annual reporting periods beginning on or after January 1, 2019, but certain transition reliefs are available. The Group has applied the interpretation from its effective date. The adoption of the interpretation did not have any material impact on the Company’s consolidated financial statements.

IFRS 16 Leases

IFRS 16, which supersedes IAS 17 Leases, introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Specifically, under IFRS 16, a lessee is required to recognize a right-of-use asset representing its right to use the underlying leased asset and a lease liability representing its obligation to make lease payments. Accordingly, a lessee should recognize depreciation of the right-of-use asset and interest on the lease liability, and also classifies cash repayments of the lease liability into a principal portion and an interest portion and presents them in the consolidated statements of cash flows. Also, the right-of-use asset and the lease liability are initially measured on a present value basis. The measurement includes non-cancellable lease payments and also includes payments to be made in optional periods if the lessee is reasonably certain to exercise an option to extend the lease, or not to exercise an option to terminate the lease. This accounting treatment is significantly different from the lessee accounting for leases that are classified as operating leases under the predecessor standard, IAS 17.

In respect of the lessor accounting, IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, a lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently.

The adoption of IFRS 16 did not have any impact on the consolidated financial statements of the Group as the companies within the Group did not enter into any lease contracts under their name.

Several other amendments and interpretations apply for the first time in 2019, but do not have an impact on the consolidated financial statements of the Group.

2.3 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS

New standards already adopted in previous financial statements in the application of IFRS 1 First Time Adoption of International Financial Reporting Standards

Amendments to IFRS 3 Definition of a Business

In October 2018, IASB issued the amendment to IFRS 3, Definition of a Business, which is effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after January 1, 2020 and to asset acquisitions that occur on or after the beginning of that period. Amendments to IFRS 3 clarify and provide additional guidance on the definition of a business. The amendments clarify that for an integrated set of activities and assets to be considered a business, it must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. A business can exist without including all of the inputs and processes needed to create outputs. The amendments remove the assessment of whether market participants are capable of acquiring the business and continue to produce outputs. Instead, the focus is on whether acquired inputs and acquired substantive processes together significantly contribute to the ability to create outputs. The amendments have also narrowed the definition of outputs to focus on goods or services provided to customers, investment income or other income from ordinary activities. Furthermore, the amendments provide guidance to assess whether an acquired process is substantive and introduce an optional fair value concentration test to permit a simplified assessment of whether an acquired set of activities and assets is not a business. The Group has early adopted the amendments. The Company acquired the intangible assets included in the consolidated financial statements through the acquisition of a subsidiary in 2015. The acquisition was determined to be and accounted for as an asset acquisition as the intangible assets met the fair value concentration test.

New and revised IFRS not yet adopted by the Group

Amendments to IAS 1 and IAS 8 Definition of Material

Amendments to IAS 1 and IAS 8 provide a new definition of material. The new definition states that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The amendments clarify that materiality will depend on the nature or magnitude of information. A misstatement of information is material if it could reasonably be expected to influence decisions made by the primary users. The Group expects to adopt the amendments prospectively from January 1, 2020. The amendments are not expected to have any significant impact on the Group’s consolidated financial statements.

Amendments to IAS 1 Classification of Liabilities as Current or Non-current

Amendments to IAS 1 clarify the meaning of a right to defer settlement. If an entity’s right to defer settlement of a liability is subject to the entity complying with specified conditions, the entity has a right to defer settlement of the liability at the end of the reporting period if it complies with those conditions at that date. The amendments also clarify that the requirement for the right to exist at the end of the reporting period applies regardless of whether the lender tests for compliance at that date or at a later date. Management’s intention to settle in the short run does not impact the classification. Furthermore, the amendments clarify the meaning of settlement of a liability. Settlement by way of an entity’s own equity instruments is considered settlement for the purpose of classification of liabilities as current or non-current, with one exception. In cases where a conversion option is classified as a liability or part of a liability, the transfer of equity instruments would constitute settlement of the liability for the purpose of classifying it as current or non-current. Only if the conversion option itself is classified as an equity instrument would settlement by way of own equity instruments be disregarded when determining whether the liability is current or non-current. Unchanged from the current standard, a rollover of a borrowing is considered the extension of an existing liability and is therefore not considered to represent ‘settlement’. The Group expects to adopt the amendments retrospectively from January 1, 2022. Upon the adoption of the amendments, the liability component and the conversion option included in the derivative financial liability will be reclassified as current liabilities as the conversion option will be exercisable at any time after six months following the date of issuance of the convertible bond as disclosed in note 23 of the financial statements.

2.4 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Fair value measurement

The Group measures its derivative financial instruments, debt and equity investments at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 —	based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 —	based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly
Level 3 —	based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Impairment of non-financial assets

Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs.

An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.

An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

Related parties

A party is considered to be related to the Group if:

(a) the party is a person or a close member of that person’s family and that person

(i) has control or joint control over the Group;

(ii) has significant influence over the Group; or

(iii) is a member of the key management personnel of the Group or of a parent of the Group;

or

(b) the party is an entity where any of the following conditions applies:

(i) the entity and the Group are members of the same group;

(ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

(iii) the entity and the Group are joint ventures of the same third party;

(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; and the sponsoring employers of the post-employment benefit plan;

(vi) the entity is controlled or jointly controlled by a person identified in (a);

(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the year in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly.

Depreciation is calculated on a straight-line basis to write off the cost or valuation of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:

Furniture and fixtures	20	%
Computer equipment	33	1/3%

Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset.

Intangible assets (other than goodwill)

The Company acquired the intangible assets included in the consolidated financial statements through the acquisition of a subsidiary in 2015. The Company early adopted the amendment to IFRS 3 on the definition of a business. The acquisition was determined to be and accounted for as an asset acquisition as the intangible assets met the fair value concentration test.

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination or asset acquisition is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

Security trading licenses and trading right

Purchased security trading license and trading right are stated at cost less any impairment losses and have indefinite useful life.

Investments and other financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, and subsequently measured at amortized cost, and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below.

In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss.

All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

Subsequent measurement

The subsequent measurement of financial assets depends on their classification as follows:

Financial assets at amortized cost (debt instruments)

Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in profit or loss.

This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other income in profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category.

A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss.

Derecognition of financial assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when:

• the rights to receive cash flows from the asset have expired; or

• the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a “pass-through” arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

Impairment of financial assets

The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

General approach

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information.

The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for accounts receivable which apply the simplified approach as detailed below.

Stage 1 —	Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs
Stage 2 —	Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs
Stage 3 —	Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs

Simplified approach

For accounts receivable that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a default approach that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

For accounts receivable that contain a significant financing component, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at amortized cost or at fair value through profit or loss (derivative financial instruments), as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of financial liabilities at amortized cost, net of directly attributable transaction costs.

The Group’s financial liabilities include accounts payable, margin loan payable, financial liabilities included in other payables and accruals, amount due to fellow subsidiaries and immediate holding company, derivative financial liability and convertible bond.

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification as follows:

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. The net fair value gain or loss recognized in the statement of profit or loss does not include any interest charged on these financial liabilities.

Financial liabilities at amortized cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in profit or loss.

Convertible bond

If the conversion option of convertible bond exhibits characteristics of an embedded derivative, it is separated from its liability component. On initial recognition, the derivative component of the convertible bond is measured at fair value and presented as part of derivative financial instruments. Any excess of proceeds over the amount initially recognized as the derivative component is recognized as the liability component. Transaction costs are apportioned between the liability and derivative components of the convertible bond based on the allocation of proceeds to the liability and derivative components when the instruments are initially recognized. The portion of the transaction costs relating to the liability component is recognized initially as part of the liability. The portion relating to the derivative component is recognized immediately in the statement of profit or loss. 

Derecognition of financial liabilities

A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss.

Derivative financial asset

Derivative financial asset is initially recognized at fair value on the date on which a derivative contract is entered into and is subsequently remeasured at fair value. Derivative financial asset is carried as an asset when the fair value is positive and as a liability when the fair value is negative. Any gain or loss arising from changes in fair value of the derivative financial asset is taken directly to profit or loss.

Day 1 profit or loss

If the fair value of the derivative financial asset at initial recognition differs from the transaction price and the fair value is not evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or a valuation technique that uses only data from observable markets, the difference between the fair value at initial recognition and the transaction price is deferred and is only recognized as a gain or loss during the term of the derivative financial asset using a systematic basis that reflects a change in a factor (including time) that market participants would take into account when pricing the derivative financial asset.

Cash and cash equivalents

For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management.

For the purpose of the consolidated statements of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use.

Provisions

A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in profit or loss.

Income tax

Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

• when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences, and the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carryforward of unused tax credits and unused tax losses can be utilized, except:

• when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• in respect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

The primary components of fee and commission income are investment banking fee and income and asset management fee.

(a) Investment banking fee and income

Investment banking service income is composed of underwriting commission, brokerage fee and financial advisory fee. Underwriting commission earned from underwriting equity and debt securities is recognized at the point in time when the Group’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of a transaction if there is no uncertainty or contingency related to the amount to be paid. The normal credit term is 60 to 120 days upon the completion of performance.

Brokerage fee earned from sales of equity and debt securities from underwriting is recognized at the point in time when the associated service is fulfilled, generally on the trade execution date.

Financial advisory fee is recognized as advice is provided to the customer, based on the estimated progress of work and when revenue is not probable of a significant reversal. The majority of the contracts have a duration of 60 to 120 days.

For investment banking service, each contract contains only one performance obligation.

(b) Asset management fee

Asset management fee primarily includes fees associated with asset management, performance-based incentive fee, brokerage and handling fee. The management fee and the performance-based incentive fee are earned for the provision of asset management services, which include portfolio diversification and rebalancing. These services represent a single performance obligation comprised of a series of distinct services which are substantially the same, being provided continuously over the contract period. Asset management fees consist of management and performance fees that are fixed or variable consideration. Variable consideration is determined based on underlying assets under management, i.e. AUM, of a customer’s account at a specified period end. Management fee is recognized when services are performed and the fee becomes known. Fixed consideration is recognized over the schedule period on a straight-line basis because the customer simultaneously receives and consumes the benefits provided by the Company. Performance-based incentive fee is recognized when the performance target is met and the revenue is not probable of a significant reversal. For the years ended December 31, 2017, 2018 and 2019, the Company did not have any revenue related to such variable consideration and recognized from performance obligations satisfied in previous periods.

Brokerage and handling fees are recognized at the point in time when the associated service is fulfilled, generally on the trade execution date.

For asset management services, when a single contract contains two performance obligations, the stand-alone selling prices of each of the distinct services underlying the performance obligations (i.e. management fee and performance-based incentive fee for asset management service and brokerage and handling fee for transaction processing service) are stated separately in the contract. These are the observable prices of services when the Company sells each of them separately.

Revenue from other sources

Fair value changes on financial assets at fair value through profit or loss and stock loan is recognized in the period in which they arise. Gain/loss recognized for the financial assets at fair value through profit or loss disposed during the current period is defined as gain/loss related to disposed investment, whereas gain/loss recognized for those financial assets at fair value through profit or loss in the consolidated statements of financial position held at the end of the reporting period is defined as net fair value changes on financial assets at fair value through profit or loss and stock loan.

Dividend income is recognized when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

Contract liabilities

A contract liability is recognized when the payment is made received or the payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

For certain customers of asset management service, the Company requires upfront payment of management fee and recorded such upfront fee as contract liabilities in other payables and accruals. Upfront fee is recognized as revenue based on the time elapsed for the service period. Asset management contracts normally cover periods of one to three years.

Employee benefits

Retirement benefit cost

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance for all of its employees. Contributions are made based on a percentage of the employees’ basic salaries and are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme.

Foreign currencies

These financial statements are presented in Hong Kong dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognized in profit or loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is recognized in other comprehensive income or profit or loss is also recognized in other comprehensive income or profit or loss, respectively).

In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration.

XML

Accounts Receivable - Summary of trade receivables (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Trade Receivables [Line Items]
Accounts receivable	$ 346,379,574	$ 161,093,054
Receivable from investment banking services [Member]
Disclosure Of Trade Receivables [Line Items]
Accounts receivable	66,740,188	134,855,898
Receivable from brokers and clearing house [Member]
Disclosure Of Trade Receivables [Line Items]
Accounts receivable	261,329,847	10,813,497
Clients' receivables [Member]
Disclosure Of Trade Receivables [Line Items]
Accounts receivable	$ 18,309,539	12,848,608
Margin loan receivable [Member]
Disclosure Of Trade Receivables [Line Items]
Accounts receivable		$ 2,575,051

XML

Financial Assets At Fair Value Through Profit Or Loss And Stock Loan (Tables)

12 Months Ended

Dec. 31, 2019

Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Abstract]

Summary of financial assets at fair value through profit or loss and stock loan

	December 31,
	2018		2019
	HK$		HK$
Financial assets at fair value through profit or loss		1,953,078,309		1,572,697,716
Stock loan		1,535,679,600		1,200,980,200
		3,488,757,909		2,773,677,916
Listed equity shares, at quoted price
—Investment A		3,134,040,000		2,450,980,000
—Investment B		73,476,000		—
Total listed equity shares, at quoted price		3,207,516,000		2,450,980,000
Unlisted debt securities
—Investment C		78,316,000		—
Unlisted equity shares
—Investment C		—		77,023,394
—Investment D		47,417,581		47,149,360
—Investment E		155,508,328		198,525,162
Total unlisted equity shares		202,925,909		322,697,916
		3,488,757,909		2,773,677,916

XML

Intangible Asset (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of Intangible assets [Abstract]

Summary of intangible assets

	HK$
Net carrying amount as at December 31, 2018 and 2019		15,171,170

XML

Fair value and fair value hierarchy of financial instruments - Schedule of detailed information about in fair value measurement Level 3 (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Unlisted debt securities and unlisted equity shares at fair value through profit or loss:
Balance	$ 3,488,757,909
Total unrealized gain recognized in profit or loss	8,235,180	$ 256,460,295	$ 684,679,252
Balance	2,773,677,916	3,488,757,909
Derivative financial asset (Note 14):
Balance	0
Balance	1,165,220,000	0
Financial liabilities at fair value through profit or loss—Held for trading [Member]
Derivative financial liability (Note 23):
Beginning balance	0
Issued	20,813,810
Ending balance	20,813,810	0
Level 3 [member]
Unlisted debt securities and unlisted equity shares at fair value through profit or loss:
Balance	281,241,909	15,629,400
Total unrealized gain recognized in profit or loss	41,456,007	54,156,295	18,600
Purchase		211,456,214	15,610,800
Balance	1,487,917,916	281,241,909	$ 15,629,400
Warrants at fair value through profit or loss:
Balance	0
Issued	15,699,600
Exercised	(15,699,600)
Balance	0	0
Derivative financial asset (Note 14):
Balance	0
Recognition of day 1 profit or loss	472,591,235
Other fair value gains recognised in profit or loss	692,628,765
Balance	$ 1,165,220,000	$ 0

XML

Stock Incentive Plan

12 Months Ended

Dec. 31, 2019

Stock Incentive Plan [Abstract]

Stock Incentive Plan

30. STOCK INCENTIVE PLAN

AMTD SpiderMan Share Incentive Plan

In June 2019, the Group’s board of directors approved the AMTD SpiderMan Share Incentive Plan, or the 2019 Plan, to attract and retain the best available personnel, provide additional incentives to employees, directors, and consultants, and promote the success of the business. The maximum aggregate number of ordinary shares that may be issued under the Plan is initially 20,000,000 and on January 1 of each year after the effective date of the 2019 Plan, will automatically increase to the number of shares that is equal to ten percent (10%) of the total issued and outstanding share capital of the Group as at December 31 of the preceding year. In addition, on January 1 of each year after the effective date of the Plan, the aggregate number of shares that may be issued under the 2019 Plan will automatically increase by the number of shares representing 1.0% of the total issued and outstanding share capital of the Group as at December 31 of the preceding year, or such less number as the board of directors may determine. As at the date of this annual report, no awards have been granted under the Plan.

XML

Fair value and fair value hierarchy of financial instruments - Schedule of carrying amount and fair value of the financial instruments (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Categories of financial assets [abstract]
Financial assets at fair value through profit or loss	$ 1,572,697,716	$ 1,953,078,309
Derivative financial Asset	1,165,220,000	0
Stock loan	1,200,980,200	1,535,679,600
Financial assets	2,773,677,916	3,488,757,909
Carrying amounts [member]
Categories of financial assets [abstract]
Financial assets	3,938,897,916	3,488,757,909
Carrying amounts [member] | Financial assets at fair value through profit or loss, category [member]
Categories of financial assets [abstract]
Financial assets at fair value through profit or loss	1,572,697,716	1,953,078,309
Carrying amounts [member] | Stock loan [member]
Categories of financial assets [abstract]
Stock loan	1,200,980,200	1,535,679,600
Carrying amounts [member] | Derivative financial Asset [member]
Categories of financial assets [abstract]
Derivative financial Asset	1,165,220,000
Categories of financial liabilities [abstract]
Derivative financial liability and convertible bond	116,809,500
Fair values [member]
Categories of financial assets [abstract]
Financial assets	3,921,050,695	3,488,757,909
Fair values [member] | Financial assets at fair value through profit or loss, category [member]
Categories of financial assets [abstract]
Financial assets at fair value through profit or loss	1,572,697,716	1,953,078,309
Fair values [member] | Stock loan [member]
Categories of financial assets [abstract]
Stock loan	1,200,980,200	$ 1,535,679,600
Fair values [member] | Derivative financial Asset [member]
Categories of financial assets [abstract]
Derivative financial Asset	1,147,372,779
Categories of financial liabilities [abstract]
Derivative financial liability and convertible bond	$ 116,809,500

XML

Related Party Transactions

12 Months Ended

Dec. 31, 2019

Related party transactions [abstract]

Related Party Transactions

26. RELATED PARTY TRANSACTIONS

(a) In addition to the transactions disclosed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the years:

		Year ended December 31,
	Notes	2017		2018			2019
		HK$		HK$			HK$
Underwriting services rendered to immediate holding company	(i)		31,221,600		—			26,420,072
Financial advisory services rendered to fellow subsidiaries	(i)		—		70,988,340			15,691,000
Management fee income from a fellow subsidiary	(i)		2,231,559		—			—
Management fee income from immediate holding company	(i)		—		—			150,000
Investment advisory fee paid to a fellow subsidiary	(i)		15,000		180,000			180,000
Insurance commission paid to a fellow subsidiary	(i)		81,606		57,063			84,133
Asset management services rendered to a fellow subsidiary	(i)		—		5,784,775			457,431
Acquisition of investment from a fellow subsidiary	(ii)		—		72,072,000			—
Administrative service fee paid to immediate holding company	(iii)		—		—			12,000,000
Interest income from immediate holding company	(v)		—		—			17,562,104
Recharge from/(to) immediate holding company
—Staff costs			66,163,850		11,678,050			17,936,752
—Premises cost			17,910,916		9,329,432			5,300,986
—Office renovation			14,118,570		1,250,906			869,214
—Other operating expenses / (income), net			10,512,120		(1,753,759	)		9,798,649
	(iii)		108,705,456		20,504,629			33,905,601
Net fair value change on derivative financial asset entered into with a related party controlled by a director of the Company	(vi)		—		—			1,165,220,000
Asset management service fee income from a related party controlled by a director of the Company	(i)		—		—			478,611
Investment banking service fee income from a related party controlled by a director of the Company	(i)		—		—			2,999,584

Notes:

(i) The terms of these services were comparable to the fee and conditions offered to the major customers of the Group.

(ii) The transaction represented the transfer of 234,000 ordinary shares of a listed company from its fellow subsidiary based on the market price as at December 12, 2018.

(iii) During the years ended December 31, 2017 and 2018, staff costs, office renovation and other operating expenses (e.g. advertisement and promotional expense) were recharged by the immediate holding company based on the proportion of the Company’s revenue to the consolidated revenue of the immediate holding company, net of expenses incurred by the Group. Premises cost was recharged based on actual usage. Starting from the third quarter of year 2019, the immediate holding company charged a fixed service fee of HK$6,000,000 per quarter in place of previous recharging arrangement.

(iv) As at June 30, 2018, the Group transferred the retail insurance brokerage business to fellow subsidiaries at net asset value of HK$775,955, including accounts and other receivables of HK$1,366,402 and accounts and other payables of HK$590,447 through current accounts. The fellow subsidiaries were disposed by the immediate holding company to a third party on the same date.

(v) The transaction represented the interest income carried at 2% per annum (Note 5) of advance amount to immediate holding company which was payable on demand.

(vi) In December 2019, the controlling person of the counterparty, with which the Group has entered into the Agreements (Note 14), was appointed as a Director to the Board of Directors of the Company. Accordingly, the counterparty became a related party of the Company.

(b) Outstanding balances with related parties:

(i) As at January 1, 2017, the Group had an outstanding balance due from a fellow subsidiary of HK$130,000,000 which was unsecured, bears interest of 2.5% per annum and repayable on demand. Interest receivable at January 1, 2017 amounted to HK$3,223,360 was included in due from fellow subsidiaries. During the year ended December 31, 2017, the outstanding balance of HK$130,000,000 became interest free. As at December 31, 2017, the outstanding balance of HK$130,000,000 and interest receivable of HK$3,223,360 were unsecured, interest free and repayable on demand and were included in amounts due from fellow subsidiaries. During the year ended December 31, 2018, the balances due from the fellow subsidiary were fully settled.

During the year ended December 31, 2017, the Group advanced HK$70,332,300 (equivalent to US$9,000,000), which was unsecured, interest free and repayable on demand, to a fellow subsidiary. At December 31, 2017, the outstanding balance of HK$70,332,300 was included in amounts due from fellow subsidiaries. During the year ended December 31, 2018, such balance was fully settled.

As at December 31, 2018, the Group’s outstanding balances due from its fellow subsidiaries and immediate holding company arising from intercompany advances were unsecured, interest free and repayable on demand, except for the balances described above.

As at December 31, 2018, the Group’s outstanding balances due to its fellow subsidiaries and immediate holding company arising from intercompany advances were unsecured, interest free and repayable on demand.

On August 5, 2019, the Group entered into an intercompany financing agreement with its immediate holding company. Under such agreement, any intercompany receivables and payables balances with the immediate holding company and the fellow subsidiaries shall be settled on a net basis with the immediate holding company. As at December 31, 2019, the net balance between the Group and the immediate holding company was an amount due from immediate holding company of HK$2,921,838,772, which bears interest at 2% per annum and are unsecured and repayable on demand. The Group did not have any outstanding balances with its fellow subsidiaries as at December 31, 2019 due to the intercompany financing agreement. For the years ended December 31, 2018 and 2019, there was no provision for credit loss on amounts due from fellow subsidiaries and immediate holding company.

(ii) As at December 31, 2018, the Group had an outstanding accounts receivable balance due from its fellow subsidiaries of HK$70,875,980. The balances arose from the provision of investment banking services and the balances were non-interest bearing with settlement terms mutually agreed by both parties. There was no such balance as at December 31, 2019.

As at December 31, 2019, the Group’s client receivables of HK$2,142,145 and HKD$156,659,071 were due from fellow subsidiaries and a related party which is controlled by a director of the Company, respectively. The balance arose the normal settlement term of two days after trade date arising from asset management services. Any overdue balance is interest-bearing. There was no such balance as at December 31, 2018.

(iii) As at December 31, 2018, the Group had an outstanding balance due from a related company associated with a major shareholder of HK$4,085,019.  This balance was unsecured, interest free and repayable on demand. For the year ended December 31, 2018, there was no provision of credit loss on amount due from the related company. During the year ended December 31, 2019, the immediate holding company acquired the Company’s receivable from the related company of HK$4,075,351 at cost through the current account with the Company. The Group did not have any outstanding balances with the related company as at December 31, 2019.

(iv) As at December 31, 2017, the Group held listed equity shares with fair value of HK$489,600,000 through a share custody entrustment agreement with a fellow subsidiary. The fellow subsidiary was the beneficiary owner of the shares and therefore the fellow subsidiary recorded the listed equity shares as its financial assets. The listed equity shares were used to secure part of the Group’s margin loans payable as at December 31, 2017.

The fellow subsidiary shall bear all costs and expenses in connection with the custody, acquisition and disposal of the listed equity shares. The Group recorded other income from a fellow subsidiary of HK$15,285,311 and HK$3,666,040 for the years ended December 31, 2017 and 2018, respectively, in connection with the reimbursement of interest expenses of the related margin loans payable. As at December 31, 2018 and 2019, the Group did not hold any listed equity shares through the share custody entrustment agreement.

(c) Compensation of key management personnel of the Group:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Short-term employee benefits		8,745,651		19,473,470		43,062,534
Other long-term benefit		53,624		61,428		92,700
		8,799,275		19,534,898		43,155,234

XML

Deferred Tax Liabilities - Summary of Deferred Tax Liabilites (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Beginning balance	$ 163,357,177
Deferred tax charged to profit or loss during the year (Note 9)	79,556,400	$ 33,148,500	$ 112,969,008
Ending balance	242,913,577	163,357,177
Unrealized Gain on Investment [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Beginning balance	163,357,177	130,208,677
Deferred tax charged to profit or loss during the year (Note 9)	79,556,400	33,148,500
Ending balance	$ 242,913,577	$ 163,357,177	$ 130,208,677

XML

Accounts Receivable

12 Months Ended

Dec. 31, 2019

Trade and other receivables [abstract]

Accounts Receivable

11. ACCOUNTS RECEIVABLE

			December 31,
	Notes		2018		2019
			HK$		HK$
Receivable from investment banking services		(i)		134,855,898		66,740,188
Receivable from brokers and clearing house		(ii)		10,813,497		261,329,847
Clients’ receivables		(ii)		12,848,608		18,309,539
Margin loan receivable		(iii)		2,575,051		—
				161,093,054		346,379,574

Notes:

(i) The normal settlement terms of receivables from investment banking services are specific terms mutually agreed between the contracting parties. Receivable from investing banking services is non-interest bearing.

As at December 31, 2018, the Group’s receivable from investment banking services of HK$70,875,980 are due from fellow subsidiaries, which are repayable on similar credit terms to those offered to the major customers of the Group. There is no amount due from the immediate holding company as at December 31, 19. (Note 26(b)(ii)).

(ii) The normal settlement terms of clients’ receivables and receivable from brokers and clearing houses arising from asset management services are 2 days after trade date or at specific terms agreed with brokers and clearing houses. Overdue clients’ receivable is interest-bearing. As at December 31, 2019, the Group’s clients’ receivables of HK$2,142,145 which are due from fellow subsidiaries, which are repayable on similar credit terms to those offered to the major customers of the Group. The Group did not have any clients’ receivables due from fellow subsidiaries as at December 31, 2018.

(iii) As at December 31, 2018, the Group had collateral of listed shares with fair value amounted to HK$3,808,116 in margin financing business. Margin loan receivable is interest-bearing.

The Group seeks to maintain strict control over its outstanding receivables and has a credit control team to minimize credit risk. Overdue balances are reviewed regularly by senior management. Except for the margin loan receivable, the Group does not hold any collateral over its accounts receivable.

An aging analysis of the accounts receivable as at the end of the reporting periods, based on the due date, net of loss allowance is as follows: 

	December 31,
	2018		2019
	HK$		HK$
Not yet due		95,469,641		294,541,514
Past due
Within 1 month		732,497		41,032,006
1 to 3 months		840,942		5,232,320
Over 3 months		64,049,974		5,573,734
		161,093,054		346,379,574

As at December 31, 2018 and 2019, accounts receivable was due from a number of reputable corporate clients, brokers and individual clients.  

Margin loan receivable are assessed for impairment under stage 1 of general approach. Where applicable, an impairment analysis is performed at each reporting date by considering the probability of default of comparable companies with published credit ratings. Their recoverability was assessed with reference to the credit status of the debtors. The expected credit losses as at December 31, 2018 are considered to be minimal and no loss allowance of margin loan receivable was provided.

An impairment analysis of clients’ receivables, receivable from brokers and clearing house, and receivable from investment banking services is performed at each reporting date using probability of default approach to measure expected credit losses. The probability of default and loss given default are estimated based on the Group’s assessment on credit ratings of the accounts receivable and historical loss experience. The notion or categorization of credit risk rating is for internal risk management purposes and is not equivalent to the similar terms applied by other credit rating agencies. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forecasts of future economic conditions.

As at December 31, 2018, the probability of default was ranged from 0.13% to 0.80% and the loss given default was estimated to be 45%. As at December 31, 2019, the probability of default was ranged from 0.14% to 18.24% and the loss given default was estimated to be 45%.

	Internal credit risk rating
	AAA			AA		A			BBB			BB			CCC		Total
As at December 31, 2018
Expected credit loss rate		0.13	%		—		0.30	%		0.49	%		0.80	%		—		—
Gross carrying amount (HK$‘000)		668			—		72,535			83,454			1,861			—		158,518

	Internal credit risk rating
	AAA		AA			A			BBB			BB			CCC			Total
As at December 31, 2019
Expected credit loss rate		—		0.14	%		0.17	%		0.33	%		0.59	%		18.24	%		—
Gross carrying amount (HK$‘000)		—		141,440			64,914			136,928			1,826			1,272			346,380

The expected credit losses as at December 31, 2018 and 2019 were immaterial and no loss allowance for accounts receivable was provided.

XML

Significant Accounting Estimates and Judgments

12 Months Ended

Dec. 31, 2019

Accounting judgements and estimates [Abstract]

Significant Accounting Estimates and Judgments

3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS

The preparation of the Group’s financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and their accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amounts of the assets or liabilities affected in the future.

Judgments

In the process of applying the Group’s accounting policies, management has made the following judgments, apart from those involving estimations, which have the most significant effect on the amounts recognized in the consolidated financial statements:

Income tax

Significant judgments on the future tax treatment of certain transactions are required in determining income tax provisions. The Group carefully evaluates tax implications of transactions and tax provisions are recorded accordingly. The tax treatment of such transactions is reconsidered periodically to take into account all changes in tax legislation.

Estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below:

Provision for expected credit losses on accounts receivable

The Group uses the probability of default approach to calculate ECLs for accounts receivable. The probability of default approach is initially based on the Group’s estimates on the probability of default and the loss given default, adjusted for factors of general economic conditions. The probability of default and loss given default are estimated based on the Group’s assessment on credit ratings of the accounts receivable and historical loss experience.

The assessment of the probability of default and the loss given default involves uncertainty and therefore ECLs is a significant estimate. The amount of ECLs is sensitive to changes in circumstances and forecast economic conditions. The Group’s estimates may also not be representative of a customer’s actual default in the future. The information about the ECLs on the Group’s accounts receivable is disclosed in Note 11 and Note 29 to the consolidated financial statements.

Fair value of unlisted debt securities and unlisted equity investments

As at December 31, 2018 and 2019, the fair values of unlisted debt and equity investments-Investment C and Investment E (Note 13) were based on the prices of recent transactions of the same instruments with the same rights of the same issuers that occurred within 12 months without adjustment. The valuation relies on management’s judgment about whether there have been any events occurred from the date of last transaction and the year end that could significantly affect the prices.

As at December 31, 2018, the fair value of unlisted equity investment-Investment D (Note 13) has been estimated using an equity value allocation (“EVA”) valuation technique based on assumptions that are supported by observable recent transactions with similar risk characteristics. The valuation requires management to estimate the expected equity volatility and hence they are subject to uncertainty.

As at December 31, 2019, the fair value of the unlisted equity investment-Investment D was estimated using an EVA valuation technique relying on the hybrid method, considering two scenarios in a probability weighted expected return method (“PWERM”) framework, and using the option pricing method (“OPM”) to allocate value in one of the scenarios. The valuation requires the management to consider two scenarios in its PWERM analysis which was non-IPO exit event and IPO exit event and hence they were subject to uncertainty. The input of the equity value of unlisted equity investment-Investment D was estimated using market approach.

The Group classifies the fair value of these investments as Level 3.

Fair value of warrants

The fair value of the warrants was estimated using binominal option pricing model which requires the management to estimate volatility of the fair value of the equity securities. The Group classifies the fair value of warrants as Level 3.

Fair value of derivative financial asset

The fair value of the derivative financial asset in respect of the “Upside Participation and Profit Distribution Agreements” as detailed in Note 14 to the financial statements was estimated using the Monte Carlo Simulation (“MCS”) and was determined based on significant observable and unobservable inputs including the current stock price, dividend yield, risk-free rate, volatility of the underlying equity securities and the credit rating of the counterparty on the valuation date. MCS is a financial model that is commonly used to simulate variables that are highly unpredictable. The valuations performed using the MCS require management to estimate the volatility of the underlying equity securities and the credit rating of the counterparty and hence the valuations are subject to estimation uncertainty. The Group classifies the fair value of derivative financial asset as Level 3.

Fair value of the conversion option embedded in the convertible bond

The fair value of the conversion option embedded in the convertible bond is calculated based on the difference of the fair value of convertible bond as a whole using the binomial option pricing model, and the fair value of the loan using the discounted cash flow method. The valuation of the fair value of convertible bond as a whole requires the Group to determine credit spread, liquidity spread and volatility. The Group classifies the fair value of the conversion option embedded in the convertible bond as Level 3.

XML

Cash and bank balances - Summary of detailed information about cash and bank balances (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents [abstract]
Cash on hand	$ 31,031	$ 31,031
General bank accounts	766,399,440	126,824,487
Total cash and bank balances	$ 766,430,471	$ 126,855,518

XML

Staff Costs

12 Months Ended

Dec. 31, 2019

Classes of employee benefits expense [abstract]

Staff Costs

7. STAFF COSTS

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Salaries and bonuses		101,092,455		67,187,493		93,703,848
Pension scheme contributions (defined contribution schemes)		1,112,047		837,020		903,649
		102,204,502		68,024,513		94,607,497

XML

Accounts payable - Summary of aging analysis of the accounts payable (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Aging Analysis Of Trade And Other Payables Explanatory [Line Items]
Trade and other current payables	$ 492,039,336	$ 602,202,126
Within one month [member]
Disclosure Of Detailed Information About Aging Analysis Of Trade And Other Payables Explanatory [Line Items]
Trade and other current payables	265,486,160	15,310,871
Repayable on demand [member]
Disclosure Of Detailed Information About Aging Analysis Of Trade And Other Payables Explanatory [Line Items]
Trade and other current payables	$ 226,553,176	$ 586,891,255

XML

Stock Incentive Plan - Additional Information (Detail) - Two Thousand Nineteen Plan [member]	Dec. 31, 2019 shares
Stock Incentive Plan [Line Items]
Maximum number of ordinary shares that may be issued	20,000,000
Percent of automatic increase of shares on total issued and outstanding share capital	10.00%
Percent of additional automatic increase of shares on total issued and outstanding share capital	1.00%

XML

Other Assets

12 Months Ended

Dec. 31, 2019

Disclosure Of Detailed Information About Other Assets [Abstract]

Other Assets

15. OTHER ASSETS

The Group maintains segregated bank accounts with corporate banks to hold clients’ monies on trust under custody arising from its asset management and other business. The Group has classified the clients’ monies as other assets under the assets section of the consolidated statements of financial position and recognized the corresponding amounts as clients’ monies held on trust in accounts payable (Note 19) to respective clients on the basis that it is legally liable for any possible loss or misappropriation of the clients’ monies. The Group is not allowed to use the clients’ monies to settle its own obligations.

	December 31,
	2018		2019
	HK$		HK$
Segregated clients’ bank accounts balances:
- Asset management business		586,096,042		225,439,918
- Others		29,395,158		20,062,862
		615,491,200		245,502,780

XML

Accounts Payable

12 Months Ended

Dec. 31, 2019

Trade and other payables [abstract]

Accounts Payable

19. ACCOUNTS PAYABLE

			December 31,
	Note		2018		2019
			HK$		HK$
Clients’ payables		(i)		12,157,051		256,423,531
Payables to clearing house and brokers		(i)		3,153,820		9,062,629
Clients’ monies held on trust (Note 15)				586,891,255		226,553,176
				602,202,126		492,039,336

Note:

(i) As at December 31, 2018 and 2019, payables to clearing house and brokers and clients’ payable arising from assets management business are repayable 2 days after trade date or at pre-agreed specified terms.

An aging analysis of the accounts payable as at the end of the reporting period is as follows:

	December 31,
	2018		2019
	HK$		HK$
Within one month		15,310,871		265,486,160
Repayable on demand		586,891,255		226,553,176
		602,202,126		492,039,336

The balances of accounts payable are unsecured and non-interest-bearing.

XML

Notes To The Consolidated Statements Of Cash Flows - Summary Of Liabilities Arising From Financing Activities (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	$ 321,999,549	$ 351,609,630	$ 638,350,783
Cash flow changes from financing activities	112,532,389	(29,610,081)	(38,557,701)
Released from disposal of financial assets at fair value through profit or loss			(248,183,452)
Interest expenses	27,705,955	9,047,063	28,724,758
Interest paid	(27,705,955)	(9,047,063)	(28,724,758)
Ending balance	434,531,938	321,999,549	351,609,630
Margin Loans Payable [Member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	321,999,549	351,609,630	638,350,783
Cash flow changes from financing activities	(4,277,111)	(29,610,081)	(38,557,701)
Released from disposal of financial assets at fair value through profit or loss			(248,183,452)
Interest expenses	27,705,955	9,047,063	28,724,758
Interest paid	(27,705,955)	(9,047,063)	(28,724,758)
Ending balance	317,722,438	$ 321,999,549	$ 351,609,630
Convertible Bond [member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Cash flow changes from financing activities	95,995,690
Ending balance	95,995,690
Derivative Financial Liability [Member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Cash flow changes from financing activities	20,813,810
Ending balance	$ 20,813,810

XML

Convertible bond - Summary of convertible bonds (Detail) - Convertible bonds [member]	12 Months Ended
	Dec. 31, 2019 HKD ($)
Liability component [Member]
Summary of movement of convertible bond [line items]
Beginning balance	$ 0
Convertible bond issued during the year	95,995,690
Ending balance	95,995,690
Derivative Financial Liability [Member]
Summary of movement of convertible bond [line items]
Beginning balance	0
Convertible bond issued during the year	20,813,810
Ending balance	$ 20,813,810

XML

Related Party Transactions - Additional Information (Detail)				12 Months Ended
	Dec. 12, 2018 shares	Jun. 30, 2018 HKD ($)	Jan. 01, 2017 HKD ($)	Dec. 31, 2019 HKD ($)	Dec. 31, 2018 HKD ($)	Dec. 31, 2017 HKD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)
Disclosure of unconsolidated structured entities [line items]
Interest receivable			$ 3,223,360			$ 3,223,360
Due from fellow subsidiaries				$ 2,142,145
Other income from a fellow subsidiary				0	$ 3,666,040	15,285,311
Amounts receivable, related party transactions			$ 130,000,000			130,000,000
Due from a related company				0	4,085,019
Provision for credit loss from related parties				$ 0	0
Outstanding balance due from subsidiary, interet rate			2.50%
Advances made to related party						70,332,300	$ 9,000,000
Outstanding balance due from subsidiary						70,332,300
Listed equity shares held						$ 489,600,000
Immediate holding company [Member]
Disclosure of unconsolidated structured entities [line items]
Interest on advances				2.00%				2.00%
Advances to related parties				$ 2,921,838,772
Receivables Acquired								$ 4,075,351
Fellow Subsidiaries [member]
Disclosure of unconsolidated structured entities [line items]
Transfer of ordinary shares for acquisition of investments | shares	234,000
Due from fellow subsidiaries					70,875,980
Fellow Subsidiaries [member] | Insurance Brokerage Business [member]
Disclosure of unconsolidated structured entities [line items]
Net assets transferred		$ 775,955
Fellow Subsidiaries [member] | Insurance Brokerage Business [member] | Accounts And Other Receivables [member]
Disclosure of unconsolidated structured entities [line items]
Net assets transferred		1,366,402
Fellow Subsidiaries [member] | Insurance Brokerage Business [member] | Accounts And Other Payable [member]
Disclosure of unconsolidated structured entities [line items]
Net assets transferred		$ 590,447
Other related parties [member]
Disclosure of unconsolidated structured entities [line items]
Due from a related company					$ 4,085,019
Immediate holding company [Member]
Disclosure of unconsolidated structured entities [line items]
Interest rate on receivables				2.00%				2.00%
Immediate holding company [Member] | Administrative Service Fees [Member]
Disclosure of unconsolidated structured entities [line items]
Service received related party transactions				$ 12,000,000
Immediate holding company [Member] | Administrative Service Fees [Member] | Quarterly [Member]
Disclosure of unconsolidated structured entities [line items]
Service received related party transactions				6,000,000
Entities with joint control or significant influence over entity [Member]
Disclosure of unconsolidated structured entities [line items]
Current payables to related parties				$ 156,659,071

XML

Derivative Financial Asset - Summary of financial instrument fair value (Detail)		3 Months Ended			6 Months Ended
	Apr. 01, 2019 HKD ($)	Dec. 31, 2019 HKD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 HKD ($)	Jun. 30, 2019 HKD ($)
Fair value using valuation technique [member]
Disclosure Of Derivative Financial Instrument Fair Value Change In Profit Or Loss And Other Comprehensive Income [Line Items]
Beginning balance		$ 807,618,000		$ 461,423,555	$ 0
Initial transaction on April 1, 2019	$ 355,294,216
Changes in fair value		356,063,365		230,436,061	106,129,339
Recognition of day 1 profit or loss		0		0	0
Contract renegotiation on July 1, 2019				115,758,384
Contract renegotiation on September 30, 2019				(115,758,384)
Contract renegotiation			$ (17,847,221)
Ending balance			1,165,220,000	807,618,000	461,423,555
Day 1 profit or loss [member]
Disclosure Of Derivative Financial Instrument Fair Value Change In Profit Or Loss And Other Comprehensive Income [Line Items]
Beginning balance		0		(266,956,036)	0
Initial transaction on April 1, 2019	(355,294,216)
Changes in fair value		0		0	0
Recognition of day 1 profit or loss		1,538,635		382,714,420	88,338,180
Contract renegotiation on July 1, 2019				1,538,635
Contract renegotiation on September 30, 2019				(1,538,635)
Contract renegotiation			17,847,221
Ending balance			17,847,221	0	(266,956,036)
Net carrying amount presented on the statement of financial position [member]
Disclosure Of Derivative Financial Instrument Fair Value Change In Profit Or Loss And Other Comprehensive Income [Line Items]
Beginning balance		807,618,000		194,467,519	0
Initial transaction on April 1, 2019	0
Changes in fair value		356,063,365		230,436,061	106,129,339
Recognition of day 1 profit or loss		1,538,635		382,714,420	88,338,180
Contract renegotiation on July 1, 2019				0
Contract renegotiation on September 30, 2019				0
Contract renegotiation			0
Ending balance			1,165,220,000	807,618,000	194,467,519
Net fair value change on derivative financial instrument presented on the statement of profit or loss and other comprehensive income [member]
Disclosure Of Derivative Financial Instrument Fair Value Change In Profit Or Loss And Other Comprehensive Income [Line Items]
Beginning balance		807,618,000		194,467,519	0
Initial transaction on April 1, 2019	$ 0
Changes in fair value		356,063,365		230,436,061	106,129,339
Recognition of day 1 profit or loss		$ 1,538,635		382,714,420	88,338,180
Contract renegotiation on July 1, 2019				0
Contract renegotiation on September 30, 2019				0
Contract renegotiation			0
Ending balance			$ 1,165,220,000	$ 807,618,000	$ 194,467,519

XML

Corporate Information - Summary of information about company principal subsidiaries (Detail)	12 Months Ended
	Dec. 31, 2019 HKD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 HKD ($)
Disclosure of subsidiaries [line items]
Issued and registered share capital
AMTD International Holding Group Limited (formerly known as AMTD Financial Planning Limited) ("AMTD IHG") [member]
Disclosure of subsidiaries [line items]
Place of incorporation	HK
Issued and registered share capital	$ 500,000
Proportion Of Ownership Interest In Subsidiary Direct	100.00%
Principal activities	Investment holding
AMTD Securities Limited [member]
Disclosure of subsidiaries [line items]
Place of incorporation	HK
Issued and registered share capital	$ 1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Investment holding
AMTD Global Markets Limited (formerly known as AMTD Asset Management Limited) ("AMTD GM") [member]
Disclosure of subsidiaries [line items]
Place of incorporation	HK
Issued and registered share capital	$ 1,561,610,980
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Provision of investment banking, financial advisory services and asset management services
Asia Alternative Asset Partners Limited ("AMTD AAAPL") [member]
Disclosure of subsidiaries [line items]
Place of incorporation	HK
Issued and registered share capital	$ 5,000,000
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Provision of investment advisory services
AMTD Strategic Investment Limited ("AMTD SI") [member]
Disclosure of subsidiaries [line items]
Place of incorporation	HK
Issued and registered share capital	$ 1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Provision of strategic investment
AMTD Investment Solutions Group Limited ("AMTD ISG") [member]
Disclosure of subsidiaries [line items]
Place of incorporation	HK
Issued and registered share capital	$ 1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Provision of strategic investment
AMTD Overseas Limited (formerly known as AMTD Europe Holdings Limited) ("AMTD Overseas") [member]
Disclosure of subsidiaries [line items]
Place of incorporation	HK
Issued and registered share capital	$ 1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Strategic investment
AMTD Fintech Investment Limited ("AMTD FI") [member]
Disclosure of subsidiaries [line items]
Place of incorporation	HK
Issued and registered share capital	$ 1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Strategic investment
AMTD Investment Inc. ("AMTD Investment") [member]
Disclosure of subsidiaries [line items]
Place of incorporation	Cayman Islands
Issued and registered share capital		$ 1
Proportion Of Ownership Interest In Subsidiary Direct	100.00%
Principal activities	Investment holding
AMTD Strategic Investment (BVI) Limited [member]
Disclosure of subsidiaries [line items]
Place of incorporation	BVI
Issued and registered share capital		1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Investment holding
AMTD Investment Solutions Group (BVI) Limited [member]
Disclosure of subsidiaries [line items]
Place of incorporation	BVI
Issued and registered share capital		1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Investment holding
AMTD Overseas (BVI) Limited [member]
Disclosure of subsidiaries [line items]
Place of incorporation	BVI
Issued and registered share capital		1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Investment holding
AMTD Fintech Investment (BVI) Limited [member]
Disclosure of subsidiaries [line items]
Place of incorporation	BVI
Issued and registered share capital		$ 1
Proportion of Ownership Interest In Subsidiaries Indirect	100.00%
Principal activities	Investment holding

XML

Accounts Receivable - Summary of aging analysis of accounts receivable (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items]
Accounts receivable	$ 346,379,574	$ 161,093,054
Current [member]
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items]
Accounts receivable	294,541,514	95,469,641
Within 1 month [member]
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items]
Accounts receivable	41,032,006	732,497
1 to 3 months [member]
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items]
Accounts receivable	5,232,320	840,942
Over 3 months [member]
Disclosure Of Aging Anaylsis Of Accounts Receivable [Line Items]
Accounts receivable	$ 5,573,734	$ 64,049,974

XML

Other Assets (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Detailed Information About Other Assets [Abstract]

Summary of detailed information about other assets

	December 31,
	2018		2019
	HK$		HK$
Segregated clients’ bank accounts balances:
- Asset management business		586,096,042		225,439,918
- Others		29,395,158		20,062,862
		615,491,200		245,502,780

XML

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2019

Related party transactions [abstract]

Summary of detailed information about additional information of transactions with related parties

(a) In addition to the transactions disclosed elsewhere in these consolidated financial statements, the Group had the following transactions with related parties during the years:

		Year ended December 31,
	Notes	2017		2018			2019
		HK$		HK$			HK$
Underwriting services rendered to immediate holding company	(i)		31,221,600		—			26,420,072
Financial advisory services rendered to fellow subsidiaries	(i)		—		70,988,340			15,691,000
Management fee income from a fellow subsidiary	(i)		2,231,559		—			—
Management fee income from immediate holding company	(i)		—		—			150,000
Investment advisory fee paid to a fellow subsidiary	(i)		15,000		180,000			180,000
Insurance commission paid to a fellow subsidiary	(i)		81,606		57,063			84,133
Asset management services rendered to a fellow subsidiary	(i)		—		5,784,775			457,431
Acquisition of investment from a fellow subsidiary	(ii)		—		72,072,000			—
Administrative service fee paid to immediate holding company	(iii)		—		—			12,000,000
Interest income from immediate holding company	(v)		—		—			17,562,104
Recharge from/(to) immediate holding company
—Staff costs			66,163,850		11,678,050			17,936,752
—Premises cost			17,910,916		9,329,432			5,300,986
—Office renovation			14,118,570		1,250,906			869,214
—Other operating expenses / (income), net			10,512,120		(1,753,759	)		9,798,649
	(iii)		108,705,456		20,504,629			33,905,601
Net fair value change on derivative financial asset entered into with a related party controlled by a director of the Company	(vi)		—		—			1,165,220,000
Asset management service fee income from a related party controlled by a director of the Company	(i)		—		—			478,611
Investment banking service fee income from a related party controlled by a director of the Company	(i)		—		—			2,999,584

Notes:

(i) The terms of these services were comparable to the fee and conditions offered to the major customers of the Group.

(ii) The transaction represented the transfer of 234,000 ordinary shares of a listed company from its fellow subsidiary based on the market price as at December 12, 2018.

(iii) During the years ended December 31, 2017 and 2018, staff costs, office renovation and other operating expenses (e.g. advertisement and promotional expense) were recharged by the immediate holding company based on the proportion of the Company’s revenue to the consolidated revenue of the immediate holding company, net of expenses incurred by the Group. Premises cost was recharged based on actual usage. Starting from the third quarter of year 2019, the immediate holding company charged a fixed service fee of HK$6,000,000 per quarter in place of previous recharging arrangement.

(iv) As at June 30, 2018, the Group transferred the retail insurance brokerage business to fellow subsidiaries at net asset value of HK$775,955, including accounts and other receivables of HK$1,366,402 and accounts and other payables of HK$590,447 through current accounts. The fellow subsidiaries were disposed by the immediate holding company to a third party on the same date.

(v) The transaction represented the interest income carried at 2% per annum (Note 5) of advance amount to immediate holding company which was payable on demand.

(vi) In December 2019, the controlling person of the counterparty, with which the Group has entered into the Agreements (Note 14), was appointed as a Director to the Board of Directors of the Company. Accordingly, the counterparty became a related party of the Company.

Summary of detailed information about compensation of key management personnel

(c) Compensation of key management personnel of the Group:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Short-term employee benefits		8,745,651		19,473,470		43,062,534
Other long-term benefit		53,624		61,428		92,700
		8,799,275		19,534,898		43,155,234

XML

Prepayments, Deposits And Other Receivables - Additional information (Detail)	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Prepayments And Other Assets [Line Items]
Percentage Of Loss On Default	45.00%	45.00%
Bottom of range [member]
Disclosure Of Detailed Information About Prepayments And Other Assets [Line Items]
Probability Of Default	0.33%	0.33%
Top of range [member]
Disclosure Of Detailed Information About Prepayments And Other Assets [Line Items]
Probability Of Default	0.50%	0.50%

XML

Finance Costs (Tables)

12 Months Ended

Dec. 31, 2019

Finance Costs [Abstract]

Summary of Finance Costs

An analysis of finance costs from operations is as follows:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Interests on margin loans payable		28,724,758		9,047,063		27,705,955

XML

Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of operating segments [abstract]

Summary of operating segments

Segment revenue and results

Year ended December 31, 2017

	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Segment revenue (Note 5)
Revenue
—from external customers		208,162,829		70,813,374		—		278,976,203
—others		—		—		754,187,550		754,187,550
		208,162,829		70,813,374		754,187,550		1,033,163,753
Segment results		197,333,389		48,059,488		739,674,246		985,067,123
Other income								17,674,605
Unallocated finance costs								(15,285,311	)
Corporate and other unallocated expenses								(178,870,946	)
Profit before tax								808,585,471
Other segment information
Depreciation								379,132
Capital expenditure*								138,704

* Capital expenditure consists of additions of property, plant and equipment.

Year ended December 31, 2018

	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Segment revenue (Note 5)
Revenue
—from external customers		288,591,129		78,946,986		—		367,538,115
—others		—		—		355,688,019		355,688,019
Intersegment		—		172,809		—		172,809
		288,591,129		79,119,795		355,688,019		723,398,943
Reconciliation
Intersegment								(172,809	)
								723,226,134
Segment results		254,901,096		57,385,943		350,306,996		662,594,035
Other income								15,372,350
Unallocated finance costs								(3,666,040	)
Corporate and other unallocated expenses								(65,335,119	)
Profit before tax								608,965,226
Other segment information
Depreciation								334,841
Capital expenditure*								14,214

* Capital expenditure consists of additions of property, plant and equipment.

Year ended December 31, 2019

	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Segment revenue (Note 5)
Revenue
—from external customers		455,955,912		124,050,364		—		580,006,276
—others		—		—		624,167,735		624,167,735
		455,955,912		124,050,364		624,167,735		1,204,174,011
Segment results		413,354,182		109,182,198		624,167,734		1,146,704,114
Other income								22,088,780
Unallocated finance costs								(27,705,955	)
Corporate and other unallocated expenses								(151,832,967	)
Profit before tax								989,253,972
Other segment information
Depreciation								113,919
Capital expenditure*								13,710

* Capital expenditure consists of additions to property, plant and equipment.

Summary of segment assets and liabilities

Segment assets and liabilities

	December 31,
	2018		2019
	HK$		HK$
Segment assets
Investment banking		134,855,898		64,813,018
Asset management		712,011,344		539,713,339
Strategic investments		3,494,527,773		2,894,217,916
Total segment assets		4,341,395,015		3,498,744,273
Unallocated corporate assets		2,765,794,535		4,771,948,379
Total assets		7,107,189,550		8,270,692,652
Segment liabilities
Investment banking		15,000,000		—
Asset management		663,698,964		492,039,337
Strategic investments		321,999,549		317,722,439
Total segment liabilities		1,000,698,513		809,761,776
Unallocated corporate liabilities		2,912,088,937		632,435,932
Total liabilities		3,912,787,450		1,442,197,708

Summary of group's revenue from external customers by geographical areas

The following table sets forth the Group’s revenue from external customers by geographical areas based on the location of the customers:

Year ended December 31, 2017

	Investment banking		Asset management		Total
	HK$		HK$		HK$
Hong Kong		70,332,752		11,352,777		81,685,529
Mainland China		137,830,077		53,184,060		191,014,137
Others		—		6,276,537		6,276,537
		208,162,829		70,813,374		278,976,203

Year ended December 31, 2018

	Investment banking		Asset management		Total
	HK$		HK$		HK$
Hong Kong		128,880,466		39,451,207		168,331,673
Mainland China		158,780,244		36,615,872		195,396,116
Others		930,419		2,879,907		3,810,326
		288,591,129		78,946,986		367,538,115

Year ended December 31, 2019

	Investment banking		Asset management		Total
	HK$		HK$		HK$
Hong Kong		118,086,900		21,441,042		139,527,942
Mainland China		300,078,498		92,797,260		392,875,758
United States		30,342,514		3,229,613		33,572,127
Others		7,448,000		6,582,449		14,030,449
		455,955,912		124,050,364		580,006,276

XML

Subsequent event - Additional Information (Detail) - Subsequent event [Member] - USD ($)	Apr. 24, 2020	Apr. 23, 2020	Apr. 08, 2020	Apr. 02, 2020	Mar. 30, 2020
Disclosure of non-adjusting events after reporting period [line items]
Authorized value of notes to be issued				$ 1,000,000,000
AMTD Group [Member]
Disclosure of non-adjusting events after reporting period [line items]
Authorized value of notes to be issued	$ 1,000,000,000	$ 1,000,000,000
Borrowings	$ 123,000,000
Borrowings, interest rate	7.625%
AMTD Group [Member] | Top of range [member]
Disclosure of non-adjusting events after reporting period [line items]
Amounts subject to netting arrangement	$ 200,000
Debt Instrument [Member] | AMTD Group [Member]
Disclosure of non-adjusting events after reporting period [line items]
Additional number of shares authorized			23,873,655
Medium Term Borrowings [Member]
Disclosure of non-adjusting events after reporting period [line items]
Authorized value of notes to be issued					$ 1,000,000,000

XML

Cash And Bank Balances

12 Months Ended

Dec. 31, 2019

Cash and cash equivalents [abstract]

Cash And Bank Balances

16. CASH AND BANK BALANCES

	December 31,
	2018		2019
	HK$		HK$
Cash and cash equivalents:
- Cash on hand		31,031		31,031
- General bank accounts		126,824,487		766,399,440
Total cash and cash equivalents		126,855,518		766,430,471

Cash at banks earns interest at floating rates based on daily bank deposit rates for all the periods. The bank balances are deposited with creditworthy banks with no recent history of default.

XML

Margin Loans Payable

12 Months Ended

Dec. 31, 2019

Trade and other payables [abstract]

Margin Loans Payable

20. MARGIN LOANS PAYABLE

As at December 31, 2018 and 2019, the balances are interest-bearing at a rate of 6.75% per annum (“p.a.”) and 6.625% p.a., respectively, and secured by the Group’s financial assets at fair value through profit or loss of HK$1,598,360,400, and HK$1,249,999,800, respectively (Note 13).

XML

Related Party Transactions - Summary of Detailed Information About Additional Information of Transactions With Related Parties (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of transactions between related parties [line items]
Interest income from immediate holding company	$ 17,562,104	$ 0	$ 0
Immediate holding company [Member]
Disclosure of transactions between related parties [line items]
Staff costs	17,936,752	11,678,050	66,163,850
Premises cost	5,300,986	9,329,432	17,910,916
Office renovation	869,214	1,250,906	14,118,570
Other operating expenses/(income), net	9,798,649	(1,753,759)	10,512,120
Adjustments In Related Parties Net	33,905,601	20,504,629	108,705,456
Net fair value change on derivative financial instrument entered into with a related party controlled by a director of the Company	1,165,220,000
Underwriting Services [Member] | Immediate holding company [Member]
Disclosure of transactions between related parties [line items]
Revenue from rendering of services, related party transactions	26,420,072		31,221,600
Financial Advisory Service [Member] | Fellow Subsidiaries [Member]
Disclosure of transactions between related parties [line items]
Revenue from rendering of services, related party transactions	15,691,000	70,988,340
Management Fee Income [Member] | Immediate holding company [Member]
Disclosure of transactions between related parties [line items]
Management fee income from immediate holding company	150,000
Management Fee Income [Member] | Fellow Subsidiaries [Member]
Disclosure of transactions between related parties [line items]
Revenue from rendering of services, related party transactions			2,231,559
Investment Advisory Fee [Member] | Fellow Subsidiaries [Member]
Disclosure of transactions between related parties [line items]
Services received, related party transactions	180,000	180,000	15,000
Insurance Commission [Member] | Fellow Subsidiaries [Member]
Disclosure of transactions between related parties [line items]
Services received, related party transactions	84,133	57,063	$ 81,606
Asset Management Services [Member] | Fellow Subsidiaries [Member]
Disclosure of transactions between related parties [line items]
Revenue from rendering of services, related party transactions	457,431	5,784,775
Asset Management Services [Member] | Entities with joint control or significant influence over entity [Member]
Disclosure of transactions between related parties [line items]
Revenue from rendering of services, related party transactions	478,611
Acquisition of Investment [Member] | Fellow Subsidiaries [Member]
Disclosure of transactions between related parties [line items]
Purchases of property and other assets, related party transactions		$ 72,072,000
Administrative Service Fees [Member] | Immediate holding company [Member]
Disclosure of transactions between related parties [line items]
Services received, related party transactions	12,000,000
Investment banking service [Member] | Entities with joint control or significant influence over entity [Member]
Disclosure of transactions between related parties [line items]
Revenue from rendering of services, related party transactions	2,999,584
Interest income [Member] | Immediate holding company [Member]
Disclosure of transactions between related parties [line items]
Interest income from immediate holding company	$ 17,562,104

XML

Share Capital and Capital Reserve - Summary of Reserves Within Equity (Detail) - HKD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of reserves within equity [line items]
Beginning balance		$ 1,312,802,676
Capital injection to a subsidiary		9	$ 1	$ 1
Deemed contributions				1,659,900,000
Deemed disposal of non-controlling interest	[1]	0
Exercise of warrants		94,197,600
Pre-IPO financing		419,382,149
Initial public offering		1,507,215,141
New issuance of shares		782,393,491
Ending balance		4,551,187,228	1,312,802,676
Share capital [Member]
Disclosure of reserves within equity [line items]
Beginning balance		156,998	156,998	156,998
Exercise of warrants		1,308
Pre-IPO financing		6,451
Initial public offering		18,681
New issuance of shares		9,264
Ending balance		192,702	156,998	156,998
Capital reserve [member]
Disclosure of reserves within equity [line items]
Beginning balance		1,312,802,676	1,312,802,675	33,333,003
Capital injection to a subsidiary		9	1	1
Deemed contributions				1,279,469,671
Deemed disposal of non-controlling interest		435,231,866
Exercise of warrants		94,196,292
Pre-IPO financing		419,375,698
Initial public offering		1,507,196,460
New issuance of shares		782,384,227
Ending balance		$ 4,551,187,228	$ 1,312,802,676	$ 1,312,802,675

[1] AMTD ISG and AMTD SI were indirectly held by AMTD Group for 79.13% before the Reorganization (see note 1.2). In March 2019, due to the Reorganization, the non-controlling shareholders surrendered their indirect interests in AMTD ISG and AMTD SI amounting to HK$435,231,866 which represented 20.87% of the total net assets of AMTD ISG and AMTD SI. Thereafter AMTD ISG and AMTD SI became wholly-owned subsidiaries of the Company. The non-controlling interests were reclassified into capital reserves as a deemed disposal of non-controlling interests.

XML

Convertible bond - Additional Information (Detail) - Convertible bonds [member] - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 19, 2019
Summary of convertible bonds [line items]
Convertible bond, interest rate		2.00%
Convertible bond, principal amount		$ 15,000,000
Convertible bond, maturity date	Jun.30, 2023
Convertible bond, conversion basis	99.44 ADSs per US$1,000 principal
Convertible bond, conversion price	$ 99.44
Convertible bond, minimum conversion amount	$ 10,000,000

XML

Accounts Receivable - Summary of trade receivable past due analysis (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Trade Receivable Past Due Analysis [Line Items]
Gross carrying amount	$ 346,379,574	$ 161,093,054
Credit Grade AAA [Member]
Disclosure Of Trade Receivable Past Due Analysis [Line Items]
Expected credit loss rate.		0.13%
Gross carrying amount		$ 668,000
Credit Grade AA [Member]
Disclosure Of Trade Receivable Past Due Analysis [Line Items]
Expected credit loss rate.	0.14%
Gross carrying amount	$ 141,440,000
Credit Grade A [Member]
Disclosure Of Trade Receivable Past Due Analysis [Line Items]
Expected credit loss rate.	0.17%	0.30%
Gross carrying amount	$ 64,914,000	$ 72,535,000
Credit Grade BBB [Member]
Disclosure Of Trade Receivable Past Due Analysis [Line Items]
Expected credit loss rate.	0.33%	0.49%
Gross carrying amount	$ 136,928,000	$ 83,454,000
Credit Grade BB [Member]
Disclosure Of Trade Receivable Past Due Analysis [Line Items]
Expected credit loss rate.	0.59%	0.80%
Gross carrying amount	$ 1,826,000	$ 1,861,000
Credit Grade CCC [Member]
Disclosure Of Trade Receivable Past Due Analysis [Line Items]
Expected credit loss rate.	18.24%
Gross carrying amount	$ 1,272,000

XML

Convertible bond (Tables)

12 Months Ended

Dec. 31, 2019

Borrowings [abstract]

Summary of convertible bond

The movement of convertible bond during the year is as follows:

	Liability component		Derivative financial liability
	HK$		HK$
At December 31, 2017, 2018		—		—
Convertible bond issued during the year		95,995,690		20,813,810
At December 31, 2019		95,995,690		20,813,810

XML

Financial Instruments By Category (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of financial liabilities [abstract]

Summary of financial assets

Financial assets

	Financial assets at fair value through profit or loss
	Mandatorily required to be measured at fair value		Financial assets at amortized cost		Total
	HK$		HK$		HK$
Accounts receivable		—		161,093,054		161,093,054
Financial assets included in prepayments, deposits and other receivables		—		6,042,605		6,042,605
Due from a related company		—		4,085,019		4,085,019
Due from immediate holding company		—		66,141,756		66,141,756
Due from fellow subsidiaries		—		2,596,118,859		2,596,118,859
Financial assets at fair value through profit or loss		1,953,078,309		—		1,953,078,309
Stock loan		1,535,679,600		—		1,535,679,600
Other assets		—		615,491,200		615,491,200
Cash and bank balances		—		126,855,518		126,855,518
		3,488,757,909		3,575,828,011		7,064,585,920

	Financial assets at fair value through profit or loss
	Mandatorily required to be measured at fair value		Financial assets at amortized cost		Total
	HK$		HK$		HK$
Accounts receivable		—		346,379,574		346,379,574
Financial assets included in prepayments, deposits and other receivables		—		1,355,013		1,355,013
Due from immediate holding company		—		2,921,838,772		2,921,838,772
Financial assets at fair value through profit or loss		1,572,697,716		—		1,572,697,716
Stock loan		1,200,980,200		—		1,200,980,200
Derivative financial asset		1,165,220,000		—		1,165,220,000
Other assets		—		245,502,780		245,502,780
Cash and bank balances		—		766,430,471		766,430,471
		3,938,897,916		4,281,506,610		8,220,404,526

Summary of financial liabilities

Financial liabilities

	Financial liabilities at amortized cost
	HK$
Accounts payable		602,202,126
Margin loans payable		321,999,549
Financial liabilities included in other payables and accruals		25,011,870
Due to fellow subsidiaries		574,202,907
Due to immediate holding company		2,145,792,209
		3,669,208,661

	Financial liabilities at fair value through profit or loss—Held for trading		Financial liabilities at amortized cost		Total
	HK$		HK$		HK$
Accounts payable		—		492,039,336		492,039,336
Margin loans payable		—		317,722,438		317,722,438
Financial liabilities included in other payables and accruals		—		66,043,431		66,043,431
Derivative financial liability		20,813,810		—		20,813,810
Convertible bond		—		95,995,690		95,995,690
		20,813,810		971,800,895		992,614,705

XML

Financial Assets At Fair Value Through Profit Or Loss And Stock Loan - Summary of financial assets at fair value through profit or loss and stock loan (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Financial assets at fair value through profit or loss and stock loan [Line Items]
Financial assets at fair value through profit or loss	$ 1,572,697,716	$ 1,953,078,309
Stock loan	1,200,980,200	1,535,679,600
Financial assets	2,773,677,916	3,488,757,909
Listed equity shares, at quoted price [Abstract]
Listed equity shares, at quoted price	2,450,980,000	3,207,516,000
Fair value of investments in unlisted equity shares [Abstract]
Unlisted equity shares	322,697,916	202,925,909
Financial assets	2,773,677,916	3,488,757,909
Investment A [member]
Listed equity shares, at quoted price [Abstract]
Listed equity shares, at quoted price	2,450,980,000	3,134,040,000
Investment B [member]
Listed equity shares, at quoted price [Abstract]
Listed equity shares, at quoted price		73,476,000
Investment C [member]
Listed equity shares, at quoted price [Abstract]
Listed equity shares, at quoted price		78,316,000
Fair value of investments in unlisted equity shares [Abstract]
Unlisted equity shares	77,023,394
Investment D [member]
Fair value of investments in unlisted debt securities [Abstract]
Unlisted debt securities		47,417,581
Fair value of investments in unlisted equity shares [Abstract]
Unlisted equity shares	47,149,360
Investment E [member]
Fair value of investments in unlisted equity shares [Abstract]
Unlisted equity shares	$ 198,525,162	$ 155,508,328

XML

Other Assets - Summary of detailed information about other assets (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Other Assets [Line Items]
Other assets	$ 245,502,780	$ 615,491,200
Asset management business [Member]
Disclosure Of Detailed Information About Other Assets [Line Items]
Other assets	225,439,918	586,096,042
Others [Member]
Disclosure Of Detailed Information About Other Assets [Line Items]
Other assets	$ 20,062,862	$ 29,395,158

XML

Corporate Information - Summary of Reorganization - Additional Information (Detail)	Mar. 14, 2019 Subsidiaries	Apr. 01, 2019 shares	Mar. 18, 2019 shares
AMTD Group And Transferred Entities [Member]
Disclosure of subsidiaries [line items]
Percentage of equity transferred			100.00%
AMTD Group And Transferred Entities [Member] | Class B Ordinary Shares [Member]
Disclosure of subsidiaries [line items]
Newly issued Shares			199,990,000
AMTD ISG [Member] | Class B Ordinary Shares [Member]
Disclosure of subsidiaries [line items]
Newly issued Shares			199,990,000
AMTD IHG [Member]
Disclosure of subsidiaries [line items]
Percentage of equity transferred		100.00%
AMTD IHG [Member] | Class B Ordinary Shares [Member]
Disclosure of subsidiaries [line items]
Newly issued Shares		1
VIRGIN ISLANDS, BRITISH [member]
Disclosure of subsidiaries [line items]
Number of subsidiaries incorporated | Subsidiaries	4

XML

Staff Costs (Tables)

12 Months Ended

Dec. 31, 2019

Classes of employee benefits expense [abstract]

Summary of staff costs

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Salaries and bonuses		101,092,455		67,187,493		93,703,848
Pension scheme contributions (defined contribution schemes)		1,112,047		837,020		903,649
		102,204,502		68,024,513		94,607,497

XML

Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about property, plant and equipment [abstract]

Summary of annual rates for depreciation of property plant and equipment

The principal annual rates used for this purpose are as follows:

Furniture and fixtures	20	%
Computer equipment	33	1/3%

XML

Revenue and Other Income - Disclosure of Revenue Recognition from Performance Obligation (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of disaggregation of revenue from contracts with customers [abstract]
Asset management	$ 39,296,815	$ 0

XML

Corporate Information

12 Months Ended

Dec. 31, 2019

Corporate Information [Abstract]

Corporate Information

1.1 CORPORATE INFORMATION

AMTD International Inc. (the “Company”) (formerly known as AMTD Inc.) is a limited liability company incorporated in Cayman Islands on February 4, 2019. The Company completed its initial public offering on New York Stock Exchange on August 5, 2019.

The Company is an investment holding company. The Company and its subsidiaries (collectively referred to as the “Group”) is involved in investment banking, the provision of financial advisory services, assets management services and strategic investments.

The Company’s immediate holding company is AMTD Group Company Limited (“AMTD Group”), a private company incorporated in the British Virgin Islands (“BVI”). The directors consider that the Company’s ultimate holding company is L.R. Capital Management Company (Cayman) Limited, a private company incorporated in the Cayman Islands.

Information about subsidiaries

Particulars of the Company’s principal subsidiaries are as follows:

Name	Place of incorporation	Issued and registered share capital		Percentage of equity attributable to the Company						Principal activities
				Direct			Indirect
AMTD International Holding Group Limited (formerly known as AMTD Financial Planning Limited) (“AMTD IHG”)	Hong Kong (“HK”)	HK$	500,000		100	%		—		Investment holding
AMTD Securities Limited	HK	HK$	1		—			100	%	Investment holding
AMTD Global Markets Limited (formerly known as AMTD Asset Management Limited) (“AMTD GM”)	HK	HK$	1,561,610,980		—			100	%	Provision of investment banking, financial advisory services and asset management services
Asia Alternative Asset Partners Limited (“AMTD AAAPL”)	HK	HK$	5,000,000		—			100	%	Provision of investment advisory services
AMTD Strategic Investment Limited (“AMTD SI”)	HK	HK$	1		—			100	%	Provision of strategic investment
AMTD Investment Solutions Group Limited (“AMTD ISG”)	HK	HK$	1		—			100	%	Provision of strategic investment
AMTD Overseas Limited (formerly known as AMTD Europe Holdings Limited) (“AMTD Overseas”)	HK	HK$	1		—			100	%	Strategic investment
AMTD Fintech Investment Limited (“AMTD FI”)	HK	HK$	1		—			100	%	Strategic investment
AMTD Investment Inc. (“AMTD Investment”)	Cayman Islands	US$	1		100	%		—		Investment holding
AMTD Strategic Investment (BVI) Limited	BVI	US$	1		—			100	%	Investment holding
AMTD Investment Solutions Group (BVI) Limited	BVI	US$	1		—			100	%	Investment holding
AMTD Overseas (BVI) Limited	BVI	US$	1		—			100	%	Investment holding
AMTD Fintech Investment (BVI) Limited	BVI	US$	1		—			100	%	Investment holding

1.2 REORGANIZATION

In order to facilitate the Company’s initial public offering at the New York Stock Exchange, AMTD Group completed a Reorganization (the “Reorganization”) whereby, certain operating and their respective immediate holding entities under AMTD Group’s common control, were ultimately contributed to the Company:

• On February 8, 2019, AMTD Investment was incorporated in Cayman Islands and directly held by the Company;

• From March 12, 2019 to March 14, 2019, four wholly-owned subsidiaries were incorporated in the BVI and were held indirectly by the Company through AMTD Investment;

• On March 18, 2019, the Company entered into sale and purchase agreements with AMTD Group and its subsidiaries which held the shares of AMTD ISG, AMTD SI, AMTD Overseas and AMTD FI (collectively referred to as the “transferred entities”), pursuant to which AMTD Group and its subsidiaries agreed to contribute 100% of the share capital of the transferred entities to the Company for a total of 199,990,000 newly issued Class B ordinary shares of the Company. For AMTD ISG and AMTD SI with non-controlling interests, all shareholders had passed a resolution to provide consent to enter the sale and purchase agreements that involved the two entities and agreed that shareholders other than AMTD Group would not receive any consideration from the disposal of the two entities. The Company issued 199,990,000 Class B ordinary shares and holds the equity interests of AMTD ISG, AMTD SI, AMTD Overseas and AMTD FI indirectly through the four newly set up BVI entities.

• On April 1, 2019, the Securities and Futures Commission (“SFC”) approved the shareholder change of AMTD IHG, which holds two licensed subsidiaries (AMTD GM and AMTD AAAPL) governed by the SFC in Hong Kong, from AMTD Group to the Company. The sale and purchase agreement with respect to the transfer of AMTD IHG became effective automatically as approved by the SFC. AMTD Group transferred 100% of share capital of AMTD IHG to the Company. In return, the Company issued one Class B ordinary share to AMTD Group.

The Reorganization was completed on April 1, 2019. Through the Reorganization, the Company became the holding company of the companies now comprising the Group. Accordingly, for the purpose of preparation of the consolidated financial statements of the Group, the Company is considered as the holding company of the companies now comprising the Group throughout the years ended December 31, 2017, 2018 and 2019.

XML

Earnings Per Share Attributable To Ordinary Equity Holders of The Parent - Summary of weighted average shares (Detail) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class A Ordinary Shares [Member]
Shares:
Weighted average number of ordinary shares	16,112,737	0	0
Total shares	16,117,254	0	0
Class A Ordinary Shares [Member] | Warrants [member]
Shares:
Effect of dilution – weighted average number of ordinary shares	864	0	0
Class A Ordinary Shares [Member] | Convertible Bond [member]
Shares:
Effect of dilution – weighted average number of ordinary shares	3,653
Class B Ordinary Shares [Member]
Shares:
Weighted average number of ordinary shares	200,148,822	200,000,001	200,000,001
Total shares	200,204,936	200,000,001	200,000,001
Class B Ordinary Shares [Member] | Warrants [member]
Shares:
Effect of dilution – weighted average number of ordinary shares	10,728	0	0
Class B Ordinary Shares [Member] | Convertible Bond [member]
Shares:
Effect of dilution – weighted average number of ordinary shares	45,386

XML

Income Tax - Components of Income Tax Benefits/(Expenses) (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Hong Kong profits tax
Charge for the year	$ 69,585,469	$ 43,127,820	$ 19,988,157
Overprovision in prior year	0	(2,359,495)	0
Deferred tax	79,556,400	33,148,500	112,969,008
The People's Republic of China withholding tax charge for the year	9,207,649	9,922,772	2,256,460
Income tax expense	$ 158,349,518	$ 83,839,597	$ 135,213,625

XML

Consolidated Statements Of Financial Position (Parenthetical) - $ / shares	Dec. 31, 2019	Dec. 31, 2018
Class A ordinary shares [Member]
Disclosure of classes of share capital [line items]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorised	8,000,000,000	0
Common stock shares issued	41,084,851	0
Common stock shares outstanding	41,084,851	0
Class B ordinary shares [Member]
Disclosure of classes of share capital [line items]
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock shares authorised	2,000,000,000	0
Common stock shares issued	204,526,628	0
Common stock shares outstanding	204,526,628	0

XML

Operating Segment Information - Additional Information (Detail) - Administrative Service Fees [Member] - Immediate holding company [Member]	12 Months Ended
	Dec. 31, 2019 HKD ($)
Disclosure of operating segments [line items]
Services received, related party transactions	$ 12,000,000
Quarterly [Member]
Disclosure of operating segments [line items]
Services received, related party transactions	$ 6,000,000

XML

Basis of Presentation - Summary of annual rates for depreciation of property plant and equipment (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Furniture and fixtures [member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate, property, plant and equipment	20.00%	20.00%
Computer equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rate, property, plant and equipment	33.33%	33.33%

XML

Revenue and Other Income - Schedule of other income (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Other Operating Income [Line Items]
Bank interest income	$ 1,115,839	$ 7,681	$ 158,863
Interest income from the immediate holding company (Note 26(a)(v)) (Note 26(b)(i))	17,562,104	0	0
Other income from a fellow subsidiary (Note 26(b)(iv))	0	3,666,040	15,285,311
Management fee income from a fellow subsidiary	0	0	2,231,559
Others	3,412,325	11,719,054	238,433
Total other income	$ 22,090,268	$ 15,392,775	$ 17,914,166

XML

Derivative Financial Asset (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about financial instruments [abstract]

Summary of financial Asset fair value

	Fair value using valuation technique			Day 1 (profit)/loss			Net carrying amount		Net change in fair value recognized in profit or loss
	HK$			HK$			HK$		HK$
As at January 1, 2019		—			—			—		—
Initial transaction on April 1, 2019		355,294,216			(355,294,216	)		—		—
Recognized in profit and loss prior to contract renegotiation on July 1, 2019
- Changes in fair value		106,129,339			—			106,129,339		106,129,339
- Recognition of day 1 profit or loss		—			88,338,180			88,338,180		88,338,180
As at June 30, 2019		461,423,555			(266,956,036	)		194,467,519		194,467,519
Contract renegotiation on July 1, 2019		115,758,384			(115,758,384	)		—		—
As at July 1, 2019		577,181,939			(382,714,420	)		194,467,519		194,467,519
Recognized in profit and loss prior to contract renegotiation on September 30, 2019
- Changes in fair value		230,436,061			—			230,436,061		230,436,061
- Recognition of day 1 profit or loss		—			382,714,420			382,714,420		382,714,420
As at September 30, 2019		807,618,000			—			807,618,000		807,618,000
Contract renegotiation on September 30, 2019		1,538,635			(1,538,635	)		—		—
As at September 30, 2019		809,156,635			(1,538,635	)		807,618,000		807,618,000
Recognized in profit and loss prior to contract renegotiation on December 31, 2019
- Changes in fair value		356,063,365			—			356,063,365		356,063,365
- Recognition of day 1 profit or loss		—			1,538,635			1,538,635		1,538,635
As at December 31, 2019		1,165,220,000			—			1,165,220,000		1,165,220,000
Contract renegotiation on December 31, 2019		(17,847,221	)		17,847,221			—		—
As at December 31, 2019		1,147,372,779			17,847,221			1,165,220,000		1,165,220,000

XML

Accounts Payable (Tables)

12 Months Ended

Dec. 31, 2019

Trade and other payables [abstract]

Summary of accounts payable

			December 31,
	Note		2018		2019
			HK$		HK$
Clients’ payables		(i)		12,157,051		256,423,531
Payables to clearing house and brokers		(i)		3,153,820		9,062,629
Clients’ monies held on trust (Note 15)				586,891,255		226,553,176
				602,202,126		492,039,336

Note:

(i) As at December 31, 2018 and 2019, payables to clearing house and brokers and clients’ payable arising from assets management business are repayable 2 days after trade date or at pre-agreed specified terms.

Summary of aging analysis of accounts payable

An aging analysis of the accounts payable as at the end of the reporting period is as follows:

	December 31,
	2018		2019
	HK$		HK$
Within one month		15,310,871		265,486,160
Repayable on demand		586,891,255		226,553,176
		602,202,126		492,039,336

XML

Fair Value and Fair Value Hierarchy of Financial Instruments - Disclosure of Fair Value Measurement of Liabilities Explanatory (Detail) - Liability measured at fair value [Member]	Dec. 31, 2019 HKD ($)
Disclosure of fair value measurement of liabilities [line items]
Derivative financial instrument	$ 20,813,810
Level 3 [member]
Disclosure of fair value measurement of liabilities [line items]
Derivative financial instrument	$ 20,813,810

XML

Financial Risk Management Objectives and Policies

12 Months Ended

Dec. 31, 2019

Financial Risk Management Objective And Policies [Abstract]

Financial Risk Management Objectives and Policies

29. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Group has various financial assets and liabilities such as financial assets at fair value through profit or loss, stock loan, accounts receivable, accounts payable, financial assets included in prepayments, deposits and other receivables, financial liabilities included in other payables and accruals, clients’ monies held on trust, margin loans payable, amounts with a related company, fellow subsidiaries and immediate holding company which primarily arise directly from its operations.

The main risks arising from the Group’s financial instruments are price risk, foreign currency risk, credit risk and liquidity risk. Management manages and monitors these risks to ensure appropriate measures are implemented on a timely and effective manner.

Price risk

Equity price risk is the risk that the fair values of equity investments decrease as a result of changes in the levels of equity indices and the value of individual securities.

The Group is exposed to equity securities price risk because certain investments held by the Group are classified in the consolidated statements of financial position as financial assets at fair value through profit or loss and derivative financial asset. Result for the year would increase/decrease as a result of gains/losses on equity securities classified as financial assets at fair value through profit or loss and derivative financial asset.

At December 31, 2018 and 2019, if there had been a 5% increase/decrease in the market value of listed equity shares included in financial assets at fair value through profit or loss and stock loan with all other variables held constant, the Group’s profit before tax would have been approximately HK$160,375,800 and HK$122,549,000 higher/lower.

At December 31, 2018 and 2019, if there had been a 5% increase/decrease in the market value of unlisted equity shares and unlisted debt securities, included in financial assets at fair value through profit or loss, with all other variables held constant, the Group’s profit before tax would have been approximately HK$14,062,095 and HK$16,134,896 higher/lower.

The Group had concentration risk in its strategic investments segment as 46% and 46% of financial assets at fair values through profit or loss at December 31, 2018 and 2019, respectively, and 100% of stock loan at December 31, 2018 and 2019 were investments in listed equity shares in Investment A.

On April 1, 2019, the Group entered Agreements with the counterparty in relation to the movement of the share price of the entirety of the listed shares of Investment A the Group owns (“Underlying Assets”) to reduce the changes in fair value of financial assets of the Group. The Agreements were modified and renewed several times as disclosed in Note 14. The derivative financial asset is initially recognized at fair value and are subsequently remeasured at fair value. Any gains or losses arising from changes in fair value of derivative financial asset are taken directly to profit or loss. During the year ended December 31, 2019, changes in the fair value of the derivative financial asset of HK$1,165,220,000, were charged to profit or loss.

The Group is also exposed to equity price risk arising from changes in the price of the Company’s own shares to the extent that the Company’s own equity investments underlie the fair values of derivatives. At December 31 2019, the Group was exposed to this risk through the conversion rights attached to the convertible bond (Note 23) issued by the Company. If there have been increase/ decrease in the share price by 5%, it will result in increase in the profit before tax by HK$822,015 or decrease by HK$791,873. There was no such equity price risk as at December 31, 2018.

Foreign currency risk

Certain transactions of the Group are denominated in foreign currencies which are different from the functional currency of the Group, i.e. HK$, and therefore the Group is exposed to foreign currency risk. The Group currently does not have a foreign currency hedging policy. However, management monitors foreign exchange exposure and will consider hedging significant foreign exchange exposure should the need arise. As HK$ is currently pegged to United States dollars (“US$”), management considers that there is no significant foreign currency risk arising from the Group’s monetary assets and the liability denominated in US$.

The Group’s key currency risk exposure primarily arises from accounts receivable and bank balances denominated in Australian Dollar (“AUD”), Euro (“EUR”), Renminbi (“RMB”) and New Taiwan Dollar (“NTD”). The sensitivity at the end of the reporting period to a reasonably possible change in the AUD, EUR, RMB and NTD exchange rate, with all other variables held constant, of the Group’s profit before tax is as followings:

Foreign currency sensitivity

If AUD had appreciated/depreciated by 5% with all other variables held constant, the increase/decrease on the Group’s profit before tax would be HK$84,996, HK$3,536 and HK$780 for the years ended December 31, 2017, 2018 and 2019, respectively.

If EUR had appreciated/depreciated by 5% with all other variables held constant, the increase/decrease on the Group’s profit before tax for the year would be HK$4,903 for the year ended December 31, 2017.

If RMB had appreciated/depreciated by 5% with all other variables held constant, the increase/decrease on the Group’s profit before tax would be HK$13,163, HK$12,405 and HK$11,369 for the years ended December 31, 2017, 2018 and 2019, respectively.

If NTD had appreciated/depreciated by 5% with all other variables held constant, the increase/decrease on the Group’s profit before tax would be HK$277,654, HK$74,959 and HK$70,348 for the years ended December 31, 2017, 2018 and 2019, respectively.

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group has adopted a policy of only dealing with creditworthy counterparties, as a means of mitigating the risk of financial loss from defaults. The Group’s exposure of its counterparties is continuously monitored and the aggregate value of transactions concluded is spread amongst approved counterparties. Credit exposure is controlled by counterparty limits that are reviewed and approved by the management periodically.

The Group has credit risk exposure in relation the Agreements entered into with a counterparty amounting to HK$1,165,220,000 as at December 31, 2019 (Note 14). On December 20, 2019, the Group entered into a pledge agreement with the same counterparty pursuant to which the counterparty pledged certain listed securities to the Group as collateral. As at December 31, 2019, the market value of listed securities pledged to the Group amounted to approximately HK$962,442,277 (Note 14).  

The carrying amount of financial assets recorded in the consolidated financial statements, grossed up for any allowances for losses, represents the Group’s maximum exposure to credit risk.

The credit risk on liquid funds is limited because the counterparties are mainly banks and insurance companies with sound credit.

Maximum exposure and staging as at December 31, 2018 and 2019

The table below shows the credit quality and the maximum exposure to expected credit loss (“ECL”) based on the Group’s credit policy, which is mainly based on past due information unless other information is available without undue cost or effort, and the staging classification as at December 31, 2018 and 2019. The amounts presented are gross carrying amounts for financial assets at amortized cost.

As at December 31, 2018

	12-month ECLs		Lifetime ECLs						HK$
	Stage 1 HK$		Stage 2 HK$		Stage 3 HK$		Simplified approach HK$
Accounts receivable*		—		—		—		158,518,003		158,518,003
Accounts receivable
—Normal**		2,575,051		—		—		—		2,575,051
—Doubtful**		—		—		—		—		—
Financial assets included in prepayments, deposits and other receivables
—Normal**		6,042,605		—		—		—		6,042,605
—Doubtful**		—		—		—		—		—
Due from a related company
—Normal**		4,085,019		—		—		—		4,085,019
—Doubtful**		—		—		—		—		—
Due from immediate holding company
—Normal**		66,141,756		—		—		—		66,141,756
—Doubtful**		—		—		—		—		—
Due from fellow subsidiaries
—Normal**		2,596,118,859		—		—		—		2,596,118,859
—Doubtful**		—		—		—		—		—
Other assets
—Not yet past due		615,491,200		—		—		—		615,491,200
Cash and bank balances
—Not yet past due		126,855,518		—		—		—		126,855,518
		3,417,310,008		—		—		158,518,003		3,575,828,011

* For accounts receivable to which the Group applies the simplified approach for impairment, information based on the probability of default approach is disclosed in Note 11 to the consolidated financial statements.

** The credit quality of the financial assets included in prepayments, deposits and other receivables, due from a related company, due from immediate holding company and due from fellow subsidiaries is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”.

As at December 31, 2019

	12-month ECLs		Lifetime ECLs						HK$
	Stage 1 HK$		Stage 2 HK$		Stage 3 HK$		Simplified approach HK$
Accounts receivable*		—		—		—		346,379,574		346,379,574
Financial assets included in prepayments, other receivables and other assets
—Normal**		1,355,013		—		—		—		1,355,013
—Doubtful**		—		—		—		—		—
Due from a related company
—Normal**		—		—		—		—		—
—Doubtful**		—		—		—		—		—
Due from immediate holding company
—Normal**		2,921,838,772		—		—		—		2,921,838,772
—Doubtful**		—		—		—		—		—
Other assets
—Not yet past due		245,502,780		—		—		—		245,502,780
Cash and bank balances
—Not yet past due		766,430,471		—		—		—		766,430,471
		3,935,127,036		—		—		346,379,574		4,281,506,610

* For accounts receivable to which the Group applies the simplified approach for impairment, information based on the probability of default approach is disclosed in Note 11 to the consolidated financial statements.

** The credit quality of the financial assets included in prepayments, deposits and other receivables, due from a related company and due from immediate holding company is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”.

Liquidity risk

The Group aims to maintain cash and credit lines to meet its liquidity requirements. The Group finances its working capital requirements through a combination of funds generated from operations, loans and equity financing.

The following tables detail the Group’s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.

	December 31, 2018
	Weighted average interest rate			On demand or less than 3 months		3 months to 1 year		1 to 5 years		Total
	%			HK$		HK$		HK$		HK$
Accounts payable		N/A			602,202,126		—		—		602,202,126
Margin loans payable		6.75	%		321,999,549		—		—		321,999,549
Financial liabilities included in other payables and accruals		N/A			25,011,870		—		—		25,011,870
Due to fellow subsidiaries		N/A			574,202,907		—		—		574,202,907
Due to immediate holding company		N/A			2,145,792,209		—		—		2,145,792,209
					3,669,208,661		—		—		3,669,208,661

	December 31, 2019
	Weighted average interest rate			On demand or less than 3 months		3 months to 1 year		1 to 5 years		Total
	%			HK$		HK$		HK$		HK$
Accounts payable		N/A			492,039,336		—		—		492,039,336
Margin loans payable		6.625	%		317,722,438		—		—		317,722,438
Financial liabilities included in other payables and accruals		N/A			66,043,430		—		—		66,043,430
Convertible bond		7.80	%		—		—		125,273,321		125,273,321
					875,805,204				125,273,321		1,001,078,525

Capital risk management

The Group manages its capital to ensure that the Group will be able to continue as a going concern while maximizing the return to stakeholders through the optimisation of the debt and equity balance.

The capital structure of the Group consists of debt which includes amounts due to the immediate holding company and convertible bond, equity attributable to equity holders of the Group, comprising issued share capital, retained profits and capital reserves, as disclosed in consolidated statements of changes in equity.

As AMTD GM and AMTD AAAPL are licensed corporations under the Hong Kong Securities and Futures Ordinances, the Group is subject to statutory capital requirement and is required to maintain adequate financial resources to support its business. The Securities and Futures (Financial Resources) Rules require a licensed corporation to maintain liquid capital which is not less than its required liquid capital.

In addition, AMTD GM is a member of the Hong Kong Confederation of Insurance Brokers, which is required to maintain a minimum capital and net assets value of not less than HK$100,000.

There were no changes on the Group’s approach to capital risk management during the years ended December 31, 2018 and 2019.

XML

Financial Instruments By Category - Summary of Financial Liabilities (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure of financial liabilities [line items]
Accounts payable	$ 492,039,336	$ 602,202,126
Margin loans payable	317,722,438	321,999,549
Financial liabilities included in other payables and accruals	66,043,431
Due to fellow subsidiaries	0	574,202,907
Derivative financial liability	20,813,810
Due to immediate holding company	0	2,145,792,209
Convertible bond	95,995,690
Financial liabilities	992,614,705
Financial liabilities at amortized cost [Member]
Disclosure of financial liabilities [line items]
Accounts payable	492,039,336	602,202,126
Margin loans payable	317,722,438	321,999,549
Financial liabilities included in other payables and accruals	66,043,431	25,011,870
Due to fellow subsidiaries		574,202,907
Due to immediate holding company		2,145,792,209
Convertible bond	95,995,690
Financial liabilities	971,800,895	$ 3,669,208,661
Financial liabilities at fair value through profit or loss, category [member]
Disclosure of financial liabilities [line items]
Derivative financial liability	20,813,810
Financial liabilities	$ 20,813,810

XML

Notes To The Consolidated Statements Of Cash Flows

12 Months Ended

Dec. 31, 2019

Disclosure Of Cash Flow Information [Abstract]

Notes To The Consolidated Statements Of Cash Flows

25. NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS

(a) Major non-cash transactions

During the years ended December 31, 2017 and 2018, the Group purchased financial assets at fair value through profit or loss of HK$1,675,510,800 and HK$203,607,914, respectively, by way of current accounts with fellow subsidiaries. No such item occurred during the year ended December 31, 2019.

During the year ended December 31, 2017, the repayment of margin loans payable of HK$248,183,452 was directly settled by sales proceeds upon the disposal of financial assets at fair value through profit or loss.

On April 10, 2019, the warrant holder exercised the warrants in full and paid an additional amount of US$10 million for 1,666,666 Class A ordinary shares and therefore, the warrant was reclassified from financial liability to equity.

(b) Changes in liabilities arising from financing activities

	Margin loans payable			Derivative financial liability		Convertible bond		Total
	HK$			HK$		HK$		HK$
At January 1, 2017		638,350,783			—		—		638,350,783
Cash flow changes from financing activities		(38,557,701	)		—		—		(38,557,701	)
Released from disposal of financial assets at fair value through profit or loss		(248,183,452	)		—		—		(248,183,452	)
Interest expenses		28,724,758			—		—		28,724,758
Interest paid		(28,724,758	)		—		—		(28,724,758	)
At December 31, 2017		351,609,630			—		—		351,609,630
Cash flow changes from financing activities		(29,610,081	)		—		—		(29,610,081	)
Interest expenses		9,047,063			—		—		9,047,063
Interest paid		(9,047,063	)		—		—		(9,047,063	)
At December 31, 2018		321,999,549			—		—		321,999,549
Cash flow changes from financing activities		(4,277,111	)		20,813,810		95,995,690		112,532,389
Interest expense		27,705,955			—		—		27,705,955
Interest paid		(27,705,955	)		—		—		(27,705,955	)
At December 31, 2019		317,722,438			20,813,810		95,995,690		434,531,938

(c) Changes in the movement of balances with related parties

	Year ended December 31, 2017
	Related company HK$			Fellow subsidiaries HK$			Immediate holding company HK$
Operating activities		(2,104,418	)		(460,296,468	)		284,494,845
Financing activities		—			1,675,510,800			—
Net cash (outflow)/inflow		(2,104,418	)		1,215,214,332			284,494,845

	Year ended December 31, 2018
	Related company HK$		Fellow subsidiaries HK$			Immediate holding company HK$
Operating activities		7,500		(699,864,420	)		439,200,382
Financing activities		—		203,607,914			—
Net cash inflow/(outflow)		7,500		(496,256,506	)		439,200,382

	Year ended December 31, 2019
	Related company HK$		Fellow subsidiaries HK$		Immediate holding company HK$
Investing activities		—		—		(2,957,926,150	)
Net cash outflow		—		—		(2,957,926,150	)

XML

Operating Segment Information

12 Months Ended

Dec. 31, 2019

Disclosure of operating segments [abstract]

Operating Segment Information

4. OPERATING SEGMENT INFORMATION

For management purposes, the Group is organized into business units based on their products and services and has three reportable operating segments as follows:

(a) The investment banking segment assists customers in raising funds through equity and debt financing, providing underwriting for initial public offerings (“IPOs”), private placements and debt issuances and providing financial advisory services (including but not limited to domestic and cross border advisory services for merger and acquisitions).

(b) The asset management segment provides a wide range of asset management products and services, including in relation to listed equity, fixed income securities, hedge funds, structured products, foreign exchange, private equities, alternative investments, discretionary account services, investment advisory services and external asset management services.

(c) The strategic investment segment engages in proprietary investments and management of investment portfolio mainly focuses on financial services and asset classes in Hong Kong and China.

Management monitors the results of the Group’s operating segments separately for the purpose of making decisions about resources allocation and performance assessment. Segment performance is evaluated based on reportable segment result, which is a measure of adjusted profit/loss before tax from operations. The adjusted result before tax from operations is measured consistently with the Group’s profit before tax from operations after allocation of controllable costs of specialized staff, commission paid to asset management segment and finance costs to strategic investment segment for the first half 2019 and starting from the third quarter of 2019, the immediate holding company charged a fixed service fee of HK$6,000,000 per quarter in place of previous recharging arrangement. Other corporate income and expenses such as staff costs not directly attributable to segment, office rental and administrative expenses are excluded from such measurement.

Segment assets exclude property, plant and equipment, tax recoverable, amounts due from fellow subsidiaries and immediate holding company, prepayments, deposits and other receivables, cash and bank balances and other unallocated head office and corporate assets as these assets are managed on a group basis.

Segment liabilities exclude amounts due to fellow subsidiaries and immediate holding company, tax payable, deferred tax liabilities and other unallocated head office and corporate liabilities as these liabilities are managed on a group basis.

Segment revenue and results

Year ended December 31, 2017

	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Segment revenue (Note 5)
Revenue
—from external customers		208,162,829		70,813,374		—		278,976,203
—others		—		—		754,187,550		754,187,550
		208,162,829		70,813,374		754,187,550		1,033,163,753
Segment results		197,333,389		48,059,488		739,674,246		985,067,123
Other income								17,674,605
Unallocated finance costs								(15,285,311	)
Corporate and other unallocated expenses								(178,870,946	)
Profit before tax								808,585,471
Other segment information
Depreciation								379,132
Capital expenditure*								138,704

* Capital expenditure consists of additions of property, plant and equipment.

Year ended December 31, 2018

	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Segment revenue (Note 5)
Revenue
—from external customers		288,591,129		78,946,986		—		367,538,115
—others		—		—		355,688,019		355,688,019
Intersegment		—		172,809		—		172,809
		288,591,129		79,119,795		355,688,019		723,398,943
Reconciliation
Intersegment								(172,809	)
								723,226,134
Segment results		254,901,096		57,385,943		350,306,996		662,594,035
Other income								15,372,350
Unallocated finance costs								(3,666,040	)
Corporate and other unallocated expenses								(65,335,119	)
Profit before tax								608,965,226
Other segment information
Depreciation								334,841
Capital expenditure*								14,214

* Capital expenditure consists of additions of property, plant and equipment.

Year ended December 31, 2019

	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Segment revenue (Note 5)
Revenue
—from external customers		455,955,912		124,050,364		—		580,006,276
—others		—		—		624,167,735		624,167,735
		455,955,912		124,050,364		624,167,735		1,204,174,011
Segment results		413,354,182		109,182,198		624,167,734		1,146,704,114
Other income								22,088,780
Unallocated finance costs								(27,705,955	)
Corporate and other unallocated expenses								(151,832,967	)
Profit before tax								989,253,972
Other segment information
Depreciation								113,919
Capital expenditure*								13,710

* Capital expenditure consists of additions to property, plant and equipment.

Segment assets and liabilities

	December 31,
	2018		2019
	HK$		HK$
Segment assets
Investment banking		134,855,898		64,813,018
Asset management		712,011,344		539,713,339
Strategic investments		3,494,527,773		2,894,217,916
Total segment assets		4,341,395,015		3,498,744,273
Unallocated corporate assets		2,765,794,535		4,771,948,379
Total assets		7,107,189,550		8,270,692,652
Segment liabilities
Investment banking		15,000,000		—
Asset management		663,698,964		492,039,337
Strategic investments		321,999,549		317,722,439
Total segment liabilities		1,000,698,513		809,761,776
Unallocated corporate liabilities		2,912,088,937		632,435,932
Total liabilities		3,912,787,450		1,442,197,708

The unallocated segment assets and liabilities mainly consist of amounts due from and due to related companies, respectively, which are not directly attributable to individual segments.

Geographical information

The following table sets forth the Group’s revenue from external customers by geographical areas based on the location of the customers:

Year ended December 31, 2017

	Investment banking		Asset management		Total
	HK$		HK$		HK$
Hong Kong		70,332,752		11,352,777		81,685,529
Mainland China		137,830,077		53,184,060		191,014,137
Others		—		6,276,537		6,276,537
		208,162,829		70,813,374		278,976,203

Year ended December 31, 2018

	Investment banking		Asset management		Total
	HK$		HK$		HK$
Hong Kong		128,880,466		39,451,207		168,331,673
Mainland China		158,780,244		36,615,872		195,396,116
Others		930,419		2,879,907		3,810,326
		288,591,129		78,946,986		367,538,115

Year ended December 31, 2019

	Investment banking		Asset management		Total
	HK$		HK$		HK$
Hong Kong		118,086,900		21,441,042		139,527,942
Mainland China		300,078,498		92,797,260		392,875,758
United States		30,342,514		3,229,613		33,572,127
Others		7,448,000		6,582,449		14,030,449
		455,955,912		124,050,364		580,006,276

The Group’s revenue is derived solely from its operations in Hong Kong based on the location in which contracts were executed and services were rendered.

As at December 31, 2018 and 2019, non-current assets, for the purpose of geographical information, consisting of property, plant and equipment and intangible assets, were all located in Hong Kong.

Information about a major customer

During the years ended December 31, 2017, 2018 and 2019, no revenue derived from a single external customer accounted for 10% or more of the total revenue of the Group.

XML

Property, Plant and Equipment - Summary of detailed information about property plant and equipment (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	$ 131,206
Ending balance	30,997	$ 131,206
Carrying amount	30,997	131,206	$ 451,833
Fixtures and fittings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Carrying amount	2,594	4,812	7,030
Computer equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Carrying amount	28,403	126,394	$ 444,803
Cost [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	4,071,014	4,056,800
Additions	13,710	14,214
Ending balance	4,084,724	4,071,014
Cost [member] | Fixtures and fittings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	11,090	11,090
Ending balance	11,090	11,090
Cost [member] | Computer equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	4,059,924	4,045,710
Additions	13,710	14,214
Ending balance	4,073,634	4,059,924
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	3,939,808	3,604,967
Change for the year	113,919	334,841
Ending balance	4,053,727	3,939,808
Accumulated depreciation [member] | Fixtures and fittings [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	6,278	4,060
Change for the year	2,218	2,218
Ending balance	8,496	6,278
Accumulated depreciation [member] | Computer equipment [member]
Disclosure of detailed information about property, plant and equipment [line items]
Beginning balance	3,933,530	3,600,907
Change for the year	111,701	332,623
Ending balance	$ 4,045,231	$ 3,933,530

XML

Finance Costs

12 Months Ended

Dec. 31, 2019

Finance Costs [Abstract]

Finance Costs

8. FINANCE COSTS

An analysis of finance costs from operations is as follows:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Interests on margin loans payable		28,724,758		9,047,063		27,705,955

XML

Margin loans payable - Additional information (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about borrowings [line items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 1,249,999,800	$ 1,598,360,400
Financial assets at fair value through profit or loss, category [member]
Disclosure of detailed information about borrowings [line items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 1,249,999,800	$ 1,598,360,400
Margin Loans Payable [Member]
Disclosure of detailed information about borrowings [line items]
Borrowings, interest rate	6.625%	6.75%

XML

Deferred Tax Liabilities - Additional Information (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
HK [Member]
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Estimated tax losses	$ 1,010,061	$ 1,041,831

XML

Prepayments, Deposits And Other Receivables

12 Months Ended

Dec. 31, 2019

Prepayments, Deposits And Other Receivables [Abstract]

Prepayments, Deposits And Other Receivables

12. PREPAYMENTS, DEPOSITS AND OTHER RECEIVABLES

	December 31,
	2018		2019
	HK$		HK$
Prepayments		27,301,254		35,085,959
Deposits		451,759		451,593
Other receivables		5,590,846		903,420
		33,343,859		36,440,972

Deposits and other receivables mainly represent rental deposits and deposits with event organizers. Where applicable, an impairment analysis is performed at each reporting date by considering the probability of default of comparable companies with published credit ratings.

As at December 31, 2018 and 2019, the probability of default applied ranged from 0.33% to 0.50% and the loss given default was estimated to be 45%. The recoverability was assessed with reference to the credit status of the debtors, and the expected credit loss as at December 31, 2018 and 2019 is considered to be minimal.

None of the above assets is either past due or impaired. The financial assets included in the above balances relate to receivables for which there was no recent history of default.

XML

Notes To The Consolidated Statements Of Cash Flows - Summary Of Balances With Related Parties Explnatory (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related Company [Member]
Disclosure of transactions between related parties [line items]
Operating activities		$ 7,500	$ (2,104,418)
Net cash inflow/(outflow)		7,500	(2,104,418)
Fellow Subsidiaries [Member]
Disclosure of transactions between related parties [line items]
Operating activities		(699,864,420)	(460,296,468)
Financing activities		203,607,914	1,675,510,800
Net cash inflow/(outflow)		(496,256,506)	1,215,214,332
Immediate holding company [Member]
Disclosure of transactions between related parties [line items]
Operating activities		439,200,382	284,494,845
Investing activities	$ (2,957,926,150)
Net cash inflow/(outflow)	$ (2,957,926,150)	$ 439,200,382	$ 284,494,845

XML

Share Capital and Capital Reserve - Summary of classes of share capital (Detail) - shares	Dec. 31, 2019	Dec. 31, 2018
Class A Ordinary Shares [Member]
Number of shares authorised [abstract]
Number of shares authorised	8,000,000,000	0
Number of shares issued [abstract]
Number of shares issued and fully paid	41,084,851
Class B Ordinary Shares [Member]
Number of shares authorised [abstract]
Number of shares authorised	2,000,000,000	0
Number of shares issued [abstract]
Number of shares issued and fully paid	204,526,628	200,000,001

XML

Deferred Tax Liabilities

12 Months Ended

Dec. 31, 2019

Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]

Deferred Tax Liabilities

22. DEFERRED TAX LIABILITIES

The movements in deferred tax liabilities during the years are as follows:

	Unrealized gain on investment HK$
January 1, 2018		130,208,677
Deferred tax charged to profit or loss during the year (Note 9)		33,148,500
At December 31, 2018 and January 1, 2019		163,357,177
Deferred tax charged to profit or loss during the year (Note 9)		79,556,400
At December 31, 2019		242,913,577

As at December 31, 2018 and 2019, the Group had estimated tax losses arising in Hong Kong of HK$1,041,831 and HK$1,010,061 subject to the agreement by the Hong Kong Inland Revenue Department, that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognized in respect of the unutilized tax losses arising in Hong Kong as it is not considered probable that taxable profits would be available against which the tax losses can be utilized.

XML

Derivative Financial Asset

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about financial instruments [abstract]

Derivative Financial Asset

14. DERIVATIVE FINANCIAL ASSET

On April 1, 2019, two subsidiaries of the Group entered into “Upside Participation and Profit Distribution Agreements” (the “Agreements”) with a counterparty in relation to the movement of the share price of the entirety of the listed shares of Investment A (Note 13) the Group owns (“Underlying Assets”). The Agreements have an original term of 12 months and can be extended for any further period or terminated at any time upon mutual agreement of the contracting parties. Pursuant to the Agreements:

(a) The counterparty is entitled to 25% (the “Sharing Percentage”) of the gain of the Underlying Assets if the quoted market price or disposal price of the Underlying Assets is higher than HK$8.1 per share (the “Underlying Price”);

(b) The counterparty shall pay a sum equivalent to the loss if the quoted market price or disposal price of the Underlying Assets is lower than Underlying Price (“Participation Cost”); and

(c) Dividend or cash distributions generated from the Underlying Assets during the term of the Agreements shall be received by the Group for its sole benefit and shall not be included in the computation of the Profit or the Participation Cost.

Further addendums to the Agreements were entered into on June 30, July 1, September 30, and December 31, 2019 (the “Addendums”), where:

• On June 30, 2019, the term of the Agreements was modified from 12 months to 3 months and could be roll-forward for an additional three-month period upon mutual agreement between the contracting parties provided that the Underlying Assets are not fully disposed by the Group on the termination date.

• On July 1, 2019, the Agreements were extended for a 3-month period to September 30, 2019 and the Underlying Price was modified from HK$8.1 to HK$9.0 and the Sharing Percentage was modified from 25% to 40%.

• On September 30, 2019, the Agreements were extended for another three-month period to December 31, 2019.

• On December 31, 2019, the Agreements were further extended for an another three-month period to March 31, 2020.

In December 2019, the controlling person of the counterparty, with which the Group has entered into the Agreements, was appointed as a Director to the Board of Directors of the Company. Accordingly, the counterparty became a related party of the Company.

The Agreements together with the Addendums satisfied the definition of derivative financial asset in accordance with IFRS 9 and were stated at fair value with any subsequent changes recognized in profit or loss. In addition, since the transaction price of the derivative financial asset differed from the fair value at origination and the fair value was based on a valuation technique using significant inputs not observable, the difference between the transaction price and the fair value (Day 1 profit or loss) was deferred and amortized during the term of the Agreements.

The table below shows the movement of:

(i) the profit or loss not recognized when the derivative financial asset was initially recognized (Day 1 profit or loss);

(ii) net carrying amount presented in the consolidated statements of financial position; and

(iii) net fair value change on derivative financial asset presented in profit or loss

	Fair value using valuation technique			Day 1 (profit)/loss			Net carrying amount		Net change in fair value recognized in profit or loss
	HK$			HK$			HK$		HK$
As at January 1, 2019		—			—			—		—
Initial transaction on April 1, 2019		355,294,216			(355,294,216	)		—		—
Recognized in profit and loss prior to contract renegotiation on July 1, 2019
- Changes in fair value		106,129,339			—			106,129,339		106,129,339
- Recognition of day 1 profit or loss		—			88,338,180			88,338,180		88,338,180
As at June 30, 2019		461,423,555			(266,956,036	)		194,467,519		194,467,519
Contract renegotiation on July 1, 2019		115,758,384			(115,758,384	)		—		—
As at July 1, 2019		577,181,939			(382,714,420	)		194,467,519		194,467,519
Recognized in profit and loss prior to contract renegotiation on September 30, 2019
- Changes in fair value		230,436,061			—			230,436,061		230,436,061
- Recognition of day 1 profit or loss		—			382,714,420			382,714,420		382,714,420
As at September 30, 2019		807,618,000			—			807,618,000		807,618,000
Contract renegotiation on September 30, 2019		1,538,635			(1,538,635	)		—		—
As at September 30, 2019		809,156,635			(1,538,635	)		807,618,000		807,618,000
Recognized in profit and loss prior to contract renegotiation on December 31, 2019
- Changes in fair value		356,063,365			—			356,063,365		356,063,365
- Recognition of day 1 profit or loss		—			1,538,635			1,538,635		1,538,635
As at December 31, 2019		1,165,220,000			—			1,165,220,000		1,165,220,000
Contract renegotiation on December 31, 2019		(17,847,221	)		17,847,221			—		—
As at December 31, 2019		1,147,372,779			17,847,221			1,165,220,000		1,165,220,000

XML

Financial risk management objectives and policies - Additional Information (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets that are either past due or impaired [line items]
Profit Loss Before Tax	$ 989,253,972	$ 608,965,226	$ 808,585,471
Derivative financial instrument charged to profit or loss	1,165,220,000
Ariana Capital Investment Limited [member] | Derivative Financial Assets [member]
Disclosure of financial assets that are either past due or impaired [line items]
Credit risk exposure of derivative financial instruments	$ 1,165,220,000
Invesment Segment [member]
Disclosure of financial assets that are either past due or impaired [line items]
Concentration risk percentage	46.00%	46.00%
Hong Kong Confederation of Insurance Brokers [member]
Disclosure of financial assets that are either past due or impaired [line items]
Net Asset Value	$ 100,000
Stock Loan [member] | Bank of Qingdao Co Ltd [member]
Disclosure of financial assets that are either past due or impaired [line items]
Stock Loan Percent	100.00%	100.00%
Price Risk [member]
Disclosure of financial assets that are either past due or impaired [line items]
Percentage Of Increase Decrease In Market Value Of Financial Assets At FVTPL	5.00%	5.00%
Profit Loss Before Tax	$ 122,549,000	$ 160,375,800
Percent Of Increase Decrease In Share Price	5.00%
Increase in profit before tax	$ 822,015
Decrease in profit before tax	$ 791,873
Price Risk [member] | Unlisted Equity Shares And Unlisted Debt Securities [Member]
Disclosure of financial assets that are either past due or impaired [line items]
Percentage Of Increase Decrease In Market Value Of Financial Assets At FVTPL	5.00%	5.00%
Profit Loss Before Tax	$ 16,134,896	$ 14,062,095
Currency risk [member] | RMB [member]
Disclosure of financial assets that are either past due or impaired [line items]
Profit Loss Before Tax	11,369	12,405	$ 13,163
Foreign Currency Risk Appreciated And Depreciated			5.00%
Currency risk [member] | TWD [member]
Disclosure of financial assets that are either past due or impaired [line items]
Profit Loss Before Tax	70,348	74,959	$ 277,654
Foreign Currency Risk Appreciated And Depreciated			5.00%
Currency risk [member] | EUR [member]
Disclosure of financial assets that are either past due or impaired [line items]
Profit Loss Before Tax			$ 4,903
Foreign Currency Risk Appreciated And Depreciated			5.00%
Currency risk [member] | AUD [member]
Disclosure of financial assets that are either past due or impaired [line items]
Profit Loss Before Tax	780	$ 3,536	$ 84,996
Foreign Currency Risk Appreciated And Depreciated			5.00%
Credit risk [member]
Disclosure of financial assets that are either past due or impaired [line items]
Fair value of securities pledged	$ 962,442,277

XML

Intangible Assets

12 Months Ended

Dec. 31, 2019

Disclosure of Intangible assets [Abstract]

Intangible Assets

18. INTANGIBLE ASSETS

	HK$
Net carrying amount as at December 31, 2018 and 2019		15,171,170

The intangible assets represented securities trading licenses and trading right with indefinite useful lives because they are expected to contribute to the net cash flows of the Group indefinitely and therefore, are not amortized. The recoverable amount of the intangible assets is determined by reference to the market evidence of recent transaction prices for similar licensed corporations.

XML

Revenue and Other Income (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Summary of analysis of revenue

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Revenue from contracts with customers
Investment banking
Investment banking fee and income		208,162,829		288,591,129		455,955,912
Asset management
Management fee and performance-based incentive fee		47,774,685		43,465,186		103,509,196
Brokerage and handling fees		16,270,055		31,393,570		19,383,099
Others		6,768,634		4,088,230		1,158,069
		70,813,374		78,946,986		124,050,364
		278,976,203		367,538,115		580,006,276
Revenue from other sources
Strategic investment
Dividend income		22,564,600		99,227,724		92,316,548
Gain related to disposed investment		46,943,698		—		8,235,180
		69,508,298		99,227,724		100,551,728
Net fair value changes on financial assets at fair value through profit or loss and stock loan
-from listed equity shares, at quoted price		684,660,652		202,304,000		(683,060,000	)
-from unlisted debt securities		—		86,000		—
-from unlisted equity shares		18,600		54,070,295		41,456,007
Total net fair value changes on financial assets at fair value through profit or loss and stock loan		684,679,252		256,460,295		(641,603,993	)
Net fair value changes on derivative financial asset
-from derivative financial asset		—		—		1,165,220,000
		—		—		1,165,220,000
		1,033,163,753		723,226,134		1,204,174,011

Summary of revenue from contracts with customers

Year ended December 31, 2017

Segments	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Investment banking
Underwriting commission and brokerage fee		150,649,829		—		—		150,649,829
Financial advisory fee		57,513,000		—		—		57,513,000
Asset management
Management fee and performance-based incentive fee		—		47,774,685		—		47,774,685
Brokerage and handling fee		—		16,270,055		—		16,270,055
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss and stock loan		—		—		684,679,252		684,679,252
Gain related to disposed investment		—		—		46,943,698		46,943,698
Dividend income		—		—		22,564,600		22,564,600
Others		—		6,768,634		—		6,768,634
Total		208,162,829		70,813,374		754,187,550		1,033,163,753

Segments	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Investment banking
Underwriting commission and brokerage fee		217,002,789		—		—		217,002,789
Financial advisory fee		71,588,340		—		—		71,588,340
Asset management
Management fee and performance-based incentive fee		—		43,465,186		—		43,465,186
Brokerage and handling fee		—		31,393,570		—		31,393,570
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss and stock loan		—		—		256,460,295		256,460,295
Dividend income		—		—		99,227,724		99,227,724
Others		—		4,088,230		—		4,088,230
Total		288,591,129		78,946,986		355,688,019		723,226,134

Segments	Investment banking		Asset management		Strategic investment			Total
	HK$		HK$		HK$			HK$
Investment banking
Underwriting commission and brokerage		403,573,912		—		—			403,573,912
Financial advisory fee		52,382,000		—		—			52,382,000
Asset management
Management fee and performance-based incentive fee		—		103,509,196		—			103,509,196
Brokerage and handling fees		—		19,383,099		—			19,383,099
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss and stock loan		—		—		(641,603,993	)		(641,603,993	)
Net fair value changes on derivative financial instruments		—		—		1,165,220,000			1,165,220,000
Gain related to disposed investment		—		—		8,235,180			8,235,180
Dividend income		—		—		92,316,548			92,316,548
Others		—		1,158,069		—			1,158,069
Total		455,955,912		124,050,364		624,167,735			1,204,174,011

Disclosure of Revenue Recognition from Performance Obligation

The following table shows the amount of revenue recognized in the current period that were included in the contract liabilities at the beginning of the reporting period:

	December 31, 2018		December 31, 2019
	HK$		HK$
Revenue recongised that was included in contract liabilities at the beginning of the reporting period:
Asset management		—		39,296,815

Summary of transaction prices allocated to the remaining performance obligations

	December 31, 2018		December 31, 2019
	HK$		HK$
Within one year		37,165,868		75,077,754
More than one year		17,945,950		36,896,409
		55,111,818		111,974,163

Summary of other income

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Bank interest income		158,863		7,681		1,115,839
Interest income from the immediate holding company (Note 26(a)(v)) (Note 26(b)(i))		—		—		17,562,104
Other income from a fellow subsidiary (Note 26(b)(iv))		15,285,311		3,666,040		—
Management fee income from a fellow subsidiary		2,231,559		—		—
Others		238,433		11,719,054		3,412,325
		17,914,166		15,392,775		22,090,268

Summary of timing of revenue recognition

Segments	Investment banking		Asset management		Total
	HK$		HK$		HK$
Timing of revenue recognition
Services transferred at a point in time		150,649,829		23,038,689		173,688,518
Services transferred over time		57,513,000		47,774,685		105,287,685
Total revenue from contracts with customers		208,162,829		70,813,374		278,976,203

Segments	Investment banking		Asset management		Total
	HK$		HK$		HK$
Timing of revenue recognition
Services transferred at a point in time		217,002,789		35,481,800		252,484,589
Services transferred over time		71,588,340		43,465,186		115,053,526
Total revenue from contracts with customers		288,591,129		78,946,986		367,538,115

Segments	Investment banking		Asset management		Total
	HK$		HK$		HK$
Timing of revenue recognition
Services transferred at a point in time		403,573,912		20,541,168		424,115,080
Services transferred over time		52,382,000		103,509,196		155,891,196
Total revenue from contracts with customers		455,955,912		124,050,364		580,006,276

XML

Basis of Presentation (Policies)

12 Months Ended

Dec. 31, 2019

Basis of Presentation [Abstract]

Fair value measurement

Fair value measurement

The Group measures its derivative financial instruments, debt and equity investments at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 —	based on quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 —	based on valuation techniques for which the lowest level input that is significant to the fair value measurement is observable, either directly or indirectly
Level 3 —	based on valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the consolidated financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

Impairment of non-financial assets

Impairment of non-financial assets

Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than financial assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs.

An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. An impairment loss is charged to profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset.

An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to profit or loss in the period in which it arises.

Related parties

Related parties

A party is considered to be related to the Group if:

(a) the party is a person or a close member of that person’s family and that person

(i) has control or joint control over the Group;

(ii) has significant influence over the Group; or

(iii) is a member of the key management personnel of the Group or of a parent of the Group;

or

(b) the party is an entity where any of the following conditions applies:

(i) the entity and the Group are members of the same group;

(ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity);

(iii) the entity and the Group are joint ventures of the same third party;

(iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity;

(v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; and the sponsoring employers of the post-employment benefit plan;

(vi) the entity is controlled or jointly controlled by a person identified in (a);

(vii) a person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity); and

(viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group.

Property, plant and equipment and depreciation

Property, plant and equipment and depreciation

Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use.

Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to profit or loss in the year in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly.

Depreciation is calculated on a straight-line basis to write off the cost or valuation of each item of property, plant and equipment to its residual value over its estimated useful life. The principal annual rates used for this purpose are as follows:

Furniture and fixtures	20	%
Computer equipment	33	1/3%

Where parts of an item of property, plant and equipment have different useful lives, the cost of that item is allocated on a reasonable basis among the parts and each part is depreciated separately. Residual values, useful lives and the depreciation method are reviewed, and adjusted if appropriate, at least at each financial year end.

An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset.

Intangible assets (other than goodwill)

Intangible assets (other than goodwill)

The Company acquired the intangible assets included in the consolidated financial statements through the acquisition of a subsidiary in 2015. The Company early adopted the amendment to IFRS 3 on the definition of a business. The acquisition was determined to be and accounted for as an asset acquisition as the intangible assets met the fair value concentration test.

Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination or asset acquisition is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash-generating unit level. Such intangible assets are not amortized. The useful life of an intangible asset with an indefinite life is reviewed annually to determine whether the indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to finite is accounted for on a prospective basis.

Security trading licenses and trading right

Security trading licenses and trading right

Purchased security trading license and trading right are stated at cost less any impairment losses and have indefinite useful life.

Investments and other financial assets

Investments and other financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, and subsequently measured at amortized cost, and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Accounts receivable that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out for “Revenue recognition” below.

In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.

The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss.

All regular way purchases and sales of financial assets are recognized on the trade date, that is, the date that the Group commits to purchase or sell the asset. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace.

Subsequent measurement

The subsequent measurement of financial assets depends on their classification as follows:

Financial assets at amortized cost (debt instruments)

Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are carried in the consolidated statements of financial position at fair value with net changes in fair value recognized in profit or loss.

This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on equity investments classified as financial assets at fair value through profit or loss are also recognized as other income in profit or loss when the right of payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with changes in fair value recognized in profit or loss. Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value through profit or loss category.

A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at fair value through profit or loss.

Derecognition of financial assets

Derecognition of financial assets

A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s consolidated statement of financial position) when:

• the rights to receive cash flows from the asset have expired; or

• the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

When the Group has transferred its rights to receive cash flows from an asset or has entered into a “pass-through” arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.

Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.

Impairment of financial assets

Impairment of financial assets

The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

General approach

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).

At each reporting date, the Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward-looking information.

The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.

Financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for accounts receivable which apply the simplified approach as detailed below.

Stage 1 —	Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs
Stage 2 —	Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs
Stage 3 —	Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs

Simplified approach

For accounts receivable that do not contain a significant financing component or when the Group applies the practical expedient of not adjusting the effect of a significant financing component, the Group applies the simplified approach in calculating ECLs. Under the simplified approach, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a default approach that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.

For accounts receivable that contain a significant financing component, the Group chooses as its accounting policy to adopt the simplified approach in calculating ECLs with policies as described above.

Financial liabilities

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at amortized cost or at fair value through profit or loss (derivative financial instruments), as appropriate.

All financial liabilities are recognized initially at fair value and, in the case of financial liabilities at amortized cost, net of directly attributable transaction costs.

The Group’s financial liabilities include accounts payable, margin loan payable, financial liabilities included in other payables and accruals, amount due to fellow subsidiaries and immediate holding company, derivative financial liability and convertible bond.

Subsequent measurement

The subsequent measurement of financial liabilities depends on their classification as follows:

Financial liabilities at fair value through profit or loss

Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. The net fair value gain or loss recognized in the statement of profit or loss does not include any interest charged on these financial liabilities.

Financial liabilities at amortized cost

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process.

Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in profit or loss.

Convertible bond

If the conversion option of convertible bond exhibits characteristics of an embedded derivative, it is separated from its liability component. On initial recognition, the derivative component of the convertible bond is measured at fair value and presented as part of derivative financial instruments. Any excess of proceeds over the amount initially recognized as the derivative component is recognized as the liability component. Transaction costs are apportioned between the liability and derivative components of the convertible bond based on the allocation of proceeds to the liability and derivative components when the instruments are initially recognized. The portion of the transaction costs relating to the liability component is recognized initially as part of the liability. The portion relating to the derivative component is recognized immediately in the statement of profit or loss. 

Derecognition of financial liabilities

Derecognition of financial liabilities

A financial liability is derecognized when the obligation under the liability is discharged or cancelled, or expires.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in profit or loss.

Cash and cash equivalents

Cash and cash equivalents

For the purpose of the consolidated statements of cash flows, cash and cash equivalents comprise cash on hand and demand deposits, and short term highly liquid investments that are readily convertible into known amounts of cash, are subject to an insignificant risk of changes in value, and have a short maturity of generally within three months when acquired, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management.

For the purpose of the consolidated statements of financial position, cash and cash equivalents comprise cash on hand and at banks, including term deposits, and assets similar in nature to cash, which are not restricted as to use.

Provisions

Provisions

A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation.

When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in profit or loss.

Income tax

Income tax

Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either in other comprehensive income or directly in equity.

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period, taking into consideration interpretations and practices prevailing in the countries in which the Group operates.

Deferred tax is provided, using the liability method, on all temporary differences at the end of the reporting period between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

• when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences, and the carryforward of unused tax credits and any unused tax losses. Deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, the carryforward of unused tax credits and unused tax losses can be utilized, except:

• when the deferred tax asset relating to the deductible temporary differences arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

• in respect of deductible temporary differences associated with investments in subsidiaries, associates and joint ventures, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

Revenue recognition

Revenue recognition

Revenue from contracts with customers

Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.

When the consideration in a contract includes a variable amount, the amount of consideration is estimated to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved.

The primary components of fee and commission income are investment banking fee and income and asset management fee.

(a) Investment banking fee and income

Investment banking service income is composed of underwriting commission, brokerage fee and financial advisory fee. Underwriting commission earned from underwriting equity and debt securities is recognized at the point in time when the Group’s performance under the terms of a contractual arrangement is completed, which is typically at the closing of a transaction if there is no uncertainty or contingency related to the amount to be paid. The normal credit term is 60 to 120 days upon the completion of performance.

Brokerage fee earned from sales of equity and debt securities from underwriting is recognized at the point in time when the associated service is fulfilled, generally on the trade execution date.

Financial advisory fee is recognized as advice is provided to the customer, based on the estimated progress of work and when revenue is not probable of a significant reversal. The majority of the contracts have a duration of 60 to 120 days.

For investment banking service, each contract contains only one performance obligation.

(b) Asset management fee

Asset management fee primarily includes fees associated with asset management, performance-based incentive fee, brokerage and handling fee. The management fee and the performance-based incentive fee are earned for the provision of asset management services, which include portfolio diversification and rebalancing. These services represent a single performance obligation comprised of a series of distinct services which are substantially the same, being provided continuously over the contract period. Asset management fees consist of management and performance fees that are fixed or variable consideration. Variable consideration is determined based on underlying assets under management, i.e. AUM, of a customer’s account at a specified period end. Management fee is recognized when services are performed and the fee becomes known. Fixed consideration is recognized over the schedule period on a straight-line basis because the customer simultaneously receives and consumes the benefits provided by the Company. Performance-based incentive fee is recognized when the performance target is met and the revenue is not probable of a significant reversal. For the years ended December 31, 2017, 2018 and 2019, the Company did not have any revenue related to such variable consideration and recognized from performance obligations satisfied in previous periods.

Brokerage and handling fees are recognized at the point in time when the associated service is fulfilled, generally on the trade execution date.

For asset management services, when a single contract contains two performance obligations, the stand-alone selling prices of each of the distinct services underlying the performance obligations (i.e. management fee and performance-based incentive fee for asset management service and brokerage and handling fee for transaction processing service) are stated separately in the contract. These are the observable prices of services when the Company sells each of them separately.

Revenue from other sources

Fair value changes on financial assets at fair value through profit or loss and stock loan is recognized in the period in which they arise. Gain/loss recognized for the financial assets at fair value through profit or loss disposed during the current period is defined as gain/loss related to disposed investment, whereas gain/loss recognized for those financial assets at fair value through profit or loss in the consolidated statements of financial position held at the end of the reporting period is defined as net fair value changes on financial assets at fair value through profit or loss and stock loan.

Dividend income is recognized when the shareholders’ right to receive payment has been established, it is probable that the economic benefits associated with the dividend will flow to the Group and the amount of the dividend can be measured reliably.

Contract liabilities

Contract liabilities

A contract liability is recognized when the payment is made received or the payment is due (whichever is earlier) from a customer before the Group transfers the related goods or services. Contract liabilities are recognized as revenue when the Group performs under the contract (i.e., transfers control of the related goods or services to the customer).

For certain customers of asset management service, the Company requires upfront payment of management fee and recorded such upfront fee as contract liabilities in other payables and accruals. Upfront fee is recognized as revenue based on the time elapsed for the service period. Asset management contracts normally cover periods of one to three years.

Employee benefits

Employee benefits

Retirement benefit cost

The Group operates a defined contribution Mandatory Provident Fund retirement benefit scheme (the “MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance for all of its employees. Contributions are made based on a percentage of the employees’ basic salaries and are charged to profit or loss as they become payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme are held separately from those of the Group in an independently administered fund. The Group’s employer contributions vest fully with the employees when contributed into the MPF Scheme.

Foreign currencies

Foreign currencies

These financial statements are presented in Hong Kong dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. Foreign currency transactions recorded by the entities in the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency rates of exchange ruling at the end of the reporting period. Differences arising on settlement or translation of monetary items are recognized in profit or loss.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. The gain or loss arising on translation of a non-monetary item measured at fair value is treated in line with the recognition of the gain or loss on change in fair value of the item (i.e., translation difference on the item whose fair value gain or loss is recognized in other comprehensive income or profit or loss is also recognized in other comprehensive income or profit or loss, respectively).

In determining the exchange rate on initial recognition of the related asset, expense or income on the derecognition of a non-monetary asset or non-monetary liability relating to an advance consideration, the date of initial transaction is the date on which the Group initially recognizes the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of the advance consideration.

Warrants

Warrants

The warrants, as part of financial liabilities, are recognised initially at fair value. They are classified as financial liabilities at fair value through profit or loss as they are derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities at fair value through profit and loss are recognised in profit or loss.

Derivative financial asset

Derivative financial asset

Derivative financial asset is initially recognized at fair value on the date on which a derivative contract is entered into and is subsequently remeasured at fair value. Derivative financial asset is carried as an asset when the fair value is positive and as a liability when the fair value is negative. Any gain or loss arising from changes in fair value of the derivative financial asset is taken directly to profit or loss.

Day 1 profit or loss

Day 1 profit or loss

If the fair value of the derivative financial asset at initial recognition differs from the transaction price and the fair value is not evidenced by a quoted price in an active market for an identical asset or liability (i.e. a Level 1 input) or a valuation technique that uses only data from observable markets, the difference between the fair value at initial recognition and the transaction price is deferred and is only recognized as a gain or loss during the term of the derivative financial asset using a systematic basis that reflects a change in a factor (including time) that market participants would take into account when pricing the derivative financial asset.

XML

Income Tax (Tables)

12 Months Ended

Dec. 31, 2019

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% (2018: 16.5%; 2017: 16.5%) on the estimated assessable profits arising in Hong Kong:

			Year ended December 31,
	Note		2017		2018			2019
			HK$		HK$			HK$
Hong Kong profits tax
Charge for the year				19,988,157		43,127,820			69,585,469
Overprovision in prior year				—		(2,359,495	)		—
Deferred tax		21		112,969,008		33,148,500			79,556,400
The People’s Republic of China withholding tax charge for the year				2,256,460		9,922,772			9,207,649
				135,213,625		83,839,597			158,349,518

Reconciliation of income tax expenses and profit before tax at statutory tax rate

A reconciliation of tax expense and profit before tax at the Hong Kong statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows: 

	Year ended December 31,
	2017			2018			2019
	HK$			HK$			HK$
Profit before tax		808,585,471			608,965,226			989,253,972
Tax at statutory tax rate of 16.5%		133,416,603			100,479,262			163,226,906
Tax effect of non-taxable income		(3,834,400	)		(25,554,680	)		(23,255,305	)
Tax effect of non-deductible expenses		3,308,966			1,355,050			8,952,076
Tax effect of unrecognized temporary difference		13,522			16,553			223,434
Tax effect of tax loss not recognized		64,264			10,797			24,541
Overprovision in prior year		—			(2,359,495	)		—
Utilization of tax losses previously not recognized		(11,790	)		(30,662	)		(29,783	)
Withholding tax on the dividend income		2,256,460			9,922,772			9,207,649
Income tax expense		135,213,625			83,839,597			158,349,518

XML

Prepayments, Deposits And Other Receivables - Summary of prepayments, deposits and other receivables (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Detailed Information About Prepayments And Other Assets [Line Items]
Prepayments	$ 35,085,959	$ 27,301,254
Deposits	451,593	451,759
Other receivables	903,420	5,590,846
Current prepayments and other current assets	$ 36,440,972	$ 33,343,859

XML

Notes To The Consolidated Statements Of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of reconciliation of liabilities arising from financing activities [abstract]

Summary of liabilities arising from financing activities

(b) Changes in liabilities arising from financing activities

	Margin loans payable			Derivative financial liability		Convertible bond		Total
	HK$			HK$		HK$		HK$
At January 1, 2017		638,350,783			—		—		638,350,783
Cash flow changes from financing activities		(38,557,701	)		—		—		(38,557,701	)
Released from disposal of financial assets at fair value through profit or loss		(248,183,452	)		—		—		(248,183,452	)
Interest expenses		28,724,758			—		—		28,724,758
Interest paid		(28,724,758	)		—		—		(28,724,758	)
At December 31, 2017		351,609,630			—		—		351,609,630
Cash flow changes from financing activities		(29,610,081	)		—		—		(29,610,081	)
Interest expenses		9,047,063			—		—		9,047,063
Interest paid		(9,047,063	)		—		—		(9,047,063	)
At December 31, 2018		321,999,549			—		—		321,999,549
Cash flow changes from financing activities		(4,277,111	)		20,813,810		95,995,690		112,532,389
Interest expense		27,705,955			—		—		27,705,955
Interest paid		(27,705,955	)		—		—		(27,705,955	)
At December 31, 2019		317,722,438			20,813,810		95,995,690		434,531,938

Summary of movement of balances with related parties

(c) Changes in the movement of balances with related parties

	Year ended December 31, 2017
	Related company HK$			Fellow subsidiaries HK$			Immediate holding company HK$
Operating activities		(2,104,418	)		(460,296,468	)		284,494,845
Financing activities		—			1,675,510,800			—
Net cash (outflow)/inflow		(2,104,418	)		1,215,214,332			284,494,845

	Year ended December 31, 2018
	Related company HK$		Fellow subsidiaries HK$			Immediate holding company HK$
Operating activities		7,500		(699,864,420	)		439,200,382
Financing activities		—		203,607,914			—
Net cash inflow/(outflow)		7,500		(496,256,506	)		439,200,382

	Year ended December 31, 2019
	Related company HK$		Fellow subsidiaries HK$		Immediate holding company HK$
Investing activities		—		—		(2,957,926,150	)
Net cash outflow		—		—		(2,957,926,150	)

XML

Financial Risk Management Objectives and Policies (Tables)

12 Months Ended

Dec. 31, 2019

Financial Risk Management Objective And Policies [Abstract]

Disclosure of financial assets that are either past due or impaired

The amounts presented are gross carrying amounts for financial assets at amortized cost.

	12-month ECLs		Lifetime ECLs						HK$
	Stage 1 HK$		Stage 2 HK$		Stage 3 HK$		Simplified approach HK$
Accounts receivable*		—		—		—		158,518,003		158,518,003
Accounts receivable
—Normal**		2,575,051		—		—		—		2,575,051
—Doubtful**		—		—		—		—		—
Financial assets included in prepayments, deposits and other receivables
—Normal**		6,042,605		—		—		—		6,042,605
—Doubtful**		—		—		—		—		—
Due from a related company
—Normal**		4,085,019		—		—		—		4,085,019
—Doubtful**		—		—		—		—		—
Due from immediate holding company
—Normal**		66,141,756		—		—		—		66,141,756
—Doubtful**		—		—		—		—		—
Due from fellow subsidiaries
—Normal**		2,596,118,859		—		—		—		2,596,118,859
—Doubtful**		—		—		—		—		—
Other assets
—Not yet past due		615,491,200		—		—		—		615,491,200
Cash and bank balances
—Not yet past due		126,855,518		—		—		—		126,855,518
		3,417,310,008		—		—		158,518,003		3,575,828,011

* For accounts receivable to which the Group applies the simplified approach for impairment, information based on the probability of default approach is disclosed in Note 11 to the consolidated financial statements.

** The credit quality of the financial assets included in prepayments, deposits and other receivables, due from a related company, due from immediate holding company and due from fellow subsidiaries is considered to be “normal” when they are not past due and there is no information indicating that the financial assets had a significant increase in credit risk since initial recognition. Otherwise, the credit quality of the financial assets is considered to be “doubtful”.

Disclosure of maturity analysis for non-derivative financial liabilities

The following tables detail the Group’s remaining contractual maturity for its financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group can be required to pay.

	December 31, 2018
	Weighted average interest rate			On demand or less than 3 months		3 months to 1 year		1 to 5 years		Total
	%			HK$		HK$		HK$		HK$
Accounts payable		N/A			602,202,126		—		—		602,202,126
Margin loans payable		6.75	%		321,999,549		—		—		321,999,549
Financial liabilities included in other payables and accruals		N/A			25,011,870		—		—		25,011,870
Due to fellow subsidiaries		N/A			574,202,907		—		—		574,202,907
Due to immediate holding company		N/A			2,145,792,209		—		—		2,145,792,209
					3,669,208,661		—		—		3,669,208,661

	December 31, 2019
	Weighted average interest rate			On demand or less than 3 months		3 months to 1 year		1 to 5 years		Total
	%			HK$		HK$		HK$		HK$
Accounts payable		N/A			492,039,336		—		—		492,039,336
Margin loans payable		6.625	%		317,722,438		—		—		317,722,438
Financial liabilities included in other payables and accruals		N/A			66,043,430		—		—		66,043,430
Convertible bond		7.80	%		—		—		125,273,321		125,273,321
					875,805,204				125,273,321		1,001,078,525

XML

Derivative Financial Asset - Additional information (Detail) - $ / shares	Jul. 01, 2019	Apr. 01, 2019
Upside Participation And Profit Distribution Amendment Agreement One [Member] | AMTD Investment Solutions Group And AMTD Strategic Investments [Member] | Ariana Capital And Investment [Member]
Disclosure of detailed information about financial instruments [line items]
Percentage of profit eligible based on market price		25.00%
Underlying, derivative instrument		$ 8.1
Upside Participation And Profit Distribution Amendment Agreement Two [Member] | Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of profit eligible based on market price	25.00%
Underlying, derivative instrument	$ 8.1
Upside Participation And Profit Distribution Amendment Agreement Two [Member] | Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Percentage of profit eligible based on market price	40.00%
Underlying, derivative instrument	$ 9.0

XML

Deferred Tax Liabilities (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of temporary difference, unused tax losses and unused tax credits [abstract]

Summary of deferred tax liabilites

The movements in deferred tax liabilities during the years are as follows:

	Unrealized gain on investment HK$
January 1, 2018		130,208,677
Deferred tax charged to profit or loss during the year (Note 9)		33,148,500
At December 31, 2018 and January 1, 2019		163,357,177
Deferred tax charged to profit or loss during the year (Note 9)		79,556,400
At December 31, 2019		242,913,577

XML

Prepayments, Deposits And Other Receivables (Tables)

12 Months Ended

Dec. 31, 2019

Prepayments, Deposits And Other Receivables [Abstract]

Summary of prepayments and other assets

	December 31,
	2018		2019
	HK$		HK$
Prepayments		27,301,254		35,085,959
Deposits		451,759		451,593
Other receivables		5,590,846		903,420
		33,343,859		36,440,972

XML

Property, Plant And Equipment (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about property, plant and equipment [abstract]

Disclosure of detailed information about property, plant and equipment

	Furniture and fixtures		Computer equipment		Total
	HK$		HK$		HK$
Cost:
At January 1, 2018		11,090		4,045,710		4,056,800
Additions		—		14,214		14,214
At December 31, 2018 and January 1, 2019		11,090		4,059,924		4,071,014
Additions		—		13,710		13,710
At December 31, 2019		11,090		4,073,634		4,084,724
Accumulated depreciation:
At January 1, 2018		4,060		3,600,907		3,604,967
Charge for the year		2,218		332,623		334,841
At December 31, 2018 and January 1, 2019		6,278		3,933,530		3,939,808
Charge for the year		2,218		111,701		113,919
At December 31, 2019		8,496		4,045,231		4,053,727
Carrying amount:
At December 31, 2019		2,594		28,403		30,997
At December 31, 2018		4,812		126,394		131,206
At January 1, 2018		7,030		444,803		451,833

XML

Consolidated Statements Of Changes In Equity (Parenthetical) - AMTD Investment Solutions Group And AMTD Strategic Investments [Member] - HKD ($)		1 Months Ended	12 Months Ended
	Feb. 28, 2019	Mar. 31, 2019	Dec. 31, 2019
Proportion of ownership interest In subsidiaries indirect	79.13%
Payment from changes in ownership interests that does not result in loss of control		$ 435,231,866
Percentage of non controlling interests acquired			20.87%

XML

Income Tax - Reconciliation of income tax expenses and profit before tax at statutory tax rate (Parenthetical) (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
HK [Member]
Reconciliation Of Income Tax Expenses And Profit Before Tax At Statutory Tax Rate [Line Items]
Applicable tax rate	16.50%	16.50%	16.50%

XML

Revenue and Other Income - Schedule revenue from contracts with customers (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	$ 580,006,276	$ 367,538,115	$ 278,976,203
Net fair value changes on financial assets at fair value through profit or loss and stock loan	8,235,180	256,460,295	684,679,252
Net fair value changes on derivative financial instrument	1,165,220,000	0	0
Gains on disposals of investments			46,943,698
Gain related to disposed investment	8,235,180	256,460,295	684,679,252
Dividend income	92,316,548	99,227,724	22,564,600
Total revenue	1,204,174,011	723,226,134	1,033,163,753
Underwriting Commission And Brokerage Fee [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	403,573,912	217,002,789	150,649,829
Financial Advisory Fee [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	52,382,000	71,588,340	57,513,000
Management Fee And Performance Based Incentive Fee [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	103,509,196	43,465,186	47,774,685
Brokerage And Handling Fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	19,383,099	31,393,570	16,270,055
Others [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	1,158,069	4,088,230	6,768,634
Investment Banking [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	455,955,912	288,591,129	208,162,829
Total revenue	455,955,912	288,591,129	208,162,829
Investment Banking [member] | Underwriting Commission And Brokerage Fee [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	403,573,912	217,002,789	150,649,829
Investment Banking [member] | Financial Advisory Fee [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	52,382,000	71,588,340	57,513,000
Asset Management [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	124,050,364	78,946,986	70,813,374
Total revenue	124,050,364	78,946,986	70,813,374
Asset Management [member] | Management Fee And Performance Based Incentive Fee [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	103,509,196	43,465,186	47,774,685
Asset Management [member] | Brokerage And Handling Fees [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	19,383,099	31,393,570	16,270,055
Asset Management [member] | Others [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue from external customers and others	1,158,069	4,088,230	6,768,634
Strategic Investment [member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Net fair value changes on financial assets at fair value through profit or loss and stock loan	(641,603,993)	256,460,295	684,679,252
Net fair value changes on derivative financial instrument	1,165,220,000
Gains on disposals of investments	8,235,180		46,943,698
Gain related to disposed investment	(641,603,993)	256,460,295	684,679,252
Dividend income	92,316,548	99,227,724	22,564,600
Total revenue	$ 624,167,735	$ 355,688,019	$ 754,187,550

XML

Operating Segment Information - Schedule of segment assets and liabilities (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure of operating segments [line items]
Segment assets	$ 8,270,692,652	$ 7,107,189,550
Segment liabilities	1,442,197,708	3,912,787,450
Operating segments [member]
Disclosure of operating segments [line items]
Segment assets	3,498,744,273	4,341,395,015
Segment liabilities	809,761,776	1,000,698,513
Operating segments [member] | Investment Banking [member]
Disclosure of operating segments [line items]
Segment assets	64,813,018	134,855,898
Segment liabilities		15,000,000
Operating segments [member] | Asset Management [member]
Disclosure of operating segments [line items]
Segment assets	539,713,339	712,011,344
Segment liabilities	492,039,337	663,698,964
Operating segments [member] | Strategic Investment [member]
Disclosure of operating segments [line items]
Segment assets	2,894,217,916	3,494,527,773
Segment liabilities	317,722,439	321,999,549
Unallocated amounts [member]
Disclosure of operating segments [line items]
Segment assets	4,771,948,379	2,765,794,535
Segment liabilities	$ 632,435,932	$ 2,912,088,937

XML

Consolidated Statements Of Profit Or Loss And Other Comprehensive Income - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUE
Fee and commission income	$ 580,006,276	$ 367,538,115	$ 278,976,203
Dividend and gain related to disposed investment	100,551,728	99,227,724	69,508,298
Total income	680,558,004	466,765,839	348,484,501
Net fair value change on financial assets at fair value through profit or loss and stock loan	(641,603,993)	256,460,295	684,679,252
Net fair value change on derivative financial asset	1,165,220,000
Total revenue	1,204,174,011	723,226,134	1,033,163,753
Other income	22,090,268	15,392,775	17,914,166
Operating expenses, net	(114,696,855)	(52,582,107)	(111,563,188)
Staff costs	(94,607,497)	(68,024,513)	(102,204,502)
Finance costs	(27,705,955)	(9,047,063)	(28,724,758)
PROFIT BEFORE TAX	989,253,972	608,965,226	808,585,471
Income tax expense	(158,349,518)	(83,839,597)	(135,213,625)
PROFIT FOR THE YEAR AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR	830,904,454	525,125,629	673,371,846
Attributable to:
Owners of the parent	938,272,885	468,061,079	568,266,428
Non-controlling interests	(107,368,431)	57,064,550	105,105,418
PROFIT FOR THE YEAR AND TOTAL COMPREHENSIVE INCOME FOR THE YEAR	830,904,454	525,125,629	673,371,846
Class A Ordinary Shares [Member]
Attributable to:
Owners of the parent	$ 69,906,757
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Basic, profit for the year attributable to ordinary equity holders of the parent	$ 4.34
Diluted, profit for the year attributable to ordinary equity holders of the parent	$ 4.34
Class B Ordinary Shares [Member]
Attributable to:
Owners of the parent	$ 868,366,128	$ 468,061,079	$ 568,266,428
EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT
Basic, profit for the year attributable to ordinary equity holders of the parent	$ 4.34	$ 2.34	$ 2.84
Diluted, profit for the year attributable to ordinary equity holders of the parent	$ 4.34	$ 2.34	$ 2.84

XML

Staff Costs - Schedule of staff costs (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Classes of employee benefits expense [abstract]
Salaries and Bonuses	$ 93,703,848	$ 67,187,493	$ 101,092,455
Pension scheme contributions (defined contribution schemes)	903,649	837,020	1,112,047
Employee benefits expense	$ 94,607,497	$ 68,024,513	$ 102,204,502

XML

Accounts payable - Summary of trade and other payables (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Trade and other payables [abstract]
Clients' payables	$ 256,423,531	$ 12,157,051
Payables to clearing house and brokers	9,062,629	3,153,820
Clients' monies held on trust (Note 15)	226,553,176	586,891,255
Accounts payable	$ 492,039,336	$ 602,202,126

XML

Operating Expenses, Net

12 Months Ended

Dec. 31, 2019

Operating Income Expense [Abstract]

Operating Expenses, Net

6. OPERATING EXPENSES, NET

Operating expenses and foreign exchange differences included in the consolidated statement of profit or loss and other comprehensive income are as follows:

	Year ended December 31,
	2017			2018		2019
	HK$			HK$		HK$
Operating expenses
Marketing and brand promotional expenses		26,207,524			11,864,097		12,903,989
Premises costs and office utilities
—Premises costs		18,361,737			9,465,094		11,965,344
—Office utilities		7,421,124			6,117,640		9,152,802
		25,782,861			15,582,734		21,118,146
Traveling and business development expenses		18,460,191			10,860,318		19,362,587
Commissions and bank charges		7,978,311			5,197,984		2,307,050
Office renovation and maintenance expenses		15,880,216			1,603,484		1,430,834
Administrative service fee (Note 26(a)(iii))		—			—		12,000,000
Legal and professional fees
—Auditor’s remuneration		503,240			789,000		11,402,267
—Other legal and professional fees		5,268,795			1,650,070		11,776,501
		5,772,035			2,439,070		23,178,768
Staff welfare and staff recruitment expenses		7,637,277			3,659,523		2,471,705
Others
—Depreciation		379,132			334,841		113,919
—Foreign exchange differences, net		(206,072	)		382,757		12,596,647
—Other expenses		3,671,713			657,299		7,213,210
		3,844,773			1,374,897		19,923,776
		111,563,188			52,582,107		114,696,855

XML

Other Payables And Accruals - Summary of detailed information about contract liabilities (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Disclosure of performance obligations [line items]
Beginning Value	$ 55,111,818	$ 0
Deferred revenue received during the year	127,418,656	58,344,702
Revenue recognized during the year	(70,556,311)	(3,232,884)
Ending value	$ 111,974,163	$ 55,111,818

XML

Earnings Per Share Attributable To Ordinary Equity Holders of The Parent

12 Months Ended

Dec. 31, 2019

Earnings/(loss) Per Share Attributable To Ordinary Equity Holders of The Parent

Earnings Per Share Attributable To Ordinary Equity Holders of The Parent

10. EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT

The Company’s ordinary shares are divided into Class A ordinary shares and Class B ordinary shares. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote and is not convertible into Class B ordinary share under any circumstances. Each Class B ordinary share is entitled to twenty votes and is convertible into one Class A ordinary share at any time by the holder thereof.

The basic earnings per share attributable to Class A ordinary equity holders and Class B ordinary equity holders are calculated by dividing the profit for the year attributable to Class A ordinary equity holders and Class B ordinary equity holders of the parent by the number of Class A ordinary shares and Class B ordinary shares, respectively, after the Reorganisation as mentioned in Note 1.2.

The diluted earnings per share attributable to Class A ordinary equity holders and Class B ordinary equity holders are based on the profit for the year attributable to Class A ordinary equity holders and Class B ordinary equity holders of the parent, adjusted to reflect the interest on the convertible bond and fair value (gain)/loss on the derivative component of the convertible bonds, which are immaterial in 2019. The weighted average number of ordinary shares used in the calculation is the number of ordinary shares in issue during the year, as used in the basic earnings per share calculation, the weighted average number of ordinary shares assumed to have been issued at no consideration on the deemed exercise or conversion of all dilutive potential ordinary shares into ordinary shares.

Basic and diluted earnings per share for each of the periods presented are calculated as follows:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Basic earnings per share:
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (HK$)-basic Class A		—		—		69,906,757
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (HK$)-basic Class B		568,266,428		468,061,079		868,366,128
Denominator:
Weighted average number of Class A ordinary shares outstanding—basic		—		—		16,112,737
Weighted average number of Class B ordinary shares outstanding—basic		200,000,001		200,000,001		200,148,822
Basic earnings per share (HK$) Class A		—		—		4.34
Basic earnings per share (HK$) Class B		2.84		2.34		4.34
Diluted earnings per share:
Numerator:
Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share calculation (HK$)-diluted Class A		—		—		69,906,757
Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share calculation (HK$)-diluted Class B		568,266,428		468,061,079		868,366,128
Denominator:
Weighted average number of Class A ordinary shares outstanding—diluted		—		—		16,117,254
Weighted average number of Class B ordinary shares outstanding—diluted		200,000,001		200,000,001		200,204,936
Diluted earnings per share (HK$) Class A		—		—		4.34
Diluted earnings per share (HK$) Class B		2.84		2.34		4.34

	Number of shares
	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Shares:
Weighted average number of Class A ordinary shares in issue during the year used in the basic earnings per share calculation		—		—		16,112,737
Effect of dilution – weighted average number of ordinary shares:
Warrants		—		—		864
Convertible bond		—		—		3,653
		—		—		16,117,254
Weighted average number of Class B ordinary shares in issue during the year used in the basic earnings per share calculation		200,000,001		200,000,001		200,148,822
Effect of dilution – weighted average number of ordinary shares:
Warrants		—		—		10,728
Convertible bond		—		—		45,386
		200,000,001		200,000,001		200,204,936

In addition to the transactions detailed elsewhere in the consolidated financial statements, there have been no other transactions involving Class A and Class B ordinary shares between the reporting date and the date of authorization of these financial statements.

XML

Financial Instruments By Category

12 Months Ended

Dec. 31, 2019

Disclosure of financial assets [abstract]

Financial Instruments By Category

27. FINANCIAL INSTRUMENTS BY CATEGORY

The carrying amounts of each of the categories of financial instruments as at the end of the reporting period are as follows:

As at December 31, 2018

Financial assets

	Financial assets at fair value through profit or loss
	Mandatorily required to be measured at fair value		Financial assets at amortized cost		Total
	HK$		HK$		HK$
Accounts receivable		—		161,093,054		161,093,054
Financial assets included in prepayments, deposits and other receivables		—		6,042,605		6,042,605
Due from a related company		—		4,085,019		4,085,019
Due from immediate holding company		—		66,141,756		66,141,756
Due from fellow subsidiaries		—		2,596,118,859		2,596,118,859
Financial assets at fair value through profit or loss		1,953,078,309		—		1,953,078,309
Stock loan		1,535,679,600		—		1,535,679,600
Other assets		—		615,491,200		615,491,200
Cash and bank balances		—		126,855,518		126,855,518
		3,488,757,909		3,575,828,011		7,064,585,920

Financial liabilities

	Financial liabilities at amortized cost
	HK$
Accounts payable		602,202,126
Margin loans payable		321,999,549
Financial liabilities included in other payables and accruals		25,011,870
Due to fellow subsidiaries		574,202,907
Due to immediate holding company		2,145,792,209
		3,669,208,661

As at December 31, 2019

Financial assets

	Financial assets at fair value through profit or loss
	Mandatorily required to be measured at fair value		Financial assets at amortized cost		Total
	HK$		HK$		HK$
Accounts receivable		—		346,379,574		346,379,574
Financial assets included in prepayments, deposits and other receivables		—		1,355,013		1,355,013
Due from immediate holding company		—		2,921,838,772		2,921,838,772
Financial assets at fair value through profit or loss		1,572,697,716		—		1,572,697,716
Stock loan		1,200,980,200		—		1,200,980,200
Derivative financial asset		1,165,220,000		—		1,165,220,000
Other assets		—		245,502,780		245,502,780
Cash and bank balances		—		766,430,471		766,430,471
		3,938,897,916		4,281,506,610		8,220,404,526

Financial liabilities

	Financial liabilities at fair value through profit or loss—Held for trading		Financial liabilities at amortized cost		Total
	HK$		HK$		HK$
Accounts payable		—		492,039,336		492,039,336
Margin loans payable		—		317,722,438		317,722,438
Financial liabilities included in other payables and accruals		—		66,043,431		66,043,431
Derivative financial liability		20,813,810		—		20,813,810
Convertible bond		—		95,995,690		95,995,690
		20,813,810		971,800,895		992,614,705

XML

Fair value and fair value hierarchy of financial instruments - Summary of Significant Unobservable Inputs to Valuation of Financial Instruments (Detail)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Unlisted Equity Investment
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Valuation Technique	Multiple/ EVA	EVA
Significant Unobservable input	Equity volatility	Equity volatility
Range	33.08%	56.72%
Sensitivity of Value to the input	5% increase/decrease in volatility results in decrease/increase in fair value by -1.0%-0.3%	5% increase/ decrease in volatility results in decrease/ increase in fair value by 0.27%/0.15%
Derivative Financial Liability [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Valuation Technique	Binomial option pricing model
Significant Unobservable input	Volatility
Range	67.87%
Sensitivity of Value to the input	5% increase/decrease in volatility results in increase/decrease in fair value by 4.58%/4.66%
Derivative financial Asset [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Valuation Technique	MCS
Significant Unobservable input	Calculated volatility of the Underlying Assets
Sensitivity of Value to the input	5% increase/decrease in volatility results in increase/decrease in fair value by 0.02%/0.23%
Bottom of range [member] | Derivative financial Asset [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Range	32.82%
Top of range [member] | Derivative financial Asset [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Range	36.28%
Credit Rate Increase BB To BBB | Derivative Financial Liability [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Significant Unobservable input	Credit rating
Credit Rate Increase BB To BBB | Derivative financial Asset [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Sensitivity of Value to the input	One rank level increase in credit rating of Company from BB to BBB results in increase in fair value by 0.04%
Credit Rate Decrease BB to B | Derivative financial Asset [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Sensitivity of Value to the input	One rank level decrease in credit rating of the counterparty from BB to B results in decrease in fair value by 0.80%
Credit spread [Member] | Derivative Financial Liability [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Significant Unobservable input	Credit spread
Range	12.52%
Sensitivity of Value to the input	5% increase/decrease in credit spread results in increase/decrease in fair value by 0.32%/0.32%
Liquidity spread [Member] | Derivative Financial Liability [member]
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Significant Unobservable input	Liquidity spread
Range	2.99%
Sensitivity of Value to the input	increase/decrease in liquidity spread would not result in change in fair value
Average PE multiple of peers [Member] | Unlisted Equity Investment
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, assets [line items]
Significant Unobservable input	Average P/E multiple of peers
Range	10.80%
Sensitivity of Value to the input	5% increase/decrease in P/E multiple results in increase/decrease in fair value by 5.4-4.1%

XML

Convertible bond

12 Months Ended

Dec. 31, 2019

Borrowings [abstract]

Convertible bond

23. CONVERTIBLE BOND

On December 19, 2019, the Company issued 2% convertible bond with a principal amount of US$15,000,000. There was no movement in the number of these convertible bond during the year. The bond is convertible at the option of the bondholders into ordinary shares at any time after six months following the date of issuance of the bond and prior to the close of business on the second business day immediately preceding the maturity date of June 30, 2023. The conversion rate is 99.44 ADSs per US$1,000 principal. The conversion rate is subject to adjustment upon the occurrence of certain events that have an impact on the number of outstanding shares of the Company. The bondholder of the bond can convert all or any portion of the bond that equals to or greater than US$10,000,000. However, the purchaser can only exercise such right to convert for no more than twice. Any convertible notes not converted, as well as the accrued interest, will be repaid on June 30, 2023.

On initial recognition, the derivative component of the convertible bonds is measured at fair value and presented as part of derivative financial liability. Any excess of proceeds over the amount initially recognized as the derivative component is recognized as the liability component.

The movement of convertible bond during the year is as follows:

	Liability component		Derivative financial liability
	HK$		HK$
At December 31, 2017, 2018		—		—
Convertible bond issued during the year		95,995,690		20,813,810
At December 31, 2019		95,995,690		20,813,810

XML

Related Party Transactions - Summary of Detailed Information About Compensation Of Key Management Personnel (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Detailed Information About Compensation Of Key Management Personnel [Line Items]
Short-term employee benefits	$ 43,062,534	$ 19,473,470	$ 8,745,651
Other long-term benefit	92,700	61,428	53,624
Total benefits	$ 43,155,234	$ 19,534,898	$ 8,799,275

XML

Fair value and fair value hierarchy of financial instruments - Additional information (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Transfer from level 1 to level 2	$ 0	$ 0	$ 0
Transfer from level 2 to level 1	0	0	0
Transfers out of level3	0	0	0
Transfers into level3	$ 0	$ 0	$ 0

XML

Subsequent Events

12 Months Ended

Dec. 31, 2019

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent Events

31. SUBSEQUENT EVENTS

On March 30, 2020, the Company submitted the application to The Stock Exchange of Hong Kong Limited (“SEHK”) for the listing of the US$1.0 billion medium term note program of the Company (the “MTN Program”) for a period of twelve months from March 30, 2020 by way of debt issues to professional investors (as defined in Chapter 37 of the Rules Governing the Listing of Securities on SEHK and in the Securities and Futures Ordinance (Cap. 571) of Hong Kong). The listing of the MTN Program became effective on April 6, 2020.

On March 31, 2020, the Agreements were further extended for an additional three months till June 30, 2020 (Note 14).

On April 2, 2020, the Company received approval in principle from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of each applicable series of the securities under the US$1.0 billion medium term note program of the Company (the “MTN Program”) on the Official List of the SGX-ST. With this approval, the MTN Program will become a dual-listed medium term note program, which will successfully list on both SEHK and the SGX-ST. The listing of the MTN Program on SGX-ST became effective on April 6, 2020.

On April 8, 2020, the Company completed the secondary listing by way of introduction of 23,873,655 class A ordinary shares of the Company on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) under the stock code “HKB”, being class A ordinary shares that have been registered with the United States Securities and Exchange Commission as part of the Company’s initial public offering and listing on the New York Stock Exchange (the “NYSE”) under the stock code “HKIB” in August 2019, and which were previously represented by the American depositary shares (“ADSs”, each representing one class A ordinary share of the Company) listed for trading on the NYSE. The Company’s ADSs will continue to be listed and traded on the NYSE.

On April 24, 2020, the Company announced an invitation to holders of the outstanding US$123 million 7.625% senior perpetual securities of AMTD Group (the “Existing Securities”) to offer to exchange any and all of their outstanding Existing Securities for new securities (the “New Securities”) to be issued by the Company under the Company’s US$1.0 billion medium term note program (the “Exchange Offer”). The amount of New Securities to be delivered in exchange for a principal amount of the Existing Securities offered and accepted for exchange will be the product of (i) such principal amount of Existing Securities and (ii) the relevant exchange ratio pursuant to the exchange instruction, subject to a minimum offer amount of US$200,000. The Exchange Offer will commence on April 23, 2020 and expire on May 6, 2020, unless extended, re-opened, or closed earlier. The Company may further issue additional new securities under the Company’s US$1.0 billion medium term note program to be immediately fungible with the New Securities issued in connection with the Exchange Offer.

The emergence and wide spread of the novel Coronavirus (“COVID-19”) since the beginning of 2020 has affected business and economic activities across the world. Revenue generated by the investment banking business is directly related to the volume and value of the transactions in which the Group is involved. During periods of unfavorable market and economic conditions, the Group’s results of operations may be adversely affected by a decrease in the number and value of the IPOs and debt offerings that the Group underwrites. During a market or general economic downturn, the Group may also derive lower revenue from the asset management and strategic investment businesses due to lower mark-to-market or fair value of the assets that the Group manages and the strategic investments that the Group made. In addition, due to uncertainty or volatility in the market or in response to difficult market conditions, clients or prospective clients may withdraw funds from, or hesitate to allocate assets to, the asset management business in favor of investments they perceive as offering greater opportunity or lower risk. Difficult market conditions can also materially and adversely affect the Group’s ability to launch new products or offer new services in our asset management business, which could negatively affect the Group’s ability to increase AUM and management fees that are based on the AUM. The Group will monitor the developments of the COVID-19 situation closely, assess and respond proactively to minimize any adverse impacts on the financial position and operating results of the Group.

XML

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Trade and other receivables [abstract]

Summary of accounts receivables

			December 31,
	Notes		2018		2019
			HK$		HK$
Receivable from investment banking services		(i)		134,855,898		66,740,188
Receivable from brokers and clearing house		(ii)		10,813,497		261,329,847
Clients’ receivables		(ii)		12,848,608		18,309,539
Margin loan receivable		(iii)		2,575,051		—
				161,093,054		346,379,574

Notes:

(i) The normal settlement terms of receivables from investment banking services are specific terms mutually agreed between the contracting parties. Receivable from investing banking services is non-interest bearing.

As at December 31, 2018, the Group’s receivable from investment banking services of HK$70,875,980 are due from fellow subsidiaries, which are repayable on similar credit terms to those offered to the major customers of the Group. There is no amount due from the immediate holding company as at December 31, 19. (Note 26(b)(ii)).

(ii) The normal settlement terms of clients’ receivables and receivable from brokers and clearing houses arising from asset management services are 2 days after trade date or at specific terms agreed with brokers and clearing houses. Overdue clients’ receivable is interest-bearing. As at December 31, 2019, the Group’s clients’ receivables of HK$2,142,145 which are due from fellow subsidiaries, which are repayable on similar credit terms to those offered to the major customers of the Group. The Group did not have any clients’ receivables due from fellow subsidiaries as at December 31, 2018.

(iii) As at December 31, 2018, the Group had collateral of listed shares with fair value amounted to HK$3,808,116 in margin financing business. Margin loan receivable is interest-bearing.

Summary of aging analysis of accounts receivable

	December 31,
	2018		2019
	HK$		HK$
Not yet due		95,469,641		294,541,514
Past due
Within 1 month		732,497		41,032,006
1 to 3 months		840,942		5,232,320
Over 3 months		64,049,974		5,573,734
		161,093,054		346,379,574

Summary of accounts receivables past due analysis

	Past due
As at December 31, 2018	Current			Less than 1 month		1 to 3 months			Over 3 months			Total
Expected credit loss rate.		0.13	%		—		0.10	%		0.22	%		0.17	%
Gross carrying amount (HK$‘000)		95,470			719		828			61,501			158,518

	Past due
As at December 31, 2019	Current			Less than 1 month			1 to 3 months			Over 3 months			Total
Expected credit loss rate.		0.11	%		0.11	%		0.11	%		0.53	%		0.12	%
Gross carrying amount (HK$‘000)		296,016			41,032			5,232			3,947			346,380

XML

Cash And Bank Balances (Tables)

12 Months Ended

Dec. 31, 2019

Cash and cash equivalents [abstract]

Summary of detailed information about cash and bank balances

	December 31,
	2018		2019
	HK$		HK$
Cash and cash equivalents:
- Cash on hand		31,031		31,031
- General bank accounts		126,824,487		766,399,440
Total cash and cash equivalents		126,855,518		766,430,471

XML

Other payables and accruals (Tables)

12 Months Ended

Dec. 31, 2019

Accrued Expenses And Other Liabilities [Abstract]

Summary of detailed information about other payables and accruals

			December 31,
	Notes		2018		2019
			HK$		HK$
Accruals and other payables				25,011,870		66,043,431
Contract liabilities		(i)		55,111,818		111,974,163
				80,123,688		178,017,594

Note:

(i) Contract liabilities include upfront fees received to deliver asset management services. The Company started to receive advances from its customers of asset management services in 2018.

Summary of detailed information about contract liabilities

Movements in contract liabilities during the years ended December 31, 2017, 2018 and 2019 are as follows:

	HK$
January 1, 2018		—
Deferred revenue received during the year		58,344,702
Revenue recognized during the year		(3,232,884	)
At December 31, 2018		55,111,818
Deferred revenue received during the year		127,418,656
Revenue recognized during the year		(70,556,311	)
At December 31, 2019		111,974,163

XML

Consolidated Statements Of Cash Flows	12 Months Ended
	Dec. 31, 2019 HKD ($)	Dec. 31, 2018 HKD ($)	Dec. 31, 2017 HKD ($)
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax	$ 989,253,972	$ 608,965,226	$ 808,585,471
Adjustments for:
Interest income	(18,677,943)	(7,681)	(158,863)
Finance costs	27,705,955	9,047,063	28,724,758
Depreciation	113,919	334,841	379,132
Dividend income	(92,316,548)	(99,227,724)	(22,564,600)
Gain related to disposed investment	(8,235,180)	0	(46,943,698)
Net fair value changes on financial assets at fair value through profit or loss and stock loan	641,603,993	(256,460,295)	(684,679,252)
Net fair value changes on derivative financial asset	(1,165,220,000)	0	0
Cash flows from (used in) operations before changes in working capital	374,228,168	262,651,430	83,342,948
Decrease/(increase) in accounts receivable	(185,286,520)	(67,920,338)	(169,351)
Increase in prepayments, deposits and other receivables	(3,097,113)	(10,140,416)	(3,769,215)
(Increase)/decrease in due from a related company	0	7,500	(2,104,418)
(Decrease)/increase in other payables and accruals	97,893,906	73,607,010	(3,063,112)
Change in amount with immediate holding company	0	439,200,382	284,494,845
Change in amount with fellow subsidiaries	0	(699,864,420)	(460,296,468)
Decrease in financial assets at fair value through profit or loss	81,711,180	0	199,909,698
Increase in accounts payables	259,825,630	(229,906)	7,844,897
Cash from/(used in) operations	625,275,251	(2,688,758)	106,189,824
Profits tax paid	(9,207,649)	(17,435,053)	(44,586,669)
Dividend received	92,316,548	99,227,724	22,564,600
Interest received	1,115,839	7,681	158,863
Net cash flows generated from operating activities	709,499,989	79,111,594	84,326,618
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of items of property, plant and equipment	(13,710)	(14,214)	(138,704)
Advance to immediate holding company	(2,957,926,150)	0	0
Net cash flows used in investing activities	(2,957,939,860)	(14,214)	(138,704)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares	2,767,254,756	0	0
Share issue expenses	(58,263,976)	0	0
Proceeds from issue of warrants	15,699,600	0	0
Exercise of warrants	78,498,000
Proceeds from issue of convertible bond	116,809,500
Repayment of margin loans	(4,277,101)	(351,610,081)	(38,557,701)
Proceeds from margin loans	0	322,000,000	0
Financing costs paid	(27,705,955)	(9,047,063)	(28,724,758)
Net cash flows (used in)/generated from financing activities	2,888,014,824	(38,657,144)	(67,282,459)
NET INCREASE IN CASH AND CASH EQUIVALENTS	639,574,953	40,440,236	16,905,455
Cash and cash equivalents at beginning of year	126,855,518	86,415,282	69,509,827
CASH AND CASH EQUIVALENTS AT END OF YEAR	766,430,471	126,855,518	86,415,282
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT END OF YEAR	$ 766,430,471	$ 126,855,518	$ 86,415,282

XML

Earnings Per Share Attributable To Ordinary Equity Holders of The Parent - Summary of Basic and diluted earnings per share (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share	$ 938,272,885	$ 468,061,079	$ 568,266,428
Class A ordinary shares [Member]
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share	$ 69,906,757
Denominator:
Weighted average number of shares outstanding—basic	16,112,737	0	0
Basic earnings per share	$ 4.34
Numerator:
Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share	$ 69,906,757
Denominator:
Weighted average number of ordinary shares outstanding—diluted	16,117,254	0	0
Diluted earnings per share	$ 4.34
Class B ordinary shares [Member]
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share	$ 868,366,128	$ 468,061,079	$ 568,266,428
Denominator:
Weighted average number of shares outstanding—basic	200,148,822	200,000,001	200,000,001
Basic earnings per share	$ 4.34	$ 2.34	$ 2.84
Numerator:
Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share	$ 868,366,128	$ 468,061,079	$ 568,266,428
Denominator:
Weighted average number of ordinary shares outstanding—diluted	200,204,936	200,000,001	200,000,001
Diluted earnings per share	$ 4.34	$ 2.34	$ 2.84

XML

Revenue and Other Income - Summary of timing of revenue recognition (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	$ 580,006,276	$ 367,538,115	$ 278,976,203
Investment Banking [member]
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	455,955,912	288,591,129	208,162,829
Asset Management [member]
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	124,050,364	78,946,986	70,813,374
Services transferred at a point in time
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	424,115,080	252,484,589	173,688,518
Services transferred at a point in time | Investment Banking [member]
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	403,573,912	217,002,789	150,649,829
Services transferred at a point in time | Asset Management [member]
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	20,541,168	35,481,800	23,038,689
Services transferred over time
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	155,891,196	115,053,526	105,287,685
Services transferred over time | Investment Banking [member]
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	52,382,000	71,588,340	57,513,000
Services transferred over time | Asset Management [member]
Disclosure Of Timing Of Revenue Recognition [Line Items]
Revenue from contracts with customers	$ 103,509,196	$ 43,465,186	$ 47,774,685

XML

Operating Segment Information - Schedule of group's revenue from external customers by geographical areas (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of geographical areas [line items]
Revenue from contracts with customers	$ 580,006,276	$ 367,538,115	$ 278,976,203
Investment Banking [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	455,955,912	288,591,129	208,162,829
Asset Management [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	124,050,364	78,946,986	70,813,374
HK [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	139,527,942	168,331,673	81,685,529
HK [Member] | Investment Banking [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	118,086,900	128,880,466	70,332,752
HK [Member] | Asset Management [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	21,441,042	39,451,207	11,352,777
CN [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	392,875,758	195,396,116	191,014,137
CN [Member] | Investment Banking [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	300,078,498	158,780,244	137,830,077
CN [Member] | Asset Management [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	92,797,260	36,615,872	53,184,060
US [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	33,572,127
US [Member] | Investment Banking [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	30,342,514
US [Member] | Asset Management [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	3,229,613
Other Countries [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	14,030,449	3,810,326	6,276,537
Other Countries [Member] | Investment Banking [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	7,448,000	930,419
Other Countries [Member] | Asset Management [Member]
Disclosure of geographical areas [line items]
Revenue from contracts with customers	$ 6,582,449	$ 2,879,907	$ 6,276,537

XML

Consolidated Statements Of Financial Position	Dec. 31, 2019 HKD ($)	Dec. 31, 2018 HKD ($)
Current assets
Accounts receivable	$ 346,379,574	$ 161,093,054
Prepayments, deposits and other receivables	36,440,972	33,343,859
Due from a related company	0	4,085,019
Due from immediate holding company	2,921,838,772	66,141,756
Due from fellow subsidiaries	0	2,596,118,859
Financial assets at fair value through profit or loss	1,572,697,716	1,953,078,309
Stock loan	1,200,980,200	1,535,679,600
Derivative financial asset	1,165,220,000	0
Other assets	245,502,780	615,491,200
Cash and bank balances	766,430,471	126,855,518
Total current assets	8,255,490,485	7,091,887,174
Non-current assets
Property, plant and equipment	30,997	131,206
Intangible assets	15,171,170	15,171,170
Total non-current assets	15,202,167	15,302,376
Total assets	8,270,692,652	7,107,189,550
Current liabilities
Accounts payable	492,039,336	602,202,126
Margin loans payable	317,722,438	321,999,549
Other payables and accruals	178,017,594	80,123,688
Due to fellow subsidiaries	0	574,202,907
Due to immediate holding company	0	2,145,792,209
Tax payable	94,695,263	25,109,794
Total current liabilities	1,082,474,631	3,749,430,273
Non-current liabilities
Deferred tax liabilities	242,913,577	163,357,177
Derivative financial liability	20,813,810	0
Convertible bond	95,995,690	0
Total liabilities	1,442,197,708	3,912,787,450
Equity
Share capital
Capital reserve	4,551,187,228	1,312,802,676
Retained profits	2,277,115,014	1,338,842,129
Total ordinary shareholders' equity	6,828,494,944	2,651,801,803
Non-controlling interests	0	542,600,297
Total equity	6,828,494,944	3,194,402,100
Total liabilities and equity	8,270,692,652	7,107,189,550
Class A ordinary shares [Member]
Equity
Share capital	32,162	0
Class B Ordinary Shares [Member]
Equity
Share capital	$ 160,540	$ 156,998

XML

Finance Costs - Schedule of finance costs (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finance Costs [Abstract]
Interests on margin loans payable	$ 27,705,955	$ 9,047,063	$ 28,724,758

XML

Intangible asset - Summary of Intangible asset (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure of Intangible assets [Abstract]
Net carrying amount as at December 31, 2018 and 2019	$ 15,171,170	$ 15,171,170

XML

Revenue and Other Income

12 Months Ended

Dec. 31, 2019

Disclosure of disaggregation of revenue from contracts with customers [abstract]

Revenue and Other Income

5. REVENUE AND OTHER INCOME

An analysis of revenue is as follows:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Revenue from contracts with customers
Investment banking
Investment banking fee and income		208,162,829		288,591,129		455,955,912
Asset management
Management fee and performance-based incentive fee		47,774,685		43,465,186		103,509,196
Brokerage and handling fees		16,270,055		31,393,570		19,383,099
Others		6,768,634		4,088,230		1,158,069
		70,813,374		78,946,986		124,050,364
		278,976,203		367,538,115		580,006,276
Revenue from other sources
Strategic investment
Dividend income		22,564,600		99,227,724		92,316,548
Gain related to disposed investment		46,943,698		—		8,235,180
		69,508,298		99,227,724		100,551,728
Net fair value changes on financial assets at fair value through profit or loss and stock loan
-from listed equity shares, at quoted price		684,660,652		202,304,000		(683,060,000	)
-from unlisted debt securities		—		86,000		—
-from unlisted equity shares		18,600		54,070,295		41,456,007
Total net fair value changes on financial assets at fair value through profit or loss and stock loan		684,679,252		256,460,295		(641,603,993	)
Net fair value changes on derivative financial asset
-from derivative financial asset		—		—		1,165,220,000
		—		—		1,165,220,000
		1,033,163,753		723,226,134		1,204,174,011

(i) Disaggregated revenue information

The Company assesses revenues based upon the nature or type of goods or services it provides and the operating segments of the related businesses. For more information on the operating segments, see Note 4, “Operating Segment Information”. The following tables present disaggregated revenue information:

Year ended December 31, 2017

Segments	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Investment banking
Underwriting commission and brokerage fee		150,649,829		—		—		150,649,829
Financial advisory fee		57,513,000		—		—		57,513,000
Asset management
Management fee and performance-based incentive fee		—		47,774,685		—		47,774,685
Brokerage and handling fee		—		16,270,055		—		16,270,055
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss and stock loan		—		—		684,679,252		684,679,252
Gain related to disposed investment		—		—		46,943,698		46,943,698
Dividend income		—		—		22,564,600		22,564,600
Others		—		6,768,634		—		6,768,634
Total		208,162,829		70,813,374		754,187,550		1,033,163,753

Segments	Investment banking		Asset management		Total
	HK$		HK$		HK$
Timing of revenue recognition
Services transferred at a point in time		150,649,829		23,038,689		173,688,518
Services transferred over time		57,513,000		47,774,685		105,287,685
Total revenue from contracts with customers		208,162,829		70,813,374		278,976,203

Year ended December 31, 2018

Segments	Investment banking		Asset management		Strategic investment		Total
	HK$		HK$		HK$		HK$
Investment banking
Underwriting commission and brokerage fee		217,002,789		—		—		217,002,789
Financial advisory fee		71,588,340		—		—		71,588,340
Asset management
Management fee and performance-based incentive fee		—		43,465,186		—		43,465,186
Brokerage and handling fee		—		31,393,570		—		31,393,570
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss and stock loan		—		—		256,460,295		256,460,295
Dividend income		—		—		99,227,724		99,227,724
Others		—		4,088,230		—		4,088,230
Total		288,591,129		78,946,986		355,688,019		723,226,134

Segments	Investment banking		Asset management		Total
	HK$		HK$		HK$
Timing of revenue recognition
Services transferred at a point in time		217,002,789		35,481,800		252,484,589
Services transferred over time		71,588,340		43,465,186		115,053,526
Total revenue from contracts with customers		288,591,129		78,946,986		367,538,115

Year ended December 31, 2019

Segments	Investment banking		Asset management		Strategic investment			Total
	HK$		HK$		HK$			HK$
Investment banking
Underwriting commission and brokerage		403,573,912		—		—			403,573,912
Financial advisory fee		52,382,000		—		—			52,382,000
Asset management
Management fee and performance-based incentive fee		—		103,509,196		—			103,509,196
Brokerage and handling fees		—		19,383,099		—			19,383,099
Strategic investment
Net fair value changes on financial assets at fair value through profit or loss and stock loan		—		—		(641,603,993	)		(641,603,993	)
Net fair value changes on derivative financial instruments		—		—		1,165,220,000			1,165,220,000
Gain related to disposed investment		—		—		8,235,180			8,235,180
Dividend income		—		—		92,316,548			92,316,548
Others		—		1,158,069		—			1,158,069
Total		455,955,912		124,050,364		624,167,735			1,204,174,011

Segments	Investment banking		Asset management		Total
	HK$		HK$		HK$
Timing of revenue recognition
Services transferred at a point in time		403,573,912		20,541,168		424,115,080
Services transferred over time		52,382,000		103,509,196		155,891,196
Total revenue from contracts with customers		455,955,912		124,050,364		580,006,276

The following table shows the amount of revenue recognized in the current period that were included in the contract liabilities at the beginning of the reporting period:

	December 31, 2018		December 31, 2019
	HK$		HK$
Revenue recongised that was included in contract liabilities at the beginning of the reporting period:
Asset management		—		39,296,815

(ii) Performance obligations

The Company started to receive advances from its customers of asset management in 2018. The transaction prices allocated to the remaining performance obligations (unsatisfied or partially unsatisfied) as at December 31, 2018 and 2019 are as follows:

	December 31, 2018		December 31, 2019
	HK$		HK$
Within one year		37,165,868		75,077,754
More than one year		17,945,950		36,896,409
		55,111,818		111,974,163

The remaining performance obligations expected to be recognized in more than one year relate to upfront fee that are to be satisfied within two years. All the other remaining performance obligations are expected to be recognized within one year.  

Other income

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Bank interest income		158,863		7,681		1,115,839
Interest income from the immediate holding company (Note 26(a)(v)) (Note 26(b)(i))		—		—		17,562,104
Other income from a fellow subsidiary (Note 26(b)(iv))		15,285,311		3,666,040		—
Management fee income from a fellow subsidiary		2,231,559		—		—
Others		238,433		11,719,054		3,412,325
		17,914,166		15,392,775		22,090,268

XML

Other Payables And Accruals - Summary of detailed information about other payables and accruals (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure Of Detailed Information About Accrued Expenses And Other Liabilities [Line Items]
Accruals and other payables	$ 66,043,431	$ 25,011,870
Contract liabilities	111,974,163	55,111,818	$ 0
Current accrued expenses and other current liabilities	$ 178,017,594	$ 80,123,688

XML

Income Tax

12 Months Ended

Dec. 31, 2019

Major components of tax expense (income) [abstract]

Income Tax

9. INCOME TAX

Hong Kong profits tax has been provided at the rate of 16.5% (2018: 16.5%; 2017: 16.5%) on the estimated assessable profits arising in Hong Kong:

			Year ended December 31,
	Note		2017		2018			2019
			HK$		HK$			HK$
Hong Kong profits tax
Charge for the year				19,988,157		43,127,820			69,585,469
Overprovision in prior year				—		(2,359,495	)		—
Deferred tax		21		112,969,008		33,148,500			79,556,400
The People’s Republic of China withholding tax charge for the year				2,256,460		9,922,772			9,207,649
				135,213,625		83,839,597			158,349,518

A reconciliation of tax expense and profit before tax at the Hong Kong statutory tax rate in which the Group’s major operating subsidiaries are domiciled is as follows: 

	Year ended December 31,
	2017			2018			2019
	HK$			HK$			HK$
Profit before tax		808,585,471			608,965,226			989,253,972
Tax at statutory tax rate of 16.5%		133,416,603			100,479,262			163,226,906
Tax effect of non-taxable income		(3,834,400	)		(25,554,680	)		(23,255,305	)
Tax effect of non-deductible expenses		3,308,966			1,355,050			8,952,076
Tax effect of unrecognized temporary difference		13,522			16,553			223,434
Tax effect of tax loss not recognized		64,264			10,797			24,541
Overprovision in prior year		—			(2,359,495	)		—
Utilization of tax losses previously not recognized		(11,790	)		(30,662	)		(29,783	)
Withholding tax on the dividend income		2,256,460			9,922,772			9,207,649
Income tax expense		135,213,625			83,839,597			158,349,518

XML

Financial risk management objectives and policies - Disclosure of financial assets that are either past due or impaired (Details) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2017
Disclosure of financial assets that are either past due or impaired [line items]
Accounts receivable	$ 346,379,574	$ 161,093,054
Financial assets included in prepayments, other receivables and other assets	36,440,972	33,343,859
Due from a related company			$ 130,000,000	$ 130,000,000
Financial assets at amortised cost	4,281,506,610	3,575,828,011
Normal [member]
Disclosure of financial assets that are either past due or impaired [line items]
Accounts receivable		2,575,051
Financial assets included in prepayments, other receivables and other assets	1,355,013	6,042,605
Due from a related company		4,085,019
Due from immediate holding company	2,921,838,772	66,141,756
Due from fellow subsidiaries		2,596,118,859
Not yet past due [member]
Disclosure of financial assets that are either past due or impaired [line items]
Bank balances-segregated accounts	245,502,780	615,491,200
Cash and bank balances	766,430,471	126,855,518
12-month expected credit losses [member] | Stage 1 [member]
Disclosure of financial assets that are either past due or impaired [line items]
Financial assets at amortised cost	3,935,127,036	3,417,310,008
12-month expected credit losses [member] | Stage 1 [member] | Normal [member]
Disclosure of financial assets that are either past due or impaired [line items]
Accounts receivable		2,575,051
Financial assets included in prepayments, other receivables and other assets	1,355,013	6,042,605
Due from a related company		4,085,019
Due from immediate holding company	2,921,838,772	66,141,756
Due from fellow subsidiaries		2,596,118,859
12-month expected credit losses [member] | Stage 1 [member] | Not yet past due [member]
Disclosure of financial assets that are either past due or impaired [line items]
Bank balances-segregated accounts	245,502,780	615,491,200
Cash and bank balances	766,430,471	126,855,518
Lifetime expected credit losses [member]
Disclosure of financial assets that are either past due or impaired [line items]
Accounts receivable	346,379,574	158,518,003
Lifetime expected credit losses [member] | Simplified approach [member]
Disclosure of financial assets that are either past due or impaired [line items]
Accounts receivable	346,379,574	158,518,003
Financial assets at amortised cost	$ 346,379,574	$ 158,518,003

XML

Approval of Consolidated Financial Statements

12 Months Ended

Dec. 31, 2019

Disclosure of non-adjusting events after reporting period [abstract]

Approval of Consolidated Financial Statements

32. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements were approved and authorized for issue by the Board of Directors on April 30, 2020.

XML

Fair Value and Fair Value Hierarchy of Financial Instruments

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about financial instruments [abstract]

Fair Value and Fair Value Hierarchy of Financial Instruments

28. FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS

The carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows:

	Carrying amounts				Fair values
	December 31,				December 31,
	2018		2019		2018		2019
	HK$		HK$		HK$		HK$
Financial assets
Financial assets at fair value through profit or loss		1,953,078,309		1,572,697,716		1,953,078,309		1,572,697,716
Derivative financial asset		—		1,165,220,000		—		1,147,372,779
Stock loan		1,535,679,600		1,200,980,200		1,535,679,600		1,200,980,200
		3,488,757,909		3,938,897,916		3,488,757,909		3,921,050,695
Financial liabilities
Derivative financial liability and convertible bond		—		116,809,500		—		116,809,500

Management has assessed that the fair values of cash and cash balances, accounts receivable, financial assets included in prepayments, deposits and other receivables, accounts payable, financial liabilities included in other payables and accruals, clients’ monies held on trust, margin loans payable, and balances with a related company, fellow subsidiaries and immediate holding company, approximate to their carrying amounts largely due to the short-term maturities of these instruments or repayable on demand.

The Group’s finance department headed by the finance director is responsible for determining the policies and procedures for the fair value measurement of financial instruments. The finance director reports directly to the chief financial officer. At each reporting date, finance department analyzes the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation is reviewed and approved by the chief financial officer.

The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies’ management team as well as potential future strategies to realize the investments.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the fair values:

As at December 31, 2018 and 2019, the fair values of listed equity investments, including the stock loan, were based on quoted market prices.

As at December 31, 2018 and 2019, the fair values of unlisted debt and equity investments-Investment C and Investment E were based on the prices of recent transactions of the same instruments with the same rights of the same issuers that occurred within 12 months without adjustment.

As at December 31, 2018, the fair value of unlisted equity investment-Investment D has been estimated using an EVA valuation technique based on assumptions that are supported by observable recent transactions with similar risk characteristics. The valuation requires management to estimate the expected equity volatility and hence they are subject to uncertainty.

As at December 31, 2019, the fair value of the unlisted equity investment-Investment D was estimated using forward price/earnings (“P/E”) ratio as the valuation multiple and an EVA valuation technique is used by relying on the hybrid method, considering two scenarios in a probability weighted expected return method (“PWERM”) framework, and using the option pricing method (“OPM”) to allocate value in IPO exist scenario. The valuation requires the management to consider two scenarios in its PWERM analysis which was non-IPO exit event and IPO exit event and hence they were subject to uncertainty. The input of the equity value of unlisted equity investment-Investment D was estimated using market approach.

The fair value of the derivative financial asset in relation the Agreements was estimated using the MCS and was determined based on significant observable and unobservable inputs including the current stock price, dividend yield, risk-free rate, volatility of the underlying equity securities and the credit rating of the counterparty on the valuation date. MCS is a financial model that is commonly used to simulate variables that are highly unpredictable. The valuations performed using the MCS require management to estimate the volatility of the underlying equity securities and the credit rating of the counterparty and hence the valuations are subject to estimation uncertainty. The Group classifies the fair value of derivative financial asset as Level 3. The management believed that the estimated fair values resulting from the valuation technique were reasonable. The accounting policy of the day 1 profit or loss arising from the difference between the transaction price and the fair value upon initial recognition is disclosed in Note 2.4 to the consolidated financial statements.

The fair value of the conversion option embedded in the convertible bond is calculated based on the difference of the fair value of convertible bond as a whole using binomial method, and the fair value of the loan using the discounted cash flow method. The valuation of the fair value of convertible bond as a whole requires the Group to determine credit spread, liquidity spread and volatility.

Below is summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 2018:

	Valuation technique		Significant unobservable input		Range			Sensitivity of value to the input
Unlisted equity investments		EVA		Equity volatility		56.72	%	5% increase/ decrease in volatility results in decrease/ increase in fair value by 0.27%/0.15%

Below is summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 2019:

	Valuation technique	Significant unobservable input	Range	Sensitivity of value to the input
Unlisted equity investment	Multiple/ EVA	Equity volatility	33.08%	5% increase/decrease in volatility results in decrease/increase in fair value by 1.0%/0.3%
		Average P/E multiple of peers	10.8	5% increase/decrease in P/E multiple results in increase/decrease in fair value by 5.4%/4.1%
Derivative financial asset	MCS	Calculated volatility of the Underlying Assets	32.82%-36.28%	5% increase/decrease in volatility results in increase/decrease in fair value by 0.02%/0.23%
		Credit rating	BB	One rank level increase in credit rating of the counterparty from BB to BBB results in increase in fair value by 0.04%
				One rank level decrease in credit rating of the counterparty from BB to B results in decrease in fair value by 0.80%
Derivative financial liability	Binomial option pricing model	Volatility	67.87%	5% increase/decrease in volatility results in increase/decrease in fair value by 4.58%/4.66%
		Credit spread	12.52%	5% increase/decrease in credit spread results in increase/decrease in fair value by 0.32%/0.32%
		Liquidity spread	2.99%	increase/decrease in liquidity spread would not result in change in fair value

Fair Value Hierarchy

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)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	HK$		HK$		HK$		HK$
As at December 31, 2018
Financial assets at fair value through profit or loss		1,671,836,400		—		281,241,909		1,953,078,309
Stock loan		1,535,679,600		—		—		1,535,679,600
		3,207,516,000		—		281,241,909		3,488,757,909
As at December 31, 2019
Financial assets at fair value through profit or loss		1,249,999,800		—		322,697,916		1,572,697,716
Stock loan		1,200,980,200		—		—		1,200,980,200
Derivative financial asset		—		—		1,165,220,000		1,165,220,000
		2,450,980,000		—		1,487,917,916		3,938,897,916

Liability measured at fair value:

	Fair value measurement using
	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	HK$		HK$		HK$		HK$
As at December 31, 2019
Derivative financial liability		—		—		20,813,810		20,813,810

The Group did not have any financial liabilities measured at fair value as at December 31, 2018.

During the years ended December 31, 2017, 2018 and 2019, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3.

The movements in fair value measurements within Level 3 during the years are as follow:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Unlisted debt securities and unlisted equity shares at fair value through profit or loss:
At January 1,		—		15,629,400		281,241,909
Total unrealized gain recognized in profit or loss		18,600		54,156,295		41,456,007
Purchase		15,610,800		211,456,214		—
At December 31,		15,629,400		281,241,909		322,697,916

	December 31, 2019
	HK$
Warrants at fair value through profit or loss:
At January 1,		—
Issued		15,699,600
Exercised		(15,699,600	)
At December 31,		—

	December 31, 2019
	HK$
Derivative financial asset (Note 14):
At January 1,		—
Recognition of day 1 profit or loss		472,591,235
Other fair value gains recognized in profit or loss		692,628,765
At December 31,		1,165,220,000

	December 31, 2019
	HK$
Derivative financial liability (Note 23):		—
Convertible bond issued during the year		—
Issued		20,813,810
At December 31, 2019		20,813,810

XML

Fair value and fair value hierarchy of financial instruments - Disclosure of Fair Value Measurement of Assets Explanatory (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of detailed information about financial instruments [line items]
Financial assets at fair value through profit or loss	$ 1,572,697,716	$ 1,953,078,309
Stock Loan	1,200,980,200	1,535,679,600
Financial assets	2,773,677,916	3,488,757,909
Derivative financial Asset	1,165,220,000	0
Quoted prices in active markets (Level 1)
Disclosure of detailed information about financial instruments [line items]
Financial assets at fair value through profit or loss	1,249,999,800	1,671,836,400
Stock Loan	1,200,980,200	1,535,679,600
Financial assets	2,450,980,000	3,207,516,000
Significant unobservable inputs (Level 3)
Disclosure of detailed information about financial instruments [line items]
Financial assets at fair value through profit or loss	322,697,916	281,241,909
Financial assets	1,487,917,916	281,241,909	$ 15,629,400
Derivative financial Asset	$ 1,165,220,000	$ 0

XML

Share Capital and Capital Reserve

12 Months Ended

Dec. 31, 2019

Disclosure of classes of share capital [abstract]

Share Capital and Capital Reserve

24. SHARE CAPITAL AND CAPITAL RESERVE

	2018		2019
Share Capital
Authorized
Class A ordinary shares		8,000,000,000		8,000,000,000
Class B ordinary shares		2,000,000,000		2,000,000,000
Issued and fully paid:
Class A ordinary shares		—		41,084,851
Class B ordinary shares		200,000,001		204,526,628

Each Class A ordinary share shall entitle the holder thereof to one vote on all matters subject to vote at general meetings of the Company, and each Class B ordinary share shall entitle the holder thereof to twenty votes on all matters subject to vote at general meetings of the Company. Each Class B ordinary share is convertible into one Class A ordinary share at any time by the holder thereof. Each Class A ordinary share is not convertible into Class B ordinary shares under any circumstances. Except for the voting rights and the conversion rights, the Class A ordinary shares and the Class B ordinary shares shall rank pari passu with one another and shall have the same rights, preferences, privileges and restrictions.

As at December 31, 2019, the Company had ordinary shares outstanding comprising of 41,084,851 Class A ordinary shares and 204,526,628 Class B ordinary shares, respectively. No Class B ordinary shares were converted into Class A ordinary shares for the years ended December 31, 2018 and 2019.

				Share capital		Capital reserve
	Notes			HK$		HK$
As at January 1, 2017		(i	)		156,998		33,333,003
Capital injection to a subsidiary					—		1
Deemed contributions		(ii	)		—		1,279,469,671
As at December 31, 2017					156,998		1,312,802,675
Capital injection to a subsidiary					—		1
As at December 31, 2018					156,998		1,312,802,676
Deemed disposal of non-controlling interests					—		435,231,866
Exercise of warrants		(iii	)		1,308		94,196,292
Pre-IPO financing		(iv	)		6,451		419,375,698
Initial public offering		(v	)		18,681		1,507,196,460
Capital injection to subsidiaries					—		9
Issuance of shares		(vi	)		9,264		782,384,227
As at December 31, 2019					192,702		4,551,187,228

Notes:

(i) As described in Note 1.2, the issued capital of the Company is presented as if the shares after completion of the Reorganisation were issued since inception. The carrying amount of the issued capital of HK$156,998 (equivalent to US$20,000) as at January 1, 2017, December 31, 2017 and 2018 represents nominal amount of the 200,000,001 Class B ordinary shares at US$0.0001 per share issued by the Company.

All issued shares to the contributing shareholder of AMTD IHG, AMTD ISG, AMTD SI, AMTD Overseas and AMTD FI during the Reorganisation are Class B ordinary shares.

The equity interest of AMTD GM was transferred between two companies within its group. The amount of consideration in excess of the net asset value of AMTD GM on the transaction date was recorded in capital reserve.

(ii) For the year ended December 31, 2017, the intermediate holding company of AMTD ISG and AMTD SI issued new shares representing equity interest of 20.87% to independent investors. It was accounted for as an equity transaction with the non-controlling interests and a decrease in equity attributable to owners of the Company, and recorded in capital reserve, based on the proportionate share of the subsidiaries net assets of HK$34,009,199 upon issuance of new shares.

Besides, a balance of HK$1,313,478,870 due to the former holding company of a subsidiary was waived and recorded as deemed contribution.

(iii) On March 6, 2019, the Company issued warrants for an aggregate consideration of US$2 million. Each warrant entitles the holder thereof to subscribe for one ordinary share at a subscription price of US$7.2. On April 10, 2019, the warrant holder exercised the warrants in full and paid an additional amount of US$10 million for 1,666,666 Class A ordinary shares. At the end of the reporting period, the Company had no warrants outstanding.

(iv) Between April 26, 2019 and June 19, 2019, the Company issued 8,236,838 Class A ordinary shares to third parties investors for an aggregate consideration of US$53.5 million for the pre-IPO financing.

(v) On August 5, 2019, the Company completed its Initial Public Offering (“IPO”) on the New York Stock Exchange under the symbol of “HKIB”. The Company issued an aggregate 23,873,655 American Depositary Shares (“ADSs”), representing 23,873,655 Class A Ordinary Shares for total net proceeds of HK$1,507.2 million after deducting listing expenses of HK$58.3 million.

(vi) In December 2019, the Company issued an aggregate of 7,307,692 Class A ordinary shares and 4,526,627 Class B ordinary shares, both with par value US$0.0001 per share, for an aggregate amount of US$100 million (representing a per share price of US$8.45) to Value Partners Greater China High Yield Income Fund, Ariana Capital Investment Limited, and Infinity Power Investments Limited in the form of private placement. Infinity Power Investments Limited is a British Virgin Islands company wholly owned by Mr. Calvin Choi, Chairman and Chief Executive Officer of the Company.

XML

Financial Instruments By Category - Summary of Financial Assets (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of financial assets [line items]
Accounts receivable	$ 346,379,574	$ 161,093,054
Financial assets included in prepayments, deposits and other receivables	1,355,013	6,042,605
Due from a related company	0	4,085,019
Due from immediate holding company	2,921,838,772	66,141,756
Due from fellow subsidiaries	0	2,596,118,859
Financial assets at fair value through profit or loss	1,572,697,716	1,953,078,309
Stock Loan	1,200,980,200	1,535,679,600
Derivative financial Asset	1,165,220,000	0
Other assets	245,502,780	615,491,200
Cash and bank balances	766,430,471	126,855,518	$ 86,415,282	$ 69,509,827
Financial assets	8,220,404,526	7,064,585,920
Financial assets at fair value through profit or loss mandatorily measured at fair value category [member]
Disclosure of financial assets [line items]
Financial assets at fair value through profit or loss	1,572,697,716	1,953,078,309
Stock Loan	1,200,980,200	1,535,679,600
Derivative financial Asset	1,165,220,000
Financial assets	3,938,897,916	3,488,757,909
Financial assets at amortised cost, category [member]
Disclosure of financial assets [line items]
Accounts receivable	346,379,574	161,093,054
Financial assets included in prepayments, deposits and other receivables	1,355,013	6,042,605
Due from a related company		4,085,019
Due from immediate holding company	2,921,838,772	66,141,756
Due from fellow subsidiaries		2,596,118,859
Other assets	245,502,780	615,491,200
Cash and bank balances	766,430,471	126,855,518
Financial assets	$ 4,281,506,610	$ 3,575,828,011

XML

Notes To The Consolidated Statements Of Cash Flows - Additional Information (Detail) $ in Millions			12 Months Ended
	Apr. 26, 2019 shares	Apr. 10, 2019 USD ($) shares	Dec. 31, 2019 HKD ($) shares	Dec. 31, 2018 HKD ($)	Dec. 31, 2017 HKD ($)
Notes To The Consolidated Statement Of Cash Flows [Line Items]
Released from disposal of financial assets at fair value through profit or loss					$ 248,183,452
Exercise of warrants			$ 94,197,600
Class A ordinary shares [Member]
Notes To The Consolidated Statement Of Cash Flows [Line Items]
Exercise of warrants		$ 10
Number of ordinary shares issued during the period | shares	8,236,838	1,666,666	7,307,692
Margin Loans Payable [Member]
Notes To The Consolidated Statement Of Cash Flows [Line Items]
Released from disposal of financial assets at fair value through profit or loss					248,183,452
Fellow Subsidiaries [Member]
Notes To The Consolidated Statement Of Cash Flows [Line Items]
Purchasing financial assets				$ 203,607,914	$ 1,675,510,800

XML

Share Capital and Capital Reserve - Additional Information (Detail)				12 Months Ended
	Aug. 05, 2019 HKD ($) shares	Apr. 26, 2019 USD ($) shares	Apr. 10, 2019 USD ($) shares	Dec. 31, 2019 HKD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 HKD ($) shares	Dec. 31, 2017 HKD ($)	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 $ / shares
Disclosure of classes of share capital [line items]
Increase (decrease) through exercise of warrants, equity				$ 94,197,600
Share capital
Proceeds from issue of shares				2,767,254,756		0	$ 0
Proceeds from warrant issue				$ 15,699,600	$ 2,000,000	0	$ 0
Description of warrant rights				one ordinary share	one ordinary share
Exercise price of warrant | $ / shares								$ 7.2
New issuance of shares				$ 782,393,491
Listing expense				58,300,000
AMTD ISG and AMTD SI [member]
Disclosure of classes of share capital [line items]
Percentage of equity interest issued							20.87%
Decrease in equity attributable to owners of parent							$ 34,009,199
Former Holding Company Of Subsidiary [Member]
Disclosure of classes of share capital [line items]
Due to former holding company				1,313,478,870
Initial Public Offer [Member]
Disclosure of classes of share capital [line items]
Share issuance costs	$ 1,507,200,000
Class B Ordinary Shares [Member]
Disclosure of classes of share capital [line items]
Share capital				$ 160,540		$ 156,998		$ 20,000
Shares Issued and fully paid | shares				204,526,628		200,000,001		204,526,628
Par value per share | $ / shares								$ 0.0001	$ 0.0001
Number of ordinary shares issued during the period | shares				4,526,627	4,526,627
Common stock shares outstanding | shares				204,526,628		0		204,526,628
Class B Ordinary Shares [Member] | Initial Public Offer [Member]
Disclosure of classes of share capital [line items]
Shares Issued and fully paid | shares				200,000,001				200,000,001
Class A ordinary shares [Member]
Disclosure of classes of share capital [line items]
Increase (decrease) through exercise of warrants, equity			$ 10,000,000
Share capital				$ 32,162		$ 0
Shares Issued and fully paid | shares				41,084,851				41,084,851
Par value per share | $ / shares								$ 0.0001	$ 0.0001
Number of ordinary shares issued during the period | shares		8,236,838	1,666,666	7,307,692	7,307,692
Proceeds from issue of shares		$ 53,500,000
Common stock shares outstanding | shares				41,084,851		0		41,084,851
Class A ordinary shares [Member] | Initial Public Offer [Member]
Disclosure of classes of share capital [line items]
Shares Issued and fully paid | shares	23,873,655
American depository shares [member] | Initial Public Offer [Member]
Disclosure of classes of share capital [line items]
Shares Issued and fully paid | shares	23,873,655
Class A and Class B ordinary shares [member]
Disclosure of classes of share capital [line items]
Issue price per share | $ / shares								$ 8.45
New issuance of shares					$ 100,000,000

XML

Financial Assets At Fair Value Through Profit Or Loss And Stock Loan

12 Months Ended

Dec. 31, 2019

Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Abstract]

Financial Assets At Fair Value Through Profit Or Loss And Stock Loan

13. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS AND STOCK LOAN

	December 31,
	2018		2019
	HK$		HK$
Financial assets at fair value through profit or loss		1,953,078,309		1,572,697,716
Stock loan		1,535,679,600		1,200,980,200
		3,488,757,909		2,773,677,916
Listed equity shares, at quoted price
—Investment A		3,134,040,000		2,450,980,000
—Investment B		73,476,000		—
Total listed equity shares, at quoted price		3,207,516,000		2,450,980,000
Unlisted debt securities
—Investment C		78,316,000		—
Unlisted equity shares
—Investment C		—		77,023,394
—Investment D		47,417,581		47,149,360
—Investment E		155,508,328		198,525,162
Total unlisted equity shares		202,925,909		322,697,916
		3,488,757,909		2,773,677,916

The above unlisted investments at December 31, 2018 and 2019 were equity shares investments and debt securities issued by enterprises. The Group has not elected to recognize equity share investments at the fair value gain or loss through other comprehensive income. Debt securities were mandatorily classified as financial assets at fair value through profit or loss as their contractual cash flows are not solely payments of principal and interest or are managed on fair value basis. Financial assets at fair value through profit or loss are categorized into levels 1 and 3.

As at December 31, 2018 and 2019, the Group’s listed equity investments with a carrying amount of HK$1,598,360,400 and HK$1,249,999,800, respectively, were pledged against its margin loans payable.

On September 17, 2017, the Group entered into a stock borrowing and lending agreement (“stock loan”) with the intermediate holding company, pursuant to which the Group lent certain listed equity investment in Investment A to the intermediate holding company. The stock loan is repayable on demand and interest free.

The intermediate holding company pledged the listed equity shares to a third party as collateral for loan facilities maturing in 2022. In November 2018, the Group demanded and partially recovered some of the listed equity investments with carrying amounts of HK$660,983,400.

As at December 31, 2018 and 2019, the fair values of the listed equity shares under the stock loan were HK$1,535,679,600 and HK$1,200,980,200, respectively. In addition, the unrealized gain on the stock loan were HK$98,441,000 for the year ended December 31, 2018, and the unrealized loss on the stock loan was HK$334,699,400 for the year ended December 31, 2019.

XML

Financial risk management objectives and policies - Disclosure of maturity analysis for non-derivative financial liabilities (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable	$ 492,039,336	$ 602,202,126
Margin loans payable	317,722,438	321,999,549
Financial liabilities included in other payables and accruals	66,043,430	25,011,870
Convertible bonds	125,273,321
Due to fellow subsidiaries		574,202,907
Due to immediate holding company		2,145,792,209
Non-derivative financial liabilities, undiscounted cash flows	$ 1,001,078,525	$ 3,669,208,661
Margin Loans Payable [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Weighted average interest rate	6.625%	6.75%
Convertible Bond [Member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Weighted average interest rate	7.80%
On demand or less than 3 months [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable	$ 492,039,336	$ 602,202,126
Margin loans payable	317,722,438	321,999,549
Financial liabilities included in other payables and accruals	66,043,430	25,011,870
Due to fellow subsidiaries		574,202,907
Due to immediate holding company		2,145,792,209
Non-derivative financial liabilities, undiscounted cash flows	875,805,204	$ 3,669,208,661
1 to 5 years [member]
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Convertible bonds	125,273,321
Non-derivative financial liabilities, undiscounted cash flows	$ 125,273,321

XML

Property, Plant And Equipment

12 Months Ended

Dec. 31, 2019

Disclosure of detailed information about property, plant and equipment [abstract]

Property, Plant And Equipment

17. PROPERTY, PLANT AND EQUIPMENT

	Furniture and fixtures		Computer equipment		Total
	HK$		HK$		HK$
Cost:
At January 1, 2018		11,090		4,045,710		4,056,800
Additions		—		14,214		14,214
At December 31, 2018 and January 1, 2019		11,090		4,059,924		4,071,014
Additions		—		13,710		13,710
At December 31, 2019		11,090		4,073,634		4,084,724
Accumulated depreciation:
At January 1, 2018		4,060		3,600,907		3,604,967
Charge for the year		2,218		332,623		334,841
At December 31, 2018 and January 1, 2019		6,278		3,933,530		3,939,808
Charge for the year		2,218		111,701		113,919
At December 31, 2019		8,496		4,045,231		4,053,727
Carrying amount:
At December 31, 2019		2,594		28,403		30,997
At December 31, 2018		4,812		126,394		131,206
At January 1, 2018		7,030		444,803		451,833

XML

Approval of Consolidated Financial Statements - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2019
Disclosure of non-adjusting events after reporting period [abstract]
Date of approval of financial statements	Apr. 30, 2020

XML

Other Payables And Accruals

12 Months Ended

Dec. 31, 2019

Accrued Expenses And Other Liabilities [Abstract]

Other Payables And Accruals

21. OTHER PAYABLES AND ACCRUALS

			December 31,
	Notes		2018		2019
			HK$		HK$
Accruals and other payables				25,011,870		66,043,431
Contract liabilities		(i)		55,111,818		111,974,163
				80,123,688		178,017,594

Note:

(i) Contract liabilities include upfront fees received to deliver asset management services. The Company started to receive advances from its customers of asset management services in 2018.

Movements in contract liabilities during the years ended December 31, 2017, 2018 and 2019 are as follows:

	HK$
January 1, 2018		—
Deferred revenue received during the year		58,344,702
Revenue recognized during the year		(3,232,884	)
At December 31, 2018		55,111,818
Deferred revenue received during the year		127,418,656
Revenue recognized during the year		(70,556,311	)
At December 31, 2019		111,974,163

XML

Earnings Per Share Attributable To Ordinary Equity Holders of The Parent (Tables)

12 Months Ended

Dec. 31, 2019

Earnings/(loss) Per Share Attributable To Ordinary Equity Holders of The Parent

Summary of Basic and diluted earnings per share

Basic and diluted earnings per share for each of the periods presented are calculated as follows:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Basic earnings per share:
Numerator:
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (HK$)-basic Class A		—		—		69,906,757
Profit attributable to ordinary equity holders of the parent used in the basic earnings per share calculation (HK$)-basic Class B		568,266,428		468,061,079		868,366,128
Denominator:
Weighted average number of Class A ordinary shares outstanding—basic		—		—		16,112,737
Weighted average number of Class B ordinary shares outstanding—basic		200,000,001		200,000,001		200,148,822
Basic earnings per share (HK$) Class A		—		—		4.34
Basic earnings per share (HK$) Class B		2.84		2.34		4.34
Diluted earnings per share:
Numerator:
Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share calculation (HK$)-diluted Class A		—		—		69,906,757
Profit attributable to ordinary equity holders of the parent used in the diluted earnings per share calculation (HK$)-diluted Class B		568,266,428		468,061,079		868,366,128
Denominator:
Weighted average number of Class A ordinary shares outstanding—diluted		—		—		16,117,254
Weighted average number of Class B ordinary shares outstanding—diluted		200,000,001		200,000,001		200,204,936
Diluted earnings per share (HK$) Class A		—		—		4.34
Diluted earnings per share (HK$) Class B		2.84		2.34		4.34

Summary of weighted average shares

	Number of shares
	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Shares:
Weighted average number of Class A ordinary shares in issue during the year used in the basic earnings per share calculation		—		—		16,112,737
Effect of dilution – weighted average number of ordinary shares:
Warrants		—		—		864
Convertible bond		—		—		3,653
		—		—		16,117,254
Weighted average number of Class B ordinary shares in issue during the year used in the basic earnings per share calculation		200,000,001		200,000,001		200,148,822
Effect of dilution – weighted average number of ordinary shares:
Warrants		—		—		10,728
Convertible bond		—		—		45,386
		200,000,001		200,000,001		200,204,936

XML

Operating Expenses, Net (Tables)

12 Months Ended

Dec. 31, 2019

Operating Income Expense [Abstract]

Summary of Operating Expenses and Foreign Exchange Differences

Operating expenses and foreign exchange differences included in the consolidated statement of profit or loss and other comprehensive income are as follows:

	Year ended December 31,
	2017			2018		2019
	HK$			HK$		HK$
Operating expenses
Marketing and brand promotional expenses		26,207,524			11,864,097		12,903,989
Premises costs and office utilities
—Premises costs		18,361,737			9,465,094		11,965,344
—Office utilities		7,421,124			6,117,640		9,152,802
		25,782,861			15,582,734		21,118,146
Traveling and business development expenses		18,460,191			10,860,318		19,362,587
Commissions and bank charges		7,978,311			5,197,984		2,307,050
Office renovation and maintenance expenses		15,880,216			1,603,484		1,430,834
Administrative service fee (Note 26(a)(iii))		—			—		12,000,000
Legal and professional fees
—Auditor’s remuneration		503,240			789,000		11,402,267
—Other legal and professional fees		5,268,795			1,650,070		11,776,501
		5,772,035			2,439,070		23,178,768
Staff welfare and staff recruitment expenses		7,637,277			3,659,523		2,471,705
Others
—Depreciation		379,132			334,841		113,919
—Foreign exchange differences, net		(206,072	)		382,757		12,596,647
—Other expenses		3,671,713			657,299		7,213,210
		3,844,773			1,374,897		19,923,776
		111,563,188			52,582,107		114,696,855

XML

Corporate Information (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of subsidiaries [abstract]

Summary of information about company principal subsidiaries

Particulars of the Company’s principal subsidiaries are as follows:

Name	Place of incorporation	Issued and registered share capital		Percentage of equity attributable to the Company						Principal activities
				Direct			Indirect
AMTD International Holding Group Limited (formerly known as AMTD Financial Planning Limited) (“AMTD IHG”)	Hong Kong (“HK”)	HK$	500,000		100	%		—		Investment holding
AMTD Securities Limited	HK	HK$	1		—			100	%	Investment holding
AMTD Global Markets Limited (formerly known as AMTD Asset Management Limited) (“AMTD GM”)	HK	HK$	1,561,610,980		—			100	%	Provision of investment banking, financial advisory services and asset management services
Asia Alternative Asset Partners Limited (“AMTD AAAPL”)	HK	HK$	5,000,000		—			100	%	Provision of investment advisory services
AMTD Strategic Investment Limited (“AMTD SI”)	HK	HK$	1		—			100	%	Provision of strategic investment
AMTD Investment Solutions Group Limited (“AMTD ISG”)	HK	HK$	1		—			100	%	Provision of strategic investment
AMTD Overseas Limited (formerly known as AMTD Europe Holdings Limited) (“AMTD Overseas”)	HK	HK$	1		—			100	%	Strategic investment
AMTD Fintech Investment Limited (“AMTD FI”)	HK	HK$	1		—			100	%	Strategic investment
AMTD Investment Inc. (“AMTD Investment”)	Cayman Islands	US$	1		100	%		—		Investment holding
AMTD Strategic Investment (BVI) Limited	BVI	US$	1		—			100	%	Investment holding
AMTD Investment Solutions Group (BVI) Limited	BVI	US$	1		—			100	%	Investment holding
AMTD Overseas (BVI) Limited	BVI	US$	1		—			100	%	Investment holding
AMTD Fintech Investment (BVI) Limited	BVI	US$	1		—			100	%	Investment holding

XML

Accounts Receivable - Additional information (Detail) - HKD ($)	Dec. 31, 2019	Dec. 31, 2018
DisclosureOfTradeReceivables [Line Items]
Loss allowance for accounts receivable	$ 0	$ 0
Trade and other current receivables due from related parties	$ 2,142,145
Estimated loss on default percent	45.00%	45.00%
Bottom of range [member]
DisclosureOfTradeReceivables [Line Items]
Probability of default	0.14%	0.13%
Top of range [member]
DisclosureOfTradeReceivables [Line Items]
Probability of default	18.24%	0.80%
Fellow Subsidaries [Member]
DisclosureOfTradeReceivables [Line Items]
Trade and other current receivables due from related parties	$ 2,142,145	$ 2,142,145
Fellow Subsidaries And Immediate Holding Company [Member]
DisclosureOfTradeReceivables [Line Items]
Loss allowance for accounts receivable	$ 0	0
Fellow Subsidaries And Immediate Holding Company [Member] | Investment Banking [member]
DisclosureOfTradeReceivables [Line Items]
Trade and other current receivables due from related parties		70,875,980
At fair value [member]
DisclosureOfTradeReceivables [Line Items]
Collateral On Margin loan receivable		$ 3,808,116

XML

Share Capital and Capital Reserve (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of classes of share capital [abstract]

Summary of classes of share capital

	2018		2019
Share Capital
Authorized
Class A ordinary shares		8,000,000,000		8,000,000,000
Class B ordinary shares		2,000,000,000		2,000,000,000
Issued and fully paid:
Class A ordinary shares		—		41,084,851
Class B ordinary shares		200,000,001		204,526,628

Summary of reserves within equity

				Share capital		Capital reserve
	Notes			HK$		HK$
As at January 1, 2017		(i	)		156,998		33,333,003
Capital injection to a subsidiary					—		1
Deemed contributions		(ii	)		—		1,279,469,671
As at December 31, 2017					156,998		1,312,802,675
Capital injection to a subsidiary					—		1
As at December 31, 2018					156,998		1,312,802,676
Deemed disposal of non-controlling interests					—		435,231,866
Exercise of warrants		(iii	)		1,308		94,196,292
Pre-IPO financing		(iv	)		6,451		419,375,698
Initial public offering		(v	)		18,681		1,507,196,460
Capital injection to subsidiaries					—		9
Issuance of shares		(vi	)		9,264		782,384,227
As at December 31, 2019					192,702		4,551,187,228

Notes:

(i) As described in Note 1.2, the issued capital of the Company is presented as if the shares after completion of the Reorganisation were issued since inception. The carrying amount of the issued capital of HK$156,998 (equivalent to US$20,000) as at January 1, 2017, December 31, 2017 and 2018 represents nominal amount of the 200,000,001 Class B ordinary shares at US$0.0001 per share issued by the Company.

All issued shares to the contributing shareholder of AMTD IHG, AMTD ISG, AMTD SI, AMTD Overseas and AMTD FI during the Reorganisation are Class B ordinary shares.

The equity interest of AMTD GM was transferred between two companies within its group. The amount of consideration in excess of the net asset value of AMTD GM on the transaction date was recorded in capital reserve.

(ii) For the year ended December 31, 2017, the intermediate holding company of AMTD ISG and AMTD SI issued new shares representing equity interest of 20.87% to independent investors. It was accounted for as an equity transaction with the non-controlling interests and a decrease in equity attributable to owners of the Company, and recorded in capital reserve, based on the proportionate share of the subsidiaries net assets of HK$34,009,199 upon issuance of new shares.

Besides, a balance of HK$1,313,478,870 due to the former holding company of a subsidiary was waived and recorded as deemed contribution.

(iii) On March 6, 2019, the Company issued warrants for an aggregate consideration of US$2 million. Each warrant entitles the holder thereof to subscribe for one ordinary share at a subscription price of US$7.2. On April 10, 2019, the warrant holder exercised the warrants in full and paid an additional amount of US$10 million for 1,666,666 Class A ordinary shares. At the end of the reporting period, the Company had no warrants outstanding.

(iv) Between April 26, 2019 and June 19, 2019, the Company issued 8,236,838 Class A ordinary shares to third parties investors for an aggregate consideration of US$53.5 million for the pre-IPO financing.

(v) On August 5, 2019, the Company completed its Initial Public Offering (“IPO”) on the New York Stock Exchange under the symbol of “HKIB”. The Company issued an aggregate 23,873,655 American Depositary Shares (“ADSs”), representing 23,873,655 Class A Ordinary Shares for total net proceeds of HK$1,507.2 million after deducting listing expenses of HK$58.3 million.

(vi) In December 2019, the Company issued an aggregate of 7,307,692 Class A ordinary shares and 4,526,627 Class B ordinary shares, both with par value US$0.0001 per share, for an aggregate amount of US$100 million (representing a per share price of US$8.45) to Value Partners Greater China High Yield Income Fund, Ariana Capital Investment Limited, and Infinity Power Investments Limited in the form of private placement. Infinity Power Investments Limited is a British Virgin Islands company wholly owned by Mr. Calvin Choi, Chairman and Chief Executive Officer of the Company.

XML

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

12 Months Ended

Dec. 31, 2019

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, other than those with carrying amounts that reasonably approximate to fair values, are as follows:

	Carrying amounts				Fair values
	December 31,				December 31,
	2018		2019		2018		2019
	HK$		HK$		HK$		HK$
Financial assets
Financial assets at fair value through profit or loss		1,953,078,309		1,572,697,716		1,953,078,309		1,572,697,716
Derivative financial asset		—		1,165,220,000		—		1,147,372,779
Stock loan		1,535,679,600		1,200,980,200		1,535,679,600		1,200,980,200
		3,488,757,909		3,938,897,916		3,488,757,909		3,921,050,695
Financial liabilities
Derivative financial liability and convertible bond		—		116,809,500		—		116,809,500

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 at December 31, 2018:

	Valuation technique		Significant unobservable input		Range			Sensitivity of value to the input
Unlisted equity investments		EVA		Equity volatility		56.72	%	5% increase/ decrease in volatility results in decrease/ increase in fair value by 0.27%/0.15%

Below is summary of significant unobservable inputs to valuation of financial instruments together with a quantitative sensitivity analysis as at December 31, 2019:

	Valuation technique	Significant unobservable input	Range	Sensitivity of value to the input
Unlisted equity investment	Multiple/ EVA	Equity volatility	33.08%	5% increase/decrease in volatility results in decrease/increase in fair value by 1.0%/0.3%
		Average P/E multiple of peers	10.8	5% increase/decrease in P/E multiple results in increase/decrease in fair value by 5.4%/4.1%
Derivative financial asset	MCS	Calculated volatility of the Underlying Assets	32.82%-36.28%	5% increase/decrease in volatility results in increase/decrease in fair value by 0.02%/0.23%
		Credit rating	BB	One rank level increase in credit rating of the counterparty from BB to BBB results in increase in fair value by 0.04%
				One rank level decrease in credit rating of the counterparty from BB to B results in decrease in fair value by 0.80%
Derivative financial liability	Binomial option pricing model	Volatility	67.87%	5% increase/decrease in volatility results in increase/decrease in fair value by 4.58%/4.66%
		Credit spread	12.52%	5% increase/decrease in credit spread results in increase/decrease in fair value by 0.32%/0.32%
		Liquidity spread	2.99%	increase/decrease in liquidity spread would not result in change in fair value

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)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	HK$		HK$		HK$		HK$
As at December 31, 2018
Financial assets at fair value through profit or loss		1,671,836,400		—		281,241,909		1,953,078,309
Stock loan		1,535,679,600		—		—		1,535,679,600
		3,207,516,000		—		281,241,909		3,488,757,909
As at December 31, 2019
Financial assets at fair value through profit or loss		1,249,999,800		—		322,697,916		1,572,697,716
Stock loan		1,200,980,200		—		—		1,200,980,200
Derivative financial asset		—		—		1,165,220,000		1,165,220,000
		2,450,980,000		—		1,487,917,916		3,938,897,916

Disclosure of Fair Value Measurement of Liabilities Explanatory

Liability measured at fair value:

	Fair value measurement using
	Quoted prices in active markets (Level 1)		Significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
	HK$		HK$		HK$		HK$
As at December 31, 2019
Derivative financial liability		—		—		20,813,810		20,813,810

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:

	Year ended December 31,
	2017		2018		2019
	HK$		HK$		HK$
Unlisted debt securities and unlisted equity shares at fair value through profit or loss:
At January 1,		—		15,629,400		281,241,909
Total unrealized gain recognized in profit or loss		18,600		54,156,295		41,456,007
Purchase		15,610,800		211,456,214		—
At December 31,		15,629,400		281,241,909		322,697,916

	December 31, 2019
	HK$
Warrants at fair value through profit or loss:
At January 1,		—
Issued		15,699,600
Exercised		(15,699,600	)
At December 31,		—

	December 31, 2019
	HK$
Derivative financial asset (Note 14):
At January 1,		—
Recognition of day 1 profit or loss		472,591,235
Other fair value gains recognized in profit or loss		692,628,765
At December 31,		1,165,220,000

	December 31, 2019
	HK$
Derivative financial liability (Note 23):		—
Convertible bond issued during the year		—
Issued		20,813,810
At December 31, 2019		20,813,810

XML

Financial Assets At Fair Value Through Profit Or Loss And Stock Loan - (Additional Information) (Detail) - HKD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Nov. 30, 2018
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Line Items]
Financial assets pledged as collateral for liabilities or contingent liabilities	$ 1,249,999,800	$ 1,598,360,400
Listed Equity Shares [member]
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Line Items]
Unrealized gain on stock loan		98,441,000
Unrealized loss on stock loan	334,699,400
Listed Equity Shares [member] | Stock Loan [member]
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Line Items]
Fair value of listed equity shares	$ 1,200,980,200	$ 1,535,679,600
Intermediate Holding Company [member]
Financial Assets At Fair Value Through Profit or Loss And Stock Loan [Line Items]
Listed equity investment			$ 660,983,400