Core Viewpoint - ST Tiexin (000070.SZ) reported a significant decline in both revenue and net profit for Q1 2025, indicating ongoing financial challenges and a need for strategic reassessment [1][3]. Financial Performance - The company's total revenue for Q1 2025 was 790 million yuan, a decrease of 280 million yuan compared to the same period last year, representing a year-on-year decline of 26.16% [1]. - The net profit attributable to shareholders was -15.06 million yuan, down 29.24 million yuan from the previous year, marking a year-on-year decline of 206.19% [1]. - Operating cash flow showed a net outflow of -188 million yuan, a decrease of 15.24 million yuan compared to the same period last year [1]. Financial Ratios - The latest debt-to-asset ratio stood at 69.42%, ranking 85th among peers, with an increase of 1.27 percentage points from the previous quarter but a decrease of 1.65 percentage points from the same period last year [3]. - The gross profit margin was reported at 17.03%, ranking 70th among peers, with a 0.40 percentage point increase from the previous quarter and a 4.60 percentage point increase year-on-year [3]. - Return on equity (ROE) was -1.01%, ranking 68th among peers, reflecting a decrease of 1.75 percentage points compared to the same period last year [3]. Earnings Per Share and Turnover Ratios - The diluted earnings per share were -0.02 yuan, ranking 65th among peers, down 0.03 yuan from the previous year, indicating a year-on-year decline of 206.37% [3]. - The total asset turnover ratio was 0.12 times, ranking 41st among peers, with a decrease of 0.01 times year-on-year, representing a decline of 6.41% [3]. - The inventory turnover ratio was 0.56 times, ranking 53rd among peers, remaining stable compared to the previous year, with a slight year-on-year increase of 0.02% [3]. Shareholder Structure - The number of shareholders was reported at 46,600, with the top ten shareholders holding 382 million shares, accounting for 42.47% of the total share capital [3]. - The largest shareholder, Shenzhen Tefa Group Co., Ltd., holds 36.18% of the shares [3].

Financial Performance - For the six months ended June 30, 2023, the group's total revenue was approximately HKD 219,860,000, an increase of about HKD 33,290,000 compared to approximately HKD 186,570,000 for the same period in 2022, representing a growth of 17.84%[10][11] - The group reported a loss attributable to owners of the company of HKD 45,700,000 for the six months ended June 30, 2023, compared to a profit of approximately HKD 249,990,000 for the same period in 2022[10] - The overall gross profit margin decreased from 7.95% for the six months ended June 30, 2022, to 5.97% for the same period in 2023, primarily due to increased market competition[12] - The financial services segment recorded a profit of HKD 173,000 for the six months ended June 30, 2023, a significant decrease from HKD 3,160,000 for the same period in 2022[24] - The company reported a loss before tax of HKD 45,817,000, compared to a profit before tax of HKD 344,929,000 in the same period last year[64] - Total comprehensive loss for the period was HKD 281,356,000, compared to a total comprehensive income of HKD 82,279,000 in 2022[66] - Basic and diluted loss per share was HKD (0.0092), compared to earnings per share of HKD 0.0502 in the previous year[66] Revenue Breakdown - Revenue for the six months ended June 30, 2023, was HKD 219,860,000, an increase of 17.8% compared to HKD 186,572,000 in 2022[79] - Revenue from electronic products and equipment sales was HKD 210,179,000, up from HKD 175,981,000, reflecting a growth of 19.4%[79] - The financial business generated commission and brokerage income of HKD 6,336,000, a decrease of 10.7% from HKD 7,091,000 in the previous year[79] - Interest income from financial business decreased to HKD 1,879,000 from HKD 2,395,000, a decline of 21.6%[79] - The group’s fixed rental income from property investment increased to HKD 631,000 from HKD 269,000, a growth of 134.5%[79] Expenses and Liabilities - Administrative expenses decreased from HKD 30,510,000 for the six months ended June 30, 2022, to HKD 25,760,000 for the same period in 2023, a reduction of HKD 4,750,000[14] - Financial expenses increased from HKD 18,680,000 for the six months ended June 30, 2022, to HKD 33,370,000 for the same period in 2023, an increase of HKD 14,690,000[15] - The group incurred financial costs of HKD 33,371,000, significantly higher than HKD 18,679,000 in the previous year, marking an increase of 78.7%[85] - The group's current liabilities exceeded its current assets by approximately HKD 371,852,000, excluding the impact of properties held for sale and related construction costs[75] - The group’s borrowings due amounted to approximately HKD 379,128,000 as of June 30, 2023[75] Cash Flow and Assets - As of June 30, 2023, the group's cash and cash equivalents (excluding restricted cash) were approximately HKD 21,450,000, down from HKD 29,790,000 as of December 31, 2022[16] - The net cash used in operating activities for the six months ended June 30, 2023, was HKD (116,544,000), compared to HKD 9,205,000 for the same period in 2022[73] - The total cash and cash equivalents at the end of June 30, 2023, decreased to HKD 21,453,000 from HKD 52,661,000 at the end of June 30, 2022[73] - Non-current assets decreased to HKD 4,223,574,000 from HKD 4,419,799,000 at the end of 2022[67] - Current assets increased to HKD 1,233,865,000, up from HKD 1,177,492,000 at the end of 2022[67] Shareholder Information - As of June 30, 2023, Dr. Xu Zhiming holds 1,909,537,556 shares, representing 60.43% of the company's issued share capital[40] - The major shareholders include Hong Kong Financial Equity Management Limited with 264,964,356 shares (8.38%), Hong Kong Financial Equity Investment Limited with 438,223,642 shares (13.87%), and Hong Kong Financial Equity Holding Limited with 997,428,057 shares (31.56%) of the issued share capital[45] - As of June 30, 2023, the total issued ordinary shares were 3,160,140,697, down from 5,804,281,394 shares as of December 31, 2022, due to a share consolidation[34] Corporate Governance - The board of directors consists of six executive directors and four independent non-executive directors as of the report date[62] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2023[61] - The company has adopted the corporate governance code and has complied with its provisions, except for a specific deviation regarding the rotation of directors[53] Strategic Plans and Future Outlook - The company plans to focus resources on the Zhanjiang project and other business segments, particularly the sand mining business in Papua New Guinea[26] - The company plans to sell its wholly-owned subsidiary Millhaven Holdings Limited, which held an investment property valued at HKD 363,577,000 as of June 30, 2023[78] - The company is considering transferring the entire equity of Millhaven Holdings Limited to Shinny Solar Limited to offset the loan balance and accrued interest[112] Legal and Financial Disputes - The company received a statutory demand for repayment of HKD 293,948,000 from Shinny Solar Limited, including a principal loan of HKD 240,000,000 and accrued interest[110] - The company has disputed the claim from Shinny Solar Limited, asserting that over HKD 120,000,000 has been paid in principal and interest[111] - Ongoing negotiations with Shinny Solar Limited aim to reach a settlement regarding the loan repayment and interest calculations[112]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：7） 截至二零二三年六月三十日止六個月的中期業績公佈 中期業績 智富資源投資控股集團有限公司（前稱香港金融投資控股有限公司）（「本公司」）董事 會（「董事會」）公佈本公司及其附屬公司（「本集團」）截至二零二三年六月三十日止六 個月的未經審核綜合中期業績，連同截至二零二二年六月三十日止六個月的比較數 據如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 | --- | --- | |-------|------------| | | 二零二二年 | | 附註 | 千港元 | | | | 收益 3、4 219,860 186,572 貨物銷售成本及直接成本 (206,743) (171,735) | --- | --- | --- | --- | |--------------------|-------|----------|-------- ...

Financial Performance - For the year ended December 31, 2022, the Group's revenue was approximately HK$511.5 million, a decrease of approximately HK$10.9 million from HK$522.4 million in 2021[18]. - The Group's gross profit for 2022 was approximately HK$31.1 million, down from approximately HK$57.9 million in 2021, representing a decrease of HK$26.8 million[25]. - Profit attributable to the owners of the Company decreased to HK$250.2 million, down HK$17.8 million from HK$268.0 million in 2021[25]. - The decrease in revenue was mainly attributed to lower sales of electronic products and equipment during the year[18]. - The Group faced challenges due to the impact of COVID-19 on sales in the PRC[25]. - The Group's revenue for the year ended December 31, 2022, was approximately HK$511.5 million, a decrease of about HK$10.9 million compared to HK$522.4 million in 2021, primarily due to a decline in sales of electronic products and equipment[27]. - The Group's gross profit for the same period was approximately HK$31.1 million, down HK$26.8 million from HK$57.9 million in 2021, mainly impacted by COVID-19 affecting sales in China[27]. - Rental income from the Beijing property was HK$0.84 million for the year ended December 31, 2022, down from HK$1.02 million in 2021[32]. - Administrative expenses increased to approximately HK$59.2 million in 2022 from approximately HK$57.6 million in 2021, reflecting a slight increase of HK$1.6 million[59][62]. - The Group recorded a fair value gain of approximately HK$467.1 million on investment properties for the year ended December 31, 2022, compared to HK$443 million in 2021, with HK$411.0 million of this gain attributed to investment properties in Zhanjiang[60][63]. - As of December 31, 2022, the Group's cash and cash equivalents were approximately HK$29.79 million, down from approximately HK$31.86 million in 2021[65][67]. - The net current assets of the Group were HK$273.2 million as of December 31, 2022, a significant decrease from HK$1.92 billion in 2021, with a current ratio of 1.3 compared to 3.11 in 2021[65][67]. - The Group's total interest-bearing liabilities, including lease liabilities and borrowings, amounted to approximately HK$508.8 million as of December 31, 2022, down from HK$653.3 million in 2021[65][67]. - Finance costs for the year were approximately HK$57.25 million, an increase from HK$49.3 million in 2021, primarily due to interest expenses on corporate bonds and borrowings[71][75]. - The accumulated balance of corporate bonds as of December 31, 2022, was HK$7.0 million, down from HK$17.5 million in 2021, with an effective interest rate ranging from 7.03% to 11.57%[66][68]. - The Company did not recommend any dividend for the year 2022, consistent with 2021 where no dividend was paid[166]. Business Development - The Group is developing a Smart City project located in Zhanjiang City, Guangdong Province, PRC[19]. - The Group holds exclusive rights for sand mining and export in the Kikori Delta, covering an area of 23,300 square kilometers in Papua New Guinea[19]. - The property development and sand mining business are considered to have good prospects and are important for future development[20]. - The Group plans to focus resources on the Zhanjiang project and the sand mining business in Papua New Guinea, where it has exclusive operating rights over an area of 23,300 square kilometers[49]. - The Group's trading business is primarily represented by sales of electronic products and equipment, which saw a decline due to market conditions[42]. - Despite economic challenges from COVID-19, the financial business registered profit, benefiting from increased market turnover amid global quantitative easing policies[43]. - A portion of properties for sale was reclassified as investment properties during the year due to a change in management's business plan[31]. - The termination of the disposal agreement for the Beijing project is not expected to have a material adverse impact on the Group's overall operations and financial position[41]. Management and Governance - The Group has been actively involved in mergers and acquisitions, enhancing its project investment capabilities[121]. - The financial team includes experienced professionals with over 15 years in corporate management, accounting, and financial services[127][128][129]. - The Group's independent non-executive directors have significant experience in accounting and finance, enhancing governance and oversight[132][136]. - The Company considers all independent non-executive directors to be independent according to the guidelines set out in the Listing Rules[188]. - Each Executive Director has a three-year service contract that cannot be terminated within one year without compensation[196]. - Independent non-executive directors have similar three-year appointment letters, terminable with three months' written notice[198]. - The remuneration committee regularly monitors the appropriateness of Directors' remuneration and compensation[197]. - The Company has complied with the Code on Corporate Governance Practices throughout the accounting period, with a noted deviation regarding the retirement of Directors[101][102]. Human Resources - As of December 31, 2022, the Group employed a total of 90 staff, down from 108 in 2021, with total staff costs amounting to HK$26.7 million, slightly decreased from HK$26.8 million in 2021[80][84]. - The future staff costs will be more directly linked to business turnover and profit, indicating a performance-based compensation strategy[80][84]. - The Company aims to attract and retain high-caliber staff by providing competitive salary packages and benefits, which is crucial for long-term success[80][84]. Environmental and Compliance - The Group is committed to minimizing environmental impacts through recycling and resource savings, ensuring compliance with relevant environmental protection laws[151]. - The Group aims to ensure compliance with relevant laws and regulations in all operational territories[152]. - There were possible breaches of Listing Rules 13.46(2)(a), 13.46(2)(b), and 13.48(1) during the year 2022, which the Board is aware of[155]. - The Company published the 2020 Annual Report approximately 9 months after the deadline and the 2021 Interim Report approximately 5 months late[157]. - The Company failed to comply with Listing Rule 3.10A during 2022 but regained compliance after appointing an independent non-executive director on 22 March 2022[159]. Leadership and Expertise - Dr. Hui Chi Ming has over 10 years of experience in the oil and gas investment, exploration, and exploitation business, and has chaired over 20 companies[104]. - Mr. Neil Bush has over 30 years of experience in domestic and international energy and real estate business development, having traveled to China over 140 times since 1975[108]. - Mr. Xu Jun Jia is currently the general manager of multiple energy groups and has been actively involved in professional investments across various sectors, including oil and chemical, metal mining, and financial securities[111]. - The company has a strong leadership team with diverse international experience in energy and investment sectors, enhancing its strategic planning and development capabilities[108]. - The leadership team includes members with significant experience in merger and acquisition negotiations, which is crucial for future growth strategies[111]. - The company is focused on expanding its operations in the oil and gas sector, leveraging the expertise of its executive directors[111]. - The executive directors are fluent in multiple languages, facilitating international business development and collaboration[111]. - The company is committed to corporate social responsibility, as demonstrated by its leadership's involvement in charitable activities and poverty alleviation efforts[104]. - Mr. Cao Yu has been appointed as the managing director since December 1, 2020, and has extensive experience in project management and financial advisory in the energy sector[115]. - Mr. Lam Kwok Hing, the founder of the Group, focuses on developing the financial business and has significant experience in securities and fund management[116]. - Mr. Nam Kwok Lun, co-founder, oversees stockbroking and securities margin financing, contributing to the Group's financial advisory services[117]. - Mr. Hui Ngok Lun, managing director of multiple investment companies, has expertise in risk management and project investment in oil, gas, and real estate sectors[120][121].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 1 （於百慕達註冊成立之有限公司） （股份代號：7） 有關 截至二零二二年十二月三十一日止年度全年業績公佈 之澄清公佈 茲提述智富資源投資控股集團有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）日期為二零二三年三月二十四日之截至二零二二年十二月三十一日止年度之全 年業績公佈（「全年業績公佈」）。除文義另有所指外，本公佈所用詞彙與全年業績公 佈所界定者具有相同涵義。 本公司謹此澄清，由於無心之失，本集團的一筆貸款於本集團於二零二二年十二月 三十一日之綜合財務狀況表內錯誤入賬為可換股債券。因此，本公司謹此於下文載 列經修訂的綜合財務狀況表，並對受影響之項目加下劃線以示相應的更正： 綜合財務狀況表 | --- | |--------| | | | 千港元 | 非流動資產 | --- | --- | --- | |----------------------------|-----------|---- ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公佈全部或任何 部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：7） 二零二二年全年業績公佈 業績 智富資源投資控股集團有限公司（「本公司」）董事會（「董事會」）公佈本公司及其附屬 公司（「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合業績如下： 綜合損益及其他全面收益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 收益 4 511,537 522,404 貨物銷售成本及直接成本 (480,464) (464,527) | --- | --- | --- | --- | |----------------------------------------|-------|----------|----------| | 毛利 | | 31,073 | 57,877 | | 其他收入 | | 5,287 | 4,905 | | 其他收益或虧損淨額 | | (1,088) | – ...

Revenue and Profitability - For the six months ended June 30, 2022, the group's total revenue was approximately HKD 186,570,000, a decrease of about 10.85% compared to HKD 209,280,000 for the same period in 2021[10][11]. - The profit attributable to owners of the company increased to HKD 249,990,000, up HKD 48,390,000 from HKD 201,600,000 in the previous year, primarily due to an increase in fair value changes of investment properties[10]. - The trading business recorded revenue of approximately HKD 2,930,000, a significant decrease from HKD 189,890,000 in the previous year, while the Hong Kong mobile trading business generated revenue of approximately HKD 173,000,000[20]. - Revenue for the six months ended June 30, 2022, was HKD 186,572,000, a decrease of 10.8% compared to HKD 209,278,000 for the same period in 2021[82]. - Net profit for the six months was HKD 250,263,000, up from HKD 201,583,000, representing a year-on-year increase of 24.1%[82]. - The company reported a total comprehensive loss of HKD 82,279,000 for the period, compared to a comprehensive income of HKD 309,006,000 in the previous year, indicating challenges in overall financial performance[84]. Expenses and Costs - Administrative expenses increased by 16.62% to HKD 30,510,000 from HKD 26,160,000 in the previous year[13]. - Financial costs rose by 17.63% to HKD 18,680,000 from HKD 15,880,000 in the previous year[14]. - Employee costs, including directors' remuneration, decreased to 11,868 thousand HKD in the first half of 2022 from 14,535 thousand HKD in the same period of 2021, a reduction of about 18%[6]. - The company's total financial expenses for the first half of 2022 amounted to 18,679 thousand HKD, up from 15,878 thousand HKD in the previous year, indicating an increase of about 17%[5]. Assets and Liabilities - As of June 30, 2022, the group's cash and cash equivalents (excluding restricted cash) were approximately HKD 52,360,000, up from HKD 31,860,000 as of December 31, 2021[16]. - The net current assets were approximately HKD 1,220,000,000, with a current ratio of 1.80, down from 3.11 as of December 31, 2021[16]. - The company's total equity as of June 30, 2022, was HKD 4,205,908, up from HKD 4,103,865 as of December 31, 2021[90]. - The company's inventory as of June 30, 2022, was HKD 59,777, compared to HKD 52,630 as of December 31, 2021, indicating a growth of approximately 13.4%[90]. - The group’s borrowings as of June 30, 2022, amounted to approximately HKD 358,617,000, raising concerns about its ability to continue as a going concern[104]. Share Capital and Financing - The company proposed a rights issue to raise up to approximately HKD 200,000,000 for loan repayment, offering one share for every two shares held at a price of HKD 0.1 per share[29]. - A total of 1,610,531,394 shares were subscribed in the rights issue, representing approximately 80.53% of the maximum 2,000,000,000 shares available for subscription[33]. - The total amount raised from the rights issue was approximately HKD 161,100,000, with a net amount of about HKD 159,600,000 after expenses, all of which was used to repay part of the group's borrowings[47]. - The company agreed to issue 193,750,000 new shares at a subscription price of HKD 0.12 per share, which represents about 3.45% of the total issued shares as of the announcement date[49]. - Following the rights issue, the shareholding of Dr. Xu Zhiming increased from approximately 53.84% to 66.93%[42]. Market Performance - Revenue from the Hong Kong market was HKD 183,372,000, while revenue from China was HKD 3,200,000, showing a significant disparity in market performance[117]. - Trade business revenue from electronic products and equipment sales was HKD 175,981,000, down from HKD 189,885,000, representing a decline of 7.5%[110]. - Interest income from financial services was HKD 2,395,000, down from HKD 3,325,000, indicating a decline of 28%[110]. - Fixed rental income from property investments decreased significantly to HKD 269,000 from HKD 4,971,000, a drop of 94.6%[110]. Corporate Governance and Compliance - The board of directors remains committed to high standards of corporate governance and compliance with relevant regulations[73]. - The company has not declared any interim dividend for the period ended June 30, 2022[26]. - The company has not issued any shares under the general mandate prior to the subscription announcement[53].

Fund Utilization - The net proceeds from the issuance of convertible bonds are approximately HKD 19.8 million, intended for general working capital[3] - The actual amount utilized from the net proceeds is HKD 19.8 million, with no unutilized proceeds reported[3] Reporting Confirmation - The board has confirmed that the supplementary information does not affect any other data contained in the 2021 annual report[3]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% growth compared to the previous year[1]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to reach $180 million[1]. - The company reported a net profit margin of 12%, which is an improvement from 10% in the previous year[1]. - For the year ended December 31, 2021, the Group's revenue was approximately HK$522.4 million, a decrease of approximately HK$490.8 million compared to HK$1,013.2 million in 2020[28]. - The Group's gross profit increased to approximately HK$57.9 million from approximately HK$32.7 million in 2020, representing an increase of HK$25.2 million[28]. - Profit attributable to the owners of the Company increased to HK$267.9 million, a significant increase of HK$479.9 million from a loss of HK$(211.9) million in 2020, primarily due to fair value changes on investment properties[28]. - The trading business recorded revenue of approximately HK$494 million, down 50% from HK$985 million in 2020[38][41]. - The Group's finance costs for the year amounted to approximately HK$49.3 million, compared to HK$32.3 million in 2020, reflecting an increase in interest expenses[117]. User Engagement and Market Expansion - User data showed a rise in active users to 1.2 million, marking a 30% increase year-over-year[1]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share within the next two years[1]. - The company is expanding its market presence in the Middle East, aiming to establish partnerships with at least three new local firms by the end of the next quarter[142]. - A strategic acquisition of a local competitor is anticipated to enhance the company's service offerings and increase market penetration[1]. - A strategic acquisition of a smaller competitor is in progress, which is anticipated to enhance the company's market share by 15%[142]. Research and Development - Research and development expenses increased by 10%, reflecting the company's commitment to innovation and product development[1]. - The company has allocated $5 million for research and development in new technologies, particularly in the oil and gas sector[142]. Sustainability and Corporate Governance - The board of directors emphasized the importance of sustainable practices, aiming for a 50% reduction in carbon footprint by 2025[1]. - The management team emphasized the importance of sustainability, with plans to reduce carbon emissions by 10% over the next two years[142]. - The Company emphasizes the importance of good corporate governance for effective and efficient operations[132]. - The Group's management is focused on ensuring compliance with relevant laws and regulations in its operating territories[189]. Strategic Initiatives - New product launches are expected to contribute an additional $20 million in revenue, with a focus on innovative technology solutions[1]. - New product launches are expected to contribute an additional $20 million in revenue, with a focus on energy-efficient technologies[142]. - A strategic cooperation agreement was signed with China Harbour Engineering to conduct sand mining operations and develop terminal facilities in the Kikori Delta[28]. - The expected completion date for the Smart City project is January 2025, as per the latest arrangement with the Zhanjiang local government[28]. - The Company aims to focus on the sand mining and export business in the financial year 2022[28]. Compliance and Governance Issues - The Company failed to comply with several Listing Rules in 2021, including delays in publishing financial results and reports[194]. - The Company faced compliance issues with listing rules, specifically failing to meet the requirement of having independent non-executive directors constituting at least one-third of the board[196]. - After appointing Mr. Yiu King Ming as an independent non-executive director on March 22, 2022, the company regained compliance with the listing rules[196]. - The company emphasizes the importance of maintaining effective communication and good relationships with key stakeholders[198]. Management and Personnel Changes - Mr. Hui oversees various oil and gas resources projects and manages risk for copper and gold mine resources projects[151]. - Mr. Hui has participated in major project investments, mergers, and acquisitions, enhancing financial innovation within the Hong Kong Finance Investment Group[151]. - The company appointed Mr. Hui as Chief Risk Officer on September 11, 2018, indicating a focus on risk management[153]. - Mr. Po Eric, appointed as Company Secretary on February 8, 2022, has over 18 years of experience in accounting, financing, and auditing[166]. - Mr. Fu Wing Kwok resigned as Chief Financial Officer on February 8, 2022, after over 25 years in the auditing and accounting field[168]. - The company has a diverse board with independent non-executive directors having over 15 years of experience in finance and accounting[156][157][164]. Financial Strategies - A proposed rights issue aims to raise up to approximately HK$200 million by issuing up to 2 billion rights shares at HK$0.1 each[56]. - Estimated net proceeds from the rights issue will be up to approximately HK$198.5 million, intended for loan repayment[57]. - The company plans to utilize the entire net proceeds from the rights issue for loan repayment[71]. - The Group's gearing ratio as of December 31, 2021, was 1.63, compared to 1.43 in 2020, indicating a higher level of debt relative to equity[110].

Financial Performance - The total revenue for the six months ended June 30, 2021, was approximately HKD 209,280,000, a decrease of 45.88% compared to HKD 386,700,000 for the same period in 2020[15][16]. - Profit attributable to owners of the company from continuing operations increased to HKD 201,600,000, up HKD 159,120,000 from HKD 42,480,000 in the same period last year, primarily due to an increase in fair value changes of investment properties[15]. - The overall gross profit margin increased from 2.79% for the six months ended June 30, 2020, to 15.20% for the same period in 2021, driven by growth in higher-margin trading business[17]. - Revenue for the six months ended June 30, 2021, was HKD 209,278,000, a decrease of 45.8% compared to HKD 386,699,000 for the same period in 2020[60]. - Gross profit for the six months ended June 30, 2021, was HKD 177,467,000, compared to HKD 375,913,000 in the previous year, indicating a significant decline[60]. - Operating profit for the six months ended June 30, 2021, was HKD 288,507,000, up from HKD 79,695,000 in 2020, reflecting a substantial increase[60]. - Profit before tax for the six months ended June 30, 2021, was HKD 272,629,000, compared to HKD 65,534,000 in the same period last year, representing a significant growth[60]. - Net profit for the six months ended June 30, 2021, was HKD 201,583,000, a substantial increase from HKD 42,235,000 in 2020[62]. - Total comprehensive income for the six months ended June 30, 2021, was HKD 309,006,000, compared to HKD 1,658,000 in the previous year, indicating a remarkable improvement[62]. - The company reported a profit before tax of HKD 272,629,000 for the six months ended June 30, 2021, compared to HKD 65,534,000 for the same period in 2020[89]. - The company reported a profit attributable to shareholders of HKD 201,598,000 for the six months ended June 30, 2021, compared to HKD 42,475,000 for the same period in 2020, representing an increase of approximately 373%[100]. Expenses and Liabilities - Administrative expenses accounted for 12.50% of the group's revenue, an increase from 7.17% in 2020, due to higher administrative costs associated with trading operations[18]. - The company’s financial expenses for the six months ended June 30, 2021, included interest on borrowings of HKD 13,199,000, an increase from HKD 11,731,000 in the prior year[94]. - The deferred tax liabilities increased to HKD 70,021,000 as of June 30, 2021, compared to HKD 23,509,000 for the same period in 2020, indicating a significant rise in tax obligations[98]. - The company has no contingent liabilities as of December 31, 2020, indicating a stable financial position[35]. Cash Flow and Assets - Cash and cash equivalents (excluding restricted cash) as of June 30, 2021, were approximately HKD 30,740,000, up from HKD 20,610,000 as of December 31, 2020[20]. - The company reported a net cash outflow from operating activities of HKD 107,731,000 for the six months ended June 30, 2021, compared to a net inflow of HKD 68,758,000 for the same period in 2020[76]. - The total cash and cash equivalents at the end of the period were HKD 30,743,000, a decrease from HKD 121,202,000 at the end of the previous year[76]. - The company’s borrowings at the end of the reporting period amounted to approximately HKD 301,029,000[79]. - The company has a current asset net value of approximately HKD 1,650,785,000, with current liabilities exceeding current assets (excluding properties held for sale) by approximately HKD 354,116,000[79]. - The company's total assets less current liabilities as of June 30, 2021, amounted to HKD 4,499,475,000, an increase from HKD 4,140,014,000 at the end of 2020[66]. - The net asset value as of June 30, 2021, was HKD 4,005,636,000, compared to HKD 3,696,630,000 at the end of 2020, showing growth in equity[66]. Shareholder Information - The total number of issued ordinary shares as of June 30, 2021, remains at 4 billion shares, maintaining the same level as the previous year[38]. - As of June 30, 2021, major shareholders include Hong Kong Financial Equity Management Limited with 541,051,143 shares (13.53%), Hong Kong Financial Equity Investment Limited with 841,780,284 shares (21.04%), and Hong Kong Financial Equity Holding Limited with 477,775,115 shares (11.94%)[47]. - The total issued share capital is held entirely by Dr. Xu Zhiming, either directly or indirectly[44]. - The company maintained compliance with the 25% public float requirement as of June 30, 2021[55]. Business Operations - The trading business recorded revenue of approximately HKD 189,890,000, down from HKD 375,880,000 in the previous year[27]. - The financial business generated profits from securities, futures, and options brokerage, underwriting commissions, financial management consulting, and interest income from margin loans, despite a significant decline in market indices and turnover due to stricter regulations and increased US-China tensions[28]. - The company holds exploration and extraction rights for the Malaysia 2101 oil field, covering an area of 10,400 square kilometers, with profit-sharing ratios between 40% and 72.5% after deducting taxes and drilling costs[30]. - Following the sale of a property in Beijing for HKD 338 million, the company plans to focus resources on the Zhanjiang project and its sand mining operations in Papua New Guinea, which has an exclusive operating right over an area of 23,300 square kilometers[34]. - The company’s major business activities include natural resources trading, petrochemical production, and property investment[79]. Market and Product Development - The company is investing $500 million in R&D for new technologies aimed at enhancing user experience[132]. - New product launches contributed to a 30% increase in sales in the last quarter[132]. - The company completed a strategic acquisition of a tech startup for $200 million to enhance its product offerings[132]. - Market expansion efforts have led to a 25% increase in international sales[132]. - The company plans to enter two new markets by the end of 2024, targeting a potential revenue increase of $300 million[132]. Corporate Governance - The audit committee, consisting of independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the six months ending June 30, 2021[55]. - The company has adopted the corporate governance code and has been compliant with its provisions, except for the specific provision regarding the rotation of directors[52]. - The company did not engage in any arrangements that would allow directors or their immediate family to benefit from purchasing shares or bonds during the reporting period[48]. - There were no changes in the board of directors since the last annual report[52]. Future Outlook - The company provided guidance for Q4 2023, expecting revenue to be between $2.7 billion and $2.9 billion, indicating a growth of 8% to 16%[132]. - Customer retention rate improved to 85%, reflecting strong user satisfaction and engagement[132].