股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金奧國際股份有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00009 | 說明 | | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 3,568,790,629 | | 0 | | 3,568,790,629 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 3,568,790,629 | | 0 | | 3,568,790,629 | 第 2 頁 共 ...

Core Viewpoint - Xiangyu Real Estate is facing challenges in land acquisition and talent retention in Shanghai, with the recent resignation of its marketing center general manager, Sun Quncun, highlighting the difficulties in the current market environment [2][10]. Company Overview - Xiangyu Real Estate has only secured 2 land parcels in Shanghai as of August 11, 2025, marking a significant decline in land acquisition over the years [2][8]. - The company has been involved in the Shanghai real estate market since 2003, but its land acquisition has decreased from 5 parcels in 2021 to just 2 in 2025 [8][9]. Talent Management - Sun Quncun, who recently resigned, had a brief tenure at Xiangyu Real Estate, having previously worked at various firms including China Resources Land and Ronshine China Holdings [3][4][5]. - His departure raises questions about the company's ability to attract and retain talent, especially in a competitive market [2][10]. Market Conditions - The Shanghai real estate market has seen a shift towards higher competition and increased investment risks, particularly after the reintroduction of the "highest bidder wins" rule in June 2024 [9][10]. - Xiangyu Real Estate's performance in sales has also declined, dropping from 5th place in 2023 to 14th in 2024 among Shanghai real estate firms [10][11]. Strategic Adjustments - The company has undergone significant organizational restructuring, consolidating its regional offices and aiming to enhance operational efficiency [12]. - Despite these efforts, Xiangyu Real Estate's sales figures in Shanghai have not shown substantial improvement, indicating a need for strategic breakthroughs in land acquisition and product development [11][12].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 金奧國際股份有限公司 呈交日期: 2025年8月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00009 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD | | 0.01 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： ...

Financial Performance - For the six months ended June 30, 2023, the company reported revenue of HKD 13,467,000, an increase of 35.0% compared to HKD 9,973,000 for the same period in 2022[5]. - The gross profit for the same period was HKD 8,673,000, slightly up from HKD 8,665,000, indicating a stable gross margin[5]. - Operating loss decreased significantly to HKD 1,350,000 from HKD 13,291,000 year-over-year, reflecting improved operational efficiency[5]. - The net loss attributable to shareholders for the period was HKD 104,265,000, a reduction from HKD 115,672,000 in the previous year, showing a 9.8% improvement[6]. - For the six months ended June 30, 2023, the company reported a net loss of HKD 104,265,000, compared to a net loss of HKD 115,672,000 for the same period in 2022, indicating a 9.5% improvement in loss[9]. - The group reported total revenue of HKD 13,467 thousand for the six months ended June 30, 2023, compared to HKD 9,973 thousand for the same period in 2022, representing a year-on-year increase of approximately 35.0%[24]. - The group incurred a loss of HKD 104,265 thousand for the six months ended June 30, 2023, compared to a loss of HKD 115,672 thousand for the same period in 2022, indicating a reduction in losses[26][27]. - The basic loss per share for the six months ended June 30, 2023, was HKD 0.0293, compared to HKD 0.0324 in 2022, showing a decrease of about 9.6%[36]. Assets and Liabilities - The company's total assets as of June 30, 2023, were HKD 3,107,754,000, down from HKD 3,338,245,000 at the end of 2022[7]. - Current liabilities decreased to HKD 3,925,691,000 from HKD 4,046,528,000, indicating better management of short-term obligations[8]. - The total equity attributable to shareholders was negative HKD 986,038,000 as of June 30, 2023, compared to negative HKD 889,054,000 at the end of 2022[8]. - As of June 30, 2023, the company's accumulated losses reached HKD 3,693,100,000, an increase from HKD 3,588,835,000 as of December 31, 2022[14]. - The group's current liabilities net amount was approximately HKD 1,417,715,000, compared to HKD 1,328,299,000 on December 31, 2022, indicating an increase of about 6.5%[79]. - The group's total current assets were approximately HKD 2,507,973,000 as of June 30, 2023, down from HKD 2,718,229,000 on December 31, 2022, reflecting a decrease of about 7.7%[79]. - The group's total capital deficit was approximately HKD 986,038,000 as of June 30, 2023, compared to HKD 889,054,000 on December 31, 2022, representing an increase of about 10.9%[80]. - The group's outstanding borrowings were approximately HKD 1,833,630,000 as of June 30, 2023, up from HKD 1,763,611,000 in 2022, indicating an increase of about 4%[81]. Cash Flow and Financing - The company experienced a net cash outflow from operating activities of HKD 141,768,000 for the six months ended June 30, 2023, compared to a net cash inflow of HKD 138,529,000 in the same period of 2022[11]. - The company is actively seeking various financing solutions to address its liquidity needs and is confident in achieving loan extensions or debt restructuring by the end of the new financial year[15]. - The company reported a foreign exchange gain of HKD 7,628,000 from overseas operations, contrasting with a loss of HKD 1,742,000 in the previous year[6]. - The company’s financing costs remained stable at approximately HKD 101,830,000, compared to HKD 101,759,000 in the previous year[5]. - The group is negotiating various financial restructuring plans with multiple financial institutions to improve liquidity and address repayment delays[85]. Operational Strategy - The company plans to focus on operational improvements and cost management strategies to enhance profitability in the upcoming periods[5]. - The company plans to accelerate the pre-sale of properties, particularly focusing on the Xiangtan project, which is currently its main source of cash flow[15]. - The group aims to accelerate the pre-sale and sale of properties under development and completed properties to generate sufficient cash inflows[20]. - The group plans to submit a judicial reorganization application to the Hunan Provincial People's Court to restructure existing debts, aiming for a more favorable financial position[77]. - The group is initiating the development of the remaining phase two of the Xiangtan project, with plans to obtain pre-sale permits for new projects between 2025 and 2027[78]. Shareholder Information - The group’s issued share capital remained unchanged at HKD 35,688,000 as of June 30, 2023, with 3,568,790,629 shares issued[51]. - Key shareholders include KEYNE HOLDINGS LTD with 2,073,549,197 shares, representing 58.10% of the total issued shares[97]. - The ownership structure indicates significant control by a few entities, with the top three shareholders holding over 58% of the total shares[97]. - The company has not received any notifications of additional interests or short positions in its shares as of June 30, 2023[99]. Legal and Compliance - The company is currently involved in ongoing litigation related to loans totaling RMB 250,000,000 with China Everbright Bank, with a court ruling requiring repayment of all outstanding amounts[60]. - The company is facing a lawsuit from Zhejiang Chouzhou Commercial Bank for an outstanding loan principal of RMB 250 million, with hearings scheduled[73]. - The group is subject to potential penalties from the Chinese tax authority related to indirect equity transfers, which could be 50% to three times the unpaid corporate income tax[57]. - The company has complied with the corporate governance code as outlined in the listing rules during the review period[109]. Market Outlook - The group anticipates continued market volatility and uncertainty in the 2023/24 fiscal year, influenced by geopolitical events and high interest rates, which may affect property leasing decisions[78]. - The group remains cautiously optimistic about the economic development of the Xiangtan project over the next five to six years, supported by government initiatives for housing loans[78].

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，並明確表示概不會就本公佈全部或任何部份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KEYNE LTD * 金奧國際股份有限公司 （於百慕達註冊成立之有限公司） （股份代號：00009） 截至2023年6月30日止六個月之 中期業績公佈 金奧國際股份有限公司（「本公司」）董事（「董事」）局（「董事局」）公佈本公司及其附屬公司 （統稱「本集團」）截至2023年6月30日止六個月之未經審核簡明綜合中期業績連同比較數字 如下： 簡明綜合損益表 截至2023年6月30日止六個月 截至6月30日止六個月 2023年 2022年 附註 千港元 千港元 （未經審核） （未經審核） 收益 5 13,467 9,973 銷售成本 (4,794) (1,308) ...

Financial Performance - For the fiscal year ended December 31, 2022, the group recorded revenue of approximately HKD 17,186,000, a decrease from HKD 18,237,000 in 2021, attributed to rent concessions and reduced tenant business activities due to the pandemic[13] - The group reported a loss attributable to owners of approximately HKD 505,952,000, compared to a loss of HKD 537,362,000 in 2021, with a basic loss per share of HKD 0.1418[13] - Cash and cash equivalents as of December 31, 2022, were approximately HKD 1,119,000, down from HKD 12,437,000 as of December 31, 2021[13] - The centralized heating business generated revenue of approximately HKD 30,614,000 for the year ended December 31, 2022, a decrease of 35.0% compared to HKD 47,120,000 in 2021[19] - The company recorded a fair value loss of approximately HKD 10,696,000 for the Chengdu project for the year ended December 31, 2022, compared to HKD 14,103,000 in 2021[22] - The company anticipates that the recovery of normal sales will allow it to generate sufficient funds to repay all existing debts and meet operational funding needs[47] - The company reported a decrease in current assets to approximately HKD 2,718,229,000 as of December 31, 2022, down from HKD 2,920,689,000 in the previous year[52] - The company's capital deficit totaled approximately HKD 889,054,000 as of December 31, 2022, compared to HKD 373,393,000 in the previous year[54] - The group recorded a cumulative loss of approximately HKD 3,588,835,000 as of December 31, 2022[60] Project Developments - The group focused on key projects in Xiangtan, Hunan, and Chengdu, Sichuan, as well as investments in centralized heating business during the fiscal year[12] - The Xiangtan project received over RMB 100 million in special funds to support development, with expectations for a sales peak in 2023[7] - The Chengdu Huanghe Commercial City project showed good leasing and rent collection performance, contributing stable cash flow to the group[10] - The Xiangtan project focuses on the development, construction, and sale of high-rise residential buildings, with a total area of 559,696 square meters allocated for a five-star hotel, residential properties, and supporting commercial facilities[17] - Despite the impact of COVID-19, the Xiangtan project obtained pre-sale permits for two high-rise residential buildings, which were well-received in the market, leading to rapid sales[17] - The company plans to accelerate the development of high-rise residential buildings in the Xiangtan project, aiming to launch remaining units in 2023 and complete hotel construction by 2024[17] - The company plans to accelerate the sales of properties in the Xiangtan project, which is expected to be the main source of cash flow, to improve liquidity and meet debt obligations[66] Debt and Liquidity Issues - The group is actively communicating with creditors to address existing debt issues, with some creditors agreeing to extend loan terms[7] - The company has an outstanding loan financing of $36,509,876 from China Huarong International as of December 31, 2022, with discussions ongoing regarding loan extension and restructuring[32] - Donghai International has provided an outstanding loan financing of $18,387,188, agreeing to extend the loan until the end of 2022, with further discussions planned[33] - The company has an outstanding loan financing of RMB 662,370,000 from China Huarong Asset Management, with ongoing legal proceedings related to repayment obligations totaling approximately RMB 203 million[36] - Legal actions have been initiated by Zhejiang Chouzhou Commercial Bank for an outstanding loan of RMB 250,000,000, with the court seeking repayment of all unpaid principal and interest[40] - The company is experiencing liquidity issues attributed to the short-term impact of the COVID-19 pandemic on real estate sales, but expects gradual recovery due to government policies[33] - The company has a current liquidity shortfall of approximately HKD 1,328,299,000, with overdue loans totaling HKD 1,638,876,000 due to payment defaults[121] - The management has warned stakeholders about the potential inability to operate on a going concern basis if the debt relief plans are not achieved[125] Corporate Governance - The board consists of six directors, including three executive directors and three independent non-executive directors, ensuring a balanced composition[77] - The company has established mechanisms to ensure the independence of the board, with three out of six directors being independent non-executive directors, exceeding the requirement of at least one-third[80] - The chairman and CEO roles are clearly separated, with the chairman focusing on overall corporate development and strategy, while the CEO manages daily operations[84] - The company is committed to maintaining good corporate governance practices and has adhered to the relevant codes throughout the fiscal year[73] - The board is responsible for approving significant decisions related to long-term strategy, major acquisitions, and financial budgets[78] - The company has a clear policy for risk management and internal controls, which is monitored by the board[78] - The audit committee conducted four meetings during the year to review the company's financial statements and internal control systems[95] - The company has established a formal and transparent process for determining the remuneration of directors and senior management[87] Environmental and Social Responsibility - The total greenhouse gas emissions for the reporting period were 244.33 tons of CO2 equivalent, a decrease from 282.51 tons in 2021, representing a reduction of approximately 13.5%[168] - The energy consumption was 293,489.86 kWh, down from 322,703.8 kWh in 2021, indicating a decrease of about 9%[171] - The company aims to reduce its greenhouse gas emissions by 5% by 2026, in line with China's 14th Five-Year Plan for low-carbon development[171] - The company is committed to sustainable development and aims to minimize its environmental impact through energy efficiency measures[162] - The group has established various measures to minimize environmental impact, including noise reduction strategies during construction[179] - The company strictly adheres to local labor laws, prohibiting child labor and forced labor, with no reported violations in 2021[197] - The company is committed to providing equal opportunities in recruitment, training, and promotion, ensuring no discrimination based on various factors[199] Employee Management - The employee turnover rate for the group was approximately 10% in 2022, a significant decrease from 20% in 2021[186] - The total number of employees increased to 81 in 2022 from 76 in 2021, reflecting a growth of 6.6%[186] - Approximately 60.1% of employees participated in various training programs in 2022, up from 59.2% in 2021[194] - The average training hours per employee decreased to approximately 20.25 hours in 2022 from 26.23 hours in 2021[194] - The company has not reported any work-related fatalities or significant injuries in the past three years, ensuring compliance with health and safety regulations[191]

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份內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KEYNE LTD 金奧國際股份有限公司* （於百慕達註冊成立之有限公司） （股份代號：00009） 截至2022年12月31日止年度之年度業績 金奧國際股份有限公司（「本公司」）董事（「董事」）局（「董事局」）公佈本公司及其附屬公司 （統稱「本集團」）截至2022年12月31日止年度的綜合業績連同比較數據如下： 綜合損益表 截至2022年12月31日止年度 2022年 2021年 附註 千港元 千港元 收益 5 17,186 18,327 銷售成本 (2,396) (2,547) | --- | --- | --- | --- | |--------------------------|-------|----------|-----------| | 毛利 | | 14,790 | 15,780 | | 其他收入及收益 | 5 | 2,564 | 1,581 | | 投資物業之公平值虧損 | | (1 ...

Financial Performance - For the six months ended June 30, 2022, the company reported revenue of HKD 9,973,000, an increase of 1.65% compared to HKD 9,811,000 for the same period in 2021[5] - Gross profit for the same period was HKD 8,665,000, slightly up from HKD 8,652,000, indicating a stable gross margin[5] - The company incurred an operating loss of HKD 13,291,000, which is an improvement from the operating loss of HKD 14,765,000 in the previous year[5] - Net loss attributable to shareholders for the period was HKD 115,672,000, a decrease of 24.5% from HKD 153,359,000 in the prior year[5] - Basic and diluted loss per share improved to HKD 3.24 from HKD 4.30 year-on-year[5] - The group reported a net loss attributable to shareholders of HKD 115,672,000 for the six months ended June 30, 2022, compared to HKD 153,359,000 for the same period in 2021[37] - The group incurred a loss before tax of HKD 115,300,000 for the six months ended June 30, 2022, compared to a loss of HKD 152,804,000 for the same period in 2021, indicating an improvement of about 24.5%[25] - Operating loss for the group was HKD 115,672,000 in 2022, compared to a loss of HKD 153,359,000 in 2021, indicating an improvement of about 25%[37] Assets and Liabilities - Total assets as of June 30, 2022, were HKD 2,349,457,000, down from HKD 2,743,062,000 at the end of 2021[7] - Current liabilities decreased to HKD 3,658,637,000 from HKD 3,936,940,000, reflecting a reduction in trade payables[8] - The company reported a net asset value of HKD (491,173,000) as of June 30, 2022, compared to HKD (373,393,000) at the end of 2021[8] - The total accumulated loss as of June 30, 2022, was HKD 3.20 billion, an increase from HKD 3.08 billion as of December 31, 2021[14] - The company has total borrowings of HKD 1.72 billion as of June 30, 2022, a slight decrease from HKD 1.76 billion at the end of 2021[14] - The company’s total assets included development properties with a net book value of approximately HKD 2,114,010,000 as of June 30, 2022, compared to HKD 1,724,651,000 in 2021, reflecting an increase of about 22.6%[50] - As of June 30, 2022, the company's current liabilities net amount was approximately HKD 1,102,764,000, compared to HKD 1,016,251,000 on December 31, 2021, indicating an increase in liabilities[79] Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of HKD 138.53 million for the six months ended June 30, 2022, a decrease of 47% compared to HKD 261.36 million for the same period in 2021[11] - The company reported a net cash outflow from investing activities of HKD 45.33 million for the six months ended June 30, 2022[11] - The company’s financing activities resulted in a net cash outflow of HKD 151.37 million during the same period[11] - Cash and cash equivalents decreased to HKD 7.60 million as of June 30, 2022, down from HKD 12.44 million at the end of 2021[14] - The group recorded a cumulative loss of HKD 3,198,555,000 as of June 30, 2022, with a net cash inflow from operating activities of HKD 138,529,000 for the six months ending June 30, 2022[85] Cost Management and Operational Strategies - The company is focusing on cost management, with administrative expenses reduced to HKD 13,117,000 from HKD 19,337,000 year-on-year[5] - Future strategies include exploring new market opportunities and enhancing operational efficiencies to improve financial performance[5] - The group aims to accelerate the pre-sale and sale of properties under development to generate sufficient cash inflows[18] - The group is actively adjusting its sales and marketing strategies in response to the impacts of COVID-19 and government stimulus measures[18] - The group is focusing on strategic cooperation with key clients to enhance brand influence and market share in the Xiangtan project[66] - The group is actively controlling administrative expenses through human resource optimization, management salary adjustments, and capital expenditure control[86] Shareholder and Ownership Information - As of June 30, 2022, the company had issued 3,568,790,629 shares, with a significant shareholder holding approximately 0.41% of the issued share capital[92] - The major shareholder, Zhu Baiheng, holds 2,073,549,197 shares, representing 58.10% of the company's issued share capital[96] - Keyne Holdings Ltd, as a beneficial owner, also holds 2,073,549,197 shares, accounting for 58.10% of the issued share capital[96] - The company has a significant concentration of ownership, with the top shareholders holding over 50% of the total shares[96] Legal and Regulatory Matters - The company is involved in a legal lawsuit with Zhejiang Chouzhou Commercial Bank, seeking repayment of an outstanding loan principal of RMB 250,000,000, along with accrued interest and penalties[74] - The company is also facing a lawsuit from Industrial and Commercial Bank of China (ICBC) regarding multiple loan agreements totaling RMB 250,000,000, with hearings scheduled for September 6, 2022[75][77] Future Outlook - The company expresses cautious optimism regarding its performance for the full year of 2022, despite facing risks from the COVID-19 pandemic and global economic uncertainties[78] - The group plans to accelerate the construction and sales of high-rise residential projects in the Xiangtan project, aiming to launch related products by the end of this year[67] Governance and Compliance - The company has complied with the corporate governance code as set out in Appendix 14 of the listing rules during the review period[108] - The audit committee consists of three independent non-executive directors who reviewed the accounting policies and practices adopted by the group, discussing internal controls and financial reporting matters[111]

Financial Performance - The company's operating cash flow increased significantly by approximately HKD 300 million compared to 2020, despite challenges in the real estate market[5]. - The sales performance of the Xiangtan project was severely impacted, with a total sales of approximately RMB 79 million from July to December 2021, representing a decline of 82.37% compared to RMB 448 million in the same period of 2020[6]. - As of the end of 2021, the Xiangtan project has achieved approximately RMB 1 billion in sales, with remaining sellable assets valued at around RMB 6.7 billion, expected to be sold over the next 5 to 6 years[13]. - The company anticipates a significant increase in sales for the Xiangtan project in the second half of 2022, following the implementation of various real estate stimulus policies[13]. - The group anticipates significant sales from the Xiangtan property project in 2022, with a large project set to be gradually launched and pre-sale permits obtained in 2021[22]. Debt Management - The company successfully negotiated loan extensions with creditors, including extending loans to June 2023 and December 2022, to alleviate liquidity issues[4][9]. - The company is actively seeking refinancing options but has faced challenges due to tightened lending policies in the real estate sector[5]. - The company is in discussions with various creditors regarding loan restructuring and extensions, with a focus on improving sales performance in the recovering real estate market[8][10]. - The company faces short-term cash flow mismatches due to upcoming debt obligations, with total outstanding debt principal of HKD 1.6 billion and interest/default penalties of HKD 300 million as of December 31, 2021[15]. - Management is actively negotiating with financial institutions for debt restructuring or extension agreements to align debt repayment with project development timelines[17]. - The ability to maintain ongoing operations depends on successfully negotiating loan extensions and maintaining good relationships with current lenders[23]. Cost Control - The company has maintained strict control over administrative expenses, which did not significantly increase compared to 2020[6]. - The company has reduced overall expenses by approximately HKD 4 million through staff reductions and a 30% salary cut for management and directors, along with a 20% decrease in office rental costs[14]. - The company is committed to controlling administrative costs through various measures, including optimizing human resources and managing capital expenditures[17]. - The management is implementing cost control measures, including optimizing human resources and adjusting management compensation[22]. Operational Strategy - The company has expanded its target customer base to include local residents, responding to increased demand for improved living conditions due to the pandemic[6]. - The company plans to accelerate the pre-sale of remaining units in the Xiangtan project to improve cash flow and support debt servicing[17]. - The group aims to accelerate the pre-sale and sale of properties to generate sufficient cash flow while controlling capital expenditures[27]. - The management is closely monitoring the impact of the COVID-19 pandemic and adjusting sales and marketing strategies accordingly[22]. Audit and Financial Health - The company has received a non-opinion audit report for its consolidated financial statements for the fiscal year ending December 31, 2021[3]. - The auditor indicates that successful implementation of proposed measures could alleviate liquidity pressures and improve financial conditions in the next fiscal year[19]. - As of December 31, 2021, the group recorded a cumulative loss of approximately HKD 3,082,883,000 and current liabilities exceeded current assets by about HKD 1,016,251,000[20]. - The total borrowings amounted to approximately HKD 1,763,611,000, with cash and cash equivalents at around HKD 12,437,000[20]. - The group is actively negotiating with multiple financial institutions to secure funding for operational capital and to address delayed repayments[21]. - The group is seeking additional financing sources as needed to support its operations[27]. Market Conditions - The average monthly sales of the Xiangtan project were approximately RMB 65 million in the first half of 2021, indicating strong initial demand[6].

Financial Performance - The group recorded revenue of approximately HKD 18,327,000 for the year ended December 31, 2021, a decrease from HKD 80,466,000 in 2020[11] - The group reported a loss attributable to owners of approximately HKD 537,362,000, an improvement from a loss of HKD 597,189,000 in 2020[11] - Basic loss per share was approximately HKD 0.1506, compared to HKD 0.1673 in 2020[11] - Total impairment losses decreased by approximately 50.5% from HKD 327,312,000 in 2020 to approximately HKD 162,115,000 in 2021[18] - Financing costs increased by approximately 53.9% from HKD 196,539,000 in 2020 to approximately HKD 302,522,000 in 2021[19] - The group's current liabilities net amount was approximately HKD 1,016,251,000 as of December 31, 2021, compared to HKD 627,061,000 in 2020[25] - The group's cash and cash equivalents were approximately HKD 12,437,000 as of December 31, 2021, up from HKD 9,687,000 in 2020[25] - As of December 31, 2021, the group's total capital deficit amounted to approximately HKD 373,393,000, compared to total equity of HKD 126,529,000 as of December 31, 2020[26] - The group's outstanding borrowings as of December 31, 2021, were approximately HKD 1,763,611,000, an increase from HKD 1,715,989,000 in 2020[27] - The group experienced a default on borrowings totaling approximately HKD 1,612,661,000 due to delayed or overdue payments as of December 31, 2021[30] - The group recorded cumulative losses of approximately HKD 3,082,883,000 as of December 31, 2021[30] Project Developments - The Xiangtan project is expected to deliver cash flow from the presale of townhouses, which are set to be completed before 2022[12] - The Xiangtan project has obtained pre-sale permits for 14 high-rise residential units with a saleable area of 191,210 square meters, reflecting strong market demand[14] - The group plans to accelerate the development of high-rise residential units and hotel construction in the Xiangtan project in 2022[14] - The Chengdu Huanghe Commercial City project has seen rental income recover to pre-pandemic levels, contributing stable cash flow to the group[7] - The rental income from the shopping mall in Chengdu for the year ended December 31, 2021, was approximately HKD 18,327,000, an increase of 13.1% from HKD 15,698,000 in 2020[15] - The centralized heating business generated revenue of approximately HKD 47,120,000 for the year ended December 31, 2021, an increase of 3.4% from HKD 45,590,000 in 2020[16] Market Outlook - The group remains confident in the positive development trend of the Chinese real estate market and aims for quality growth[8] - The economic outlook for China in 2022 is expected to continue its recovery trend, supported by events like the Beijing Winter Olympics and the upcoming 20th National Congress of the Communist Party[24] Corporate Governance - The board decided not to declare any final dividend for the year ended December 31, 2021[36] - The board of directors is responsible for approving long-term strategies, annual business plans, and significant acquisitions or sales[40] - The company has established a remuneration committee consisting of three independent non-executive directors to review and recommend remuneration policies[46] - The company has a diverse board member policy that considers various factors such as gender, age, and professional experience when selecting candidates[50] - The audit committee held four meetings during the year to review financial statements and internal control systems[51] - The company has a clear distinction between the roles of the chairman and the CEO to enhance independent decision-making[44] - The board has implemented a training program for new directors to ensure they understand their legal responsibilities and the company's operations[41] - The company has a risk management and internal control system that is regularly reviewed by the audit committee[51] - The board's decision-making process includes both formal meetings and written resolutions to ensure effective governance[40] Environmental Responsibility - The group reported nitrogen oxides (NOx) emissions of 14.85 kg for 2021, with sulfur oxides (SOx) emissions at 0.38 kg and particulate matter (PM) emissions at 1.09 kg[88] - The company focuses on energy efficiency and aims to reduce its carbon footprint through various initiatives, including the procurement of environmentally friendly building materials[90] - Total greenhouse gas emissions for the group were 282.51 tons of CO2 equivalent in 2021, down from 428.22 tons in 2020, representing a reduction of approximately 34.1%[92] - The group’s energy consumption totaled 574,755.3 kWh in 2021, a decrease of 10.9% from 645,205.2 kWh in 2020[100] - The group aims to reduce greenhouse gas emissions by 5% by 2026 as part of its commitment to sustainable development[95] Employee Management - Employee costs for the year ended December 31, 2021, were approximately HKD 18,950,000, compared to HKD 17,705,000 in 2020, with a workforce of 66 employees[35] - As of December 31, 2021, the total number of employees in Hong Kong and mainland China was 76, a decrease from 79 in 2020[109] - The overall employee turnover rate for 2021 was approximately 20%, down from 26% in 2020[110] - Employee training participation increased to 59.2% in 2021, compared to 48.1% in 2020[114] - The average training hours per employee rose to approximately 26.23 hours in 2021, up from 20.82 hours in 2020[114] - The company has implemented health and safety measures in response to the COVID-19 pandemic, ensuring compliance with local regulations[112] - The company has not reported any work-related fatalities or injuries in the past three years, indicating a strong safety record[112] Compliance and Ethics - The group has complied with all relevant laws and regulations in China, Hong Kong, and Bermuda during the year[131] - The group has established a whistleblowing policy to address financial reporting errors, misconduct, and corruption issues[126] - The company prohibits the employment of child labor and forced labor, adhering to local labor laws[115] - The group has not been involved in any corruption-related violations or lawsuits during the year ending December 31, 2021[126] Shareholder Information - The company has a stock option plan in place, allowing for a maximum of 98,846,500 shares to be issued, representing about 2.77% of the total issued share capital as of the report date[156] - As of December 31, 2021, the total number of issued shares was 3,568,790,629[157] - Key shareholders include Zhu Baiheng with 2,073,549,197 shares (58.10%) and Asia Glory International Development Limited with 221,544,000 shares (6.21%)[163] - InfraRed NF China Real Estate Fund III L.P. and its affiliates collectively hold 2,317,466,860 shares, representing 64.94% of the company[164] - The company has adopted a share option scheme as a reward for directors, employees, and other eligible participants[174] Financial Transactions - The company provided a financial guarantee and property mortgage for a revised loan financing agreement with a maximum principal amount of $34.9 million[170] - The company has a loan agreement with China Huarong International Holdings Limited for a maximum financing amount of $42,000,000[181] - The company agreed to issue notes totaling $20,000,000 to Donghai International Financial Holdings Limited, with a maturity of 364 days from the date of delivery[183] - The company is subject to immediate repayment of the notes if certain events occur, including the loss of control by the major shareholder, Mr. Zhu[183]