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]

Financial Performance - Revenue for the six months ended June 30, 2021, was HKD 9,811,000, a decrease of 35.5% compared to HKD 15,231,000 in 2020[5] - Gross profit increased to HKD 8,652,000, up 33.5% from HKD 6,485,000 in the previous year[5] - Operating loss improved to HKD 14,765,000, compared to a loss of HKD 48,015,000 in the same period last year[5] - Net loss attributable to shareholders was HKD 153,359,000, compared to HKD 115,629,000 in 2020, reflecting a 32.6% increase in losses[6] - The group reported a loss before tax of HKD 152,804,000 for the six months ended June 30, 2021, compared to a loss of HKD 114,810,000 for the same period in 2020[30][32] - The group reported a net operating loss of HKD 153,359,000 for the six months ended June 30, 2021, compared to a loss of HKD 115,629,000 in the same period of 2020, reflecting a deterioration of 32.6%[43] - The group recorded a cumulative loss of HKD 2,698,880,000 as of June 30, 2021, with a net cash outflow from operating activities of HKD 261,358,000 for the six months ended June 30, 2021[97] Assets and Liabilities - Total assets as of June 30, 2021, amounted to HKD 3,481,428,000, up from HKD 3,128,554,000 at the end of 2020[8] - Current liabilities increased to HKD 3,335,099,000 from HKD 2,842,418,000, indicating a rise of 17.3%[9] - The company’s total borrowings as of June 30, 2021, were HKD 1,663,699,000, a decrease from HKD 1,715,989,000 as of December 31, 2020[17] - The total borrowings as of June 30, 2021, were HKD 1,663,024,000, compared to HKD 1,714,914,000 as of December 31, 2020, a decrease of 3%[55] - The company’s total liabilities as of June 30, 2021, were HKD 1,663,699,000, compared to HKD 1,715,989,000 as of December 31, 2020, a decrease of 3%[55] Cash Flow and Liquidity - Cash and cash equivalents were HKD 9,590,000, slightly down from HKD 9,687,000 at the end of 2020[8] - The company reported a net cash inflow from operating activities of HKD 261,358,000 for the six months ended June 30, 2021, compared to a net cash outflow of HKD 62,472,000 for the same period in 2020[13] - The company has implemented measures to improve liquidity and financial condition, including cash flow forecasts covering the next twelve months[18] - The company’s financing activities resulted in a net cash outflow of HKD 220,783,000 for the six months ended June 30, 2021, compared to a net cash inflow of HKD 83,095,000 for the same period in 2020[13] Business Segments and Operations - The property leasing segment generated revenue of HKD 9,811,000, while the hotel development segment reported no revenue for the same period[30] - The centralized heating business generated revenue of approximately HKD 23,338,000, an increase of 22.2% from HKD 19,109,000 in the previous period[84] - The company expects significant sales from the Xiangtan project property in the second half of 2021, with plans to gradually launch a large project after obtaining the pre-sale permit[19] - The group aims to accelerate the pre-sale and sale of properties to generate sufficient cash flow amidst ongoing challenges from the COVID-19 pandemic[21] - The group is focusing on property and hotel development in Xiangtan, property leasing in Chengdu, and investment in centralized heating business[76] Shareholder Information - Major shareholder Zhu Bo Heng holds 2,073,549,197 shares, accounting for 58.10% of the company's issued share capital[112] - Major shareholder Crosby Investment Holdings Inc. holds 2,317,466,860 shares, representing 64.94% of the company's issued share capital[114] - The company has a significant concentration of ownership, with several entities holding over 64% of the shares collectively[112] - The company has granted stock options totaling 98,846,500 shares, representing approximately 2.77% of the issued share capital as of the report date[111] Financial Assistance and Transactions - The company entered into a financing agreement with China Huarong International Holdings Limited for a loan of up to $42,000,000[123] - The financial assistance provided to Yonghong constitutes a major transaction as the asset ratio exceeds 25%[120] - The company’s financial assistance to Yonghong is classified as a non-exempt connected transaction, requiring independent shareholder approval[121] - The company has entered into a guarantee agreement to provide a financial guarantee for a revised loan amounting to $34,900,000[118] Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the accounting policies and internal controls for the six months ending June 30, 2021[131] - The group has not applied any new accounting standards that would significantly impact the financial statements for the current and prior periods[22] - The company has not reported any new rights for directors or their immediate family members to subscribe for the company's securities during the reporting period[107]

Financial Performance - The group recorded revenue of approximately HKD 80,466,000 for the fiscal year ending December 31, 2020, compared to HKD 39,919,000 in 2019, representing a growth of 101.5%[14] - The group reported a loss attributable to shareholders of approximately HKD 597,189,000, compared to a loss of HKD 288,950,000 in 2019, indicating a deterioration in financial performance[14] - The rental income from the shopping mall in Chengdu for the year ended December 31, 2020, was approximately HKD 15,698,000, a decrease from HKD 16,606,000 in 2019, primarily due to rent concessions provided to tenants[19] - The impairment loss recognized for investments amounted to approximately HKD 37,830,000 due to a recoverable amount of HKD 257,112,000 being lower than the carrying value of HKD 294,942,000[32] - The financial forecast for the company has been delayed from December 31, 2020, to December 31, 2024, resulting in a corresponding decrease in revenue projections[34] - The company's total equity as of December 31, 2020, was approximately HKD 126,529,000, down from HKD 697,637,000 in 2019[49] - The company's outstanding borrowings as of December 31, 2020, were approximately HKD 1,715,989,000, compared to HKD 1,413,737,000 in 2019[50] - The company reported a cumulative loss of approximately HKD 2,545,521,000 as of December 31, 2020, with current liabilities exceeding current assets by about HKD 627,061,000[95] Revenue Sources - Property sales revenue contributed approximately HKD 64,768,000 to total revenue, a significant increase from HKD 23,313,000 in 2019, marking a growth of 177.5%[14] - The Xiangtan project confirmed total revenue of approximately HKD 64,768,000 from the sale of 31 townhouses, compared to HKD 23,313,000 from 11 townhouses in 2019, showing strong market demand[15] - The centralized heating business generated revenue of approximately HKD 45,590,000, an increase of 0.8% compared to HKD 45,234,000 in the previous reporting period[32] Cash Flow and Liquidity - The cash and cash equivalents as of December 31, 2020, were approximately HKD 9,687,000, up from HKD 2,683,000 in 2019, reflecting improved liquidity[14] - The net cash outflow from operating activities for the year ended December 31, 2020, was approximately HKD 106,637,000[54] - The total borrowings amounted to approximately HKD 1,715,989,000, with cash and cash equivalents at about HKD 9,687,000[54] - The company has engaged in measures to improve liquidity and financial conditions, including negotiating repayment arrangements with lenders[96] Strategic Initiatives - The group plans to accelerate the development of high-rise residential buildings in the Xiangtan project, aiming to launch remaining units in 2021 to enhance cash flow[18] - The group is exploring a "real estate + health" development model in collaboration with international medical institutions to cultivate new profit growth points[9] - The company plans to focus on real estate development while expanding into property management, commercial, healthcare, and elderly care sectors in 2021[44] - The company aims to explore the real estate + healthcare model by collaborating with internationally renowned medical institutions to introduce mature community healthcare models[45] Impact of COVID-19 - The Chengdu Huanghe Commercial City project experienced a temporary shutdown due to COVID-19 but is expected to contribute stable cash flow due to its advantageous location and customer base[9] - A loss of impairment of approximately HKD 213,059,000 was recognized due to the significant impact of the COVID-19 pandemic on the real estate project's value and rental income[27] - The group will continue to monitor the impact of the COVID-19 pandemic on operations and adjust sales and marketing strategies accordingly[55] - The company has taken steps to address the impact of the COVID-19 pandemic on operations and adjust property sales and marketing strategies accordingly[97] Shareholder and Governance - The company will not recommend a dividend for the fiscal year ending December 31, 2020, consistent with the previous year[14] - The company has adopted a dividend policy since January 1, 2019, aimed at maintaining sufficient reserves for future development and providing stable income to shareholders[116] - The company’s board of directors includes executive and independent non-executive directors, with specific terms of service outlined[178] - The company has established a diversity policy for board member nominations, considering factors such as gender, age, ethnicity, and professional experience[79] Environmental Impact - The total greenhouse gas emissions for 2020 amounted to 428.22 tons of CO2 equivalent, a significant increase from 259.20 tons in 2019[129] - The company is committed to reducing greenhouse gas emissions and implementing natural resource conservation measures[126] - The group implemented energy-saving measures, including maintaining office temperatures between 24-26 degrees Celsius and turning off lights and electronic devices when not in use[134] Employee and Community Engagement - The group employed 75 staff as of December 31, 2020, an increase from 59 in 2019[58] - The employee turnover rate for the age group 18-25 was 45% in 2020, compared to 0% in 2019[142] - The group encourages video and phone conferencing to reduce carbon emissions from business travel, which generated 18.72 tons of CO2 emissions during the reporting period[135] - The company has a strong focus on community investment and encourages employee participation in volunteer services[157]

Financial Performance - For the six months ended June 30, 2020, the company reported revenue of HKD 15,231,000, a decrease of 39.7% compared to HKD 25,265,000 in the same period of 2019[6]. - The gross profit for the same period was HKD 6,485,000, down 3.8% from HKD 6,744,000 in 2019[6]. - The company incurred a net loss attributable to shareholders of HKD 115,629,000, compared to a loss of HKD 62,630,000 in the previous year, representing an increase of 84.5%[9]. - The operating loss for the period was HKD 48,015,000, which is a significant increase from the loss of HKD 35,068,000 in 2019[6]. - The company reported a net cash outflow from operating activities of HKD 62,472,000 for the six months ended June 30, 2020, compared to HKD 581,112,000 for the same period in 2019[15]. - The segment performance showed a loss of HKD 35,779,000 for the first half of 2020, compared to a loss of HKD 26,637,000 in the same period of 2019, indicating a worsening performance[38]. - The company reported a loss attributable to shareholders of HKD 115,629,000 for the six months ended June 30, 2020, compared to a loss of HKD 62,630,000 for the same period in 2019, representing an increase in loss of approximately 84.5%[52]. - The basic loss per share from continuing operations was HKD (0.0324) for the six months ended June 30, 2020, compared to HKD (0.0177) for the same period in 2019, indicating a deterioration in performance[53]. Financing and Borrowings - The company reported a net financing cost of HKD 67,858,000, compared to HKD 29,158,000 in the previous year, indicating a rise of 132.8%[6]. - The company had total borrowings of HKD 1,503,535,000 as of June 30, 2020, compared to HKD 1,413,737,000 at the end of 2019[18]. - The company successfully raised a total loan amount of HKD 1,379,396,000 during the six months ended June 30, 2020[24]. - The company is actively negotiating with lenders to extend repayment terms for overdue borrowings totaling HKD 293,007,000[20]. - The company has provided financial assistance to Yangzhou Asia Pacific Real Estate Co., Ltd. with a loan of RMB 500,000,000 at an annual interest rate of 9.5%[137]. - The company entered into a financing agreement with China Huarong International Holdings Limited for a loan of up to $42,000,000[140]. - The company issued notes totaling $20,000,000 under a subscription agreement with Donghai International Financial Holdings Limited[142]. Assets and Liabilities - Total assets as of June 30, 2020, were HKD 2,845,640,000, slightly up from HKD 2,806,028,000 at the end of 2019[11]. - Current liabilities increased to HKD 1,396,678,000 from HKD 1,324,399,000, reflecting a rise of 5.4%[11]. - The total accumulated losses reached HKD 2,063,961,000 as of June 30, 2020, up from HKD 1,948,332,000 at the end of 2019[18]. - The company reported a decrease in reserves from HKD 661,949,000 in 2019 to HKD 533,130,000 in 2020, a decline of 19.4%[12]. - The group’s total liabilities decreased slightly from HKD 789,363,000 to HKD 777,795,000 in the current period[71]. Cash Flow and Investments - The net cash used in investing activities was HKD 25,778,000 for the six months ended June 30, 2020, compared to a net cash inflow of HKD 106,366,000 in the same period of 2019[15]. - The company raised HKD 305,521,000 from borrowings during the six months ended June 30, 2020, down from HKD 746,216,000 in the previous year[15]. - The company recorded cash outflows related to leases totaling HKD 3,285,000 for the six months ended June 30, 2020, compared to HKD 2,938,000 for the same period in 2019, indicating an increase of about 11.8%[68]. Operational Strategies - The company did not report any new product launches or significant market expansion strategies during this period[6]. - The company plans to accelerate the pre-sale and sale of properties, particularly the Xiangtan project, expected to generate significant sales in 2020[24]. - The company is actively seeking various financing options to support its operational funding and obligations in the foreseeable future[24]. - Management is implementing cost control measures, including optimizing human resources and adjusting management compensation[24]. - The company is focused on maintaining good relationships with current lenders to avoid immediate repayment demands on defaulted loans[26]. Governance and Compliance - The company has complied with the corporate governance code as per the listing rules during the review period[146]. - The audit committee consists of three independent non-executive directors who reviewed the accounting policies and internal controls[149]. - All directors confirmed compliance with the standard code of conduct for securities transactions during the six-month period ending June 30, 2020[147]. Shareholder Information - Key shareholder Keyne Holdings Limited holds 2,163,869,860 shares, accounting for 60.63% of the issued share capital[130]. - The company has a total of 98,846,500 share options available for issuance, representing approximately 2.77% of the issued share capital as of the report date[129]. - The company has not established any arrangements allowing directors to benefit from purchasing shares or debt securities during the reporting period[125].

Financial Performance - The company recorded revenue of approximately HKD 39,919,000 for the fiscal year ended December 31, 2019, a decrease from HKD 79,835,000 in 2018[16]. - Property rental income decreased to approximately HKD 16,606,000, down from HKD 19,688,000 in 2018, due to unrecognized rental income from a tenant[16]. - Property sales contributed approximately HKD 23,313,000 to total revenue, compared to HKD 60,147,000 in 2018[16]. - The company reported a loss attributable to owners of approximately HKD 288,950,000, an improvement from a loss of HKD 354,055,000 in 2018[16]. - The film distribution and printing business recorded revenue of approximately HKD 1,479,000 for the year ended December 31, 2019, compared to HKD 1,974,000 in 2018, and the business was sold on April 29, 2019, resulting in a gain of approximately HKD 6,084,000[21]. - The centralized heating business generated revenue of approximately HKD 45,234,000 for the year ended December 31, 2019, an increase of 2.9% from HKD 43,958,000 in 2018[24]. Strategic Plans and Developments - The company plans to accelerate sales of residential products in the Xiangtan project, with expected contributions to stable income in 2020[9]. - The company invested RMB 502 million to acquire a residential land parcel, increasing land reserves by 104,600 square meters[9]. - The company aims to complete and commence trial operations of a five-star hotel in Xiangtan by 2020, enhancing the project's attractiveness[9]. - The company is focusing on the development of high-rise apartments and shopping mall areas in Xiangtan, with a total saleable area of approximately 194,000 square meters planned for future development[19]. - The group expects significant sales from the Xiangtan project in 2020, with plans to launch a large project gradually starting in the second quarter of 2020[54]. - The company plans to focus on real estate development while also expanding into property management, commercial, medical, and elderly care sectors in 2020[39]. Financial Position and Liquidity - The company holds approximately HKD 2,683,000 in cash and cash equivalents as of December 31, 2019, down from HKD 5,847,000 in 2018[16]. - The group's net current assets as of December 31, 2019, were approximately HKD 275,195,000, a decrease from HKD 310,091,000 in 2018[44]. - The total equity of the group as of December 31, 2019, was approximately HKD 697,637,000, down from HKD 1,004,955,000 in 2018[45]. - The group's total borrowings and convertible notes as of December 31, 2019, amounted to approximately HKD 1,413,737,000, an increase from HKD 1,065,751,000 in 2018[47]. - The group recorded a cumulative loss of HKD 1,948,332,000 as of December 31, 2019, with a net cash outflow from operating activities of HKD 549,731,000 for the year[48]. - The liquidity and financial condition of the group are being improved through negotiations with financial institutions for operational funding[54]. Risk Management and Governance - The company has established a risk management framework that aligns with the COSO framework, ensuring effective internal controls and risk assessments[95]. - The board of directors is responsible for evaluating and determining the nature and extent of significant risks the company is willing to accept in achieving strategic objectives[92]. - The company has implemented procedures for identifying, assessing, and managing significant risks through interviews with management and directors of subsidiaries[94]. - The company has established an audit committee consisting of three independent non-executive directors, with one member possessing appropriate professional qualifications in accounting or related financial management[77]. - The company has implemented a risk management and internal control system aimed at managing risks associated with achieving business objectives[91]. Shareholder and Corporate Structure - The company changed its name from "Nine Express Limited" to "KEYNE LTD" effective January 16, 2020, with a new website expected to launch in Q2 2020[146]. - The company has a total of 3,568,790,629 shares issued as of December 31, 2019[182]. - Keyne Holdings Limited, controlled by Zhu Bo Heng, holds 2,155,205,860 shares, representing 60.39% of the company[181]. - The company has a significant concentration of ownership, with the top five shareholders holding over 90% of the shares[181]. - The company’s board of directors includes the chairman and CEO, with specific terms for independent non-executive directors requiring annual shareholder approval[165]. Environmental, Social, and Governance (ESG) Initiatives - The environmental, social, and governance (ESG) report covers the company's performance in these areas from January 1 to December 31, 2019, across its main business operations[106]. - Total greenhouse gas emissions for the reporting period were 259.20 tons of CO2 equivalent, a decrease of 37.9% from 416.96 tons in 2018[116]. - The company's total electricity consumption was 144,094 kWh, a reduction of 65.1% compared to 413,191 kWh in 2018[120]. - The company aims to enhance its environmental, social, and governance standards to meet the needs of future generations[112]. - The company has implemented various energy-saving measures, resulting in a reduction of energy intensity to 33.73 kWh per square meter from 96.72 kWh per square meter in 2018[120]. Employee and Labor Practices - Employee headcount as of December 31, 2019, was 85, with 77 full-time and 8 temporary employees[125]. - The employee turnover rate for different age groups was reported, indicating a focus on workforce stability[128]. - The company emphasizes equal opportunities in recruitment, training, and promotion, ensuring no discrimination based on various factors[137]. - The company reported zero work-related deaths and zero work injury cases resulting in lost workdays for both 2018 and 2019[132]. - 38.82% of employees received health and safety training in 2019, a decrease from 42.25% in 2018, with an average training duration of 0.12 hours per employee[133].

Financial Performance - Revenue for the six months ended June 30, 2019, was HKD 26,744,000, an increase of 57% compared to HKD 17,040,000 for the same period in 2018[7] - Gross profit for the same period was HKD 7,538,000, down from HKD 8,285,000, reflecting a decrease of 9%[7] - The company reported a net loss attributable to shareholders of HKD 62,630,000, slightly improved from a loss of HKD 63,575,000 in the previous year[9] - Operating loss for the six months was HKD 34,307,000, compared to a loss of HKD 43,680,000 in 2018, indicating a 21% improvement[9] - Total comprehensive income for the period was HKD (55,223,000), which includes other comprehensive income of HKD 7,438,000[20] - The group reported a loss before tax of HKD 61,946,000 for the six months ended June 30, 2019, compared to a loss of HKD 62,063,000 in the same period of 2018, showing a slight improvement[50] - The group reported a loss attributable to owners of approximately HKD 62,630,000, slightly improved from a loss of HKD 63,575,000 in 2018[98] Assets and Liabilities - Total assets as of June 30, 2019, were HKD 3,903,908,000, compared to HKD 3,980,526,000 at the end of 2018[13] - Current liabilities decreased to HKD 845,675,000 from HKD 989,765,000, a reduction of 14.5%[15] - The company’s total equity as of June 30, 2019, was HKD 945,835,000, down from HKD 1,004,955,000 at the end of 2018[15] - The group’s total current assets were approximately HKD 1,569.6 million, compared to HKD 1,299.9 million as of December 31, 2018[114] - The group's outstanding borrowings and convertible notes amounted to approximately HKD 1,405.0 million as of June 30, 2019, compared to HKD 1,065.8 million on December 31, 2018[117] Cash Flow - The company’s cash and cash equivalents were HKD 2,834,000, down from HKD 5,847,000 at the end of 2018[15] - Cash and cash equivalents decreased by HKD 40,828,000, ending at HKD 2,834,000 as of June 30, 2019[20] - Operating activities used net cash of HKD 581,498,000, a significant decline from net cash generated of HKD 24,539,000 in the previous year[20] - The company raised HKD 746,216,000 from borrowings during the financing activities, compared to HKD 703,515,000 in the prior year[20] - The company’s investment activities generated a net cash inflow of HKD 106,752,000, a recovery from a net cash outflow of HKD 354,625,000 in the previous year[20] Revenue Breakdown - Revenue from property sales reached HKD 17,332,000 for the six months ended June 30, 2019, compared to HKD 5,933,000 in the same period of 2018, representing a 192% increase[45] - Property rental income contributed approximately HKD 7,906,000 to total revenue, down from HKD 10,167,000 in 2018, a decrease of 22.2% due to unrecognized rental income from a tenant[98] - The centralized heating business generated revenue of approximately HKD 23,226,000, an increase of 22.3% from HKD 18,996,000 in the previous period[106] Shareholder Information - Major shareholder Zhu Baoheng holds 2,154,335,860 shares, representing 60.37% of the issued share capital[131] - Keyne Holdings Limited, beneficially owned by Zhu Baoheng, also holds 2,154,335,860 shares, equating to 60.37%[131] - Li Ruiguang holds 411,747,000 shares, representing 11.54% of the issued share capital[131] - China Huarong International Holdings Limited has a controlled interest in 2,010,501,197 shares, accounting for 56.34%[133] Corporate Governance - The company has complied with the corporate governance code as per the listing rules during the review period[146] - All directors confirmed compliance with the standard code of conduct for securities transactions during the six-month period ending June 30, 2019[147] - The audit committee consists of three independent non-executive directors who reviewed the accounting policies and internal controls of the group[150] Future Plans and Commitments - The group plans to deliver detached villas to customers in the first half of 2020, with expected pre-sale proceeds to enhance cash flow and strengthen financial position[99] - The group plans to focus on high-end elderly care communities and medical real estate projects to tap into the growing demand from the aging population in China[111] - The group aims to accelerate acquisitions, particularly in tourism, commercial real estate, and hotel projects, while also seeking quality assets overseas[111]