Financial Performance - For the year ended December 31, 2024, the Group recorded revenue of approximately HK$14.2 million, representing an increase of approximately 52.7% compared to HK$9.3 million in 2023[10]. - The loss attributable to owners of the Company was approximately HK$343.5 million, compared to HK$72.9 million in 2023[10]. - The total comprehensive loss for the Group was approximately HK$624.1 million, significantly higher than HK$122.6 million in 2023, primarily due to increased fair value loss on investment properties[10]. - The basic loss per share for the Year Under Review was HK$2.83, up from a restated HK$0.60 in 2023[10]. - The Group reported a deficit of approximately HK$695,775,000 as of December 31, 2024, compared to retained profits of HK$87,925,000 in 2023[85]. - No dividend was recommended for the year ended December 31, 2024[82]. Cash and Investments - As of December 31, 2024, the Group had bank balances and cash amounting to approximately HK$0.6 million, down from approximately HK$1.7 million in 2023[11]. - The gearing ratio was 25,110.3% as of December 31, 2024, a significant increase from 169.1% in 2023[12]. - The Group held-for-trading investments amounted to approximately HK$1.0 million, down from approximately HK$4.7 million in 2023, representing 0.1% of total assets[21]. - During the Year Under Review, the Group recorded a fair value loss on held-for-trading investments of approximately HK$3.7 million, compared to a fair value gain of approximately HK$3.2 million in 2023[21]. - The Group's investment properties had a carrying amount of approximately HK$768.3 million as of December 31, 2024, down from approximately HK$1,331.8 million in 2023, representing a decrease of about 42.3%[34][39]. Rental Income and Future Plans - Rental income for the year was approximately HK$14.2 million, an increase of 52.7% compared to approximately HK$9.3 million in 2023[34][39]. - The Group plans to continue reviewing its investment properties and tenant portfolio to generate stable rental income and for capital appreciation[42]. - The Group will seek potential acquisition and/or disposal opportunities for its investment properties[34][39]. - The Group anticipates an increase in rental income and fair value of investment properties due to rising demand for rental properties as economies reopen[52]. - The management is focused on increasing occupancy rates and exploring potential property acquisitions or disposals to generate stable income and capital appreciation[53]. Corporate Governance and Compliance - The Company has arranged appropriate Directors' and officers' liability insurance coverage for the Directors and officers during the year[110]. - The Company maintains a high standard of corporate governance practices, as detailed in the Corporate Governance Report[126]. - The Audit Committee met two times during the year to review financial reporting matters and the consolidated financial statements[128]. - The consolidated financial statements for the year ended 31 December 2024 were audited by BDO Limited, who will offer themselves for re-appointment at the upcoming annual general meeting[136]. - The Group maintained a strong compliance record during the Reporting Period, with no recorded incidents of non-compliance with relevant laws and regulations[177]. Environmental, Social, and Governance (ESG) Initiatives - The Group is committed to environmental protection and sustainable development through various green practices in its business activities[32][37]. - The ESG Report covers the Group's operations for the financial year from January 1, 2024, to December 31, 2024, with 100% of revenue derived from property and securities investment[151]. - The Group emphasizes the importance of material ESG issues, identified through a rigorous process overseen by the Board, to reflect significant environmental, social, and governance impacts[149]. - Key performance indicators (KPIs) in the report are quantifiable, measurable, and verified by external consultants to ensure data accuracy and compliance with standards[149]. - The Board is committed to integrating ESG considerations into core business strategies, fostering a culture of responsibility, innovation, and transparency[159]. Climate Change and Sustainability Efforts - The Group is committed to reducing greenhouse gas emissions and air emissions through energy efficiency measures and adopting a fully electric vehicle fleet[188]. - Continuous waste reduction initiatives include establishing an office "swap closet" and minimizing the use of disposables[188]. - The Group aims to reduce energy consumption by implementing time controls for air conditioners and prioritizing energy-efficient appliances[189]. - Water consumption will be minimized by eliminating bottled water in the office and installing water tap flow controllers[189]. - The Group's climate change policy is built on four pillars: mitigation, adaptation, resilience, and disclosure[194]. Management and Directors - Ms. Li joined the Group in December 2024 as an executive director and has over 15 years of corporate management experience[65]. - Mr. Zhu has over 10 years of management experience in technology, dairy production, and mining sectors in mainland China and Australia[66]. - Mr. Mak has over 25 years of legal experience and is currently an independent non-executive director of two companies listed on the Main Board of the Stock Exchange[67][68]. - Mr. Lam has extensive experience in financial management, corporate finance, and mergers and acquisitions, having worked with various listed companies[70][71]. - The emoluments of the Directors are determined based on the Company's operating results and individual performance[135].

Financial Performance - Total revenue for the year ending December 31, 2024, was HKD 14,173,000, compared to HKD 9,256,000 in the same period of 2023, representing a growth of 53.5%[4] - Net rental income increased to HKD 11,730,000 from HKD 6,299,000, marking an increase of 86.5% year-over-year[4] - The company reported a total loss for the year of HKD 620,831,000, compared to a loss of HKD 122,582,000 in 2023, indicating a significant increase in losses[4] - Loss attributable to equity holders of the company was HKD 343,492,000, compared to HKD 72,851,000 in the previous year, reflecting a rise of 371.5%[4] - Basic loss per share for the year was HKD 2.83, compared to HKD 0.60 in the previous year, reflecting a deterioration in per-share performance[4] - The total comprehensive loss for the year was HKD 624,114,000, compared to HKD 122,582,000 in 2023, indicating a substantial increase in comprehensive losses[4] - The company reported a net loss from other gains and losses of HKD 579,867,000, compared to a loss of HKD 83,120,000 in 2023, indicating a significant increase in losses from this category[4] Assets and Liabilities - Total non-current assets increased from HKD 768,300,000 in 2022 to HKD 1,331,800,000 in 2023, representing a growth of 73.5%[5] - Current assets rose from HKD 769,228,000 in 2022 to HKD 1,348,070,000 in 2023, marking an increase of 75.1%[5] - Total liabilities decreased from HKD 494,559,000 in 2022 to HKD 653,786,000 in 2023, indicating a reduction of 32.2%[5] - The company's cash and cash equivalents increased from HKD 628,000,000 in 2022 to HKD 1,670,000,000 in 2023, a growth of 166.5%[5] - The company reported a net asset value of HKD 694,284,000 in 2023, compared to HKD 70,170,000 in 2022, reflecting a significant increase[5] - The company’s total liabilities include bank borrowings of HKD 390,024,000 in 2022, which increased to HKD 410,551,000 in 2023[5] - As of December 31, 2024, the group has net current liabilities of HKD 494,559,000, primarily consisting of bank borrowings of HKD 390,024,000[9] Financial Reporting and Compliance - The company has submitted its consolidated financial statements for the year ended December 31, 2023, in compliance with Hong Kong Companies Ordinance[6] - The company plans to submit its consolidated financial statements for the year ending December 31, 2024, at the appropriate time[6] - The new Hong Kong Financial Reporting Standards (HKFRS) No. 18 will take effect on January 1, 2025, replacing HKFRS No. 1 and significantly impacting the presentation and disclosure of financial statements[22] - The anticipated changes in HKFRS No. 18 are expected to have a substantial effect on the classification and subtotals within the income statement, as well as the disclosure of performance indicators defined by management[24] - The company is required to comply with HKFRS No. 19, which specifies disclosure requirements for entities that are not publicly accountable, affecting its financial reporting obligations[23] - The company has not yet adopted the newly issued or revised HKFRS that have been published but are not yet effective, indicating a future alignment with these standards[22] Investment Properties - The group recorded a fair value loss of HKD 575,600,000 on investment properties for the year ending December 31, 2024[30] - The fair value loss on investment properties was HKD 575,600,000, significantly higher than the loss of HKD 86,300,000 in the previous year[37] - The investment property portfolio had a carrying value of approximately HKD 768,300,000 as of December 31, 2024, down from HKD 1,331,800,000 in 2023[94] - The company maintained its valuation techniques for investment properties without any changes compared to the previous year[51] Revenue Sources - Total rental income from investment properties amounted to HKD 14,173,000 in 2024, compared to HKD 9,256,000 in 2023, representing a year-over-year increase of approximately 52.5%[25] - The group’s revenue is solely derived from Hong Kong, with no non-current assets located outside of Hong Kong[34] - Rental income from related parties for the year ended December 31, 2024, is HKD 300,000,000[73] Future Outlook and Strategy - The group plans to reassess its marketing strategy to reduce the vacancy rate of its investment properties in the near future[13] - The group will consider selling certain investment properties as needed to strengthen its liquidity position[13] - The company anticipates an increase in rental income due to a recovery in economic activity and consumer confidence in the region[106] - The management aims to enhance property occupancy rates and explore potential property acquisitions or sales for stable income and capital appreciation[106] - Demand for office space, particularly from retail, entertainment, financial institutions, and professional services, is expected to rise, potentially improving the company's financial performance[106] Corporate Governance - The company has adhered to all corporate governance rules except for the separation of roles between the Chairman and the CEO, which is not currently in place[107] - The board of directors consists of experienced individuals who meet regularly to discuss operational matters, ensuring accountability despite the absence of a formal CEO[109] - The audit committee has held two meetings during the fiscal year ending December 31, 2024, to review financial reporting matters[111] - The audit committee has reviewed the group's financial performance for the fiscal year and confirmed compliance with relevant accounting standards[112] Shareholder Information - The company did not recommend any final dividend for the year, consistent with the previous year[90] - The annual report containing all required information will be sent to shareholders and published on the company's website[116] - The company expresses gratitude to the board, management, employees, customers, suppliers, business partners, and shareholders for their continued support[117]

Financial Performance - For the six months ended June 30, 2024, the Group recorded revenue of approximately HK$6.7 million, representing an increase of approximately 68% compared to HK$4.0 million in the corresponding period in 2023[8]. - The Group's loss attributable to owners for the Period was approximately HK$272.9 million, a significant increase from HK$12.8 million in 2023[8]. - The total comprehensive loss for the Group for the Period was approximately HK$506.9 million, compared to HK$17.6 million in 2023, primarily due to fair value losses on investment properties and increased finance costs[8]. - The Group recorded rental income of approximately HK$6.7 million for the Period, compared to approximately HK$4.0 million in 2023[8]. - Revenue for the six months ended June 30, 2024, was HK$6,746,000, compared to HK$4,024,000 for the same period in 2023, representing a 67.5% increase[51]. - Net rental income increased to HK$6,027,000 from HK$1,901,000, marking a 216.5% rise year-over-year[51]. - Loss before income tax for the period was HK$506,910,000, compared to a loss of HK$17,208,000 in the previous year, indicating a significant increase in losses[51]. - Basic loss per share for the period was HK$25.05, compared to HK$1.18 for the same period in 2023[51]. Investment Properties - The carrying amount of the Group's investment properties was approximately HK$846.6 million as of June 30, 2024, down from approximately HK$1,331.8 million as of December 31, 2023[8]. - The Group's investment properties are classified as Level 3 in the fair value hierarchy as of June 30, 2024[112]. - The fair value loss of investment properties recognized in profit and loss for the period was HK$485,200,000, compared to no loss in the previous year[116]. - The fair value of investment properties as of June 30, 2024, was HK$846,600,000, down from HK$1,331,800,000 as of December 31, 2023[116]. Financial Position - The gearing ratio increased to 776% as of June 30, 2024, from 169.1% as of December 31, 2023, primarily due to a decrease in equity attributable to owners of the Company[25]. - The total equity attributable to owners of the Company decreased to HK$76,273 from HK$349,141 as of January 1, 2024, reflecting a significant decline of approximately 78.1%[55]. - The company had total liabilities of HK$680,134 as of June 30, 2024, compared to HK$661,598 at the end of 2023, reflecting an increase of approximately 2.3%[53]. - The Group has net current liabilities of HK$675,300,000, including a bank borrowing of HK$400,288,000 and a loan from a non-controlling interest of HK$152,700,000 maturing on April 30, 2025[64]. Cash Flow and Liquidity - The Group had bank balances and cash of approximately HK$1.0 million as of June 30, 2024, down from approximately HK$1.7 million as of December 31, 2023[24]. - Cash and cash equivalents at June 30, 2024, were HK$1,014, down from HK$5,797 at the same date in 2023, showing a decrease of about 82.5%[56]. - The company’s cash flow from financing activities showed a net cash used of HK$13,833 for the six months ended June 30, 2024, compared to a net cash inflow of HK$3,120 in the same period of 2023[56]. Management Strategy - Management will continue to review its portfolio of investment properties and seek potential acquisition and/or disposal opportunities[8]. - The Group aims to increase the occupancy rate of its properties and is exploring potential acquisitions or disposals to generate stable income and capital appreciation[23]. - Management plans to diversify its tenant mix to minimize financial impact and optimize the property portfolio based on market outlook[14]. - The Group expects rental income and the fair value of investment properties to increase in the future due to the reopening of nearby economies[23]. - The Group plans to negotiate an extension for the HK$152,700,000 loan and reassess its marketing strategy to reduce vacancy rates in investment properties[64]. - The Group will consider disposing of certain investment properties to strengthen liquidity if necessary[64]. Other Financial Information - The Group incurred a bad debt of HK$169,000 during the six months ended June 30, 2023, due to the termination of a rental contract[101]. - There were no material acquisitions or disposals during the period[32]. - No dividends were paid, declared, or proposed during the period[32]. - The Group has no contingent liabilities as of June 30, 2024, consistent with the previous period[32]. - The total number of issued ordinary shares remained unchanged at 1,089,118,593 shares as of June 30, 2024[30].

Financial Performance - For the six months ended June 30, 2024, the net rental income was HKD 6,027,000, compared to HKD 1,901,000 for the same period in 2023, representing a significant increase of 216%[2] - The total comprehensive loss for the period was HKD 506,910,000, compared to a loss of HKD 17,564,000 in the same period last year, indicating a substantial increase in losses[2] - Basic loss per share for the current period was HKD (25.05), compared to HKD (1.18) for the same period in 2023, reflecting a deterioration in earnings performance[2] - Total revenue for the six months ended June 30, 2024, was HKD 4,024,000, while the total revenue for the same period in 2023 was HKD 6,746,000, indicating a decline of approximately 40.3%[12] - The loss before tax for the six months ended June 30, 2024, was HKD 17,208,000, compared to a loss of HKD 506,910,000 for the same period in 2023, showing a significant improvement[12] - The company reported a loss attributable to owners of approximately HKD 272,900,000 for the current period, compared to a loss of HKD 12,800,000 in 2023[38] - The total comprehensive loss for the group was approximately HKD 506,900,000, significantly higher than HKD 17,600,000 in the previous year, primarily due to fair value losses on investment properties and increased financial costs[38] Asset and Liability Management - Non-current assets, including investment properties, were valued at HKD 846,600,000 as of June 30, 2024, down from HKD 1,331,800,000 as of December 31, 2023[3] - Current liabilities increased to HKD 680,134,000 from HKD 661,598,000, indicating a rise in financial obligations[3] - The company's equity attributable to owners decreased to HKD 76,273,000 from HKD 349,141,000, showing a decline in shareholder value[3] - The total assets net value was HKD 187,374,000 as of June 30, 2024, compared to HKD 694,284,000 at the end of 2023, indicating a significant reduction in asset value[3] - The group has a net current liability of HKD 675,300,000, primarily consisting of bank borrowings of HKD 400,288,000 and a non-controlling interest loan of HKD 152,700,000 maturing on April 30, 2025[7] - The total bank borrowings as of June 30, 2024, amounted to HKD 410,551,000, an increase from HKD 400,288,000 in the previous year[28] - Approximately HKD 760,000,000 of investment properties were pledged as collateral for bank borrowings of about HKD 400,300,000 as of June 30, 2024, down from HKD 1,230,000,000 and HKD 410,600,000 respectively on December 31, 2023[51] Cash Flow and Operating Activities - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 13,177,000, compared to HKD 1,870,000 for the same period in 2023, representing a significant increase[5] - Cash and cash equivalents decreased by HKD 656,000, resulting in a balance of HKD 1,014,000 as of June 30, 2024, compared to HKD 5,797,000 at the end of the previous year[5] - The group incurred interest expenses of HKD 23,512,000 for the six months ended June 30, 2024, compared to HKD 11,044,000 for the same period in 2023, indicating increased financing costs[5] - The company has not reported any income tax expenses for the current period, while it incurred HKD (356,000) in the previous year, indicating a change in tax obligations[2] Investment Properties and Market Strategy - The fair value loss on investment properties for the six months ended June 30, 2024, was HKD 485,200,000, while there was no such loss reported for the same period in 2023[13] - The fair value of investment properties as of June 30, 2024, was HKD 846,600,000, down from HKD 1,331,800,000 as of January 1, 2023, reflecting a decrease of approximately 36.3%[20] - The group aims to reduce the vacancy rate of its investment properties through a reassessment of its marketing strategy[8] - The group is considering the sale of certain investment properties to strengthen its liquidity position[8] - The company continues to review its investment property portfolio and seeks potential acquisition and/or disposal opportunities[41] - The group plans to continue reviewing its investment properties and tenant mix to ensure stable income and capital growth[44] Corporate Governance and Compliance - The company has not engaged in any purchase, sale, or redemption of its listed securities during the period[60] - The company has adopted the standard code for directors' securities transactions and confirmed compliance during the period[61] - The company has adhered to all corporate governance code provisions, with a noted deviation regarding the separation of the roles of Chairman and CEO[62] - The Audit Committee has been established by the Board of Directors, consisting of three independent non-executive directors[64] - The Audit Committee is responsible for reviewing the accounting principles and practices adopted by the company[64] Employment and Management - The remuneration for key management personnel was HKD 696,000 for the six months ended June 30, 2024, down from HKD 967,000 in 2023[34] - The company employed 7 employees in Hong Kong as of June 30, 2024, down from 8 employees on December 31, 2023[55]

Financial Statements and Governance - The consolidated financial statements for the year ended 31 December 2023 were audited by BDO Limited, with a resolution for their re-appointment proposed at the upcoming annual general meeting[2]. - The Company complied with all provisions of the Corporate Governance Code for the year ended December 31, 2023, except for the separation of roles between the chairman and chief executive officer[178]. - The Board consists of five Directors, including one executive, one non-executive, and three independent non-executive Directors, contributing diverse financial and regulatory expertise[179]. - Nine Board meetings and one shareholders' meeting were held during the year ended December 31, 2023[182]. - The Company has adopted the Model Code for securities transactions by Directors, with all Directors confirming compliance throughout the year[179]. - The Board is responsible for formulating long-term corporate strategy and overseeing the management of the Group[181]. - The Company has taken appropriate insurance to cover legal liabilities against Directors arising from corporate activities[180]. - The Board meets regularly to review financial and operating performance and approve overall strategies and policies[181]. - Independent non-executive Directors have access to senior management and independent professional advice as needed[181]. - The Company will continue to assess the effectiveness of its structure and consider the appointment of a chief executive officer if necessary[178]. - The Board ensures a balance of power and authority despite the absence of a chief executive officer, with responsibilities clearly defined among Directors[178]. Revenue and Business Operations - The Group's revenue is fully derived from property investment and securities investment, contributing 100% to the Group's total revenue for the financial year 2023[7]. - The Group does not provide tangible products, indicating a focus on services rather than physical goods[185]. - No product or service-related complaints were received during the reporting period, reflecting strong customer satisfaction[185]. Environmental, Social, and Governance (ESG) Initiatives - The Group emphasizes the importance of robust corporate governance in achieving sustainability and business success, with the Board overseeing ESG and climate-related issues[11]. - The Group has set environmental goals and measures to enhance business sustainability and address climate change challenges[20]. - The ESG Report includes key performance indicators (KPIs) that are quantitatively measured and disclosed to evaluate the effectiveness of ESG policies[5]. - The Board regularly reviews the Group's ESG strategy and progress towards achieving related goals, with meetings held at least annually[11]. - The ESG Report provides an unbiased narrative for stakeholders to objectively evaluate the Group's ESG performance[7]. - The report adheres to principles of materiality, balance, consistency, and quantitative measurement to ensure comprehensive ESG reporting[5]. - The Group continues to explore integrating environmental, social, and governance considerations into its investment strategies[52]. - The company aims to enhance its ESG management approach and strategy, focusing on material ESG-related issues[78]. - The report includes a commitment to reducing hazardous waste and improving waste management practices[86]. - The company has set emission reduction targets and is taking steps to achieve them[86]. - The company has implemented policies to minimize its significant impact on the environment and natural resources, with actions taken to manage these impacts[28-31]. - The company has described significant climate-related issues that may impact its operations and the actions taken to manage these issues[28-31]. Energy and Resource Management - The Group is committed to energy conservation and optimizing the use of natural resources in daily operations[20]. - The Group's total GHG emissions decreased to 6.9 tonnes CO2e, representing a 9% decrease compared to the previous year[47]. - The Group consumed a total of 9.8 MWh of energy, reflecting a 3% decrease from the previous year[48]. - The Group's GHG emissions intensity was recorded at 3.7 tonnes CO2-e per employee[61]. - The Group's total hazardous waste amounted to 0.003 tonnes, with a hazardous waste intensity of 0.00004 tonnes per employee[61]. - The company has set energy efficiency targets and is taking steps to achieve them, focusing on the efficient use of resources including energy and water[29]. - Water consumption metrics are reported, including total water usage and intensity[31, 37]. Employee Development and Workplace Safety - The Group aims to enhance operational performance through employee satisfaction and offers competitive remuneration packages[38]. - The Group's approach to training and development includes various programs to meet operational needs and encourage professional recognition[58]. - 100% of employees received training, demonstrating a commitment to employee development[92]. - No work-related fatalities or injuries reported in 2023, maintaining a safety record[67]. - Employee turnover rate decreased to 25% in 2023 from 43% in 2022, reflecting improved employee retention[67]. - Total workforce increased to 8 in 2023 from 7 in 2022, indicating a growth in human resources[67]. - Gender distribution shows 33% male and 67% female employees, with a significant shift in age group representation[67]. - The average training hours per employee category are calculated, excluding resigned employees during the reporting period[92]. - The average training hours completed per employee are tracked, with a focus on gender and employee category[33, 40]. - Occupational health and safety measures have been adopted, with descriptions of how these measures are implemented and monitored[32-33]. - The Group's policies ensure equal opportunity and diversity in recruitment and employment practices[43]. - Total workforce demographics include a breakdown by gender, employment type, age group, and geographical region, with specific attention to employee turnover rates[38, 39]. Risk Management and Compliance - An Internal Control Policies and Procedures Manual guides the relevant procedures and practices for risk management and internal control[14]. - The company has policies in place to manage environmental and social risks within its supply chain, including the number of suppliers by geographical region[35, 40]. - There are preventive measures and whistle-blowing procedures in place to combat corruption, with training provided to directors and staff[33-34]. - The company engages with communities to understand their needs and ensure that its activities consider community interests[35].

Financial Performance - The company reported a net loss of HK$122,582,000 for the year ended December 31, 2023, compared to a net loss of HK$107,980,000 in the previous year[15] - Revenue for the year increased to HK$9,256,000 from HK$4,696,000 in 2022[15] - The company's basic loss per share was HK$0.0669, compared to HK$0.0632 in 2022[15] - The company's total comprehensive loss for the year was HK$122,582,000, with HK$72,851,000 attributable to the company's owners and HK$49,731,000 to non-controlling interests[15] - The group's pre-tax loss for the year ended December 31, 2023, was HKD 107,747 thousand[33] - The group's pre-tax loss attributable to owners for the year ended December 31, 2023, was HKD 72,851 thousand, compared to HKD 68,799 thousand in 2022[44] - Basic loss per share for the year ended December 31, 2023, was HKD 6.69 cents, compared to HKD 6.32 cents in 2022[44] - The company's pre-tax loss was HKD 122.137 million in 2023, compared to HKD 107.747 million in 2022[64] - The company's loss attributable to owners for the year was approximately HKD 72,900,000, compared to HKD 68,800,000 in 2022[105] - The total loss and comprehensive income for the year was approximately HKD 122,600,000, primarily due to increased financial costs[105] Revenue and Income - Revenue for the year increased to HK$9,256,000 from HK$4,696,000 in 2022[15] - The company's property investment segment generated a net rental income of HK$6,299,000, up from HK$1,666,000 in 2022[15] - Total investment property rental income for the year ended December 31, 2023, was HKD 9,256 thousand, compared to HKD 4,696 thousand in 2022[51] - Rental income for the year ended December 31, 2023, was HKD 9,256 thousand, up from HKD 4,696 thousand in 2022[73] - Revenue for the year ended December 31, 2023, increased by approximately 97.9% to HKD 9,300,000 compared to HKD 4,700,000 in 2022[105] - Rental income for the year was approximately HKD 9,300,000, up from HKD 4,700,000 in 2022[113] - Rental income from the property at 234 Aberdeen Main Road increased by 1,098% to HKD 1,486,000 in 2023[141] - Rental income from the property at 1 Wellington Street increased by 111% to HKD 6,078,000 in 2023[141] Liabilities and Borrowings - The company had current liabilities of HK$653,786,000, including bank borrowings of HK$410,551,000 and a non-controlling interest loan of HK$152,700,000 due in April 2024[5] - Financial costs increased significantly to HK$40,799,000 from HK$20,498,000 in the previous year[15] - The company secured mortgage loan financing by pledging two investment properties after the reporting period[6] - Current liabilities decreased to 624,899 from 661,598, with a notable reduction in bank borrowings and other payables[16] - The company secured an extension of non-controlling interest loans and accrued interest, extending the maturity date to April 30, 2025[21] - Total interest expenses for the year ended December 31, 2023, were HKD 40,799 thousand, compared to HKD 20,498 thousand in 2022[39] - Bank borrowings decreased to HKD 390,023 thousand in 2023 from HKD 410,551 thousand in 2022, with no repayment planned within one year[71] - The company's total bank borrowings as of December 31, 2023, were HKD 410,551 thousand, down from HKD 431,079 thousand in 2022[72] - The company's unsecured non-controlling interest loan of HKD 152,700,000 bears a fixed annual interest rate of 10%, up from 7% in 2022[98] - The company's unsecured loans totaling HKD 27,200,000 bear a fixed annual interest rate of 15%, up from 12% in 2022[98] Assets and Investments - Non-current assets increased to 1,434,764 from 1,348,070, with investment properties and property, plant, and equipment contributing significantly[16] - Current assets decreased to 7,001 from 7,812, primarily due to a reduction in held-for-trading investments and receivables[16] - The company's listed equity securities in Hong Kong increased to HKD 4,740 thousand in 2023 from HKD 1,560 thousand in 2022[68] - The company's trading investments amounted to approximately HKD 4,700 thousand in 2023, representing 0.3% of total assets, up from HKD 1,600 thousand (0.1%) in 2022[84] - The company's bank borrowings are secured by investment properties with a book value of HKD 1,230,000 thousand in 2023, down from HKD 1,310,000 thousand in 2022[95] - The company's trading investments as of December 31, 2023, were valued at approximately HKD 4,700,000, up from HKD 1,600,000 in 2022[118] - Cash and bank balances increased to HKD 1,700,000 as of December 31, 2023, compared to HKD 800,000 in 2022[129] - Fair value gains on held-for-trading investments were HKD 3,200,000 in 2023, compared to realized and fair value losses of HKD 4,800,000 in 2022[132][145] Property Investment - The company's property investment segment generated a net rental income of HK$6,299,000, up from HK$1,666,000 in 2022[15] - The company plans to reassess its marketing strategy to reduce the vacancy rate of its investment properties in the short term[6] - The company secured mortgage loan financing by pledging two investment properties after the reporting period[6] - The company is considering selling certain investment properties to strengthen liquidity if necessary[21] - The investment property portfolio as of December 31, 2023, was valued at approximately HKD 1,331,800,000, down from HKD 1,418,100,000 in 2022[113] - The company expects rental income to increase in 2024 due to the reopening of mainland China's borders and the normalization of Hong Kong's economy[146] - The company plans to diversify its tenant portfolio and seek additional investment properties to optimize its property portfolio[144] Financial Statements and Reporting - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and Hong Kong Companies Ordinance[18] - The company adopted new/revised Hong Kong Financial Reporting Standards effective January 1, 2023, with no significant impact on current or prior periods[24] - The company did not adopt any other new or revised Hong Kong Financial Reporting Standards that are not yet effective[24] - The company's consolidated financial statements for the year ended December 31, 2023, have been reviewed and agreed upon by the external auditor, BDO Limited[150] - The company has submitted its financial statements for the year ended December 31, 2022, to the Companies Registry and will submit the 2023 financial statements in due course[161] Other Financial Information - The company's cash flow forecast indicates it will be able to meet its financial obligations for at least the next 12 months[6] - The company's income tax expense was HKD 445,000 in 2023, compared to HKD 233,000 in 2022[64] - The company's bad debt due to long-term rental arrears was HKD 169,000 in 2023[62] - The company's depreciation of property, plant, and equipment was HKD 394,000 in 2023, compared to HKD 459,000 in 2022[57] - The company's tax rate for the first HKD 2 million of profit is 8.25%, and 16.5% for profits exceeding HKD 2 million under Hong Kong's two-tiered profits tax system[63] - The company's prepayments, deposits, and other receivables increased to HKD 801 thousand in 2023 from HKD 762 thousand in 2022[92] - The company's total liabilities due within one year were HKD 20,528 thousand in both 2023 and 2022[72] - The company did not engage in any significant acquisitions or disposals during the year[112] - The company has no contingent liabilities as of December 31, 2023[109] - No final dividend was recommended for 2023, consistent with 2022[135] - The company employed 8 staff in Hong Kong as of December 31, 2023, up from 7 in 2022[136] - The company is committed to environmental protection and sustainability by promoting paper reuse and double-sided printing[137] - No listed securities of the company were purchased, sold, or redeemed by the company or any of its subsidiaries during the year ended December 31, 2023[151]

Financial Performance - The Group recorded revenue of approximately HK$4.0 million for the six months ended 30 June 2023, representing an increase of approximately 76% compared to HK$2.3 million in the same period of 2022[2]. - The Group's loss attributable to owners for the period was approximately HK$12.8 million, compared to a loss of HK$11.1 million in 2022[2]. - Total comprehensive loss for the period amounted to approximately HK$17.6 million, up from HK$13.1 million in 2022, primarily due to increased financial costs from rising interest rates[2]. - The Group's basic loss per share for the period was 1.18 HK cents, compared to 1.02 HK cents in 2022[2]. - The company reported a loss of HK$12,841,000 for the six months ended June 30, 2023, compared to a loss of HK$11,083,000 for the same period in 2022, indicating an increase in loss of about 15.9%[54]. - The basic loss per share for the period was HK$1.18, compared to HK$1.02 for the same period in 2022, indicating a 15.7% increase in loss per share[148]. Rental Income and Property Management - Rental income for the period was approximately HK$4.0 million, compared to HK$2.3 million in the same period last year, reflecting a 76% increase[7]. - The Group's property portfolio includes commercial units in Hong Kong, with specific properties showing rental income increases of up to 100%[7]. - The Group aims to generate stable income and capital appreciation through ongoing management of its investment properties and tenant portfolio[11]. - The Group will reassess its marketing strategy to decrease the vacancy rate of its investment properties in the near future[88]. - The Group may consider disposing of certain investment properties to strengthen its liquidity position if necessary[88]. Financial Position and Liquidity - As of June 30, 2023, the company's net assets amounted to HK$799,302,000, a decrease from HK$816,866,000 as of December 31, 2022, reflecting a decline of approximately 2.5%[52]. - Total equity attributable to owners of the company decreased to HK$409,151,000 as of June 30, 2023, from HK$421,992,000 at the end of 2022, representing a decline of approximately 3.0%[54]. - The net current liabilities were reported at HK$(635,265,000) as of June 30, 2023, compared to HK$(617,898,000) at the end of 2022, indicating a worsening of liquidity position[52]. - The Group has net current liabilities of HK$635,265,000, which includes a bank borrowing of HK$420,815,000 and a loan from a non-controlling interest of HK$152,700,000 maturing on April 30, 2024[88]. - The Group is negotiating to extend the loan of HK$152,700,000 upon maturity[88]. Expenses and Financial Costs - Administrative expenses and finance costs totaled HK$19.9 million for the period, compared to HK$12.7 million in 2022[47]. - Interest on bank borrowing for the six months ended June 30, 2023, was HK$10,290,000, significantly higher than HK$3,526,000 in the same period of 2022[132]. - The Group incurred a segment loss of HK$8,674,000, with property investment segment loss at HK$8,390,000 and securities investment segment loss at HK$284,000[101]. Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code during the period, except for the separation of the roles of chairman and chief executive officer[42]. - The audit committee consists of two independent non-executive directors, ensuring oversight of financial reporting and internal controls[44]. - The company will continue to review its organizational structure to assess the need for appointing a chief executive officer as business develops[42]. Investment Properties and Valuation - The carrying amount of the Group's investment properties was approximately HK$1,418.1 million as of 30 June 2023, unchanged from 31 December 2022[1]. - The Group's investment properties were classified as Level 3 in the fair value hierarchy, with no changes in fair value recognized in profit or loss for the six months ended 30 June 2023[158]. - As of 30 June 2023, the Group's listed equity securities in Hong Kong amounted to HK$2,250,000, an increase from HK$1,560,000 as of 31 December 2022[161]. Cash Flow and Operating Activities - Net cash from operating activities for the six months ended June 30, 2023, was HK$1,870,000, a recovery from a cash outflow of HK$2,418,000 in the previous year[82]. - The company experienced a net cash inflow from investing activities of HK$45,000 for the six months ended June 30, 2023, down from HK$8,605,000 in the same period of 2022[82]. - The Group's cash flow forecast covers a period of 12 months from the date of approval of the consolidated financial statements[88]. Employee and Operational Information - The Group had 7 employees in Hong Kong as of June 30, 2023, with competitive remuneration packages based on industry practices[179].

Financial Performance - The company reported retained earnings of approximately HKD 106,957,000 as of December 31, 2022, compared to HKD 118,504,000 in 2021, reflecting a decrease of about 9.3%[12] - The board of directors did not recommend the payment of dividends for the year[11] - The company does not have a predetermined dividend payout ratio and will consider various factors, including operating performance and financial condition, when deciding on dividends[144] Supply Chain and Procurement - The company's five largest suppliers accounted for approximately 76% of total leasing operating costs, with the largest supplier contributing about 47%[23] - The company prioritizes suppliers that provide durable and sustainable products, promoting green procurement practices[84] - The company plans to enhance its management of supply chain-related risks to mitigate potential negative impacts on the environment and society[68] Environmental, Social, and Governance (ESG) Initiatives - Stakeholder engagement is considered a core part of the company's environmental, social, and governance (ESG) strategy, with regular communication through various channels[40] - The company has identified four key ESG issues deemed significant from a total of 15 assessed topics[40] - The company supports the Hong Kong government's call for carbon neutrality by 2050 and is committed to maintaining green office practices[56] - The company aims to integrate environmental, social, and governance considerations into its investment strategies to create long-term value for shareholders and society[75] - The company continues to navigate challenges posed by the COVID-19 pandemic and climate change while pursuing opportunities for low-carbon transformation[34] - The company reported a total greenhouse gas emissions of 13.7 tons of CO2 equivalent, a decrease from 26.1 tons in the previous year, indicating a significant reduction in emissions[71] - The total energy consumption for the year was 12.1 MWh, down from 47.2 MWh in the previous year, reflecting a substantial decrease in energy usage[71] - The total water consumption was recorded at 10.72 cubic meters, a reduction from 13.1 cubic meters in the previous year, demonstrating improved water efficiency[71] - The company achieved zero harmful waste generation, maintaining a total harmful waste amount of 0.0009 tons, down from 0.003 tons in the previous year[71] Corporate Governance - The company has established an audit committee to oversee risk management and internal control systems, ensuring their effectiveness[24] - The board of directors includes experienced professionals with backgrounds in finance, accounting, and management across various industries[4][2] - The company has complied with all provisions of the corporate governance code as per the listing rules, with no significant uncertainties affecting its ability to continue as a going concern[131] - The board has reviewed the company's corporate governance policies and compliance with legal and regulatory requirements[141] - The independent non-executive directors have confirmed their compliance with the standards set forth in the company's code of conduct throughout the review period[120] - The company ensures compliance with corporate governance codes[197] - There are no known relationships among board members that could affect their independence[198] Risk Management - The company has established a risk management and internal control system to safeguard assets and ensure compliance with relevant laws and regulations[120] - The audit committee reviewed the effectiveness of the internal control system during the past year and confirmed its effectiveness[190] - The audit committee reviewed the group's risk management functions and found no major issues requiring improvement[151] - The company continues to evaluate and review climate-related risks associated with its properties and investments, developing contingency plans in collaboration with stakeholders[56] Employee Training and Development - The percentage of trained employees remained at 100%, with an average training hours of 17.9, a decrease from 128.6 hours in the previous year[74] - The company has maintained a 100% training percentage for employees across all categories, segmented by gender and employee type[112] - The total employee turnover rate is 43%[89] - 67% of employees are aged between 30 to 50 years, while 25% are over 50 years[89] Board Structure and Committees - The board of directors consists of six members, with three executive directors and three independent non-executive directors, ensuring a diverse range of financial and regulatory expertise[122] - The company has established an investment committee to review and approve investments that may have a significant financial impact[81] - The investment committee provided guidance and recommendations to the board regarding investment projects during the review year[174] - The company held two meetings of the remuneration committee during the reporting year, ensuring oversight of executive compensation[137] - The remuneration committee has reviewed the compensation policies for all directors and senior management, making recommendations for board approval[135] - The board has established a nomination committee to monitor and review the implementation of the board diversity policy[160] - The board is committed to maintaining high transparency to ensure investors and shareholders receive accurate and comprehensive information through annual reports and interim reports[177] Community Engagement - The company has actively engaged in community service and volunteer activities, reflecting its commitment to social responsibility[109] - The company is exploring community investment opportunities that align with community needs and business objectives[86] Compliance and Ethics - The company is committed to high standards of compliance with applicable laws and regulations, with no recorded incidents of legal violations during the reporting period[39] - The company has a policy against any form of child labor and forced labor, ensuring compliance through identity verification and qualification checks[84] - The company has implemented a whistleblowing mechanism to report suspicious and inappropriate behavior, ensuring confidentiality[82] - The company has a commitment to protecting stakeholder confidential information and has established privacy and confidentiality procedures[83] - The company encourages diversity and equal opportunity in hiring, compensation, and other employment practices[84] Communication with Shareholders - The company emphasizes effective communication with shareholders and investors to build confidence and attract new investors[177] - Shareholders can submit inquiries to the company via registered office, fax, or email[179] - The procedures for shareholders to propose or withdraw resolutions at the general meeting are available on the company's website[195]

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。 （於香港註冊成立之有限公司） （股份代號：36） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 末 期 業 績 業績 遠東控股國際有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈 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 之綜合業績連同二零二一年同期之比較數字載列如下： ...

Financial Performance - The company recorded revenue of approximately HKD 2,300,000 for the six months ended June 30, 2022, a decrease of about 88% compared to HKD 18,400,000 in the same period of 2021[10] - The loss attributable to owners of the company for the period was approximately HKD 11,100,000, compared to a profit of HKD 14,700,000 in 2021[10] - Total comprehensive loss for the period amounted to approximately HKD 13,100,000, compared to total comprehensive income of HKD 21,300,000 in the previous year[10] - The company reported a net loss of approximately HKD 2,700,000 from trading investments, compared to a net gain of HKD 13,200,000 in the previous year[23] - The company incurred a net loss of HKD 13,090,000 for the six months ended June 30, 2022, compared to a profit of HKD 21,266,000 in the previous year[64] - The company reported a total loss before tax of HKD (13,090) thousand for the six months ended June 30, 2022[88] - The company reported a loss attributable to owners of HKD 11,083,000 for the six months ended June 30, 2022, compared to a profit of HKD 14,736,000 in the same period of 2021, representing a significant decline[112] Revenue and Income - The company reported revenue of HKD 2,286,000 for the six months ended June 30, 2022, a significant decrease of 87.6% compared to HKD 18,409,000 for the same period in 2021[64] - The company’s rental income from property investments was approximately HKD 2,300,000, down from HKD 18,400,000 in 2021, reflecting a significant decline[12] - Gross profit for the same period was HKD 2,088,000, down 88.5% from HKD 18,095,000 year-on-year[64] Expenses and Liabilities - Administrative expenses increased to HKD 4,572,000, up 129.3% from HKD 1,998,000 in the prior period[64] - The company's net liabilities stood at HKD 603,086,000, compared to HKD 590,242,000 in the previous year[68] - The total depreciation expense for property, plant, and equipment was HKD 246,000, slightly down from HKD 254,000 in the previous year[106] Cash Flow and Financial Position - As of June 30, 2022, the group's cash and bank deposits amounted to approximately HKD 4,900,000, compared to HKD 11,400,000 as of December 31, 2021[32] - The total cash and cash equivalents decreased by HKD 5,586 thousand, compared to a decrease of HKD 14,174 thousand in the prior year[74] - The company had cash and cash equivalents of HKD 4,900 thousand as of June 30, 2023, compared to HKD 415 thousand at the same date in 2022[74] Borrowings and Debt - The group had interest-bearing bank borrowings of approximately HKD 441,000,000 as of June 30, 2022, down from HKD 452,000,000 as of December 31, 2021[32] - The debt-to-equity ratio as of June 30, 2022, was 123.8%, slightly up from 123.1% as of December 31, 2021, primarily due to a decrease in equity attributable to owners[33] - The company fully repaid the principal amount of HKD 361,000,000 for the promissory notes issued as part of the acquisition of Joy Ease Limited[132] - The company has secured bank borrowings of HKD 1,380,000,000 against investment properties, with an interest rate of Hong Kong Interbank Offered Rate plus 1.4%[137] Management and Governance - The company has not appointed a formal CEO, with responsibilities managed collectively by the executive directors[60] - The board will continue to assess the effectiveness of the company's structure and consider appointing a CEO as the business develops[60] - The audit committee consists of three independent non-executive directors, ensuring compliance with corporate governance standards[60] Market Conditions and Future Outlook - The management noted that the rental performance remains adversely affected by COVID-19, leading to longer vacancy periods for investment properties[22] - The group anticipates that the demand for office space will remain weak in the second half of 2022, reflecting an increase in vacancy rates due to the ongoing impact of the COVID-19 pandemic[31] Investments - The investment property portfolio had a book value of approximately HKD 1,497,800,000 as of June 30, 2022, unchanged from December 31, 2021[12] - The group did not hold any investments representing 5% or more of the total assets as of June 30, 2022[29] - The company held trading investments with a fair value gain of approximately HKD 209,000 during the period[122] Dividends - The group did not declare or propose any dividends during the period[44] - The company did not declare or propose any dividends for the period, consistent with the previous year[110]