Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 1,463,280, a decrease of 36.5% compared to HKD 2,305,799 in 2022[2] - Gross profit for the year was HKD 21,968, down 97.1% from HKD 767,973 in the previous year[2] - The company reported a net loss attributable to shareholders of HKD 1,803,269 for 2023, compared to a profit of HKD 229,533 in 2022[2] - The group reported a net loss of approximately HKD 3,339,315,000 for the year ending December 31, 2023, compared to no loss in 2022[14] - Cumulative losses reached approximately HKD 13,536,612,000 as of the reporting date, up from HKD 11,805,738,000 in 2022[14] - The company reported a total comprehensive loss for the year was HKD 3,344,700, compared to a comprehensive income of HKD 296,538 in 2022[5] - The group’s total pre-tax loss for the year was HKD 3,976,091,000, compared to a profit of HKD 575,714,000 in the previous year, indicating a substantial downturn in financial performance[31] - The company recorded a pre-tax loss of HKD 1,803,269,000 in 2023, compared to a loss of HKD 229,533,000 in 2022, indicating a substantial increase in losses year-over-year[43] Assets and Liabilities - Total assets decreased from HKD 8,261,323 in 2022 to HKD 4,519,499 in 2023, a decline of 45.4%[7] - Non-current assets, including property, plant, and equipment, fell from HKD 2,397,212 in 2022 to HKD 1,438,660 in 2023, a decrease of 40.0%[7] - Current liabilities exceeded current assets by approximately HKD 7,171,637,000, slightly increasing from HKD 7,098,587,000 in 2022[14] - Total liabilities exceeded total assets by approximately HKD 3,713,613,000, a significant increase from HKD 465,690,000 in 2022[14] - The group’s total borrowings were approximately HKD 6,506,062,000, down from HKD 6,582,185,000 in 2022[14] - Cash and cash equivalents were approximately HKD 118,099,000, a decrease from HKD 164,269,000 in 2022[14] - As of December 31, 2023, current liabilities exceeded current assets by approximately HKD 7,171,637,000, and total liabilities exceeded total assets by about HKD 3,713,613,000[52] - The total liabilities amounted to approximately HKD 8,936,183,000 as of December 31, 2023, compared to approximately HKD 9,435,125,000 as of December 31, 2022[98] Operational Highlights - The company is primarily engaged in the development of cassava planting and related ecological circular industry chain processing, coal exploration and development, and IT product sales[10] - The mining business generated a loss of HKD 3,584,368,000 in 2023, a significant decline from a profit of HKD 1,454,352,000 in 2022[31] - The group’s coal production for the year ended December 31, 2023, was approximately 990,000 tons, a decrease from 1,026,000 tons in the previous year[79] - The group's coal sales volume for the year ended December 31, 2023, was approximately 850,000 tons, down from 919,000 tons in the previous year[79] - The group’s total coal production capacity as of December 31, 2023, is 1,650,000 tons[79] Financing and Debt Management - The group has overdue payables and is negotiating extensions for repayment deadlines, indicating significant uncertainty regarding its ability to continue as a going concern[16][17] - The group aims to improve its financial situation by negotiating extensions on convertible loan notes and other payables, and enhancing the profitability of its coal business[19][20] - The group is actively seeking external financing and fundraising opportunities to improve its financial situation[60] - The company successfully negotiated with 2017 and 2020 noteholders to restructure the repayment schedule of its financial obligations[61] - The company is actively negotiating with 2020 noteholders to extend the maturity date of the 2020 convertible loan notes[68] Governance and Compliance - The company has complied with the independence requirements for independent non-executive directors as of December 31, 2023, with all three independent directors confirming their independence[126] - The company has adopted the Corporate Governance Code and believes it has complied with its provisions, except for the deviation regarding the roles of Chairman and CEO being held by the same person[129] - The Audit Committee consists of three independent non-executive directors, ensuring proper oversight of the company's financial reporting and risk management[131] - The company’s consolidated financial statements for the year ended December 31, 2023, have been reviewed by the Audit Committee and are consistent with the amounts audited by the external auditor[134] Environmental and Social Responsibility - The company emphasizes its commitment to maintaining high environmental and social standards for sustainable development[87] - The company is committed to promoting environmental sustainability and has implemented various green office measures[124] Future Outlook - The company aims to maintain a steady strategy for high-quality development in the fiscal year 2024, expecting stable cash inflows to improve overall financial conditions[71] - The coal business outlook remains stable due to ongoing infrastructure and construction projects, despite potential supply constraints[71] - The group expects to resolve audit revisions by December 31, 2024, assuming timely implementation of action plans[72]

Financial Performance - The Group's turnover decreased in the first half of 2023 primarily due to a decline in both the selling price of coking coals and coal production volume[9]. - Revenue from the coal operation business, Hengbotai, was approximately HK$10,126,000 for the six months ended June 30, 2023, a significant decrease from approximately HK$72,345,000 in the same period of 2022[18]. - For the six months ended June 30, 2023, the Group recorded a loss of approximately HK$1,904,000,000, compared to a profit of approximately HK$864,315,000 for the same period in 2022, indicating a significant decline in performance[24][26]. - Revenue for the six months ended June 30, 2023, was approximately HK$560,663,000, a decrease of approximately HK$602,828,000 from approximately HK$1,163,491,000 in the same period of 2022[24][26]. - Gross profit for the six months ended June 30, 2023, was approximately HK$20,972,000, with a gross profit margin of 3.7%, down from approximately HK$485,490,000 and a gross profit margin of 41.7% in the prior year[25][27]. - Loss attributable to owners of the Company was approximately HK$1,000,447,000 for the six months ended June 30, 2023, compared to a profit of approximately HK$304,288,000 in the same period of 2022[35][38]. - The total comprehensive income for the period was reported as a loss of HK$970,188,000, compared to a total comprehensive income of HK$313,544,000 in the same period of 2022[187]. Production and Operations - As of June 30, 2023, the Group operated 5 coking coal mines, with expected production capacities of 600,000 tonnes per year for both Fuchang Mine and Liaoyuan Mine[10]. - The Jinxin Mine resumed operations in April 2023 after the renewal of its Safety Production Certificate, with an expected production capacity of 600,000 tonnes per year[17]. - The reorganization and consolidation of Bolong Mine and Xinfeng Mine were approved in November 2022, combining their resources and production schedules[16]. - The expected production schedule for the combined resources of Bolong Mine and Xinfeng Mine will commence after the completion of Bolong Mine's original production schedule[16]. - The Group's coal mines in full operation during the first half of 2023 were Fuchang Mine and Liaoyuan Mine, both of which have passed safety inspections and obtained necessary permits[11]. Financial Position - As of June 30, 2023, the Group recorded total assets of approximately HK$6,620,551,000, down from approximately HK$8,969,435,000 as of December 31, 2022[47]. - Total liabilities as of June 30, 2023, were approximately HK$9,006,462,000, compared to approximately HK$9,435,125,000 as of December 31, 2022[47]. - The Group's total capital deficiencies increased to approximately HK$2,385,911,000 as of June 30, 2023, from approximately HK$465,690,000 as of December 31, 2022[47]. - The Group had total cash and cash equivalents of approximately HK$111,418,000 as of June 30, 2023, down from approximately HK$161,675,000 as of December 31, 2022[49]. - The company's total equity attributable to owners decreased to HK$1,171,628,000 as of June 30, 2023, from HK$2,121,661,000 at the beginning of the year[187]. Debt and Financing - The outstanding principal amount of the 2017 Convertible Loan Note is US$40,000,000 (equivalent to HK$312,000,000), with demands for full repayment including unpaid interest[69]. - A statutory demand was received on July 22, 2022, requiring payment of US$84,943,738.72 under the 2017 Convertible Loan Note[60]. - The company is negotiating with non-controlling interests to extend repayment due dates for outstanding debts[66]. - The company is actively seeking external financing and fundraising opportunities to improve its financial position[66]. - The company aims to address audit modifications and uncertainties regarding its ability to continue as a going concern[65]. Market Conditions - The macroeconomic environment remains challenging, with inflationary pressures leading to currency exchange rate fluctuations and a decline in consumer sentiment[9]. - The Group remains optimistic about the short-term growth of the coal industry in Shanxi due to positive government attitudes and infrastructure development[87]. - The Shanxi government maintains a positive attitude towards local economic development, which is expected to benefit the coal industry in the short term[120]. Corporate Governance - The company has complied with the Corporate Governance Code except for the deviation where the roles of chairman and CEO are held by the same individual[165]. - The Board consists of two executive Directors and three independent non-executive Directors, ensuring a balance of power[165]. - The company has confirmed compliance with the Model Code for securities transactions by Directors during the six months ended June 30, 2023[166]. Employee and Shareholder Information - The Group employed approximately 1,318 full-time employees in Hong Kong and PRC as of June 30, 2023[118]. - As of June 30, 2023, Mr. Zhang Sanhuo holds 94,292,961 shares, representing approximately 17.9175% of the issued share capital[128]. - The total number of shares issued as of June 30, 2023, is 526,260,404[131].

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告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 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。 GREEN LEADER HOLDINGS GROUP LIMITED 綠領控股集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：61） 截至二零二三年六月三十日止六個月之 中期業績公告 綠領控股集團有限公司（「本公司」，連同其附屬公司，統稱「本集團」）董事（「董事」） 會（「董事會」）謹此公告本集團截至二零二三年六月三十日止六個月之未經審核 簡明綜合中期財務資料（「中期財務資料」），連同二零二二年同期之比較數字。中 期財務資料未經本公司核數師審閱或審核，惟已經本公司審核委員會（「審核委 員會」）審閱。 摘要 財務摘要 截至六月三十日止六個月 二零二三年 二零二二年 變動 千港元 千港元 千港元 ...

Coal Mining Operations - The Group focused on coal mining, with full construction work commencing at Fuchang Mine and Liaoyuan Mine, expecting steady cash inflow once all mines are operational[9]. - In 2022, restrictions on mining product imports to China led to a sharp rise in coking coal prices, maintaining high prices due to tight supply and demand in the domestic market[11]. - The Group plans to enhance the performance of coal mining and operation businesses steadily in 2023, actively seeking investment opportunities to generate favorable returns for shareholders[11]. - The Group anticipates that all mines will generate stable cash flow, improving its overall financial position[9]. - The Group has five coking coal mines with an expected production capacity of 600,000 tonnes per year for both Fuchang Mine and Liaoyuan Mine[47][49]. - Jinxin Mine's Safety Production Certificate was renewed, and coal mining operations are expected to resume in the second half of 2023, with a production capacity of 600,000 tonnes per year[52]. - The increase in fair value of coal mines was attributed to the overall increase in coal prices during the year[79]. - The Group's five coal mines located in Shanxi saw an increase in estimated value due to rising coal prices, with a discount rate of 12.50% applied in the valuation[76]. Financial Performance - For the year ended December 31, 2022, the Group recorded a revenue of approximately HK$2,305,799,000, representing an increase of approximately HK$692,941,000 or 43.0% compared to HK$1,612,858,000 in 2021, primarily driven by increased selling prices and production units of mining products[61]. - The profit for the year ended December 31, 2022, was approximately HK$347,694,000, a decrease from approximately HK$751,507,000 in 2021, attributed to various factors affecting revenue and costs[61]. - The gross profit for the year was approximately HK$767,973,000, with a gross profit ratio of 33.3%, up from approximately HK$347,773,000 and 21.6% in the previous year[65]. - Profit before taxation for the Group was HK$575,714,000 in 2022, down from HK$998,967,000 in 2021[95]. - Loss attributable to owners of the Company was approximately HK$229,533,000, compared to a profit of approximately HK$265,672,000 in the previous year, mainly due to increased finance costs and decreased reversal of impairment loss[75]. - The Group's revenue growth rate for 2022 was 43.0%, up from 23.7% in 2021[95]. - The gross profit margin improved to 33.3% in 2022, compared to 21.6% in 2021[95]. Management and Governance - The Chairman expressed gratitude to clients, business partners, shareholders, and employees for their support and dedication, which are crucial for the Group's ongoing development[17]. - The Group maintains stringent corporate governance to leverage competitive advantages and create greater value for shareholders, employees, and society[130]. - The Board acknowledges ongoing challenges in the Coal Mining Business, including rising competition from renewable energies and tightening government regulations[129]. - The Group has implemented measures to mitigate various principal risks, including credit risk, price risk, exchange rate risk, environmental risks, people risk, and legal and regulatory risk[117][118]. - The Board has confirmed the independence of all three independent non-executive Directors as required under the Listing Rules[190]. Business Strategy and Opportunities - The Group is exploring agro-related business opportunities in Cambodia while streamlining its existing IT-related business due to challenging competition[16]. - The Group aims to build on its accomplishments in 2022 to achieve better development across its diverse portfolio[17]. - The Group is exploring business opportunities related to cassava-based agricultural and deep processing in Cambodia[54][57]. - The Group aims to enhance the performance of core businesses steadily and seize investment opportunities prudently to generate favorable returns for shareholders[130]. Risks and Challenges - The company faces business and operational risks due to structural reforms in the coal supply side, requiring compliance with stringent safety and environmental regulations[110]. - Economic risks are present due to macroeconomic changes and policies in Mainland China, impacting the mining operations[110]. - Liquidity risk is a concern, with the company monitoring cash levels to meet financial obligations as they fall due[110]. Employee and Operational Information - The total staff costs, including Directors' emoluments, for the year ended December 31, 2022, amounted to approximately HK$150,717,000, an increase from approximately HK$114,091,000 in 2021[180]. - The group employed approximately 1,122 full-time employees in Hong Kong and PRC as of December 31, 2022[179]. Compliance and Legal Matters - The Group maintains compliance with all relevant laws and regulations, focusing on environmental and social responsibilities to ensure sustainable development[60][62]. - The company is applying for a waiver from strict compliance with the theoretical dilution effect restriction under Rule 7.27B of the Listing Rules[107]. - The company is in discussions for a proposed restructuring involving a potential offeror and other investors, which includes the sale of 94,292,961 shares held by China Energy (Hong Kong) Holdings Limited[101].

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告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 GREEN LEADER HOLDINGS GROUP LIMITED 綠領控股集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：61） 截至二零二二年十二月三十一日止年度之 全年業績公告 綠領控股集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）謹此公佈本集團截至二零二二年十二月三十一日止年度之經審核 綜合全年業績，連同二零二一年同期之比較數字如下： 摘要 財務摘要 截至十二月三十一日止年度 二零二二年 二零二一年 千港元 千港元 收入 2,305,799 1,612,858 ...

Financial Performance - For the six months ended June 30, 2022, the profit was approximately HK$864,315,000, a significant increase from HK$164,203,000 for the same period in 2021[22]. - Revenue for the same period was approximately HK$1,163,491,000, up by approximately HK$850,611,000 from HK$312,880,000 in the previous year, primarily driven by increased selling prices and production units in mining operations[22][24]. - Gross profit reached approximately HK$485,490,000 with a gross profit margin of 41.7%, compared to HK$23,553,000 and 7.5% in the prior year, reflecting higher selling prices of mining products[23][25]. - Profit attributable to owners of the Company was approximately HK$304,284,000, significantly up from HK$34,048,000, driven by increased revenue and reversal of impairment losses[33][36]. - Total comprehensive income for the period was HK$842,783,000, significantly higher than HK$156,461,000 in the same period last year[150]. - Profit for the period reached HK$864,315,000, up from HK$164,203,000 in the previous year, reflecting a growth of about 426%[150]. - Basic earnings per share increased to 57.85 HK cents from 6.47 HK cents, marking a significant rise in shareholder value[148]. Operational Updates - The Group operates five coking coal mines, with Fuchang Mine and Liaoyuan Mine fully operational, each with an expected production capacity of 600,000 tonnes per year[10]. - Jinxin Mine, a non-wholly owned subsidiary, was ordered to suspend operations by the PRC government due to restructuring requirements, with a planned capacity increase from 450,000 tonnes to 600,000 tonnes per year[15]. - The Group's coal mining operations are expected to resume in Q1 2023, pending the approval of safety production permits from Chinese authorities[19]. - The Bolong Mine is expected to commence safe production in the first quarter of 2023, while the Fuchang Mine is currently operating[41]. - The Group aims to enhance production efficiency and volume in its coal mines located in Shanxi Province[100]. - The Group will maintain its integrated business model, focusing on coal production, transportation, and sales, while optimizing operational plans to reduce internal transportation costs[101]. Financial Position - As of June 30, 2022, the Group's total assets were approximately HK$9,218,302,000, an increase from approximately HK$8,626,542,000 as of December 31, 2021[43]. - The Group's total liabilities decreased to approximately HK$9,040,958,000 as of June 30, 2022, from approximately HK$9,291,981,000 as of December 31, 2021[43]. - Total equity improved to approximately HK$177,344,000 as of June 30, 2022, compared to total capital deficiencies of approximately HK$665,439,000 as of December 31, 2021[43]. - The Group's cash and cash equivalents decreased to approximately HK$38,064,000 as of June 30, 2022, down from approximately HK$146,141,000 as of December 31, 2021[45]. - The net current liabilities improved to HK$6,774,844,000 as of June 30, 2022, from HK$6,974,559,000 as of December 31, 2021, a reduction of 2.9%[155]. - The company reported an increase in accumulated losses to HK$11,302,307,000 as of June 30, 2022, from HK$11,827,999,000 as of June 30, 2021[160]. Regulatory and Compliance Matters - The penalty imposed on Jinxin Mine by the PRC government was approximately RMB 20,804,000 (approximately HK$ 23,302,000), which has been settled[15]. - The Group did not have any bank borrowings for both reporting periods[45]. - There was no incidence of non-compliance with relevant laws and regulations that significantly impacted the group during the reporting period[98]. - The company has complied with the Corporate Governance Code, with a noted deviation regarding the roles of Chairman and CEO being held by the same individual[139]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim financial information for the six months ended June 30, 2022[142]. Strategic Initiatives - The Group is exploring business opportunities in Cambodia related to cassava-based agricultural and deep processing[17]. - Marketing efforts will be strengthened to expand the customer base and sales network to more cities, increasing market share and competitiveness[100]. - The Group is engaged in coal exploration, IT product sales, and cassava cultivation and processing, indicating diversification in its business activities[167]. Debt and Financing - The outstanding principal amount of the Convertible Bonds is US$40,000,000, which the Company is required to redeem along with all unpaid interest and other amounts due[52]. - A statutory demand was received on 22 July 2022, requiring the Company to pay US$84,943,738.72 under the Convertible Bonds[57]. - The Group's financial obligations include approximately HK$312,000,000 related to convertible loan notes that matured on 10 July 2020[179]. - The Directors believe that the Group will have sufficient working capital to meet its financial obligations for the next twelve months, considering ongoing negotiations with non-controlling interests and the holder of the convertible loan notes[180]. - Significant uncertainties exist regarding the Group's ability to continue as a going concern, dependent on generating adequate financial cash flows[183]. Employee and Operational Metrics - The group employed approximately 1,271 full-time employees in Hong Kong and PRC as of June 30, 2022[93]. - The group had capital commitments for property, plant, and equipment acquisition amounting to approximately HK$615,497,000 as of June 30, 2022[91].

Coal Mining Operations - The Group focused on coal mining business, with full construction work commencing at Fuchang Mine and Liaoyuan Mine, expecting steady cash inflow once all mines are operational[9]. - The Group has five coking coal mines, with Fuchang Mine and Liaoyuan Mine in full operation, each with an expected production capacity of 600,000 tonnes per year[48][50]. - Jinxin Mine's production capacity is set to increase from 450,000 tonnes per year to 600,000 tonnes per year following restructuring, but operations are currently suspended due to government orders[53][56]. - The Group's coal mining operations faced delays and suspensions due to COVID-19 and government policies, leading to uncertainties in construction timelines[47][50]. - Penalties of approximately RMB 20,804,000 (around HK$ 23,302,000) were imposed on Jinxin Mine for non-compliance, which have been settled[53][56]. - Fuchang Mine was recognized as a "Second Class Safe Productions Standardisation Coal Mine" with a valid period of three years from July 2020[48][50]. - The coal mines in full operation passed completion inspections in January 2017 and December 2018, respectively[48][50]. - Jinxin Mine is expected to resume operations in the third quarter of 2022, pending the reinstatement of its Permit for Safe Production[54][57]. - The Group's focus remains on coal exploration, development, and related services, alongside cassava cultivation and IT services[46][49]. - The construction of coal mines has faced significant uncertainties, impacting the overall effectiveness of the construction period[47][50]. Financial Performance - For the year ended December 31, 2021, the Group recorded a profit of approximately HK$751,507,000, a turnaround from a loss of approximately HK$660,458,000 in 2020[62]. - Revenue for the year ended December 31, 2021, was approximately HK$1,612,858,000, representing an increase of approximately HK$309,062,000 or 23.7% compared to HK$1,303,796,000 in 2020[62]. - Gross profit for the year ended December 31, 2021, was approximately HK$347,773,000 with a gross profit ratio of 21.6%, up from approximately HK$127,867,000 and 9.8% in 2020[66]. - Administrative and other operating expenses for the year ended December 31, 2021, were approximately HK$387,582,000, an increase from approximately HK$283,442,000 in 2020[67]. - The reversal of impairment loss recognized in respect of mining rights and property, plant, and equipment was approximately HK$959,527,000 for the year ended December 31, 2021, compared to an impairment loss of approximately HK$170,267,000 in 2020[68]. - Finance costs for the year ended December 31, 2021, amounted to approximately HK$229,315,000, a decrease of approximately HK$132,350,000 from approximately HK$361,665,000 in 2020[74]. - Profit attributable to owners of the Company for the year ended December 31, 2021, was approximately HK$265,672,000, compared to a loss of approximately HK$312,362,000 in 2020[75]. - The expected cleaned coal price increased to RMB1,357 per tonne as of December 31, 2021, up from RMB877 per tonne in 2020[76]. - The Group's five coal mines located in Shanxi saw an increase in estimated value due to the overall increase in coal prices during the year[68]. - The revenue growth rate for the year ended December 31, 2021, was 23.7%, down from 38.1% in 2020[92]. - The gross profit margin improved to 21.6% in 2021 from 9.8% in 2020[92]. - Profit before taxation for 2021 was HK$998,967,000, a significant recovery from a loss of HK$852,913,000 in 2020[92]. - The current ratio increased to 0.07 in 2021 from 0.04 in 2020, indicating improved short-term debt obligation management[92]. - The Group had total cash and cash equivalents of approximately HK$146,141,000 as of December 31, 2021, up from approximately HK$48,097,000 in 2020[89]. - The Group recorded total liabilities of approximately HK$9,291,981,000 as of December 31, 2021, compared to approximately HK$8,502,219,000 as of December 31, 2020[84]. - The Group's total capital deficiencies decreased to approximately HK$665,439,000 as of December 31, 2021, from approximately HK$1,423,988,000 as of December 31, 2020[84]. - The Group had capital commitments for the acquisition of property, plant, and equipment amounting to approximately HK$759,442,000 as of December 31, 2021, down from HK$917,233,000 in 2020[113]. - The capital deficit attributable to owners of the Company was HK$2,351,061,000 in 2021, a decrease from HK$2,620,904,000 in 2020, showing an improvement of approximately 10.3%[127]. - The Group's overall financial condition and future expansion plans will influence any potential dividend declarations[144]. Management and Governance - Mr. Tse has over 30 years of experience in corporate management across agriculture, manufacturing, mining, and mergers and acquisitions[25]. - Mr. Ho has over 28 years of experience in finance and accounting, including roles in initial public offerings and debt restructuring[29]. - Mr. Tian holds a Master's Degree in Business Administration and has over 30 years of experience in banking and finance[36]. - Mr. Shen has over 25 years of managerial experience in the hotel and real estate industries[39]. - PINE Technology Holdings Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited with stock code 1079[22]. - Mr. Tse was re-appointed as an executive director on September 1, 2016, and serves as the chairman and CEO[24]. - Mr. Ho was appointed as an independent non-executive director on August 5, 2020, and is the chairman of the audit committee[29]. - Mr. Tian was appointed as an independent non-executive director on July 4, 2017, and is a member of multiple committees[37]. - Mr. Shen was appointed as an independent non-executive director on November 2, 2020, and is involved in various committees[39]. - The company has a diverse board with members holding significant experience in various sectors, enhancing its governance and strategic direction[25]. - The Board consists of five directors, including the Executive Chairman and CEO, with all retiring directors eligible for re-election[187]. - The Company has complied with Listing Rules regarding the independence of INEDs as of December 31, 2021[189]. - The Board has reviewed the independence of all Independent Non-Executive Directors (INEDs) and concluded that all are independent as per Listing Rules[185]. - The Company has taken out directors' liability insurance to provide appropriate cover for its directors and those of its subsidiaries[156][159]. - The management monitors changes in the regulatory environment to manage legal and regulatory risks effectively[100]. Business Strategy and Risk Management - The Group is exploring agro-related business opportunities in Cambodia while streamlining its existing IT-related business to focus on other potential investments[16]. - The Group is exploring business opportunities related to cassava-based agricultural and deep processing in Cambodia[55][58]. - The Company is adjusting its business strategy in response to macroeconomic risks and uncertainties in Mainland China[97]. - The Group is closely monitoring existing mines for major technical renovations to ensure compliance with stringent safety and environmental regulations imposed by the state[95]. - The Company is enhancing its risk control capabilities in response to significant fluctuations in international coal prices, particularly due to the COVID-19 pandemic[97]. - The management is closely monitoring interest rate exposure and will consider hedging if necessary[97]. - The Company has implemented measures to manage credit risk by categorizing customers based on internal credit ratings and not accepting bills from low-rated customers[97]. - The Group plans to strengthen safety awareness among employees to ensure production safety and will monitor economic and policy changes to adjust business strategies accordingly[121]. Employee and Operational Insights - The total staff costs for the year ended December 31, 2021, were approximately HK$114,091,000, an increase from approximately HK$71,356,000 in the previous year[175][178]. - The group employed approximately 1,236 full-time employees in Hong Kong and PRC as of December 31, 2021[174][178]. - Sales to the group's largest customer accounted for approximately 32% of total sales in 2021, while sales to the five largest customers accounted for approximately 93%[164][170]. - Purchases from the five largest suppliers accounted for 100% of total purchases in 2021[164][170]. - The company maintained a sufficient public float of not less than 25% of the total issued share capital throughout the year ended December 31, 2021[162][168]. Compliance and Social Responsibility - The Group maintained compliance with all relevant laws and regulations, emphasizing its commitment to environmental and social responsibility[61]. - The Company is continuously improving management rules and promoting energy saving and emission reduction to address environmental risks[100]. - No charitable donations were made by the group during the year, consistent with the previous year[181]. - There were no management and administrative contracts regarding major businesses entered into during the year under review[166][171]. - The Group had no material contingent liabilities as of December 31, 2021[113]. - No director had a material beneficial interest in any significant contracts related to the Group's business during the year[194]. - There were no competing interests from directors or substantial shareholders that could significantly compete with the Group's business[195]. - No rights to acquire shares or debentures were granted to directors or their immediate family members during the year[196].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $150 million for the fiscal year, representing a 25% growth compared to the previous year[12]. - For the year ended December 31, 2018, the Group recorded a revenue of approximately HK$1,004,636,000, representing a significant growth of approximately HK$489,727,000 or 95% compared to HK$514,909,000 in 2017[122]. - The sales amount of mining products increased significantly from approximately HK$381,766,000 to approximately HK$980,902,000, mainly contributed by Fuchang Mine, which commenced commercial operation in November 2017[122]. - Revenue from cassava starch operation sharply decreased from approximately HK$70,080,000 in 2017 to approximately HK$603,000 in 2018 after the completion of the pilot cassava trading project[122]. - The Group reported a loss before taxation of HK$3,153,345,000 for 2018, compared to a profit of HK$753,080,000 in 2017[198]. - The net loss attributable to owners of the Company was HK$1,182,062,000 in 2018, a decline from a profit of HK$94,108,000 in 2017[198]. - The gross profit for the year was approximately HK$136,761,000, with a gross profit margin of 14%, down from HK$140,897,000 and 27% in 2017, mainly due to a decrease in coking coal prices at Fuchang Mine[127]. Market Expansion and Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20% to $180 million[12]. - New product launches are expected to contribute an additional $20 million in revenue, with a focus on eco-friendly technologies[12]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share within the next two years[12]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase market penetration[12]. - The Group's management is optimistic about the impact of the Belt and Road Initiative on its cassava business expansion in ASEAN countries[40]. - The Group's strategic partnerships and agro-business platform development are expected to continue gaining momentum in 2019[175]. Corporate Governance - The company has strengthened its corporate governance framework, ensuring compliance with international standards[12]. - The board comprises members with diverse backgrounds in finance, public administration, and mining, enhancing the company's strategic decision-making capabilities[24]. - The company emphasizes the importance of independent directors in its governance structure, with members serving on various committees including audit and risk management[25]. - The board's collective experience spans over several decades, contributing to the company's operational and strategic insights[28]. - The board's profile reflects a strong commitment to ethical governance and financial oversight, essential for investor confidence[24]. Operational Developments - The Group's coal mining business has shown promising financial performance in 2018, with five coking coal mines in Shanxi Province, one of which commenced full operations in November 2017[67]. - The Group's coal mining operations are undergoing construction delays but are still expected to meet production targets[71]. - The Group's coal mines under construction faced delays due to stricter safety and environmental regulations, extending the construction periods[76]. - The Group anticipates that all mines will be fully operational, significantly improving its overall financial position amidst external economic pressures[35]. - The Group plans to complete its Processing Plant and commence trial production in the third quarter of 2019, with an annual production capacity of 150,000 tonnes for cassava starch in various provinces in Cambodia[180]. Environmental and Social Responsibility - The Group is committed to ensuring that existing mines comply with stringent safety and environmental regulations as part of the PRC's ecological civilization goals[38]. - The Group has received full support from Cambodian governmental bodies and the UNDP to promote sustainable agricultural development, advocating poverty alleviation through innovative schemes[45]. - The Group's management emphasizes the importance of environmental protection as a foundation for sustainable development[54]. Employee and Community Engagement - The Group employed approximately 655 full-time employees across Hong Kong, Cambodia, and the PRC as of December 31, 2018[169]. - The Group's contract farming model not only provides a formal buy-sell contract but also a partnership scheme to mitigate production and market risks for farmers[101]. - The forums organized with UNDP and government agencies help farmers understand the benefits of entering contract farming schemes with the Group[101].