CHI ASIA VALLEY(00063)

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中亚烯谷集团(00063) - 2022 - 中期财报
2022-09-23 08:32
Financial Performance - Revenue for the six months ended June 30, 2022, was HKD 20,800,000, an increase of 20.8% compared to HKD 17,353,000 for the same period in 2021[10] - Operating profit for the same period was HKD 5,792,000, up 127.9% from HKD 2,544,000 in 2021[10] - Net profit for the six months ended June 30, 2022, was HKD 2,130,000, compared to HKD 529,000 in 2021, representing a significant increase[10] - Basic and diluted earnings per share for the period were both HKD 0.08, compared to HKD 0.02 in the previous year[10] - Other income for the six months ended June 30, 2022, was HKD 569,000, compared to HKD 184,000 in 2021, indicating growth in additional revenue streams[10] - The group reported a total segment profit of HKD 9,204,000 for the six months ended June 30, 2022, compared to HKD 6,193,000 for the same period in 2021, representing an increase of 48.7%[61] - The group’s profit before tax for the six months ended June 30, 2022, was HKD 4,023,000, significantly higher than HKD 804,000 for the same period in 2021[61] - The group's profit for the period increased by HKD 1,601,000 or 302.6% to HKD 2,130,000, mainly due to increased revenue from the property management services segment[114] Assets and Liabilities - Total assets as of June 30, 2022, were HKD 393,989,000, slightly down from HKD 394,432,000 as of December 31, 2021[14] - The company's net asset value increased to HKD 181,174,000 as of June 30, 2022, from HKD 179,228,000 at the end of 2021[14] - The company maintained a stable level of current liabilities at HKD 243,894,000, compared to HKD 244,221,000 in the previous year[14] - The group’s total liabilities as of June 30, 2022, were HKD 14,237,000, compared to HKD 11,854,000 as of December 31, 2021[60] - Total liabilities rose to HKD 14,237 thousand as of June 30, 2022, compared to HKD 11,854 thousand as of December 31, 2021, marking an increase of about 19.98%[64] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2022, was HKD 9,309,000, a significant increase from HKD 1,410,000 in the same period of 2021, representing a growth of approximately 558%[18] - The net cash used in investing activities was HKD 1,912,000 for the six months ended June 30, 2022, compared to a net cash outflow of HKD 1,742,000 in the previous year, indicating a positive shift in investment cash flow[18] - The net cash used in financing activities was HKD 5,953,000 for the six months ended June 30, 2022, a decrease from a net cash inflow of HKD 2,737,000 in the same period of 2021, reflecting changes in financing strategies[18] - The total cash and cash equivalents at the end of the reporting period increased to HKD 10,807,000, up from HKD 5,502,000 at the end of June 2021, marking an increase of approximately 96%[18] Revenue Breakdown - Revenue from property management and related services was HKD 14,825,000, up 37.0% from HKD 10,825,000 in the previous year[51] - Revenue from gardening services and plant sales was HKD 3,107,000, a slight decrease of 6.3% from HKD 3,316,000 in the previous year[51] - Rental income from investment properties in Hong Kong was HKD 2,868,000, down 10.7% from HKD 3,212,000 in the previous year[51] - The revenue from property management and related businesses in mainland China increased from HKD 10.8 million to HKD 14.8 million for the six months ended June 30, 2022[129] Shareholder Information - The company did not recommend any interim dividend for the reporting period, consistent with the previous year[78] - As of June 30, 2022, the company’s director Huang Binghuang holds 2,112,395,735 shares, representing 74.93% of the total ordinary shares[156] - Major shareholders include China Asia Valley Group Limited, which holds 74.93% of the shares[160] Governance and Compliance - The audit committee reviewed the interim financial statements and confirmed compliance with relevant accounting standards[167] - The company has adopted corporate governance practices in line with the listing rules, with some deviations noted[165] - The chairman and CEO roles are held by the same individual, which the board believes enhances operational efficiency[165] - The company expressed gratitude to shareholders, partners, and employees for their support during the reporting period[169] Strategic Initiatives - The company plans to improve its financial position and liquidity by reducing costs and securing sufficient funding from its controlling shareholder for debt repayment[28] - The group entered a memorandum of understanding for potential leasing cooperation with Zhongya Electronic City Group, aimed at expanding business and enhancing market competitiveness[130] - The company has a strong focus on innovation and market expansion strategies moving forward[171]
中亚烯谷集团(00063) - 2021 - 年度财报
2022-04-25 02:01
Financial Performance - The group's revenue increased by 119.6% from HKD 17,216,000 in the previous year to HKD 37,810,000 in the current year, primarily due to growth in property management and related services[32]. - Revenue from property management and related services reached HKD 25,407,000, a significant increase from HKD 3,847,000 in the previous year[33]. - The gardening services and plant sales segment saw a slight increase of 3.2%, with revenue rising from HKD 6,310,000 to HKD 6,514,000[34]. - Rental income from investment properties decreased by 16.6%, falling from HKD 7,059,000 to HKD 5,889,000 due to a decline in average rental income per apartment[35]. - The group reported a loss attributable to owners of HKD 330,000, a significant reduction from a loss of HKD 22,961,000 in the previous year, mainly due to increased profits in property management and reduced financing costs[40]. Expenses and Costs - Operating and administrative expenses rose by 14.2%, increasing from HKD 25,276,000 to HKD 28,868,000, mainly due to higher employee costs in the property management segment in China[36]. - Financing costs decreased by 28.8%, from HKD 4,814,000 to HKD 3,428,000, attributed to a reduction in the average outstanding balance of bank borrowings and lease liabilities[39]. - Employee compensation and benefits expenses for the year ended December 31, 2021, were approximately HKD 16,733,000, up from HKD 11,447,000 in 2020[56]. Strategic Initiatives - The group plans to launch an online business platform based on intelligent risk decision-making models to expand its customer base and improve operational efficiency[28]. - The company aims to enhance its competitive advantages and synergies across regions while adhering to a prudent operational strategy[29]. - The group is actively seeking investment projects and business opportunities in core cities across the country to leverage its management experience[28]. Financial Position and Ratios - The debt-to-equity ratio as of December 31, 2021, was 127%, up from 125% in 2020, while the debt-to-asset ratio was 54%, compared to 52% in 2020[42]. - As of December 31, 2021, the company had outstanding bank loans amounting to HKD 160,000,000, unchanged from 2020[55]. - The group's net current liabilities were approximately HKD 215,020,000 as of December 31, 2021, a decrease from HKD 221,717,000 in 2020[55]. Shareholder and Governance Matters - The company aims to enhance shareholder value in the foreseeable future[52]. - The company does not recommend any dividend payment for the year ended December 31, 2021[75]. - The company has no significant transactions, arrangements, or contracts involving its directors and related parties that require disclosure[120]. - The remuneration of directors is subject to shareholder approval at the annual general meeting, with other compensation determined by the board based on performance and group results[122]. Audit and Compliance - The company received a qualified opinion from the auditor regarding the financial statements for the year ended December 31, 2021, due to insufficient audit evidence from overseas subsidiaries[86]. - The company has made multiple attempts to resolve the auditor's concerns regarding the qualified opinion from previous years, including investigations and legal consultations[86]. - The independent auditor's report expressed a qualified opinion due to insufficient evidence regarding the accounting records of an associate company[197]. Corporate Structure and Control - The company lost control over its subsidiaries WI Capital and WI Graphene as of December 31, 2021, and ceased consolidating their financial statements[47]. - The company has terminated the consolidation of WI Capital and WI Graphene due to the inability to exercise control over these subsidiaries[92]. - The management believes that the sale of the non-consolidated subsidiaries will not impact the consolidated financial statements for the year ended December 31, 2022[91]. Board and Management - The board believes that having the same individual serve as both Chairman and CEO is appropriate for implementing the company's business strategy and enhancing operational efficiency[142]. - The company has established a nomination committee responsible for reviewing the structure, size, and composition of the board[166]. - The audit committee is composed entirely of independent non-executive directors, ensuring compliance with relevant listing rules[159]. Risk Management - The board has established a risk management and internal control system, which is reviewed annually and deemed effective and adequate[183]. - The company has appointed an external consultant to review its financial reporting procedures and internal controls, providing recommendations for improvement[183]. - The board is responsible for evaluating risks associated with achieving strategic objectives and has implemented policies for insider information disclosure applicable to all employees[183].
中亚烯谷集团(00063) - 2021 - 中期财报
2021-09-15 04:49
Financial Performance - The company reported revenue of HKD 17,353,000 for the six months ended June 30, 2021, a significant increase from HKD 6,943,000 in the same period of 2020, representing a growth of 149%[18]. - Gross profit for the same period was HKD 16,170,000, compared to HKD 6,559,000 in 2020, indicating a gross margin improvement[18]. - The operating profit for the first half of 2021 was HKD 2,544,000, a turnaround from an operating loss of HKD 3,623,000 in the previous year[18]. - The net profit for the period was HKD 529,000, recovering from a net loss of HKD 6,526,000 in the first half of 2020[18]. - The company reported total comprehensive income attributable to owners of HKD 896,000, compared to a loss of HKD 6,531,000 in the same period last year[18]. - The total profit for the reportable segments was HKD 6,193,000, compared to HKD 940,000 in the previous year, indicating a substantial increase of about 558%[56]. - The group reported a profit attributable to shareholders of HKD 896,000 for the six months ended June 30, 2021, compared to a loss of HKD 6,531,000 for the same period in 2020, primarily due to increased revenue from property management services and reduced financing costs[109]. Cash Flow and Financial Position - Cash and cash equivalents increased to HKD 5,502,000 as of June 30, 2021, up from HKD 2,732,000 at the end of 2020[20]. - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 1,410,000, compared to HKD 631,000 for the same period in 2020, representing a significant increase of 123%[26]. - The net cash used in investing activities amounted to HKD (1,742,000) for the six months ended June 30, 2021, compared to HKD (110,000) in 2020, indicating a substantial increase in investment outflows[26]. - The net cash generated from financing activities was HKD 2,737,000 for the six months ended June 30, 2021, compared to a net cash used of HKD (706,000) in 2020, reflecting a positive shift in financing cash flow[26]. - The company recorded a net current liability of HKD 233,073,000 as of June 30, 2021, but the board believes that the company has sufficient financial resources to meet its obligations for at least the next twelve months[30]. - The company plans to improve its financial position by reducing costs and has received agreement from its controlling shareholder to provide sufficient funds for debt repayment[32]. Revenue Breakdown - Revenue from property management services was HKD 10,825,000 for the six months ended June 30, 2021, compared to HKD 3,254,000 in the same period of 2020, indicating an increase of about 233%[46]. - Revenue from gardening services and plant sales was HKD 3,316,000 for the six months ended June 30, 2021, compared to HKD 3,689,000 in the same period of 2020, showing a decrease of approximately 10%[46]. - The group’s revenue from customer contracts for the six months ended June 30, 2021, was HKD 14,141,000, compared to HKD 3,254,000 in the same period of 2020, marking an increase of approximately 335%[46]. - Revenue from external customers in Hong Kong was HKD 6,528,000, while revenue from mainland China reached HKD 10,825,000, indicating a strong performance in the Chinese market[61]. Assets and Liabilities - Total assets less current liabilities stood at HKD 175,524,000, slightly up from HKD 174,951,000 at the end of 2020[20]. - The total assets of the group as of June 30, 2021, were HKD 404,880,000, compared to HKD 401,573,000 as of December 31, 2020, showing a slight increase[53]. - The total liabilities of the group as of June 30, 2021, were HKD 12,063,000, compared to HKD 13,693,000 as of December 31, 2020, indicating a decrease of approximately 12%[54]. - The total assets as of June 30, 2021, amounted to HKD 422,001,000, up from HKD 417,578,000 as of December 31, 2020, reflecting a growth of approximately 1%[59]. - The total liabilities decreased to HKD 247,209,000 from HKD 243,682,000, showing a slight increase of about 1.1%[59]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with all provisions except for the separation of the roles of chairman and CEO, which are held by the same individual[170]. - As of June 30, 2021, the company had two independent non-executive directors, which is below the minimum requirement of three[171]. - The company appointed new independent non-executive directors in June and July 2021, restoring compliance with listing rules regarding independent directors[173]. - The audit committee reviewed the unaudited interim financial statements for the six months ending June 30, 2021, confirming compliance with relevant accounting standards and regulations[174]. - The company has committed to regular reviews of its corporate governance practices to ensure compliance and effectiveness[170]. Future Plans and Strategies - The company aims to continue expanding its market presence and enhancing its product offerings in the upcoming periods[18]. - The group aims to expand its property management services segment to enhance future revenue and profitability[114]. - The group is considering several property development projects in Southeast Asia and strategic cooperation with Shenzhen Xinzhou City Property Management Co., Ltd[115]. - The company plans to seek potential buyers for entities under the audit qualification, aiming for compliance and resolution by the end of 2021[141]. - The company anticipates that the audit qualification will be removed from the auditor's report for the fiscal year ending December 31, 2023, contingent on successful sales of the relevant entities[141].
中亚烯谷集团(00063) - 2020 - 年度财报
2021-04-28 08:57
Financial Performance - The company recorded a net loss attributable to shareholders of approximately HKD 22,961,000 for the year ended December 31, 2020, compared to a net loss of HKD 10,000 for the year ended December 31, 2019, indicating a significant increase in losses [17]. - Revenue for the year ended December 31, 2020, was approximately HKD 17,216,000, representing a 28% increase from approximately HKD 13,458,000 for the year ended December 31, 2019, primarily due to new income generated from property management services [18]. - The company achieved a 28% reduction in operating and administrative expenses, decreasing from approximately HKD 34,951,000 to approximately HKD 25,276,000 [21]. - Financing costs decreased by 41% to approximately HKD 4,814,000, down from HKD 8,104,000 in 2019, primarily due to the repayment of bank loans amounting to HKD 40,000,000 [21]. - The company reported a total administrative expense of HKD 2,227,000 for the year ended December 31, 2020, compared to HKD 2,263,000 in 2019, indicating a decrease of approximately 1.6% [194]. - The operating loss for the year ended December 31, 2020, was HKD 2,227,000, which is consistent with the previous year's loss of HKD 2,263,000 [194]. - The total comprehensive expenses for the year amounted to HKD 2,295,000, slightly increasing from HKD 2,267,000 in 2019, reflecting a rise of about 1.2% [194]. Revenue Sources - Rental income increased by 3% year-on-year to approximately HKD 7,059,000, up from HKD 6,874,000 in 2019 [21]. - Gardening service revenue decreased by 4% to approximately HKD 6,310,000, down from HKD 6,584,000 in 2019 [21]. - Revenue from gardening services decreased by 4% to approximately HKD 6,310,000, down from HKD 6,584,000 in 2019 due to the impact of the COVID-19 pandemic [24]. - Rental income from investment properties rose by 3% to approximately HKD 7,059,000, while after deducting trade receivables impairment losses of HKD 182,000, it recorded zero growth [23]. Assets and Liabilities - As of December 31, 2020, the total equity attributable to the owners of the company was approximately HKD 173,883,000, a decrease from HKD 196,842,000 in 2019 [22]. - The company recorded a net current liability of approximately HKD 232,799,000 as of December 31, 2020, compared to HKD 221,464,000 in 2019 [35]. - The debt-to-equity ratio as of December 31, 2020, was 125%, compared to 108% in 2019, while the debt-to-asset ratio was 52%, up from 50% in 2019 [36]. - As of December 31, 2020, the group's current liabilities exceeded its current assets by approximately HKD 232,799,000, indicating significant uncertainty regarding the ability to continue as a going concern [200]. - Non-current assets decreased from HKD 1,901,000 in 2019 to HKD 1,508,000 in 2020, reflecting a decline of approximately 20.7% [196]. - Current liabilities, including trade and other payables, rose significantly from HKD 7,108,000 in 2019 to HKD 9,107,000 in 2020, an increase of approximately 28.1% [196]. Corporate Strategy and Development - The company plans to launch smart home technology products and community value-added services to expand its customer base and enhance operational efficiency [13]. - The company aims to continue its business expansion in core cities across the country, leveraging its management experience to maximize intrinsic value [13]. - The company plans to expand its property management services and enhance its "Xingu Property" service brand, focusing on customer value and community platform development [32]. - The company has made progress in sustainable development and environmental responsibility while seeking business growth [53]. Governance and Compliance - The board emphasized the importance of compliance and risk control in its operations amidst a series of regulatory policies introduced during the year [13]. - The company has adopted a dividend policy that allows for the distribution of dividends in cash or shares, emphasizing continuity, stability, and sustainability [42]. - The company has engaged an independent internal control consultant to conduct an annual review of its internal control system, risk management, and financial reporting [82]. - The company has established policies and procedures for disclosing inside information applicable to all employees [179]. - The company’s board consists of independent non-executive directors, with a requirement to have at least three independent members as per listing rules [149]. Audit and Financial Reporting - The independent auditor's report highlighted concerns regarding the adequacy of evidence for investments in Five Color Stone Technology Corporation, with a book value of HKD 12,211,000 as of December 31, 2019 [191]. - The company’s independent auditor expressed a qualified opinion on the financial statements due to the issues identified with the investments and accounting records [190]. - The company has been actively working to resolve the audit qualifications raised by auditors regarding the financial years ending December 31, 2018, and December 31, 2019, to avoid further qualifications for the year ending December 31, 2020 [69]. - The company has established a dialogue with its auditors regarding the actions and plans that may be taken to ultimately remove the audit qualifications [75]. - The audit committee reviewed and recommended the approval of the consolidated financial statements for the year ending December 31, 2020, which included a positive profit forecast announcement [156]. Shareholder Information - The company did not recommend any dividend payment for the year ended December 31, 2020 [57]. - The company’s available distributable reserves as of December 31, 2020, were zero, consistent with the previous year [64]. - Major shareholders hold a total of 2,112,533,229 shares, representing 74.94% of the company [114]. - As of December 31, 2020, the company’s executive director, Mr. Huang, holds 2,112,533,229 shares, representing 74.94% of the company’s ordinary shares [92].
中亚烯谷集团(00063) - 2020 - 中期财报
2020-09-24 08:35
Financial Performance - Revenue for the six months ended June 30, 2020, was HKD 6,943,000, compared to HKD 6,647,000 for the same period in 2019, representing an increase of 4.45%[18] - Gross profit for the same period was HKD 6,559,000, up from HKD 6,253,000 in 2019, indicating a growth of 4.89%[18] - The operating loss increased to HKD 3,623,000 from HKD 2,882,000, reflecting a deterioration of 25.67%[18] - The net loss attributable to shareholders for the period was HKD 6,526,000, compared to HKD 7,375,000 in 2019, showing an improvement of 11.5%[18] - Basic and diluted loss per share was HKD 0.23, compared to HKD 0.26 for the same period last year[18] - The company reported a comprehensive loss before tax of HKD (6,526) million for the six months ended June 30, 2020, an improvement from a loss of HKD (7,375) million in the same period of 2019[54] - The company reported a loss per share of HKD (2.31) for the six months ended June 30, 2020, compared to a loss per share of HKD (2.61) in the same period of 2019, indicating an improvement in loss per share[71] Assets and Liabilities - Total assets as of June 30, 2020, were HKD 425,394,000, slightly down from HKD 427,154,000 at the end of 2019[20] - Current liabilities increased to HKD 235,083,000 from HKD 230,308,000, indicating a rise of 2.5%[20] - The company's net asset value decreased to HKD 190,311,000 from HKD 196,842,000, a decline of 3.34%[20] - The total liabilities as of June 30, 2020, were HKD 18,600,000, compared to HKD 17,094,000 as of December 31, 2019, showing an increase of approximately 8.8%[52] - The total trade and other payables as of June 30, 2020, were HKD 72,240,000, an increase from HKD 27,540,000 as of December 31, 2019[80] - Bank borrowings as of June 30, 2020, were HKD 160,000,000, reduced from HKD 200,000,000 as of December 31, 2019[82] - The company's asset-liability ratio as of June 30, 2020, was 113%, compared to 108% as of December 31, 2019[109] Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2020, was HKD 631,000, compared to a net cash used of HKD 14,771,000 in the same period of 2019[24] - The net cash used in investing activities was HKD 110,000, a significant decrease from HKD 10,887,000 in the previous year[24] - The net cash and cash equivalents at the end of the period were HKD 1,525,000, down from HKD 1,945,000 at the end of the same period in 2019[24] - The company raised HKD 40,000,000 from the ultimate parent company during the period[24] - The company incurred interest payments of HKD 2,867,000, a decrease from HKD 3,853,000 in the same period of 2019[24] Revenue Sources - Revenue from plant sales and gardening services was HK$3,254,000 for the six months ended June 30, 2020, down from HK$3,468,000 in 2019, a decrease of about 6.2%[44] - Rental income for the same period was HK$3,689,000, compared to HK$3,179,000 in 2019, reflecting an increase of approximately 15.9%[44] - The group's revenue from external customers for the property investment segment was HK$3,689,000 for the six months ended June 30, 2020, compared to HK$3,179,000 in 2019, an increase of approximately 15.9%[52] - Rental income from property-related business increased by approximately 16.0% to HKD 3,689,000 compared to HKD 3,179,000 in the first half of 2019, driven by increased occupancy rates despite lower average rental income per residential unit[98] - Revenue from horticultural services decreased by approximately 6.2% to HKD 3,254,000 from HKD 3,468,000 in the first half of 2019, primarily due to the impact of COVID-19 in Hong Kong[99] Corporate Governance and Compliance - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2020, with no significant impact on its financial statements[30] - The audit committee reviewed the unaudited interim financial statements for the six months ending June 30, 2020, and found them compliant with relevant accounting standards[154] - The company has adopted the corporate governance code and confirmed compliance by all directors during the reporting period[152] Shareholder Information - The company has issued 2,819,102,084 shares, with no changes in share capital as of June 30, 2020[110] - Major shareholders hold a total of 2,112,533,229 shares, representing 74.94% of the company's equity[145] - Huang Binghuang holds 2,112,533,229 shares, representing 74.94% of the company's ordinary shares[140] - Huang Binghuang is considered to have indirect control over 2,112,533,229 shares due to holding 90% of the controlling company[147] Employment and Operations - As of June 30, 2020, the group had a total of 23 employees, down from 37 in 2019[119] - The group continues to engage in property-related businesses, plant sales, and providing gardening services, which are key revenue sources[96] Future Outlook - The company anticipates having sufficient financial resources to meet its obligations for at least the next twelve months[27] - The company aims to enhance property management through industrialization and platform consumption models, focusing on high-tech industry management systems[107]
中亚烯谷集团(00063) - 2019 - 年度财报
2020-04-24 10:46
Operational Performance - In 2019, the Group achieved steady growth in operational results, driven by its goal of becoming a comprehensive "industry-finance-internet" service provider[13]. - The Group made significant progress in reshaping its organizational structure and controlling operational costs, indicating that its business in Hong Kong and Shenzhen is on track[13]. - The Group plans to launch an online platform based on an intelligent risk decision model to expand its customer base and enhance operational efficiency[13]. - In 2020, the Group aims to enhance competitive advantages and synergies among regional businesses while developing upstream and downstream operations[13]. - The Group aims to maintain stable growth and maximize returns for shareholders in the future[18]. - The Group is focusing on strategic transformation and enhancing its competitive advantages through technology and innovation[20]. Financial Results - The Group recorded a net loss of HK$10,000 for the year, a significant reduction from a net loss of HK$88,822,000 in the previous year, representing a decrease of approximately 88.7%[20]. - Total revenue decreased by 19% to HK$13,458,000, down from HK$16,529,000 in the previous year[20]. - Revenue from rental income decreased by 36% year-over-year to HK$6,874,000, compared to HK$10,747,000 in 2018[20]. - Revenue derived from horticultural services increased by 35% to HK$6,584,000, up from HK$4,894,000 in the previous year[20]. - Operating and administrative expenses decreased by 38% to HK$34,951,000 from HK$56,267,000 in the prior year[22]. - Finance costs increased by 36% to HK$8,104,000, compared to HK$5,943,000 in 2018[22]. - The total equity of the Group remained approximately the same at HK$196,842,000, slightly down from HK$196,856,000 in the previous year[22]. - The net asset value per share as of December 31, 2019, was HK$0.07, unchanged from the previous year[22]. Business Strategy - The Group will focus on high-tech industries, particularly information technology, to drive innovation and develop a new generation smart community property management system[15]. - The Group intends to consolidate its advantages in industry, fund, and asset quality to serve clients and reward shareholders[15]. - The Group's strategy includes leveraging a coordinated system of "industry + finance + internet" to establish a collaborative system among its business segments[15]. - The Group is considering expanding its property management business into mainland China[26]. - The Group is conducting a detailed review of its business to formulate a long-term strategy and explore new business opportunities[26]. Human Resources - As of December 31, 2019, the Group employed a total of 24 employees, down from 36 in 2018, after laying off 12 staff, resulting in employee benefits expense of HK$16,190,000, a decrease of 50% from HK$32,357,000 in 2018[36]. - The Group's employee benefits expense for the year ended December 31, 2019, was HK$16,190,000, reflecting a significant reduction in workforce costs[36]. - The Group emphasizes a people-oriented management culture, providing competitive remuneration and training opportunities to enhance productivity and core competency[58]. Corporate Governance - The Board believes that good corporate governance is crucial for improving efficiency and safeguarding shareholder interests[125]. - The company has adopted the corporate governance code as per the Listing Rules and has complied with all applicable provisions, except for two deviations related to the absence of committee chairs at the annual general meeting and the dual role of the Chairman and CEO[127]. - The Board of Directors consists of three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced power structure[129]. - The company has taken sufficient measures to ensure its corporate governance practices are no less exacting than the Code and will periodically review and improve these practices[129]. - The company has established guidelines for material transactions requiring Board approval, including mergers and acquisitions and major capital expenditures[148]. Audit and Compliance - The auditor expressed a Qualified Opinion for the financial years ended December 31, 2018, and 2019 due to insufficient evidence regarding the accounting treatment of certain associates and subsidiaries[68]. - The Company has been unable to obtain necessary documents for audit purposes due to operational issues with its Taiwan and Japan subsidiaries[69]. - The audit qualifications remain for FY2019 due to delays caused by various incidents, including protests and the coronavirus[69]. - The Board acknowledges the insufficiency of documents for audit and aims to resolve the audit qualifications as soon as practicable[72]. - The Audit Committee agrees with the auditor's position regarding the audit qualifications[74]. Shareholder Information - The Company has adopted a dividend policy that allows for the distribution of dividends in cash or shares, subject to the Board's discretion and shareholder approval, with no assurance of dividends being proposed in specific periods[39]. - As of December 31, 2019, the Company's distributable reserves were Nil, unchanged from 2018[66]. - The Company has not recommended any dividend payment for the year ended December 31, 2019[64]. - Sales to the Group's five largest customers accounted for 25% of total sales for the year, down from 32% in 2018, with the largest customer contributing 15%[66]. - Purchases from the Group's five largest suppliers accounted for 54% of total purchases for the year, a decrease from 79% in 2018, with the largest supplier contributing 29%[66]. Risk Management - The Company has not identified any material uncertainties affecting its ability to continue as a going concern[178]. - The Board is responsible for evaluating and determining the nature and extent of risks in achieving the Group's strategic objectives and maintaining effective risk management and internal control systems[197]. - An external consultant reviewed the Group's financial reporting procedures and internal controls for the year ended December 31, 2019, providing recommendations for improvement[197]. - A year-end review of the effectiveness of the Company's risk management and internal control systems is conducted annually, and the systems are considered effective and adequate[197]. Director Information - Mr. Huang Binghuang holds 2,112,533,229 ordinary shares, representing 74.94% of the total shares through China Asia Graphene Holding Group Co. Limited[85]. - As of December 31, 2019, no other directors or chief executives had any interests or short positions in the shares of the Company[87]. - The existing share option scheme allows for the issuance of 263,165,208 shares, which is 10% of the issued shares as of the adoption date on June 25, 2013[94]. - The Company Secretary is responsible for forwarding shareholder enquiries to the appropriate executives or Board members for further handling[189]. - The Company failed to meet the requirement for appointing a Company Secretary between June 27, 2019, and August 29, 2019, due to the outstanding appointment[183].
中亚烯谷集团(00063) - 2019 - 中期财报
2019-09-24 08:12
Financial Performance - For the six months ended June 30, 2019, the revenue was HK$6,647,000, a decrease of 17.2% compared to HK$8,026,000 in the same period of 2018[12] - Gross profit for the same period was HK$6,253,000, down 14.7% from HK$7,327,000 in 2018[12] - Loss from operations was HK$2,882,000, significantly improved from a loss of HK$21,511,000 in the prior year[12] - Total comprehensive expenses attributable to owners of the Company for the period were HK$7,392,000, compared to HK$23,320,000 in 2018[13] - Basic and diluted loss per share for the period was HK$0.26, an improvement from HK$0.87 in the same period last year[13] - The Group incurred a loss of approximately HK$7,375,000 for the six months ended 30 June 2019[33] - The consolidated loss before tax for the six months ended June 30, 2019, was HK$7,375,000, compared to HK$24,660,000 in 2018, indicating a significant reduction of 70%[185] - Revenue from external customers for the six months ended June 30, 2019, was HK$6,647,000, down from HK$7,952,000 in 2018, representing a decline of 16.4%[191] Expenses and Liabilities - Operating and administrative expenses decreased to HK$18,549,000, down 35.9% from HK$28,969,000 in the previous year[12] - The Group's net current liabilities as of June 30, 2019, were HK$204,086,000, compared to HK$196,641,000 at the end of 2018[17] - Total liabilities as of June 30, 2019, were HK$224,714,000, up from HK$209,501,000 at the end of 2018, marking a rise of 7.24%[190] - The company recorded finance costs of HK$4,493,000 for the six months ended June 30, 2019, compared to HK$2,894,000 in the same period of 2018, indicating an increase of 55.3%[184] - Unallocated corporate expenses decreased to HK$2,535,000 in the first half of 2019 from HK$8,883,000 in 2018, showing a reduction of 71.5%[184] Income and Gains - Other income increased to HK$200,000 from HK$164,000 in 2018, reflecting a growth of 22%[12] - The Company reported a significant other gain of HK$9,214,000 for the period, compared to a loss of HK$33,000 in the previous year[12] - The company reported a gain on the disposal of subsidiaries amounting to HK$9,109,000 for the six months ended June 30, 2019, with the total cash consideration for the disposal being approximately HK$9,500,000[199] Revenue Breakdown - Revenue from contracts with customers was HK$3,468,000, an increase of 32.3% from HK$2,622,000 in the previous year[86] - Rental income decreased to HK$3,179,000 from HK$5,404,000, representing a decline of 41.0%[86] - Revenue from the sale of plants and provision of horticultural services was HK$3,468,000, up from HK$2,412,000[85] - Revenue from the sale of horticultural services was HK$3,240,000, contributing significantly to the overall revenue[92] - The revenue from the sale of graphene was HK$74,000, reflecting a niche market performance[92] Assets and Equity - The total equity of the Group as of June 30, 2019, was HK$189,464,000, a decrease from HK$196,856,000 at the end of 2018[17] - Total assets as of June 30, 2019, amounted to HK$414,178,000, an increase from HK$406,357,000 as of December 31, 2018, reflecting a growth of 1.99%[186] - The Group had investments in associates valued at HK$395,151,000 as of June 30, 2019, compared to HK$386,522,000 at the end of 2018, reflecting a growth of 2.3%[186] Accounting Policies and Standards - The Group adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2019, with no significant changes to accounting policies or financial statement presentation[51] - The adoption of HKFRS 16 did not result in restating comparatives for the 2018 reporting period, as permitted under the transitional provisions[53] - The Group's accounting policies and calculation methods remain consistent with those used in the annual financial statements for the year ended December 31, 2018, except as noted[41] - The Group's right-of-use assets increased by HK$5,467,000 as of January 1, 2019, reflecting the adoption of HKFRS 16[56] - The Group's lease liabilities also increased by HK$5,467,000 as of January 1, 2019, in line with the recognition of right-of-use assets[56] Segment Information - The Group's operating segments include property investment, horticultural services, graphene manufacturing and sales, property management, and money lending[75] - The Group's reportable segments are managed separately due to different technology and marketing strategies required for each business[75] - The total loss of reportable segments for the six months ended June 30, 2019, was HK$9,763,000, a decrease from HK$11,985,000 in the same period of 2018, representing a 18.5% improvement[184] - Segment assets as of June 30, 2019, totaled HK$395,151,000, while segment liabilities were HK$18,672,000[176]
中亚烯谷集团(00063) - 2018 - 年度财报
2019-04-29 09:18
Financial Performance - The Group recorded a substantial loss of HK$88,822,000 for the year, compared to a profit of HK$51,898,000 in the previous year[7]. - Total revenue increased by 13% to HK$16,529,000, up from HK$14,572,000 in 2017[7]. - Revenue from rental income grew by 6% year-over-year to HK$10,747,000, compared to HK$10,126,000 in 2017[7]. - Revenue from horticultural services recorded a 19% increase to HK$4,894,000, up from HK$4,122,000 in 2017[7]. - Operating and administrative expenses decreased by 17% to HK$56,267,000, down from HK$67,973,000 in the prior year[7]. - Total equity decreased by 31% to HK$196,856,000, compared to HK$284,266,000 in 2017[7]. - The net asset value per share as of December 31, 2018, was HK$0.07, down from HK$0.10 in 2017[7]. - The Group recorded net current liabilities of HK$196,641,000 for the year ended 31 December 2018, an increase from HK$144,586,000 in 2017[17]. - The Group had net operating cash outflows of HK$38,761,000 during the year[17]. Financing and Debt - The Group's outstanding bank loans remained at HK$200,000,000 as of December 31, 2018[13]. - The Group is actively seeking sources of financing to improve its financial situation[17]. - The bank has not yet notified the Company of the results of its credit review regarding the existing banking facility[16]. - As of December 31, 2018, HK Guoxin Investment Group Limited is indebted to the petitioner for a debt of HK$170,000,000, leading to a winding-up petition against it[81]. - The loan facility of HK$200,000,000 was accepted on August 12, 2016, and renewed in August 2018[112]. - Mr. Li Feng Mao, the ultimate controlling shareholder, is required to hold over 50% of the controlling shares during the loan facility period[113]. Corporate Governance - The Company complied with all applicable provisions of the Corporate Governance Code during the year ended December 31, 2018, except for the absence of the Chairman at the general meeting[130]. - The Board of Directors consists of three executive directors and three independent non-executive directors, ensuring compliance with the Listing Rules[146]. - The Company has established guidelines for material transactions requiring Board approval, including mergers and acquisitions[143]. - The Company has arranged liability insurance for its directors, which is reviewed annually[145]. - The Company will periodically review and improve its corporate governance practices in line with the latest developments[132]. - The Audit Committee met three times during the year ended December 31, 2018, with the presence of external auditors to review interim and annual results[160]. - The consolidated financial statements for the year ended December 31, 2018, were reviewed by the Audit Committee, with a recommendation to the Board for approval[164]. - The Company has established a Nomination Committee to ensure fairness and transparency in the nomination process for directors[172]. - The Company recognizes the benefits of a diverse Board, considering various perspectives such as gender, age, and professional experience in candidate selection[179]. Shareholder Information - For the year ended December 31, 2018, sales to the Group's five largest customers accounted for 32% of total sales, down from 38% in 2017, with the largest customer contributing 23% of total sales, up from 13% in 2017[64]. - Purchases from the Group's five largest suppliers represented 79% of total purchases for the year, an increase from 77% in 2017, with the largest supplier accounting for 41% of total purchases, up from 23% in 2017[64]. - As of December 31, 2018, the Company's distributable reserves were Nil, unchanged from 2017[63]. - The directors do not recommend the payment of any dividend for the year ended December 31, 2018[51]. - Shareholders holding not less than one-tenth of the issued share capital can requisition a special general meeting, with the Board required to arrange the meeting within two months of receiving the request[193]. - If the Board fails to convene the special general meeting within 21 days of the requisition, the shareholder may proceed to do so under Bermuda Companies Act Section 74(3)[194]. - The company provides timely updates and corporate information through its website, ensuring shareholders have access to interim and annual reports, announcements, and circulars[200]. Auditor and Financial Reporting - The auditor received approximately HK$830,000 for audit and audit-related services, an increase from HK$705,000 in 2017[188]. - The auditor's remuneration for non-audit services was HK$60,000, consistent with the previous year[188]. - The Company Secretary completed no less than 15 hours of relevant professional training during the year ended December 31, 2018, as required by the Listing Rules[189]. - The directors acknowledged their responsibility for preparing the financial statements, ensuring they present a true and fair view of the Company's state of affairs[185]. - The consolidated financial statements for the year ended December 31, 2018, were audited by ZHONGHUI[124]. - The Company appointed Zhonghui Anda CPA Limited as its new auditor effective from January 30, 2019, after the resignation of Zhongrui Yuehua CPA Limited due to a disagreement on audit fees[126]. Employee and Operational Information - As of 31 December 2018, the Group had a total of 36 employees, down from 41 in 2017[18]. - The Company emphasizes sustainable business practices and has made progress in environmental policies and resource efficiency[38]. - The Group maintains good relationships with employees, customers, and suppliers to enhance productivity and service quality[41]. - The Company encourages directors to participate in continuous professional development to enhance their knowledge and skills[151].