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聯合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，並明確表示概不對因本聯合公佈全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：78） （股份代號：120） 聯合公佈 進一步延遲寄發通函 茲提述(i)由Regal Hotels International Holdings Limited（「富豪」）及Cosmopolitan International Holdings Limited（「四海」）共同刊發日期為二零二四年九月三日之公 佈，內容有關第二補充協議；及 (ii)由富豪及四海共同刊發日期分別為二零二四年 九月二十五日、二零二四年十月十六日、二零二四年十一月六日及二零二四年十一 月二十日之公佈，內容有關（其中包括）延遲寄發通函（統稱「該等聯合公佈」）。除本 文另有界定外，本聯合公佈所用詞彙與該等聯合公佈所界定者具有相同涵義。 誠如該等聯合公佈所披露，富豪及四海各自預期於二零二四年十二月四日或之前分 別向富豪股東及四海股東寄發通函。 由於富豪及其獨立財務顧問需要更多時間落實 ...

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聯合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，並明確表示概不對因本聯合公佈全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 （於開曼群島註冊成立之有限公司） （股份代號：78） （股份代號：120） 聯合公佈 進一步延遲寄發通函 香港，二零二四年十一月二十日 – 1 – 於本聯合公佈刊發日期，富豪之董事會包括下列成員： | 執行董事： | | 非執行董事： | | --- | --- | --- | | 羅旭瑞先生 | （主席兼行政總裁） | 蔡志明博士，GBS，JP （副主席） | | 羅寶文女士 | （副主席兼董事總經理） | 楊碧瑤女士，JP | | 梁蘇寶先生 | | | | 羅俊圖先生 | | 獨立非執行董事： | | 吳季楷先生 | | 簡麗娟女士 | | 温子偉先生 | | 羅文鈺教授 | | | | 伍頴梅女士，JP | | | | 黃之強先生 | 茲提述(i)由Regal Hotels International Holdings Limited（「富豪」）及Cosmopolitan Internat ...

（於開曼群島註冊成立之有限公司） （股份代號：78） （股份代號：120） 聯合公佈 進一步延遲寄發通函 及 延 長 最 後 截 止 日 期（ 二 零 二 四 年 ） 茲提述(i)由Regal Hotels International Holdings Limited（「富豪」）及Cosmopolitan International Holdings Limited（「四海」）共同刊發日期為二零二四年九月三日之公 佈，內容有關第二補充協議；及 (ii)由富豪及四海共同刊發日期分別為二零二四年 九月二十五日及二零二四年十月十六日之公佈，內容有關延遲寄發通函（統稱「該等 聯合公佈」）。除本文另有界定外，本聯合公佈所用詞彙與該等聯合公佈所界定者具 有相同涵義。 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聯合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，並明確表示概不對因本聯合公佈全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 誠如該等聯合公佈所披露，第二補充協議項下擬進行之交易須待（其中包括）富豪及 四海於最後截止日期（二零二四年）（即二零二四年十一月三十日或訂約各方 ...

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million for the first half of 2024, representing a 15% year-over-year growth[4]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,599,200,000 for the six months ended June 30, 2024, compared to a loss of HKD 762,600,000 in the same period of 2023, representing an increase in loss of approximately 109.5%[12]. - Revenue for the six months ended June 30, 2024, was HKD 863.4 million, an increase from HKD 776.4 million for the same period in 2023[54]. - The total comprehensive loss for the period was HKD 1,695.9 million, compared to HKD 890.9 million for the same period in 2023[55]. - The company reported a loss of HKD 1,665.0 million for the six months ended June 30, 2024, compared to a loss of HKD 1,599.2 million in the same period last year[58]. - The basic and diluted loss per share for the six months ended June 30, 2024, was HKD 1.84, compared to HKD 0.91 for the same period in 2023[54]. Operational Highlights - User data showed a 20% increase in active users, reaching 1.2 million by the end of the reporting period[4]. - The average hotel occupancy rate increased from 80.0% in 2023 to 83.0% in 2024, with the average room revenue (RevPAR) rising by 9.2% year-on-year[13]. - The total number of visitors to Hong Kong reached 21,200,000 in the first half of 2024, a year-on-year increase of 64.2%[13]. - The average occupancy rate for the Regal Airport Hotel was 55.1%, with average room revenue and property income net increasing by 50.3% and 87.8%, respectively, compared to the same period in 2023[14]. - The group anticipates improved revenue from the Regal Airport Hotel due to several large events planned for the second half of the year[14]. Strategic Initiatives - The company provided an optimistic outlook, projecting a revenue growth of 10-12% for the next quarter[4]. - New product launches are expected to contribute an additional $50 million in revenue by the end of 2024[4]. - Market expansion efforts include entering two new international markets, which are anticipated to generate $20 million in additional revenue[4]. - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[4]. - The management emphasized a focus on sustainability initiatives, aiming to reduce operational costs by 5% through green technologies[4]. Financial Position - Cash flow from operations increased by 25%, totaling $80 million, providing a strong liquidity position for future investments[4]. - The company's net asset value dropped to HKD 9,357.4 million, a decrease of 15.7% from HKD 11,110.5 million[57]. - The total liabilities decreased to HKD 16,792.0 million, down from HKD 17,408.1 million, reflecting a reduction of 3.5%[57]. - The company's cash and bank balances decreased to HKD 228.6 million from HKD 578.1 million, a decline of 60.5%[56]. - The asset-liability ratio increased to 55.4% as of June 30, 2024, compared to 50.8% as of December 31, 2023[49]. Management and Governance - Professor Luo Wenyu has been an independent non-executive director since 2012, with extensive experience in decision sciences and economics, previously serving as a professor at The Chinese University of Hong Kong[7]. - Mr. Liang Subao was appointed as an executive director in 2023, bringing over 29 years of experience in accounting and corporate finance to the company[8]. - The company’s board of directors has undergone changes, with no additional disclosures required under the listing rules[122]. - The audit committee has reviewed the accounting standards and practices, ensuring adherence to financial reporting requirements for the six months ending June 30, 2024[130]. Investment and Development - The company is investing $30 million in new technology development to enhance operational efficiency[4]. - The group is managing four Regal Hotels in mainland China, with a new hotel under development in Chengdu to be managed upon completion[17]. - The group has a diversified property portfolio, including completed properties and hotels in Hong Kong, as well as a renovation project in Lisbon, Portugal, and a historic building in London, UK[18]. - The company has completed the acquisition of a redevelopment property in Kowloon with a total site area of 431 square meters, intended for commercial/residential development[26]. - The renovation project in Lisbon has been completed, and the related usage permit was issued in August 2024, with plans to market the residential units and shops[29]. Market Conditions and Economic Outlook - The Hong Kong government forecasts economic growth of 2.5% to 3.5% for the year, with significant events planned to attract high-spending tourists[20]. - The "Individual Travel Scheme" has expanded to 59 cities, including all provincial capitals in China, which is expected to boost local hotel, retail, and dining markets[20]. - The company is closely monitoring market conditions to plan the sale of remaining units in the luxury residential development project, Regal Hill, which includes 24 garden houses and 136 apartment units[18]. - The group is closely monitoring the market environment in Tianjin to develop appropriate sales plans for the remaining office units[42]. Financial Assistance and Guarantees - The company provided financial assistance to its associates, with a total loan amount of HKD 4,623.0 million as of June 30, 2024[124]. - The total amount of bank financing guaranteed by the company for its associates is HKD 2,157.5 million[124]. - The group has provided guarantees for bank financing totaling HKD 1,881.4 million, an increase of 10.5% from HKD 1,703.1 million as of December 31, 2023[101].

Financial Performance - The company reported a loss attributable to shareholders of HKD 1,599.2 million for the six months ended June 30, 2024, compared to a loss of HKD 762.6 million in the same period of 2023, representing an increase of 109.7%[3] - Revenue for the six months ended June 30, 2024, was HKD 863.4 million, an increase of 11.2% from HKD 776.4 million in the same period of 2023[2] - Gross profit increased by 32.4% to HKD 311.0 million, up from HKD 234.9 million year-on-year[2] - The operating loss before depreciation, financing costs, and tax increased significantly by 627.5% to HKD 734.8 million, compared to HKD 101.0 million in the previous year[2] - The group recorded a consolidated loss attributable to shareholders of HKD 1,599,200,000 for the six months ended June 30, 2024, compared to a loss of HKD 762,600,000 in the same period of 2023, representing an increase in loss of approximately 109.5%[5] - The overall gross profit from operating activities for the six-month period was HKD 311,000,000, reflecting a year-on-year growth of 32.4%[5] - The company reported a gross loss of HKD 1,037.0 million for the six months ended June 30, 2024, compared to a loss of HKD 412.1 million in 2023[48] - The company reported a pre-tax loss of HKD 1,666.8 million for the six months ended June 30, 2024, compared to a loss of HKD 833.2 million in the same period of 2023[59] - Total comprehensive loss for the period was HKD (1,695.9) million, up from HKD (890.9) million in the prior year, reflecting a 90.5% increase in total losses[50] Asset and Equity Changes - The net asset value per share decreased to HKD 8.35 from HKD 10.23, reflecting a decline of 18.4%[2] - The adjusted net asset value per share also decreased by 8.7% to HKD 19.21 from HKD 21.03[2] - Non-current assets decreased to HKD 22,638.4 million as of June 30, 2024, from HKD 23,605.5 million as of December 31, 2023, a decline of 4.1%[51] - Current assets dropped significantly to HKD 3,511.0 million from HKD 4,913.2 million, a decrease of 28.5%[52] - The company's total equity attributable to equity holders of the parent decreased to HKD 9,357.4 million from HKD 11,110.5 million, a decline of 15.7%[52] Cash Flow and Financial Health - The net cash flow from operating activities for the review period was HKD 124.3 million, down from HKD 201.1 million in 2023[43] - The company's cash and bank deposits, along with time deposits, totaled HKD 1,140.0 million as of June 30, 2024, down from HKD 1,684.9 million at the end of 2023[44] - The company reported cash and cash equivalents of HKD 228.6 million, down from HKD 578.1 million, a decrease of 60.5%[52] - The company's financing costs increased to HKD 511.8 million for the six months ended June 30, 2024, up from HKD 413.1 million in the same period of 2023, representing a 23.9% increase[65] - The group's interest expenses for the period amounted to HKD 449.9 million, up from HKD 366.2 million in 2023[43] Operational Highlights - The average hotel occupancy rate increased from 80.0% in 2023 to 83.0% in 2024, with the average revenue per available room (RevPAR) rising by 9.2% year-on-year[6] - The total number of visitors to Hong Kong reached 21,200,000 in the first half of 2024, a year-on-year increase of 64.2%[6] - The average occupancy rate for the Regal Airport Hotel was 55.1%, with average revenue per available room and property income net increasing by 50.3% and 87.8%, respectively, compared to the same period in 2023[7] - The average occupancy rate for the five Regal Hotels was 65.6%, a decrease from 66.8% in the same period last year, while the average room rate increased by 12.4%, leading to a 10.4% year-on-year increase in total revenue from available rooms[10] - The net property income for the five Regal Hotels reached HKD 164,900,000, up 21.1% from HKD 136,200,000 in the same period last year[10] Strategic Initiatives - The company remains optimistic about the recovery of the hotel business, particularly with upcoming large-scale events in Hong Kong expected to boost revenue[4] - The company is actively planning to sell non-core assets to enhance liquidity and financial strength[4] - The company has entered into multiple interest rate swap transactions to convert part of its floating-rate bank loans to fixed rates, aiming to reduce financial costs in the short term[15] - The company is closely monitoring market conditions to align with its planned sales strategies for remaining valuable properties, including 4 garden houses and 81 apartment units[30] Governance and Management - The board of directors includes key members such as Mr. Luo Xurui (Chairman and CEO) and Ms. Luo Baowen (Vice Chairman and Managing Director)[76] - The board consists of both executive and non-executive directors, ensuring a diverse governance structure[76] - The company is led by experienced individuals with significant industry expertise, enhancing strategic decision-making[76]

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% growth year-over-year[4]. - Total revenue for the year ended December 31, 2023, was HKD 1,792.2 million, a decrease from HKD 1,831.1 million in 2022, representing a decline of approximately 2.1%[154]. - Gross profit for the same period was HKD 652.3 million, down from HKD 857.8 million in 2022, indicating a decrease of about 24%[154]. - The company reported a net loss attributable to equity holders of HKD 1,791.9 million for 2023, compared to a loss of HKD 358.3 million in 2022, reflecting an increase in losses of approximately 400%[154]. - The operating loss for the year was HKD 800.3 million, a significant decline from a profit of HKD 12.2 million in the previous year[154]. - The company experienced a fair value loss on financial assets of HKD 914.2 million, compared to a loss of HKD 93.7 million in 2022, marking a substantial increase in losses[154]. - The company declared a basic and diluted loss per share of HKD 2.12 for 2023, compared to HKD 0.53 in 2022[154]. - The company’s total comprehensive loss for the year was HKD 1,790.8 million, compared to HKD 549.9 million in 2022, indicating a significant increase in total losses[155]. Market Expansion and Strategy - The company is expanding its market presence in Asia, targeting a 25% increase in market share by the end of the year[4]. - New product launches are expected to contribute an additional $50 million in revenue over the next fiscal year[4]. - The company provided a positive outlook for the next quarter, projecting a revenue increase of 15% to $575 million[4]. - A new strategic partnership has been established, expected to generate an additional $20 million in revenue within the next six months[4]. - The company is exploring potential acquisitions to strengthen its portfolio, with a budget of $100 million allocated for this purpose[4]. Corporate Governance - The company emphasizes its commitment to financial transparency and accountability, as evidenced by the diverse backgrounds of its board members in finance and corporate governance[11]. - The board of directors remains committed to enhancing shareholder value through dividends, with a proposed increase of 5% in the upcoming payout[4]. - The company has a strong focus on corporate governance, with multiple independent directors holding significant qualifications and memberships in professional accounting bodies[11]. - The board includes independent non-executive directors with extensive experience in finance and management, such as Ms. Jan Li-Chuan and Mr. Wong Chi-Keung, both having over 41 years of experience in their respective fields[11]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, to fulfill different functions authorized by the board[138]. Operational Efficiency - The company has implemented cost-cutting measures, aiming to reduce operational expenses by 10%[4]. - The company is focused on enhancing its operational efficiency through the expertise of its financial and operational leaders[10]. - The company continues to explore new strategies for growth and development, guided by the insights of its experienced board members[11]. Financial Position - The group’s debt as of December 31, 2023, was HKD 14,483.3 million, up from HKD 13,831.2 million in 2022, resulting in a debt-to-asset ratio of 50.8%[95]. - The company's net asset value decreased from HKD 13,391.4 million in 2022 to HKD 11,110.5 million in 2023, a decline of approximately 17.0%[158]. - The total equity attributable to shareholders decreased from HKD 11,326.6 million in 2022 to HKD 9,193.6 million in 2023, a decline of approximately 18.8%[160]. - The company reported a significant reduction in cash and bank balances from HKD 601.8 million in 2022 to HKD 578.1 million in 2023, a decrease of approximately 3.4%[156]. Investment and Development - The company is involved in various investment and business operations, including hotel ownership, management, and property development through joint ventures[71]. - The company has ongoing property development projects and investments, including residential and commercial developments in various locations in Hong Kong and mainland China[71]. - The company is managing a total of four Favour hotels in mainland China, with a new hotel in Chengdu under development[20]. - The company has signed an agreement to sell two Airbus aircraft for a total consideration of USD 44,500,000, with the sale expected to be completed by the end of April 2024[23]. Tourism and Market Conditions - The total number of visitors to Hong Kong in 2023 was approximately 34,000,000, reflecting a year-on-year increase of 55 times, but only reaching about 55% of pre-pandemic levels[14]. - The Hong Kong economy is improving but has not yet fully recovered to pre-pandemic levels, facing challenges from reduced global demand and tightening credit conditions[24]. - The Hong Kong government is actively enhancing the city's appeal as a major tourist destination, with over 80 large events held in the first half of 2023, benefiting tourism, hotels, and retail sectors[24]. Financial Assistance and Loans - The company provided financial assistance to its associates, with a total loan amount of HKD 2,448.8 million to 百富控股有限公司, and total bank financing amounting to HKD 5,458.5 million[122]. - The total financial assistance and bank guarantees provided to associated companies amounted to HKD 5,458,500,000 and HKD 4,502,300,000, representing 19.1% and 15.8% of the group's total assets of HKD 28,518,700,000 as of December 31, 2023[124]. Risk Management and Compliance - The company has implemented a comprehensive risk management and internal control system, which was reviewed for effectiveness during the year[148]. - The company continues to monitor its financial commitments and ensure compliance with regulatory requirements[121]. - The company has established policies to ensure timely and fair disclosure of insider information in compliance with applicable laws and regulations[149].

Financial Performance - The company reported a consolidated loss attributable to shareholders of HKD 1,791.9 million for the year, compared to a loss of HKD 358.3 million in the previous fiscal year, representing an increase of 400.1%[3]. - Revenue for the year was HKD 1,792.2 million, a decrease of 2.1% from HKD 1,831.1 million in the previous year[2]. - Gross profit decreased by 24.0% to HKD 652.3 million from HKD 857.8 million year-on-year[2]. - The group recorded a consolidated loss attributable to shareholders of HKD 1,791,900,000 for the year ended December 31, 2023, compared to a loss of HKD 358,300,000 in the previous fiscal year[7]. - The net loss attributable to equity holders for the year was HKD 1,931.6 million, significantly higher than the loss of HKD 411.3 million in 2022, resulting in a basic and diluted loss per share of HKD 2.12[55]. - The group's financing costs increased to HKD 969.0 million from HKD 463.5 million in the previous year, contributing to the overall loss[54]. - The adjusted pre-tax loss for the group in 2023 was HKD 1,951.1 million, compared to a loss of HKD 445.3 million in 2022, indicating a significant increase in losses[69]. - The loss attributable to equity holders of the parent company was HKD 1,791.9 million in 2023, compared to a loss of HKD 358.3 million in 2022, marking a substantial increase in losses[69]. Hotel Operations - The average hotel occupancy rate in Hong Kong for 2023 was 82.0%, an increase of 16.0 percentage points year-on-year, with average room revenue (RevPAR) rising by 62.3%[9]. - Three Regal Hotels and two Regal Residence Hotels experienced a significant rebound in business operations, with property revenue net total increasing by approximately 221.7% compared to the previous year[5]. - The group’s investment in Regal Airport Hotel is expected to generate strong recurring income in the coming years due to increased events at the AsiaWorld-Expo and the opening of the new passenger terminal[10]. - The total revenue for the hotel operations and management segment in 2023 was HKD 1,676.5 million, an increase from HKD 1,647.0 million in 2022, representing a growth of approximately 1.7%[69]. - Revenue from hotel operations and management services increased to HKD 1,611.2 million in 2023 from HKD 1,580.1 million in 2022, representing a growth of about 2.0%[75]. Asset Management and Investments - The company incurred a fair value loss of HKD 770.9 million related to its investment in Cosmopolitan International Holdings Limited, which had no immediate impact on cash flow[3]. - Fair value losses on financial assets amounted to HKD 770,900,000, mainly related to investments in Cosmopolitan International Holdings Limited, reflecting a decline in market price[7]. - The group’s financial assets investment business recorded a net loss due to a weak local stock market[43]. - The financial asset investment segment's revenue decreased to HKD 14.2 million in 2023 from HKD 23.9 million in 2022, a decline of about 40.5%[69]. Property Development - The group has ongoing property development projects in Hong Kong, including commercial/residential projects and a significant luxury residential development in Shatin[17]. - The group sold a total of 4 garden houses and 8 apartment units in the Favour Mountain project, with significant remaining value in unsold units[17]. - The residential project "Shang Zhu" has sold all units, while 8 garden houses in "Fuhao Yuting" are still available for sale[32]. - The group currently manages a total of four Favour hotels in mainland China, with a new hotel in Chengdu under development[15]. - The Chengdu project has a total floor area of approximately 495,000 square meters, with residential unit sales generating total revenue of approximately RMB 2,048,300,000 (HKD 2,211,500,000) from nearly all units sold[39]. Financial Position - The group's total assets attributable to equity holders amounted to HKD 9,193.6 million, with an adjusted net asset value per share of HKD 21.03 if revalued at market value[45]. - The group's debt, after deducting cash and bank deposits, was HKD 14,483.3 million, up from HKD 13,831.2 million in 2022, resulting in a debt-to-asset ratio of 50.8%, compared to 45.7% in the previous year[48]. - The total assets, adjusted for the market value of hotel properties in Hong Kong, were HKD 40,901.0 million, leading to a debt-to-asset ratio of 35.4%, an increase from 33.2% in 2022[48]. - Total liabilities increased from HKD 16,380.6 million in 2022 to HKD 17,408.2 million in 2023, an increase of approximately 6.3%[62]. - The company's total non-current liabilities rose from HKD 9,026.1 million in 2022 to HKD 13,975.8 million in 2023, an increase of approximately 54.1%[62]. Corporate Governance - The audit committee has reviewed the consolidated financial statements for the year ended December 31, 2023, ensuring compliance with accounting standards[87]. - The company has adhered to the corporate governance code as per the Stock Exchange's listing rules, with no separation of roles between the chairman and CEO[87]. - The board of directors did not recommend a final dividend for the year ended December 31, 2023, consistent with the previous year[51]. - The annual general meeting is scheduled for June 13, 2024, to discuss the financial results and other matters[52].

Financial Performance - The company reported a significant increase in revenue for the first half of 2023, with total revenue reaching HKD 1.2 billion, representing a 15% year-over-year growth[4]. - Revenue for the six months ended June 30, 2023, was HKD 776.4 million, a decrease of 25.4% compared to HKD 1,039.9 million for the same period in 2022[55]. - Gross profit for the same period was HKD 234.9 million, down 62.2% from HKD 621.2 million year-over-year[55]. - The company reported a loss attributable to equity holders of HKD 762.6 million for the first half of 2023, compared to a profit of HKD 138.3 million in the same period of 2022[55]. - Total comprehensive loss for the six months ended June 30, 2023, was HKD 890.9 million, significantly higher than a loss of HKD 74.8 million in the prior year[56]. - Adjusted profit before tax for the group was a loss of HKD 833.2 million for the six months ended June 30, 2023, compared to a profit of HKD 136.6 million in the same period of 2022[68]. - The company reported a significant increase in financing costs, with interest-bearing bank borrowings rising to HKD 11,568.1 million from HKD 8,221.2 million[58]. - Interest expenses on bank loans surged to HKD 390.4 million for the six months ended June 30, 2023, compared to HKD 128.0 million in the same period of 2022, marking an increase of approximately 205%[77]. Market Outlook and Expansion - The company has provided an optimistic outlook for the second half of 2023, projecting a revenue growth of 10-12% driven by increased tourism and business travel[4]. - The company is actively pursuing market expansion in mainland China, targeting a 25% increase in hotel locations by the end of 2024[4]. - The company is focusing on market expansion, particularly in the Asia-Pacific region, aiming for a 20% increase in market share by the end of 2024[11]. - The company plans to continue exploring market expansion opportunities and new product development in the upcoming quarters[60]. - The Hong Kong Tourism Board forecasts that the total number of visitors to Hong Kong in 2023 will increase to 30 million, providing a positive impetus for the hotel industry[22]. Operational Efficiency and Technology - The company has invested HKD 50 million in technology upgrades to improve operational efficiency and customer experience across its properties[4]. - The management team emphasized a focus on sustainability initiatives, aiming to reduce operational costs by 15% through energy-efficient practices by 2025[4]. - The company is enhancing its operational efficiency, aiming for a 5% reduction in operational costs through process optimization[12]. Acquisitions and Investments - A strategic acquisition of a boutique hotel chain is in progress, which is anticipated to add approximately HKD 300 million in annual revenue once integrated[4]. - The company plans to pursue strategic acquisitions to enhance its portfolio, targeting a 10% increase in revenue from these acquisitions within the next fiscal year[10]. - The company is investing in new product development, with a budget allocation of $50 million for R&D in innovative technologies[12]. Shareholder Returns and Dividends - The board of directors remains committed to shareholder returns, with a proposed dividend increase of 5% for the upcoming fiscal year[4]. - The group has not declared an interim dividend for the fiscal year ending December 31, 2023[53]. - The company did not declare or pay any dividends during the six months ended June 30, 2023, consistent with the previous year[79]. Customer Engagement and User Data - User data showed a 20% increase in hotel occupancy rates compared to the same period last year, indicating strong demand recovery post-pandemic[4]. - The company reported a significant increase in user data, with a growth rate of 15% year-over-year in customer engagement metrics[10]. Financial Position and Assets - As of June 30, 2023, the group's cash and bank deposits amounted to HKD 1,653.1 million, a decrease from HKD 1,744.5 million as of December 31, 2022[50]. - The company's net asset value was HKD 12,434.9 million as of June 30, 2023, down from HKD 13,391.4 million at the end of 2022[58]. - The group's debt-to-asset ratio increased to 48.0% as of June 30, 2023, compared to 45.7% as of December 31, 2022[50]. - The company has maintained perpetual securities valued at HKD 1,732.9 million, unchanged from the previous period[60]. Real Estate and Development Projects - The group currently manages a total of four Regal Hotels in mainland China, with a new hotel in Chengdu under development[18]. - The new hotel project at Hong Kong International Airport covers an area of approximately 6,650 square meters and has a total floor area of 33,700 square meters, featuring 1,208 rooms and suites[25]. - The commercial/residential development project at 160 Queen's Road West has a total floor area of approximately 5,826 square meters and consists of 130 residential units[26]. - The group has integrated 100% ownership of a redevelopment property at 227-227C Hoi Tan Street, with a total site area of 431 square meters and a proposed total floor area of approximately 3,691 square meters[28]. Corporate Governance and Management - The company has undergone changes in its board of directors, with new appointments effective from September 1, 2023[120]. - The company has complied with the corporate governance code as per the listing rules, except for the roles of chairman and CEO not being separated[126]. - The independent auditor did not find any issues that would lead to a belief that the interim financial information was not prepared in accordance with HKAS 34[131].

Financial Performance - The company recorded a consolidated loss attributable to shareholders of HKD 762.6 million for the six months ended June 30, 2023, compared to a profit of HKD 138.3 million in the same period of 2022, representing a significant decline [3]. - Revenue for the period was HKD 776.4 million, a decrease of 25.3% from HKD 1,039.9 million in the same period last year [2]. - Gross profit fell to HKD 234.9 million, down 62.2% from HKD 621.2 million year-on-year [2]. - Core business net loss attributable to shareholders, excluding fair value changes and depreciation (non-cash items), was HKD 234.4 million for the period [6]. - The group recorded a comprehensive profit of HKD 105.2 million for the six months ending June 30, 2023, down from HKD 613.1 million in the same period last year [10]. - Core business loss for the group was HKD 14.8 million, primarily due to rising financing costs from increased HIBOR rates [10]. - The group reported a pre-tax loss of HKD 833.2 million, compared to a profit of HKD 136.6 million in the prior year [60]. - The group’s net loss attributable to equity holders was HKD 762.6 million, compared to a profit of HKD 138.3 million in the previous year [60]. - The company reported a basic loss per share of HKD 762.6 million for the six months ended June 30, 2023, compared to a profit of HKD 138.3 million for the same period in 2022 [68]. Revenue and Occupancy Trends - The overall revenue from the hotel business in Hong Kong remained significantly below the levels of the same period in 2022, primarily due to changes in revenue structure related to quarantine operations [3]. - The average occupancy rate and average room rate for hotel operations showed gradual improvement in July and August 2023, indicating a positive trend [5]. - Average hotel occupancy rate in Hong Kong increased from 63.0% in 2022 to 80.0% in 2023, with RevPAR rising by 59.1% [7]. - Hotel operations and management revenue decreased to HKD 681.2 million from HKD 959.4 million, a decline of approximately 29.0% year-over-year [62]. Economic and Market Conditions - Global economic growth is expected to slow to 2.1% in 2023, down from 3.1% in the previous year [7]. - Hong Kong's GDP grew by 2.9% in Q1 2023 but slowed to 1.5% in Q2, indicating a slower-than-expected recovery [7]. - The Hong Kong government has revised its economic growth forecast for 2023 from 3.5%-5.5% to 4.0%-5.0%, reflecting a cautious outlook for the business environment in the second half of the year [16]. Financing and Cash Flow - The loss during the review period was primarily attributed to a sharp increase in financing costs due to rising interest rates and fair value losses on financial assets [3]. - Interest expenses for the period amounted to HKD 366,200,000, compared to net interest income of HKD 2,200,000 in 2022 [43]. - The group's financing costs increased significantly to HKD 413.1 million from HKD 145.0 million, marking an increase of approximately 184.5% year-over-year [65]. - The group reported a net cash flow from operating activities of HKD 201,100,000 during the review period, compared to HKD 17,300,000 in 2022 [43]. Asset and Liability Management - The adjusted net asset value per share is HKD 21.93, reflecting a decrease of 3.0% from HKD 22.61 as of December 31, 2022 [2]. - The total net asset value attributable to equity holders of the parent company is HKD 10,438.9 million, with an adjusted net asset value per share of HKD 21.93 [41]. - The group's total liabilities, after deducting cash and bank balances, were HKD 14,147.7 million, up from HKD 13,831.2 million as of December 31, 2022 [44]. - The asset-liability ratio as of June 30, 2023, was 48.0%, an increase from 45.7% as of December 31, 2022 [44]. Property and Development Projects - The group is currently converting some residential units in The Queens project into rental units to generate recurring income due to increasing demand for serviced apartments [14]. - The group is undertaking a commercial/residential redevelopment project in Sham Shui Po, with a total floor area of approximately 3,691 square meters planned for development [21]. - The group manages four Regal Hotels in mainland China, with a new hotel in Chengdu under development [12]. - The hotel project at 2 Yan Ka Street, Mong Kok, has a total floor area of approximately 6,529 square meters (70,278 square feet) and opened in March 2019, currently operated by P&R [31]. Corporate Governance and Compliance - The company has adhered to corporate governance codes as per the Hong Kong Stock Exchange regulations during the reporting period [76]. - The company has maintained a rigorous monitoring system for its accounts receivable, with no significant concentration of credit risk [71].

Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% growth year-over-year[1]. - The company reported a net profit margin of 15%, up from 12% in the previous year[1]. - Total assets increased to $1 billion, reflecting a 10% growth compared to the previous fiscal year[1]. - The group recorded a consolidated loss attributable to shareholders of HKD 358.3 million for the year ended December 31, 2022, an improvement from a loss of HKD 494.4 million in the previous fiscal year[25]. - For the six months ended June 30, 2022, the group reported an unaudited consolidated profit of HKD 138.3 million, primarily due to increased revenue from hotel operations, particularly from six hotels, including the newly opened Regal Airport Hotel in December 2021[25]. - The group's gross profit for the review year was HKD 857,800,000, compared to HKD 235,500,000 in 2021, while operating profit before depreciation, financing costs, and taxes was HKD 636,000,000, up from HKD 228,000,000 in 2021[28]. - The group recorded a net loss in its financial asset investment business due to adverse market conditions, particularly in the Hong Kong stock market[161]. - The net cash flow from operating activities for the year was HKD 209.5 million, compared to HKD 174.3 million in the previous year[166]. Revenue and Growth Projections - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $550 million[1]. - New product launches included a premium hotel service, expected to contribute an additional $50 million in revenue[1]. - User data showed a 15% increase in active users, reaching 2 million users by the end of the fiscal year[1]. - Market expansion plans include entering two new countries, aiming for a 5% market share within the first year[1]. - A new marketing strategy was introduced, focusing on digital channels, projected to increase customer engagement by 25%[1]. Investments and Acquisitions - The company completed a strategic acquisition of a local competitor for $100 million, expected to enhance market presence[1]. - The company is investing $30 million in technology development to enhance customer experience and operational efficiency[1]. - The group has no immediate plans for significant investments or capital assets beyond those disclosed in the chairman's report[130]. - The company is engaged in joint ventures for various development projects, enhancing its market presence and operational capacity[100][101][104]. Hotel Operations and Market Conditions - The average hotel occupancy rate in Hong Kong for 2022 was 66.0%, an increase of 3.0 percentage points from 2021, while the average revenue per available room (RevPAR) rose by 29.7%[32]. - Regal Airport Hotel, which opened in December 2021, generated significant operational revenue as a quarantine facility until late September 2022[33]. - Following the end of the quarantine hotel program in late September 2022, the hotel market in Hong Kong faced increased competition as previously designated quarantine hotels returned to normal operations[37]. - The group’s hotel operations revenue was affected during the transition period as they prepared to resume normal business operations[27]. Real Estate Development - The company has ongoing property development projects, including luxury residential developments in Hong Kong and mixed-use projects in mainland China[101][104][118][124]. - The new hotel project at Hong Kong International Airport has a site area of approximately 6,650 square meters and a total gross floor area of 33,700 square meters, featuring 1,208 rooms and suites[131]. - The residential development project at 160 Queen's Road West consists of 130 residential units with a total gross floor area of approximately 5,826 square meters, and the occupancy permit was issued in August 2022[132]. - The luxury residential project "富豪‧山峯" has a total gross floor area of approximately 32,474 square meters, with 136 apartment units and 24 garden houses, generating total sales of HKD 4,300,800,000, including completed sales of HKD 3,422,300,000[147]. Financial Position and Debt - As of December 31, 2022, the group's cash and bank deposits totaled HKD 1,744.5 million, down from HKD 2,233.7 million in the previous year[167]. - The group's debt as of December 31, 2022, was HKD 13,831.2 million, an increase from HKD 12,979.5 million in 2021, resulting in a debt-to-asset ratio of 45.7%[167]. - The total value of properties pledged as collateral for bank loans was HKD 20,394.7 million as of December 31, 2022[171]. - The group has secured waivers from banks regarding breaches of interest coverage ratios for certain loans, allowing them to remain classified as current liabilities[169]. Shareholding and Governance - The board of directors includes a mix of executive and independent non-executive members, ensuring governance and oversight[188][191]. - The company has established indemnity provisions for its directors and has purchased directors' liability insurance for protection[193]. - The overall shareholding structure demonstrates a strong concentration of ownership among key executives, particularly Mr. Luo Xurui[197]. Market Outlook and Economic Conditions - The company anticipates a strong recovery in the tourism industry in 2023 due to pent-up demand, with over 30 major international events planned in Hong Kong[48]. - The company believes that the worst financial impacts from the current economic conditions have likely passed[49]. - The company is well-prepared for business recovery as the economic situation in Hong Kong normalizes[50].