Financial Performance - The total revenue for the year ended June 30, 2024, was HKD 208,612,000, an increase from HKD 197,212,000 in 2023, representing a growth of approximately 5.7%[3] - The gross profit for the year was HKD 11,400,000, compared to HKD 4,050,000 in the previous year, indicating a significant increase[2] - The company reported a loss before tax of HKD 12,776,000 for 2024, slightly higher than the loss of HKD 11,675,000 in 2023[4] - The total comprehensive loss for the year was HKD 14,728,000, compared to HKD 21,137,000 in 2023, showing an improvement of approximately 30.5%[4] - The company reported a basic and diluted loss per share from continuing operations of HKD 1.82, compared to HKD 1.86 in the previous year[5] - The company recorded a loss attributable to owners of approximately HKD 12.2 million for the year, compared to a loss of HKD 12 million in 2023, with a gross margin decrease from 16% to 5.5%[34] - The company did not declare or recommend any dividends for the year ended June 30, 2024, consistent with the previous year[26] - The company reported a fair value loss of HKD 19,453 million on financial assets measured at fair value through profit or loss for the year ended June 30, 2024[20] - The company recognized an impairment loss of HKD 10,410 million on trade receivables for the year ended June 30, 2024[20] Revenue Segments - Revenue from the Smart City Solutions segment reached HKD 179,878 thousand, up from HKD 12,181 thousand in the previous year, indicating an increase of 1,377%[12] - Revenue from the Renewable Energy Products and Solutions segment was HKD 28,734 thousand, compared to HKD 13,111 thousand in the previous year, reflecting an increase of 119%[12] - The group reported a revenue of HKD 208,612 thousand for the fiscal year ending June 30, 2024, compared to HKD 25,292 thousand in the previous year, representing a significant increase of 726%[12] Cash and Assets - The net cash and cash equivalents increased to HKD 14,699,000 from HKD 9,147,000 in the previous year, reflecting a growth of about 60.5%[6] - The company's total assets decreased to HKD 220,006,000 from HKD 131,554,000, indicating a significant increase in liabilities[6] - The company’s equity attributable to owners decreased to HKD 96,494,000 from HKD 111,252,000, indicating a decline of approximately 13.3%[7] - Trade receivables (net of expected credit losses) at the end of the reporting period amounted to HKD 142.837 million, up from HKD 8.023 million in 2023[30] - The company’s current assets were approximately HKD 220 million, compared to HKD 131 million in 2023, while current liabilities increased to about HKD 158 million from HKD 37 million[60] - The company maintains a strong financial liquidity position with a net current asset value of approximately HKD 62 million, down from HKD 94 million in 2023[60] Investments and Financial Assets - The company recognized a fair value loss on investment properties of HKD 3,533,000, compared to HKD 1,136,000 in 2023, highlighting a deterioration in asset performance[4] - The company recorded a loss of approximately HKD 19.5 million in financial assets at fair value due to pessimistic market sentiment and global economic concerns[47] - The fair value gain from the investment in Starry Sky Huawen was HKD 17.4 million at the end of last year, indicating a previously sound investment decision[47] - As of June 30, 2024, the fair value of financial assets classified at fair value through profit or loss was approximately HKD 10,400,000, a decrease from HKD 34,000,000 as of June 30, 2023, representing a decline of 69.4%[48] - The total investment in financial assets as of June 30, 2024, amounted to HKD 36,812,546, compared to HKD 26,391,747 in the previous year, indicating an increase of 39.5%[48] Business Operations and Strategy - The group ceased operations in the charging business after selling its stake in Beijing Mingxin Zhiliang Technology Co., Ltd. in June 2023, which will not require restating comparative data[13] - The company is focusing on sectors supported by national policies, such as smart city solutions, and aims to establish partnerships with state-owned enterprises and local governments[32] - The business model emphasizes continuous innovation and the regular launch of new products, particularly in the smart city solutions and renewable energy sectors[39] - The renewable energy business faced challenges from regulatory delays and cost increases, with the feed-in tariff (FiT) program in Hong Kong set to end in December 2033, indicating a declining internal rate of return for solar photovoltaic (SPV) projects[43] - The company has decided to focus entirely on green energy and will not pursue further exploration in fossil fuels due to environmental concerns and increasing market risks[45] Financial Management - The company maintained a prudent financial policy, ensuring a positive liquidity position through internal resources and bank borrowings[63] - The financial cost for the year was approximately HKD 40,000, significantly reduced from HKD 172,000 in 2023[60] - The company has established a credit assessment and KYC process to evaluate potential borrowers, ensuring compliance with regulatory requirements[50] - No overdue loans have been reported since the current management allowed the issuance of such loans, indicating effective credit management[51] Future Outlook - The company is optimistic about the revenue prospects of its IDC business, expecting these projects to enhance financial performance and solidify its position as a reliable data center solution provider[58] - The company is actively negotiating with potential partners in China, the UK, and Southeast Asia for solar energy projects[57] - The company aims to establish a larger production base within 12 to 36 months based on anticipated contract values from potential clients[56]

Financial Performance - The total revenue for the year ended June 30, 2024, was HKD 208,612,000, compared to HKD 197,212,000 for the previous year, representing an increase of approximately 5.7%[3] - The gross profit for the year was HKD 11,400,000, while other income, gains, and losses amounted to HKD 2,246,000, indicating a decrease in other income compared to HKD 3,176,000 in the previous year[2] - The company reported a loss before tax of HKD 12,776,000, slightly higher than the loss of HKD 11,675,000 in the previous year, reflecting ongoing financial challenges[4] - The total comprehensive loss for the year was HKD 14,728,000, compared to HKD 21,137,000 in the previous year, showing an improvement in overall financial performance[4] - The loss attributable to owners of the company from continuing operations was HKD 12,420,000, compared to HKD 12,745,000 in the previous year, indicating a slight improvement[5] - The company reported a net loss of HKD 12,183 million for the year ended June 30, 2023, compared to a net profit of HKD 562 million from discontinued operations[27] Revenue Segments - The group's revenue for the fiscal year ending June 30, 2024, reached HKD 208,612,000, a significant increase from HKD 25,292,000 in the previous year, representing a growth of 726%[12] - Revenue from the Smart City Solutions segment amounted to HKD 179,878,000, compared to HKD 12,181,000 in the previous year, indicating a growth of 1,477%[12] - Revenue from the Renewable Energy Products and Solutions segment was HKD 28,734,000, up from HKD 13,111,000, reflecting a growth of 119%[12] Assets and Liabilities - The company's total assets decreased to HKD 220,006,000 from HKD 131,554,000, primarily due to changes in current liabilities[6] - The company's current assets were approximately HKD 220 million, compared to HKD 131 million in 2023, while current liabilities increased to about HKD 158 million from HKD 37 million[60] - The company maintains a strong financial liquidity position with a net current asset value of approximately HKD 62 million, down from HKD 94 million in 2023[60] Cash Flow and Liquidity - The net cash and cash equivalents increased to HKD 14,699,000 from HKD 9,147,000, indicating improved liquidity[6] - The company reported zero debt as of June 30, 2024, with financial costs of approximately HKD 40,000, significantly reduced from HKD 172,000 in 2023[60] Investments and Fair Value - The company recognized a fair value loss on investment properties of HKD 3,533,000, compared to HKD 1,136,000 in the previous year, reflecting market conditions affecting property values[4] - The company recognized a fair value loss of HKD 19,453 million on financial assets measured at fair value through profit or loss for the year ended June 30, 2024[20] - As of June 30, 2024, the fair value of financial assets classified at fair value through profit or loss was approximately HKD 10,400,000, a decrease from HKD 34,000,000 as of June 30, 2023, representing a decline of 69.4%[48] Business Operations and Strategy - The group ceased operations in the charging business after selling its stake in Beijing Mingxin Zhiliang Technology Co., Ltd. in June 2023, which will not require restating comparative figures[13] - The company has decided to focus entirely on green energy and will not pursue further exploration in fossil fuels due to environmental concerns and market uncertainties[45] - The company is shifting focus from selling Huawei inverters to larger projects due to geopolitical challenges and is expanding its solar photovoltaic system sales internationally[57] Employee and Administrative Costs - The employee costs for the year ended June 30, 2024, were approximately HKD 12,000,000, an increase from HKD 11,200,000 in 2023, with a total of about 40 employees[66] - General and administrative expenses increased by approximately 16.3% to about HKD 23 million, up from HKD 19 million in 2023, primarily due to increased business volume[36] Future Outlook and Market Conditions - The company anticipates that recent fiscal stimulus measures in China will enhance liquidity in the financial system, facilitating easier access to loans for businesses and consumers[32] - The ongoing conflicts in Ukraine and the Middle East are expected to impact global economic stability and energy prices, which are critical for the company's operations[55] Shareholder Returns - The company did not declare or recommend any dividends for the year ended June 30, 2024, consistent with the previous year[26] - The company did not recommend any final dividend for the year ended June 30, 2024[67] Acquisitions and Sales - The company completed the sale of 100% equity in a subsidiary for HKD 45,900,000 on October 30, 2023, to streamline operations[22] - The company agreed to sell its entire equity interest in a hotel project in Dongguan for HKD 45.9 million, with the proceeds intended for general working capital and development of existing projects[54]

Financial Performance - Revenue for the six months ended December 31, 2023, was HK$89,336,000, a significant increase from HK$3,538,000 in the previous period, representing a growth of 2,425%[6] - Gross profit for the same period was HK$6,505,000, compared to HK$712,000 in the previous period, indicating a substantial increase[6] - Profit for the period reached HK$50,798,000, a turnaround from a loss of HK$5,768,000 in the previous period[6] - The company reported a gain on the disposal of subsidiaries amounting to HK$76,305,000, contributing significantly to the overall profit[6] - Total comprehensive income for the period attributable to owners of the company was HK$5,023,000, compared to a loss of HK$4,567,000 in the previous period[9] - Earnings per share for the period were HK$1.84 cents, a significant improvement from a loss of HK$0.22 cents per share in the previous period[9] - For the six months ended December 31, 2023, the profit before tax was HK$51,092,000, a significant improvement from a loss of HK$5,768,000 in the same period of 2022[24] - The total comprehensive income for the period was HK$5,418,000, compared to a total comprehensive loss of HK$4,567,000 for the same period in 2022[19] - Profit attributable to owners of the Company for the period was HK$50,590,000, a significant recovery from a loss of HK$5,963,000 in the same period last year[75] Assets and Liabilities - Current assets increased to HK$181,807,000 as of December 31, 2023, up from HK$93,944,000 as of June 30, 2023[12] - Trade and other receivables surged to HK$149,807,000, compared to HK$40,765,000 in the previous period, reflecting improved collection and sales performance[12] - The company’s net assets decreased to HK$116,245,000 as of December 31, 2023, down from HK$128,498,000 as of June 30, 2023[16] - Cash and cash equivalents at the end of the period were HK$8,527,000, down from HK$13,190,000 at the end of December 2022[26] - Trade payables increased significantly to HK$13,266,000 as of December 31, 2023, compared to HK$4,560,000 as of June 30, 2023, representing a 191.5% increase[106] - Other payables decreased slightly to HK$17,230,000 as of December 31, 2023, from HK$19,315,000 as of June 30, 2023, a decline of 10.8%[106] Cash Flow - The net cash used in operating activities was HK$108,869,000, compared to HK$2,835,000 in the previous year, indicating a substantial increase in cash outflow[24] - The company reported a net cash inflow from investing activities of HK$53,653,000, contrasting with a net cash outflow of HK$6,765,000 in the prior year[26] - The company received HK$2,474,000 from loan receivables during the investing activities, indicating some recovery in cash flow from financial assets[26] - The company secured a loan from a third party amounting to HK$58,810,000, which contributed to the net cash generated in financing activities[26] Investments and Fair Value - The company recorded a fair value loss of HK$17,685,000 on financial assets during the period, compared to a gain of HK$1,350,000 in the previous year[24] - The fair value of listed equity instruments as of December 31, 2023, is determined based on quoted market closing prices available on the Stock Exchange[103] - The Group recorded a fair value loss of approximately HK$17.7 million on financial assets at fair value through profit or loss during the period, compared to a loss of approximately HK$1.4 million in 2022, due to pessimistic market sentiment and global recession concerns[183][185]. Business Segments - Revenue from Smart City Solutions amounted to HK$73,962,000, compared to HK$87,000 in the previous year, indicating a substantial increase in this segment[44] - The segment result for Technology was HK$4,513,000, while the segment result for Renewable Energy was HK$1,143,000, reflecting positive performance in these areas[47] - The Group recognized revenue of HK$433,000 over time, indicating ongoing projects and contracts in progress[47] - The Smart City Solutions Business has secured significant service contracts, including the Lanzhou Project valued at approximately RMB100.2 million, expected to be completed by June 2024[158] - The Gansu Project, valued at approximately RMB38.9 million, also commenced in October 2023 and is expected to be fully completed by June 2024[159] Corporate Governance - The board of directors has resolved not to pay any interim dividend for the six months ended December 31, 2023[77] - The Group has adopted new amendments to HKFRS for the first time, which are expected to enhance financial reporting accuracy[35] - The Group's accounting policies remain consistent with those followed in the preparation of the annual financial statements for the year ended June 30, 2023[31] Market Conditions and Challenges - The Renewable Energy Business faced significant challenges from 2020 to early 2023, including project cancellations and reduced Feed-in Tariff rates, impacting customer orders[171] - The sales of inverter systems were temporarily suspended due to changes in market and geopolitical conditions in Europe, where the Group's major customer is located[171] - The Group remains cautious regarding the Gasoil Trading Business due to volatile global crude oil prices and has not yet concluded a plan for resumption[176] Management and Strategy - The Group is committed to expanding its service offerings and leveraging emerging opportunities in data centers and technology sectors[169] - The Group's focus on establishing relationships with state-owned enterprises and reputable listed companies enhances its credibility in the PRC market[167] - The Group's proactive measures in project execution aim to meet the evolving needs of customers, contributing to sustainable and profitable growth[168]

Financial Performance - Revenue for the six months ended December 31, 2023, was HK$89,336,000, a significant increase from HK$3,538,000 in the previous period, representing a growth of 2,425%[9] - Gross profit for the same period was HK$6,505,000, compared to HK$712,000 in the previous period, indicating a substantial increase[9] - Profit before taxation reached HK$51,092,000, a turnaround from a loss of HK$5,531,000 in the previous period[9] - Profit for the period was HK$50,798,000, compared to a loss of HK$5,768,000 in the previous period, marking a significant improvement[9] - Earnings per share for the period was HK$1.84 cents, compared to a loss of HK$(0.22) cents in the previous period[12] - Total comprehensive income for the period was HK$5,418,000, compared to a total comprehensive loss of HK$5,420,000 in the previous period[11] - The company reported a profit for the period of HK$50,590,000 for the six months ended December 31, 2023, compared to a loss of HK$5,963,000 in the same period last year[21] - Total comprehensive income for the period was HK$5,023,000, compared to a total comprehensive loss of HK$4,567,000 in the previous year[21] - Profit before tax for the six months ended December 31, 2023, was HK$51,092,000, compared to a loss of HK$5,768,000 in the same period of 2022, indicating a significant turnaround[26] - Profit attributable to owners of the Company for the six months ended 31 December 2023 was approximately HK$51 million, a turnaround from a loss of approximately HK$6.0 million in the previous period, mainly due to a one-off gain from the disposal of a subsidiary[137] Assets and Liabilities - As of December 31, 2023, total assets amounted to HK$181,807,000, an increase from HK$131,554,000 as of June 30, 2023, representing a growth of 38%[14] - Current liabilities increased significantly to HK$100,193,000 from HK$32,584,000, indicating a rise of 207%[14] - Net current assets decreased to HK$81,614,000 from HK$94,071,000, reflecting a decline of 13%[14] - Total equity attributable to owners of the Company increased to HK$116,275,000 from HK$111,252,000, marking a growth of 4%[18] - Cash and cash equivalents stood at HK$8,527,000, a slight decrease from HK$9,147,000 as of June 30, 2023[14] - The company’s non-current assets totaled HK$42,680,000, showing a marginal increase from HK$42,476,000[14] - The company recorded an exchange difference loss of HK$7,774,000 due to foreign operations translation[11] - The company recorded a cumulative exchange difference of HK$37.606 million related to the net assets of the subsidiaries released upon loss of control[72] Cash Flow and Investments - Net cash generated from investing activities was HK$53,653,000, a recovery from a net cash outflow of HK$6,765,000 in the previous year[28] - The company reported a net cash inflow of HK$58,334,000 from financing activities, compared to a net cash outflow of HK$3,422,000 in the previous year[28] - Total cash used in operating activities was HK$108,869,000, a significant increase from HK$2,835,000 in the same period last year[26] - The company received HK$2,474,000 from loan receivables, marking a positive cash inflow from this segment[28] - The company reported a loss on the disposal of financial assets of HK$406,000, with no such losses reported in the previous year[26] - The company’s interest income decreased to HK$668,000 from HK$874,000 in the previous year, reflecting a decline of 23.6%[26] Revenue Segments - Revenue from Smart City Solutions amounted to HK$73,962,000, compared to HK$87,000 in the previous year, indicating a substantial increase in this segment[46] - Revenue from the design and sales of renewable energy products and solutions reached HK$15,374,000, up from HK$3,451,000, reflecting a growth of approximately 345%[46] - The segment result for Smart City Solutions was HK$4,513,000, while the overall segment result showed a loss of HK$19,825,000 for the Group[50] - The Group's total revenue for the six months ended December 31, 2023, was HK$89,336,000, a significant increase from HK$3,538,000 in the same period of 2022, representing a growth of approximately 2,525%[46] Expenses and Costs - General and administrative expenses increased to HK$11,491,000 from HK$8,975,000 in the previous period, reflecting a rise of 28%[9] - The total income tax expense for the period was HK$294,000, compared to HK$237,000 in the same period of 2022[61] - The company incurred finance costs of HK$25,000, down from HK$67,000 in 2022, indicating improved cost management[26] - General and administrative expenses increased by approximately 22% to about HK$11 million, up from approximately HK$9 million in the previous year, mainly due to increased legal and professional fees[144] Contracts and Projects - The Group secured a service contract for the Lanzhou Project valued at approximately RMB100.2 million, with on-site work commencing in October 2023 and expected completion by June 2024[161] - A service contract for the Gansu Project valued at approximately RMB38.9 million was also secured, with similar timelines for commencement and completion[162] - The company signed a service contract worth approximately RMB 100.2 million for the Lanzhou project, which involves the installation of an AI model training computing platform and an educational cloud platform, expected to commence in October 2023 and be completed by June 2024[166] - The company has entered into ten new projects under the Smart City Solution Business during the review period, indicating a strong project pipeline[175] Market Conditions and Challenges - The Renewable Energy Business faced significant challenges from 2020 to early 2023 due to delays in approvals, project cancellations, and reduced feed-in tariff rates, impacting overall performance[174] - The company reported a temporary suspension of inverter sales due to changing market conditions and geopolitical factors in Europe, affecting its major customer base[174] - The management maintains a cautious approach towards the gasoil trading business due to volatile global crude oil prices and ongoing geopolitical tensions, with no concrete plans for resumption at this time[179] - The Group has adopted a cautious approach in its refined oil trading business, avoiding losses amid fluctuating global oil prices[181] Investments and Equity - Listed equity investments in Hong Kong decreased from HK$34,223,000 to HK$10,877,000, a decline of approximately 68%[105] - The Group's investment portfolio comprised 6 equity securities as of December 31, 2023, down from 8 as of June 30, 2023[189] - The Group's investment in STAR CM Holdings Limited was sold during the review period to mitigate risks after the stock price dropped by over 75% due to controversies surrounding a popular television show[186] Dividends and Share Capital - The board of directors resolved not to pay any interim dividend for the six months ended December 31, 2023[80] - The authorized share capital remained at 160,000,000 shares with a total amount of HK$1,600,000 as of 31 December 2023[116] - The Group did not declare an interim dividend for the six months ended 31 December 2023, consistent with the previous year[135]

Financial Performance - Revenue for the year ended June 30, 2023, was HK$25,292,000, a decrease of 58.6% compared to HK$60,969,000 in 2022[2] - Attributable loss for the year was HK$12,183,000, improving from a loss of HK$50,869,000 in the previous year[2] - Cash and cash equivalents as of June 30, 2023, were HK$9,147,000, down from HK$24,493,000 in 2022, representing a decline of 62.7%[2] - Total assets decreased to HK$174,030,000 from HK$179,045,000, a reduction of 0.6%[2] - The equity position improved to HK$111,252,000 from HK$130,855,000, indicating a decrease of 15%[2] - The current assets to current liabilities ratio was 3.51, down from 4.98 in 2022, reflecting a tighter liquidity position[2] - The Group reported total revenue of approximately HK$25 million for the year, a decrease of approximately 59% compared to HK$61 million in 2022[36] - Loss attributable to owners of the Company was approximately HK$12 million, down from approximately HK$51 million in 2022, with a loss per share of HK0.45 cents compared to HK2.75 cents in the previous year[37] - The gross profit ratio improved to 16% from 5.3% in 2022, despite the overall revenue decline[37] - Other income increased to approximately HK$3.2 million from HK$2.3 million in 2022, primarily due to higher interest income[38] - General and administrative expenses decreased by approximately 27% to about HK$19 million from HK$27 million in 2022, reflecting cost control measures[39] - The Group recognized a fair value gain on financial assets of approximately HK$11 million, compared to a loss of approximately HK$13.9 million in the previous year[45] - Finance costs significantly decreased to approximately HK$172,000 from approximately HK$12 million in 2022 due to the settlement of all interest-bearing loans[46] Business Operations and Strategy - The company secured two smart construction site contracts totaling over HK$12 million in December 2022 and January 2023, indicating growth in the IoT business segment[10] - The company has temporarily suspended its gasoil business activities as a risk avoidance measure due to geopolitical tensions and market instability[11] - The management is focused on revitalizing the business post-COVID-19, particularly in the areas of Solar Photovoltaic Systems and Smart City initiatives[10] - The company aims to adapt to market conditions and position itself for long-term success despite ongoing challenges in the global economic landscape[10] - The Group signed two significant contracts in the renewable energy sector, including a HK$12 million contract for a SPV system at a mega movie studio and a HK$50 million contract for a local university, providing sustainable revenue sources[18][22] - The Group's Renewable Energy Business is expected to continue expanding following the lifting of COVID-19 social gathering bans in January 2023[18][22] - The Group plans to extend its Smart City Solution Business, having successfully executed two projects during the year[25][29] - The Group remains committed to investing in research and development in clean and renewable energy despite challenges in the market[17][21] - The Group's strategy focuses on creating sustainable and intelligent environments through advanced infrastructure and digital solutions[20][23] - The Group aims to explore new opportunities in overseas markets to diversify its revenue streams[19][22] Market Conditions and Trends - Global oil demand is expected to rise by 2.4 million barrels per day (mb/d) in 2023, with China accounting for 60% of the increase[55] - Saudi Arabia has committed to further reduce oil output by 1 mb/d in July 2023, leading to a two-year low production level of 9 mb/d[55] - The Group's cautious approach in fuel oil trading has limited business scale, focusing on cash transactions and avoiding international waters to mitigate risks[54] - The European market is experiencing a surge in demand for solar energy systems and reliable inverters, with potential customers approaching the Group for procurement[186] - The demand for high-efficiency inverters in Europe is increasing due to the growing adoption of solar energy, driven by commitments to sustainable and renewable energy[188] Technological Development - The Group has integrated Artificial Intelligence, Big Data, and Machine Learning into its IoT devices, enhancing growth opportunities in the data center market[26][29] - The establishment of an intelligent computing platform in Gansu aligns with the trend of reducing reliance on US computing services, presenting stable cash inflow opportunities[27][30] - The interrelationship among IoT, AI, Big Data, and Data Centers enhances the functionality and accuracy of IoT devices, driving the development of cloud applications[78] - The company has been participating in the data center business since 2019, responding to the US-China strategic rivalry and the need for local data centers[84] - The Group is providing value-added services including the design, development, and installation of training computing platforms and education cloud platforms for educational institutions in Lanzhou, generating revenue from these services[198] Project Updates - The Lanzhou Projects, with a total contract sum of approximately RMB139 million, are expected to commence in October 2023 and be completed by February 2024[28] - The Group signed two service contracts for the "Lanzhou Project" in July 2023, with a contract value of approximately RMB 139 million, expected to be completed by February 2024[31] - In June 2023, the company signed two service contracts in Guangzhou and Guangdong, with contract sums of approximately RMB4.8 million and RMB6.5 million respectively, both expected to be completed by November 2023[191][193] - In July 2023, the company secured two new projects in Lanzhou with state-owned enterprises, with contract sums of approximately RMB100 million and RMB39 million, expected to commence in October 2023 and complete by February 2024[196] Investment and Financial Assets - The Group's total investment in financial assets at fair value through profit or loss amounted to HK$44,809,364, with a total unrealized loss of HK$10,586,193 as of June 30, 2023[128] - The investment portfolio included 8 equity securities listed on the Stock Exchange of Hong Kong and one unlisted security, with 5 on the Main Board and 3 on the GEM[124][125] - The Group held 1,561,000 shares in Zijing International Financial Holdings, with an accumulated unrealized loss of HK$12,279,774 as of June 30, 2023[133] - The Group held 1,423,000 shares in China Fortune Financial Group, with an accumulated unrealized loss of HK$2,063,930 as of June 30, 2023[137] - The Group held 180,000 shares in Worldgate and recorded an accumulated unrealized loss of HK$2,258,100 in respect of such investment as of 30 June 2023[146] - The Group held 12,240,000 shares in China Star Group with an accumulated unrealized loss of HK$93,455[168] - The Group acquired 3,000,000 shares of Differ during the year, recording an accumulated unrealized loss of HK$540,000[172] - STAR CM Holdings Limited disposed of 26,400 shares with a realized gain of HK$1,400,000 during the year under review[180] - As of 30 June 2023, the Group held 213,600 shares in STAR CM with an accumulated unrealized gain of HK$17,387,040[180] Cultural Products and Assets - The Group's cultural products, including precious stones and artifacts, had a book value of approximately HK$ 1.26 million as of June 30, 2023, down from approximately HK$ 8.12 million as of June 30, 2022[103] - As of June 30, 2023, the value of cultural products in the group's inventory was approximately HK$1.26 million, a significant decrease from approximately HK$8.12 million on June 30, 2022[108] - The group holds a total of 225 cultural products, unchanged from the previous year, stored in a secure facility operated by a renowned security company[109]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公佈全部或任何部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。 CHAMPION TECHNOLOGY HOLDINGS LIMITED 冠 軍 科 技 集 團 有 限 公 司 （延續於百慕達之有限公司） （股份代號：92） 截至2023年6月30日止年度 全年業績之公佈 全年業績 冠軍科技集團有限公司（「本公司」），連同其附屬公司，統稱（「本集團」）之董事（「董事」）會 （「董事會」）宣佈，本集團截至2023年6月30日止年度之綜合業績連同去年之比較數字如 下： 綜合損益及其他全面收益表 截至2023年6月30日止年度 2023年 2022年 附註 千港元 千港元 收益 3 25,292 60,969 銷售成本 (21,242) (57,734) 毛利 4,050 3,235 其他收入、收益及虧損 3,176 2,253 一般及行政支出 (19,418) (26,767) ...

Financial Performance - Revenue for the six months ended December 31, 2022, was HK$3,538,000, a decrease of 90.6% compared to HK$37,541,000 in the previous period[7]. - Gross profit for the same period was HK$712,000, down 72.7% from HK$2,609,000 in the previous period[7]. - Loss before taxation was HK$5,531,000, significantly improved from a loss of HK$37,112,000 in the previous period[7]. - Loss for the period from continuing operations was HK$5,768,000, compared to a loss of HK$37,631,000 in the previous period[7]. - Total comprehensive expense for the period was HK$5,420,000, compared to HK$32,428,000 in the previous period[10]. - Basic and diluted loss per share for continuing operations was HK$0.22, compared to HK$4.23 in the previous period[13]. - Other income, gains, and losses amounted to HK$1,247,000, down from HK$3,359,000 in the previous period[7]. - General and administrative expenses were HK$8,975,000, reduced from HK$17,172,000 in the previous period[7]. - The company recorded a loss for the period of HK$5,963,000 for the six months ended December 31, 2022, compared to a loss of HK$34,174,000 for the same period in the previous year[24]. - The loss before taxation from continuing operations was HK$5,963,000 for the six months ended December 31, 2022, compared to a loss of HK$37,112,000 in the same period in 2021[52]. - The Group's total revenue for the six months ended December 31, 2022, was HK$3,538,000, a decrease of 90.6% compared to HK$37,541,000 for the same period in 2021[48]. - Loss attributable to owners of the Company was approximately HK$6.0 million for the six months ended December 31, 2022, compared to a loss of approximately HK$34.2 million in the previous period[142]. Assets and Liabilities - As of December 31, 2022, total assets less current liabilities amounted to HK$153,613,000, a decrease from HK$159,484,000 as of June 30, 2022, representing a decline of approximately 3.6%[20]. - Net current assets were reported at HK$75,013,000, down from HK$77,939,000, indicating a decrease of about 3.7%[20]. - Total equity attributable to owners of the Company decreased to HK$126,288,000 from HK$130,855,000, reflecting a decline of approximately 3.6%[20]. - Cash and cash equivalents decreased to HK$13,190,000 from HK$24,493,000, a significant drop of about 46.2%[20]. - Trade and other payables increased to HK$11,914,000 from HK$9,779,000, representing an increase of approximately 21.8%[20]. - The company’s reserves decreased from HK$103,502,000 to HK$98,935,000, a reduction of about 4.5%[20]. - Lease liabilities decreased from HK$960,000 to HK$901,000, showing a decline of approximately 6.1%[20]. - The company reported financial assets at fair value through profit or loss increased to HK$29,696,000 from HK$21,985,000, an increase of approximately 35%[20]. - Non-controlling interests decreased from HK$18,764,000 to HK$17,911,000, a decline of about 4.6%[20]. - Cash and cash equivalents at the end of the period were HK$13,190,000, down from HK$30,322,000 at the end of the previous year[30]. - The total cash outflows from financing activities were HK$3,422,000, compared to HK$39,660,000 in the prior year[30]. Operational Highlights - Revenue from the sale and leasing of surveillance equipment increased to HK$87,000 in 2022 from HK$43,000 in 2021, representing a growth of 102.3%[48]. - Revenue from the design and sales of renewable energy products decreased to HK$3,451,000 in 2022 from HK$3,864,000 in 2021, a decline of 10.7%[48]. - The segment result for technology sales was a loss of HK$397,000 for the six months ended December 31, 2022, compared to a profit of HK$238,000 in the same period of 2021[52]. - The Group's strategic investments and trading of gasoil segments reported a loss of HK$4,078,000 for the six months ended December 31, 2022[52]. - The Group's revenue from trading gasoil was zero in 2022, down from HK$33,634,000 in 2021, indicating a complete exit from this segment[48]. Cash Flow and Financing - The net cash used in operating activities was HK$2,835,000, a decrease from net cash generated of HK$545,000 in the prior year[30]. - Net cash used in investing activities amounted to HK$6,765,000, significantly lower than HK$59,824,000 in the previous year[30]. - The company incurred finance costs of HK$67,000, a significant reduction from HK$11,923,000 in the previous period[27]. - The company did not report any proceeds from the disposal of subsidiaries during the current period, while it had net cash outflows of HK$55,220,000 from such activities in the previous year[30]. Strategic Initiatives - The Group has been investing substantial resources in the research and development of Solar Photovoltaic technology products since 2018[160]. - The Group's renewable energy business includes sales of SPV systems, inverter-related business, and feed-in tariff rates business, with the first two being the core[161]. - The Group has entered into a formal contract with a leading movie and TV program production enterprise for the installation of a solar photovoltaic (SPV) system, expected to generate revenue of approximately HK$12 million with a profit margin of about 10%[169]. - The Group has maintained a cautious approach to trading in international waters, focusing on opportunities in Hong Kong waters to mitigate risks[159]. - The easing of COVID-19 restrictions in China is expected to boost public consumption and significantly increase GDP growth in 2023, although past restrictions have impacted the Group's renewable energy and oil trading businesses[158]. Management and Governance - Key management personnel remuneration for the six months ended December 31, 2022, was HK$4,164,000, significantly higher than HK$1,755,000 for the same period in 2021, marking an increase of 137.5%[123]. - The authorized share capital remained at HK$1,600,000,000 with 160,000,000 shares as of December 31, 2022[120]. - The Group's management considers the credit risk to be low, with no provision for impairment loss deemed necessary at this time[92].

Revenue and Profitability - Revenue for the six months ended December 31, 2021, was HK$37,541,000, a decrease of 48.5% compared to HK$72,600,000 in the previous period[4] - Gross profit for the same period was HK$2,609,000, down 52.0% from HK$5,434,000 in the previous period[4] - Loss before taxation was HK$37,112,000, compared to a loss of HK$35,714,000 in the previous period, indicating a 3.9% increase in losses[4] - Loss for the period from continuing operations was HK$37,631,000, slightly higher than the loss of HK$35,927,000 in the previous period[4] - Profit from discontinued operations for the period was HK$4,742,000, down 48.3% from HK$9,164,000 in the previous period[4] - Total comprehensive expense for the period was HK$32,428,000, compared to HK$16,916,000 in the previous period, reflecting a significant increase in losses[8] - The Group's revenue for the six months ended December 31, 2021, was HK$37,541,000, a decrease of 46.5% compared to HK$70,200,000 for the same period in 2020[53] - Revenue from the sale of cultural products was HK$0, while revenue from the sale and leasing of surveillance equipment was HK$43,000, down from HK$520,000 in the previous year[53] - Revenue from renewable energy products was HK$3,864,000, a decrease of 8.7% from HK$4,234,000 in the prior year[53] - Trading of gasoil generated revenue of HK$33,634,000, down 48.7% from HK$65,446,000 in the previous year[53] Financial Position - As of December 31, 2021, total assets less current liabilities amounted to HK$185,786,000, a decrease from HK$314,988,000 as of June 30, 2021, representing a decline of approximately 41%[15] - The company's net current assets were HK$94,890,000, down from HK$184,140,000, indicating a reduction of about 48%[15] - Non-current liabilities increased to HK$9,888,000 from HK$250,893,000, reflecting a significant decrease of approximately 96%[18] - The total equity attributable to owners of the company rose to HK$148,362,000 from a deficit of HK$6,967,000, marking a substantial turnaround[18] - Cash and cash equivalents decreased to HK$30,322,000 from HK$135,567,000, a decline of about 78%[15] - The company reported a loss for the period, with accumulated losses reaching HK$4,568,627,000 as of December 31, 2021[23] - Share capital increased significantly to HK$273,532,000 from HK$68,383,000, indicating a growth of approximately 300%[23] - The company’s reserves showed a negative balance of HK$125,170,000, worsening from a negative HK$75,350,000[18] - The Group's total assets as of 31 December 2021 were approximately HK$3,334,623,000[166] Cash Flow and Financing Activities - Cash generated from operations was HK$773,000, significantly down from HK$33,182,000 in the prior period[28] - Net cash used in investing activities amounted to HK$59,824,000, compared to a net cash generation of HK$8,156,000 in the same period last year[31] - The company reported a net cash outflow of HK$98,939,000 in cash and cash equivalents, contrasting with an increase of HK$15,637,000 in the previous year[31] - The company incurred finance costs of HK$11,923,000, compared to HK$16,600,000 in the previous year[28] - The repayment of other interest-bearing borrowings was HK$185,000,000, a significant increase from HK$10,000,000 in the prior period[31] - The company reported a net cash used in financing activities of HK$39,660,000, compared to HK$25,319,000 in the previous year[31] - The rights issue completed on December 14, 2021, raised net proceeds of approximately HK$198,000,000, which were used to repay HK$126,000,000 of remaining loans[157] - The company completed a Rights Issue on 14 December 2021, raising gross proceeds of approximately HK$205 million by issuing 2,051,492,544 rights shares at a subscription price of HK$0.1 per share[172] Discontinued Operations - The Group reported a segment loss before taxation from continuing operations of HK$37,112,000 for the period[60] - The Group ceased operations related to system sales and licensing after the disposal of its shareholding in Kantone Holdings Limited, impacting comparative figures[54] - For the six months ended December 31, 2021, the revenue from discontinued operations was HK$41,302,000, a decrease of 38.5% compared to HK$66,993,000 in 2020[90] - The gross profit from discontinued operations for the same period was HK$24,069,000, down 38.6% from HK$39,218,000 in 2020[90] - The profit for the period from discontinued operations was HK$4,742,000, a decline of 48.3% compared to HK$9,164,000 in 2020[90] - The net cash outflows from discontinued operations were HK$6,888,000 for the period, compared to inflows of HK$19,976,000 in 2020[90] Taxation and Compliance - The total income tax expense for the six months ended December 31, 2021, was HK$519,000, significantly higher than HK$213,000 in 2020[75] - The deferred tax charged for the period was HK$256,000, compared to HK$28,000 in 2020, indicating increased tax liabilities[75] - The company has applied certain amendments to Hong Kong Financial Reporting Standards for the first time during the current period[34] Assets and Liabilities - The carrying value of property, plant, and equipment decreased from HK$36,577,000 on July 1, 2021, to HK$2,106,000 by December 31, 2021, primarily due to the disposal of subsidiaries[103] - The fair value of investment properties as of June 30, 2021, was approximately HK$50,022,000, with no significant changes noted by December 31, 2021[106] - The present value of minimum lease payment receivables decreased from HK$42,975,000 as of June 30, 2021, to HK$41,604,000 by December 31, 2021[111] - Inventory levels dropped significantly from HK$38,564,000 on June 30, 2021, to HK$12,979,000 by December 31, 2021, indicating a reduction in raw materials and finished goods[118] - The Group's finished goods included cultural products valued at approximately HK$8,508,000 as of December 31, 2021[118] - The Group's lease liabilities were reported at HK$3,546,000[177] - The warranty provision stood at HK$1,166,000[177] Credit and Receivables Management - As of December 31, 2021, trade receivables amounted to HK$39,605,000, with an impairment provision of HK$1,353,000, compared to HK$41,531,000 and HK$1,122,000 as of June 30, 2021[123] - Other receivables as of December 31, 2021, totaled HK$36,645,000, with an impairment provision of HK$5,683,000, up from HK$19,438,000 and HK$5,683,000 as of June 30, 2021[123] - The ageing analysis of trade receivables shows that HK$18,391,000 (48.1%) were within 0-60 days past due as of December 31, 2021, compared to HK$14,919,000 (36.9%) as of June 30, 2021[126] - Trade receivables over 90 days past due increased to HK$15,831,000 (41.4%) as of December 31, 2021, from HK$9,071,000 (22.2%) as of June 30, 2021[126] - The Group's credit policy allows for credit periods ranging from 30 to 180 days based on customer financial strength and market conditions[124] - The Group regularly reviews credit limits for customers based on past settlement history and current reputation[130] Fair Value Measurement - The fair value measurement is categorized into levels 1 to 3 based on the observability of the fair value[197] - The company has maintained consistent valuation of investment properties across reporting periods[195][196] - The financial instruments and investment properties are measured at fair value for recurring measurement[197] - The company adheres to its accounting policy for fair value measurement without any changes in classification[198]

Financial Performance - Revenue for the year ended June 30, 2021, was HK$237,473,000, a decrease of 42.1% from HK$410,668,000 in 2020[3] - Adjusted loss for the year was HK$55,882,000 compared to an adjusted loss of HK$34,727,000 in 2020, representing a 60.5% increase in loss[3] - Attributable loss for the year was HK$59,822,000, up from HK$39,521,000 in 2020, indicating a 51.5% increase in loss[3] - The Group reported total revenue of approximately HK$237 million for the year, a decrease of approximately 42% compared to HK$411 million in 2020, primarily due to reduced trading volume in gasoil and charter income from oil tankers[47] - Loss attributable to owners of the Company was approximately HK$60 million, compared to approximately HK$40 million in 2020, with a loss per share of HK8.75 cents, up from HK5.78 cents in the previous year[48] - Other income decreased to approximately HK$7 million from HK$17 million in 2020, mainly due to a fair value loss on financial assets of approximately HK$15 million, compared to a gain of approximately HK$17 million in 2020[49][56] Assets and Liabilities - Cash and cash equivalents as of June 30, 2021, were HK$135,567,000, an increase of 26.6% from HK$107,051,000 in 2020[3] - Total assets as of June 30, 2021, were HK$414,892,000, down from HK$458,766,000 in 2020, reflecting a decrease of 9.5%[3] - The current assets to current liabilities ratio improved to 2.84 from 2.33 in 2020, indicating better liquidity[3] - The Group recognized an inventory of HK$5.8 million as of June 30, 2021, and implemented measures to manage risks associated with gasoil trading[64] - The decision to dispose of the oil tanker was made to avoid further losses due to COVID-19, with proceeds used to reduce interest-bearing loans, saving approximately HK$1.95 million in annual interest costs[62] Corporate Actions and Strategies - The company proposed to raise gross proceeds of approximately HK$205 million by issuing 2,051,492,544 rights shares at a subscription price of HK$0.1 per share[17] - The company aims to achieve a debt-free position through these corporate actions, significantly enhancing its financial strength[17] - The management has focused on improving the company's financial situation through debt reduction and increased investment in renewable energy and system products[16] - The company is focused on strengthening its cash flow through rights issues and disposal exercises to enhance working capital for trading and technology business expansion[73] - The management is optimistic that the gasoil market will recover as the negative impacts of COVID-19 subside, allowing for higher profit margins with increased turnover[74] Business Operations and Market Adaptation - The company has taken proactive measures to adapt to the challenges posed by COVID-19 and is working on optimizing its business and asset restructuring[15] - The management has temporarily suspended the shipping business to assess the gasoil and oil tanker markets due to the adverse impacts of COVID-19[24] - The company is actively monitoring market conditions to potentially restart its shipping business when the impact of COVID-19 subsides[25] - The company has resumed most of its business plans since June 2021, contributing to revenue growth[18] - The company has taken proactive measures to adapt to challenges posed by the pandemic and economic disruptions[18] Renewable Energy and Technology Development - The renewable energy business is expected to enter a harvesting phase by June 30, 2021, as the company continues to optimize its asset portfolio[26] - The company is focused on expanding its renewable energy and technology businesses with the remaining funds from the corporate actions[22] - The company has successfully redeployed resources towards large scale solar photovoltaic (SPV) projects on vacant lands, leading to new substantial contracts and letters of intent[29] - A tender was awarded to the company by a renowned property developer for the supply and installation of an SPV system in Sai Sha, covering over 680 square meters and consisting of more than 1,340 solar panels[29] - The Group's renewable energy business is expected to enter its harvesting period, with many customers responding positively to the designs after studying the Group's engineering examples[84] Cultural Products and Market Strategy - The company continues to adopt a cautious approach in handling cultural products, acquiring new items while monitoring market conditions for optimal resale opportunities[38] - The company has displayed its cultural products on its website to enhance public awareness[38] - As of June 30, 2021, the value of cultural products held for trading and resale amounted to HK$12,758,000, an increase from HK$11,583,000 as of June 30, 2020, representing a growth of approximately 10.1%[122][124] - The Group holds a total of 368 pieces of cultural products, which are stored in a secured warehouse managed by a world-renowned security company[122][123] Investment and Market Conditions - The negative impact of global market conditions, including fears of a worldwide economic recession and tensions between the USA and China, significantly affected the investment market during the reporting period[130] - The Group's cautious approach to handling cultural products continues, with ongoing acquisitions and market monitoring to optimize inventory realization[121] - The investment portfolio included 6 equity securities listed on the Stock Exchange of Hong Kong, down from 10 in 2020, with 3 on the Main Board and 3 on the GEM[131] Future Outlook and Confidence - The company remains confident about its future prospects following the strengthening of its financial structure after recent corporate actions[38] - The company is committed to creating greater benefits and a better future for its shareholders[39] - The management believes that the trading business will revive once COVID-19 is substantially under control, contributing to the company's normal operational levels[71] - The company expresses gratitude to customers, suppliers, business partners, and shareholders for their support during challenging times[38]

Financial Performance - Revenue for the six months ended December 31, 2020, was HK$139,593,000, a decrease of 46.1% compared to HK$262,215,000 in the previous period[5] - Gross profit for the same period was HK$44,652,000, down 8.5% from HK$48,719,000 in the previous period[5] - The loss for the period was HK$26,763,000, compared to a profit of HK$8,515,000 in the previous period, indicating a significant decline[5] - The company reported a loss before taxation of HK$26,381,000 for the six months ended December 31, 2020, compared to a profit of HK$8,702,000 in the same period of 2019[26] - The Group incurred a loss before taxation of HK$26,381,000 for the period, compared to a loss of HK$5,328,000 in the same period of the previous year[48] - The loss attributable to owners of the company for the same period was HK$30,702,000, compared to a profit of HK$5,465,000 in the previous year[70] Comprehensive Income - Other comprehensive income for the period was HK$9,847,000, compared to a loss of HK$225,000 in the previous period[9] - Total comprehensive expense for the period was HK$16,916,000, compared to a total comprehensive income of HK$8,290,000 in the previous period[9] - The company reported a loss for the period, with total comprehensive expenses amounting to HK$30,702,000 for the six months ended December 31, 2020[21] Assets and Liabilities - Non-current assets as of December 31, 2020, totaled HK$146,055,000, a slight decrease from HK$148,318,000 as of June 30, 2020[13] - Current assets increased to HK$305,542,000 from HK$300,098,000 as of June 30, 2020[13] - Current liabilities rose to HK$99,248,000 from HK$133,146,000 as of June 30, 2020, indicating improved liquidity[13] - As of December 31, 2020, the company's net assets decreased to HK$45,816,000 from HK$62,724,000 as of June 30, 2020, representing a decline of approximately 26.9%[17] - Total liabilities increased from HK$262,896,000 to HK$306,533,000, representing an increase of approximately 16.6%[17] Equity - The total equity attributable to owners of the company showed a deficit of HK$7,931,000 compared to an equity of HK$17,305,000 as of June 30, 2020, indicating a significant deterioration in financial position[17] - The company's accumulated losses reached HK$4,504,579,000 as of December 31, 2020, compared to HK$4,535,281,000 as of June 30, 2020, indicating a slight improvement in accumulated losses[21] - The share capital remained unchanged at HK$68,383,000 for both periods[21] Cash Flow - Cash generated from operations was HK$33,182,000, a significant recovery from a cash usage of HK$83,534,000 in the previous year[26] - Net cash generated from operating activities amounted to HK$32,800,000, compared to a net cash usage of HK$83,721,000 in the prior year[26] - The net cash used in financing activities was HK$25,319,000, a reduction from HK$92,687,000 in the prior year[29] - The company had cash and cash equivalents of HK$133,230,000 at the end of the period, an increase from HK$101,170,000 at the end of the previous year[29] Revenue Breakdown - Revenue from the sale of cultural products was HK$34,381,000, down from HK$51,875,000 in 2019, reflecting a decrease of about 33.7%[43] - Revenue from technology system sales, including software licensing, was HK$56,062,000, compared to HK$190,640,000 in the previous year, indicating a decline of approximately 70.7%[48] - Revenue from trading of gasoil was HK$65,446,000, down from HK$180,640,000 in the same period of 2019, representing a decrease of approximately 63.7%[48] - The Group's renewable energy product sales generated revenue of HK$4,234,000, up from HK$1,112,000 in the previous year, reflecting an increase of about 280.5%[48] Impairment and Losses - The company reported a significant impairment loss on property, plant, and equipment amounting to HK$7,382,000 during the period[5] - The company incurred an impairment loss on vessels amounting to HK$7,382,000 during the reporting period[26] - An impairment loss of approximately HK$7,382,000 was recognized for the period ended December 31, 2020, due to the carrying amount of a vessel exceeding its recoverable amount[77] Financial Obligations - Finance costs amounted to HK$19,253,000, reflecting the company's financial obligations[55] - Interest income for the period was HK$3,718,000, while finance costs amounted to HK$16,600,000[48] - The effective interest rate applicable to finance leases is approximately 3.96% per annum[84] Trade Receivables and Payables - As of December 31, 2020, trade receivables amounted to HK$65,566,000, an increase of 9.6% from HK$59,992,000 as of June 30, 2020[100] - The ageing analysis of trade receivables shows that HK$37,903,000 (57.8%) were overdue by 91-180 days as of December 31, 2020, compared to HK$17,412,000 (29.1%) for the same period in 2020[102] - Trade and bills payables amounted to HK$30,839,000, a significant increase from HK$9,541,000 as of June 30, 2020[126] Management and Personnel - Key management personnel remuneration totaled HK$8,070,000 for the six months ended December 31, 2020, an increase of 3.5% from HK$7,798,000 in the same period of 2019[185] - Performance-related incentive payments increased to HK$1,320,000 for the six months ended December 31, 2020, up from HK$1,065,000 in 2019, reflecting a growth of 24%[185] Investment Properties and Fair Value - Investment properties valued at HK$45,170,000 as of December 31, 2020, with HK$45,170,000 classified under Level 3 fair value measurement[196] - Listed equity securities amounted to HK$59,795,000 as of December 31, 2020, all classified under Level 1 fair value measurement[196] - The fair values of listed shares in Hong Kong are determined based on market closing prices quoted on the Stock Exchange[120]