凯升控股(00102.HK)发布公告，由于本公司未能于2025年7月10日前完全满足复牌指引及恢复公司股份 于联交所买卖，故于2025年8月15日，联交所上市委员会议决根据第6.01A(1)条取消公司的上市地位。 截至2025年8月18日收盘，凯升控股(00102.HK)报收于0.05港元，与上一交易日持平，成交量--股，成交 额0.0港元。投行对该股关注度不高，90天内无投行对其给出评级。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 | 指标 | 凯升控股 | 其他休闲服务 行业平均 | 行业排名 | | --- | --- | --- | --- | | ROE | | 5.62% | | | 港股流通市值 | 2.12亿 | 431.27亿 | 21 29 | | 营业收入 | | 258.62亿 | | | 净利率 | | -15.07% | | | 毛利率 | | 33.9% | | | 负债率 | | 91.95% | | 凯升控股港股市值2.12亿港元，在其他休闲服务行业中排名第21。主要指标见下表： ...

Core Viewpoint - Kaisheng Holdings (00102) announced that it failed to fully meet the resumption guidance by July 10, 2025, leading to the cancellation of its listing status on the Stock Exchange on August 15, 2025 [1] Summary by Relevant Sections - Listing Status - The Stock Exchange's listing committee decided to cancel the company's listing status based on Rule 6.01A(1) [1] - The last trading date for the company's shares on the Stock Exchange will be August 29, 2025 [1] - The listing status will be officially canceled at 9:00 AM on September 1, 2025 [1] - Resumption Guidance - The company will not request a review of the listing committee's decision under Rule 2B.06(2) [1]

格隆汇8月18日丨凯升控股(00102.HK)公告，由于公司未能于2025年7月10日前完全满足复牌指引及恢复 公司股份于联交所买卖，故于2025年8月15日，联交所上市委员会议决根据第6.01A(1)条取消公司的上 市地位。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 凱升控股有限公司 Holdings Limited 凱升控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：102） (1)上市委員會決定取消本公司上市地位； 及 除另有說明者外，本公告所有提述之條文及章節均指上市規則之條文及章節。 上市委員會決定取消本公司上市地位 上市委員會取消上市地位的決定 茲 提 述 本 公 司 日 期 為 二 零 二 四 年 四 月 八 日 及 二 零 二 四 年 五 月 十 七 日 的 公 告，內 容有關聯交所分別於二零二四年四月五日及二零二四年五月十六日發出本公司 之 復 牌 指 引（「復牌指引」）。 由於本公司未能於二零二五年七月十日前完全滿足復牌指引及恢復本公司股份 （「股 份」）於 聯 交 所 買 賣，故 於 二 零 二 五 年 八 月 十 五 日，聯 交 所 上 市 委 員 會 議 決 根 據 第6.01 ...

格隆汇8月11日丨凯升控股(00102.HK)公告，谨定于2025年8月29日(星期五)举行董事会会议，藉以考虑 及批准集团截至2025年6月30日止6个月的中期业绩及支付中期股息(如有)，以及处理任何其他事项。继 续停牌。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 承董事會命 凱升控股有限公司 主 席 盧衍溢 香港，二零二五年八月十一日 凱升控股有限公司 Holdings Limited 凱升控股有限公司 繼續停牌 凱 升 控 股 有 限 公 司（「本公司」及 其 附 屬 公 司 統 稱 為「本集團」）董 事 會（「董事會」） 茲 通 告 謹 定 於 二 零 二 五 年 八 月 二 十 九 日（星 期 五）舉 行 董 事 會 會 議，藉 以 考 慮 及 批 准 本 集 團 截 至 二 零 二 五 年 六 月 三 十 日 止 六 個 月 的 中 期 業 績 及 支 付 中 期 股 息（如 有），以 及 處 理 任 何 其 他 事 項。 繼續停牌 本 公 司 股 份（「股 份」）已 於 二 零 二 四 年 一 月 十 一 日 上 午 九 時 正 起 在 香 港 聯 合 交 易 所 有 限 公 司（「聯交所」）短 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 就 因 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 凱升控股有限公司 Holdings Limited 凱升控股有限公司 （於百慕達註冊成立之有限公司） （股份代號：102） 於二零二五年八月八日舉行之 二零二五年度股東週年大會表決結果及 繼續停牌 | | | 票 | 數 | | --- | --- | --- | --- | | | 普通決議案 | （概約%） | | | | | 贊 成 | 反 對 | | 1. | 省覽本公司截至二零二三年十二月三十一日 | 3,218,187,091 | 8,039 | | | 及二零二四年十二月三十一日止年度的經審 | (99.9997%) | (0.0003%) | | | 核 綜 合 財 務 報 表 及 董 事（「董 事」）會 報 告 與 核 | | | | | 數師報告。 | | | | 2. | 重 選Lam Hung Tuan先生為執行董事。 | ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00102 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,509,444,590 | | 0 | | 4,509,444,590 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 4,509,444,590 | | 0 | | 4,509,444,590 | 第 2 頁 共 10 頁 v 1.1.1 公司名稱: 凱升控股有限公司 (於百慕達註冊成立 ...

年 報 2024 Annual Report 2024 SUMMIT ASCENT HOLDINGS LIMITED 凱升控股有限公司 ANNUAL REPORT 2024 年報 目 錄 | 摘 要 | 2 | | --- | --- | | 管理層討論與分析 | 3 | | 董事及高級管理層履歷詳情 | 19 | | 企業管治報告 | 23 | | 環境、社會及管治報告 | 38 | | 董事會報告 | 74 | | 獨立核數師報告 | 91 | | 綜合損益及其他全面收益表 | 96 | | 綜合財務狀況表 | 98 | | 綜合權益變動表 | 100 | | 綜合現金流量表 | 101 | | 綜合財務報表附註 | 103 | | 五年概要 | 171 | | 公司資料 | 172 | 1 凱升控股有限公司 | 二零二四年年報 摘 要 2 二零二四年年報 | 凱升控股有限公司 • 本集團於二零二四年的總收益為港幣414,500,000元，較 二 零 二 三 年 的 港 幣369,100,000元增加12%。 • 本集團於二零二四年錄得正經調整EBITDA港 幣162,500,000元，而 二 零 二 三 ...

[Executive Summary](index=3&type=section&id=%E6%91%98%E8%A6%81) The Group recorded a significant loss in 2023, primarily due to substantial non-cash impairment losses and fair value adjustments, despite a slight revenue decrease and improved adjusted EBITDA 2023 Financial Summary | Indicator | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | HKD 369.1 million | HKD 372.3 million | -1% | | **Adjusted EBITDA** | HKD 131.5 million | HKD 105.1 million | +25.1% | | **(Loss)/Profit Attributable to Owners of the Company** | (HKD 740.0 million) | HKD 11.8 million | N/A | - The primary reasons for the shift from profit to loss in 2023 include - Recognition of impairment loss on property, operating rights, and equipment of approximately **HKD 483.1 million**[7](index=7&type=chunk) - Fair value loss on derivative financial instruments of approximately **HKD 169.0 million**[7](index=7&type=chunk) - Expected credit loss on financial guarantee contracts of approximately **HKD 304.8 million**[7](index=7&type=chunk) [Management Discussion and Analysis](index=4&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) The Group's core business is the Tigre de Cristal casino and hotel in Russia, with a strategic shift towards the local market and diversification into a luxury hotel project in Okinawa, Japan [Business Review](index=4&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The Group's core business is the Tigre de Cristal casino and hotel in Russia, with a strategic shift towards the local market and diversification into a luxury hotel project in Okinawa, Japan - The Group operates gaming and hotel businesses through its **77.5%** stake in Oriental Regent Limited and receives a **3%** management fee on G1 Entertainment's net gaming revenue[8](index=8&type=chunk) - The core asset, "Tigre de Cristal," located in the Russian Integrated Entertainment Zone, holds a gaming license and development rights for three land plots[9](index=9&type=chunk) - Due to the Russia-Ukraine conflict and related sanctions, the Group has suspended major capital expenditures, including Tigre de Cristal Phase II development, and shifted its business focus to the Russian local market[11](index=11&type=chunk) - In May 2023, the Group completed the acquisition of approximately **108,799 square meters** of land in Miyakojima, Okinawa, Japan, planning to develop a luxury hotel with beach villas to diversify its Asian business[12](index=12&type=chunk)[13](index=13&type=chunk) [Use of Proceeds](index=6&type=section&id=%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) This report details the use of proceeds from the 2019 placing and 2020 rights issue, with most funds originally for Tigre de Cristal Phase II now reallocated, including **HKD 280 million** for the Japan land acquisition and **HKD 125 million** for its future development Use of Proceeds Change Summary | Source | Original Planned Use | Changed Primary Use | | :--- | :--- | :--- | | 2019 Placing and 2020 Rights Issue | Tigre de Cristal Phase II Development | 1. Repayment for Japan land acquisition (**HKD 280 million**)<br>2. Future development of Japan land (**HKD 125 million**)<br>3. General working capital of the Group (**HKD 74.3 million**) | - As of December 31, 2023, the unutilized amount was **HKD 125 million**, expected to be used for future development design, planning, and partial financing of the Japan land by December 31, 2026[17](index=17&type=chunk) [Financial Assistance to a Fellow Subsidiary](index=9&type=section&id=%E5%90%91%E4%B8%80%E9%96%93%E5%90%8C%E7%B3%BB%E9%99%84%E5%B1%AC%E5%85%AC%E5%8F%B8%E6%8F%90%E4%BE%9B%E8%B2%A1%E5%8B%99%E8%B3%87%E5%8A%A9) The Group provided significant financial support to its fellow subsidiary, Suntrust, for its Manila hotel-casino project, including convertible bond restructuring, a **USD 20 million** direct loan, and guarantees for a **PHP 25 billion** bank loan, with a counter-indemnity from controlling shareholder LET - To support Suntrust in obtaining a **PHP 25 billion** bank loan, the Group provided multiple guarantees, including pledging its Suntrust convertible bonds and shares, and committing to fund project cost overruns[20](index=20&type=chunk)[28](index=28&type=chunk) - The Group agreed to restructure its financial support to Suntrust, exchanging its old convertible bonds and accrued interest for new convertible bonds with a principal amount of up to **PHP 13.5 billion**, and waiving part of the overdue interest[24](index=24&type=chunk)[25](index=25&type=chunk) - The Group provided a **USD 20 million** loan to Suntrust via the SA Loan Agreement to meet the construction reserve account requirements of its bank loan agreement[27](index=27&type=chunk) - Controlling shareholder LET provided a counter-indemnity deed to the Group, committing to fully indemnify the Group for all liabilities and losses that may arise from providing the aforementioned financial support[34](index=34&type=chunk) [Outlook](index=15&type=section&id=%E5%B1%95%E6%9C%9B) The Group will maintain stable operations at Tigre de Cristal in the Russian local market, but expansion plans are suspended due to geopolitical risks, with strategic focus shifting to high-growth Asian markets through investments in Suntrust and new hotel development in Okinawa, Japan - Tigre de Cristal will continue to focus on the Russian local market, its short-term prospects are stable, but Phase II expansion is suspended, and the Group is seeking local strategic partners[38](index=38&type=chunk) - The Group is actively diversifying its investments, with a focus on the Philippine market, aiming to preserve investment value and achieve future capital appreciation through restructuring financial assistance to Suntrust[39](index=39&type=chunk) - The newly acquired land in Okinawa, Japan, will be developed into a luxury hotel, leveraging the Group's experience in five-star hotel operations to achieve strategic diversification of its Asian business[40](index=40&type=chunk) [Financial Review](index=16&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) In 2023, total revenue slightly decreased by 1% to **HKD 369 million**, but adjusted EBITDA increased by 25% to **HKD 131.5 million** due to operating expense reductions, while a significant loss attributable to owners of **HKD 740 million** was recorded due to substantial non-cash items 2023 vs 2022 Financial Performance Comparison | Indicator | 2023 (HKD thousand) | 2022 (HKD thousand) | | :--- | :--- | :--- | | **Total Revenue from Gaming and Hotel Operations** | 369,127 | 372,306 | | **Tigre de Cristal Adjusted EBITDA** | 131,545 | 105,138 | | **(Loss)/Profit Attributable to Owners of the Company** | (739,964) | 11,847 | | **Impairment Loss on Property, Operating Rights and Equipment** | (483,107) | – | | **Expected Credit Loss on Financial Guarantee Contracts** | (304,834) | – | | **Fair Value Loss on Derivative Financial Instruments** | (169,022) | (141,912) | 2023 Gaming Business Key Indicators | Business Segment | Wagering Turnover (HKD million) | Wagering Turnover YoY Change | Net Gaming Revenue (HKD million) | Net Gaming Revenue YoY Change | | :--- | :--- | :--- | :--- | :--- | | **VIP** | 9.8 | N/A | (0.1) | N/A | | **Mass Market** | 908 | +26% | 172 | +2% | | **Slot Machines** | 4,651 | -4% | 164 | -5% | - Hotel operations benefited from improved domestic demand, with average occupancy rates for weekends and weekdays increasing from **61%** and **30%** (2022) to **73%** and **42%** (2023) respectively[53](index=53&type=chunk) - The Group had no bank borrowings at the end of 2023, with a debt-to-asset ratio of **0%**. Cash and cash equivalents decreased from **HKD 832 million** at the beginning of the year to **HKD 340 million**, primarily due to cash outflows from investing activities (acquisition of Japan land and loans to a fellow subsidiary)[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) [Biographical Details of Directors and Senior Management](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A5%E6%AD%B7%E8%A9%B3%E6%83%85) This section provides detailed biographies of the company's board members and senior management, highlighting their extensive experience in gaming, IT, finance, and hotel management [Directors and Senior Management](index=27&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E9%AB%98%E7%B4%9A%E7%AE%A1%E7%90%86%E5%B1%A4) This section provides detailed biographies of the company's board members and senior management, highlighting their extensive experience in gaming, IT, finance, and hotel management - **Mr. Lo Yan Yee**: Chairman and Executive Director, also Chairman and major shareholder of controlling shareholder LET Group, with extensive experience in the gaming industry, corporate management, and mergers and acquisitions[85](index=85&type=chunk) - **Mr. Lam Hung Tuan**: Executive Director, also Executive Director of LET and CTO of Suntrust, with over **20 years** of experience in the information technology industry[87](index=87&type=chunk) - **Mr. Stylianos Tsifetakis**: Director of Russian Operations, with over **23 years** of global casino and hotel industry experience[100](index=100&type=chunk) - **Mr. Yip Hor Chi**: Finance Director, with extensive experience in accounting, auditing, and financial management, having held senior financial positions in various listed companies[102](index=102&type=chunk) [Corporate Governance Report](index=31&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) The company complied with the Corporate Governance Code in 2023, with a clear separation of Chairman and CEO roles, but faced temporary non-compliance with listing rules regarding board and committee composition due to director resignations in early 2024 [Corporate Governance Practices and the Board](index=31&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%B8%B8%E8%A6%8F%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%9C%83) The company complied with the Corporate Governance Code in 2023, with a clear separation of Chairman and CEO roles, but faced temporary non-compliance with listing rules regarding board and committee composition due to director resignations in early 2024 - The Company complied with all code provisions of the Corporate Governance Code for the year ended December 31, 2023[106](index=106&type=chunk) - As of the end of 2023, the Board comprised three Executive Directors and three Independent Non-executive Directors, with the roles of Chairman and Chief Executive Officer held by different individuals to ensure clear segregation of duties[107](index=107&type=chunk)[108](index=108&type=chunk) - The report disclosed that several directors resigned on January 15, 2024, leading to the Company's temporary non-compliance with Listing Rules regarding the number of Independent Non-executive Directors and committee compositions until new directors were appointed[107](index=107&type=chunk)[122](index=122&type=chunk)[125](index=125&type=chunk) 2023 Board and Committee Meeting Attendance Record | Director Name | Board Meetings | Audit Committee | Nomination Committee | Remuneration Committee | Annual General Meeting | | :--- | :--- | :--- | :--- | :--- | :--- | | Mr. Lo | 5/9 | - | - | - | 1/1 | | Mr. Choi | 6/9 | - | - | - | 1/1 | | Mr. Chiu | 9/9 | - | - | - | 1/1 | | Mr. Lam Kwan Sing | 8/9 | 3/3 | 1/1 | 2/2 | 1/1 | | Mr. Lau | 9/9 | 3/3 | 1/1 | 2/2 | 1/1 | | Mr. Li | 9/9 | 3/3 | - | - | 1/1 | [Board Committees](index=35&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A7%94%E5%93%A1%E6%9C%83) The Board has four committees—Audit, Nomination, Remuneration, and Corporate Governance—to assist in its duties, with their 2023 activities detailed, and the report notes temporary committee vacancies and non-compliance with Listing Rules in early 2024 due to director resignations - **Audit Committee**: Composed of three Independent Non-executive Directors, responsible for overseeing financial reporting, internal controls, and risk management systems, and recommending the appointment of external auditors[122](index=122&type=chunk) - **Nomination Committee**: Composed of three Independent Non-executive Directors, responsible for reviewing the Board's size, composition, and diversity, and recommending director appointments[125](index=125&type=chunk) - **Remuneration Committee**: Composed of three Independent Non-executive Directors, responsible for reviewing the remuneration packages of Executive Directors and senior management[126](index=126&type=chunk) - **Corporate Governance Committee**: Composed of three Independent Non-executive Directors, responsible for formulating and reviewing the Company's corporate governance policies and practices[131](index=131&type=chunk) [Risk Management and Internal Control](index=41&type=section&id=%E9%A2%A8%E9%9A%AA%E7%AE%A1%E7%90%86%E5%8F%8A%E5%85%A7%E9%83%A8%E7%9B%A3%E6%8E%A7) The Board is ultimately responsible for the Group's risk management and internal control systems, which were reviewed for effectiveness in 2023, and confirmed as adequate and effective, with sufficient resources for accounting, internal audit, and financial reporting functions - The Board is responsible for risk management and internal control systems and reviews their effectiveness annually[152](index=152&type=chunk) - The Group has established a risk management organizational framework comprising the Board, Audit Committee, and a dedicated Risk Management Task Force, with an internal audit function for continuous monitoring[153](index=153&type=chunk) - The Board, through the Audit Committee, conducted an annual review of the risk management and internal control systems for 2023 and deemed them adequate and effective[154](index=154&type=chunk) [Shareholders' Rights](index=43&type=section&id=%E8%82%A1%E6%9D%B1%E6%AC%8A%E5%88%A9) The report outlines key shareholder rights, including procedures for convening extraordinary general meetings and proposing resolutions, and channels for communication with the Board, such as the annual general meeting, company website, and dedicated email - Shareholders holding not less than **1/10** of the paid-up share capital of the Company have the right to request the Board to convene an extraordinary general meeting[159](index=159&type=chunk) - Shareholders holding not less than **1/20** of the total voting rights or not less than **100** shareholders may submit a written request to include a resolution at a general meeting[160](index=160&type=chunk) - The Company maintains communication with shareholders and investors through the Annual General Meeting, its website (www.saholdings.com.hk), and a dedicated contact email (info@saholdings.com.hk)[162](index=162&type=chunk)[164](index=164&type=chunk) [Environmental, Social and Governance Report](index=45&type=section&id=%E7%92%B0%E5%A2%83%E3%80%81%E7%A4%BE%E6%9C%83%E5%8F%8A%E7%AE%A1%E6%B2%BB%E5%A0%B1%E5%91%8A) The Group is committed to reducing its environmental impact at Tigre de Cristal, improving employee welfare, promoting responsible gaming, and actively engaging in community investment, while also addressing climate-related risks [Environmental](index=49&type=section&id=%E7%92%B0%E5%A2%83) The Group is committed to reducing its environmental impact at Tigre de Cristal, with significant reductions in exhaust gas emissions and stable greenhouse gas emissions, implementing energy and water saving measures, and supporting biodiversity through tree planting and Siberian tiger adoption Exhaust Gas Emissions (tons) | Pollutant Type | 2023 | 2022 | | :--- | :--- | :--- | | **Nitrogen Oxides (NOx)** | 1.112 | 6.120 | | **Sulfur Oxides (SOx)** | 0.002 | 0.007 | | **Particulate Matter (PM)** | 0.102 | 0.425 | Greenhouse Gas Emissions (tonnes of CO2e) | Scope | 2023 | 2022 | | :--- | :--- | :--- | | Scope 1 (Direct) | 2,065.57 | 2,744.82 | | Scope 2 (Indirect) | 3,800.18 | 3,216.20 | | **Total Emissions** | **5,912.22** | **5,959.20** | Resource Consumption | Resource Type | Unit | 2023 | 2022 | | :--- | :--- | :--- | :--- | | **Total Energy Consumption** | MWh | 16,385.81 | 22,190.65 | | **Total Water Consumption** | cubic meters | 37,199 | 43,718 | - The Group has identified climate change-related physical risks (e.g., extreme weather) and transition risks (e.g., changes in environmental regulations) and developed corresponding mitigation strategies[216](index=216&type=chunk) [Social](index=59&type=section&id=%E7%A4%BE%E6%9C%83) The Group prioritizes employee rights, health, and safety, with no work-related fatalities in 2023, significantly increased training hours, strict adherence to labor standards, promotion of responsible gaming, and active community engagement through job creation, talent programs, and charitable donations Employee Profile (As of Year-End) | Indicator | 2023 | 2022 | | :--- | :--- | :--- | | **Total Number of Employees** | 934 | 1,004 | | **Employee Turnover Rate** | 36.1% | N/A | | **Number of Work-Related Fatalities** | 0 | 0 | | **Number of Work-Related Injuries** | 0 | 3 | Employee Training Overview | Employee Category | 2023 Average Training Hours | 2022 Average Training Hours | | :--- | :--- | :--- | | **Senior Management** | 47.00 | 36.87 | | **Middle Management** | 35.80 | 40.22 | | **Frontline and Other Employees** | 12.24 | 2.79 | - The Group strictly adheres to anti-money laundering regulations, provides related employee training, and has established anti-corruption guidelines and an anonymous reporting channel[276](index=276&type=chunk)[278](index=278&type=chunk)[279](index=279&type=chunk) - The Group actively fulfills its community responsibilities, creating nearly **1,000** local jobs, collaborating with universities on talent development programs, and making total charitable donations of **1.485 million Rubles** in 2023[283](index=283&type=chunk)[295](index=295&type=chunk) [Directors' Report](index=80&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%A0%B1%E5%91%8A) The Directors' Report covers the company's investment holding nature, its primary gaming and hotel operations in Russia, the recorded loss for 2023, and the Board's recommendation against a final dividend [Principal Activities and Results](index=80&type=section&id=%E4%B8%BB%E8%A6%81%E6%A5%AD%E5%8B%99%E5%8F%8A%E6%A5%AD%E7%B8%BE) The Company is an investment holding company, with its subsidiaries primarily operating hotel and gaming businesses in the Russian Federation, recording a loss for 2023, and the Board recommends no final dividend - The Company is an investment holding company, with its principal activities conducted through subsidiaries operating hotel and gaming businesses in the Russian Federation[297](index=297&type=chunk) - The Board recommends no dividend be paid for the year ended December 31, 2023[301](index=301&type=chunk) [Share Capital and Directors' Interests](index=81&type=section&id=%E8%82%A1%E6%9C%AC%E5%8F%8A%E8%91%A3%E4%BA%8B%E6%AC%8A%E7%9B%8A) This section details the company's unchanged share capital, the absence of listed securities transactions, and the directors' interests in shares and share options as of December 31, 2023, including the terms of the 2020 convertible bonds and the 2021 share option scheme - Chairman Mr. Lo Yan Yee is the Company's major shareholder, holding approximately **69.77%** of the Company's shares through controlled corporations[319](index=319&type=chunk) - The Company issued convertible bonds with a total principal amount of **USD 3 million** in November 2020, maturing in 2025[324](index=324&type=chunk) - The Company adopted a new share option scheme in 2021, with **1,000,000** shares subject to granted but unexercised share options as of the end of 2023 under this scheme[326](index=326&type=chunk)[328](index=328&type=chunk) [Connected Transactions](index=90&type=section&id=%E9%97%9C%E9%80%A3%E4%BA%A4%E6%98%93) During the year, the Group engaged in several significant connected transactions, including a terminated revolving loan agreement with controlling shareholder LET, the acquisition of a Japanese land project company from LET, and complex financial assistance to fellow subsidiary Suntrust, all in compliance with Listing Rules - A revolving loan agreement with controlling shareholder LET was entered into and subsequently terminated[336](index=336&type=chunk) - The Company acquired the entire equity interest in Takumi Limited from controlling shareholder LET as part of the acquisition of the Okinawa, Japan land, which constituted a connected transaction and was approved by shareholders[337](index=337&type=chunk)[338](index=338&type=chunk) - Financial assistance provided to fellow subsidiary Suntrust, including subscription for new convertible bonds, the SA Loan Agreement, and guarantees for Suntrust's bank loan, constituted major and connected transactions for the Company and were approved by shareholders[340](index=340&type=chunk)[355](index=355&type=chunk) [Independent Auditor's Report](index=96&type=section&id=%E7%8D%A8%E7%AB%8B%E6%A0%B8%E6%95%B8%E5%B8%AB%E5%A0%B1%E5%91%8A) Independent auditor Crowe (HK) CPA Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended December 31, 2023, affirming their fair presentation and compliance with Hong Kong Financial Reporting Standards, identifying "Revenue from Gaming Operations" as a key audit matter [Auditor's Opinion](index=96&type=section&id=%E6%A0%B8%E6%95%B8%E5%B8%AB%E6%84%8F%E8%A6%8B) Independent auditor Crowe (HK) CPA Limited issued an unmodified opinion on the Group's consolidated financial statements for the year ended December 31, 2023, affirming their fair presentation and compliance with Hong Kong Financial Reporting Standards, identifying "Revenue from Gaming Operations" as a key audit matter - The auditor issued an unmodified opinion on the consolidated financial statements[361](index=361&type=chunk) - "Revenue from Gaming Operations" was identified as a key audit matter due to its materiality and significant proportion of the Group's total revenue, with audit procedures including understanding and testing relevant internal controls, performing analytical reviews, and tracing samples of transactions[365](index=365&type=chunk)[366](index=366&type=chunk) [Consolidated Financial Statements](index=101&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the Group's consolidated financial statements, including the statement of profit or loss, financial position, cash flows, and detailed notes, reflecting a significant loss in 2023 driven by impairment and fair value losses [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=101&type=section&id=%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The Group's total revenue in 2023 was **HKD 369 million**, similar to the prior year, but significant impairment and fair value losses resulted in a pre-tax loss of **HKD 844 million** and a loss attributable to owners of **HKD 740 million**, with basic loss per share of **16.41 HK cents** 2023 Consolidated Statement of Profit or Loss Summary (HKD thousand) | Item | 2023 | 2022 | | :--- | :--- | :--- | | **Revenue from Gaming and Hotel Operations** | 369,127 | 372,306 | | **Other Gains and Losses** | (818,453) | 23,851 | | **Fair Value Loss on Derivative Financial Instruments** | (169,022) | (141,912) | | **(Loss)/Profit Before Tax** | (844,232) | 13,336 | | **(Loss)/Profit Attributable to Owners of the Company** | (739,964) | 11,847 | | **Basic (Loss)/Earnings Per Share (HK cents)** | (16.41) | 0.26 | [Consolidated Statement of Financial Position](index=103&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of year-end 2023, total assets decreased to **HKD 3.087 billion** due to impairment of property, operating rights, and equipment, while total liabilities increased to **HKD 465 million** primarily from new financial guarantee contract liabilities, leading to a decrease in total equity to **HKD 2.622 billion** 2023 Consolidated Statement of Financial Position Summary (HKD thousand) | Item | 2023 | 2022 | | :--- | :--- | :--- | | **Non-current Assets** | 2,497,489 | 2,777,543 | | *of which: Property, Operating Rights and Equipment* | 885,524 | 1,115,134 | | *of which: Derivative Financial Instruments* | 1,444,032 | 1,610,994 | | **Current Assets** | 589,490 | 956,952 | | **Total Assets** | **3,086,979** | **3,734,495** | | **Current Liabilities** | 417,720 | 55,262 | | *of which: Financial Guarantee Contracts* | 304,834 | – | | **Non-current Liabilities** | 46,974 | 185,024 | | **Total Liabilities** | **464,694** | **240,286** | | **Total Equity** | **2,622,285** | **3,494,209** | [Consolidated Statement of Cash Flows](index=106&type=section&id=%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In 2023, the Group generated **HKD 86.07 million** from operating activities, but investing activities resulted in a net outflow of **HKD 438 million** due to acquisitions and loans, and financing activities used **HKD 89.91 million**, leading to a net decrease in cash and cash equivalents of **HKD 442 million**, ending the year with **HKD 339 million** 2023 Consolidated Statement of Cash Flows Summary (HKD thousand) | Item | 2023 | 2022 | | :--- | :--- | :--- | | **Net Cash Generated from Operating Activities** | 86,068 | 85,825 | | **Net Cash (Used in)/Generated from Investing Activities** | (437,987) | 106,575 | | **Net Cash Used in Financing Activities** | (89,905) | (24,701) | | **Net (Decrease)/Increase in Cash and Cash Equivalents** | (441,824) | 167,699 | | **Cash and Cash Equivalents at Beginning of Year** | 831,861 | 606,575 | | **Cash and Cash Equivalents at End of Year** | 339,466 | 831,861 | [Notes to the Consolidated Financial Statements](index=108&type=section&id=%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E6%B3%A8) The notes provide detailed explanations of the Group's financial performance, including a **HKD 483 million** impairment loss on Tigre de Cristal assets due to the Russia-Ukraine conflict and project suspension, a **HKD 305 million** expected credit loss on financial guarantees for Suntrust, and a **HKD 169 million** fair value loss on Suntrust convertible bonds - **Impairment of Property, Operating Rights and Equipment (Note 17)**: Due to factors such as the suspension of Tigre de Cristal Phase II development and the Russia-Ukraine conflict, the Group conducted impairment tests on related cash-generating units, recognizing an impairment loss of approximately **HKD 483.1 million**[514](index=514&type=chunk) - **Financial Guarantee Contracts (Note 29)**: The Group provided financial guarantees to support fellow subsidiary Suntrust in obtaining bank financing, resulting in the recognition of an expected credit loss of approximately **HKD 304.8 million** as of year-end[548](index=548&type=chunk)[549](index=549&type=chunk) - **Derivative Financial Instruments (Note 21)**: The Group's convertible bonds in Suntrust are classified as derivative financial instruments measured at fair value, with a fair value loss of approximately **HKD 169 million** recorded for the year. Due to the instrument being pledged and conversion rights restricted, its valuation method changed from equity allocation to discounted cash flow[521](index=521&type=chunk)[530](index=530&type=chunk)[531](index=531&type=chunk) - **Related Party Transactions (Note 40)**: Detailed disclosures of significant transactions with controlling shareholder LET and fellow subsidiary Suntrust, including interest income, loans, and guarantees[599](index=599&type=chunk)[601](index=601&type=chunk) [Five-Year Summary](index=177&type=section&id=%E4%BA%94%E5%B9%B4%E6%A6%82%E8%A6%81) This section provides a five-year overview of the Group's key financial performance indicators, including revenue, profit/loss attributable to owners, total assets, total liabilities, and equity attributable to owners Five-Year Financial Summary (HKD thousand) | Item | 2019 | 2020 | 2021 | 2022 | 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 532,816 | 211,238 | 265,519 | 372,306 | 369,127 | | **Profit/(Loss) Attributable to Owners of the Company** | 81,998 | 10,018 | (229,988) | 11,847 | (739,964) | | **Total Assets** | 2,372,928 | 3,977,883 | 3,722,720 | 3,734,495 | 3,086,979 | | **Total Liabilities** | (336,515) | (240,970) | (259,455) | (240,286) | (464,694) | | **Equity Attributable to Owners of the Company** | 1,644,388 | 3,398,275 | 3,168,449 | 3,180,359 | 2,438,317 |