香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：163） 1 (ii) 加快推售住宅項目之餘下單位 本集團繼續加快推售住宅項目之餘下單位，當中包括 壽臣山 15 號 一間豪華洋房於 2025年9月以發售價約5.8億港元成功出售。有關溢利分佔將於交付洋房後確認。 (iii) 出售投資物業 (iv) 積極與銀行進行建設性磋商 本公司一直積極與銀行進行建設性磋商，以制訂一致同意的財務重新安排措施。本 公司將根據上市規則規定，在適當時候就其進展作出進一步公告。 季度更新 茲提述英皇國際集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）於2025 年7月21日刊發之截至2025年3月31日止年度之年報（「年報」）。除另有說明外，本公 告所用詞彙與年報所界定者具有相同涵義。 為改善本集團財務狀況，從而應對年報所述有關本集團持續經營之事宜，自年報刊發後 至本公告日期止，本集團主要已實施了以下的措施： (i) 推出新 ...

Market Overview - The Hang Seng Index rose by 359 points, closing at 25,417, an increase of 1.43% for the day and 1.4% for the week [3][4] - The total market turnover was 299.945 billion, with a net inflow of 5.623 billion from northbound trading [3] Key Companies Performance - Major tech stocks contributed to the market rise, with Tencent up 2.2% at 605.5, Alibaba up 1.5% at 131.8, and JD.com up 1.9% at 122.1 [4] - HSBC Holdings increased by 2.5% to 102.1, while Hong Kong Exchanges and Clearing rose by 0.8% to 435.6 [4] Macroeconomic and Industry Dynamics - The Hong Kong government is actively contributing to the Belt and Road Initiative, with a summit scheduled to discuss investment opportunities in various sectors [7] - The Hong Kong Stock Exchange is exploring T+1 settlement and expanding ETF connectivity to enhance liquidity and competitiveness [8] - The Ministry of Industry and Information Technology in China is focusing on accelerating the development of AI and robotics industries [9] Regulatory Changes - The China Securities Regulatory Commission is proposing to lower the maximum subscription fees for public funds, aiming to reduce investor costs [10] Corporate News - Ctrip's chairman plans to sell 1 million ADS valued at approximately 73.75 million USD [11] - Hong Kong Broadband announced a board restructuring, appointing a new chairman to enhance governance [12] - Singularity Future Technology is acquiring an AI company for 460 million HKD, with payment through share issuance [13] - Emperor International is selling properties in Macau for 90 million HKD, expecting a fair value loss of approximately 36.4 million HKD [14]

Core Viewpoint - Emperor International (00163) announced the sale of properties located in Macau for a total consideration of HKD 90 million [1] Group 1: Transaction Details - The seller, an indirect wholly-owned subsidiary of the company, is selling the properties to the buyer, Chansung Investment Limited [1] - The properties consist of two retail shops located underground and one residential unit, with a total gross floor area of approximately 3,200 square feet [1]

Core Viewpoint - The company, Emperor International (00163), announced the sale of properties located in Macau for a total consideration of HKD 90 million [1] Group 1: Transaction Details - The seller is an indirect wholly-owned subsidiary of the company, namely E-Rise Limited [1] - The buyer of the properties is Chansung Investment Limited [1] - The properties consist of two retail shops located underground and one residential unit, with a total gross floor area of approximately 3,200 square feet [1]

（於百慕達註冊成立之有限公司） （股份代號: 163） 須予披露交易 出售物業 於2025年9月5日，賣方（本公司之間接全資附屬公司）已與買方訂立該協議，據此，賣 方已有條件地同意出售而買方已有條件地同意購買該等物業，代價為90,000,000港元 （經參考該等物業於2025年8月31日之估值為90,000,000港元）。 根據上市規則第14章，出售事項構成本公司之一項須予披露交易，須遵守上市規則項下 匯報及公告規定，惟獲豁免股東批准之規定。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 緒言 董事會宣佈，於2025年9月5日，賣方已與買方訂立該協議，內容有關買賣該等物業。 日期為2025年9月5日之該協議 賣方 ： 怡瑞有限公司 買方 ： 展翔投資有限公司 將出售之資產 根據該協議，賣方已有條件地同意出售而買方已有條件地同意購買該等物業。 代價及付款條款 買方應付予賣方之代價為90,000,000港元，並應由買方以下列方式支付予賣方： 董事認為， ...

截至月份: 2025年8月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: Emperor International Holdings Limited 英皇國際集團有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 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) | 00163 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | HKD | | 0.01 HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 500,000,0 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 (於百慕達註冊成立之有限公司) (股份代號: 163) 於2025年8月15日舉行之 股東週年大會之投票表決結果 茲提述英皇國際集團有限公司（「本公司」）日期為2025年7月22日之通函（「通函」）， 當中載有（其中包括）本公司於2025年8月15日舉行的股東週年大會（「股東週年大會」） 通告（「通告」）。除文義另有所指外，本公告所用詞彙與通函內所界定者具有相同涵義。 全體董事均已親身或透過電子方式出席股東週年大會。本公司已委任本公司之香港股份過 戶登記分處卓佳證券登記有限公司於股東週年大會上就投票表決擔任監票員。於股東週年 大會日期，已發行股份總數為5,516,318,500股，其持股人有權出席股東週年大會並於會上 投票。於股東週年大會上提呈的普通決議案（「決議案」）之投票表決結果如下：– # 第 5 項決議案之全文載於通告內。 董事會欣然宣佈，鑑於各項決議案已獲得超過50%的贊成票，因 此所有決議案 ...

Group 1 - The article provides a list of companies involved in various financial activities such as earnings announcements, shareholder meetings, and new stock activities [2][3] - Several companies are mentioned for their dividend distribution dates, indicating their financial performance and shareholder returns [2][3] - The document highlights companies undergoing stock repurchases and capital increases, which may signal their financial strategies and market positioning [3] Group 2 - The article includes a list of companies that are currently in the process of IPOs, reflecting market interest and potential investment opportunities [2] - Companies like Silver Noble Pharmaceuticals and others are noted for their ongoing stock activities, which may attract investor attention [2] - The document also mentions companies that are resuming trading, indicating a potential recovery or change in market conditions [2]

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 公司名稱: Emperor International Holdings Limited 英皇國際集團有限公司（於百慕達註冊成立之有限公司） 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 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) | 00163 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000,000 | HKD | | 0.01 | HKD | | 5,000,000,000 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | 0 | | 本月底結存 ...

[Corporate Information and Key Dates](index=2&type=section&id=Corporate%20Information%20and%20Key%20Dates) The report provides core corporate details including board members, auditors, and key dates such as the annual results announcement and AGM - The report provides core corporate information as of June 27, 2025, including the list of board and committee members, company secretary, auditors, principal bankers, registered office, and principal place of business[6](index=6&type=chunk)[7](index=7&type=chunk)[11](index=11&type=chunk) - Key dates listed include the annual results announcement date (June 27, 2025) and the Annual General Meeting date (August 15, 2025)[12](index=12&type=chunk)[13](index=13&type=chunk) [Results Summary](index=5&type=section&id=Results%20Summary) This section provides a high-level overview of the company's financial performance, highlighting key revenue and loss figures Results Summary (Continuing Operations) | Metric (Continuing Operations) | 2025 (HK$ Thousand) | 2024 (HK$ Thousand, Restated) | | :--- | :--- | :--- | | **Total Revenue** | **1,375,878** | **972,553** | | - Property Development | 641,186 | 141,773 | | - Property Investment | 734,692 | 830,780 | | Fair Value Loss on Investment Properties | (1,540,936) | (1,298,022) | | EBITDA | 454,372 | 558,515 | | **Loss Attributable to Owners of the Company** | **(2,320,872)** | **(2,091,408)** | | Basic Loss Per Share | (0.50) HK$ | (0.57) HK$ | [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's insights into the company's financial performance, market conditions, and business operations [Results](index=6&type=section&id=RESULTS) The Group's total revenue significantly increased to HK$1.38 billion this year, driven by a 352.2% surge in property development sales, yet a substantial fair value loss on investment properties expanded the loss from continuing operations to HK$2.32 billion, with total loss reaching HK$4.74 billion including discontinued operations Revenue Breakdown | Revenue Category | 2025 (HK$ Thousand) | 2024 (HK$ Thousand) | YoY Change | | :--- | :--- | :--- | :--- | | **Total Revenue (Continuing Operations)** | **1,375,900** | **972,600** | **+41.5%** | | Property Development Sales | 641,200 | 141,800 | +352.2% | | Rental Income | 734,700 | 830,800 | -11.6% | - Despite revenue growth, the loss attributable to owners of the company from continuing operations expanded to **HK$2.32 billion** (2024: HK$2.09 billion) due to fair value losses on investment properties[18](index=18&type=chunk)[22](index=22&type=chunk) - Including losses from discontinued operations (primarily the spin-off of Emperor Entertainment Hotel), the total loss attributable to owners of the company was **HK$4.74 billion**, compared to a loss of HK$2.05 billion in the prior year[18](index=18&type=chunk)[22](index=22&type=chunk) [Market Review](index=6&type=section&id=MARKET%20REVIEW) The Hong Kong property market saw a weak recovery, with policy relaxations and interest rate cuts offering temporary boosts to residential sales, while the retail sector faced challenges from changing consumption patterns and a strong HKD - The Hong Kong property market has not yet seen a strong recovery, but the removal of cooling measures and interest rate cuts positively impacted new residential sales, while talent admission schemes also stimulated housing demand[19](index=19&type=chunk)[23](index=23&type=chunk) - The local retail market was affected by changing consumption patterns and a strong Hong Kong dollar, leading local residents to prefer overseas spending, with commercial leasing and office demand continuing to slow[20](index=20&type=chunk)[23](index=23&type=chunk) [Business Review](index=6&type=section&id=BUSINESS%20REVIEW) The Group's core businesses are property development and investment, with strong sales from projects like `One Jardine's Lookout` and `SouthSky` contributing significantly to revenue, while its over 2.4 million sq ft investment property portfolio maintained high occupancy in Hong Kong [Property Sales](index=7&type=section&id=Property%20Sales) Property sales performed strongly this year, with `One Jardine's Lookout` fully pre-sold for approximately HK$950 million, and `SouthSky` and `Central 8` contributing HK$470 million and HK$160 million in sales revenue respectively - The `One Jardine's Lookout` project in Happy Valley received an enthusiastic market response, with all units having signed sales agreements totaling approximately **HK$951 million**, and related revenue is expected to be recognized in the first half of the next fiscal year[27](index=27&type=chunk)[29](index=29&type=chunk) - The `SouthSky` project in Aberdeen delivered **75 units** this year, recognizing sales revenue of **HK$473 million**[32](index=32&type=chunk)[33](index=33&type=chunk) - The `Central 8` project in Mid-Levels delivered **28 units** this year, recognizing sales revenue of **HK$165 million**[35](index=35&type=chunk)[36](index=36&type=chunk) [Rental Income](index=10&type=section&id=Rental%20Income) The Group's diversified investment property portfolio, totaling over 2.4 million sq ft across Hong Kong, Mainland China, Macau, and London, maintained over 90% occupancy in Hong Kong, with HK$1.24 billion in property sales strengthening its financial position - The Group's investment properties in Hong Kong maintained an occupancy rate of over **90%**, including several high-quality commercial and retail properties such as Emperor Group Centre and The Pulse[45](index=45&type=chunk)[46](index=46&type=chunk)[49](index=49&type=chunk) - During the year, the Group completed multiple property sales in Hong Kong, covering commercial, retail, residential, and industrial units, with a total consideration of approximately **HK$1.242 billion**, and net proceeds used to strengthen its financial position[47](index=47&type=chunk)[49](index=49&type=chunk) - The Group holds significant investment properties outside Hong Kong, including Emperor Group Centre in Beijing, Emperor Nam Van Centre in Macau, and several properties on Oxford Street in London[53](index=53&type=chunk)[56](index=56&type=chunk)[58](index=58&type=chunk) [Prospects](index=12&type=section&id=PROSPECTS) The Group anticipates continued challenges in retail and office leasing due to global interest rate uncertainties, but will adapt its property launch schedule to capitalize on Hong Kong's limited land supply and housing demand - Facing global interest rate uncertainties, the Group will closely monitor the market and adjust the launch schedule of development projects as appropriate to seize opportunities in the residential market[60](index=60&type=chunk)[62](index=62&type=chunk) - Retail and office leasing businesses are expected to continue facing challenges, and the Group will maintain business stability through close communication with tenants and flexible strategy adjustments[61](index=61&type=chunk)[63](index=63&type=chunk) [Financial and Other Information](index=13&type=section&id=FINANCIAL%20AND%20OTHER%20INFORMATION) The Group executed significant capital maneuvers this year, including the spin-off of Emperor Entertainment Hotel via a special interim dividend and a rights issue raising HK$456 million, which, despite reducing net assets, aimed to strengthen its financial position, resulting in a net gearing ratio of 44.4% - The company declared a special interim dividend by way of distribution in specie of its shares in Emperor Entertainment Hotel (296.HK), after which Emperor Entertainment Hotel ceased to be a subsidiary of the Group[65](index=65&type=chunk)[67](index=67&type=chunk) - The company completed a rights issue, issuing approximately **1.84 billion** rights shares at HK$0.25 per share on the basis of one rights share for every two existing shares, raising net proceeds of approximately **HK$456 million** for working capital expansion and business development[66](index=66&type=chunk)[68](index=68&type=chunk) Financial Metrics | Financial Metric | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Net Assets | HK$ 16.943 Billion | HK$ 21.608 Billion | | Net Assets Per Share | HK$ 3.1 | HK$ 5.9 | | Cash and Bank Balances | HK$ 0.640 Billion | HK$ 1.494 Billion | | Total External Borrowings | HK$ 17.234 Billion | HK$ 20.213 Billion | | Net Gearing Ratio | 44.4% | 40.2% | - As of March 31, 2025, the Group had pledged assets with a carrying value of **HK$31.186 billion** as collateral for bank financing[75](index=75&type=chunk)[78](index=78&type=chunk) [Biographies of Directors and Senior Management](index=15&type=section&id=Biographies%20of%20Directors%20and%20Senior%20Management) This section details the backgrounds, experiences, and appointments of the company's board members and senior management, including executive and independent non-executive directors - This chapter provides detailed biographies of the company's board members and senior management, including their backgrounds, experience, and appointments within and outside the Group, such as Ms. Luk Siu Man, Non-executive Director and Chairperson, Mr. Yeung Ching Lung, Executive Director and Vice Chairperson, Ms. Fan Man Seung, Executive Director and Managing Director, and several Independent Non-executive Directors[83](index=83&type=chunk)[86](index=86&type=chunk)[89](index=89&type=chunk) [Directors' Report](index=19&type=section&id=Directors%27%20Report) The Directors' Report covers key corporate actions, including the declaration of a special interim dividend through the spin-off of Emperor Entertainment Hotel and significant related party transactions - This year, the company declared a special interim dividend by way of distribution in specie of Emperor Entertainment Hotel shares, but the Board does not recommend the payment of any final dividend (2024: HK$0.003 per share)[99](index=99&type=chunk)[104](index=104&type=chunk) - As of March 31, 2025, Dr. Albert Yeung Sau Shing is deemed to hold approximately **74.71%** of the company's shares through a private discretionary trust established by him, making him the ultimate controlling shareholder of the company[142](index=142&type=chunk)[143](index=143&type=chunk)[156](index=156&type=chunk) - The report details several significant related party transactions, including ongoing leasing agreements and financial services agreements with other members of the Emperor Group, as well as major disposals of Accurate Choice Developments Limited (for **HK$1.14 billion**) and King Hero Investments Limited (for **HK$79.8 million**) to related parties[160](index=160&type=chunk)[163](index=163&type=chunk)[174](index=174&type=chunk) [Corporate Governance Report](index=37&type=section&id=Corporate%20Governance%20Report) The company reports full compliance with the Corporate Governance Code, highlighting its board composition with a majority of independent non-executive directors and outlining key risk management strategies - The company reported full compliance with all code provisions of the Corporate Governance Code as set out in Appendix C1 to the Listing Rules during the current financial year[205](index=205&type=chunk) - The Board of Directors comprises six directors, including one non-executive director, two executive directors, and three independent non-executive directors, with the number of independent non-executive directors exceeding one-third of the Board, ensuring independence[213](index=213&type=chunk)[216](index=216&type=chunk) Key Risks and Mitigation Strategies | Key Risk | Mitigation Strategies/Control Measures | | :--- | :--- | | **Changes in Social, Economic, and Political Environment** | Closely monitor macroeconomic changes and adjust business strategic plans | | **Investment Strategy Risk** | Manage investment decisions through rigorous risk-return assessment, due diligence, and project monitoring | | **Sustainability of Rental Income** | Maintain a balanced and high-quality tenant portfolio, ensure property market competitiveness through timely renovations, and collaborate closely with tenants | | **Business/Portfolio Concentration in Hong Kong** | Achieve geographical diversification through investments in Macau, Mainland China, and London, and maintain a diversified property type portfolio | | **Property Development Risk** | Actively participate in land auctions, implement sound bidding policies, strictly monitor project costs, and diversify risks through joint venture structures | | **Cybersecurity** | Establish an IT security committee, conduct regular system scans and patching, filter malicious emails, and provide relevant training | | **Financing Costs and Liquidity** | Implement strict cash and treasury management, maintain diversified financing channels, and foster good relationships with banks | [Independent Auditor's Report](index=65&type=section&id=Independent%20Auditor%27s%20Report) The auditor issued a "disclaimer of opinion" due to insufficient audit evidence regarding the Group's ability to continue as a going concern, primarily stemming from significant overdue bank borrowings and covenant breaches - **The auditor issued a "disclaimer of opinion" on the audit report.** This was due to the inability to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on the Group's ability to continue as a going concern[370](index=370&type=chunk)[371](index=371&type=chunk)[374](index=374&type=chunk) - The basis for the disclaimer of opinion is that the Group incurred a loss of **HK$4.84 billion** during the year, and as of March 31, 2025, bank borrowings totaling **HK$16.6 billion** were overdue and/or in breach of loan agreement terms, which may cast significant doubt on the Group's ability to continue as a going concern[373](index=373&type=chunk)[375](index=375&type=chunk) - Although management has formulated several plans (such as financial restructuring with banks and disposal of specific properties) to improve liquidity, these plans are still in preliminary stages and lack definitive agreement support, thus the auditor could not assess the likelihood of success of these plans or the appropriateness of the going concern assumption[377](index=377&type=chunk)[378](index=378&type=chunk)[381](index=381&type=chunk) [Consolidated Financial Statements](index=69&type=section&id=Consolidated%20Financial%20Statements) This section presents the Group's comprehensive financial performance and position, including the statement of profit or loss, financial position, cash flows, and detailed notes [Consolidated Statement of Profit or Loss](index=69&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss) The Group's total revenue reached HK$1.38 billion this year, but high property sales costs and a HK$1.54 billion fair value loss on investment properties resulted in a HK$2.32 billion loss from continuing operations, with the total annual loss reaching HK$4.84 billion after including HK$2.52 billion from discontinued operations Consolidated Statement of Profit or Loss | Item (HK$ Thousand) | 2025 | 2024 (Restated) | | :--- | :--- | :--- | | **Total Revenue** | **1,375,878** | **972,553** | | Gross Profit | 472,508 | 714,110 | | Fair Value Change on Investment Properties | (1,540,936) | (1,298,022) | | Loss Before Tax (Continuing Operations) | (2,356,463) | (2,121,769) | | **Loss for the Year (Continuing Operations)** | **(2,320,872)** | **(2,091,408)** | | (Loss) Profit from Discontinued Operations | (2,520,057) | 62,831 | | **Total Loss for the Year** | **(4,840,929)** | **(2,028,577)** | | **Loss Attributable to Owners of the Company** | **(4,743,204)** | **(2,046,666)** | [Consolidated Statement of Financial Position](index=71&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, the Group's total assets were HK$37.39 billion, total liabilities HK$20.44 billion, and net assets HK$16.94 billion, with a significant net current liability of HK$13.08 billion due to HK$18.82 billion in current liabilities, indicating severe short-term liquidity pressure Consolidated Statement of Financial Position | Item (HK$ Thousand) | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **37,385,204** | **46,587,839** | | - Non-current Assets | 31,646,813 | 39,074,069 | | - Current Assets | 5,738,391 | 7,513,770 | | **Total Liabilities** | **20,442,192** | **23,040,697** | | - Current Liabilities | 18,820,063 | 9,377,739 | | - Non-current Liabilities | 1,622,129 | 13,662,958 | | **Net Current Liabilities** | **(13,081,672)** | **(1,863,969)** | | **Net Assets** | **16,943,012** | **23,547,142** | | **Total Equity** | **16,943,012** | **23,547,142** | - Due to overdue bank borrowings or breaches of terms, a significant portion of previously non-current bank borrowings (**HK$16.6 billion**) was reclassified as current liabilities, causing current liabilities to surge from **HK$9.38 billion** to **HK$18.82 billion**, which is the primary reason for liquidity pressure[398](index=398&type=chunk)[433](index=433&type=chunk) [Consolidated Statement of Cash Flows](index=75&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) The Group generated HK$1.18 billion in net cash from operating activities and HK$420 million from investing activities this year, but financing activities resulted in a HK$2.45 billion net cash outflow, primarily for bank loan repayments, leading to an HK$850 million net decrease in cash and cash equivalents, ending the period with HK$640 million Consolidated Statement of Cash Flows | Item (HK$ Thousand) | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash from Operating Activities | 1,179,053 | 535,705 | | Net Cash from Investing Activities | 422,892 | 2,176,366 | | Net Cash from Financing Activities | (2,454,975) | (3,525,447) | | **Net Decrease in Cash and Cash Equivalents** | **(853,030)** | **(813,376)** | | Cash and Cash Equivalents at Beginning of Period | 1,479,449 | 2,311,133 | | **Cash and Cash Equivalents at End of Period** | **639,588** | **1,479,449** | [Notes to the Consolidated Financial Statements](index=78&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the Group's financial position and performance, covering key accounting policies, significant judgments, and estimates, with particular focus on going concern uncertainties, investment property valuations, bank borrowings, and related party transactions - **Material Uncertainty Related to Going Concern (Note 3.1.1):** The note explicitly states that as of March 31, 2025, the Group had **HK$16.6 billion** in bank borrowings that were overdue or in breach of terms, which constitutes a material uncertainty regarding its ability to continue as a going concern; management is addressing liquidity risks through financial restructuring negotiations with banks, property disposals, and cost control measures[433](index=433&type=chunk)[435](index=435&type=chunk)[438](index=438&type=chunk) - **Valuation of Investment Properties (Note 15):** The fair value of the Group's investment properties decreased from **HK$34.39 billion** to **HK$29.79 billion**, with a net decrease in fair value of **HK$1.80 billion** recorded during the year, which is one of the primary factors contributing to the Group's loss[743](index=743&type=chunk) - **Bank Borrowings (Note 33):** As of March 31, 2025, total bank borrowings of **HK$16.6 billion** were entirely classified as current liabilities due to being overdue or in default, whereas only HK$6.43 billion was current in the prior year[861](index=861&type=chunk) [Five-year Financial Summary](index=194&type=section&id=Five-year%20Financial%20Summary) This section provides a condensed overview of the Group's key financial performance and position metrics over the past five fiscal years, highlighting trends in revenue, losses, assets, and liabilities Five-year Financial Summary | Item (HK$ Thousand) | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 1,375,878 | 1,761,815 | 1,210,682 | 2,329,324 | 1,317,082 | | **Loss for the Year** | (4,840,929) | (2,028,577) | (2,201,586) | (739,642) | (870,286) | | **Loss Attributable to Owners of the Company** | (4,743,204) | (2,046,666) | (2,141,983) | (469,329) | (767,448) | | **Total Assets** | 37,385,204 | 46,587,839 | 51,128,055 | 54,705,505 | 60,249,122 | | **Total Liabilities** | (20,442,192) | (23,040,697) | (25,319,733) | (25,938,002) | (30,846,341) | | **Equity Attributable to Owners of the Company** | 16,943,012 | 21,607,927 | 23,887,196 | 26,765,814 | 27,069,470 | [Summary of Properties](index=195&type=section&id=Summary%20of%20Properties) This section provides a detailed listing of the Group's principal property portfolio as of March 31, 2025, including investment properties, investment properties under development, and properties held for sale - This chapter details the Group's principal property portfolio as of March 31, 2025, including investment properties, investment properties under development, and properties held for sale, with the list covering key information such as property location, usage, floor area, Group's interest, and land lease terms[1023](index=1023&type=chunk)[1031](index=1031&type=chunk)[1034](index=1034&type=chunk)