Financial Performance - The company reported a loss attributable to owners of HK$317.6 million for the year 2020, a significant decrease of 12,804.0% compared to a profit of HK$2.5 million in 2019[4]. - The basic loss per share was HK$0.1378, a decline of 12,627.3% from earnings of HK$0.0011 per share in 2019[4]. - The profit attributable to the owners of the Company turned from approximately HK$2,476,000 in 2019 to a loss of approximately HK$317,641,000 in 2020, primarily due to decreased rental income and increased operating expenses[35]. - Rental income from the property leasing business decreased from approximately HK$107,568,000 in 2019 to approximately HK$89,128,000 in 2020, primarily due to a decline in occupancy rate from 90% to 80% at East Gate Plaza[25]. - The Group recorded a loss of approximately HK$667,000 in the change in fair value of financial assets at fair value through profit or loss for Year 2020, with HK$19,146,000 attributable to the NT Trust Scheme[20]. Assets and Liabilities - Total assets increased by 9.4% to HK$11,238.9 million in 2020 from HK$10,273.3 million in 2019[4]. - Cash and bank balances surged by 273.2% to HK$793.5 million in 2020, up from HK$212.6 million in 2019[4]. - The Group's net current assets were approximately HK$3,221,138,000 as of December 31, 2020, up from HK$2,284,982,000 in 2019[90]. - The total cash and bank balances increased significantly from HK$212,568,000 as of December 31, 2019, to HK$793,520,000 as of December 31, 2020[91]. - The total deposits, prepayments, and other receivables increased from approximately HK$192,987,000 as of December 31, 2019, to approximately HK$420,467,000 as of December 31, 2020[60]. Financial Ratios - The current ratio improved to 5.21x in 2020 from 4.50x in 2019, reflecting a 15.8% increase[4]. - The gearing ratio increased to 48.37% in 2020 from 31.79% in 2019, indicating a rise of 52.2%[4]. - Interest coverage ratio fell to 0.48x in 2020 from 1.10x in 2019, reflecting a 143.6% decrease[4]. - The return on capital employed was reported at -4.84%, a significant decline from 0.04% in the previous year[4]. Impact of COVID-19 - The pandemic led to large-scale production cessation and delayed work resumption, significantly impacting the Group's daily operations[10]. - The Group's principal business activities are primarily located in China, which faced severe challenges due to the pandemic[10]. - The Group implemented new prevention and control guidelines for employees to combat the spread of COVID-19, which included regular health checks and travel history assessments[10]. - The Group adjusted its operating goals and plans in response to the pandemic and the downturn of the global economy to mitigate external unfavorable factors[12]. Strategic Initiatives - The Group plans to expedite the disposal of its non-performing assets while exploring opportunities for individual debt restructuring projects in the current market environment[29]. - The Group intends to launch an asset management fund, contingent on the economic environment and the development of COVID-19[18]. - The Group aims to invest in high-quality assets and participate in growth industries to provide long-term returns to shareholders[33]. - The Group is committed to long-term sustainability and prudent management of its business operations[163]. Corporate Governance - The Company complied with all mandatory provisions of the Corporate Governance Code throughout Year 2020, except for one provision regarding the Chairman's attendance at the annual general meeting[186]. - The Board comprises three executive Directors, two non-executive Directors, and three independent non-executive Directors, ensuring independent oversight[192]. - The independent non-executive Directors represent no less than one-third of the Board members, ensuring a balanced governance structure[193]. - The Board has established three standing committees: audit committee, remuneration committee, and nomination committee to assist in governance[200]. Employee Relations - The Group is committed to providing a healthy and safe workplace for all its employees and complies with all applicable health and safety laws and regulations[176]. - The Group values career development and provides ongoing training to its staff according to the needs of the organization[176]. - The overall staff costs for the group amounted to approximately HK$66,788,000 for the year 2020, an increase from HK$60,992,000 in 2019[111]. - The Group emphasizes the importance of employee quality to maintain a competitive market position and seeks to attract and retain talented individuals[176].

Financial Performance - The company reported a loss attributable to owners of HK$151 million for the six months ended June 30, 2020, compared to a profit of HK$46 million in the same period of 2019, representing a change of (428.3%) [23] - Basic loss per share was (6.56) HK cents, a decrease of 426.4% compared to earnings of 2.01 HK cents per share in 2019 [24] - The profit attributable to the owners of the Company turned from approximately HK$46,319,000 in Period 2019 to a loss of approximately HK$151,150,000 in Period 2020, primarily due to a decrease in rental income and occupancy rates caused by the COVID-19 pandemic [92] - The profit from discontinued operations was approximately HK$78,280,000 in Period 2019, which was not recorded in Period 2020 following the merger completion [104] - The loss in the fair value of financial assets at fair value through profit or loss increased from approximately HK$32,073,000 in Period 2019 to approximately HK$73,434,000 in Period 2020 [98] Asset and Liability Management - Total assets decreased by 10.7% to HK$10,215 million from HK$11,444 million in 2019 [23] - Net assets decreased by 4.1% to HK$7,318 million from HK$7,632 million in 2019 [23] - Bank balances and cash decreased by 53.6% to HK$224 million from HK$483 million in 2019 [23] - The Group's total borrowings and Convertible Bonds amounted to approximately HK$2,227,968,000, an increase from HK$2,105,283,000 as of December 31, 2019 [146] - The Group's net borrowings were approximately HK$2,004,379,000 as of June 30, 2020, compared to HK$1,892,715,000 as of December 31, 2019 [154] Revenue and Income Sources - The Group's property leasing revenue was impacted by a decline in occupancy rates at East Gate Plaza due to COVID-19 preventive measures, leading to decreased rental income [65] - Rental income from the Group's leasing properties decreased from approximately HK$55,604,000 in 2019 to approximately HK$47,803,000 in 2020, with an average occupancy rate of approximately 87% [83] - Other income, gains, and losses increased to approximately HK$151,767,000 in Period 2020 from approximately HK$56,857,000 in Period 2019, mainly due to increased interest income from advances [98] Investment Strategy and Performance - The Group's investment business segment reported a profit of approximately HK$59,298,000 for the first half of 2020, compared to a loss of approximately HK$8,441,000 for the same period in 2019 [70] - The Group's strategy includes focusing on investments in non-performing assets, asset management, financial services, and other financial asset investments [70] - The Group intends to speed up the disposal of its investments in non-performing debt assets in the second half of 2020 while exploring opportunities in restructuring projects [91] - The Group's investment strategy will remain prudent, closely monitoring the performance of its investment portfolio [79] Operational Adjustments and Future Plans - The Group adjusted its property leasing strategy by positioning East Gate Plaza as a "Community Commercial Centre" to increase occupancy rates [65] - The Group plans to launch a financial services and asset management fund in Q4 2020 or early 2021, depending on the economic environment and COVID-19 developments [71] - The Group is actively expanding its investment reserve projects in the Guangdong-Hong Kong-Macao Greater Bay Area and the Beijing-Tianjin-Hebei Region despite market capital constraints caused by the pandemic [64] Financial Ratios and Metrics - The projected P/E ratio is (7.4x), a significant decrease of 119.4% from 38.1x in 2019 [24] - The return on capital employed was (4.7%), down from 1.4% in 2019, indicating a decline of 435.7% [24] - The current ratio improved to 5.3x from 2.3x, an increase of 130.4% [24] - The gearing ratio increased to 34.6% from 29.3%, reflecting an increase of 18.1% [24] - Interest coverage ratio decreased to (0.5x) from 2.7x, a decline of 118.5% [24] Market and Economic Outlook - The domestic economy in China is expected to continue its recovery in the second half of the year, but the rate of recovery is likely to be slow [85] - The Group's liquidity position is closely reviewed to ensure adequate liquidity to meet funding requirements at all times [1] Shareholder and Corporate Governance - The company entered into a placing agreement for convertible bonds with an aggregate principal amount of up to HK$200,000,000, with a conversion price of HK$2.33 per ordinary share [170] - The connected subscribers include individuals and entities that are defined as connected persons under the Listing Rules [192] - The company must comply with all requirements under the Listing Rules and the Takeovers Code issued by the Securities and Futures Commission [198]

Financial Performance - Profit attributable to owners of the company for 2019 was HK$55.8 million, a significant increase of 213.0% compared to a loss of HK$49.4 million in 2018[5] - Basic earnings per share improved to HK$0.0242, reflecting a 213.1% increase from a loss of HK$0.0214 per share in the previous year[6] - The Group recorded a profit of approximately HK$55,813,000 for the year ended 31 December 2019, compared to a loss of approximately HK$49,375,000 in 2018, marking a significant turnaround[14] - Basic earnings per share for 2019 was 2.42 HK cents, an improvement from a loss of 2.14 HK cents per share in 2018[16] - Other income, gains, and losses increased to approximately HK$181,733,000 for Year 2019, up from approximately HK$55,048,000 in Year 2018, mainly due to increased interest income[48] - A gain from the Merger amounted to approximately HK$491,120,000 recorded for Year 2019, which was absent in Year 2018[50] - The performance of the trading of petrochemical products improved from a net loss of approximately HK$301,839,000 for Year 2018 to a net profit of approximately HK$72,528,000 for Year 2019[48] Asset and Liability Management - Total assets decreased by 8.6% to HK$10,368 million from HK$11,345 million in 2018[5] - Bank deposits, bank balances, and cash fell by 75.2% to HK$213 million, down from HK$860 million in 2018[5] - The current ratio improved significantly to 4.4x, up 238.5% from 1.3x in 2018, indicating enhanced liquidity[6] - Gearing ratio decreased to 31.5%, down from 43.3% in 2018, indicating reduced financial leverage[6] - The Group's net borrowings as of December 31, 2019, were approximately HK$1,892,715,000, down from HK$2,064,058,000 in 2018, with a gearing ratio of 32% compared to 43% in 2018[89] - The balance of bank balances and cash decreased to approximately HK$212,568,000 as of December 31, 2019, mainly due to the repayment of certain bank borrowings and increased loan receivables[77] Investment and Strategic Initiatives - Following the merger completed on 15 July 2019, the joint venture ZHYQ JV has a crude oil processing capacity of 6,000,000 tons per year and generated a net profit of approximately HK$108,822,000 from the merger completion to 31 December 2019[20] - The Group's investment business segment incurred a loss of approximately HK$54,232,000 in 2019, a decline from a profit of approximately HK$193,537,000 in 2018 due to strategic slowdowns and disposals[24] - The Group plans to expand its investment business into the financial services sector, with a focus on non-performing assets[24] - The Group aims to identify investment opportunities in non-performing loans that provide high returns, while participating in the restructuring of low-performing enterprises[37] - The Group will closely monitor the non-performing asset market to identify opportunities that meet its target returns[24] Operational Efficiency and Changes - The merger has improved operational efficiency and competitiveness of ZHYQ JV, positioning it as a major production base for petrochemical products in the Yangtze River Delta region[20] - The Group discontinued its trading of petrochemical products and subcontracting services following the merger[15] - The Group's capital expenditures in 2020 are expected to be settled by cash through internal resources, with no plans for material investments or capital assets[91] Employee and Governance - The Group employed a total of 96 employees as of December 31, 2019, an increase from 53 employees in 2018[103] - The total staff costs for the group in 2019 were approximately HK$60,992,000, down from HK$80,060,000 in 2018[103] - The company has not faced significant employee issues or operational disruptions due to labor discipline, maintaining good relationships with staff[108] - The Group is committed to providing a healthy and safe workplace, ensuring compliance with all applicable health and safety laws and regulations[166] - The Group values career development and provides ongoing training to employees according to its needs[165] Corporate Governance - The Company complied with all mandatory provisions of the Corporate Governance Code throughout Year 2019, except for code provision E.1.2[177] - The Board consists of three executive Directors, two non-executive Directors, and three independent non-executive Directors, ensuring independent non-executive Directors represent no less than one-third of the board members[185] - The Board will continue to monitor and review corporate governance practices to ensure compliance[177] - The Company has established three standing board committees: the audit committee, the remuneration committee, and the nomination committee[188] Environmental and Social Responsibility - The Group's commitment to environmental, social, and governance (ESG) principles is reflected in its operational practices[153] - The Group has implemented energy-saving measures in its offices and commercial premises to reduce electricity consumption and greenhouse gas emissions[169] - Policies promoting recycling and the use of eco-friendly stationery have been adopted, resulting in more efficient resource use and waste reduction[170]

Financial Performance - Profit for the period attributable to owners of the Company decreased by 68% to HK$46 million from HK$143 million in the previous year[6] - Basic earnings per share fell to 2.01 HK cents, down 68% from 6.21 HK cents[7] - Profit attributable to the owners of the Company decreased by approximately HK$96.9 million to approximately HK$46.3 million, representing a decrease of 68% compared to HK$143.2 million in 2018[50] - Rental income for the Period amounted to approximately HK$55.6 million, a decrease of approximately 3.8% from HK$57.8 million in 2018, mainly due to decreased occupancy rates[52] - The profit before taxation was a loss of HK$6,027,000, significantly lower than the profit of HK$298,593,000 in the prior period[185] - The loss for the period from continuing operations was HK$15,919,000, compared to a profit of HK$273,181,000 in the previous year[185] - Total comprehensive income for the period was HK$29,055,000, down 43.5% from HK$51,243,000 in 2018[192] Assets and Liabilities - Total assets decreased by 4% to HK$11,444 million compared to HK$11,933 million in 2018[6] - Current liabilities increased to HK$3,811,294,000 from HK$3,741,807,000 at the end of 2018[199] - Net current assets improved significantly to HK$3,722,403,000 compared to HK$691,183,000 in the previous period[199] - As of June 30, 2019, the Group had bank balances and cash of approximately HK$483,258,000, a decrease from HK$497,244,000 as of December 31, 2018[73] Equity and Shareholder Information - Equity attributable to owners of the Company decreased by 6% to HK$6,768 million from HK$7,186 million[6] - The shareholders' fund was approximately HK$6,768.2 million, a decrease of HK$19.4 million or 0.29% compared to December 31, 2018, primarily due to a depreciation of RMB by over 5%[92] - As of 30 June 2019, the total number of issued ordinary shares of the Company was 2,304,849,611 shares[138] - Mr. Chu holds a direct interest of 681,240,022 shares, representing approximately 29.56% of the issued shares of the Company[134] Mergers and Acquisitions - The merger between Zhong Hai You Qi and its subsidiaries was completed on July 15, 2019, with the company owning 51% of the merged entity[20] - The merger is expected to leverage the advantages of both private and state-run enterprises to enhance operational efficiency and competitiveness[20] - The merged entity will serve as a major production base for comprehensive petrochemical products in the Yangtze River Delta region[36] Investments and Financial Strategy - The group has made significant investments in non-performing assets, acquiring a portfolio valued at approximately RMB166.1 million from China Great Wall Asset Management Co. Ltd.[37] - The company plans to expand its financial services sector, focusing on non-performing asset management as a key business area[37] - The Group plans to restructure its financial asset investments business in China in the second half of 2019 to capitalize on regulatory changes[85] - The Group issued convertible bonds totaling HK$1,150 million in July 2019 to raise capital for expanding its share in the non-performing assets market[85] Operational Efficiency and Cost Management - The company aims to enhance its production of high value-added products to improve operating profit margins and ensure stable revenue contributions[20] - The management believes that optimizing production processes and strengthening cost management will enhance profitability in the petroleum refining and chemical business[90] - The company is focusing on optimizing production processes and enhancing cost management to improve operational efficiency in its oil refining business[91] Employee and Corporate Governance - The Group employed 615 employees as of June 30, 2019, an increase from 588 employees on December 31, 2018, with total staff costs from continuing operations approximately HK$24.3 million, compared to HK$21.8 million for the same period in 2018[106] - The Company has complied with all mandatory provisions set out in the Corporate Governance Code throughout the period, except for the absence of the Chairman at the annual general meeting[123] - Continuous training has been provided to employees based on the Company's needs during the period[111] Market Conditions and Future Outlook - The Group expects the global trade situation to deteriorate and crude oil demand to trend downward due to ongoing trade friction between China and the United States[90] - The non-performing loan ratio of commercial banks in China reached 1.81% by the end of the second quarter in 2019, the highest since 2009[85]

Financial Performance - The loss attributable to owners of the Company for 2018 was approximately HK$49.4 million, a significant decline from a profit of HK$260.2 million in 2017, representing a 119% change [5]. - Basic loss per share for 2018 was 2.14 HK cents, compared to earnings of 11.29 HK cents in 2017, marking a 119% decrease [14]. - The Group recorded a loss of approximately HK$49,375,000 for the year 2018, compared to a profit of approximately HK$260,201,000 in 2017, resulting in a basic loss per share of HK$2.14 [17]. - The significant loss was primarily due to the five-month production suspension of its subsidiary, TZ United East, which led to an increase in losses by approximately HK$373,638,000 [17]. - The profit contribution from Zhong Hai You Qi decreased by approximately HK$185,102,000 due to falling international crude oil prices and inventory impairment losses [17]. Assets and Liabilities - Total assets decreased by 5% to HK$11,345 million in 2018 from HK$11,946 million in 2017 [5]. - Equity attributable to owners of the Company fell by 5% to HK$6,749 million in 2018 from HK$7,103 million in 2017 [5]. - Bank deposits, bank balances, and cash decreased by 42% to HK$860 million in 2018 from HK$1,485 million in 2017 [5]. - The Group's total borrowings amounted to approximately HK$2,923,790,000, with short-term borrowings at HK$1,723.5 million (59%) and long-term borrowings at HK$1,200.3 million (41%) [90]. - The total liabilities of the Group were HK$2,923,790,000, down from HK$3,231,120,000 in the previous year [136]. Operational Performance - The significant increase in operating losses of approximately HK$373.6 million was primarily due to the suspension of production at Taizhou United East Petrochemical Company for five months [15]. - The annual production capacity of TZ United East increased significantly from 110,000 tons to 1,600,000 tons after the completion of the Binjiang Project [33]. - TZ United East processed 582,100 tons of raw materials in 2018, a decrease of 50% from 1,160,900 tons in 2017 [38]. - Revenue from raw materials sold dropped by 82% to HK$6.4 million in 2018, down from HK$34.9 million in 2017 [38]. - TZ United East's subcontracting income fell by 46% to HK$385.9 million in 2018, compared to HK$715.2 million in 2017 [38]. Investment and Development - The Group is actively searching for investment and merger and acquisition opportunities to generate significant profits and cash flows [76]. - The Group invested RMB116,000,000 (approximately HK$129,500,000) for an 8.29% equity interest in Beijing TeraSolar, with RMB58,000,000 (approximately HK$64,700,000) paid as partial payment in 2015 [61][65]. - JC International received an investment of RMB100 million (approximately HK$124.6 million) for a 10% equity interest [56]. - The Group has unutilized banking facilities of approximately HK$317,000,000, indicating potential for future financing [91]. Employee and Management - The Group employed 588 employees at the end of the reporting period, an increase from 559 in the previous year [142]. - Total staff costs for the year increased by approximately 9% to around HK$173,982,000, primarily due to a special bonus of HK$25,000,000 paid to three key staff and redundancy costs of approximately HK$6,300,000 [142]. - The Group emphasizes attracting and retaining talented individuals, providing ongoing training, and offering competitive compensation packages [197]. - The company is committed to attracting and retaining talent in a work environment focused on fairness, mutual respect, and integrity [200]. Market Conditions and Future Outlook - The Board anticipates continued uncertainties in 2019 due to the trade war between China and the United States and Brexit, which may further impact global macroeconomic conditions [20]. - The Group expects to benefit from the future development trend of the Chinese economy, as its business activities are primarily conducted in the China market [21]. Environmental and Safety Practices - The Group is committed to providing a healthy and safe workplace, complying with all applicable health and safety laws and regulations [198]. - Energy-saving measures are enforced in the Group's offices to reduce electricity consumption and greenhouse gas emissions [199]. - The Group has adopted policies to promote recycling and the use of eco-friendly stationery, resulting in more efficient resource use and waste reduction [199].