Financial Performance - The group reported a revenue increase of 22.4% to HKD 111,100,000 for the fiscal year ending March 31, 2024, compared to HKD 90,800,000 in 2023[3]. - The group recorded a total loss attributable to shareholders of HKD 645,000,000 for the year, compared to a loss of HKD 147,000,000 in the previous fiscal year[12]. - The group's basic loss per share was HKD 0.71, compared to HKD 0.16 in the previous year[12]. - The company reported a revenue of HKD 111,078,000 for 2024, an increase from HKD 90,756,000 in 2023, representing a growth of approximately 22.4%[65]. - The company incurred a total loss of HKD 682,303,000 for the year, significantly higher than the loss of HKD 152,564,000 in 2023, indicating a year-over-year increase of 347.5%[66]. - The total comprehensive expenses for the year amounted to HKD 722,347,000, compared to HKD 314,648,000 in the previous year, indicating a significant increase[97]. - The group reported a loss attributable to shareholders of HKD 644,886,000 for 2024, compared to a loss of HKD 146,913,000 in 2023, representing a significant increase in losses[122]. - The group recorded a loss of HKD 682,303,000 for the fiscal year ending March 31, 2024, with a net cash outflow from operations of HKD 46,493,000[154]. Segment Performance - The group experienced a segment loss of HKD 405,700,000, up from a segment loss of HKD 135,600,000 in the previous year[5]. - The group recorded a segment profit of HKD 9,400,000 for the year, an increase from HKD 5,000,000 in 2023, primarily driven by interest income of HKD 11,000,000[34]. - The property segment reported a revenue of HKD 100,081,000 but incurred an operating loss of HKD 321,693,000 for 2024[131]. - The hotel and leisure segment recorded no revenue but faced an operating loss of HKD 67,096,000, highlighting challenges in this area[131]. - The financing segment generated revenue of HKD 10,997,000 with an operating profit of HKD 9,426,000, indicating a positive performance[131]. Impairment and Valuation - The group recognized a full impairment loss of HKD 136,200,000 on its investment in a joint venture in Beijing[15]. - The fair value of the group's investment properties decreased by HKD 134,000,000 due to adverse market conditions in Hong Kong's commercial property sector[15]. - The group has assessed the minimum recoverable amount for its investment in Beijing Poly as zero, leading to a total impairment loss of HKD 132,100,000 as of March 31, 2023[48]. - The impairment loss recognized for property, machinery, and equipment was HKD 46,407,000, with depreciation expenses amounting to HKD 24,556,000[160]. - The group recognized a full impairment loss of HKD 136,223,000 for its equity interest in Beijing Poly Hotel, resulting in a net asset value of zero as of March 31, 2024[156]. Debt and Liquidity - The group's bank and other borrowings totaled HKD 1,362,200,000, resulting in a net debt-to-equity ratio of 0.46 as of March 31, 2024, compared to 0.38 in 2023[35]. - The group is actively seeking refinancing before existing financing matures, with HKD 396,000,000 in overdue borrowings as of the announcement date[38]. - The total borrowings of the company amounted to HKD 1,037,910,000, with HKD 213,900,000 extended to March 2025, indicating ongoing refinancing efforts[84]. - The group is actively seeking refinancing options to improve its liquidity situation, with HKD 396,000,000 in loans due after the year-end[126]. - The group has sufficient operating funds to meet its financial obligations for at least the next twelve months from the approval date of the financial statements[183]. Strategic Measures - The group is considering the sale of specific properties as a strategic measure to enhance liquidity and provide additional resources[86]. - The group plans to explore potential property development projects outside of China, Macau, Canada, and the UK to enrich its investment portfolio[92]. - The group will continue to review its business strategy and improve operational efficiency to enhance liquidity and financial flexibility in a challenging business environment[92]. - The board believes that implementing these measures will effectively resolve the liquidity needs and improve the financial situation[197]. External Factors - The group has faced significant financial pressure due to geopolitical tensions and high interest rates impacting the real estate market[3]. - The group anticipates facing significant business challenges due to external macroeconomic factors such as high interest rates and increasing geopolitical tensions, particularly between the Middle East and the US-China relations[63]. Operational Challenges - The group is actively pursuing legal actions to protect its interests in the joint venture, indicating ongoing challenges in operations[23]. - The group has not received any information from the management of Beijing Poly, which hinders the assessment of its financial performance and condition[187]. - Major shareholders have complete control over the daily operations of Beijing Poly, which is unrelated to the company[200]. - The redevelopment of land related to Beijing Poly has been suspended, potentially leading to a decrease in land value and usability[198]. Shareholder Actions - The company repurchased and canceled a total of 5,436,000 shares during the fiscal year, with total issued shares at 907,198,410 as of March 31, 2024[149]. - The average number of ordinary shares used for calculating basic and diluted loss per share decreased from 936,517,402 in 2023 to 908,951,459 in 2024, a reduction of about 2.95%[122].

Financial Performance - Revenue for the six months ended September 30, 2023, increased by 32.7% to HKD 101 million, compared to HKD 76 million for the same period in 2022[18]. - The company recorded a net loss attributable to shareholders of HKD 161 million, compared to a net profit of HKD 125.5 million in the same period last year[18]. - The group reported a segment loss of HKD 103.1 million for the property division, compared to a loss of HKD 50.6 million in the same period last year[21]. - The hotel and leisure segment recorded a loss of HKD 12,100,000, a significant decline from a profit of HKD 250,000,000 in the same period last year, which included non-recurring contributions[29]. - The company reported a loss of HKD 184,004,000 for the period, compared to a profit of HKD 117,148,000 in the previous year[72]. - The company reported a net loss attributable to shareholders of HKD 161,039,000 for the six months ended September 30, 2023, compared to a profit of HKD 125,499,000 in 2022[107]. - The company recognized a total comprehensive loss of HKD 184,004,000 for the period, compared to a total comprehensive income of HKD 117,148,000 in the previous year[81]. Revenue Sources - The contribution from the luxury residential project in Macau increased to HKD 43 million, up from HKD 19.9 million in the previous year[22]. - The group sold several property inventories in Hong Kong and China during the period, contributing to the revenue increase[18]. - Revenue from property sales recognized at a point in time was HKD 90,000,000, up 44.8% from HKD 62,257,000 year-on-year[90]. - Property income increased to HKD 95,138,000 from HKD 69,882,000, representing a 36.2% growth year-over-year[70]. Financial Position - As of September 30, 2023, the total value of the group's equity and fund investments was HKD 70,400,000, with 72% in non-listed securities and funds denominated in USD[35]. - The group's bank borrowings totaled HKD 1,309,700,000 as of September 30, 2023, with a net debt-to-equity ratio of 0.37[37]. - Total assets decreased to HKD 3,704,885,000 from HKD 3,926,443,000, reflecting a decline of 5.6%[74]. - The total liabilities as of September 30, 2023, were HKD 1,798,143,000, compared to HKD 1,880,309,000 as of March 31, 2023[97]. - The company’s total equity attributable to owners decreased to HKD 3,394,849,000 as of September 30, 2023, from HKD 4,022,727,000 a year earlier[81]. Shareholder Actions - The company decided not to declare an interim dividend for this period, consistent with the previous year[20]. - The company repurchased and canceled a total of 5,436,000 shares during the period, resulting in 907,198,410 shares outstanding as of September 30, 2023[44]. - The company repurchased a total of 5,436,000 shares during the period, at a total cost of HKD 4,442,130, which were subsequently cancelled[61]. - The company’s share repurchase activity reflects a strategic move to enhance shareholder value and manage capital effectively[143]. Investment and Financing - The group is actively seeking new financing and loan sources to ensure adequate funding for operational needs[37]. - The group plans to focus on selling remaining units of its Macau projects and other redevelopment projects to ensure stable revenue and maximize shareholder returns[42]. - The group will consider selling several properties to unlock tied-up capital and enhance financial flexibility in the current challenging business environment[42]. - The group is currently applying for development and construction permits for a residential redevelopment project in Vancouver, where it holds a 28% interest[28]. Corporate Governance - The company has complied with all corporate governance codes and principles during the reporting period, despite the absence of a CEO[64]. - The company maintains a high level of corporate governance standards and procedures to maximize shareholder returns and enhance transparency[64]. - The report adheres to the corporate governance code as per the listing rules appendix 14[174]. - The company is focused on corporate governance and compliance with relevant regulations[174]. Economic Outlook - The group anticipates ongoing challenges in business due to external macroeconomic factors such as high interest rates, inflation, and geopolitical tensions, which may slow economic growth[42]. Employee Information - As of September 30, 2023, the total number of employees is 147, an increase from 145 on March 31, 2023[43]. Share Options - The stock options plan was approved on September 10, 2021, and allows for the issuance of a total of 16,320,000 stock options at an exercise price of HKD 1.03 per share[52]. - As of September 30, 2023, the total number of unexercised stock options is 11,580,000 after accounting for cancellations[53]. - The company’s share options plan includes options held by employees, directors, and other participants, with specific details on unexercised options provided[158].

Financial Performance - Total revenue for the fiscal year ended March 31, 2023, was HKD 1,056 million, a decrease of 69.1% compared to HKD 3,418 million in 2022[10]. - Net loss for the fiscal year was HKD 153 million, compared to a profit of HKD 533 million in the previous year, representing a significant decline[10]. - Basic loss per share for the year was HKD 16 cents, down from earnings of HKD 59 cents per share in 2022[10]. - Property income and hotel revenue from joint ventures and associates amounted to HKD 965 million, a decrease of 60.7% from HKD 2,458 million in the prior year[10]. - The company did not declare any interim or final dividends for the fiscal year 2022-2023, compared to HKD 10 cents and HKD 5 cents per share in the previous year[10]. - The group's revenue decreased by 72.7% to HKD 90,800,000 due to the impact of the COVID-19 pandemic and the delivery of most units in previous years[31]. - The group recorded a gross loss of HKD 21,200,000 influenced by property inventory impairment[31]. - The net loss attributable to the company's owners was HKD 146,900,000, with a basic loss per share of HKD 0.16[31]. - The group reported a net loss attributable to owners of HKD 146,900,000, compared to a profit of HKD 566,200,000 in the previous year[36]. - The contribution from a joint venture in Macau decreased to HKD 16,800,000 from HKD 975,200,000 in the previous year due to adverse market conditions[40]. Assets and Equity - Total assets as of March 31, 2023, were HKD 4,060 million, a decrease from HKD 4,442 million in 2022[15]. - Shareholders' equity as of March 31, 2023, was HKD 3,994 million, down from HKD 4,060 million in the previous year[15]. - The fair value of the group's investment properties decreased by HKD 24,100,000 during the year[31]. - The group's bank borrowings totaled HKD 1,434.2 million as of March 31, 2023, resulting in a net asset liability ratio of 0.38, up from 0.29 in 2022[57]. - The company's distributable reserves as of March 31, 2023, amounted to HKD 658,591,000, a decrease of 60.4% from HKD 1,658,730,000 in 2022[86]. Strategic Focus and Future Plans - The company plans to announce its interim results for the fiscal year 2023-2024 in November 2023[5]. - The company is focusing on strategic investments and market expansion to recover from the recent financial downturn[10]. - Future business expansion will target markets in China, Macao, Canada, and the UK[32]. - The company plans to focus on selling remaining units of the Macao Golden Peak projects and other redevelopment projects to ensure stable revenue[32]. - The company aims to reassess business strategies and improve operational efficiency in response to increasing uncertainties[32]. Operational Challenges - The ongoing challenges include rising interest rates by the US Federal Reserve and geopolitical tensions, impacting global economic recovery[31]. - The group continues to monitor liquidity and operational funding needs closely to ensure appropriate financing arrangements are made when necessary[58]. - The group is closely monitoring competition in the property market, particularly in Hong Kong, where there is significant pressure from other developers and rising construction costs[69]. - The group may need to raise additional capital to meet property investment and development needs, with ongoing economic downturns negatively impacting property valuations and borrowing capacity[70]. Corporate Governance and Management - The company has adopted the corporate governance code and complied with all relevant provisions during the year[139]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring a minimum of one-third independent directors as per listing rules[142]. - The board held a total of four regular meetings during the year, with all directors receiving at least 14 days' notice prior to meetings[143]. - The company has established various committees, including an audit committee and a remuneration committee, to oversee specific functions and ensure effective governance[143]. - The company has implemented insurance for directors facing legal actions in the execution of their duties, ensuring adequate protection[147]. Environmental, Social, and Governance (ESG) Initiatives - The company reported a significant focus on environmental, social, and governance (ESG) initiatives, aiming to create a harmonious and sustainable community[192]. - Major environmental concerns include emissions management, waste management, and greenhouse gas emissions[200]. - Climate change management is prioritized as a significant environmental issue[200]. - Community investment initiatives are in place to enhance social contributions and environmental responsibility[198]. - The company is dedicated to compliance management and corporate governance in its interactions with regulatory bodies and government agencies[198].

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，概不對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。 （於百慕達註冊成立之有限公司） （股份代號：199） 截 至2023年3月31日 止 年 度 之 全 年 業 績 財務摘要 （全部以港幣列示） 截至3月31日止年度 2023年 2022年 收益 根據綜合損益表 91百萬元 332百萬元 物業收入及酒店收入 – 應佔聯營公司及合營公司 965百萬元 2,458百萬元 – 透過出售附屬公司 – 354百萬元 – 透過部份出售於一間聯營公司之權益 – 274百萬元 1,056百萬元 3,418百萬元 本公司擁有人應佔本年度（虧損）溢利 (147)百萬元 566百萬元 ...

Financial Performance - Revenue for the six months ended September 30, 2022, decreased by 72.3% to HKD 76 million from HKD 274 million in the same period of 2021[18]. - Gross profit for the same period fell by 65.7% to HKD 7.6 million compared to HKD 22.2 million in the previous year[23]. - The group recorded a net loss of HKD 10.3 million from its joint venture in Macau, a significant decline from a net profit of HKD 741.1 million in the same period of 2021[23]. - Basic earnings per share for the period were HKD 0.13, down from HKD 0.58 in the previous year[18]. - The group recorded a net profit attributable to the company's owners of HKD 125,500,000 for the period, a decrease from HKD 558,800,000 in the same period last year[25]. - The group reported a segment loss of HKD 50,600,000 in the property division, compared to a profit of HKD 832,000,000 in the same period last year[27]. - The contribution from the luxury residential project in Macau decreased to HKD 19,900,000, down from HKD 756,300,000 in the previous year[28]. - The group achieved revenue of HKD 62,300,000 from the remaining residential units and a shop in the urban redevelopment project, down from HKD 256,000,000 in the previous year[31]. - The hotel and leisure division recorded a profit of HKD 250,000,000, a turnaround from a loss of HKD 54,900,000 in the previous year, primarily due to a reversal of impairment losses[35]. - The group incurred a total operating loss of HKD 114,001,000 for the six months ended September 30, 2022[124]. Assets and Liabilities - The total assets as of September 30, 2022, amounted to HKD 7,892 million, compared to HKD 6,599 million as of March 31, 2020[21]. - Total assets as of September 30, 2022, amounted to HKD 6,480,952,000, a decrease from HKD 6,710,096,000 as of March 31, 2022[131]. - Total liabilities as of September 30, 2022, were HKD 2,458,225,000, down from HKD 2,505,327,000 as of March 31, 2022[131]. - As of September 30, 2022, the total bank borrowings of the group amounted to HKD 1,418,700,000, with a net asset liability ratio of 0.29[44]. - The group’s current liabilities exceeded current assets by HKD 9,781,000 as of September 30, 2022[117]. - The company’s total liabilities decreased, reflecting a strategic focus on reducing debt levels[110]. Dividends - The company did not declare an interim dividend for the period, compared to HKD 0.10 per share in the previous year[18]. - The board decided not to declare an interim dividend for the six months ended September 30, 2022, compared to a dividend of HKD 0.10 per share in 2021[142]. - The company declared an interim dividend of HKD 47,859,000 for the period, with no dividend declared for the same period in 2021[141]. Stock Options and Shareholding - The group has issued a total of 930,800,410 shares as of September 30, 2022, after canceling 29,375,000 shares during the period[51]. - The total number of unexercised stock options as of September 30, 2022, under the new stock option plan is 14,040,000, after accounting for 2,280,000 options that were canceled or expired during the period[70]. - The company aims to retain, reward, and incentivize eligible individuals through the stock option plans[61]. - As of September 30, 2022, the company had a total of 518,948,012 shares held by major shareholders, representing 55.75% of the issued shares[75]. - Major shareholder Ms. Wu Wanlan holds 251,172,919 shares, accounting for 26.98% of the total shares[75]. Corporate Governance - The company has complied with all corporate governance codes during the period, despite the absence of a CEO[83]. - The company aims to maintain high levels of corporate governance practices to maximize shareholder returns and enhance transparency[83]. - The interim financial results for the period have been reviewed by the company's auditors in accordance with the relevant standards[82]. Future Plans and Challenges - The group continues to face challenges due to the ongoing COVID-19 pandemic and high inflation rates, prompting a review of its business model[23]. - The group plans to focus on sales of remaining units in Macau and other reconstruction projects to strengthen future revenue[49]. - The group plans to continue exploring opportunities for market expansion and potential acquisitions in the upcoming periods[110]. - The group will continue to monitor its liquidity and operational funding needs to ensure appropriate financing arrangements[44]. Investment and Financing - The group has unutilized bank financing of HKD 188,100,000 available for property construction and operational needs[44]. - The group has pledged assets totaling HKD 603,000,000 in investment properties and HKD 1,422,600,000 in interests in joint ventures as collateral for bank financing[46]. - The group recognized a share of net profit from joint ventures amounting to HKD 257,900,000, significantly up from HKD 4,100,000 in the previous year[24]. - The group’s share of results from associates was a loss of HKD 10,294,000, while the share of joint ventures was a profit of HKD 265,384,000[124]. Impairments and Losses - The fair value of investment properties decreased by HKD 24.1 million due to the ongoing impact of the COVID-19 pandemic on properties located in Hong Kong[23]. - The company reported a loss of HKD 18,799 from financial instruments' fair value, compared to a loss of HKD 1,803 in the prior period[94]. - The company reported a net loss on financial instruments of HKD 18,799,000 for the six months ended September 30, 2022, compared to a loss of HKD 1,803,000 for the same period in 2021[133]. - The company recognized an additional impairment provision of HKD 1,192,000 for other receivables for the six months ended September 30, 2022[187].

Financial Performance - For the fiscal year ending March 31, 2022, the company reported total revenue of HKD 3,418 million, an increase from HKD 2,458 million in the previous year, representing a growth of 39%[13] - The net profit for the year was HKD 533 million, a significant recovery from a net loss of HKD 664 million in the prior year[13] - Basic earnings per share improved to HKD 0.59, compared to a loss per share of HKD 0.69 in the previous year[13] - The group’s revenue increased by 28.5% to HKD 332,200,000, compared to HKD 258,400,000 in the previous year[39] - The group recorded a net profit attributable to shareholders of HKD 566,200,000, a significant turnaround from a net loss of HKD 662,200,000 in the previous year[40] - The group achieved a profit contribution of HKD 975,200,000 from a luxury residential project in Macau, compared to a loss of HKD 9,500,000 in the previous year[44] - The group reported a segment profit of HKD 945,600,000 from property operations, compared to a loss of HKD 179,900,000 in the previous fiscal year[43] Dividends - The company declared a total dividend of HKD 15 cents per share, with HKD 10 cents as the first interim dividend and HKD 5 cents as the second interim dividend[13] - The board declared a total dividend of HKD 0.15 per share for the year, including a second interim dividend of HKD 0.05 per share[40] - The group announced a total dividend of HKD 0.15 per share for the year, which includes a second interim dividend of HKD 0.05 per share, compared to no dividend in 2021[142] Assets and Liabilities - Total assets as of March 31, 2022, amounted to HKD 9,171 million, up from HKD 7,892 million in the previous year[16] - Shareholders' equity increased to HKD 6,710 million from HKD 6,599 million year-over-year[16] - As of March 31, 2022, the total bank borrowings of the group amounted to HKD 1,448,000,000, with a net asset liability ratio of 0.29, a significant decrease from 0.68 in 2021[75] - The group has a total of HKD 840,600,000 in borrowings classified as current liabilities due to lenders' rights to demand immediate repayment[76] Management and Governance - Dr. Chen Guoqiang has been appointed as Executive Director and Co-Vice Chairman since November 29, 2021, bringing over 41 years of international corporate management experience in construction, real estate, and strategic investment[19] - The company has a diverse board with members holding significant experience in finance, real estate, and corporate governance, enhancing its strategic decision-making capabilities[32] - The company is committed to maintaining high standards of corporate governance and transparency, as evidenced by the diverse qualifications of its board members[26] - The board believes that the interests of the directors in other companies do not affect their duties to the company and its shareholders[190] Strategic Plans - The company plans to continue expanding its market presence and exploring new investment opportunities in the upcoming fiscal year[12] - Strategic acquisitions and partnerships are being considered to further bolster the company's growth trajectory[12] - The group plans to expand its business into China, Macau, Canada, and the UK while focusing on local redevelopment projects[35] - The company is focused on expanding its market presence and enhancing its governance structure through experienced board members[25] Risks and Challenges - The group faces significant competition in the property investment and development market, particularly in Hong Kong, which may pressure rental rates and occupancy[119] - The group is actively monitoring and assessing government policies related to cooling measures in the property market, which may impact actual property sale prices or rental rates[120] - The group is exposed to risks from joint ventures and associates, which may affect its ability to fulfill obligations and responsibilities under joint arrangements[119] - The group is implementing measures to mitigate risks associated with climate change, including achieving green building certification and reducing carbon emissions[119] Share Options and Capital Structure - The new share option plan was approved by shareholders on September 10, 2021, and is effective for a period of 10 years until September 9, 2031[166] - Under the new share option plan, the total number of shares that may be issued upon full exercise of options granted cannot exceed 10% of the total issued shares as of the adoption date[169] - The maximum number of shares that may be issued to any eligible person under the share option plans in any 12-month period cannot exceed 1% of the total issued shares[170] - The new share option plan aims to retain, reward, and incentivize eligible individuals[166] Employee and Operational Information - As of March 31, 2022, the group had total employee count of 243, down from 259 in 2021, with compensation determined based on experience, job nature, and market conditions[82] - The group is closely monitoring liquidity and operational funding needs to ensure appropriate financing arrangements in adverse conditions[76]

Financial Performance - The company's revenue for the six months ended September 30, 2021, increased significantly by 873.2% to HKD 274 million, compared to HKD 28 million for the same period in 2020[24]. - The gross profit for the same period rose to HKD 22.2 million, up from HKD 3.4 million in 2020[24]. - The share of net profit from joint ventures increased dramatically to HKD 741.1 million, compared to a net loss of HKD 0.1 million in the previous year[24]. - The company recorded a net profit attributable to shareholders of HKD 558.8 million, reversing from a net loss of HKD 302 million in the same period last year[25]. - Revenue for the six months ended September 30, 2021, was HKD 274,341,000, a significant increase from HKD 28,189,000 in the same period of 2020, representing a growth of 871%[109]. - Gross profit from hotel operations and property income was HKD 22,216,000, compared to HKD 3,419,000 in the previous year, marking a growth of 549%[109]. - The company reported a profit of HKD 559,007,000 for the period, a turnaround from a loss of HKD 302,622,000 in the same period last year[111]. - Basic and diluted earnings per share for the period were HKD 0.58, compared to a loss per share of HKD 0.32 in the previous year[109]. - Total comprehensive income for the period amounted to HKD 560,270,000, a significant improvement from a total comprehensive loss of HKD 233,038,000 in the previous year[111]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.10 per share, compared to no dividend in the previous year[26]. - The board declared an interim dividend of HKD 0.10 per share, payable to shareholders on January 7, 2022[60]. - The company suspended share transfer registration from December 15 to December 16, 2021, to determine shareholders' entitlement to the interim dividend[61]. - As of September 30, 2021, the total shares held by directors and senior management amounted to 58,400,000, representing 6.08% of the total issued shares[63]. - Zhang Han-jie holds 48,800,000 shares, while Zhang Zhi-jie and Chen Yao-lin hold 2,850,000 and 4,075,781 shares respectively[63]. - The new share option scheme was approved on September 10, 2021, replacing the 2012 share option scheme, which is now terminated[68]. - The total number of share options granted under the 2012 scheme was 47,820,000, with a significant portion still unexercised as of September 30, 2021[70]. - The company has a total of 25,890,000 share options outstanding as of April 1, 2021, with 5,990,000 held by employees[74]. - The company’s total share options held by other participants, including advisors and former directors, amounted to 6,800,000[76]. - The new share option plan is effective for a period of 10 years from September 10, 2021, to September 9, 2031[68]. - A total of 16,660,000 stock options were granted under the new stock option plan, with 16,320,000 options accepted by the grantees[79]. - The exercise price for each stock option is HKD 1.03, with options exercisable from April 1, 2022, to September 30, 2025[79]. - As of September 30, 2021, major shareholders hold a total of 518,948,012 shares, representing 54.04% of the issued shares[86]. - Dr. Chen Guoqiang holds 191,588,814 shares (19.95%) and has control over an additional 76,186,279 shares (7.94%) through corporate interests[86]. Assets and Liabilities - The total assets as of September 30, 2021, amounted to HKD 9,171 million, reflecting the company's strong financial position[21]. - Total bank borrowings amounted to HKD 1,608,000,000, with a net asset liability ratio decreasing to 0.36 from 0.68 as of March 31, 2021[48]. - The company has an unused bank credit facility of HKD 268,200,000 available for property construction and operational needs[50]. - As of September 30, 2021, total non-current assets amounted to HKD 4,845,684, an increase from HKD 4,048,725 as of March 31, 2021, representing a growth of approximately 19.7%[114]. - The company's cash and bank balances significantly increased to HKD 1,470,060 from HKD 298,322, marking a rise of approximately 392.3%[114]. - Current liabilities rose to HKD 3,515,882 from HKD 2,904,883, indicating an increase of about 21.1%[114]. - The net current asset position improved to HKD 86 compared to a net current liability of HKD 354,161, reflecting a turnaround in financial health[114]. - The equity attributable to owners of the company increased to HKD 4,047,357 from HKD 3,491,146, showing a growth of approximately 15.9%[116]. - The company reported a significant increase in receivables from joint ventures, rising to HKD 930,397 from HKD 434,075, which is an increase of about 114.3%[114]. - The group’s total liabilities increased to HKD 4,081,138,000 as of September 30, 2021, compared to HKD 3,106,996,000 as of March 31, 2021[142]. Operational Highlights - The company continues to adapt its business model in response to the challenges posed by the COVID-19 pandemic, maintaining stable local housing demand[24]. - The property and hotel revenue from joint ventures and associates was HKD 1,735 million, significantly higher than HKD 98 million in the previous year[18]. - The company aims to enhance its operational flexibility to achieve substantial returns despite strict land development regulations and a low-interest environment[24]. - The property segment recorded a profit of HKD 832,000,000, compared to a loss of HKD 138,300,000 in the same period last year[27]. - The luxury residential project in Macau contributed significantly with sales amounting to HKD 756,300,000, a substantial increase from HKD 6,000,000 in the previous year[28]. - In Hong Kong, the sale of 34 units from the Haipo project generated revenue of HKD 256,000,000 during the period[29]. - The group completed the acquisition of multiple units in To Kwa Wan, planning for residential redevelopment, enhancing cash flow with a sale of HKD 318,300,000 from another project[29]. - The rental rate for the Dapiao International Center in Guangzhou remained above 90%, expected to continue generating reasonable rental income[33]. - The Vancouver property market showed strong performance, with ongoing applications for development and construction permits for a residential redevelopment project[34]. Investment and Acquisitions - The company incurred an expected credit loss provision of HKD 159 million related to the deposit for the acquisition of 45.76% interest in Powa Group[24]. - The group has withdrawn from the acquisition agreement for a 45.76% stake in Poly Development, seeking a refund of the deposit paid[45]. - The company reported a loss of HKD 159,000,000 due to a 100% impairment rate on deposits as of September 30, 2021[46]. - The group increased its stake in the Shanghai Renaissance Hotel from 9.5% to 24.5% to capitalize on potential capital appreciation[36]. - The group acquired an additional 18% stake in More Cash for HKD 110 million, increasing its ownership to 60%[172]. - The group’s effective ownership in Jiangnan Property increased from 31.5% to 45% following the acquisition of More Cash[172]. - The group’s investment in Premier Maker increased to 49% after acquiring an additional 30% stake for HKD 95 million[184]. - The identifiable assets acquired from More Cash amounted to HKD 569.4 million, with non-controlling interests of HKD 227.8 million deducted[175]. - The group confirmed a loss of HKD 159,000,000 related to a deposit for the acquisition of a 45.76% stake in Paul Y. Engineering Group Limited, which was subsequently canceled due to a creditor's action[189]. Credit and Financial Management - The financing segment reported a profit of HKD 39,900,000, a significant turnaround from a loss of HKD 70,900,000 in the previous year, aided by a reversal of expected credit loss provisions[43]. - The securities investment segment's loss decreased to HKD 2,300,000 from HKD 8,500,000, reflecting a reduction in unrealized losses due to market price declines[42]. - The company reported a financial loss of HKD 44,539,000, down from HKD 55,723,000 in the previous year, indicating improved financial management[109]. - The group recorded a tax expense of HKD (1,277,000) for the six months ended September 30, 2021, compared to HKD 31,703,000 in the previous year[149]. - The group recognized an expected credit loss provision of HKD 26,484,000 for other receivables, a decrease from HKD 80,880,000 in the same period last year[195]. - The group’s expected credit loss provision for loans was HKD 525,786,000 as of September 30, 2021, compared to HKD 645,286,000 as of March 31, 2021[191]. Corporate Governance - The company is committed to maintaining high standards of corporate governance and compliance with statutory and regulatory requirements[97]. - The company has adopted a standard code for securities trading by directors, ensuring compliance with corporate governance standards[99].

Financial Performance - Total revenue for the year ended March 31, 2021, was HKD 258 million, an increase from HKD 175 million in the previous year, representing a growth of 47.14%[13] - Property income and hotel revenue from joint ventures and associates amounted to HKD 184 million, down from HKD 332 million, indicating a decline of 44.53%[13] - The net loss for the year was HKD 664 million, an improvement from a net loss of HKD 972 million in the previous year, reflecting a reduction of 31.66%[13] - Basic loss per share improved to HKD (69) from HKD (100), showing a decrease in loss per share by 30.00%[13] - The company reported a significant increase in revenue, achieving a total of $1.2 billion for the fiscal year, representing a 15% year-over-year growth[19] - The company's revenue increased by 47.3% to HKD 258,400,000, compared to HKD 175,400,000 in the previous year[42] - The gross profit recorded was HKD 38,100,000, a significant improvement from a gross loss of HKD 17,400,000 in the previous year[42] - The net loss attributable to shareholders decreased by 31.8% to HKD 662,200,000, down from HKD 971,000,000 in the previous year[44] Assets and Equity - Total assets as of March 31, 2021, were HKD 8,983 million, compared to HKD 9,171 million in the previous year, a decrease of 2.05%[14] - Total equity as of March 31, 2021, was HKD 5,533 million, up from HKD 5,336 million, representing an increase of 3.69%[14] Future Outlook and Strategy - The company plans to focus on market expansion and new product development in the upcoming fiscal year[13] - Future guidance indicates a cautious outlook due to market uncertainties but aims for gradual recovery in revenue streams[13] - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to 12%[19] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative technology solutions[19] - The company is expanding its market presence in Asia, targeting a 25% increase in market share over the next two years[19] - The company is exploring potential mergers and acquisitions to strengthen its market position[13] - A strategic acquisition was completed, enhancing the company's capabilities in the digital space, valued at $300 million[19] Cost Management and Efficiency - The company plans to implement cost-saving measures aimed at reducing operational expenses by 5% in the upcoming year[19] - The company has taken cost-saving measures, reducing administrative and other expenses by HKD 31,100,000 to HKD 195,100,000[44] - Research and development expenses increased by 30%, reflecting the company's commitment to innovation and new technology[19] Customer Engagement and Satisfaction - User data showed an increase in active users, reaching 5 million, which is a 20% increase compared to the previous year[19] - Customer satisfaction ratings improved, with a reported 90% satisfaction rate, indicating strong user engagement[19] - The company is exploring partnerships to enhance its service offerings, aiming for a 15% increase in service-related revenue[19] Property Development and Sales - The pre-sale performance of the luxury residential project in Macau, 金峰名鑄, secured revenue of HKD 6,900,000,000[46] - The company delivered 34 units of the 海珀 project, contributing revenue of HKD 205,300,000 for the year[51] - The company expects additional revenue of HKD 279,100,000 from the sale of 37 units that will be delivered in the following year[51] - The company will focus on pre-sale and sales efforts for local redevelopment projects in Macau and Hong Kong to consolidate future revenue[37] Financing and Debt Management - The total bank borrowings as of March 31, 2021, were HKD 1,356,700,000, with a net debt-to-equity ratio of 0.68, unchanged from 2020[85] - The group had undrawn bank credit facilities of HKD 907,600,000 available for property construction and operational needs[86] - The group provided guarantees for bank financing up to HKD 573.8 million for a joint venture with a 50% stake, an increase from HKD 511.8 million in 2020, representing a 12.9% rise[92] Regulatory and Compliance - The company continues to monitor and assess the impact of regulatory changes on its operations, which may lead to increased costs and operational delays[168] - The company emphasizes the importance of compliance with laws and regulations, which may affect its operational performance and project timelines[168] Shareholder Information - A total of 3,263,000 shares were cancelled during the year, resulting in a total issued share count of 960,175,410 as of March 31, 2021[94] - The total number of shares that can be issued under the stock option plan is 93,771,273, equivalent to approximately 9.77% of the current total issued shares[200] - The stock option plan was approved on August 17, 2012, and is effective for a period of 10 years until August 16, 2022[198]

Financial Performance - The company's revenue for the six months ended September 30, 2020, was HKD 28 million, a decrease of 74.8% compared to HKD 111 million for the same period in 2019[23]. - The net loss for the period was HKD 303 million, an improvement from a net loss of HKD 521 million in the previous year[23]. - The hotel business and management income dropped to HKD 3,973,000 from HKD 63,636,000, reflecting a decline of 93.8%[123]. - The loss before tax for the period was HKD 334,325,000, compared to a loss of HKD 520,844,000 in the previous year, representing a 35.7% improvement[123]. - The net loss for the period was HKD 302,622,000, down from HKD 520,844,000, indicating a 42% reduction in losses[126]. - The total comprehensive loss for the period was HKD 233,038,000, significantly lower than HKD 594,633,000 in the previous year, reflecting a 60.8% decrease[126]. Revenue Breakdown - Total revenue for the six months ended September 30, 2020, was HKD 28,189,000, a decrease of 74.6% compared to HKD 110,809,000 for the same period in 2019[161]. - Property income decreased to HKD 7,696,000 from HKD 10,264,000, a reduction of 25.4%[123]. - Hotel accommodation revenue recognized over time dropped significantly to HKD 3,792,000 from HKD 52,487,000, a decline of 92.8%[161]. - The financing segment generated revenue of HKD 16,520,000, with an operating loss of HKD 70,911,000[164]. - The property segment reported a revenue of HKD 7,696,000, with an operating loss of HKD 110,888,000[164]. - Rental income for the six months was HKD 6,294,000, slightly up from HKD 6,080,000 in the previous year[161]. Asset and Liability Overview - Total assets as of September 30, 2020, were HKD 8,983 million, compared to HKD 9,171 million as of March 31, 2020[25]. - Total liabilities as of September 30, 2020, were HKD 3,863,105,000, compared to HKD 3,829,785,000 as of March 31, 2020[173]. - The company's equity attributable to owners decreased to HKD 3,785,520 thousand from HKD 4,060,285 thousand, a decline of about 6.8%[133]. - The bank borrowings reduced to HKD 1,424,679 thousand from HKD 1,738,160 thousand, representing a decrease of approximately 18%[130]. - The total assets less current liabilities decreased to HKD 5,314,783 thousand from HKD 5,585,485 thousand, indicating a decline of approximately 4.8%[130]. Investment and Financing Activities - The group reported a loss of HKD 8,500,000 from securities investments for the period, compared to a loss of HKD 5,900,000 in the previous year, attributed to unrealized losses from market price declines[57]. - The group has unutilized bank credit facilities of HKD 996,600,000 available for property construction and operational funding[65]. - The group is in the process of acquiring a 45.8% stake in Polytec Construction Group Limited, pending certain conditions, with completion expected by March 31, 2021[63]. - The total principal amount of guaranteed notes decreased to approximately USD 190,000,000 as of September 30, 2020, following the repurchase of notes totaling approximately USD 7,800,000[69]. Operational Challenges - The company is facing unprecedented challenges in its hotel business due to the impact of the COVID-19 pandemic[29]. - The group faced negative impacts on its financial condition and performance due to various factors related to the pandemic[149]. - The fair value of properties held by the group and its joint venture further declined due to the impact of the COVID-19 pandemic[149]. Corporate Governance and Shareholder Information - The company maintains high standards of corporate governance and has complied with all relevant codes during the reporting period[110]. - The company has adopted a standard code for directors' securities transactions, with all directors confirming compliance during the period[112]. - The total equity held by directors and senior management in the company amounted to 55,800,000 shares, representing 5.81% of the total issued shares[80]. - Major shareholders hold a total of 515,807,012 shares, representing 53.72% of the issued shares[97]. - Dr. Chen Guoqiang holds 191,588,814 shares (19.95%) and has control over an additional 76,186,279 shares (7.94%) through a controlled corporation[97].

Financial Performance - Total revenue for the year ended March 31, 2020, was HKD 1,179 million, a decrease from HKD 1,832 million in the previous year, representing a decline of approximately 35.6%[13] - Net loss for the year was HKD 972 million, compared to a profit of HKD 140 million in the previous year, indicating a significant downturn in profitability[13] - Basic loss per share was HKD 1.00, compared to earnings of HKD 0.15 per share in the previous year[13] - The group recorded a gross loss of HKD 17,400,000 and a significant net loss attributable to shareholders of HKD 971,000,000, with a basic loss per share of HKD 1[32] - The group's revenue decreased by 33% to HKD 175,400,000 due to the impact of the COVID-19 pandemic and ongoing social unrest in Hong Kong[32] - The property segment reported a loss of HKD 203,900,000, a decline from a profit of HKD 526,600,000 in the previous fiscal year[39] - Revenue from the hotel and leisure segment decreased to HKD 94,900,000 from HKD 171,100,000 in 2019, resulting in a segment loss of HKD 336,300,000 compared to a profit of HKD 18,600,000 in 2019[52] Assets and Equity - Total assets as of March 31, 2020, amounted to HKD 9,443 million, an increase from HKD 8,983 million in the previous year[15] - Total equity attributable to shareholders was HKD 5,574 million as of March 31, 2020, compared to HKD 5,336 million in the previous year, reflecting a growth of approximately 4.5%[15] - The retained earnings as of March 31, 2020, amounted to HKD 3,075,973,000, an increase from HKD 2,742,011,000 in 2019, indicating a growth of approximately 12.2%[161] - As of March 31, 2020, the total value of the group's equity and fund investments was HKD 288.7 million, with 45% in non-listed securities denominated in RMB[78] Dividends - The company declared an interim dividend of HKD 0.03 and a second interim dividend of HKD 0.05, down from HKD 0.10 and HKD 0.12 in the previous year[13] - The board declared a second interim dividend of HKD 0.05 per share, totaling HKD 0.08 per share when combined with the first interim dividend[32] - The company announced a second interim dividend of HKD 0.05 per share for the year, compared to HKD 0.12 per share in 2019, resulting in a total dividend of HKD 0.08 per share for the year, down from HKD 0.22 per share in 2019[151] Business Strategy and Future Plans - The company plans to focus on market expansion and new product development in the upcoming fiscal year[13] - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[13] - The company plans to focus on the pre-sale of its remaining projects and the sale of units in the Haipo project to consolidate future revenue[33] - The group aims to expand its business into China, Macau, Canada, and the UK while developing ongoing projects to improve profitability and enhance shareholder value[33] - The group plans to launch a residential redevelopment project in Vancouver by the end of 2020, with demolition expected to start in 2021[50] - The group aims to deliver pre-sold units of a luxury residential project in Macau by early next year, despite construction delays due to border control measures[43] Operational Challenges - The group faces significant risks from government cooling measures in the real estate market, which may pressure actual sales prices or rents[99] - Intense competition in the property market, particularly in Hong Kong, poses a risk, with numerous developers competing for market share[99] - Global economic instability, including factors such as the COVID-19 pandemic and geopolitical tensions, continues to impact consumer confidence and overall economic conditions[103] - Financing challenges may arise, necessitating the need for additional capital to support property investments and hotel operations[120] - Legal and regulatory changes may lead to project delays and increased compliance costs, impacting property sales performance[144] Financial Management - The group is closely monitoring cash flow and operational funding to ensure sustainability in adverse environments[112] - The group implemented cost-saving measures, reducing administrative and other expenses by HKD 45,700,000 to HKD 226,200,000[38] - The group has unutilized bank credit facilities of HKD 301,200,000 available for property construction and operational funding[89] - As of March 31, 2020, the total bank borrowings amounted to HKD 1,738,200,000, with a net debt-to-equity ratio of 0.68 compared to 0.47 in 2019[86] Shareholder Information - A total of 18,325,000 shares were repurchased during the year, with 15,062,000 shares canceled, increasing the net asset value per share[91] - The issued share capital as of March 31, 2020, was 960,655,004 shares after the cancellation of repurchased shares[97] - The total number of employees decreased to 266 from 318 in 2019, reflecting adjustments in workforce management[96] - The total number of options available for issuance under the share option scheme as of March 31, 2020, was 93,771,273 shares, approximately 9.79% of the total issued shares[180] Risk Management - The company is committed to reducing carbon emissions and updating business continuity plans in response to climate change and potential disasters[135] - Currency fluctuations could affect the group's financial performance, as revenues and expenses may be denominated in various currencies[145] - An independent valuation indicated an average loss rate of approximately 72%, reflecting increased default probabilities and decreased recovery rates[83] Director and Management Information - The company’s board of directors has confirmed that all independent non-executive directors are independent as per the annual written confirmation received[165] - Changes in director information included various changes in board positions among directors[197] - Details regarding director remuneration for the year are disclosed in the financial statements[199]