Financial Performance - Total revenue for the year ended March 31, 2024, was HKD 111 million, an increase from HKD 91 million in the previous year, representing a growth of 22%[9] - Property and hotel income, including share of joint ventures, totaled HKD 742 million, down from HKD 1,056 million, indicating a decline of 30%[9] - The net loss for the year was HKD 682 million, compared to a net loss of HKD 153 million in the previous year, reflecting a significant increase in losses[9] - Basic loss per share was HKD 71, compared to HKD 16 in the previous year, marking a deterioration in earnings performance[9] - The company recorded a net loss attributable to shareholders of HKD 644,900,000, with a basic loss per share of HKD 0.71[29] - The net loss attributable to the company's owners for the current year was HKD 644,900,000, compared to a loss of HKD 146,900,000 in the previous fiscal year[33] - The property segment recorded a loss of HKD 405,700,000, compared to a loss of HKD 135,600,000 in the previous fiscal year[35] - The hotel and leisure segment reported a loss of HKD 230,800,000, compared to a profit of HKD 175,400,000 in the previous year[43] Assets and Equity - Total assets as of March 31, 2024, amounted to HKD 6,710 million, an increase from HKD 5,676 million in the previous year[11] - Shareholders' equity totaled HKD 3,994 million as of March 31, 2024, compared to HKD 2,930 million in the previous year, indicating a growth of 36%[11] Future Plans and Strategies - The company plans to announce its full-year results for 2023-2024 on June 28, 2024, and the annual general meeting is scheduled for September 6, 2024[5] - The company is focusing on strategic investments and potential market expansions to enhance future performance[16] - The company plans to focus on the sales of remaining units in the Macao Jin Feng Ming Hui and Jin Feng Ming Zhu projects to enhance liquidity and financial flexibility[30] - The company will prudently explore potential property development projects outside of China, Macao, Canada, and the UK to enrich its investment portfolio[30] - The group is considering the sale of specific properties as a strategic move to enhance liquidity and manage assets effectively[62] Operational Challenges - The company anticipates ongoing business challenges due to external macroeconomic factors, including high interest rates and geopolitical tensions[29] - The ongoing impacts of the COVID-19 pandemic have led to reduced consumer spending, particularly in Hong Kong and Macau, where the tourism industry has not yet recovered to pre-pandemic levels[80] - Climate change poses various risks, including extreme weather events that could damage property values and increase operational costs[83] - The group faces significant risks from global economic instability, including high interest rates and geopolitical tensions, which may slow economic growth[80] Financing and Debt - As of March 31, 2024, the total bank and other borrowings amounted to HKD 1,362.2 million, resulting in a net debt-to-equity ratio of 0.46, compared to 0.38 in 2023[59] - The group successfully secured new borrowings of HKD 200 million at an interest rate of 15%, to be repaid by April 2026, backed by certain subsidiaries and a major shareholder's guarantee[61] - The group has drawn down HKD 51.2 million in bank borrowings to fund the UK redevelopment project[59] - The group is required to raise additional capital for property investments and development projects, with potential adverse effects on property valuations and borrowing capacity due to ongoing economic downturns[85] Shareholder Information - The group did not declare any dividends for the current year, consistent with the previous year[34] - The company's distributable reserves as of March 31, 2024, amounted to HKD 113,020,000, a decrease from HKD 658,591,000 in 2023[103] - The company has repurchased and canceled a total of 5,436,000 shares during the year, resulting in a total issued share count of 907,198,410 shares as of March 31, 2024[69] - The board believes that the share repurchase enhances the net asset value per share and benefits the company and its shareholders[135] Governance and Compliance - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, ensuring compliance with listing rules[151] - The company has adopted a standard code for securities trading by directors, ensuring compliance with regulations[150] - The company has established a governance committee to monitor compliance with governance policies and the effectiveness of training for directors and senior management[175] - The audit committee consists of three independent non-executive directors, with Mr. Peng Mingdong as the chairman, effective from September 18, 2023[180] Risk Management - The board is responsible for maintaining a robust and effective risk management and internal control system, which is reviewed at least annually[191] - The company's risk management and internal control systems remained unchanged from the previous year, with no significant deficiencies or concerns identified[195] - The risk management register records identified risks and corresponding mitigation measures, reviewed at least annually[192] Employee Information - The total number of employees as of March 31, 2024, was 130, a decrease from 145 in 2023[68] Market and Customer Information - The company's five largest customers accounted for approximately 91% of total revenue, with the largest customer contributing about 41%[134]

Financial Performance - The company's revenue for the year ended March 31, 2024, increased by 22.4% to HKD 111 million, compared to HKD 90.8 million in 2023[5]. - The attributable loss to the company's owners for the year was HKD 645 million, compared to a loss of HKD 147 million in the previous year[1]. - Basic loss per share was HKD 0.71, compared to HKD 0.16 in the previous year[1]. - The group recorded a significant impairment loss of HKD 136,200,000 related to its investment in Beijing Poly, due to difficulties in recovering costs and lack of reconstruction resources[37]. - The group reported a loss attributable to owners of HKD 644,900,000 and a net cash outflow from operations of HKD 46,500,000 for the year[73]. - The total comprehensive expenses for the year amounted to HKD 722,347,000, compared to HKD 314,648,000 in the previous year[84]. - The group reported a net loss of HKD 74.1 million in 2024, compared to a loss of HKD 5.9 million in 2023[103]. - The company reported a loss of HKD 644,886,000 for the year 2024, compared to a loss of HKD 146,913,000 in 2023, indicating a significant increase in losses[151]. Asset and Liability Management - As of March 31, 2024, the group's total bank and other borrowings amounted to HKD 1,362,200,000, with a net debt-to-equity ratio of 0.46, up from 0.38 in 2023[43]. - The group has outstanding bank borrowings of HKD 1,037,910,000, slightly up from HKD 1,029,291,000 in 2023[60]. - The group plans to seek refinancing before existing borrowings mature, with HKD 396,000,000 in loans due after the reporting period[65]. - The group’s total liabilities as of March 31, 2024, included non-current bank and other borrowings of HKD 324,258,000[87]. - The group’s total equity decreased significantly, reflecting the overall loss for the period[116]. - The group has recognized a full impairment loss of HKD 136,223,000 related to its equity interest in Beijing Poly, reducing the carrying value to zero as of March 31, 2024[157]. - The group recorded a significant decrease in cash and cash equivalents from HKD 61,073,000 in 2023 to HKD 24,743,000 in 2024[118]. Revenue and Income Sources - The contribution from a luxury residential project developed by a joint venture increased to HKD 61.9 million, up from HKD 16.8 million in the previous year[30]. - Revenue for the period reached HKD 111,078,000, up from HKD 90,756,000 in 2023, reflecting a growth of approximately 22.3%[53]. - The total revenue from external customers increased to HKD 111.1 million in 2024, up from HKD 90.8 million in 2023, representing a growth of approximately 22.3%[100]. - Other income, including bank interest income, totaled HKD 23.2 million in 2024, compared to HKD 22.8 million in 2023, reflecting a slight increase[103]. Operational Challenges and Strategic Measures - The group is considering the sale of specific properties as a strategic measure to realize occupied capital and enhance liquidity[45]. - The group is actively seeking refinancing before the current financing matures, with HKD 396,000,000 of borrowings overdue as of the announcement date[75]. - The board anticipates that the group will have sufficient resources to continue its operations for the foreseeable future[90]. - The group plans to focus on enhancing operational efficiency and exploring potential property development projects outside of its current markets[79]. - The board believes that controlling administrative and operational costs will effectively address liquidity needs and improve financial conditions[188]. Impairment and Valuation Issues - The fair value of the company's investment properties decreased by HKD 134 million due to adverse market conditions in Hong Kong's commercial property sector[29]. - The property segment reported a fair value decrease of HKD 134 million and impairment losses of HKD 46.4 million as of March 31, 2024[97]. - The group recognized a fair value reduction of HKD 7,957,000 for receivables from a joint venture[122]. Governance and Compliance - The company is committed to maintaining high standards of corporate governance and compliance with regulatory requirements[165]. - The independent auditor's report indicated that sufficient and appropriate audit evidence could not be obtained to provide a basis for an audit opinion on the consolidated financial statements[171]. - There are significant doubts regarding the group's ability to continue as a going concern due to various events and circumstances[173]. Future Outlook and Plans - The board believes that with the planned measures, the group will have sufficient financial resources to meet its obligations for at least the next twelve months[185]. - The effectiveness of the group's going concern assumption depends on the successful execution of its plans and measures[178]. - The company plans to publish its annual performance report on the Hong Kong Stock Exchange and its website[196].

Financial Performance - The group recorded a loss of HKD 682,303,000 for the year ended March 31, 2024, with a net cash outflow from operations of HKD 46,493,000[9]. - The group recorded a net loss of HKD 644.9 million for the year, compared to a net loss of HKD 146.9 million in the previous fiscal year[18]. - The net loss was primarily due to a full impairment loss of HKD 136.2 million on the equity of an associate company in Beijing, a decrease in fair value of investment properties by HKD 134 million, and impairment losses on commercial properties amounting to HKD 46.4 million[18]. - The group did not generate any one-time income during the year, resulting in a share of net loss from joint ventures of HKD 78.8 million[18]. Impairment and Financial Position - The group recognized a full impairment of HKD 136,223,000 related to its interest in Beijing Poly, reducing the carrying value of this interest to zero[5]. - The group has recognized a full impairment loss of HKD 136,223,000 on its equity in Beijing Poly Hotel, reducing its carrying value to zero as of March 31, 2024[15]. - The group’s financial statements reflect a significant impairment loss due to the inability to obtain sufficient audit evidence regarding the associate's financial performance[16]. - The group’s consolidated financial position may require adjustments if the planned measures are not realized[15]. Liquidity and Going Concern - The group is implementing several plans to improve liquidity and financial condition, including obtaining new borrowing sources and controlling administrative and operational costs[10]. - The group has not received written agreements from banks or other lenders regarding the extension of its going concern assessment, raising significant doubts about its ability to continue as a going concern[11]. - The group’s board has considered the likelihood of success for the plans and measures in place to ensure sufficient financial resources for operations over the next twelve months[10]. - The group’s financial statements were prepared on a going concern basis, contingent on the success of its plans and measures[10]. Borrowings and Cash Position - As of March 31, 2024, the total bank and other borrowings amounted to HKD 1,362,168,000, of which HKD 1,037,910,000 is due within twelve months and classified as current liabilities[9]. - The group’s cash and cash equivalents stood at HKD 24,743,000 as of March 31, 2024[9]. Audit and Financial Reporting - The independent auditor has not expressed an opinion on the group's consolidated financial statements due to significant issues that prevent obtaining sufficient and appropriate audit evidence[7]. - The impact of undiscovered misstatements on the consolidated financial statements could be significant but not pervasive[14]. - The group was unable to obtain financial information from Beijing Poly Hotel to assess its financial performance and position as of March 31, 2024[15]. - The group has not made any adjustments regarding the equity of the associate company or the associated losses due to scope limitations[18]. Investment Properties - The group’s investment properties were adversely affected by the market conditions in Hong Kong, leading to a decrease in fair value[18].

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].