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]

Financial Performance - The group's revenue decreased by 10% to HKD 110.8 million, while gross profit fell by 26% to HKD 38.5 million during the reporting period[31]. - The group recorded a net loss attributable to shareholders of HKD 520.6 million, compared to a profit of HKD 288.8 million in the same period last year[31]. - The total comprehensive loss for the period was HKD 594,633,000, compared to a comprehensive income of HKD 234,083,000 in the same period of 2018[133]. - Basic and diluted loss per share was HKD 0.54, compared to earnings of HKD 0.31 per share in the previous year[130]. - The net loss for the period was HKD 520,844,000, compared to a profit of HKD 288,607,000 in the same period last year[133]. - The financial instruments fair value loss was HKD 4,466,000, significantly improved from a loss of HKD 94,480,000 in the previous year[130]. - Other comprehensive expenses for the period totaled HKD 73,789,000, compared to HKD 54,524,000 in the prior year[133]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.03 per share, down from HKD 0.10 per share in the previous year[31]. - The board declared an interim dividend of HKD 0.03 per share, payable to shareholders on January 8, 2020[83]. - The company will suspend share transfer registration from December 16 to December 17, 2019, to determine shareholders' rights to the interim dividend[84]. - As of September 30, 2019, the total shareholding percentages of key executives ranged from 0.03% to 5.77%[86]. - The company’s equity interests include 248,031,919 shares held by Ms. Wu Wan Lan, representing 25.67% of the total issued shares[101]. - The major shareholder Dr. Chan Kwok Keung holds a total of 515,807,012 shares, representing 53.38% of the total issued shares[101]. Asset and Liability Management - Total assets amounted to HKD 9,443 million as of September 30, 2019[27]. - The company's total liabilities increased from HKD 2,284,565 thousand to HKD 2,769,597 thousand, an increase of approximately 21.3%[137]. - The company's equity attributable to owners decreased from HKD 5,336,124 thousand to HKD 4,602,653 thousand, representing a decline of approximately 13.7%[138]. - The company's bank borrowings increased from HKD 1,479,545 thousand to HKD 1,733,249 thousand, an increase of about 17.1%[137]. - As of September 30, 2019, the group's total bank borrowings amounted to HKD 1,733,200,000, with notes payable at HKD 1,535,600,000, resulting in a net debt-to-equity ratio of 0.53, up from 0.47 on March 31, 2019[63]. Operational Challenges - The group's hotel operations faced unprecedented challenges due to the ongoing unrest in Hong Kong[31]. - The segment loss for property operations was HKD 78.2 million, compared to a profit of HKD 433.2 million in the same period last year[32]. - The hotel division's revenue decreased to HKD 63,600,000, down from HKD 76,700,000 year-on-year, resulting in a segment loss of HKD 145,000,000 compared to a profit of HKD 23,300,000 in the previous year[43]. - The group recognized significant credit loss provisions related to HKD 500 million unsecured loan notes issued by a subsidiary, resulting in substantial losses[31]. Future Plans and Strategies - The group plans to continue monitoring market conditions and adjust strategies accordingly to navigate the current economic landscape[31]. - The group plans to launch pre-sales for the redevelopment projects in To Kwa Wan and other areas in 2020, with completion expected in 2021[35]. - The group plans to focus on the pre-sale of its projects and the redevelopment of specific sites to consolidate future revenue, while also expanding its business into China, Macau, Canada, and the UK[70]. - The group plans to prudently enhance its investment portfolio when suitable opportunities arise[70]. Investments and Acquisitions - The group acquired a 20% stake in Uni-Dragon Limited for HKD 300,000,000, which indirectly holds the Thirteen Hotel in Macau[44]. - The group purchased a 9.5% stake in the Shanghai Caobao Westin Hotel for HKD 146,400,000, with an option to acquire an additional 6.5% for HKD 100,000,000 within 18 months[45]. - The group reported a profit share of HKD 30,700,000 from joint ventures in Macau during the period, a significant decrease from HKD 513,500,000 in the same period last year[33]. Credit Risk and Provisions - An additional expected credit loss provision of HKD 219.5 million was recognized for Kaihua as of September 30, 2019, reflecting a significant increase in credit risk, with a loss rate estimated at approximately 60%[77]. - An external assessment indicated an average loss rate of about 50% for Kaihua's loan notes, supporting the internal assessment's provision for expected credit losses[79]. - The company is currently seeking legal advice regarding potential follow-up actions related to Kaihua's liquidation petition, considering cost-effectiveness[80]. Compliance and Governance - The company has maintained compliance with all provisions of the corporate governance code during the reporting period[116]. - The company’s board of directors has confirmed compliance with the standard code of conduct for securities transactions throughout the reporting period[117]. - The company has a stock option plan approved by shareholders, effective from August 17, 2012, to August 16, 2022, aimed at retaining and rewarding eligible individuals[94]. Accounting Standards and Financial Reporting - The company applied new Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial position and performance for the period[155]. - The company has adopted HKFRS 16, which has led to significant changes in accounting policies regarding leases, particularly in recognizing right-of-use assets and lease liabilities[160]. - The company recognizes refundable lease deposits at fair value, with adjustments treated as additional lease payments[167]. - The company’s financial statements for the six months ended September 30, 2019, reflect the impact of HKFRS 16 without restating comparative information[192].

Financial Results - The company announced its annual results for the year ended March 31, 2019, on June 26, 2019[8]. - The financial highlights for the year include a significant increase in revenue compared to the previous year, although specific figures are not provided in the extracted content[2]. - The Group's revenue increased by 6.4% to HK$262.3 million, and gross profit rose by 5.4% to HK$117.1 million due to improvements in the hotel business[20]. - Contributions from associates and joint ventures surged to HK$567.5 million, up from HK$167.6 million in the previous year[29]. - Net profit attributable to owners decreased to HK$140.6 million from HK$182.5 million in the last financial year[29]. - Basic earnings per share were HK15 cents, down from HK20 cents[20]. - The total dividend for the year is HK22 cents per share, comprising a first interim dividend of HK10 cents and a second interim dividend of HK12 cents[21]. - The retained profit decreased to HK$2,742,011,000 in 2019 from HK$2,869,097,000 in 2018, representing a decline of approximately 4.4%[132]. Dividends and Shareholder Information - The second interim dividend's ex-dividend date is set for July 16, 2019, with a record date for dividend entitlement on July 19, 2019[8]. - The company will pay the second interim dividend on or about August 30, 2019[8]. - The Board declared a second interim dividend of HK12 cents per share for the year, consistent with the previous year[121]. - The total dividend for the year is HK22 cents per share, consistent with the previous year, which also had a total dividend of HK22 cents per share[124]. - The Register of Members will be closed from July 18 to July 19, 2019, for the purpose of ascertaining shareholders' entitlement to the Second Interim Dividend[124]. - The Company cannot declare or pay any dividend if it is unable to pay its liabilities as they become due or if the realizable value of its assets would be less than its liabilities[131]. Business Strategy and Outlook - The company is focusing on market expansion and new product development as part of its growth strategy[2]. - The management discussion indicates a positive outlook for the upcoming fiscal year, with expectations of continued growth[2]. - The company is actively pursuing potential acquisitions to enhance its market position[2]. - The presale of remaining blocks in Sky Oasis and Grand Oasis will be a focus to secure revenue for the coming years[23]. - The Group plans to expand its business further into Canada and the United Kingdom while being selective in replenishing its portfolio[23]. Corporate Governance - The board of directors includes experienced professionals, which strengthens corporate governance[3]. - The Company emphasizes corporate governance through its various committees, ensuring compliance and oversight[107]. - The Company has a policy for the re-election of directors at the annual general meeting, ensuring compliance with corporate governance codes[144]. - All independent non-executive directors have confirmed their independence in accordance with the listing rules[145]. - The board of directors has received confirmations regarding the independence of all independent non-executive directors[145]. Risks and Challenges - The group faces risks from government cooling measures on property markets, which may pressure effective prices for property sales or rentals[82]. - Competition risks include numerous developers in the property market and pricing pressure from other developers and hotels[83]. - Development projects require government approvals, which may lead to delays and additional costs for compliance with new regulations[84]. - The global economic outlook remains uncertain, with Hong Kong facing adverse impacts from social movements and weak consumer confidence[88]. - The PRC economy is under downward pressure due to sluggish foreign demand, excess production capacity, and the Sino-US trade war[88]. - The Group's financial position may be adversely affected by global economic uncertainties, including Brexit and trade tensions[88]. Investments and Acquisitions - The Group successfully acquired 80% ownership of properties at Nos. 21, 23, 25, 27, 29, and 31 Sheung Heung Road, To Kwa Wan, with a total site area of approximately 9,100 sq. ft., planned for residential redevelopment[41][43]. - The Group acquired a 31.5% interest in a joint venture owning portions of Dabiao International Centre in Guangzhou, with a total floor area of approximately 640,000 sq. ft.[46][49]. - The joint venture in Macau confirmed a significant attributable profit of HK$634.7 million for the year, compared to HK$104.2 million in 2018, driven by the successful delivery of residential units[42]. Financial Position and Capital Management - As of March 31, 2019, the Group held total bank borrowings of HK$1,479.5 million and loan notes of HK$1,547.1 million, resulting in a net gearing ratio of 0.47, up from 0.44 in 2018[71]. - The Group had unused banking facilities of HK$352.0 million available for property construction and working capital[72]. - A total of HK$758.4 million in bank borrowings was drawn down during the year to finance redevelopment projects and working capital[72]. - The Group's total equity and fund investments amounted to HK$191.9 million, with 64% in unlisted securities and funds[68]. Management and Personnel - The total number of employees as of March 31, 2019, was 318, down from 329 in 2018[80]. - The remuneration policy for Directors and top management is aligned with market conditions and includes discretionary bonuses and other benefits[200]. - The Company will review its remuneration policy periodically to ensure competitiveness and alignment with performance[200]. Share Options and Director Interests - The total number of shares available for issuance under the Share Option Scheme as of March 31, 2019, was 93,771,273, representing approximately 9.69% of the existing total number of shares in issue[157]. - The maximum number of shares that may be issued upon exercise of share options in any 12-month period shall not exceed 1% of the total number of shares in issue unless shareholder approval is obtained[159]. - The Company granted a total of 27,020,000 share options with an exercise price of HK$2.57 per share on April 4, 2018[164]. - Dr. Charles Chan holds 191,588,814 shares, representing 19.64% of the company's total shares[185]. - The largest customer accounted for approximately 18% of the Group's total turnover, while the five largest customers contributed about 46% of the total turnover[196].