Financial Performance - The company reported revenue of HKD 69,882,000 for the six months ended September 30, 2019, compared to a revenue of HKD 1,995,000 for the same period in 2018, indicating a significant increase [8]. - The operating loss for the period was HKD 220,691,000, a decrease from an operating loss of HKD 490,932,000 in the previous year, reflecting an improvement in operational efficiency [8]. - The net loss attributable to the company's owners was HKD 267,616,000, compared to a net loss of HKD 496,217,000 in the prior year, showing a reduction in losses [8]. - The total comprehensive loss for the period was HKD 370,424,000, down from HKD 664,166,000 in the same period last year, indicating a positive trend [10]. - The company reported a basic and diluted loss per share of HKD 3.67, improved from HKD 8.16 in the previous year, reflecting better performance on a per-share basis [8]. - The company recorded a net loss of HKD 267,634,000 for the period [16]. - The group recorded a loss of approximately HKD 267,634,000, a reduction of about 46.1% compared to a loss of HKD 496,248,000 in the same period last year [156]. Financial Position - The total assets of the company as of September 30, 2019, were not detailed in the provided content, but the financial position should be monitored for future assessments [12]. - Non-current assets decreased from HKD 2,442,538 thousand to HKD 2,331,354 thousand, a decline of approximately 4.6% [14]. - Current assets decreased from HKD 1,246,511 thousand to HKD 921,994 thousand, a decrease of about 26% [14]. - Total assets decreased from HKD 3,689,049 thousand to HKD 3,253,348 thousand, representing a reduction of approximately 11.8% [14]. - Total liabilities decreased from HKD 1,104,393 thousand to HKD 1,039,116 thousand, a decrease of about 5.9% [14]. - Equity attributable to owners decreased from HKD 2,546,677 thousand to HKD 2,176,271 thousand, a decline of approximately 14.6% [14]. - The company’s total equity as of September 30, 2019, was HKD 2,214,232 thousand, down from HKD 2,584,656 thousand [14]. Cash Flow and Financing - The net cash generated from operating activities for the six months ended September 30, 2019, was HKD 376,905,000, an increase of 70.8% compared to HKD 220,734,000 in 2018 [23]. - Cash used in financing activities amounted to HKD 403,573,000, which is a significant increase from HKD 219,397,000 in the previous year [23]. - The cash and cash equivalents at the end of the reporting period decreased to HKD 21,705,000 from HKD 157,368,000 in the previous year, representing a decline of 86.2% [23]. - The company incurred interest payments of HKD 68,180,000, which is an increase from HKD 33,466,000 in the prior year [23]. - The total cash outflow from investing activities was HKD 16,199,000, compared to HKD 292,000 in the previous year [23]. - The company reported a decrease in cash and cash equivalents of HKD 42,867,000 for the period, contrasting with an increase of HKD 1,045,000 in the same period last year [23]. - The company’s cash and bank balances at the end of the reporting period were HKD 21,705,000, down from HKD 157,368,000 in the previous year [23]. Business Segments Performance - The agricultural business reported a significant increase in revenue to HKD 21,038,000 from HKD 398,000 in the previous year, although it still incurred a loss of HKD 5,175,000 [52]. - The hotel business generated revenue of HKD 17,348,000, down from HKD 19,700,000 in the same period of 2018, with a slight increase in profit to HKD 516,000 [52]. - The property investment business revenue decreased to HKD 31,496,000 from HKD 36,501,000, with a profit of HKD 1,805,000 [52]. - The financing and securities investment business showed a loss of HKD 201,743,000, an improvement from a loss of HKD 446,539,000 in the same period last year [52]. Investment and Assets - The fair value loss on investment properties amounted to HKD 21,111,000, compared to HKD 1,149,000 in the previous year, indicating increased volatility in property valuations [8]. - The total value of the group's investment properties was approximately HKD 1,191,244,000 as of September 30, 2019, down from HKD 1,282,094,000 as of March 31, 2019 [157]. - The group incurred a fair value loss of approximately HKD 191,953,000 on financial assets measured at fair value through profit or loss [156]. - The group recorded an unrealized investment loss of HKD 191,953,000 from its investment in Heilongjiang Guozhong Water Co., Ltd., with a share price decline from RMB 3.41 to RMB 2.65 [166]. Corporate Governance and Shareholder Information - No interim dividend was declared or proposed for the six months ended September 30, 2019, and no dividends were recommended by the board after the reporting period [86]. - Major shareholder Jiang Zhaobo holds 1,742,300,000 shares, representing 23.89% of the total shares [180]. - Ansheng Holdings Company Limited, fully owned by Shen Angang, holds 502,255,000 shares, representing 6.89% of the total shares [184]. - The board of directors has complied with the corporate governance code during the review period, with some deviations noted [193]. - The chairman, Jiang Zhaobo, did not attend the 2019 annual general meeting due to other commitments [194]. - The board of directors has confirmed compliance with the standards set forth in the Listing Rules Appendix 10 regarding securities trading throughout the reporting period [195].

Financial Performance - The group's revenue for the year ended March 31, 2019, was approximately HKD 138,789,000, representing a 54.4% increase from HKD 89,912,000 in 2018[6] - The net loss for the year was approximately HKD 604,960,000, a decrease from HKD 775,873,000 in 2018, primarily due to a 21.7% reduction in unrealized fair value losses on financial assets[6] - Basic and diluted loss per share was HKD 0.08993, compared to HKD 0.12763 in 2018[7] - Agricultural business revenue for the year was approximately HKD 48,168,000, a significant increase from HKD 471,000 in 2018, with a segment profit of approximately HKD 15,125,000 compared to a loss of HKD 2,404,000 in 2018[5] - The hotel segment recorded revenue of approximately HKD 35,242,000, down from HKD 39,072,000 in 2018, mainly due to a slight decline in average room rates[14] Investment and Assets - The group's investment properties had a total estimated value of approximately HKD 1,282,094,000 as of March 31, 2019, down from HKD 1,347,788,000 in 2018[9] - The total value of securities investments was approximately HKD 911,924,000, a decrease from HKD 1,393,232,000 in 2018, representing 35.3% of the group's net assets[20] - The group confirmed a loss of approximately HKD 93,216,000 related to impairment of mining rights, with the carrying value of mining rights as of March 31, 2019, being approximately HKD 178,664,000[28] - As of March 31, 2019, the group had investment properties valued at approximately HKD 655,294,000 and hotel properties valued at approximately HKD 485,235,000 pledged as collateral for liabilities[35] Cash Flow and Borrowings - The group’s cash and bank deposits as of March 31, 2019, were approximately HKD 79,975,000, down from HKD 179,712,000 in 2018[32] - As of March 31, 2019, the total borrowings of the group amounted to approximately HKD 893,906,000, with HKD 888,158,000 due within one year[33] - The company issued 1,215,700,000 shares at a price of HKD 0.143 per share, raising approximately HKD 173,845,000, with 94% allocated for repaying other borrowings[34] Market Outlook and Strategy - The group expects to closely monitor the property market conditions and prudently seize any opportunities in this segment[11] - The group anticipates that the hotel segment will continue to provide stable income and potential capital gains[15] - Future outlook indicates a focus on reviewing and restructuring existing business segments to maintain competitiveness amid an unstable economic environment[30] Corporate Governance - The management emphasized the importance of maintaining strong corporate governance practices, adhering to the guidelines set forth by the Hong Kong Stock Exchange[65] - The board consists of seven directors, including four executive directors and three independent non-executive directors[72] - The company aims to enhance shareholder value through improved transparency and accountability in its operations and decision-making processes[64] - The company has adopted a board diversity policy to ensure a balanced skill set and experience among board members, considering various factors such as gender, age, and professional experience[102] Environmental Sustainability - The total greenhouse gas emissions for the reporting period amounted to 1,275.07 tons of CO2 equivalent, with an annual emission density of 0.079 tons of CO2 equivalent per square meter[139] - The company implemented the IHG Green Program and achieved Level 1 certification, improving lighting efficiency[142] - The company has established guidelines for waste recycling and encourages the separation of waste, including food waste collection by Hai Jie Environmental Company[148] - The group has implemented energy efficiency measures, tracking energy usage monthly to identify savings opportunities and set reduction targets[157] Employee Management - The group employed approximately 160 staff as of March 31, 2019, an increase from 120 staff in the previous year[43] - The employee turnover rate for the group was 0% during the reporting period, indicating strong employee retention[168] - The total number of trained employees reached 56, with a total of 1,020 training hours provided[187] - 100% of middle management employees received training, while 77% of frontline and other employees participated[187] Risk Management - The company has established a clear risk management framework to identify, assess, and manage significant risks, ensuring effective operations and compliance with applicable laws and regulations[111] - An external consultant was hired to conduct an independent review of the company's risk management and internal control systems, which was approved by the audit committee[114] - The audit committee is responsible for ensuring compliance with statutory and listing requirements, and it has the authority to appoint independent legal or other advisors when necessary[103]