Financial Performance - The company reported a loss attributable to equity holders of HKD 10,314,000 for the six months ended June 30, 2022, compared to a profit of HKD 152,140,000 in the same period last year, representing a 107% decline [14]. - Revenue decreased by 66% to HKD 55,552,000 from HKD 161,767,000 year-on-year [12]. - The company's earnings per share (EPS) was HKD (0.30), down from HKD 4.45, marking a 107% decrease; adjusted EPS excluding fair value changes was HKD 0.34, down from HKD 3.28, a 90% decline [12]. - The company's operating profit for the period was HKD 11,575,000, down from HKD 168,377,000 in the prior year, indicating a substantial reduction in operational performance [37]. - Total revenue and other income for the six months ended June 30, 2022, was HKD 125,023,000, a decrease from HKD 125,751,000 in the previous year [37]. - The company recognized other comprehensive income of HKD 117,009,000 for the period, compared to HKD 223,952,000 in the previous year, showing a decline in overall comprehensive income [39]. - The company paid dividends of HKD 47,555,000 during the period, slightly lower than HKD 47,781,000 paid in the previous year, reflecting a cautious approach to cash distribution [55]. - The company declared no interim dividend for the six months ended June 30, 2022, compared to no dividend declared in the same period of 2021 [95]. Investment Properties - The fair value change of investment properties resulted in a loss of HKD 21,819,000, compared to a gain of HKD 40,043,000 in the previous year [12]. - The fair value change of investment properties resulted in a loss of HKD 16,159,000, contrasting with a gain of HKD 38,400,000 in the previous year, highlighting volatility in property valuations [37]. - The carrying value of investment properties as of June 30, 2022, was HKD 2,483,000,000, down from HKD 2,499,000,000 as of December 31, 2021 [103]. - The fair value of investment properties decreased by HKD 16,159,000 during the period, reflecting market conditions [104]. Assets and Liabilities - Total assets as of June 30, 2022, amounted to HKD 5,635,571,000, an increase from HKD 5,553,540,000 at the end of 2021, indicating growth in asset base [45]. - The company's total equity increased to HKD 5,526,079,000 as of June 30, 2022, compared to HKD 5,466,939,000 at the end of 2021, reflecting a slight improvement in financial stability [45]. - The group’s net current assets were approximately HK$508 million as of June 30, 2022, down from HK$547.7 million as of December 31, 2021 [21]. - The debt-to-equity ratio increased from 0.01% as of December 31, 2021, to 0.16% as of June 30, 2022 [21]. - Total trade and other payables amounted to HKD 52,582 million, down from HKD 57,265 million as of December 31, 2021, indicating a decrease of approximately 8.9% [121]. Employee and Operational Metrics - The group employed 12 employees as of June 30, 2022, compared to 13 employees in the previous year [28]. - Employee benefits expenses for the six months ended June 30, 2022, were HKD 9,374 million, down from HKD 12,115 million in the previous year, representing a decrease of 22.7% [123]. - The company incurred employee benefit expenses of HKD 11,873, a decrease from HKD 15,161 in the previous year [87]. Market and Economic Conditions - The occupancy rate of Nanyang Plaza in Kwun Tong is currently 89.1%, with significant rental activity being low due to ongoing economic challenges [15]. - The company plans to remain cautious and monitor market fluctuations for the remainder of the year, especially in light of rising interest rates and geopolitical tensions [19]. Shareholder Information - The major shareholder, Tankard Shipping Co. Inc., holds 5,500,000 shares, representing 16.19% of the issued share capital [26]. - The company did not purchase, sell, or redeem any of its shares during the period [22]. - The weighted average number of ordinary shares issued decreased slightly to 33,968,000 shares from 34,159,000 shares year-on-year [94]. Financial Risks and Governance - The group faces various financial risks, including market risk, credit risk, and liquidity risk, with a focus on minimizing potential adverse effects on financial performance [66]. - The company has adopted the updated Corporate Governance Code effective from January 1, 2022, and will fully comply in its 2022 report [32]. - The audit committee reviewed the group’s accounting principles and practices, including the unaudited interim financial statements for the six months ended June 30, 2022 [35].

Financial Performance - Revenue and other income for 2021 was HKD 195,501,000, a decrease of 13% from HKD 225,203,000 in 2020[6] - Profit attributable to equity holders of the company increased by 120% to HKD 190,717,000 from HKD 86,766,000 in the previous year[6] - Earnings per share rose by 121% to HKD 5.59, compared to HKD 2.53 in 2020[6] - The net asset value per share increased by 11% to HKD 160.95 from HKD 145.64 in 2020[6] - The company reported a significant increase in operating profit, reaching HKD 201,165,000 compared to HKD 132,030,000 in 2020[10] - The total equity of the company stood at HKD 5,466,939,000, an increase from HKD 4,978,908,000 in the previous year[10] - Total revenue for the year ended December 31, 2021, was HKD 168,647,000, a decrease of 8.3% from HKD 183,674,000 in 2020[160] - Gross profit for 2021 was HKD 178,470,000, down from HKD 208,835,000 in 2020, reflecting a decline of 14.6%[160] - Net profit attributable to equity holders for 2021 was HKD 190,717,000, a substantial increase of 119.9% from HKD 86,766,000 in 2020[160] - The company reported a total comprehensive income of HKD 544,342,000 for 2021, a significant recovery from a loss of HKD 282,328,000 in 2020[164] Dividends - The company declared a total dividend of HKD 1.40 per share, unchanged from the previous year[6] - The company proposed a final dividend of HKD 0.70 per share and a special dividend of HKD 0.70 per share, totaling approximately HKD 47,600,000 for the year, slightly down from HKD 47,900,000 in the previous year[23] - The board proposed a final dividend of HKD 0.70 per share and a special dividend of HKD 0.70 per share, totaling approximately HKD 47.6 million in dividend distribution, consistent with the previous year's total of HKD 47.9 million[91] - The company maintained a dividend payout of HKD 47,555,000 in 2021, slightly down from HKD 47,859,000 in 2020[160] - The company paid dividends totaling HKD 47,781 in 2021, slightly down from HKD 48,122 in 2020[178] Investment Properties - Investment properties valued at HKD 2,499,000,000, up from HKD 2,431,900,000 in 2020[10] - The fair value change of investment properties for 2021 was HKD 67,100,000, compared to a loss of HKD 35,600,000 in 2020[160] - The group's investment properties are valued at HKD 2,499,000,000 as of December 31, 2021, with the share of joint ventures' investment properties valued at HKD 60,490,000[142] Corporate Governance - The board of directors includes experienced members with backgrounds in finance, law, and corporate governance, enhancing the company's strategic oversight[19] - The company’s independent non-executive directors bring extensive experience from various sectors, contributing to robust governance practices[19] - The company has established a continuous professional development program for all directors to stay updated on relevant regulations and governance codes[58] - The board consists of six members, including two executive directors, three independent non-executive directors, and one non-executive director[53] - The company’s independent non-executive directors confirmed their independence annually as per listing rules[50] - The company has a policy for reviewing the structure and composition of the board annually[72] Sustainability and ESG - The board emphasizes the importance of integrating environmental, social, and governance (ESG) considerations into key business decisions and regularly reports on ESG performance for continuous improvement[106] - The company has established long-term sustainability goals focusing on reducing greenhouse gas emissions, improving energy and water efficiency, and promoting responsible office practices[111] - The company actively manages climate risks by implementing emergency plans to mitigate disruptions and financial losses from extreme weather events[108] - The company collaborates with building managers to install energy-efficient lighting and implement waste management practices to reduce greenhouse gas emissions and resource consumption[112] - Employee well-being is prioritized, with measures taken to ensure health and safety, including providing pandemic-related supplies and promoting work-life balance[114][115] - The company conducts regular training for management and staff to maintain competitiveness and compliance with market trends and regulations[117] - The company adheres to internationally recognized labor standards, strictly prohibiting child and forced labor in its operations and among partners[118] - The company emphasizes sustainable procurement practices by collaborating closely with suppliers to minimize risks related to environmental, social, and governance issues[120] - Total greenhouse gas emissions amounted to 2,336.62 tons of CO2 equivalent in 2021, a slight increase from 2,327.03 tons in 2020[125] - Total energy consumption reached 3,291,705.41 kWh in 2021, compared to 3,281,718.46 kWh in 2020, indicating a growth of approximately 0.6%[125] - Water consumption decreased to 6,799 cubic meters in 2021 from 10,323 cubic meters in 2020, representing a reduction of about 34.5%[125] Shareholder Information - As of December 31, 2021, the total equity held by the directors and senior management in the company amounted to 16,231,944 shares, representing 47.79% of the issued share capital[31] - The major shareholder, Tankard Shipping Co. Inc., holds 5,500,000 shares, accounting for 16.19% of the issued share capital[34] - The company confirmed that the public float of its issued shares exceeded 25% as of March 24, 2022[45] Audit and Compliance - The financial statements for the year have been audited by PwC, who expressed willingness to be reappointed[45] - There were no significant related party transactions that constituted connected transactions as defined by the Hong Kong Stock Exchange[45] - The company paid or accrued audit and non-audit fees to its auditors amounting to HKD 1,697,000 and HKD 1,134,000 respectively for the year ended December 31, 2021[68] Operational Insights - The company plans to continue its market expansion and explore new investment opportunities in the coming year[6] - Future outlook remains positive with a focus on enhancing operational efficiency and exploring new technologies[6] - The company has subsidiaries registered in Hong Kong, the British Virgin Islands, and Panama, indicating a diversified operational footprint[17] - The company’s financial performance and asset-liability summary for the past five fiscal years are detailed in the report[26] - The company maintains a complaint handling mechanism for its rental properties to improve service quality and address customer issues promptly[121] Employee Metrics - The employee turnover rate remained at 0% for both 2021 and 2020, indicating stable workforce retention[127] - The training rate for full-time employees dropped to 54% in 2021 from 85% in 2020, reflecting a significant decrease in employee training participation[127] - The average training hours per full-time employee decreased to 6.31 hours in 2021 from 7.04 hours in 2020[127] Cash Flow and Financial Position - Cash generated from operating activities showed a net inflow of HKD 10,729 in 2021, down from HKD 31,884 in 2020, indicating a decrease of approximately 66%[178] - The net cash inflow from investing activities was HKD 70,767 in 2021, slightly down from HKD 79,207 in 2020[178] - The net cash outflow from financing activities was HKD 61,060 in 2021, an improvement from HKD 68,622 in 2020, showing a reduction of approximately 11%[178] - The cash and cash equivalents at the end of the year increased to HKD 143,819 from HKD 123,243, reflecting a growth of approximately 16.7%[178]

Financial Performance - The company reported a profit attributable to equity holders of HKD 152,140,000 for the six months ended June 30, 2021, representing a 256% increase from HKD 42,785,000 in 2020[5]. - Total revenue and other income for the same period was HKD 161,767,000, up 44% from HKD 112,235,000 in 2020[3]. - Earnings per share increased to HKD 4.45, a 259% rise compared to HKD 1.24 in the previous year[3]. - Total comprehensive income attributable to equity holders for the period was HKD 376,092,000, compared to HKD 221,411,000 in the previous year, representing an increase of 69.9%[34]. - Other comprehensive income after tax for the period was HKD 223,952,000, compared to a loss of HKD 264,196,000 in the previous year[33]. - The gross profit for the same period was HKD 153,381,000, compared to HKD 104,235,000 in 2020, reflecting a significant increase[28]. - Operating profit rose to HKD 168,377,000 for the six months ended June 30, 2021, compared to HKD 71,613,000 in the previous year[28]. - The company reported a total operating profit of HKD 171,828,000 for the six months ended June 30, 2021, compared to HKD 65,563,000 in the same period of 2020[79]. Investment Portfolio - The company’s investment portfolio increased by 7.87% year-on-year, with financial assets at fair value through profit or loss totaling HKD 456,000,000, accounting for 8.4% of total assets[9]. - The investment in Shanghai Commercial & Savings Bank is valued at HKD 2,208,000,000, representing approximately 40.8% of the company's total assets[11]. - The investment portfolio has seen a year-to-date increase of approximately USD 3,200,000 or 5.6% as of August 24, 2021[10]. - The group's investment properties are valued at HKD 2,301,000,000 as of June 30, 2021, an increase from HKD 2,272,000,000 as of December 31, 2020[14]. - The total value of investment properties increased to HKD 2,470,300,000 as of June 30, 2021, up from HKD 2,431,900,000 at the end of 2020, reflecting a fair value change of HKD 38,400,000[94][96]. - The fair value of financial assets and liabilities is categorized into three levels based on the inputs used in the valuation techniques, with a total of HKD 2,675,865,000 in assets measured at fair value[62]. Assets and Liabilities - Total assets as of June 30, 2021, amounted to HKD 5,409,642,000, an increase from HKD 5,068,499,000 as of December 31, 2020, reflecting a growth of 6.7%[36]. - Total equity increased to HKD 5,304,919,000 from HKD 4,978,908,000, marking a rise of 6.5%[36]. - The company's retained earnings rose to HKD 3,412,442,000 from HKD 3,310,383,000, an increase of 3.1%[36]. - The total liabilities increased to HKD 104,723,000 from HKD 89,591,000, reflecting a rise of 17.0%[36]. - The debt-to-equity ratio decreased from 0.1% as of December 31, 2020, to 0.06% as of June 30, 2021[14]. - The company’s total liabilities as of June 30, 2021, were HKD 104,723,000, with unallocated liabilities of HKD 73,229,000[76]. Cash Flow and Dividends - Cash and cash equivalents decreased to HKD 65,742,000 from HKD 123,243,000, a decline of 46.6%[45]. - The company reported a cash outflow from operating activities of HKD 3,451,000 for the current period, compared to an inflow of HKD 12,737,000 in the previous year[45]. - The company paid dividends of HKD 47,781,000 for the year 2020, slightly down from HKD 48,122,000 in the previous year[45]. - The company declared a special dividend of HKD 0.70 per share for the year 2020, consistent with the previous year's special dividend[11]. - The company did not declare an interim dividend for the six months ended June 30, 2021, compared to no interim dividend declared in the same period of 2020[11]. Operational Highlights - The rental rate for the company's industrial property in Kwun Tong is currently at 89.9%, with efforts to attract new tenants through favorable leasing terms[6]. - The company employed 13 staff members as of June 30, 2021, maintaining the same number as in 2020[21]. - The company incurred employee benefits expenses of HKD 15,161,000 for the six months ended June 30, 2021, an increase from HKD 14,487,000 in the previous year[79]. - The company's real estate segment generated revenue of HKD 41,339,000, while the financial investment segment contributed HKD 120,428,000 for the six months ended June 30, 2021[71]. Market Conditions and Risks - The company anticipates challenges from the ongoing pandemic and rising inflation rates, which may impact global stock market performance[10]. - The group’s overall risk management plan focuses on minimizing potential adverse impacts on financial performance due to market unpredictability[56]. Share Repurchase - The company repurchased a total of 56,000 shares during the six months ended June 30, 2021, at a total cost of HKD 2,300,025[15]. - The company repurchased a total of 56,000 shares during the period, with a total payment of HKD 2,300,000, down from HKD 5,140,000 for 115,000 shares repurchased in the previous year, indicating a decrease of approximately 55.3% in repurchase expenditure[109].

Financial Performance - Total revenue and other income for 2020 was HKD 225,203,000, a decrease of 2% from HKD 228,897,000 in 2019[6] - Profit attributable to equity holders of the company increased by 44% to HKD 86,766,000 from HKD 60,281,000 in 2019[6] - Earnings per share rose by 45% to HKD 2.53, compared to HKD 1.75 in the previous year[6] - The fair value change of investment properties and related tax impacts decreased by 36% to HKD 65,742,000 from HKD 103,003,000 in 2019[6] - The net asset value per share decreased by 6% to HKD 145.64 from HKD 154.36 in 2019[6] - The company reported a total equity of HKD 4,978,908,000, compared to HKD 5,321,713,000 in the previous year[10] - The company recorded a total comprehensive loss of HKD 282,328 thousand in 2020, compared to a total comprehensive income of HKD 622,025 thousand in 2019[172] - The company reported a gross profit of HKD 208,835 for 2020, slightly down from HKD 212,222 in 2019[158] - The company experienced a significant decrease in the fair value of investment properties, reporting a loss of HKD 35,600 in 2020 compared to a loss of HKD 95,469 in 2019[158] - The total comprehensive income attributable to equity holders of the company for 2020 was a loss of HKD 282,328, compared to a gain of HKD 622,025 in 2019[162] Dividends - The company declared a final dividend of HKD 0.70 per share, consistent with the previous year[6] - The company reported a final dividend of HKD 0.70 per share and a special dividend of HKD 0.70 per share, totaling approximately HKD 47.9 million for the year, compared to HKD 48.3 million in the previous year[39] - The board of directors has the discretion to propose dividends based on factors such as operational performance, cash flow, and financial condition[55][56] - The company paid dividends totaling HKD 48,122 thousand in 2020, compared to HKD 48,267 thousand in 2019, a slight decrease of about 0.3%[176] Assets and Liabilities - Total assets amounted to HKD 4,978,908,000, down from HKD 5,321,713,000 in 2019[10] - The company’s total liabilities decreased to HKD 89,591 thousand in 2020 from HKD 103,044 thousand in 2019, a reduction of approximately 13.0%[168] - Total assets decreased to HKD 5,068,499 thousand in 2020 from HKD 5,424,757 thousand in 2019, representing a decline of approximately 6.5%[164] - Non-current assets amounted to HKD 4,523,602 thousand in 2020, down from HKD 4,955,719 thousand in 2019, a decrease of about 8.7%[164] - Current assets increased to HKD 544,897 thousand in 2020, compared to HKD 469,038 thousand in 2019, reflecting an increase of approximately 16.1%[164] Corporate Governance - The company is committed to good corporate governance to protect shareholder interests and enhance group performance[64] - The board of directors consists of seven members, including three executive directors and three independent non-executive directors[66] - The company has confirmed that there are no related party transactions that constitute defined related transactions under the Hong Kong Stock Exchange rules[61] - All directors participated in continuous professional development to stay informed about relevant regulations and governance codes[74] Shareholder Meetings and Proposals - The company plans to hold its annual general meeting on May 21, 2021, to discuss the audited financial statements and dividend distribution[11] - The company will suspend share transfer registration from May 14 to May 21, 2021, to determine shareholder eligibility for the upcoming annual general meeting[23] - All proxy forms must be submitted at least 48 hours before the meeting to be valid[24] - The chairman will request voting on all resolutions listed in the notice of the meeting[26] Environmental Impact - The company reduced electricity consumption by 57,286 kWh in 2020 due to the installation of new central air conditioning systems[115] - Greenhouse gas emissions decreased significantly from 1,995.32 tons of CO2 equivalent in the previous year to 1.57 tons of CO2 equivalent in 2020[115] - Total greenhouse gas emissions decreased to 1,606.47 tons of CO2 equivalent in 2020 from 3,702.79 tons in 2019, representing a reduction of approximately 56.7%[129] - Direct emissions (Scope 1) were 1.57 tons of CO2 equivalent in 2020, down from 1,995.32 tons in 2019, indicating a decline of about 99.9%[129] Investment Activities - The company has been engaged in investment holding as its primary business, with further details available in financial statement notes 16 and 31[38] - The company’s investment in Shanghai Commercial & Savings Bank amounted to HKD 1,985,100,000, accounting for approximately 39% of total assets[108] - The investment portfolio increased by 9.85% year-on-year, with financial assets at fair value through profit or loss totaling HKD 407,100,000, representing 8% of total assets[105] - The company has invested in global consumer-related funds and increased investments in smart energy and new technology stocks in the new year[106] Employee Welfare - The company provided various employee benefits, including discretionary bonuses, medical insurance, and retirement funds, to enhance employee welfare[117] - The company employed 13 staff members as of December 31, 2020, with compensation based on qualifications and experience[111] Audit and Compliance - The audit opinion confirmed that the consolidated financial statements accurately reflect the group's financial position as of December 31, 2020[132] - The company has not been aware of any violations of laws and regulations during the reporting period that could have a significant impact on its operations[128] Market Presence - The company has subsidiaries registered in Hong Kong, the British Virgin Islands, Liberia, and Panama, indicating a broad international presence[33][36] - The largest supplier accounted for 73% of the group's purchases, while the top five suppliers collectively represented 93%[61] - The largest customer contributed 13% of the total revenue from investment properties, and the top five customers accounted for 27%[61]

Financial Performance - The company reported a profit attributable to equity holders of HKD 42,800,000 for the six months ended June 30, 2020, a decrease of 69% compared to HKD 138,100,000 in 2019[10]. - Revenue and other income decreased by 31% to HKD 112,235,000 from HKD 162,052,000 year-on-year[4]. - Earnings per share dropped to HKD 1.24, down 69% from HKD 4.01 in the previous year[7]. - The company recorded a net loss of HKD 28,300,000 from realized and unrealized losses on financial assets during the period[14]. - The company reported a net profit attributable to equity holders of HKD 42,785,000 for the six months ended June 30, 2020, down from HKD 138,139,000 in 2019[35]. - The operating profit for the same period was HKD 71,613,000, significantly lower than HKD 150,617,000 in the previous year[33]. - The total comprehensive income for the period attributable to equity holders was a loss of HKD 221,411,000 compared to a gain of HKD 765,104,000 in the previous year[35]. - The company reported a profit of HKD 42,785,000 for the six months ended June 30, 2020, compared to a profit of HKD 138,139,000 for the same period in 2019, indicating a decrease of approximately 69%[38]. Revenue Breakdown - Revenue for the six months ended June 30, 2020, was HKD 140,565,000, representing an increase from HKD 127,982,000 in the same period of 2019[33]. - Revenue from real estate for the six months ended June 30, 2020, was HKD 44,251, an increase of 1.2% from HKD 43,720 in 2019[69]. - Revenue from financial investments for the six months ended June 30, 2020, was HKD 67,984, a decrease of 42.4% from HKD 118,332 in 2019[69]. - Total rental income from investment properties for the six months ended June 30, 2020, was HKD 38,369,000, a 1.6% increase from HKD 37,752,000 in 2019[65]. - Investment income from financial assets measured at fair value through profit or loss was HKD 1,514,000, down 33.8% from HKD 2,287,000 in 2019[65]. - Dividend income from financial assets measured at fair value through other comprehensive income was HKD 94,462,000, an increase of 15.5% compared to HKD 81,718,000 in 2019[65]. - Management fee income from investment properties was HKD 5,882,000, slightly down from HKD 5,968,000 in 2019[65]. - Other income for the period was HKD 338,000, compared to HKD 257,000 in 2019, reflecting a 31.5% increase[65]. Assets and Liabilities - Total assets decreased from HKD 5,424,757,000 as of December 31, 2019, to HKD 5,163,506,000 as of June 30, 2020, representing a decline of approximately 4.8%[37]. - The company's total equity decreased from HKD 5,321,713,000 to HKD 5,047,040,000, a reduction of about 5.1%[38]. - Cash and cash equivalents decreased significantly from HKD 80,874,000 to HKD 39,906,000, a drop of approximately 50.7%[40]. - The total liabilities increased from HKD 103,044,000 to HKD 116,466,000, an increase of about 13%[37]. - The total assets as of June 30, 2020, amounted to HKD 5,054,812, a decrease from HKD 5,305,747 as of December 31, 2019[72]. - The total liabilities as of June 30, 2020, were HKD 116,466, compared to HKD 103,044 as of December 31, 2019[72]. - The total trade payables as of June 30, 2020, were HKD 50,472,000, down from HKD 53,315,000 as of December 31, 2019, indicating a decrease of about 5.2%[110]. - The total other payables and accrued expenses were HKD 28,024,000 as of June 30, 2020, down from HKD 30,649,000 as of December 31, 2019, indicating a decrease of approximately 8.5%[110]. Investments and Shareholder Actions - The investment in Shanghai Commercial & Savings Bank accounted for approximately 4% of the bank's total issued capital, with a cash dividend received of about HKD 74,600,000[15]. - The company's investment properties are valued at HKD 2,298,000,000, with no bank financing utilized as of June 30, 2020[17]. - The investment portfolio, including cash, decreased by 7.45% as of June 30, 2020, with a total value of approximately HKD 335,800,000[14]. - The company holds a 65% stake in Shanghai Shen Nan Textile Co., which has been affected by the COVID-19 pandemic and subsequent rent concessions[12]. - The company repurchased a total of 115,000 shares at a total cost of HKD 5,139,800 during the six months ended June 30, 2020[18]. - The company’s share capital decreased from HKD 3,448,000 to HKD 3,437,000 due to share buybacks[38]. - The company did not declare an interim dividend for the six months ended June 30, 2020, compared to no interim dividend in 2019[83]. Market Conditions and Future Outlook - The rental rate for Nanyang Plaza in Hong Kong is currently at 90.4%, with expectations of further declines due to tenant requests for rent reductions[11]. - The company anticipates continued challenges and volatility in the market for the remainder of the year[15]. - The group faces various financial risks including market risk, credit risk, and liquidity risk, with a focus on minimizing potential adverse impacts on financial performance[51]. Compliance and Governance - The major shareholder, Tankard Shipping Co. Inc., holds 5,500,000 shares, representing 16.00% of the issued share capital[25]. - The company’s board confirmed compliance with the corporate governance code during the reporting period[29]. - The group has not adopted any new accounting standards or amendments early, with several new standards effective from January 1, 2021, and beyond[49].

Financial Performance - Revenue for 2019 reached HKD 228.9 million, an increase of 88% compared to HKD 122.0 million in 2018[8] - Profit attributable to equity holders decreased by 82% to HKD 60.3 million from HKD 334.5 million in 2018[8] - Earnings per share (EPS) fell to HKD 1.75, down 82% from HKD 9.62 in the previous year[8] - The adjusted EPS, excluding changes in fair value of investment properties, increased by 168% to HKD 4.74 from HKD 1.77[8] - Operating profit for 2019 was HKD 75.6 million, a significant decrease from HKD 344.3 million in 2018[10] - The group recorded a profit attributable to equity holders of HKD 60,300,000 for the year ended December 31, 2019, a decrease from HKD 334,500,000 in 2018[100] - The earnings per share for the year was HKD 1.75, down from HKD 9.62 in 2018; excluding the impact of fair value revaluation of investment properties, the earnings per share would be HKD 4.74, compared to HKD 1.77 in 2018[100] - Net profit attributable to equity holders was HKD 60,281,000, down 82.0% from HKD 334,518,000 in the previous year[174] - Cash flow from operating activities showed a net inflow of HKD 22,010,000 in 2019, a recovery from a net outflow of HKD 5,064,000 in 2018[192] Assets and Equity - Total assets increased to HKD 5.32 billion, up 12% from HKD 4.75 billion in 2018[10] - The company reported a total equity of HKD 5.32 billion, reflecting a growth from HKD 4.75 billion in 2018[10] - Total equity attributable to equity holders rose to HKD 5,321,713,000 in 2019, compared to HKD 4,747,955,000 in 2018, an increase of 12.1%[180] - Total liabilities increased to HKD 103,044,000 in 2019 from HKD 85,101,000 in 2018, representing a growth of 21.5%[188] - Total liabilities to equity ratio increased to 0.019 from 0.018, indicating a slight increase in leverage[188] Dividends - The company declared a final dividend of HKD 0.70 per share, maintaining the same level as the previous year[8] - The company reported a total dividend distribution of approximately HKD 48,300,000 for the year, maintaining the same amount as in 2018[41] - The proposed final dividend is HKD 0.70 per share, consistent with the previous year's distribution[41] - The company maintained dividends of HKD 48,267,000 for both years, indicating a stable dividend policy despite the drop in profits[174] - The company has adopted a dividend policy allowing for cash or other means of dividend distribution, subject to board discretion and shareholder approval[56] Investment Properties - The fair value change of investment properties resulted in a profit of HKD 103.0 million, compared to a loss of HKD 273.0 million in 2018[8] - The latest valuation of investment properties decreased by HKD 95,500,000 as of December 31, 2019, compared to December 31, 2018[102] - The group's investment properties were valued at HKD 2,303,000,000 as of December 31, 2019, down from HKD 2,387,000,000 the previous year[112] - The fair value of investment properties decreased to HKD 2,467,500,000 in 2019 from HKD 2,553,230,000 in 2018, reflecting a decline of 3.4%[180] - The valuation of investment properties involved significant judgments and estimates, particularly regarding specific property characteristics and expected future rental income[144] Corporate Governance - The board of directors has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules throughout the year[65] - The board of directors consists of seven members, including three executive directors and three independent non-executive directors, ensuring a diverse governance structure[73] - The attendance rate for board meetings in 2019 was 100% for all directors, indicating strong engagement and commitment[73] - The independent non-executive directors confirmed their independence annually in accordance with listing rules, ensuring compliance and governance integrity[68] - The company emphasizes board diversity as a key factor for competitive advantage and sustainable development, considering various factors such as gender, age, and professional experience[87] Health and Safety - The company will implement health measures at the annual general meeting due to COVID-19, including mandatory temperature checks for attendees[18] - The company emphasizes the importance of health and safety for stakeholders during the ongoing pandemic[19] - The company has provided sufficient masks and hand sanitizers to ensure the health and welfare of its employees during the ongoing pandemic[115] Environmental Impact - Total greenhouse gas emissions decreased to 3,702.79 tons of CO2 equivalent in 2019 from 4,846.16 tons in 2018, representing a reduction of approximately 23.6%[135] - Energy consumption totaled 3,334,508.74 kWh in 2019, down from 3,877,562.61 kWh in 2018, indicating a decrease of about 14.0%[135] - Indirect energy consumption per revenue decreased to 19.21 kWh per HKD 1,000 in 2019 from 23.67 kWh in 2018, showing an improvement of about 18.0%[135] - The company has implemented energy-efficient measures, including the installation of energy-saving lamps and automatic control devices in buildings[121] Social Responsibility - The company collaborates with charitable organizations to find sustainable solutions for social issues, donating to local charities[132] - The company adheres to international labor standards, strictly prohibiting child labor and forced labor[127] - The company emphasizes employee well-being and work-life balance, providing various benefits including discretionary bonuses and medical insurance[123]

Financial Performance - The group reported a revenue of HKD 162,052,000 for the six months ended June 30, 2019, representing a 50% increase from HKD 108,359,000 in 2018[3]. - Profit attributable to equity holders decreased by 52% to HKD 138,139,000 compared to HKD 287,395,000 in the previous year[3]. - Earnings per share (EPS) was HKD 4.01, down 51% from HKD 8.22 in 2018; adjusted EPS excluding fair value changes was HKD 3.53, up 76% from HKD 2.01[3][5]. - The gross profit for the six months ended June 30, 2019, was HKD 153,956,000, compared to HKD 100,285,000 for the same period in 2018[27]. - Operating profit decreased to HKD 150,617,000 for the six months ended June 30, 2019, down from HKD 301,139,000 in the previous year[27]. - The company reported total revenue and other income of HKD 162,052,000 for the six months ended June 30, 2019, an increase from HKD 108,359,000 in the same period of 2018[27]. - The company’s total comprehensive income for the period was HKD 765,104 thousand, compared to HKD 377,024 thousand in the previous year, indicating a significant increase of about 102.6%[37]. - The company reported a total tax expense of HKD 18,499,000 for the six months ended June 30, 2019, slightly up from HKD 18,467,000 in the previous year[85]. Investment and Assets - The group holds a 65% stake in Shanghai Shen Nan Textile Co., which has a total lettable area of 28,142 square meters, fully leased to third parties[6]. - The investment in Shanghai Commercial & Savings Bank (SCSB) increased by approximately 39.8%, with a fair value change of HKD 631,700,000 reported in other comprehensive income[11]. - The financial assets classified as current assets amounted to HKD 348,900,000, representing 6.3% of the group's total assets[8]. - The group's investment properties are valued at HKD 2,411,000,000 as of June 30, 2019, compared to HKD 2,387,000,000 as of December 31, 2018[15]. - The total investment properties as of June 30, 2019, amounted to HKD 2,580,830,000, an increase of 1.1% from HKD 2,553,230,000 as of December 31, 2018[97]. - The fair value of investment properties increased by HKD 18,571,000 during the six months ended June 30, 2019, compared to a significant increase of HKD 220,391,000 in the same period of 2018[99]. - The total amount of prepayments, trade receivables, and other receivables as of June 30, 2019, was HKD 93,006,000, a substantial increase from HKD 19,091,000 as of December 31, 2018[109]. - The total assets as of June 30, 2019, were HKD 5,452,535,000, compared to HKD 4,724,049,000 as of December 31, 2018, indicating a growth of 15.4%[78]. Liabilities and Equity - Total liabilities rose to HKD 115,153 thousand, compared to HKD 85,101 thousand, indicating an increase of about 35.3%[33]. - The total equity attributable to equity holders increased to HKD 5,464,792,000 as of June 30, 2019, from HKD 4,747,955,000 as of December 31, 2018[31]. - The total equity as of June 30, 2019, was HKD 5,464,792 thousand, up from HKD 4,747,955 thousand, marking an increase of around 15.1%[37]. - The company’s retained earnings increased to HKD 3,362,457 thousand from HKD 3,272,585 thousand, showing a growth of approximately 2.7%[37]. - The deferred tax liabilities as of June 30, 2019, amount to HKD (24,404,000), a decrease from HKD (25,213,000) as of December 31, 2018, reflecting a reduction of approximately 3.2%[117]. Cash Flow and Dividends - Cash and cash equivalents at the end of the period were HKD 112,676 thousand, an increase from HKD 101,173 thousand, reflecting a growth of approximately 11.8%[41]. - The company reported a net cash outflow from operating activities of HKD 5,652 thousand, a significant improvement from HKD 26,278 thousand in the previous year[41]. - The company paid dividends amounting to HKD 48,267 thousand during the period, compared to HKD 47,122 thousand in the previous year[41]. - The company did not declare an interim dividend for the six months ended June 30, 2019, compared to no interim dividend declared in 2018[89]. Business Segments - The group operates two main business segments: real estate investment and leasing, and financial investments involving holding and trading securities[69]. - The real estate segment generated revenue of HKD 43,720,000, while the financial investment segment contributed HKD 118,332,000, leading to a total segment profit of HKD 150,617,000[75]. Market Outlook and Risks - The group anticipates a challenging outlook for the remainder of the year due to geopolitical issues and potential interest rate cuts in major markets[10]. - The group faces various financial risks including market risk, credit and counterparty risk, and liquidity risk, with a focus on minimizing potential adverse impacts on financial performance[58]. - No changes have been made to the risk management policies since the end of the last reporting period[59].

Financial Performance - Revenue for 2018 was HKD 121,965,000, a decrease of 40% compared to HKD 204,357,000 in 2017[8] - Profit attributable to equity holders of the company was HKD 334,518,000, down 6% from HKD 354,983,000 in the previous year[8] - Earnings per share decreased by 2% to HKD 9.92 from HKD 10.11 in 2017[8] - The company reported a net profit of HKD 334,500,000 for the year ended December 31, 2018, a decrease of 5.4% compared to HKD 355,000,000 in 2017[95] - The profit for 2018, excluding the fair value changes of investment properties, was HKD 61,600,000, down 58% from HKD 146,700,000 in 2017[95] - The company's earnings per share (EPS) was HKD 9.92, compared to HKD 10.11 in 2017; excluding fair value changes, the EPS was HKD 1.83, down from HKD 4.18[95] - Total comprehensive income attributable to equity holders for 2018 was HKD 572,895,000, down 23.8% from HKD 751,039,000 in 2017[178] - Gross profit for the year was HKD 106,031,000, down from HKD 189,119,000 in 2017, indicating a decline of approximately 43.9%[165] - Operating profit increased slightly to HKD 344,302,000 from HKD 336,913,000 in 2017, reflecting a growth of about 1.15%[165] - The company’s tax expense for the year was HKD 22,084,000, compared to HKD 18,748,000 in 2017, reflecting an increase of about 17.5%[165] Dividends - The company declared a final dividend of HKD 0.70 per share, unchanged from the previous year, and a special dividend of HKD 0.70, an increase of 8%[8] - The company proposed a final dividend of HKD 0.70 per share and a special dividend of HKD 0.70 per share, totaling approximately HKD 48.3 million in dividends for the year, compared to HKD 47.3 million in the previous year[38] - The company declared dividends totaling HKD 48,267,000, slightly up from HKD 47,339,000 in the previous year, representing an increase of approximately 1.96%[165] Assets and Liabilities - Total assets increased to HKD 4,747,955,000, up 14% from HKD 4,253,578,000 in 2017[10] - The company’s net asset value per share rose to HKD 137.71, a 14% increase from HKD 121.30 in 2017[8] - The company’s total equity attributable to equity holders rose to HKD 4,747,955,000 in 2018, compared to HKD 4,253,578,000 in 2017, marking an increase of 11.6%[173] - The company’s deferred tax liabilities increased to HKD 25,213,000 in 2018 from HKD 22,960,000 in 2017[173] Shareholder Information - The company has authorized the board to issue additional shares not exceeding 10% of the total issued shares as of the date of the resolution[15] - The board currently has no specific proposals for the general authorization but aims to utilize any potential opportunities that may arise[22] - The company confirmed that public shareholding was above 25% as of March 27, 2019[61] - As of December 31, 2018, the total shares held by the directors and senior management amounted to 16,231,944, representing 47.08% of the issued share capital[47] - The major shareholder, Tankard Shipping Co. Inc., holds 5,500,000 shares, accounting for 15.95% of the issued share capital[50] Investment and Financial Income - The company reported a significant increase in financial income to HKD 1,231,000 from HKD 201,000 in 2017[10] - The fair value change of investment properties was HKD 276,001,000, compared to HKD 178,040,000 in 2017, showing an increase of approximately 55.1%[165] - The investment portfolio recorded a net loss of HKD 41,800,000 and investment income of HKD 4,900,000 for the year[101] - The company’s investment portfolio decreased by 10.16% compared to the previous year[101] Corporate Governance - The company has been engaged in investment holding as its primary business, with detailed performance analysis available in the financial statements[37] - The company’s board of directors includes independent non-executive directors with extensive experience in finance and law[32][34] - The board consists of seven members, including three executive directors and three independent non-executive directors[65] - The company emphasizes board diversity as a key factor for competitive advantage and sustainable development, adopting a diversity policy in November 2013[82] - All directors participated in continuous professional development to stay informed about the latest regulations and governance codes[72] Environmental Impact - Total greenhouse gas emissions for 2018 were 4,846.16 tons of CO2 equivalent, an increase from 3,858.99 tons in 2017, representing a growth of approximately 25.6%[126] - Direct emissions (Scope 1) amounted to 1,998.11 tons of CO2 equivalent, significantly up from 271.63 tons in 2017, indicating a rise of about 638.5%[126] - Total energy consumption was 3,877,562.61 kWh, down from 4,512,604.49 kWh in 2017, reflecting a decrease of approximately 14.1%[126] - Water consumption increased to 7,574.00 cubic meters in 2018, compared to 4,986.00 cubic meters in 2017, marking a rise of about 52.4%[126] Accounting Standards - The group has adopted several new accounting standards effective from January 1, 2018, including HKFRS 9, which impacts the classification and measurement of financial instruments[191] - The adoption of HKFRS 16 "Leases" will require nearly all leases to be recognized on the balance sheet, eliminating the distinction between operating and finance leases[194] - The group anticipates that the implementation of HKFRS 16 will not have a significant impact on the total profit attributable to equity holders[195] - The group has not early adopted any new standards that are not yet effective, which are expected to have a significant impact on future reporting periods[194]