Financial Performance - The Group recorded a turnover of approximately HK$1,110.60 million for the year, representing an increase of approximately 9% compared to HK$1,020.89 million in 2018[10]. - Profit before tax for the year amounted to approximately HK$90.01 million, a decrease from approximately HK$168.91 million in 2018; excluding last year's disposal income, profit before tax increased by approximately HK$31.89 million[10]. - The consolidated profit before income tax was approximately HK$90.01 million, a year-on-year decrease of approximately 47%, but increased by approximately 55% when excluding non-recurring income from 2018[19]. - The profit attributable to owners of the Company for the year amounted to approximately HK$47.54 million, representing a year-on-year decrease of approximately 58%[19]. - The profit before tax from finance leasing was approximately HK$66.77 million, representing a year-on-year increase of approximately 51%[22]. - The turnover from the bulk commodity trade business segment was approximately HK$870.15 million, which was similar to the previous year[24]. - The turnover for the commodity trading segment was approximately HK$870.15 million, similar to HK$865.24 million in 2018, with a pre-tax profit of approximately HK$3.51 million, a decrease of about 19% year-on-year[26]. - The sales volume of coal trading decreased by approximately 17% year-on-year to approximately 0.71 million tons, with turnover decreasing by approximately 24% to approximately HK$467.82 million[25]. - The average unit selling price of coal decreased by approximately 3% from approximately RMB600 per ton to approximately RMB580 per ton[25]. Business Strategy and Operations - The Group is gradually withdrawing from the domestic coal trading business while continuing to engage in bulk commodity trade with a joint venture formed with Chengtong International Limited[11]. - The Group's strategy in property development is to gradually exit current projects, focusing on selling the CCT-Champs-Elysees project in Zhucheng City and restructuring the Dafeng City project[11]. - The Group aims to expand its finance leasing business prudently while leveraging resources from its controlling shareholder[12]. - The finance leasing business is confirmed as the prime focus for future development, laying a solid foundation for rapid growth in the coming years[11]. - The Group plans to withdraw from land development in Dafeng City, Jiangsu Province, with relevant land not yet resumed as of December 31, 2019[39]. - The Group entered into a joint venture with Chengtong International, owning 51% of the venture, to enhance international procurement and sales capabilities[58]. - The Group conditionally agreed to sell 41% of Chengtong Energy for approximately HK$27.38 million, marking a strategic exit from coal trading in the PRC[62]. Property Development - Underwater World Hotel completed reconstruction and began trial operations in August 2019, expected to enhance economic impact and public profile[11]. - The revenue from property development increased by approximately 116% year-on-year to approximately HK$131.93 million, while revenue from finance leasing increased by approximately 40% to approximately HK$74.47 million[19]. - The property development segment's turnover was approximately HK$131.93 million, a substantial year-on-year increase of approximately 116%, with pre-tax profit rising approximately 104% to HK$41.82 million[32]. - The CCT-Champs-Elysees project saw residential area sales increase by approximately 128% to about 20,329 square meters, with sales revenue of approximately HK$131.93 million, up about 118% year-on-year[32]. - As of December 31, 2019, the completed and unsold residential area of the CCT-Champs-Elysees project was approximately 10,483 square meters, down from approximately 29,392 square meters in 2018[36]. - The Group expects the entire CCT-Champs-Elysees project to be completed and delivered in 2023[36]. Financial Position - As of December 31, 2019, equity attributable to owners of the Company amounted to approximately HK$2,780.84 million, representing an increase of approximately 1% compared to HK$2,761.71 million as of December 31, 2018[70]. - Total assets of the Group as of December 31, 2019, were approximately HK$3,600.66 million, reflecting an increase of approximately 0.3% from the previous year[70]. - Total current assets decreased by approximately 14% to approximately HK$2,575.93 million, accounting for approximately 72% of total assets, primarily due to the utilization of cash and deposits[70]. - Total non-current assets increased by approximately 77% to approximately HK$1,024.73 million, representing approximately 28% of total assets, mainly due to an increase in loans receivable from finance leasing[70]. - Total liabilities amounted to approximately HK$686.45 million, a decrease of approximately 1% compared to the previous year[70]. - The current ratio was approximately 4.0 times, a decrease of approximately 0.7 times from 4.7 times as of December 31, 2018, indicating good liquidity[70]. Risk Management and Governance - The Company has established a risk management department, with one executive director serving as the general manager, responsible for internal audit and ongoing review of the risk management and internal control system[178]. - The board considers the risk management and internal control system to be adequate and effective in safeguarding the group's assets and protecting the interests of shareholders, customers, and employees[179]. - The Company conducted a comprehensive review of its risk management and internal control system for the period from January 1, 2019, to December 31, 2019, finding no significant changes in the nature and extent of risks faced compared to 2018[182]. - The Board confirmed that the internal control and risk management system is adequate and effective, complying with the Corporate Governance Code[182]. - The Company has established transparent procedures for developing remuneration policies to ensure no Director participates in deciding their own remuneration[145]. Management and Leadership - The Group's management emphasizes stringent risk management in all business operations, particularly in finance leasing and bulk commodity trade[11]. - The company has a strong leadership team with diverse backgrounds in finance, management, and economics, enhancing its strategic decision-making capabilities[108]. - The management team emphasizes the importance of innovation and technology development to drive future growth and competitiveness[110]. - The Company has complied with all code provisions of the Corporate Governance Code for the year, except for a deviation regarding the roles of Chairman and Managing Director from December 1, 2018, to October 22, 2019[119]. - The Company has separated the roles of Chairman and Managing Director since October 22, 2019, ensuring compliance with the Corporate Governance Code[119]. Shareholder Relations - The Company will continue to enhance communications and relationships with shareholders and investors to keep them informed of developments[193]. - The Company ensures that all resolutions of general meetings are conducted by way of poll, with results posted on relevant websites[187]. - Shareholders representing at least 5% of total voting rights may require the Directors to convene an extraordinary general meeting[194].

Financial Reporting Compliance - The interim financial information for the six months ended June 30, 2019, was reviewed and found to be in compliance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" [15] - The independent review was conducted in accordance with Hong Kong Standard on Review Engagements 2410 [10] - The interim financial information is prepared in accordance with Hong Kong Accounting Standards, ensuring compliance with regulatory requirements [48] - The report was prepared by BDO Limited, a certified public accountant firm [16] - The independent auditor's report on the financial statements for the year ended 31 December 2018 was unqualified, indicating no significant issues [50] Financial Performance - Turnover for the six months ended June 30, 2019, was HK$507,888,000, a decrease of 23.5% from HK$663,385,000 in 2018 [18] - Gross profit for the same period was HK$54,928,000, down 13.7% from HK$63,666,000 in 2018 [18] - Profit for the period increased to HK$17,182,000, representing a growth of 16.3% compared to HK$14,763,000 in 2018 [21] - Basic and diluted earnings per share attributable to owners of the Company rose to HK$0.32, up from HK$0.25 in 2018 [18] - Total comprehensive income for the period was HK$87,916,000, significantly higher than HK$11,185,000 in 2018 [21] - Other income for the period was HK$27,575,000, an increase of 10.2% from HK$24,814,000 in 2018 [18] - The total comprehensive income for the period ended June 30, 2019, was HK$89.453 million, with a profit of HK$18.733 million from other comprehensive income [42] Assets and Liabilities - Non-current assets increased to HK$734,015,000 as of June 30, 2019, compared to HK$578,607,000 at the end of 2018 [23] - Current liabilities decreased to HK$527,532,000 from HK$641,365,000 at the end of 2018 [26] - Net assets as of June 30, 2019, were HK$2,985,060,000, an increase from HK$2,897,144,000 at the end of 2018 [26] - The total assets at fair value through other comprehensive income were HK$2,851.158 million as of June 30, 2019 [42] - The Group's total current assets were HK$313,593,000 and non-current assets were HK$387,551,000 as of June 30, 2019, compared to HK$421,236,000 and HK$245,700,000 respectively as of December 31, 2018 [152] Cash Flow - For the six months ended June 30, 2019, the net cash used in operating activities was HK$25,566,000, a significant decrease compared to HK$178,735,000 generated in the same period of 2018 [45] - Cash flow from investing activities generated a net cash of HK$280,135,000, a recovery from a net cash used of HK$451,600,000 in the prior year [45] - The net cash used in financing activities was HK$81,862,000, contrasting with a net cash generated of HK$2,838,000 in the same period of 2018 [45] - The total cash and cash equivalents at the end of the period increased to HK$1,075,838,000 from HK$557,678,000 at the end of the previous year [45] - The company reported a decrease in cash generated from operating activities, indicating potential challenges in operational efficiency [45] Accounting Policies - The Group has adopted HKFRS 16 for the first time, which introduces a single lessee accounting model requiring recognition of assets and liabilities for all leases over twelve months [54] - The new definition of a lease under HKFRS 16 focuses on the concept of control, determining if a customer controls the use of an identified asset [58] - The changes in accounting policies, particularly HKFRS 16, have not had a significant effect on the interim financial information, except for the recognition of lease liabilities [60] - The Group has transitioned to HKFRS 16 using the modified retrospective approach, with no restatement of 2018 information [69] Segment Information - The Group's total turnover for the six months ended June 30, 2019, was HK$507,888,000, with external sales and income from property development at HK$16,199,000 and finance leasing at HK$33,050,000 [99] - Segment results showed a fair value gain on other financial assets measured at fair value through profit or loss of HK$29,401,000, with property development contributing HK$3,681,000 [99] - The hotel and marine travelling services segment recorded a loss of HK$3,905,000 [99] - The property development segment reported assets of HK$718,696,000, a decrease from HK$849,182,000 in the previous period [122] Taxation and Expenses - Total income tax expense for the period was HK$12,145,000, down from HK$14,795,000 in 2018, reflecting a decrease of 17.9% [134] - Current tax expense decreased to HK$11,866,000 in 2019 from HK$13,200,000 in 2018, a reduction of 10.1% [134] - The Group capitalized finance costs of HK$1,858,000 on properties under development, up from HK$823,000 in 2018, representing a 126.5% increase [141] - Unallocated corporate expenses amounted to HK$21,362,000, impacting the profit before income tax which was HK$29,327,000 [99] Management and Governance - The board of directors includes Zhang Bin as Chairman and Managing Director [5] - The remuneration for key management personnel during the six months ended June 30, 2019, was HK$540,000, a decrease from HK$1,240,000 in the same period of 2018 [190] - The Group operates in an economic environment dominated by government-related entities, as it is ultimately controlled by the government of the PRC [185] Receivables and Payables - Trade and bills receivables as of June 30, 2019, were HK$7,383,000, down from HK$8,475,000 as of December 31, 2018 [158] - The total trade and other payables as of June 30, 2019, amounted to HK$114,063, a decrease from HK$120,726 as of December 31, 2018 [171] - The Group made a loss allowance of HK$1,000 against the gross amount of trade and bills receivables as of June 30, 2019, compared to nil as of December 31, 2018 [162]

| CORPORATE INFORMATION 公司資料 | 2 | | --- | --- | | CHAIRMAN'S STATEMENT 主席致辭 | 4 | | MANAGEMENT DISCUSSION AND ANALYSIS 管理層討論與分析 | 6 | | BIOGRAPHIES OF DIRECTORS AND SENIOR MANAGEMENT 董事及高級管理層履歷 | 21 | | CORPORATE GOVERNANCE REPORT 企業管治報告 | 24 | | ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 環境、社會及管治報告 | 41 | | DIRECTORS' REPORT 董事會報告 | 66 | | INDEPENDENT AUDITOR'S REPORT 獨立核數師報告 | 85 | | CONSOLIDATED INCOME STATEMENT 綜合收益表 | 90 | | CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 綜合全面收益表 | 91 | | CONSOLIDATED ...