香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公佈全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 LIPPO LIMITED 力 寶 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：226） 聯合公佈 (1) LL CAPITAL HOLDINGS LIMITED根據公司條例第673條 透過計劃安排將力寶有限公司私有化之建議； (2) 力寶有限公司以實物分派力寶華潤有限公司普通股之方式 進行有條件特別分派； (3) 計劃之生效日期； (4) 撤銷本公司上市地位之日期；及 (5) 根據建議寄發支票及股票 要約人之財務顧問 獨立董事委員會之獨立財務顧問 1 本聯合公佈僅供參考，並不構成在任何司法管轄區收購、購買或認購要約人、本公司或力寶華 潤證券之邀請或要約，亦非任何投票或批准之招攬。 本聯合公佈之全部或任何部份不得於、向或從其發佈、刊發或分派將構成違反相關司法管轄區 適用法律或規例之任何司法管轄區發佈、刊發或分派。 由於計劃已生效，故計劃文件「第八部分 — 說明備忘錄」中「3. 建議 ...

在上海宝山区，新时代文明实践的模样是鲜活的。 这份鲜活，藏在无数可感可知的场景里：可以是猫岛志愿者添粮铲屎的日常点滴，可以是巧克力博物馆 里触摸匠心的学习体验，可以是邻里互助守护生灵的公益行动，可以是乡村市集上凝聚人心的集体共 鸣，也可以是政企携手共建阵地的结对力量…… 近日，智通财经（www.thepaper.cn）跟随上海市精神文明办新时代文明实践阵地专题调研队伍走进宝 山，探访新时代文明实践特色阵地。在淞沪抗战纪念馆、长江11号主题邮局、城市猫岛、百诺巧克力博 物馆、云野花庐乡村咖啡馆……一个个群众"愿意来、方便来、经常来"的场所，看到真正"活"起来的文 明实践密码。 据介绍，宝山区立足区域特色、深挖文化基因、整合社会资源、创新服务模式，构建起以滨江示范带为 轴心，涵盖爱国主义、志愿服务、科普教育、乡村振兴、休闲健身、文创修身等六大主题的新时代文明 实践线路，正以"阵地串珠成链、服务精准滴灌"的路径，奋力谱写新时代精神文明建设的宝山篇章。 宝山区大 场镇新时代文明实践分中心。本文图片均为 智通财经记者 陆玫 图 城市猫岛：微观治理中的文明养宠新课堂 上海城市猫岛。 "我们的志愿者团队有8000多人，通过 ...

格隆汇9月19日丨力宝(00226.HK)公告，建议透过计划安排私有化及撤销公司上市地位。计划于2025年9 月19日星期五举行法院聆讯上获高等法院批准，未作任何修订。股本削减亦于同日在同一聆讯上获高等 法院确认。计划预期于2025年9月23日星期二生效。公司将于计划生效后作出进一步公布。待计划生效 后，预期股份于香港联交所上市地位将于2025年9月25日星期四下午4时正被撤销。公司已根据上市规则 第6.15(2)条向香港联交所申请，而香港联交所已批准撤销股份于香港联交所上市地位，惟须待计划生效 后方可作实。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本聯合公佈之內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合公佈全部或任何部份內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 1 LL CAPITAL HOLDINGS LIMITED （於英屬維京群島註冊成立之有限公司） 本聯合公佈僅供參考，並不構成在任何司法管轄區收購、購買或認購要約人、本公司或力寶華 潤證券之邀請或要約，亦非任何投票或批准之招攬。 本聯合公佈之全部或任何部份不得於、向或從其發佈、刊發或分派將構成違反相關司法管轄區 適用法律或規例之任何司法管轄區發佈、刊發或分派。 LIPPO LIMITED 力 寶 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：226） 聯合公佈 (1) LL CAPITAL HOLDINGS LIMITED根據公司條例第673條 透過計劃安排將力寶有限公司私有化之建議； (2) 力寶有限公司以實物分派力寶華潤有限公司普通股之方式 進行有條件特別分派； (3) 高等法院批准計劃； 要約人之財務顧問 獨立董事委員會之獨立財務顧問 (4) 計劃之預期生效日期；及 (5) 建 ...

截至月份: 2025年8月31日 狀態: 新提交 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 致：香港交易及結算所有限公司 公司名稱: 力寶有限公司(於香港註冊成立之有限公司) 呈交日期: 2025年9月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00226 | 說明 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | 上月底結存 | | | 0 | | | | | 增加 / 減少 (-) | | | | | | | | 本月底結存 | | | 0 | | | | 本月底法定/註冊股本總額： FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | - ...

Core Insights - The article discusses the launch of NetEase Youdao's new educational hardware, the M7, priced at 799 yuan, which aims to enhance students' learning efficiency through its features and design [1][27]. Design and Build - The M7 features a compact design with a 4.02-inch full-screen display, resembling a smartphone but smaller, making it easy for students to hold [4][7]. - It includes a 5-megapixel camera that enables photo-based question answering and essay correction, aligning its appearance with modern smart devices [9]. - The device's plastic body reduces weight but may be prone to scratches, suggesting the need for a protective case [13]. Hardware and Performance - The M7 runs on a customized Linux system and is powered by a 2000mAh battery, providing satisfactory battery life, with nearly 30% remaining after a week of use [14]. - The user interface is optimized for learning, featuring large functional blocks to minimize accidental touches, and is designed for easy navigation similar to smartphones [16]. Learning Features - The M7 integrates a comprehensive learning loop covering listening, speaking, reading, and writing, with new writing assistance capabilities added [17]. - It offers rich resources for listening training, including daily updates based on new curriculum standards, and specialized listening courses [19]. - The speaking practice feature includes an upgraded virtual speaking coach that follows the new curriculum, providing a complete learning pathway [20]. - The reading function supports bilingual learning, enhancing vocabulary retention through interactive methods [21]. - The writing assistance feature allows users to take photos of their writing for grammar and structure checks, although it requires clear handwriting for optimal recognition [21][26]. Conclusion - The M7 represents a successful attempt in the educational hardware market, offering a well-rounded learning tool at a slightly higher price than low-end products, particularly excelling in AI photo capabilities [27].

Core Viewpoint - The company reported a revenue of HKD 421 million for the six months ending June 30, 2025, representing a year-on-year increase of 2.73% [1] - The loss attributable to equity holders decreased to HKD 38.668 million, a reduction of 91.15% compared to the previous year [1] - The decrease in loss is primarily attributed to the termination of the consolidation of HKC Group after January 2025 and a reduction in the net fair value loss of financial instruments measured at fair value through profit or loss during the period [1] Financial Performance - Revenue for the period was HKD 421 million, showing a 2.73% increase year-on-year [1] - Loss attributable to equity holders was HKD 38.668 million, down 91.15% from the previous year [1] - Earnings per share reported a loss of HKD 0.078 [1]

Core Insights - The company reported a revenue of HKD 421 million for the six months ending June 30, 2025, representing a year-on-year increase of 2.73% [1] - The loss attributable to equity holders was HKD 38.668 million, a significant reduction of 91.15% compared to the previous year [1] - The decrease in loss is primarily attributed to the termination of the consolidation of HKC Group after January 2025 and a reduction in the net fair value loss of financial instruments measured at fair value through profit or loss during the period [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 本公佈僅供參考，並不構成在任何司法管轄區收購、購買或認購要約人、本公司或力寶華潤證 券之邀請或要約，亦非任何投票或批准之招攬。 本公佈之全部或任何部份不得於、向或從其發佈、刊發或分派將構成違反相關司法管轄區適用 法律或規例之任何司法管轄區發佈、刊發或分派。 LIPPO LIMITED 力 寶 有 限 公 司 （於香港註冊成立之有限公司） （股份代號：226） 獨立財務顧問及獨立董事委員會 就 (1) LL CAPITAL HOLDINGS LIMITED根據公司條例第673條 透過計劃安排將力寶有限公司私有化之建議； 進行有條件特別分派；及 (3) 建議撤銷上市地位 (2) 力寶有限公司以實物分派力寶華潤有限公司普通股之方式 提供之意見及推薦建議並無變動 1 獨立董事委員會之獨立財務顧問 茲提述要約人與本公司於2025年7月23日聯合發佈之綜合計劃文件（「計劃文件」）， 內容有關（其中包括）建議。 茲亦 ...

[Condensed Consolidated Financial Statements](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) [Condensed Consolidated Statement of Profit or Loss](index=1&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E8%A1%A8) For the six months ended June 30, 2025, the Group significantly narrowed its loss, primarily due to a substantial reduction in net fair value losses and lower finance costs, despite a slight increase in revenue Condensed Consolidated Statement of Profit or Loss (HKD Thousands) | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 421,209 | 410,008 | 2.73% | | Cost of Sales | (155,625) | (143,855) | 8.18% | | Gross Profit | 265,584 | 266,153 | -0.21% | | Administrative Expenses | (221,779) | (222,794) | -0.46% | | Other Operating Expenses | (78,700) | (104,795) | -24.91% | | Net Fair Value Loss on Financial Instruments at FVTPL | (987) | (51,822) | -98.09% | | Other Losses — Net | (9,530) | (6,657) | 43.16% | | Finance Costs | (37,645) | (57,176) | -34.16% | | Share of Results of Associates | (4,370) | 20,436 | -121.38% | | Share of Results of Joint Ventures | 40,657 | (433,063) | -109.39% | | Loss Before Tax | (46,770) | (589,718) | -92.06% | | Loss for the Period | (50,513) | (594,847) | -91.51% | | Loss for the Period Attributable to Owners of the Company | (38,668) | (436,942) | -91.14% | | Basic and Diluted Loss Per Share (HK cents) | (7.8) | (88.6) | -91.20% | [Condensed Consolidated Statement of Comprehensive Income](index=2&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) The period saw a shift from a significant total comprehensive loss in the prior year to a positive value, driven by improved exchange differences on foreign operations and share of other comprehensive income from associates/joint ventures Condensed Consolidated Statement of Comprehensive Income (HKD Thousands) | Indicator | 2025 (HKD Thousands) | 2024 (HKD Thousands) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss for the Period | (50,513) | (594,847) | -91.51% | | Exchange Differences on Translation of Foreign Operations | 50,344 | (28,066) | -279.46% | | Share of Other Comprehensive Income/(Loss) of Associates | 64,883 | (20,592) | -415.08% | | Share of Other Comprehensive Income/(Loss) of Joint Ventures | 119,588 | (358,545) | -133.35% | | Other Comprehensive Income/(Loss) for the Period (Net of Tax) | 240,225 | (494,244) | -148.61% | | Total Comprehensive Income/(Loss) for the Period | 189,712 | (1,089,091) | -117.42% | | Total Comprehensive Income/(Loss) for the Period Attributable to Owners of the Company | 115,874 | (794,999) | -114.58% | [Condensed Consolidated Statement of Financial Position](index=3&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2025, the Group's net assets significantly decreased, primarily due to the derecognition of assets and liabilities related to subsidiaries classified as held for distribution following the HKC share distribution, and a corresponding decline in total equity Condensed Consolidated Statement of Financial Position (HKD Thousands) | Indicator | June 30, 2025 (HKD Thousands) | December 31, 2024 (HKD Thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Non-current Assets | 3,139,404 | 3,015,287 | 4.12% | | Current Assets | 576,705 | 702,089 | -17.86% | | Assets Classified as Held for Distribution | - | 9,545,440 | -100.00% | | Current Liabilities | 541,285 | 998,266 | -45.78% | | Liabilities Directly Associated with Assets Classified as Held for Distribution | - | 563,296 | -100.00% | | Non-current Liabilities | 1,544,858 | 1,521,554 | 1.53% | | Net Assets | 1,629,966 | 10,179,700 | -83.99% | | Equity Attributable to Owners of the Company | 805,012 | 6,981,959 | -88.42% | | Non-controlling Interests | 824,954 | 3,197,741 | -74.20% | | Total Equity | 1,629,966 | 10,179,700 | -83.99% | - Net current assets significantly decreased from **HKD 8,685,967 thousand** as of December 31, 2024, to **HKD 35,420 thousand** as of June 30, 2025, primarily due to the reclassification and derecognition of related assets and liabilities following the HKC share distribution[6](index=6&type=chunk) [Notes to the Financial Statements](index=5&type=section&id=%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) [1. Basis of Preparation](index=5&type=section&id=%E7%B7%A8%E8%A3%BD%E5%9F%BA%E6%BA%96) This interim report is prepared in accordance with HKAS 34 and Listing Rules disclosure requirements, adopting newly revised HKFRSs with no significant financial impact for the period - This interim report has been prepared in accordance with Hong Kong Accounting Standard 34 and the applicable disclosure requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited[8](index=8&type=chunk) - Newly adopted revised Hong Kong Financial Reporting Standards (e.g., HKAS 21 amendment "Lack of Exchangeability") for the period had no significant financial impact on this interim report[9](index=9&type=chunk)[10](index=10&type=chunk) [2. Segment Information](index=6&type=section&id=%E5%88%86%E9%83%A8%E8%B3%87%E6%96%99) The Group's operations are divided into eight segments: property investment, property development, financial investment, securities investment, food business, healthcare services, property management, and others, with varying performance and financial positions, notably the food business as the largest revenue contributor and property investment/joint venture results significantly impacted by the HKC distribution - The Group's operations are divided into eight operating segments: property investment, property development, financial investment, securities investment, food business, healthcare services, property management, and "others"[11](index=11&type=chunk)[14](index=14&type=chunk) Segment Revenue and Results for H1 2025 (HKD Thousands) | Segment | Revenue | Segment Results | | :--- | :--- | :--- | | Property Investment | 17,712 | (4,243) | | Property Development | - | (1,702) | | Financial Investment | 2,271 | 2,271 | | Securities Investment | 4,267 | 5,785 | | Food Business | 392,320 | (2,478) | | Healthcare Services | - | - | | Property Management | 6,221 | 4,942 | | Other | 871 | 39 | | **Consolidated Total** | **421,209** | **4,596** | Segment Assets and Liabilities as of June 30, 2025 (HKD Thousands) | Segment | Segment Assets | Interests in Associates | Interests in Joint Ventures | Segment Liabilities | | :--- | :--- | :--- | :--- | :--- | | Property Investment | 1,126,212 | - | - | 209,219 | | Property Development | 780 | - | - | 645 | | Financial Investment | 148,303 | - | - | - | | Securities Investment | 642,427 | - | 41,736 | 41,989 | | Food Business | 700,821 | - | 37,768 | 324,003 | | Healthcare Services | - | 509,172 | - | 442,517 | | Property Management | 1,031 | - | - | 1,065 | | Other | 4,631 | 371,617 | - | 295,183 | | **Consolidated Total** | **2,618,719** | **880,789** | **79,504** | **326,309** | [3. Revenue](index=9&type=section&id=%E6%94%B6%E5%85%A5) Total revenue for the period increased by 2.73% to HKD 421,209 thousand, primarily driven by growth in food manufacturing and restaurant operations, with the food business accounting for the vast majority of total revenue, while interest and dividend income significantly decreased Revenue Analysis (HKD Thousands) | Revenue Source | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Food Manufacturing Business Revenue | 202,855 | 166,400 | 21.91% | | Restaurant Operations Revenue | 187,787 | 179,479 | 4.63% | | Provision of Management Services | 6,130 | 6,555 | -6.50% | | **Total Revenue from Contracts with Customers** | **396,772** | **352,434** | **12.58%** | | Property Rental Income | 8,955 | 11,491 | -22.07% | | Interest Income | 9,912 | 38,067 | -73.96% | | Dividend Income | 4,094 | 6,835 | -40.09% | | Other | 1,476 | 1,181 | 24.98% | | **Total Revenue from Other Sources** | **24,437** | **57,574** | **-57.56%** | | **Total Revenue** | **421,209** | **410,008** | **2.73%** | - Revenue from contracts with customers primarily originated from **Singapore (HKD 222,956 thousand)** and **Hong Kong (HKD 130,191 thousand)**[20](index=20&type=chunk) [4. Other Losses — Net](index=11&type=section&id=%E5%85%B6%E4%BB%96%E8%99%A7%E6%90%8D%20%E2%80%94%20%E6%B7%A8%E9%A1%8D) Other losses net increased during the period, mainly due to expanded fair value losses on investment properties and increased impairment provisions for inventories, partially offset by a reversal of provisions for loans and receivables Other Losses — Net (HKD Thousands) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Loss on Disposal of Property, Plant and Equipment | (320) | (150) | 113.33% | | Fair Value Loss on Investment Properties | (8,650) | (5,000) | 73.00% | | Provision for Impairment Loss on Inventories | (836) | (540) | 54.81% | | Reversal of/(Provision for) Impairment Loss on Loans and Receivables | 63 | (1,103) | -105.71% | | Exchange Gains/(Losses) — Net | 124 | (786) | -115.78% | | **Total** | **(9,530)** | **(6,657)** | **43.16%** | [5. Loss Before Tax](index=12&type=section&id=%E9%99%A4%E7%A8%85%E5%89%8D%E8%99%A7%E6%90%8D) Loss before tax significantly narrowed during the period, primarily due to a substantial reduction in net fair value losses on financial instruments at fair value through profit or loss, and a decrease in other operating expenses such as legal and professional fees, and consultancy and service fees Key Components of Loss Before Tax (HKD Thousands) | Item | 2025 | 2024 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Net Fair Value Gains/(Losses) on Financial Instruments at FVTPL | (987) | (51,822) | -98.09% | | Staff Costs | (167,960) | (163,518) | 2.72% | | Depreciation of Property, Plant and Equipment | (29,959) | (34,693) | -13.79% | | Depreciation of Right-of-use Assets | (33,787) | (33,187) | 1.81% | | Selling and Distribution Expenses | (29,554) | (22,163) | 33.36% | | Legal and Professional Fees | (5,824) | (34,153) | -82.99% | | Consultancy and Service Fees | (5,739) | (8,171) | -29.76% | | Cost of Inventories Sold | (154,549) | (141,521) | 9.21% | [6. Share of Results of Joint Ventures](index=12&type=section&id=%E6%89%80%E4%BD%B5%E5%90%88%E7%87%9F%E4%BC%81%E6%A5%AD%E6%A5%AD%E7%B8%BE) The share of results of joint ventures shifted from a significant loss in the prior period to a profit, mainly due to the contribution from Lippo ASM Asia Property Limited (LAAPL), which ceased to be a joint venture of the Company after the HKC share distribution - For the six months ended June 30, 2025, the share of results of joint ventures primarily included a **profit of HKD 41,432 thousand** from Lippo ASM Asia Property Limited (LAAPL), compared to a loss of HKD 430,239 thousand in the same period of 2024[24](index=24&type=chunk) - Following the completion of the HKC share distribution in January 2025, LAAPL ceased to be a joint venture of the Company[24](index=24&type=chunk) [7. Income Tax](index=13&type=section&id=%E6%89%80%E5%BE%97%E7%A8%85) Income tax expense decreased during the period, primarily stemming from tax expenditures in Hong Kong and Mainland China/overseas regions Income Tax Expense (HKD Thousands) | Region | 2025 | 2024 | | :--- | :--- | :--- | | Hong Kong | 398 | 2,842 | | Mainland China and Overseas | 3,345 | 2,287 | | **Total Expense for the Period** | **3,743** | **5,129** | - Hong Kong profits tax is calculated at **8.25% or 16.5%**, while corporate tax rates in Mainland China, Singapore, and Malaysia are **25%, 17%, and 24%**, respectively[26](index=26&type=chunk) [8. Loss Per Share Attributable to Owners of the Company](index=13&type=section&id=%E6%9C%AC%E5%85%AC%E5%8F%B8%E6%AC%8A%E7%9B%8A%E6%8C%81%E6%9C%89%E4%BA%BA%E6%87%89%E4%BD%B5%E6%AF%8F%E8%82%A1%E8%99%A7%E6%90%8D) Basic and diluted loss per share significantly narrowed during the period, reflecting a reduced loss for the period and the absence of potentially dilutive ordinary shares issued by the Group Loss Per Share (HK cents) | Indicator | 2025 | 2024 | | :--- | :--- | :--- | | Basic and Diluted Loss Per Share | (7.8) | (88.6) | - Basic loss per share is calculated based on the consolidated loss for the period attributable to owners of the Company and the weighted average number of approximately **493,154,000 ordinary shares** in issue during the period[27](index=27&type=chunk) - For the six months ended June 30, 2025 and 2024, the Group had no ordinary shares in issue with potential dilutive effects[27](index=27&type=chunk) [9. Interim Dividend](index=13&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2025, consistent with the prior year period - The Directors have resolved not to declare any interim dividend for the six months ended June 30, 2025 (2024 — Nil)[28](index=28&type=chunk) [10. Trade and Other Receivables, Prepayments and Other Assets](index=13&type=section&id=%E6%87%89%E6%94%B6%E8%B3%A6%E6%AC%BE%E3%80%81%E9%A0%90%E4%BB%98%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E7%94%A2) As of June 30, 2025, total trade receivables increased, with balances within 30 days and 31-60 days accounting for a larger proportion Ageing Analysis of Trade Receivables (HKD Thousands) | Ageing | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 37,960 | 35,339 | 7.42% | | 31 to 60 days | 29,501 | 22,548 | 30.84% | | 61 to 90 days | 16,679 | 13,749 | 21.31% | | Over 90 days | 1,653 | 1,115 | 48.25% | | **Total** | **85,793** | **72,751** | **17.92%** | [11. HKC Share Distribution / Assets Classified as Held for Distribution / Liabilities Directly Associated with Assets Classified as Held for Distribution](index=14&type=section&id=HKC%20%E8%82%A1%E4%BB%BD%E5%88%86%E6%B4%BE%E5%8F%8A%E7%9B%B8%E9%97%9C%E8%B3%87%E7%94%A2%E8%B2%A0%E5%82%B5) The Company completed the HKC share distribution in January 2025, resulting in the derecognition of HKC Group's assets and liabilities as it ceased to be a subsidiary, and a reduction of **HKD 6,329,256 thousand** in equity attributable to owners of the Company - The Company completed the distribution in specie of **1,193,432,757 shares** of Hongkong Chinese Limited (HKC) to its shareholders in January 2025, reducing the Company's interest in HKC from **73.95% to 14.23%**[30](index=30&type=chunk)[31](index=31&type=chunk) - Following the completion of the HKC share distribution, the HKC Group ceased to be a subsidiary of the Company, and its assets and liabilities were derecognized[31](index=31&type=chunk)[32](index=32&type=chunk) Impact of HKC Share Distribution on Equity (HKD Thousands) | Item | 2025 | | :--- | :--- | | Net Assets Derecognized | 6,702,964 | | Special Interim Distribution Payable for HKC Share Distribution Derecognized | (304,325) | | HKC Shares Retained by the Group Recognized | (72,492) | | Transaction Costs of HKC Share Distribution | 3,109 | | **Decrease in Equity Attributable to Owners of the Company** | **6,329,256** | [12. Bank and Other Borrowings](index=16&type=section&id=12.%20%E9%8A%80%E8%A1%8C%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B2%B8%E6%AC%BE) The Group's total bank and other borrowings slightly decreased, with secured bank loans forming the largest portion and collateralized by various assets, while unsecured bank loans are related to a privatization proposal with some restricted funds Bank and Other Borrowings (HKD Thousands) | Loan Type | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Current Portion: Bank Loans — Secured | 206,977 | 311,554 | -33.69% | | Non-current Portion: Bank Loans — Secured | 571,122 | 604,304 | -5.50% | | Non-current Portion: Bank Loans — Unsecured | 73,056 | - | N/A | | Non-current Portion: Other Loans — Unsecured | 790,000 | 790,000 | 0.00% | | **Total** | **1,641,155** | **1,705,858** | **-3.80%** | - Bank loans bear interest at annual rates ranging from **0.8% to 6.4%** (December 31, 2024: 5.0% to 7.3%)[34](index=34&type=chunk) - Bank loans are secured by investment properties, land and buildings, financial assets at fair value through profit or loss, and shares in a listed associate[37](index=37&type=chunk) - Restricted cash of **HKD 71,251 thousand** (December 31, 2024 — Nil) is solely for funding the cash consideration for shareholders electing cash distribution and paying related distribution costs[35](index=35&type=chunk) [13. Trade and Other Payables, Accruals and Other Liabilities](index=17&type=section&id=13.%20%E6%87%89%E4%BB%98%E8%B3%A6%E6%AC%BE%E3%80%81%E6%87%89%E8%A8%88%E6%AC%BE%E9%A0%85%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B2%A0%E5%82%B5) As of June 30, 2025, total trade payables decreased, primarily due to the settlement of the special interim distribution payable related to the HKC share distribution in January Ageing Analysis of Trade Payables (HKD Thousands) | Ageing | June 30, 2025 | December 31, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Within 30 days | 26,539 | 27,003 | -1.69% | | 31 to 60 days | 8,112 | 13,186 | -38.50% | | 61 to 90 days | 444 | 3,794 | -88.29% | | Over 90 days | 648 | 483 | 34.16% | | **Total** | **35,743** | **44,466** | **-19.62%** | - The **HKD 340,128 thousand** special interim distribution payable for the HKC share distribution included in trade payables as of December 31, 2024, was settled in January 2025[36](index=36&type=chunk) [14. Share Capital](index=18&type=section&id=14.%20%E8%82%A1%E6%9C%AC) The Company's issued share capital remained unchanged, but a capital reduction effective July 29, 2025, transferred an amount from the share capital account to the capital reduction reserve account to offset accumulated losses Issued and Fully Paid Share Capital (HKD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | 493,154,032 Ordinary Shares | 986,598 | 986,598 | - The Company announced a capital reduction in May 2025, reducing the amount credited to the share capital account to **HKD 50,000 thousand**, effective July 29, 2025, generating a credit of **HKD 934,440 thousand** transferred to the capital reduction reserve account to offset accumulated losses[39](index=39&type=chunk) [15. Events After Reporting Period](index=18&type=section&id=15.%20%E5%A0%B1%E5%91%8A%E6%9C%9F%E5%BE%8C%E4%BA%8B%E9%A0%85) Post-reporting period events include the effective capital reduction and a privatization proposal involving the Company's privatization via a scheme of arrangement and a special distribution of Lippo China Resources shares, expected to be effective in September 2025 with delisting - The Company's capital reduction became effective on **July 29, 2025**[40](index=40&type=chunk) - LL Capital Holdings Limited proposed a privatization, including the privatization of the Company via a scheme of arrangement (cash consideration of **HKD 0.14 per share**) and a special distribution of Lippo China Resources shares (shareholders can choose shares or cash)[40](index=40&type=chunk) - The privatization proposal is expected to become effective on **September 23, 2025**, with the delisting of shares from the Hong Kong Stock Exchange after 4:00 p.m. on **September 25, 2025**[40](index=40&type=chunk) [Business Review and Outlook](index=19&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E8%88%87%E5%B1%95%E6%9C%9B) [Overview](index=19&type=section&id=%E6%A6%82%E8%A7%80) Global economic performance was mixed in H1 2025, with Hong Kong's economy expanding steadily but facing a weak property market and challenging food retail, while Singapore's economy continued to grow despite global trade headwinds and tariff uncertainties - Global economic performance was mixed in the first half of 2025, with the Hong Kong economy expanding steadily in Q2 but facing a weak property market and challenging food retail business[41](index=41&type=chunk) - The Singapore economy continued its growth, increasing by **4.4%** in Q2 2025, despite ongoing global trade headwinds and US tariff uncertainties[41](index=41&type=chunk) [Results for the Period](index=19&type=section&id=%E6%9C%9F%E5%85%A7%E6%A5%AD%E7%B8%BE) The consolidated loss attributable to owners of the Company significantly narrowed to **HKD 39,000 thousand** for the period, mainly due to the derecognition of the HKC Group and reduced net fair value losses on financial instruments at fair value through profit or loss, with the food business remaining the primary revenue source, achieving a **13% revenue increase** Consolidated Loss Attributable to Owners of the Company (HKD Thousands) | Period | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Consolidated Loss | (39,000) | (437,000) | - The narrowed loss was primarily due to the derecognition of the HKC Group after January 2025 and a reduction in net fair value losses on financial instruments at fair value through profit or loss recorded by the Group during the period[42](index=42&type=chunk) - Revenue for the period increased to **HKD 421,000 thousand** (2024 — HKD 410,000 thousand), with **55% from Singapore** and **32% from Hong Kong**[43](index=43&type=chunk) - Food business revenue increased by **13%**, accounting for **93%** of total revenue for the period (2024 — 85%)[43](index=43&type=chunk) - Other operating expenses decreased to **HKD 79,000 thousand** (2024 — HKD 105,000 thousand), mainly due to reduced legal and professional fees[43](index=43&type=chunk) [Food Business](index=20&type=section&id=%E9%A3%9F%E5%93%81%E6%A5%AD%E5%8B%99) Food business revenue grew to **HKD 392,000 thousand** during the period, primarily from food manufacturing and restaurant operations; Singapore and Malaysia operations improved, but the Hong Kong market faced challenges from declining consumption and outbound travel, leading to a segment loss Food Business Revenue and Results (HKD Thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 392,000 | 348,000 | | Segment Loss | (2,000) | (20,000) | - Food manufacturing revenue increased by **22%**, and restaurant operations revenue increased by **5%**[44](index=44&type=chunk) - The Group operates restaurants under the brands "Chatterbox Café", "Délifrance", "alfafa", and "Lippo Huen"[44](index=44&type=chunk) - Food manufacturing businesses in Singapore and Malaysia showed improved performance, but the operating environment for the food business in Hong Kong remained challenging due to declining consumption and residents traveling to the Greater Bay Area or overseas for short trips[44](index=44&type=chunk) [Property Investment](index=20&type=section&id=%E7%89%A9%E6%A5%AD%E6%8A%95%E8%B3%87) Property investment segment revenue decreased during the period, mainly due to the derecognition of the HKC Group after the HKC share distribution; fair value losses on investment properties expanded, resulting in a segment loss, while the share of results of joint ventures turned from loss to profit, primarily from LAAPL Property Investment Segment Revenue and Results (HKD Thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Segment Revenue | 18,000 | 45,000 | | Fair Value Loss on Investment Properties | (9,000) | (5,000) | | Segment Loss/(Profit) Before Share of Results of Joint Ventures | (4,000) | 10,000 | | Share of Joint Ventures Profit/(Loss) | 41,000 | (433,000) | - The decrease in revenue was primarily due to the derecognition of the HKC Group after the HKC share distribution, resulting in no further contributions from the HKC Group[45](index=45&type=chunk) - The expanded fair value loss on investment properties was mainly due to a decline in the market value of Hong Kong properties[45](index=45&type=chunk) - The share of joint ventures profit primarily came from a **HKD 41,000 thousand profit** from Lippo ASM Asia Property Limited (LAAPL), which ceased to be a joint venture of the Company after the HKC share distribution[45](index=45&type=chunk) [Financial and Securities Investments](index=20&type=section&id=%E8%B2%A1%E5%8B%99%E5%8F%8A%E8%AD%89%E5%88%B8%E6%8A%95%E8%B3%87) Total revenue from financial and securities investments decreased during the period, but a net fair value gain was recorded, turning the segment from a loss to a profit; the total value of the investment portfolio declined, primarily comprising financial assets at fair value through profit or loss and at fair value through other comprehensive income Financial and Securities Investment Performance (HKD Thousands) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Revenue | 7,000 | 11,000 | | Net Fair Value Gains/(Losses) | 2,000 | (52,000) | | Segment Profit/(Loss) | 8,000 | (42,000) | Financial and Securities Investment Portfolio (HKD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Value | 791,000 | 1,008,000 | | Cash and Bank Balances | 156,000 | 450,000 | | Financial Assets at Fair Value Through Profit or Loss | 496,000 | 496,000 | | Financial Assets at Fair Value Through Other Comprehensive Income | 127,000 | 46,000 | [Financial Assets at Fair Value Through Profit or Loss](index=21&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E6%90%8D%E7%9B%8A%E4%B9%8B%E8%B2%A1%E5%8B%99%E8%B3%87%E7%94%A2) The Group's total assets in this category amounted to **HKD 496,000 thousand**, primarily consisting of equity securities, debt securities, and investment funds, with GSH equity securities recording unrealized fair value gains, and Amasia CIV and Quantedge funds showing varied performance Composition of Financial Assets at Fair Value Through Profit or Loss (HKD Thousands) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Equity Securities | 113,000 | 102,000 | | Debt Securities | 17,000 | 20,000 | | Investment Funds | 366,000 | 374,000 | | **Total** | **496,000** | **496,000** | Key Financial Assets at Fair Value Through Profit or Loss (HKD Thousands) | Investment Item | Fair Value as of June 30, 2025 | Fair Value as of December 31, 2024 | Net Fair Value Gains/(Losses) for H1 2025 | | :--- | :--- | :--- | :--- | | GSH Corporation Limited | 76,326 | 63,254 | 13,072 | | Amasia CIV T, L.P. | 56,419 | 55,814 | 582 | | Quantedge Global Fund | 40,681 | 44,551 | 147 | | Other | 322,534 | 332,054 | (14,283) | | **Total** | **495,960** | **495,673** | **(482)** | - GSH Corporation Limited equity securities recorded an unrealized fair value gain of **HKD 13,000 thousand**, benefiting from positive factors in Malaysia's tourism and real estate markets[50](index=50&type=chunk) - Amasia CIV, a single portfolio fund investing in AI communications intelligence platform Dialpad, recorded a fair value gain of **HKD 582 thousand** for the Group during the period[51](index=51&type=chunk) - The Group redeemed **HKD 4,000 thousand** of Quantedge investment during the period and recorded an unrealized fair value gain of **HKD 100 thousand**[52](index=52&type=chunk) [Financial Assets at Fair Value Through Other Comprehensive Income](index=22&type=section&id=%E6%8C%89%E5%85%AC%E5%B9%B3%E5%80%BC%E8%A8%88%E5%85%A5%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E4%B9%8B%E8%B2%A1%E5%8B%99%E8%B3%87%E7%94%A2) The carrying value of these assets increased to **HKD 127,000 thousand**, primarily due to the reclassification of the Group's retained HKC interest after the HKC share distribution, with other key investments including GenieBiome Holdings Limited (GB) and H2G Green Limited (H2G) - As of June 30, 2025, the carrying value of financial assets at fair value through other comprehensive income increased to **HKD 127,000 thousand** (December 31, 2024 — HKD 46,000 thousand), mainly due to the retained HKC interest being reclassified as such assets after the HKC share distribution[53](index=53&type=chunk) - The Group's investment in HKC had a fair value of **HKD 77,000 thousand**, accounting for approximately **60.4%** of the total value of these assets, and recorded an unrealized fair value gain of **HKD 4,000 thousand**[53](index=53&type=chunk) - The investment in GenieBiome Holdings Limited (GB) had a fair value of **HKD 24,000 thousand**, recorded an unrealized fair value gain of **HKD 300 thousand** during the period, and contributed dividend income[54](index=54&type=chunk) - The investment in H2G Green Limited (H2G) had a fair value of **HKD 13,000 thousand**, recorded an unrealized fair value gain of **HKD 3,000 thousand** during the period, and H2G listed warrants recorded a fair value gain of **HKD 2,000 thousand**[55](index=55&type=chunk) [Healthcare Services](index=23&type=section&id=%E9%86%AB%E7%99%82%E4%BF%9D%E5%81%A5%E6%9C%8D%E5%8B%99) The Group holds a **40.8% interest** in Healthway Medical Corporation Limited, which maintained revenue growth during the period, primarily from its general practice and specialist segments, with the Group recognizing a **HKD 100 thousand share of profit** - The Group holds a **40.8% interest** in Healthway Medical Corporation Limited (Healthway), which operates a network of over **130 clinics**[56](index=56&type=chunk) - The Healthway Group maintained revenue growth during the period, primarily from its general practice and specialist segments, as well as revenue contributions from its day surgery centers[56](index=56&type=chunk) Share of Healthway Group Results (HKD Thousands) | Period | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of Profit/(Loss) | 100 | (3,000) | - As of June 30, 2025, the Group's interest in Healthway was **HKD 509,000 thousand** (December 31, 2024 — HKD 470,000 thousand)[56](index=56&type=chunk) [Other Businesses](index=24&type=section&id=%E5%85%B6%E4%BB%96%E6%A5%AD%E5%8B%99) The Group holds a **39.9% interest** in TIH Limited, which primarily engages in investment and fund management; during the period, the Group recorded a share of loss from its TIH investment, reflecting the impact of macroeconomic headwinds on private equity investment activities - The Company owns a **39.9% interest** in TIH Limited (TIH), whose group primarily has two segments: investment business and fund management[57](index=57&type=chunk) Share of TIH Group Results (HKD Thousands) | Period | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Share of Loss/(Profit) | (4,000) | 13,000 | - Private equity investment activities were hampered by macroeconomic headwinds such as tariff fluctuations, prolonged regulatory processes, and heightened geopolitical tensions, leading to extended holding periods and a greater focus on liquidity management[57](index=57&type=chunk) - As of June 30, 2025, the Group's interest in TIH was **HKD 326,000 thousand** (December 31, 2024 — HKD 310,000 thousand)[57](index=57&type=chunk) [Capital Reduction](index=24&type=section&id=%E8%82%A1%E6%9C%AC%E5%89%8A%E6%B8%9B) The Company proposed a capital reduction in May 2025, reducing the amount credited to the share capital account from **HKD 984,440,426.08** to **HKD 50,000,000.00**, effective July 29, 2025, to enhance corporate activity flexibility and offset accumulated losses - The Company proposed to reduce the amount credited to the share capital account from **HKD 984,440,426.08** to **HKD 50,000,000.00** to enhance flexibility for corporate activities and the ability to declare distributions or dividends[58](index=58&type=chunk) - The capital reduction became effective on **July 29, 2025**, generating a credit of **HKD 934,440,426.08** transferred to the capital reduction reserve account to offset part of the accumulated losses[58](index=58&type=chunk) [Proposal (Privatization)](index=24&type=section&id=%E5%BB%BA%E8%AD%B0) LL Capital Holdings Limited proposed a privatization, including the Company's privatization via a scheme of arrangement (cash consideration of **HKD 0.14 per share**) and a special distribution of Lippo China Resources shares; this proposal is subject to conditions and is expected to be effective in September 2025 with delisting - LL Capital Holdings Limited requested the Board to put forward a privatization proposal to shareholders, with a consideration of **HKD 0.14 cash per scheme share**[59](index=59&type=chunk) - The proposal also includes a distribution in specie to shareholders of up to **303,289,730 Lippo China Resources shares** (approximately **33.01%** of total issued shares), with shareholders having the option to receive shares or cash[59](index=59&type=chunk) - The proposal remains subject to the fulfillment or waiver of the scheme conditions and distribution conditions, and is expected to become effective on **September 23, 2025**, with the delisting of shares from the Hong Kong Stock Exchange after 4:00 p.m. on **September 25, 2025**[59](index=59&type=chunk) [Financial Position](index=25&type=section&id=%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81) As of June 30, 2025, the Group's total assets remained at **HKD 3,700,000 thousand** (excluding HKC Group), total liabilities decreased to **HKD 2,100,000 thousand**, and total bank and other borrowings slightly declined, while the capital gearing ratio significantly increased to **177.1%**, primarily due to the HKC share distribution Financial Position Overview (HKD Thousands) | Indicator | June 30, 2025 | December 31, 2024 (Excluding HKC Group) | | :--- | :--- | :--- | | Total Assets | 3,700,000 | 3,700,000 | | Total Liabilities | 2,100,000 | 2,500,000 | | Bank and Other Borrowings | 1,641,000 | 1,706,000 | | Consolidated Net Assets Attributable to Owners of the Company | 805,000 | 6,982,000 | | Net Assets Per Share (HKD) | 1.6 | 14.2 | - The decrease in total liabilities was mainly due to the non-cash settlement of the special interim distribution payable upon completion of the HKC share distribution in January 2025[60](index=60&type=chunk) - The capital gearing ratio (calculated as bank and other borrowings as per the consolidated statement of financial position (net of non-controlling interests) to equity attributable to owners of the Company) significantly increased from **21.3%** as of December 31, 2024, to **177.1%** as of June 30, 2025[62](index=62&type=chunk) - The Group monitors foreign exchange positions and uses hedging instruments to manage foreign exchange risk; as of June 30, 2025, total capital commitments were **HKD 82,000 thousand**, primarily related to committed investments in unlisted investment funds[63](index=63&type=chunk)[64](index=64&type=chunk) [Staff and Remuneration](index=26&type=section&id=%E5%93%A1%E5%B7%A5%E8%88%87%E8%96%AA%E9%85%AC) As of June 30, 2025, the Group's number of full-time employees slightly decreased, while staff costs slightly increased, with the Group offering competitive remuneration packages and benefits Staff Data (HKD Thousands) | Indicator | June 30, 2025 | June 30, 2024 | | :--- | :--- | :--- | | Number of Full-time Employees | 851 | 856 | | Staff Costs | 168,000 | 164,000 | - The Group provides benefits such as medical insurance and provident funds to employees to maintain competitiveness[65](index=65&type=chunk) [Outlook](index=26&type=section&id=%E5%B1%95%E6%9C%9B) Global growth is projected at **3.0%** for 2025, with Hong Kong's economy and food retail expected to benefit from tourism promotion, and Singapore's economy outperforming expectations; however, uncertainties like rising tariffs and geopolitical tensions pose downside risks, requiring the Group to prudently manage its business and finances - Global growth is projected at **3.0%** for 2025, slightly higher than previous forecasts, mainly due to lower average tariff rates in the US, a weaker US dollar, and fiscal expansion in some major economies[66](index=66&type=chunk) - Hong Kong's economy and food retail business may benefit from the government's active promotion of tourism and major events[66](index=66&type=chunk) - Singapore's Ministry of Trade and Industry revised its 2025 GDP growth forecast upwards to **1.5% to 2.5%**, reflecting better-than-expected economic performance in the first half[66](index=66&type=chunk) - Uncertainties such as rising tariffs and heightened geopolitical tensions continue to pose downside risks, potentially disrupting global trade, supply chains, and driving up inflation[66](index=66&type=chunk) - The Group and its associates will continue to prudently manage their businesses, monitor assets and investments, and carefully manage funds in a challenging operating environment[66](index=66&type=chunk) [Corporate Governance and Other Information](index=26&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E4%BF%A1%E6%81%AF) [Purchase, Sale or Redemption of the Company's Listed Securities](index=26&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B9%8B%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2025, neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[68](index=68&type=chunk) [Audit Committee](index=27&type=section&id=%E5%AF%A9%E6%A0%B8%E5%A7%94%E5%93%A1%E6%9C%83) The Company's Audit Committee, comprising two independent non-executive directors and one non-executive director, has reviewed the Group's accounting principles, practices, and interim financial report - The current members of the Audit Committee include Mr. Yung Hon Kwong (Chairman), Mr. Tsui King Fai (both independent non-executive directors), and Mr. Chan Nim Leung (non-executive director)[69](index=69&type=chunk) - The Committee has reviewed the accounting principles and practices adopted by the Group and financial reporting matters, including the unaudited condensed consolidated interim financial report for the six months ended June 30, 2025[69](index=69&type=chunk) [Corporate Governance](index=27&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB) The Company is committed to high-quality corporate governance practices and complied with the Corporate Governance Code during the period, except for the Chairman of the Board being unable to attend the AGM due to being overseas, with the Vice Chairman presiding - The Company complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited for the six months ended June 30, 2025, except for the Chairman of the Board being unable to attend the Annual General Meeting[70](index=70&type=chunk) - The Chairman of the Board was unable to attend the Company's Annual General Meeting held on June 23, 2025, due to being overseas, and the Vice Chairman of the Board presided as chairman[70](index=70&type=chunk) - The Company's Board of Directors comprises nine directors, including four executive directors, two non-executive directors, and three independent non-executive directors[70](index=70&type=chunk)