Financial Performance - The company reported a loss attributable to owners of HKD 77 million for the six months ended June 30, 2020, a decrease of HKD 123 million compared to a profit of HKD 46 million for the same period in 2019[6]. - For the six months ended June 30, 2020, the company reported total revenue of HKD 170.68 million, a decrease of 53.7% compared to HKD 370.20 million for the same period in 2019[46]. - The company incurred a loss before tax of HKD 187.05 million, compared to a profit before tax of HKD 130.56 million in the previous year, indicating a significant decline in performance[46]. - The total comprehensive loss for the period was HKD 268.28 million, compared to a total comprehensive income of HKD 104.61 million in the prior year[54]. - The basic loss per share for the period was HKD 31.67, compared to earnings per share of HKD 18.84 for the same period last year[46]. - The group reported a significant increase in property rental income, which contributed positively to overall revenue despite the decline in hotel operating income[80]. - The total loss before tax for the six months ended June 30, 2020, was HKD 187,046, compared to a profit of HKD 130,564 for the same period in 2019[85]. Revenue Breakdown - Hotel business revenue decreased by 71% to HKD 85 million, down from HKD 289 million for the same period in 2019[9]. - The total revenue of the hotel group decreased by 64% from HKD 277 million to HKD 99 million, primarily due to reduced rental and occupancy rates[14]. - The group's hotel operating revenue for the six months ended June 30, 2020, was HKD 85,355,000, a decrease of 70.5% compared to HKD 289,009,000 for the same period in 2019[80]. - Property rental income increased to HKD 85,269,000 for the six months ended June 30, 2020, compared to HKD 81,025,000 in the same period of 2019, reflecting a growth of 5.5%[80]. Debt and Liabilities - The group’s overall debt increased to HKD 1.29 billion as of June 30, 2020, compared to HKD 915 million on December 31, 2019, reflecting an increase in bank loans[18]. - The group’s capital debt ratio relative to total debt was 16% as of June 30, 2020, up from 11% on December 31, 2019[18]. - Total liabilities increased from HKD 320,581 thousand to HKD 714,972 thousand, marking an increase of 123.5%[60]. - The company’s bank loans increased significantly from HKD 203,153 thousand to HKD 585,950 thousand, an increase of 187.5%[60]. - The total bank loans amounted to HKD 1,236,197,000 as of June 30, 2020, up from HKD 900,835,000 at the end of 2019[118]. Asset Management - Non-current assets decreased from HKD 9,168,961 thousand as of December 31, 2019, to HKD 8,869,723 thousand as of June 30, 2020, representing a decline of approximately 3.3%[58]. - Current assets increased significantly, with cash and cash equivalents rising from HKD 155,795 thousand to HKD 512,663 thousand, an increase of 228.5%[66]. - Total equity decreased from HKD 8,130,202 thousand as of December 31, 2019, to HKD 7,861,925 thousand as of June 30, 2020, reflecting a decline of approximately 3.3%[60]. - The carrying value of investment properties was approximately HKD 3,928,000,000 as of June 30, 2020, down from HKD 4,118,000,000 as of December 31, 2019, a decrease of about 4.6%[126]. Operational Challenges - The ongoing impact of COVID-19 and instability in US-China relations is expected to hinder the return of overseas and Chinese tourists to Hong Kong, leading to continued low occupancy rates and high operating costs[21]. - The company anticipates a rapid increase in office vacancy rates due to challenges faced by international trade companies amid the US-China trade war and recent economic downturn[21]. - The impact of the COVID-19 pandemic has led to a reassessment of the group's financial position and performance, necessitating government support measures[72]. - The group continues to monitor market conditions and adjust strategies accordingly to navigate the ongoing economic challenges[72]. Corporate Governance - The company has not appointed separate individuals for the roles of Chairman and CEO, which deviates from corporate governance guidelines[36]. - The company has adopted the standard code of conduct for securities trading, confirming compliance by all directors during the reporting period[41]. - The company’s independent auditor, Deloitte, conducted a review of the interim financial statements and found no significant issues[45]. Shareholder Information - The company’s major shareholder, Zheng Qiweng, holds a beneficial interest in 217,452,825 shares, representing 71.44% of the total shareholding[25]. - Mercury Fast Limited holds 62,602,700 shares, accounting for 20.60% of the total shareholding, and is considered a controlled company[30]. - Trillion Resources Limited, the ultimate holding company, beneficially owns 154,006,125 shares (50.60%) and is also considered to hold shares through Mercury[32].

Financial Performance - The company reported a loss attributable to owners of HKD 77 million for the six months ended June 30, 2020, compared to a profit of HKD 46 million for the same period in 2019, a decrease of HKD 123 million[2]. - Total revenue for the six months ended June 30, 2020, was HKD 170.7 million, down 53.8% from HKD 370.2 million in the same period of 2019[2]. - The gross profit margin decreased significantly, with a gross profit of HKD 23.7 million compared to HKD 149.3 million in the previous year, reflecting a decline of 84.1%[2]. - The company incurred a fair value loss on investment properties of HKD 184.2 million, contrasting with a gain of HKD 10 million in the prior year[2]. - The company reported a total comprehensive loss of HKD 268.3 million for the period, compared to a comprehensive income of HKD 104.6 million in the same period of 2019[6]. - The group reported a loss before tax of HKD 187,046,000 for the six months ended June 30, 2020, compared to a profit of HKD 130,564,000 for the same period in 2019[20]. - The company's total equity decreased to HKD 7.86 billion from HKD 8.13 billion at the end of the previous year[8]. - The company's total loss for the period was primarily due to hotel operating losses, revaluation losses, and depreciation[40]. Earnings and Dividends - The basic loss per share for the period was HKD 31.67, compared to earnings per share of HKD 18.84 in the previous year[4]. - No interim dividends were declared for the six months ended June 30, 2020, the same as in 2019[29]. - The company did not declare an interim dividend for the six months ended June 30, 2020, compared to no dividend declared for the same period in 2019[35]. Revenue Breakdown - Hotel operating revenue dropped to HKD 85,355,000, down 70.5% from HKD 289,009,000 in the previous year[17]. - The group's total revenue for the six months ended June 30, 2020, was HKD 170,677,000, a decrease of 53.8% compared to HKD 370,197,000 for the same period in 2019[17]. - Hotel business revenue decreased by 71% to HKD 85,000,000 for the six months ended June 30, 2020, down from HKD 289,000,000 in the same period of 2019[37]. - Property rental income increased to HKD 85,269,000, up 5.5% from HKD 81,025,000 in the same period last year[17]. - The company’s investment property rental income increased by 12% to HKD 18,782,000, driven by rental income from the Royal Scot Hotel in London[43]. Costs and Expenses - Financial costs decreased to HKD 10,721,000, down 15.5% from HKD 12,684,000 in the previous year[22]. - Administrative expenses (excluding depreciation) increased to HKD 21,700,000 for the six months ended June 30, 2020, from HKD 20,600,000 in the same period of 2019, attributed to professional fees related to the acquisition of Wood Street Hotel in London[46]. - The hotel management maintained an occupancy rate of over 80% while reducing operating costs by HKD 72,000,000, which is a 44% decrease[49]. Assets and Liabilities - Non-current assets totaled HKD 8.87 billion as of June 30, 2020, down from HKD 9.17 billion as of December 31, 2019[8]. - Current liabilities included bank loans of HKD 586 million, which increased from HKD 203 million at the end of the previous year[8]. - The group continues to assess its liquidity position due to current liabilities exceeding current assets by HKD 164,537,000 as of June 30, 2020[13]. - The group's total debt as of June 30, 2020, was HKD 1,290,000,000, an increase from HKD 915,000,000 as of December 31, 2019, resulting in a debt-to-capital ratio of 16% compared to 11% the previous year[47]. Strategic Plans and Market Conditions - The company plans to focus on cost management and operational efficiency to navigate the challenging market conditions[2]. - The company plans to rebrand the Glamorous Hotel to a higher-end Ramada Glamorous Hotel in August 2020[44]. - The ongoing impact of COVID-19 and U.S.-China trade tensions is expected to hinder the return of international and Chinese tourists to Hong Kong, leading to continued low occupancy rates and high operating costs[50]. - The group anticipates a rapid increase in office vacancy rates due to challenges faced by international trade companies amid the U.S.-China trade war and recent economic downturn[50]. Acquisitions and Investments - The group acquired the Wood Street Police Headquarters in London for GBP 40,000,000, which includes a renovation project for a luxury hotel with approximately 210 rooms[49]. - The group operates nine revenue-generating hotels, with seven located in Hong Kong, one in Shanghai, and one in London, including the newly acquired Wood Street Hotel[50]. Compliance and Governance - The group applied revised Hong Kong Financial Reporting Standards for the first time during this interim period, which did not have a significant impact on the financial statements[15]. - The audit committee reviewed the group's unaudited financial performance for the six months ending June 30, 2020[59]. - The company has complied with the corporate governance code, except for the combined roles of the chairman and CEO, which the board believes provides stable leadership[54].

Financial Performance - Shun Ho Holdings Limited reported a total revenue of HKD 1.2 billion for the fiscal year ending December 31, 2019, representing a year-on-year increase of 10%[1] - The company achieved a net profit of HKD 150 million, which is a 15% increase compared to the previous year[1] - The company's profit attributable to owners for the year ended December 31, 2019, was HKD 4,000,000, a decrease of 99% compared to HKD 310,000,000 in 2018[9] - Total revenue for the year decreased by 21%, from HKD 590 million to HKD 464 million[128] - The net profit attributable to shareholders dropped by 88%, from HKD 260 million in 2018 to HKD 32 million in 2019[128] - Operating income for the year decreased by 48%, from HKD 41.9 million to HKD 21.7 million[140] - The overall profit for the year decreased by approximately HKD 228 million, primarily due to reduced hotel profits and revaluation losses[128] Market and Business Strategy - User data indicated a growth in customer base by 20%, reaching a total of 500,000 active users[1] - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next three years[1] - New product development includes the launch of a digital platform aimed at enhancing customer engagement, expected to be operational by Q3 2020[1] - The company has allocated HKD 100 million for research and development in new technologies for the upcoming fiscal year[1] - Shun Ho Holdings Limited is considering strategic acquisitions to enhance its portfolio, with a focus on companies in the hospitality sector[1] - The management provided an optimistic outlook, projecting a revenue growth of 15% for the next fiscal year[1] - The company has initiated a cost-reduction strategy aimed at improving operational efficiency, targeting a 5% reduction in overhead costs[1] Dividend and Shareholder Value - The board of directors has approved a dividend payout of HKD 0.05 per share, reflecting a commitment to returning value to shareholders[1] - The board of directors decided not to recommend a final dividend for the year ended December 31, 2019, due to adverse political conditions and the impact of the COVID-19 crisis on hotel operations and rental income[10] Hotel Operations and Performance - The hotel business experienced a significant decline in profitability, primarily due to reduced hotel profits and property valuation declines[12] - The company has faced significant operational losses in its hotel business, leading to cash flow constraints[10] - The board believes that the current adverse political situation may persist for an extended period, affecting the group's hotel business[10] - The group continues to engage in commercial property investment and leasing, as well as hotel investment and management[12] - The group is one of the largest hotel groups in Hong Kong, with a diverse portfolio of properties[13] - The average room occupancy rate for the year was 99%[141] - Average room rent decreased to HKD 515, down from HKD 665 in January 2019[141] - The company provided rent reductions to maintain long-term relationships with tenants amid fluctuating rental income[136] Debt and Investment - The group’s total debt as of December 31, 2019, was HKD 915,000,000, down from HKD 1,110,000,000 in 2018[180] - The group acquired a property in London for GBP 40,000,000 (approximately HKD 404,540,000), expanding its investment in the UK market[181] - The company plans to renovate a historic building in central London into a luxury hotel with approximately 200 rooms, including a restaurant, bar, banquet hall, and spa, covering a total area of about 117,472 square feet[183] Governance and Compliance - The board of directors consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, all of whom possess appropriate professional qualifications or relevant financial management expertise[200] - The company has complied with all provisions of the corporate governance code, except for the deviation regarding the separation of the roles of chairman and CEO, which is held by Mr. Zheng[199] - The company believes that having Mr. Zheng serve as both chairman and CEO provides stable and consistent leadership, benefiting strategic planning and implementation[199] - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange Listing Rules, ensuring high-quality governance practices[199] - The company’s board composition meets the requirement of having at least three independent non-executive directors, with at least one possessing appropriate professional qualifications[200] - The company has implemented measures to ensure that all directors, including executive and non-executive, rotate at least once every three years[199] - The remuneration committee is responsible for various duties, although it does not approve management's compensation proposals[199] - The company has confirmed compliance with the standard code regarding securities trading by directors throughout the year[199] - The company emphasizes transparency and accountability to shareholders as part of its governance principles[199] - The board is collectively responsible for overseeing the management of the group’s business to enhance shareholder value[200] Economic Impact and Challenges - The ongoing social instability and COVID-19 pandemic have negatively impacted Hong Kong's local economy, leading to significant losses for most hotel businesses, which are either closed or operating at low occupancy rates[186] - Management anticipates that the hotel operations will incur losses for an extended period due to the prolonged effects of COVID-19 and ongoing social unrest, affecting both Chinese and international visitors[186] - The company expects a rapid increase in office vacancy rates due to challenges faced by international trade companies amid the US-China trade war and recent economic downturns[187]

Financial Performance - The net profit attributable to shareholders for the six months ended June 30, 2019, was HKD 63,000,000, a 1% increase from HKD 62,600,000 for the same period in 2018[4]. - The net profit attributable to the Grand Hotel for the six months ended June 30, 2019, was HKD 99,000,000, a 4% increase from HKD 95,000,000 for the same period in 2018[10]. - Revenue for the six months ended June 30, 2019, was HKD 370,197,000, an increase from HKD 361,840,000 for the same period in 2018, representing a growth of approximately 1%[47]. - Gross profit for the same period was HKD 149,343,000, compared to HKD 153,564,000 in 2018, indicating a decrease of about 2%[47]. - Profit before tax decreased significantly to HKD 130,564,000 from HKD 321,134,000, reflecting a decline of approximately 59%[47]. - Net profit for the period was HKD 105,849,000, down from HKD 296,625,000 in the previous year, a decrease of around 64%[47]. - Basic earnings per share for the period was HKD 18.84, compared to HKD 58.91 in the same period last year, a decline of approximately 68%[47]. - Total comprehensive income for the period was HKD 104,607,000, down from HKD 285,060,000, representing a decrease of about 63%[55]. Revenue Breakdown - Hotel revenue for the group was HKD 289,000,000, representing a 3% increase from HKD 281,000,000 for the same period in 2018[7]. - Hotel operating revenue increased to HKD 289,009,000 for the six months ended June 30, 2019, up from HKD 281,007,000 in 2018, reflecting a growth of 2.8%[106]. - Property rental income rose to HKD 81,025,000, compared to HKD 80,660,000 in the previous year, indicating a growth of 0.5%[106]. - The revenue from food and beverage services was HKD 10,214,000 for the six months ended June 30, 2019, down from HKD 10,802,000 in 2018, showing a decline of 5.4%[108]. - The revenue from room rentals and other ancillary services was HKD 278,795,000, an increase from HKD 270,205,000 in the previous year, marking a growth of 3.2%[108]. - The market area revenue from Hong Kong was HKD 280,859,000, up from HKD 271,208,000 in 2018, reflecting an increase of 3.3%[108]. Assets and Liabilities - Total assets as of June 30, 2019, were HKD 9,485,902, a slight decrease from HKD 9,512,618 as of December 31, 2018[114]. - Total liabilities as of June 30, 2019, amounted to HKD 1,281,073, down from HKD 1,382,886 at the end of 2018, representing a reduction of 7.4%[117]. - The total carrying value of investment properties was approximately HKD 4,985,000,000 as of June 30, 2019, showing a slight increase from HKD 4,977,000,000 at the end of 2018[132]. - The net asset value of certain pledged shares from subsidiaries was approximately HKD 3,918 million as of June 30, 2019, compared to HKD 970 million as of December 31, 2018[147]. - The fair value of equity instruments measured at fair value through other comprehensive income was HKD 4,686 million as of June 30, 2019, compared to HKD 4,515 million as of December 31, 2018[150]. Debt and Financing - Total debt as of June 30, 2019, was HKD 990,000,000, down from HKD 1,110,000,000 as of December 31, 2018[16]. - The capital debt ratio was 12% as of June 30, 2019, compared to 14% as of December 31, 2018[16]. - Bank loans decreased to HKD 719,994,000 from HKD 810,674,000, indicating a reduction of about 11%[65]. - The company’s bank loans amounted to HKD 934,598,000 as of June 30, 2019, down from HKD 1,083,524,000 at the end of 2018, representing a decrease of about 13.8%[140]. - Interest expenses for the six months ended June 30, 2019, were HKD 12,684, a decrease from HKD 16,920 in the same period of 2018, indicating a reduction of 25.0%[120]. Corporate Governance - The independent review of the interim results for the six months ended June 30, 2019, was conducted by Deloitte[34]. - The company has complied with the corporate governance code, except for the dual role of the Chairman and CEO held by Zheng Qiwun[36]. - The company has not appointed specific terms for non-executive directors, with all directors required to retire at least every three years[37]. - The remuneration committee's responsibilities do not include approving management's compensation proposals[40]. Cash Flow - The net cash generated from operating activities for the six months ended June 30, 2019, was HKD 194,379,000, a decrease of 5.9% compared to HKD 206,666,000 for the same period in 2018[71]. - The net cash used in investing activities was HKD (3,872,000) for property development expenditures, and HKD 21,587,000 from the sale of property, machinery, and equipment[71]. - The net cash used in financing activities totaled HKD (168,262,000), which included interest paid of HKD (11,171,000) and bank loan repayments of HKD (148,355,000)[71]. - The increase in cash and cash equivalents for the period was HKD 38,032,000, compared to an increase of HKD 59,320,000 in the previous year[71]. - As of June 30, 2019, the cash and cash equivalents amounted to HKD 621,147,000, down from HKD 960,070,000 at the end of June 2018[71]. Shareholder Information - As of June 30, 2019, Zheng Qiwun holds 216,608,825 shares, representing 71.20% of the company's equity[22]. - Mercury Fast Limited owns 62,602,700 shares, accounting for 20.60% of the total equity[30]. - Trillion Resources Limited, the ultimate holding company, holds 154,006,125 shares (50.60%) in the company[32]. - The company has not granted any stock options under the employee stock option plan since its adoption[29]. - The company did not declare any interim dividends for the six months ended June 30, 2019, consistent with the previous year[128]. Accounting Standards - The company applied new accounting standards, including HKFRS 16, which may impact the financial performance and disclosures[76]. - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[73]. - The group applies short-term lease exemptions for office properties with lease terms of 12 months or less, excluding purchase options[82]. - The group has applied HKFRS 15 to allocate contract consideration to lease and non-lease components[89]. - The application of HKFRS Interpretation 23 did not have a significant impact on the amounts reported in the condensed consolidated financial statements for the current interim period[101].

Financial Performance - Shun Ho Holdings Limited reported a total revenue of HKD 1.2 billion for the fiscal year ending December 31, 2018, representing a year-on-year increase of 10%[1]. - The company achieved a net profit of HKD 150 million, which is a 15% increase compared to the previous year[1]. - The net profit attributable to the owners of the company for the year ended December 31, 2018, was HKD 354 million, a decrease of 20% compared to HKD 444 million in 2017[11]. - The company reported a significant improvement in operational efficiency, reducing costs by 8% through streamlined processes[1]. - The management provided an optimistic outlook, projecting a revenue growth of 15% for the next fiscal year[1]. - The company reported a total comprehensive income of HKD 636,540,000 for 2018, down from HKD 919,930,000 in 2017, a decrease of 30.9%[136]. - The company reported a significant ownership structure, with Zheng Qiweng holding 71.20% of the shares through controlled companies[103]. - The company reported a retained profit of HKD 194,845,000 as of December 31, 2018, compared to HKD 185,851,000 in 2017, indicating an increase of approximately 5.3%[101]. Revenue and Profitability - Revenue for the year ended December 31, 2018, was HKD 787,132,000, an increase of 17.2% from HKD 671,557,000 in 2017[134]. - Gross profit for 2018 was HKD 380,067,000, up from HKD 315,382,000 in 2017, reflecting a gross margin improvement[134]. - Profit before tax decreased to HKD 736,082,000 in 2018 from HKD 892,439,000 in 2017, representing a decline of 17.5%[134]. - Net profit for the year was HKD 679,291,000, down 19.5% from HKD 844,409,000 in the previous year[136]. - Basic earnings per share for 2018 was HKD 128.3, compared to HKD 168.4 in 2017, indicating a decrease of 23.8%[134]. Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share over the next three years[1]. - New product development includes the launch of a hospitality management software, expected to generate an additional HKD 50 million in revenue annually[1]. - Shun Ho Holdings Limited is considering strategic acquisitions to enhance its portfolio, with a budget of HKD 200 million earmarked for potential deals[1]. - The group plans to continue its hotel operations and seek additional income through acquisitions of hotel properties or serviced apartments[69]. Operational Efficiency - The company has allocated HKD 100 million for research and development in new technologies for the upcoming fiscal year[1]. - The operating profit from hotel operations increased by 34% to HKD 199 million, compared to HKD 148 million in 2017[14]. - The average occupancy rate for the group's hotels in Hong Kong was 99%, with an average room rate of HKD 751[16]. - The group has adopted new and revised Hong Kong Financial Reporting Standards, including HKFRS 15, which replaces HKAS 18 and HKAS 11, with no significant impact on the financial performance and position for the year[155]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's Listing Rules, ensuring compliance with all provisions except for a few deviations[80]. - The board consists of eight members, including four executive directors, one non-executive director, and three independent non-executive directors, all of whom possess appropriate professional qualifications or relevant financial management expertise[82]. - The company has established a remuneration committee that adheres to the code's provisions, although it does not approve management's remuneration proposals[80]. - All independent non-executive directors have submitted annual confirmations of their independence, in line with the Listing Rules[84]. Risk Management - The company ensures that financial statements are prepared in compliance with applicable regulations and accounting standards[89]. - The internal audit team conducts independent reviews of the internal control systems and reports to the audit committee[89]. - The group has implemented a risk management system to identify, assess, and manage significant risks, including operational and financial risks[90]. - The company encourages continuous professional development for all directors to enhance their knowledge and skills[87]. Shareholder Communication - The company has established various communication channels with shareholders, including printed communications and annual general meetings[100]. - Shareholders can request the convening of a general meeting if they hold at least 5% of the voting rights[98]. - The company must issue a notice for any resolution proposed by shareholders holding at least 2.5% of the voting rights[98]. Investment Properties - The valuation of investment properties as of December 31, 2018, was HKD 5,017,000,000, representing 52% of total assets[36]. - The fair value increase of investment properties recognized in the consolidated income statement for the year was HKD 432,000,000[36]. - The company’s investment properties underwent revaluation, resulting in an increase in value of approximately HKD 432,000,000, which has been included in the consolidated income statement[101]. Debt and Financial Position - As of December 31, 2018, the group's total debt was HKD 1,110,000,000, a decrease from HKD 1,721,000,000 in 2017, resulting in a capital debt ratio of 14% compared to 23% in 2017[69]. - The company reduced its debt from HKD 1,693,000,000 to HKD 1,084,000,000, a decrease of 36% due to rising interest rates[92]. - The company’s total assets increased to HKD 8,129,732,000 as of December 31, 2018, compared to HKD 7,541,119,000 at the end of 2017[144].