智通财经4月11日电，上期能源：××公司（03804347）组（账户组号: B6002602）于2025年4月11日在集 运指数（欧线）期货（EC）2508合约上账户组日内开仓交易量超限第1次达到处理标准，决定对相关客 户采取限制其在相应合约上开仓5个交易日的监管措施。 ...

Financial Performance - The group's consolidated revenue decreased by approximately 97.8% to HKD 3,400,000 in 2023, down from HKD 153,100,000 in 2022[10] - The net loss for the year was approximately HKD 48,600,000, a slight increase from the previous year's loss of HKD 47,200,000[10] - Revenue from the financing leasing and loan services decreased to approximately HKD 2,900,000, a decline of about 6% compared to HKD 3,100,000 in 2022[12] - The natural gas and oil products business recorded no revenue in 2023, down from HKD 150,000,000 in 2022 due to significant reductions in this segment[16] - A new subsidiary was established to operate LED product supply and installation services, generating HKD 530,000 in revenue by year-end[17] Debt and Cash Position - As of December 31, 2023, the total debt of the group was approximately HKD 1,346,700,000, an increase from HKD 1,316,600,000 in 2022[18] - Cash and bank balances were approximately HKD 20,700,000, down from HKD 27,700,000 in 2022[18] - The net debt amounted to approximately HKD 1,326,000,000, compared to HKD 1,288,900,000 in 2022[18] - The capital-to-debt ratio was 197.1%, up from 186.4% in 2022[18] Corporate Governance - The board believes that good corporate governance practices are essential for enhancing corporate value and protecting shareholder interests[77] - The company has adhered to the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual since February 2022[78] - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balanced composition for strong independence[85] - The board is responsible for overall strategic planning, policy formulation, and risk management, ensuring effective governance practices[89] - The company emphasizes the importance of corporate governance and compliance with established codes to ensure transparency and accountability[106] Legal and Regulatory Challenges - The group continues to face challenges from legal disputes in both mainland China and Hong Kong, impacting overall business operations[9] - The company is committed to pursuing litigation against unfair treatment from business partners as part of its strategy to protect shareholder interests[4] - The company received an adverse opinion from auditors regarding its financial statements, indicating issues that need to be addressed[28] Employee and Workforce Management - Employee costs for the year were approximately HKD 4,100,000, down from HKD 7,800,000 in the previous year[21] - The total number of employees as of December 31, 2023, was 22, a decrease from 24 in 2022, with 10 males and 12 females[183] - The average monthly employee turnover rate for males decreased from 3.97% in 2022 to 2.22% in 2023, while for females it decreased from 2.67% to 0.70%[183] - The company promotes a "green office" policy, encouraging employees to save paper and utilize electronic documents to reduce printing[172] - The company emphasizes employee health and work-life balance, adhering to local labor laws regarding working hours and vacation rights[187] Environmental, Social, and Governance (ESG) Initiatives - The company’s environmental, social, and governance (ESG) report is aligned with the guidelines adopted by the stock exchange[42] - The board of directors is responsible for overseeing ESG matters and integrating them into the company's management policies and strategies[150] - The company has established a sustainable development framework focusing on environmental protection, resource management, and employee welfare[151] - The company aims to create long-term value for stakeholders through a robust ESG strategy and governance framework[154] - The company has implemented various energy-saving measures to reduce pollution and environmental risks, including compliance with relevant laws and regulations[164] Shareholder Communication and Dividends - The board did not recommend a final dividend for the year, consistent with 2022[20] - The company emphasizes the importance of maintaining good communication with shareholders through various formal channels, including interim reports and annual reports[133] - The company has established a shareholder communication policy, which is reviewed at least annually[139] Risk Management - The board is responsible for overseeing the effectiveness of the risk management and internal control systems, which are reviewed at least annually[123] - The company has a risk management policy in place to identify, assess, and manage significant risks that may impact its operational goals[120] - An independent professional advisor has been engaged to assist in evaluating the effectiveness of the risk management and internal control systems[121] Training and Development - The percentage of trained employees in 2023 was 15.38% for males and 30.77% for females, compared to 11.76% and 50.00% in 2022 respectively[191] - Average training hours for male employees decreased from 7.76 hours in 2022 to 1.77 hours in 2023, while female employees saw a decrease from 50.63 hours to 14.62 hours[191] - The company emphasizes the importance of employee education on environmental protection and sustainable development[174] Sustainability and Resource Management - The company has focused on improving service quality and customer satisfaction as part of its stakeholder engagement strategy[160] - The company has identified key environmental and social issues through stakeholder assessments to align business goals with stakeholder expectations[162] - The company emphasizes the importance of resource conservation and has implemented policies to ensure efficient resource use[167]

Financial Performance - The group's consolidated revenue increased from approximately HKD 3,200,000 in the previous year to approximately HKD 153,100,000, representing a growth of about 46.8 times[5]. - The net loss attributable to the company's owners for the year was approximately HKD 43,600,000, compared to a loss of approximately HKD 39,900,000 in the previous year[5]. - The natural gas and oil products business contributed approximately HKD 150,000,000 in revenue for the year, which was a new revenue stream[11]. - The financing lease business revenue decreased to approximately HKD 3,100,000, a decline of about 3% from HKD 3,200,000 in the previous year[14]. - The loss from the PPP primary land development business decreased to approximately HKD 6,700,000, down from HKD 18,600,000 in the previous year, primarily due to reduced bank loan interest[15]. - The net loss for the year was approximately HKD 47,200,000, a decrease of about HKD 2,300,000 from the previous year's loss of HKD 49,500,000[11]. - Total debt as of December 31, 2022, was approximately HKD 1,316,600,000, compared to HKD 1,307,500,000 in 2021, reflecting a slight increase[17]. - Cash and bank balances were approximately HKD 27,700,000, down from HKD 28,800,000 in 2021[17]. - The net debt amounted to approximately HKD 1,288,900,000, compared to HKD 1,278,700,000 in the previous year[17]. - The capital-to-debt ratio increased to 186.4% in 2022 from 171.9% in 2021[17]. Business Operations - The company plans to continue focusing on the financing lease market while managing operational and financial resources prudently[6]. - The company has restarted its natural gas and oil products sales business, which has positively impacted revenue[5]. - The LED business is still in its initial stage and has not recorded any revenue to date[13]. - The company is actively exploring new business opportunities and aims to improve its financial performance amid ongoing uncertainties due to COVID-19[31]. - The company reported that the top five customers accounted for 98.8% of total sales, with the largest customer contributing 68.7% of sales[57]. - The company reported its core business in financing leasing and loan services, which remains its primary revenue source[158]. - The company began engaging in oil trading business before the end of 2022, expanding its operational scope[158]. Corporate Governance - The company has maintained compliance with relevant laws and regulations without any significant breaches reported during the year[45]. - The company emphasizes the importance of good corporate governance practices to enhance corporate value and protect shareholder interests[86]. - The board consists of six members, including three executive directors and three independent non-executive directors[96]. - The independent non-executive directors have confirmed their independence as per the listing rules[64]. - The board has established mechanisms to ensure independent opinions and relevant information are provided to the board, which is reviewed annually[104]. - The board is responsible for reviewing and monitoring the training and continuous professional development of directors and senior management[103]. - The company has a structured process for addressing conflicts of interest among directors during board meetings[109]. - The board has implemented measures to ensure compliance with corporate governance standards and regulations[109]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clearly defined responsibilities to assist the board in fulfilling its duties[118]. - The Audit Committee consists of three independent non-executive directors and held four meetings during the year, ensuring compliance with the relevant listing rules[119]. Employee and Workforce Management - Employee costs for the year were approximately HKD 7,800,000, down from HKD 8,600,000 in 2021, with a total of 24 employees[21]. - The company has confirmed that at least 25% of its issued shares are held by the public[78]. - The company has a total of 5,943,745,741 shares issued as of December 31, 2022[79]. - The average monthly turnover rate for full-time employees was 5.96% in 2022, significantly higher than 1.05% in 2021[197]. - The company emphasizes equal opportunity and diversity in hiring practices, ensuring a non-discriminatory work environment[194]. - The gender distribution of employees as of December 31, 2022, was 12 males and 12 females, compared to 14 males and 15 females in 2021[197]. - The company provides social insurance benefits for all employees, including pension, medical, unemployment, work injury, and maternity insurance[199]. - Employees are entitled to various types of leave, including annual leave, sick leave, and maternity leave, promoting work-life balance[200]. Environmental, Social, and Governance (ESG) - The company’s environmental, social, and governance (ESG) report is aligned with the guidelines adopted by the Stock Exchange[44]. - The company has set multiple environmental and social key performance indicators (KPIs) to drive changes such as reducing greenhouse gas emissions and improving employee welfare[165]. - The company emphasizes corporate social responsibility and aims to balance business expansion with stakeholder interests through sustainable development practices[164]. - The company has established a governance framework to effectively manage ESG risks and opportunities[168]. - The company has adopted an anti-corruption policy effective January 1, 2023, outlining guidelines and responsibilities for employees to report any suspected fraud or corruption[138]. - The company has implemented measures to mitigate environmental impact and promote responsible environmental practices within its operations[164]. - The company recognizes the potential impact of climate change on its operations and is preparing to adapt to changing regulations and policies[189]. - The company has established a stakeholder communication policy, reviewed annually, to address shareholder inquiries effectively[152]. Shareholder and Financial Policies - The company did not recommend a final dividend for the year, consistent with the previous year[19]. - The company has no available reserves for distribution as of December 31, 2022, according to the Companies Ordinance[56]. - The company has adopted a dividend policy to allow shareholders to share in profits while retaining sufficient reserves for future growth, with special dividends declared as needed[126]. - The company has not made any changes to its articles of association during the year[155]. - The company has not purchased, sold, or redeemed any of its listed securities during the year[53].

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 153,068,000, compared to HKD 3,189,000 in 2021, indicating significant growth[3] - Gross profit for the year was HKD 3,924,000, up from HKD 3,189,000 in the previous year, reflecting an increase in profitability[3] - The company reported a net loss of HKD 47,164,000 for 2022, slightly improved from a loss of HKD 49,454,000 in 2021[3] - The adjusted pre-tax loss for the year was HKD 47,162,000, with a total annual loss of HKD 47,164,000[24] - The net loss for the year was approximately HKD 47,200,000, a decrease of about HKD 2,300,000 from the previous year's net loss of HKD 49,500,000, mainly due to an increase in other income and gains of approximately HKD 3,200,000[45] Revenue Breakdown - Revenue from natural gas and petroleum product trading was HKD 149.955 million for the year ended December 31, 2022, compared to HKD 0 in the previous year[16] - For the year ended December 31, 2022, total revenue was HKD 153,068,000, with natural gas and oil trading contributing HKD 149,955,000 and financing lease and loan services contributing HKD 3,113,000[24] - Revenue from external customers in Hong Kong was HKD 149.955 million, while revenue from China was HKD 3.113 million[18] - Major customer A contributed HKD 105.16 million and customer B contributed HKD 44.795 million to the natural gas and petroleum product trading segment[19] Expenses and Liabilities - Administrative expenses increased to HKD 18,810,000 from HKD 16,772,000, indicating rising operational costs[3] - Current liabilities increased to HKD 1,317,270,000 in 2022 from HKD 1,309,198,000 in 2021, reflecting higher short-term obligations[6] - The company’s financial expenses decreased to HKD (43,877,000) in 2022 from HKD (55,629,000) in 2021, suggesting improved financial management[3] - Total liabilities exceeded total assets by approximately HKD 676.1 million as of December 31, 2022[10] Asset Management - The company's total assets decreased to HKD 534,421,000 in 2022 from HKD 599,896,000 in 2021, showing a decline in asset base[6] - The company's equity attributable to owners decreased to HKD (597,470,000) in 2022 from HKD (534,756,000) in 2021, indicating a deterioration in shareholder equity[7] - The company’s cash and cash equivalents stood at HKD 27,652,000 in 2022, down from HKD 28,845,000 in 2021, indicating a slight reduction in liquidity[6] Legal and Compliance Issues - The independent auditor issued a disclaimer of opinion on the consolidated financial statements for the year ended December 31, 2022, due to insufficient and appropriate audit evidence[69] - The group filed a lawsuit in May 2018 to enforce a land development contract, which was rejected by the Putian Court in June 2020[72] - The group is currently seeking legal advice regarding the administrative decision and will take appropriate actions based on that advice[72] Future Outlook and Strategies - The company is actively seeking other funding sources to support its business development[12] - The company has received a commitment from its major shareholder to provide financial support through guarantees or loans within one year[12] - The group is actively exploring various options and future opportunities to develop a feasible resumption plan to address the issues leading to the suspension of trading[60] - The company is closely monitoring and addressing issues related to Listing Rule 13.24, while continuing to explore new business opportunities and develop sustainable existing operations to enhance financial performance and create value for shareholders[63] Shareholder Information - The group reported a basic loss per share of approximately HKD 43,588,000 for the year 2022, compared to HKD 39,859,000 for 2021, with the weighted average number of ordinary shares issued remaining at 5,943,745,741 for both years[33] - The group did not recommend any dividend payment for the year ended December 31, 2022, consistent with the previous year[34] Joint Ventures and Investments - The investment in joint ventures as of December 31, 2022, is approximately HKD 94,718,000[91] - The share of profits from joint ventures reported in the consolidated income statement is approximately HKD 7,598,000[91] - The total receivables from joint ventures reported is approximately HKD 104,702,000[91] Miscellaneous - The group received government grants amounting to HKD 1,676,000, aimed at incentivizing research and development activities[28] - Trading of the company's shares has been suspended since November 29, 2022, until further notice[97] - The announcement of the audited annual results is available on the stock exchange and the company's website[96]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 153,068,000, a decrease from HKD 156,466,000 in 2022, representing a decline of approximately 2.5%[3] - Gross profit for the year was HKD 2,956,000, down from HKD 3,924,000 in the previous year, indicating a decrease of about 24.7%[3] - The company reported a net loss of HKD 47,164,000 for 2023, compared to a net loss of HKD 48,590,000 in 2022, reflecting a slight improvement of 2.9%[3] - Basic and diluted loss per share for 2023 was HKD 0.83, compared to HKD 0.73 in 2022, indicating a worsening of approximately 13.7%[3] - The company reported a total comprehensive loss of HKD 54,536,000 for the year, compared to HKD 64,763,000 in 2022, indicating an improvement of approximately 15.8%[4] - The group reported a net loss of approximately HKD 48.6 million for the year ending December 31, 2023[10] - The group reported a basic loss per share of approximately HKD 49,386,000 for 2023, compared to HKD 43,588,000 in 2022, indicating an increase in losses[37] - The company experienced an annual loss of HKD 48,590,000 for the fiscal year ending December 31, 2023[23] - The net loss for the year was approximately HKD 48,600,000, an increase of about HKD 1,400,000 from the previous year's net loss of HKD 47,200,000[54] Revenue Breakdown - Revenue from gas and oil product trading was HKD 0, down from HKD 149.955 million in 2022, while LED product supply and installation services generated HKD 0.530 million in 2023[16] - Total revenue for the group decreased to HKD 3.398 million in 2023 from HKD 153.068 million in 2022, representing a decline of approximately 97.8%[16] - Revenue from external customers in China was HKD 3.398 million in 2023, compared to HKD 3.113 million in 2022[19] - For the fiscal year ending December 31, 2023, the total revenue from the LED product supply and installation services was HKD 3,398,000, with a segment profit of HKD (2,409,000)[23] - The financing lease and loan services generated revenue of HKD 2,868,000, contributing to a segment profit of HKD (3,325,000)[23] - The financing leasing business recorded revenue of approximately HKD 2,900,000, a decrease of about 6% from HKD 3,100,000 in 2022[55] - The natural gas and oil products business recorded no revenue this year, down from HKD 150,000,000 in 2022[60] - The new subsidiary for LED product supply and installation services generated revenue of HKD 530,000 by year-end[61] Assets and Liabilities - Total assets decreased to HKD 1,348,996,000 in 2023 from HKD 1,317,270,000 in 2022, showing an increase of about 2.4%[6] - Current liabilities increased to HKD 1,348,996,000 in 2023 from HKD 1,317,270,000 in 2022, reflecting a rise of approximately 2.4%[6] - Total liabilities exceeded total assets by approximately HKD 730.6 million as of December 31, 2023[10] - The group's total borrowings amounted to approximately HKD 1,038.3 million, including loans from related companies and non-controlling shareholders[10] - The total assets of the company amounted to HKD 618,737,000, with total liabilities of HKD 1,349,331,000[25] - Total liabilities as of December 31, 2023, were approximately HKD 1,346,700,000, compared to HKD 1,316,600,000 in 2022[62] - The net debt was approximately HKD 1,326,000,000, with a capital debt ratio of 197.1%, up from 186.4% in 2022[62] Financial Expenses - The company’s financial expenses increased to HKD 43,877,000 in 2023 from HKD 39,108,000 in 2022, representing an increase of about 10.5%[3] - Other income decreased from HKD 4,003,000 in 2022 to HKD 2,190,000 in 2023, a decline of approximately 45.4%[31] - Interest expenses on bank and other borrowings significantly reduced from HKD 6,202,000 in 2022 to HKD 1,303,000 in 2023, a decrease of about 79.0%[32] - The group’s total financial expenses decreased from HKD 43,877,000 in 2022 to HKD 39,108,000 in 2023, a decline of about 11.0%[32] Employee and Operational Costs - The group’s employee benefit expenses, excluding directors and CEO remuneration, decreased from HKD 7,778,000 in 2022 to HKD 4,088,000 in 2023, a reduction of approximately 47.5%[35] - The group had a total of 22 employees as of December 31, 2023, down from 24 in 2022, with employee costs around HKD 4,100,000[65] Legal and Compliance Issues - The group continues to face challenges due to legal issues in China and Hong Kong, impacting overall performance[51] - The independent auditor refused to express an opinion on the consolidated financial statements for the year ended December 31, 2023, due to insufficient audit evidence[77] - The group submitted a lawsuit to the Putian Intermediate People's Court in May 2018 regarding the enforcement of a land development contract[81] - The group received a ruling from the Putian Court on June 10, 2020, rejecting the group's lawsuit[81] - The group filed an appeal to the Fujian High People's Court in June 2020, which was accepted in August 2020[81] - The appeal was dismissed by the Fujian High People's Court on May 30, 2022, and the group is currently seeking legal advice on the administrative decision[81] - The company has initiated legal proceedings to obtain the accounting records from China Aviation Fuzhou Construction, with a court ruling requiring compliance within 20 days of the judgment date[92] - The company is currently executing the court's decision to acquire the necessary accounting records[92] - The company has faced challenges in auditing due to insufficient supporting documents from China Aviation Fuzhou Construction and its subsidiaries[93] - The company has been unable to obtain the accounting records from Jia Lian Group for the years ended December 31, 2023, and December 31, 2022, due to ongoing legal disputes[97] Governance and Future Outlook - The group is actively seeking additional funding sources to support its business development[11] - Major shareholder, Xin Jing International Limited, has committed to providing financial support through guarantees or loans within one year[12] - The group is in discussions with counterparties to renew existing loans[13] - The group will continue to explore new business opportunities and focus on sustainable development of existing operations to enhance financial performance and create value for shareholders[71] - The company has adhered to the corporate governance code, although there are exceptions regarding the separation of the roles of Chairman and CEO[74] - The audit committee has reviewed the group's annual performance for the year[101] - The consolidated financial statements have been acknowledged by the auditors as consistent with the audited financial amounts for the year[102] - Trading of the company's shares has been suspended since November 29, 2022, and will continue until further notice[104]

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 153,068,000, a decrease from HKD 156,466,000 in 2022, representing a decline of approximately 2.5%[3] - Gross profit for the year was HKD 2,956,000, down from HKD 3,924,000 in the previous year, indicating a decrease of about 24.7%[3] - The company reported a net loss of HKD 47,164,000 for the year, compared to a net loss of HKD 48,590,000 in 2022, reflecting a slight improvement of 2.9%[3][4] - Basic and diluted loss per share was HKD 0.83, compared to HKD 0.73 in the previous year, indicating a worsening in per-share performance[3] - The company reported a total comprehensive loss of HKD 54,536,000 for the year, compared to HKD 64,763,000 in 2022, indicating an improvement of about 15.8%[4] - The group reported a net loss of approximately HKD 48.6 million for the year ending December 31, 2023[10] - The group reported a pre-tax loss of HKD 48,587,000 for the fiscal year, leading to an annual loss of HKD 48,590,000[23] - The group reported a basic loss per share of approximately HKD 49,386,000 for 2023, compared to HKD 43,588,000 in 2022, indicating an increase in losses[37] - The net loss for the year was approximately HKD 48,600,000, an increase of about HKD 1,400,000 from the previous year's net loss of HKD 47,200,000[54] Revenue Breakdown - Revenue from gas and oil product trading was HKD 0, down from HKD 149.955 million in the previous year[16] - Revenue from LED product supply and installation services was HKD 530, with no revenue reported in the previous year[16] - Total revenue for the group decreased to HKD 3.398 million from HKD 153.068 million year-on-year[16] - Revenue from external customers in China was HKD 3.398 million, while revenue from Hong Kong was HKD 0, down from HKD 149.955 million[19] - For the fiscal year ending December 31, 2023, total revenue from LED product supply and installation services was HKD 3,398,000, with a segment profit of HKD 101,000[23] - The financing lease and loan services generated revenue of HKD 2,868,000, resulting in a segment loss of HKD 3,325,000[23] - The financing leasing business recorded revenue of approximately HKD 2,900,000, a decrease of about 6% from HKD 3,100,000 in 2022[55] - The natural gas and oil products business recorded no revenue this year, down from HKD 150,000,000 in 2022[60] - The new subsidiary for LED product supply and installation services generated revenue of HKD 530,000 by the end of the year[61] Assets and Liabilities - Total assets decreased to HKD 1,348,996,000 from HKD 1,317,270,000, showing a slight increase of 2.4%[6] - Current liabilities increased to HKD 1,348,996,000 from HKD 1,317,270,000, indicating a rise of approximately 2.4%[6] - Non-current liabilities decreased significantly from HKD 1,988,000 to HKD 335,000, a reduction of about 83.2%[7] - The company's cash and bank balances decreased to HKD 20,657,000 from HKD 27,652,000, a decline of approximately 25.3%[6] - The company's equity attributable to owners decreased to HKD (653,385,000) from HKD (597,470,000), reflecting a decline of approximately 9.4%[7] - Total liabilities exceeded total assets by approximately HKD 730.6 million as of December 31, 2023[10] - The group's total borrowings amounted to approximately HKD 1,038.3 million, including loans from related companies and non-controlling shareholders[10] - The total assets of the group amounted to HKD 618,737,000, with total liabilities reaching HKD 1,349,331,000[25] - Total liabilities as of December 31, 2023, were approximately HKD 1,346,700,000, compared to HKD 1,316,600,000 in 2022[62] - The net debt was approximately HKD 1,326,000,000, with a capital debt ratio of 197.1%, up from 186.4% in 2022[62] Funding and Financial Support - The group is actively seeking additional funding sources to support its business development[11] - Major shareholder Xin Jing International Limited has committed to providing financial support through guarantees or loans within one year[12] - The group is in discussions with counterparties to renew existing loans[13] Employee and Operational Expenses - The group’s employee benefit expenses, excluding directors and CEO remuneration, decreased from HKD 7,778,000 in 2022 to HKD 4,088,000 in 2023, a reduction of approximately 47.5%[35] - The group had a total of 22 employees as of December 31, 2023, down from 24 in 2022, with employee costs for the year amounting to approximately HKD 4,100,000[65] - Administrative expenses for the year 2023 amounted to HKD 4,048,000, while financial expenses were HKD 4,522,000[95] Legal and Governance Issues - The group continues to face challenges due to legal issues in China and Hong Kong, impacting overall performance[51] - The independent auditor has refused to express an opinion on the consolidated financial statements for the year ended December 31, 2023, due to insufficient audit evidence[77] - The company has ongoing legal disputes with its joint ventures, which have affected its ability to access financial records necessary for consolidated financial statements[97] - The group submitted a lawsuit to the Putian Intermediate People's Court in May 2018 regarding the enforcement of a land development contract[81] - The group received a judgment from the Putian Court on June 10, 2020, rejecting the group's lawsuit[81] - The group filed an appeal to the Fujian High People's Court in June 2020, which was accepted in August 2020[81] - The appeal was dismissed by the Fujian High People's Court on May 30, 2022, and the group is currently seeking legal advice on the administrative decision[81] - The company initiated legal proceedings against its subsidiary for the provision of accounting records on September 20, 2023[92] - The court ordered the subsidiary to provide the required accounting records within 20 days after the judgment date, which has not yet been fulfilled[92] - The company is currently executing the court's decision to obtain the accounting records for the years ended December 31, 2023, and 2022[92] Audit and Financial Reporting - The group has not obtained sufficient appropriate audit evidence to support the recoverability of intangible assets reported as approximately HKD 0 for both 2023 and 2022[82] - The contract costs for the subsidiary China Aviation Fujian are reported as approximately HKD 290,065,000 and HKD 298,534,000 for 2023 and 2022 respectively, with uncertainties regarding their recoverability[84] - The group recognized an impairment loss of approximately HKD 26,700,000 related to a promissory note due to non-repayment by Kingfun Investment Limited[87] - The receivables from customers are reported as approximately HKD 18,050,000 and HKD 18,577,000 for 2023 and 2022 respectively, with uncertainties regarding their recoverability[89] - The group has not been able to obtain sufficient appropriate audit evidence to support the accuracy and completeness of accounts receivable as of December 31, 2023, and 2022[91] - Any adjustments to the figures mentioned may significantly impact the group's consolidated financial statements and cash flows for the years ending December 31, 2023, and December 31, 2022[99] - The audit committee has reviewed the group's annual performance for the year[101] - The consolidated financial statements have been recognized by the auditors as consistent with the audited financial amounts for the year[102] Corporate Governance - The company is committed to exploring new business opportunities and enhancing existing operations to improve financial performance and create shareholder value[71] - The company has adhered to the corporate governance code, although it has not issued formal appointment letters to directors[74] - The company emphasizes the importance of strong corporate governance to enhance enterprise value and protect shareholder interests[72] - The company has no significant acquisitions or disposals of subsidiaries, joint ventures, or major investments during the year[69] - The company has no assets pledged as collateral for bank loans[68] - The company has not repurchased, sold, or redeemed any of its listed securities during the year[70] Share Trading - Trading of the company's shares has been suspended since November 29, 2022, and will continue until further notice[104]

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 153,068,000, compared to HKD 3,189,000 in 2021, indicating a significant increase[3]. - Gross profit for the year was HKD 3,924,000, up from HKD 3,189,000 in the previous year, reflecting a growth in profitability[3]. - The company reported a net loss of HKD 47,164,000 for 2022, slightly improved from a loss of HKD 49,454,000 in 2021[4]. - Basic and diluted loss per share was HKD 0.73, compared to HKD 0.67 in the previous year[3]. - The company’s total comprehensive loss for the year was HKD 64,763,000, compared to HKD 42,203,000 in 2021, indicating increased overall losses[4]. - The adjusted pre-tax loss for the year was HKD 47,162,000, with a total annual loss of HKD 47,164,000[24]. - The group reported a basic loss per share of approximately HKD 43,588,000 for the year 2022, compared to HKD 39,859,000 for 2021[33]. - The net loss for the year was approximately HKD 47,200,000, a decrease of about HKD 2,300,000 from the previous year's net loss of HKD 49,500,000, mainly due to an increase in other income and gains of approximately HKD 3,200,000[45]. Revenue Sources - Revenue from the trading of natural gas and oil products was HKD 149.955 million, a significant increase from zero in the previous year[16]. - For the year ended December 31, 2022, total revenue was HKD 153,068,000, with natural gas and oil product trading contributing HKD 149,955,000 and financing lease and loan services contributing HKD 3,113,000[24]. - Revenue from external customers in Hong Kong was HKD 149.955 million, while revenue from China was HKD 3.113 million[18]. - Major customer A contributed HKD 105.16 million and customer B contributed HKD 44.795 million to the natural gas and oil products trading segment[19]. - The financing leasing business revenue decreased to approximately HKD 3,100,000, a decline of about 3% from HKD 3,200,000 in the previous year[47]. - The natural gas and oil products business generated total revenue of HKD 150,000,000, compared to no revenue in the previous year[49]. Assets and Liabilities - Total assets decreased to HKD 1,317,270,000 in 2022 from HKD 1,309,198,000 in 2021, indicating a slight decline in asset base[6]. - Current liabilities increased to HKD 1,317,270,000, compared to HKD 1,309,198,000 in the previous year, leading to a negative net current liabilities of HKD 782,849,000[6]. - Total liabilities exceeded total assets by approximately HKD 676.1 million as of December 31, 2022[10]. - The total borrowings amounted to approximately HKD 1,044.2 million, including loans from related parties and non-controlling shareholders[10]. - As of December 31, 2022, the total debt of the group was approximately HKD 1,316,600,000, compared to HKD 1,307,500,000 in the previous year, with a net debt of approximately HKD 1,288,900,000[51]. - The group's capital debt ratio was 186.4%, up from 171.9% in the previous year, indicating an increase in financial leverage[51]. Expenses - The company reported a significant increase in administrative expenses to HKD 18,810,000 from HKD 16,772,000 in 2021, impacting overall profitability[3]. - Financial expenses totaled HKD 43,877,000, down from HKD 55,629,000 in the previous year, primarily due to reduced interest on bank and other borrowings[29]. - The group’s employee benefit expenses, excluding directors and CEO remuneration, were HKD 7,778,000 in 2022, compared to HKD 8,621,000 in 2021[32]. - The group incurred an annual loss after deducting various expenses, including auditor fees of HKD 1,450,000 in 2022, up from HKD 1,350,000 in 2021[32]. - Administrative expenses amounted to HKD 4,048,000, while financial expenses were HKD 4,522,000[87]. - The total comprehensive expenses for the year reached HKD 7,495,000[87]. Legal and Compliance Issues - The independent auditor issued a disclaimer of opinion on the consolidated financial statements for the year ended December 31, 2022, due to insufficient and appropriate audit evidence[69]. - The company has not issued formal appointment letters to directors, which is a requirement under the corporate governance code[66]. - The group filed a lawsuit in May 2018 to enforce a land development contract, which was rejected by the Putian Intermediate People's Court in June 2020[72]. - The group appealed to the Fujian High People's Court, which accepted the case in August 2020, but the appeal was dismissed in May 2022[72]. - The company has faced challenges in auditing the financial statements due to insufficient supporting documents from its subsidiary[85]. - The company is actively pursuing strategies to enhance its financial reporting and compliance with legal requirements[84]. Future Outlook and Strategies - The company is actively seeking other funding sources to support its business development[12]. - The company has received a commitment from its major shareholder to provide financial support through guarantees or loans within one year[12]. - The company aims to explore new business opportunities and focus on sustainable development of existing operations to enhance financial performance and create shareholder value[63]. - The group is actively exploring various options and future opportunities to improve its business operations and financial condition, aiming to develop a feasible resumption plan[60]. Audit and Financial Reporting - The audit committee has reviewed the group's annual performance for the year[93]. - The consolidated financial statements have been approved by the auditors, confirming the figures are consistent with the audited financial statements[95]. - The company has not yet achieved the necessary documentation to verify the accuracy of accounts receivable as of December 31, 2022[85]. - The company has initiated legal proceedings to obtain accounting records from its subsidiary, which has not yet been provided[84]. - The company is currently executing a court ruling to acquire the accounting records for the years ending December 31, 2022, and 2023[84]. Joint Ventures - The investment in joint ventures as of December 31, 2022, is approximately HKD 94,718,000[91]. - The share of profits from joint ventures reported in the consolidated income statement is approximately HKD 7,598,000[91]. - The foreign exchange difference related to overseas business from joint ventures is approximately HKD 7,424,000[91]. - The receivable financing lease amount from joint ventures is approximately HKD 4,098,000[91]. - The financing lease income recognized in the consolidated income statement is approximately HKD 744,000[91]. - The total receivables from joint ventures amount to approximately HKD 104,702,000[91].

Financial Performance - For the six months ended June 30, 2022, the group's revenue was approximately HKD 1,708,000, a decrease of about 14.8% compared to HKD 2,004,000 in the same period last year[15]. - The net loss for the period was approximately HKD 19,296,000, a reduction from a net loss of HKD 45,013,000 in the previous year, primarily due to a decrease in financial expenses by approximately HKD 23,012,000[15]. - Revenue for the six months ended June 30, 2022, was HKD 1,708,000, a decrease of 14.7% compared to HKD 2,004,000 in the same period of 2021[51]. - The company reported a loss for the period of HKD 19,296,000, an improvement of 57.1% compared to a loss of HKD 45,013,000 in the previous year[53]. - The total comprehensive loss for the period was HKD 29,245,000, compared to HKD 42,542,000 in the previous year, showing a decrease of 31.2%[53]. - The group reported a total loss before tax for the six months ended June 30, 2022, was HKD 19,287,000, compared to a loss of HKD 45,003,000 in the same period of 2021, indicating an improvement of approximately 57.1%[74]. Business Operations - The financing leasing business recorded a revenue decrease to approximately HKD 1,708,000, attributed to a reduction in the number of ongoing projects[11]. - The group has not recorded any revenue from the LED EMC business, which is still in its initial stages[14]. - The group established a new subsidiary to conduct LED EMC business, which is currently in the early stages[14]. - The group plans to restart its PPP primary land development project, which is currently on hold due to regulatory changes[24]. - The group is actively seeking to resolve disputes with the Fuzhou government to potentially restart the suspended land development project[10]. - The group has signed a strategic cooperation agreement to provide yacht agency and related financing leasing services, aiming to expand its customer base[27]. - The group will restart its gas and oil product sales business starting August 2022, focusing on the Hong Kong market[28]. Financial Position - As of June 30, 2022, the total debt of the group was approximately HKD 1,323,500,000, an increase from HKD 1,307,500,000 as of December 31, 2021[16]. - Cash and bank balances increased to approximately HKD 39,200,000 from HKD 28,800,000 as of December 31, 2021[16]. - The net debt amounted to approximately HKD 1,284,300,000, compared to HKD 1,278,700,000 as of December 31, 2021[16]. - The capital debt ratio was 178.0%, up from 171.9% as of December 31, 2021[16]. - Total liabilities exceeded total assets by approximately HKD 640,600,000 as of June 30, 2022, indicating a significant financial leverage situation[66]. - The total borrowings of the group amounted to approximately HKD 1,072,600,000, with HKD 263,500,000 due within the next twelve months[66]. Governance and Compliance - The company has complied with the corporate governance code during the six months ending June 30, 2022, except for the separation of the roles of Chairman and CEO[39]. - Following the resignation of an independent non-executive director on August 3, 2022, the company now has only two independent non-executive directors, below the minimum required[42]. - The audit committee, consisting of two independent non-executive directors, reviewed the interim financial statements for the six months ending June 30, 2022, and found them compliant with applicable accounting standards[43]. - The company is actively seeking suitable candidates to fill the vacancy of CEO to comply with corporate governance standards[42]. Shareholder and Funding Support - The company’s major shareholders have committed to providing financial support through guarantees or loans for at least one year, ensuring liquidity for business development[71]. - The main shareholder will not require repayment of approximately HKD 809,137,000 in principal or any interest during the period from January 1, 2022, to December 31, 2023, providing ongoing financial support[104]. - The company is actively seeking additional funding sources and negotiating to renew existing loans with counterparties[71]. Cash Flow and Investments - Net cash generated from operating activities was HKD 8,929,000, significantly higher than HKD 3,442,000 in the prior year, reflecting an increase of about 159%[62]. - The company experienced a net increase in cash and cash equivalents of HKD 11,501,000 for the period, compared to a decrease of HKD 8,033,000 in the same period last year[62]. - The company confirmed the addition of right-of-use assets amounting to HKD 4,789,000 during the period, reflecting ongoing operational commitments[83]. - The company reported a significant increase in investments in joint ventures, rising to HKD 98,415,000 from HKD 94,544,000, an increase of 4.0%[55]. Stock and Securities - The company did not declare an interim dividend for the period, consistent with the previous year[18]. - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[44]. - On September 7, 2022, the company received a notice from the Stock Exchange regarding the suspension of trading and potential cancellation of its listing status[46]. - The company has a correction period of 18 months to comply with the listing rules, failing which it risks delisting[46]. Accounts Receivable and Payable - As of June 30, 2022, the total accounts receivable amounted to HKD 55,763,000, a decrease from HKD 58,335,000 as of December 31, 2021, representing a decline of approximately 2.9%[89]. - The expected credit loss provision for accounts receivable was HKD 36,478,000, down from HKD 38,160,000, indicating a reduction of about 4.4%[89]. - The total value of accounts receivable overdue by more than 90 days was HKD 19,285,000, compared to HKD 20,175,000 as of December 31, 2021, reflecting a decrease of approximately 4.4%[92]. - The accounts payable over 120 days stood at HKD 7,736,000 as of June 30, 2022, compared to HKD 8,093,000 as of December 31, 2021, reflecting a decrease of approximately 4.4%[98].

Financial Performance - The group's consolidated revenue decreased from approximately HKD 5,900,000 in 2020 to approximately HKD 3,200,000 in 2021, representing a decline of 45.8%[10] - The net loss attributable to the company's owners for the year was approximately HKD 39,900,000, compared to a loss of approximately HKD 85,600,000 in 2020[6] - The group's net loss for the year was approximately HKD 49,500,000, a reduction of approximately HKD 139,200,000 from the previous year's loss of approximately HKD 188,700,000[11] - The financing leasing and loan services, as well as property investment business, recorded total revenue of approximately HKD 3,200,000, a decrease of about 45.8% due to reduced project numbers[12] - The loss from the PPP primary land development business decreased to approximately HKD 18,600,000, down from approximately HKD 241,500,000 in 2020, primarily due to no impairment losses recorded this year[14] Debt and Cash Position - The total debt of the group as of December 31, 2021, was approximately HKD 1,307,500,000, an increase from HKD 1,268,800,000 in 2020[19] - Cash and bank balances were approximately HKD 28,800,000, down from HKD 39,700,000 in 2020[19] - The net debt amounted to approximately HKD 1,278,700,000, compared to HKD 1,229,100,000 in 2020[19] - The capital-to-debt ratio was 171.9%, slightly up from 169.0% in 2020[19] Corporate Governance - The board did not recommend the payment of a final dividend for the year[21] - The company has maintained compliance with relevant laws and regulations without any significant breaches reported during the year[57] - The board consists of six directors, including three executive directors and three independent non-executive directors[101] - The company has complied with the Corporate Governance Code, except for certain provisions regarding the separation of roles between the chairman and CEO[98] - The board has established clear responsibilities for management and regularly reviews these to ensure compliance with regulations[104] Employee and Training - The total employee cost for the year was approximately HKD 8,600,000, compared to HKD 8,000,000 in 2020[22] - The company actively encourages and funds employees to participate in external relevant skills training courses and seminars to enhance their capabilities[58] - The average training hours for male employees was 10.00 hours, while for female employees it was 30.93 hours during the reporting period[194] - The percentage of employees receiving training was 21.43% for males and 46.67% for females in 2021[194] Legal and Compliance Issues - The group is currently awaiting a hearing notice regarding an appeal submitted to the High People's Court in June 2020[28] - The group has initiated mediation with the Fuzhou City Government regarding a dispute related to a land development project[28] - The company has recognized a provision for impairment of approximately HKD 26.7 million, which is 30% of the total book value of HKD 89 million for the receivable notes[36] - The audit committee has reviewed the basis for the audit qualifications and agrees with the auditors' concerns regarding the recoverability of receivables[40] Environmental, Social, and Governance (ESG) - The company’s environmental, social, and governance (ESG) report is aligned with the guidelines set by the stock exchange, reflecting its commitment to sustainability[56] - The company reported a focus on environmental, social, and governance (ESG) policies, aiming to balance business expansion with stakeholder interests[147] - The company has set multiple environmental and social key performance indicators (KPIs) to reduce greenhouse gas emissions and improve employee welfare[154] - The company emphasizes energy conservation and compliance with environmental regulations to reduce pollution and environmental risks[168] Customer Relations - The group emphasizes customer satisfaction as crucial for sustainable development and long-term business growth, adhering to core values of strictness, regulation, prudence, integrity, and innovation[198] - No complaints regarding service were received during the reporting period, indicating a strong focus on customer service quality[198] - The group maintains strict confidentiality of customer data, ensuring no unauthorized disclosure to third parties[198] Shareholder Information - The company reported that the total number of issued shares as of December 31, 2021, was 5,943,745,741 shares, with no new shares issued compared to December 31, 2020[66] - The board does not recommend the payment of a final dividend for the year, consistent with the previous year where no dividend was paid[60] - The company has no available reserves for distribution as of December 31, 2021, according to the Companies Ordinance[68]

Financial Performance - The group's revenue for the six months ended June 30, 2021, was approximately HKD 2,004,000, a decrease of about 39.0% compared to HKD 3,285,000 in the same period last year[3] - The net loss for the period was approximately HKD 45,013,000, a reduction from a net loss of approximately HKD 161,113,000 in the previous year, primarily due to the absence of impairment losses recorded in the current period[3] - Revenue from leasing for the six months ended June 30, 2021, was HKD 2,004,000, a decrease of 39% compared to HKD 3,285,000 in 2020[38] - Other income, gains, and losses for the same period were HKD 1,557,000, down 84% from HKD 9,716,000 in 2020[38] - The loss attributable to the company’s owners for the period was HKD (36,821,000), compared to HKD (74,196,000) in the previous year, indicating a 50% improvement[38] - Total comprehensive loss for the period was HKD (42,542,000), significantly reduced from HKD (201,854,000) in 2020[40] - The company reported a basic and diluted loss per share of HKD 0.62 cents, compared to HKD 1.25 cents in the previous year, reflecting a 50% reduction in loss per share[38] - The company reported a pre-tax loss of HKD 45,003,000 for the six months ended June 30, 2021, compared to a loss of HKD 215,876,000 for the same period in 2020, indicating an improvement of approximately 79%[47] - The group reported a net loss of approximately HKD 45,000,000 for the six months ended June 30, 2021, with total liabilities exceeding total assets by approximately HKD 544,000,000[53] Debt and Liabilities - The total debt as of June 30, 2021, was approximately HKD 1,231,000,000, down from HKD 1,268,800,000 as of December 31, 2020[10] - The net debt amounted to approximately HKD 1,199,900,000, compared to HKD 1,229,100,000 as of December 31, 2020[10] - The capital-to-debt ratio was 166.9% as of June 30, 2021, slightly improved from 169.0% as of December 31, 2020[10] - Current liabilities decreased to HKD 314,140,000 from HKD 1,252,628,000, indicating a significant reduction in financial obligations[42] - Total borrowings amounted to approximately HKD 1,048,000,000, with around HKD 265,000,000 due for repayment within the next twelve months[53] - Major shareholders have committed to providing financial support through guarantees or loans for one year, contingent on the company's shares continuing to trade on the stock exchange[54] - The group is actively seeking alternative sources of funding and negotiating to renew existing loans with counterparties[60] Business Operations - The group did not record any revenue from the PPP primary land development business during the period, maintaining the same status as the previous year[5] - The group established a new subsidiary, Zhejiang Yaohui Energy-saving Technology Co., Ltd., to engage in LED EMC business, although no revenue has been recorded yet[6] - The group plans to support the development of LED EMC business to create stable revenue sources in the coming years[9] - The group is actively seeking new business investment opportunities while optimizing its asset allocation by divesting from underperforming gas and property businesses[8] Employee and Shareholder Information - The group has 28 employees as of June 30, 2021, down from 32 employees in the previous year, with employee costs remaining at approximately HKD 4,000,000[16] - As of June 30, 2021, the total number of issued shares was 5,943,745,741[22] - Mr. Chan Han Wai holds 798,214,445 shares, representing 13.43% of the total issued shares[22] - The agreement between Xin Jing International Limited and Mr. Chan was established on April 9, 2021, for the transfer of 50% equity interest, amounting to 798,214,445 shares[23] - No major shareholders or other individuals, apart from directors and senior management, were reported to have interests in the company's shares as of June 30, 2021[29] - The company aims to attract and retain talented individuals through its share option plan, which has a validity period of ten years from its adoption date[25] Corporate Governance - The company has adopted the Corporate Governance Code and confirmed compliance with its provisions during the reporting period, with some deviations noted[32] - The Audit Committee, composed of three independent non-executive directors, reviewed the interim financial statements for the six months ending June 30, 2021[35] - The company is committed to high standards of corporate governance to enhance shareholder value and protect shareholder interests[32] Cash Flow and Financial Position - Operating cash flow before changes in working capital was HKD (6,241,000) for the first half of 2021, a significant decrease from HKD 4,549,000 in the same period of 2020[47] - The company recorded a net cash outflow from financing activities of HKD (11,625,000) for the six months ended June 30, 2021, compared to HKD (327,020,000) in the previous year, reflecting a reduction in financing costs[49] - The total cash and cash equivalents at the end of June 30, 2021, were HKD 31,080,000, down from HKD 114,348,000 at the end of June 30, 2020, representing a decrease of approximately 73%[49] - The company’s total equity attributable to owners decreased to HKD (480,769,000) as of June 30, 2021, from HKD (501,983,000) at the beginning of the year, showing a slight improvement[45] - The company recognized a foreign exchange gain of HKD 2,362,000 during the period, contributing positively to the overall financial performance[47] Impairments and Provisions - The expected credit loss impairment was HKD (1,381,000), with no prior year figure reported[38] - The group recognized an additional impairment of HKD 225,000,000 for intangible assets during the six months ended June 30, 2020, bringing the total impairment to HKD 964,000,000 as of June 30, 2021[77] - The provision for expected credit losses on accounts receivable was HKD 37,475,000 as of June 30, 2021, compared to HKD 37,130,000 as of December 31, 2020[78] Other Financial Metrics - Administrative expenses decreased to HKD (9,204,000), a reduction of 30% from HKD (13,229,000) in 2020[38] - Financial expenses totaled HKD 44,967,000 for the six months ended June 30, 2021, compared to HKD 39,428,000 in the same period of 2020[66] - The group did not recognize any tax provision for Hong Kong profits tax due to no taxable profits generated during the period[67] - The group is expected to have sufficient operating funds to meet its current requirements for at least the next twelve months[57]