Financial Performance - The group's consolidated revenue for the year was approximately HKD 5,900,000, a decrease of about 90.5% from HKD 62,400,000 in the previous year[7]. - The net loss attributable to the company's owners for the year was approximately HKD 85,600,000, compared to a loss of HKD 440,800,000 in the previous year, reflecting a significant reduction in losses[7]. - The group's financing leasing and loan services recorded total revenue of approximately HKD 5,900,000, down approximately 61.9% from HKD 15,500,000 in the previous year[15]. - The group completed the sale of its remaining gas business, resulting in no revenue from gas operations for the year, compared to HKD 46,900,000 in the previous year[14]. - The loss from the PPP primary land development business decreased to approximately HKD 241,500,000 in the current year, compared to HKD 364,500,000 in 2019, primarily due to a reduction in impairment provisions for intangible assets[16]. - The group reported a net loss of approximately HKD 188.7 million for the year ended December 31, 2020[196]. - As of December 31, 2020, the group's net liabilities amounted to approximately HKD 569.1 million, indicating significant uncertainty regarding the group's ability to continue as a going concern[196]. Debt and Financial Management - As of December 31, 2020, the total debt of the group was approximately HKD 1,268,800,000, down from HKD 2,813,700,000 in 2019, while cash and bank balances increased to approximately HKD 39,700,000 from HKD 33,100,000 in 2019[20]. - The net debt amounted to approximately HKD 1,229,100,000, a decrease from HKD 2,780,600,000 in 2019, resulting in a capital debt ratio of 169.0%, up from 115.9% in 2019[20]. - The group expects to maintain a prudent financial management approach to navigate the ongoing impacts of COVID-19 and other uncertainties in the global economy[9]. - The board did not recommend the payment of a final dividend for the year, consistent with the previous year[22]. Impairment and Receivables - The group recorded a decrease in impairment losses on intangible assets by approximately HKD 90,200,000 compared to the previous year[13]. - The company recognized an impairment of intangible assets valued at approximately HKD 225 million due to ongoing litigation uncertainties, with a related deferred tax liability of about HKD 56.3 million being eliminated after the impairment[34]. - The auditor was unable to obtain sufficient appropriate audit evidence regarding contract costs amounting to approximately HKD 315.45 million[192]. - Accounts receivable were reported at approximately HKD 19.63 million, with concerns about their recoverability[195]. Corporate Governance - The board consists of seven directors, including four executive directors and three independent non-executive directors[99]. - The company has adopted a share option scheme on June 25, 2015, to attract and retain valuable talent[84]. - The board 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[115]. - The Audit Committee, consisting of three independent non-executive directors, held two meetings during the year to review financial reporting matters and ensure compliance with accounting standards[116]. - The company has reviewed its corporate governance policies and practices during the year[104]. Risk Management - The company has established a risk management and internal control system to identify and manage significant risks to achieve operational goals[130]. - The board believes that the risk management and internal control systems are adequate and effective for the year[133]. - The company has appointed an independent professional advisor to assist in evaluating the risk management and internal control systems[131]. Environmental and Social Responsibility - The company reported a significant reduction in gasoline usage by approximately 4,225.46 liters or 31.21%, totaling around 9,313.06 liters for the year[158]. - Electricity consumption decreased dramatically by about 556.22 MWh or 97.43%, with total usage at approximately 14.65 MWh[159]. - The company has implemented various energy-saving measures to enhance efficiency and reduce environmental impact, focusing on employee awareness and resource management[153]. - The company aims to balance operational growth with environmental protection, continuously assessing and managing its carbon footprint[163]. - The group adheres to labor laws and regulations, strictly prohibiting child labor and forced labor, with no violations reported during the reporting period[167]. Employee Welfare and Development - The group has reduced its workforce to 29 employees, with employee costs amounting to approximately HKD 8,000,000, down from HKD 15,400,000 in 2019[23]. - Employee training and promotion opportunities are emphasized to attract and retain talent, fostering a respectful and safe work environment[165]. - The group encourages continuous learning and development among employees, offering on-the-job training and external online training programs[171]. - The group has not reduced employee salaries or benefits due to the COVID-19 pandemic, ensuring employee welfare during challenging times[170]. Stakeholder Engagement - The company has maintained long-term good relationships with stakeholders, including shareholders, suppliers, and business partners[60]. - The company emphasizes the importance of maintaining good communication with shareholders through various formal channels[136]. - The company has engaged with stakeholders, including government, investors, employees, and customers, to align on sustainability goals and expectations[147].

Financial Performance - The group's revenue for the six months ended June 30, 2020, was HKD 3,285,000, a decrease of 91.1% compared to HKD 36,814,000 in the same period last year[4]. - The gross profit for the same period was HKD 3,285,000, down 76.6% from HKD 14,025,000, with a gross margin increase from 38.1% to 100% due to net income recognition in the financing leasing business[4]. - The net loss for the period was HKD 161,113,000, compared to a net loss of HKD 73,263,000 in the previous year, primarily due to impairment losses of HKD 225,000,000 related to PPP project assets[4]. - The financing leasing and loan services, along with property investment, generated revenue of HKD 3,285,000, slightly down from HKD 3,969,000 in the previous year[6]. - The group recorded a significant loss of approximately HKD 190,000,000 from the sale of commercial property in Shanghai, despite the loss helping to alleviate long-term operational burdens[6]. - The loss in the PPP land development business increased to approximately HKD 228,743,000, compared to about HKD 2,534,000 in the previous year, due to impairment of intangible assets[8]. - The company reported a loss before tax of HKD 215,876,000, compared to a loss of HKD 72,084,000 in the same period of 2019, representing an increase in loss of 199.5%[43]. - Total comprehensive loss for the period was HKD 201,854,000, compared to HKD 82,373,000 in 2019, indicating a rise of 144.5%[44]. - The company reported a net loss of approximately HKD 161 million for the six months ended June 30, 2020[59]. - The company's adjusted loss before tax was HKD 215.9 million for the six months ended June 30, 2020, compared to HKD 72.2 million in the same period of 2019[67]. Financial Position - Total debt as of June 30, 2020, was HKD 1,352,000,000, down from HKD 1,603,000,000 at the end of 2019, with net debt at HKD 1,238,000,000[12]. - The capital debt ratio increased to 167.1% from 132.1% at the end of 2019, indicating a higher level of financial leverage[12]. - The company's non-current assets decreased to HKD 111,897,000 from HKD 359,255,000, a decline of 68.8%[46]. - Current assets totaled HKD 697,041,000, down from HKD 2,166,860,000, reflecting a decrease of 67.8%[46]. - The total equity attributable to owners of the company decreased to HKD (496,816,000) as of June 30, 2020, from HKD (381,879,000) at the beginning of the year[51]. - Total liabilities exceeded total assets by approximately HKD 548 million as of June 30, 2020[59]. - The total borrowings amounted to approximately HKD 1,199 million, with HKD 263 million from banks and other borrowings, and HKD 838 million from related companies and joint ventures[59]. Cash Flow and Investments - Cash and cash equivalents increased to HKD 114,348,000 from HKD 33,051,000, showing a growth of 245.5%[46]. - The company reported a net cash inflow from investing activities of HKD 386,995,000, a significant increase compared to a net outflow of HKD 37,000 in the previous year[51]. - Cash generated from operating activities was HKD 36,708,000, an increase from HKD 15,906,000 in the previous year, reflecting a growth of approximately 130%[51]. - The company completed the sale of its entire equity interest in Shanghai Shangju Industrial Co., Ltd. for approximately HKD 367,341,000, which was finalized on March 30, 2020[56]. Employee and Management Information - As of June 30, 2020, the group had a total of 32 employees, a decrease from 127 employees in 2019, with employee costs amounting to HKD 4,000,000 compared to HKD 8,300,000 in 2019[17]. - The total remuneration for key management personnel was HKD 343,000, a decrease from HKD 422,000 in the previous year[109]. - The group continues to provide employee compensation based on market practices, experience, professional qualifications, and performance, with no significant changes in employee compensation policies during the period[17]. - The group encourages and funds employees to participate in work-related training and seminars to enhance their contributions to the group's ongoing development[18]. Corporate Governance and Compliance - The company has complied with all applicable provisions of the Corporate Governance Code, except for certain deviations regarding the roles of the Chairman and CEO[36]. - Non-executive directors are required to retire and seek re-election at least once every three years, although they do not have a specified term of appointment[37]. - The company has adopted the standard code of conduct for securities transactions by directors, confirming compliance during the reporting period[38]. Impairment and Losses - The company recognized an impairment loss of HKD 225,000,000 on intangible assets during the period[43]. - The company has recognized an additional impairment of HKD 225,000,000 in the profit and loss statement due to ongoing legal disputes with the Fuzhou government[89]. - The group recognized an impairment provision of HKD 3,876,000 due to delays in repayments from significant debtors, while HKD 3,809,000 was reversed from other receivables[71]. Shareholder Information - As of June 30, 2020, the total number of issued shares was 5,943,745,741, with the largest shareholder, China Aviation Industry International (Hong Kong), holding 1,596,428,891 shares, representing 26.86%[29]. - Billirich Investment Limited holds 1,031,595,000 shares, representing 17.36% of the issued shares[29]. - The company transferred a total of 1,596,428,891 shares to Xin Jing International Limited on September 18, 2020[32]. - The issued share capital remained at HKD 2,234,815,000 with 5,943,745,741 ordinary shares as of June 30, 2020[104]. Legal and Regulatory Matters - The group has suspended the development of a PPP project due to changes in domestic laws and government attitudes, complicating the project's restart[10]. - The company has taken legal action to appeal a court ruling regarding the investment construction cooperation agreement, but the outcome remains uncertain[89].

Financial Performance - The company's consolidated revenue decreased from approximately HKD 139.8 million in 2018 to about HKD 62.4 million in 2019, a decline of approximately 55.2%[5] - The net loss attributable to the company's owners for the year was approximately HKD 440.8 million, compared to a loss of HKD 517.1 million in 2018, representing a reduction of about 14.7%[5] - The company's gross profit for the year was approximately HKD 32.2 million, a decrease of 27.1% from HKD 44.2 million in 2018[12] - The company reported a net loss of HKD 584,965,000 for the year 2019, compared to a loss of HKD 696,483,000 in 2018, indicating an improvement of 16%[187] - The total comprehensive loss for the year was HKD 609,011,000, down from HKD 783,737,000 in 2018, marking a 22.3% improvement[187] - The company incurred an impairment loss on intangible assets amounting to HKD 315,184,000, compared to HKD 423,816,000 in 2018, reflecting a reduction of 25.7%[186] - The financial costs for the year were HKD 133,021,000, slightly up from HKD 127,799,000 in 2018, reflecting an increase of 4.1%[186] Business Operations - The financing leasing business of the subsidiary, Guangdong Ziyutai Financing Leasing Co., Ltd., recorded revenue of approximately HKD 15.5 million, an increase of about HKD 4.4 million or 39.6% compared to HKD 11.1 million in 2018[6] - The gas business's total revenue fell to HKD 46.9 million in 2019, down 63.6% from HKD 128.8 million in 2018, following the completion of the exit strategy from the gas business[13] - The company has completed the sale of its remaining gas business, which was part of its ongoing restructuring plan initiated in late 2014[13] - The group plans to sell its commercial property in Shanghai, expecting a loss of approximately HKD 190,000,000, but aims to reduce long-term operational burdens and improve overall asset and liability status[14] - The group disposed of its remaining gas business and sold commercial properties to increase liquidity and reduce financial pressure[16] Financial Position - Total debt as of December 31, 2019, was approximately HKD 2,813,700,000, an increase from HKD 2,674,200,000 in 2018, with net debt reaching approximately HKD 2,780,600,000[18] - The capital debt ratio increased to 115.9% from 97% in 2018, indicating a significant rise in financial leverage[18] - The company reported a significant increase in receivables from finance leases, rising from HKD 22,340,000 in 2018 to HKD 49,253,000 in 2019, an increase of about 120.5%[189] - Total liabilities exceeded total assets by approximately HKD 346,500,000 as of December 31, 2019, indicating a concerning financial position[197] - The total borrowings amounted to approximately HKD 2,673,300,000, with HKD 312,000,000 classified as bank and other borrowings due within the next twelve months[197] Corporate Governance - The company is committed to high standards of corporate governance, which is deemed essential for enhancing corporate value and protecting shareholder interests[75] - The company has complied with the applicable code provisions of the Corporate Governance Code during the year, with some deviations noted[76] - The board consists of seven directors, including four executive directors and three independent non-executive directors[78] - The company has established a code of conduct and compliance manual applicable to employees and directors[85] - The board will continue to review its current structure and appoint suitable candidates for the roles of CEO and chairman as needed[92] Environmental and Social Responsibility - The company has implemented various energy-saving measures, including the installation of motion sensors to turn off lights in unoccupied areas[133] - The company has established a vehicle management policy to control daily vehicle usage, requiring prior approval for vehicle use[133] - The company has implemented measures to reduce emissions, resulting in a decrease of V% compared to the previous year[165] - The company has established policies for managing environmental and social risks in its supply chain[165] - The company is committed to community engagement to understand and address the needs of the communities in which it operates[167] Employee Management - The company actively encourages and funds employees to participate in external relevant skills courses and seminars to enhance their capabilities[41] - Employee training and development programs were emphasized to enhance employee quality and efficiency, ensuring new hires quickly adapt to the company culture[149] - The company established a competitive compensation system based on industry benchmarks, ensuring fair and reasonable employee remuneration[148] - The company has implemented strict health and safety policies to prevent workplace injuries and ensure a safe working environment[150] Future Outlook - The company plans to continue seeking methods to improve resource allocation efficiency and strengthen capital structure while looking for potential acquisitions and business opportunities[8] - The company remains optimistic about the development of the Chinese economy despite the impact of the COVID-19 pandemic on its domestic operations[7] - The company is actively seeking alternative funding sources to improve liquidity and has assessed that it will have sufficient working capital for at least the next twelve months[198]

Financial Performance - The group's revenue for the six months ended June 30, 2019, was HKD 36,814,000, a decrease of 47.4% compared to HKD 70,015,000 in the same period last year[3]. - The gross profit for the same period was HKD 14,025,000, down 32.0% from HKD 20,632,000, with a gross margin increase from 29.5% to 38.1%[3]. - The net loss for the period was HKD 73,263,000, reduced from a net loss of HKD 125,065,000 in the previous year[4]. - Revenue from the gas business decreased to HKD 32,845,000, a decline of 49.2% from HKD 64,608,000, due to a drop in CNG sales from 16,926,000 cubic meters to 11,022,000 cubic meters[6]. - Financing leasing and loan services revenue slightly decreased to HKD 3,969,000 from HKD 5,407,000, primarily due to reduced interest income[7]. - The company reported a loss for the period of HKD 73,263,000, an improvement of 41.5% compared to a loss of HKD 125,065,000 in 2018[49]. - Basic and diluted loss per share was HKD (1.17) cents, compared to HKD (1.76) cents in the previous year[48]. - The group reported a loss before tax of HKD 69,681,000, compared to a loss of HKD 104,550,000 in the same period of 2018[116]. - The group recognized a net impairment loss of HKD 1,244,000 for receivables, significantly reduced from HKD 33,153,000 in the previous year[106]. - The group reported a total comprehensive loss of HKD 78,794,000 for the six months ended June 30, 2019, compared to a total comprehensive loss of HKD 159,012,000 in 2018[60]. Debt and Liabilities - The total debt as of June 30, 2019, was HKD 2,714,500,000, an increase from HKD 2,674,200,000 at the end of 2018, with a net debt of HKD 2,676,000,000[11]. - The capital debt ratio was 99.9% as of June 30, 2019, compared to 97.0% at the end of 2018[11]. - Current liabilities increased to HKD 608,743,000 from HKD 608,109,000 at the end of 2018[53]. - The company’s total liabilities amounted to HKD 2,857,791,000 as of June 30, 2019, compared to HKD 2,813,698,000 at the end of 2018[53]. - The group’s total liabilities included lease liabilities of HKD 3,662,000 classified as current and HKD 2,426,000 classified as non-current as of January 1, 2019[94]. Shareholder Information - The company’s major shareholders include Billirich Investment Limited and AVIC Joy Air Holdings Limited, each holding 17.36% and 1.02% of the issued shares respectively[30]. - The company’s total issued shares as of June 30, 2019, were 5,943,745,741[23]. - The total issued and paid-up share capital was HKD 2,234,815,000, with 5,943,745,741 ordinary shares as of June 30, 2019[138]. - The company is owned approximately 76.82% by AVIC, which is a significant shareholder[33]. Employee Information - The company had a total of 127 employees as of June 30, 2019, down from 355 in 2018, with employee costs amounting to HKD 8,300,000 compared to HKD 16,800,000 in the previous year[18]. - The company’s employee compensation and promotion policies are based on individual performance, experience, and market practices[19]. - The company encourages employees to participate in training and seminars to enhance their contributions and promote sustainable development[19]. Corporate Governance - The audit committee, composed entirely of independent non-executive directors, reviewed the interim financial statements for the six months ended June 30, 2019, and found them compliant with applicable accounting standards and regulations[37]. - The company has adopted the corporate governance code and confirmed compliance with its provisions during the review period, with some exceptions noted[35]. - The company’s chairman and CEO roles are held by the same individual, which is a deviation from the corporate governance code[35]. - The company’s non-executive directors are subject to rotation and re-election every three years, although they do not have a specified term of appointment[35]. - The company has confirmed adherence to the standard code regarding securities trading by directors during the review period[36]. Financial Reporting Standards - The company has adopted the new Hong Kong Financial Reporting Standard No. 16 (HKFRS 16) for leases, replacing HKAS 17, which has resulted in significant changes to accounting policies[65]. - The application of HKFRS 16 did not have a significant impact on the group's consolidated financial statements for the six months ended June 30, 2019[96]. - The group’s non-current assets included a right-of-use asset valued at HKD 12,807,000 as of January 1, 2019, following the adoption of HKFRS 16[94]. - The group recognized additional lease liabilities and right-of-use assets equivalent to the adjustments made for any prepaid or accrued lease payments[87]. Operational Insights - The company plans to continue restructuring its gas business and explore opportunities in the financing leasing sector due to favorable government policies[10]. - The company has been actively managing its LED energy management contracts and CNG refueling stations in China, indicating ongoing market expansion efforts[60]. - The group operates four reportable segments, including CNG and gasoline sales, LED EMC management, financing lease and loan services, and land development services[97]. - The group’s primary operations and market are located in China, with no further geographical segment information provided[99]. Miscellaneous - The company does not recommend the distribution of an interim dividend for the six months ended June 30, 2019[13]. - The company did not purchase, sell, or redeem any of its listed securities during the review period[34]. - The company has not reported any new product launches or technological advancements during this period[60]. - The group did not initiate any new sale and leaseback arrangements during the period, resulting in no significant impact on the financial statements from the application of HKFRS 16[92].

Financial Performance - The group's consolidated revenue decreased from approximately HKD 252.6 million in 2017 to about HKD 139.8 million in 2018, a decline of approximately 44.6%[4] - The group's net loss for the year was approximately HKD 696.5 million, an increase of about HKD 378.1 million compared to the net loss of approximately HKD 318.4 million in 2017[10] - The group's gross profit for the year was approximately HKD 44.2 million, down 29% from HKD 62.1 million in 2017[10] - The financing leasing and loan services segment reported total revenue of approximately HKD 11.1 million in 2018, a decrease of 34% from HKD 16.8 million in 2017[12] - The group recorded a fair value loss on investment properties of approximately HKD 245.9 million during the year[10] - The group achieved a segment profit of approximately HKD 38.5 million in the gas business, compared to a loss of approximately HKD 66.2 million in 2017[11] - The group reported a significant impairment loss on intangible assets amounting to HKD 423,816,000 in 2018, with no such loss reported in 2017[191] - The company reported a pre-tax loss of HKD 801,112,000 for the year ended December 31, 2018, compared to a loss of HKD 310,186,000 in 2017, indicating a significant increase in losses[200] Business Segments - The gas business segment recorded total revenue of approximately HKD 128.8 million in 2018, down 17% from HKD 156 million in 2017, primarily due to reduced sales volume of compressed natural gas (CNG) to about 37.5 million cubic meters[11] - The group has suspended its building materials sales business to mitigate risks due to low gross margins[6] - The group's sales revenue from building materials business was suspended due to low gross margins, resulting in a loss of approximately HKD 464.5 million in the current year, compared to HKD 57.8 million in 2017[13] - The group plans to optimize and restructure its remaining gas business and seek suitable opportunities to realize its value due to increasing competition in the gas industry[15] - The group intends to focus on the development of medical equipment leasing business, capitalizing on the potential growth in the financing leasing industry[15] Debt and Capital Structure - The total debt of the group as of December 31, 2018, was approximately HKD 2,674.2 million, a decrease from HKD 2,748.9 million in 2017, with a net debt of about HKD 2,633.7 million[17] - The capital debt ratio increased to 97% in 2018 from 80% in 2017, indicating a significant rise in leverage[17] - The company's net assets dropped significantly to HKD 275,436,000 in 2018 from HKD 1,065,096,000 in 2017, a decrease of 74.1%[196] Employee and Training - As of December 31, 2018, the group had a total of 131 employees, a decrease from 343 employees in 2017, with employee costs amounting to HKD 28 million compared to HKD 47 million in 2017[26] - The group actively encourages and funds employee participation in work-related training and seminars as part of its welfare and reward programs, aiming to foster lifelong learning and sustainable development[27] - The company has a training program aimed at enhancing employees' knowledge and skills related to their job responsibilities[170] Corporate Governance - The board consists of eight directors, including five executive directors and three independent non-executive directors[81] - The board's main responsibilities include determining overall strategic planning, policy formulation, and risk management[82] - 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[96] - The company has a public float of at least 25% of its issued shares as of the report date[71] - The company has established a shareholder communication policy, reviewed annually, to address any inquiries from shareholders[121] Environmental and Social Responsibility - The group emphasizes its commitment to sustainable development and environmental protection, implementing various policies and actions to manage energy use and waste generation[133] - The environmental, social, and governance report outlines the group's sustainability strategy and performance, focusing on corporate social responsibility[125] - The group generated 1,620.72 tons of CO2 equivalent emissions during the reporting period, a reduction of approximately 30% compared to the previous year, primarily due to the sale of the gas business[140] - The group has established a corporate culture focused on resource conservation and encourages employees to adopt resource-saving habits[136] - The company actively engages in community investment by providing employment opportunities and contributing to local social stability[163] Audit and Compliance - The independent auditor confirmed that the financial statements fairly reflect the company's financial position as of December 31, 2018[173] - The auditor's responsibilities include identifying and assessing risks of material misstatement and designing audit procedures to address those risks[187] - The company must assess its ability to continue as a going concern and disclose any relevant matters related to this assessment[184] - The company replaced its auditor from Ernst & Young to Deloitte on November 7, 2018, to enhance auditor independence[76] Future Plans and Strategies - The group plans to actively communicate with local governments in 2019 to promote the development of the PPP land project, which has a total of 3,990 acres available for commercial and residential use[6] - The group aims to improve resource allocation efficiency and strengthen capital structure while seeking potential acquisitions and business opportunities to enhance shareholder value in 2019[6]