Financial Performance - The Group's revenue for the year ended December 31, 2024, was HK$47,286,000, an increase of HK$402,000 or 1% compared to HK$46,884,000 in 2023[11] - The loss for the year amounted to HK$74,752,000, a significant decline from a profit of HK$264,999,000 in 2023[11] - Loss per share was HK6.03 cents, compared to earnings per share of HK21.36 cents in the previous year[11] - The fair value loss of investment properties was HK$67,862,000, contrasting with a fair value gain of HK$259,453,000 in the prior year[13] - Finance costs increased by HK$15,884,000, primarily due to higher costs associated with other borrowings raised in the second half of the previous year[13] - Total assets decreased from HK$2,603,968,000 in the previous year to HK$2,431,092,000[20] - Net asset value declined from HK$1,822,751,000 to HK$1,742,069,000[20] - Total equity decreased from HK$1,822,751,000 in 2023 to HK$1,742,069,000 in 2024, a decrease of about 4.4%[24] - Cash and bank balances decreased from HK$130,495,000 in 2023 to HK$68,355,000 in 2024, a decline of about 47.6%[24] Assets and Liabilities - The Group's bank borrowings amounted to HK$100,000,000, with discussions for renewal ongoing as needed[20] - Total liabilities decreased from HK$781,217,000 as of December 31, 2023, to HK$689,023,000 as of December 31, 2024, representing a reduction of approximately 11.8%[24] - The ratio of total liabilities to total assets improved to approximately 28% in 2024 from 30% in 2023[24] - The carrying value of investment properties increased from HK$1,270,000,000 in 2023 to HK$1,294,000,000 in 2024, an increase of approximately 1.9%[23] - The gearing ratio remained stable at 26% for both 2023 and 2024[24] Property Management and Development - The Group's commercial properties at Harbour Crystal Centre recorded an average occupancy rate of approximately 90%[18] - The shopping arcade, Laneway, is currently under refurbishment and is expected to open in 2025[19] - The expected completion and grand opening of Laneway (formerly Concord Square) in the second half of 2025 is a significant milestone for the Group, with pre-leasing efforts aimed at securing anchor tenants[47] - The retail property leasing market in Hong Kong is expected to remain challenging throughout 2025, with continued pressure on rental rates and occupancy levels[46] Strategic Outlook - The Group aims to maintain the same total rental income from investment properties as last year[41] - Objectives for 2025 include reviewing management systems and cost structures to improve efficiency and reduce expenses[43] - Interest rates are projected to decrease in 2025, albeit at a more measured pace than previously anticipated, which should support property capital values and improve investment sentiment in Hong Kong's real estate sector[48] - The Group is well-positioned to benefit from gradual economic improvements and strategic developments while maintaining a disciplined approach to potential acquisitions[48] - The Group anticipates a year of growth driven by key strategic developments despite broader market challenges[46] Corporate Governance - The Company had three Independent Non-Executive Directors (INEDs) for the majority of 2024, complying with the Listing Rules requirements[66] - Mr. Cheng Chi Kin was appointed as an INED on 16th April 2024, restoring compliance with the minimum number of INEDs after the passing of Mr. Choi Kin Man[65] - The Board held five meetings during the year ended 31st December 2024, ensuring regular discussions on overall strategy and financial performance[67] - All INEDs confirmed their independence annually, in line with Rule 3.13 of the Listing Rules[66] - The Company Secretary assists in preparing meeting agendas and ensuring compliance with applicable rules and regulations[74] - Directors are entitled to seek external independent professional advice at the Company's expense under established procedures[76] - The Board's responsibilities include approving annual and interim results, significant contracts, and corporate governance matters[70] - The Board currently has one female Director out of seven Directors, achieving a gender diversity of 14.3%[84] - The Company targets to maintain at least the current level of female representation on the Board, with the ultimate goal of increasing the proportion of female members over time[84] - The Board conducted an annual review of the implementation and effectiveness of the Board Diversity Policy and is satisfied with its proper implementation[86] Committees and Director Responsibilities - The Board has established various committees, including a Nomination Committee, Remuneration Committee, Audit Committee, and Executive Committee, each with specific written terms of reference[98] - The Nomination Committee specifies the process and criteria for the selection and recommendation of candidates for directorship[91] - The Nomination Committee is chaired by an Independent Non-Executive Director (INED) and consists entirely of INEDs, ensuring a balanced composition for effective independent judgment[102] - The Remuneration Committee was restructured to include three members after the appointment of Mr. Cheng on April 16, 2024, following the passing of Mr. Choi on January 26, 2024[109] - The Audit Committee was restructured to include three members after the appointment of Mr. Cheng on April 16, 2024, following the passing of Mr. Choi on January 26, 2024[117] Risk Management and Internal Controls - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss, and to assist in achieving the Group's objectives[145] - The internal audit function reports to the Chairman of the Board and the Audit Committee, providing independent appraisal of the adequacy and effectiveness of the Group's risk management and internal control systems[152] - The Audit Committee reviewed the internal audit plan and reports prepared by the Internal Audit Function[124] - The Audit Committee recommended the annual review of the Group's risk management and internal control systems[129] - The Company has established systems and procedures to identify, evaluate, and manage risks associated with different business activities[146] Shareholder Communication and Dividend Policy - The Board recognizes the importance of good communication with Shareholders, disseminating information through various formal channels including interim and annual reports[158] - The Company has established a Shareholders' Communication Policy to facilitate effective communication with Shareholders[166] - The Board conducted a review of the implementation and effectiveness of the Shareholders Communication Policy during the year[168] - The Board has adopted a Dividend Policy aimed at providing reasonable and sustainable returns to Shareholders while maintaining financial stability[173] - The ability to pay dividends is dependent on the dividends received from subsidiaries and associates, as the Company is a holding company[174] Environmental Sustainability - The Group is committed to long-term environmental sustainability and aims to reduce operational impacts on the environment[197] - The environmental policies include minimizing paper and electricity consumption, reducing waste, and promoting electronic communication[198]

Financial Performance - The company's revenue for the year ended December 31, 2024, was HKD 47,286,000, an increase of 0.86% compared to HKD 46,884,000 in 2023[4] - The net loss for the year was HKD 74,752,000, compared to a profit of HKD 264,999,000 in the previous year, indicating a significant decrease in profitability[5] - Basic loss per share for 2024 was HKD 6.03, compared to earnings of HKD 21.36 per share in 2023[28] - The fair value loss on investment properties was HKD 67,862,000, compared to a fair value gain of HKD 259,453,000 in the previous year[31] - The company's revenue for the year ended December 31, 2024, was HKD 47,286,000, an increase of HKD 402,000 or 1% compared to HKD 46,884,000 in 2023[29] Asset and Equity Changes - Total assets decreased to HKD 2,297,944,000 from HKD 2,567,827,000, reflecting a decline of 10.52%[7] - The total equity decreased to HKD 1,742,069,000 from HKD 1,822,751,000, a decline of 4.41%[7] - The company's cash and cash equivalents dropped to HKD 68,355,000 from HKD 130,495,000, a decrease of 47.6%[7] - Total assets decreased from HKD 2,603,968,000 in 2023 to HKD 2,431,092,000 in 2024[32] - The total liabilities decreased from HKD 781,217,000 in 2023 to HKD 689,023,000 in 2024, with a debt-to-asset ratio of approximately 28%[33] Income Sources - Other income decreased to HKD 10,894,000 from HKD 13,358,000, representing a decline of 18.43%[4] - Total fixed rental income from investment properties for 2024 was HKD 41,063,000, a slight increase from HKD 40,366,000 in 2023, representing a growth of 1.73%[16] - Property management fee income for 2024 was HKD 5,023,000, down from HKD 5,168,000 in 2023, indicating a decrease of 2.81%[16] - Total revenue from Hong Kong and China for the year was HKD 47,286,000, compared to HKD 46,315,000 in 2023, reflecting an increase of 2.09%[17] - Major client A contributed HKD 8,474,000 in rental income for 2024, up from HKD 8,239,000 in 2023, showing a growth of 2.86%[18] Impairment and Valuation - The company recognized a net impairment reversal of HKD 607,000 from the expected credit loss model, compared to HKD 1,445,000 in the previous year[4] - The fair value of investment properties slightly decreased to HKD 2,266,120,000 from HKD 2,269,160,000, a marginal decline of 0.14%[7] Operational Insights - The average occupancy rate for commercial properties at Hong Kong Crystal Center was about 90%[30] - The company plans to open the renovated shopping mall in 2025[30] - The completion and opening of the renovated shopping mall, 联薈 (formerly known as 协和广场), is anticipated in the second half of 2025, marking an important milestone for the group[45] Strategic Outlook - The group expects the Hong Kong retail property leasing market to remain challenging in 2025, with rental prices and occupancy rates under pressure[45] - The group plans to maintain a cautious strategy regarding potential acquisitions while capitalizing on development opportunities[45] Corporate Governance - The auditors provided an unqualified opinion for the financial years, indicating no significant issues were raised during the audit process[9] - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that are yet to be effective, indicating a conservative approach to financial reporting[12] - The company expects that the application of new standards will not have a significant impact on the consolidated financial statements in the foreseeable future[12] Employee and Dividend Information - The number of employees as of December 31, 2024, was 30, a decrease from 31 in 2023[43] - No dividend was declared for the year ending December 31, 2024[24] - The board does not recommend declaring any dividends for the year ending December 31, 2024[47] Miscellaneous - The group did not grant any loans to borrowers during the year[36] - As of December 31, 2024, the group had no significant acquisitions or disposals of subsidiaries, associates, or joint ventures[38] - The group had no significant investments representing over 5% of total assets as of December 31, 2024[39] - There were no significant contingent liabilities as of December 31, 2024[40] - There were no significant events affecting the group after the fiscal year-end and up to the announcement date[42] - The company has not repurchased, sold, or redeemed any of its shares during the fiscal year ending December 31, 2024[55] - Any unclaimed dividends declared after six years may be forfeited by the board of directors and returned to the company[56] - Shareholders must contact the company's share registrar by April 17, 2025, to claim any unclaimed dividends[57]

Financial Performance - Revenue for the six months ended June 30, 2024, increased to HK$24,213,000, representing a growth of 6.25% compared to HK$22,788,000 in the same period of 2023[7]. - Other income decreased to HK$6,503,000, down 12.16% from HK$7,407,000 in the previous year[7]. - Operating loss before changes in fair value of investment properties was HK$2,570,000, a significant decline from a profit of HK$12,503,000 in the same period last year[7]. - Loss from changes in fair value of investment properties amounted to HK$12,790,000, compared to a gain of HK$6,046,000 in 2023[7]. - Loss for the period was HK$17,037,000, contrasting with a profit of HK$14,507,000 in the prior year[7]. - Basic loss per share for the period was HK$1.37, compared to earnings per share of HK$1.17 in the same period of 2023[7]. - Finance costs for the period were HK$17,668,000, with no finance costs reported in the previous year[7]. - The company reported a loss of HK$17,037,000 for the six months ended June 30, 2024, compared to a profit of HK$14,507,000 in the same period of 2023, indicating a significant decline in performance[4]. - Other comprehensive expenses for the period totaled HK$2,760,000, which is an increase from HK$1,860,000 in the previous year, reflecting a worsening in fair value changes of equity instruments[4]. - Total comprehensive expense for the period amounted to HK$19,797,000, contrasting with a total comprehensive income of HK$10,997,000 for the same period in 2023, highlighting a negative shift in overall financial health[4]. Assets and Liabilities - Current assets decreased to HK$265,794,000 as of June 30, 2024, down from HK$298,227,000 at the end of 2023, indicating a reduction in liquidity[10]. - Net current assets also fell to HK$233,944,000 from HK$262,086,000, reflecting a decline in the company's short-term financial position[10]. - Total equity decreased to HK$1,802,954,000 as of June 30, 2024, down from HK$1,822,751,000 at the end of 2023, showing a reduction in shareholder value[12]. - Non-current liabilities were reported at HK$724,343,000, a slight decrease from HK$745,076,000, indicating a minor improvement in long-term debt management[12]. - The fair value of investment properties was reported at HK$2,259,580,000, down from HK$2,269,160,000, suggesting a decline in asset valuation[11]. - Cash and cash equivalents decreased to HK$112,881,000 from HK$130,495,000, indicating a reduction in available cash resources[10]. - The company maintained its share capital at HK$681,899,000, with reserves decreasing to HK$1,121,055,000 from HK$1,140,852,000, reflecting changes in retained earnings and other reserves[12]. Cash Flow and Financing - Net cash generated from operating activities decreased to HK$2,977,000 for the six months ended June 30, 2024, compared to HK$15,864,000 in the same period of 2023, representing an 81.2% decline[19]. - Net cash from investing activities was HK$13,240,000 for the six months ended June 30, 2024, significantly lower than HK$84,351,000 in the previous year, indicating a decrease of 84.3%[19]. - Cash and cash equivalents at the end of the period were HK$112,881,000, down from HK$207,415,000 at the end of June 2023, reflecting a 45.5% reduction[19]. - The company incurred interest paid of HK$13,796,000 during the period, with new loans from other borrowings amounting to HK$185,000,000 and repayments of HK$205,000,000[19]. - The Group's total liabilities decreased to HK$27,960,000 as of June 30, 2024, from HK$34,289,000 on December 31, 2023, indicating a reduction of approximately 18.5%[96]. Strategic Focus and Future Outlook - The company is focusing on enhancing its investment property portfolio and exploring new market opportunities for future growth[6]. - Management indicated plans for strategic expansion and potential acquisitions to strengthen market position[6]. - The Group anticipates signs of recovery in the Hong Kong retail property market towards the end of 2024, supported by expected interest rate cuts in the latter half of the year[172]. - The expected rental income from the refurbishment of Concord Square (to be renamed Laneway) is projected to support significant revenue growth in 2025[172]. - The Group will closely monitor market trends and adjust leasing strategies to capitalize on any improvements in the retail market[172]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code, with certain deviations summarized in the report[179]. - The company confirmed that all Directors fully complied with the required standards set out in the Model Code regarding securities transactions throughout the review period[184]. - The reasons for deviations in corporate governance practices were documented in the Corporate Governance Report in the Annual Report for the financial year ended December 31, 2023[182]. - The company has adopted the Model Code as its code of conduct for securities transactions by Directors[184]. - The company’s audit committee is required to have a minimum of three members as per Listing Rules, which was not met prior to the recent appointment[184]. Employment and Human Resources - As of June 30, 2024, the Group employed 30 persons, a decrease from 31 as of December 31, 2023[172]. - The remuneration of the Chairman and Executive Director, Mr. Patrick Lee Seng Wei, and Executive Director, Mr. Tao Tsan Sang, was increased by approximately 3% effective from January 1, 2024, compared to 2023[185]. - The monthly salary of the Chief Executive and Executive Director, Mr. Lee Shu Yin, was also increased by approximately 3% effective from January 1, 2024, with a bonus of HK$160,000 for the year ended December 31, 2023[185].

Financial Performance - For the six months ended June 30, 2024, the company reported a loss of HKD 17,037,000 compared to a profit of HKD 14,507,000 in the same period of 2023, representing a year-over-year decline of 217.5%[1] - Total comprehensive loss for the period amounted to HKD 19,797,000, compared to a comprehensive income of HKD 10,997,000 in the previous year, indicating a significant deterioration in overall financial performance[2] - The company reported a basic loss per share of HKD 1.37 for the current period, compared to earnings per share of HKD 1.17 in the prior year[1] - The company reported a net loss attributable to shareholders of HKD 17,037,000 for the six months ended June 30, 2024, compared to a profit of HKD 14,507,000 in the same period of 2023[15] - The group reported a loss of HKD 17,037,000 for the six months ended June 30, 2024, compared to a profit of HKD 14,507,000 in the same period last year[18] Asset and Equity Changes - Non-current assets decreased from HKD 2,305,741,000 as of December 31, 2023, to HKD 2,293,353,000 as of June 30, 2024, reflecting a reduction of approximately 0.5%[3] - Current assets decreased from HKD 298,227,000 to HKD 265,794,000, a decline of about 10.9% over the six-month period[4] - The company's total equity decreased from HKD 1,822,751,000 to HKD 1,802,954,000, a reduction of approximately 1.1%[4] - Total assets decreased from HKD 2,603,968,000 as of December 31, 2023, to HKD 2,559,147,000 as of June 30, 2024[20] - The group's net asset value decreased from HKD 1,822,751,000 as of December 31, 2023, to HKD 1,802,954,000 as of June 30, 2024[20] Revenue and Income - Total revenue from Hong Kong and China for the six months ended June 30, 2024, was HKD 24,213,000, compared to HKD 22,219,000 for the same period in 2023, reflecting a growth of 8.9%[10] - Fixed rental income from investment properties increased to HKD 20,504,000 for the six months ended June 30, 2024, up from HKD 18,878,000 in the same period of 2023, representing an increase of 8.7%[9] - Other income decreased to HKD 6,503,000 for the six months ended June 30, 2024, down from HKD 7,407,000 in the same period of 2023, a decline of 12.2%[11] - The company's bank interest income decreased to HKD 2,398,000 for the six months ended June 30, 2024, from HKD 2,772,000 in the same period of 2023, a decrease of 13.5%[11] Expenses and Liabilities - The company’s financing costs totaled HKD 17,668,000, compared to HKD 6,176,000 in the previous year, indicating a significant increase of 186.5%[1] - The total expenses for income tax for the six months ended June 30, 2024, were HKD 1,289,000, down from HKD 3,169,000 in the same period of 2023, a reduction of 59.3%[13] - The company reported direct operating expenses for investment properties generating rental income of HKD 4,540,000 for the six months ended June 30, 2024, down from HKD 6,283,000 in the same period of 2023, a decrease of 27.8%[13] - The company’s liabilities decreased from HKD 745,076,000 to HKD 724,343,000, a reduction of about 2.8%[4] - Total liabilities decreased from HKD 781,217,000 as of December 31, 2023, to HKD 756,193,000 as of June 30, 2024[20] Cash and Cash Equivalents - The company’s cash and cash equivalents decreased from HKD 130,495,000 to HKD 112,881,000, a decline of approximately 13.5%[3] - Cash and bank deposits amounted to HKD 112,881,000 as of June 30, 2024, down from HKD 130,495,000 as of December 31, 2023[20] Dividends and Share Activity - The company did not declare any interim dividend for the six months ended June 30, 2024, consistent with the previous year[14] - The board has decided not to declare an interim dividend for the six months ending June 30, 2024, maintaining a prudent approach to retain adequate funds for future business development opportunities[29] - The company has not repurchased, sold, or redeemed any of its shares during the six months ending June 30, 2024[33] Market Outlook and Strategy - The retail property market in Hong Kong is expected to face challenges in the foreseeable future, but signs of recovery are anticipated as the year-end approaches, supported by expected interest rate cuts in the second half of 2024[28] - The anticipated interest rate cuts are expected to boost overall economic conditions in Hong Kong, increasing disposable income and stimulating retail consumption[28] - The renovation of the Harmony Square, to be renamed as "Union Square," is nearing completion, which is expected to increase leasing activity and interest from potential tenants, supporting significant revenue growth in 2025[28] - The company will closely monitor acquisition opportunities in the retail commercial property market, preparing to act on significantly discounted assets that align with its long-term strategy[28] Internal Controls and Governance - The audit committee has reviewed the accounting principles and practices adopted by the group, discussing internal controls and financial reporting matters[32]

Financial Performance - The Group's revenue for the year ended December 31, 2023, was HK$46,884,000, an increase of HK$8,505,000 or 22% compared to HK$38,379,000 in 2022[10]. - The profit for the year amounted to HK$264,999,000, a turnaround from a loss of HK$43,701,000 in 2022[10]. - Earnings per share were HK21.36 cents, compared to a loss per share of HK3.52 cents in the previous year[10]. - The fair value gain of investment properties was HK$259,453,000, compared to a fair value loss of HK$27,457,000 in the previous year[12]. - Total assets rose from HK$1,741,114,000 in 2022 to HK$2,603,968,000 in 2023, with net assets increasing from HK$1,554,105,000 to HK$1,822,751,000[20]. - The Group's gearing ratio (net debt over total equity) was 26% as of December 31, 2023, compared to a negative 10% in 2022[21]. - A significant rise in the Group's revenue is projected for 2025[47]. Asset and Liability Management - The Group's total assets increased from HK$1,741,114,000 in the previous year to HK$2,603,968,000[18]. - Total liabilities increased from HK$187,009,000 as of December 31, 2022, to HK$781,217,000 as of December 31, 2023, representing a ratio of total liabilities to total assets of approximately 30%[21]. - The Group had cash and bank balances of HK$130,495,000 as of December 31, 2023, down from HK$147,668,000 in 2022[21]. Property Management and Development - The average occupancy rate of commercial properties at Harbour Crystal Centre was approximately 99%[16]. - The recently acquired shopping arcade, Concord Square, is under refurbishment and expected to operate in late 2024[17]. - The disposed properties in Billion Centre recorded a 100% average occupancy rate during the six months held by the Group[17]. - The refurbishment of Concord Square is expected to be completed by year-end, leading to new rental lease signings later this year, with a mild uplift in total rental revenue expected for the current year[47]. - Concord Square, which primarily serves the local community in Tsuen Wan, is expected to perform well upon reopening[48]. Corporate Governance - The Board held six meetings during the year to discuss overall strategy and financial performance[65]. - All Independent Non-Executive Directors (INEDs) confirmed their independence, meeting the guidelines set out in Rule 3.13 of the Listing Rules[64]. - The Company has established a mechanism for Directors to seek external independent professional advice at the Company's expense[74]. - The Board's functions and management responsibilities are formalized and reviewed regularly to ensure compliance with existing regulations[68]. - The Company has a policy for handling conflicts of interest among Directors during Board meetings[73]. - The Board currently has one female Director out of six Directors, achieving a gender diversity representation of 16.7%[83]. - The Company aims to maintain at least the current level of female representation on the Board and gradually increase it as suitable candidates are identified[83]. Risk Management - The Group adopts a comprehensive risk management framework, regularly reviewing and updating policies to respond to market changes and business strategies[187]. - Financial risks include market risk, credit risk, and liquidity risk, with market risk further divided into interest rate risk, foreign currency risk, and other price risks[191]. - Operational risks are mitigated through robust internal controls, clear lines of responsibility, and effective internal reporting systems[192]. - The Group's business and profitability growth are affected by uncertainties in the property market, including supply and demand, government interventions, and interest rate changes[193]. Shareholder Engagement - The Company actively engages with shareholders through various formal channels, including interim and annual reports, announcements, and circulars[158]. - The AGM serves as a valuable forum for direct communication between the Board and shareholders, with key committee chairmen available to answer questions[159]. - The Company has established procedures for shareholders to propose resolutions and request extraordinary general meetings, ensuring active participation[165][166]. Sustainability Initiatives - The Group is committed to long-term sustainability, aiming to reduce environmental impacts by minimizing paper and electricity consumption and promoting electronic communication[198].

Financial Performance - The company's revenue for the year ended December 31, 2023, was HKD 46,884,000, an increase of 22.3% compared to HKD 38,379,000 in 2022[3] - The net profit for the year was HKD 264,999,000, a significant recovery from a loss of HKD 43,701,000 in the previous year[4] - Basic earnings per share improved to HKD 21.36 from a loss of HKD 3.52, indicating a strong turnaround in profitability[3] - Total comprehensive income for the year was HKD 268,646,000, compared to a loss of HKD 51,316,000 in the previous year[4] - The company reported a profit attributable to shareholders of HKD 264.999 million for 2023, compared to a loss of HKD 43.701 million in 2022[23] Asset and Liability Management - The company's total assets as of December 31, 2023, were HKD 2,567,827,000, up from HKD 1,715,145,000 in 2022[6] - Non-current liabilities decreased to HKD 745,076,000 from HKD 161,040,000, indicating improved financial stability[6] - Total assets increased from HKD 1,741,114,000 in 2022 to HKD 2,603,968,000 in 2023[36] - Total liabilities rose from HKD 187,009,000 in 2022 to HKD 781,217,000 in 2023, with a debt-to-asset ratio of approximately 30%[37] Investment Properties - The fair value gain from investment properties was HKD 259,453,000, compared to a loss of HKD 27,457,000 in 2022[3] - The fixed rental income from investment properties increased to HKD 40,366,000 in 2023, up from HKD 32,164,000 in 2022, representing a growth of approximately 25.5%[13] - The average occupancy rate for commercial properties at Hong Kong Crystal Center was approximately 99%[35] - The company plans to complete renovations at Harmony Square by the end of 2024, which is expected to boost rental income[35] - The company anticipates a slight increase in total rental income for the current year, with significant growth expected by 2025[49] Revenue Sources - Total revenue from Hong Kong and China for the year was HKD 46,315,000 and HKD 569,000 respectively, compared to HKD 37,115,000 and HKD 1,264,000 in 2022, indicating an increase of 24.5% in Hong Kong and a decrease of 55.1% in China[14] - Other income rose to HKD 13,358,000 from HKD 12,728,000, reflecting a growth of 4.9%[3] - The total income from other sources, including bank interest and government subsidies, rose to HKD 13,358,000 in 2023 from HKD 12,728,000 in 2022, marking an increase of 4.9%[15] Corporate Governance - The company has complied with the Corporate Governance Code, with specific deviations noted in the remuneration and audit committees' responsibilities[52][53] - The board of directors is composed of executive and independent non-executive directors, ensuring a diverse governance structure[61] - Deloitte Touche Tohmatsu has agreed that the financial figures presented in the consolidated financial statements for the year ending December 31, 2023, are accurate[55] Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[3] - The company expects that the application of the new accounting standards will not have a significant impact on its financial position and performance[10] - The company has adopted new accounting standards effective from January 1, 2023, which may impact future financial reporting[8] Subsidiary Transactions - The group completed the sale of non-core properties for a total consideration of HKD 330 million, resulting in a net gain of HKD 8.744 million and a loss of HKD 2.042 million recognized in the profit and loss for 2023[17] - The total cash inflow from the sale of Tianan was HKD 80 million, with a net cash inflow of HKD 41.222 million after accounting for cash equivalents[17] - The total cash inflow from the sale of Union Group was HKD 250 million, with a net cash inflow of HKD 248.521 million after accounting for cash equivalents[18] Dividends and Shareholder Information - The company did not declare any dividends for the years ended December 31, 2023, and 2022[24] - Unclaimed dividends declared more than six years ago may be forfeited and returned to the company[58] - Shareholders must contact the company's share transfer agent by April 19, 2024, to claim any unreceived dividends[59] Accounting Practices - The company has not early adopted any of the new accounting standards that have been issued but are not yet effective, indicating a cautious approach to regulatory changes[12] - The audit committee reviewed the accounting standards and practices adopted by the group for the fiscal year ending December 31, 2023[54]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：271） 補 充 公 佈 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 年 報 及 截 至 二 零 二 三 年 六 月 三 十 日 止 六 個 月 之 中 期 報 告 茲提述分別於二零二三年四月十九日及二零二三年九月十四日刊登於香港聯 合交易所有限公司之網站，亞證地產有限公司（「本公司」，連同其附屬公司統稱 「本集團」）截至二零二二年十二月三十一日止年度之年報（「二零二二年年報」） 及本公司截至二零二三年六月三十日止六個月之中期報告（「二零二三年中期 報告」）。 本公司謹此就二零二二年十二月三十一日及二零二三年六月三十日的應收貸 154.7 78.2 款分別約 百萬港元及 百萬港元提供以下額外資料： 本集團以物業投資、物業租賃及物業管理為主要業務，並不時進行少量交易作 (i) 為本集團的財資活動的一部分，以有效利用手頭可用的財務資源，包 ...

Financial Performance - For the six months ended June 30, 2023, the company's revenue increased to HK$22,788,000, representing a 35.8% growth compared to HK$16,790,000 in the same period of 2022[12]. - The operating profit before impairment losses was HK$12,479,000, up from HK$6,290,000, indicating a significant improvement in operational efficiency[12]. - The profit for the period was HK$14,507,000, compared to a loss of HK$4,355,000 in the previous year, marking a turnaround in financial performance[12]. - Basic earnings per share for the period were HK$1.17, compared to a loss per share of HK$0.35 in the same period last year[12]. - The total comprehensive income for the period was HK$10,997,000, recovering from a total comprehensive expense of HK$6,872,000 in the prior year[16]. - The company reported a gain from the change in fair value of investment properties amounting to HK$6,046,000, compared to a loss of HK$2,850,000 in the previous year[12]. - Other income increased to HK$7,407,000 from HK$6,096,000, reflecting enhanced revenue streams[12]. - The income tax expense for the period was HK$3,169,000, up from HK$1,000,000, reflecting the improved profitability[12]. - The profit before taxation for the six months ended June 30, 2023, was HK$17,676,000, a turnaround from a loss of HK$3,355,000 in the same period last year[109]. - The profit attributable to the owners of the Company for the six months ended June 30, 2023, was HK$14,507,000, compared to a loss of HK$4,355,000 in the same period of 2022, marking a turnaround in performance[58]. Revenue Sources - For the six months ended June 30, 2023, rental income from investment properties increased to HK$18,878,000, up from HK$12,805,000 in the same period of 2022, representing a growth of approximately 47.5%[44]. - The increase in revenue was primarily due to an increase in rental income from investment properties, an increase in the fair value of investment properties, and a decrease in fair value losses of financial assets[156]. Expenses and Liabilities - The company incurred total expenses of HK$17,279,000, which is an increase from HK$15,000,000 in the previous period, primarily due to higher staff costs and maintenance expenses[12]. - The total liabilities as of June 30, 2023, were HK$189,007, slightly up from HK$187,009 at the end of 2022, reflecting a marginal increase of 1.07%[22]. - The Group's liabilities associated with assets classified as held for sale totaled HK$19,417,000 as of June 30, 2023[101]. Assets and Equity - Total assets as of June 30, 2023, increased to HK$1,754,109, up from HK$1,741,114 as of December 31, 2022, representing a growth of approximately 0.75%[19]. - Total equity as of June 30, 2023, was HK$1,565,102, an increase from HK$1,554,105 at the end of 2022, indicating a rise of 0.71%[22]. - Cash and cash equivalents at the end of the period reached HK$207,415, compared to HK$147,668 at the end of 2022, marking an increase of 40.5%[28]. - The net cash generated from operations for the six months ended June 30, 2023, was HK$15,889, significantly higher than HK$5,676 for the same period in 2022, reflecting a growth of 179.5%[28]. Market and Operational Insights - The company continues to explore market expansion opportunities and new product developments to sustain growth momentum in the upcoming periods[11]. - The average occupancy rate for the Group's commercial properties at Harbour Crystal Centre was approximately 99% for the six months ended June 30, 2023[159]. - The Group's office spaces in Billion Centre and some strata residential apartments recorded occupancy rates of 100% and 83% respectively for the same period[160]. Corporate Governance and Compliance - The Group's financial statements for the six months ended June 30, 2023, were prepared in accordance with HKAS 34 and applicable disclosure requirements of the Listing Rules[37]. - The Group has adopted the going concern basis of accounting, indicating a reasonable expectation of adequate resources for operational existence in the foreseeable future[38]. - The company has complied with the Corporate Governance Code except for certain deviations summarized in the report[185]. Related Party Transactions - Related party transactions included rent and management fees totaling HK$513,000 and HK$150,000 earned by the Group from the ultimate holding company for the six months ended June 30, 2023[135]. - Interest income earned by the Group from a subsidiary of the ultimate holding company was HK$2,236,000 for the six months ended June 30, 2023, compared to HK$2,215,000 for the same period in 2022[136]. Future Outlook - The Group anticipates sustainable healthy rental income in the medium to long term, despite risks from high interest rates in Hong Kong and a sluggish recovery in the Chinese economy[174]. - The recent acquisition of Concord Square mall in Tsuen Wan is expected to be fully operational by 2024, with plans for refurbishment to attract suitable tenants[172][173].

Financial Performance - The Group's revenue for the year ended December 31, 2022, was HK$38,379,000, an increase of HK$213,000 or 0.56% compared to 2021[11][14] - The loss for the year amounted to HK$43,701,000, a decrease of HK$1,519,351,000 from the previous year's loss of HK$1,563,052,000[11][14] - Loss per share was HK3.52 cents, significantly improved from HK125.98 cents in 2021[11][14] - The net asset value per share as of December 31, 2022, was HK$1.25, down from HK$1.29 in 2021[11][14] - Rental income from Harbour Crystal Centre decreased due to rent concessions granted to tenants during the fifth wave of COVID-19[22] - Impairment losses on loan and interest receivables were HK$22,691,000, down from HK$74,370,000 in the previous year[16] - The absence of a loss on disposal of a subsidiary, which was approximately HK$1,467,958,000 in 2021, contributed to the decrease in overall loss[16] - The total assets of the Group decreased from HK$1,791,326,000 last year to HK$1,741,114,000 this year, and net assets decreased from HK$1,605,421,000 to HK$1,554,105,000[25][27] - Total liabilities increased from HK$185,905,000 as of December 31, 2021, to HK$187,009,000 as of December 31, 2022, with a total liabilities to total assets ratio of approximately 10.74%[26][28] - Cash and bank balances increased to HK$147,668,000 as of December 31, 2022, compared to HK$119,853,000 in 2021[26][28] - Current assets amounted to HK$288,057,000, exceeding current liabilities by HK$262,088,000 as of December 31, 2022[29] Property Management - The average occupancy rate for commercial properties at Harbour Crystal Centre was approximately 87%[20][21] - Office spaces in Billion Centre recorded a 90% occupancy rate, while strata residential apartments had an occupancy rate of 89%[23] - The total gross floor area of investment properties as of December 31, 2022, is 138,663 sq. ft. for Harbour Crystal Centre and 13,851 sq. ft. for Billion Centre[50] - The company holds a 100% ownership percentage for both Harbour Crystal Centre and Billion Centre, with lease expiry dates in 2053 and 2047 respectively[50] - The Group aims to maintain the same total rental income from investment properties as last year, which has been achieved[34][35] - For 2023, the Group plans to improve its investment portfolio through acquisitions of quality properties and disposals of under-performing properties[36] Corporate Governance - The Board consists of seven directors, including four Executive Directors and three Independent Non-Executive Directors, ensuring a diverse governance structure[54] - The company emphasizes high standards of corporate governance, adhering to the Corporate Governance Code and maintaining transparency and accountability[52] - Independent Non-Executive Directors provided independent judgment on strategic issues, representing at least one-third of the Board[60] - The company is committed to reviewing its corporate governance practices annually to ensure compliance with applicable regulations[55] - The attendance record for Board meetings shows full participation from all directors, indicating strong engagement in governance[63] - The company has established clear functions for the Board and management, regularly reviewing and updating these to align with current regulations[65] - The Board has adopted a Board Diversity Policy aiming for balanced diversity, currently achieving 14.3% female representation with one female director out of seven[81] - The gender ratio among employees, including senior management, is 62% male to 38% female, aligning with the measurable diversity objective[85] - The Board conducts annual reviews of the Board Diversity Policy, confirming its proper implementation and effectiveness[83] - The roles of Chairman and Chief Executive are clearly segregated, with Mr. Patrick Lee Seng Wei as Chairman and Mr. Lee Shu Yin as Chief Executive, ensuring effective governance[88] - The Board has adopted written terms of reference for its corporate governance functions in August 2017, which includes developing and reviewing corporate governance policies[100] - The Nomination Committee, established in March 2012, ensures that the Board possesses the necessary skills and diversity to meet the company's business needs[104] Risk Management - Rising interest rates pose a negative risk to business development, potentially dampening activity and capital values[45] - The Company operates under a comprehensive risk management framework, with regular reviews and updates to policies based on market conditions[196] - The Board has established systems and procedures to identify, evaluate, and manage risks across different business activities, with annual assessments coordinated by the internal audit function[159] - The internal audit function provides independent appraisal of the adequacy and effectiveness of the Group's risk management and internal control systems[161] - The Group's risk management and internal control systems aim to provide reasonable assurance against material misstatement or loss, supporting the achievement of business objectives[155] - The Audit Committee ensures that management has effective risk management and internal control systems, although it cannot guarantee this[128] - The Audit Committee recommended annual reviews of the Group's risk management and internal control systems[139] Shareholder Communication - The Group's annual general meeting (AGM) was held on May 19, 2022, providing a platform for direct communication between the Board and shareholders[172] - The Company disseminates information to shareholders through various formal channels, including interim and annual reports, ensuring timely communication[170] - The Board recognizes the importance of maintaining good communication with shareholders and has established guidelines for the disclosure of inside information[164] - The Company encourages shareholders to provide feedback to enhance transparency and corporate governance practices[190] - The Board is satisfied with the implementation and effectiveness of the Shareholders Communication Policy, which was reviewed during the year[178] Audit and Remuneration - The Audit Committee consists of three INEDs and is chaired by an INED with appropriate professional qualifications[124] - The Audit Committee held two meetings in 2022, with attendance details provided in the report[129] - The Audit Committee is responsible for recommending the policy on the engagement of external auditors for non-audit services[128] - The total remuneration paid to the Group's external auditor was HK$1,512,000, which includes HK$1,173,000 for audit services and HK$339,000 for non-audit services[166] - The remuneration policy for senior management is detailed in the consolidated financial statements[121] - The Directors' fees for the year 2022 were reviewed and recommended for Board approval[122] - The Remuneration Committee held one meeting in 2022 to discuss the remuneration packages for Executive Directors[117] - The Remuneration Committee processed matters through circulation in 2022, ensuring that additional compensation for Directors is based on performance and market statistics[120] - The Remuneration Committee's terms of reference comply with the CG Code, with a deviation focusing solely on Executive Directors' remuneration[116] - The Remuneration Committee reviewed and recommended the revised policy and structure for Directors' remuneration in compliance with the CG Code effective from January 1, 2022[122]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於香港註冊成立之有限公司） （股份代號：271） 二 零 二 二 年 度 之 經 審 核 業 績 公 佈 亞證地產有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（統稱 為「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合業績連同截 至二零二一年十二月三十一日止同年度之比較數字如下： 綜合損益表 截至二零二二年十二月三十一日止年度 二零二二年 二零二一年 附註 千港元 千港元 (3) 38,379 38,166 收入 (4) 12,728 17,781 其他收入 (5) (549) 967 其他（虧損）收益 (6) – (1,467,958) 出售一間附屬公司之虧損 (1,381) (1,257) 租金及差餉 (6,959) (6,948) 樓宇管理費 (13,084) (12,516) 僱員成本（包括董事酬金） ...