╱ 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，亦明確表示概不就因本公佈全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 CHINA BEST GROUP HOLDING LIMITED * 國 華 集 團 控 股 有 限 公司 （於百慕達註冊成立之有限公司） 370 （股份代號： ） 截至二零二三年九月三十日止六個月中期業績公佈 國華集團控股有限公司（「本公司」）董事局（「董事局」）謹此公佈本公司及其附屬公司（「本集 團」）截至二零二三年九月三十日止六個月之未經審核簡明綜合業績，連同截至二零二二年九 月三十日止六個月之比較數字。 簡明綜合損益及其他全面收益表 截至二零二三年九月三十日止六個月 截至九月三十日止六個月 二零二三年 二零二二年 附註 千港元 千港元 （未經審核） （未經審核） 3 106,686 283,956 營業額 ...

Audit and Governance - The Audit Committee reviewed the annual financial results for the year ended March 31, 2023[21]. - The Audit Committee held two meetings during the year to review financial results and compliance procedures[31]. - The Audit Committee includes members with appropriate professional qualifications and expertise in financial management[6]. - The Company ensures that the roles of chairman and chief executive are separate to maintain governance standards[1]. - The Nomination Committee held one meeting during the year to assess the Board's structure and diversity[18]. - The Nomination Committee is responsible for identifying suitable candidates for directors and senior management[23]. - The Company emphasizes the importance of Board diversity for enhancing performance and has adopted a Board diversity policy[26]. - The Company has a director nomination policy to ensure a balanced mix of skills and experience on the Board[34]. - The Company has made recommendations for the appointment and reappointment of directors based on merit and contribution[33]. Financial Performance - The Group recorded a significant loss for the year attributable to shareholders due to challenges in collecting receivables from clients who faced bankruptcy or deregistration[62]. - The turnover for the fiscal year ending March 31, 2023, was impacted by severe economic conditions, particularly before the gradual reopening of borders between China and Hong Kong[62]. - The financial results highlight a net loss before tax and non-controlling interests, reflecting the challenging business landscape[68]. - For the year ended 31 March 2023, the Group's turnover was approximately HK$504.7 million, representing a decrease of 41.2% compared to HK$858.5 million last year[71]. - The net loss attributable to owners of the Company for the year ended 31 March 2023 was approximately HK$333.8 million, a significant increase from HK$6.3 million last year[71]. - The impairment loss on trade and other receivables amounted to approximately HK$198.9 million, while impairment losses on loans and interest receivables and contract assets were approximately HK$59.6 million and HK$9.3 million, respectively[71]. Economic Outlook and Strategy - The Group is cautiously optimistic about economic recovery in China and Hong Kong, while also acknowledging uncertainties in the global macro environment, including military conflicts and inflationary pressures[61]. - Real estate-related services, a core business of the Group, are expected to grow steadily as China's real estate policies tend to relax demand restrictions[61]. - The Group aims to strengthen its customer base and diversify its product and service offerings as part of its main operating strategy[61]. - The Group is assessing the development direction of its financial businesses to balance risks effectively[61]. - The management is focused on stabilizing existing businesses while seeking new structural adjustments and development opportunities[61]. - The Group aims to control operational risks while exploring new opportunities to contribute to long-term business development and shareholder benefits[76]. Business Segment Performance - The turnover of the Group's finance leasing business was approximately HK$0.5 million for the year ended 31 March 2023, down from approximately HK$2.3 million in 2022[82]. - The turnover of the Group's money lending business decreased to approximately HK$7.9 million in 2023 from approximately HK$23.8 million in 2022, with an impairment loss on loans and interest receivables of approximately HK$59.6 million recorded[86]. - The securities and futures brokerage business generated a turnover of approximately HK$0.3 million in 2023, slightly down from approximately HK$0.4 million in 2022, with an impairment loss on goodwill of approximately HK$12.2 million recognized[87]. - The Group incurred a corresponding segment loss of approximately HK$55.4 million in the money lending business for the year ended 31 March 2023, compared to a loss of approximately HK$3.8 million in 2022[86]. - The Group's trading business turnover decreased to approximately HK$111.5 million for the year ended 31 March 2023, down 67.7% from approximately HK$345.6 million in 2022, with a gross profit of approximately HK$1.6 million compared to HK$5.1 million in 2022[92]. - The freight forwarding business turnover increased to approximately HK$1.8 million for the year ended 31 March 2023, up 50% from approximately HK$1.2 million in 2022, with a gross profit of approximately HK$0.6 million[95]. - The Group's property brokerage business generated turnover of approximately HK$0.8 million for the year ended 31 March 2023, compared to nil in 2022, with a gross loss of approximately HK$0.2 million[112]. - The turnover of the Group's customised technical support business increased to approximately HK$34.6 million for the year ended 31 March 2023, up 66.3% from approximately HK$20.8 million in 2022, with a segment profit of approximately HK$13.3 million[117]. Asset and Capital Management - The Group's total assets decreased to approximately HK$1,894.2 million as of 31 March 2023, down from HK$2,340.9 million in 2022[97]. - The Group's net current assets decreased to approximately HK$138.2 million as of 31 March 2023, down from HK$448.4 million in 2022[97]. - The Group's investment properties had a fair value of approximately HK$121.4 million as of 31 March 2023, down from approximately HK$129.0 million in 2022[111]. - The Group's bank balances and cash as of 31 March 2023 were approximately HK$50.1 million, an increase from approximately HK$46.0 million in 2022, with a current ratio of 1.14 compared to 1.42 in the previous year[163]. - The gearing ratio as of 31 March 2023 was approximately 0.23, slightly up from approximately 0.20 in 2022, with total borrowings and advance payments amounting to approximately HK$431.4 million compared to approximately HK$473.5 million in 2022[164]. - The Group incurred approximately HK$45.1 million in capital expenditure during the year ended 31 March 2023, significantly higher than approximately HK$13.9 million in 2022, primarily for plant and equipment in the PRC[167]. Future Plans and Opportunities - The Group plans to enter the new retail market by leveraging advanced technologies such as big data and artificial intelligence[76]. - The Group plans to expand its business into the new retail field, leveraging its experience in big data and digital-related businesses developed over the past few years[159]. - The Group aims to actively explore opportunities in international trade of commodities and frozen foods, as well as potential collaborations in the logistics sector[160]. - The Group is assessing its existing principal businesses and exploring opportunities in international trade and commodities[144]. - The Group intends to suspend its securities investment business due to the current macro environment and will carefully consider future investment opportunities[144]. - The Group plans to explore new structural adjustments and development opportunities to enhance profitability and sustainable operations, particularly in the geothermal energy sector by expanding to other regions in China[144]. Miscellaneous - There were no material acquisitions or disposals for the year ended March 31, 2023[173]. - Approximately HK$11 million from the rights issue completed on July 14, 2021, remained unused and is intended for settling unpaid investment sums to Tiandi Youdamei[174]. - The Group did not conduct any fundraising activities related to the issuance of equity securities during the year ended March 31, 2023[189]. - The Group is negotiating with the other shareholder of Tiandi Youdamei for a possible disposal of its shareholding due to lower than expected synergy effects from the investment[190].

╱ 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，亦明確表示概不就因本公佈全部或任何部份內容而產生或因 倚賴該等內容而引致之任何損失承擔任何責任。 CHINA BEST GROUP HOLDING LIMITED * 國 華 集 團 控 股 有 限 公司 （於百慕達註冊成立之有限公司） 370 （股份代號： ） 截至二零二三年三月三十一日止年度 業績公佈 國華集團控股有限公司（「本公司」）董事（「董事」）局（「董事局」）謹此公佈本公司及其附屬公司 （「本集團」）截至二零二三年三月三十一日止年度之經審核綜合業績，連同截至二零二二年三 月三十一日止年度之比較數字如下： 綜合損益及其他全面收益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 3 504,665 858,457 營業額 4 ...

Financial Performance - The Group's revenue for the first half of the financial year recorded a significant decline compared to the same period last year due to the impact of the COVID-19 pandemic[19]. - Turnover for the six months ended 30 September 2022 was HK$283,956,000, a decrease of 42% compared to HK$488,450,000 in the same period of 2021[26]. - Loss for the period attributable to owners of the Company was HK$37,303,000, compared to a loss of HK$8,351,000 in the prior year, representing a significant increase in losses[31]. - Total comprehensive expense for the period was HK$99,155,000, compared to HK$2,000,000 in the same period of 2021, indicating a substantial rise in overall expenses[31]. - Basic and diluted loss per share for the period was HK$2.45, compared to HK$0.63 in the same period of 2021, indicating a worsening financial position[31]. - The company reported a fair value loss of HK$1,059,000 on step acquisition of subsidiaries, contrasting with a gain of HK$4,198,000 in the previous year[28]. - The company experienced a share of loss from associates amounting to HK$284,000, compared to a profit of HK$787,000 in the previous year, highlighting challenges in joint ventures[28]. - The Group reported a loss of approximately HK$37,303,000 for the six months ended 30 September 2022, compared to a loss of approximately HK$8,351,000 for the same period in 2021[157]. Cost Management - The Group implemented cost control measures, resulting in a decrease in related costs, although overall costs remained at a similar level due to the recognition of part of the fair value of share options[19]. - Operating costs for the six months ended 30 September 2022 totaled HK$234,707,000, down from HK$415,009,000 in the previous year, reflecting a reduction in operational expenses[26]. - Administrative and other expenses increased to HK$27,108,000 from HK$23,721,000 year-on-year, indicating rising operational costs[28]. - Finance costs rose to HK$20,753,000 from HK$18,825,000, reflecting increased borrowing costs[28]. - The cost of inventories sold decreased to HK$111,676,000 for the six months ended 30 September 2022, down from HK$216,954,000 in 2021, indicating a reduction of approximately 48.6%[154]. Future Outlook - Looking ahead, the Group expects the pandemic to enter its final stage, but faces challenges from global macroeconomic uncertainties such as military conflicts and inflationary pressures[21]. - The Group plans to strengthen the operation of its main businesses and explore new business development opportunities[21]. - Strategies to enhance the customer base, diversify product and service offerings, and intensify cost control will continue to be implemented[21]. - The Group aims to find growth highlights to leverage its operational advantages[21]. - Future outlook includes a focus on expanding financial services and project management services, which are expected to drive revenue growth[85]. - The company is exploring opportunities for market expansion in Hong Kong, PRC, and Singapore, with a total revenue contribution of HK$275,891,000 from these regions[85]. Asset and Liability Management - As of 30 September 2022, total assets amounted to HK$1,373,575,000, a decrease from HK$1,524,958,000 as of 31 March 2022, representing a decline of approximately 9.9%[34]. - Current liabilities totaled HK$989,271,000, down from HK$1,076,539,000, indicating a reduction of about 8.1%[36]. - Total equity decreased to HK$1,167,727,000 from HK$1,260,508,000, marking a reduction of about 7.4%[36]. - Loans receivables increased significantly to HK$73,382,000 from HK$30,113,000, representing an increase of approximately 143.8%[34]. - The company reported a decrease in inventory from HK$4,430,000 to HK$3,325,000, a decline of about 25.0%[34]. - The Group's total liabilities as of 30 September 2022 were HK$989,271,000, with significant liabilities in the Trading of goods segment[139]. Revenue Breakdown - Revenue from contracts with customers for the six months ended September 30, 2022, was HK$276,903,000, a decrease of 42% compared to HK$477,651,000 for the same period in 2021[82]. - Trading of goods generated revenue of HK$113,353,000, down from HK$220,196,000 in the previous year, reflecting a significant decline[81]. - Data analytical service income increased to HK$14,831,000, compared to HK$8,447,000 in the prior year, showing a growth of 75%[81]. - Revenue recognized at a point in time was HK$114,213,000, while revenue recognized over time was HK$162,690,000 for the six months ended September 30, 2022[85]. - The geographical market breakdown shows that trading of electronic products generated HK$113,353,000, while building construction contracting services contributed HK$110,974,000[85]. Segment Performance - The reportable segment profit for the trading of goods segment was HKD 15,589,000, while the finance leasing segment reported a loss of HKD 166,000[133]. - The money lending segment generated a profit of HKD 1,775,000, and the securities and futures brokerage segment reported a profit of HKD 2,220,000[133]. - The international air and sea freight forwarding segment achieved a profit of HKD 2,860,000, while the property investment segment reported a profit of HKD 4,943,000[133]. - The geothermal energy segment and building construction contracting segment reported losses of HKD 4,630,000 and HKD 112,226,000 respectively[133]. - The Group's reportable segments did not aggregate any operating segments in arriving at the reportable segments, focusing on the type of goods sold or services delivered[129]. Cash Flow and Financing - For the six months ended September 30, 2022, the net cash used in operating activities was HK$38,501,000, compared to a net cash generated of HK$32,034,000 in the same period of 2021[47]. - The cash inflow from the acquisition of subsidiaries was HK$35,000,000, while the net cash outflow from investing activities was HK$111,028,000 in the previous year[47]. - Net cash generated from financing activities decreased to HK$60,293,000 from HK$87,411,000, a decline of 30.9%[50]. - Cash and cash equivalents at the end of the period were HK$65,703,000, down from HK$69,157,000, a decrease of 6.5%[50]. - The net increase in cash and cash equivalents was HK$27,852,000, compared to HK$8,417,000 in the previous year, indicating a substantial improvement[50].

Financial Performance - The company reported a consolidated profit of $XX million for the fiscal year, representing a YY% increase compared to the previous year[9]. - The Group's turnover for the year ended 31 March 2022 was HK$858.5 million, a decrease from HK$1,186.3 million in the previous period, representing a decline of approximately 27.5%[25]. - Total operating costs decreased to HK$728.0 million from HK$1,022.7 million, reflecting a reduction of about 28.8%[25]. - The net loss attributable to owners of the Company for the year was HK$6.3 million, significantly improved from a loss of HK$42.6 million in the previous period, indicating a reduction of approximately 85.2%[25]. - The net loss for the year ended 31 March 2022 was approximately HK$11.1 million, a decrease from approximately HK$36.4 million for the fifteen months ended 31 March 2021[28]. User Growth and Market Expansion - User data showed an increase in active users by ZZ%, reaching a total of AA million users[9]. - The company is expanding its market presence in the Asia-Pacific region, targeting a market share increase of DD%[9]. - The Group plans to focus on developing metaverse-related business opportunities and enhancing synergy among various businesses[20]. Future Outlook and Strategic Initiatives - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of BB%[9]. - New product launches are expected to contribute an additional CC million in revenue, with a focus on innovative technology[9]. - Recent acquisitions are anticipated to enhance operational efficiency and are expected to generate an additional EE million in annual revenue[9]. - The Group aims to enhance profitability by improving its real estate-related business layout and diversifying income sources, including exploring metaverse-related opportunities[46]. Sustainability and Corporate Governance - The management highlighted a strategic shift towards sustainability, aiming for a reduction in carbon emissions by GG% over the next five years[9]. - The Company will continue to enhance its corporate governance practices to align with the latest developments and ensure compliance with the CG Code[73]. - The Company has adopted a board diversity policy to achieve diversity of the Board, considering skills, experience, and other relevant factors[141]. Financial Position and Assets - Total assets increased to HK$2,340.9 million as of 31 March 2022, up from HK$2,072.9 million, marking an increase of about 12.9%[25]. - Total liabilities rose to HK$1,080.4 million from HK$923.2 million, an increase of approximately 17.0%[25]. - The Group's equity and net current assets amounted to approximately HK$1,260.5 million and HK$448.4 million, respectively, compared to HK$1,149.7 million and HK$483.4 million in 2021[50]. Risk Management and Internal Controls - The Board has overall responsibility for evaluating and determining the nature and extent of risks in achieving the Group's strategic objectives, maintaining effective risk management and internal control systems[177]. - The Group has established an ongoing process for identifying, evaluating, and managing significant risks, with business units responsible for monitoring risks associated with their operations[178]. - The Group's risk management and internal control systems are reviewed annually by the Audit Committee, covering major financial and operational controls[184]. Shareholder Engagement and Communication - The Group emphasizes effective communication with shareholders, maintaining a website for public access to corporate information[192]. - The Company encourages shareholder participation in annual general meetings to foster engagement and communication[192]. - Shareholders holding at least 10% of the paid-up capital can requisition a special general meeting within 21 days, ensuring shareholder rights are upheld[192]. ESG Commitment and Reporting - The ESG Report for the year ended March 31, 2022, demonstrates the Group's commitment to sustainable development in environmental, social, and governance aspects[196]. - The Group conducts an annual materiality assessment to understand stakeholder expectations regarding ESG issues[199]. - The performance of ESG-related objectives is reviewed regularly, and adjustments are made if progress is unsatisfactory[199].

Financial Performance - The Group's loss for the period decreased significantly due to new revenue sources from real estate-related businesses[20]. - The company's turnover for the six months ended 30 September 2021 was HK$488,450,000, a significant increase from HK$267,178,000 for the same period in 2020, representing an 82.7% growth[27]. - The loss for the period attributable to owners of the company was HK$8,351,000, a decrease from HK$49,770,000 in the prior year, showing an improvement of 83.2%[31]. - Total comprehensive expense for the period was HK$2,000,000, significantly lower than HK$63,416,000 in the same period last year, indicating a reduction of 96.8%[31]. - The basic and diluted loss per share for the period was HK$0.63, compared to HK$4.27 in the prior year, indicating a significant improvement[31]. - The company reported a loss for the period of HK$8,351,000, compared to a loss of HK$49,770,000 in the previous period[39]. - For the six months ended September 30, 2021, the company reported a loss attributable to owners of approximately HK$8,351,000, a significant improvement compared to a loss of approximately HK$49,770,000 for the same period in 2020, representing a reduction of about 83.2%[136]. Revenue Growth - The revenue from trading of goods was HK$220,196,000, up from HK$195,801,000, indicating a growth of 12.8%[27]. - Construction contracting services contributed HK$199,052,000, a substantial increase from HK$45,728,000, indicating a growth of 335.5%[73]. - Revenue from contracts with customers for the six months ended September 30, 2021, was HK$477,651,000, a 88.4% increase from HK$254,206,000 for the same period in 2020[76]. - Revenue recognized over time amounted to HK$256,954,000, significantly up from HK$47,072,000, indicating a growth of 446.5%[76]. - The geographical market of PRC and Singapore contributed HK$476,985,000 to total revenue, with notable segments including HK$220,196,000 from electronic products trading[78]. - The total revenue for the six months ended September 30, 2021, was HK$488,450,000, compared to HK$267,178,000 for the same period in 2020, marking an increase of 82.8%[76]. Cost and Expenses - The operating costs for the period were HK$415,009,000, compared to HK$248,042,000 in the previous year, reflecting a 67.4% increase[27]. - Total finance costs increased to HK$18,825,000 for the six months ended September 30, 2021, compared to HK$10,257,000 for the same period in 2020, marking an increase of approximately 83.5%[132]. - The cost of inventories sold rose to HK$216,954,000, up from HK$193,634,000, reflecting an increase of about 12.1%[132]. - Staff costs, including directors' remuneration, increased to HK$41,879,000 from HK$37,501,000, representing an increase of approximately 6.4%[132]. Assets and Liabilities - Non-current assets increased to HK$769,868,000 as of 30 September 2021, up from HK$681,696,000 as of 31 March 2021, representing a growth of approximately 12.9%[33]. - Current assets rose to HK$1,505,875,000, compared to HK$1,391,176,000 at the end of March 2021, reflecting an increase of about 8.2%[33]. - Total liabilities increased to HK$1,006,327,000 from HK$907,781,000, marking an increase of approximately 10.9%[35]. - Total equity reached HK$1,249,067,000, compared to HK$1,149,717,000, which is an increase of about 8.7%[35]. - The company reported a decrease in loans receivables from HK$17,000,000 to HK$4,000,000, a decline of about 76.5%[33]. - Trade and other payables rose to HK$676,410,000 from HK$577,436,000, reflecting an increase of approximately 17.1%[35]. Cash Flow and Financing - Net cash generated from operating activities for the six months ended 30 September 2021 was HK$32,034,000, a significant improvement compared to a net cash used of HK$81,609,000 for the same period in 2020[43]. - Cash flows from investing activities resulted in a net cash outflow of HK$111,028,000, slightly higher than the outflow of HK$108,690,000 in the previous year[46]. - The company received government grants amounting to HK$115,000 during the six months ended 30 September 2021, a decrease from HK$2,090,000 in the same period of 2020[46]. - Net proceeds from rights issue amounted to HK$97,049,000, with no proceeds recorded in the previous year[46]. - Cash and cash equivalents at the end of the period were HK$69,157,000, down from HK$116,989,000 at the end of the previous period[46]. Shareholder and Capital Management - A rights issue was implemented during the period to strengthen capital and lay the foundation for further business expansion[20]. - The share capital increased significantly to HK$152,529,000 from HK$101,686,000, representing a growth of approximately 50%[35]. - The accumulated losses stood at HK$378,295,000, a slight decrease from HK$376,995,000 as of June 30, 2020[39]. - The company did not recommend the payment of an interim dividend for the six months ended 30 September 2021, consistent with the previous year[135]. Strategic Focus and Future Plans - The focus has shifted to operating successfully under the new normal due to the ongoing challenges posed by COVID-19 variants[22]. - The Group aims to enhance the development of its main businesses and seek opportunities for synergy among various operations[22]. - The company plans to expand its market presence in North and South America, where it recorded revenue of HK$22,000[78]. - The company is focusing on enhancing its data analytical services, which generated HK$8,447,000 in revenue[78]. Investments and Acquisitions - The Group's acquisition of Treasure Cart resulted in the cessation of its status as an associate, now classified as a non-wholly owned subsidiary[174]. - The Group acquired 42% of Treasure Cart Holdings Limited for HK$90,000,000, increasing its ownership from 25% to 67% and gaining control over the company[174]. - The acquisition of subsidiaries contributed HK$136,269,000 to goodwill during the six months ended September 30, 2021[156]. Financial Health and Valuation - The carrying amounts of the Group's financial assets and financial liabilities approximate their respective fair values, indicating stable financial health[54]. - The Group reported a fair value loss of HK$1,987,000 on investment properties for the period ended September 30, 2021, compared to a gain of HK$7,131,000 for the previous period[153]. - The valuation of investment properties as of September 30, 2021, was HK$119,569,000, up from HK$117,582,000 as of March 31, 2021, indicating a positive trend in property valuation[153].

Financial Performance - The Group's total revenue for the fifteen months ended March 31, 2021, recorded rapid growth, primarily driven by revenue from real estate-related services[13]. - For the fifteen months ended 31 March 2021, the Group's turnover was approximately HK$1,186.3 million, representing an increase of 227.4% compared to approximately HK$362.3 million for the twelve months ended 31 December 2019[30]. - The net loss for the fifteen months ended 31 March 2021 was approximately HK$36.4 million, a decrease from approximately HK$106.1 million for the twelve months ended 31 December 2019[30]. - The decrease in loss was mainly due to a reduction in impairment loss and fair value loss on the Group's assets by approximately HK$51.5 million, an increase in government grants by approximately HK$32.5 million, and income growth from expanded business activities[30]. - The Group's total operating costs for the fifteen months ended 31 March 2021 were HK$1,022.7 million, compared to HK$309.7 million for the twelve months ended 31 December 2019[24]. - The total expenses for the fifteen months ended 31 March 2021 were HK$233.7 million, compared to HK$104.4 million for the twelve months ended 31 December 2019[24]. - The Group's overall performance reflects a significant recovery from the previous year's challenges due to the pandemic, with various segments showing growth in turnover[51]. Business Segments - The Group's finance leasing business generated a turnover of approximately HK$2.9 million for the fifteen months ended 31 March 2021, down from approximately HK$10.0 million for the year ended 31 December 2019[30]. - The segment loss for the finance leasing business was approximately HK$4.8 million for the fifteen months ended 31 March 2021, compared to approximately HK$1.8 million for the year ended 31 December 2019[30]. - The turnover of the money lending business amounted to approximately HK$25.4 million for the fifteen months ended 31 March 2021, compared to approximately HK$29.7 million for the year ended 31 December 2019[32]. - The securities and futures brokerage business generated a turnover of approximately HK$1,000 for the fifteen months ended 31 March 2021, down from approximately HK$0.4 million for the year ended 31 December 2019, with a segment loss of approximately HK$21.1 million[32]. - The trading business reported a turnover of approximately HK$571.4 million for the fifteen months ended 31 March 2021, an increase from approximately HK$308.9 million for the year ended 31 December 2019, but incurred a loss of approximately HK$9.9 million[32]. - The property brokerage business reported a turnover of approximately HK$45.3 million for the fifteen months ended 31 March 2021, significantly up from HK$9.8 million for the year ended 31 December 2019, with a profit of approximately HK$19.8 million[39]. - The building architecture and interior design business reported a turnover of approximately HK$4.6 million for the fifteen months ended March 31, 2021, with a segment loss of approximately HK$8.1 million[41]. - The Group's property development business did not generate any turnover as properties were still under development, with capitalized costs amounting to approximately HK$86.3 million as of March 31, 2021[42]. - The geothermal energy business generated a turnover of approximately HK$18.0 million, with a segment loss of approximately HK$8.3 million, including an impairment loss on goodwill of approximately HK$10.6 million[48]. - The building construction contracting business reported a turnover of approximately HK$438.2 million and a profit of approximately HK$31.6 million for the fifteen months ended March 31, 2021[48]. Future Outlook and Strategy - The Group is optimistic about future operations, expecting improvements in the macroeconomic situation as vaccination efforts continue and lockdown measures are phased out globally[14]. - The Group plans to strengthen the development of its main businesses and seek opportunities for synergy between various business segments[14]. - The Group will remain attentive to mergers and acquisitions opportunities to introduce promising projects that can enhance profitability and sustainability[14]. - The Group aims to continue improving its business performance and creating greater value for shareholders[20]. - The Group aims to strengthen its client base and diversify its product and service mix across different business segments while exploring new opportunities[52]. Financial Position - Total assets as of 31 March 2021 were HK$2,072.9 million, while total liabilities were HK$923.2 million[26]. - The net current assets as of 31 March 2021 were HK$483.4 million, with bank balances and cash amounting to HK$50.3 million[26]. - As of March 31, 2021, the Group's equity and net current assets amounted to approximately HK$1,149.7 million and HK$483.4 million, respectively, compared to HK$1,117.5 million and HK$637.4 million as of December 31, 2019[56]. - The Group's bank balances and cash were approximately HK$50.3 million as of March 31, 2021, down from HK$97.5 million as of December 31, 2019, with a current ratio of 1.53 compared to 10.15 previously[56]. - The gearing ratio increased to approximately 0.18 as of March 31, 2021, from 0.01 as of December 31, 2019, with total borrowings and advance payments amounting to approximately HK$366.8 million against total assets of HK$2,072.9 million[56]. Corporate Governance - The Company has complied with the CG Code's code provisions throughout the fifteen months ended March 31, 2021, except for deviations from provisions A.6.7 and C.2.5[79]. - The Board currently comprises five executive directors and three independent non-executive directors, ensuring a balance of skills and experience[82]. - The Company has received written annual confirmation from each independent non-executive director regarding their independence, in accordance with the Listing Rules[88]. - The Board is responsible for decision-making in major matters, including approval and monitoring of policies, strategies, budgets, and financial information[82]. - The Nomination Committee is responsible for reviewing Board composition and monitoring the appointment and succession planning of directors[90]. - The Company ensures that all directors are subject to retirement by rotation at least once every three years[91]. - The Company will continue to enhance its corporate governance practices to align with the latest developments and ensure compliance with the CG Code[79]. Risk Management - The Board is responsible for evaluating and determining the nature and extent of risks the Group is willing to take to achieve strategic objectives, maintaining effective risk management and internal control systems[162]. - The Group has established a process for identifying, evaluating, and managing significant risks, with business units responsible for monitoring risks associated with their operations[163]. - The Group's risk management and internal control systems include a clearly defined organizational structure, a comprehensive financial accounting system, and strict prohibitions on unauthorized expenditures[167]. - The Audit Committee is responsible for reviewing the internal control system annually, covering major financial and operational controls, with no significant deficiencies identified in the current period's review[170]. Environmental, Social, and Governance (ESG) - The Group's ESG report demonstrates its commitment to sustainable development, covering environmental and social aspects[179]. - The Group has complied with the "Comply or Explain" provisions of the ESG Reporting Guide for the reporting period[180]. - The Group's environmental initiatives align with national policies aimed at reducing fossil fuel reliance and promoting energy-saving technologies, particularly through geothermal heating[183]. - Key environmental issues identified include greenhouse gas emissions, energy consumption, and waste management, which are prioritized for future ESG initiatives[198]. - The Group aims to create sustainable value for stakeholders through its ESG plans and objectives based on stakeholder feedback[195].

Financial Performance - The finance leasing business experienced a significant decline in revenue due to a lack of investment in new business development, reflecting the poor performance of private enterprises, the main target clients [13]. - The money lending business recorded a certain extent of revenue increase but remained loss-making due to impairment provisions required for loans impacted by the economic downturn [13]. - The trading business saw revenue nearly double compared to the previous year, driven by client demand, although gross profit remained under pressure [13]. - Overall, the Group recorded further losses during the year but adjusted its business direction and continued to seek new business opportunities [13]. - The Group reported a net loss before tax and non-controlling interests of HK$106.1 million for the year, up from a loss of HK$75.5 million in 2018 [25]. - The Group's turnover for the year ended December 31, 2019, was HK$362.3 million, an increase from HK$218.0 million in 2018 [25]. - The total expenses for the year were HK$104.4 million, compared to HK$81.2 million in the previous year, indicating a rise in operational costs [25]. - The Group's turnover for the year ended 31 December 2019 was approximately HK$362.3 million, representing an increase of 66.2% compared to approximately HK$218.0 million last year [28]. - The net loss for the year ended 31 December 2019 was approximately HK$106.1 million, an increase from approximately HK$75.5 million last year [28]. Business Segments - The finance leasing business generated a turnover of approximately HK$10.0 million for the year ended 31 December 2019, down from approximately HK$28.0 million in 2018 [28]. - The money lending business turnover increased to approximately HK$29.7 million for the year ended 31 December 2019, compared to approximately HK$24.0 million in 2018 [28]. - The trading business turnover was approximately HK$308.9 million for the year ended 31 December 2019, up from approximately HK$159.3 million in 2018 [31]. - The securities and futures brokerage business turnover decreased to approximately HK$0.4 million for the year ended 31 December 2019, down from approximately HK$1.5 million in 2018 [30]. - The turnover of the freight forwarding business decreased to approximately HK$3.5 million in 2019 from HK$5.2 million in 2018, with a gross profit of approximately HK$1.0 million and a segment loss of approximately HK$0.8 million [38]. - The property brokerage business generated a turnover of approximately HK$9.8 million in 2019, with a corresponding profit of approximately HK$3.0 million [38]. Asset and Liquidity Position - Total assets decreased to HK$1,192.7 million as of December 31, 2019, down from HK$1,288.1 million in 2018 [26]. - The Group's net current assets fell to HK$637.4 million from HK$1,038.2 million in the previous year, reflecting liquidity challenges [26]. - The Group's cash and bank balances decreased to HK$97.5 million from HK$274.8 million, highlighting a decline in available liquidity [26]. - As of 31 December 2019, the Group's equity amounted to approximately HK$1,117.5 million, down from approximately HK$1,235.1 million in 2018, and net current assets were approximately HK$637.4 million compared to HK$1,038.2 million in 2018 [42]. Strategic Developments - The Group has acquired several real estate-related businesses in Mainland China, including property brokerage and building design services, to enhance profitability [19]. - A land parcel in Chongming Island, China, was acquired for property development, indicating a strategic move into real estate [19]. - The Group aims to leverage the experience and expertise of its management to expand newly-acquired businesses and create synergies [19]. - The Group intends to continue developing its principal financial services business while expanding its real estate-related business segments, including property brokerage and construction contracting services [40]. Corporate Governance - The Company emphasizes high standards of corporate governance to enhance shareholder value and safeguard interests [79]. - The Audit Committee comprises three independent non-executive directors, ensuring oversight of auditing and internal control matters [78]. - The Company has fully complied with the Corporate Governance Code provisions, with deviations from A.6.7 and C.2.5 [79]. - The Board is responsible for the overall management and strategic direction of the Company, ensuring effective functioning and growth [86]. - The Company aims to review its corporate governance practices periodically to ensure compliance with the CG Code [83]. Risk Management - The Group's risk management process includes regular internal meetings to report identified risks and management's assessments [178]. - The Board regularly reviews and monitors the effectiveness of the internal control and risk management systems to ensure adequacy [178]. - The Group's risk management and internal control systems are designed to provide reasonable assurance against material misstatement or loss [176]. - The Group does not currently have an internal audit function due to its size and cost considerations, with the Audit Committee responsible for annual reviews [182]. Shareholder Engagement - The Company encourages shareholders to attend annual general meetings and maintains contact through these meetings [191]. - Specific enquiries by shareholders can be sent in writing to the Board or Company Secretary [191]. - The Company provides proxy forms for shareholders unable to attend general meetings [192]. - Shareholders holding not less than 10% of the paid-up capital can requisition a special general meeting within 21 days [190].

Financial Performance - The Group's aggregate revenue from financial services, including money lending and finance leasing, decreased compared to the previous year[12]. - The trading business experienced a substantial decline in revenue compared to last year[12]. - The brokerage business revenue did not meet expectations despite some increases, leading to impairment loss provisions[12]. - The freight forwarding business, which is a smaller segment, also recorded a decline in revenue compared to last year[12]. - The Group's annual results suffered substantial losses due to the absence of extraordinary gains from the disposal of associates and overall revenue decline[12]. - For the year ended December 31, 2018, the Group's turnover was approximately HK$218.0 million, representing a decrease of 59.4% compared to HK$537.5 million in the previous year[22]. - The net loss for the year ended December 31, 2018, was approximately HK$75.5 million, compared to a net profit of approximately HK$24.5 million in the previous year[22]. - The decline in financial results was mainly due to a non-recurring gain on disposal of an associate of approximately HK$29.4 million recognized in 2017[26]. - The Group's finance leasing business turnover amounted to approximately HK$28.0 million for the year ended December 31, 2018, slightly down from approximately HK$28.6 million in 2017[26]. - The turnover of the money lending business for the year ended December 31, 2018, was approximately HK$24.0 million, a decrease of 25.5% from HK$32.1 million in 2017, with a corresponding segment profit of approximately HK$16.6 million[28]. - The brokerage business generated a turnover of approximately HK$1.5 million for the year ended December 31, 2018, up from HK$1.3 million in 2017, but incurred a segment loss of approximately HK$38.6 million, including an impairment loss on goodwill of approximately HK$29.0 million[28]. - The trading business reported a turnover of approximately HK$159.3 million for the year ended December 31, 2018, down 55.5% from HK$356.9 million in 2017, resulting in a loss of approximately HK$6.6 million compared to a profit of HK$1.5 million in 2017[28]. - The securities investment business did not generate any turnover or realised gain/loss for the year ended December 31, 2018, compared to a turnover of approximately HK$112.0 million and a realised loss of approximately HK$3.3 million in 2017, with an unrealised fair value loss of approximately HK$13.4 million recorded[32]. - The freight forwarding business had a turnover of approximately HK$5.2 million for the year ended December 31, 2018, down from HK$6.6 million in 2017, with a corresponding gross profit of approximately HK$1.6 million and a segment loss of approximately HK$0.4 million[32]. Financial Position - The Group's total assets as of December 31, 2018, were approximately HK$1,288.1 million, an increase from HK$1,180.2 million in the previous year[22]. - The Group's total liabilities decreased to approximately HK$53.0 million from HK$76.6 million in the previous year[22]. - The Group's bank balances and cash increased to approximately HK$274.8 million from HK$173.3 million in the previous year[22]. - As of December 31, 2018, the Group's equity amounted to approximately HK$1,235.1 million, an increase of 11.93% from HK$1,103.6 million in 2017[37]. - The Group's net current assets were approximately HK$1,038.2 million, up 6.28% from HK$976.9 million in 2017[37]. - The current ratio improved to 20.58, compared to 13.76 in 2017, indicating enhanced liquidity[37]. - The Group incurred capital expenditure of approximately HK$0.2 million in 2018, significantly down from HK$1.3 million in 2017[41]. - As of December 31, 2018, the Group had a capital commitment of HK$68.0 million related to the acquisition of a subsidiary, compared to nil in 2017[42]. - The Group's equity investments at fair value through other comprehensive income were approximately HK$16.2 million, down from HK$30.8 million in 2017[51]. - The Group recorded an unrealized fair value loss of approximately HK$13.4 million on listed securities held for trading as of December 31, 2018[51]. - The Group had no interest-bearing borrowings as of December 31, 2018 and 2017, indicating a debt-free status[39]. - There were no material contingent liabilities reported for the Group as of December 31, 2018 and 2017[40]. Strategic Direction - The Group plans to continue developing its financial services business while exploring real estate-related business opportunities in Mainland China[19]. - The Group aims to create a new strategic direction for diversifying its business[19]. - The Group is focusing on opportunities in the real estate sector in mainland China while continuing to develop its financial services business[20]. - The Group is exploring investment opportunities in the PRC market, including a project related to investment properties in Beijing, aiming to develop its property-related business[32]. - The Group plans to strengthen its position in the asset management industry and is in negotiation for a possible acquisition[32]. - The Board will continue to review its strategy and resource allocation to prioritize growth businesses amid uncertainties in the global economy[35]. - The Group aims to maximize shareholder returns by closely monitoring the business environment[35]. Corporate Governance - The Company has fully complied with the Corporate Governance Code, with deviations from provisions A.2.1, A.6.7, and C.2.5[66]. - The overall management of the Company's business is vested in the Board, which is collectively responsible for promoting the Company's success[71]. - The Company will continue to enhance its corporate governance practices to align with the latest developments[66]. - The Audit Committee reviewed the financial statements for the year ended 31 December 2018 in conjunction with the external auditor[64]. - The Company acknowledges its responsibility for maintaining effective risk management and internal control systems[64]. - The Board currently comprises three executive directors, one non-executive director, and three independent non-executive directors, ensuring a balance of skills and experience[79]. - The Company has received written annual confirmation from each independent non-executive director regarding their independence, in accordance with the Listing Rules[80]. - All directors participated in continuous professional development during the year ended December 31, 2018, through training courses and reading materials related to corporate governance and regulations[91]. - The Nomination Committee is responsible for reviewing Board composition and monitoring the appointment and succession planning of directors[82]. - The Company ensures that all directors are subject to retirement by rotation at least once every three years, with new directors required to submit for re-election at the first general meeting after their appointment[83]. - The Board recommended the re-appointment of directors standing for re-election at the forthcoming annual general meeting[89]. - The Company has established procedures for the appointment, re-election, and removal of directors as outlined in its Bye-laws[85]. - Independent non-executive directors are invited to serve on the Audit, Nomination, and Remuneration Committees, contributing valuable business experience and skills[81]. - The Company provides sufficient resources for Board committees to fulfill their duties and seek independent professional advice when necessary[128]. - The Company has met the code provision A.2.1 of the CG Code regarding the separation of the roles of Chairman and Chief Executive Officer[126]. - The Company’s Bye-laws require directors to abstain from voting on transactions in which they or their associates have a material interest[125]. - The Company’s governance practices include providing Board papers with complete information at least 3 days before meetings[123]. - The Audit Committee held two meetings during the year to review the half-yearly and annual financial results and reports, ensuring compliance with financial reporting and internal control systems[137]. - The Nomination Committee conducted two meetings to assess the structure, size, composition, and diversity of the Board, making recommendations based on objective criteria[141]. - The Remuneration Committee held two meetings to review and recommend the remuneration packages for executive directors and senior management, ensuring transparency in the remuneration process[143]. - The Executive Committee held two meetings during the year to review the remuneration of directors and senior management, providing recommendations to the Board[150]. - The external auditors, ZHONGHUI ANDA CPA Limited, received a total fee of HK$950,000 for services rendered, including HK$810,000 for audit services and HK$140,000 for interim review services[158]. Employee Welfare and Sustainability - The Group is committed to enhancing employee well-being by promoting a good work-life balance[177]. - The Group provides various statutory benefits, including mandatory provident fund and medical insurance, to its staff[177]. - The Group regularly reviews employee packages and career advancement opportunities to maintain market competitiveness[177]. - The Group is not aware of any material non-compliance with laws and regulations regarding employee welfare during the reporting period[177]. - The Group encourages employees to attend external job-related courses for professional development[177]. - The Group's hiring process is designed to avoid discrimination and promote equal opportunity[177]. - The Group aims to minimize health and safety risks in the workplace through employee engagement[177]. - The Group has transformed its principal activities into the financial service sector, engaging in trading of electronic devices, finance leasing, money lending, brokerage, international freight forwarding, and trading of securities[171]. - The Group has complied with the "Comply or Explain" provisions set out in the ESG Reporting Guide for the year ended December 31, 2018[171]. - The Group's policy ensures compliance with applicable environmental laws and regulations while minimizing its environmental footprint through efficient resource use and pro-environmental management[171]. - Staff is reminded to switch off lights, air-conditioning, and computers when not in use to promote energy conservation[171]. - Documents are handled electronically whenever possible to reduce paper usage[171]. - The Group encourages the reuse of paper and duplex printing to enhance paper usage efficiency[171]. - Office supplies are recycled whenever possible to support sustainability efforts[171]. - Conference calls are arranged instead of face-to-face meetings to minimize environmental impact[171]. - Total electricity consumption for the year ended December 31, 2018, was 114,166 kWh[175]. - Total water consumption for the year ended December 31, 2018, was 272 cubic meters[175]. - Total paper consumption for the year ended December 31, 2018, was 116,963 pieces[175]. Community Engagement and Compliance - The Group has been actively making cash donations to charitable organizations and supporting local communities[185]. - The Group is committed to high standards of anti-corruption, ensuring compliance with all relevant laws and regulations, including anti-money laundering laws[185]. - The Group has implemented robust internal control procedures to provide reasonable assurance against fraud[185]. - The Group is not aware of any material non-compliance with laws and regulations related to health and safety, advertising, labeling, and privacy matters during the reporting period[182]. - The Group encourages employees to raise concerns regarding business conduct confidentially, ensuring thorough investigations of genuine concerns[185]. - The Group has a culture of integrity and zero tolerance for bribery, ensuring business is conducted in accordance with applicable laws[185]. - The Group takes appropriate measures to protect personal data of customers in its financial service sector from unauthorized access and abuse[182]. - The Group believes that customer complaints are valuable opportunities for feedback to improve services and policies[182]. - The Group is not aware of any significant impact from non-compliance with laws related to bribery, extortion, fraud, and money laundering during the reporting period[185]. Management and Leadership - Mr. Chen Wei holds approximately 1.97% of the total issued share capital of the Company through Sungi Global Investment Co., Ltd, which owns 100,000,000 shares[193]. - Mr. Fan Jie has over 20 years of experience in strategic marketing and project management, currently serving as the Managing Director of the Strategic Development Department[193]. - Mr. Ru Xiangan has over 20 years of experience in accounting and finance, currently the head of the audit department at Chang An Property and Liability Insurance Limited since 2014[197]. - Mr. Liu Haiping has over 20 years of experience in the legal sector, currently a senior partner at Beijing Dacheng Law Offices since 2009[198]. - Mr. Liu Tonghui has over 20 years of experience in investment activities and business management, currently the general manager of Tangshan Haigang Xingerui Company Limited since 2009[199].