Revenue and Profit Performance - Revenue for the six months ended June 30, 2023, was approximately HK$1.3 million, down from approximately HK$2.4 million for the same period in 2022, representing a decrease of about 45.8%[19]. - Profit attributable to owners of the Company for the Reporting Period was approximately HK$30.6 million, a turnaround from a loss of approximately HK$33.7 million for the Corresponding Period[19]. - Basic earnings per share for the Group were HK cents 5.90 for the Reporting Period, compared to a basic loss per share of HK cents 7.81 for the Corresponding Period[19]. - The Group reported a profit before tax of HK$30,586,000 for the six months ended June 30, 2023, compared to a loss of HK$33,727,000 in the same period of 2022[171]. - The company reported a comprehensive income of HK$30,586,000 for the period, a significant improvement from a comprehensive expense of HK$33,727,000 in the previous year[141]. Investment and Financial Position - Gross proceeds from disposals of trading securities for the Reporting Period were approximately HK$17.6 million, compared to approximately HK$3.8 million for the Corresponding Period, indicating an increase of about 363.2%[19]. - As of 30 June 2023, the Group's net assets were approximately HK$148.9 million, an increase of approximately 25.9% from HK$118.3 million at 31 December 2022[38]. - The financial assets at fair value through profit or loss were approximately HK$139.5 million as of 30 June 2023, compared to HK$54.2 million at 31 December 2022[32]. - The Group's borrowings were approximately HK$14.1 million, with a gearing ratio of approximately 9.5% as of 30 June 2023[38]. - The total financial assets at fair value through profit or loss (FVTPL) increased to HK$139,461,000 as of June 30, 2023, from HK$54,202,000 as of December 31, 2022[191]. Market Conditions and Economic Outlook - The Hong Kong stock market and the PRC stock market experienced vulnerabilities in the first half of 2023, impacting investment conditions[21]. - The economic outlook for Hong Kong remains uncertain due to high interest rates and external factors, impacting investment strategies[25]. - The anticipated strengthening of the US dollar may trigger capital outflows from the Hong Kong stock market, affecting the overall economy[22]. Corporate Governance and Management - The Company has complied with the Corporate Governance Code during the six months ended June 30, 2023, except for the separation of the roles of chairman and chief executive officer[104]. - The position of chief executive officer has been vacant since the resignation of Ms. Chan Carman Wing Yan on June 20, 2022[105]. - The Board will continue to monitor and review the Company's corporate governance practices to ensure compliance with the Code[111]. Shareholder Information and Equity - The Group's shareholder equity increased by approximately 25.9% to about HK$148.9 million as of June 30, 2023, compared to HK$118.3 million as of December 31, 2022[41]. - As of June 30, 2023, Yu Po Kwan holds 61,602,000 ordinary shares, representing 11.89% of the total issued ordinary shares of the Company[101]. - Solution Smart Holdings Limited and SW Venture Asia Limited each hold 5,174,000 ordinary shares, accounting for 1.00% of the total issued ordinary shares[101]. Investment Strategy and Future Plans - The Group aims to invest in trading securities, private equity funds, and private enterprises with potential prospects in the second half of 2023[26]. - The Group's corporate strategy focuses on strengthening existing businesses and financing future investment opportunities domestically and internationally[49]. Cash Flow and Financial Activities - As of June 30, 2023, the Group's available funds were approximately HK$0.8 million, a decrease from HK$4.3 million as of December 31, 2022[41]. - The net cash used in operating activities was HK$1,018,000, a decrease from HK$4,180,000 in the same period of 2022[149]. - The net cash used in financing activities was HK$835,000, a decrease from HK$5,603,000 in the same period of 2022[149]. Other Financial Metrics - Current liabilities increased to HK$6,656,000 in 2023 from HK$2,077,000 in 2022, reflecting a rise of 220%[143]. - Interest income from loans and receivables decreased to HK$702,000 from HK$2,180,000, representing a decline of 68%[157]. - Dividend income from listed investments increased significantly to HK$619,000 from HK$220,000, marking a growth of 181%[157].

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。 Cocoon Holdings Limited 中國天弓控股有限公司 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：428） 截至二零二三年六月三十日止六個月之 未經審核中期業績公佈 財務摘要 中國天弓控股有限公司（「本公司」）及其附屬公司（統稱為「本集團」）於截至二 零二三年六月三十日止六個月的財務摘要概述如下： – 於截至二零二三年六月三十日止六個月（「報告期間」），本集團之收入及出 售交易證券所得款項總額分別約為1.3百萬港元及17.6百萬港元，而截至二 零二二年六月三十日止六個月（「同期」）則分別約為2.4百萬港元及3.8百萬 港元。 – 於報告期間，本公司擁有人應佔溢利約為30.6百萬港元，而同期則為虧損約 33.7百萬港元。 – 於報告期間，本集團之每股基本盈利為5.90港仙，而同期則為每股基本虧損 7.81港仙。 ...

Financial Performance - The Group suffered a net loss during the Reporting Period due to the impact of COVID-19 and unfavorable market conditions, with the Hang Seng Index falling by 15.46% in 2022[17]. - For the year ended December 31, 2022, the Group recorded a revenue of approximately HK$4,552,000, representing a decrease of approximately 40.9% compared to approximately HK$7,696,000 in the prior year[28]. - The Group recorded a realized loss of approximately HK$1,168,000 on listed securities and a fair value loss of approximately HK$37,578,000 during the Reporting Period[28]. - The net assets of the Group decreased by approximately 18.08% to approximately HK$118,301,000 as of December 31, 2022, down from HK$144,403,000 in the prior year[30]. - The Group's borrowings as of December 31, 2022, were approximately HK$14,162,000, a decrease from HK$21,310,000 in 2021, resulting in a gearing ratio of 11.88%[35]. - The Group's unlisted investments were approximately HK$98,858,000 as of December 31, 2022, down from HK$103,782,000 in the previous year[29]. - The Group had available funds of approximately HK$4,270,000 as of December 31, 2022, primarily held in banks and licensed securities firms[34]. - Impairment losses of various loan notes recognized during the Reporting Period were approximately HK$432,000, a decrease from HK$1,801,000 in the prior year[28]. - The financial assets at fair value through profit or loss decreased from approximately HK$61,938,000 in 2021 to approximately HK$54,202,000 in 2022[30]. - The Group did not have any capital expenditure commitment as of December 31, 2022[36]. Investment Strategy - The Company plans to focus on investing in trading securities, private equity funds, and private enterprises with potential prospects in 2023[19]. - The Group will implement timely and appropriate investment strategies to enhance its investment portfolio and achieve net asset appreciation[19]. - The Company will seek investment opportunities in China, Hong Kong, and overseas markets[19]. - The Company aims to strengthen existing businesses and focus on financing future investment opportunities domestically and internationally to maximize shareholder value[48]. - The expected timetable for fully utilizing unutilized net proceeds is subject to change based on current market conditions and future developments[45]. External Factors - The Company will continue to monitor external factors such as the ongoing COVID-19 pandemic and the Russo-Ukrainian War, which are expected to affect financial performance[18]. - The external environment remains a significant factor influencing the Group's financial performance and operational results[18]. - The Group's financial position will be closely evaluated in light of ongoing global economic challenges[18]. Employee Contributions and Policies - The Company acknowledges the invaluable contributions of its employees in navigating these challenges[25]. - The remuneration policy ensures competitive pay levels to attract and retain employees, with no director involved in deciding their own remuneration[80]. - The Group has established a Remuneration Committee to regularly review its remuneration policy, ensuring that compensation packages are competitive and appealing to employees[175][180]. - The Group emphasizes equal opportunities in recruitment, training, and development, ensuring no discrimination based on gender, ethnicity, or other prohibited factors[191][196]. - The Group's employee benefits include office insurance, employee compensation insurance, and discretionary bonuses to enhance employee loyalty[195]. ESG Commitment - The Group's ESG Report outlines its commitment to sustainable development and summarizes its ESG initiatives and performances for the financial year ended 31 December 2022[98]. - The Group emphasizes strong corporate governance to attract investment and enhance shareholder value, committing to high standards of business ethics[110]. - The Board is responsible for monitoring the Group's ESG issues and conducts materiality assessments to prioritize significant ESG-related issues based on stakeholder feedback[117]. - The ESG Taskforce, comprising the management team, collects and analyzes ESG data, ensuring compliance with relevant laws and preparing ESG reports[118]. - The Group aims to improve the quality of communities and the environment, providing long-term returns to stakeholders through sustainable business practices[115]. Environmental Performance - The Group aims to reduce GHG emissions intensity by 5% through a 3-Year Plan, using FY2021 as the baseline[137]. - Scope 2 indirect GHG emissions decreased from 5.81 tCO2 in 2021 to 2.31 tCO2 in 2022, representing a reduction of approximately 60%[138]. - Total GHG emissions decreased from 7.36 tCO2 in 2021 to 4.35 tCO2 in 2022, a reduction of about 41%[138]. - GHG emissions intensity improved from 0.42 e/mil rev tCO2 in 2021 to 0.32 e/mil rev tCO2 in 2022, indicating enhanced operational efficiency[138]. - The Group did not record any Scope 1 direct GHG emissions due to the absence of machinery and vehicles[132]. - Non-hazardous waste generated was primarily paper waste, with initiatives in place to reduce paper usage as part of decarbonization efforts[141]. - The Group reported no significant non-compliance with laws and regulations regarding emissions and waste management during the year[130]. - The Group's business operations did not generate hazardous waste, aligning with its office-based operational model[141]. - The Group's sewage discharge was minimal, with used water directed to municipal sewage networks[140]. - The Group's commitment to sustainability is integrated into its business strategy, focusing on minimizing carbon footprint and enhancing resilience to climate-related risks[129]. Market and Competitor Analysis - Tencent's net profit for the nine months ended September 30, 2022, was approximately RMB 81,805 million, a decrease from RMB 132,105 million in the same period last year, primarily due to reduced other gains and increased administrative expenses[62]. - The equity attributable to Tencent's equity holders as of September 30, 2022, was approximately RMB 755,920 million[62]. - Alibaba reported a net loss of approximately RMB 2,169 million for the six months ended September 30, 2022, compared to a net income of approximately RMB 46,212 million for the same period last year[67]. - RHCO's net income for the three months ended September 30, 2022, was approximately US$54,000, with a net asset value of approximately US$17.2 million[68]. - Winchester reported a net loss of approximately US$0.1 million for the nine months ended September 30, 2022, with net assets of approximately US$50,000[63]. - The Board believes that RHCO has growth engines that will positively impact its financial performance in the coming years[68]. - The Board expects that the leading position of Tencent will allow it to benefit from the prosperity of the internet industry[62]. - The Board considers the exclusive selling rights of Fiat Professional for Winchester as a catalyst for its growth[63]. - SMIC reported revenue of approximately USD 3,745 million and profit of USD 1,198 million for the six months ended 30 June 2022[74]. - JD.com achieved net revenue of approximately RMB 239.7 billion, with an operating income of RMB 2.4 billion and a net loss attributable to ordinary shareholders of RMB 3.0 billion for the three months ended 31 March 2022[75]. - The Group did not receive any dividends from SMIC during the reporting period, consistent with the previous year[74]. - The Group received a net dividend of approximately HK$ 4,000 from JD.com during the reporting period[75]. Employee Statistics - As of December 31, 2022, the Group employed a total of 2 full-time employees, maintaining the same number as the previous year[79]. - The Group's total number of employees decreased from 3 in 2021 to 2 in 2022, with a turnover rate of 33% due to 1 employee leaving during the year[178][183]. - As of December 31, 2022, all employees were male, with 100% of the workforce being above 45 years old[178][182].

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。 Cocoon Holdings Limited 中國天弓控股有限公司 （於開曼群島註冊成立並於百慕達存續之有限公司） （股份代號：428） 截至二零二二年十二月三十一日止年度 之年度業績公佈 財務摘要 中國天弓控股有限公司（「本公司」）及其附屬公司（統稱「本集團」）於截至二零 二二年十二月三十一日止年度（「報告期間」）的財務摘要概述如下： — 本集團於截至二零二二年十二月三十一日止年度的收入及出售交易證券 所得款項總額分別約為4,552,000港元及8,880,000港元，而去年則分別約 為7,696,000港元及9,629,000港元。 — 截至二零二二年十二月三十一日止年度的本公司擁有人應佔虧損約為 48,079,000港元，而去年則為虧損約28,643,000港元。 — 本公司董事（「董事」）會（「董事會」）不建議就截至二零二二年十二月 三十一日止年度派付末期股息（二零二一年：零）。 — 截至二零 ...

Financial Performance - The Group's revenue for the six months ended June 30, 2022, was approximately HK$2.4 million, a decrease from approximately HK$3.8 million for the same period in 2021[19]. - Loss attributable to owners of the Company for the Reporting Period was approximately HK$33.7 million, significantly higher than the loss of approximately HK$3.0 million for the Corresponding Period[19]. - Basic loss per share for the Group was HK cents 7.81 for the Reporting Period, compared to HK cents 0.83 for the Corresponding Period[19]. - The Group recorded a revenue of approximately HK$2.4 million for the Reporting Period, a decrease of approximately 36.8% compared to HK$3.8 million in the Corresponding Period[30]. - The Group suffered a loss attributable to owners of approximately HK$33.7 million, compared to a loss of approximately HK$3.0 million for the Corresponding Period[30]. - The Group reported a loss for the period attributable to owners of HK$33,727,000, compared to a loss of HK$3,028,000 in the previous period[139]. - Basic and diluted loss per share was HK$7.81, compared to HK$0.83 in the prior period[139]. - The company experienced a significant increase in accumulated losses, reaching HK$96,924,000[143]. - The company reported a total comprehensive expense of HK$33,727,000 for the period[143]. Dividends and Shareholder Returns - The Board resolved not to declare an interim dividend for the Reporting Period, consistent with the Corresponding Period where no dividend was declared[19]. - The company did not declare any interim dividend for the reporting period, consistent with the previous year[167]. - No discretionary bonuses were paid during the period, maintaining the same policy as in the prior year[163]. Assets and Liabilities - As of 30 June 2022, the Group's net assets were approximately HK$110.7 million, down 23.4% from HK$144.4 million at 31 December 2021[38]. - The Group's borrowings were approximately HK$17.9 million as of 30 June 2022, compared to HK$21.3 million at 31 December 2021, with a gearing ratio of approximately 16.5%[38]. - Total assets less current liabilities decreased to HK$124,238,000 from HK$158,111,000[141]. - Net current assets declined to HK$48,648,000, down from HK$82,824,000[141]. - The company's net assets were HK$110,676,000, a decrease from HK$144,403,000[141]. - The net asset value per share was HK$0.26, down from HK$0.33[141]. Investments and Securities - The Group plans to focus on investing in trading securities, private equity funds, and private enterprises with potential prospects in the second half of 2022[26]. - The Group's fair value loss on listed securities was approximately HK$33.6 million during the Reporting Period, significantly higher than HK$5.7 million in the Corresponding Period[30]. - The Group's unlisted investments were approximately HK$105.9 million as of 30 June 2022, slightly up from HK$103.8 million at 31 December 2021[31]. - The Group's trading securities were pledged to a securities broker, with a carrying amount of approximately HK$6.2 million as of June 30, 2022, up from HK$1.2 million at the end of 2021[92]. - The Group views its investments in Tencent, Alibaba, and SMIC as long-term holdings, expecting to monitor their performance closely[67][70][76]. Cash Flow and Financing - The Group had available funds of approximately HK$0.2 million as of 30 June 2022, down from HK$1.8 million at 31 December 2021[37]. - Net cash generated from operating activities was HK$582,000 for the six months ended June 30, 2022, compared to a net cash used of HK$22,401,000 in the same period of 2021[146]. - The Group's net cash used in financing activities was HK$5,603,000, compared to net cash generated of HK$14,743,000 in the prior year[146]. - The total cash flow used in financing activities included a redemption of a promissory note amounting to HK$5,000,000[146]. Corporate Governance - The Company has complied with the Corporate Governance Code during the six months ended June 30, 2022, with a noted deviation regarding the separation of the roles of chairman and chief executive officer[4]. - The chief executive officer position has been vacant since June 20, 2022, following the resignation of Ms. Chan Carman Wing Yan[4]. - The Board will continue to monitor and review the Company's corporate governance practices to ensure compliance with the Code[4]. - The new bye-laws of the Company were adopted on June 17, 2022, and are available on the Stock Exchange's website[115]. Share Options and Capital Structure - The Company has adopted a share option scheme allowing for the issuance of up to 43,167,222 shares, representing approximately 8.33% of the issued share capital, with a maximum of 10% of shares in issue as of the adoption date[113][114]. - No share options had been granted or exercised under the scheme as of the date of the report[114]. - The share option scheme is valid for ten years from the adoption date, with approximately 9 years and 10 months remaining[117]. - No share options have been granted, agreed to be granted, exercised, cancelled, expired, or lapsed as of the report date[117]. Market Conditions and External Factors - The external environment, including COVID-19 and the Russo-Ukrainian war, is expected to continue affecting the Group's financial performance[25].

ai163160700072_Cocoon IR2021 Cover v01 output.pdf 1 14/9/2021 下午4:10 | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|-------|-------| | | | | | | | Cocoon Holdings Limited | | | | | | 中國天弓控股有限公司 (Incorporated in the Cayman Islands with limited liability and continued in Bermuda with limited liability) （在開曼群島註冊成立並在百慕達存續之有限公司） | | | ...

Cocoon Holdings Limited 中國天弓控股有限公司 (formerly known as Huge China Holdings Limited) （前稱為匯嘉中國控股有限公司） (Incorporated in the Cayman Islands with limited liability) (Stock Code 股份代號 : 428) （於開曼群島註冊成立之有限公司） ANNUAL REPORT 2020 年 報 This annual report, in both English and Chinese versions, is available on the Company's website at www.cocoon.holdings (the "Company Website"). Shareholders who have chosen or have been deemed consented to receive the corporate communications of the Company (the "Corporate Communications" ...

Financial Performance - The Group's revenue for the six months ended June 30, 2020, was approximately HK$4,001,000, a decrease of approximately 11.9% compared to HK$4,539,000 in the same period last year[12][21]. - Loss attributable to owners of the Company for the six months ended June 30, 2020, was approximately HK$9,434,000, an improvement from a loss of approximately HK$11,273,000 in the same period last year[13][23]. - Basic loss per share for the Group was HK$0.03 for the six months ended June 30, 2020, compared to HK$0.09 per share in the same period last year[13][16]. - The Group recorded realised gains on listed securities of approximately HK$585,000, down from approximately HK$1,737,000 in the same period last year[22]. - Unrealised losses on listed securities were approximately HK$2,538,000, significantly reduced from HK$11,781,000 in the same period last year[22][23]. - The company reported a loss attributable to owners of approximately HK$9,434,000 for the six months ended June 30, 2020, a decrease from a loss of approximately HK$11,273,000 in the same period last year, primarily due to a reduction in unrealized losses on listed securities by about HK$2,538,000[26]. - For the six months ended June 30, 2020, the Group recorded revenue of approximately HK$4,001,000, representing a decrease of approximately 11.9% compared to HK$4,539,000 in the same period last year[52]. - Loss before tax for the period was HK$9,434,000, compared to a loss of HK$11,273,000 in the previous year, representing a 16.3% improvement[124]. - The basic and diluted loss per share for the six months ended 30 June 2020 was HK$(0.03), unchanged from HK$(0.09) in 2019[159]. Financial Position - As of June 30, 2020, the net assets of the Group were approximately HK$157,282,000, a decrease of approximately 5.1% from HK$165,716,000 as of December 31, 2019[23]. - The group had available bank balances and cash of approximately HK$21,646,000 as of June 30, 2020, down from HK$28,187,000 as of December 31, 2019[32]. - The group had borrowings of approximately HK$21.5 million as of June 30, 2020, compared to HK$22.3 million as of December 31, 2019, with a gearing ratio of approximately 13.4%[34]. - Total assets less current liabilities amounted to HK$177,264,000 as of June 30, 2020, down from HK$185,844,000 at December 31, 2019[126]. - Net assets decreased to HK$157,282,000 as of June 30, 2020, compared to HK$165,716,000 at the end of 2019[126]. - The net asset value per share as of June 30, 2020, was HK$0.44, down from HK$0.46 at the end of 2019[126]. - The company’s accumulated losses increased to HK$39,822,000 as of June 30, 2020, from HK$30,388,000 at the end of 2019[129]. - Cash and cash equivalents decreased to HK$21,646,000 as of June 30, 2020, from HK$28,187,000 at the beginning of the year, reflecting a decrease of 23.2%[132]. - The Group's net decrease in cash and cash equivalents for the six months ended June 30, 2020, was HK$6,541,000, compared to HK$4,326,000 in 2019, indicating a worsening cash flow situation[132]. Investment Activities - The company plans to focus on investing in trading securities, private equity funds, and private enterprises with potential prospects in the second half of 2020[31]. - The fair value of financial assets recognized in other comprehensive income increased to approximately HK$30,400,000 as of June 30, 2020, from HK$29,400,000 as of December 31, 2019, due to fair value changes in the 20% equity interest in Perfect Path Limited[26]. - The Group recognized interest income of approximately HK$823,000 from the loan note investment in Qianhai Blue Prince for the six months ended June 30, 2020, compared to zero in the same period in 2019[60]. - The Group recognized interest income of approximately HK$1.2 million from the loan note investment in Dalong Packaging Machinery for the six months ended June 30, 2020, consistent with the same period in 2019[62]. - The Group's unlisted investments were approximately HK$128,947,000 as of June 30, 2020, slightly down from HK$129,977,000 as of December 31, 2019[54]. - The Group's trading securities were pledged to a securities broker to secure a margin loan, reflecting a strategic financial maneuver[190]. - The Group entered into extension agreements for the maturity date of convertible bonds, reflecting proactive financial management[194]. Dividend and Shareholder Information - The Board resolved not to declare an interim dividend for the six months ended June 30, 2020[15][18]. - The company did not declare any interim dividend for the six months ended 30 June 2020, consistent with the previous year[154]. - Following the completion of the Rights Issue in October 2019, certain shareholders' interests have reduced to below 5% as of June 30, 2020[105]. - As of June 30, 2020, Chen Chien Yeh holds 97,830,790 ordinary shares, representing 27.20% of the total issued ordinary shares of the Company[101]. - Twu Kai Ting holds 6,240,000 ordinary shares, accounting for 1.73% of the total issued ordinary shares[101]. - Solution Smart Holdings Limited and its associated entities hold 5,174,000 ordinary shares, which is 1.44% of the total issued ordinary shares[101]. Market Outlook and Challenges - The company expects challenges in 2020 due to slow growth projections for Hong Kong and China, as well as the ongoing impact of the COVID-19 outbreak on financial performance[30]. - The Group believes that the fund flows into Hong Kong signal a positive outlook for the Hong Kong financial market[24]. - The group noted that the influx of capital into Hong Kong is a positive signal for the financial market, with the stock market experiencing significant gains since June 2020[27]. - The credit rating agency expects the default rate to rise materially to 6.4% by the end of 2020 due to the coronavirus-led downturn[40]. Impairment and Losses - Impairment losses of approximately HK$6,032,000 and deposits of approximately HK$1,592,000 were recognized during the six months ended 30 June 2020[40]. - Total impairment loss made during the period was HK$7,623,000, while there was no impairment loss reported in the same period of 2019[142]. - Impairment losses on loans rose to HK$11,650,000 for the first half of 2020, up from HK$5,619,000 in the previous year, indicating a 107.5% increase[179]. Corporate Governance and Compliance - The Company has complied with all code provisions set out in the Corporate Governance Code during the six months ended June 30, 2020[107]. - The audit committee has reviewed the accounting principles and practices adopted by the Group for the six months ended June 30, 2020[115]. - There were no significant events requiring disclosure that occurred after June 30, 2020[115].

Financial Performance - For the year ended December 31, 2019, the Group recorded a revenue of approximately HK$8,988,000, representing a decrease of approximately 16.9% compared to HK$10,812,000 in the prior year[21]. - The Group reported a loss attributable to owners of the Company of approximately HK$35,361,000, an improvement from a loss of approximately HK$78,458,000 in the prior year[21]. - The Group recorded a realized loss of HK$9,903,000 on listed securities held, compared to a loss of HK$45,350,000 in the previous year[21]. - The Group experienced a realized loss of HK$9,903,000 on listed securities and a fair value loss of HK$9,025,000 during the year[35]. - The loss attributable to owners of the Company was approximately HK$35,361,000, compared to a loss of approximately HK$78,458,000 in the previous year[35]. - The Group recognized a loss on disposal of certain loan notes of approximately HK$2,064,000 during the year[21]. - The Group's unlisted investments were approximately HK$129,977,000, down from HK$144,460,000 in 2018[85]. - The Group held trading securities of approximately HK$7,286,000 as of December 31, 2019, a significant decrease from HK$31,812,000 in 2018[84]. Asset Management - As of December 31, 2019, the net assets of the Group were approximately HK$165,716,000, reflecting a significant increase of 22.4% compared to HK$135,391,000 in 2018[22]. - Financial assets at fair value through profit or loss decreased from approximately HK$85,069,000 in 2018 to approximately HK$26,806,000 in 2019[36]. - The financial assets at fair value through other comprehensive income were approximately HK$29,400,000, compared to HK$35,176,000 in 2018[22]. - As of December 31, 2019, the Group's borrowings decreased to approximately HK$22,268,000 from HK$57,654,000 in 2018, resulting in a gearing ratio of 13.4% compared to 42.6% in the previous year[49]. - The Group had available funds of approximately HK$28,187,000 as of December 31, 2019, primarily held in banks for general working capital[48]. Investment Strategy - The Group plans to focus on investing in trading securities, private equity funds, and private enterprises with potential prospects in 2020[28]. - The Company aims to implement timely and appropriate investment strategies to enhance its investment portfolio and achieve net asset appreciation amid a volatile market[44]. - The Company will continue to monitor macro trends and seek investment opportunities in China, Hong Kong, and overseas[44]. - The Group's strategy focuses on consolidating existing businesses and seeking future domestic and international investment opportunities to enhance financial growth and shareholder value[80]. Market Conditions - The external environment is expected to pose challenges in 2020 due to slow growth projections for Hong Kong and China, as well as the outbreak of coronavirus[28]. - The Hong Kong economy contracted by 1.2% in 2019, marking the first annual decline since 2009, with significant contractions of 2.8% and 2.9% in the third and fourth quarters respectively[45]. - China's GDP growth rate was 6.1% in 2019, the lowest in 29 years, but still within the government's target range of 6% to 6.5%[46]. Corporate Governance - The Group emphasizes sound corporate governance to attract investment and enhance shareholder value[155]. - The Group has established a whistleblowing hotline for stakeholders to discuss areas of concern[146]. - The Group's ESG report aims to increase stakeholders' confidence and understanding of its sustainability actions[143]. Environmental Impact - The Group's total greenhouse gas emissions for the year were 8.69 tonnes, an increase of 62% from 5.36 tonnes in 2018[167]. - The annual emission intensity was 0.17 tCO2e/m2, up from 0.05 tCO2e/m2 in 2018[167]. - The Group's indirect emissions (Scope 2) decreased by 3% to 3.53 tonnes from 3.63 tonnes in 2018[167]. - Other indirect emissions (Scope 3) increased by 200% to 5.16 tonnes, up from 1.72 tonnes in 2018[167]. - The Group promotes a paperless office initiative, encouraging electronic storage and communication to reduce paper waste[172]. Employee Management - The remuneration policy ensures competitive pay levels to attract and retain employees, with a total of 3 full-time employees as of December 31, 2019[122][126]. - The Group had a total of 3 employees as of December 31, 2019, down from 4 in 2018, with 100% being full-time staff in Hong Kong[181]. - The Group's employee turnover rate was 34% for males and 17% for females in 2019[195]. - The Group is committed to ensuring a safe and healthy working environment, with no non-compliance cases reported in occupational health and safety regulations[197].

Cocoon IR2019 Cover output.pdf 1 11/9/2019 下午3:50 Cocoon Holdings Limited 中國天弓控股有限公司 Cocoon Holdings Limited 中國天弓控股有限公司 (formerly known as Huge China Holdings Limited) （前稱為匯嘉中國控股有限公司） (Incorporated in the Cayman Islands with limited liability) (Stock Code 股份代號 : 428) （於開曼群島註冊成立之有限公司） 2019 INTERIM REPORT 中期報告 This interim report 2019, in both English and Chinese versions, is available on the Company's website at www.hugechina.com.hk (the "Company Website"). 本2019中期報告的中、英文版已登載於本公司網 站www.huge-china.com.hk（「本公司 ...