Financial Performance - For the year ended December 31, 2019, the Group recorded a loss attributable to owners of approximately HK$742,746,000 from continuing operations, representing an increase in loss of approximately 53.46% compared to the previous year[10]. - The Group's revenue from continuing operations was approximately HK$846,587,000, a decrease of approximately 11.20% from HK$953,382,000 in the previous year, primarily due to reduced revenue from chemical trading operations[12]. - The increase in loss was attributed to higher expected credit losses on trade and other receivables, finance costs on bank loans, and other losses[10]. - The Group's chemical trading operations faced a significant decline in revenue, impacting overall financial performance[12]. - The Group recorded a profit from mining operations of approximately HK$9,529,000 in 2019, down from HK$65,347,000 in 2018[27]. Mining Operations - The mining operation contributed approximately HK$268,021,000 in revenue, with sales of molybdenum concentrate accounting for approximately HK$238,793,000, an increase from HK$219,336,000 in 2018[18]. - The volume of molybdenum concentrate produced was about 3,127 tonnes, a slight decrease from 3,257 tonnes in 2018, with an average selling price of approximately HK$73,166 per tonne[18]. - The gross profit from mining operations was approximately HK$60,793,000, with a gross profit margin of 22.68%, down from 35.6% in the previous year, mainly due to increased exploration costs[18]. - The Group's mining operations are primarily focused on the exploitation, exploration, and production of molybdenum concentrate in the PRC[17]. - Molybdenum concentrate production was approximately 3,127 tons in 2019, with an average selling price of HK$73,166 per ton, compared to 3,257 tons and HK$74,266 per ton in 2018[21]. - Mining operations generated revenue of approximately HK$268,021,000 in 2019, an increase from HK$242,232,000 in 2018, with HK$238,793,000 from molybdenum sales[21]. - Gross profit margin decreased to 22.68% in 2019 from 35.6% in 2018, primarily due to increased exploration costs per ton from HK$47,911 to HK$66,270[21]. - As of December 31, 2019, major assets in mining operations included mining rights and property, plant, and equipment valued at approximately HK$993,738,000 and HK$1,771,832,000, respectively[28]. - Impairment loss of approximately HK$580,115,000 was recognized for the potassium feldspar mine as of December 31, 2019[30]. Chemical Trading Operations - Chemical trading operations generated revenue of approximately HK$571,567,000 in 2019, down from HK$703,543,000 in 2018, with a loss of approximately HK$37,886,000[33]. - The Group's chemical trading operations faced a significant decline in revenue, impacting overall financial performance[12]. Property Management - Revenue from property management operations was approximately HK$6,999,000 in 2019, a decrease of 7.99% from HK$7,607,000 in 2018[32]. Economic Outlook - The Group anticipates significant downward pressure on the Chinese economy due to the COVID-19 pandemic, weakened domestic consumption, and a sharp drop in tourist arrivals[45]. - The Group remains confident in long-term growth prospects in China despite temporary disruptions caused by the pandemic[45]. - The demand for molybdenum in China is expected to continue increasing, driven by the transformation of the steel industry towards high-quality special steel[46]. - The potassium market faces oversupply, but urbanization and agricultural reforms in China are creating opportunities for modern agricultural services and quality products[47]. - The chemicals manufacturing industry is under short-term operational pressure due to stringent regulatory requirements, but companies with competitive advantages in environmental protection are expected to benefit[53]. Strategic Initiatives - The Group plans to invest in safety and environmental protection while enhancing production efficiency and formulating effective marketing strategies[53]. - The Group aims to broaden its revenue base by identifying investment opportunities and expanding mineral resources[54]. - The Group is committed to continuous growth and improving future financial performance and profitability[54]. Legal and Compliance Matters - The Company received a winding up petition in Hong Kong for an indebted sum of HK$170,492,494.31 on 27 May 2019[55]. - A Settlement Agreement was reached on 7 June 2020, leading to the dismissal of the Hong Kong Petition on 22 June 2020[55]. - The Bermuda Court granted an adjournment of the winding up petition to 1 May 2020 to allow for a creditors' scheme of arrangement[61]. - The Bermuda legal representative filed a summons to withdraw the winding up petition on 10 June 2020[62]. - The Company has engaged in negotiations to settle both the Hong Kong and Bermuda petitions[55][60]. Financial Position - The Group recorded a cash outflow of approximately HK$96,628,000 in 2019, compared to an inflow of approximately HK$106,799,000 in 2018[80]. - As of December 31, 2019, the Group had outstanding bank loans and other borrowings amounting to approximately HK$1,381,445,000, an increase from approximately HK$1,347,920,000 in 2018[80]. - The Group's gearing ratio increased to approximately 26.77% as of December 31, 2019, up from 21.15% in 2018[80]. - The current ratio decreased to approximately 0.72 as of December 31, 2019, compared to approximately 0.86 in 2018[80]. - The debt to equity ratio rose to approximately 1.42 as of December 31, 2019, from approximately 0.99 in 2018[80]. - Total liabilities were approximately HK$2,497,071,000 as of December 31, 2019, compared to approximately HK$2,479,025,000 in 2018[80]. - Equity attributable to owners of the Company was approximately HK$1,754,125,000 as of December 31, 2019, down from approximately HK$2,497,615,000 in 2018[80]. - The Group's current assets included cash and cash equivalents of approximately HK$18,446,000, down from HK$122,533,000 in 2018, indicating a decrease of about 85%[83]. - Current liabilities increased to approximately HK$1,719,950,000 in 2019 from HK$1,466,482,000 in 2018, indicating a rise of about 17.3%[83]. - The equity attributable to owners of the Company decreased to approximately HK$1,754,125,000 in 2019 from HK$2,497,615,000 in 2018, reflecting a decline of approximately 29.7%[83]. Corporate Governance - The Group's compliance with relevant laws and regulations is addressed in the "Report of the Directors" and "Corporate Governance Report"[119]. - The Company has complied with all relevant laws and regulations that significantly impact its business and operations, with no material breaches reported during the year[134]. - The Company has established a risk management system to identify, analyze, evaluate, and respond to risks, particularly in the mining, property management, and chemical trading sectors, which are subject to significant economic environment risks[120]. Shareholder Information - As of December 31, 2019, the total number of shares available for issue under the Share Option Scheme was 1,199,761,670, representing 5.58% of the issued shares of the Company[164]. - The Company adopted a Share Option Scheme on May 25, 2011, to recruit and retain high-caliber personnel, with a total of 1,300,261,670 shares available for issue at that time, approximately 10% of the issued share capital[161]. - The maximum number of shares issued upon exercise of options granted to each eligible person must not exceed 1% of the shares in issue[167]. - The subscription price for shares under the Share Option Scheme must not be less than the highest of the closing price on the offer date, the average closing price for the preceding five business days, or the nominal value of a share[177]. - The Share Option Scheme became effective on May 25, 2011, and will remain in force for a period of 10 years[178].

Financial Performance - The company reported revenue of approximately HKD 573,367,000 for the six months ended June 30, 2019, representing an increase of 89% compared to HKD 303,182,000 for the same period in 2018[5]. - The loss from continuing operations decreased by approximately 36%, amounting to HKD 74,659,000 compared to HKD 116,986,000 in the previous year[5]. - The gross profit for the six months ended June 30, 2019, was HKD 90,909,000, up from HKD 64,114,000 in 2018, indicating a growth of about 41.6%[33]. - For the six months ended June 30, 2019, the total comprehensive loss amounted to HKD 98,471,000, a significant improvement from a loss of HKD 235,390,000 in the same period of 2018, representing a reduction of approximately 58.2%[35]. - The basic and diluted loss per share from continuing and discontinued operations was HKD 0.41, compared to HKD 0.43 for the same period in 2018, indicating a slight improvement[35]. - The group reported an operating loss of approximately HKD 51,060,000 for the six months ended June 30, 2019, compared to a loss of HKD 83,962,000 for the same period in 2018[77]. Revenue Breakdown - Molybdenum concentrate production was approximately 1,977 tons, with an average selling price of HKD 73,320 per ton, generating revenue of about HKD 163,795,000 from mining operations[6]. - The chemical trading business generated revenue of approximately HKD 406,365,000, primarily from the sale of chemical products manufactured in China[9]. - Sales of molybdenum concentrate amounted to HKD 163,795,000, up from HKD 126,315,000 year-on-year, reflecting a growth of 29.5%[67]. - Chemical product sales surged to HKD 406,364,000, compared to HKD 173,548,000 in the previous year, marking an increase of 134%[67]. - The group reported a total other income of HKD 47,883,000 for the first half of 2019, compared to HKD 1,174,000 in the same period of 2018, indicating a substantial rise[68]. Cash Flow and Liquidity - The net cash outflow for the period was approximately HKD 95,036,000, compared to HKD 29,392,000 in the same period last year, reflecting a significant increase in cash outflow[23]. - The net cash used in operating activities for the six months ended June 30, 2019, was HKD (182,012) thousand, compared to HKD (137,400) thousand in 2018, representing a 32.4% increase in cash outflow[45]. - The net cash used in investing activities was HKD (7,942) thousand, a significant decrease from HKD 19,798 thousand in the previous year[45]. - The net cash generated from financing activities was HKD 88,434 thousand, slightly up from HKD 88,210 thousand in 2018[45]. - The total cash and cash equivalents decreased by HKD 101,520 thousand, compared to a decrease of HKD 29,392 thousand in the prior year[45]. - Cash and cash equivalents were reported at HKD 1,110,729,000, down from HKD 1,256,594,000, indicating a decrease of about 11.6%[37]. Assets and Liabilities - Non-current assets totaled HKD 4,698,885,000 as of June 30, 2019, down from HKD 5,117,736,000 at the end of 2018, reflecting a decrease of approximately 8.2%[37]. - Current assets increased to HKD 1,778,108,000 from HKD 1,256,594,000, marking an increase of approximately 41.5%[37]. - Total liabilities rose to HKD 2,680,159,000 as of June 30, 2019, compared to HKD 2,479,025,000 at the end of 2018, an increase of about 8.1%[39]. - The company's equity attributable to owners decreased to HKD 2,417,552,000 from HKD 2,497,615,000, a decline of approximately 3.2%[39]. - The group’s total assets amounted to HKD 6,476,993,000, a slight increase from HKD 6,374,330,000 at the end of 2018, reflecting a growth of approximately 1.6%[39]. Corporate Governance - The company has adopted the corporate governance code principles and has complied with all applicable provisions, except for the separation of roles between the Chairman and CEO[115]. - The audit committee consists of three independent non-executive directors who review the financial statements before submission to the board[122]. - The company has implemented a board diversity policy aimed at achieving sustainable and balanced development of its strategic objectives[116]. - The company will regularly review and improve its corporate governance practices in line with the latest trends[120]. - The company confirmed that all directors fully complied with the standard code of conduct for securities transactions during the six months ended June 30, 2019[121]. Employment and Workforce - The company employed 576 full-time employees as of June 30, 2019, down from 688 at the end of 2018, indicating a reduction in workforce[31]. Strategic Decisions - The company has decided to return its security business to its former shareholders to avoid economic risks associated with that segment[19]. - The company is committed to investing in safety and environmental protection to enhance its competitive advantage in the chemical manufacturing sector[20].

Financial Performance - The Group recorded a revenue of approximately HK$967,071,000 for the year, representing an increase of approximately 106.37% compared to HK$468,601,000 in 2017[7]. - The loss attributable to owners of the Company was approximately HK$484,008,000, a decrease of approximately 232.03% compared to a loss of HK$145,774,000 in 2017[8]. - The Group recorded a profit from its mining operations of approximately HK$67,132,000 for the year ended December 31, 2018, compared to a loss of approximately HK$25,739,000 in 2017, primarily due to increased molybdenum prices and improved gross profit margins[22]. - The Group's chemical trading operations generated revenue of approximately HK$703,500,000 but incurred a loss of approximately HK$49,805,000 due to the temporary closure of the chemical factory for safety reviews[33]. - The Group's property management operations generated revenue of approximately HK$7,607,000 for the year ended December 31, 2018, representing a decrease of approximately 1.6% compared to the previous year[30]. Mining Operations - The mining operation contributed revenue of approximately HK$233,882,000, with a gross profit of approximately HK$85,699,000 and a gross profit margin of 37%, an increase of 17% from the previous year[14]. - The average selling price of molybdenum concentrate increased to approximately HK$74,266 per tonne from HK$63,416 per tonne in 2017[14]. - The volume of molybdenum concentrate produced was approximately 2,931 tonnes, while the sales volume was approximately 2,841 tonnes[14]. - The potassium feldspar mine has an estimated resource of approximately 63.2 million tonnes of indicated and 40.5 million tonnes of inferred mineral resources, but no revenue was generated as operations are still under development[15]. - The commencement of operations for the potassium feldspar mine is estimated for 2020, contingent on exploitation technology and plant machinery[16]. Financial Position - As of December 31, 2018, the Group had outstanding bank loans and other borrowings amounting to approximately HK$1,347,920,000, up from approximately HK$847,664,000 in 2017[64]. - The Group's gearing ratio increased to approximately 51.03% in 2018 from 31.91% in 2017, primarily due to a higher proportion of interest-bearing bank borrowings[64]. - The current ratio improved to approximately 0.86 in 2018 from 0.74 in 2017, attributed to an increase in loan receivables and other receivables[64]. - The debt to equity ratio rose to approximately 0.99 in 2018 from 0.42 in 2017, calculated based on total liabilities of approximately HK$2,479,025,000 and equity attributable to owners of approximately HK$2,497,615,000[64]. - As of December 31, 2018, the Group's current assets were approximately HK$1,256,594,000, an increase from HK$955,339,000 in 2017, while current liabilities rose to approximately HK$1,466,482,000 from HK$1,284,428,000[66]. Corporate Governance - The Company has a strong focus on corporate governance, with an established audit committee chaired by an independent director[74]. - The Company complied with all applicable provisions of the Corporate Governance Code, except for the separation of roles between the chairman and chief executive officer[147]. - The Board believes that combining the roles of chairman and chief executive officer leads to consistent leadership and efficient decision-making[148]. - The Company has established a board diversity policy to achieve diversity among its directors, which is reviewed annually[154]. - The Company confirmed full compliance with the Model Code for Securities Transactions by Directors during the year ended December 31, 2018[159]. Risk Management - The Group has established a risk management system to identify and respond to economic environment risks, which could materially affect strategy and operations[92]. - The sharp fluctuation in prices of molybdenum concentrate and chemical products reflects changes in supply and demand, impacting the Group's cash flow and revenue significantly[92]. - The Group's safety and environmental management practices are continuously improved to mitigate risks associated with mining operations[95]. - The Group's restructuring and transformation efforts aim to enhance competitiveness and anti-risk capabilities in response to market uncertainties[92]. - The Group has taken initiatives to reduce energy consumption and promote recycling of office supplies, continuing to review its environmental policies[101]. Future Outlook - The molybdenum market is expected to improve in 2019, driven by increased demand from China's steel industry[50]. - The potassium market presents opportunities for future development due to urbanization and agricultural supply-side reform in China[55]. - The Group anticipates a bright future for its security business, although it decided to sell back the security business to former shareholders to mitigate economic risks[56]. - The Group aims to enhance its future financial performance and profitability by expanding its mineral resources and identifying investment opportunities[62]. - The Group is committed to continuous growth and improving operational efficiency across its business[62]. Employee and Shareholder Relations - The Group employed 688 full-time employees as of December 31, 2018, an increase from 637 employees in 2017[70]. - The Group emphasizes the importance of maintaining good relationships with employees and customers, with no significant disputes reported during the year[106]. - Shareholders holding at least one-tenth of the issued share capital can requisition a special general meeting[196]. - The Company Secretary is responsible for forwarding shareholder enquiries to the appropriate executives or Board members[200]. - The Company adopted a Share Option Scheme to attract and retain high-caliber personnel, rewarding contributions to the Group's growth[110].