Company Name and Stock Changes - The company changed its name from "Hao Tian Development Group Limited" to "Aceso Life Science Group Limited" on September 21, 2020[59]. - The stock short name changed from "HAO TIAN DEV" to "ACESO LIFE SCI" effective October 29, 2020[60]. Business Operations and Strategy - The company faced unprecedented challenges due to the COVID-19 epidemic, prompting adjustments in corporate management and business layout[62]. - During the reporting period, the company commenced its life science business without major changes in the nature of its business activities[62]. - The company actively explored new development opportunities in the global life sciences domain[62]. - The company aims to follow the development trend of the global life sciences sector[62]. - The Group is building a team of life science executives with significant bioscience asset development experience in China and Southeast Asia to support business development[73]. - A collaboration agreement was established between Aceso-Promethera Asia, Promethera Biosciences, and ITOCHU Corporation to explore business opportunities for liver disease treatments in specified Asian territories[75]. - The company aims to cooperate with global life science companies to develop and commercialize assets in Greater China and Southeast Asia, addressing substantial medical demand in these regions[168]. - The company is committed to promoting industrial innovation and exploring new opportunities, such as innovative drug patents, to deliver continuous returns to shareholders[169]. Financial Performance - The interim report covers the six months ended September 30, 2020, reflecting the company's performance during a challenging macro environment[58]. - The Group incurred a loss of approximately HK$457 million for the period, compared to a loss of approximately HK$64 million in the previous year, primarily due to expected credit losses on corporate note receivables and loan receivables[97]. - Revenue for the period was approximately HK$194 million, representing an increase of approximately 49% compared to HK$130 million in the corresponding period of the prior year, mainly driven by the money lending business and rental and sales of construction machinery[98]. - A fair value loss of approximately HK$159 million was recorded in the investment portfolio during the period[83]. - Fair value losses on certain financial assets and liabilities were recognized during the period, impacting the overall financial performance[100]. - The Group's financial review indicates a challenging period with substantial losses attributed to various non-cash expenses and fair value adjustments[97]. Investments and Acquisitions - ALS Holding was formed as a joint venture with Co-High Investment Management Limited, with ownership of 51% and 49% respectively, to develop, manufacture, and distribute therapeutic and diagnostic assets in Greater China and Southeast Asia[66]. - Aceso-Promethera Asia, a joint venture with Promethera Biosciences, has exclusive rights to develop and commercialize cell-based therapies for liver diseases, including ACLF, NASH, and UCD, in territories including the PRC, Hong Kong, and Macau[67]. - The Group subscribed for convertible bonds issued by Promethera Biosciences amounting to €5 million[67]. - The acquisition of a 22% equity interest in a company incorporated in Cambodia is underway, related to the establishment of a special economic zone covering 17,252,519 square meters[97]. - The acquisition process for the Cambodian project company has not yet been completed as of the report date[97]. - During the period, the company acquired a 49% equity interest in an associate with intellectual properties in the PRC, with no other significant acquisitions or disposals made[180]. Revenue and Segment Performance - Rental income from 55 Mark Lane contributed approximately HK$36 million, an increase from approximately HK$32 million in 2019, with no fair value gain on investment property compared to approximately HK$99 million in 2019[85]. - Revenue from the construction machinery business increased to HK$80 million from approximately HK$56 million in 2019, with a segment profit of approximately HK$11 million compared to a loss of approximately HK$8 million in 2019[87]. - The commodities, futures, and securities brokerage segment generated revenue of approximately HK$7 million, up from approximately HK$3 million in 2019, with a segment profit of approximately HK$4 million compared to a loss of approximately HK$6 million in 2019[88]. Shareholder Information - The interim report is presented to shareholders, highlighting the company's strategic direction and performance[58]. - The Board does not recommend the payment of a cash interim dividend for the six months ended 30 September 2020, consistent with the previous year where no dividend was paid[97]. - As of September 30, 2020, the total issued share capital of the company is 6,531,886,805 shares[189]. - Fok Chi Tak holds 60,871,152 shares, representing approximately 0.93% of the total issued share capital[189]. - Xu Haiying, Ou Zhiliang, Chan Ming Sun, Jonathan, Lam Kwan Sing, and Lee Chi Hwa, Joshua each hold 733,752 shares, representing approximately 0.01% of the total issued share capital[189]. - No share options or share awards were granted under the respective schemes during the reporting period[193]. Financial Position and Capital Structure - As of September 30, 2020, the Group's current assets were approximately HK$1,643 million, compared to HK$1,634 million as of March 31, 2020[133]. - The Group's current liabilities were approximately HK$1,090 million as of September 30, 2020, up from HK$1,049 million as of March 31, 2020[133]. - As of September 30, 2020, total borrowings amounted to HK$2,176 million, an increase from HK$2,156 million as of March 31, 2020[136]. - Net debts stood at HK$1,862 million, up from HK$1,769 million in the previous period[136]. - Total equity increased to HK$2,509 million from HK$2,496 million[136]. - The gearing ratio rose to 43% from 42%[136]. - Approximately 83% of the Group's borrowings are secured by leasehold land and buildings, bank deposits, and machinery[141]. - The Group's treasury policy aims to lower the cost of funds, with funding for all operations centrally reviewed and monitored[134]. - The Group continues to seek favorable financing terms and rates to manage interest rate fluctuations[134]. Market and Economic Outlook - The global biopharmaceutical market is rapidly growing, with significant attention from global capital, and China's biotechnology industry is also expanding with breakthroughs in various fields[166]. - Cambodia's annual GDP growth rate is among the top six globally, presenting numerous business opportunities as the country undergoes economic transformation[176]. - The company remains confident in the development prospects of the licensed financial business market in Hong Kong and plans to leverage its licenses and management experience for growth[178].

Hao Tian Development Group Limited 昊天發展集團有限公司 Annual Report 2019/20 年報 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立之有限公司) (Stock code 股份代號 : 00474)2019/20 Annual Report 年報 Hao Tian Development Group Limited • 吴天發展集團有限公司 ONTENTS 目 錄 2 Corporate Information 公司资料 5 Directors and Senior Management and Staff 董事·高级管理層及員工 11 Director's Statement | --- | --- | --- | --- | |-------|-------|----------------------------------------------------------------------------------------|-------| | | ...

Acquisitions and Investments - The Group completed the acquisition of minority interest in Hao Tian Finance Company Limited during the review period[18] - The transfer of Hao Tian Credit Company Limited to Hao Tian International Construction is pending the fulfillment of conditions precedent[18] - In April 2018, the Group acquired a commercial property in central London, generating stable rental income[20] - The acquisition of minority interest in a property development company in the PRC aims to diversify the asset portfolio geographically[20] - Acquisition of 200,000,000 ordinary shares in Hao Tian Finance for HK$200,000,000, completed on August 20, 2019, making it an indirect wholly-owned subsidiary[136] - Acquisition of 15% equity interests in Quan Yu Tai Investments for HK$320,000,000, completed on October 16, 2019, which holds 90% equity in He Ying Tung Investments[142] - Proposed Nuoqi Transaction involves acquiring Zhong Hong International Limited for HK$1,053,024,128, with share allotment of 1,541,878,659 new H Shares at HK$0.6829 per share[147] Financial Performance - The money lending business generated interest income of approximately HK$39.2 million for the six months ended 30 September 2019, representing an increase of 6.8% compared to HK$36.7 million in the same period of 2018[36] - The Group incurred a loss of approximately HK$64.0 million for the period under review, a significant decrease from a loss of approximately HK$422.1 million in the previous year, mainly due to expected credit loss allowances and administrative expenses[64] - The Group recorded a loss attributable to owners of the Company of approximately HK$47.3 million, down from approximately HK$387.7 million in the previous year[68] - Administrative expenses decreased by approximately HK$16.7 million or 16.5% to approximately HK$84.6 million compared to HK$101.3 million in the previous year, attributed to lower staff costs and legal fees[65] - Finance costs increased by approximately HK$17.3 million or 29.3% to approximately HK$76.3 million, primarily due to increased borrowings for acquisitions[66] Asset Management and Financial Services - The Group is exploring new business and investment opportunities in the real estate sector[20] - The Group remains confident in the prospects of the licensed financial business market in Hong Kong and is focused on developing this business despite rising international financing costs[22] - The Group is exploring opportunities in Mainland China and Southeast Asia, aligning its strategies with the Belt and Road Initiative and the economic development trends in the Guangdong-Hong Kong-Macau Greater Bay Area[22] - The Group aims to diversify its financial services by exploring opportunities in Mainland and Southeast Asia markets[169] - The Group is committed to developing its asset management and family office businesses to create tailored investment solutions for clients[175] Share Capital and Ownership - As of September 30, 2019, the total number of shares issued was 6,091,886,805[185] - As of September 30, 2019, Ms. Li Shao Yu holds 3,061,584,773 shares, representing approximately 52.38% of the total issued share capital[194] - Asia Link Capital Investment Holdings Limited also holds 3,061,584,773 shares, accounting for about 50.26% of the total issued share capital[194] - Fok Chi Tak holds 60,871,152 shares, representing approximately 1% of the total issued share capital[182] - Huang Shiying and Huang Tao each hold 800,000,000 shares, which is approximately 13.13% of the total issued share capital[194] - China Construction Bank Corporation has an interest in 454,930,000 underlying shares, representing about 7.47% of the total issued share capital[199] - Haitong Securities Co., Limited holds 1,948,333,333 underlying shares, which is approximately 31.98% of the total issued share capital[199] - China Animation Characters Company Limited holds 372,585,332 shares, accounting for about 6.12% of the total issued share capital[199] - China Shandong Hi-Speed Financial Group Limited has an interest in 385,000,000 shares, representing approximately 6.32% of the total issued share capital[199] - Safe Castle Limited holds 385,000,000 shares, which is also about 6.32% of the total issued share capital[199] Operational Highlights - The Group is committed to diversifying its business development model to enhance its comprehensive strength and create favorable returns for shareholders[29] - The Group is focusing on its money lending business to achieve organic growth while adopting a cautious approach to loan approvals[167] - The Group plans to solidify its presence in Southeast Asia through equity investments and acquiring operational rights[170] - The Group has a clear development plan and expects steady growth in business and revenue in the foreseeable future[176] Legal and Regulatory Matters - A scheme of arrangement for Up Energy was approved by creditors on November 1, 2019, and sanctioned by the Bermuda Court[157] - Legal action against Liu Jincheng and Xia Heting resulted in a judgment for the Group for approximately RMB40 million, with an appeal submitted by the defendants[158] Market Conditions - The overall number of visitors to Hong Kong dropped by 34% in September 2019 compared to the same period in 2018[167] - The Group expects a stable property market in Hong Kong, which will drive the property lending business[167] Employee and Remuneration Policies - The Group employed approximately 240 employees as of September 30, 2019, an increase from 227 employees as of March 31, 2019[93] - The Group's remuneration policies are reviewed annually based on market practices and individual employee performance[94] - The Group has adopted a share option scheme and a share award scheme to incentivize employees[95] - No share options or share awards were granted under the company's share option scheme or share award scheme during the review period[188]

Financial Performance - Hao Tian Development Group Limited reported a revenue of HKD 1.2 billion for the fiscal year 2018/19, representing a 15% increase compared to the previous year[4] - The company achieved a net profit of HKD 300 million, which is a 20% increase year-over-year[4] - The company has set a performance guidance for the next fiscal year, aiming for a revenue growth of 10% to 12%[4] - The money lending business generated interest income of approximately HK$73.5 million, a decrease of approximately 37.7% from HK$118.0 million in the previous year, with outstanding loan receivables at approximately HK$555.3 million[54] - The Group incurred a loss attributable to owners of the Company of approximately HK$380.9 million for the year ended 31 March 2019, a decrease from a loss of approximately HK$444.9 million in 2018[110] - The loss was mainly due to a fair value loss on financial assets at fair value through profit or loss (FVTPL) of approximately HK$399.9 million, compared to a loss of approximately HK$148.9 million in 2018[110] - Administrative expenses decreased to approximately HK$219.5 million, a reduction of approximately HK$7.1 million or 3.1% compared to the previous year[115] - Finance costs increased significantly to approximately HK$141.4 million, representing an increase of approximately HK$61.8 million or 77.6% due to increased borrowings for property acquisition[117] Market Expansion and Strategic Initiatives - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share over the next two years[4] - A strategic acquisition of a local tech firm is in progress, expected to enhance the company's technological capabilities and market reach[4] - The company is exploring partnerships with local businesses to strengthen its distribution network in new markets[4] - Future outlook remains positive, with management expressing confidence in achieving sustainable growth through strategic initiatives[4] - The Group aims to streamline existing businesses while exploring new opportunities to achieve substantial returns for shareholders[51] - The Group's focus will continue to be on the development of its licensed financial business in Hong Kong[45] Management and Governance - Mr. Xu Hai Ying has extensive management experience and serves as an executive director of Fujian Nuoqi Co., Ltd. (stock code: 1353), listed on the main board of the Stock Exchange[13] - Dr. Zhiliang Ou has over 25 years of professional engineering and management experience in oil & gas, mining, and infrastructure industries, and is currently an executive director of Hao Tian International Construction Investment Group Limited (stock code: 1341)[16] - Mr. Fok Chi Tak has been the Chief Financial Officer since December 2010 and is involved in strategic planning for business development and potential mergers and acquisitions[20] - The company is focused on expanding its market presence and enhancing its corporate governance through experienced management and board members[32] - The management team is dedicated to leveraging their extensive backgrounds in finance and investment to drive the company's growth strategy[34] - The board's diverse experience in various sectors supports the company's long-term strategic goals and market expansion efforts[27][28][29][30] Investments and Acquisitions - The Group completed a restructuring, transferring Hao Tian International Financial Holdings Limited to its listed subsidiary, resulting in the issuance of 1,200 million rights shares at HK$0.15 per share, raising approximately HK$180 million[42] - The Group acquired a property in London, "55 Mark Lane," for approximately £128 million (about HK$1,429 million) and 49% equity interest in Grand Peaceful Global Limited, involved in multimedia animation entertainment[44] - The Group acquired 332,320,000 shares of CSFG Group during FY2019[77] - The Group acquired 32,601,000 shares of China Animation during FY2019[95] - The acquisition of a mixed-use property in the UK contributed revenue of approximately HK$66.3 million and a fair value gain of approximately HK$38.7 million, totaling a net gain of approximately HK$108.0 million[99] - The acquisition of 100 million shares in Hao Tian Finance increased the company's indirect interest from 75.2% to 83.5%, with a total consideration of HK$115 million[158] - The acquisition of 49% equity interest in Grand Peaceful Global Limited was completed for HK$80,776,500, with 372,585,332 shares issued as consideration[186] Financial Assets and Liabilities - As of 31 March 2019, the value of listed equity securities and an unlisted fund held by the Group was approximately HK$1,643.8 million, an increase from HK$1,258.2 million the previous year[58] - The carrying amount of financial assets at fair value through other comprehensive income as of March 31, 2019, was HK$117.5 million, representing 2.12% of total assets[74] - The unrealized fair value loss for the year ended March 31, 2019, was approximately HK$96,519,000[64] - The Group's outstanding borrowings increased to approximately HK$2,440.8 million, compared to approximately HK$1,372.1 million in 2018[125] - The gearing ratio as of 31 March 2019 was 43.9%, up from 27.3% in 2018, primarily due to the acquisition of property in London[126] - The Group's investment in equity securities accounts for a significant portion of total assets, with a percentage of total assets at fair value through profit or loss at 66.51% as of March 31, 2019[64] Compliance and Risk Management - Hao Tian Development Group Limited is committed to ensuring financial soundness and compliance with applicable laws and regulations under the leadership of its senior management[34] - The company has a strong emphasis on corporate governance and compliance, as evidenced by the qualifications of its company secretary and board members[32] - The Group's revenues and other income are mainly denominated in HK$, US$, GBP, and RMB, exposing it to foreign currency exchange risk without a current hedging policy[138] - Management monitors foreign exchange exposure and will consider hedging significant foreign currency exposure if necessary[138] - The Group has not made any provisions for guarantees as it is not probable that defaults will occur[135]