Financial Performance - The company reported a loss attributable to equity holders of HKD 207 million for the six months ended September 30, 2023, compared to a loss of HKD 51 million for the same period in 2022, representing a significant increase in losses [24]. - The basic and diluted loss per share for the current period was HKD 2.85, compared to HKD 0.71 in the previous year, indicating a deterioration in financial performance [24]. - The group recorded a comprehensive loss of approximately HKD 1,087 million for the year ending December 31, 2021, as per the annual report of Bohua Pacific Group [152]. - The group reported a net fair value loss of financial assets measured at fair value through profit or loss, totaling HKD 176 million, representing 4.00% of total assets [149]. - The group recognized a fair value loss of approximately HKD 55 million on investment properties during the period, compared to a loss of about HKD 9 million in the previous year [164]. Revenue and Income - The group reported a total revenue of HKD 150 million for the six months ended September 30, 2023, compared to HKD 129 million for the same period in 2022, representing a year-on-year increase of approximately 16.3% [51]. - The group’s income from securities brokerage was HKD 71 million for the six months ended September 30, 2023, compared to HKD 48 million for the same period in 2022, reflecting a significant increase of approximately 47.9% [51]. - The financial services segment reported revenue of approximately HKD 2 million for the period, a decrease from HKD 5 million in the previous year, primarily due to a decline in securities brokerage trading volume [99]. - Total revenue for the period was approximately HKD 113 million, a decrease from HKD 161 million in 2022, with sales of construction machinery and spare parts at about HKD 11 million and rental income from construction machinery at approximately HKD 68 million, down from HKD 25 million and HKD 83 million respectively in 2022 [147]. - Financial services income, including lending, asset management, and securities brokerage, decreased by about HKD 14 million due to reduced receivables and lower trading values and volumes in securities [148]. Assets and Liabilities - Total non-current assets as of September 30, 2023, amounted to HKD 3,855 million, a decrease from HKD 4,004 million in the previous period [4]. - The total equity attributable to equity holders decreased to HKD 2,233 million from HKD 2,575 million, reflecting a decline in the company's net worth [8]. - Non-current liabilities totaled HKD 782 million, a decrease from HKD 871 million, suggesting improved financial stability [28]. - The group reported current assets of approximately 1,446 million HKD and current liabilities of about 2,286 million HKD as of September 30, 2023, compared to 2,297 million HKD and 2,855 million HKD respectively on March 31, 2023 [196]. - The group’s total non-current assets were HKD 3,010 million as of September 30, 2023, compared to HKD 3,105 million as of March 31, 2023 [56]. Business Segments and Operations - The company has identified six reportable segments, including asset management and property development, indicating a diversified business model [14]. - The company continues to provide maintenance and transportation services for construction machinery, indicating ongoing operational activities in this sector [35]. - The company is involved in property development projects in Cambodia and Malaysia, with a project in Cambodia covering an area of 17,252,519 square meters [92]. - The group is involved in a residential and commercial mixed-use development project in Malaysia, covering an area of 267,500 square meters, which is still in the initial stage [145]. - The group’s investment in Goodwill International (Holdings) Limited focuses on multiple real estate projects in Hong Kong and China, with dividends expected upon project completion [191]. Credit and Risk Management - The company has adopted a credit policy to manage its lending business, ensuring compliance with applicable laws and regulations [77]. - The company has a dedicated credit officer monitoring its loan portfolio, including regular communication with borrowers regarding their financial status [81]. - The risk management department will alert senior management regarding events such as defaults and recommend appropriate actions [82]. - The group has adopted a comprehensive credit risk policy and established loan approval procedures to manage its lending operations [104]. - The risk management department reviews the risk levels of each loan daily and reports recommendations to senior management, including the CEO and CFO [107]. Shareholder and Market Activities - The company is expanding its shareholder base with Inner Mongolia Yitai Coal Co., Ltd. becoming a major shareholder, which may enhance market confidence and investment opportunities [33]. - The group holds approximately 203 million shares of Bo Wah Pacific International Holdings Limited [124]. - The group holds approximately 13 million shares of Qingdao Bank [127]. - The group holds approximately 29.8 million shares of Huake Intelligent Investment Limited [129]. - The group holds approximately 31 million shares of Asia Energy Logistics Group Limited [133].

Financial Performance - Revenue for the year ended March 31, 2023, was HK$312 million, a slight decrease of 1% from HK$315 million in 2022[6] - Gross profit for the same period was HK$141 million, down 13% from HK$162 million in 2022[6] - Loss before taxation was HK$213 million, significantly improved from a loss of HK$555 million in the previous year[6] - Total comprehensive loss for the year was HK$402 million, compared to HK$570 million in 2022, indicating a reduction of approximately 30%[8] - Loss per share for the year was HK$3.61, an improvement from HK$5.14 in the previous year[8] - Other comprehensive loss after tax was HK$194 million, compared to a gain of HK$26 million in 2022[8] - Fair value losses on investment properties and financial assets at fair value through profit or loss totaled HK$82 million, a significant decrease from HK$510 million in 2022[6] - The Group recorded a loss of approximately HK$208 million for the year, a significant decrease from the loss of approximately HK$596 million in 2022, primarily due to net fair value losses in financial assets[118] - Total revenue for the year was approximately HK$312 million, a decrease of about HK$3 million or 1% from the previous year, primarily due to reduced lending income[160] Assets and Liabilities - Total non-current assets increased to HK$4,004 million in 2023, up from HK$3,997 million in 2022, reflecting a growth of 0.2%[10] - Current liabilities rose to HK$2,855 million in 2023, compared to HK$2,451 million in 2022, marking an increase of 16.5%[12] - Net current liabilities worsened to (HK$558 million) in 2023 from (HK$185 million) in 2022, indicating a decline in liquidity[12] - Total assets increased slightly to HK$6,301 million in 2023 from HK$6,263 million in 2022, representing a growth of 0.6%[10] - Total equity decreased to HK$2,575 million in 2023 from HK$2,827 million in 2022, a decline of 8.9%[14] - Investment properties decreased to HK$1,518 million in 2023 from HK$1,625 million in 2022, a reduction of 6.6%[10] - Cash and cash equivalents decreased to HK$187 million in 2023 from HK$195 million in 2022, a decline of 4.1%[10] - Reserves decreased to HK$1,476 million in 2023 from HK$1,928 million in 2022, a decline of 23.4%[14] Financial Services - Revenue from the financial services business was approximately HK$10 million for the Year, a decrease from approximately HK$16 million in 2022, representing about 3% of the total revenue of the Group[57] - The segment profit for the financial services business was approximately HK$15 million, up from approximately HK$10 million in 2022[57] - The Group's financial services revenue decrease was mainly due to a reduction in the value and volume of transactions in securities brokerage[57] - The Group's financial services segment represented approximately 3% of total revenue, down from approximately 5% in the previous year[57] - The Group plans to continue expanding its financial services business in Hong Kong and Mainland China through organic growth or partnerships[51] Investment and Development - The Group has property development projects in Cambodia and Malaysia, with a special economic zone project in Cambodia covering 17,252,519 square meters, still in preliminary stages due to COVID-19 impacts[89] - The Malaysian property development project is a mixed-use residential and commercial project covering 267,500 square meters, also in preliminary stages due to COVID-19 impacts[89] - The Group's investment property in the UK, 55 Mark Lane, has steady rental income, with no significant fluctuations expected in 2023[49] - Rental income from 55 Mark Lane contributed approximately HK$55 million during the year, down from approximately HK$71 million in 2022, while the fair value loss on investment property was approximately HK$19 million compared to a fair value gain of approximately HK$85 million in 2022[90] Shareholder and Corporate Actions - The total amount paid for share repurchases during the year was HK$9 million, with an average buy-back price of HK$0.168 per share, compared to HK$5 million and HK$0.08 per share in 2022[100] - The Company cancelled 5,040,000 shares during the year, while no shares were cancelled in 2022[101] - The company expressed gratitude to shareholders for their support and aims to streamline existing businesses while exploring new opportunities[49] Risk Management - The company faced various financial risks, including market risk, credit risk, and liquidity risk, as outlined in their financial risk management policies[128] - The company has established a compliance management system to effectively monitor compliance risks associated with its financial services operations[127] - The risk management department monitors the loan portfolio daily, assessing the risk level and reporting to senior management, including the CEO and Financial Controller[70] Loans and Credit Management - The Group's loans receivable amounted to approximately HK$145 million, a decrease from HK$347 million in 2022[60] - The Group recorded interest income from loans receivable of approximately HK$14 million for the year, down from HK$41 million in 2022[60] - The Group granted two loans to independent third parties during the year, with carrying amounts of approximately HK$31 million[60] - The Company offers both secured and unsecured loans, aiming to diversify its loan portfolio to lower concentration risk[68] - The loan approval process involves a designated loan officer and a risk management department that reviews each loan proposal for thorough consideration[70] Administrative and Operational Efficiency - Administrative expenses were HK$123 million, a reduction from HK$146 million in the previous year[6] - The company reported a net cash used in investing activities of HK$120 million, a significant improvement from HK$441 million in the previous year[139] - The company's cash generated from operations was HK$222 million, compared to HK$319 million in the previous year[139] - The management team possesses over 10 years of experience in corporate financing, investments, and banking[74]

Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of HKD 312 million, a slight decrease of 1% from HKD 315 million in the previous year[3]. - The gross profit for the year was HKD 141 million, down 13% from HKD 162 million in the prior year[3]. - The company incurred a loss before tax of HKD 213 million, an improvement from a loss of HKD 555 million in the previous year[3]. - The net loss for the year was HKD 208 million, compared to a net loss of HKD 596 million in the previous year, indicating a significant reduction in losses[3]. - The company reported a basic loss per share of HKD 3.61 in 2023, compared to a loss of HKD 5.14 in 2022[41]. - The company reported a pre-tax loss of HKD 264 million for the fiscal year 2023, an improvement from a loss of HKD 370 million in 2022[167]. - Basic loss per share improved to HKD 3.61 in 2023 from HKD 5.14 in 2022[167]. - The company recorded a tax expense of HKD 5 million in 2023, compared to HKD 2 million in 2022, representing an increase of 150%[181]. Revenue Sources - Revenue from construction machinery and spare parts sales was HKD 225 million, representing 72% of total revenue[79]. - The revenue from property leasing in the UK was HKD 55 million, a decrease from HKD 71 million in the previous year[139]. - The company generated HKD 160 million in rental income from construction machinery, an increase from HKD 128 million[141]. - Total revenue from the sale of properties, plants, and equipment increased to HKD 6 million in 2023 from HKD 1 million in 2022[147]. - The company’s total income from securities brokerage dropped to HKD 48 million in 2023, down from HKD 82 million in 2022[170]. - The company’s total revenue from other income sources was HKD 49 million in 2023, compared to HKD 28 million in 2022[161]. Assets and Liabilities - The company’s total liabilities decreased to HKD 2.4 billion from HKD 2.5 billion in the previous year, reflecting improved financial management[26]. - The company’s equity decreased to HKD 1.5 billion from HKD 1.9 billion, indicating a reduction in shareholder equity[30]. - Total non-current assets amounted to HKD 4,004 million in 2023, slightly up from HKD 3,997 million in 2022[43]. - Current assets totaled HKD 2,297 million in 2023, compared to HKD 2,266 million in 2022, indicating a growth of approximately 1.37%[44]. - The total asset value reached HKD 6,301 million in 2023, a marginal increase from HKD 6,263 million in 2022[45]. - The total liabilities increased to HKD 2,855 million in 2023 from HKD 2,451 million in 2022, reflecting a rise of approximately 16.5%[44]. - The company's net assets decreased to HKD 2,575 million in 2023 from HKD 2,827 million in 2022, representing a decline of about 8.9%[46]. - The company reported a total borrowing of HKD 1,731 million as of March 31, 2023, compared to HKD 1,864 million in 2022, indicating a decrease of approximately 7.1%[193]. - The average interest rate for bank borrowings increased to 6.03% in 2023 from 3.50% in 2022, reflecting a significant rise in borrowing costs[191]. Strategic Plans and Market Opportunities - The company plans to expand its customer base and enhance its corporate finance advisory services, asset management services, and simplify debt issuance services[20]. - The company is exploring opportunities in Cambodia, a market with high growth potential, to capitalize on economic transformation and investment environment[7]. - The company aims to explore quality asset investment opportunities to enhance shareholder value and capital growth potential[6]. - The company plans to continue expanding its service offerings in Hong Kong and the UK markets[76]. Operational Highlights - The company holds licenses to provide various financial services, including securities trading and asset management, under the Securities and Futures Ordinance[52]. - The company has begun evaluating the impact of new and revised Hong Kong Financial Reporting Standards, although significant effects on operations have not yet been determined[34]. - The company executed a bond purchase for HKD 250,848,000 on June 13, 2023, indicating ongoing investment activities[198]. - The company signed an agreement to sell a 49% stake in a joint venture for HKD 2 million on June 26, 2023, reflecting strategic divestment efforts[199]. - The company has identified six reportable segments, including construction machinery and repair services[76]. Expense Management - The company reported a decrease in administrative expenses to HKD 123 million from HKD 146 million year-on-year[3]. - Interest income from lending activities decreased to HKD 14 million from HKD 41 million year-over-year[141]. - The expected credit loss provision for loans decreased to HKD 14 million in 2023 from HKD 23 million in 2022[170]. - The company’s trade payables increased to HKD 13 million in 2023 from HKD 6 million in 2022, marking a 116.7% rise[197]. - The company’s average credit period for trade customers is 0-30 days, with a policy for assessing credit quality before extending credit[186].

Financial Performance - The Group recorded a total revenue of approximately HK$161 million for the Period, a decrease from approximately HK$166 million in 2021[90]. - The revenue for the financial services business was approximately HK$5 million for the Period, a decrease from approximately HK$10 million in 2021, primarily due to a decline in the value and volume of transactions in securities brokerage[55][56]. - Rental income from investment properties was approximately HK$29 million, down from approximately HK$34 million in 2021, with a fair value loss of approximately HK$9 million compared to a gain of approximately HK$129 million in 2021[85]. - The Group incurred a loss of approximately HK$4 million for the Period, significantly improved from a loss of approximately HK$130 million in 2021[89]. - Revenue from money lending, asset management, and securities brokerage decreased by approximately HK$25 million, attributed to a decline in loan receivables and transaction volumes[96]. Investment Activities - A fair value loss of approximately HK$68 million was recorded in the securities investment business during the Period, an improvement from a fair value loss of approximately HK$116 million in 2021[81]. - The Group's investment portfolio included various securities such as listed and unlisted equity securities, unlisted funds, and unlisted debts[81]. - Approximately HK$15 million and HK$30 million of the fair value loss were related to investments in Riverwood Multi-Growth Fund and Tisé Opportunities SPC, respectively[82]. - The Group's investment in Riverwood Fund was redeemed for approximately HK$45 million, resulting in a fair value gain of approximately HK$1 million, with a further fair value loss adjustment of approximately HK$16 million as of September 30, 2022[84]. - The Group recognized a fair value loss of approximately HK$9 million for investment properties, a significant decrease from a gain of approximately HK$129 million in the previous year[146]. Operational Challenges - The Hong Kong economy remained vulnerable due to uneven recovery across sectors, high inflation, and ongoing COVID-19 impacts[44]. - The Group faced challenges from geopolitical tensions and supply chain disruptions, impacting overall business activities[44]. - The construction industry in Hong Kong was affected by COVID-19, but the Group managed to adapt and maintain rental income growth[45]. - The Group's response to COVID-19 included deep cleaning and sanitization of facilities to ensure employee safety[47]. - The Group maintained operations during COVID-19 by implementing precautionary measures, including remote work arrangements and daily COVID-19 testing for employees[47]. Business Strategy - The Group continues to pursue a long-term business strategy of diversifying into financial services, property development, and construction machinery[49]. - The Group's principal activities include securities investment, financial services, asset management, and property leasing, among others[49]. - The Group's focus on government infrastructure projects helped mitigate some of the adverse effects of the pandemic[45]. Financial Position - As of September 30, 2022, the Group's current assets were approximately HK$2,231 million, a decrease from HK$2,266 million as of March 31, 2022[184]. - The Group's current liabilities were approximately HK$2,179 million as of September 30, 2022, down from HK$2,451 million as of March 31, 2022[185]. - Total borrowings decreased to HK$2,709 million as of September 30, 2022, from HK$2,981 million as of March 31, 2022[191]. - The net debts of the Group were HK$2,368 million as of September 30, 2022, compared to HK$2,765 million as of March 31, 2022[191]. - The total equity of the Group was HK$2,696 million as of September 30, 2022, down from HK$2,827 million as of March 31, 2022[191]. Shareholding and Fair Value - The company reported a fair value loss of HK$21 million for the period ending September 30, 2022, representing a 1.97% impact on total assets[103]. - The fair value of financial assets at fair value through profit or loss was reported as HK$522 million as of September 30, 2022[102]. - The company’s shareholding percentage decreased from 15.86% to 14.34% for Bank of Qingdao Company Limited between March 31, 2022, and September 30, 2022[103]. - The company experienced a fair value gain of HK$13 million for the period ending September 30, 2022, which was a 0.22% increase in total assets[103]. - Approximately 98% of the Group's borrowings are secured by investment properties, corporate note receivables, property, plant and equipment, financial assets, and bank deposits[196][197].

Sales and Revenue Performance - The Group recorded an increase in sales of construction machinery and spare parts, as well as rental income from construction machinery during the Year, with an occupancy rate of approximately 85% for rental machineries [70]. - Revenue from sales of construction machinery and spare parts increased to approximately HK$49 million, up from approximately HK$41 million in 2021, driven by increased demand for bored piling accessories [147]. - Rental income from construction machinery rose to approximately HK$128 million, compared to approximately HK$100 million in 2021, due to an increase in government projects leading to improved utilization rates [147]. - Total revenue for the Year was approximately HK$315 million, representing a decrease of approximately HK$31 million or 9% from HK$346 million in 2021, mainly attributed to a decrease in revenue from money lending [146]. - Revenue from money lending, asset management, securities brokerage, and other financial services decreased by HK$71 million or 55%, primarily due to a decline in loan receivable business [149]. Financial Services and Investments - The Group aims to expand its financial services business with a cautious and positive attitude, confident in the prospects of the financial markets in Hong Kong and Mainland China [72]. - Revenue from the financial services business was approximately HK$16 million, representing about 5% of the total revenue, with a segment profit of approximately HK$10 million [90][91]. - The financial services revenue increased due to a rise in the value and volume of transactions in securities brokerage [90]. - The Group holds licenses for various regulated activities under the Securities and Futures Ordinance, including money lending and asset management [89]. - The Group's money lending business is conducted through subsidiaries, adhering to comprehensive policies for loan management [96]. Fair Value Losses and Financial Performance - The Group recorded a fair value loss of approximately HK$510 million in its investment portfolio during the year, compared to a loss of approximately HK$157 million in 2021 [114]. - The Group incurred a loss of approximately HK$596 million for the Year, compared to a loss of approximately HK$348 million in 2021, primarily due to net fair value losses in financial assets of approximately HK$510 million [145]. - The Group recognized a fair value loss of HK$262 million during the Year, reflecting the financial impact of the crisis faced by China Evergrande Group [131]. - The Group experienced a fair value loss of approximately HK$510 million on financial assets at fair value through profit or loss (FVTPL) during the year, compared to a loss of approximately HK$157 million in the previous year [190]. Loans and Credit Management - As of March 31, 2022, the Group's loans receivable amounted to approximately HK$347 million, down from HK$605 million in 2021, with interest income from loans recorded at approximately HK$41 million compared to HK$117 million in 2021 [98]. - During the year, 20 loans totaling approximately HK$309 million were overdue, with interest rates ranging from 8% to 18% per annum, and subsequent settlements amounted to approximately HK$78 million [99]. - The carrying amount outstanding from the five largest borrowers totaled HK$220 million, representing 63% of the total loans receivable, while the largest borrower accounted for HK$77 million, or approximately 22% of the total [100]. - The expected credit loss (ECL) rates for loans receivable ranged from 4% to 58%, depending on the nature and probability of default of the loans [104]. - The Group's credit policy includes thorough assessments of potential borrowers and their assets, ensuring compliance with applicable laws and regulations [106]. Property Development and Investments - The Group has property development projects in Cambodia and Malaysia, with a special economic zone project in Cambodia covering 17,252,519 square meters approved by the Council of Ministers [137]. - The project in Malaysia is a mixed-use development covering 267,500 square meters, still in the preliminary stage due to COVID-19 impacts [139]. - The Group completed the acquisition of 49% equity interests in Kingdom Future Limited for approximately HK$321 million, settled by the allotment of approximately 867 million shares of Hao Tian International Construction Investment Group Limited [122]. - The Group's investment agreement with China Evergrande Group allows for a repurchase option at 1.15 times the total consideration paid by the relevant investor [129]. Compliance and Regulatory Matters - The Group has maintained strict compliance with all relevant laws and regulations, with no objections or investigations regarding the renewal of its money lenders license during the year [112]. - The Group continues to explore new business opportunities while streamlining existing operations to enhance shareholder returns [73]. - The impact of COVID-19 has led to challenges, but the Group remained resilient and focused on its existing businesses [77][78].

Business Operations - The Group's principal activities include money lending, securities investment, and property leasing, among others[60]. - The Group continues to diversify into financial services, property development, and construction machinery businesses[60]. - The Group's strategy includes asset management and provision of repair and maintenance services[60]. - The Group's financial services include commodities, futures, and securities brokerage[60]. - The Group's overall business strategy focuses on resilience and stability amid the ongoing pandemic[53]. - The Group managed to lease out all upper levels of its investment property, 55 Mark Lane in the UK, which are designated for office use[57]. - The Group recorded an occupancy rate of approximately 80% for rental machinery during the period[55]. Financial Performance - The Group's revenue for the Period was approximately HK$166 million, representing a decrease of approximately 14% compared to HK$194 million in 2020, primarily due to a decline in the money lending business[84]. - The Group incurred a loss of approximately HK$130 million for the Period, significantly reduced from a loss of approximately HK$457 million in 2020, attributed to lower expected credit losses and fair value losses[81]. - The allowance for expected credit losses on financial assets was approximately HK$108 million, down from approximately HK$288 million in 2020[81]. - The Group recorded a fair value loss of approximately HK$116 million in its securities investment portfolio during the Period[71]. - Rental income from 55 Mark Lane contributed approximately HK$34 million, a slight decrease from approximately HK$36 million in 2020, while the fair value gain on investment property was approximately HK$129 million, compared to nil in 2020[73]. - Sales of construction machinery and spare parts were approximately HK$24 million, down from HK$26 million in 2020, while rental income from construction machinery increased to approximately HK$60 million from HK$50 million in 2020[76]. - Revenue from asset management, securities brokerage, commodities, futures, and other financial services was approximately HK$10 million, an increase from approximately HK$7 million in 2020, mainly due to enhanced asset management services[78]. Assets and Liabilities - As of June 30, 2021, Imperial Group had net current liabilities of approximately HK$10,162 million and net liabilities of approximately HK$3,092 million[96]. - As of March 31, 2021, Wealthking Group had net current assets of approximately HK$2,162 million and net assets of approximately HK$4,527 million[97]. - As of June 30, 2021, Qingdao Group had net assets of approximately HK$32,290 million[99]. - As of June 30, 2021, International Alliance Group had net current assets of approximately RMB700 million and net assets of approximately RMB1,242 million[101]. - As of June 30, 2021, CEFC Group had net current assets of approximately HK$167 million and net assets of approximately HK$218 million[112]. - The Group's total borrowings amounted to HK$3,232 million as of September 30, 2021, an increase from HK$2,730 million as of March 31, 2021[151]. - The gearing ratio as of September 30, 2021, was 47%, slightly up from 46% as of March 31, 2021[151]. - Approximately 97% of the Group's borrowings are secured by leasehold land and buildings, corporate note receivables, bank deposits, and machinery[157][158]. Employee and Administrative Expenses - As of September 30, 2021, the Group had approximately 167 employees, a decrease from 175 employees as of March 31, 2021[169]. - Administrative expenses increased by approximately 3% to HK$72 million, with staff costs accounting for approximately HK$33 million[122]. - Finance costs decreased by approximately 11% to HK$64 million compared to HK$72 million in the previous year[127]. - The net income tax expense increased to approximately HK$23 million, primarily due to deferred tax related to UK investment properties[129]. - Share-based payment expenses were approximately HK$4 million during the period, down from approximately HK$39 million in the prior period[124]. Shareholding and Corporate Governance - The percentage of shareholdings is calculated based on the monthly return of equity issuers as of September 30, 2021[94]. - The total number of shares held by substantial shareholders indicates a strong concentration of ownership within a few entities[199]. - The company has a significant number of underlying shares held by various shareholders, indicating potential for future market movements[199]. - The data reflects a diverse shareholder base with substantial interests, which may influence corporate governance and strategic decisions[199]. - As of September 30, 2021, Li Shao Yu holds approximately 51.10% of the company's shares[196]. - Asia Link Capital Investment Holdings Limited is a beneficial owner with 3,357,578,773 shares, representing 45.45% of the total issued share capital[198]. - Haitong Securities Co., Limited holds 1,948,333,338 shares, accounting for 26.38% of the total issued share capital[200]. - Huang Shiying and Huang Tao each hold 800,000,000 shares, which is 10.83% of the total issued share capital[198]. - China Construction Bank Corporation has an interest of 454,930,000 shares, representing 6.16% of the total issued share capital[198]. - Liu Yang and Atlantis Capital Group each have interests totaling 748,466,681 shares, which is 10.13% of the total issued share capital[200]. - Dong Zimeng holds 614,192,681 shares, accounting for 8.31% of the total issued share capital[200]. COVID-19 Impact and Response - The Group implemented precautionary measures against COVID-19, including remote work arrangements and regular sanitization[58]. - The Group maintained operations despite challenges posed by the COVID-19 pandemic[53]. - The COVID-19 pandemic is impacting global economic recovery, but the Group is implementing prudent business strategies to explore high-quality asset investment opportunities[179]. Miscellaneous - The Group had no material contingent liabilities as of September 30, 2021[166]. - The Group's revenues and other incomes are primarily denominated in HK$, US$, GBP, and RMB, exposing it to foreign currency exchange risk[167]. - The Group has not made any material acquisitions or disposals during the reporting period[175]. - The Board does not recommend the payment of any interim dividend for the six months ended September 30, 2021, compared to nil for the same period in 2020[171]. - No share options or share awards were granted during the reporting period under the respective schemes[192]. - The Group does not currently have a foreign currency hedging policy but monitors foreign exchange exposure regularly[167]. - The Group recognized an allowance for expected credit losses on financial assets of approximately HK$108 million during the period, a decrease from approximately HK$288 million in the prior period[118].

Company Name Change and Joint Ventures - The company changed its name from "Hao Tian Development Group Limited" to "Aceso Life Science Group Limited" during the year[43]. - A joint venture was formed with Co-High Investment Management Limited to develop, manufacture, sell, and distribute therapeutics and diagnostic assets in Greater China and Southeast Asia[43]. - The Group formed a joint venture, Aceso Life Science Holding Limited, with Co-High Investment Management Limited, to develop and distribute therapeutic and diagnostic assets in Greater China and Southeast Asia[67]. - Aceso Life Science Group established a joint venture, Aceso Life Science Holding Limited, with a 51% stake, focusing on therapeutic and diagnostic assets in Greater China and Southeast Asia[70]. Investment and Development Projects - The company acquired a 22% equity interest in a comprehensive urban development project in Cambodia, which includes a special economic zone of 17,252,519 square meters[45]. - The company invested in a property development project of 267,500 square meters (or 2,879,343 square feet) in Port Dickson, Negeri Sembilan, Malaysia for residential and commercial purposes[45]. - The board believes that the acquisition of the target property aligns with its business strategy and enhances its investment portfolio in the "One Belt, One Road" regions[45]. - The Group acquired a 22% stake in a company registered in Cambodia, which is developing a 17,252,519 square meter economic zone for residential, industrial, and commercial purposes[46]. - The Group acquired a 22% equity interest in CESIZ (Cambodia) Co., Ltd for HK$1,125 million, enhancing its urban complex development portfolio in Cambodia[80]. - The acquisition allows the Group to invest in prime land in Cambodia, enhancing its investment portfolio and market share[85]. - The property development project in Malaysia spans 267,500 square meters and is held under a 99-year lease expiring in 2097[90]. Financial Performance and Challenges - The macro environment remains challenging due to the ongoing COVID-19 pandemic, impacting global and Hong Kong economies[41]. - The Group incurred a loss of approximately HK$348 million for the Year, compared to a loss of approximately HK$278 million in 2020, mainly due to expected credit losses and share-based payments[118]. - Revenue for the Year was approximately HK$346 million, representing an increase of approximately 17% from approximately HK$296 million in 2020, driven by growth in money lending and construction machinery rental and sales[121]. - The Group recorded a fair value loss of approximately HK$157 million in its investment portfolio during the year[100]. - The revenue from asset management, securities brokerage, commodities, futures, and other financial services was approximately HK$11 million, a decrease from approximately HK$19 million in 2020, primarily due to reduced brokerage services[111]. Strategic Focus and Market Opportunities - The life sciences sector experienced rapid growth during the pandemic, driven by increased funding and market opportunities[43]. - The Group is actively exploring investment opportunities to diversify its business and expand its asset portfolio[45]. - The Group's strategic focus includes exploring new business opportunities in life sciences and property development in response to the challenges posed by COVID-19[59]. - The Group aims to develop, distribute, and commercialize global life science assets in Greater China and Southeast Asia to meet substantial medical demand[196]. - The life technology industry presents vast development opportunities, with the Group focusing on innovative drug patents globally[197]. - Cambodia's annual GDP growth rate ranks among the top six in the world, presenting numerous business opportunities for the Group[198]. - The Group is exploring investment opportunities in various sectors in Cambodia to capitalize on the economic transformation[199]. Financial Management and Capital Structure - The Group's current assets were approximately HK$2,026 million, up from approximately HK$1,634 million as of 31 March 2020, while current liabilities were approximately HK$1,096 million, compared to approximately HK$1,049 million in the previous year[156]. - Total borrowings increased to HK$2,730 million as of 31 March 2021, compared to HK$2,156 million as of 31 March 2020[159]. - The Group's net debts amounted to HK$2,527 million, while total equity was HK$3,014 million, resulting in a total capital of HK$5,541 million as of 31 March 2021[159]. - The gearing ratio increased to 46% as of 31 March 2021, compared to 41% as of 31 March 2020[159]. - The Group aims to lower the cost of funds through a centralized treasury policy, monitoring funding for all operations at the Group level[157]. - The management is focused on obtaining favorable financing terms and rates to manage exposure to interest rate fluctuations[157]. Market Conditions and Economic Environment - The stable political environment and favorable tax policies in Cambodia have attracted significant foreign investment, particularly from China[83]. - The bilateral "China-Cambodia Free Trade Agreement" is expected to enhance trade benefits and development opportunities for both nations[83]. - Cambodia's GDP reached US$27 billion in 2019, with a GDP per capita of US$1,643, reflecting a growth rate of over 7% over the past decade[83]. - The ongoing pandemic has prompted the adoption of novel strategies and technologies in clinical trial design, expected to accelerate the bioscience industry[75].

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]