Financial Performance - The group recorded revenue from vehicle and battery sales of approximately HKD 2,700,000, a significant increase from HKD 300,000 in the same period last year[11]. - Gross profit was approximately HKD 100,000, with a gross margin of 3.3%, compared to 3.2% in the previous year[11]. - Loss from continuing operations was approximately HKD 38,800,000, reduced from HKD 53,600,000 in the prior year[11]. - The company’s loss attributable to owners was approximately HKD 37,400,000, compared to HKD 51,600,000 in the same period last year[12]. - The company reported a total comprehensive loss of HKD 211,469,000 for the period, compared to HKD 323,458,000 in the prior year, reflecting a 34.6% reduction in losses[85]. - The company reported a loss attributable to shareholders of HKD 37,412,000 for the six months ended September 30, 2019, compared to a loss of HKD 51,556,000 for the same period in 2018, representing a 27.4% improvement in losses[168]. - The company incurred a loss of HKD 1,675,000 from discontinued operations for the six months ended September 30, 2019, compared to HKD 3,051,000 for the same period in 2018, marking a 45.1% decrease in losses[172]. Revenue and Orders - The group has received orders for two smart electric buses to be delivered to the Hong Kong Productivity Council for trial use[16]. - The group is negotiating trial orders for logistics vehicles and buses for export to Europe, with expectations of securing more orders post-trial[17]. - Reported segment revenue for the six months ended September 30, 2019, was HKD 2,675,000, compared to HKD 317,000 for the same period in 2018, representing a significant increase[142]. - Revenue from external customers in China, including Hong Kong, was HKD 2,675,000 for the six months ended September 30, 2019, compared to HKD 317,000 in the previous year[150]. Assets and Liabilities - As of September 30, 2019, total assets amounted to HKD 2,921,537 thousand, a decrease from HKD 3,075,200 thousand as of March 31, 2019, representing a decline of approximately 5.0%[90]. - Non-current assets totaled HKD 2,659,149 thousand, down from HKD 2,821,604 thousand, indicating a decrease of about 5.8%[90]. - Current assets increased to HKD 262,388 thousand from HKD 253,596 thousand, reflecting a growth of approximately 3.1%[90]. - Total liabilities decreased to HKD 149,348 thousand from HKD 155,214 thousand, showing a reduction of about 3.8%[93]. - The net asset value stood at HKD 2,772,189 thousand, down from HKD 2,919,986 thousand, which is a decline of approximately 5.0%[93]. - The company reported a total equity of HKD 2,772,189 thousand, down from HKD 2,919,986 thousand, indicating a decrease of about 5.0%[93]. Cash Flow and Financing - The company raised approximately HKD 32.3 million from the issuance of 330,000,000 new shares at HKD 0.10 per share, with the funds primarily allocated for general operational expenses and the development of electric vehicle business in China[37]. - A subsequent issuance of 670,000,000 shares at HKD 0.11 per share generated approximately HKD 70.6 million, with HKD 31.3 million used for operational expenses and HKD 9.3 million for electric vehicle development[37]. - The company recorded a net cash inflow from investment activities of HKD 97,360 thousand, a significant turnaround from a cash outflow of HKD (5,402) thousand in the previous year[100]. - The company reported a decrease in trade receivables by HKD 982 thousand, compared to a decrease of HKD 9,114 thousand in the previous year[100]. - The company recognized a loss before tax of HKD (39,874,000) for the six months ended September 30, 2019, compared to HKD (54,694,000) in the prior year[142]. Share Capital and Options - The company has unexercised share options totaling 407,500,000 shares as of September 30, 2019[33]. - The company repurchased 155,320,000 shares at a total cost of approximately HKD 17.3 million, representing about 2.18% of the total issued shares, which have since been canceled[42]. - The company has granted stock options totaling 4,900,000 shares to Zhang Ren, which are included in the total shares held[60]. - The total issued and paid-up share capital increased to 7,108,633,200 shares as of September 30, 2019, from 5,366,046,800 shares as of March 31, 2019[199]. Governance and Compliance - The company has adopted the corporate governance code as per the listing rules, ensuring compliance with the principles and provisions[77]. - The company plans to review its governance structure to ensure effective leadership and decision-making processes[77]. - The company has not established any arrangements that would allow directors or their family members to benefit from purchasing shares or bonds of the company or any other entity during the period[57]. Market Outlook - The group remains optimistic about the potential for significant orders from overseas markets in the near future[17]. - The company expects continued growth in the electric bus and vehicle business, driven by global trends towards improving air quality and sustainable economic development[41]. - The demand for calcium sulfate, a key raw material for the chemical and light manufacturing industries, is anticipated to increase due to ongoing urbanization in China and economic growth in ASEAN countries[41].

Financial Performance - The group recorded revenue of approximately HKD 3,000,000 for the year ended March 31, 2019, a decrease from HKD 59,600,000 in 2018, primarily due to a reduction in vehicle and battery sales orders[21] - Gross profit decreased to approximately HKD 200,000, with a gross profit margin of 8.3%, compared to 1.4% in the previous year[21] - The group reported a loss of approximately HKD 177,100,000 for the year, an improvement from a loss of HKD 399,600,000 in the previous year[21] - Administrative and other expenses were reduced to approximately HKD 134,700,000, down from HKD 151,300,000 in 2018[21] - The company's revenue for the fiscal year 2019 was HKD 3,003,000, a significant decrease of 94.9% compared to HKD 59,568,000 in 2018[87] - The pre-tax loss for the year was HKD 179,369,000, an improvement from a loss of HKD 401,838,000 in the previous year, indicating a reduction of 55.4%[87] - The loss attributable to the company's owners for the year was HKD (156,600,000), compared to a loss of HKD (321,900,000) in the previous year, indicating an improvement of about 51%[77] - The total assets as of March 31, 2019, were HKD 3,075,200,000, down from HKD 3,352,073,000 in 2018, reflecting a decrease of 8.2%[88] - The total liabilities increased slightly to HKD 155,214,000 in 2019 from HKD 148,780,000 in 2018, marking an increase of 4.3%[88] - The company reported a loss attributable to owners of the company of HKD 156,625,000 for 2019, compared to HKD 321,861,000 in 2018, a reduction of 51.3%[87] Shareholder Information - As of March 31, 2019, Zhang Ren held 1,175,524,959 shares, accounting for 21.91% of the company's total shares[132] - Major shareholder Zhang Ren holds 1,175,524,959 shares, representing approximately 21.91% of the company's issued share capital[140] - Entrust Limited, controlled by Chen Tuoyu and Xiao Qun, holds 1,382,727,510 shares, accounting for approximately 25.77% of the company's issued share capital[140] - Major shareholder Zhou Jinkai owns 996,980,000 shares, which is about 18.58% of the company's issued share capital[142] - Yicko Finance Limited and its affiliates hold 640,000,000 shares, representing approximately 11.93% of the company's issued share capital[142] - Hong Kong Guoxin Industrial Investment Group Limited, owned by Li Fengmao, holds 740,000,000 shares, which is about 13.79% of the company's issued share capital[149] - Beijing Automotive City Investment Management Limited holds 203,860,000 shares, accounting for approximately 4.59% of the company's issued share capital[153] - The total number of shares held by major shareholders indicates a significant concentration of ownership within the company[140][142][149] Corporate Governance - The company has adopted the corporate governance code as per the listing rules, although it has not fully complied with certain provisions[174] - The board consists of two executive directors, one non-executive director, and three independent non-executive directors, ensuring a balanced structure with diverse knowledge and experience relevant to the group's business[178] - The independent non-executive directors confirmed no transactions were established based on the total agreement during the reporting period[128] - The company has confirmed the independence of its independent non-executive directors as per the listing rules[164] - The board is responsible for leading and monitoring the company, overseeing the group's business, strategic direction, and financial performance[177] - The company has arranged appropriate insurance for all directors[179] - The chairman and CEO positions are held by the same individual, Zhang Ren, which the board believes does not lead to excessive power concentration[174] - The board consists of more than one-third independent non-executive directors, with one possessing appropriate professional qualifications in accounting or related financial management[182] Operational Developments - The group is focusing on developing its proprietary powertrain system, with progress in optimizing control hubs and power efficiency[30] - A strategic cooperation framework agreement was signed with a leading hydrogen fuel cell supplier to develop fuel cell new energy vehicles[30] - The construction of a new production facility with an annual output of 5,000 new energy vehicles and buses is underway, with the first phase expected to be completed within two years[29] - The group aims to leverage its competitive advantages in the evolving smart city landscape, which is anticipated to be a significant global trend[30] - The group believes that the electrification of transportation vehicles or new energy vehicles is an inevitable global trend, with significant growth opportunities in the electric vehicle market[33] Mining Operations - Guangxi Weiri Mining Co., Ltd. holds one of the largest mirabilite mines in China, with an expected increase in demand for sodium sulfate due to ongoing urbanization in China[34] - The cumulative expenditure for land acquisition for factory and road access is approximately RMB 18.5 million, with no significant exploration or production activities conducted at the mirabilite mine during the reporting period[36] - The total mineral resources at the mirabilite mine as of March 31, 2019, amount to 1,346,000 tons, with a controlled resource of 1,248,000 tons and an inferred resource of 98,000 tons[40] - The average sodium sulfate content in the controlled resources is 17.53%, with a total metal tonnage of 236,000 tons[40] - The group has not recognized any impairment losses for the mining assets as the recoverable amount exceeds the carrying value, compared to an impairment loss of approximately HKD 104 million in the previous year[37] - The group is closely monitoring the development of the mirabilite mine and regularly assessing its resources, financial feasibility, and overall status[37] - The group plans to adjust the project timeline to assess the feasibility of certain supporting construction projects before proceeding with any construction activities[36] - The group remains confident in the unique and valuable asset of the mirabilite mine due to its substantial resources, strategic location, and market potential[37] Cash Flow and Financing - The group raised approximately HKD 70,600,000 through the issuance of 670,000,000 new shares at a price of HKD 0.11 per share, with a discount of about 18.88%[53] - The group's cash and bank balances as of March 31, 2019, were approximately HKD 21,700,000, a significant decrease from HKD 92,900,000 in 2018, reflecting a decline of about 76.7%[57] - The group has no bank borrowings as of March 31, 2019, compared to HKD 6,200,000 in borrowings in 2018, resulting in a capital debt ratio of zero[57] - The group is considering various fundraising methods, with share placements seen as an attractive opportunity to enhance liquidity and support future development[50] - The group will closely monitor currency risks and take necessary actions to hedge these risks when deemed appropriate[57] Customer and Supplier Concentration - The group’s major customer and five largest customers accounted for 39% and 85% of trade-related receivables and contract assets, respectively, indicating increased credit risk concentration compared to 30% and 79% in the previous year[80] - The largest customer accounted for 34.0% of total sales, while the top five customers combined represented 88.7% of sales[101] - The largest supplier contributed to 22.1% of total purchases, with the top five suppliers accounting for 53.7% of total purchases[101] Employee and Charitable Contributions - The group employed 154 full-time management and technical staff as of March 31, 2019, down from 239 in the previous year, reflecting a reduction in workforce[64] - Charitable donations made by the company during the year amounted to approximately HKD 41,000, a significant increase from HKD 1,000 in 2018[93]