香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Sinostar Group Company Limited 中國華星集團有限公司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） 綜合損益及其他全面收益表 截至二零二五年三月三十一日止年度 | | | | | | | | | | | | | 二零二五年 | | 二零二四年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 附 | | | | 千港元 | 註 | | 千港元 | | | 收 益 | | | | | | | 4 | | 19,855 | 31,917 | | | | | | 銷售成本 | | | | | | | | | | (26,062) | | ...

SIN◇STAR SIN〈中國華星 2024/2025 中期業績報告 做HKEX時，請插入01 inside front 2 公司資料 4 簡明綜合財務狀況表 6 簡明綜合現金流量表 17 管理層討論與分析 做HKEX時，請插入01 inside front | --- | --- | |--------------------------------------------|-----------------------------------------------------------------------| | 董事局 | 主要往來銀行 | | 執行董事 | 香港上海滙豐銀行有限公司 | | 王晶（主席） 王星喬（行政總裁） | 律師 | | 趙爽（自二零二四年十一月十五日起辭任） | 樂博律師事務所有限法律責任合夥 | | 非執行董事 | 香港股份過戶登記分處 | | 趙洪霞（自二零二四年十一月十五日起獲委任） | | | 獨立非執行董事 | 卓佳秘書商務有限公司 香港 | | | 夏慤道 16 號 | | 蘇波 | 遠東金融中心 17 樓 | | 唐生智 | | | 曾冠維 | 股份過戶登記總 ...

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 14,740,000, a decrease of 34.5% compared to HKD 22,397,000 for the same period in 2023[2] - Gross profit for the same period was HKD 2,775,000, down 33.3% from HKD 4,160,000 in 2023[2] - The company reported a loss before tax of HKD 3,442,000, compared to a loss of HKD 1,763,000 in the previous year, indicating a significant increase in losses[2] - Total comprehensive income for the period was HKD 4,232,000, a recovery from a loss of HKD 20,420,000 in the same period last year, primarily due to foreign exchange gains[2][6] - The company’s basic and diluted loss per share for the period was HKD 1.69, compared to HKD 1.17 in the previous year, reflecting worsening financial performance[2] - The company reported a total loss before tax of HKD 3,422 thousand for the six months ended September 30, 2024, compared to a loss of HKD 1,763 thousand for the same period in 2023[20] - The company incurred an administrative expense of approximately HKD 5,002,000, maintaining a similar level to HKD 4,751,000 for the six months ending September 30, 2023[53] - Financial costs amounted to approximately HKD 1,445,000, an increase of about 16% from HKD 1,251,000 in the same period last year, attributed to refinancing and bond obligations[53] - The company reported a loss of approximately HKD 3,588,000 for the six months ending September 30, 2024, an increase of about 44% compared to a loss of HKD 2,495,000 for the same period in 2023[53] Revenue Breakdown - Revenue from property development and sales for the six months ended September 30, 2024, was HKD 11,041 thousand, a decrease of 40.1% compared to HKD 18,442 thousand for the same period in 2023[15] - Revenue from hydropower operations for the six months ended September 30, 2024, was HKD 2,969 thousand, a decrease of 0.5% compared to HKD 2,941 thousand for the same period in 2023[15] - The revenue from property management for the six months ending September 30, 2024, was approximately HKD 612,000, a decrease of 14% from approximately HKD 713,000 for the same period in 2023, resulting in a classified loss of about HKD 48,000[63] - The revenue from property investment for the six months ending September 30, 2024, was approximately HKD 612,000, a decrease of 14% from approximately HKD 713,000 for the same period in 2023, resulting in a classified loss of about HKD 48,000[63] - The clean and renewable energy business generated revenue of approximately HKD 2,969,000 for the six months ending September 30, 2024, with a classified profit of about HKD 419,000, compared to approximately HKD 2,941,000 and HKD 688,000 for the same period in 2023[66] Cash Flow and Liquidity - Cash and cash equivalents at the end of the reporting period increased to HKD 8,495,000 from HKD 4,500,000, reflecting a positive cash flow trend[8] - The net cash generated from operating activities was HKD 2,251,000, a decrease from HKD 12,273,000 in the previous year, indicating a decline in operational efficiency[8] - As of September 30, 2024, the bank balance and cash amounted to approximately HKD 8,495,000, an increase of about 86% from approximately HKD 4,571,000 on March 31, 2024, primarily due to the appreciation of the RMB[67] - The current ratio as of September 30, 2024, was 3.24, slightly up from 3.19 on March 31, 2024, reflecting a strong liquidity position[67] Assets and Liabilities - The company's total assets less current liabilities amounted to HKD 200,821,000, an increase from HKD 196,826,000 as of March 31, 2024[4] - Trade receivables increased to HKD 40,782,000 from HKD 34,629,000, indicating a rise in credit sales or delayed collections[4] - Trade receivables as of September 30, 2024, totaled 14,111,000 HKD, with 13,894,000 HKD overdue for more than 90 days[32] - Other borrowings amounted to 21,096,000 HKD as of September 30, 2024, compared to 20,493,000 HKD as of March 31, 2024[38] - The company issued bonds with a principal amount of 6,760,000 HKD as of September 30, 2024, down from 6,960,000 HKD as of March 31, 2024[40] - The debt-to-asset ratio as of September 30, 2024, was 0.14, consistent with the ratio on March 31, 2024, indicating stable financial management[67] Market Conditions and Future Outlook - The overall market atmosphere remains weak, with national real estate development investment decreasing by 10% year-on-year to approximately RMB 786.8 billion for the period from January to September 2024[52] - The sales amount for commercial housing in China decreased by 23% year-on-year to approximately RMB 688.8 billion, with residential sales down by 24%[52] - The company remains optimistic about the development of the Chinese real estate market and plans to enhance its existing project investment portfolio to create better performance[62] - The BaGua City projects are significant components of the only Tai Chi BaGua City restoration project in China, expected to bring continuous growth and improve future business performance[60] Corporate Governance and Strategy - The board of directors decided not to declare an interim dividend for the six months ended September 30, 2024[78] - The group did not engage in any significant acquisitions or disposals during the six months ended September 30, 2024[74] - The group plans to enhance its product brand and industry positioning while continuing to maintain a cautious investment strategy[81] - The group will continue to seek potential opportunities across different industries and business areas[77] - The audit committee reviewed the group's interim performance for the six months ended September 30, 2024[87] Compliance and Reporting - The company did not apply any new accounting standards or interpretations that have not yet come into effect during the current accounting period[13] - The company adopted new and revised Hong Kong Financial Reporting Standards effective from the current period, which did not have a significant impact on the financial statements[12] - The interim report for the six months ending September 30, 2024, will be published on the Hong Kong Stock Exchange and the company's website[88] - The report will include all information required by the listing rules[88] - The announcement is made by the executive director and CEO, Wang Xingqiao[88]

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Financial Performance - For the fiscal year ending March 31, 2024, the company reported revenue of HKD 31,917,000, an increase of 34.4% compared to HKD 23,764,000 in 2023[2]. - The cost of sales for the same period was HKD 26,062,000, resulting in a gross profit of HKD 5,855,000, up from HKD 3,413,000 in the previous year[2]. - The company incurred a loss before tax of HKD 17,660,000, significantly improved from a loss of HKD 51,165,000 in 2023[2]. - The total comprehensive loss for the year was HKD 35,178,000, compared to HKD 78,828,000 in the prior year, indicating a reduction in overall losses[2]. - Basic and diluted loss per share improved to HKD (8.73) from HKD (24.06) year-over-year[2]. - The group reported a net loss of approximately HKD 18,589,000 for the fiscal year ending March 31, 2024, a decrease of about 64% compared to a net loss of approximately HKD 51,210,000 for the fiscal year ending March 31, 2023[83]. - The annual loss for the year ending March 31, 2024, was HKD (18,589,000), a significant improvement from the loss of HKD (51,210,000) in the previous year, indicating a reduction in losses by approximately 63.7%[167]. Assets and Liabilities - The company's total assets decreased to HKD 196,826,000 from HKD 231,767,000, while total liabilities also decreased, indicating a potential improvement in financial stability[27]. - Total assets amount to HKD 307,229,000, with unallocated company liabilities of HKD 41,719,000[43]. - Total liabilities as of March 31, 2023, amounted to HKD 75,462 million[60]. - The group reported a total revenue of HKD 31,917,000 for the year ending March 31, 2024, compared to HKD 23,764,000 for the previous year, representing a year-over-year increase of approximately 34.4%[160]. - As of March 31, 2024, the debt-to-equity ratio was 0.14, compared to 0.13 in 2023, indicating a slight increase in leverage[94]. - Total borrowings amounted to approximately HKD 20,493,000, down from HKD 21,716,000 in 2023, while bonds payable decreased to HKD 6,960,000 from HKD 8,282,000[96]. Revenue Streams - Revenue from property development reached HKD 25,833,000, while total revenue across all segments was HKD 31,917,000[57]. - The company reported a property development and sales revenue of HKD 25,833,000, which is an increase from HKD 13,392,000 in the previous year, reflecting a growth of approximately 93.2%[160]. - Revenue from property investment was approximately HKD 1,326,000, an increase of 8% from approximately HKD 1,226,000 for the fiscal year ending March 31, 2023[89]. - The company’s revenue from property management increased to HKD 655,000 from HKD 569,000, marking a growth of approximately 15.1%[160]. - Revenue from clean and renewable energy operations decreased by 52% to approximately HKD 4,103,000, down from HKD 8,577,000 in 2023, due to reduced power generation[121]. Operational Strategies - The company is actively communicating with main contractors and local government agencies to initiate the pre-sale of properties under development, which may enhance future cash flow[16]. - The group aims to accelerate the pre-sale and sale of its properties under development[52]. - The group has implemented cost control measures to improve future profitability and enhance operational cash flow[34]. - The group is exploring options to raise sufficient funds to repay loans and bonds, or negotiate extensions with lenders if necessary[52]. - The group is focused on improving cash flow by recovering outstanding trade receivables[35]. Corporate Governance and Compliance - The company has adopted all corporate governance code provisions as of March 31, 2024[133]. - The independent auditor's report indicated significant uncertainty regarding the group's ability to continue as a going concern[140]. - The company has no taxable profits for the years ending March 31, 2023, and March 31, 2024, resulting in no provisions for Hong Kong profits tax[67]. Future Outlook - The group remains optimistic about the Chinese real estate development industry and plans to align with national policies to capture potential market opportunities[88]. - The group plans to enhance its property management services following the completion of the Bagua City Project, aiming to establish a professional property management team[90]. - The group will continue to invest in renewable energy, believing it will bring sustainable long-term benefits and revenue[93]. - The group aims to diversify its business model and enhance its revenue streams to improve overall performance and outlook[93].

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 22,397,000, a significant increase of 119.5% compared to HKD 10,203,000 for the same period in 2022[7] - Gross profit decreased to HKD 4,160,000, down 40.3% from HKD 6,956,000 year-on-year[7] - The company reported a loss before tax of HKD 1,763,000, an improvement from a loss of HKD 25,762,000 in the previous year[7] - Total comprehensive loss for the period was HKD 20,420,000, compared to HKD 63,226,000 for the same period last year, indicating a reduction in losses[7] - The company reported a basic and diluted loss per share of HKD 1.17, an improvement from HKD 12.19 in the same period last year[7] - For the six months ended September 30, 2023, the group recorded revenue of approximately HKD 22,397,000, an increase of about 120% compared to approximately HKD 10,203,000 for the same period in 2022[48] - The group recorded a loss of approximately HKD 2,495,000 for the six months ended September 30, 2023, a decrease of about 90% compared to a loss of approximately HKD 25,952,000 for the same period in 2022[50] Revenue Breakdown - Property development and sales contributed HKD 18,442,000 to the total revenue, up from HKD 4,241,000, reflecting a growth of 335.5%[18] - The total revenue from property management was HKD 301,000, slightly up from HKD 276,000, reflecting a growth of 9.1%[18] - Revenue from property development was derived from the sale of completed properties in the Xiguan project, with total contract sales amounting to approximately HKD 18,442,000, compared to approximately HKD 4,241,000 for the same period in 2022[52] - Revenue from property investment was approximately HKD 713,000 for the six months ended September 30, 2023, an increase of about 17% from approximately HKD 610,000 for the same period in 2022[58] - Revenue from hydropower operations was approximately HKD 2,941,000 for the six months ended September 30, 2023, compared to approximately HKD 5,076,000 for the same period in 2022[61] Expenses and Costs - Administrative expenses significantly decreased to HKD 4,751,000 from HKD 30,226,000 year-on-year, reflecting cost control measures[7] - The cost of sales increased to HKD 17,552,000 from HKD 3,247,000, representing a rise of 441.5%[24] - Financial costs were approximately HKD 1,251,000 for the six months ended September 30, 2023, a reduction of about 52% from approximately HKD 2,602,000 for the same period in 2022[48] Assets and Liabilities - The company's total assets decreased to HKD 214,093,000 from HKD 239,364,000 as of March 31, 2023[9] - The net asset value as of September 30, 2023, was HKD 211,347,000, down from HKD 231,767,000 at the end of the previous fiscal year[9] - As of September 30, 2023, the company had outstanding bonds amounting to HKD 6,764,000, down from HKD 8,282,000 as of March 31, 2023, showing a reduction in debt obligations[41] - As of September 30, 2023, the group's borrowings amounted to approximately HKD 20,404,000, a decrease from HKD 21,716,000 as of March 31, 2023[64] Cash Flow - Cash flow from operating activities increased to HKD 12,273,000, up from HKD 5,231,000 in the prior year[12] - The company had cash and cash equivalents of HKD 4,500,000 at the end of the reporting period, compared to HKD 2,520,000 in the previous year[12] Market Conditions - The company reported that the sales area of commercial housing in China decreased by 8% year-on-year, with sales amounting to approximately RMB 89,070 billion, down 5% compared to the previous year[47] - The real estate development investment in China was approximately RMB 87,270 billion, reflecting a 9% year-on-year decrease, indicating ongoing market challenges[47] - The company’s management noted that the property market in China continues to face downward pressure, with weak demand affecting housing supply and prices[47] Corporate Governance - The company has adopted all provisions of the corporate governance code as per the listing rules, ensuring compliance with governance standards[89] - The audit committee, consisting of three independent non-executive directors, regularly reviews the financial reporting and internal control systems of the group[92] - The company has confirmed compliance with the standard code of conduct for securities trading by all directors for the six months ending September 30, 2023[91] - The board of directors includes executive directors Wang Jing, Wang Xingqiao, Zhao Shuang, and independent non-executive directors Su Bo, Tang Shengzhi, and Zeng Guowei as of September 30, 2023[93] Shareholder Information - Major shareholders include 达荣资本有限公司, holding 51.02% of shares, and Lushan Investment Holding Limited, holding 68.55% of shares[82] - The pledged shares held by Dahong Capital Limited account for approximately 51.02% of the company's issued share capital, totaling 108,591,364 shares[88] - Dahong Capital Limited is wholly owned by Hong Kong Shihua Holdings Limited, which in turn is wholly owned by Liaoning Shihua, with Mr. Wang Jing holding an 82.8% beneficial interest in Liaoning Shihua[84] - Lushan Investment Holding Limited, fully owned by China Huarong International Holdings Limited, holds 145,895,712 shares, representing a significant stake in the company[86] Future Outlook - The group plans to enhance its product brand and industry positioning while maintaining a prudent investment strategy[76] - The group aims to diversify its business segments to enhance and expand its revenue streams for better performance and prospects[76]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Sinostar Group Company Limited 中國華星集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：485） 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 之 中 期 業 績 中期業績 中國華星集團有限公司（「本公司」）董事（「董事」，各自為「董事」）局（「董事局」）欣 然宣佈本公司及其附屬公司（統稱「本集團」）截至二零二三年九月三十日止六 個月之未經審核簡明綜合中期業績（已由本公司審核委員會（「審核委員會」）審 閱）如下： ...

Business Strategy and Market Conditions - The Group's business strategy focuses on diversifying into different sectors to strengthen revenue streams and enhance shareholder value[10] - For the year ended March 31, 2023, the Group faced significant challenges due to a slowing global economy and a difficult property market in the PRC, leading to delays in construction projects[11] - The Group's property development business, which previously contributed significantly to revenue, was adversely affected by the ongoing economic conditions[11] - The PRC government has implemented financial support policies to stabilize loan supply for property developers and support housing loan demand, aiming for sustainable growth in the real estate sector[12] - The Group is confident that its three property development projects in northern PRC will reinforce its market position and meet customer needs[12] Financial Performance - For the year ended March 31, 2023, the Group recorded a revenue of approximately HK$23,764,000, representing a decrease of approximately 39% compared to HK$38,939,000 for the year ended March 31, 2022[26] - The Group recorded a loss of approximately HK$51,210,000 for the year ended March 31, 2023, representing an increase of approximately 191% compared to a loss of approximately HK$17,607,000 for the year ended March 31, 2022[27] - The Group's administrative expenses increased from approximately HK$17,729,000 for the year ended March 31, 2022, to approximately HK$34,588,000 for the year ended March 31, 2023, mainly due to increased marketing and promotion activities[26] - The fair value of investment properties was affected by the overall economy, resulting in a loss on revaluation of approximately HK$16,157,000 for the year ended March 31, 2023, compared to a loss of approximately HK$7,056,000 for the year ended March 31, 2022[26] - The segment loss for properties investment increased from approximately HK$6,602,000 for the year ended March 31, 2022 to approximately HK$18,369,000 for the year ended March 31, 2023[49] Property Development and Sales - The sales area of commodity housing in China for 2022 was approximately 1,358 million sq.m., representing a decrease of 24% over the previous year, with total sales amounting to approximately RMB13,331 billion, a decrease of 27%[21] - The Group sold approximately 3% of the gross floor area of the Xiguan Project, achieving total contracted sales of approximately HK$13,392,000 for the year ended March 31, 2023[33] - The construction work of Bagua Town Project I has been substantially completed as of March 31, 2023, and sales are expected to commence in mid-2023[34] - The overall property sales in the PRC continued to decline, impacting the construction progress and sales planning of Bagua Town Project I and II[41] - The Group's properties development revenue was primarily derived from the sale of remaining completed properties of the Xiguan Project[28] Renewable Energy Business - The renewable energy business, including two hydroelectric power stations, continues to provide stable income and support environmental sustainability, remaining a core investment for the Group[16] - The revenue from the hydroelectric power business for the year ended March 31, 2023 was approximately HK$8,577,000, an increase of 11% compared to approximately HK$7,704,000 for the year ended March 31, 2022[54] - The segment profit for the hydroelectric power business turned into a loss of approximately HK$288,000 for the year ended March 31, 2023, compared to a profit of approximately HK$3,486,000 for the year ended March 31, 2022[54] Corporate Governance - The Company is committed to maintaining high standards of corporate governance to safeguard shareholder interests and enhance performance[107] - The Board is responsible for establishing the strategic direction of the Group and monitoring its performance[116] - The Company has complied with all Code Provisions during the year ended March 31, 2023, except for specific provisions related to director retirement by rotation[115] - The Board consists of three executive Directors and three independent non-executive Directors, with more than one-third being independent, ensuring independent decision-making[120] - The Company has established a solid framework of corporate governance to ensure business operations align with shareholder interests[107] Shareholder Communication and Engagement - The company maintains open communication with shareholders through various formal channels, including annual reports and general meetings[190] - The Company aims to enhance relationships with investors through open dialogue with institutional investors and analysts[192] - Shareholders holding at least one-tenth of the paid-up capital can requisition a special general meeting[196] - Procedures for requisitioning and proposing items are governed by the Bermuda Companies Act 1981[196][197] Employee and Social Responsibility - The Group has created a supportive working environment for employees and actively engages in social welfare initiatives[1] - The Group had a total of 21 employees as of March 31, 2023, an increase from 16 employees as of March 31, 2022[70] Dividend Policy - The Board does not recommend the payment of a final dividend for the year ended March 31, 2023[81] - The dividend policy aims to balance shareholder interests with prudent capital management, allowing for special dividends in addition to interim and annual dividends[186]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 China Sinostar Group Company Limited 中國華星集團有限公司 （於百慕達註冊成立之有限公司） （股份代號：485） 截 至 二 零 二 三 年 三 月 三 十 一 日 止 年 度 年 度 業 績 年度業績 中國華星集團有限公司（「本公司」）董事（「董事」）局（「董事局」）欣然宣佈本公司 及其附屬公司（統稱「本集團」）截至二零二三年三月三十一日止年度之綜合年 度業績，連同二零二二年之比較數字如下。 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 10,203,000, a decrease of 52.6% compared to HKD 21,480,000 for the same period in 2021[5] - Gross profit for the period was HKD 6,956,000, slightly up by 2.2% from HKD 6,808,000 year-on-year[5] - The company reported a loss before tax of HKD 25,762,000, compared to a loss of HKD 4,643,000 in the same period last year[5] - Total comprehensive loss for the period amounted to HKD 63,226,000, a significant decline from a comprehensive income of HKD 1,529,000 in the prior year[5] - Basic and diluted loss per share was HKD 12.19, compared to HKD 2.18 in the previous year, reflecting a significant increase in losses per share[5] - The company reported a loss of HKD 25,952,000 for the six months ended September 30, 2022, compared to a loss of HKD 4,643,000 for the same period in 2021, resulting in a basic and diluted loss per share of HKD 12.19, up from HKD 2.18[30] Expenses and Costs - Administrative expenses surged to HKD 30,226,000, an increase of 210.5% from HKD 9,728,000 in the previous year[5] - Employee costs, including director remuneration, increased to HKD 905,000, up from HKD 787,000 in the previous year[23] - The company incurred marketing and promotional expenses of HKD 8,660,000, significantly higher than HKD 4,821,000 in the same period last year[23] - The company incurred a financial cost of approximately HKD 2,602,000, a 49% increase from approximately HKD 1,751,000 in the same period of 2021, attributed to refinancing and general corporate borrowing[51] Assets and Liabilities - Non-current assets decreased to HKD 82,543,000 from HKD 95,865,000, reflecting a reduction of 13.8%[7] - Current assets dropped to HKD 241,445,000, down from HKD 316,617,000, indicating a decline of 23.7%[7] - Cash and cash equivalents at the end of the period were HKD 2,520,000, a decrease of 80.2% from HKD 12,673,000 at the beginning of the period[12] - The company’s net asset value decreased to HKD 247,369,000 from HKD 310,595,000, a decline of 20.3%[8] - As of September 30, 2022, the company had borrowings of HKD 21,027,000, down from HKD 23,433,000 as of March 31, 2022, with a fixed annual interest rate of 12%[38] - The group’s debt as of September 30, 2022, was approximately HKD 21,027,000, a decrease from about HKD 40,181,000 as of March 31, 2022[66] Revenue Sources - Property development and sales generated revenue of HKD 4,241,000, down 73.9% from HKD 16,246,000 in the previous year[19] - Hydropower station operation management revenue increased to HKD 5,076,000, up 17.2% from HKD 4,328,000 year-on-year[17] - Revenue from property investment for the six months ended September 30, 2022, was approximately HKD 610,000, a decrease of 2% from about HKD 625,000 for the same period in 2021[60] - The clean and renewable energy business generated revenue of approximately HKD 5,076,000 for the six months ended September 30, 2022, an increase of 17% from about HKD 4,328,000 for the same period in 2021[63] Property Development - The company has three property development projects in China, with revenue from property development primarily derived from the sale of completed properties in the Xiguan project[52] - The Xiguan project, located in Benxi City, Liaoning Province, has a total land area of 46,242.6 square meters and a construction area of 80,462 square meters, with 775 residential units and 30 commercial units[53] - For the Xiguan project, the company sold approximately 1% of the total land area, generating a total contract sales amount of approximately HKD 4,241,000, compared to 4% and HKD 16,246,000 in the same period of 2021[53] - The Baigucheng Project One is expected to begin sales in the last quarter of 2022, with construction essentially completed as of September 30, 2022[55] - The Ba Gua City Project II is located in Benxi City, Liaoning Province, covering an area of approximately 9,188.2 square meters with a construction area of about 14,700 square meters, currently in the preliminary stage of construction[56] - For the six months ended September 30, 2022, property sales significantly declined, leading to a segment loss of approximately HKD 20,602,000, up from about HKD 3,773,000 for the same period in 2021[57] Corporate Governance - The company has adopted all provisions of the corporate governance code as per the listing rules, with compliance noted until September 30, 2022[91] - The board of directors as of September 30, 2022, included three executive directors and three independent non-executive directors[95] - The audit committee has been established and its terms of reference updated to comply with the standard code, ensuring proper internal controls and financial reporting[94] - The company confirmed that all directors complied with the standard code regarding securities transactions during the six months ending September 30, 2022[93] Shareholder Information - As of September 30, 2022, the company’s major shareholder, Daring Capital Limited, holds 108,591,364 shares, representing 51.02% of the issued share capital[84] - Lushan Investment Holding Limited holds 145,895,712 shares, accounting for 68.55% of the issued share capital, with these shares being pledged by Daring Capital Limited[84] - The company’s executive director, Wang Jing, has a beneficial interest in 108,591,364 shares, which is 51.02% of the issued share capital[80] - The pledged shares held by Da Rong Capital Limited accounted for approximately 51.02% of the company's issued share capital as of September 30, 2022[90] Future Outlook - The company anticipates uncertainties and challenges in the post-pandemic era, focusing on enhancing product branding and industry positioning in Northern China[78] - The company aims to diversify its business model to strengthen and expand revenue streams for better performance and outlook[78] - The company maintains a prudent investment and business strategy to navigate future uncertainties[78] - The company’s business strategy includes upgrading product and service quality in Northern China[78] - The company continues to hold a diversified business strategy to enhance its revenue streams[78] Legal and Compliance - The company is currently facing a winding-up petition related to HKD 3,000,000 in bonds, with a hearing scheduled for January 11, 2023[42] - The company has not disclosed any significant events affecting the group after the reporting period[77] - The independent non-executive directors were unable to attend the annual general meeting due to travel restrictions related to the COVID-19 pandemic[92]