Financial Performance - For the fiscal year ended December 31, 2023, the Group recorded total revenue of approximately HK$121.8 million[19]. - Shareholders' attributable comprehensive net profit was approximately HK$284.9 million, including a fair value gain of approximately HK$74.5 million on investment properties[19]. - Excluding the fair value gain, the shareholders' attributable comprehensive net profit decreased by 40.3% to approximately HK$210.4 million compared to HK$352.6 million in 2022[19]. - Earnings per share for 2023 were 18.2 HK cents, down from 20.3 HK cents per share in 2022[19]. - The Group's revenue for the year ended December 31, 2023, was HK$121.8 million, representing a slight increase of 0.7% compared to HK$120.9 million in 2022[85]. - Profit attributable to equity holders decreased by approximately 10.3% to HK$284.9 million in 2023 from HK$317.6 million in 2022[88]. - The Group's operating profit surged to HK$143.3 million in 2023, a significant increase from HK$23.1 million in 2022[85]. - The adjusted operating profit for the property investment segment was approximately HK$52.4 million for the year ended December 31, 2023, up from approximately HK$48.5 million in the previous year, driven by increased revenue from Kwai Fong Plaza[126]. - The fair value gain on investment properties for 2023 was approximately HK$74.5 million, compared to a loss of HK$35.0 million in 2022[89]. - The Group's cash and bank balances increased by 10.9% to HK$232.5 million as of December 31, 2023, up from HK$209.7 million in the previous year[137]. Financial Costs - The increase in finance costs was HK$279.6 million, representing a rise of 70.6% from HK$163.9 million in 2022[19]. - Financial costs increased to HKD 279.6 million in 2023, up by HKD 115.7 million or 70.6% from HKD 163.9 million in 2022[30]. - Net finance costs rose significantly by 70.6% to HK$279.6 million in 2023, up from HK$163.9 million in 2022, primarily due to increased borrowing costs linked to rising HIBOR rates[89]. - The Group's net finance income increased to HK$0.6 million in 2023 from HK$0.1 million in 2022[180]. Investment Properties - The group maintained a 100% occupancy rate for its investment properties, contributing to stable cash flow[32]. - The Group invested in a diversified retail property portfolio through a joint venture, comprising quality retail space of 2.048 million square feet and over 7,760 parking spaces[33]. - The Group's investment properties in Hong Kong are expected to continue generating stable rental income and investment returns[56]. - The anticipated strong rebound in tourist arrivals is expected to be a key driver of economic growth in Hong Kong[61]. - The Group's investment property portfolio remained diversified, including properties such as Kwai Fong Plaza and Bank of America Tower[149]. - The increase in revenue from the property investment segment was primarily driven by rental agreements related to Kwai Fong Plaza[149]. - The Group's rental rates for investment properties ranged from HK$10.0 psf to HK$79.8 psf as of 31 December 2023, compared to HK$10.0 psf to HK$89.0 psf as of 31 December 2022[116]. - The fair value increase of investment properties was mainly attributed to the recovery of normal economic activities in Hong Kong post-COVID[128]. Market Outlook and Strategy - The property investment market in Hong Kong is expected to present new growth opportunities as the local economy gradually recovers[36]. - The company plans to monitor market demand closely and adjust its property portfolio flexibly to meet the needs of different tenants and investors[36]. - Continuous innovation and proactive efforts are emphasized to seize opportunities and overcome challenges for better performance[36]. - The Group will actively seek new growth opportunities and expand its business areas to respond to market changes and evolving customer demands[61]. - The Group will optimize investment portfolios and enhance property management efficiency to lay a solid foundation for long-term development[61]. - The gradual recovery of local economic activities and ongoing infrastructure development will support Hong Kong's economic recovery[61]. - The Group plans to leverage opportunities from the "Guangdong-Hong Kong-Macao Greater Bay Area" strategy to expand domestic business and enhance synergies with its major shareholder[199]. Operational Efficiency - Other operating expenses decreased by 18.9% to HK$34.7 million in 2023 from HK$42.8 million in 2022[85]. - Income tax expense for 2023 was HK$5.1 million, a decrease of 30.1% from HK$7.3 million in 2022[85]. - The Group focused on maintaining the stability of its existing investment property portfolio and improving its balance sheet during challenging economic conditions[149]. - The Group's liquidity position remains strong, with adequate cash and cash equivalents to meet working capital requirements[183]. Shareholder Value - The Group continues to implement a successful strategy of diversifying its portfolio of investment properties, which has proven effective in 2023[93]. - The Group is confident that its diversification strategy will continue to generate sustainable returns for shareholders in the future[93]. - The Board and management are focused on leveraging competitive advantages to drive core business performance and enhance shareholder value[174]. - The company is committed to enhancing and safeguarding shareholder interests as a primary mission and key to success[200].

Financial Performance - The net profit attributable to equity holders for the year ended December 31, 2023, was approximately HKD 210.4 million, a decrease of approximately HKD 142.2 million or 40.3% compared to HKD 352.6 million for the year ended December 31, 2022[12]. - The comprehensive income for the year totaled HKD 284,607,000, down from HKD 316,048,000, reflecting a decrease of approximately 9.9%[30]. - The profit attributable to equity holders for the year ended December 31, 2023, was approximately HKD 284.9 million, a decrease of about 10.3% compared to HKD 317.6 million for the year ended December 31, 2022[155]. - The earnings per share for the year ended December 31, 2023, was HKD 0.182, down from HKD 0.203 for the year ended December 31, 2022[155]. - The adjusted operating profit for the year ended December 31, 2023, was approximately HKD 52.4 million, compared to HKD 48.5 million for the year ended December 31, 2022[162]. Revenue and Assets - The total revenue for the year ended December 31, 2023, was HKD 121,782,000, an increase from HKD 120,945,000 in the previous year, representing a growth of approximately 0.7%[30]. - The group's total assets as of December 31, 2023, amounted to approximately HKD 9,480.3 million, compared to HKD 8,969.9 million as of December 31, 2022[18]. - The group's total assets increased to HKD 9,226,490,000 as of December 31, 2023, compared to HKD 8,730,135,000 in the previous year, marking a growth of about 5.7%[30]. - The revenue from the property investment segment for the year ended December 31, 2023, was approximately HKD 121.8 million, an increase of 0.7% from HKD 120.9 million for the year ended December 31, 2022[157]. Investment Properties - The group recorded a fair value gain of approximately HKD 74.5 million for investment properties for the year ended December 31, 2023, compared to a fair value loss of approximately HKD 35.0 million for the year ended December 31, 2022[4]. - The capitalization rate for the group's investment properties ranged from 2.50% to 3.90% as of December 31, 2023, compared to 2.75% to 3.90% as of December 31, 2022[4]. - Rental rates for investment properties ranged from HKD 10.0 to HKD 79.8 per square foot as of December 31, 2023, compared to HKD 10.0 to HKD 89.0 per square foot as of December 31, 2022[4]. - Investment properties rose to HKD 3,328,900,000 from HKD 3,251,900,000, showing an increase of approximately 2.4%[30]. Financial Costs and Liabilities - Financial costs increased by approximately HKD 279.6 million for the year ended December 31, 2023, compared to approximately HKD 163.9 million for the year ended December 31, 2022[12]. - The group recorded a net current liability of HKD 5,198,021,000 as of December 31, 2023, which includes loans from intermediate holding companies amounting to HKD 5,370,000,000[36]. - The company had total liabilities of HKD 81,284,000, up from HKD 53,710,000 in 2022, representing a 51.5% increase[128]. Cash and Liquidity - As of December 31, 2023, the group's cash and bank balances totaled approximately HKD 232.5 million, up from approximately HKD 209.7 million as of December 31, 2022[7]. - The group actively reviews and manages its liquidity and financial resources in response to changes in economic conditions and business expansion needs[7]. - The board has prepared cash flow forecasts for the next twelve months, indicating sufficient operational funds to meet financial obligations[37]. - The group maintained a stable cash position and expects its cash and cash equivalents to meet operational funding needs[172]. Share of Profit and Associates - The group's share of profit from associates was HKD 426,300,000, down from HKD 465,626,000, representing a decrease of about 8.4%[30]. - The group recorded a share of profit from the joint venture of approximately HKD 426.3 million for the year ended December 31, 2023, down from HKD 465.9 million for the year ended December 31, 2022[166]. Compliance and Regulatory Changes - The Securities and Futures Commission approved a reduction in the group's regulated activities effective June 6, 2023, impacting its financial services segment[60]. - The group ceased regulated activities under the Securities and Futures Ordinance, specifically Class 1 (securities trading), Class 4 (advising on securities), and Class 6 (advising on corporate finance) during the year[79]. Employee and Operational Management - Employee count decreased to 12 as of December 31, 2023, from 14 in the previous year, reflecting adjustments in workforce management[173]. - The group has ensured compliance with liquidity requirements for its licensed subsidiaries, maintaining sufficient capital to support business operations[196].

Financial Performance - For the six months ended June 30, 2023, the company reported a fair value gain on investment properties of HK$26.3 million, compared to HK$15.7 million for the same period in 2022[25]. - The Hong Kong profits tax for the six months ended June 30, 2023, was HK$2,703, an increase from HK$1,075 in 2022[32]. - The total comprehensive income for the six months ended June 30, 2023, was HK$161,887,000, after accounting for other comprehensive loss of HK$538,000[116]. - The adjusted operating loss for the first half of 2023 was HK$1.4 million, a 30% improvement from a loss of HK$2.0 million in the first half of 2022[173]. - The loss attributable to equity holders decreased by 40% to HK$1.2 million in the first half of 2023, down from HK$2.0 million in the same period of 2022[173]. Assets and Liabilities - Non-current assets increased to HK$31,054,964, up from HK$30,247,236 as of December 31, 2022[26]. - Current assets rose to HK$536,588, compared to HK$512,588 as of December 31, 2022[26]. - Non-current liabilities decreased significantly to HK$10,485,296 from HK$24,137,542 as of December 31, 2022[26]. - Current liabilities increased to HK$14,093,400, compared to HK$383,101 as of December 31, 2022[26]. - As of June 30, 2023, total assets increased to HK$9,241,480,000, up from HK$8,969,946,000 as of December 31, 2022, representing a growth of approximately 3.03%[139]. Cash and Liquidity - The company maintained a strong cash position, with expectations that cash and cash equivalents will be sufficient to meet operational funding needs[36]. - As of June 30, 2023, the Group had total cash and bank balances of approximately HK$223.1 million, an increase from HK$209.7 million as of December 31, 2022[37]. - The Group actively reviews and manages its liquidity position and financial resources, making adjustments based on economic conditions and business development needs[37]. - The Group has no undrawn bank facilities as of June 30, 2023, consistent with the situation as of December 31, 2022[37]. Shareholder Equity - As of June 30, 2023, the total equity attributable to shareholders was HK$3,878,826,000, reflecting a profit for the period of HK$162,425,000[116]. - Shareholders' funds increased to HK$3,878.8 million as of June 30, 2023, up 4.4% from HK$3,716.9 million at the end of 2022[156]. - The Group's retained profits increased to HK$3,036,689,000 as of June 30, 2023, compared to HK$2,874,264,000 at the beginning of the year[116]. Investment Properties - The Group's investment properties continue to provide a stable stream of income, with successful diversification of tenant mix enhancing rental performance during the fiscal period[47]. - The fair value gain from investment properties for the first half of 2023 was HK$26.3 million, compared to HK$15.7 million in the same period of 2022, reflecting a significant recovery in the Hong Kong economy[170]. - The Group's diversified investment property portfolio includes key locations such as Kwai Fong Plaza and Bank of America Tower, contributing to the overall fair value gains[168]. - Rental rates for retail shops increased to HK$61.0 per square foot as of June 30, 2023, up from HK$60.0 per square foot at the end of 2022[177]. Strategic Focus - The company is focused on property investment, which includes retail shops, office buildings, industrial buildings, and car parking spaces for rental income[25]. - The management discussion and analysis section highlights the company's strategic focus on market expansion and new product development[21]. - The Group aims to leverage resources from China Great Wall Asset Management Co., Ltd. to expand its domestic business and enhance synergy effects in the Guangdong-Hong Kong-Macao Greater Bay Area[78]. - The company plans to dispose of its entire equity interest in Shenzhen Great Wall, with expected net proceeds exceeding the net carrying amount of the relevant assets and liabilities[200]. Compliance and Governance - All licensed subsidiaries complied with liquidity requirements under the Securities and Futures (Financial Resources) Rules during the six months ended June 30, 2023[70]. - The Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2023, have been reviewed and comply with applicable accounting standards and regulations[85]. - The Group's financial statements were prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting"[119].

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份內容而產生或因倚賴該等內 容而引致之任何損失承擔任何責任。 * （於百慕達註冊成立之有限公司） 583 （股份代號： ） 截至二零二三年六月三十日止六個月之 中期業績公告 中期業績 * 「 長城環亞控股有限公司（ 本公司」）董事會（「董事會」或「董事」）宣佈本公司及其附屬 公司（統稱「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合中期 業績，連同二零二二年同期之未經審核比較數字如下： 簡明綜合資產負債表 於二零二三年六月三十日 （未經審核） （經審核） 二零二三年 二零二二年 六月三十日 十二月三十一日 附註 港幣千元 港幣千元 ...

Financial Performance - The consolidated net profit attributable to shareholders for the year ended December 31, 2022, was approximately HK$352.6 million, a decrease of 46.8% compared to HK$662.6 million in 2021[20]. - Profit for the year attributable to equity holders decreased by approximately 58.2% to HK$317.6 million from HK$759.7 million in 2021[38]. - Earnings per share for the year was HK$20.3 cents, down from HK$48.5 cents in the previous year, reflecting a 58.2% decrease[38]. - The Group's operating profit fell by 83.6% to HK$23.1 million from HK$141.0 million in 2021[37]. - The share of profits from associates decreased by approximately HK$465.7 million in 2022, representing a 39.8% decline compared to HK$773.5 million in 2021[20]. - The total revenue for the Group was approximately HK$120.9 million, with a net profit attributable to shareholders of approximately HK$317.6 million, including a fair value loss of approximately HK$35.0 million from investment properties[21]. - The Group's revenue for the year ended December 31, 2022, was HK$120.9 million, a slight increase of 0.4% compared to HK$120.4 million in 2021[37]. - Adjusted operating profit increased by 33.6% to HK$57.6 million from HK$43.1 million in the previous year[37]. - The Group recorded a profit attributable to equity holders of HK$317.6 million for the year ended 31 December 2022, down from HK$759.7 million in 2021, indicating a decline of 58.2%[63]. Revenue and Segment Performance - Revenue from the financial services segment decreased by approximately 76.9% to HK$0.3 million, down from HK$1.3 million in the prior year, while losses decreased by 23.1% to HK$4.0 million[10]. - The financial services segment experienced a year-on-year revenue decrease of approximately 76.9%, dropping from HK$1.3 million to HK$0.3 million[49]. - Revenue from the property investment segment for the year ended December 31, 2022, was approximately HK$120.6 million, a slight increase of 1.3% from HK$119.1 million in 2021[107]. - The adjusted operating profit for the property investment segment was approximately HK$48.5 million for the year ended December 31, 2022, an increase of 18.3% from HK$41.0 million in 2021[108]. - There was no revenue derived from asset management for the year ended December 31, 2022, representing a year-on-year decrease of 100%[117]. - The revenue from corporate finance services for the year ended December 31, 2022, was HK$0.3 million, marking a year-on-year increase of 100%[117]. Investment Properties - The Group's investment properties achieved a 100% occupancy rate in 2022, contributing stable rental income from a diversified property portfolio[23]. - The Group's investment properties continue to provide a stable revenue stream, with positive signs of economic recovery in Hong Kong[42]. - The Group's investment properties generated a steady income stream of approximately HK$120.6 million for the year ended 31 December 2022, compared to HK$119.1 million for the previous year, reflecting a 1.3% increase[63]. - The fair value loss on investment properties for the year ended December 31, 2022, was approximately HK$35.0 million, compared to a fair value gain of HK$97.1 million for the previous year[81]. - The revaluation loss on investment properties for the year ended December 31, 2022, was approximately HK$35.0 million, compared to a revaluation gain of approximately HK$97.1 million in 2021[111]. - The Group's diversified investment property portfolio includes several key locations in Hong Kong, such as Kwai Fong Plaza and Central American Bank Centre[132]. Economic Outlook and Future Performance - The economic outlook for Hong Kong in 2023 is expected to rebound significantly, driven by the lifting of quarantine measures for inbound travelers and the resumption of normal cross-border travel with mainland China[25]. - The Group anticipates positive performance in its projects and operations in 2023, supported by the recovery of economic activities post-pandemic[25]. - The Group plans to leverage resources from GWAMCC to expand its domestic business and enhance synergy effects in the Guangdong-Hong Kong-Macao Greater Bay Area[43]. Corporate Governance - The Group is committed to continuous improvement of corporate governance practices to align management interests with those of shareholders[85]. - The Group's corporate governance practices adhere to the principles and code provisions set out in the Corporate Governance Code, ensuring high ethical and business standards[84]. - The Board believes that maintaining strong corporate governance is essential for protecting shareholder interests and enhancing corporate value[82]. - The Board comprises six Directors, including two executive Directors and four non-executive Directors, with independent non-executive Directors representing more than one-third of the Board[138]. - The Company is committed to sound corporate governance practices and compliance with legal and regulatory requirements[156]. - The Board reviews the effectiveness of the internal control system and compliance with the Corporate Governance Code annually[143]. Financial Position and Liquidity - The overall financial and business condition of the Group remains stable despite the challenges posed by the pandemic and economic downturn[23]. - The Group's financial position as of December 31, 2022, reflects a stable operational environment despite challenges posed by the COVID-19 pandemic[89]. - The Group maintained a strong cash position and expects its cash and cash equivalents to be adequate for meeting its working capital requirements[94]. - The Group actively reviews and manages its liquidity position and financial resources in response to changes in economic conditions and business development needs[96]. - As of December 31, 2022, the Group's total cash and bank balances were approximately HK$209.7 million, a decrease of 36.4% from HK$329.6 million as of December 31, 2021[96]. - The Group's gearing ratio increased to 57.2% as of December 31, 2022, compared to 56.5% as of December 31, 2021, primarily due to an increase in loans from an intermediate holding company[96]. Gender Diversity and Board Composition - As of December 31, 2022, the Group had a total of 14 employees, comprising 8 females and 6 males, resulting in a female-to-male ratio of 1.33:1[164]. - The gender ratio in senior management is 1:1, reflecting the Group's adherence to gender equality principles[164]. - The Company aims to avoid a single-gender workforce and will review gender diversity in accordance with business development when appropriate[190]. - The Board has set measurable objectives, including at least one-third of the Board being independent non-executive Directors and at least one female Director, which were fulfilled in 2022[186]. - The Nomination Committee is responsible for leading the process for Board appointments and ensuring a balance of skills, experience, and diversity[172]. - The Company believes that gender diversity enhances business development and is a key factor in selecting suitable successors for the Board[187].

Financial Performance - The Group's revenue for the six months ended June 30, 2022, was HK$56.3 million, representing a 7.4% increase compared to HK$52.4 million for the same period in 2021[12]. - Adjusted operating profit increased by 61.1% to HK$26.1 million, up from HK$16.2 million in the previous year[12]. - Profit attributable to equity holders decreased by 66.5% to HK$138.1 million, down from HK$412.3 million for the same period in 2021[16]. - Earnings per share for the six months ended June 30, 2022, was HK8.8 cents, a decrease from HK26.3 cents in the same period of 2021[16]. - The Group reported a profit before income tax of HK$139.1 million, a decline of 66.4% compared to HK$413.4 million in the previous year[12]. - The share of profits of associates was HK$168.9 million, down from HK$435.4 million in the previous year, reflecting a 61.2% decrease[12]. - The Group's operating profit for the period was HK$42.3 million, down from HK$51.4 million in the same period of 2021, representing a decrease of 17.7%[12]. - Excluding the revaluation gain of investment properties, profit attributable to equity holders was HK$122.4 million, down 67.5% from HK$377.1 million in the prior year[19]. - The total profit for the period was HK$138,059,000 for the six months ended June 30, 2022, down from HK$412,293,000 in 2021[187]. Investment Properties - The fair value gain on investment properties contributed significantly to the profit for the period[16]. - The Group's investment properties contributed approximately HK$56.0 million in stable income for the six months ended June 30, 2022, compared to HK$52.4 million in the same period last year, representing a 7.4% increase[26]. - Fair value gain of investment properties decreased by 55.4% to HK$15.7 million for the six months ended June 30, 2022, down from HK$35.2 million in the previous year[27]. - The fair value of investment properties increased to HK$3,300,500,000 as of June 30, 2022, up from HK$3,282,500,000 as of December 31, 2021, indicating a fair value gain of HK$15,740,000 for the first half of 2022[193]. - The net book value of investment properties was HK$3,300,500,000 as of June 30, 2022, reflecting the company's ongoing investment strategy[193]. - The capitalization rates for investment properties ranged from 2.65% to 3.80% as of June 30, 2022, compared to 2.65% to 3.90% at December 31, 2021[27]. - Rental rates for investment properties were HK$10.0 psf to HK$95.0 psf as of June 30, 2022, unchanged from the previous period[27]. Financial Services - The financial services segment recorded a year-on-year increase in revenue due to a higher number of corporate finance projects in the first half of 2022[32]. - The financial services segment generated revenue of HK$0.3 million in the first half of 2022, a sharp increase from no revenue in the same period of 2021, due to an increase in corporate finance projects[53]. - Reportable segment net profit for the property investment segment was HK$38,229,000, while the financial services segment reported a net loss of HK$2,002,000, resulting in a total net profit of HK$36,227,000 for the six months ended June 30, 2022[183]. Cash Flow and Liquidity - The Group's cash and bank balances increased to approximately HK$346.4 million as of June 30, 2022, compared to HK$329.6 million as of December 31, 2021, reflecting a 5.1% increase[61]. - Net cash generated from operating activities for the six months ended June 30, 2022, was HK$24.0 million, compared to HK$22.3 million for the same period in 2021[68]. - Net cash generated from investing activities for the six months ended June 30, 2022, was HK$19.2 million, significantly higher than HK$5.4 million for the same period in 2021, mainly due to dividend income from an associate[69]. - Net cash used in financing activities for the six months ended June 30, 2022, was HK$8.9 million, a decrease from HK$11.0 million for the same period in 2021, mainly due to a reduction in interest paid from HK$8.2 million to HK$7.1 million[74]. - The Group has maintained compliance with liquidity requirements under the Securities and Futures (Financial Resources) Rules for all licensed subsidiaries during the reporting period[65]. Corporate Governance - The Company adheres to corporate governance standards to safeguard shareholder interests and enhance corporate value[86]. - The Company complied with applicable principles of the Corporate Governance Code, with minor deviations explained in the report[88]. - The Audit Committee comprises two independent non-executive Directors and one non-executive Director, ensuring a majority of independent members[96]. - All Directors confirmed compliance with the Model Code for securities transactions throughout the six months ended June 30, 2022[106]. - The Company has adopted stringent written guidelines for securities transactions by employees likely to possess unpublished inside information[108]. Employment and Dividends - As of June 30, 2022, the Group had a total of 15 employees, down from 18 employees as of June 30, 2021[75]. - The Company has resolved not to declare any interim dividend for the six months ended June 30, 2022, consistent with the previous year where no dividend was declared[78]. Shareholder Information - As of June 30, 2022, China Great Wall Asset Management Co., Ltd. holds 1,174,018,094 shares, representing 74.89% of the issued share capital[135]. - Central Huijin Investment Ltd. owns 155,000,000 shares, accounting for 9.89% of the issued share capital[135]. - The percentage of the Company's Shares held by the public exceeded 25% of the total issued Shares as of the date of the Interim Report[99].

Financial Performance - For the year ended December 31, 2021, the Group recorded total revenue of approximately HK$120.4 million and a consolidated net profit attributable to shareholders of approximately HK$759.7 million, including a fair value gain on investment properties of approximately HK$97.1 million[11]. - Excluding the exceptional item, the consolidated net profit attributable to shareholders amounted to approximately HK$662.6 million, representing an increase of 544.7% compared to a consolidated net loss of HK$149.0 million in 2020[12]. - The significant increase in share of profits of associates was approximately HK$773.5 million in 2021, reflecting an increase of 1,245.2% compared to HK$57.5 million in 2020[12]. - Earnings per share was HK$48.5 cents in 2021, based on a weighted average of 1,567,745,596 shares in issue, compared to a loss per share of HK$20.4 cents in 2020[12]. - The Group's operating profit for the year ended December 31, 2021, was HK$141.0 million, a turnaround from an operating loss of HK$208.4 million in 2020[68]. - Profit attributable to equity holders for the year ended December 31, 2021, was approximately HK$759.7 million, representing a significant increase of approximately 337.7% compared to a loss of HK$319.6 million in 2020[71]. - The net profit attributable to equity holders, excluding revaluation gains, was approximately HK$662.6 million for 2021, a year-on-year increase of approximately 544.7%[72]. - The fair value gain on investment properties for the year ended December 31, 2021, was approximately HK$97.1 million, compared to a loss of HK$170.6 million in 2020[72]. - The Group's total revenue decreased by 7.5% to HK$120.4 million for the year ended December 31, 2021, down from HK$130.2 million in the previous year, primarily due to a decrease in revenue from the financial services segment[79]. Property Investment - The property investment segment generated segment operating revenue of HK$119.1 million during the year, maintaining satisfactory occupancy rates despite the impact of COVID-19[13]. - The Yue King Building, which had been vacant since 2018, was successfully leased to Pine Care Group and is anticipated to officially operate in 2022[13]. - The Group's investment properties in Hong Kong include Kwai Fong Plaza, certain floors of the Bank of America Tower, and Sea View Estate, contributing stable rental income[13]. - The fair value of the investment properties was adversely affected by the COVID-19 outbreak, yet the properties continued to generate income[13]. - The property investment segment generated revenue of approximately HK$119.1 million in 2021, up 14.4% from HK$104.1 million in 2020, primarily due to new rental agreements[95]. - The investment properties contributed a steady income stream of approximately HK$119.1 million for the year ended December 31, 2021, compared to HK$104.1 million for the year ended December 31, 2020[79]. - The Group maintains a diversified investment property portfolio in Hong Kong, including properties such as Kwai Fong Plaza and Bank of America Tower[79]. - The Group's diversified retail portfolio in Hong Kong totals 2.048 million sq. ft. of prime retail space and includes over 7,760 parking spaces, enhancing its retail presence[19]. Financial Services - Revenue from the financial services segment decreased by approximately 95.0% from HK$26.1 million to HK$1.3 million, with a loss of HK$5.2 million compared to a profit of HK$1.2 million in the previous year[18]. - The adjusted EBITDA for the financial services segment was a loss of HK$5.1 million in 2021, compared to a profit of HK$2.7 million in 2020[105]. - Revenue from asset management and advisory services for the year ended 31 December 2021 was HK$1.3 million, a year-on-year decrease of 94.9% from HK$25.7 million in 2020[108]. - There was no revenue from corporate finance services for the year ended 31 December 2021, representing a 100% decrease from HK$0.2 million in 2020[108]. - The Group continues to explore opportunities to develop its financial services segment despite a year-on-year decrease in revenue due to market volatility[86]. Management and Governance - The Group successfully executed its strategic objectives in 2021, as reported by the Chairman[10]. - The Group's management remains confident in the long-term economic fundamentals and prospects of Hong Kong despite current challenges[24]. - The company has a strong management team with members holding advanced degrees and significant industry experience, enhancing its strategic decision-making capabilities[39]. - The company is focused on expanding its market presence and exploring new investment opportunities to drive growth[40]. - The management team emphasizes the importance of innovation in product development and technology to maintain competitive advantage[41]. - The company is actively involved in mergers and acquisitions to enhance its portfolio and market reach[42]. - The Group expresses gratitude to shareholders and partners for their continuous support during a challenging year[27]. - The Board emphasizes the importance of good corporate governance to safeguard shareholder interests and enhance corporate value[139]. - The Group has established sound corporate governance practices to align management interests with those of shareholders, ensuring the protection and promotion of shareholder interests[141]. - The Board's main responsibility is to deliver long-term success and create value for shareholders through strategic leadership and prudent oversight[155]. Future Outlook - The Group anticipates a challenging operating environment in the 2022 fiscal year due to ongoing trade disputes and the COVID-19 pandemic, impacting asset performance and fair value estimations[23]. - The Group is committed to seizing investment opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area strategic plan to expand its business scope[25]. - The Group's property investment business is expected to stabilize as the local economy recovers post-pandemic[23]. - The Group's liquidity position is supported by recurring cash flows from property investment and financial services businesses[114]. - The Hong Kong economy showed signs of recovery in 2021, with GDP growth of 6.4% year-on-year, attributed to the easing of social distancing measures[126]. - The Group's investment properties continued to provide a stable revenue stream, with management confident in the long-term economic prospects of Hong Kong despite unpredictable recovery[134]. - The Group plans to leverage opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area strategic plan to enhance synergy and expand domestic business[135]. Board Composition and Diversity - The Board comprises six Directors, including two executive Directors and four non-executive Directors, with independent non-executive Directors representing more than one-third of the Board[150]. - The Nomination Committee is responsible for leading the process for Board appointments, considering diversity factors such as gender, age, and professional experience[182]. - The Board Diversity Policy aims to enhance the quality of the Company's performance through a diverse Board[182]. - The Nomination Committee will review annually all measurable objectives for achieving diversity on the Board[183]. - The Company has adopted a Nomination Policy to ensure a balance of skills, experience, and diversity appropriate to the Group's business needs[185]. - The criteria for evaluating candidates include character, integrity, qualifications, and willingness to devote adequate time[187]. - The Board is required to have independent non-executive Directors in accordance with the Listing Rules, ensuring candidates meet independence guidelines[189]. - The Nomination Committee evaluates candidates based on professional qualifications, skills, knowledge, and experience relevant to the company's business and strategy[190]. - The Board Diversity Policy includes measurable objectives for achieving diversity on the Board[191]. Corporate Governance Practices - The Company has adopted a Policy on Disclosure of Inside Information to comply with obligations under the Securities and Futures Ordinance and Listing Rules[166]. - The Board holds a minimum of four regular meetings annually, usually quarterly, to discuss the Group's business and developments[167]. - Key corporate governance matters reviewed by the Board include compliance with legal and regulatory requirements and the effectiveness of the internal control system[163]. - The Group has established a Whistleblowing Policy to facilitate reporting and investigation of malpractice[164]. - The Board reviews and approves significant acquisitions, disposals, and major financings, ensuring effective risk management[159]. - The Company is committed to sound corporate governance practices and continuous professional development of Directors and senior management[162]. - The Board ensures that arrangements between its responsibilities and those delegated to management remain appropriate for the Group's needs[161]. - The Board will continue to evaluate its corporate governance practices in light of business needs and regulatory changes[148].

[Corporate Information](index=2&type=section&id=CORPORATE%20INFORMATION) This section outlines the company's fundamental corporate information, including board members, committee structures, and key personnel appointments - This section details the company's fundamental information, including board and committee compositions, key administrative contacts, and significant personnel changes such as the appointment of **Mr. Wang Hai** and **Mr. Yu Xianqing** as Executive and Non-executive Directors on August 20, 2021[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=MANAGEMENT%20DISCUSSION%20AND%20ANALYSIS) This section provides a comprehensive analysis of the Group's financial performance, business operations, and future outlook [Operating Results of the Group](index=6&type=section&id=Operating%20Results%20of%20the%20Group) The Group achieved a significant turnaround in the first half of 2021, reporting substantial profit attributable to owners primarily due to fair value gains on investment properties and increased share of associate profits Condensed Consolidated Operating Results for H1 2021 | Indicator (million HKD) | H1 2021 | H1 2020 | Change Percentage | | :--- | :--- | :--- | :--- | | **Revenue** | 52.4 | 67.9 | (22.8%) | | **Operating Profit/(Loss)** | 51.4 | (51.6) | ** | | **Profit/(Loss) Before Income Tax** | 413.4 | (216.7) | ** | | **Profit/(Loss) for the Period** | 412.3 | (219.7) | ** | | **Profit/(Loss) Attributable to Owners of the Company** | 412.3 | (219.7) | ** | | **Earnings/(Loss) Per Share (HK cents)** | 26.3 | (14.0) | ** | - Key drivers for the turnaround include a **fair value gain on investment properties of HKD 35.2 million**, compared to a **loss of HKD 84.6 million** in the prior period, and a **share of profit from associates of HKD 435.4 million**, compared to a **loss of HKD 82.4 million** in the prior period[12](index=12&type=chunk)[15](index=15&type=chunk) [Business Review](index=7&type=section&id=Business%20Review) The Group's excellent performance in the first half of 2021 was primarily driven by the property investment segment, while financial services revenue declined due to expiring agreements and market volatility - The Group's core businesses are divided into **property investment** and **financial services** segments[18](index=18&type=chunk) - The property investment segment was the primary contributor to the period's performance, maintaining a stable and diversified investment portfolio[19](index=19&type=chunk) - Financial services segment revenue decreased year-on-year, mainly due to the expiration of an asset management agreement with an intermediate holding company and financial market volatility[26](index=26&type=chunk) [Financial Review by Operating Segments](index=9&type=section&id=Financial%20Review%20by%20Operating%20Segments) This section reviews the financial performance of the property investment and financial services segments, highlighting the significant contribution from the investment in associate Everwell City Limited [Property Investment](index=10&type=section&id=Property%20Investment) The property investment segment showed robust performance in H1 2021, with increased revenue and a significant turnaround in fair value gains on investment properties, leading to substantial profit attributable to owners Property Investment Segment Financial Performance | Indicator (million HKD) | H1 2021 | H1 2020 | Change Percentage | | :--- | :--- | :--- | :--- | | **Revenue** | 52.4 | 51.1 | 2.5% | | **Adjusted Operating Profit** | 14.6 | 23.8 | (38.7%) | | **Fair Value Gain/(Loss) on Investment Properties** | 35.2 | (84.6) | ** | | **Profit/(Loss) Attributable to Owners of the Company** | 49.0 | (71.7) | ** | - The fair value of investment properties turned from loss to gain, primarily due to the gradual recovery of the Hong Kong property market since the COVID-19 outbreak in early 2020[44](index=44&type=chunk)[45](index=45&type=chunk) [Financial Services](index=12&type=section&id=Financial%20Services) The financial services segment recorded no revenue in H1 2021, a 100% decrease year-on-year, primarily due to the expiration of an asset management agreement and fewer corporate finance service projects Financial Services Segment Financial Performance | Indicator (million HKD) | H1 2021 | H1 2020 | Change Percentage | | :--- | :--- | :--- | :--- | | **Revenue** | – | 16.8 | (100%) | | **Adjusted Operating (Loss)/Profit** | (3.0) | 3.8 | ** | | **(Loss)/Profit Attributable to Owners of the Company** | (3.0) | 2.7 | ** | - The **100% revenue decrease** was primarily due to the expiration of an asset management agreement with an intermediate holding company in October 2020 and a reduction in corporate finance service projects[52](index=52&type=chunk) [Significant Investment in an Associate](index=13&type=section&id=Significant%20Investment%20in%20an%20Associate) The Group's significant investment in Everwell City Limited, a joint venture with 16 commercial properties in Hong Kong, contributed substantial profit in H1 2021 due to fair value revaluation gains - The Group holds a **35.78% equity interest** in Everwell City Limited, a joint venture that owns **16 commercial properties and shopping centers** in Hong Kong[55](index=55&type=chunk) Key Data for Investment in Associate | Indicator | June 30, 2021 | June 30, 2020 | | :--- | :--- | :--- | | **Fair Value of Investment (billion HKD)** | 4.2991 | 3.7236 | | **Proportion of Total Assets** | 51.7% | 47.3% | | **Share of Profit/(Loss) (million HKD)** | 435.5 | (83.3) | [Liquidity and Capital Resources](index=14&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains a robust financial position with increased cash and equity, a reduced gearing ratio, and no outstanding bank borrowings or asset pledges after full repayment Financial Position Summary | Indicator (million HKD) | June 30, 2021 | December 31, 2020 | Change Percentage | | :--- | :--- | :--- | :--- | | **Cash and Bank Balances** | 229.4 | 212.5 | 8.0% | | **Equity Attributable to Owners** | 3,053.2 | 2,640.7 | 15.6% | | **Current Ratio** | 0.27 | 0.25 | 8.0% | | **Gearing Ratio** | 59.7% | 63.2% | (5.5%) | - As of June 30, 2021, the Group had **no outstanding bank borrowings**, compared to **HKD 901 million** at the end of 2020, with unutilized bank facilities of approximately **HKD 1,036.7 million**[61](index=61&type=chunk)[62](index=62&type=chunk) - Following the repayment of mortgage loans in February 2021, the Group had **no assets pledged** as of June 30, 2021[66](index=66&type=chunk)[67](index=67&type=chunk) - Net cash from operating activities was **HKD 22.3 million**, a year-on-year decrease primarily due to lower revenue; net cash from investing activities was **HKD 5.4 million**, mainly from the release of restricted cash; and net cash used in financing activities was **HKD 11.0 million**, a decrease primarily due to lower interest expenses after mortgage repayment[68](index=68&type=chunk)[70](index=70&type=chunk)[74](index=74&type=chunk) [Employees and Remuneration Policy](index=16&type=section&id=Employees%20and%20Remuneration%20Policy) The Group's employee count slightly decreased to 18 as of June 30, 2021, with a remuneration policy designed to attract and retain talent while aligning with business strategy and shareholder interests - As of June 30, 2021, the Group's total number of employees was **18**[75](index=75&type=chunk) [Interim Dividend](index=16&type=section&id=Interim%20Dividend) The Board resolved not to declare any interim dividend for the six months ended June 30, 2021, consistent with the prior period - The Board resolved **not to declare** an interim dividend for 2021[78](index=78&type=chunk) [Outlook](index=17&type=section&id=Outlook) Management is optimistic about Hong Kong's economic recovery and the Group's stable financial position, planning to leverage Greater Bay Area opportunities and synergies with its controlling shareholder to expand domestic business - Management is optimistic about Hong Kong's economic recovery and believes the Group's investment properties will continue to provide stable income[88](index=88&type=chunk) - Future strategic focus includes capitalizing on Greater Bay Area development opportunities and strengthening synergies with controlling shareholder China Great Wall Asset Management to expand domestic business[89](index=89&type=chunk) [Corporate Governance](index=17&type=section&id=CORPORATE%20GOVERNANCE) This section details the company's adherence to corporate governance standards, including practices, committee structures, and significant board changes [Corporate Governance Practices](index=18&type=section&id=Corporate%20Governance%20Practices) The company largely complied with the Corporate Governance Code during the reporting period, with one deviation related to committee members' attendance at the AGM due to COVID-19 regulations - The company complied with most provisions of the **Corporate Governance Code** during the reporting period[95](index=95&type=chunk) - One deviation occurred as the Audit Committee Chairman and members were unable to attend the Annual General Meeting due to pandemic-related regulations, violating Code Provision E.1.2[96](index=96&type=chunk) [Board Committees](index=19&type=section&id=Board%20Committees) The company maintains Audit, Remuneration, and Nomination Committees, with the Audit Committee reviewing financial information and the latter two having independent non-executive director majorities - The Audit Committee reviewed the interim financial report and found its preparation to be in compliance with applicable accounting standards and Listing Rules requirements[103](index=103&type=chunk) - The Remuneration Committee and Nomination Committee both have a majority of independent non-executive directors, meeting corporate governance requirements[104](index=104&type=chunk)[106](index=106&type=chunk) [Directors' Information and Changes](index=21&type=section&id=Directors'%20Information%20and%20Changes) This section discloses significant changes in the Board of Directors during and up to the latest practicable date, including resignations and new appointments for executive and non-executive roles - Several significant personnel changes occurred on the Board between July and August 2021, including changes in Executive Directors, Non-executive Directors, and the Chairman of the Board[119](index=119&type=chunk)[121](index=121&type=chunk) [Interests of Substantial Shareholders](index=26&type=section&id=Interests%20of%20Substantial%20Shareholders) As of June 30, 2021, China Great Wall Asset Management Co, Ltd and Central Huijin Investment Ltd were the company's substantial shareholders, holding 74.89% and 9.89% of the issued share capital respectively Substantial Shareholders' Holdings (June 30, 2021) | Name of Substantial Shareholder | Number of Ordinary Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | | **China Great Wall Asset Management Co, Ltd** | 1,174,018,094 (L) | 74.89% | | **Central Huijin Investment Ltd** | 155,000,000 (L) | 9.89% | [Report on Review of Condensed Consolidated Interim Financial Statements](index=27&type=section&id=REPORT%20ON%20REVIEW%20OF%20CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20STATEMENTS) The auditor, BDO Limited, provided an unmodified review conclusion on the Group's condensed consolidated interim financial statements, confirming their preparation in accordance with HKAS 34 - The auditor, **BDO Limited**, has reviewed the Group's condensed consolidated interim financial statements in accordance with Hong Kong Standard on Review Engagements 2410[155](index=155&type=chunk) - The review concluded that nothing has come to the auditor's attention that causes them to believe the condensed consolidated interim financial statements are not prepared, in all material respects, in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting", representing an **unmodified review conclusion**[156](index=156&type=chunk)[160](index=160&type=chunk) [Condensed Consolidated Interim Financial Information](index=29&type=section&id=CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20INFORMATION) This section presents the Group's key financial statements, including the balance sheet, comprehensive income statement, and cash flow statement, reflecting its financial position and performance [Condensed Consolidated Balance Sheet](index=30&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEET) As of June 30, 2021, the Group's total assets increased to HKD 8.323 billion, with total liabilities at HKD 5.270 billion and total equity rising to HKD 3.053 billion, primarily driven by increased investment in associates Balance Sheet Key Items (million HKD) | Item | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | 8,323.4 | 7,838.8 | | **Total Liabilities** | 5,270.2 | 5,198.1 | | **Total Equity** | 3,053.2 | 2,640.7 | [Condensed Consolidated Statement of Comprehensive Income](index=31&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20COMPREHENSIVE%20INCOME) In H1 2021, the Group's revenue decreased by 22.8% to HKD 52.39 million, but it successfully turned a prior-period loss into a profit of HKD 412.3 million, driven by fair value gains on investment properties and increased share of associate profits Condensed Consolidated Statement of Comprehensive Income Key Items (thousand HKD) | Item | H1 2021 | H1 2020 | | :--- | :--- | :--- | | **Revenue** | 52,392 | 67,932 | | **Operating Profit/(Loss)** | 51,396 | (51,554) | | **Profit/(Loss) for the Period** | 412,293 | (219,751) | | **Basic Earnings/(Loss) Per Share** | 26.30 HK cents | (14.02) HK cents | [Condensed Consolidated Statement of Cash Flows](index=33&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENT%20OF%20CASH%20FLOWS) In H1 2021, the Group generated net cash from operating activities of HKD 22.27 million and from investing activities of HKD 5.42 million, while using HKD 10.98 million in financing activities, resulting in a net cash increase of HKD 16.71 million Cash Flow Statement Summary (thousand HKD) | Item | H1 2021 | H1 2020 | | :--- | :--- | :--- | | **Net Cash Generated from Operating Activities** | 22,266 | 36,591 | | **Net Cash Generated from/(Used in) Investing Activities** | 5,420 | (884) | | **Net Cash Used in Financing Activities** | (10,981) | (18,799) | | **Net Increase in Cash and Cash Equivalents** | 16,705 | 16,908 | [Notes to the Condensed Consolidated Interim Financial Information](index=33&type=section&id=NOTES%20TO%20THE%20CONDENSED%20CONSOLIDATED%20INTERIM%20FINANCIAL%20INFORMATION) This section provides detailed notes to the interim financial statements, offering further insights into revenue, segment performance, investment properties, investments in associates, and financing activities [2. Revenue and Segment Information](index=35&type=section&id=2.%20Revenue%20and%20segment%20information) This note details revenue and profit/loss for the property investment and financial services segments, showing property investment as the sole revenue contributor with a net profit, while financial services recorded a net loss H1 2021 Segment Results (thousand HKD) | Segment | Revenue from External Customers | Net Profit/(Loss) for Reportable Segment | | :--- | :--- | :--- | | **Property Investment** | 52,392 | 49,024 | | **Financial Services** | – | (3,005) | [4. Investment Properties](index=40&type=section&id=4.%20Investment%20properties) As of June 30, 2021, investment properties were valued at HKD 3.2195 billion, recording a fair value gain in H1 2021, reversing the prior year's loss, based on independent professional valuations - In H1 2021, investment properties recorded a **fair value gain of HKD 35,246,000**, compared to a **fair value loss of HKD 170,576,000** for the full year 2020[190](index=190&type=chunk) [5. Investment in Associates](index=41&type=section&id=5.%20Investment%20in%20associates) The carrying value of the Group's investment in associates increased to HKD 4.30 billion, primarily due to a significant share of profit from associates, predominantly contributed by Everwell City Limited - Key associate **Everwell City Limited** achieved **revenue of HKD 521 million** and **profit of HKD 1.217 billion** in H1 2021[207](index=207&type=chunk) - The Group's share of Everwell City's net profit was **HKD 435.5 million**, based on its **35.78% equity interest**[210](index=210&type=chunk) [10. Loans from an Intermediate Holding Company](index=47&type=section&id=10.%20Loans%20from%20an%20intermediate%20holding%20company) As of June 30, 2021, the Group had two HKD-denominated loans from its intermediate holding company, Great Wall International, totaling HKD 3.848 billion for associate investment and HKD 902 million for bank loan repayment, both bearing HIBOR-plus interest - During the period, the Group obtained a **new loan of HKD 901.7 million** from its intermediate holding company to fully repay bank borrowings[231](index=231&type=chunk) [11. Bank Borrowing](index=48&type=section&id=11.%20Bank%20borrowing) The Group fully repaid all bank loans in February 2021, resulting in a zero balance as of June 30, 2021, with approximately HKD 1.037 billion in unutilized bank facilities - Bank loans were **fully repaid in February 2021**, resulting in a **zero balance** at period-end[234](index=234&type=chunk) [Glossary](index=54&type=section&id=GLOSSARY) This section defines key terms used throughout the report, such as "Board," "Company," "Corporate Governance Code," and "Controlling Shareholder," ensuring consistent reader understanding - This section defines key terms used in the report, such as "**Board**," "**Company**," "**Corporate Governance Code**," and "**Controlling Shareholder**," to ensure consistent reader understanding[275](index=275&type=chunk)[281](index=281&type=chunk)

Financial Performance - For the year ended December 31, 2020, the Group recorded total revenue of approximately HK$130.2 million[9]. - The consolidated net loss attributable to Shareholders was approximately HK$319.6 million, including a fair value loss on investment properties of approximately HK$170.6 million[9]. - Excluding exceptional items, the consolidated net loss attributable to Shareholders amounted to approximately HK$149.0 million, a year-on-year decrease of 146.9% compared to a net profit of HK$317.8 million in 2019[10]. - The significant decrease in share of profits of associates was approximately HK$57.5 million in 2020, representing a decrease of 87% compared to HK$427.4 million in 2019[10]. - Loss per share was HK20.4 cents in 2020, based on a weighted average of 1,567,745,596 shares in issue, compared to earnings per share of HK31.1 cents in 2019[10]. - The Group recorded total revenue of approximately HK$130.2 million for the year ended December 31, 2020, with a consolidated net loss attributable to shareholders of approximately HK$319.6 million, including an investment property fair value loss of approximately HK$170.6 million[13]. - Excluding special items, the consolidated net loss attributable to shareholders for the year was approximately HK$149.0 million, a decrease of about 146.9% compared to a consolidated net profit of HK$317.8 million in 2019[13]. - The average loss per share for 2020 was HK$0.204, compared to earnings per share of HK$0.311 in 2019[13]. - The Group's revenue for the year ended December 31, 2020, was HK$130.2 million, a decrease of 23% compared to HK$168.4 million in 2019[56]. - The adjusted operating loss for 2020 was HK$37.9 million, compared to an operating profit of HK$69.9 million in 2019[56]. - The loss attributable to equity holders for 2020 was HK$319.6 million, representing a decrease of approximately 165.6% from a profit of HK$487.0 million in 2019[60]. - The fair value loss on investment properties for 2020 was HK$170.6 million, compared to a gain of HK$169.2 million in 2019[60]. - Share of profits of associates decreased to approximately HK$57.5 million in 2020 from HK$427.4 million in 2019, a decline of 87%[56]. - The impairment provision charge against property, plant, and equipment was HK$92.8 million due to a prolonged decline in commercial property values[60]. - The Group's operating loss for 2020 was HK$208.4 million, compared to an operating profit of HK$239.3 million in 2019[56]. - Revenue from the property investment segment was HK$104.1 million, down 14% from HK$120.9 million in 2019, primarily due to reduced income from outdoor billboards[89]. - The financial services segment generated revenue of HK$26.1 million, a significant decline of 45% from HK$47.5 million in 2019[78]. - An adjusted operating loss of approximately HK$47.9 million was recorded for 2020, compared to an adjusted operating profit of approximately HK$64.8 million in 2019[89]. - The fair value loss on investment properties for 2020 was HK$170.6 million, contrasting with a fair value gain of HK$169.2 million in 2019[85]. - The impairment of property, plant, and equipment amounted to HK$92.8 million in 2020, with no such impairment recorded in 2019[84]. - Revenue from asset management services was around HK$25.7 million, representing a year-on-year decrease of 30% from HK$36.6 million in 2019[92]. - Corporate finance services fees were approximately HK$0.2 million, down 82% from HK$1.1 million in 2019[92]. - There was no revenue from loan investment in 2020, a decrease of 100% from HK$9.8 million in 2019[92]. Management and Governance - Mr. Huang Hu has been appointed as the Chairman of the Board since December 8, 2020, after serving as the CEO from March 15, 2019, to December 8, 2020[22]. - Mr. Meng Xuefeng has been the Deputy Chief Executive Officer since March 22, 2017, and has extensive experience in business development within the company[26]. - Ms. Lv Jia has been a non-executive Director since November 5, 2016, and serves on the Audit Committee, bringing significant financial expertise from her previous roles[29]. - The company has a strong management team with diverse backgrounds in finance and investment, enhancing its strategic decision-making capabilities[25]. - The company is focused on expanding its market presence and enhancing its operational efficiency through experienced leadership[32]. - The management team has a combined experience of over 30 years in the financial sector, contributing to the company's growth strategy[26]. - The company is committed to maintaining high standards of corporate governance with a well-structured board and committees[30]. - The company has been actively involved in various subsidiaries and associates, indicating a robust operational framework[29]. - The leadership team is well-versed in international markets, having studied and worked in countries like the USA, UK, Germany, and Japan[22]. - The company aims to leverage its management expertise to explore new business opportunities and enhance shareholder value[32]. - Dr. Song Ming, appointed as an independent non-executive Director, has over 28 years of experience in bank regulation, financial markets, and macroeconomics[35]. - Dr. Sun Mingchun, Chief Economist of Haitong International Securities Group, has held senior positions in various financial institutions, contributing to his extensive expertise in economics[36]. - Ms. Liu Yan, with over 20 years of experience in auditing and financial management, is currently the chairlady of the Audit Committee[40]. - Dr. Sun has served as an independent non-executive director for multiple companies, enhancing his influence in the financial sector[37]. - Ms. Liu has passed all three levels of the Chartered Financial Analyst (CFA) Program, showcasing her qualifications in financial analysis[41]. - Dr. Song has been involved in various academic conferences and consultation projects, indicating his active engagement in the financial research community[35]. - The company has a diverse board with members holding significant experience in finance, economics, and management, which strengthens its governance[39]. - Dr. Sun's previous roles include senior economist positions at major financial institutions, reflecting his deep understanding of market dynamics[36]. - Ms. Liu's experience includes working at Barclays Capital in New York, highlighting her international exposure in financial risk management[40]. - The board's composition includes independent directors with extensive backgrounds in finance, which is crucial for effective oversight and strategic decision-making[42]. - Mr. Xu Yongle has been the CEO since December 8, 2020, with extensive experience in finance since 2005[43]. - Mr. Xiao Ling, appointed Deputy General Manager on October 11, 2019, holds a Doctoral degree in economics and has over 20 years of experience in asset management[46]. - Ms. Li Li Hua has served as Deputy General Manager since September 21, 2017, and as COO since March 15, 2019, with over 23 years of experience in securities investment and capital markets[47]. - Ms. Zheng Yuanyuan was appointed Deputy General Manager on March 15, 2019, and has extensive experience in handling large investment and transaction projects[49]. - The company has a strong management team with diverse backgrounds in finance, economics, and law, enhancing its operational capabilities[45]. - The management team is focused on corporate governance, overseas business expansion, and financial management strategies[48]. - The company aims to leverage its management expertise to drive growth and enhance market presence in the financial sector[46]. - The strategic focus includes exploring new investment opportunities and optimizing existing asset management practices[47]. - The company is committed to maintaining high standards of corporate governance and compliance in its operations[49]. - Future growth strategies will likely involve further market expansion and potential mergers and acquisitions to enhance competitive positioning[48]. Corporate Governance - The Board comprises six Directors: two executive Directors and four non-executive Directors, with independent non-executive Directors representing more than one-third of the Board[134]. - The Board's main responsibility is to deliver long-term success and create long-term value for Shareholders through strategic leadership and prudent oversight[140]. - The Group has established sound corporate governance practices to align management interests with those of Shareholders and continuously improve these practices[129]. - The Board is responsible for approving strategic direction, business plans, budgets, and monitoring operational and financial performance[144]. - The Group adheres to the Corporate Governance Code and regularly reviews its governance practices to ensure relevance and effectiveness[131]. - The Board discusses major operating issues and evaluates opportunities and business risks, delegating other matters to management[144]. - The Group's governance framework combines evolving practices and new principles from the Corporate Governance Code[131]. - The Board reviews the division of responsibilities between itself and management periodically to ensure appropriateness[146]. - The Group is committed to effective engagement with key stakeholders, including all investors[140]. - The Board's oversight includes the appointment of auditors and approval of significant acquisitions and disposals[144]. - The Board held four meetings during the year, with attendance rates for directors detailed in the report[157]. - The Company appointed Mr. Huang Hu as Chairman of the Board and Chairman of the Nomination Committee on December 8, 2020[160]. - The Company has a Whistleblowing Policy updated on June 21, 2019, to facilitate reporting and investigation of malpractice[150]. - The Company is committed to sound corporate governance practices and has adopted a Policy on Disclosure of Inside Information[152]. - The Board's review included compliance with legal and regulatory requirements and the effectiveness of the internal control system[158]. - Directors have access to the Company Secretary's advice to ensure compliance with applicable laws and regulations[163]. - The Company faced scheduling difficulties for a formal meeting between the Chairman and independent non-executive Directors due to the COVID-19 pandemic[166]. - The Company encourages directors to contribute to the agenda-setting process for Board meetings[154]. - The Company has procedures for directors to obtain independent professional advice at the Company's expense[163]. - The Board's attendance at meetings reflects active participation, with some directors attending all four meetings[159]. - The Group recognizes the benefits of having a diverse Board to enhance the quality of the Company's performance[169]. - The Nomination Committee is responsible for leading the process for Board appointments and ensuring a balance of skills, experience, and diversity[170]. - The Board Diversity Policy considers factors such as gender, age, cultural background, and professional experience in selecting candidates[172]. - All Board appointments are based on merits and the contributions that selected individuals will bring to the Board[172]. - The Nomination Committee reviews measurable objectives for achieving diversity on the Board annually[174]. - Directors appointed to fill vacancies must be re-elected at the next general meeting following their appointment[198]. - One-third of the Directors are required to retire by rotation at every annual general meeting[198]. - The Board confirms the term of appointment and functions of all non-executive Directors with formal letters of appointment[197]. - The Nomination Committee evaluates candidates based on character, qualifications, and willingness to devote time to Board duties[181]. - External recruitment professionals may be engaged to assist in the selection and recruitment process when necessary[172].

Financial Performance - The Group's revenue for the six months ended June 30, 2020, was HK$67.9 million, a decrease of 19.0% compared to HK$83.8 million in 2019[17]. - Adjusted operating profit for the same period was HK$33.0 million, reflecting a decline of 10.8% from HK$37.0 million in 2019[17]. - The Group reported a net loss for the period of HK$219.7 million, compared to a profit of HK$487.2 million in 2019[17]. - The loss per share for the period was HK$14.0, down from earnings of HK$31.1 per share in the previous year[17]. - The Group's operating loss for the period was HK$51.6 million, compared to an operating profit of HK$233.7 million in 2019[17]. - Loss attributable to Shareholders for the six months ended 30 June 2020 amounted to HK$219.7 million, a decrease of 145.1% compared to profit of HK$487.2 million for the same period in 2019[21]. - Total comprehensive loss for the period amounted to HK$220,102,000, compared to a total comprehensive income of HK$487,106,000 for the same period in 2019[164]. - The company reported a total net loss for the period of HK$219,751,000 for the six months ended June 30, 2020, compared to a profit of HK$487,176,000 for the same period in 2019[188]. Investment Properties - Fair value loss on investment properties amounted to HK$84.6 million, compared to a gain of HK$196.7 million in 2019[17]. - The fair value of the Group's investment properties decreased by HK$84.6 million for the six months ended June 30, 2020, compared to an increase of HK$196.7 million for the same period in 2019[30]. - The Group's investment properties had a fair value of approximately HK$1,820.0 million as of June 30, 2020, slightly down from HK$1,832.0 million as of December 31, 2019[68]. - The Group recognized a fair value loss of HK$84,570,000 for investment properties as of June 30, 2020, compared to a fair value gain of HK$196,658,000 as of June 30, 2019[200]. - The fair value treatment for investment properties remained consistent with the previous year, except for changes in rental and capitalization rates[200]. Revenue Segments - Revenue for the property investment segment decreased to HK$51.1 million in the first half of 2020, down 15.0% from HK$60.1 million in the same period of 2019[39]. - Revenue from the financial services segment was HK$16.8 million for the first half of 2020, representing a decline of 29.1% from HK$23.7 million in the same period of 2019[53]. - The property investment segment generates revenue through leasing various retail, commercial, and industrial properties in Hong Kong[175]. - The financial services segment holds licenses for Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance), and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance[176]. Cash Flow and Financial Position - As of June 30, 2020, the Group's cash and bank balances totaled approximately HK$199.0 million, an increase of 9.2% from HK$182.3 million as of December 31, 2019[63]. - The Group's gearing ratio as of June 30, 2020, was 62.4%, up from 60.7% as of December 31, 2019[63]. - The Group had outstanding bank borrowings of approximately HK$899.2 million as of June 30, 2020, compared to HK$897.3 million as of December 31, 2019[65]. - The Group's shareholders' funds decreased by 7.4% to HK$2,739.1 million as of June 30, 2020, from HK$2,959.2 million as of December 31, 2019[63]. - Net cash generated from operating activities for the six months ended June 30, 2020, was HK$36.6 million, an increase from HK$28.9 million for the same period in 2019, primarily due to a decrease in prepayments, deposits, and other receivables[68]. - Net cash used in investing activities for the six months ended June 30, 2020, was HK$0.9 million, compared to net cash generated of HK$0.2 million for the same period in 2019[70]. - Net cash used in financing activities for the six months ended June 30, 2020, was HK$18.8 million, a decrease from HK$28.1 million for the same period in 2019, with interest paid of HK$16.1 million in 2020 compared to HK$15.7 million in 2019[70]. Corporate Governance - The Board resolved not to declare any interim dividend for the six months ended June 30, 2020, consistent with the previous year[79]. - The company has adopted the Model Code for securities transactions by its Directors, with all Directors confirming compliance throughout the reporting period[106]. - The Audit Committee reviewed the unaudited condensed consolidated financial information for the six months ended June 30, 2020, confirming compliance with applicable accounting standards and adequate disclosures[100]. - The company has maintained compliance with corporate governance codes and has no known breaches of its internal guidelines[113]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to enhance corporate governance[115]. Market Conditions and Future Outlook - The socio-economic impact of the COVID-19 pandemic has created unprecedented challenges for the Group, although its overall financial and business positions remain healthy[82]. - Management believes the impacts on operating performance and fair value changes are temporary and remains confident in the long-term economic prospects of Hong Kong[34]. - The Group plans to focus on strategic initiatives to improve financial performance and explore new market opportunities moving forward[15]. - The Group plans to seize development opportunities from the Guangdong-Hong Kong-Macao Greater Bay Area strategic plan and expand its domestic business aggressively[86].