Group 1 - The total social financing scale increment in China from January to May is 18.63 trillion RMB, an increase from the previous value of 16.34 trillion RMB [1] - The new RMB loans added in China from January to May amount to 10.68 trillion RMB, up from the previous value of 10.06 trillion RMB [1]

Core Insights - In May, China added 1.068 trillion yuan in new renminbi loans, which was below the expected 1.096 trillion yuan and higher than the previous value of 1.006 trillion yuan [1] Summary by Category - **Loan Growth**: The new renminbi loans for May amounted to 1.068 trillion yuan, indicating a slower growth compared to market expectations [1] - **Comparative Analysis**: The current month's loan addition is an increase from the previous month's figure of 1.006 trillion yuan, showing a positive trend despite missing expectations [1]

中国1至4月新增人民币贷款 100600亿人民币，前值 97800亿人民币。 ...

中国4月今年迄今新增人民币贷款 100600亿元，预期104746亿元，前值97800亿元。 ...

Core Insights - The investment research capabilities of brokerage firms have significantly improved, leading to a higher quality of recommended stocks, referred to as "golden stocks" [1] - As of April, 37 brokerage firms have collectively recommended 239 unique golden stocks, with 62 stocks being recommended by two or more firms [1] - Qingdao Beer has emerged as a standout, receiving recommendations from 9 firms, while Gree Electric, Muyuan Foods, and BYD each received 5 recommendations, indicating strong market interest [1] Company Summaries - Qingdao Beer (Stock Code: 600600) received 9 recommendations, an increase of 6 from the previous month, and has a total of 13 recommendations over the last three months [2] - Muyuan Foods (Stock Code: 002714) received 5 recommendations, up by 3 from the previous month, totaling 8 over the last three months [2] - Gree Electric (Stock Code: 000651) also received 5 recommendations, an increase of 4 from the previous month, with a total of 10 recommendations in the last three months [2] - BYD (Stock Code: 002594) received 5 recommendations, a decrease of 1 from the previous month, with a total of 4 recommendations over the last three months [2] - In terms of dividends, Qingdao Beer plans to distribute a cash dividend of 2.2 yuan per share, totaling approximately 3 billion yuan, while BYD plans to distribute 39.74 yuan per 10 shares, amounting to about 12 billion yuan [2] Industry Insights - In April, the leading sectors for recommended golden stocks included Electronics (10.8%), Food and Beverage (7.1%), Non-ferrous Metals (6.5%), and Pharmaceutical Biology (6.5%) [3] - The sectors with the most significant increase in recommendation weight compared to the previous month were Pharmaceutical Biology (+3.5%), Transportation (+1.9%), and Building Materials (+1.8%) [3] - Conversely, the sectors with the largest decrease in recommendation weight were Power Equipment (-2.9%), Machinery Equipment (-2.8%), and National Defense and Military Industry (-2%) [3] Performance Insights - In March, a total of 266 golden stocks were recommended, with 130 stocks seeing price increases, representing 48.87% of the total [5] - Among these, 34 stocks had price increases exceeding 10%, and 10 stocks had increases over 20% [5] - The top-performing stock in March was Shenghong Technology, which saw a price increase of 58.69%, followed by Keri International with a 42.45% increase [5][7] - The distribution of recommended stocks in March showed a strong preference for the Industrial and Information Technology sectors, with 59 stocks recommended from this category [8]

Financial Performance - The Group's revenue for the year ended December 31, 2023, was approximately HK$12,112,000, a significant increase from approximately HK$2,715,000 for the year ended December 31, 2022, representing a growth of about 346%[12] - The loss attributable to owners of the Company for the year ended December 31, 2023, was approximately HK$152,345,000, a decrease from a loss of approximately HK$227,735,000 in the previous year, indicating a reduction in loss of about 33%[12] - The natural gas business generated revenue of approximately HK$9,348,000 for the year ended 31 December 2023, following the recovery from the COVID-19 pandemic[28] - The total comprehensive income for the period from January 1, 2023, to the Disposal Date was approximately HK$1,453,000[76] - Total comprehensive income for the year was HK$1,453,000, a decrease from HK$3,850,000 in the previous year[80] Property Investment - The Properties Investment Business generated revenue of approximately HK$2,764,000 during the year, primarily from rental income and management fees[22] - The Group's property investment business generated revenue of approximately HK$2,764,000 for the year ended 31 December 2023, primarily from rental income and management fees[25] - The Company has properties located in the Tianjin Economic and Technological Development Zone, contributing to its revenue generation[22] - The Group completed the disposal of its 100% equity interest in Nanjing Xide for a consideration of RMB1,000,000 on 28 December 2023[23] - The Company is exploring other relevant business opportunities in the property development industry to enhance overall business performance amid market challenges[24] Financial Position and Ratios - As of December 31, 2023, the Group's equity attributable to owners was a deficit of approximately HK$476,054,000, an increase of approximately 51% from the previous year's deficit of HK$315,683,000[46] - The net current liabilities as of December 31, 2023, were approximately HK$530,708,000, compared to HK$402,555,000 in 2022[46] - Cash and bank balances at December 31, 2023, were approximately HK$3,565,000, up from HK$2,347,000 at the end of 2022[46] - The underlying current ratio at 31 December 2023 was approximately 0.03, a decrease from 0.12 at 31 December 2022[42] - The ratio of current liabilities to total assets was approximately 1,336% as of December 31, 2023, significantly higher than 573% in the previous year[45] Operational Challenges - The Group's operations were hindered due to management issues at Tianjin Hui Li Yuan, which has been suspended since the year ended December 31, 2021[65] - The company faced significant operational disruptions at Tianjin Hui Li Yuan, leading to the departure of all employees including key management[68] - The auditor was unable to perform necessary procedures on the books and records of Tianjin Hui Li Yuan due to the operational disruptions[74] - The Group reported a loss attributable to the owners of approximately HK$152,345,000 for the year ended 31 December 2023, compared to a loss of HK$1,154,000 for the previous year[82] Governance and Compliance - The Company did not hold the required four board meetings during the year due to delays in financial results publication and trading suspension[100] - The Board is committed to ensuring compliance with statutory and regulatory requirements and maintaining a sound system of internal control and risk management[120] - The Company emphasizes the importance of independent non-executive Directors in its governance structure to enhance decision-making and protect shareholder interests[160] - The Board consists of three executive Directors and three independent non-executive Directors as of December 31, 2023[111] - The Nomination Committee is responsible for recommending Director appointments and evaluating board composition, with a focus on diversity factors[171] Board Structure and Diversity - The Board Diversity Policy aims to achieve a balance of skills, experience, and diversity of perspectives to enhance decision-making and corporate governance[135] - The Company currently has one female director and aims to increase the proportion of female members over time[136] - The Board consists of members with diverse knowledge and skills, including business management, finance, audit, investment, and civil engineering[136] - The Board will review the Board Diversity Policy and its effectiveness at least annually[140] - The company had a total of 23 employees, with 57% being female, indicating a commitment to gender diversity in its workforce[141] Risk Management and Future Outlook - The Group has adopted a prudent approach to property investment due to the adverse impacts of the COVID-19 pandemic and the decline in the property market in the PRC[13] - The Group is committed to developing its natural gas business and will pursue potential opportunities following the recovery from the COVID-19 pandemic[18] - The Company remains vigilant in monitoring market sentiments to seize favorable opportunities as they arise[13] - The Auditor expressed significant doubt about the Group's ability to continue as a going concern due to uncertainties surrounding future cash flows[88] - The Group's financial statements were prepared on a going concern basis, dependent on the ability to obtain sufficient future funding[84]

Financial Performance - The company reported total revenue of HKD 12,112,000 for the year ended December 31, 2023, a significant increase from HKD 2,715,000 in 2022, representing a growth of approximately 346%[4] - The cost of sales increased to HKD 9,360,000 in 2023 from HKD 176,000 in 2022, leading to a gross profit of HKD 2,752,000, up from HKD 2,539,000[4] - The company incurred a loss before tax of HKD 152,224,000 in 2023, an improvement from a loss of HKD 229,409,000 in 2022, indicating a reduction in losses by approximately 34%[4] - The total comprehensive loss for the year was HKD 160,090,000, compared to HKD 235,749,000 in 2022, marking a decrease of approximately 32%[5] - The company reported a basic loss per share of HKD 35.68 cents in 2023, compared to HKD 53.33 cents in 2022, indicating a reduction in loss per share[4] - The company reported a loss attributable to owners of approximately HKD 152,345,000 for the year ended December 31, 2023, with current liabilities exceeding current assets by about HKD 530,708,000[24] - The company reported a pre-tax loss of HKD 152,345,000 for 2023, a decrease from a loss of HKD 227,735,000 in 2022, representing a 33% improvement year-over-year[36] Assets and Liabilities - The company's total assets less current liabilities amounted to HKD (507,674,000) in 2023, worsening from HKD (377,853,000) in 2022[8] - The company's equity attributable to owners decreased to HKD (476,054,000) in 2023 from HKD (315,683,000) in 2022, indicating a decline in shareholder equity[8] - The group has a net liability of approximately HKD 507,674,000 as of December 31, 2023, with current liabilities exceeding current assets by approximately HKD 530,708,000[48] - The net current liabilities as of December 31, 2023, were approximately HKD 530,708,000, compared to HKD 402,555,000 in 2022[62] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 3,565,000 in 2023 from HKD 2,347,000 in 2022, showing an improvement in liquidity[7] - The company’s interest-bearing borrowings and related payable interest and repayment premium amounted to approximately HKD 115,000,000 and HKD 362,358,000, respectively, while cash and cash equivalents were only about HKD 3,565,000[24] - Cash and bank balances as of December 31, 2023, were approximately HKD 3,565,000, an increase from HKD 2,347,000 in 2022[62] Business Strategy and Operations - The company has not disclosed any new product developments or market expansion strategies in the current report[4] - The company is actively seeking fundraising opportunities, including rights issues, placements of new shares, and/or convertible bonds, depending on current market conditions[26] - The company plans to explore various business opportunities to increase cash inflows and improve its financial condition[26] - The company has implemented cost-saving measures to reduce expenses, including administrative and operational costs[26] - The company believes that if the above measures are successfully implemented, it will have sufficient cash resources to meet future operational and financial needs[27] - The company aims to fully restore its operations in response to the normalization of economic and business activities in China from Q2 to Q3 2023[75] Accounting and Compliance - The group has applied the revised Hong Kong Accounting Standard No. 12 for the first time, which requires disclosure of deferred tax assets and liabilities related to the OECD's Pillar Two legislation[17] - The revised Hong Kong Accounting Standard No. 1 has been applied, replacing "significant accounting policies" with "major accounting policy information," which may impact users' decisions based on financial statements[18] - The group has made accounting policy changes in response to the Hong Kong government's abolition of the offset mechanism for mandatory provident fund and long service payments, effective May 1, 2025[19] - The group has not early adopted any revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective, indicating no expected significant impact on future financial statements[23] - The company’s independent auditor expressed a disclaimer of opinion on the consolidated financial statements due to insufficient audit evidence[41] Employee and Operational Costs - Total employee costs decreased to HKD 2,698,000 in 2023 from HKD 3,482,000 in 2022, reflecting a reduction of approximately 22.5%[34] - The company recognized a direct operating expense of HKD 320,000 related to rental income from investment properties in 2023, compared to HKD 176,000 in 2022[34] Market and Industry Conditions - The company plans to maintain a cautious approach in property investment due to uncertainties in the real estate market caused by large developers' financial difficulties[53] - The company has established business partnerships with several large state-owned enterprises to meet customer demand in the natural gas sector[56] - The group is exploring opportunities to adjust and upgrade its business strategy in the natural gas sector to ensure sustainable revenue from after-sales services[56] Dividends and Shareholder Returns - The company did not declare any dividends for the year ended December 31, 2023, consistent with the previous year[35] - The company did not recommend the payment of any final dividend for the year ended December 31, 2023, consistent with the previous year[67] Other Relevant Information - The company did not engage in any purchase, sale, or redemption of its listed securities during the year ended December 31, 2023[70] - There were no significant contingent liabilities as of December 31, 2023[64] - The company had no pledged assets as of December 31, 2023, compared to properties pledged at zero value in 2022[65] - There were no significant events after the reporting period up to the announcement date[71] - The audit committee consists of three independent non-executive directors who reviewed the accounting principles and practices adopted by the group[73] - The company's shares have been suspended from trading since July 11, 2022, and will remain suspended until further notice[84]

Financial Performance - The company reported a loss of approximately HKD 121,161,000 due to the sale of construction projects resulting from land recovery as of December 31, 2021[10]. - Revenue for the year ended December 31, 2021, was reported at approximately HKD 1,311,000, with property management service agreements contributing approximately HKD 1,057,000[15]. - The company recognized impairment losses of approximately HKD 66 million and HKD 49 million for trade receivables for the fiscal years ended December 31, 2021, and December 31, 2022, respectively[30]. - Impairment losses for other receivables, deposits, and prepayments were approximately HKD 127 million and HKD 128 million for the same periods[30]. - The company reported a net liability of approximately HKD 378.09 million as of December 31, 2022, with current liabilities exceeding current assets by approximately HKD 402.56 million[29]. Audit and Compliance - The company has been unable to obtain sufficient audit evidence regarding the accounts of Tianjin Huiliyuan, impacting the audit process[8]. - The company is undergoing a change in auditors as of October 12, 2023, to address ongoing audit issues[5]. - The company is actively working on resolving audit matters raised by the auditor, ensuring compliance with regulatory requirements[19]. - The company has conducted a review of its investments in joint ventures to ensure compliance with accounting standards[11]. - The company has engaged independent valuers to assess expected credit loss models and the reasonableness of management's estimates[11]. Credit and Debt Management - The expected credit loss model indicates a 61.70% estimated credit loss rate for debts overdue between 90 days to two years, and a 100% rate for debts overdue beyond two years[33]. - The company has been monitoring the repayment situation of debtors, with some attempting to negotiate partial payments or deferred payments[37]. Business Strategy - The company plans to allocate more resources to its natural gas business and focus on developing opportunities in that sector due to the ongoing challenges in the real estate market[35]. Share Trading Status - The company has provided updates on its progress towards resuming trading of its shares, which had been suspended since July 11, 2022[5]. - The company’s shares have been suspended from trading on the stock exchange since July 11, 2022, until further notice[38]. Corporate Governance - The board of directors includes executive directors Mr. Lu Yi (Chairman and CEO), Mr. Xu Feng, and Mr. Ye Dechao, along with independent non-executive directors Mr. He Jinge, Mr. Yu Honggao, and Ms. Chen Yang[39]. Legal Matters - The company has confirmed that the properties under investment have been seized by the court but have not yet been auctioned[10].

Financial Performance - The loss attributable to owners of the Company for the period from January 1, 2023, to June 30, 2023, was approximately HK$26,988,000, compared to a loss of approximately HK$21,703,000 for the same period in 2022, representing an increase in loss of about 24.5%[18]. - Revenue for the six months ended June 30, 2023, was HK$1,523,000, a decrease of 3.1% compared to HK$1,572,000 for the same period in 2022[76]. - Gross profit for the same period was HK$1,359,000, down from HK$1,395,000, reflecting a decrease of 2.6%[76]. - Loss before tax increased to HK$26,811,000, compared to a loss of HK$21,794,000 in the previous year, representing a 22.9% increase in losses[76]. - Loss for the period was HK$26,853,000, compared to HK$21,794,000 in 2022, indicating a 23.2% increase in losses[79]. - Total comprehensive expenses for the period amounted to HK$28,551,000, up from HK$24,322,000, marking a 17.5% increase[79]. - The company reported a total of HK$44,498,000 in liabilities related to the investment holding segment[124]. - The group incurred finance costs of HK$42,610,000, significantly impacting overall profitability[124]. - Finance costs increased to HK$42,610,000 for the six months ended June 30, 2023, compared to HK$35,392,000 in 2022, marking an increase of approximately 20.5%[130]. Assets and Liabilities - The Group's deficit attributable to owners increased by approximately 9% to HK$344,726,000 from HK$315,683,000 at the end of last year[32]. - Net current liabilities as of June 30, 2023, were approximately HK$430,252,000, compared to HK$402,555,000 as of December 31, 2022[32]. - Cash and bank balances decreased to approximately HK$868,000 from HK$2,347,000 as of December 31, 2022[32]. - Current liabilities exceeded current assets by approximately HK$430,252,000, with net liabilities of approximately HK$406,640,000[97]. - Interest-bearing borrowings amounted to approximately HK$115,000,000, while cash and cash equivalents were only approximately HK$868,000[97]. - Non-current assets decreased to HK$23,692,000 as of June 30, 2023, from HK$24,702,000 at the end of 2022, a decline of 4.1%[81]. - Current assets increased to HK$69,323,000 from HK$55,134,000, representing a growth of 25.7%[81]. - Total equity attributable to owners of the Company was HK$344,726,000, down from HK$315,683,000, reflecting a decrease of 9.2%[81]. Business Operations - The Group adopted a more conservative view and strategy in property development and investment due to the sluggish economic environment caused by the lingering COVID-19 pandemic[25]. - The Group aims to identify and explore business opportunities in the natural gas sector not only in the PRC but also globally to further develop this business[25]. - The company is primarily engaged in property development and investment, as well as natural gas business, indicating a focus on infrastructure-related sectors[92]. - The Group is exploring opportunities in the natural gas business both in China and globally for future growth[28]. - The property management service revenue was recognized over time, indicating a stable revenue stream from ongoing contracts[120]. Governance and Compliance - The Company complied with all provisions of the Corporate Governance Code for the six months ended June 30, 2023, except for the lack of insurance cover for directors against legal actions[61][64]. - The roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Xu Xiao Jun, since July 31, 2017, which the Board believes ensures consistent leadership[66][69]. - The Company does not have an internal audit function, as the Board deems the current internal control system effective given the size and complexity of the business[67][69]. - All Directors confirmed compliance with the Model Code for Securities Transactions for the six months ended June 30, 2023[68][70]. Cash Flow and Financing - The net cash used in operating activities for the six months ended June 30, 2023, was HK$185,000, a significant decrease compared to net cash generated of HK$4,514,000 in the same period of 2022[89]. - The company reported a net decrease in cash and cash equivalents of HK$346,000 for the six months ended June 30, 2023, compared to an increase of HK$3,401,000 in the prior year[89]. - The cash and cash equivalents at June 30, 2023, stood at HK$868,000, down from HK$3,575,000 at the end of the previous period[89]. - The Company is focusing on developing existing businesses and expanding internationally to improve operating results and cash flows[98]. - The Company is exploring various business opportunities to increase cash inflow and improve its financial position[99]. - The Company is actively negotiating to repay outstanding liabilities and collect account receivables[102]. - Cost-saving measures are being enforced to minimize expenses, including administrative and operating costs[103]. - The Company is negotiating with creditors regarding potential debt capitalisation to reduce debt and increase the shareholder base[104]. - The Group is seeking fundraising opportunities such as rights issues and new share placements depending on market conditions[105]. - The Directors believe that successful implementation of these measures will provide sufficient cash resources for future working capital needs[106]. Shareholder Information - As of June 30, 2023, Central Huijin Investment Ltd. and China Construction Bank Corporation each hold 110,819,851 shares, representing 25.95% of the Company's issued share capital[56]. - Expert Ever Limited and Zhang Xiaojun each hold 38,395,600 shares, accounting for 8.99% of the Company's issued share capital[56]. - PHOENIX BRIDGE INTERNATIONAL HOLDINGS GROUP INVESTMENT CO., LTD holds 4,905,440 shares, which is 11.49% of the Company's issued share capital[56]. - Mr. WANG Dade owns 5,977,900 shares, representing 14.00% of the Company's issued share capital[56]. - The Group's share capital remained at HK$500,000,000 as of June 30, 2023, unchanged from December 31, 2022, following a share consolidation that took effect on January 26, 2022[152]. Related Party Transactions - The Group's significant related party transaction included a subscription agreement for 40% equity interests in Forward Investment at a consideration of HK$300,000,000[161]. - The Group recognized HK$18,000,000 in the profit or loss statement for the return undertaking related to the Forward Investment for both the periods ended June 30, 2023, and June 30, 2022[161]. - The Group entered into a subscription agreement to acquire 40% equity interest in Taihe Investment for a consideration of HK$300,000,000, with a guaranteed annual return of no less than 12%[162]. - Due to operational losses, Taihe Investment did not declare dividends, leading to a cash compensation of HK$18,000,000 being recognized in the income statement for both the six months ended June 30, 2023, and 2022[162].

Financial Performance - The loss attributable to owners of the Company for the period from January 1, 2023, to June 30, 2023, was approximately HK$26,988,000, compared to a loss of approximately HK$21,703,000 for the first six months of 2022[23]. - Revenue for the six months ended June 30, 2023, was HK$1,523,000, a decrease of 3.1% compared to HK$1,572,000 for the same period in 2022[81]. - Gross profit for the same period was HK$1,359,000, down from HK$1,395,000, reflecting a decline of 2.6%[81]. - Loss before tax increased to HK$26,811,000, compared to a loss of HK$21,794,000 in the previous year, representing a 22.5% increase in losses[81]. - Loss for the period was HK$26,853,000, compared to HK$21,794,000 in the prior year, indicating a 23.2% increase in losses[84]. - Basic loss per share for the period was 6.32 cents, compared to 5.08 cents in the same period last year, reflecting a 24.5% increase in loss per share[81]. - Total comprehensive expenses for the period amounted to HK$28,551,000, up from HK$24,322,000, marking a 17.5% increase[84]. - The company reported a net loss of HK$ 26,988 thousand for the six months ended June 30, 2023, compared to a net loss of HK$ 21,703 thousand for the same period in 2022, representing an increase in loss of approximately 24.5%[88]. Financial Position - The consolidated statement of financial position of the Group at June 30, 2023, is included in the interim report[22]. - As of June 30, 2023, the underlying current ratio was approximately 0.14, an increase from 0.12 as of December 31, 2022[36]. - The underlying gearing ratio was approximately (28%) as of June 30, 2023, compared to (30%) as of December 31, 2022[36]. - The deficit attributable to owners of the Company increased by approximately 9% to HK$344,726,000 from HK$315,683,000 at the end of the previous year[37]. - Net current liabilities were approximately HK$430,252,000 as of June 30, 2023, compared to HK$402,555,000 as of December 31, 2022[37]. - Cash and bank balances decreased to approximately HK$868,000 as of June 30, 2023, down from HK$2,347,000 at the end of the previous year[37]. - Current liabilities exceeded current assets by approximately HK$430,252,000, indicating significant financial strain[102]. - Total equity attributable to owners of the Company decreased to HK$ (344,726) thousand as of June 30, 2023, from HK$ (315,683) thousand at the beginning of the year, reflecting a decline of about 9.2%[88]. - Cash and cash equivalents decreased significantly to HK$ 868 thousand as of June 30, 2023, down from HK$ 2,347 thousand at the end of 2022, a reduction of approximately 63.1%[86]. - Current liabilities increased to HK$ 499,575 thousand as of June 30, 2023, compared to HK$ 457,689 thousand as of December 31, 2022, marking an increase of about 9.1%[86]. - The company's reserves showed a decline, with accumulated losses reaching HK$ (1,276,094) thousand as of June 30, 2023, compared to HK$ (1,249,106) thousand at the start of the year, an increase of approximately 2.2%[88]. - The total deficits of the company reached HK$ (406,640) thousand as of June 30, 2023, compared to HK$ (378,089) thousand at the end of 2022, indicating an increase of approximately 7.6%[88]. Business Operations - The Company continues to operate Tianjin Jun Hua Logistics, which provides a steady rental income stream from a property with a land use area of 11,331.30 square meters[24]. - The Group plans to explore business opportunities in the natural gas sector both in the PRC and globally[30]. - The Group's operating segments included property investment and natural gas, with the latter not generating any revenue during the period[129]. - The Group's total revenue for the six months ended June 30, 2023, was HK$1,523,000, with property management services contributing HK$629,000 and leases contributing HK$894,000[125]. - The Group faced significant challenges due to the ongoing COVID-19 pandemic, leading to a more conservative strategy in property development and investment[30]. Corporate Governance - The interim report is compliant with the Hong Kong Stock Exchange's requirements for preliminary announcements of interim results[3]. - The company complied with all provisions of the Corporate Governance Code for the six months ended June 30, 2023, except for the lack of insurance cover for directors against legal actions[66]. - The company has adopted the Model Code for Securities Transactions by Directors, with all directors confirming compliance for the six months ended June 30, 2023[73]. - The roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Xu Xiao Jun, which the Board believes ensures consistent leadership[74]. - The company has not established an internal audit function, as the Board believes there is no immediate need based on the current size and complexity of the business[72]. Shareholder Information - As of June 30, 2023, Mr. Ye De Chao holds a total of 110,819,851 shares, representing 25.95% of the company's issued share capital[53]. - Central Huijin Investment Ltd. and China Construction Bank Corporation each have an interest in 110,819,851 shares, also accounting for 25.95% of the issued share capital[61]. - Expert Ever Limited, owned by Zhang Xiaojun, holds 38,395,600 shares, which is 8.99% of the issued share capital[61]. - PHOENIX BRIDGE INTERNATIONAL HOLDINGS GROUP INVESTMENT CO., LTD owns 4,905,440 shares, representing 11.49% of the issued share capital[61]. - Mr. WANG Dade holds 5,977,900 shares, which is 14.00% of the issued share capital[61]. - The company has not adopted a new share option scheme since the previous one expired on July 11, 2018[55]. - The substantial shareholders' interests are recorded in the register required under Section 336 of the SFO[59]. Cash Flow and Financing - For the six months ended 30 June 2023, the net cash used in operating activities was HK$185,000, a significant decrease from HK$4,514,000 in the same period of 2022[94]. - The net cash from investing activities was HK$1,000, compared to HK$3,000 in the previous year[94]. - The net cash used in financing activities decreased to HK$162,000 from HK$1,116,000 in 2022[94]. - The Company is actively negotiating to repay outstanding liabilities and collect account receivables to improve its financial position[107]. - The Company plans to explore different business opportunities to increase cash inflow and improve its financial position[104]. - The Directors believe that if the proposed measures are successfully implemented, the Group will have sufficient cash resources to meet future working capital needs[111]. - The Company is considering potential fundraising activities, including rights issues and new share placements, depending on market conditions[110]. Audit and Review - The Audit Committee has reviewed the unaudited condensed consolidated financial statements with no disagreements noted[78]. - The application of new and amended HKFRSs had no material impact on the Group's financial position and performance for the current and prior periods[119].