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].

Financial Performance - The Group's revenue for the year ended December 31, 2022, was approximately HK$2,715,000, a decrease of 14% compared to approximately HK$3,157,000 for the year ended December 31, 2021[15]. - The loss attributable to owners of the Company for the year ended December 31, 2022, was approximately HK$227,735,000, significantly reduced from a loss of approximately HK$581,677,000 for the year ended December 31, 2021[15]. - The loss from changes in fair value of investment properties was approximately HK$3,393,000 in 2022, down from approximately HK$24,944,000 in 2021[15]. - The impairment loss recognized for financial assets under the expected credit losses model was approximately HK$177,609,000 in 2022, compared to HK$192,300,000 in 2021[15]. - The Group's share of losses from associates was approximately HK$766,000 in 2022, a significant decrease from HK$169,558,000 in 2021[15]. - The economic environment remains sluggish due to the lingering effects of the COVID-19 pandemic, impacting overall business activities[14]. Strategic Direction - The Group adopted a more conservative strategy in property development and investment due to the uncertain real estate market in the PRC[20]. - The Group plans to continue identifying and exploring business opportunities in the natural gas sector both in the PRC and globally[20]. - The Group's management is focused on navigating the challenges posed by the pandemic while seeking growth opportunities in its core sectors[20]. - The Group's strategic adjustments reflect a response to the ongoing market disruptions caused by the COVID-19 outbreak[20]. Capital Structure and Financial Position - The Group's capital structure includes debt, cash and bank balances, and equity attributable to owners, which comprises issued share capital and reserves[35]. - A capital reorganization was approved, involving share consolidation, capital reduction, and share subdivision to enhance the capital structure[36][40]. - The share consolidation involved consolidating every ten issued shares of par value HK$0.05 into one consolidated share of par value HK$0.5[36]. - As of December 31, 2022, the underlying current ratio was approximately 0.12, a decrease from 0.55 in 2021[46]. - The equity attributable to owners of the Company was a deficit of approximately HK$(315,683,000), an increase of approximately 290% from the deficit of HK$(80,917,000) at the end of 2021[47]. - The net current liabilities as of December 31, 2022, were approximately HK$402,555,000, compared to HK$173,265,000 in 2021[47]. - Cash and bank balances at December 31, 2022, were approximately HK$2,347,000, up from HK$1,862,000 in 2021[47]. - The underlying gearing ratio was approximately (30%) as of December 31, 2022, compared to (81%) in 2021[46]. - The current liabilities to total assets ratio was approximately 573% as of December 31, 2022, compared to 159% in 2021[46]. Governance and Board Structure - The Board held a total of 2 board meetings during the financial year, with a 100% attendance rate from all directors[85]. - As of December 31, 2022, independent non-executive directors represented at least one-third of the Board, complying with Rule 3.10A of the Listing Rules[90]. - The Company has appointed at least three independent non-executive directors, with one possessing appropriate professional qualifications in accounting or related financial management expertise[90]. - The Board is committed to ensuring independent views and input are available, with independent professional advice obtained at the Company's expense[79]. - The Company has established mechanisms to ensure that all directors have access to timely information, including monthly updates on business operations[88]. - The Board will review the implementation and effectiveness of governance mechanisms on an annual basis[79]. - The Company has not established an internal audit function, as the Board believes it is unnecessary given the current scale and complexity of the business[73]. - The Board aims to comply with the Code provision C.5.1, which stipulates that board meetings should be held at least four times a year[87]. Risk Management and Internal Controls - The Board conducts an annual review of significant risks, including ESG risks, and assesses the Company's ability to respond to changes in the business environment[178]. - The management is responsible for the ongoing monitoring of the risk management and internal control systems, which are reviewed annually for effectiveness[180]. - The risk management procedures are designed to identify, evaluate, and manage significant risks associated with the Group's business[184]. - The Group's risk management strategies include risk retention, avoidance, sharing, and transfer to mitigate potential losses[188]. - The internal control systems aim to reduce risks and provide reasonable assurance against material misstatement or loss[186]. - The Board considers the risk management and internal control systems to be reasonably effective and adequate for the year ended December 31, 2022[189]. Compliance and Policies - The Group has implemented a Whistleblowing Policy to allow confidential reporting of concerns related to possible improprieties[191]. - An Anti-Bribery and Anti-Corruption Policy has been adopted to outline guidelines and responsibilities for employees to resist fraud[192]. - The Group maintains awareness of confidentiality regarding inside information and complies with relevant regulations for its dissemination[190]. - The company has adopted an Anti-Bribery and Anti-Corruption Policy to prevent and address any form of bribery and corruption among employees and third parties[194]. - The Board and the Audit Committee will periodically review the effectiveness of the Anti-Bribery and Anti-Corruption Policy to ensure compliance and commitment to prevention and investigation[196]. Human Resources and Diversity - The Group had approximately 14 staff as of December 31, 2022, with remuneration based on performance and industry practices to retain talent[30]. - The Group employed 14 individuals during the financial year, with 50% being female, indicating achievement of gender diversity[100]. - The Board currently has one female director, and the Company aims to increase the proportion of female members over time[98]. - All directors participated in continuous professional development programs during the year, ensuring their contributions remain informed and relevant[105].

Financial Performance - The Group's revenue for the year ended December 31, 2022, was approximately HK$2,715,000, a decrease from approximately HK$3,157,000 for the year ended December 31, 2021, representing a decline of about 14%[22] - The loss attributable to owners of the Company for the year ended December 31, 2022, was approximately HK$227,735,000, compared to a loss of approximately HK$581,677,000 for the year ended December 31, 2021, indicating a reduction in loss by approximately 61%[22] - The loss arising on change in fair value of investment properties was approximately HK$3,393,000 in 2022, down from approximately HK$24,944,000 in 2021, reflecting a decrease of about 86%[22] - The impairment loss recognized in respect of property, plant, and equipment was HK$Nil in 2022, significantly improved from HK$113,999,000 in 2021[22] - The impairment loss recognized in respect of financial assets under expected credit losses model amounted to approximately HK$177,609,000 in 2022, compared to HK$192,300,000 in 2021, showing a decrease of about 8%[22] - The share of losses of associates was approximately HK$766,000 in 2022, a significant reduction from HK$169,558,000 in 2021[22] Impact of COVID-19 - The COVID-19 pandemic has had a negative impact on the Group's business operations during the financial year ended December 31, 2022, contributing to deteriorating macroeconomic conditions[21] - The Group's financial performance was affected by various precaution measures implemented by government authorities, including travel restrictions and business limitations due to the COVID-19 pandemic[21] - The Company continues to face challenges in the current economic environment, which may impact future performance and strategic decisions[21] Corporate Governance - The Company is committed to enhancing corporate governance practices to maximize shareholder value[70] - The Company complied with all code provisions of the Corporate Governance Code for the year ended December 31, 2022, with some deviations noted[71] - The roles of chairman and chief executive officer are held by the same individual, which the Board believes ensures consistent leadership[72] - The company complied with all provisions of the Corporate Governance Code, except for the insurance arrangement for directors, which was deemed unnecessary due to minimal risk of significant legal claims[74] - The Board held a total of two meetings during the financial year, with all directors achieving a 100% attendance rate[92] - The company does not currently have an internal audit function, as the Board believes there is no immediate need based on the size and complexity of the business[80] - The Board consists of three executive directors and three independent non-executive directors, with one having the required professional qualifications in accounting[84] - All directors confirmed compliance with the Model Code regarding securities transactions from the listing date until December 31, 2022[78] - The company’s articles of association require all directors to retire by rotation at least once every three years, ensuring regular re-evaluation of board members[85] - The Board has mechanisms in place to ensure independent views are available, including encouraging participation from independent non-executive directors[86] - The company’s governance structure aims to protect the interests of all shareholders through sound internal control and risk management systems[87] - The Board will review the effectiveness of its governance mechanisms annually to ensure continued compliance and effectiveness[86] - The company believes that the current arrangement of having the same individual serve as both Chairman and CEO enhances leadership consistency and strategic planning[74] - The Board did not hold the required four meetings during the year due to delays in financial results publication and trading suspension[94] - Independent non-executive directors (INEDs) represented at least one-third of the Board as of December 31, 2022, in compliance with listing rules[97] - The Company has a commitment to gender diversity, currently having one female director, with plans to increase this proportion over time[105] - The Group employed 14 individuals, with 50% being female, indicating achievement of gender diversity in its workforce[107] - All Directors participated in continuous professional development programs during the year, ensuring their contributions remain informed and relevant[112] - The Board Diversity Policy aims to achieve a balance of skills, experience, and perspectives to enhance decision-making effectiveness[101] - The Nomination Committee will review the Board Diversity Policy and measurable objectives at least annually to ensure effectiveness[106] - The Company has received annual confirmations of independence from each INED as required under listing rules[98] - The Board has a balanced mix of knowledge and skills, including business management, finance, and civil engineering[105] - The Company will strive to comply with the Code provision C.5.1 regarding regular board meetings going forward[94] - 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 and effective strategic planning[121] - The Board reserves decision-making on major matters, including overall strategies, budgets, and financial information, ensuring corporate governance principles are upheld[122] - The Remuneration Committee, chaired by an independent non-executive Director, reviewed remuneration packages based on individual performance and Group profitability during the financial year[130] - The Nomination Committee is responsible for recommending Director appointments and evaluating board composition, considering factors such as gender, age, and professional experience[136] - The Nomination Policy has been adopted to outline the selection criteria and procedures for identifying and recommending candidates for Directors[140] - The Board comprises experienced individuals, including a sufficient number of independent non-executive Directors, to maintain a balance of power and authority[121] - No meetings were held for the Remuneration Committee or Nomination Committee during the financial year, indicating a potential area for improvement in governance practices[131][137] - The daily management and operations of the Group are delegated to senior management, with significant transactions requiring Board approval[123] - The Board has established internal committees, including remuneration, nomination, audit, and corporate governance committees, to ensure compliance with governance standards[124] - The Remuneration Committee ensures that no Director is involved in deciding their own remuneration, providing protection to shareholders[129] - As of December 31, 2022, all members of the Audit Committee were Independent Non-Executive Directors (INEDs), with one member possessing appropriate professional qualifications and financial management expertise[146] - The Audit Committee held one meeting during the financial year, with a 100% attendance rate from all members[150][153] - The Corporate Governance Committee consisted of four members as of December 31, 2022, including three INEDs and one executive director[154] - The Corporate Governance Committee is responsible for developing and reviewing the Company's corporate governance policies and practices[155] Financial Position and Strategies - The Group's capital structure includes debt, cash and bank balances, and equity attributable to owners of the Company[42] - As of December 31, 2022, the underlying current ratio was approximately 0.12, a decrease from 0.55 in 2021[53] - The underlying gearing ratio was approximately (30%) as of December 31, 2022, compared to (81%) in 2021[53] - The equity attributable to owners of the Company was a deficit of approximately HK$(315,683,000), an increase of approximately 290% from the previous year's deficit of HK$(80,917,000)[54] - Net current liabilities as of December 31, 2022, were approximately HK$402,555,000, up from HK$173,265,000 in 2021[54] - Cash and bank balances at December 31, 2022, were approximately HK$2,347,000, compared to HK$1,862,000 in 2021[54] - The Group had no material contingent liabilities other than a loan obligation of approximately HK$90,248,000 secured by properties of a subsidiary[57] - The Board resolved not to propose any final dividend for the year ended December 31, 2022[62] - The Company is actively negotiating to repay outstanding liabilities and is collecting account receivables to improve its financial position[174] - The Company plans to enforce cost-saving measures to minimize expenses, including administrative and operating costs[175] - The Group is exploring potential fundraising activities such as rights issues and the issuance of new shares or convertible bonds[177] - The Directors believe that if the above measures are successfully implemented, the Group will have sufficient cash resources for future working capital needs[178] - The Audit Committee has reviewed and agreed with the management's position regarding the going concern and liquidity issues[179] - The Company aims to expand its existing business internationally to improve operating results and cash flow[170] - The Group is actively seeking fundraising opportunities, including rights issues, placements of new shares, and/or convertible bonds, depending on current market conditions and business development[183] - The Board believes that successful implementation of fundraising measures will improve the Group's financial position, ensuring sufficient cash resources for future operational and financial needs[183] - As of December 31, 2022, the consolidated financial statements were prepared on a going concern basis, supported by the Board's detailed plans regarding liquidity and operational continuity[183] Risk Management and Internal Controls - The Audit Committee continuously reviews significant risk management and internal controls, ensuring adequacy of resources and qualifications of staff in accounting and financial reporting functions[186] - The Group's risk management procedures are designed to identify, evaluate, and manage significant risks, including ESG risks, with annual reviews conducted by the Board[191] - The internal control systems aim to reduce business-related risks and minimize adverse impacts, providing reasonable assurance against material misstatements or losses[193] - The Group has established a Whistleblowing Policy to allow employees and third parties to report concerns confidentially regarding possible improprieties[198] - The Board adopted an Anti-Bribery and Anti-Corruption Policy, outlining guidelines and responsibilities for employees to resist fraud and report suspected cases[199] - The risk management and internal control systems were deemed reasonably effective and adequate for the year ended December 31, 2022, covering all material controls[196] - The Group's risk management strategies include risk retention, avoidance, sharing, and transfer to mitigate potential losses[195] - The group has enhanced awareness of insider information confidentiality and regularly notifies relevant directors and employees about trading restrictions[200] - A whistleblowing policy has been adopted by the board to provide guidance and reporting channels for employees and third parties to report concerns about misconduct confidentially[200] - All reported matters will undergo independent investigation, ensuring confidentiality for whistleblowers[200] - The board and audit committee will regularly review the whistleblowing policy and mechanisms to improve effectiveness[200]

Financial Performance - The loss attributable to owners of the Company for the period from January 1, 2022, to June 30, 2022, was approximately HK$21,703,000, compared to a loss of approximately HK$1,336,000 for the first six months of 2021[16]. - Revenue for the six months ended June 30, 2022, was HK$1,572,000, a decrease of 90.66% compared to HK$16,859,000 for the same period in 2021[87]. - Loss before tax for the six months ended June 30, 2022, was HK$21,794,000, compared to a loss of HK$1,297,000 in the previous year, indicating a significant increase in losses[87]. - Total comprehensive expenses for the period amounted to HK$24,322,000, a stark contrast to a total comprehensive income of HK$7,999,000 in the prior year[89]. - The company's total equity attributable to owners decreased to HK$105,527,000 from HK$80,917,000 at the end of 2021, highlighting a decline in shareholder equity[92]. Financial Position - As of June 30, 2022, the underlying current ratio was approximately 0.53, a slight decrease from 0.55 on December 31, 2021[30]. - The underlying gearing ratio was approximately (69%) as of June 30, 2022, improving from (81%) on December 31, 2021[30]. - Net current liabilities were approximately HK$195,524,000 as of June 30, 2022, up from HK$173,265,000 on December 31, 2021[31]. - The company’s accumulated losses increased to HK$1,043,074,000 as of June 30, 2022, compared to HK$1,021,371,000 at the beginning of the year[93]. - The Group had net liabilities of approximately HK$166,662,000, with interest-bearing borrowings amounting to approximately HK$115,000,000[106]. Business Operations - The Group's property rental business includes a property in Tianjin with a land use area of 11,331.30 square meters, providing a steady rental income stream[17]. - The Group is engaged in property development with a land area of approximately 29,012.72 square meters in Tianjin, where two 4-storey buildings with a total gross floor area of 18,333 square meters are under construction[23]. - The Group's business operations were affected by COVID-19 lockdown measures and a downturn in the property market in 2022[106]. - The Group aims to explore business opportunities in the natural gas sector not only in the PRC but also globally to further develop this business[24]. - The Group aims to identify and explore growth opportunities in the natural gas business both in China and globally[27]. Governance and Compliance - The Company has complied with all provisions of the Corporate Governance Code for the six months ended June 30, 2022, except for certain deviations regarding insurance cover for directors[74]. - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2022, with no disagreements noted[82]. - The Company did not have an internal audit function as of the report date, citing the current effectiveness of its internal control system[76]. - The roles of Chairman and Chief Executive Officer are held by the same individual, which the Board believes ensures consistent leadership[75]. Share Capital and Structure - A capital reorganisation was approved on January 24, 2022, involving share consolidation, capital reduction, and share sub-division[62]. - The share consolidation involved consolidating every ten issued shares of par value HK$0.05 into one consolidated share of par value HK$0.50[62]. - The capital reduction will reduce the par value of each issued consolidated share from HK$0.50 to HK$0.01 by cancelling HK$0.49 of paid-up capital[67]. - The share sub-division will subdivide each authorised but unissued consolidated share into fifty ordinary shares with par value HK$0.01 each[68]. - As of the report date, the capital reduction and share sub-division have not yet become effective[69]. Cash Flow and Liquidity - Cash and bank balances increased to approximately HK$3,575,000 as of June 30, 2022, compared to HK$1,862,000 at the end of 2021[31]. - The company is actively negotiating to repay outstanding liabilities and is working to collect accounts receivable to improve its financial position[111][116]. - Cost-saving measures are being implemented to minimize expenses, including administrative and operating costs[112][117]. - Potential fundraising activities are being sought, including rights issues and the issuance of new shares or convertible bonds, depending on market conditions[114][119]. - The directors believe that if the above measures are successfully implemented, the group will have sufficient cash resources to meet future working capital and financial needs[115]. Segment Performance - For the six months ended June 30, 2022, total revenue amounted to HK$1,572,000, with property management services contributing HK$647,000 and leases contributing HK$925,000[140]. - The Group's revenue from property management services in the PRC for the six months ended June 30, 2022, was HK$647,000, recognized over time[138]. - The total revenue from the property investment segment for the six months ended June 30, 2022, was HK$1,572,000, with all revenue recognized over time[140]. - The segment profit for the same period in 2022 was HK$1,395,000, compared to HK$933,000 in 2021, indicating a year-over-year increase of 49.5%[148]. - Other income, gains, and losses totaled HK$18,019,000 in 2022, slightly up from HK$18,003,000 in 2021, reflecting a marginal increase of 0.09%[150].

Financial Performance - The loss attributable to owners of the Company for the period from January 1, 2022, to June 30, 2022, was approximately HK$21,703,000, compared to a loss of approximately HK$1,336,000 for the first six months of 2021[21]. - Revenue for the six months ended June 30, 2022, was HK$1,572,000, a significant decrease of 90.66% compared to HK$16,859,000 in 2021[92]. - Loss before tax for the period was HK$21,794,000, compared to a loss of HK$1,297,000 in the previous year, indicating a substantial increase in losses[92]. - Total comprehensive expenses for the period amounted to HK$24,322,000, a stark contrast to a comprehensive income of HK$7,999,000 in the prior year[94]. - The Company incurred finance costs of HK$35,392,000, a significant rise from HK$5,774,000 in the previous year, indicating increased borrowing costs[92]. Financial Position - The Group's consolidated financial statements for the six months ended June 30, 2022, are unaudited and condensed, with detailed financial information provided on pages 15 to 40 of the report[20]. - The Group's financial position as of June 30, 2022, is detailed in the consolidated statement of financial position included in the report[20]. - As of June 30, 2022, the Group's current ratio was approximately 0.53, a slight decrease from 0.55 on December 31, 2021[35]. - The Group's deficit attributable to owners increased by approximately 30% to HK$105,527,000 from HK$80,917,000 at the end of the previous year[36]. - Current liabilities increased to HK$415,808,000 from HK$382,524,000, resulting in net current liabilities of HK$195,524,000[97]. Operational Insights - The interim report was presented by the Board of Directors, highlighting the financial results and operational insights for the first half of 2022[23]. - The Company continues to focus on its core business operations while navigating the challenges posed by the market environment[24]. - The financial performance reflects the ongoing impact of external factors affecting the infrastructure investment sector[24]. - The business operations were affected by COVID-19 lockdown measures and a downturn in the property market in the PRC[111]. - The Group's existing business is operating as usual, with efforts to improve operating results and cash flows[112]. Strategic Initiatives - The Company is committed to enhancing its operational efficiency and exploring new opportunities for growth in the infrastructure sector[24]. - The Group is adopting a more conservative strategy in property development and investment due to the uncertain real estate market in China[29]. - The Group plans to explore business opportunities in the natural gas sector both in China and globally[29]. - The Directors are taking measures to manage liquidity needs and improve financial position, including focusing on existing businesses and international expansion[112]. - The company is actively negotiating to repay outstanding liabilities and collect accounts receivables to improve its financial position[116][121]. Share Capital and Governance - The capital reorganisation approved on January 24, 2022, involved a share consolidation where every ten issued shares of par value HK$0.05 were consolidated into one share of par value HK$0.50[67]. - The capital reduction will reduce the par value of each issued consolidated share from HK$0.50 to HK$0.01 by cancelling HK$0.49 of paid-up capital on each issued consolidated share[72]. - The company has complied with all provisions of the Corporate Governance Code for the six months ended June 30, 2022, except for certain deviations regarding insurance cover for directors and the separation of roles between the chairman and CEO[79][80]. - The Audit Committee, consisting of three independent non-executive Directors, has reviewed the financial reporting process and internal control system, with no disagreements noted on the unaudited condensed consolidated financial statements for the six months ended June 30, 2022[86][87]. - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance for the six months ended June 30, 2022[85][88]. Assets and Liabilities - The Group had net liabilities of approximately HK$166,662,000, with interest-bearing borrowings amounting to approximately HK$115,000,000[111]. - Trade receivables as of June 30, 2022, amounted to HK$138,208,000, with a net amount of HK$51,494,000 after an allowance for credit losses of HK$86,714,000[171]. - The Group's interest-bearing borrowing was secured by pledged shares held by a substantial shareholder, Mr. Ye De Chao, and was personally guaranteed by him[191]. - The Group's contingent liabilities included a financial guarantee contract for a loan of approximately HK$93,712,000 as of June 30, 2022, down from HK$97,960,000 in 2021[196]. - The Group had no other material contingent liabilities as of June 30, 2022, compared to none in 2021[200].

Financial Performance - The Group's revenue for the year ended December 31, 2021, was approximately HK$3,157,000, a significant decrease from approximately HK$127,414,000 for the year ended December 31, 2020, representing a decline of about 97.5%[14]. - The loss attributable to owners of the Company for the year ended December 31, 2021, was approximately HK$581,677,000, compared to a loss of approximately HK$278,857,000 for the previous year, indicating an increase in loss of about 108.7%[14]. - The increase in loss was primarily due to a fair value loss on investment properties amounting to approximately HK$24,944,000 and an impairment loss on property, plant, and equipment of approximately HK$113,999,000[35]. - The loss from changes in fair value of investment properties was approximately HK$24,944,000 in 2021, down from approximately HK$77,966,000 in 2020[14]. - Impairment losses recognized in respect of property, plant, and equipment amounted to approximately HK$113,999,000 in 2021, compared to HK$87,937,000 in 2020, reflecting an increase of about 29.7%[14]. - Impairment losses recognized for financial assets under the expected credit losses model were approximately HK$192,300,000 in 2021, significantly higher than HK$40,723,000 in 2020, marking an increase of about 371.5%[14]. - The share of losses of associates was approximately HK$169,558,000 in 2021, compared to HK$144,569,000 in 2020, representing an increase of about 17.3%[14]. Strategic Direction - The Group adopted a more conservative view and strategy in property development and investment due to the uncertain real estate market in the PRC caused by the COVID-19 pandemic[19]. - The Group plans to continue identifying and exploring business opportunities in the natural gas sector both in the PRC and globally to further develop this business[19]. Liquidity and Financial Position - The underlying current ratio as of December 31, 2021, was approximately 0.55, a decline from 1.72 in 2020, indicating liquidity challenges[39]. - The underlying gearing ratio was approximately (81%) as of December 31, 2021, compared to 24% in 2020, reflecting a significant increase in debt relative to equity[39]. - The equity attributable to owners of the Company was a deficit of approximately HK$80,917,000 as of December 31, 2021, a decrease of approximately 117% from HK$483,087,000 at the end of the previous year[40]. - The net current liabilities as of December 31, 2021, were approximately HK$173,265,000, compared to net current assets of HK$153,450,000 in 2020[40]. - As of December 31, 2021, the Group's current liabilities exceeded its current assets by approximately HK$173,265,000, resulting in net liabilities of approximately HK$142,340,000[162]. - Cash and cash equivalents were only approximately HK$1,862,000 as of the reporting date[162]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code for the year ended December 31, 2021, except for certain deviations regarding insurance for directors and the separation of roles between the chairman and CEO[66][67]. - The Board of Directors consists of three executive directors and three independent non-executive directors, with two independent directors having served for over nine years and eligible for re-election[76]. - The company does not currently have an internal audit function, as the Board believes there is no immediate need based on the size and complexity of the business[71][74]. - The company is committed to maximizing shareholder value and enhancing transparency, accountability, and independence[65][68]. - The Board meets regularly to monitor performance and ensure compliance with statutory and regulatory requirements[79]. - Independent non-executive directors are encouraged to participate actively in Board meetings and have access to independent professional advice[78]. - The company will review its corporate governance practices periodically to improve effectiveness[65][68]. - The Board Diversity Policy aims to achieve a balanced mix of skills, experience, and perspectives among board members to enhance decision-making effectiveness[93]. - The Company has established mechanisms to ensure independent opinions and information are provided to the Board, particularly from independent non-executive directors[82]. - The Board is satisfied that the other commitments of the INEDs do not conflict with their duties as directors[90]. - The nomination committee will review the Board Diversity Policy and measurable objectives at least annually to ensure its effectiveness[99]. - The Company provides newly appointed directors with an induction package to ensure they understand the business and their responsibilities under the Listing Rules[101]. Risk Management - The Board reviewed significant risks, including ESG risks, and the Company's ability to respond to changes in the business environment[184]. - The management is responsible for the ongoing design and implementation of the risk management and internal control systems, which are reviewed annually for effectiveness[186]. - The Group has established procedures to identify and manage significant risks, with annual reviews conducted by the Board[187]. - The risk management strategies include risk retention, avoidance, sharing, and transfer to mitigate potential losses[195]. - The internal control systems aim to reduce business-related risks and provide reasonable assurance against material misstatements[191]. - Significant internal control deficiencies are reported to the Board promptly to ensure timely remediation[192]. - The Board considers the risk management and internal control systems to be reasonably effective and adequate for the year ended December 31, 2021[193]. - The Group has adopted a Whistleblowing Policy to allow confidential reporting of concerns related to possible improprieties[197]. - The Anti-Bribery and Anti-Corruption Policy outlines guidelines and responsibilities to prevent and report fraud and corruption[198]. Employee and Gender Diversity - The Group had approximately 14 staff members as of December 31, 2021, with remuneration based on performance and industry practices[34]. - The Company has a commitment to gender diversity, currently having one female director, with plans to increase this proportion over time[98]. - The Group employed 14 individuals during the financial year, with approximately 50% being female, indicating a commitment to gender diversity in recruitment[100]. - The company maintains a commitment to diversity in its hiring practices, reflecting its broader corporate governance principles[103]. Audit and Financial Oversight - The Audit Committee consists entirely of Independent Non-executive Directors (INEDs) as of December 31, 2021[138]. - The chairman of the Audit Committee, Mr. HE Jin Geng, is a qualified accountant with relevant financial experience[138]. - The Audit Committee reviews the Company's financial reports and internal controls[137]. - The Audit Committee continuously monitors the adequacy of resources and qualifications of the Group's accounting and internal audit functions[185]. - All members of the Audit Committee are independent non-executive directors, ensuring unbiased oversight[140]. - The audit fees for the year ended December 31, 2021, were HK$820,000 for HLB Hodgson Impey Cheng Limited and HK$950,000 for Asian Alliance (HK) CPA Limited, compared to HK$1,000,000 for the previous year[155]. - The Company’s audit fees for non-audit services were nil for both 2021 and 2020[155]. Future Plans and Measures - The Company is exploring various business opportunities to increase cash inflow and improve its financial position[167]. - The Group is actively negotiating to repay outstanding liabilities and collect account receivables[168]. - Cost-saving measures are being enforced to minimize expenses, including administrative and operating costs[169]. - The Company is in negotiations for potential loan capitalisation to reduce debt and increase the shareholder base[175]. - The Group is seeking fundraising opportunities such as rights issues and placements of new shares, depending on market conditions[176]. - The consolidated financial statements for the year ended December 31, 2021, have been prepared on a going concern basis, assuming successful implementation of the above measures[177].

Financial Performance - The Group's revenue for the year ended December 31, 2021, was approximately HK$3,157,000, a significant decrease from approximately HK$127,414,000 for the year ended December 31, 2020, representing a decline of about 97.5%[21]. - The loss attributable to owners of the Company for the year ended December 31, 2021, was approximately HK$581,677,000, compared to a loss of approximately HK$278,857,000 for the previous year, indicating an increase in loss of about 108.7%[21]. - The loss arising on change in fair value of investment properties amounted to approximately HK$24,944,000, down from approximately HK$77,966,000 in 2020[21]. - The impairment loss recognized in respect of property, plant, and equipment was approximately HK$113,999,000, an increase from HK$87,937,000 in 2020[21]. - The impairment loss recognized in respect of financial assets under expected credit losses model was approximately HK$192,300,000, compared to HK$40,723,000 in 2020, reflecting a significant increase[21]. - The share of losses of associates amounted to approximately HK$169,558,000, up from HK$144,569,000 in 2020[21]. - The underlying current ratio as of December 31, 2021, was approximately 0.55, a decrease from 1.72 in 2020, reflecting a decline in liquidity[46]. - The Group's equity attributable to owners of the Company was a deficit of approximately HK$80,917,000, a decrease of approximately 117% from HK$483,087,000 at the end of the previous year[47]. - The net current liabilities as of December 31, 2021, were approximately HK$173,265,000, compared to net current assets of HK$153,450,000 in 2020[47]. - Cash and cash equivalents were only approximately HK$1,862,000 as of December 31, 2021[169]. Impact of COVID-19 - The COVID-19 pandemic has negatively impacted the Group's business activities and contributed to deteriorating macroeconomic conditions during the financial year[20]. - The Company has continued to face challenges due to government-imposed restrictions and lockdowns affecting business operations[20]. - The Group's overall performance has been negatively impacted by the COVID-19 pandemic, leading to a conservative approach in its business strategies[26]. - The Group adopted a more conservative view and strategy in property development and investment due to the uncertain atmosphere in the PRC real estate market caused by the ongoing COVID-19 pandemic[26]. - The Group will adopt a more conservative view and strategy regarding property development and investment due to the ongoing economic challenges posed by COVID-19[42]. Corporate Governance - The Company has complied with all provisions of the Corporate Governance Code for the year ended December 31, 2021, except for certain deviations regarding insurance cover for directors and the separation of roles between the chairman and CEO[73]. - The Board comprises three executive directors and three independent non-executive directors, with two independent directors having served for more than nine years and subject to re-election[80]. - The Company does not currently have an internal audit function, as the Board believes there is no immediate need based on the size and complexity of the business[78]. - The Company is committed to maximizing shareholder value and enhancing transparency, accountability, and independence[72]. - The Board has a range of necessary skills and experiences to discharge their duties effectively[84]. - The Company will review its corporate governance practices regularly to improve effectiveness[72]. - The Board held a total of four board meetings during the financial year, with a 100% attendance rate for all directors[92]. - Independent non-executive directors (INEDs) represented at least one-third of the Board as of December 31, 2021, in compliance with Listing Rules[96]. - The Company has mechanisms in place to ensure independent views are available to the Board, including obtaining independent professional advice[89]. - The Board conducts regular and ad hoc meetings to monitor senior management performance and ensure compliance with statutory requirements[90]. Risk Management - The Board reviewed significant risks, including ESG risks, and the Company's ability to respond to changes in the business environment[191]. - The management is responsible for the ongoing design and monitoring of the risk management and internal control systems, which are reviewed annually for effectiveness[193]. - The Group has established procedures to identify and manage significant risks, with annual reviews conducted by the Board[194]. - The management identifies risks by considering internal and external factors, assessing and prioritizing them based on impact and occurrence[197]. - The internal control systems aim to reduce risks and minimize adverse impacts, providing reasonable assurance against material misstatement[198]. - Significant internal control deficiencies are reported to the Board for prompt remediation actions[199]. - For the year ended December 31, 2021, the risk management and internal control systems were deemed reasonably effective and adequate[200]. Business Strategy - The Group plans to continue identifying and exploring thriving business opportunities in the natural gas sector both in the PRC and globally to further develop this business area[26]. - The Company is exploring various business opportunities to increase cash inflow and improve its financial position[174]. - The Group is actively negotiating to repay outstanding liabilities and collect account receivables[175]. - Cost-saving measures are being enforced to minimize expenses, including administrative and operating costs[176]. - The Company is in negotiations regarding potential debt capitalisation to reduce debt and increase the shareholder base[182]. - The Group is seeking fundraising opportunities such as rights issues and placements of new shares, depending on market conditions[183]. - The consolidated financial statements for the year ended December 31, 2021, have been prepared on a going concern basis, assuming successful implementation of the above measures[184]. Remuneration and Board Diversity - The Remuneration Committee reviewed the remuneration packages of Directors and senior management, including discretionary bonuses based on individual performance and the Group's profitability[126]. - The Remuneration Committee met once during the financial year to determine specific remuneration packages for executive Directors and senior management[127]. - The Company has a commitment to gender diversity, currently having one female director, with plans to increase this proportion over time[105]. - The Group employed 14 individuals during the financial year, with approximately 50% being female, indicating a commitment to gender diversity in recruitment[107]. - The Board Diversity Policy aims to achieve a balanced mix of skills, experience, and perspectives to enhance decision-making effectiveness[100]. - The Nomination Committee reviewed the Board Diversity Policy and measurable objectives at least annually to ensure effectiveness[106]. - The company’s diversity policy aims for gender equality on the Board, with a commitment to increasing the proportion of female members when selecting candidates[110].

Financial Performance - For the year ended December 31, 2021, the company reported a revenue of HKD 18,182,000, a decrease of 1.0% from HKD 127,414,000 in 2020[2] - The gross profit for 2021 was HKD 2,102,000, down from HKD 2,831,000 in 2020, indicating a decline of 25.8%[2] - The operating loss for 2021 was HKD (94,522,000), compared to HKD (343,677,000) in 2020, showing an improvement of 72.5%[2] - The net loss for the year was HKD (106,064,000), a reduction from HKD (348,497,000) in the previous year, representing a 69.6% decrease[3] - The basic and diluted loss per share for 2021 was HKD (19.52), compared to HKD (65.31) in 2020, reflecting a significant improvement[2] - The group reported a pre-tax loss of approximately HKD 83,344,000 for the year ended December 31, 2021, compared to a loss of HKD 278,857,000 in 2020, indicating an improvement of 70%[34] - The total segment loss before tax for the year was HKD 106,064,000, with significant contributions from financial costs and other operational losses[39] - The loss attributable to the company's owners for the year ended December 31, 2021, was approximately HKD 83,344,000, compared to a loss of HKD 278,857,000 for the previous year[55] Assets and Liabilities - Total assets as of December 31, 2021, were HKD 359,538,000, slightly down from HKD 365,585,000 in 2020[5] - The company's cash and bank balances decreased to HKD 1,862,000 from HKD 18,491,000 in the previous year, a decline of 89.9%[5] - The company's equity attributable to owners decreased to HKD 419,429,000 from HKD 483,087,000, a drop of 13.2%[5] - The total liabilities for the group amounted to HKD 221,028,000, with property investment liabilities at HKD 28,462,000 and natural gas liabilities at HKD 9,643,000[39] - The accounts receivable total for the year 2021 was HKD 157,851,000, with a provision for credit losses of HKD 51,885,000, resulting in a net accounts receivable of HKD 105,966,000[43] Revenue Sources - Total revenue from external customers for the year ended December 31, 2021, was HKD 18,182,000, with property investment contributing HKD 2,368,000 and natural gas contributing HKD 15,814,000[39] - Property management fee income increased to HKD 1,057,000 in 2021 from HKD 1,022,000 in 2020, reflecting a growth of 3.4%[18] - Sales of construction materials significantly dropped to HKD 15,814,000 in 2021 from HKD 125,097,000 in 2020, a decline of 87.3%[18] - The group recognized interest income from bank deposits of HKD 5,000 in 2021, down from HKD 307,000 in 2020, a decrease of 98.4%[18] Investment and Future Outlook - The group aims to seek investment opportunities in China to expand its portfolio of investment development projects, focusing on areas with development potential and ideal returns[52] - The group expects stable rental income from its property investments, particularly in the Tianjin area, due to the low interest rate environment and appreciation potential[50] Compliance and Governance - The company has adopted the standard code of conduct for securities trading by directors as outlined in Appendix 10 of the Listing Rules, confirming compliance for the year ended December 31, 2021[69] - The audit committee, composed of three independent non-executive directors, has reviewed the accounting principles and practices adopted by the group, discussing audit, internal control, and financial reporting procedures[70] COVID-19 Impact - The group did not recognize any government subsidies related to COVID-19 for the year ended December 31, 2021, compared to HKD 108,000 in 2020[18] - Due to COVID-19 travel restrictions and quarantine measures in certain regions of China, the annual performance audit for the year ended December 31, 2021, could not be completed[72] Shareholder Information - The group did not recommend any dividend for the year ended December 31, 2021, consistent with the previous year[31] - The board has decided not to recommend any final dividend for the year ended December 31, 2021, consistent with the previous year[67] Financial Ratios - The group has a current liquidity ratio of approximately 1.63 as of December 31, 2021, down from 1.72 in the previous year[57] - The capital debt ratio as of December 31, 2021, was approximately 29%, an increase from 24% in the previous year[57]