Financial Performance - The company reported revenue of HKD 20.6 million for the six months ended June 30, 2023, compared to HKD 13.6 million in the same period of 2022, representing a year-over-year increase of 51.5%[5] - Gross profit for the same period was HKD 11.4 million, with a gross margin of 55.3%, up from HKD 5.9 million and a gross margin of 43.0% in 2022[5] - The consolidated loss attributable to the company was HKD 3.4 million, compared to HKD 2.4 million in 2022, indicating a worsening of 41.7%[5] - The company reported a loss before tax of HKD 2,658,000, compared to a loss of HKD 2,436,000 in the previous year, indicating a deterioration in performance[26] - Total comprehensive loss for the period was HKD 3,401,000, compared to HKD 2,446,000 in the same period last year[26] - Basic and diluted loss per share was HKD 1.2, an increase from HKD 0.8 in the previous year[26] - For the six months ended June 30, 2023, the company reported a net loss of HKD 3,401,000, compared to a net loss of HKD 2,446,000 for the same period in 2022[36] Assets and Liabilities - Total assets as of June 30, 2023, were HKD 41.5 million, an increase from HKD 24.6 million as of December 31, 2022[6] - Current assets increased to HKD 36,146,000 as of June 30, 2023, from HKD 18,605,000 at the end of 2022, reflecting improved liquidity[28] - Total liabilities as of June 30, 2023, were HKD 385,239,000, compared to HKD 366,407,000 at the end of 2022, showing an increase in financial obligations[28] - Total liabilities increased to HKD 388,880,000 as of June 30, 2023, compared to HKD 368,595,000 at the end of 2022[43] Cash Flow and Financing - The net cash inflow for the six months ended June 30, 2023, was HKD 2.6 million, compared to a cash outflow of HKD 2.1 million in the same period of 2022[6] - The company reported cash used in operating activities of HKD 8,971,000 for the six months ended June 30, 2023, compared to HKD 5,109,000 for the same period in 2022[33] - The company has secured financing of HKD 8,000,000 and HKD 12,000,000 from investors to support its operational costs and business activities[37] - The company is assessing its ability to continue as a going concern, considering its future cash flow and financing options[36] Business Operations - Revenue from the medical and health lifestyle business for the six months ended June 30, 2023, was HKD 20,599,000, a significant increase from HKD 13,615,000 in the same period of 2022, representing a growth of approximately 51.2%[38] - The company continues to develop its medical and health lifestyle business to improve operational cash flow[37] - The company incurred a pre-tax loss of HKD 2,658,000 for the medical and health lifestyle segment, after accounting for unallocated corporate expenses of HKD 4,829,000 and unallocated finance costs of HKD 5,824,000[40] Corporate Governance - The board is committed to maintaining high standards of corporate governance, despite the CEO position being vacant[22][24] - The company has not conducted any capital raising activities during the reporting period[8] - The company has not granted any share options or share awards during the six months ended June 30, 2023[20][26] - The board did not recommend any interim dividend for the six months ended June 30, 2023, consistent with the previous year[48] Other Financial Metrics - The company's cash and cash equivalents increased by HKD 2,574,000, reaching HKD 5,670,000 at the end of June 2023, compared to HKD 1,546,000 at the end of June 2022[33] - Trade receivables surged to HKD 10,237,000, a significant increase from HKD 1,037,000 in the previous year, indicating higher sales volume[28] - The company recorded interest income of HKD 153,000 from bank balances, a significant increase from HKD 1,000 in the previous year[45] - The total depreciation expense for the six months ended June 30, 2023, was HKD 662,000, up from HKD 565,000 in the prior year[47]

Financial Performance - The company recorded revenue of HKD 33.8 million for the year ended December 31, 2022, compared to HKD 1.7 million in 2021, representing a significant increase[5]. - Gross profit for the year was HKD 13.7 million, with a gross margin of 40.5%, down from 47.1% in the previous year[5]. - The consolidated loss attributable to the company was HKD 19.2 million, an improvement from HKD 26.3 million in 2021[5]. - Total revenue for the year was HKD 33.8 million, a significant increase from HKD 1.7 million in 2021, marking a growth of approximately 1,887%[123]. - Gross profit for the year was HKD 13.7 million, up from HKD 0.8 million in 2021, indicating a substantial increase in profitability[123]. - The company reported a net loss attributable to owners of HKD 19.2 million for the year ended December 31, 2022, compared to a loss of HKD 26.3 million in the previous year, representing a 27.5% improvement[123]. Assets and Liabilities - Total assets and net liabilities as of December 31, 2022, were HKD 24.6 million and HKD 344.0 million, respectively, compared to HKD 19.1 million and HKD 324.9 million in 2021[6]. - The total borrowings amounted to HKD 275.6 million, slightly up from HKD 272.0 million in 2021[6]. - The company's current liabilities and total liabilities were HKD 347.8 million and HKD 344.0 million, respectively, as of December 31, 2022[113]. - Cash and cash equivalents at year-end were only HKD 3.1 million, indicating insufficient liquidity to cover short-term obligations[113]. - The company faced loan defaults totaling HKD 167.6 million due to events of default as of December 31, 2022[113]. - Total equity attributable to shareholders decreased from HKD (317,350,000) to HKD (336,372,000), indicating a worsening financial position[128]. Governance and Management - The board of directors includes both executive and independent non-executive members, ensuring independence as per listing rules[44]. - The company has not entered into any significant contracts or agreements with directors that would prevent termination within one year[47]. - The company has not granted any stock options during the year, and as of December 31, 2022, there are no unexercised stock options outstanding[51]. - The company has established a risk management committee to monitor the effectiveness of risk management and internal controls, ensuring operational and financial reporting compliance[86]. - The audit committee is composed entirely of independent non-executive directors and has reviewed the accounting principles and practices adopted by the group for the year ended December 31, 2022[61]. - The board held five meetings during the year, ensuring all directors had access to relevant materials for informed decision-making[74]. Business Strategy and Outlook - The company is actively seeking new business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and other global issues[19]. - The company has confidence that its medical equipment and product distribution business will thrive in 2023 and beyond as the global economy gradually opens up[19]. - The company has implemented new policies to ensure prudent financial and cash flow management while continuing to seek profitable growth[19]. Environmental and Social Responsibility - The company promotes a paperless office and encourages recycling and efficient resource use to minimize environmental impact[93]. - The company has a zero-tolerance policy towards child labor and forced labor, ensuring all candidates provide identification for verification[98]. - The company is committed to reducing its environmental footprint and has taken measures to improve energy efficiency and waste reduction[94]. - The company emphasizes the importance of employee health and safety, implementing measures such as flexible work arrangements and regular disinfection procedures during the COVID-19 pandemic[99]. - Employee training and development are critical for the company's growth, with comprehensive on-the-job training programs and encouragement for external training participation[100]. Compliance and Risk Management - The company faces significant risks including competition, credit risk, and potential impacts from global economic conditions[12][15][16][17][18]. - The company has complied with applicable corporate governance code provisions during the year ended December 31, 2022, although it had only two independent non-executive directors at that time[67]. - The company is in the process of searching for a suitable candidate to fill the CEO position, which became vacant during the year[69]. - The company has not held any shareholder meetings during the year, maintaining high levels of disclosure and financial transparency[89]. Financial Reporting and Audit - The independent auditor's report indicates that the financial statements for the year ended December 31, 2022, reflect the company's financial position fairly, despite limitations in comparability with the previous year[108]. - The audit opinion for the financial statements is non-unqualified due to uncertainties regarding the accuracy of records related to liquidated subsidiaries[110]. - The company has limited records available for audit purposes due to the liquidation of certain subsidiaries, which may affect the accuracy of the consolidated financial statements[143]. Employee and Workforce - The company had 17 employees as of December 31, 2022, with compensation determined based on performance, experience, and market conditions[60]. - The workforce composition as of December 31, 2022, was 64% male and 36% female, with a focus on retaining employees over 65 years old[98]. - The company supports employee volunteerism and charitable work, although no donations were made to charities during the year[106].

Financial Performance - The company reported revenue of HKD 13.6 million for the six months ended June 30, 2022, with a gross profit of HKD 5.9 million and a gross margin of 43.0%[5] - The consolidated loss attributable to the company's owners was HKD 2.4 million, a significant improvement from a loss of HKD 9.9 million in the previous year[5] - The company reported revenue of HKD 13,615,000 for the six months ended June 30, 2022, compared to no revenue in the same period of 2021[26] - Gross profit for the same period was HKD 5,859,000, with a cost of goods sold amounting to HKD 7,756,000[26] - The company incurred a loss before tax of HKD 2,436,000, a significant improvement from a loss of HKD 9,942,000 in the prior year[26] - Total comprehensive loss for the period was HKD 2,446,000, compared to HKD 9,942,000 in the previous year[26] - The company reported a net loss of HKD 2,400,000 for the six months ended June 30, 2022, compared to a loss of HKD 9,942,000 for the same period in 2021[37] - The net loss attributable to shareholders for the six months ended June 30, 2022, was HKD 2,446,000, a significant improvement from HKD 9,942,000 in the prior year[49] Assets and Liabilities - As of June 30, 2022, the total assets and net liabilities of the group were HKD 26.2 million and HKD 327.2 million, respectively[6] - The company had total assets of HKD 20,044,000 as of June 30, 2022, up from HKD 12,032,000 at the end of 2021[28] - The total assets as of June 30, 2022, amounted to HKD 26,217,000, an increase from HKD 19,115,000 as of December 31, 2021[43] - The total liabilities as of June 30, 2022, were HKD 353,392,000, compared to HKD 344,048,000 as of December 31, 2021[43] - Current liabilities increased to HKD 349,554,000 from HKD 267,372,000 year-over-year[28] - The company’s total equity attributable to owners was reported at HKD (319,592,000) as of June 30, 2022, reflecting accumulated losses[31] Cash Flow and Financing - The group's cash and bank balances were HKD 1.5 million, down from HKD 3.7 million as of December 31, 2021[6] - The net cash outflow from operating activities was HKD 5.1 million, compared to HKD 1.7 million in the previous year[6] - Cash and cash equivalents decreased by HKD 2,125,000 in the first half of 2022, with a closing balance of HKD 1,546,000 compared to HKD 372,000 at the end of June 2021[33] - The company has secured a loan financing of HKD 8,000,000 from an investor to cover operational costs and an additional HKD 12,000,000 to support business operations[38] - The company’s financing costs decreased to HKD 7,439,000 from HKD 8,236,000 year-over-year[26] - The total financing costs for the six months ended June 30, 2022, were HKD 7,439,000, down from HKD 8,236,000 in the same period of 2021[46] Business Operations and Strategy - The company is actively seeking new business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and geopolitical tensions[7] - There were no significant investments or major acquisitions and disposals during the reporting period[9] - The company continues to develop its medical and health lifestyle business to improve operational cash flow[38] - The company has one reportable segment, which is the distribution of medical equipment and products, consistent with the previous year[40] Employee and Governance - The total number of employees as of June 30, 2022, was 13, with compensation based on performance and market levels[14] - The company is committed to maintaining high standards of corporate governance, having complied with the relevant codes during the reporting period[23] - The company has not conducted any equity fundraising activities during the six months ended June 30, 2022[8] - The company has not granted any share options or share awards during the six months ended June 30, 2022[20][26] - The board believes that the company will have sufficient working capital to meet its financial obligations for the next twelve months, despite significant uncertainties[37] Revenue Breakdown - Revenue from the medical and health lifestyle business, specifically from the distribution of medical equipment and products, was HKD 13,615,000 for the six months ended June 30, 2022, a slight decrease from HKD 14,315,000 in 2021[39] - For the six months ended June 30, 2022, the total segment revenue was HKD 13,615,000, compared to a loss of HKD 9,942,000 for the same period in 2021[41] - The total segment performance for the six months ended June 30, 2022, was HKD 2,341,000, while the unallocated corporate expenses were HKD 2,339,000[41] Other Financial Information - Interest income from bank balances for the six months ended June 30, 2022, was HKD 1,000, while rental income increased to HKD 307,000 from HKD 62,000 in the previous year[44] - The weighted average number of ordinary shares for calculating basic and diluted loss per share remained constant at 326,037,000 shares for both periods[49] - The company did not recommend an interim dividend for the six months ended June 30, 2022, consistent with the previous year[48] - As of June 30, 2022, trade receivables were HKD 1,729,000, showing an increase from HKD 1,665,000 as of December 31, 2021[51]

Financial Performance - The company recorded revenue of HKD 1.7 million for the year ended December 31, 2021, unchanged from 2020, with a gross profit of HKD 0.8 million and a gross margin of 46.5% compared to 54.3% in 2020[6]. - The consolidated loss attributable to the company was HKD 26.3 million, a decrease from HKD 50.8 million in 2020, while the total consolidated loss was HKD 24.7 million, down from HKD 52.5 million in 2020[6]. - Total revenue for the year ended December 31, 2021, was HKD 1,699,000, compared to HKD 9,617,000 in 2020, representing a decrease of approximately 82.3%[116]. - Gross profit for 2021 was HKD 790,000, down from HKD 5,225,000 in 2020, indicating a decline of about 84.9%[116]. - The company reported a loss before tax of HKD 24,717,000 for 2021, an improvement from a loss of HKD 52,470,000 in 2020, reflecting a reduction of approximately 53%[116]. - The net loss attributable to owners of the company for 2021 was HKD 26,275,000, compared to HKD 50,846,000 in 2020, showing a decrease of about 48.7%[116]. Assets and Liabilities - As of December 31, 2021, the total assets and total liabilities of the group were HKD 19.1 million and HKD 324.9 million, respectively, with cash and bank balances of HKD 3.7 million[7]. - The group had a total borrowing of HKD 272.0 million, which included HKD 217.1 million in loans and HKD 54.9 million in bonds payable[7]. - As of December 31, 2021, the group's current liabilities and total liabilities were HKD 255.3 million and HKD 324.9 million, respectively, including borrowings of HKD 140.4 million due within one year[110]. - The group's cash and cash equivalents balance was HKD 3.7 million, indicating insufficient liquidity to repay borrowings immediately[110]. - The company's total equity attributable to owners decreased from HKD (291,075,000) in 2020 to HKD (317,350,000) in 2021, indicating a worsening of approximately 9%[118]. Cash Flow - The net cash outflow from operating activities was HKD 6.6 million, while the net cash inflow from financing activities was HKD 9.9 million, resulting in a net cash inflow of HKD 2.6 million for the year[7]. - Cash flow from operating activities showed a net cash outflow of HKD 6,618,000, which is a 33% improvement compared to HKD 9,922,000 in the previous year[124]. - The net cash from financing activities increased to HKD 9,913,000, up from HKD 7,335,000 in the previous year, indicating a 35% increase[124]. - The total cash and cash equivalents at the end of the year rose to HKD 3,671,000, compared to HKD 1,073,000 at the beginning of the year, marking a significant increase[124]. Business Operations - The company is actively seeking business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and other geopolitical factors[20]. - The company plans to continue its medical equipment and product distribution business, which showed good progress in 2022, and expects further growth in 2023 and beyond[20]. - The group is continuously developing its medical and health lifestyle business to improve its operating cash flow[140]. Governance and Compliance - The board of directors includes a mix of executive and independent non-executive members, ensuring independence as per the listing rules[45]. - The company complied with all code provisions of the corporate governance code during the year ended December 31, 2021, except for the non-executive directors having no fixed term[68]. - The audit committee reviewed the accounting principles adopted by the group and there were no disagreements with the auditors regarding the accounting policies[62]. - The board has adopted a diversity policy for its members, considering various factors such as cultural background and professional experience[71]. - The company has established four committees under the board to oversee different aspects of its operations[76]. Risk Management - The company has implemented risk management policies to address various risks that may impact its operations and financial condition[13]. - The board of directors has established a risk management committee to monitor the effectiveness of risk management and internal controls within the group[80]. - The company is committed to maintaining a robust risk management system to ensure effective management of operational and financial reporting risks[85]. Environmental and Social Responsibility - The group’s operations do not produce air pollutants or regulated emissions, indicating a low environmental impact[90]. - The group does not generate hazardous waste and has implemented policies to minimize waste and improve resource efficiency[91]. - The company is committed to energy efficiency and resource conservation, promoting practices such as recycling and reducing unnecessary business travel[92]. - The company adheres to employment laws and promotes a fair working environment, with zero tolerance for child labor and forced labor[96]. - Employee health and safety are prioritized, with measures taken to protect staff during the COVID-19 pandemic[97]. Financial Reporting and Accounting - The financial statements are prepared based on historical cost, except for certain financial instruments measured at fair value[134]. - The company has adopted the revised Hong Kong Accounting Standards, which are not expected to have a significant impact on the financial statements[131]. - The financial statements are presented in Hong Kong dollars (HKD), which is also the functional currency of the company[138]. - The company recognizes impairment losses on financial instruments in profit or loss, adjusting the carrying amount through loss provisions[158]. - Revenue is recognized when control of goods or services is transferred to customers, reflecting the amount the group expects to receive[171].

Financial Performance - The company recorded no revenue for the six months ended June 30, 2021, compared to HKD 72 million in the same period of 2020, with a consolidated loss attributable to owners of HKD 99 million, down from HKD 314 million in 2020 [5]. - For the six months ended June 30, 2021, the company reported a total revenue of HKD 0, compared to HKD 7,173,000 for the same period in 2020, representing a decline of 100% [26]. - The company recorded a gross profit of HKD 0, down from HKD 3,894,000 in the previous year, reflecting a complete halt in revenue generation [26]. - The company reported a loss before tax of HKD (9,942,000), an improvement from a loss of HKD (31,444,000) in the prior year, indicating a reduction in losses by approximately 68% [26]. - The total comprehensive loss for the period was HKD (9,942,000), compared to HKD (31,443,000) in the previous year, marking a significant decrease in overall losses [26]. - The company recorded a net loss of HKD 9,942,000 for the six months ended June 30, 2021, compared to a loss of HKD 29,860,000 in the same period of 2020, indicating a significant improvement [36]. - The company reported a total cash outflow from operating activities of HKD 1,723,000 for the six months ended June 30, 2021, an improvement from HKD 3,945,000 in the previous year [33]. Assets and Liabilities - Total assets and net liabilities as of June 30, 2021, were HKD 127 million and HKD 316.8 million, respectively, compared to HKD 273 million and HKD 316.3 million as of December 31, 2020 [6]. - As of June 30, 2021, total assets were HKD 10,874,000, down from HKD 19,022,000 at the end of 2020, reflecting a decline of approximately 43% [28]. - The company's total liabilities increased to HKD 316,836,000 from HKD 316,303,000, indicating a slight increase in financial obligations [28]. - The total liabilities as of June 30, 2021, amounted to HKD 316,800,000, with current liabilities at HKD 234,400,000 [36]. - The company has a total equity attributable to owners of HKD (301,017,000) as of June 30, 2021, reflecting a decrease from the previous period [36]. - The company recorded a total asset value of HKD 12,743,000 as of June 30, 2021, compared to HKD 27,297,000 as of December 31, 2020, indicating a decrease in total assets [42]. - The company reported a total liability of HKD 329,579,000 as of June 30, 2021, compared to HKD 343,600,000 as of December 31, 2020, reflecting a reduction in total liabilities [42]. Cash and Financing - The company's cash and bank balances were HKD 4 million as of June 30, 2021, down from HKD 11 million as of December 31, 2020, with a current ratio of 0.04 compared to 0.08 in the previous period [6]. - Cash and cash equivalents decreased to HKD 372,000 at the end of June 2021, down from HKD 2,191,000 at the end of June 2020 [33]. - The company has obtained financing of HKD 8,000,000 and HKD 12,000,000 from investors to support its operational costs and business activities [37]. - Interest expenses for the six months ended June 30, 2021, decreased to HKD 8,236,000 from HKD 9,968,000 in the same period of 2020, showing a reduction in financing costs [46]. - The company's borrowings increased to HKD 205,054,000 as of June 30, 2021, from HKD 201,630,000 as of December 31, 2020, reflecting a slight increase in debt levels [52]. Operational Activities - The company has been actively seeking business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and other geopolitical factors [7]. - No significant capital raising activities were conducted during the six months ended June 30, 2021 [8]. - There were no major investments, acquisitions, or disposals during the reporting period [9]. - The company has no significant assets pledged as collateral as of June 30, 2021 [10]. - The total number of employees as of June 30, 2021, was 4, with compensation based on performance and market levels [14]. - The company remains committed to strict financial management and is exploring new business opportunities for profit growth and stakeholder value enhancement [7]. - The company faced a liquidation of a subsidiary in March 2021, which was finalized in July 2021, impacting its operational structure [55]. Segment Performance - The medical and health business segment reported no revenue for the six months ended June 30, 2021, compared to HKD 7,173,000 in the same period of 2020 [38]. - The company has not reported any segment revenue for its medical and health lifestyle business for the current period [40]. - The company is focusing on developing its medical and health lifestyle business to improve cash flow [37]. Expenses and Income - The cost of goods sold and services for the same period was HKD (0), while it was HKD (3,279,000) in 2020, indicating a significant reduction in operational costs [26]. - Other income, gains, and losses increased to HKD 9,127,000 from HKD 2,992,000, showing a growth of approximately 205% [26]. - Administrative expenses decreased to HKD (10,833,000) from HKD (22,590,000), a reduction of about 52% [26]. - The company had no share options or share awards granted during the six months ended June 30, 2021, maintaining a status quo in equity compensation plans [20][21]. - The company has no interim dividend declared for the six months ended June 30, 2021, consistent with the previous year [48].

Financial Performance - The company recorded revenue of HKD 9.6 million for the year ended December 31, 2020, a decrease of 76.1% from HKD 40.2 million in 2019[5]. - Gross profit was HKD 5.2 million, down 77.7% from HKD 23.3 million in 2019, with a gross margin of 54.3% compared to 58.0% in the previous year[5]. - The consolidated loss attributable to the company's owners was HKD 50.8 million, an improvement from HKD 77.0 million in 2019[5]. - The company reported a loss before tax of HKD 52,470,000, an improvement from a loss of HKD 79,217,000 in the previous year, indicating a 34% reduction in losses[118]. - The company recorded a net loss attributable to owners of the company of HKD 50,846,000 for 2020, compared to HKD 76,984,000 in 2019, representing a 34% improvement[125]. - The company’s total comprehensive loss for the year was HKD 52,470,000, down from HKD 168,729,000 in 2019, indicating a 69% reduction[118]. - The basic and diluted loss per share for 2020 was HKD 0.156, an improvement from HKD 0.236 in 2019[118]. Assets and Liabilities - Total assets amounted to HKD 27.3 million, down from HKD 41.7 million in 2019, while total liabilities increased to HKD 316.3 million from HKD 263.8 million[6]. - As of December 31, 2020, the group's current liabilities and total liabilities were HKD 183.5 million and HKD 316.3 million, respectively, including borrowings of HKD 118.5 million due within one year[112]. - The group's cash and cash equivalents balance was HKD 1.1 million, indicating insufficient cash to immediately repay borrowings[112]. - Non-current liabilities increased to HKD 141,030,000 in 2020 from HKD 107,375,000 in 2019, reflecting a rise of 31%[120]. Cash Flow and Financing - Cash flow from operating activities showed a net outflow of HKD 9,869,000 in 2020, an improvement from HKD 16,180,000 in 2019[125]. - The company raised new loans totaling HKD 12,518,000 in 2020, compared to HKD 45,343,000 in 2019, indicating a decrease in financing activity[125]. - The company has obtained a loan of HKD 8,000,000 to cover operational costs and an additional loan of HKD 12,000,000 to support business operations[142]. Business Strategy and Opportunities - The company is actively seeking business opportunities to enhance long-term shareholder value despite challenges from COVID-19 and other geopolitical factors[19]. - The company plans to expand its medical equipment and product distribution business, which showed good progress in 2022[19]. - The company aims to implement prudent financial management policies to improve cash flow and seek profitable growth opportunities[19]. Governance and Compliance - The board acknowledges ongoing risks, including competition and credit risk, which may impact financial performance[15][16]. - The company has complied with all code provisions of the corporate governance code during the year ended December 31, 2020, except for the non-executive directors having no fixed term[68]. - The audit committee is composed entirely of independent non-executive directors and has reviewed the accounting principles and practices adopted by the group[62]. - The board confirmed adherence to the standards for securities trading as per the listing rules for the year ended December 31, 2020[83]. Environmental and Social Responsibility - The company operates without generating air pollutants or regulated emissions, indicating a commitment to reducing environmental impact[90]. - The company does not produce hazardous waste and has implemented policies to minimize waste generation and improve resource efficiency[91]. - The company encourages resource-efficient practices, such as recycling and reducing unnecessary business travel, to lower greenhouse gas emissions[92]. - The company is committed to providing a safe and equitable work environment, adhering to various employment laws and regulations[97]. - The company has implemented health and safety measures in response to the COVID-19 pandemic, ensuring employee well-being[98]. Employee and Management Information - The group had 5 employees as of December 31, 2020, a decrease from 62 in 2019[61]. - The company is in the process of identifying a suitable candidate for the CEO position following the vacancy during the year[70]. - The board held four meetings during the year, with all directors in attendance[75]. Audit and Financial Reporting - The independent auditor was unable to obtain sufficient appropriate audit evidence regarding the financial statements due to limitations in the audit scope[106]. - The financial statements are prepared based on the historical cost basis, except for certain financial instruments measured at fair value[134]. - The group has taken reasonable measures to locate specific records for audit purposes, but sufficient appropriate audit evidence could not be obtained[136]. Revenue Recognition and Accounting Policies - Revenue is recognized when control of goods or services is transferred to customers, reflecting the expected consideration to be received, excluding VAT or other sales taxes[168]. - The company recognizes an asset from contract costs when they meet specific criteria, with subsequent amortization aligned with the transfer of goods or services to customers[173]. - Financial assets are initially measured at fair value plus transaction costs, except for trade receivables without significant financing components, which are measured at transaction price[151].

Financial Performance - The company recorded revenue of HKD 7.2 million for the six months ended June 30, 2020, down from HKD 23.9 million in 2019, representing a decline of approximately 69.9%[5] - Gross profit was HKD 3.9 million with a gross margin of 54.3%, compared to HKD 12.6 million and a gross margin of 52.8% in 2019[5] - The company reported a consolidated loss of HKD 31.4 million, an increase from HKD 25.0 million in the previous year, indicating a rise in losses of approximately 25.6%[5] - For the six months ended June 30, 2020, the company reported revenue of HKD 7,173,000, a decrease of 70% compared to HKD 23,911,000 for the same period in 2019[26] - The gross profit for the same period was HKD 3,894,000, down 69% from HKD 12,617,000 in 2019[26] - The company incurred a loss before tax of HKD 31,443,000, compared to a loss of HKD 24,974,000 in the previous year, representing a 26% increase in losses[26] - The total comprehensive loss for the period was HKD 31,443,000, compared to HKD 25,406,000 in 2019, indicating a 24% increase in total losses[26] - The company reported a net loss of HKD 31,400,000 for the six months ended June 30, 2020[38] - The company reported a total loss of HKD 31,443,000 for the six months ended June 30, 2020, compared to a loss of HKD 24,974,000 for the same period in 2019, representing a 26% increase in losses[42][43] Assets and Liabilities - Total assets and net liabilities as of June 30, 2020, were HKD 30.7 million and HKD 295.3 million, respectively, compared to HKD 41.7 million and HKD 263.8 million at the end of 2019[6] - As of June 30, 2020, the company's total assets were HKD 21,495,000, down from HKD 25,249,000 at the end of 2019[28] - The company's current liabilities increased to HKD 219,851,000 from HKD 198,169,000 at the end of 2019, reflecting an increase of 11%[28] - The net liabilities of the company stood at HKD 295,276,000 as of June 30, 2020, compared to HKD 263,833,000 at the end of 2019, marking a 12% increase[28] - The total liabilities increased to HKD 325,944,000 as of June 30, 2020, compared to HKD 305,544,000 as of December 31, 2019[44] Cash Flow and Financing - The company’s cash and bank balance decreased to HKD 2.2 million from HKD 3.4 million at the end of 2019[6] - The cash used in operating activities was HKD 3,945,000 for the six months ended June 30, 2020, compared to HKD 13,039,000 for the same period in 2019[35] - The company reported a decrease in cash and cash equivalents of HKD 1,164,000 for the six months ended June 30, 2020[35] - The company’s cash and cash equivalents at the end of the period were HKD 2,191,000, down from HKD 3,182,000 at the end of the previous year[35] - The company received a loan of HKD 8,000,000 from an investor to cover operational costs and an additional loan of HKD 12,000,000 to support business operations[39] - The company believes it has sufficient working capital to meet its financial obligations for the next twelve months[38] Corporate Governance and Future Outlook - The company remains committed to maintaining high standards of corporate governance and has complied with the relevant codes during the reporting period[23] - The company is optimistic about the future growth of its medical equipment and product distribution business, despite challenges from global economic conditions[7] - The company aims to seek new business opportunities to achieve profit growth and enhance long-term stakeholder value[7] - The company is actively developing its healthcare and wellness business to improve operational cash flow[39] Share Options and Dividends - The company did not grant any share options or share awards during the six months ended June 30, 2020[20][26] - The company has adopted a share option scheme and a share award scheme to incentivize eligible participants, but no options or awards were granted in the reporting period[20][26] - The company did not declare an interim dividend for the six months ended June 30, 2020, consistent with the previous year[49] Interest and Receivables - Interest expenses for the six months ended June 30, 2020, rose to HKD 9,968,000, up from HKD 8,245,000 in the same period of 2019, marking an increase of 21%[47] - Trade receivables decreased to HKD 212,000 as of June 30, 2020, from HKD 871,000 as of December 31, 2019[52] - The company’s trade payables decreased to HKD 3,562,000 as of June 30, 2020, down from HKD 5,676,000 as of December 31, 2019[52] - The company’s borrowings increased to HKD 218,984,000 as of June 30, 2020, compared to HKD 207,052,000 as of December 31, 2019[52]

Financial Performance - The company recorded revenue of HKD 40.2 million for the year ended December 31, 2019, a decrease of 30.0% from HKD 58.2 million in 2018[5]. - Gross profit was HKD 23.3 million, with a gross margin of 58.0%, compared to HKD 30.9 million and a gross margin of 53.0% in 2018[5]. - The consolidated loss attributable to the company was HKD 77.0 million, an increase of 16.4% from HKD 66.1 million in 2018[5]. - The company reported a net loss attributable to owners of approximately HKD 77.0 million for the year ended December 31, 2019[108]. - Total revenue for the year was HKD 40.2 million, a decrease of 30.9% from HKD 58.2 million in 2018[114]. - Gross profit for the year was HKD 23.3 million, down 24.5% from HKD 30.9 million in the previous year[114]. - The company incurred an operating loss before tax of HKD 79.2 million, compared to a loss of HKD 64.8 million in 2018, reflecting a worsening financial position[114]. - The basic and diluted loss per share for the year was HKD 23.6, compared to HKD 20.3 in the previous year[114]. - Other comprehensive expenses for the year totaled HKD 89.6 million, significantly higher than HKD 3.2 million in 2018[114]. - The company recognized impairment losses on goodwill amounting to HKD 7.8 million during the year[114]. Assets and Liabilities - Total assets and net liabilities as of December 31, 2019, were HKD 41.7 million and HKD 263.8 million, respectively, compared to HKD 191.1 million and HKD 93.9 million in 2018[6]. - The company's current liabilities and total liabilities were HKD 172.9 million and HKD 263.8 million, respectively, as of December 31, 2019[108]. - Total assets decreased from HKD 191,177,000 in 2018 to HKD 41,711,000 in 2019, a decline of approximately 78.2%[116]. - Current liabilities increased from HKD 184,725,000 in 2018 to HKD 198,169,000 in 2019, an increase of about 7.3%[116]. - Total liabilities increased from HKD 184,725,000 in 2018 to HKD 263,833,000 in 2019, an increase of about 42.7%[116]. - The company's equity attributable to owners decreased from HKD (73,648,000) in 2018 to HKD (240,229,000) in 2019, indicating a worsening financial position[119]. - The company had a negative net asset value of HKD (263,833,000) in 2019 compared to HKD (93,892,000) in 2018, reflecting a significant deterioration in financial health[116]. Cash Flow and Liquidity - The company had a cash and bank balance of HKD 3.3 million, down from HKD 11.4 million in 2018[6]. - Cash and cash equivalents at year-end were only HKD 3.4 million, indicating insufficient liquidity to cover short-term borrowings of HKD 129.7 million[108]. - The net cash outflow from operating activities was HKD 16.1 million, an improvement from HKD 20.7 million in 2018[6]. - The net cash used in operating activities was HKD 16,187,000 for 2019, an improvement from HKD 20,684,000 in 2018, reflecting a decrease of approximately 22%[121]. - Cash and cash equivalents decreased to HKD 3,355,000 at the end of 2019 from HKD 11,429,000 at the beginning of the year, a decline of about 71%[121]. - The company generated net cash from investing activities of HKD 992,000 in 2019, down from HKD 4,540,000 in 2018, representing a decrease of approximately 78%[121]. - The company’s cash flow from financing activities showed a net inflow of HKD 7,121,000 in 2019, compared to a net outflow of HKD 8,634,000 in 2018, indicating a turnaround[121]. Corporate Governance - The board of directors includes independent non-executive directors who confirmed their independence according to the listing rules[42]. - The company has adopted a dividend policy that allows for distribution through cash or shares, but no dividends were recommended for the year ending December 31, 2019[34]. - The board of directors consists of five members with diverse skills and experiences in business, law, finance, accounting, and management[65]. - The audit committee, composed entirely of independent non-executive directors, reviewed the financial statements and internal control procedures for the year ending December 31, 2019[58]. - The company confirmed compliance with relevant laws and regulations, with no significant non-compliance issues identified during the year ending December 31, 2019[60]. - The company has complied with all corporate governance code provisions, except for the non-executive directors not having a specified term[64]. - Continuous professional development for directors is recognized as important to ensure informed contributions to the board[69]. - The company has a clear division of responsibilities between the chairman and the CEO to ensure a balance of power[66]. Risk Management - The company has faced significant risks including competition, credit risk, and foreign exchange risk, which may impact its financial performance[12][15][16]. - The company has established a risk management committee in April 2023 to monitor and manage risks faced by the group[77]. - The company has implemented measures to reduce energy consumption and waste generation, promoting resource efficiency and environmental responsibility[88]. - The company is aware of climate change impacts, such as typhoons and heavy rain, and has established procedures to ensure employee safety and property protection during extreme weather events[90]. Employee and Community Engagement - The company is committed to building mutually beneficial relationships with stakeholders, including employees, customers, suppliers, and the community[92]. - Employee health and well-being are considered critical for business success, with measures taken to protect employees during the COVID-19 pandemic[94]. - The company provides comprehensive on-the-job training programs and encourages participation in external seminars to enhance employee capabilities[95]. - Charitable donations for the year ending December 31, 2019, amounted to HKD 18,000, a decrease from HKD 147,000 in 2018[35]. - Charitable contributions made by the company during the year amounted to HKD 18,000, reflecting its commitment to social responsibility[100]. Business Operations - The company’s main business is investment holding, with performance analysis provided in the consolidated financial statements[29]. - The company is primarily engaged in the distribution of medical equipment and products, indicating a focus on the healthcare sector[122]. - The company is actively seeking business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and other global issues[18]. - The company plans to continue strict financial management and seek new business opportunities for profit growth[18]. Accounting and Financial Reporting - The financial statements were prepared based on incomplete records, leading to non-compliance with Hong Kong Financial Reporting Standards[106]. - The financial statements are prepared based on historical cost, except for certain financial instruments measured at fair value[129]. - The financial statements are presented in Hong Kong dollars (HKD), which is also the functional currency of the company[134]. - The application of revised accounting standards is not expected to have a significant impact on the group's financial position or performance[127]. - Related party transactions are disclosed in accordance with the relevant accounting standards[183].

Financial Performance - The group recorded revenue of HKD 23.9 million for the six months ended June 30, 2019, down from HKD 26.5 million in 2018, representing a decrease of approximately 9.8%[5] - Gross profit was HKD 12.6 million, with a gross margin of 52.8%, slightly down from HKD 14.0 million and 52.9% in 2018[5] - The group reported a consolidated loss of HKD 25.0 million, an improvement from a loss of HKD 40.4 million in the same period of 2018[5] - For the six months ended June 30, 2019, the company's revenue was HKD 23,911,000, a decrease of 9.5% compared to HKD 26,520,000 in the same period of 2018[27] - The gross profit for the same period was HKD 12,617,000, down 10.1% from HKD 14,025,000 year-on-year[27] - The company reported a loss before tax of HKD 24,974,000, an improvement from a loss of HKD 40,391,000 in the previous year, representing a 38.1% reduction in losses[27] - The total comprehensive loss for the period was HKD 25,406,000, compared to HKD 37,288,000 in the same period last year, indicating a 31.8% decrease[27] - The company reported a net loss attributable to owners of HKD 98,831,000 for the six months ended June 30, 2019, compared to a loss of HKD 73,648,000 for the same period in 2018, representing an increase in loss of approximately 34%[32] - The company reported a total loss before tax of HKD 24.974 million for the six months ended June 30, 2019[43] - The company reported a loss of HKD 24,751,000 for the six months ended June 30, 2019, compared to a loss of HKD 40,126,000 in the same period of 2018, representing a 38.3% improvement in losses year-over-year[50] Assets and Liabilities - Total assets and net liabilities as of June 30, 2019, were HKD 178.3 million and HKD 118.1 million, respectively, compared to HKD 191.2 million and HKD 93.9 million at the end of 2018[6] - Cash and bank balances decreased to HKD 3.2 million from HKD 11.4 million at the end of 2018, with a current ratio of 0.6, down from 0.7[6] - The group’s total borrowings increased to HKD 229.9 million from HKD 217.5 million at the end of 2018[6] - The company’s total assets as of June 30, 2019, were HKD 178.263 million, with total liabilities at HKD 296.361 million[44] - The company’s total liabilities increased from HKD 184,725,000 in December 2018 to HKD 194,843,000 in June 2019, indicating a rise of approximately 5.5%[30] - The company’s total equity attributable to owners decreased from HKD (73,648,000) in December 2018 to HKD (98,831,000) in June 2019, indicating a decline of approximately 34%[32] Cash Flow - The net cash outflow from operating activities was HKD 13.0 million, an improvement from HKD 22.6 million in 2018[6] - The net cash used in operating activities was HKD 13,039,000 for the six months ended June 30, 2019, an improvement from HKD 22,625,000 in the same period of 2018[35] - The company reported a net cash used in investing activities of HKD 18,000 for the six months ended June 30, 2019, compared to HKD 331,000 in the same period of 2018[35] - The company’s financing activities generated a net cash inflow of HKD 4,810,000 for the six months ended June 30, 2019, contrasting with a cash outflow of HKD 2,056,000 in the same period of 2018[35] Business Operations - The company is actively seeking new business opportunities to enhance long-term shareholder value despite challenges from external factors[7] - There were no significant investments or acquisitions during the reporting period[9] - The company is actively developing its medical and health business to improve cash flow[40] - The company is seeking to implement a restructuring plan to improve its financial situation[40] Corporate Governance - The company has complied with the corporate governance code as per the listing rules, except for the non-executive directors not having a specified term[25] - The audit committee reviewed the interim results for the six months ended June 30, 2019, ensuring the integrity of financial reporting[26] - The company did not declare an interim dividend for the six months ended June 30, 2019, consistent with the previous year[49] Employee and Operational Costs - Employee salaries and benefits significantly decreased to HKD 14,956,000 in 2019 from HKD 29,474,000 in 2018, a reduction of 49.3%[48] - Total depreciation expenses decreased to HKD 1,397,000 in 2019 from HKD 1,547,000 in 2018, reflecting a reduction of 9.7%[48] Share Capital and Options - The company did not grant any share options or share awards during the six months ended June 30, 2019[21][22] - The company has adopted a share option scheme to incentivize eligible participants, which has not resulted in any options being granted in the reporting period[21] - The company held 20,452,570 shares under the share award plan as of June 30, 2019[22] - The average number of ordinary shares used for calculating basic and diluted loss per share remained unchanged at 326,037,000 shares[50] - The company’s total issued and paid-up capital remained at HKD 3,030,660,000 with 326,037,000 shares as of both December 31, 2018, and June 30, 2019[54]

Financial Performance - The company recorded revenue of HKD 58.2 million for the year ended December 31, 2018, a decrease of 51.7% from HKD 120.5 million in 2017[5]. - Gross profit was HKD 30.9 million, down from HKD 46.7 million in 2017, with a gross margin of 53.0%, an increase from 38.8% in the previous year[5]. - The consolidated loss attributable to the company was HKD 66.1 million, significantly reduced from HKD 228.6 million in 2017[5]. - Revenue for the year 2018 was HKD 58,229,000, a decrease of 51.7% compared to HKD 120,522,000 in 2017[119]. - Gross profit for 2018 was HKD 30,857,000, down 34.0% from HKD 46,714,000 in 2017[119]. - The loss before tax for 2018 was HKD 64,772,000, an improvement from a loss of HKD 222,235,000 in 2017[119]. - The total comprehensive loss for the year was HKD 67,843,000, compared to HKD 229,135,000 in 2017, indicating a significant reduction in losses[120]. - Basic and diluted loss per share for continuing operations was HKD 20.3 cents, improved from HKD 63.8 cents in 2017[120]. - The company reported a significant reduction in administrative expenses to HKD 77,722,000 in 2018 from HKD 113,873,000 in 2017, reflecting cost-cutting measures[119]. - The company reported a loss of HKD 64,772,000 for the year ended December 31, 2018, compared to a loss of HKD 222,235,000 in 2017, indicating a significant improvement[127]. Assets and Liabilities - Total assets and net liabilities as of December 31, 2018, were HKD 191.1 million and HKD 93.9 million, respectively, compared to HKD 311.3 million and HKD 28.5 million in 2017[6]. - The company had a cash and bank balance of HKD 11.4 million, down from HKD 36.2 million in 2017, with a current ratio of 0.7 compared to 0.9 in the previous year[6]. - The total borrowings amounted to HKD 217.5 million, a decrease from HKD 292.5 million in 2017, including bank loans of HKD 198.1 million[6]. - As of December 31, 2018, the group's current liabilities and total liabilities were HKD 106.1 million and HKD 93.9 million, respectively, including borrowings of HKD 123.1 million due within one year[113]. - The group's cash and cash equivalents balance was HKD 11.4 million, indicating insufficient liquidity to repay borrowings[113]. - The total equity attributable to the owners of the company showed a loss of HKD 73,648,000 in 2018, compared to a loss of HKD 5,894,000 in 2017[123]. Governance and Management - The board of directors includes independent non-executive directors who have confirmed their independence according to the listing rules[42]. - The company’s board of directors consists of experienced professionals with backgrounds in law, finance, and business development[41]. - The audit committee, composed entirely of independent non-executive directors, reviewed the group's financial statements for the year ended December 31, 2018, and found no disagreements with the auditors regarding accounting policies[62]. - The company has maintained compliance with all corporate governance codes and regulations, with no known significant non-compliance issues affecting its operations as of December 31, 2018[65]. - The board recognizes the importance of continuous professional development for directors, ensuring they remain informed and capable of making relevant contributions[74]. - The company has established four committees under the board, including the audit committee, to oversee various aspects of its operations[77]. Risk Management - The company has faced significant risks including competition, credit risk, and foreign exchange risk, which it is actively managing[12][15][16]. - The company has established a Risk Management Committee in April 2023, consisting of three members, to monitor and assess risks faced by the group[82]. Environmental and Social Responsibility - The company is committed to reducing environmental impact and has implemented measures to improve energy efficiency and reduce waste[93]. - The group has not encountered any significant environmental or social risks from its suppliers and will continue to evaluate supplier performance regularly[101]. - The group has a zero-tolerance policy towards child labor and forced labor, ensuring all potential candidates provide identification for verification[98]. - The group encourages employees to report misconduct through confidential channels, maintaining a culture of integrity and compliance with anti-corruption laws[104]. - The group made charitable donations amounting to HKD 147,000 during the year, demonstrating its commitment to social responsibility[105]. Financial Reporting and Compliance - The company’s financial performance and position are discussed in the management discussion and analysis section of the report[34]. - The financial statements are prepared based on historical cost, except for certain financial instruments measured at fair value[137]. - The company has confirmed assets and related finance lease liabilities for its financing lease arrangements as a lessee under HKAS 17, which may lead to potential changes in asset classification under HKFRS 16[133]. - The independent auditor's report highlighted the inability to quantify necessary adjustments to the financial statements due to incomplete records[112]. - The group failed to comply with Hong Kong Financial Reporting Standards, resulting in incomplete financial statements[112]. Future Outlook and Strategy - The company is actively seeking business opportunities to enhance long-term shareholder value despite challenges from the COVID-19 pandemic and other geopolitical factors[18]. - The company plans to continue strict financial management and seek new business opportunities to achieve profit growth and improve stakeholder value[18]. - The company is seeking to implement a restructuring plan to improve its financial situation[143]. - The board believes that the group will have sufficient working capital to meet its financial obligations within the next twelve months[140].