格隆汇10月10日丨中国油气控股(00702.HK)公布，根据香港高等法院于2025年8月27日之命令，安永企 业财务服务有限公司的苏洁仪及梁衍衡获委任为该公司的共同及各别清盘人，其地址为香港鰂鱼涌英皇 道979号太古坊一座27楼。 ...

中国油气控股(00702)发布公告，根据香港高等法院于2025年8月27日之命令，安永企业财务服务有限公 司的苏洁仪女士及梁衍衡先生获委任为该公司的共同及各别清盘人，其地址为香港鲗鱼涌英皇道979号 太古坊一座27楼。 ...

智通财经APP讯，中国油气控股(00702)发布公告，根据香港高等法院于2025年8月27日之命令，安永企 业财务服务有限公司的苏洁仪女士及梁衍衡先生获委任为该公司的共同及各别清盘人，其地址为香港鲗 鱼涌英皇道979号太古坊一座27楼。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任何 部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （清盤中） （於百慕達註冊成立之有限公司） （股份代號：702） 本公告由中國油氣控股有限公司（清盤中）（「該公司」）根據香港聯合交易所有限公 司（「聯交所」）《證券上市規則》（「上市規則」）第 13.09(2) 條及第 13.25(1) 條， 以及《證券及期貨條例》（香港法例第 571 章）第 XIVA 部項下的內幕消息條文作出。 茲提述該公司日期為 2025 年 3 月 31 日、2025 年 5 月 2 日、2025 年 5 月 9 日及 2025 年 7 月 23 日之公告，內容包括有關該公司於 2025 年 3 月 31 日被頒令清盤和暫停該公司 之股份買賣。 委任共同及各別清盤人 該公司宣佈，該公司之香港主要營業地址更改為香港鰂魚涌英皇道 979 號太古坊一座 27 樓。 (1) 委任共同及各別清盤人； (2) 更改香港主要營業地址；及 (3) 持續股份暫停買賣 繼續暫停股份買賣 該公司之股 ...

Financial Performance - Revenue for the six months ended June 30, 2024, was HK$201,672,000, representing a 27.5% increase from HK$158,069,000 in the same period of 2023[3]. - Gross profit increased to HK$81,096,000, up 10% from HK$73,757,000 year-over-year[3]. - Loss for the period was HK$47,641,000, an improvement from a loss of HK$83,835,000 in the prior year, indicating a reduction of 43%[3]. - Other income significantly rose to HK$24,542,000 compared to HK$349,000 in the previous year[3]. - Total comprehensive loss for the period was HK$139,539,000, down from HK$211,338,000 in the same period last year, reflecting a 34% improvement[4]. - Basic and diluted loss per share improved to HK$1.42 from HK$2.49 year-over-year[4]. - The company reported a loss for the period of HK$47,382,000 for the six months ended June 30, 2024[8]. - Total comprehensive loss for the period was HK$138,957,000, which includes an other comprehensive loss of HK$91,575,000[8]. - Loss before income tax expense for the six months ended June 30, 2024, was HK$47,382,000, compared to a loss of HK$83,448,000 for the same period in 2023, representing a 43% improvement[39]. Expenses and Costs - Selling and distribution expenses decreased to HK$1,722,000 from HK$4,428,000, showing a reduction of 61%[3]. - Administrative expenses rose to HK$26,288,000, compared to HK$20,988,000 in the previous year, marking a 25% increase[3]. - Finance costs decreased to HK$127,505,000 from HK$134,701,000, indicating a reduction of 5.5%[3]. - Total finance costs decreased to HK$126,392,000 for the six months ended June 30, 2024, down from HK$132,267,000 in 2023, reflecting a reduction of approximately 4%[41]. - Expenditure on property, plant, and equipment was HK$30,647,000 for the six months ended June 30, 2024, compared to HK$52,007,000 in 2023, indicating a decrease of about 41%[41]. - Employee costs, including directors' remuneration, increased to HK$12,466,000 for the six months ended June 30, 2024, compared to HK$12,023,000 in 2023, reflecting a rise of about 4%[37]. - Depreciation on property, plant, and equipment rose to HK$36,256,000 for the six months ended June 30, 2024, from HK$32,265,000 in 2023, an increase of approximately 12%[37]. Assets and Liabilities - Total assets decreased from HK$3,731,764,000 as of December 31, 2023, to HK$3,581,919,000 as of June 30, 2024, representing a decline of approximately 4.02%[6]. - Current liabilities increased from HK$3,139,832,000 to HK$3,381,007,000, an increase of about 7.71%[7]. - Cash and cash equivalents decreased from HK$81,334,000 to HK$57,314,000, a reduction of approximately 29.5%[7]. - Total non-current assets decreased from HK$3,537,508,000 to HK$3,408,392,000, a decline of about 3.64%[5]. - The capital deficiency attributable to owners of the company increased to HK$316,710,000 as of June 30, 2024, from HK$177,753,000 at the beginning of the year[8]. - Trade and other receivables increased from HK$90,057,000 to HK$96,629,000, an increase of about 7.3%[5]. - Total current liabilities amounted to HK$1,276,651,000 as of June 30, 2024, compared to HK$1,239,419,000 as of December 31, 2023, representing a rise of approximately 3.0%[51]. - Trade payables decreased significantly to HK$867,000 from HK$1,931,000, a reduction of about 55.0%[51]. Cash Flow and Financing - Net cash generated from operating activities increased significantly to HK$149,320,000 for the six months ended June 30, 2024, compared to HK$44,097,000 in the same period of 2023, representing a growth of 238%[9]. - The Group reported net cash used in investing activities of HK$74,938,000, which is an increase from HK$37,497,000 in 2023, indicating a rise of 100%[9]. - As of June 30, 2024, the Group had net current liabilities of HK$3,207,480,000, raising concerns about its ability to continue as a going concern[15]. - The financial pressure primarily stems from a convertible note held by Crescent Spring, with a principal and overdue interest totaling approximately HK$2,182,000,000[15]. - The Group has been actively seeking investors and exploring financing options, including debt restructuring activities, to improve its liquidity position[15]. - The restructuring is expected to provide necessary funds to repay outstanding debts and extend the maturity dates of major debts, allowing more time to meet obligations[15]. Restructuring and Future Outlook - On December 8, 2023, the Group entered into binding agreements aimed at restructuring its equity, business, and debts, involving various parties including investors and Crescent Spring[15]. - The completion of the restructuring is anticipated to lower the Company's debt level and increase its equity, providing further opportunities for business expansion[15]. - The Group is actively pursuing restructuring transactions to improve liquidity and address outstanding debts, with a focus on obtaining necessary funds through equity issuance[78]. - The domestic natural gas market in 2024 is projected to see an increase in annual consumption by 30 billion to 35 billion cubic meters, driven by the promotion of cleaner natural gas[82]. - The Sanjiao CBM Project, as the Group's core business, has experienced an increase in production and sales volume in recent years and will continue to focus on its development in 2024[82]. - The Group remains confident in successfully implementing the restructuring actions and resolving cash flow issues in the foreseeable future[81]. Segment Performance - For the six months ended June 30, 2024, the total revenue from external customers was HK$200,871,000, with HK$165,726,000 from coalbed methane and HK$35,145,000 from raw and cleaned coal[25]. - The Group operates four reportable segments: coalbed methane, raw and cleaned coal, oil and gas exploitation, and financial services, each requiring different business strategies[22][23]. - The Sanjiao CBM Project has shown stable growth in recent years, which the Directors believe will help resolve cash flow tightness and meet financial obligations in the foreseeable future[17][19]. - Sales from the Sanjiao CBM Project amounted to approximately HK$165,726,000, representing an increase of approximately 11.1% from HK$149,221,000 in the prior year[65]. - The EBITDA for the Sanjiao CBM Project was approximately HK$154,943,000, reflecting a 40% increase compared to HK$110,740,000 in the same period last year[63]. Governance and Compliance - The interim financial report has been prepared in accordance with the same accounting policies as the 2023 annual financial statements, ensuring consistency in financial reporting[18][20]. - The Audit Committee reviewed the accounting principles and practices adopted by the group and discussed financial reporting matters for the six months ended June 30, 2024[99]. - The company complied with all code provisions of the Corporate Governance Code throughout the six months ended June 30, 2024, except for certain provisions[100]. - Dr. Dai Xiaobing serves as both Chairman and Chief Executive Officer, which the board believes ensures consistent leadership[105].

[Supplementary Announcement Overview](index=1&type=section&id=Supplementary%20Announcement%20Overview) This announcement provides supplementary details for China Oil and Gas Holdings Limited's 2023 annual report, focusing on loan receivables and the Sanjiao CBM project impairment loss [Purpose and Scope of Announcement](index=1&type=section&id=Purpose%20and%20Scope%20of%20Announcement) This announcement provides supplementary information for China Oil and Gas Holdings Limited's 2023 annual report, detailing loan receivables and impairment loss on the Sanjiao CBM project - This announcement is a supplement to China Oil and Gas Holdings Limited's annual report for the year ended December 31, 2023[1](index=1&type=chunk) - Supplementary information primarily concerns loan receivables and an **HK$866.8 million impairment loss** on the Sanjiao CBM project disclosed in Note 25 of the consolidated financial statements[1](index=1&type=chunk) [Key Supplementary Information Disclosure](index=1&type=section&id=Key%20Supplementary%20Information%20Disclosure) This section details the company's outstanding loan receivables and the significant impairment loss recognized for the Sanjiao CBM project, outlining its causes and financial impact [Loan Receivables Status](index=1&type=section&id=%28i%29%20Loan%20Receivables) As of December 31, 2023, the company's total outstanding loan receivables amounted to HK$21,774,000, all unsecured and unguaranteed Loan Receivables as of December 31, 2023 | Indicator | Amount (HKD) | Remarks | | :--- | :--- | :--- | | Total Outstanding Loan Receivables | 21,774,000 | Unsecured or Unguaranteed | [Analysis of Impairment Loss on Sanjiao CBM Project](index=1&type=section&id=%28ii%29%20Impairment%20Loss) An **HK$866.8 million impairment loss** on the Sanjiao CBM project is attributed to extended development, revised production forecasts, and a reduced natural gas price growth rate Sanjiao CBM Project Impairment Loss and Impact | Indicator | Amount/Change | Remarks | | :--- | :--- | :--- | | Impairment Loss | Approx. 866,800,000 HKD | | | Reduction in Forecast Production (First 3 Years) | Up to 45% | Compared to 2022 plan | | Natural Gas Price Growth Rate Change | From 3% to 2% | | | 5-Year Estimated Total Revenue Decrease | 23% | From RMB 5.483 billion to RMB 4.240 billion | - The primary cause of the impairment loss is the uncertainty of the restructuring transaction completion and lack of funding, leading to **extended project development time**[3](index=3&type=chunk) - The revised 2023 development plan projects a **reduction of up to 45% in forecast production** for the first three years, significantly impacting the project's present value[3](index=3&type=chunk) - The expected natural gas price growth rate was **revised downwards from 3% to 2%**, further contributing to the decline in the project's fair value[3](index=3&type=chunk) [Board and Company Information](index=2&type=section&id=Board%20and%20Company%20Information) This section provides an overview of the company's Board of Directors, including its composition and key leadership as of the announcement date [Board Member Composition](index=2&type=section&id=Board%20Member%20Composition) As of the announcement date, the company's board comprises nine members: two executive, four non-executive, and three independent non-executive directors, chaired by Dr. Dai Xiaobing - The Chairman of the Board is **Dr. Dai Xiaobing**[4](index=4&type=chunk) - The Board of Directors includes **2 executive directors, 4 non-executive directors, and 3 independent non-executive directors**[4](index=4&type=chunk) - The announcement date is **September 10, 2024**[4](index=4&type=chunk)

Financial Performance - The company reported a revenue of HKD 201,672,000 for the six months ended June 30, 2024, representing an increase of 27.5% compared to HKD 158,069,000 in the same period of 2023[1]. - Gross profit for the same period was HKD 81,096,000, up from HKD 73,757,000, indicating a growth of 9.1%[1]. - Operating profit increased significantly to HKD 78,386,000, compared to HKD 48,441,000 in the previous year, reflecting a growth of 62.0%[1]. - The company recorded a net loss of HKD 47,641,000 for the period, an improvement from a net loss of HKD 83,835,000 in 2023, showing a reduction of 43.1%[1]. - Other income surged to HKD 24,542,000, a substantial increase from HKD 349,000 in the prior year[1]. - Total comprehensive loss for the period was HKD 139,539,000, compared to HKD 211,338,000 in the previous year, marking a decrease of 34.0%[2]. - The company reported a profit before tax of HKD 62,443,000 for the six months ended June 30, 2024, compared to a loss of HKD 83,835,000 for the same period in 2023, indicating a significant turnaround[14]. - The company recorded a net exchange gain of HKD 27,000 for the six months ended June 30, 2024, compared to a loss of HKD 249,000 for the same period in 2023[16]. - The company reported a total financing cost of HKD 141,393,000 for the six months ended June 30, 2024, a decrease from HKD 156,684,000 in the same period of 2023[17]. - The company reported a significant increase in the cost of goods sold to HKD 31,935,000 for the six months ended June 30, 2024, compared to HKD 6,490,000 in 2023[18]. Assets and Liabilities - Non-current assets totaled HKD 3,408,392,000 as of June 30, 2024, down from HKD 3,537,508,000 at the end of 2023[3]. - Current assets decreased to HKD 173,527,000 from HKD 194,256,000, indicating a decline of 10.6%[3]. - Total assets were reported at HKD 3,581,919,000, down from HKD 3,731,764,000, reflecting a decrease of 4.0%[3]. - Total liabilities as of June 30, 2024, were HKD 3,901,119,000, compared to HKD 3,901,119,000 as of December 31, 2023[14]. - The total debt, including convertible bonds, was approximately HKD 2,090,000,000 as of June 30, 2024, down from HKD 2,161,000,000 at the end of 2023[33]. - The debt-to-asset ratio was approximately 58.3% as of June 30, 2024, compared to 57.9% at the end of 2023[33]. Debt Restructuring and Financial Challenges - As of June 30, 2024, the group's net current liabilities amounted to HKD 3,207,480,000, raising significant doubts about its ability to continue as a going concern[6]. - The financial pressure includes approximately HKD 2,182,000,000 in convertible bonds and HKD 604,000,000 in unsecured corporate bonds, with overdue amounts totaling around HKD 457,000,000[6]. - A creditor's petition for liquidation was submitted on August 17, 2022, claiming an unpaid amount of approximately HKD 10,216,000[6]. - On December 8, 2023, a binding agreement was signed to restructure the group's equity, business, and debt, aimed at improving liquidity[7]. - The restructuring is expected to provide necessary funding, extend debt maturities, and reduce overall debt levels through the issuance of new shares[7]. - The court rejected the creditor plan on April 24, 2024, but the company has filed an appeal, with a hearing scheduled for September 13, 2024[7]. - The company is actively seeking suitable investors and exploring feasible financing and debt restructuring options to improve its liquidity situation[34]. - The company is confident in successfully implementing the debt restructuring plan, which is expected to alleviate cash flow issues and fulfill financial obligations in the foreseeable future[35]. Segment Performance - Revenue from the coalbed methane segment was HKD 165,726,000, while the coal and coke segment generated HKD 35,145,000[12]. - The EBITDA for the three intersections coalbed methane project was approximately HKD 154,943,000, up about 40% from HKD 110,740,000 in the previous year[30]. - The sales revenue from coalbed methane reached approximately HKD 165,726,000, an increase of about 11.1% compared to HKD 149,221,000 in the same period last year[30]. - The company has a 75% interest in the raw coal washing project in Shanxi, which generated revenue of approximately HKD 35,145,000, significantly up from HKD 7,421,000 in the previous year[31]. - The financial services segment recorded a net income of approximately HKD 801,000, down from HKD 1,427,000 in the same period last year[32]. Corporate Governance and Management - The company did not declare any dividends for the six months ended June 30, 2024, consistent with the previous year[20]. - The company did not engage in any purchases, sales, or redemptions of its listed securities during the six months ending June 30, 2024[39]. - The audit committee has reviewed the accounting principles and practices adopted by the company for the six months ending June 30, 2024[40]. - The company has complied with all provisions of the Corporate Governance Code during the reporting period, with some exceptions noted[41]. - The company believes that having the same individual serve as both chairman and CEO ensures effective leadership and strategy execution[41]. - The chairman was unable to attend the annual general meeting held on May 31, 2024, due to business commitments[41]. Market Outlook - China's economy grew by 5.2% in 2023, driving an increase in natural gas demand, with projected consumption rising by 30 to 35 billion cubic meters in 2024[38]. - The company plans to continue focusing on the development of the Sanjiao coalbed methane project in 2024 to enhance production capacity[38]. - The company is actively working with investors and major creditors on a debt restructuring plan, aiming to complete it within the year despite challenges and uncertainties[38]. Employee Information - As of June 30, 2024, the company had approximately 300 employees, with compensation policies aligned with current market levels and individual performance[37].

Financial Performance - The Group incurred a loss of approximately HK$1,089,443,000 for the year ended December 31, 2023[10]. - Revenue for the year ended 31 December 2023 was HK$370,177,000, a decrease of 31.8% compared to HK$543,080,000 in 2022[16]. - Loss before income tax for 2023 was HK$1,045,771,000, compared to a loss of HK$506,473,000 in 2022, representing a significant increase in losses[16]. - Loss for the year attributable to owners of the Company was HK$1,086,976,000, up from HK$551,779,000 in 2022, indicating a 96.8% increase in losses[16]. - Basic and diluted loss per share for 2023 was HK$32.49, compared to HK$16.49 in 2022, reflecting a 96.5% increase in loss per share[16]. - The Group recorded a net loss of approximately HK$1,089,443,000 in 2023, compared to a net loss of HK$553,180,000 in 2022, primarily due to impairment losses and high financing costs[51]. Current Liabilities and Financial Position - As of December 31, 2023, the Group had net current liabilities of approximately HK$2,945,576,000[10]. - The Group maintained cash and cash equivalents of approximately HK$81,334,000 as of December 31, 2023[10]. - The Group's non-current liabilities were reported at HK$761,287,000, with net current liabilities at HK$2,945,576,000[44]. - The Group's external borrowings, including the liability component of convertible notes, were approximately HK$2,161 million as of 31 December 2023, slightly down from HK$2,202 million in 2022[61]. - The significant financial pressure arises from a convertible note held by Crescent Spring with a principal and overdue interest of approximately HK$2,069 million, which matured in September 2020[61]. - There are material uncertainties regarding the Group's ability to continue as a going concern, dependent on generating adequate financing and operating cash flows[70]. Debt Restructuring and Liquidity - The company is focused on addressing its liquidity challenges while exploring new market opportunities[10]. - The restructuring plan aims to alleviate financial burdens and reorganize debt, providing opportunities for business expansion[39]. - The Group has been actively seeking suitable investors and financing solutions to improve liquidity, with a binding agreement signed on 8 December 2023 for restructuring equity, business, and debt[63]. - The restructuring transactions are expected to provide further opportunities for the expansion of the Group's business[100]. - The Company is seeking advice from legal and debt restructuring advisors to address the Court's concerns[101]. - The debt restructuring plan is seen as an effective remedy to address the company's debt issues and resolve the auditor's non-standard opinion[140]. Operational Performance - The sales mix for 2023 indicated a 94.9% contribution from industrial piped sales[7]. - Total gas production in 2023 was approximately 191.62 million cubic meters, while gas sales were approximately 186.60 million cubic meters[18]. - The Sanjiao CBM Project completed a total of 205 wells as of 31 December 2023, including 23 newly added wells compared to the previous year[28]. - The total CBM daily processing capacity of the CBM processing station has exceeded 640,000 cubic meters[28]. - Coalbed methane (CBM) sales increased by approximately 10.6% in 2023, with sales amounting to HK$352,253,000 compared to HK$318,642,000 in 2022[32]. - The average sale-to-production ratio for CBM in 2023 was approximately 97.4%, slightly down from 97.7% in 2022[44]. Impairment and Financial Costs - An impairment loss of approximately HK$866,829,000 was recognized for the Sanjiao CBM Project, up from HK$388,900,000 in 2022[51]. - The finance cost for the Group amounted to approximately HK$268,231,000 in 2023, an increase from HK$247,146,000 in 2022[51]. Governance and Compliance - The Company complied with all provisions of the Corporate Governance Code throughout the year ended December 31, 2023, except for the lack of insurance cover for directors since May 2022[155]. - The Board consists of three independent non-executive directors, meeting the requirements of the Listing Rules[161]. - The Company has received annual confirmations of independence from all independent non-executive directors, ensuring their capability to exercise independent judgment[162]. - The Company has a robust risk management and internal control system, contributing to a low risk of litigation against directors[155]. Environmental and Social Responsibility - The company is committed to complying with local environmental regulations and has published an ESG report detailing its environmental, social, and governance practices[114]. - The Group strictly complied with local environmental regulations in the PRC during the year, as detailed in the Environmental, Social, and Governance Report 2023[135].

Financial Performance - The company reported a total revenue of HKD 370,177,000 for the year ended December 31, 2023, a decrease of 31.8% compared to HKD 543,080,000 in 2022[3] - The gross profit for the year was HKD 182,180,000, representing an increase of 8.0% from HKD 167,833,000 in the previous year[3] - The company incurred a net loss of HKD 1,089,443,000 for the year, which is a significant increase from the loss of HKD 553,180,000 in 2022, reflecting a rise of 96.7%[4] - Total comprehensive loss for the year amounted to HKD 1,193,056,000, compared to HKD 900,506,000 in the prior year, indicating an increase of 32.5%[4] - The company reported a basic and diluted loss per share of HKD 32.49 for the year, compared to HKD 16.49 in 2022, reflecting a 96.5% increase in loss per share[4] - The net loss attributable to the company for 2023 was HKD 1,086,976,000, compared to a loss of HKD 551,779,000 in 2022, reflecting a significant increase in losses[32] - The total other losses amounted to HKD 905,866,000 in 2023, up from HKD 386,691,000 in 2022, indicating a deterioration in financial performance[25] - The impairment losses on property, plant, and equipment reached HKD 511,256,000 in 2023, compared to HKD 220,375,000 in 2022, highlighting increased asset write-downs[25] - The company reported a basic loss per share of HKD 0.325 for 2023, compared to HKD 0.165 for 2022, indicating a worsening financial position[32] - The total financing costs for 2023 were HKD 268,231,000, slightly up from HKD 247,146,000 in 2022, reflecting increased borrowing costs[27] Assets and Liabilities - The company's total assets decreased to HKD 3,731,764,000 as of December 31, 2023, down from HKD 4,641,040,000 in 2022, a decline of 19.6%[6] - Current liabilities increased to HKD 3,139,832,000 in 2023, compared to HKD 2,836,128,000 in 2022, representing an increase of 10.7%[8] - Non-current assets totaled HKD 3,537,508,000 in 2023, down from HKD 4,444,882,000 in 2022, a decrease of 20.4%[6] - The company has a net current liability position of HKD 2,945,576,000 as of December 31, 2023, compared to HKD 2,639,970,000 in 2022, indicating a worsening of 11.6%[10] - The group reported a loss before tax of HKD 506,473,000 for the year, with significant impairments including HKD 220,375,000 for property, plant, and equipment[37] - The group’s total assets as of December 31, 2023, were HKD 4,641,040,000, while total liabilities were HKD 3,617,339,000[37] Revenue Breakdown - Revenue from coalbed methane for 2023 was HKD 352,253,000, an increase from HKD 318,642,000 in 2022, while revenue from raw and clean coal significantly decreased to HKD 16,209,000 from HKD 217,465,000[22] - Other income for 2023 totaled HKD 12,774,000, a decrease from HKD 24,720,000 in 2022, primarily due to reduced government subsidies[23] - The revenue from external customers for the coalbed methane segment was HKD 352,253,000 in 2023, while the total revenue for all segments was HKD 370,177,000[36] - Revenue for the year was approximately HKD 370,177,000, down from HKD 543,080,000 in 2022, with the main revenue source being the Sanjiao coalbed methane project, contributing HKD 352,253,000[53] - The revenue from the coal washing project in Shanxi was approximately HKD 16,209,000 in 2023, a significant decrease from HKD 217,465,000 in 2022[59] Restructuring and Future Plans - The company has initiated a restructuring plan to improve liquidity and cash flow, including equity financing and various debt restructuring measures[12] - As of December 8, 2023, a legally binding agreement was established with multiple parties, including two investors and Crescent Spring, detailing the restructuring transaction[12] - The restructuring transaction is expected to include increasing the statutory share capital and issuing new convertible bonds, which will help reduce the company's debt levels and increase equity[13] - The creditor plan was approved by a statutory majority of creditors on December 8, 2023, but the court raised several concerns regarding the plan's terms during the approval hearing[14] - The company is actively seeking court approval for the creditor plan and expects to receive all necessary approvals for the restructuring transaction[14] - The cash flow forecast indicates that if the restructuring transaction is successfully implemented, the company will have sufficient operating capital to meet its financial obligations[16] - The company is in discussions regarding a restructuring plan to improve liquidity and financial stability, but there are uncertainties regarding its implementation[51] - The group is actively pursuing a debt restructuring plan to alleviate significant financial pressure, with a binding agreement signed on December 8, 2023[62] Governance and Compliance - The company has complied with all provisions of the Corporate Governance Code as per the Hong Kong Stock Exchange for the year ending December 31, 2023, except for the insurance arrangements for directors as outlined in Code Provision C.1.8[71] - The company has not made the aforementioned insurance arrangements since May 2022, as the risk of legal action against directors is considered low under current risk management and internal control systems[71] - The roles of the Chairman and CEO are held by the same individual, Dr. Dai Xiaobing, which the board believes ensures effective leadership and execution of the company's overall strategy[72] - The board consists of experienced individuals, including three independent non-executive directors, ensuring adequate checks and balances[72] - The audit committee has reviewed the accounting principles adopted by the group and discussed matters related to audit, internal control, and financial reporting for the year ending December 31, 2023[73]

Financial Performance - Revenue for the six months ended June 30, 2023, was HK$158,069,000, a decrease of 38.8% compared to HK$258,285,000 in the same period of 2022[7] - Gross profit increased to HK$73,757,000, up 17.3% from HK$62,876,000 year-on-year[7] - Loss for the period was HK$83,835,000, an improvement from a loss of HK$95,370,000 in the previous year, representing a 12.8% reduction in losses[7] - Total comprehensive income for the period was a loss of HK$211,338,000, compared to a loss of HK$206,719,000 in the same period last year[10] - The company reported a loss for the period of HK$83,448,000 for the six months ended June 30, 2023, compared to a loss of HK$93,846,000 for the same period in 2022, indicating an improvement of approximately 11.5%[19] - The company reported a loss before income tax of HK$86,256,000, which is a deterioration from a loss of HK$94,538,000 in the previous year[50][52] Assets and Liabilities - Non-current assets totaled HK$4,300,384,000 as of June 30, 2023, down from HK$4,444,882,000 at the end of 2022[13] - Current assets decreased to HK$144,000,000 from HK$196,158,000 at the end of 2022, reflecting a decline of 26.6%[13] - Cash and cash equivalents were HK$66,233,000, down from HK$78,364,000 at the end of 2022[13] - As of June 30, 2023, total current liabilities amounted to HK$2,893,685,000, an increase from HK$2,836,128,000 as of December 31, 2022, representing a growth of approximately 2%[17] - The net assets decreased to HK$812,363,000 as of June 30, 2023, down from HK$1,023,701,000 at the end of 2022, reflecting a decline of about 20.6%[17] - Total equity attributable to owners of the company decreased to HK$801,792,000 as of June 30, 2023, down from HK$1,012,547,000 at the end of 2022, representing a decline of approximately 20.8%[19] - The company’s total non-current liabilities were HK$738,336,000 as of June 30, 2023, a decrease from HK$781,211,000 as of December 31, 2022, indicating a reduction of about 5.5%[17] Cash Flow and Financing - Cash and cash equivalents at June 30, 2023, were HK$66,233,000, an increase from HK$47,616,000 at the same date in 2022, representing a growth of about 38.9%[22] - Net cash generated from operating activities for the first half of 2023 was HK$44,097,000, a decrease from HK$54,336,000 in the same period of 2022, reflecting a decline of approximately 18.8%[22] - The company experienced a net decrease in cash and cash equivalents of HK$51,163,000 for the six months ended June 30, 2023, compared to a net increase of HK$1,932,000 in the same period of 2022[22] - The financial pressure primarily arises from a convertible note due in September 2020 totaling approximately HK$1,972,000,000 and unsecured corporate bonds totaling approximately HK$572,000,000[32] - The Company has been actively seeking investors and exploring financing solutions, including a proposed Creditors' Scheme to facilitate debt restructuring[36] Segment Performance - Revenue from external customers in the coalbed methane segment was HK$149,221,000, while the cleaned coal segment generated HK$7,421,000[50] - The segment results showed a profit of HK$48,441,000, compared to a profit of HK$40,110,000 for the same period in 2022, indicating a year-on-year increase of approximately 20%[50][52] - The financial services segment generated interest income of HK$1,427,000, a decrease from HK$6,689,000 in the same period of 2022[50][52] Capital Expenditure and Commitments - The company incurred capital expenditure on property, plant, and equipment amounting to HK$52,007,000, significantly higher than HK$13,152,000 in the same period of 2022[69] - The Group's capital commitments for the Sanjiao CBM Project were HK$41,711,000 as of June 30, 2023, compared to HK$43,627,000 at the end of 2022[92] Governance and Management - The Company complied with all Corporate Governance Code provisions throughout the six months ended June 30, 2023, except for specific provisions regarding insurance cover for directors[168] - The Company has not had insurance cover for legal actions against directors since May 2022, citing low risk due to current management and internal control systems[173] - The Company’s governance structure includes experienced individuals, with three independent non-executive directors ensuring adequate power balance[174] Employee and Operational Metrics - As of June 30, 2023, the Group employed approximately 300 employees, with remuneration policies aligned with market levels and individual performance[134][137] - The volume of production and sales of CBM reached approximately 93.32 million cubic meters and 90.67 million cubic meters, respectively, maintaining an average sale-to-production ratio of approximately 97%[110] Future Outlook - The directors reasonably anticipate obtaining necessary approvals for the restructuring plan, supported by significant growth in the Sanjiao CBM Project[37] - The core business, Sanjiao CBM Project, has seen significant growth, with plans to achieve a production capacity of 500 million cubic meters within the next two to three years[140][142] - The Group aims to complete its restructuring concurrently with creditors within the year to reduce financial burdens and optimize its financial structure[141][142]