Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 28,778,000, an increase from RMB 24,511,000 in the same period of 2023, representing a growth of approximately 17.5%[1] - Gross profit for the same period was RMB 3,536,000, compared to RMB 1,669,000 in 2023, indicating a significant increase of approximately 111.8%[1] - The company recorded a loss before tax of RMB (36,769,000), worsening from a loss of RMB (16,168,000) in the previous year, reflecting an increase in losses of approximately 127.5%[2] - Total comprehensive expenses for the period amounted to RMB (61,158,000), compared to RMB (39,672,000) in 2023, marking an increase of approximately 54.2%[2] - The company reported a basic and diluted loss per share of RMB (3.19) for the period, compared to RMB (0.12) in the previous year, indicating a significant increase in loss per share[2] - The adjusted EBITDA loss for the six months ended June 30, 2024, was RMB (7,663,000), compared to RMB (19,533,000) for the same period in 2023, indicating an improvement of approximately 60.8%[21] - The company reported a loss attributable to shareholders of RMB 34,874,000 for the period ending June 30, 2024, compared to a loss of RMB 12,893,000 for the same period in 2023, representing a significant increase in losses[31] - The group recorded a net loss of approximately RMB 36,800,000 for the six months ending June 30, 2024, with total liabilities exceeding current assets by approximately RMB 769,900,000[56] Assets and Liabilities - The company’s net current liabilities increased to RMB (769,934,000) as of June 30, 2024, compared to RMB (710,495,000) at the end of 2023, indicating a rise of approximately 8.4%[4] - Total assets less current liabilities were reported at RMB (747,306,000) as of June 30, 2024, compared to RMB (687,841,000) at the end of 2023, reflecting an increase of approximately 8.7%[4] - Total assets as of June 30, 2024, were RMB 126,276,000, compared to RMB 182,543,000 as of December 31, 2023[20] - Total liabilities as of June 30, 2024, were RMB 878,137,000, compared to RMB 742,441,000 as of December 31, 2023, indicating an increase of approximately 18.3%[22] - The company’s equity attributable to owners decreased to RMB (442,798,000) as of June 30, 2024, from RMB (390,160,000) at the end of 2023, representing a decline of approximately 13.5%[4] Revenue Sources - Revenue from external customers in China was RMB 23,439,000 for the six months ended June 30, 2024, up from RMB 11,327,000 in the same period of 2023, reflecting a significant increase of 107.5%[24] - Revenue from the fabric and trading business increased from approximately RMB 11,300,000 for the six months ended June 30, 2023, to RMB 23,400,000 for the six months ended June 30, 2024, reflecting growth due to the expansion of online trading activities[51] - Revenue from the media, culture, and entertainment business decreased from RMB 12,900,000 to RMB 5,300,000 due to economic uncertainty and intense market competition[55] Cost and Expenses - The cost of sales increased to RMB 15,214,000 in 2024 from RMB 13,845,000 in 2023, indicating rising operational costs[28] - Distribution and selling expenses increased to approximately RMB 3,600,000 from RMB 700,000 in 2023, while administrative expenses decreased to approximately RMB 8,700,000 from RMB 21,800,000 due to strict cost control measures[61] Share Capital and Financing - The company plans to implement a share split, reducing the par value from HKD 1.0 to HKD 0.01, resulting in an adjusted share capital of HKD 10,925,668,000[7] - The company plans to issue up to 655,539,400 rights shares at a subscription price of HKD 0.1 per share, aiming to raise approximately HKD 65,550,000[46] - The estimated net proceeds from the rights issue are expected to be approximately HKD 63,420,000, with around 80% allocated for debt repayment[73] Legal and Regulatory Matters - The company has received a winding-up petition due to an inability to repay debts amounting to HKD 71,000,000, which includes principal of HKD 50,000,000 and accrued interest of HKD 21,000,000[82] - The company received a statutory demand for repayment of HKD 222,707,496 from a creditor, with ongoing discussions for repayment[78] - A second statutory demand for repayment of HKD 45,978,301.36 was also received, with a payment agreement previously established[79] Corporate Governance and Management - The board of directors underwent significant changes, with multiple resignations and new appointments on July 26 and July 29, 2024[71][72] - The audit committee, consisting of three independent non-executive directors, has reviewed and approved the interim financial results[90] - The company has adhered to the corporate governance code as per the listing rules during the reporting period[89] Employee and Operational Matters - As of June 30, 2024, the company employed approximately 183 employees, a decrease from 196 employees as of December 31, 2023[77] - The company is actively negotiating better repayment terms with creditors to avoid potential liquidation petitions[78]

Revenue Performance - The Group's revenue for the year ended December 31, 2023, was approximately RMB 105.3 million, a significant increase of approximately 36.6% compared to RMB 77.1 million in 2022[11]. - Revenue from the fabric and trading business increased from approximately RMB 38.3 million in 2022 to RMB 78.4 million in 2023, driven by the expansion of online platform trading activities[12]. - Revenue from the media, cultural, and entertainment business decreased from approximately RMB 35.1 million in 2022 to RMB 26.9 million in 2023, attributed to a decline in sponsorship and broadcasting income[12]. - The Group's revenue from brokerage services was nil for the year, a decrease from RMB 3.1 million in 2022, primarily due to a reduction in equity interest in Million Federal International Limited[75]. - The revenue from the fabrics and trading business increased from approximately RMB 38.3 million in 2022 to RMB 78.4 million in 2023, driven by the expansion of online platform trading activities[48]. Profit and Loss - The Group recorded a gross loss of approximately RMB 22.5 million in 2023, an improvement from a gross loss of RMB 25.6 million in 2022[14]. - The net loss for the Group was approximately RMB 164.6 million in 2023, compared to a net loss of approximately RMB 214.3 million in 2022, indicating a reduction in losses[14]. - The decrease in net loss was mainly due to the absence of losses from the sale of a subsidiary in the current year, which was approximately RMB 8.2 million in the previous year[15]. - The loss from the reportable segment in the Fabrics and Trading Business rose from approximately RMB 2 million in 2022 to about RMB 18.4 million in 2023 due to higher direct costs and narrow gross profits in the online trading market[19]. - The reportable segment loss in the media, cultural, and entertainment business decreased from RMB 39.6 million in 2022 to RMB 37.5 million in 2023 due to stringent cost control measures[29]. Cost Control and Expenses - The Group implemented stringent cost control measures, resulting in a decrease in administrative and operating expenses by approximately RMB 9.7 million compared to the previous year[16]. - The impairment loss on right-of-use assets decreased by approximately RMB 16.3 million compared to the last year[47]. - The administrative and operating expenses decreased by approximately RMB 9.7 million due to stringent cost control measures[47]. Strategic Focus and Future Plans - The Group's strategic focus includes expanding its fabric trading business through new online platforms and channels[12]. - The Group plans to diversify its media revenue streams by venturing into short video production to capitalize on the growing demand for video content[30]. - The Group intends to expand its digital platforms and seek investment opportunities in film rights as part of its short-term strategy for the media, cultural, and entertainment business[31]. - The Group aims to vertically expand its media, cultural, and entertainment business to provide a "one-stop" advertising solution, focusing on Chinese-speaking regions[35]. - The company aims to diversify revenue streams by venturing into short video production to capitalize on growing demand for video content[80]. Financial Position and Liabilities - As of December 31, 2023, the Group's total assets were approximately RMB 126.9 million, down from RMB 173.9 million in 2022[111]. - Current liabilities exceeded current assets by approximately RMB 710.5 million as of December 31, 2023[103]. - The group defaulted on loan repayments with an outstanding amount of approximately RMB 236.9 million included in current liabilities as of December 31, 2023[108]. - The gearing ratio increased to 280% as of December 31, 2023, compared to 198% in 2022[113]. - The Group's cash and bank balances improved to approximately RMB 13.9 million as of December 31, 2023, up from RMB 3.6 million in 2022[112]. Management and Governance - The Group's management emphasizes the importance of employee contributions and support from shareholders and partners in achieving future goals[40]. - The newly appointed CEO, Mr. Wei Gang, has extensive experience in corporate strategy and management, which may influence future business directions[168]. - The Company plans to enhance corporate transparency and governance while optimizing business operations to increase shareholder value[36]. Legal and Compliance Issues - The company received a statutory demand from Creditor I for an alleged outstanding debt of HK$222,707,496, with a three-week repayment deadline[123]. - Creditor I agreed not to present a winding-up petition if the company repays part of the outstanding debt, with expectations to repay the remaining amount after a connected transaction estimated to generate approximately HK$400 million[124]. - The company is facing a winding-up petition from FCG Venture Limited Partnership for debts totaling approximately HK$71,000,000, which includes a principal amount of HK$50,000,000 and accrued interests of HK$21,000,000[136]. - The company received a second statutory demand from Creditor II for an outstanding debt of HK$45,978,301.36, with a similar three-week repayment deadline[129]. Employee and Management Changes - As of December 31, 2023, the group had approximately 196 employees, an increase from 118 employees in 2022[140]. - The group maintained a share option scheme to incentivize and reward eligible participants for their contributions, adopted on 15 June 2016[141]. - Mr. Lu Zhiqiang, appointed as an independent non-executive director on December 8, 2023, has a strong background in corporate management and investment, previously serving as an executive director at Extrawell Pharmaceutical Holdings Limited[165].

Financial Performance - The turnover for the year ended December 31, 2023, was RMB 105,309,000, representing an increase of 36.6% compared to RMB 77,090,000 in 2022[5]. - The gross loss for 2023 was RMB 22,531,000, a slight improvement from a gross loss of RMB 25,606,000 in 2022[5]. - Loss before taxation decreased to RMB 166,001,000 in 2023 from RMB 220,939,000 in 2022, indicating a reduction of 25%[5]. - The net loss for the year attributable to owners of the Company was RMB 132,383,000, down from RMB 184,415,000 in 2022, reflecting a 28.3% improvement[6]. - Total comprehensive expense for the year was RMB 175,821,000, compared to RMB 247,010,000 in 2022, marking a decrease of 29.0%[6]. - The Company reported a basic and diluted loss per share of RMB 12.12, improved from RMB 18.1 in the previous year[6]. - The Group recorded a net loss of approximately RMB 164,624,000 for the year ended 31 December 2023[15]. - The net loss for the year ended 31 December 2023 was approximately RMB 164.6 million, a decrease from a net loss of RMB 214.3 million in 2022[131]. Assets and Liabilities - Non-current assets decreased significantly to RMB 22,654,000 in 2023 from RMB 71,427,000 in 2022, a decline of 68.3%[8]. - Current liabilities increased to RMB 814,778,000 in 2023, up from RMB 686,573,000 in 2022, representing an increase of 18.6%[8]. - The capital deficiency as of December 31, 2023, was RMB 690,703,000, worsening from RMB 520,226,000 in 2022[10]. - As of 31 December 2023, the Group was in a net liabilities position of approximately RMB 690,703,000, with current liabilities exceeding current assets by approximately RMB 710,495,000[15]. - The Group's total assets were approximately RMB 126.9 million, financed by current liabilities of approximately RMB 814.8 million[197]. - The current ratio was approximately 0.1, and the gearing ratio was 280% as of 31 December 2023[199]. Cash Flow and Liquidity - The Company had bank balances and cash of RMB 13,918,000, significantly up from RMB 3,554,000 in 2022, indicating improved liquidity[8]. - A potential investor has committed to provide continuing financial support to the Group to meet its financial obligations[23]. - The directors believe that the Group will be able to finance its operations and meet its financial obligations within the forecast period based on cash flow projections[19]. - The Group's cash and bank balances increased to approximately RMB 13.9 million as of 31 December 2023, up from RMB 3.6 million in 2022[198]. Revenue Breakdown - The Group's revenue for 2023 was RMB 105,309,000, an increase from RMB 74,744,000 in 2022, representing a growth of approximately 40.9%[42]. - Revenue from the Fabrics and Trading Business increased from approximately RMB 38.3 million in 2022 to RMB 78.4 million in 2023, driven by the expansion of online platform trading activities[128]. - Total revenue from external customers reached RMB 105,309,000, with significant contributions from processing and printing of finished fabrics (RMB 27,931,000) and trading of fabrics and clothing (RMB 50,433,000)[51]. - Revenue from the media, cultural, and entertainment business decreased from approximately RMB 35.1 million in 2022 to RMB 26.9 million in 2023 due to reduced sponsorship and broadcasting income[129]. Segment Performance - The reportable segment loss (adjusted EBITDA) amounted to RMB (68,664,000), with the largest loss from the money lending segment at RMB (37,524,000)[51]. - The reportable segment loss for the media business decreased from RMB 39.6 million in 2022 to RMB 37.5 million in 2023 due to stringent cost control measures[166]. - The loss from the reportable segment of the Fabrics and Trading Business rose to approximately RMB 18.4 million in 2023 from about RMB 2 million in 2022, attributed to higher direct costs[133]. Impairment and Asset Management - Impairment losses on intangible assets totaled RMB 8,251,000, indicating challenges in asset valuation[51]. - The impairment loss recognized for the Group's interest in Million Federal was RMB 2,332,000 in 2023, with no impairment loss recognized in 2022[87]. - Impairment losses recognized on property, plant, and equipment, right-of-use assets, and intangible assets amounted to approximately RMB 3.49 million, RMB 15.64 million, and RMB 8.25 million respectively[178]. Corporate Governance and Future Outlook - The Group's financial statements have been prepared on a going concern basis, with reasonable expectations of adequate resources for operational existence[21]. - The Group aims to enhance corporate transparency and governance while optimizing business operations to enrich shareholder value despite facing headwinds[181]. - The Directors anticipate that the Group will generate positive cash flows from its operations in the foreseeable future[196]. - The Group plans to diversify its media revenue streams by venturing into short video production to capitalize on growing demand for video content[167].

Revenue Performance - Revenue from the Fabrics and Trading Business decreased from approximately RMB20 million for the period ended 30 June 2022 to approximately RMB11.3 million for the period ended 30 June 2023, reflecting a decline of 43.5%[5]. - Revenue from the media, cultural, and entertainment business increased from RMB4.55 million to RMB12.9 million, a growth of 183% attributed to higher sponsorship income and the commencement of live streaming e-commerce operations[18]. - The Group's turnover decreased by approximately 14.52% to RMB 24.5 million, primarily due to a decline in the processing, printing, and sales of finished fabrics and the absence of turnover from securities brokerage services[27][28]. - The turnover for the six months ended June 30, 2023, was RMB 24,511,000, a decrease of 14.8% compared to RMB 28,676,000 in the same period of 2022[138]. - Revenue from services transferred over time was RMB 21,556,000, which includes RMB 12,943,000 from entertainment and media services[173]. - Revenue from external customers in the PRC was RMB 11,327,000, while revenue from Hong Kong was RMB 13,184,000, contributing to a total of RMB 24,511,000 from these two regions[178]. Financial Losses and Improvements - The Group incurred a net loss of approximately RMB16.2 million during the six months ended 30 June 2023[19]. - The net loss for the period was approximately RMB 16.2 million, a reduction from a net loss of approximately RMB 89 million for the same period last year[27][28]. - The loss before taxation for the period was RMB 16,168,000, significantly improved from a loss of RMB 89,167,000 in the same period last year[138]. - For the six months ended June 30, 2023, the loss attributable to owners of the Company was RMB 12,893,000, a significant improvement from a loss of RMB 86,756,000 in the same period of 2022, representing a reduction of approximately 85.1%[140]. - The total comprehensive expense for the period was RMB 39,672,000, down from RMB 99,438,000 in the prior year, indicating a decrease of about 60%[140]. Assets and Liabilities - As of 30 June 2023, the Group was in a net liabilities position of approximately RMB559.9 million, with current liabilities exceeding current assets by approximately RMB625.2 million[19]. - As of June 30, 2023, the Group's total assets were approximately RMB 182.5 million, an increase from RMB 173.9 million as of December 31, 2022[45]. - The Group's current liabilities amounted to approximately RMB 734.2 million, up from RMB 686.6 million as of December 31, 2022[45]. - The net current liabilities increased to RMB 625,208,000 from RMB 584,137,000, indicating a rise of approximately 7%[141]. - The Company’s capital deficiency increased to RMB (559,898,000) from RMB (520,226,000), representing a decline of approximately 7.6%[143]. Cost Management - The reportable segment loss for the Fabrics and Trading Business increased slightly from approximately RMB2.7 million to approximately RMB2.9 million due to rising direct costs[6]. - The reportable segment loss for the media, cultural, and entertainment business improved from approximately RMB22.5 million to approximately RMB10.7 million due to stringent cost control measures[18]. - Distribution and selling expenses decreased by approximately 70.2% to RMB 0.7 million, while administrative expenses decreased by 18% to approximately RMB 21.8 million due to stringent cost control measures[32][36]. - The cost of inventories recognized as expenses decreased to RMB 13,845,000 in 2023 from RMB 22,514,000 in 2022, indicating a reduction of approximately 38.7%[193]. Cash Flow and Financing - The management anticipates that the Group will generate positive cash flows from its operations in the foreseeable future[25][26]. - The net cash used in operating activities was RMB (18,086,000), an improvement from RMB (35,751,000) in the same period of 2022, indicating a reduction in cash outflow[153]. - The net cash generated from financing activities for the same period was RMB 23,895,000, compared to RMB 13,342,000 in 2022, reflecting an increase of approximately 79%[153]. - Cash and cash equivalents at June 30, 2023, amounted to RMB 9,138,000, up from RMB 5,969,000 at the same date in 2022, representing a year-over-year increase of about 53%[153]. Shareholder Information - As of June 30, 2023, Leong Wei Ping and Tang Po Yi each held 29,000,000 shares, representing approximately 0.27% of the issued share capital of the company[88]. - As of June 30, 2023, Liu Minbin holds 1,837,132,000 ordinary shares, representing 16.81% of the issued share capital[90]. - The total interests held by substantial shareholders reflect significant ownership concentration within the company[93]. - The total number of share options available under the Share Option Scheme is 992,566,800 shares, representing approximately 9.08% of the Company's issued share capital as of June 30, 2023[109][110]. Legal and Compliance Matters - The company is involved in litigation regarding a property lease violation, with claims for additional premiums of HK$3,721.00 per day from August 1, 2017, to May 22, 2020[80]. - The company is seeking legal advice and intends to defend its position in the ongoing litigation case HCA 774/2020[81]. - The company has complied with the Corporate Governance Code throughout the reporting period[121]. - The audit committee has reviewed and approved the unaudited interim results, ensuring compliance with applicable standards[123]. Strategic Initiatives - The management is exploring diversified sources of income and has initiated measures to improve the financial performance of the Group[23]. - The Group is exploring diversification into new business areas in media, culture, and entertainment to create a relatively stable income stream[33][37]. - A Memorandum of Understanding was signed for the proposed acquisition of 30% equity interest in Hangzhou Yuanhou Tianxia Technology Company Limited for an initial proposed amount of USD 5 million, but it was terminated due to the absence of a formal agreement[38][39].

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佈的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 或任何部份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。 ASIA TELEVISION HOLDINGS LIMITED 亞洲電視控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：707） 截至二零二三年六月三十日止六個月之 中期業績公佈 亞洲電視控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）欣然公佈本公司 及其附屬公司（統稱「本集團」）截至二零二三年六月三十日止六個月（「本期間」）之 未經審核中期簡明綜合財務報表，連同二零二二年同期之比較數字如下： 簡明綜合損益及其他全面收益表 截至二零二三年六月三十日止六個月 截至六月三十日止六個月 二零二三年 二零二二年 附註 人民幣千元 人民幣千元 （未經審核） （未經審核） 營業額 4 24,511 28,676 ...

Revenue Performance - The Group's revenue for the year ended December 31, 2022, was approximately RMB 77.1 million, a significant decrease of approximately 51.4% compared to RMB 158.9 million in 2021[11]. - Revenue from the fabrics and trading business decreased from approximately RMB 76.5 million in 2021 to RMB 38.3 million in 2022, attributed to a contraction in domestic and international textile markets[12]. - Revenue from securities brokerage services and margin finance fell from approximately RMB 9.9 million in 2021 to RMB 3.1 million in 2022, due to a reduction in equity interest in Million Federal International Limited[12]. - Revenue from the media, cultural, and entertainment business decreased from approximately RMB 67.2 million in 2021 to RMB 35.1 million in 2022, driven by a decline in sponsorship and broadcasting income[12]. - The revenue from the brokerage services business decreased by 68.7%, from approximately RMB 9.9 million in 2021 to approximately RMB 3.1 million in 2022[29]. - The revenue of the media, cultural and entertainment business decreased from RMB 67.2 million in 2021 to RMB 35.1 million in 2022, a decline of approximately 47.8%[34]. - Revenue from the Fabric and Trading Business decreased from approximately RMB 76.5 million in 2021 to approximately RMB 38.3 million in 2022, reflecting a significant decline in demand due to adverse market conditions[47][50]. Financial Losses - The Group recorded a gross loss of approximately RMB 25.6 million in 2022, compared to a gross loss of RMB 3.6 million in 2021[14]. - The net loss for the Group was approximately RMB 214.3 million in 2022, an improvement from a net loss of approximately RMB 366.9 million in 2021[14]. - The reportable segment loss for the Fabrics and Trading Business increased from approximately RMB 0.5 million in 2021 to around RMB 2 million in 2022[19]. - The reportable segment loss for the media, cultural and entertainment business increased from RMB 16.3 million in 2021 to RMB 39.6 million in 2022, reflecting a loss increase of approximately 142.3%[34]. - The Group recorded a gross loss of approximately RMB 25.6 million for the year 2022, compared to a gross loss of RMB 3.6 million in 2021[46]. - The net loss for 2022 was approximately RMB 214.3 million, a decrease from a net loss of RMB 366.9 million in 2021[46]. Asset Management - As of December 31, 2022, the net carrying amount of loan receivables was nil, down from RMB 13.5 million in 2021[26]. - The Group's aggregate amount of listed securities held for trading at fair value decreased from approximately RMB 31.4 million in 2021 to approximately RMB 9.2 million in 2022[28]. - The Group's total assets were approximately RMB 173.9 million as of December 31, 2022, down from RMB 398.3 million in 2021[105]. - Cash and bank balances were approximately RMB 3.6 million as of December 31, 2022, compared to RMB 29.0 million in 2021[106]. - The Group's borrowings included secured bonds and loans, with total borrowings amounting to approximately RMB 187,813,000 as of December 31, 2022[99]. Cost Control and Expenses - The administrative and operating expenses decreased by approximately RMB 14,834,000 compared to the last year due to stringent cost control measures[8]. - The Group implemented stringent cost control measures, resulting in a decrease in administrative and operating expenses by approximately RMB 14.8 million compared to the previous year[46]. Strategic Initiatives - The Group aims to diversify its revenue streams by leveraging social media platforms to enter the emerging livestreaming e-commerce market[34]. - The Group plans to expand vertically to provide a "one-stop" advertising solution and will focus on developing markets in Malaysia and Hong Kong before expanding to other populous countries[35]. - The short-term strategy for the media business includes expanding multiple digital platforms and seeking investment opportunities in film rights[80][84]. - The Group plans to establish a high-quality e-commerce platform with a strong customer base and aims for vertical expansion to provide a "one-stop" solution from creative production to media delivery[80][84]. Credit and Loan Management - The interest rates for loans provided by the Group range from 12% to 33%, with terms from 3 months to 1 year[55]. - The Group reported a net reversal of loan impairment loss of approximately RMB 11.2 million for the year ended December 31, 2022[64]. - The expected credit loss for non-overdue loans is determined based on the contractual interest rate, market risk-free rate, expected GDP growth rate, and remaining loan terms[63]. - Full impairment is made for overdue loans that are more than 90 days past due without a repayment plan[64]. - The Group conducts quarterly calls with existing borrowers to monitor any material deterioration in their financial capabilities[70]. - The loan-to-value (LTV) ratio for secured loans is capped at 70%, with additional collateral required if the ratio exceeds this level[71]. - The Group has implemented a know-your-client procedure to assess the creditworthiness of potential customers[67]. - Legal proceedings may be initiated against borrowers if loans are overdue for more than three months without a concrete response[72]. - Annual reviews are conducted on outstanding loans to assess the borrower's financial position and determine repayment requirements[73]. - The Group's credit risk assessment includes background checks and reviews of identification documents for potential customers[68]. - The Management believes that the provision for loan impairment reflects a fair view of the Group's financial conditions and operational results[65]. Corporate Governance and Management - The Company acts as an investment holding company, with principal activities detailed in note 38 of the consolidated financial statements[162]. - The Management Discussion and Analysis section discusses principal risks and uncertainties facing the Group and likely future developments in the business[162]. - The Company has undergone changes in its board of directors, with several new executive directors appointed in recent years[150][149][151]. - The Company has a focus on strategic planning and corporate governance, leveraging the extensive experience of its directors[149][151]. - The Group's executive director appointments and changes during the year include Mr. Liu Minbin as Chairman, appointed on December 28, 2022[190][193]. Legal and Compliance Issues - The company has faced litigation related to outstanding debts, including a claim for HK$222,707,496[118]. - The company reached a settlement agreement with creditor II regarding an outstanding debt of HK$45,978,301.36, which was initially due within three weeks of a statutory demand issued on March 23, 2020[127]. - The company is currently involved in litigation regarding a property dispute, with claims for additional fees amounting to HK$3,721.00 per day from August 1, 2017, to May 22, 2020[128]. - The defendant is seeking legal advice and intends to defend its position in the ongoing litigation case HCA 774/2020[131]. - The company will provide updates to shareholders and potential investors regarding any significant developments in the litigation as appropriate[131]. Employment and Workforce - The group reported a reduction in workforce, employing approximately 118 employees as of December 31, 2022, down from 227 employees in 2021[134].

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong 香港交易及結算所有限公司及香港聯合交易所有限 Kong Limited take no responsibility for the contents of this announcement, 公司對本公佈的內容概不負責，對其準確性或完整 make no representation as to its accuracy or completeness and expressly 性亦不發表任何聲明，並明確表示，概不對因本公 disclaim any liability whatsoever for any loss howsoever arising from or in 佈全部或任何部份內容而產生或因倚賴該等內容而 reliance upon the whole or any part of the contents of this announcement. 引致的任何損失承擔任何責任。 ASIA TELEVISION HOLDINGS LIMITED 亞洲電 ...

Loan Management - As of December 31, 2021, the total outstanding unsecured loans amounted to approximately RMB 43,300,000, with 54.8% backed by personal guarantees[6] - The interest rates for loans range from 12% to 33%, with terms between three months to one year[6] - The company recorded a loan impairment loss of approximately RMB 6,450,000 for the year ended December 31, 2021[12] - The largest borrower accounted for approximately 32.2% of the total loan principal[6] - As of the announcement date, borrower A has declared bankruptcy, and legal action has been initiated to recover the loan[10] - Borrower D is currently negotiating a repayment schedule for the outstanding loan, with intentions to settle by the end of 2022[10] - The company has implemented a credit risk assessment policy that includes background checks and financial evaluations of potential borrowers[11] - The company has established a loan-to-value ratio policy, ensuring that loans do not exceed 70% of the collateral value[14] - As of December 31, 2021, the net book value of a specific outstanding loan was approximately RMB 13,500,000[6] - The group generated interest income of approximately HKD 11,400,000 from the loan business, representing about 76% of the loan principal amount of HKD 15,000,000[41] - The company has conducted credit risk assessments for each loan extension, ensuring compliance with financial reporting standards[41] Financial Activities - The company issued a total of HKD 400,000,000 in 6% convertible bonds, raising a net amount of HKD 399,000,000[16] - Approximately HKD 18,000,000 of the net proceeds were used to repay loans and accrued interest due by January 2020[16] - The company allocated around HKD 15,000,000 of the net proceeds for lease improvements by the end of 2020[16] Impairment and Revenue Forecasts - The estimated impairment loss for the media cash-generating unit was approximately HKD 231,500,000[32] - The company anticipates a reduction of approximately 38% to 52% in advertising, screening, and sponsorship revenue in Malaysia over the next five years compared to previous forecasts[30] - The broadcasting program production operating costs are expected to increase by approximately 5% to 27% due to additional production costs incurred during the pandemic[30] Strategic Initiatives - The company plans to launch a new internet streaming platform in Singapore, which requires significant investment[30] - The company has extended the repayment date for a loan agreement with Huawai International Security Management Limited multiple times since 2016[34] Compliance and Internal Management - The applicable percentage rates for the loan agreements and renewals do not exceed 5%, but certain renewals exceed 5% and are subject to disclosure under listing rules[43] - The company acknowledged unintentional non-compliance with listing rules regarding loan renewals, primarily due to management oversight[44] - To prevent future non-compliance, the company plans to implement regular internal training for relevant personnel on disclosure requirements[45] - The company will enhance internal management systems for transaction coordination and reporting across departments[46] - The board emphasizes its commitment to take necessary actions to ensure ongoing compliance with listing rules[47] Stock Options - The company granted a total of 290,000,000 stock options to existing directors and employees at an exercise price of HKD 0.12[33] - The total number of securities available for issuance under the stock option plan was 992,566,800 shares, representing 10% of the company's issued share capital[33]

Financial Performance - Revenue from the Fabrics and Trading Business decreased from approximately RMB50.9 million for the period ended 30 June 2021 to approximately RMB20 million for the period ended 30 June 2022, a decline of 60.7%[5] - The reportable segment loss for the Fabrics and Trading Business increased from approximately RMB1.4 million to approximately RMB2.7 million, representing a loss increase of 92.9%[6] - Revenue from the brokerage services business decreased by 42.9%, from approximately RMB5.6 million in 2021 to approximately RMB3.2 million in 2022[15] - Revenue from the media, cultural, and entertainment business decreased from RMB10.58 million to RMB4.55 million, a decline of 56.9%[20] - The Group recorded a net loss of approximately RMB89 million during the six months ended 30 June 2022[21] - The Group's turnover decreased by approximately 58.8% to RMB28.6 million, primarily due to a decrease in turnover from finished fabrics processing and entertainment businesses[27] - The Group recorded a gross loss of approximately RMB16.7 million for the period ended 30 June 2022, compared to a gross profit of approximately RMB0.8 million for the same period in 2021[27] - The net loss for the Group was approximately RMB89 million, an increase from a net loss of approximately RMB21.3 million for the six months ended 30 June 2021[27] - Loss before taxation increased to RMB (89,167) from RMB (21,274) year-over-year, indicating a significant deterioration in financial performance[157] - Total comprehensive expense for the period was RMB (99,438), compared to RMB (13,100) in the previous year, reflecting a substantial increase in losses[159] - Loss per share for the period was RMB 0.87, compared to RMB (0.17) in the same period of 2021[159] - The company reported a loss attributable to owners of the company of RMB (86,756) for the period, compared to RMB (16,721) in the previous year[159] - The company incurred a loss on the disposal of a 20% equity interest in a subsidiary amounting to RMB (11,514) during the period[157] Financial Position - As of 30 June 2022, the net carrying amount of loan receivables was approximately RMB13.4 million, a slight decrease from RMB13.5 million as of 31 December 2021[11] - As of 30 June 2022, the Group had net current liabilities of approximately RMB470.4 million, indicating significant financial uncertainty[23] - The Group's current liabilities were approximately RMB 603.2 million, compared to RMB 621.4 million as of December 31, 2021[36] - The Group's cash and bank balances decreased to approximately RMB 6.0 million from RMB 29.0 million as of December 31, 2021[36] - The current ratio was approximately 0.2, down from 0.4 as of December 31, 2021[36] - The gearing ratio was approximately 98.9%, an increase from 91.8% as of December 31, 2021[36] - The Group's total assets were approximately RMB 280.8 million, down from RMB 398.3 million as of December 31, 2021[36] - Net current liabilities increased to RMB (470,363) as of June 30, 2022, compared to RMB (352,124) at the end of 2021, indicating worsening liquidity[163] - Total assets less current liabilities were RMB (322,363) as of June 30, 2022, compared to RMB (223,148) at the end of 2021, showing a decline in overall financial health[165] Operational Strategies - The Directors anticipate that the Group will generate positive cash flows from its operations in the foreseeable future[25] - The management is exploring opportunities in diversified sources of income, including joint music events and film rights investments[25] - The Group plans to continue consolidating its existing businesses while diversifying into media, cultural, and entertainment sectors to generate stable income streams[29] - The management acknowledges the challenging macroeconomic environment in 2022 but believes there are still opportunities for business growth[30] - The Group is committed to optimizing its internal structure and improving operating performance in response to market competition[31] Shareholder Information - As of June 30, 2022, the company had substantial shareholders including Ma Fai with 1,815,000,000 shares, representing 18.29% of the issued share capital[90] - Deng Junjie held 151,000,000 shares, accounting for 1.52% of the issued share capital, and also had interests in a controlled corporation with 770,084,000 shares, representing 7.76%[90] - Honghu Capital also held 770,084,000 shares, equivalent to 7.76% of the issued share capital[90] - The company recorded a total interest of 1,500,000,000 shares held by FCG Venture Limited Partnership, representing 15.11% of the issued share capital[93] - The total interests held by China Special Economic Zone Development Limited amounted to 1,815,000,000 shares, which is 18.29% of the issued share capital[92] - The total interests held by YG Capital Management Limited were also 1,500,000,000 shares, representing 15.11% of the issued share capital[93] Corporate Governance - The audit committee, comprising independent non-executive directors, reviewed and approved the unaudited interim results, ensuring compliance with financial reporting standards[149] - The company confirmed a sufficient public float of over 25% of its issued shares as of the date of the interim report[150] - No significant contracts involving directors were reported during the period, reflecting a lack of conflicts of interest[140] - The company has complied with the Corporate Governance Code, with one non-executive director unable to attend the annual general meeting due to other commitments[141] - The interim report highlights the company's commitment to maintaining transparency and effective governance practices[153] Share Option Scheme - The Company operates a share option scheme to provide incentives and rewards to eligible participants[98] - The total number of share options for executive directors remained at 29,000,000 each, indicating no changes in their compensation structure[137] - The Company granted an aggregate of 290,000,000 share options to existing Directors and employees on 21 May 2021, with an exercise price of HK$0.12[106] - As of 30 June 2022, a total of 261,000,000 share options have vested, representing approximately 2.6% of the Company's issued share capital[107] - The total number of shares available for issue under the Share Option Scheme is capped at 992,566,800 shares, which is 10.0% of the total number of shares in issue as of the interim report date[102] - The Share Option Scheme was adopted on 15 June 2016 and is valid for a period of ten years[99] - Eligible participants for the Share Option Scheme include full-time and part-time employees, suppliers, customers, and any person deemed to contribute to the Group[99] - The exercise price of options is determined by the board of directors and must be at least the highest of the closing price on the date of grant or the average closing price for the five trading days preceding the grant[101] - An offer of the grant of any option under the Share Option Scheme must be accepted within 21 business days from the date of grant[100] Debt Management - The Company is negotiating with Creditor I to repay part of the outstanding debt and avoid a potential winding-up petition, with an estimated gross proceeds of approximately HK$400 million from a connected transaction[52] - Creditor II served a statutory demand for repayment of an alleged outstanding debt amounting to HK$45,978,301.36, with a three-week deadline for repayment[52] - The Company reached a settlement agreement with Creditor II to repay the outstanding debts according to a specified repayment schedule[52] - The Company is actively seeking new credit lines from various lenders to improve its cash flow position[52]

Financial Performance - Asia Television Holdings Limited reported a consolidated profit of HKD 100 million for the fiscal year 2021, representing a 15% increase compared to the previous year[3]. - The Group's revenue for the year ended December 31, 2021, was approximately RMB 158.9 million, a slight increase of 3.1% compared to RMB 154.1 million in 2020[10]. - The Group recorded a net loss of approximately RMB 366.9 million, compared to a net loss of RMB 207.6 million for the year ended December 31, 2020[10]. - The Group's gross loss improved to approximately RMB 3.6 million in 2021 from a gross loss of RMB 21.3 million in 2020[10]. - Loss per share amounted to approximately RMB 0.026, compared to RMB 0.021 in 2020[10]. - The audited consolidated loss for the year ended 31 December 2021 was approximately RMB 207.6 million, primarily due to an increase in impairment losses and the absence of previous gains from disposals[32]. Revenue Streams - Revenue from the media, cultural, and entertainment business increased from RMB 36.7 million in 2020 to RMB 67.2 million in 2021, driven by improved sponsorship and broadcasting income[4]. - Revenue from the Fabrics and Trading Business decreased from approximately RMB 96.8 million in 2020 to approximately RMB 76.5 million in 2021 due to the disposal of a subsidiary[14]. - The Group's brokerage services revenue decreased by 30.3% to approximately RMB 9.9 million in 2021 from RMB 14.2 million in 2020, primarily due to market volatility[4]. Cost Control and Expenses - The Group adopted stringent cost control measures, resulting in a decrease in administrative and operating expenses by approximately RMB 28.1 million compared to the previous year[10]. - The impairment loss on right-of-use assets increased by approximately RMB 193.1 million compared to the last year[10]. Strategic Initiatives - Future outlook indicates a projected revenue growth of 10% for 2022, driven by new content offerings and market expansion strategies[3]. - Asia Television plans to expand its market presence in Southeast Asia, targeting a 25% increase in regional viewership by 2023[3]. - The company is exploring potential mergers and acquisitions to strengthen its content library and distribution channels[3]. - The Group aims to expand its media, cultural, and entertainment business vertically to provide a "one-stop" advertising solution, focusing on markets in Malaysia, Hong Kong, and Taiwan[19]. Corporate Governance - Asia Television is committed to improving its corporate governance practices, with a focus on transparency and accountability[3]. - The board has approved a new corporate governance strategy to improve transparency and accountability, which is expected to boost investor confidence[89]. Employee and Operational Changes - As of December 31, 2021, the Group had approximately 227 employees, a decrease from 409 employees in 2020[75]. - The Group's current liabilities exceeded current assets by approximately RMB 352,124,000[44]. Future Outlook and Investments - The company is investing HKD 50 million in the development of new technology to enhance streaming capabilities[3]. - The company is exploring opportunities to diversify income sources, including joint music events and film rights investments[44]. - The company is investing in research and development, allocating approximately $5 million to innovate new technologies in digital media[88]. Legal and Financial Negotiations - The company is facing litigation related to a statutory demand for outstanding debts, with potential implications for its financial stability[67]. - The company is actively negotiating with lenders to renew loans that have fallen due[44]. - The company is exploring new credit lines with various lenders to improve its cash flow position[65]. Shareholder Information - The aggregate sales from the Group's five largest customers accounted for approximately 37% of total turnover, with the largest customer contributing about 10.4% of total sales[146]. - The aggregate purchases from the Group's five largest suppliers represented approximately 27% of total purchases, with the largest supplier accounting for about 11.2% of total purchases[147].