Impairment and Development Costs - The company reported impairment losses for development properties and construction in progress amounting to HKD 286,782,000 and HKD 110,064,000 respectively[3]. - The estimated unrecovered construction cost is approximately RMB 445,100,000[25]. - The estimated value for the development project is approximately RMB 800,000,000, including RMB 638,000,000 for unsold properties and RMB 162,000,000 for ongoing construction[44]. Property Valuation and Pricing - The adjusted unit price for retail properties was calculated to be approximately RMB 12,500 per square meter[7]. - The adjusted unit price for comparable properties A and B was RMB 11,392 and RMB 13,687 respectively, with an average adjusted unit price of RMB 12,539[15]. - The average adjusted unit price for comparable properties was RMB 9,512, with a rounded and adopted price of RMB 9,500[18]. - The adjusted average price per square meter for comparable properties A and B is RMB 10,040, with A at RMB 11,503 and B at RMB 8,577[25]. - The average adjusted price per square meter for retail properties is RMB 9,500, considering property nature and location adjustments[37]. - The adjusted price per parking space for comparable properties A and B is RMB 80,250, with A at RMB 82,500 and B at RMB 78,000[41]. - The estimated total development value of the properties was determined by deducting projected total development costs from the market value[11]. Market Analysis and Adjustments - The company identified multiple relevant sales inquiries that comply with timing, use, and location criteria for valuation purposes[12]. - Adjustments were made based on the comparative properties' characteristics and locations, reflecting differences in physical attributes[19]. - The company recognized a downward adjustment due to the comparative properties' superior locations[6]. - The total adjustment range for property location is between -18% to 0%[23]. - The total adjustment range for retail property characteristics is between -11% to -10%[35]. Financial Performance and Margins - The average gross margin for 50 Chinese real estate companies in 2022 was around 18%, with 15 companies reporting margins between 18% and 30%[26]. - Profit margin calculated at 20% is considered reasonable for mixed-use development properties[45]. Company Strategy and Future Plans - The company plans to continue evaluating its real estate assets to ensure accurate valuations and strategic decisions moving forward[10]. Announcement Details - The English version of the announcement maintains all other disclosed information unchanged[46]. - The supplementary announcement should be read in conjunction with the annual report[46]. - Date of the announcement is July 16, 2024[47].

Financial Performance - As of March 31, 2024, the total assets of the Group reached approximately HK$1,438.2 million, with a loss attributable to shareholders of approximately HK$126.8 million, a decrease of approximately HK$942.6 million compared to the previous year[11]. - Revenue for the year ended March 31, 2024, amounted to approximately HK$183.5 million, compared to nil revenue for the previous year, driven by the trading and development of premium white spirit[60]. - The net loss attributable to owners of the Company for the current year was approximately HK$126.8 million, a significant improvement from a loss of approximately HK$1.069 billion in the previous year[65]. - Other operating expenses decreased by approximately HK$11.2 million or 57%, totaling approximately HK$8.3 million for the current year, due to reduced costs related to property sales[63]. - Finance costs for the current year were approximately HK$47.4 million, representing a decrease of approximately HK$46.9 million or 49.7% compared to approximately HK$94.3 million in the previous year[64]. Property Development Projects - The Group's property development project, Golden Beach No. 1, is expected to be completed in 2024/2025, with a total gross floor area of approximately 195,000 square meters, including over 1,600 apartment suites[17]. - The market value of the Golden Beach No. 1 project is estimated at approximately RMB800 million, which is expected to generate stable cash flow for the Group[18]. - The Weihai Property development project is expected to be completed by 2024/2025, with a total construction area of approximately 195,000 square meters, providing over 1,600 serviced apartments and 360 parking spaces[21]. - The estimated total market value of the Weihai Property project is approximately RMB 800 million, which includes serviced apartments, hotel, retail properties, and parking spaces[21]. - The hotel operations in the Weihai Property will consist of approximately 200 hotel suites managed by a world-renowned hotel group[26]. Financing and Capital Management - The Group secured a loan facility of RMB 660 million for the Weihai Property development, with a final drawdown amount of RMB 500 million at an interest rate of 6.6% per annum[41]. - The Group plans to finance the Weihai Property development through cash flow from pre-sales, loan facilities, contractor financing, and other capital arrangements[42]. - The Group has cash and cash equivalents of only HK$177,587,000 as of 31 March 2024, raising concerns about liquidity[75]. - The Group has prepayments on new projects amounting to HK$262,948,000, which are expected to provide sufficient cash flow for short-term liquidity needs[81]. - The Group's interests in the Weihai Property were pledged as security for borrowings with an outstanding amount of approximately HK$542.0 million as of 31 March 2024[91]. Business Diversification - The Group plans to launch a new business in trading and developing premium white spirit in China, aiming to create sustainable business development opportunities[19]. - The Group has initiated trading and development of premium white spirit in 2023, which is expected to provide sustainable business development opportunities[33]. - The Group's comprehensive healthcare business includes planning and management services for healthcare operators, focusing on various operational aspects[27]. - The comprehensive healthcare planning and management services business has been progressing steadily since its establishment in 2020, focusing on providing services to healthcare business operators[107]. Governance and Compliance - The Company has complied with all provisions of the Corporate Governance Code throughout the fiscal year ending March 31, 2024[123]. - The Board regularly reviews and enhances corporate governance policies to ensure compliance with the Corporate Governance Code[124]. - The Company has maintained a balanced composition in terms of diversity of experience, expertise, and independence among its Directors[149]. - The Company has adopted a board diversity policy to enhance performance quality and support strategic objectives, considering factors such as gender, age, and professional experience[160]. - The Company ensures compliance with corporate governance codes by requiring Directors to retire and seek re-election at least every three years[187]. Risks and Market Conditions - The main risks and uncertainties faced by the Group are closely related to the demand, economic performance, and political environment in China[110]. - The Group's business is significantly impacted by China's macro-control policies on the real estate industry, which are influenced by the economic situation[115]. - The real estate industry faces a heavy tax burden compared to other industries, with various taxes such as land value-added tax and corporate income tax affecting profitability[116]. - The COVID-19 pandemic has severely disrupted normal economic activities, but the Chinese government's effective control measures have led to a quicker recovery compared to Western countries[118]. Employee Management - The Group emphasizes the importance of employee management and talent development, ensuring alignment with corporate strategy[125]. - The Group's total employee remuneration and staff costs for the current year were approximately HK$5.1 million, a decrease from approximately HK$5.9 million in the last year[97].

Governance and Board Structure - The board currently consists of two executive directors and three independent non-executive directors, ensuring a diverse governance structure [11]. - The independent non-executive directors have confirmed their independence throughout the year, contributing positively to the company's strategy and policies [5]. - The company has maintained a sufficient public float as per regulatory requirements, ensuring compliance with listing rules [3]. - The board has established clear guidelines on the division of roles between the board and management, enhancing operational efficiency [8]. - Continuous professional development for directors has been emphasized, ensuring they remain updated on regulatory changes and governance practices [12]. - The company has implemented a diversity policy for its board members, promoting varied perspectives in decision-making [13]. - Attendance records for board meetings indicate active participation, with some directors attending up to 17 meetings [14]. - The company is committed to transparency, with all directors' roles and functions disclosed on its website and the Stock Exchange [11]. - The board has collectively accepted responsibility for the accuracy of the information presented in the annual report [18]. - The Company has complied with all provisions of the Corporate Governance Code throughout the year ended March 31, 2024 [117]. - The Board is committed to maintaining a balanced composition in terms of diversity of experience, expertise, and independence [132]. - The Company has adopted procedures for the nomination, appointment, and re-appointment of directors since April 2006 [160]. - The Company emphasizes the importance of good corporate governance to maximize shareholder returns [1]. - The Board ensures that directors have sufficient resources to fulfill their duties, including access to independent professional advice [164]. - The Company will continue to review the composition of the Board to ensure a good balance of skills and experience [159]. - The Audit Committee consists of independent non-executive Directors with relevant experience for financial statement reviews [200]. - The Company recommends the re-appointment of the Independent Auditor at the upcoming annual general meeting [176]. Financial Performance - The company reported audited consolidated results for the fiscal year ending March 31, 2024, with a focus on performance metrics compared to the previous year [17]. - As of 31 March 2024, the total assets of the Group reached approximately HK$1,438.2 million, with a loss attributable to shareholders of approximately HK$126.8 million, a decrease of approximately HK$942.6 million compared to the previous financial year [37]. - The Group's revenue for the year ended March 31, 2024, was HK$183,461,000, compared to no revenue in the previous year [52]. - Loss attributable to owners of the Company decreased to HK$126,785,000 from HK$1,069,359,000 in the previous year, representing a reduction of approximately 88.2% [52]. - The Group recorded a net loss attributable to owners of approximately HK$126.8 million for the Current Year, compared to a loss of approximately HK$1.069 billion in the Last Year, indicating a significant reduction in losses [99]. - Revenue for the Current Year was approximately HK$183.5 million, a notable increase from nil revenue in the Last Year, attributed to the development of trading and premium white spirit [97]. - The Group's cash and bank balances increased to approximately HK$179.2 million as of March 31, 2024, compared to approximately HK$4.3 million as of March 31, 2023 [99]. - Finance costs for the Current Year were approximately HK$47.4 million, representing a decrease of approximately 49.7% from HK$94.3 million in the Last Year [99]. - The Group incurred a loss of HK$127.2 million for the year ended March 31, 2024, with current liabilities including an entrusted loan of HK$541.95 million [78]. - The Group has cash and cash equivalents of HK$177.59 million as of March 31, 2024 [102]. Business Operations and Development - The Group is primarily engaged in property investment, development, hotel operations, financial advisory services, and health management services [40]. - The Group's property development project, Golden Beach No. 1, is now expected to be completed in 2024/2025, with a total gross floor area of approximately 195,000 square meters, including over 1,600 apartment suites and a market value of approximately RMB800 million [42]. - The Group plans to launch a new business in premium white spirit trading and development in China, which is expected to provide sustainable business development opportunities [42]. - The Group's comprehensive healthcare business segment aims to build the "Grandlife Healthcare Group" brand, focusing on planning and management services for healthcare operators [51]. - The Group started trading and developing premium white spirit in 2023, recognizing the significant market potential in China [51]. - The Group's investment in property development includes approximately 1,400 serviced apartment units in the Weihai Property, which is wholly owned by the Group [64]. - The hotel operations in the Weihai Property will consist of approximately 200 hotel suites, currently under construction, with completion expected to be delayed to 2024/2025 due to COVID-19 [48][49]. - The Group aims to generate stable cash flow from the Weihai property, which is expected to become a new source of income [42]. - The Group plans to adjust its financial consultancy service model to include building financing platforms for various enterprises, not just real estate developers, to capture market opportunities [50]. - The Group is exploring options to remedy late payment issues and restructure payment terms for the entrusted loans, considering the realizable value of the Weihai Runhe construction-in-progress [83]. - The Group is developing partnerships with property owners to convert properties into high-end healthcare projects, leveraging capital from insurance companies and financial institutions [136]. Challenges and Risks - The impact of the coronavirus pandemic has significantly affected global economic activities, leading to strict isolation measures that are still in place [38]. - The Group's construction progress for the Golden Beach No. 1 project was substantially delayed due to the pandemic [42]. - The Group's operations are significantly impacted by China's macro-control policies on the real estate industry, which pose risks to its business [112]. - Changes in taxation policies in China, particularly for the real estate industry, could significantly impact the Group's profitability due to the high tax burden [138]. - The Group's assets are primarily located in China and denominated in RMB, making them susceptible to currency rate changes between RMB and HKD [138]. - The management is closely monitoring the financial consultancy service business, which remains dormant due to the weak global economy [136]. Employee and Remuneration - As of March 31, 2024, the Group had a total of 19 employees, with remuneration and staff costs approximately HK$5.1 million, a decrease from HK$5.9 million in the previous year [135]. - The Group's employment and remuneration policy is determined by the remuneration, quality, and nomination committee, with discretionary bonuses and medical insurance provided [135]. - The Group's executive Directors and senior management remuneration packages are reviewed annually, while other employees' packages are approved by the CEO [135]. Future Outlook - The Group anticipates recognizing sales revenue from the Golden Beach No. 1 Project phase I in the financial year 2024/25 [135]. - The hotel of the Golden Beach No. 1 Project phase I in Weihai, Shandong province is under construction and expected to start operating in 2025, becoming the highest building in the city and the first international five-star hotel [136]. - The comprehensive healthcare planning and management services business, established in 2020, is progressing steadily and includes services such as preliminary planning, research, and staff training for healthcare operators [136]. - Starting from 2023, the Group has engaged in trading and developing premium white spirit, significantly increasing cash flow and revenue [136]. - The Group's future principal business includes property investment, property development, hotel operations, and trading of premium white spirit in the PRC [135].

Financial Performance - As of March 31, 2023, the total assets of the Group reached approximately HK$1,656.5 million, with a loss attributable to shareholders of approximately HK$1,070 million, an increase of approximately HK$343 million compared to the previous year[12]. - The Group recorded nil revenue for the current year, compared to approximately HK$17.5 million in the previous year[64]. - The net loss attributable to owners of the Company for the current year is approximately HK$1.069 billion, an increase from a loss of approximately HK$726.4 million in the previous year[68][74]. - Total assets decreased to approximately HK$1.657 billion as of March 31, 2023, down from HK$2.973 billion in the previous year[63]. - Other operating expenses increased by approximately 30% to about HK$10.6 million, compared to approximately HK$8.1 million in the previous year[66][72]. - Finance costs decreased by approximately 12.5% to about HK$94.2 million, down from approximately HK$107.6 million in the previous year[67][73]. - The Group's cash and cash equivalents were only HK$2,480,800 as of March 31, 2023, a significant decrease from HK$8,000,000 as of March 31, 2022[78]. - The Group's net current assets amounted to approximately HK$5.4 million as of March 31, 2023, compared to net current liabilities of approximately HK$6.7 million as of March 31, 2022[76]. - The net debt gearing ratio increased significantly to approximately 524.2% as of March 31, 2023, compared to 60.3% as of March 31, 2022[89]. - Capital expenditure for the current year was approximately HK$2.9 million, a decrease from approximately HK$7.4 million in the previous year[90]. Business Operations - The Group is engaged in property investment, property development, hotel operations, financial consultancy, healthcare planning, and trading of premium white spirit in China[13]. - The Golden Beach No. 1 Project in Weihai, Shandong, is expected to be completed by 2024/2025, with a total gross floor area of approximately 195,000 square meters, including over 1,600 apartment suites[19]. - The market value of the Golden Beach No. 1 Project is estimated at approximately RMB800 million, which is expected to generate stable cash flow for the Group[20]. - The Group plans to launch a new business in trading and developing premium white spirit in China, aiming for sustainable business development opportunities[21]. - The Group has disposed of an investment property in Zhongshan to reduce debts[15]. - The ongoing impact of the COVID-19 pandemic has significantly affected global economic activities, influencing the Group's operations[14]. - The Group's comprehensive healthcare business includes planning and management services for healthcare operators, focusing on various operational aspects[29]. - The Group has initiated trading and developing premium white spirit in 2023, aiming for sustainable business development opportunities[35]. - The Group's hotel operations in the Weihai Property will consist of approximately 200 hotel suites managed by a world-renowned hotel group[28]. - The construction and renovation works of the serviced apartment units in the Weihai Property are expected to be completed in 2024/25[38]. Project Development - The Weihai Property development project has a total gross floor area of approximately 195,000 square meters, with around 130,000 square meters designated for serviced apartments[36]. - The accumulated total pre-sales by Weihai Runhe amounted to approximately RMB 207 million, with a total saleable area pre-sold of approximately 17,000 square meters[38]. - The expected preliminary initial costs for the development of the Weihai Property will exceed RMB 1 billion, excluding land costs[42]. - The total market value of the Weihai Property project is estimated at approximately RMB 800 million based on current real estate market prices[23]. - The construction completion of the Weihai property has been postponed from 2021 to 2024/2025, with the main building expected to reach a height of approximately 149.8 meters[47][50]. - The hotel within the Weihai property is expected to provide about 200 luxury suites and rooms upon completion[49]. - The pre-sale of the Golden Beach No. 1 Project phase I in Weihai is expected to generate sales revenue in the financial year 2024/25, with completion now estimated in the second half of 2024 due to COVID-19 delays[103]. - The hotel associated with the Golden Beach No. 1 Project phase I is under construction and is expected to start operations in 2025, becoming the first international five-star hotel in Weihai[109]. Governance and Management - The Group's governance principles and risk management strategies are focused on creating long-term value and ensuring asset quality[21]. - The Group emphasizes prudent governance principles and risk management as the foundation for creating long-term value[23]. - The Company emphasizes high standards of corporate governance to enhance management and protect shareholder interests[148]. - The Company has complied with the Corporate Governance Code and Listing Rules, except as disclosed in the report[148]. - The Board consists of five Directors, including two executive Directors and three independent non-executive Directors[151]. - The Company has a strong focus on ethical corporate culture as an intrinsic value[147]. - The Company has made significant efforts to uphold corporate governance standards to maximize shareholder returns[146]. - The Board is committed to maintaining a balanced composition in terms of diversity of experience and expertise[153]. - The Company has adopted a board diversity policy to enhance performance quality and support strategic objectives, considering factors such as gender, age, and professional experience[164]. - The Company has established procedures for the nomination, appointment, and re-appointment of Directors since April 2006[167]. Risks and Challenges - The Group's main business risks are closely related to domestic demand, economic performance, and political environment, particularly in the real estate sector[117]. - The Chinese government's macro-control policies on the real estate industry are a primary source of risk, with potential regulatory changes depending on the economic situation[119]. - The real estate industry faces a heavy tax burden, and changes in taxation policies could significantly impact the Group's profitability[120]. - The Group's assets are primarily located in China and denominated in RMB, making them susceptible to currency rate fluctuations between RMB and HKD[121]. - The Group's ability to continue as a going concern is dependent on the future volatility of the property sector in the PRC and the outcome of negotiations with banks regarding loan repayments[87]. - The Group is exploring opportunities to dispose of equity interests in Weihai Runhe to reduce liabilities, with potential construction costs payable of HK$393,112,000 also being considered for disposal[86]. Employee and Operational Efficiency - The Group's total employee count decreased to 19 as of March 31, 2023, from 31 employees in the previous year, with total remuneration and staff costs increasing to approximately HK$25.2 million from HK$17.9 million[101]. - The Group's management is focused on improving cash flow management and controlling costs to enhance project funding recovery efficiency[75]. - The Group has receivables and prepayments on new projects amounting to HK$200,709,000 and HK$251,353,000 respectively, which are expected to provide sufficient cash flow for short-term liquidity needs[86].

Financial Performance - For the fiscal year ending March 31, 2023, the company reported total revenue of HKD 17,499,000, a decrease from HKD 13,502,000 in the previous year[3]. - The company experienced a significant operating loss of HKD 1,182,250,000, compared to an operating loss of HKD 812,216,000 in the prior year, reflecting a deterioration of approximately 45.4%[4]. - The net loss for the year was HKD 1,070,002,000, which is an increase of 47.1% from the net loss of HKD 726,978,000 in the previous year[4]. - The total loss before tax was HKD 1,276,533,000, compared to a loss of HKD 919,821,000 for the previous year[21]. - The company reported a loss attributable to shareholders of HKD (1,069,359) thousand for the year ended March 31, 2023, compared to a loss of HKD (726,372) thousand for the previous year, representing an increase in loss of approximately 47%[34]. - The basic loss per share for the year ended March 31, 2023, was HKD (30.54), compared to HKD (21.18) for the previous year, indicating a decline of about 44%[34]. - The company recorded other income of HKD 12,641,000 for the fiscal year ending March 31, 2023, compared to a loss of HKD 5,825,000 in the previous year[30]. - The company reported a tax credit of HKD 206,531,000 for the fiscal year ending March 31, 2023, compared to HKD 192,843,000 for the previous year[32]. Assets and Liabilities - The company's total assets decreased to HKD 1,656,507,000 from HKD 2,972,705,000, indicating a decline of approximately 44.3%[5]. - The total liabilities as of March 31, 2023, were HKD 1,492,989,000, compared to HKD 1,660,265,000 as of March 31, 2022[29]. - The company's cash and cash equivalents increased to HKD 2,481,000 from HKD 714,000, showing a significant improvement in liquidity[5]. - The group has approximately HKD 2,481,000 in available cash and cash equivalents as of March 31, 2023[11]. - As of March 31, 2023, the group's financial obligations amounted to approximately HKD 1,482,219,000, with HKD 799,876,000 in bank loans due for repayment[11]. - The total liabilities, including trade payables and other payables, were HKD 611,842 thousand as of March 31, 2023, slightly up from HKD 607,862 thousand in the previous year[41]. Business Operations - The company is engaged in multiple business segments, including property investment, development, hotel operations, premium liquor trading, and health management services[8]. - The group operates in various segments, including property investment, property development, hotel operations, premium liquor trade, and health management services[16]. - The company has initiated the trade and development of premium liquor business in 2023, targeting the large market in China[57]. - The health management service business has been steadily developing since its launch in 2020, focusing on providing planning, research, and management services to health care operators[77]. Project Developments - The group anticipates that the pre-sale of the Weihai project will occur in 2025, based on current progress[11]. - The company is currently developing a hotel project in Weihai, which will include approximately 200 hotel suites, in collaboration with an internationally renowned hotel group[46]. - The company plans to complete the construction and decoration of the service apartment units by the second half of 2024, with expected revenue recognition in the 2024/2025 fiscal year[52]. - The hotel property under development is expected to be completed by the second half of 2025, delayed from 2021 due to the COVID-19 pandemic[55]. - The group’s property development project in Weihai, initially expected to be completed in Q4 2021, is now estimated to be completed in the second half of 2024 due to delays caused by the COVID-19 pandemic[75]. - The hotel project in Weihai is under construction and is expected to be completed and opened in 2025, becoming the first international five-star hotel managed by a well-known hotel management company in the region[75]. Financial Management and Strategy - The group has communicated with banks to remedy overdue repayment issues and has restructured payment terms for remaining loans[11]. - The company plans to enhance cash flow management and control costs to improve project funding efficiency in the future[64]. - The group is exploring diversification and expansion into other profitable businesses beyond property development[14]. - The group is exploring an environmentally friendly high-tech investment to convert fly ash into metals in the coming years[78]. Corporate Governance - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and risk management[89]. - The board continues to enhance the group's monitoring environment and procedures for risk management and internal controls[90]. - The group has maintained a public float of no less than 25% of its issued shares as required by listing rules[99]. Employee Information - As of March 31, 2023, the group had a total of 19 employees, down from 31 employees as of March 31, 2022, with employee costs approximately HKD 5.9 million compared to HKD 17.9 million in the previous year[74]. - As of March 31, 2023, employees were granted stock options totaling 102,900,000 shares, which remain unexercised[80]. - The company has adopted a stock option plan allowing for the issuance of up to 343,000,000 shares, equivalent to 10% of the issued share capital at the time of adoption[81]. Dividends - The company did not declare any dividends for the fiscal year ending March 31, 2023, consistent with the previous year[4]. - The board does not recommend the payment of a final dividend for the year ending March 31, 2023, consistent with the previous year[79]. Other Information - The company plans to submit its financial statements for the fiscal year ending March 31, 2023, to the Hong Kong Companies Registry in due course[10]. - The annual report for the fiscal year ending March 31, 2023, will be published on the company's website and the Hong Kong Stock Exchange website[98]. - No significant events affecting the group's operational and financial performance occurred after the fiscal year-end[82].

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，並明確表示概不就因本公佈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 CROWN INTERNATIONAL CORPORATION LIMITED 皇冠環球集團有限公司 （於香港註冊成立之有限公司） (股份代號: 727) 內幕消息 （1）進一步延遲刊發二零二三年年度業績 （2）延遲刊發二零二三年年度業績及審計意見之進一步資料 （3）延遲寄發二零二三年年報 及 （4）繼續暫停買賣 茲提述皇冠環球集團有限公司（「本公司」及其附屬公司「本集團」）日期為二零 二三年六月十九日及二零二三年六月三十日之公佈，內容分別有關將於二零二三 年六月三十日舉行的董事會會議（「董事會會議」）通告，以便考慮及批准（其中 包括）二零二三年年度業績、建議派付末期股息（如有）及處理其他事項以及延 遲刊發二零二三年年度業績、延期董事會會議及暫停買賣（統稱「該等公佈」）。 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HK$421,165,000, compared to HK$2,113,000 for the same period in 2021, indicating a significant increase[14] - The gross loss for the current interim period was HK$288,578,000, compared to a gross loss of HK$12,667,000 in the previous year[14] - The total comprehensive loss for the period was HK$598,761,000, compared to a total comprehensive income of HK$23,231,000 in the last interim period[15] - Loss attributable to owners of the Company was HK$403,273,000, compared to HK$20,927,000 in the previous year[15] - Loss per share from continuing operations was HK$11.41, compared to HK$0.61 in the last interim period[15] - The company reported a net finance cost of HK$878,000 for the current interim period[14] - The operating loss for the period was HK$787,749,000, reflecting increased operational challenges[14] - The company recorded a comprehensive loss of HK$610,044,000 for the period ended September 30, 2022, primarily due to a loss of HK$403,273,000 in profit[20] - The segment results showed a loss of HK$787,749,000 for the six months ended September 30, 2022, compared to a loss of HK$18,368,000 in the previous year[61] - The profit before income tax for the period was a loss of HK$788,627,000, with an income tax expense of HK$385,354,000[60] - The loss after income tax for the period was HK$403,273,000, reflecting the company's ongoing challenges[60] Assets and Liabilities - Total assets decreased from HK$2,972,705,000 as of March 31, 2022, to HK$2,025,211,000 as of September 30, 2022, representing a decline of approximately 31.8%[17] - Net current assets improved to HK$448,473,000 as of September 30, 2022, compared to a net liability of HK$6,700,000 as of March 31, 2022[17] - Cash and cash equivalents decreased to HK$2,283,000 as of September 30, 2022, down from HK$8,021,000 as of March 31, 2022[22] - Total equity attributable to owners of the Company decreased from HK$1,312,914,000 as of March 31, 2022, to HK$715,412,000 as of September 30, 2022, a decline of approximately 45.5%[18] - Non-current liabilities decreased from HK$239,403,000 as of March 31, 2022, to HK$12,474,000 as of September 30, 2022, indicating a significant reduction[18] - The company’s total liabilities decreased from HK$1,420,862,000 as of March 31, 2022, to HK$1,296,834,000 as of September 30, 2022[17] - The Group incurred a loss of HK$403,273,000 for the period ended 30 September 2022[29] - Current liabilities included an entrusted loan of HK$551,577,000, which was repayable on demand due to missed payments[29] - As of 30 September 2022, the Group had cash and cash equivalents of only HK$206,000[29] - The Group has overdue borrowings totaling HK$656,628,389 (approximately RMB 595,228,757), including principal, interest, and penalties[105] Operational Challenges - The Group's operations have deteriorated due to the COVID-19 pandemic, significantly affecting property sales in the PRC[29] - The management highlighted ongoing efforts to improve operational efficiency and explore new market opportunities[12] - The Group's financial statements were prepared based on the assumption of continuing operations despite significant liquidity concerns[34] - There is a material uncertainty regarding the Group's ability to continue as a going concern, which may affect asset realizability and liability discharge[36] - The construction progress was severely hindered by the COVID-19 outbreak, delaying the estimated completion time to the second half of 2023[170] Investments and Development Projects - The Group's property development includes approximately 1,400 serviced apartment units in the Weihai Property project, which is 100% owned by the Group[151] - The Group is in the process of acquiring a potential property development project in Weihai, PRC, with prepayments made amounting to HK$234,432,000[94] - The expected initial costs for the development of the Weihai Property will exceed RMB1.0 billion, excluding land costs[162] - The Group obtained a loan facility of RMB660 million for a term of 3 years, bearing interest at 6.6% per annum, to finance the development of the Weihai Property[167] - The main building of the Weihai Property is expected to stand approximately 149.8 metres in height, making it a landmark along the Golden Beach in Weihai[170] Share Capital and Options - The total issued and fully paid ordinary shares as of September 30, 2022, is 3,532,900,000, with a share capital of HK$1,998,309,000[115] - The Group granted 102,900,000 share options at an exercise price of HK$0.187, with a contractual life of 10 years[131] - None of the share options were exercised during the year, and the outstanding options at the end of the year remained at 102,900,000[132] - The fair value of the share options at the measurement date was HK$0.05839, with an expected volatility of 88.026%[136] Future Outlook - The Directors believe the Group will have sufficient working capital to finance operations in the next twelve months[34] - The Group plans to seek cooperation opportunities with foreign and domestic investors for project expansion and business development[190] - The Group aims to strengthen cash flow management and improve capital return efficiency while controlling costs and expenses[190]

Financial Performance - The company reported a revenue of HKD 17,499,000 for the fiscal year ending March 31, 2022, compared to HKD 13,866,000 in the previous year, representing a year-over-year increase of approximately 26.5%[2] - The operating loss for the fiscal year was HKD 832,091,000, significantly higher than the previous year's loss of HKD 121,159,000, indicating a deterioration in operational performance[2] - The net loss for the year was HKD 734,256,000, compared to a net loss of HKD 105,882,000 in the prior year, reflecting an increase in losses of approximately 520%[3] - The basic and diluted loss per share for the year was HKD 21.39, compared to HKD 3.07 in the previous year, indicating a significant increase in loss per share[3] - The total loss before tax for the year ended March 31, 2022, was HKD 927,099,000, with a net loss of HKD 734,256,000[34] - The company reported a net loss attributable to owners of HKD (733,650,000) for the year ended March 31, 2022, compared to a loss of HKD (105,243,000) in the previous year, reflecting a significant increase in losses[48] - Basic loss per share for the year ended March 31, 2022, was HKD (21.39), compared to HKD (3.07) in the previous year, indicating a deterioration in earnings performance[48] Assets and Liabilities - Total assets decreased to HKD 2,978,949,000 from HKD 3,632,759,000, marking a decline of about 18% year-over-year[5] - The company's non-current assets amounted to HKD 1,558,543,000, down from HKD 2,287,345,000, a decrease of approximately 31.9%[5] - The total liabilities increased to HKD 1,414,336,000 from HKD 1,254,363,000, representing an increase of about 12.7%[5] - The company's net asset value decreased to HKD 1,325,210,000 from HKD 1,952,999,000, a decline of approximately 32%[7] - The total assets as of March 31, 2022, amounted to HKD 2,978,949,000, with liabilities totaling HKD 1,653,739,000[40] - The company’s total liabilities were HKD (1,679,760,000) as of March 31, 2022, unchanged from the previous year[42] Revenue Sources - Rental income for the year ended March 31, 2022, was HKD 2,153,000, a decrease from HKD 12,066,000 in the previous year[27] - Revenue from health management services recognized over time was HKD 696,000, down from HKD 1,800,000 in the previous year[27] - The property investment segment generated revenue of HKD 2,153,000, while the health management services contributed HKD 15,346,000, leading to a total revenue of HKD 17,499,000 for the year ended March 31, 2022[34] Cash Flow and Working Capital - As of March 31, 2022, the group's cash and cash equivalents amounted to HKD 714,000[12] - The group has overdue loan principal and interest totaling HKD 708,343,000 as of March 31, 2022[13] - The board believes that the group will have sufficient working capital to support operations for the next twelve months starting from March 31, 2022[15] - The group plans to obtain new borrowings and sell investment properties to ensure adequate operating funds[15] - The company’s cash and cash equivalents totaled HKD 1,053,000 as of March 31, 2022, compared to HKD 1,053,000 in the previous year, indicating stability in liquidity[42] - The company’s current net assets as of March 31, 2022, were approximately HKD 6.1 million, a significant decrease from approximately HKD 91.1 million as of March 31, 2021[82] Operational Challenges - The group identified significant doubts regarding its ability to generate sufficient cash flow due to the impact of COVID-19 on property sales in China[13] - The financial advisory services business remains dormant due to the impact of the global economic downturn, with management closely monitoring market conditions to adjust business direction[97] - The company is considering selling investment properties to generate positive cash flow for its health and wellness business due to the economic downturn in China[95] Future Plans and Developments - The company plans to utilize its properties in Zhongshan for rental or capital appreciation purposes[32] - The company plans to complete the construction and decoration of the service apartments by the second half of 2023, with expected revenue recognition in the fiscal year 2023/2024[71] - The company is actively seeking cooperation opportunities with domestic and foreign investors to expand funding sources for project expansion and business development[82] - The construction of the Jin Haichan No. 1 Phase I hotel in Weihai, Shandong Province is ongoing, expected to be completed and opened in 2024, becoming the tallest building in Weihai and the first international five-star hotel managed by a renowned hotel management company in the city[97] Audit and Reporting - Due to COVID-19 restrictions, the audit procedures for the financial statements for the year ended March 31, 2022, have been disrupted, leading to delays in obtaining necessary confirmations from banks in China[112] - The company anticipates completing the audit procedures by July 29, 2022, or earlier, with further announcements regarding the audited results to follow[113] - Shareholders and potential investors are advised to exercise caution when relying on the unaudited results, as they do not meet the standards set by the Takeovers Code[119] - The financial information contained in the announcement is unaudited and may be subject to adjustments[122]

Financial Performance - For the six months ended September 30, 2021, the company reported a revenue of HK$2,113,000, a decrease from HK$9,738,000 in the same period of 2020, representing a decline of approximately 78%[13] - The operating loss for the current interim period was HK$18,368,000, compared to an operating profit of HK$7,483,000 in the last interim period, indicating a significant downturn in operational performance[13] - The loss from continuing operations was HK$20,927,000, contrasting with a profit of HK$2,499,000 in the previous year, marking a shift of approximately 935%[13] - The total comprehensive loss for the period was HK$20,927,000, compared to a profit of HK$1,268,000 in the same period last year, highlighting a substantial decline in overall financial health[13] - The company reported a total comprehensive income of HK$23,231,000 for the six months ended September 30, 2021, compared to HK$80,564,000 for the same period in 2020, reflecting a significant decrease of approximately 71%[15] - Loss attributable to owners of the company from continuing operations was HK$20,927,000, compared to a profit of HK$2,921,000 in the previous year, indicating a shift from profit to loss[15] - The company reported a loss from discontinued operations of HK$1,231,000 in the previous year, which was not present in the current period[15] - The Group reported a loss before income tax of HK$7,200,000 for the six months ended September 30, 2021, compared to a profit of HK$6,167,000 in the same period of 2020[63] - The Group's total comprehensive loss for the period was HK$2,499,000, compared to a loss of HK$1,231,000 in the same period of 2020[63] Financial Position - Total assets increased to HK$3,811,717,000 as of September 30, 2021, up from HK$3,632,759,000 as of March 31, 2021, representing an increase of approximately 4.9%[16] - Current liabilities rose to HK$1,407,380,000, compared to HK$1,254,363,000 in the previous audited period, marking an increase of about 12.2%[16] - Net assets stood at HK$1,971,697,000 as of September 30, 2021, compared to HK$1,952,999,000 as of March 31, 2021, showing a slight increase of approximately 0.9%[18] - The total equity attributable to owners of the company was HK$1,971,480,000 as of September 30, 2021, compared to HK$1,952,782,000 as of March 31, 2021, indicating a modest increase of about 0.9%[18] - The total non-current assets as of September 30, 2021, were HK$2,394,269,000, an increase from HK$2,287,345,000 as of March 31, 2021[78] - The Group's deferred income tax liabilities as of September 30, 2021, amounted to HK$416,678,000[147] Cash Flow - For the six months ended September 30, 2021, the net cash generated from operating activities was HK$ (11,972,000), compared to HK$ 972,000 in the same period of 2020[21] - The net cash used in investing activities was HK$ (262,000), a decrease from HK$ (3,955,000) in the previous year[21] - The net cash generated from financing activities increased to HK$ 12,749,000, up from HK$ 1,822,000 in 2020[21] - As of September 30, 2021, cash and cash equivalents amounted to HK$ 1,590,000, an increase from HK$ 360,000 at the same time in 2020[21] Operational Challenges - The company continues to operate under challenging market conditions, as indicated by the significant losses reported[11] - The Group's property sales have been significantly affected due to the COVID-19 pandemic, with economic conditions not returning to pre-pandemic levels[25] - There is material uncertainty regarding the Group's ability to continue as a going concern, which may affect asset realizability and liability discharge[39] Debt and Liabilities - As of September 30, 2021, the Group has overdue interest payments on entrusted loans totaling approximately HK$74,593,964 and overdue principal repayments amounting to HK$494,367,280[28] - The total entrusted loan, including principal, interest, and penalties, is approximately HK$603,800,000, classified as current liabilities, while cash and cash equivalents amount to only HK$1,589,786[28] - The Group has overdue corporate bonds with an aggregate outstanding principal and accrued unpaid interests of approximately HK$56,000,000 as of September 30, 2021[31] - The Group has not paid the principal and interest on a bond amounting to approximately HK$82,940,000, which remained overdue as of September 30, 2021[144] Investment and Development - The Group holds investment properties in the PRC with a net carrying amount of approximately HK$2,089,269,000, which can be used as securities for future borrowings[36] - The Group's current investment in property development includes approximately 1,400 serviced apartment units in the Weihai Property, which is 100% owned by the Group[173] - The hotel operations project in the Weihai Property comprises approximately 200 hotel suites, which are still under construction and will be managed by a world-renowned hotel group[175] - The Group's property investment strategy focuses on generating stable rental income and improving cash flow through strategic lease agreements and property management[195][196] Staff and Operating Expenses - Staff costs increased to HK$12,667,000 in 2021 from HK$6,522,000 in 2020, reflecting a rise of approximately 94%[88] - Total other operating expenses rose to HK$5,234,000 in 2021, up from HK$3,963,000 in 2020, marking an increase of approximately 32%[87] - Government grants decreased to HK$15,000 in 2021 from HK$540,000 in 2020, indicating a decline of about 97%[85] Shareholder Information - The company did not recommend any interim dividend for the six months ended 30 September 2021, consistent with the previous year[130] - The weighted average number of ordinary shares in issue remained constant at 3,430,000,000 shares for both 2021 and 2020[124] - The basic and diluted loss per share for the period was HK$0.61, compared to earnings of HK$0.05 per share in the previous year[124]

Financial Performance - The loss attributable to shareholders for the financial year was approximately HK$105.2 million, a decrease of approximately HK$114.6 million compared to the previous year[14]. - Revenue for the year ended 31 March 2021 was approximately HK$13.9 million, a decrease of approximately HK$1 million or 6.7% compared to HK$14.9 million for the previous year[82]. - The net loss attributable to owners of the Company for the Current Year was approximately HK$105.2 million, compared to a profit of approximately HK$9.4 million in the Last Year[87]. - Other operating expenses decreased by approximately HK$2.7 million or 24.3% to approximately HK$8.4 million from approximately HK$11.1 million in the previous year[85]. - Finance costs decreased by approximately HK$0.5 million or 45.5% to approximately HK$0.6 million from approximately HK$1.1 million in the previous year[86]. - As at 31 March 2021, the Group's cash and bank balances were approximately HK$14.0 million, compared to approximately HK$13.7 million as at 31 March 2020[95]. - The Group's net current assets were approximately HK$91.1 million as at 31 March 2021, down from approximately HK$226.5 million as at 31 March 2020[95]. - The net debt gearing ratio as at 31 March 2021 was approximately 32.2%, compared to 30.8% as at 31 March 2020[95]. - Capital expenditure for fixed assets and investment properties was approximately HK$77.8 million for the Current Year, an increase from approximately HK$42.1 million in the Last Year[97]. - The total outstanding amount of bonds issued was HK$51 million as at 31 March 2021, down from HK$55.5 million as at 31 March 2020[95]. Business Operations - The Group is engaged in property investment, property development, hotel operations, financial consultancy, and comprehensive healthcare planning services in the PRC[15]. - The Group's strategic focus includes expanding its presence in the healthcare sector amidst the ongoing pandemic challenges[15]. - The Group continues to monitor market conditions closely to adapt its strategies accordingly[15]. - The financial consultancy services segment recorded no revenue in the current year due to stagnant economic conditions in the PRC[38]. - The comprehensive healthcare planning and management services segment has started contributing revenue since last year, focusing on various operational aspects for healthcare business operators[75]. - The Group plans to adjust its operating model to capture market opportunities beyond just providing financial consultancy services to real estate developers[76]. - The Group's management believes that the development in Weihai will continue to benefit the local hotel industry and property market due to increased demand[62]. - The Group's management has entered into a management agreement with a renowned hotel group to oversee the hotel operations within the Weihai Property[72]. Property Development - The Group's property development project, Golden Beach No. 1, is expected to be completed in the second half of 2022, with a total gross floor area of approximately 195,000 square meters, including over 1,600 apartment suites and 360 car parking spaces[20]. - The aggregate market value of the Golden Beach No. 1 project is estimated to be approximately RMB2.11 billion, which is expected to generate stable cash flow for the Group once completed[20]. - The Group's current investments in property development include approximately 1,400 serviced apartment units in the Weihai Property, which is wholly owned by the Group[32]. - The preliminary initial costs for the development of the Weihai Property are expected to exceed RMB1 billion, excluding land costs[64]. - The main building of the Weihai Property is projected to reach a height of approximately 149.8 meters, making it the tallest building in Weihai[70]. - The hotel complex within the Weihai Property is expected to provide around 200 luxury suites and rooms upon completion, which is anticipated in the second half of 2022[72]. - The renovation of approximately 130,000 square meters of the Weihai Property is aimed at converting it into serviced apartments[63]. Market Conditions - The year was marked by challenges including the impact of the COVID-19 pandemic, which severely affected global economic activities[16]. - The Sino-US trade tensions and the pandemic have led to unprecedented isolation measures, impacting production and daily activities worldwide[16]. - Central banks globally have introduced massive bailout measures to support the economy, but recovery is expected to be gradual[16]. - The outbreak of COVID-19 in early 2020 severely impacted normal life in China, leading to unprecedented measures such as nationwide lockdowns and production suspensions, which significantly affected the economy and demand[114][116]. - The Chinese government is expected to implement economic stimulus measures to support the economy, which is anticipated to benefit the real estate industry[115][116]. - The real estate industry in China is subject to a wide range of taxes, including land value-added tax and corporate income tax, making it more heavily taxed than other industries, thus changes in tax policies could significantly impact profitability[119][123]. Governance and Management - The Group emphasizes prudent governance and risk management to ensure asset quality and financial stability for long-term development[26]. - The company has been focusing on enhancing its corporate governance standards to strive for the highest returns to shareholders[159]. - The principles of corporate governance emphasize a quality board, sound internal controls, independence, transparency of information, and accountability to stakeholders[160]. - The Company has maintained compliance with the Corporate Governance Code, emphasizing high-quality board composition and transparency[163]. - The Board comprises a total of nine Directors, including four executive Directors, one non-executive Director, and four independent non-executive Directors[166]. - The Company emphasizes the importance of good corporate governance as a key factor in maximizing shareholder returns[163]. - Directors are required to participate in continuous professional development to enhance their knowledge and skills[173]. - The Company has established procedures for the nomination and appointment of Directors since April 2006, ensuring a structured selection process[180]. Leadership - Mr. LI was appointed as the executive director and vice chairman of the board on May 3, 2018, bringing over 20 years of experience in corporate strategy and management[135]. - The company, under Mr. LI's leadership, has expanded into a national diversified group, focusing on industrial real estate development, cultural tourism investment, and internet big data services[135]. - Mr. SUN, the chairman of the board, has over 25 years of experience in investment and banking, with a strong background in international financial business and investment banking[142]. - The company has a diverse board with members holding advanced degrees in finance and economics, enhancing its strategic decision-making capabilities[141][144]. - The leadership team is well-equipped with a mix of entrepreneurial and financial expertise, positioning the company for future growth and market expansion[142][147].