Financial Performance - Revenue for the six months ended December 31, 2023, was HKD 239,067,000, representing an increase of 45% compared to HKD 164,890,000 for the same period in 2022[2] - The company reported a loss before tax of HKD 18,359,000 for the six months ended December 31, 2023, compared to a profit of HKD 1,291,000 in the same period of 2022[3] - The net loss attributable to the owners of the company for the period was HKD 26,978,000, compared to a loss of HKD 3,661,000 in the prior year[3] - The company reported a basic and diluted loss per share of HKD 0.69 for the six months ended December 31, 2023, compared to HKD 0.09 in the same period of 2022[3] - The fair value loss on investment properties was HKD 19,880,000 for the period, contrasting with a gain of HKD 5,481,000 in the previous year[2] - The company incurred financing costs of HKD 4,288,000 for the six months ended December 31, 2023, up from HKD 2,808,000 in the previous year[19] - The total unallocated expenses for the period were HKD 26,225,000, compared to HKD 25,640,000 in the same period of 2022[14][15] Assets and Liabilities - Total assets as of December 31, 2023, amounted to HKD 659,776,000, an increase from HKD 633,609,000 as of June 30, 2023[8] - The company's total liabilities increased to HKD 348,098,000 as of December 31, 2023, compared to HKD 307,409,000 as of June 30, 2023[9] - The company’s total equity decreased to HKD 311,678,000 as of December 31, 2023, down from HKD 326,200,000 as of June 30, 2023[9] - Cash and cash equivalents increased to HKD 31,432,000 as of December 31, 2023, from HKD 24,193,000 as of June 30, 2023[8] - The company’s inventory increased to HKD 1,262,000 as of December 31, 2023, compared to HKD 1,023,000 as of June 30, 2023[8] - The total amount of receivables and contract assets as of December 31, 2023, was 234,920,000 HKD, up from 194,492,000 HKD as of June 30, 2023[29] - The company’s borrowings as of December 31, 2023, amounted to 156,086,000 HKD, reflecting an increase from 137,641,000 HKD as of June 30, 2023[36] Revenue Segmentation - Total segment revenue for the six months ended December 31, 2023, was HKD 239,067,000, an increase from HKD 164,890,000 for the same period in 2022, representing a growth of 45%[14] - The segment performance for the logistics services division was HKD 25,148,000, up from HKD 18,119,000 in the previous year, indicating a growth of 39%[14][15] - Approximately 90.5% of the total revenue came from logistics operations, while 6.9% was derived from private aircraft management services[50] - The logistics business, operated through a joint venture in which the group holds a 60% stake, reported revenue of HKD 216,400,000, compared to HKD 144,300,000 in the previous year, marking a growth of about 50%[49] - The joint venture handled approximately 1,047,400 tons of freight during the fiscal period, an increase from 668,000 tons in the previous year, reflecting a growth of around 57%[49] Investment and Expenditures - The company invested approximately HKD 276,400,000 in software during the six months ended December 31, 2023, compared to no investment in the same period of 2022[24] - The company has authorized but not contracted capital expenditures for exploration activities totaling 6,764,000 HKD as of December 31, 2023, down from 13,124,000 HKD as of June 30, 2023[38] Governance and Management - The board of directors consists of ten members, including five executive directors and five non-executive directors[67] - The company is led by executive directors Mr. Lu Liancheng, Mr. He Houqiang, Ms. Weng Qihui, Mr. Lu Shiqi, and Mr. Lu Shiwei[67] - The independent non-executive directors include Mr. Xu Qingquan, Mr. Liu Weibiao, Mr. Li Qiwei, and Mr. Wei Qikuan[67] - The company is focused on maintaining a diverse board structure to enhance governance and decision-making[67] - The board composition reflects a balance between executive and independent oversight, which is crucial for strategic direction[67] - The company aims to leverage the expertise of its directors to navigate market challenges and opportunities[67] - The presence of independent directors is expected to strengthen the company's accountability and transparency[67] - The board's diverse background is intended to foster innovative strategies and market expansion[67] Future Outlook - The company plans to reduce the scale of its network and project services due to poor business performance, which contributed less than 10% to total revenue for the fiscal years 2022 and 2023[42] - The company anticipates continued pressure on investment property performance due to economic uncertainty and high interest rates in Hong Kong[58] - The group aims to expand its customer base in the logistics sector to enhance business performance moving forward[58] Dividend and Income - The company reported no interim dividend for the financial period, consistent with the previous year[41] - The property investment income remained stable at 3,000,000 HKD for both the current and previous year[44] Announcement - The announcement was made on February 28, 2024, indicating a timely update on company affairs[67]

Financial Performance - The company's revenue for the fiscal year ended June 30, 2023, was HKD 400,700,000, an increase from HKD 127,100,000 in the previous fiscal year, representing a growth of approximately 215.7%[11]. - The company reported a loss attributable to owners of HKD 10,000,000, a significant improvement from a loss of HKD 37,500,000 in the previous year[11]. - The revenue from network solutions and project services was HKD 13,400,000, an increase of about 47.4% compared to HKD 9,100,000 in the previous year[11]. - The logistics joint venture processed approximately 1,357,000 tons of cargo, up from 658,000 tons in the previous year, with revenue of HKD 352,100,000 compared to HKD 83,300,000 previously[16]. - Operating profit for the year was HKD 12,012 thousand, compared to an operating loss of HKD 28,123 thousand in the previous year, indicating a turnaround in performance[180]. - Profit before tax from continuing operations was HKD 5,134 thousand, recovering from a loss of HKD 30,315 thousand in 2022[180]. - The net profit for the year from continuing operations was HKD 389 thousand, a substantial improvement from a loss of HKD 32,150 thousand in the prior year[180]. - The company reported a net profit of HKD 389,000 for the year ending June 30, 2023, compared to a net loss of HKD 37,523,000 in the previous year, marking a significant turnaround[181]. - The company’s total comprehensive loss for the year was HKD (8,937,000), a substantial improvement from HKD (39,354,000) in the previous year[181]. Revenue Breakdown - The logistics business accounted for approximately 87.9% of total revenue, while private jet management services contributed 7.3%, and network solutions and project services contributed 3.3%[18]. - A logistics service framework agreement with Mongolian Energy was signed, with annual revenue caps of RMB 292,500,000, RMB 365,600,000, and RMB 457,000,000 for the years 2023 to 2026[28]. Financial Position - Total assets increased to HKD 633,609,000 in 2023, up from HKD 478,053,000 in 2022, reflecting a growth of approximately 32.5%[183]. - The company's current liabilities rose to HKD 200,634,000, compared to HKD 145,559,000 in the previous year, indicating a 37.8% increase[185]. - The company’s total liabilities increased to HKD 307,409,000 from HKD 148,725,000, representing a growth of 106.7%[185]. - The company’s equity attributable to owners decreased to HKD 251,499,000 from HKD 270,854,000, a decline of approximately 7.1%[183]. - As of June 30, 2023, total equity amounted to HKD 326,200,000, with a decrease in accumulated losses to HKD 255,566,000[192]. Operational Costs - The logistics services direct operating costs increased to HKD 297,117 thousand from HKD 72,606 thousand, reflecting a rise in operational expenses[180]. - Employee benefit expenses rose to HKD 40,891 thousand from HKD 37,248 thousand, indicating an increase in workforce costs[180]. - Financing costs increased to HKD 7,291 thousand from HKD 2,444 thousand, highlighting a rise in borrowing costs[180]. Governance and Compliance - The company has adopted corporate governance practices in line with the Hong Kong Stock Exchange's guidelines, with some deviations noted[31]. - The board consists of five executive directors, one non-executive director, and three independent non-executive directors, ensuring a diverse composition[37]. - The board has maintained gender diversity with at least one female member, achieving a representation of 16.67% female directors[38]. - The company has established mechanisms to enhance board independence, including the requirement for independent directors to provide annual confirmations of their independence[42]. - The company has established a clear management structure to prevent unauthorized asset misuse and ensure compliance with relevant laws[51]. Risk Management - The company acknowledges potential risks and uncertainties that may impact its business operations[102]. - The company faces significant risks related to customer concentration, with the largest supplier and customer each accounting for 44% of procurement and sales, respectively[118]. - The board anticipates challenges in network and project investments due to geopolitical tensions and economic uncertainties[27]. Employee and Shareholder Relations - The company maintained effective communication channels with shareholders, with no negative feedback received during the fiscal year[78]. - The company provides appropriate training programs for employee development[151]. - The company has maintained harmonious relationships with employees and business partners, with no significant disputes reported during the fiscal year[108]. Share Option Scheme - The total number of shares that can be issued under the 2021 Share Option Scheme is 156,000,000 shares, representing 3.98% of the company's issued share capital[137]. - Each participant in the 2021 Share Option Scheme is limited to a maximum allocation of shares not exceeding 1% of the company's issued shares within any twelve-month period, unless otherwise approved by shareholders[138]. - The 2021 Share Option Scheme is valid for ten years starting from November 29, 2021[143]. - The total number of share options exercised during the fiscal year is 25,000,000, reducing the total available options from 332,000,000 to 307,000,000[144]. Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements present a true and fair view of the group's financial position as of June 30, 2023[159]. - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[198]. - The company adopted several amendments to accounting standards effective from July 1, 2022, impacting the financial reporting framework[200].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致之任何損失承擔任何責任。 VISION VALUES HOLDINGS LIMITED 遠見控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：862） 截至二零二三年六月三十日止年度之 年度業績公告 遠見控股有限公司（「本公司」）之董事（「董事」）會（「董事會」）宣佈本公司及其附 屬公司（「本集團」）截至二零二三年六月三十日止年度（「本財政年度」）之經審核 綜合業績連同上一年度之比較數字如下： 綜合損益表 截至二零二三年六月三十日止年度 截至六月三十日止年度 二零二三年 二零二二年 附註 千港元 千港元 持續經營業務 收入 3 400,723 127,122 其他收益淨額 5 1,419 883 製成品及在製品之存貨變動 (1,896) (2,877) ...

Revenue and Financial Performance - Total revenue for the period increased to HKD 164,900,000, up from HKD 19,100,000 in the previous year, representing a growth of 764.0%[4] - Revenue for the six months ended December 31, 2022, was HKD 164,890,000, a significant increase from HKD 19,089,000 in the same period last year[50] - Operating profit for the period was HKD 4,082,000, compared to an operating loss of HKD 4,917,000 in the previous year[50] - Profit before tax from continuing operations was HKD 1,291,000, a turnaround from a loss of HKD 6,490,000 in the prior year[50] - The company reported a total tax expense of HKD 1,243,000 for the six months ended December 31, 2022, compared to a tax credit of HKD 16,000 in the previous year[80] - Total loss attributable to equity holders was HKD (3,661,000) for the six months ended December 31, 2022, down from HKD (9,207,000) in the previous year[85] Business Segments and Operations - The logistics business accounted for approximately 87.5% of total revenue, while private jet management services contributed 8.7% and network solutions 2.0%[12] - The group plans to focus more on network solution sales rather than project engineering due to low gross margins and high business risks associated with project services[23] - The company’s revenue segments include network solutions and project services, property investment, mineral exploration, private jet management services, and logistics services[68] - The yacht construction business was terminated in January 2022, and its performance was reported as discontinued operations for the year ended June 30, 2022[68] Assets and Liabilities - Total assets as of December 31, 2022, amounted to HKD 606,683,000, up from HKD 478,053,000 as of June 30, 2022[55] - The company’s total liabilities increased to HKD 276,271,000 from HKD 148,725,000 as of June 30, 2022[57] - The asset-to-liability ratio as of December 31, 2022, was 34.4%, up from 18.9% as of June 30, 2022[18] - The group’s receivables from trade and notes amounted to HKD 158,676,000 as of December 31, 2022, significantly increasing from HKD 46,013,000 as of June 30, 2022[94] - The group’s inventory as of December 31, 2022, was HKD 5,760,000, up from HKD 1,039,000 as of June 30, 2022[92] Shareholder Information - The total equity held by Mr. Lu is 1,294,809,889 shares, representing 33% of the company's issued share capital[28] - The company has a significant shareholder, Moral Glory International Limited, which holds 1,246,054,889 shares, accounting for 31.75% of the issued share capital[34] - The company’s total equity attributable to owners decreased from HKD 291,293,000 as of December 31, 2021, to HKD 264,640,000 as of December 31, 2022[61] Financing and Costs - The group’s financing costs increased to HKD 2,800,000 from HKD 1,600,000, primarily due to increased borrowings[15] - The group has a revolving credit facility of HKD 140,000,000, of which HKD 85,100,000 has been drawn down[17] - The undrawn revolving credit facility at the end of the period was HKD 54,900,000, down from HKD 137,000,000 as of June 30, 2022[119] Employee and Management Information - The group employed a total of 55 full-time employees as of December 31, 2022, an increase from 50 employees as of June 30, 2022[47] - For the six months ended December 31, 2022, the total remuneration for key management personnel was HKD 4,886,000, an increase from HKD 4,616,000 in the same period of 2021[121] Corporate Governance - The company has adopted a remuneration policy for its executives and senior management, which is regularly reviewed based on legal frameworks and market conditions[47] - The company has complied with the corporate governance code principles and provisions, with some deviations noted regarding the roles of the chairman and CEO[43] - The company has established a custom code for securities trading by directors, which is not less stringent than the standard code[45] Future Outlook and Developments - The company is negotiating the renewal of the logistics service framework agreement with Mongolian Energy, which may impact future revenue[24] - The group’s exploration subsidiary completed field exploration plans and confirmed a copper-rich target area in Mongolia, indicating potential for future resource development[7] - The company has not disclosed any new product or technology developments in the current report[36]

Financial Performance - For the fiscal year ending June 30, 2022, the company reported revenue of HKD 127,122,000, a significant increase of 130.5% compared to HKD 55,120,000 in the previous year[4] - The net loss attributable to the company's owners for the year was HKD 37,546,000, a reduction of 45.6% from HKD 68,934,000 in the prior year[6] - The company experienced a gross operating loss of HKD 28,123,000, improving from a loss of HKD 49,026,000 in the previous year[4] - The company reported a comprehensive loss of HKD 39,354,000 for the year, compared to a comprehensive loss of HKD 67,535,000 in the previous year, marking an improvement of 41.8%[8] - The group recorded a loss of HKD 37,523,000 for the year ended June 30, 2022, compared to a loss of HKD 70,920,000 in the previous year[20] - The group reported a loss before tax of HKD 35,688,000 for the year, reflecting challenges in operational performance[39] - The group reported a total tax expense of HKD 1,835,000 in 2022, compared to HKD 296,000 in 2021, reflecting increased profitability in certain jurisdictions[56] - Basic loss per share for continuing operations improved to HKD (0.82) in 2022 from HKD (1.25) in 2021, while total basic loss per share was HKD (0.96) compared to HKD (1.76) in the previous year[62] Revenue Breakdown - Revenue from network solutions and project services significantly dropped to HKD 9,090,000, down from HKD 20,171,000 in the previous year, due to project delays caused by the COVID-19 pandemic[20] - The newly launched logistics service business generated approximately HKD 83,280,000 in revenue, accounting for 65.5% of the group's total revenue for the year[21] - Revenue from logistics services amounted to HKD 83,280,000, while private jet management services generated HKD 28,431,000, showing stable performance compared to the previous year[35] - Total revenue for the fiscal year rose to HKD 127,100,000, up from HKD 55,100,000, with logistics contributing approximately 65.5% of total revenue[96] Assets and Liabilities - Total assets decreased to HKD 478,053,000 from HKD 496,739,000 year-over-year, reflecting a decline of 3.8%[12] - The company's total equity stood at HKD 329,328,000, down from HKD 334,942,000, indicating a decrease of 1.7%[15] - The company’s liabilities decreased to HKD 148,725,000 from HKD 161,797,000, reflecting a reduction of 8.1%[17] - The group transitioned to a net current liability position with current liabilities exceeding current assets by HKD 51,467,000 as of June 30, 2022[20] - The total assets of the group as of June 30, 2022, were HKD 478,053,000, an increase from HKD 496,739,000 in the previous year[46] Financing and Cash Flow - The company’s cash and cash equivalents decreased to HKD 22,893,000 from HKD 30,819,000, a decline of 25.8%[11] - The group has a revolving financing facility of HKD 140,000,000 provided by a director, with HKD 137,000,000 remaining undrawn as of June 30, 2022[24] - A bank term loan of HKD 68,000,000 was fully repaid using the director's financing, and the group currently has no significant bank borrowings apart from those arising from note arrangements[24] - Financing income increased significantly to HKD 252,000 in 2022 from HKD 4,000 in 2021, while financing costs rose to HKD 2,444,000 from HKD 1,804,000[53] - The group has short-term revolving bank loans totaling HKD 68,000,000, which have been fully drawn and remain unpaid[103] Business Operations - The company completed the sale of its inventory of yachts for HKD 92,120,000, leading to the termination of its yacht manufacturing business[19] - The group has terminated its yacht construction business due to market uncertainties, impacting its operational segments[36] - The management expects the logistics business to generate positive operating cash flow in the coming year[25] - The group is focusing on developing its logistics business to improve operational performance and strengthen working capital[25] - The group is currently negotiating with banks to obtain financing against other investment properties valued at HKD 154,000,000[25] Employee and Corporate Governance - The company employed a total of 50 full-time employees in Hong Kong as of June 30, 2022, an increase from 36 in 2021[110] - The audit committee currently consists of three independent non-executive directors, with Mr. Liu Wei Biao serving as the chairman, possessing appropriate professional qualifications and expertise in accounting and related financial management[119] - The audit committee has reviewed the unaudited financial information[120] - As of the announcement date, the board comprises eight directors, including five executive directors and three independent non-executive directors[121] Market Conditions and Economic Outlook - The Hong Kong economy contracted by 3.9% in Q1 2022 and slowed to a 1.3% decline in Q2 2022, with the government projecting GDP growth between -0.5% and 0.5% for the year[108] - The World Bank has revised Mongolia's GDP growth forecast for 2022 down to 2.5% due to rising import prices and ongoing pandemic-related border restrictions[108]

Financial Performance - Revenue for the period was HKD 19,100,000, a decrease of approximately 30.1% from HKD 27,300,000 in the previous year[3][17] - Loss attributable to owners was HKD 9,200,000, significantly improved from a loss of HKD 49,300,000 in the previous year[4] - Basic loss per share was HKD 0.23, compared to HKD 1.26 in the previous year, indicating a reduction in losses[5] - The company reported a net loss of HKD 10,385,000 for the six months ended December 31, 2021, compared to a loss of HKD 50,064,000 for the same period in 2020, representing a significant improvement[59] - Total revenue for the six months was HKD 19,089,000, down from HKD 27,256,000 in the previous year, indicating a decline of approximately 30%[59] - The company's operating loss decreased to HKD 8,828,000 from HKD 49,270,000 year-over-year, reflecting a reduction of about 82%[59] - The company reported a total comprehensive loss of HKD (9,207,000) for the six months ended December 31, 2021, compared to a loss of HKD (10,385,000) in the same period last year, indicating a slight improvement in overall financial performance[68] Revenue Sources - Revenue from network solutions and project services decreased by 68.6% to HKD 2,700,000, primarily due to the completion of a major contract[6][8] - Investment property income was HKD 3,200,000, slightly down from HKD 3,400,000 in the previous year, with all properties except one fully leased[8] - Total revenue for the six months ended December 31, 2021, was HKD 19,089,000, with a significant contribution from private aircraft management services at HKD 13,240,000[82] Investment and Assets - The fair value gain from investment properties was HKD 9,000,000, a significant recovery from a fair value loss of HKD 37,300,000 in the previous year[18] - The total assets increased to HKD 529,123,000 as of December 31, 2021, compared to HKD 496,739,000 as of June 30, 2021, showing a growth of approximately 6.5%[63] - The fair value of investment properties was revalued at approximately HKD 289,268,000 as of December 31, 2021, an increase from HKD 279,570,000 as of June 30, 2021, with a fair value gain of HKD 8,964,000 recognized in the income statement[99] Debt and Financing - Financing costs increased to HKD 1,600,000 from HKD 800,000, attributed to higher borrowings[20] - The group’s debt ratio was 22.1%, up from 19.6% in the previous period, indicating a slight increase in leverage[21] - The company’s total liabilities increased to HKD 200,521,000 from HKD 161,797,000, reflecting a rise of approximately 24%[65] - Cash inflow from bank borrowings was HKD 18,564,000, which was a decrease from HKD 33,000,000 in the previous year, indicating a tightening of financing options[19] Corporate Governance - The board of directors emphasizes the importance of maintaining high standards of corporate governance to protect and enhance shareholder interests[49] - The company has adopted and complied with the corporate governance code as per the Stock Exchange listing rules, with some deviations noted[49] - A nomination committee was established on December 30, 2021, to review the board's structure and composition annually[52] - The chairman of the board also serves as the CEO, which deviates from the corporate governance code's recommendation for separation of roles[49] Operational Developments - The company has launched a micro data center in the Hong Kong market to provide better service, addressing the cooling needs of IT equipment outside normal office hours[24] - The company is actively seeking new products or solutions to expand revenue streams and enhance customer service[24] - The company is focusing on expanding its network solutions and project services segments to drive future growth[82] Employee and Management - The company employed a total of 32 full-time employees as of December 31, 2021, down from 36 employees as of June 30, 2021[56] - The total compensation for key management personnel remained stable at HKD 4,616,000 for the six months ended December 31, 2021, unchanged from 2020[123] Future Outlook - The company anticipates various uncertainties affecting business, particularly related to local pandemic developments and external economic conditions, which may hinder recovery[27] - The company is exploring potential clients to expand its customer base in the logistics sector[25]

Financial Performance - The revenue for the fiscal year was HKD 55,100,000, a decrease of approximately 15% compared to HKD 64,900,000 in the previous year[10] - The loss attributable to the owners of the company was HKD 68,900,000, down from HKD 108,300,000 in the previous year, representing a reduction of about 36.4%[10] - Revenue from network solutions and project services increased by approximately 10.8% to HKD 20,200,000, compared to HKD 18,200,000 in the previous year[11] - Revenue from property investment was HKD 6,700,000, slightly up from HKD 6,600,000 in the previous year[14] - Revenue from private jet management services decreased to HKD 28,300,000 from HKD 40,100,000, reflecting the ongoing impact of global travel restrictions[18] - The group's revenue decreased to HKD 55,100,000 in the fiscal year, down from HKD 64,900,000 in 2020, with approximately 51.3% of revenue coming from private jet management services[19] - Other net losses amounted to HKD 11,000,000, a reduction from HKD 17,800,000 in 2020, including an impairment of HKD 14,100,000 on inventory yachts[20] - Fair value losses on investment properties were HKD 24,900,000, down from HKD 40,200,000 in 2020, influenced by adverse market conditions due to the COVID-19 pandemic[21] - The financial performance for the fiscal year is detailed in the consolidated income statement on page 38[105] - The company reported a fair value loss on investment properties of HKD 24,870,000, reduced from HKD 40,190,000 in the previous year, showing improved asset management[190] - Employee benefit expenses decreased to HKD 29,151,000 from HKD 51,441,000, reflecting cost-cutting measures[190] - The company’s total equity decreased to HKD 334,942,000 from HKD 393,119,000, indicating a decline in shareholder value[195] Government Support and Subsidies - The group received a subsidy of HKD 700,000 from the Hong Kong government's Employment Support Scheme to alleviate the impact of the COVID-19 pandemic on its network and project business[11] - The group has received HKD 1,900,000 from the Employment Support Scheme, an increase from HKD 1,000,000 in 2020[20] Corporate Governance - The board consists of five executive directors and three independent non-executive directors, ensuring compliance with the requirement of at least three independent non-executive directors, representing one-third of the board[41] - The company has adopted a board diversity policy, considering various factors such as gender, age, cultural background, and professional experience in board member selection[41] - The company has established a custom code for securities trading by directors, which is not less stringent than the standard code outlined in the listing rules[38] - All independent non-executive directors have confirmed their independence according to the listing rules, ensuring that they are financially independent from the company[44] - The company has implemented a system for the appointment and re-election of directors, requiring all directors to be re-elected every three years[45] - The company has arranged appropriate directors' and officers' liability insurance to provide indemnity for liabilities incurred in the course of corporate activities[39] - The board has not established a nomination committee, believing that the entire board is responsible for reviewing its structure and composition[41] - The chairman of the board also serves as the CEO, which deviates from the corporate governance code but is deemed suitable by the board[41] - The company has complied with the corporate governance code principles and rules, with some deviations noted[41] - The board is responsible for formulating and reviewing the company's business strategies and monitoring performance[48] - The board has reviewed and approved the group's annual and interim results for the fiscal year[49] - The company has not revised its dividend policy during the fiscal year, which considers factors such as actual and expected financial performance and debt levels[49] - The board has established a risk management and internal control system to safeguard shareholder investments and the group's assets[55] - A professional consulting firm has been appointed as the internal auditor, reporting directly to the audit committee[56] - All directors participated in continuous professional development activities to update their knowledge and skills relevant to their roles[59] - The chairman and CEO roles are currently held by the same individual, ensuring a balance of power within the management structure[60] - The audit committee has assessed the adequacy of resources and training for accounting and internal audit functions[58] - The board has established procedures to identify, assess, and manage significant risks that may affect the achievement of business objectives[58] - Independent non-executive directors do not have a specified term of appointment[61] - The audit committee reviewed the consolidated financial statements for the year ending June 30, 2020, and the six months ending December 31, 2020[69] - The independent auditor provided audit services amounting to HKD 1,387,000 and non-audit services amounting to HKD 26,000[76] - The remuneration committee reviewed and made recommendations on the remuneration policies and the compensation of senior management during the fiscal year[66] - All directors participated in appropriate continuous professional development activities related to the group's business and their responsibilities[75] - The company has established a clear scope of authority for the remuneration and audit committees to enhance board functions and professional standards[65] - The company secretary has been in position since February 2007 and has completed over 15 hours of relevant professional training as required by listing rules[78] - The company is committed to maintaining ongoing communication with shareholders and timely disclosure of significant developments[79] - The board of directors has established a clear framework for decision-making within the committees, which is subject to regular review[64] - The company has only one class of shares, all of which carry the same voting rights and rights to any declared dividends[81] - The remuneration committee's scope of authority was revised and adopted in March 2012, in compliance with listing rules[66] - The company is focused on improving corporate governance and creating greater value for stakeholders[102] Operational Developments - The company is conducting feasibility studies on the Zijin Gold Project, which has estimated resources of approximately 7.2 tons of gold (measured) and 4.8 tons of gold (indicated)[15] - The company is focusing on exploration in the Target 15 area, which is believed to have similar mineralization to the Zijin deposit, with preliminary estimates indicating approximately 1.0 ton of gold[16] - The company is evaluating all data to determine potential targets for porphyry deposits and is planning follow-up exploration for the next fiscal year[16] - The group has initiated a new logistics business in Xinjiang, China, after the end of the fiscal year, aiming to create additional value for the group and its shareholders[32] - The group noted a cautious approach from tenants regarding future developments, particularly in the Wan Chai office market, where shorter lease terms are preferred[31] - The private jet management segment is expected to return to normal only when global air traffic recovers to pre-COVID levels[32] Risk Management - Potential risks and uncertainties faced by the company are discussed in the management discussion and analysis section[101] - The company has a clear financial risk management policy outlined in the financial statements[101] - The board believes the company complies with all relevant laws and regulations impacting its operations[102] Employee and Shareholder Relations - The company maintains a harmonious and professional work environment for employees, ensuring reasonable compensation[104] - There were no major disputes with business partners during the fiscal year[104] - The company is committed to environmental sustainability and has implemented internal waste reduction activities[102] - The company has not established any management or administrative contracts for significant portions of its business during the fiscal year[128] - The company has not entered into any stock-linked agreements that may lead to the issuance of shares during the fiscal year[129] - The board members' shareholdings include a total of 1,282,809,889 shares held by the spouse of Mr. Lu, representing 32.69% of the issued share capital[122] - Mr. Lu holds a total interest of 1,282,809,889 shares, which includes 1,246,054,889 shares held by Moral Glory, representing 31.75% of the issued share capital[122] - The company has not entered into any significant contracts in which the directors have a direct or indirect substantial interest during the fiscal year[124] - The company has a stock option plan adopted on November 23, 2011, granting certain directors and employees the right to subscribe for shares[131] - The board members are subject to re-election at the annual general meeting, with specific terms outlined in their service contracts[127] - The total number of shares that can be issued under the share option plan is 214,753,849, representing 5.47% of the company's issued share capital[135] - Each participant's maximum allocation of shares from exercised options cannot exceed 1% of the company's issued shares, unless otherwise approved by shareholders[136] - The exercise price for options granted is determined by the board but cannot be less than the higher of the closing price on the grant date or the average closing price over the preceding five trading days[140] - The share option plan is valid for ten years from November 23, 2011[141] - As of June 30, 2021, a total of 296,000,000 options were granted, with no options exercised or cancelled during the fiscal year[143] - There were no related party transactions that required disclosure under the listing rules during the fiscal year[145] - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year[147] - The company is not aware of any tax reductions or exemptions available to shareholders holding its securities[148] - There are no provisions for preemptive rights in the company's articles of association, nor are there any legal restrictions under Cayman Islands law requiring the company to offer new shares to existing shareholders on a pro-rata basis[149] - The group employed a total of 36 full-time employees as of June 30, 2021, down from 38 in 2020[150] Audit and Compliance - The independent auditor, PwC, has audited the consolidated financial statements and expressed an unmodified opinion on their fairness and compliance with Hong Kong Financial Reporting Standards[158] - The independent auditor's report highlighted key audit matters, including the fair value of investment properties and impairment assessments of exploration and evaluation assets[166][172] - The company has engaged independent external experts to assess the technical feasibility of mining exploration and the commercial viability of mineral resources[172] - The retirement benefit plan details are included in the consolidated financial statements[152] - As of June 30, 2021, the group's inventory of yachts was valued at HKD 92,100,000, after accounting for an impairment provision of HKD 33,900,000[175] - An impairment provision of HKD 14,100,000 was recognized in the consolidated income statement for the year ending June 30, 2021[175] - The recoverable amount of the inventory yachts was supported by an independent valuation, which utilized the market approach[175] - The management's assessment of the recoverable amount involved significant judgment due to the determination of the net realizable value[175] - The audit procedures included evaluating the qualifications and objectivity of the independent valuers and discussing the valuation methods and key assumptions used[175] - The management's estimates regarding the net realizable value were found to be supported by available evidence[175] - The audit identified significant risks related to the potential for material misstatement due to fraud or error[183] - The audit team communicated with the audit committee regarding the planned audit scope and significant findings[185] - The independent auditor's report was issued on September 24, 2021, by PwC[187] - The financial statements were prepared in accordance with the Hong Kong Financial Reporting Standards and the Companies Ordinance[179]

Revenue Performance - Revenue for the period was HKD 27,300,000, a decrease of 19.5% from HKD 33,800,000 in the previous year[3] - Revenue from network solutions and project services was HKD 8,600,000, a slight decrease of 3.4% from HKD 8,900,000 in the previous year[6] - Revenue from private jet management services decreased to HKD 15,200,000 from HKD 21,700,000 in the previous year[13] - Revenue for the six months ended December 31, 2020, was HKD 27,256,000, a decrease of 19% compared to HKD 33,804,000 for the same period in 2019[60] - The total revenue for the six months ended December 31, 2020, was HKD 27,256,000, with external sales from network solutions and project services contributing HKD 8,636,000[88] Loss and Financial Performance - Loss attributable to owners was HKD 49,300,000, compared to a loss of HKD 20,900,000 in the previous year[4] - Basic loss per share was HKD 1.26, up from HKD 0.53 in the previous year[5] - The net loss for the period was HKD 50,064,000, compared to a net loss of HKD 21,702,000 in the previous year, representing an increase in loss of approximately 130%[63] - The company reported a total comprehensive loss attributable to owners of the company of HKD (213,281) thousand for the six months ended December 31, 2020[73] - The company reported a loss attributable to owners of HKD 49,252,000 for the six months ended December 31, 2020, compared to a loss of HKD 20,872,000 in the same period of 2019, representing an increase of 136%[109] Investment and Asset Valuation - Fair value loss on investment properties was HKD 37,300,000, compared to HKD 6,800,000 in the previous year[17] - The company reported a fair value loss on investment properties of HKD 37,257,000, significantly higher than the loss of HKD 6,800,000 recorded in the previous year[60] - The fair value of investment properties was revalued at approximately HKD 266,846,000 as of December 31, 2020, down from HKD 301,070,000 as of June 30, 2020, reflecting a fair value loss of approximately HKD 37,257,000[112] Liabilities and Financial Obligations - Total liabilities ratio increased to 16.1% from 9.7% as of June 30, 2020[21] - Short-term bank loans increased to HKD 71,000,000 from HKD 38,000,000 as of June 30, 2020[21] - The company’s total liabilities increased to HKD 119,340,000 from HKD 88,585,000, reflecting a rise in financial obligations[68] - The company had bank borrowings of HKD 71,000,000 due within one year as of December 31, 2020, an increase from HKD 38,000,000 as of June 30, 2020[120] Corporate Governance - The board acknowledges the importance of maintaining high standards of corporate governance to protect and enhance shareholder interests[49] - The company has adopted and complied with the corporate governance code as per the Stock Exchange Listing Rules, with some deviations noted[49] - The chairman also serves as the CEO, which deviates from the corporate governance code that recommends separating these roles[49] - Independent non-executive directors do not have designated terms, which is a deviation from the corporate governance code[50] - The company has not established a nomination committee as required by the corporate governance code, believing that the entire board should review such matters[52] Future Outlook - The company anticipates a significant decline in revenue from the network and project segment due to the loss of a major client and the ongoing impact of the COVID-19 pandemic on the Hong Kong economy[24] - The property investment segment is expected to see a decrease in new rental values due to the adverse effects of the COVID-19 pandemic, with two office lease agreements expiring in 2021[24] - The private jet management segment will only return to normal once global air traffic recovers to pre-COVID levels[26] - The company expects 2021 to be a year of slow but steady recovery from the economic crisis, contingent on the effectiveness of the COVID-19 vaccine[24] Employee and Operational Metrics - Employee benefits expenses were HKD 14,215,000, down from HKD 15,353,000 in the previous year, showing a reduction in labor costs[60] - The company had a total of 38 full-time employees as of December 31, 2020, unchanged from June 30, 2020[55] - The total remuneration for key management personnel for the six months ended December 31, 2020, was HKD 4,616,000, compared to HKD 4,257,000 in 2019[137] Cash Flow and Liquidity - The company's cash and bank balances increased to HKD 16,456,000 from HKD 15,940,000, indicating a slight improvement in liquidity[65] - The net cash used in operating activities for the six months ended December 31, 2020, was HKD (22,353) thousand, compared to HKD (22,890) thousand for the same period in 2019[70] - The net cash used in investing activities for the six months ended December 31, 2020, was HKD (12,744) thousand, a decrease from HKD (20,052) thousand in 2019[70] - Cash generated from financing activities for the six months ended December 31, 2020, was HKD 35,593 thousand, compared to HKD 40,960 thousand in 2019[70] Shareholder Information - The board has decided not to declare any interim dividend for the financial period, consistent with the previous year[29] - As of December 31, 2020, Mr. Lu held a total equity interest of 32.63% in the company, amounting to 1,282,809,889 shares[30] - Major shareholder Moral Glory holds 1,246,054,889 shares, representing 31.75% of the issued share capital[41]

Financial Performance - The company's revenue for the fiscal year was HKD 64,900,000, an increase from HKD 54,000,000 in the previous year, representing a growth of approximately 20.4%[8] - The loss attributable to the company's owners was HKD 108,300,000, compared to a loss of HKD 66,600,000 in the previous year, indicating a significant increase in losses[8] - The basic loss per share was HKD 2.76, up from HKD 1.7 in the previous year, reflecting a deterioration in financial performance[8] - Revenue from network solutions and project services was HKD 18,200,000, a decrease of about 8% from HKD 19,800,000 in the previous year[9] - The revenue from property investment was HKD 6,600,000, an increase from HKD 6,100,000 in the previous year, showing a growth of approximately 8.2%[12] - Revenue from private jet management services was HKD 40,100,000, a significant increase from HKD 28,100,000 in the previous year, representing a growth of about 42.7%[14] - The fair value loss of investment properties amounted to HKD 40,200,000, significantly increasing from HKD 6,200,000 in the previous year[18] - Employee benefit expenses rose to HKD 21,400,000 due to share-based payment expenses, up from HKD 5,700,000 in the prior year[19] - Financing costs increased to HKD 1,400,000, compared to HKD 20,000 in the previous year, primarily due to increased borrowings[21] - The total equity decreased to HKD 393,119,000 from HKD 472,278,000, a decline of 16.8%[184] - The company reported a total comprehensive loss of 111,498 thousand HKD for the year, which included a loss of 108,328 thousand HKD and a currency translation difference of 1,309 thousand HKD[194] Business Operations - The company’s core business from private jet management accounted for approximately 61.8% of total revenue, while network and project services accounted for about 28.0%[16] - The company received a mining license for a gold mine covering approximately 7,120 hectares, with estimated resources of 7.2 tons of gold and additional resources including 195.1 tons of silver and 2,113.2 tons of copper[13] - The company plans to continue reviewing its property portfolio to align with its investment strategy aimed at generating rental income and capital appreciation[12] - The company is evaluating the best development plan for a gold mine after obtaining mining permits, with new exploration plans set for the next fiscal year[26] - The company has provided rental concessions to support tenants during the difficult economic period caused by the COVID-19 pandemic[26] - The company is primarily engaged in providing network solutions and project services, property investment, yacht construction in Hong Kong, mineral exploration in Mongolia, and private jet management services in Hong Kong[198] Corporate Governance - The board consists of five executive directors and three independent non-executive directors, ensuring compliance with listing rules requiring at least three independent non-executive directors[36] - The company has adopted a board diversity policy, considering various factors such as gender, age, cultural background, and professional experience in board member appointments[37] - The board is responsible for formulating the group's business development strategy and reviewing business performance, including the approval of annual and interim results[40] - The company has arranged appropriate directors' and officers' liability insurance to provide indemnity for liabilities incurred in the course of corporate activities[34] - The board believes that having a single individual serve as both chairman and CEO, along with a majority of non-executive directors, effectively balances power within the company[54] - The board is committed to ensuring compliance with good corporate governance practices and procedures, seeking independent professional advice when necessary[40] - The company has established a risk management and internal control system to safeguard shareholder investments and group assets[49] - The audit committee has reviewed the independent auditor's report during the fiscal year[63] - The independent auditor provided audit services amounting to HKD 1,430,000 and non-audit services of HKD 26,000 during the fiscal year[69] Shareholder Information - The company has a single class of shares, with all shares enjoying equal voting rights and dividend entitlements[74] - Shareholders can propose candidates for election as directors by submitting written notice to the company[76] - The company did not declare an interim dividend for the fiscal year, nor did it recommend a final dividend[100] - The company has maintained ongoing communication with shareholders and timely disclosure of significant developments[73] - The company ensures compliance with voting procedures at shareholder meetings as per listing rules[73] Employee and Environmental Policies - The company has maintained a harmonious and professional working environment for its employees, ensuring reasonable compensation[98] - The company has implemented ongoing internal waste reduction activities to contribute to environmental sustainability[96] - The company reported a significant increase in employee benefits expenses, rising to HKD 51,441,000 from HKD 33,256,000, an increase of 54.7%[177] Financial Position and Assets - The total amount of contracts on hand as of June 30, 2020, was approximately HKD 11,300,000, with significant business coming from a Hong Kong telecommunications operator[26] - The yacht construction division's work in progress was valued at HKD 83,800,000, after accounting for an impairment provision of HKD 19,800,000[163] - The group’s exploration and evaluation assets had a carrying amount of HKD 53,800,000 as of June 30, 2020, with no impairment loss recognized in the consolidated income statement for the year[161] - The carrying value of investment properties was HKD 301,100,000, with a fair value loss of HKD 40,200,000 recognized in the consolidated income statement for the year[156] Risk Management - The board has established a permanent procedure to identify, review, and manage significant risks faced by the group[49] - The audit identified key audit matters including the fair value of investment properties and impairment of exploration and evaluation assets, which required significant management judgment[158] - The effectiveness of future development cost budgeting processes was assessed by comparing actual exploration costs with previously approved budgets[161]

遊 劇 75 遠見控股有限公司 股份代號：862 23 本中期報告以環保紙印刷 主席報告 致各股東： 本人謹代表董事會（「董事會」）向股東提呈遠見控股有限公司（「本公司」）及其附屬公司（統 稱「本集團」）截至二零一九年十二月三十一日止六個月期間（「財政期間」）之中期業績。 財務業績摘要 • 財政期間收入為33,800,000港元（二零一八年：23,300,000港元）。 • 本公司擁有人應佔虧損為20,900,000港元（二零一八年：27,800,000港元）。 • 本公司擁有人應佔每股基本虧損為0.53港仙（二零一八年：0.71港仙）。 管理層討論及分析 業務回顧 1. 網絡解決方案及項目服務（「網絡及項目」） 於財政期間，網絡及項目的收入為8,900,000港元（二零一八年：7,500,000港元）。 與去年同期相比略為改善。 來自網絡及項目的收入細分如下： | --- | --- | |-------|------------------------------------------------------------| | | | | (i) | 電訊解決方案為 700,000 港元（二零一八年： ...