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，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 民生國際有限公司 （於百慕達註冊成立之有限公司） （股份代號︰938） 須予披露及關連交易 有關 建議收購 目標公司全部股權 收購事項 本公司欣然宣佈，於2024年11月13日（交易時段後），四川暉宏訂立股權轉讓協議， 據此四川暉宏同意收購而賣方同意出售目標公司的全部股權，代價為人民幣5.0 百萬元，並受股權轉讓協議的條款及條件約束。 上市規則的涵義 由於有關收購事項的一項或多項適用百分比率（定義見上市規則）超過5%但低 於25%，根據上市規則第十四章，收購事項構成本公司的須予披露交易，並須遵 守上市規則項下的公告規定。 賣方為本公司的關連人士，此乃基於以下事實：(i)胡先生為本公司的執行董事及 控股股東，及(ii)胡先生亦為賣方的最終控股股東，並有權控制行使賣方超過30% 投票權，故賣方為本公司的聯繫人。因此，根據上市規則，收購事項亦構成本公 司的關連交易。 由於收購事項乃按一般商業條款或更佳條款進行 ...

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，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 民生國際有限公司 （於百慕達註冊成立之有限公司） （股份代號︰938） 更換公司秘書及授權代表 董事會謹此衷心感謝何女士為本公司所作出之貢獻。 承董事會命 民生國際有限公司 民生國際有限公司（「本公司」，連同其附屬公司「本集團」）董事（各為「董事」）會 （「董事會」）宣佈，何詠欣女士（「何女士」）已提呈辭任本公司之公司秘書（「公司 秘書」），且將不再擔任香港法例第622章公司條例第16部以及香港聯合交易所有 限公司（「聯交所」）證券上市規則第3.05條項下之本公司授權代表（「授權代表」）， 自2024年11月1日起生效。 何女士已確認彼與董事會之間並無意見分歧，且概無與彼辭任有關之事宜須提請 本公司股東及╱或聯交所垂注。 董事會進一步宣佈，本公司首席財務總監尹駿業先生（「尹先生」）已獲委任為公 司秘書及授權代表，均自2024年11月1日起生效。 尹先生，50歲，於2023年加入本集團，且自2024年7月 ...

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 民生國際有限公司 （於百慕達註冊成立之有限公司） （股份代號︰938） – 1 – | | | 普通決議案 | | 投票股份數目(%) | | --- | --- | --- | --- | --- | | | | | 贊成 | 反對 | | 3. | | 續聘核數師並授權董事會釐定彼等之酬 | 394,395,355 | 0 | | | 金。 | | (100.00%) | (0.00%) | | 4. | A. | 授予董事一般授權以發行本公司股 | 394,395,355 | 0 | | | | 份。 | (100.00%) | (0.00%) | | | B. | 授予董事一般授權以回購本公司股 | 394,395,355 | 0 | | | | 份。 | (100.00%) | (0.00%) | | | C. | 擴大授予董事發行相等於本公司回 | 394,395,355 | 0 | | | ...

於2024年10月24日，重慶高級法院就法律訴訟召開聆訊。於聆訊中，雙方就重慶皇 石就判決提出的上訴提交及交換支持其主張的證據。雙方同意在庭外磋商是否對 此案件進行調解。於本公告日期，重慶高級法院尚未就法律訴訟作出任何判決。 本公司將繼續諮詢其中國法律顧問，積極主張及執行其在法律訴訟中的權利，並 監察法律訴訟對本集團的影響。與此同時，重慶皇石將繼續積極與貸款人磋商，以 期友好解決爭議並修訂貸款協議的條款。 本公司將根據上市規則於適當時候就法律訴訟的任何重大發展或重慶皇石將採取 的任何行動另行刊發公告。 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，概不對因本公告全部或任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 民生國際有限公司 （於百慕達註冊成立之有限公司） （股份代號︰938） 關於法律訴訟的最新進展 茲提述本公司日期為2024年6月5日、2024年6月6日、2024年6月27日、2024年7月24日、 2024年8月7日及2024年10月22日之公告（統稱「該等公告」），內容有關（其中包括） 法律訴訟。除文 ...

Financial Performance - The group recorded a loss of approximately HK$159,653,000 for the six months ended September 30, 2023[1]. - The revenue for the six months ended September 30, 2023, was HK$68,634,000, a decrease of 17.2% compared to HK$82,919,000 for the same period in 2022[11]. - The gross profit for the period was HK$5,804,000, compared to HK$2,397,000 in the previous year, indicating a significant improvement[11]. - Loss before tax was HK$158,479,000, compared to a loss of HK$142,871,000 for the same period in 2022[11]. - The company reported a basic and diluted loss per share of HK$22.69 for the period[11]. - Total comprehensive expenses for the period amounted to HK$184,521,000, compared to HK$259,870,000 in the previous year[12]. - For the six months ended September 30, 2023, the company reported a loss of HK$160.9 million, compared to a loss of HK$146.9 million in the same period last year, indicating a year-over-year increase in losses of approximately 9.1%[16]. - The total comprehensive income for the period was a loss of HK$185.8 million, which includes an exchange difference on translation of foreign operations amounting to HK$24.9 million[16]. - The accumulated losses reached HK$1,618.3 million, reflecting a significant increase from HK$1,457.4 million as of April 1, 2023[16]. Financial Position - As of September 30, 2023, the group had total current liabilities of approximately HK$454,945,000 and cash and bank balances of approximately HK$33,748,000[1]. - The Group's net liabilities increased from HK$397,764,000 as of 31 March 2023 to HK$582,285,000 as of 30 September 2023[32]. - The company reported a total equity of HK$582.2 million as of September 30, 2023, down from HK$396.3 million as of April 1, 2023[16]. - Non-current liabilities decreased from HK$2,749,351,000 as of 31 March 2023 to HK$2,702,392,000 as of 30 September 2023[32]. - The Group's total assets less current liabilities decreased from HK$2,351,587,000 as of March 31, 2023, to HK$2,120,107,000 as of September 30, 2023, a decline of approximately 9.8%[126]. - Current assets were approximately HK$432,066,000 as of September 30, 2023, down from approximately HK$468,501,000 as of March 31, 2023, resulting in a current ratio of approximately 0.95[176]. Cash Flow and Liquidity - Net cash used in operating activities was HK$10,718,000 for the six months ended 30 September 2023, compared to HK$14,452,000 for the same period in 2022[36]. - Net cash used in investing activities was HK$5,793,000 for the six months ended 30 September 2023, compared to HK$3,911,000 for the same period in 2022[36]. - Net cash from financing activities was HK$19,121,000 for the six months ended 30 September 2023, compared to HK$21,044,000 for the same period in 2022[36]. - The Group's cash and cash equivalents amounted to approximately HK$33,748,000 as of September 30, 2023, compared to approximately HK$32,869,000 as of March 31, 2023[176]. - The Group's cash flow projections cover a period of not less than twelve months from September 30, 2023, indicating careful consideration of future liquidity and performance[60]. Operational Performance - The Group's operating segments are structured based on the nature of operations, with each segment representing a strategic business unit[100]. - The Group incurred a loss before tax of HK$158,479,000 for the six months ended September 30, 2023, compared to the previous period[103]. - The segment loss for property management was HK$131,182,000, and for hotel operations in Japan, it was HK$1,725,000[103]. - The Group's management is focused on enhancing operational efficiency and reducing costs while actively expanding operational channels and market presence[152]. - The Group's subsidiary, Beichen Construction, is expanding its renovation and decoration services to other provinces, aiming for sustainable revenue growth in the second half of the year[155]. Investment and Future Outlook - The company continues to explore market expansion opportunities and new product development strategies to enhance future performance[16]. - The hotel in Hokkaido is expected to improve its performance as Japan's tourism industry gradually recovers post-pandemic[165]. - The Group aims to seek new investment opportunities with promising outlooks to create value for shareholders[165]. - The Group is actively expanding its business beyond Zhejiang, focusing on high-quality project completion in various sectors such as hotels and hospitals[191]. Compliance and Governance - The board believes that the group has sufficient working capital to meet its financial obligations for the next twelve months[2]. - The company is preparing its financial information on a going concern basis, indicating confidence in future operations[2]. - The Group has not breached any covenants related to drawn down facilities as of 30 September 2023, consistent with the status as of 31 March 2023[188].

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之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份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。 民生國際有限公司 （於百慕達註冊成立之有限公司） （股份代號︰938） 截 至2023年9月30日止六個月之 未經審核財務業績 民 生 國 際 有 限 公 司（「本公司」）董 事 會（「董事會」）欣 然 宣 佈 本 公 司 及 其 附 屬 公 司 （統 稱「本集團」）截 至2023年9月30日 止 六 個 月 之 未 經 審 核 財 務 業 績，連 同2022年 同 期 之 未 經 審 核 比 較 數 據。 – 1 – 簡明綜合損益表 截 至2023年9月30日止六個月 | --- | --- | |-------|-----------------| | | 日止六個月 | | | 2022年 | | 附 註 | 千港元 | | | （未 經 審 核） | 收 入 3 68,634 82,919 銷售成本 (62,830) (80,522) | ...

Corporate Governance - The Board is responsible for the overall management of the Group, overseeing strategic decisions and performance[16]. - The Company has complied with all code provisions in the Corporate Governance Code during the period, except for a deviation regarding the separation of roles between the Chairman and CEO[14]. - The Board consists of four executive directors and three independent non-executive directors, ensuring a diverse leadership structure[18]. - The Audit Committee is composed of three independent non-executive directors, with Mr. Wong Kwan Kit serving as the chairman[31]. - Directors have acknowledged their responsibility for preparing all information in the consolidated financial statements for the year ended 31 March 2023[23]. - Each independent non-executive director has a service agreement for a term of three years, subject to rotational retirement provisions[27]. - The management team is delegated authority for day-to-day operations, with major corporate matters reviewed periodically by the Board[16]. - The Company emphasizes high standards of corporate governance to manage business risks and enhance transparency[13]. - The Board meets regularly to discuss overall strategy and financial performance, with six meetings held during the year[19]. Financial Performance - Revenue for the year ended March 31, 2023, was HK$50,185,000, an increase from HK$40,329,000 in the previous fiscal year, representing a growth of approximately 24%[62]. - The company's revenue for FY23 increased to HK$137,137,000, representing a growth of 17.56% compared to HK$116,656,000 in FY22[73]. - Gross profit for FY23 was HK$10,435,000, a significant recovery from a gross loss of HK$8,394,000 in FY22, marking a change of 224.31%[73]. - Loss before tax increased to HK$481,271,000 in FY23, up 28.26% from a loss of HK$375,244,000 in FY22[73]. - The total comprehensive expenses attributable to equity holders for FY23 were HK$587,601,000, compared to HK$323,153,000 in FY22, primarily due to a decrease in the fair value of investment properties[78]. - The company's net assets decreased to HK$(397,764,000) in FY23 from HK$190,159,000 in FY22, reflecting a change of 309.17%[73]. - Cash and cash equivalents increased slightly to HK$32,869,000 in FY23 from HK$31,770,000 in FY22, a growth of 3.46%[73]. - The gross profit margin improved to 7.61% in FY23 from a negative margin of (7.20)% in FY22, indicating a significant turnaround[75]. - The return on equity for FY23 was 121.85%, a recovery from (194.35)% in FY22, showing a positive shift in financial performance[75]. - The current ratio decreased to 1.01 times in FY23 from 1.49 times in FY22, indicating a decline in short-term liquidity[75]. Business Operations - The hotel business achieved an average occupancy rate of over 80%, outperforming surrounding hotels of the same category[64]. - The Group's rental income from serviced apartments and shopping malls in the Chongqing Property is expected to remain a stable income source in the long run[64]. - The Group is studying to enhance its business model to boost sales in response to the cautious behavior of real estate investors[64]. - The Group's performance and prospects are assessed clearly and comprehensively, with results announced within two months and three months after the relevant periods[37]. - The Group continues to diversify its revenue streams through four main business segments, including property development and hotel operations in Japan[87]. - The Group's serviced apartments and hotel operations in Hokkaido, Japan, are anticipated to further improve as travel restrictions ease[101]. - The Group's property management segment and renovation services are expected to continue providing stable income moving forward[101]. - The Group's hotel operations in Japan are expected to leverage the unique integrated facilities of hotel, golf course, and restaurant to enhance profitability[146]. - The Group is actively optimizing and restructuring its shopping mall operations, which are in the nurturing stage, showing improvement post-pandemic[123]. - The Group's serviced apartments in Chongqing have generated positive returns and are expected to provide stable income, while the shopping mall operation is in the nurturing stage[172]. Remuneration and Committees - The Group's remuneration policy aims to retain and motivate executive Directors and employees by linking compensation to the Company's performance[35]. - The Remuneration Committee held one meeting during the year to approve the remuneration packages for Directors and senior management[54]. - The Remuneration Committee comprises three independent non-executive Directors and two executive Directors, with Ms. Pau Yee Ling as the chairman[33]. Investment and Financial Strategy - The Group plans to focus on reducing operating expenses and improving asset profitability to generate stable income and cash flow[101]. - The Group aims to identify investment and merger opportunities to enhance overall financial performance and diversify its investment portfolio[101]. - The Group plans to seek more investment opportunities with promising outlooks to create value for shareholders[149]. - The Group is considering refining its investment strategy and optimizing its asset portfolio to alleviate financial burdens[185]. - The Group will continue to comply with financial covenants related to secured bank borrowings, including timely repayment of principal and interest[184]. - The Group is assessing various feasible solutions to improve operations, including obtaining additional financing to reduce debt burden[159]. Liabilities and Equity - As of March 31, 2023, the Group had no material contingent liabilities[1]. - As of March 31, 2023, the Group's current liabilities were HK$463,797,000, an increase from HK$364,548,000 in 2022, while total borrowings amounted to HK$2,851,056,000, up from HK$2,802,264,000 in 2022[183]. - The gearing ratio was negative 7.17 as of March 31, 2023, compared to 14.74 in 2022, indicating negative total equity[183]. - Approximately HK$123,047,000 of total borrowings will be due within the next twelve months from the reporting date, compared to HK$47,714,000 in 2022[183]. - The Group had capital commitments of HK$7,351,000 as of March 31, 2023, significantly higher than HK$1,963,000 in 2022[183]. - The Group's net current assets were HK$4,704,000, a decrease from HK$179,466,000 in 2022, while cash and cash equivalents were HK$32,869,000, slightly up from HK$31,770,000 in 2022[183]. - As of March 31, 2023, the Group's total equity was negative HK$397,764,000, a decrease of HK$587,923,000 from the previous year, primarily due to exchange losses and the loss for the year[182]. Market and Economic Conditions - The Group expects occupancy rates and room rates for serviced apartments in Chongqing to reach new post-COVID highs[101]. - Average occupancy rate for hotels in Hokkaido exceeded 80%, significantly higher than similar hotels in the area, benefiting from the recovery of the tourism industry post-pandemic[135]. - The Chongqing Property is strategically located near Jiefangbei Walking Street, a well-known retail area, which is expected to attract more customers[130].

Financial Performance - The company's revenue for the fiscal year 2023 was HKD 137,137,000, an increase of HKD 20,481,000 or 17.5% compared to HKD 116,656,000 in fiscal year 2022[5] - Gross profit for fiscal year 2023 was HKD 10,435,000, recovering from a gross loss of HKD 8,394,000 in the previous year, resulting in a gross margin of 7.6% compared to a negative gross margin of 7.2% in fiscal year 2022[7] - The company reported a net loss of HKD 483,325,000 for the year, slightly improved from a loss of HKD 375,610,000 in 2022[54] - The company experienced a significant decrease in the fair value of investment properties, reporting a loss of HKD 193,891,000 compared to HKD 69,366,000 in 2022[52] - Total comprehensive expenses for the fiscal year were approximately HKD 587,923,000, up from HKD 326,969,000 in the previous fiscal year[155] Expenses and Cost Management - Selling and administrative expenses decreased by 17.6% to HKD 11,399,000 and by 16.4% to HKD 69,210,000 respectively, due to strict cost control measures implemented by the company[8] - The company aims to reduce operating expenses and improve asset profitability to generate stable income and cash flow, thereby lowering capital debt ratios and financial costs[4] - Employee costs, including salaries and other allowances, decreased from HKD 72,688,000 in 2022 to HKD 46,648,000 in 2023, a reduction of approximately 36%[97] - The company incurred financial costs totaling HKD 167,920,000 in 2023, down from HKD 185,602,000 in 2022, indicating a decrease of about 9.5%[95] Assets and Liabilities - As of March 31, 2023, the company's total equity was negative HKD 397,764,000, a decrease of HKD 587,923,000 from HKD 190,159,000 in the previous year[10] - The current ratio decreased from 1.49 in 2022 to 1.01 in 2023, indicating a tighter liquidity position[10] - The company’s total assets decreased to HKD 2,346,883,000 from HKD 2,808,254,000 in the previous year[62] - The company’s total liabilities decreased to HKD 2,749,351,000 from HKD 2,797,561,000 year-over-year[64] - The total amount of outstanding commercial papers at year-end was HKD 912,052,000 in 2023, compared to HKD 868,052,000 in 2022[127] Investment and Growth Strategies - The company is actively seeking investment opportunities to create value for shareholders while focusing on improving the financial performance of existing businesses[4] - The company is actively seeking investment and acquisition opportunities with growth potential to improve overall financial performance and diversify its investment portfolio[35] - The company plans to optimize and restructure its shopping mall operations, which are currently in the nurturing stage, to achieve new sales breakthroughs[3] - The group is considering various feasible plans to improve operations, including obtaining further equity or loan financing from related parties[14] Operational Performance - The hotel and golf course in Hokkaido are expected to benefit from the recovery of the tourism industry in Japan, leveraging their unique integrated facilities[1] - The company anticipates a new high in occupancy rates for its serviced apartments in Chongqing and expects further improvements in hotel and resort operations in Hokkaido, Japan[35] - The reported loss from the Chongqing property segment was HKD 401,526,000, indicating a challenging operational environment[75] - The shopping mall leasing situation has shown continuous improvement as foot traffic and income gradually increase post-pandemic[158] Compliance and Governance - The group will continue to comply with financial covenants related to secured bank borrowings, ensuring timely repayment of principal and interest[12] - The independent non-executive directors have confirmed their independence in accordance with the listing rules[28] - The group has no significant contingent liabilities as of March 31, 2023[22] Revenue Breakdown - Total revenue for the year ended March 31, 2023, was HKD 137,137,000, with contributions from various segments including serviced apartments (HKD 30,052,000) and property management services (HKD 36,907,000) [45] - Revenue from external customers totaled HKD 137,137,000, with significant contributions from various segments[74] - The company reported a total income from customer contracts under operating leases of HKD 132,042,000, which includes fixed and variable lease payments [45] - Property management revenue increased to HKD 36,907,000 in the fiscal year 2022 from HKD 30,919,000 in the previous year, representing a growth of approximately 19.3%[160]

Revenue Performance - Revenue for the six months ended September 30, 2022, was HK$82,919,000, an increase of 68.9% compared to HK$49,035,000 for the same period in 2021[10]. - Revenue for the six months ended 30 September 2022 was HK$80,535,000, compared to HK$44,352,000 for the same period in 2021, representing an increase of approximately 81.5%[51]. - Revenue from hotel operations in Japan reached HK$36,321,000, up from HK$7,860,000 in the previous year, reflecting a growth of 361.5%[55]. - Revenue from property management services generated revenue of HK$17,549,000, an increase of 22.8% from HK$14,353,000 in the prior year[55]. - Revenue from external customers in Chongqing property development was HK$22,852,000, showing a notable increase from HK$21,770,000 in the same period last year[65]. - Revenue from the Chongqing Property was approximately HK$22,852,000, up from HK$21,770,000 in the same period last year[164]. - Renovation and decoration revenue was approximately HK$36,321,000 for the six months ended 30 September 2021, compared to HK$7,860,000 for the same period in the previous year, indicating significant growth[180]. Financial Performance - Gross profit for the same period was HK$2,397,000, up from HK$1,837,000, reflecting a gross margin improvement[10]. - Loss for the period was HK$146,089,000, compared to a loss of HK$200,147,000 in the previous year, indicating a reduction in losses[10]. - Basic and diluted loss per share was HK(22.69 cents), an improvement from HK(45.20 cents) in the same period last year[10]. - The segment loss before tax for the group was HK$142,871,000, compared to a loss of HK$215,784,000 for the same period in 2021, indicating an improvement in financial performance[65]. - For the six months ended September 30, 2022, the loss attributable to equity holders of the Company was HK$146,860,000, compared to a loss of HK$199,856,000 for the same period in 2021, representing a 26.5% improvement[82]. - Total comprehensive expenses for the current period were approximately HK$259,870,000, an increase from HK$143,696,000 in the previous year[160]. Expenses and Costs - Selling expenses increased to HK$8,342,000 from HK$7,136,000, reflecting higher marketing efforts[10]. - Administrative expenses rose slightly to HK$45,251,000 from HK$44,752,000, indicating stable operational costs[10]. - Finance costs decreased to HK$88,998,000 from HK$96,849,000, reflecting improved debt management[10]. - The company reported unallocated expenses of HK$37,595,000 for the period, which contributed to the overall loss before tax[65]. - Interest on bank and other borrowings amounted to HK$52,649,000, slightly down from HK$53,543,000 in the previous year[72]. - Interest expense on unsecured borrowings was HK$20,443,000, a decrease from the previous year's figure[160]. Assets and Liabilities - As of September 30, 2022, total non-current assets decreased to HK$2,482,184, down from HK$2,808,254 as of March 31, 2022, representing a decline of approximately 11.6%[14]. - Current assets totaled HK$487,177, a decrease from HK$544,014, reflecting a reduction of about 10.5%[14]. - The company reported a net current liabilities of HK$1,133,908, compared to net current assets of HK$179,466 as of March 31, 2022, indicating a significant shift in financial position[14]. - Total liabilities increased to HK$1,621,085 from HK$364,548, marking a substantial rise in obligations[17]. - The company's total equity attributable to owners decreased to HK$ (69,711) as of September 30, 2022, from HK$190,159, indicating a negative equity position[17]. - Cash and cash equivalents stood at HK$28,697, down from HK$31,770, a decrease of approximately 8.7%[14]. - Trade and other receivables increased to HK$28,759 from HK$26,363, reflecting a growth of about 9.1%[14]. - The carrying amount of the investment properties as of September 30, 2022, was approximately HK$1,748,450,000, down from HK$1,957,299,000 as of March 31, 2022, indicating a decrease in value[86]. Cash Flow and Financing - For the six months ended September 30, 2022, the net cash used in operating activities was HK$14,452,000, compared to HK$52,478,000 for the same period in 2021, indicating a significant improvement[29]. - The net cash from financing activities for the six months ended September 30, 2022, was HK$21,044,000, a recovery from a net cash used of HK$70,304,000 in the previous year[32]. - The total cash and cash equivalents at the end of the period were HK$28,697,000, down from HK$37,837,000 at the end of the same period in 2021[32]. - The company reported a payment for property, plant, and equipment of HK$2,710,000 for the six months ended September 30, 2022, compared to HK$1,422,000 in the prior year[29]. - The company experienced a net cash used in investing activities of HK$3,911,000 for the six months ended September 30, 2022, compared to a net cash generated of HK$3,248,000 in the previous year[29]. - The Group's cash flow projection indicates sufficient working capital to meet financial obligations over the next twelve months[39]. Strategic Developments - The Group's strategic plan focuses on multi-business development and regional growth, aiming to strengthen brand influence and diversify customer services[179]. - The Group anticipates that the tourism industry in Japan will gradually recover, leading to improved performance for the Hokkaido hotel in the long run[195]. - The Group is committed to monitoring financial performance, reducing operating expenses, and improving asset profitability to generate stable income and cash flows[196]. - The Group is exploring ways to adjust its business model to increase revenue due to the impacts of the COVID-19 pandemic[170]. - The shopping mall operation in Chongqing is still in its nurturing stage and has been impacted by the pandemic resurgence, but is expected to return to normal as the market recovers[194]. Management and Governance - Key management personnel compensation for the six months ended September 30, 2022, totaled HK$4,178,000, a decrease of 16.3% from HK$4,990,000 in the same period of 2021[142]. - The company’s short-term benefits for key management were HK$4,121,000 for the six months ended September 30, 2022, compared to HK$4,922,000 in the previous year[142]. - The Group has implemented financial risk management policies to ensure that all payables are settled within the credit timeframe, enhancing operational efficiency[98].

Financial Performance - Revenue for FY22 decreased by 26.51% to HK$116,656,000 from HK$158,729,000 in FY21[8] - Gross loss for FY22 was HK$8,394,000, a significant improvement from a gross loss of HK$24,278,000 in FY21, representing a 65.43% reduction[8] - Loss before tax narrowed by 27.13% to HK$375,244,000 compared to HK$514,965,000 in the previous year[8] - Loss attributable to owners of the Company decreased by 28.76% to HK$371,735,000 from HK$521,821,000 in FY21[8] - Basic and diluted loss per share improved to HK$0.69 from HK$1.26, a 45.24% reduction[8] - Total comprehensive expenses for FY22 were approximately HK$326,969,000, compared to HK$396,025,000 in FY21[29] - The loss attributable to equity holders decreased to HK$371,735,000 in FY22 from HK$521,821,000 in FY21, with total comprehensive expenses at HK$323,153,000 compared to HK$397,998,000 in the previous year[66] Revenue Breakdown - Revenue from the Chongqing property segment was HK$37,418,000, down from HK$62,053,000 in FY21[31] - Revenue from property management services increased to HK$30,919,000 in FY22, up from HK$26,249,000 in FY21[39] - Revenue from the renovation and decoration segment was HK$40,329,000, down from HK$62,394,000 in FY21[43] - Revenue for FY22 amounted to HK$116,656,000, a decrease of HK$42,073,000 compared to FY21's HK$158,729,000, primarily due to reduced income from Chongqing Property[60] Asset and Equity Management - Net assets increased slightly by 0.55% to HK$190,159,000 from HK$189,128,000[8] - The Group's total equity was HK$190,159,000, a slight increase of 0.55% from HK$189,128,000 in the previous year, driven by an exchange gain of HK$48,641,000 from the appreciation of Renminbi[71] - The Group's cash and cash equivalents decreased to HK$31,770,000 in FY22 from HK$153,787,000 in FY21, indicating a liquidity challenge[73] - The current ratio as of March 31, 2022, was 1.49, down from 1.71 in FY21, reflecting a decline in current assets to HK$544,014,000 from HK$670,556,000[73] Cost Management - Selling and administrative expenses were reduced to HK$96,665,000 in FY22 from HK$122,100,000 in FY21, reflecting effective cost control measures[65] - The total staff cost for FY22 was HK$72,688,000, an increase from HK$67,245,000 in FY21, with a total workforce of 393 employees[86] Corporate Governance - The Company has a strong commitment to high standards of corporate governance, which is essential for managing business risks and enhancing transparency[137] - The Board of Directors consists of five executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[148] - The Company has complied with all principles of good corporate governance throughout the year ended March 31, 2022[140] - The independent non-executive Directors bring extensive experience in accounting, financial management, and mergers and acquisitions[129][130][132] - The Group's corporate governance policy is aligned with the Corporate Governance Code set out in the Listing Rules[139] Strategic Outlook - The Group plans to continue identifying investment and merger and acquisition opportunities to enhance financial performance and diversify its investment portfolio[25] - The operating environment remains uncertain due to the resurgence of COVID-19 in Mainland China, but the long-term positive trend is expected to continue[23] - The company expects the tourism industry in Japan to gradually recover, positively impacting hotel performance in the long run[58] - The redevelopment of Chongqing Property has been completed, with expectations for serviced apartments to generate positive returns due to geographical advantages[56] Risk Management - The Group did not enter into any foreign exchange contracts for hedging during FY22, exposing it to fluctuations in exchange rates primarily from RMB and JPY[81] - The Company ensures compliance with statutory and regulatory provisions through regular reviews[174] - The Company has established adequate systems of internal controls and risk management procedures as part of its governance framework[146]