Financial Performance - For the six months ended September 30, 2024, the company reported revenue of HKD 70,445,000, an increase of 2.4% compared to HKD 68,634,000 for the same period in 2023[5] - Gross profit for the same period was HKD 9,962,000, up from HKD 5,804,000, reflecting a significant improvement in profitability[5] - The company recorded a net loss of HKD 180,806,000, compared to a net loss of HKD 159,653,000 in the previous year, indicating a deterioration in financial performance[5] - The basic and diluted loss per share was HKD 0.28, compared to HKD 0.25 for the same period last year[5] - The company reported a pre-tax loss of HKD 180,190,000 for the six months ended September 30, 2024, compared to a loss of HKD 160,905,000 for the same period in 2023, representing an increase in loss of approximately 11.5%[39] - Total comprehensive expenses for the period were approximately HKD 179,626,000, down from HKD 184,521,000 in the previous year[79] - The loss attributable to equity holders for the period was approximately HKD 180,190,000, with total comprehensive expenses of approximately HKD 178,969,000, influenced by foreign exchange gains and various impairment losses[107] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 2,224,671,000, down from HKD 2,256,164,000 as of March 31, 2024[9] - The company's non-current liabilities increased to HKD 1,550,124,000 from HKD 1,489,996,000, indicating a rise in financial obligations[11] - The company recorded a total of HKD 393,696,000 in property, plant, and equipment as of September 30, 2024, slightly down from HKD 398,767,000 as of March 31, 2024[63] - Total borrowings increased to approximately HKD 3,000,419,000 as of September 30, 2024, up by approximately HKD 138,228,000 from March 31, 2024[112] - Current liabilities increased to approximately HKD 1,782,587,000, with a current ratio of approximately 0.22, indicating a low liquidity position due to reclassification of loans[115] Cash Flow and Financial Management - The cash and cash equivalents stood at HKD 19,506,000, slightly up from HKD 19,044,000 as of March 31, 2024[9] - The company has outstanding bank loans and payables totaling approximately HKD 1,452,967,000 and HKD 11,125,000, respectively, which are classified as current liabilities and are in default[17] - The company is in discussions with banks and suppliers to restructure the repayment schedule of defaulted loans and payables[19] - The company plans to implement further cost-cutting measures to reduce operational costs and maintain positive cash flow[19] - The company has unused loan facilities of approximately HKD 604,700,000 and HKD 23,298,000, which are due in December 2025[19] Property and Investment - The company reported a decrease in investment property fair value loss to HKD 59,095,000 from HKD 37,569,000, indicating a worsening in property valuations[5] - The fair value of investment properties decreased by approximately HKD 59,095,000 for the six months ended September 30, 2024, compared to a decrease of HKD 37,569,000 in the same period of 2023[44] - The company has reported a total of HKD 1,255,609,000 in investment properties as of September 30, 2024, down from HKD 1,280,227,000 as of March 31, 2024[63] - The fair value of the investment property shopping mall in Chongqing was approximately HKD 1,255,609,000, representing about 56.44% of the company's total assets as of September 30, 2024[81] Operational Performance - Revenue from external customers for the six months ending September 30, 2024, was HKD 70,445,000, compared to HKD 68,634,000 for the same period in 2023, representing an increase of approximately 2.4%[26] - Revenue from the Chongqing property segment was approximately HKD 21,536,000, a decrease from HKD 25,306,000 in the same period last year[81] - Revenue from property management services was approximately HKD 11,316,000, slightly up from HKD 11,177,000 in the previous year[89] - The indirect subsidiary, Wenzhou Beichen Construction Co., Ltd., generated revenue of approximately HKD 31,649,000, up from HKD 25,370,000 in the previous six months, focusing on renovation and decoration services[92] - Revenue from the Japanese hotel operations was approximately HKD 5,944,000, a slight decrease from HKD 6,781,000 in the previous period, impacted by macroeconomic factors and operational pressures[94] Legal and Compliance Issues - The company is currently facing legal proceedings initiated by banks due to breaches of loan covenants, with a total outstanding amount of approximately RMB 1,308,861,000 (approximately HKD 1,413,568,000) as of May 31, 2024[75] - The company is involved in a legal dispute regarding approximately HKD 11,125,000 in payable construction fees, with certain properties being seized under court orders[79] - The company has confirmed that all directors have adhered to the standard code of conduct regarding securities trading throughout the reporting period[127] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results and recommended their adoption by the board[131] Corporate Governance - The company has maintained compliance with the corporate governance code as per the Stock Exchange Listing Rules Appendix C1 during the six-month period ending September 30, 2024[126] - The roles of the Chairman and the CEO have been clearly distinguished since May 22, 2024, ensuring compliance with the corporate governance code[126] - There has been no purchase, sale, or redemption of the company's listed securities by the company or any of its subsidiaries during the reporting period[130] - The company has maintained sufficient public float during the reporting period[129] Future Outlook - The company is optimistic about resolving ongoing legal disputes and potentially revising loan agreement terms to be more favorable[88] - The board remains optimistic about the long-term development of first-tier cities in China, anticipating a gradual recovery in customer confidence and a moderate rebound in property prices[95] - The group plans to focus on restructuring overdue debts, improving financial performance, and reducing operating expenses to enhance profitability[97]

董事會會議召開日期 胡興榮 民生國際有限公司（「本公司」）之董事（「董事」）會（「董事會」）謹此宣佈董事會 會議將於2024年11月29日（星期五）舉行，藉以（其中包括）批准本公司及其附屬公 司截至2024年9月30日止六個月的未經審核中期業績及其刊發，以及考慮派發中期 股息（如適用）。 承董事會命 民生國際有限公司 主席 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） 香港，2024年11月19日 於本公告日期，執行董事為胡興榮先生（主席）、黃曉海先生、金江桂先生及李振 宇先生；以及獨立非執行董事為鮑依寧女士、黃昆杰先生及袁海波先生。 ...

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]