Contents 目錄 Contents 目錄 2 Corporate Information 公司資料 4 Chairman’s Statement 主席報告 9 Financial Highlights 財務摘要 10 Financial Summary 財務概要 11 Management Discussion and Analysis 管理層討論及分析 35 Directors and Senior Management 董事及高級管理人員 41 Corporate Governance Report 企業管治報告 74 Directors’ Report 董事會報告 ...

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佈的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不就因本公佈之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。 CHINLINK INTERNATIONAL HOLDINGS LIMITED 普 匯 中 金 國 際控 股 有 限 公 司* （於百慕達註冊成立之有限公司） 0997 （股份代號： ） 截至二零二三年三月三十一日止年度 之終期業績公佈 業績 普匯中金國際控股有限公司（「本公司」或「普匯中金」）董事（「董事」）會（「董事會」）謹此宣佈 本公司及其附屬公司（統稱「本集團」）截至二零二三年三月三十一日止年度（「本年度」）之經 審核綜合業績連同截至二零二二年三月三十一日止年度之比較數字如下： 綜合損益及其他全面收益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 ...

Financial Performance - For the six months ended September 30, 2022, Chinlink International Holdings Limited recorded total revenue of HK$69.0 million, representing a drop of 28.1% compared to the previous period[10]. - The Group's total revenue for the Period was HK$69.0 million, reflecting a decrease of 28.1% from HK$96.0 million in the Previous Period[33]. - Total revenue for the six months ended September 30, 2022, was HK$68,994,000, a decrease of 28.2% compared to HK$95,993,000 in the same period of 2021[177]. - Gross profit decreased to HK$52.4 million, down 20.8% from HK$66.2 million in the Previous Period, while gross profit margin increased to 76.0%[38]. - Gross profit for the period was HK$52,441,000, down 20.7% from HK$66,176,000 year-on-year[177]. - The Group recorded a loss of HK$170.7 million for the period, compared to a loss of HK$99.3 million in the previous period, primarily due to decreased gross profit from financial advisory and guarantee services[51]. - Loss before tax increased to HK$175,174,000, compared to a loss of HK$90,832,000 in the previous year, reflecting a 93.1% increase in losses[177]. - Loss for the period attributable to owners of the Company was HK$161,933,000, compared to HK$103,724,000 in the prior year, representing a 55.9% increase in losses[180]. - Total comprehensive expense for the period was HK$484,611,000, significantly higher than HK$49,509,000 in the same period last year[180]. Business Challenges - The Group faced significant challenges due to geopolitical conflicts, interest rate hikes, and the ongoing COVID-19 pandemic, which adversely affected its business operations[11]. - The presale of over 600 residential units in the Phase Two Development project was disappointing, impacting the Group's liquidity during the period[18]. - MCM Group's revenue from financial advisory services dropped to HK$6.3 million, representing a 79.4% decline from the Previous Period[27]. - Revenue from financial guarantee services was HK$3.1 million, down 56.7% compared to the Previous Period, with total outstanding guaranteed amount at RMB200.2 million[32]. - The financial advisory services faced one of the most challenging quarters, with the Hang Seng Index down over 26% year to date[27]. Asset Management and Investments - The Group disposed of its ownership in the Chinlink International Centre, generating net proceeds used for debt repayment, completed on June 30, 2022[17]. - The MCM Group, a boutique investment bank, did not meet the Group's expectations, leading to a restructuring of its investment and a shift to focus on private equity investment in the onshore China market[21]. - MCM Investment Partners Limited managed assets averaging around US$60 million, with capital deployment curtailed due to market uncertainty[28]. - The Group recorded a significant loss on disposal of a subsidiary amounting to HK$95.4 million during the Period[40]. - The Group recorded a loss on the disposal of a subsidiary amounting to HK$95,353,000, which was not reported in the previous year, highlighting potential strategic shifts[194]. Financial Position - The Group's bank balances and cash decreased significantly to HK$136.1 million from HK$251.9 million as of March 31, 2022, a decrease of HK$115.8 million[52]. - Bank and other borrowings decreased to HK$1,279.2 million from HK$1,693.8 million, a reduction of HK$414.6 million, mainly due to debt repayment from the disposal of Real King[56]. - The Group's total liabilities decreased from HK$3,593.7 million as of March 31, 2022, to HK$2,900.1 million as of September 30, 2022[75]. - The Group's total assets decreased from HK$5,569.7 million as of March 31, 2022, to HK$4,391.5 million as of September 30, 2022[75]. - The Group's net current liabilities were HK$753.4 million as of September 30, 2022, down from HK$791.0 million as of March 31, 2022, resulting in a current ratio of 0.6[70]. Market Outlook - China's GDP growth for 2022 was estimated at 3.2%, outperforming the average of 2.4% among advanced economies, indicating a positive economic outlook[101]. - The Chinese market, with a population of 1.4 billion and 400 million middle-income individuals, continues to attract foreign capital despite a shift towards self-reliance[102]. - Recent relaxation measures in China regarding property and COVID-19 controls, along with fiscal and monetary support, are expected to bolster the country's growth outlook[103]. - The easing of the zero-COVID policy and relief measures in the property sector are expected to improve the overall business environment, providing opportunities for new business development[110]. - The Group plans to diversify its income sources and strengthen its onshore private equity and asset management operations to participate in China's new development program[111]. Corporate Governance - The company has complied with all provisions of the Corporate Governance Code, except for the separation of the roles of chairman and chief executive, which are held by the same individual[162]. - The Audit Committee has reviewed the accounting principles and practices adopted by the Group and discussed risk management and internal control systems[170]. - The Nomination and Remuneration Committee is responsible for reviewing the structure, size, and diversity of the Board at least annually[174]. - The company has maintained a strong and consistent leadership structure, which is believed to facilitate quick and consistent decision-making[162]. Share Options and Capital Structure - The total number of shares available for issue upon the exercise of outstanding share options under the Scheme is 1,554,819, representing approximately 0.13% of the total issued shares of the Company[121]. - As of September 30, 2022, Mr. Li Weibin holds a total of 713,432,167 shares, accounting for 61.014% of the Company's issued shares[117]. - The company has a total of 1,554,819 share options available for issuance, which represents approximately 0.13% of the total issued shares of 1,169,287,752 as of September 30, 2022[124]. - The total number of share options outstanding as of September 30, 2022, is 1,554,819 after accounting for the lapsed options[128]. - The company reported a basic loss per share of HK$13.85, compared to HK$8.87 in the previous year, indicating a 56.5% increase in loss per share[180].

Economic Challenges - The Group faced a challenging year due to COVID-19 lockdowns, geopolitical tensions, supply chain issues, rising inflation, and regulatory crackdowns, significantly impacting performance [13]. - The COVID-19 pandemic and related travel restrictions have hindered business development, causing many projects to be postponed or stranded [38]. - The inflation rate in the US has risen to 8.5%, impacting global economic conditions and increasing risks for heavily indebted businesses [156]. - China projects a GDP growth of 5.5% for 2022, but recent lockdown measures have hampered business activities and consumption [157]. Financial Performance - The Group recorded total revenue of HK$186.1 million for the year, representing a drop of 16.8% compared to the previous year [59]. - The Group reported a loss before taxation of HK$346.36 million, compared to a loss of HK$146.71 million in the previous year [54]. - The Group recorded a loss of HK$332.3 million for the year, compared to a loss of HK$162.2 million in the previous year, primarily due to a significant drop in revenue from financial advisory services and substantial losses on fair value changes of investment properties [89]. - Financial advisory services revenue dropped significantly to HK$37.2 million, down 57.3% from HK$87.1 million in the previous year [71]. - Gross profit for the year was HK$133.16 million, down from HK$155.94 million in the previous year [54]. Property Investment - The property investment business was the hardest hit, with unsatisfactory presales of the Phase Two Development in Xi'an due to a grim market situation [19]. - Revenue from Property Investment reached HK$112.99 million, with a 16.4% increase compared to the previous year [60]. - The property investment segment saw an increase in rental income due to a rise in occupancy rates, with the average occupancy rate for the commercial building at 97% [63]. - The Group is in the process of disposing of the Chinlink International Centre commercial property, expected to complete in July 2022, to improve financial position despite anticipated losses [24]. Financial Advisory Services - The financial advisory services segment experienced a significant drop in advisory incomes due to regulatory crackdowns and foreign investor hesitance towards Chinese tech investments [25]. - The geopolitical tensions and regulatory crackdowns in China have created uncertainty for foreign investors, impacting the Group's traditional financial advisory income sources [26]. - International capital has been withdrawing from investments in Chinese companies due to regulatory scrutiny and escalating political risks, impacting the outlook for financial advisory services [167]. Debt and Liquidity Management - The Group's near-term primary objective is deleveraging, focusing on presales of Phase Two Development to reduce outstanding debts and seeking refinancing options for secured loans [33]. - The Group attempted to refinance high-cost debts but faced challenges due to tightened lending policies from banks towards the real estate sector [20]. - The Group plans to use proceeds from the sale of the CIC to repay debt, which will reduce financial costs and improve liquidity [161]. - As of March 31, 2022, the Group's total liabilities amounted to HK$3,593.7 million, resulting in a debt-to-asset ratio of 0.65, an increase from 0.59 the previous year [119]. Strategic Initiatives - The Group plans to concentrate on expanding its investment management business in China, targeting high-growth companies in innovative technology, healthcare, and green energy sectors [37]. - The Group is adjusting its sales program in response to market conditions to maximize net proceeds from sales for debt reduction [33]. - The Group's strategy includes disposing of capital-intensive property investments in response to the downturn in the real estate market [161]. - The Group anticipates that the China investment management business will become a significant profit driver in terms of management fees and investment gains in the coming year [39]. Corporate Governance and Management - The Company emphasizes its core values of innovation, integrity, and collaboration to drive sustainable development [198]. - The Board of Directors is responsible for corporate governance, ensuring compliance with legal and regulatory requirements [200]. - The Group's management team includes experienced professionals with backgrounds in various sectors, enhancing its operational capabilities [189]. - The independent non-executive directors contribute to the company's governance and strategic direction through their extensive experience in their respective fields [179][182][183].

Revenue Performance - For the six months ended September 30, 2021, Chinlink International Holdings Limited recorded total revenue of HK$96.0 million, representing a drop of 17.2% compared to the previous period[8]. - The property investment business generated revenue of HK$45.2 million, with HK$8.8 million from Chinlink International Centre and HK$36.4 million from the Commercial Complex, showing a slight drop of 9.1% compared to the previous period[15]. - Revenue from the Commercial Complex dropped significantly by 21.4% during the period due to the impact of the COVID-19 pandemic, although the average occupancy rate remained high at 98.0%, a slight increase of 3.5% compared to the previous period[16]. - MCM Holdings Limited recorded revenue of HK$30.7 million from financial advisory and asset management services, representing a 35.4% drop against the previous period, attributed to exceptionally high income in the prior year[19]. - Revenue from financial guarantee services was HK$7.1 million, down 27.2% compared to the previous period, while other financial services generated HK$11.4 million[24]. - The Group's total revenue for the period was HK$96.0 million, reflecting a decrease of 17.2% from HK$116.0 million in the previous period[28]. Profit and Loss - Gross profit decreased to HK$66.2 million, down 11.3% from HK$74.6 million in the previous period, while gross profit margin increased slightly to 68.9%[29]. - The Group reported a loss of HK$99.3 million, compared to a loss of HK$37.7 million in the previous period, primarily due to decreased gross profit from property investments and unrealized exchange losses[43]. - The total comprehensive income for the period was a loss of HK$49,509,000, compared to a profit of HK$66,563,000 in the same period last year[181]. - The company reported a loss for the year of HK$103,724,000, which is a significant increase compared to the previous loss of HK$44,997,000[189]. - The company reported a loss before tax of HK$90,832,000 for the six months ended September 30, 2021, compared to a loss of HK$29,384,000 in the same period of 2020, indicating a significant increase in losses[194]. Assets and Liabilities - Non-current assets decreased to HK$4,481,015,000 as of September 30, 2021, from HK$4,674,276,000 as of March 31, 2021, reflecting a decline of 4.1%[183]. - Current assets increased to HK$986,898,000 as of September 30, 2021, compared to HK$609,951,000 as of March 31, 2021, indicating a growth of 61.7%[183]. - Current liabilities increased to HK$1,986,282,000 from HK$1,843,594,000, representing a rise of about 7.7%[184]. - Net current liabilities improved to HK$999,384,000 from HK$1,233,643,000, indicating a reduction of approximately 19%[184]. - Non-current liabilities rose to HK$1,357,446,000 from HK$1,266,939,000, marking an increase of about 7.1%[187]. - The company's equity attributable to owners decreased to HK$2,060,203,000 from HK$2,116,742,000, a decline of approximately 2.7%[187]. Financial Management - The Group's gearing ratio as of September 30, 2021, was 0.61, slightly increased from 0.59 as of March 31, 2021, with total liabilities of HK$3,343.7 million and total assets of HK$5,467.9 million[65][68]. - The company has shown a commitment to managing its liabilities, with a notable increase in lease liabilities from HK$8,379,000 to HK$109,171,000, indicating a strategic shift in financing[184]. - The company is actively managing its financial liabilities, with repayments of various borrowings totaling HK$158,000,000 for 6.5% coupon bonds and HK$62,901,000 for bank borrowings[199]. Market Conditions and Strategic Initiatives - The Group's overseas expansion plans were significantly restricted due to strict cross-border travel controls and ongoing geopolitical tensions between China and the US[9]. - The Group launched the pre-sale of residential apartments under the Phase Two Development of the Daminggong Construction Materials and Furniture Shopping Centre amid a declining real estate market in China[13]. - The Group is focusing resources on financial and other innovative services in response to the challenges in the property market[13]. - The Group is focusing on expanding financial services in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging its unique position in Hong Kong to capture market potential[90]. - A joint venture with Bulltick LLC was finalized in November 2021, aiming to create a platform linking Latin America and Asia, enhancing corporate advisory services in private and venture equity[91]. Shareholder Information - As of September 30, 2021, Mr. Li Weibin holds 53,464,480 ordinary shares and 157,127 underlying shares, totaling 53,621,607 shares, representing approximately 61.014% of the total issued shares of the Company[105]. - The total number of shares available for issue under the share option scheme is 28,125,294, which represents approximately 2.41% of the total number of issued shares of the Company (1,169,287,752 shares)[113]. - The entire issued share capital of Wealth Keeper International Limited, which holds 659,810,560 shares, is wholly owned by Mr. Li, making him deemed interested in these shares[116]. - Ms. Cao Wei, as the spouse of Mr. Li, has an interest in a total of 713,432,167 shares, which is about 61.014% of the total issued shares[128]. Corporate Governance - The company complied with all provisions of the Corporate Governance Code except for the separation of the roles of chairman and chief executive[163]. - The company maintains a strong and consistent leadership structure with Mr. Li serving as both Chairman and Managing Director[163]. - The company has established an Audit Committee with three independent non-executive Directors[169]. - The Nomination and Remuneration Committee is responsible for reviewing the structure and diversity of the Board at least annually[170].

Financial Performance - The financial year ended 31 March 2021 was marked by uncertainty due to COVID-19 and geopolitical tensions, impacting various business segments[12]. - The Group's revenue for the year ended March 31, 2021, was HK$223,678,000, a decrease of 47.4% from HK$425,498,000 in 2020[46]. - Gross profit for the same period increased to HK$155,940,000, up 7.6% from HK$144,700,000 in 2020[46]. - The Group reported a loss before taxation of HK$146,712,000, compared to a loss of HK$79,262,000 in the previous year[46]. - The net loss for the year was HK$162,179,000, an increase from a loss of HK$119,036,000 in 2020[46]. - Total revenue from continuing operations was HK$223.7 million, a decrease of 47.4% compared to the previous year, primarily due to the suspension of the international trading business[57][59]. - The international trading business, previously the largest revenue generator, did not register any income during the year due to ongoing trade tensions and the COVID-19 crisis[57][59]. - The property investment business segment recorded a slight revenue decrease of 2.3% during the year, despite an increase in occupancy rate to 96.0%[63]. - The Group recorded a loss of HK$162.2 million for the year, compared to a loss of HK$130.9 million in the previous year, primarily due to a significant decrease in fair value gains on investment properties and the temporary suspension of international trading business[107][109]. Business Segments - The investment property business in Xi'an reported losses due to rental concessions, with the Daminggong Commercial Complex experiencing income declines[13]. - Revenue from property investment was HK$97,061,000, down from HK$99,380,000 in 2020[36]. - The Commercial Complex experienced an 11.5% drop in revenue due to COVID-19, but the average occupancy rate improved to 96.0% from 92.6% in the previous year[66]. - The logistics and other services segment recorded income of HK$1.2 million, a significant increase from HK$12,000 in the previous year[79]. - The Group's licensed alternative finance businesses in China remained stable, maintaining overall portfolio quality despite challenging conditions[58][59]. Financial Advisory and Asset Management - Financial advisory and asset management services managed by MCM Group reached new highs, attributed to the booming capital market in Hong Kong[19]. - MCM Group capitalized on the funding needs of fast-growing technology companies in China and Asia, benefiting from Hong Kong's status as a financial hub[19]. - Successful advisory in private placements and M&A transactions targeting growth-stage technology enterprises in Asia, with more resources directed towards asset and wealth management[25]. - The financial advisory services business under MCM Group experienced significant growth, with total revenue increasing by 351.6% compared to the previous year, contributing substantially to the Group's revenue[62]. - MCM Group's financial advisory and asset management business recorded HK$87.1 million in commission and management fees, representing a growth of over 351.6% compared to the previous year[70]. Strategic Initiatives - The Group plans to expand the scope of financial services, focusing on product offerings and market coverage[20]. - The Group aims to build an innovative ecosystem driven by capital, technology, and entrepreneurship, with capital as the key driver[22]. - The Group is exploring financing or disposal alternatives to enhance liquidity due to high financial costs associated with investment properties[26]. - The Group plans to collaborate with the Hanzhong Municipal Government to restructure the logistics park project to monetize part of its investment[26]. - The Group aims to adopt an asset-light business model and liquidate its asset-heavy property portfolio as opportunities arise[30]. - The Group's strategy includes broadening its investor and distribution bases through partnerships with recognized ventures and funds in Asia, North America, and Latin America[196][198]. Capital and Financing - The Group's bank balances and cash totaled HK$236.8 million, a decrease of HK$37.5 million from HK$274.3 million in the previous year, attributed to funding for business expansion and repayment of borrowings[108][110]. - The Group's bank and other borrowings amounted to HK$1,549.3 million, an increase of HK$88.6 million from HK$1,460.7 million as of March 31, 2020, with HK$942.5 million due within one year[112][114]. - The Group issued 6.5% coupon bonds totaling HK$200 million, with HK$41.5 million redeemed during the year, and the remaining HK$158.5 million extended for one year[117][119]. - The Group's total liabilities were HK$3,110.5 million, while total assets amounted to HK$5,284.2 million, resulting in a gearing ratio of 0.59, improved from 0.62 the previous year[151]. - The Group's allocation of resources to financing service business contributed to the increase in loan receivables, which improved the current ratio[123][125]. Market Conditions and Risks - The geopolitical situation, particularly the rivalry between China and the US, poses challenges for international business, but Hong Kong's role as a financial hub remains significant[189][191]. - The Group's financial performance may be affected by the ongoing COVID-19 pandemic, with potential impacts yet to be estimated[167]. - The Group recognizes compliance risks and conducts ongoing reviews of relevant laws and regulations affecting its operations[182]. - The Group will closely monitor the development and prospects of its business segments due to the uncertain investment outlook impacted by US-China trade tensions and COVID-19[106][109]. Workforce and Corporate Actions - The Group had 37 employees in Hong Kong, 217 in China, and 1 in the United Kingdom as of March 31, 2021, reflecting a decrease in workforce compared to the previous year[183]. - The Company conducted a Capital Reorganisation, which included a Share Consolidation where every 5 existing shares were consolidated into 1 share, and a Capital Reduction that reduced the nominal value of shares from HK$1.5626 to HK$0.01[129][131]. - The Company announced a Rights Issue on December 14, 2020, offering three rights shares for every one share held at a subscription price of HK$0.38 per rights share[135][137]. - The Rights Issue completed on March 25, 2021, raised gross proceeds of approximately HK$333.3 million and net proceeds of HK$327.6 million, primarily used for repaying outstanding debts[144].

Financial Performance - For the six months ended 30 September 2020, the Group recorded total revenue from continuing operations of HK$116.0 million, representing a drop of 65.7% compared to the previous period[12]. - The Group's revenue from continuing operations was HK$116.0 million, reflecting a significant decrease of 65.7% from HK$337.9 million in the previous period[44]. - Gross profit for the period decreased to HK$74.6 million, down 14.4% from HK$87.2 million in the previous period, while gross profit margin increased to 64.3% from 25.8%[45]. - Other income recorded a gain of HK$26.8 million, significantly higher than HK$5.9 million in the previous period, mainly due to adjustments on borrowings and exchange gains[50]. - The Group recorded a loss of HK$37.7 million for the period, an improvement from a loss of HK$48.7 million in the previous period, mainly due to the suspension of international trading and increased finance costs[60]. Business Segments - The international trading business segment recorded no income during the period due to temporary business suspension caused by COVID-19 and trade tensions between the US and China[12]. - The logistics services segment did not record any revenue due to the temporary suspension of the international trading business[38]. - The financial advisory services business under MCM Holdings Limited showed significant improvement due to reduced operating costs and successful private placements[16]. - The property investment business generated a total revenue of HK$49.8 million during the Period, with HK$3.5 million from CIC and HK$46.3 million from the Commercial Complex[31]. - The financial guarantee services generated revenue of HK$9.7 million, showing a slight drop of 5.0% compared to the Previous Period[27]. COVID-19 Impact - The COVID-19 pandemic caused a global economic slowdown, impacting various business segments of the Group[11]. - The Group adopted a cautious approach and temporarily suspended the international trading business since the last financial year[12]. - The international trading business was temporarily suspended, resulting in no income recorded during the Period due to ongoing trade disputes and COVID-19 impacts[26]. - The Chinlink Worldport Integrated Logistics Park has not generated income during the Period as it was still in trial operation[23]. - The average occupancy rate of the Commercial Complex was 94.5%, reflecting a slight 1.6% drop compared to the Previous Period[31]. Investments and Developments - A new revenue source was generated from leasing the Chinlink International Centre, which started recording rental income from April 2020[20]. - The Phase Two Development of the Commercial Complex, with a total construction area of 128,000 square meters, resumed construction in the second quarter of 2020 after interruptions due to COVID-19[20]. - The Group disposed of 37.5% equity interest in Chinlink Finance Lease Company, resulting in a 25.0% equity interest that was not consolidated in the Group's accounts for the period[15]. - Investment properties in Xi'an and Hanzhong recorded a fair value gain of HK$32.0 million during the period, despite the impact of COVID-19[52]. - The Group plans to launch pre-sale of residential units in Phase Two Development around January 2021, which is expected to improve liquidity[129]. Financial Position - As of September 30, 2020, the Group's bank balances and cash totaled HK$242.1 million, a decrease of HK$32.2 million from HK$274.3 million as of March 31, 2020[64]. - The Group's bank and other borrowings amounted to HK$1,498.6 million, an increase of HK$37.9 million from HK$1,460.7 million as of March 31, 2020[65]. - As of September 30, 2020, the Group had net current liabilities of HK$1,687.9 million, an increase from HK$1,350.2 million as of March 31, 2020, resulting in a current ratio of 0.25 compared to 0.28 previously[74][76]. - The Group's gearing ratio as of September 30, 2020, was 0.63, based on total liabilities of HK$3,105.0 million and total assets of HK$4,933.0 million[79][83]. - The Group had capital commitments of HK$47.0 million contracted but not provided for, related to the development of Chinlink Worldport and CIC[88][92]. Share Capital and Options - As of September 30, 2020, the authorized and issued share capital of the Company remained unchanged at HK$625.0 million and HK$456.8 million respectively[78][82]. - The company has a total of 140,909,474 shares available for issue under the share option scheme, which is about 9.64% of the total issued shares[143]. - The total number of share options as of September 30, 2020, is 8,422,505[149]. - The total number of share options granted during the period is 5,835,140[149]. - The total number of issued ordinary shares of the Company was 1,461,609,692[158]. Strategic Initiatives - The company has positioned itself as a global innovative resource integrator, supporting fast-growing Chinese companies with indigenous technology and business models[110]. - The 14th Five-Year Plan emphasizes high-quality, green, and sustainable growth, focusing on domestic demand and self-innovation under the Dual Circulation strategy[106]. - The company is actively participating in the modernization of Hanzhong's traditional Chinese medicine industry through a joint venture with the Hanzhong Government[112]. - Chinlink is actively advising the Yulin Municipal Government on green energy projects, initiating a clean energy fund to invest in hydrogen projects with investors including SPIC and local industry funds[116][117]. - The gradual recovery of the national economy and new development policies in China present significant opportunities for the Group to advance its business model[130]. Governance and Compliance - The company complied with all provisions of the Corporate Governance Code except for the separation of the roles of chairman and chief executive[189]. - The Audit Committee reviewed the accounting principles and practices adopted by the Group and discussed risk management and internal control systems[195]. - The Nomination and Remuneration Committee reviews the structure, size, and diversity of the Board at least annually[199].

Business Strategy and Partnerships - Chinlink International Holdings Limited is focusing on establishing nucleus industry parks in newly developed zones in China to incubate and accelerate technology startups and growth companies[22]. - The Group has formed partnerships with provincial, city, and district governments in China, positioning itself as a trusted partner in critical industry reforms[22]. - Chinlink has laid the foundation for an innovation and financial ecosystem to integrate global innovation resources, aligning with the Chinese government's goal for high-quality economic development[18]. - The company is collaborating with GSVlabs to bring valuable innovation partners from Silicon Valley, enhancing access to international capital and academic resources[23]. - Chinlink's investment banking arm, MCM Holdings Limited, connects startups and established enterprises to the international capital market, providing financial advisory and fundraising services[23]. - The Group maintains strong confidence in its business model despite the challenging geopolitical environment, believing in a long-term sustainable growth strategy[17]. - China remains the most promising market for many foreign companies, reinforcing Chinlink's determination to drive structural reforms reliant on self-driven innovation and technology[16]. - The Group's international networks across various regions provide access to global enterprises interested in investing and expanding in China[23]. - The Group has established strong relationships with various provincial and municipal governments in China, aiming to create core industrial parks to incubate and accelerate technology startups and growth companies[25]. - The Group is in discussions with other government authorities in China for similar projects, which are expected to provide ample returns and enterprise value in the near term[31]. Financial Performance - The Group recorded total revenue of HK$425.5 million for the year ended 31 March 2020, representing a significant drop of 75.2% compared to HK$1,717.7 million for the previous year[59]. - The overall gross profit margin improved to 34.0% due to a significant decline in revenue from the low gross profit margin segment of international trading[59]. - Revenue from international trading decreased to HK$267.5 million from HK$1,551.0 million in the previous year, reflecting the impact of US-China trade tensions and COVID-19[59]. - Financial advisory services revenue decreased to HK$19.3 million from HK$24.5 million, indicating a decline in demand for these services[55]. - The Group reported a loss before taxation of HK$79.3 million for the year, compared to a profit of HK$61.6 million in the previous year[55]. - The net loss for the year attributable to owners of the Company was HK$130.1 million, compared to a profit of HK$18.9 million in the previous year[55]. - Current liabilities amounted to HK$1,868.7 million, while current assets were HK$518.5 million, resulting in net current liabilities of HK$1,350.2 million[55]. - Non-current assets decreased to HK$4,172.6 million from HK$4,295.8 million in the previous year, reflecting a reduction in long-term investments[55]. - The unprecedented COVID-19 pandemic significantly impacted the Group's business performance, leading to cautious investment strategies[58]. - The international trade division of the Group experienced significant impacts due to ongoing US-China trade tensions and the COVID-19 pandemic, leading to a substantial decline in revenue and profit[62]. Investment and Development Projects - The pilot project, Hanzhong Green Agricultural Products & Chinese Herbal Medicine Exhibition & Exchange Centre, is a joint venture with the Hanzhong Municipal Government, where the Group holds a majority interest and management control[29]. - The Group plans to focus more resources on investment banking, financial advisory, and asset management, anticipating a strong rebound in the global economy post-COVID-19[35]. - The construction of the Phase Two Development of the Daminggong Construction Materials and Furniture Shopping Centre is progressing well and is expected to generate substantial revenue in the coming years[36]. - The Group has entered into a letter of intent for a Sino-Japanese industrial park project targeting Japanese innovative technology enterprises in the Xixian New Area, a state-level special economic development zone[30]. - The Group's new financial landmark in Xi'an, CIC, is expected to have its first batch of tenants move in by the third quarter of 2020, with around 85.0% of the lettable area already leased[77]. - The Chinlink • Worldport in Hanzhong City is still in trial operation and did not generate income during the year, with a joint venture established to enhance local agricultural and Chinese herbal medicine industries[74]. - The Group expects to maintain an average occupancy rate over 95.0% in its Commercial Complex, with a small revenue gain projected for the coming financial year[186][188]. - Phase Two Development will cover approximately 128,000 square meters, with pre-sales expected to start by the end of 2020 and project completion by mid-2022, contributing significant cash flow from service apartment sales[191][195]. - Over 85.0% of the lettable space for retail and office uses in CIC is under long-term contracts, expected to drive revenue from the second half of the coming financial year[192][195]. - A joint venture with the Hanzhong Municipal Government has commenced operation, focusing on developing the local Chinese medicine industry, with Chinlink holding a 66.0% stake[193]. Economic and Market Conditions - The Group is closely monitoring the economic environment and adjusting its strategy to mitigate risks associated with economic and geopolitical tensions, particularly between China and the US[162]. - The Group anticipates challenges in 2020 due to geopolitical tensions and the COVID-19 pandemic but expects an early rebound in the Chinese economy supported by fiscal stimulus and easing lockdown measures[179]. - The Group anticipates no substantial growth in financial guarantee and factoring businesses due to constraints in raising capital and the slowdown of the domestic economy[180][182]. - The macro environment was volatile, affecting investment appetite, but MCM Group managed to maintain performance by reducing costs[66]. - The impact of trade tensions and the COVID-19 pandemic is expected to persist, with no notable improvement in business performance anticipated in the near term[78]. Financing and Capital Management - The company issued 13.0% coupon bonds with an aggregate principal amount of US$30 million, secured by equity interests of certain subsidiaries, maturing on August 30, 2021[128]. - The net proceeds from the exchange offer of approximately US$13.7 million were used for the partial repayment of the 9.0% coupon bonds[128]. - The company issued 6.5% coupon bonds totaling HK$200 million, secured by equity interests of certain subsidiaries, with a maturity of one year from the issue date[125]. - The group recognized an impairment loss of HK$15.3 million related to goodwill from the acquisition of MCM Group due to market uncertainties[116]. - The company partially repaid HK$100 million of the 9.0% coupon bonds during the year, with the remaining principal maturity extended by one year[120]. - The group’s financing activities included the issuance of unsecured bonds and the refinancing of existing borrowings to support business development and working capital[125]. - As of March 31, 2020, the company recorded net current liabilities of HK$1,350.2 million, an increase from HK$968.8 million as of March 31, 2019, resulting in a current ratio of 0.28 compared to 0.49 the previous year[138]. - The company secured a 2-year credit facility totaling US$64.1 million, with US$48.7 million drawn down as of March 31, 2020, primarily used for repayment of certain loans[132]. - The company's gearing ratio as of March 31, 2020, was 0.62, slightly up from 0.60 the previous year, calculated based on total liabilities of HK$2,929.7 million and total assets of HK$4,691.1 million[147]. - The company disposed of a 37.5% equity interest in the Finance Lease Company for approximately RMB93.2 million (approximately HK$103.9 million), reducing its interest from 62.5% to 25%[144]. Human Resources and Operational Performance - The Group employed 44 employees in Hong Kong, 246 in China, and 1 in the UK as of March 31, 2020, reflecting a slight increase in the workforce in China[171]. - The Group is committed to fostering strong relationships with customers and suppliers, which are essential for operational performance and financial success[172]. - The Group's liquidity risk is managed by ensuring sufficient liquid cash and committed bank facilities to meet funding needs[169].

Financial Performance - For the six months ended September 30, 2019, Chinlink International Holdings Limited's international trading business recorded a 66.5% drop in revenue to HK$247.1 million, primarily due to reduced demand from electronic component buyers[20]. - Gross profit for the international trading segment decreased by 67.4% to HK$7.6 million compared to the same period last year[20]. - The Group's consolidated revenue for the Period was HK$357.2 million, a significant decrease of 57.4% from HK$839.1 million in the Previous Period[38]. - Revenue from international trading fell to HK$247.1 million, down 66.5% from HK$738.3 million in the Previous Period, primarily due to reduced demand for electronic components[38]. - The Group recorded a loss of HK$48.7 million for the period, compared to a profit of HK$40.8 million in the previous period, mainly due to downturns in international trading and investment property valuations[53]. - Loss before taxation was HK$29,036,000, compared to a profit of HK$72,651,000 in the previous year, indicating a significant decline[189]. - The company reported a loss for the period of HK$48,673,000, contrasting with a profit of HK$40,832,000 for the same period in 2018[189]. - Basic and diluted loss per share for the period was HK(3.57) cents, compared to earnings of HK3.09 cents per share in the prior year[191]. Business Segments - The Group's alternative finance businesses in China performed as planned, but further growth is hindered by tight liquidity in the local capital market[13]. - The Daminggong Construction Materials and Furniture Shopping Centre in Xi'an continued to generate steady revenue from rental and management fees[18]. - The Chinlink‧Worldport Integrated Logistics Park is still in trial operation and did not generate income during the period[18]. - The commercial and office property in Xi'an, now named Chinlink International Centre, is in its completion stage and is expected to achieve high occupancy and start generating income by early next year[18]. - The financial guarantee services generated HK$10.2 million in revenue, a modest increase of 12.1% from HK$9.1 million in the Previous Period[23]. - Finance lease services revenue increased by 27.3% to HK$19.3 million compared to HK$15.1 million in the Previous Period[24]. - Property investment revenue rose by 7.9% to HK$57.2 million, up from HK$53.0 million in the Previous Period, with an average occupancy rate of approximately 96.0%[25]. Market Conditions - The overall business environment was challenging due to the US-China trade dispute and a slowdown in the global economy, impacting the Group's performance[11]. - The Group has decided to reduce its investment in international trading due to unfavorable market conditions, leading to a significant decline in revenue and profit from this segment[12]. - The Group does not expect any significant improvement in the international trading business conditions in the near term[20]. - The Group adopted a conservative strategy to mitigate risks in the trading business, anticipating no significant improvement in the short term[21]. Financial Position - As of September 30, 2019, bank balances and cash totaled HK$313.5 million, down HK$240.2 million from HK$553.7 million as of March 31, 2019, primarily due to loan repayments[54]. - Total bank and other borrowings amounted to HK$1,316.2 million, a decrease of HK$144.0 million from HK$1,460.2 million as of March 31, 2019, reflecting loan repayments[55]. - The Group's net current liabilities improved to HK$635,090,000 from HK$968,804,000[195]. - The Group's total liabilities decreased from HK$3,132.3 million as of March 31, 2019, to HK$2,983.7 million as of September 30, 2019[72][76]. - The Group's gearing ratio as of September 30, 2019, was 0.61, slightly up from 0.60 on March 31, 2019, with total liabilities of HK$2,983.7 million and total assets of HK$4,855.0 million[72][76]. Share Capital and Options - The authorized and issued share capital of the Company remained unchanged at HK$625.0 million and HK$456.8 million respectively during the period[71][75]. - The total number of shares available for issue under the share option scheme is 140,909,474, which is approximately 9.64% of the total issued shares as of November 29, 2019[132]. - The Company had a total of 1,461,609,692 issued ordinary shares as of September 30, 2019[136]. - The share option scheme was adopted on September 21, 2012, and has been approved by the shareholders[131]. - Total number of share options as of September 30, 2019, is 8,422,505[138]. - Number of share options granted during the period is 5,518,505[138]. - Number of share options exercised during the period is 0[138]. - Number of share options cancelled during the period is 226,169[138]. - Number of share options lapsed during the period is 0[138]. - Number of share options re-classified during the period is 542,804[138]. Strategic Initiatives - The Group is focused on building an ecosystem to provide comprehensive financial services and innovative solutions, leveraging international resources and partnerships[98][100]. - Since April 2019, the Group has partnered with GSVlabs to support its global expansion and establish innovation centers in China, with the first center set to open in Xi'an by early 2020[99][101]. - The partnership with GSVlabs is anticipated to create significant opportunities for Chinlink in innovation and finance, particularly in the context of the challenging macroeconomic environment[108]. - The establishment of the first GSVlabs innovation center in Xi'an aims to replicate the Silicon Valley incubator model, enhancing Chinlink's innovation and finance ecosystem[117]. - The company aims to support sustainable growth for entrepreneurship and technology-rich enterprises through its integrated innovation and finance ecosystem[116]. Governance and Compliance - The company complied with all provisions of the Corporate Governance Code, except for the separation of the roles of chairman and chief executive, which are held by Mr. Li Weibin[164]. - The Audit Committee reviewed the unaudited interim results of the Group for the period and found no issues with the financial statements prepared in accordance with Hong Kong Accounting Standard 34[171]. - The Nomination and Remuneration Committee is responsible for reviewing the structure and diversity of the Board and making recommendations on remuneration policies[175].

Company Overview and Strategy - The financial year ended March 31, 2019, was a year of challenge and transformation for Chinlink International Holdings Limited[11]. - Chinlink continues to provide financial solutions to SMEs in Shaanxi and other parts of China, facing challenges from trade frictions and competitive environments[12]. - The company is exploring a new strategic positioning aimed at achieving sustainable and profitable growth in the coming years[13]. - Chinlink's new positioning focuses on building a robust ecosystem integrating government, education, research, industry, finance, and talent resources[14]. - The ecosystem includes a full chain of financial services such as alternative finance, investment banking, financial advisory, asset management, and venture funds[14]. - The company aims to play a critical role in reshaping the industry structure and developing the new economy in China[15]. - The Group is transitioning to become an integrated financial services and innovative solutions provider, targeting fast-growing companies and technology startups[163]. - The Group is committed to building an ecosystem to support innovative business environments and entrepreneurship[163]. Financial Performance - The Group recorded total revenue of HK$1,750.3 million for the year, representing a rise of 39.2% compared to the previous year[54]. - Revenue growth was driven by strong performance in international trading and property investment, along with contributions from new segments: finance lease services and financial advisory services[54]. - Gross profit for the year was HK$216.2 million, an increase from HK$147.2 million in the previous year[50]. - The Group reported a profit before taxation of HK$71.6 million, recovering from a loss of HK$5.5 million in the previous year[50]. - Profit for the year attributable to owners of the Company was HK$18.9 million, compared to a loss of HK$77.9 million in the previous year[50]. - The Group's net assets increased to HK$2,085.7 million, up from HK$1,851.4 million in the previous year[50]. - The Group's total assets increased to HK$5,218.1 million as of March 31, 2019, from HK$5,152.0 million as of March 31, 2018[125][129]. - The Group recorded a profit of HK$17.2 million for the year, compared to a loss of HK$29.1 million in the previous year, primarily due to increased revenue and gross profit, as well as significant gains from fair value changes in investment properties[97][100]. Business Segments and Growth Drivers - The international trading segment generated revenue of HK$1,551.0 million, a 39.0% increase, making it the largest income generator for the Group[58]. - The finance lease services business saw a significant revenue increase of 268.9% to HK$32.6 million, with a total outstanding lease balance of RMB277.4 million as of March 31, 2019[67]. - The financial guarantee services business generated revenue of HK$18.9 million, reflecting an 11.3% increase, with a total outstanding guarantee amount of RMB403.5 million[63]. - The property investment business reported a 12.0% rise in revenue to HK$104.0 million, with an average occupancy rate of approximately 97.0%[68]. - The financial advisory services segment, a new business for the Group, generated HK$24.5 million in revenue, representing a 329.8% increase over the previous year[73]. - The international trading business has been a key growth driver, particularly in trading electronic components, but faces uncertainty due to trade disputes between China and the United States[177]. Strategic Partnerships and Initiatives - Chinlink has established a strategic partnership with GSVlabs, a Silicon Valley-based innovative platform, to bring successful incubation models to China[25]. - The company plans to launch the first GSVlabs innovation center in Xi'an, targeting Chinese startups with a global vision[30]. - The company has entered into a strategic cooperation agreement with Xi'an Jiaotong University Science Park to collaborate on incubation, acceleration, technology transfer, and startup funding[189]. - The company is set to hold a financial cooperation forum focusing on innovation and technology in September, co-organized with MCM Group and GSVlabs[184]. Economic and Market Conditions - The Chinese government has implemented measures such as cutting the banks' reserve requirement ratio and lowering benchmark interest rates to enhance liquidity in the banking system[156]. - China is focusing on supply-side structural reforms to eliminate excess capacity and promote new technologies and business models[160]. - The Chinese economy is facing challenges such as investment slowdown, shrinking exports, and declining GDP growth, prompting the government to adopt more relaxed financial policies[156]. Risk Management and Compliance - The Group maintained stringent credit criteria and risk management practices, resulting in minimal delinquent cases across its financial services portfolio[57]. - The Group closely monitors economic risks due to its core businesses being located in Hong Kong and China, adjusting strategies as needed[137][141]. - The Group continuously monitors its compliance with loan covenants to manage liquidity risk effectively[144]. - The Group has a credit policy in place and conducts individual credit assessments to determine credit limits and terms[143]. Corporate Governance and Management - The annual report for 2019 indicates a focus on enhancing corporate governance and management structure[200]. - The company aims to leverage its management team's extensive experience in the financial sector to drive growth[200]. - There is an emphasis on strategic planning to expand market presence and explore potential mergers and acquisitions[200]. - The management team is committed to developing new products and technologies to meet market demands[200]. - The company is focused on maintaining transparency and accuracy in financial reporting to build investor confidence[200].