COASTAL GREENLAND LIMITED 沿海綠色家園有限公司* (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號: 1124) 5 August 2025 Dear Non-Registered Holder of securities of the Company We hereby notify you that the Current Corporate Communication, in both English and Chinese, is now available on our Company's website at http://www.coastal.com.cn. You may access the Current Corporate Communication by clicking the Investor Relations section of our Company's website. If you wish to receive a printe ...

此乃要件 請即處理 閣下如對本通函任何方面或應採納之行動有任何疑問，應諮詢股票經紀或其他註冊 證券交易商、銀行經理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有之沿海綠色家園有限公司*之股份，應立即將本通函 交予買主或承讓人，或經手買賣或轉讓之銀行、股票經紀或其他代理商，以便轉交買 主或承讓人。 香港交易及結算所有限公司以及香港聯合交易所有限公司對本通函之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本通函全部或任 何部分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。 如英文版本及中文版本有任何歧異，概以英文版本為準。 COASTAL GREENLAND LIMITED 沿海綠色家園有限公司* （於百慕達註冊成立之有限公司） （股份代號：1124） (1)建議授出發行新股份及購回股份之一般授權； (2)建議重選董事； (3)重新聘任核數師； 及 (4)股東週年大會通告 除文義另有所指外，本通函所用所有詞彙具有本通函「釋義」一節所載涵義。 本公司謹訂於二零二五年九月十二日（星期五）下午二時三十分假座香港上環文咸東 街35-45B號2樓舉行股東週年大會或其任何續會 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 沿海綠色家園有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01124 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 700,000,000 | HKD | | | 1 HKD | | 700,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 700,000,000 | HKD | | | 1 HKD | | 700,000,000 | 本月底法定/註冊股本總額： ...

COASTAL GREENLAND LIMITED 沿海綠色家園有限公司* （於百慕達註冊成立之有限公司） （股份代號：1124） 此致 列位股東 台照 代表 沿海綠色家園有限公司* 敬啟者： 在本公司網站發佈公司通訊的通知 本公司謹此通知 閣下沿海綠色家園有限公司*（「本公司」）以下公司通訊（「公司通訊」）的 中英文版本現均已登載於本公司網站www.coastal.com.cn（「本公司網站」）： • 二零二四至二零二五年年報 公司通訊可於本公司網站首頁的投資者關係欄目下查閱。倘 閣下因任何理由以致收取 或接收本公司網站所登載的公司通訊出現任何困難，本公司將即時按 閣下要求將公司通訊的 印刷本免費寄發予 閣下。 此外， 閣下有權隨時透過電郵至coastal-ecom@vistra.com或通過填寫並交回隨附的要求 表格至本公司的香港股份過戶登記分處卓佳證券登記有限公司（地址為香港夏慤道16號遠東金 融中心17樓），以更改 閣下收取本公司日後所有公司通訊的語言版本（無論只收取英文或只收 取中文或同時收取兩種語言版本）及╱或收取途徑（無論是印刷本或通過本公司網站）。 閣下如有任何與本通知有關的疑問，請於辦公時間 ...

致新股東函件－ 選擇收取公司通訊的語言版本及途徑 根據香港聯合交易所有限公司（「聯交所」）證券上市規則第2.07A及2.07B條及沿海綠色家園有限公 司*（「本公司」）之公司細則，本公司將向 閣下提供以下方式供 閣下選擇以收取本公司日後的公司通訊 （「公司通訊」）（公司通訊乃指任何本公司發佈或即將發佈以供本公司任何股東參考或採取行動的文件， 包括但不限於(a)董事會報告、年度財務報表連同核數師報告的文本以及（倘適用）財務報告概要；(b)中期 報告及（倘適用）中期報告概要；(c)會議通告；(d)上市文件；(e)通函；及(f)代表委任表格： 謹請 閣下在進行選擇時，填妥隨附的要求表格（「要求表格」），並將要求表格寄回本公司香港股份 過戶登記分處卓佳證券登記有限公司（「香港股份過戶登記分處」），地址為香港夏慤道16號遠東金融中心 17樓。 即使 閣下已作出選擇， 閣下仍可隨時透過電郵至coastal-ecom@vistra.com或通過填寫並寄回要 求表格至香港股份過戶登記分處的方式向香港股份過戶登記分處發出合理通知以更改收取公司通訊的 語言版本及╱或途徑的選擇。若 閣下選擇將來以電子途徑收取所有日後的公司通訊，並 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概 不負責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公 佈全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何 責任。 COASTAL GREENLAND LIMITED 沿海綠色家園有限公司* （於百慕達註冊成立之有限公司） （股份代號：1124） 截至二零二五年三月三十一日止年度之全年業績 財務摘要： 沿海綠色家園有限公司*（「本公司」）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」）截至二零二五年三月三十一日止年度（「本年 度」或「二零二五財政年度」）之經審核綜合全年業績，連同截至二零二四年三 月三十一日止年度的經審核比較數據。以下財務資料摘錄自包含於本集團將 予刊發的本集團二零二四╱二五年年度報告內之經審核綜合財務報表。 * 僅供識別 1 • 本年度之收入約為港幣1.158億元，而去年則為港幣420萬元。 • 本公司擁有人應佔本年度虧損約為港幣3.819億元，而去年則為虧損約 港幣13.995億元。 • 於二零二五年三月三十一日，負債淨額與總權益比率為58%，保持在可 控制水平。 ...

Financial Performance - Revenue for the six months ended September 30, 2024, was approximately HKD 1.585 million, a decrease of about 20% compared to the same period last year[1]. - Loss attributable to the company's owners for the period was approximately HKD 36.9 million, compared to a loss of approximately HKD 793.5 million in the same period last year[2]. - Gross profit for the period was HKD 1.585 million, down from HKD 1.797 million in the previous year[2]. - Basic and diluted loss per share for the period was HKD 8.90, compared to HKD 191.4 in the same period last year[3]. - The group reported a pre-tax loss of HKD 37,133 million for the six months ended September 30, 2024, compared to a pre-tax loss of HKD 795,650 million in the same period of 2023[15]. - The group recognized a net loss from foreign exchange of HKD 585 million for the six months ended September 30, 2024, compared to a loss of HKD 1 million in the same period of 2023[15]. - The group reported total other income of HKD 4,088 million for the six months ended September 30, 2024, a substantial increase from HKD 287 million in 2023[12]. - The group incurred a total financial cost of HKD 14,391 million for the six months ended September 30, 2024, down from HKD 46,545 million in 2023, indicating a decrease of approximately 69.1%[13]. Assets and Liabilities - The net debt to total equity ratio as of September 30, 2024, was 35.5%, up from 33.2% as of March 31, 2024[1]. - The company's net assets as of September 30, 2024, were HKD 1.258 billion, down from HKD 1.289 billion as of March 31, 2024[5]. - The total assets less current liabilities as of September 30, 2024, were HKD 1.355 billion, compared to HKD 1.374 billion as of March 31, 2024[5]. - Total current assets as of September 30, 2024, were HKD 1.445 billion, slightly up from HKD 1.442 billion as of March 31, 2024[4]. - The net debt as of September 30, 2024, was approximately HKD 447.3 million, an increase from HKD 428.3 million as of March 31, 2024[38]. - The debt-to-equity ratio increased from 33.2% to 35.5% during the reporting period[38]. - As of September 30, 2024, the total bank and other borrowings amounted to HKD 244.5 million, a decrease from HKD 267.1 million as of March 31, 2024[39]. - The long-term borrowings accounted for approximately 27.0% of total borrowings, up from 20% as of March 31, 2024, while short-term borrowings represented 73.0%, down from 80%[39]. Expenses - Administrative expenses decreased to HKD 26.1 million from HKD 37.3 million year-on-year[2]. - The group’s depreciation expense for property, plant, and equipment was HKD 184 million for the six months ended September 30, 2024, compared to HKD 301 million in 2023, reflecting a decrease of about 38.9%[15]. - Interest expenses on bank loans for the six months ended September 30, 2024, amounted to HKD 3,137 million, significantly lower than HKD 36,241 million in 2023, reflecting a decrease of approximately 91.4%[13]. Revenue Sources - Rental income from fixed payments for the six months ended September 30, 2024, was HKD 1,585 million, down from HKD 1,911 million in 2023, indicating a decrease of about 17.0%[11]. - The company had no revenue from property sales during the period, compared to HKD 100,000 in the previous year[30]. - The group has no recorded contract sales during the period, compared to HKD 1.6 million in the same period last year[24]. Employee and Operational Insights - The group has approximately 82 employees as of September 30, 2024, an increase from 40 employees in the previous year, with employee costs totaling HKD 12.1 million[44]. - The overall business environment remains challenging due to a weak global economic outlook, despite signs of improvement in the Chinese economy[45]. - The group will continue to monitor the real estate market and adjust its business strategies according to government policies[45]. - The group plans to continue exploring opportunities in urban redevelopment and has established a wholly-owned subsidiary focused on artificial intelligence projects, currently in the initial R&D phase[46]. Dividends and Securities - The board does not recommend the distribution of an interim dividend for the six months ending September 30, 2024, compared to no dividend in the previous year[49]. - The group has not engaged in any purchase, sale, or redemption of its listed securities during the period[50]. Future Strategies - The company is focused on expanding its market presence and enhancing its product offerings[52]. - Future strategies will include new product development and potential mergers and acquisitions to drive growth[52].

Financial Performance - The company reported revenue of HKD 4.2 million for the fiscal year ending March 31, 2024, a significant decrease from HKD 211.4 million in the previous year, representing a decline of approximately 98%[15]. - The net loss for the fiscal year was HKD 1.399 billion, compared to a net loss of HKD 418.9 million in the previous year, indicating an increase in losses of about 233%[15]. - The basic loss per share for the year was HKD 3.3754, up from HKD 1.0287 in the previous year, reflecting a deterioration in financial performance[15]. - Contract sales amounted to HKD 0.4 million, a decrease from HKD 19.5 million in the previous year, representing a decline of approximately 98%[17]. - The total construction area for the year was approximately 84 square meters, down from 6,000 square meters in the previous year, indicating a significant reduction in operational scale[17]. - Total assets as of March 31, 2024, were HKD 1.791 billion, a decrease from HKD 6.771 billion in the previous year, reflecting a decline of approximately 73%[13]. - Total liabilities decreased to HKD 502.0 million from HKD 3.968 billion, indicating a reduction of about 87%[13]. - The company's equity attributable to owners was HKD 1.351 billion, down from HKD 2.856 billion in the previous year, representing a decrease of approximately 53%[13]. - The company recorded a revenue of HKD 4.2 million for the year, a significant decrease from HKD 211.4 million in the previous year[39]. - The net loss for the year was HKD 1.3995 billion, compared to a net loss of HKD 418.9 million in the previous year[39]. - The loss attributable to shareholders for the year was HKD 1.3995 billion, compared to HKD 426.5 million in the previous year[39]. - The basic loss per share for the year was HKD 3.3754, compared to HKD 1.0287 in the previous year[39]. Operational Strategy - The company plans to continue cautiously seeking opportunities in urban redevelopment to supplement its property portfolio[20]. - The company will focus on the real estate market outlook and seize investment opportunities as they arise[18]. - The company has a 35% equity interest in a development project with a total construction area of approximately 2,500 square meters[24]. - The Beijing Bay project has a total construction area of approximately 379,134 square meters, with 93% of the area pre-sold as of March 31, 2024[30]. - The company holds 100% equity in the Sujiatun project, with a remaining construction area of 1,273,050 square meters for future development[37]. Revenue Composition - In the fiscal year 2024, the company's revenue was approximately 9% from property sales and about 91% from rental income, compared to 98% and 2% respectively in 2023[40]. - Confirmed sales revenue from property sales was HKD 400,000 in the current year, down from HKD 207.1 million last year, with total delivered building area of 84 square meters compared to 176,000 square meters in 2023[41]. - Rental income decreased slightly from HKD 4.3 million to HKD 3.8 million, primarily due to the depreciation of the RMB against the HKD[42]. Cost Management - Administrative expenses decreased by approximately 20.6% from HKD 76.3 million to HKD 60.6 million, as the company continues to implement cost control measures[46]. - The net amount of impairment losses for prepayments, deposits, and other receivables was HKD 491 million, up from HKD 319.9 million in 2023[47]. - As of March 31, 2024, the company's net borrowings were approximately HKD 428.3 million, a decrease from HKD 1.408 billion in 2023, with a debt-to-equity ratio reduced from 50% to 33%[54]. - The total amount of bank and other borrowings was HKD 267.1 million, down from HKD 1.396 billion in the previous year[55]. Environmental and Social Governance (ESG) - The board emphasizes sustainable development as part of strategic planning, with a focus on environmental, social, and governance (ESG) issues[68]. - The company aims to reduce greenhouse gas emissions density by 10% by the end of the fiscal year 2025, using the fiscal year 2021 as the baseline[83]. - Direct greenhouse gas emissions decreased from 4.23 tCO2 equivalent in 2023 to 3.92 tCO2 equivalent in 2024[83]. - Total greenhouse gas emissions reduced from 27.03 tCO2 equivalent in 2023 to 25.12 tCO2 equivalent in 2024[83]. - The company has set a target to reduce non-hazardous waste density by 10% by the end of the fiscal year 2025, using the fiscal year 2021 as the baseline[84]. - Total hazardous waste decreased from 0.05 tons in 2023 to 0.047 tons in 2024[84]. - The company has implemented a comprehensive environmental management plan to enhance operational efficiency while minimizing environmental impact[80]. - The company promotes the use of energy-saving bulbs and natural light to reduce energy consumption[83]. - The company aims to reduce energy consumption density by 10% by the fiscal year 2025, using the fiscal year 2021 as the baseline[89]. - Total energy consumption decreased from 500.00 MWh in fiscal year 2023 to 460.56 MWh in fiscal year 2024, representing a reduction of approximately 7.09%[89]. - Total water consumption decreased from 513 tons in fiscal year 2023 to 495 tons in fiscal year 2024, a reduction of approximately 3.51%[91]. - The company has set a goal to reduce water consumption density by 10% by the fiscal year 2025, using the fiscal year 2021 as the baseline[91]. Employee Management - The company has increased its full-time employees to 46 as of March 31, 2024, up from 41 in 2023, with a gender distribution of 24 males and 22 females[104]. - Employee turnover rate decreased significantly to approximately 9.75% in 2024 from 41.43% in 2023, indicating improved employee retention[105]. - The turnover rate for male employees was 7.3% in 2024, down from 17.13% in 2023, while female turnover decreased to 2.4% from 24.30%[105]. - The company has implemented a comprehensive performance evaluation system to guide employee performance and ensure alignment with organizational goals[106]. - The company adheres to a five-day work week and eight-hour workday standard, providing overtime compensation as per regulations[109]. - The company offers various employee benefits, including basic social insurance and additional incentives such as transportation accident insurance and annual health check-ups[110]. - The company has established an employee relations management system to facilitate effective communication between management and employees[113]. - The company is committed to equal opportunity employment, ensuring no discrimination based on race, gender, or other factors in hiring and promotion decisions[111]. Corporate Governance - The board consists of four executive directors, two non-executive directors, and three independent non-executive directors, ensuring a diverse skill set[160]. - The company has established effective mechanisms to ensure high independence of the board during the corporate governance period[164]. - The management team is authorized by the board to handle daily operations and management, ensuring clear directives for decision-making[165]. - The company adheres to regulatory laws and guidelines in its operating jurisdictions, maintaining high standards of corporate governance[157]. - The board regularly reviews its structure and composition to ensure the necessary expertise and independence are maintained[160]. - The company has implemented anti-corruption and reporting policies to foster a healthy corporate culture[155]. - The audit committee is authorized by the board to oversee and monitor the effectiveness of the risk management and internal control systems[198]. - The company’s governance policies and practices are reviewed to ensure compliance with legal regulations and codes of conduct[196]. Community Engagement - The company has actively contributed to local community welfare and housing security projects, including participation in affordable housing projects in Beijing[141]. - Over the past thirty years, the company has donated tens of millions to various social welfare programs and charitable organizations[141]. - The company donated RMB 500,000 to support 500 impoverished students in the Ya'an disaster area through the "Hope Project Emergency Disaster Relief and Education Action" in 2013[142]. - In 2014, the company sponsored HKD 3 million for the "2014 Hong Kong Youth Music Festival" to promote cultural exchange among youth in Asia[142]. - The company established a "Psychological Seed Fund for Coastal Western Schools" in 2009 to support teacher training programs in drought-affected areas[142]. - A donation of RMB 1.5 million was made to the Dujiangyan Red Cross for the reconstruction of the Dujiangyan Disease Prevention and Control Center after the May 12 earthquake in 2008[142]. - The company contributed RMB 2.5 million to the Tsinghua University Scholarship Program in 2008 to establish a fund for impoverished students[142]. - The company donated RMB 3 million to the "Mother Water Cellar" project in 2007 to build water cellars in water-scarce areas, based on the principle of donating one water cellar for every new house sold[142].

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或任 何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 COASTAL GREENLAND LIMITED 沿海綠色家園有限公司* （於百慕達註冊成立之有限公司） （股份代號：1124） 沿海綠色家園有限公司*（「本公司」）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」）截至二零二四年三月三十一日止年度（「本年度」或「二 零二四財政年度」）之經審核綜合全年業績，連同截至二零二三年三月三十一日止 年度的經審核比較數據。以下財務資料摘錄自包含於本集團將予刊發的本集團二零 二三╱二四年年度報告內之經審核綜合財務報表。 * 僅供識別 1 • 本年度之收入約為港幣420萬元，而去年則為港幣2.114億元。 • 本公司擁有人應佔本年度虧損約為港幣13.995億元，而去年則為虧損約港幣 4.265億元。 • 於二零二四年三月三十一日，負債淨額與總權益比率為33%，保持在可控制 水平。 綜合損益及其他全面收益表 截至二零二四年三月三十一日止年度 ...

[Financial Summary](index=1&type=section&id=Financial%20Summary) The group experienced a significant decline in revenue and a substantial increase in loss attributable to owners in FY2024, while maintaining a controlled net debt to total equity ratio Key Financial Data for FY2024 | Metric | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 4,200 | 211,400 | | Loss Attributable to Owners of the Company | (1,399,500) | (426,500) | | Net Debt to Total Equity Ratio | 33% | - | - The **net debt to total equity ratio** remained at a controllable level of **33%** as of March 31, 2024[4](index=4&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the group's consolidated financial performance and position, highlighting significant changes in revenue, losses, assets, and liabilities [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) The group's revenue significantly decreased to HKD 4.2 million in FY2024 from HKD 211.4 million last year, with loss attributable to owners expanding to HKD 1,399.5 million, primarily due to impairment losses and write-downs Key Data from Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Revenue | 4,177 | 211,406 | | Gross Profit / (Loss) | 3,665 | (49,997) | | Other Income and Gains | 290,174 | 17,297 | | Net Impairment Loss on Prepayments, Deposits and Other Receivables | (491,038) | (319,856) | | Write-down of Land Held for Property Development for Sale | (779,358) | – | | Loss Before Tax | (1,475,075) | (479,227) | | Loss for the Year | (1,399,520) | (418,946) | | Loss Attributable to Owners of the Company | (1,399,453) | (426,485) | | Basic and Diluted Loss Per Share (HK cents) | (337.54) | (102.87) | - Gross profit turned positive this year, from a gross loss of **HKD 49.997 million** last year to a gross profit of **HKD 3.665 million**[5](index=5&type=chunk) - Other income and gains significantly increased to **HKD 290.2 million**, primarily due to gains on settlement of compensation and reversal of accounts payable[5](index=5&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the group's total assets and net assets significantly decreased, mainly due to impairment of amounts due from associates and joint ventures, and write-downs of prepayments and land held for property development Key Data from Consolidated Statement of Financial Position | Metric | As of March 31, 2024 (HKD thousands) | As of March 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | Non-current Assets | 348,437 | 862,959 | | Current Assets | 1,442,196 | 5,907,595 | | Current Liabilities | 416,246 | 2,831,158 | | Net Current Assets | 1,025,950 | 3,076,437 | | Net Assets | 1,288,611 | 2,802,706 | | Equity Attributable to Owners of the Company | 1,350,629 | 2,856,065 | - Prepayments, deposits and other receivables significantly decreased from **HKD 5.285 billion** to **HKD 503 million**[8](index=8&type=chunk) - Interest-bearing bank and other borrowings (non-current portion) significantly decreased from **HKD 1.114 billion** to **HKD 53.615 million**[9](index=9&type=chunk) [Notes to the Financial Statements](index=6&type=section&id=Notes%20to%20the%20Financial%20Statements) This section provides detailed explanations and disclosures regarding the group's accounting policies, financial performance, and financial position [General Information](index=6&type=section&id=General%20Information) Coastal Greenland Limited is an exempted company incorporated in Bermuda with shares listed on the Hong Kong Stock Exchange, primarily engaged in property development, investment, and project services - The group's principal activities include **property development**, **property investment**, **project management services**, and **project investment services**[12](index=12&type=chunk)[14](index=14&type=chunk) [Basis of Preparation and Presentation](index=6&type=section&id=Basis%20of%20Preparation%20and%20Presentation) The consolidated financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance, measured at historical cost with some assets at revalued or fair value, and presented in HKD - The consolidated financial statements are prepared in accordance with **Hong Kong Financial Reporting Standards** and presented in **HKD**[13](index=13&type=chunk) [Going Concern Assumption](index=7&type=section&id=Going%20Concern%20Assumption) Despite significant losses and short-term debt pressure in FY2024, the directors believe the group can continue as a going concern based on detailed forecasts, potential financing, creditor negotiations, and major shareholder support - The group recorded a loss of approximately **HKD 1.3995 billion** in FY2024, with interest-bearing borrowings and amounts due to a major shareholder totaling approximately **HKD 437.4 million**, of which **HKD 383.8 million** is due within the next 12 months, while available cash and bank balances are only approximately **HKD 9 million**[15](index=15&type=chunk) - The Board has reviewed working capital forecasts for at least the next 15 months and plans to address liquidity needs through **equity financing**, **long-term debt financing**, **negotiating repayment extensions with creditors**, **generating cash flows**, and **ongoing financial support from a major shareholder**[16](index=16&type=chunk)[17](index=17&type=chunk) - The major shareholder has pledged not to demand repayment of approximately **HKD 170.3 million** until the group's financial position can support it, and further advanced **HKD 17 million** in May 2024[17](index=17&type=chunk) [Application of New and Revised Hong Kong Financial Reporting Standards](index=8&type=section&id=Application%20of%20New%20and%20Revised%20Hong%20Kong%20Financial%20Reporting%20Standards) Several new and revised HKFRSs were first applied this year without significant impact on the group's financial position or performance, and future adoptions are not expected to have a material effect - The new and revised Hong Kong Financial Reporting Standards applied this year had **no significant impact** on the group's financial position and performance[19](index=19&type=chunk) - Revised standards issued but not yet effective are **not expected to have a material impact** on the group's results and financial position[21](index=21&type=chunk) [Segment Information](index=9&type=section&id=Segment%20Information) The group's operating segments include property development, property investment, project management, and project investment services, with revenue and results primarily from China, and property development and investment as key income sources [Business Segments](index=9&type=section&id=Business%20Segments) The group's business segments include property development, property investment, project management, and project investment services, with property development revenue significantly declining and no revenue from project management or investment services in FY2024 Revenue and Loss by Business Segment | Segment | FY2024 Revenue (HKD thousands) | FY2023 Revenue (HKD thousands) | FY2024 Loss (HKD thousands) | FY2023 Loss (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Property Development | 363 | 207,110 | (1,057,911) | (418,083) | | Property Investment | 3,814 | 4,296 | (329) | (14,867) | | Project Management Services | – | – | (1,155) | (817) | | Project Investment Services | – | – | – | – | | Consolidated Total | 4,177 | 211,406 | (1,059,395) | (433,767) | - Property development segment revenue significantly decreased from **HKD 207.1 million** to **HKD 0.363 million**[26](index=26&type=chunk) - Property investment segment revenue slightly decreased from **HKD 4.296 million** to **HKD 3.814 million**[26](index=26&type=chunk) [Geographical Information](index=11&type=section&id=Geographical%20Information) The group's non-current assets are primarily located in China and Hong Kong, with a significant reduction in non-current assets in China during FY2024 Non-current Assets by Geographical Location | Region | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | China | 146,209 | 271,546 | | Hong Kong | 112,462 | 145,413 | | Total | 258,671 | 416,959 | - Non-current assets in **China** decreased from **HKD 271.5 million** to **HKD 146.2 million**[28](index=28&type=chunk) [Revenue](index=11&type=section&id=Revenue) The group's total revenue for FY2024 was HKD 4.177 million, a significant decrease from HKD 211.4 million last year, with property sales revenue becoming a minimal contributor and rental income as the primary source Revenue Source Breakdown | Revenue Source | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Sales of properties | 363 | 207,110 | | Rental income - fixed payments | 3,814 | 4,296 | | Total | 4,177 | 211,406 | - Property sales revenue plummeted from **HKD 207.1 million** to **HKD 0.363 million**[30](index=30&type=chunk) - Rental income slightly decreased but its proportion of total revenue significantly increased[30](index=30&type=chunk) [Other Income and Gains](index=12&type=section&id=Other%20Income%20and%20Gains) Other income and gains significantly increased to HKD 290.2 million this year, primarily driven by gains on settlement of compensation, excess provision for sales tax, and reversal of accounts payable Composition of Other Income and Gains | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Gain on settlement of compensation | 141,793 | – | | Excess provision for sales tax and other taxes | 27,896 | – | | Excess provision for construction costs and operating expenses | 38,433 | – | | Reversal of accounts payable and other payables | 80,460 | 14,517 | | Total | 290,174 | 17,297 | - Gain on settlement of compensation of **HKD 141.8 million** was the primary driver of the increase in other income and gains this year[31](index=31&type=chunk) [Finance Costs](index=12&type=section&id=Finance%20Costs) Finance costs before capitalization were HKD 59.6 million this year, a decrease of approximately 34.4% from HKD 90.9 million last year, with interest expenses charged to profit or loss slightly increasing due to reduced capitalization Composition of Finance Costs | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank borrowings | 41,303 | 81,636 | | Interest on other borrowings | 18,296 | 9,254 | | Less: Amounts capitalized on qualifying assets | (31,740) | (68,159) | | Interest expense charged to profit or loss | 27,859 | 22,741 | - Interest on bank borrowings significantly decreased, while interest on other borrowings increased[31](index=31&type=chunk) [Income Tax](index=13&type=section&id=Income%20Tax) A tax credit of HKD 75.555 million was recorded this year, primarily from the reversal of excess corporate income tax provisions from prior years and changes in deferred tax, with no taxable profits in Hong Kong and a 25% statutory rate for Chinese subsidiaries Composition of Income Tax | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Corporate income tax - excess provision in prior years | (133,402) | – | | Deferred tax | 57,847 | (60,281) | | Tax credit for the year | (75,555) | (60,281) | - A tax credit of **HKD 75.555 million** was obtained this year, compared to a tax credit of **HKD 60.281 million** last year[33](index=33&type=chunk) - The statutory corporate income tax rate for the company's Chinese subsidiaries is **25%**[33](index=33&type=chunk) [Components of Loss Before Tax](index=14&type=section&id=Components%20of%20Loss%20Before%20Tax) This year's loss before tax was primarily driven by various impairment losses and write-downs, including land held for property development for sale, prepayments, and amounts due from associates and joint ventures Major Components of Loss Before Tax | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Write-down of land held for property development for sale | 779,358 | – | | Write-down of completed properties held for sale | 18,281 | 8,532 | | Net impairment loss on prepayments, deposits and other receivables | 491,038 | 319,856 | | Impairment loss on amounts due from associates and joint ventures | 249,289 | – | | Impairment loss on interests in joint ventures | 134,256 | – | - Land held for property development for sale in Shenyang was written down by **HKD 779.4 million**[36](index=36&type=chunk) - An impairment loss of approximately **HKD 254.4 million** was recognized for guaranteed dividends receivable from Tianjin Hexie Jiayuan Real Estate Development Co., Ltd[40](index=40&type=chunk) [Dividends](index=15&type=section&id=Dividends) The Board does not recommend the payment of dividends for the years ended March 31, 2024, and 2023 - No dividends were recommended for distribution for both the current and prior years[37](index=37&type=chunk) [Loss Per Share](index=15&type=section&id=Loss%20Per%20Share) Basic and diluted loss per share for the year significantly increased to 337.54 HK cents from 102.87 HK cents last year, primarily due to the expanded loss attributable to owners of the company Loss Per Share Data | Metric | FY2024 | FY2023 (Restated) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company (HKD thousands) | 1,399,453 | 426,485 | | Basic and Diluted Loss Per Share (HK cents) | (337.54) | (102.87) | | Weighted average number of ordinary shares in issue during the year | 414,602,028 | 414,602,028 | - Diluted loss per share is equal to basic loss per share as there are no potential dilutive ordinary shares[38](index=38&type=chunk) [Prepayments, Deposits and Other Receivables](index=16&type=section&id=Prepayments%2C%20Deposits%20and%20Other%20Receivables) Total prepayments, deposits, and other receivables significantly decreased from HKD 5.6087 billion to HKD 944.5 million, while impairment provisions increased from HKD 323.9 million to HKD 441.4 million Composition of Prepayments, Deposits and Other Receivables | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Other receivables | 909,793 | 1,911,271 | | Deposits for future acquisition of land use rights | – | 3,640,905 | | Impairment provision | (441,375) | (323,896) | | Net amount | 503,134 | 5,284,847 | - Deposits for future acquisition of land use rights were **nil**, compared to **HKD 3.6409 billion** last year[41](index=41&type=chunk) [Accounts Payable](index=16&type=section&id=Accounts%20Payable) Total accounts payable significantly decreased from HKD 85.566 million to HKD 7.277 million, with the largest proportion being accounts overdue by more than 90 days Accounts Payable Ageing Analysis | Ageing | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 days | – | 1,996 | | Over 90 days | 7,277 | 83,570 | | Total | 7,277 | 85,566 | - The average credit period is **90 days**, and the group has a policy to ensure payables are settled within the credit period[42](index=42&type=chunk) [Other Payables and Accrued Liabilities](index=17&type=section&id=Other%20Payables%20and%20Accrued%20Liabilities) Total other payables and accrued liabilities significantly decreased from HKD 2.1364 billion to HKD 22.916 million, mainly due to a substantial reduction in advances from third parties for redevelopment projects and accrued operating expenses Composition of Other Payables and Accrued Liabilities | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Sales tax and other taxes payable | – | 34,248 | | Other payables | 17,769 | 266,529 | | Advances from a third party for a redevelopment project | – | 1,553,863 | | Other accrued operating expenses | 4,939 | 265,863 | | Total | 22,916 | 2,136,430 | - Advances from a third party for a redevelopment project were **nil**, compared to **HKD 1.5539 billion** last year[44](index=44&type=chunk) [Share Capital](index=17&type=section&id=Share%20Capital) The company implemented a share consolidation on December 15, 2023, merging 10 ordinary shares of HKD 0.10 each into 1 ordinary share of HKD 1.00, reducing the total number of issued ordinary shares but maintaining the total share capital Changes in Share Capital | Item | Number of ordinary shares | Share capital (HKD thousands) | | :--- | :--- | :--- | | Ordinary shares of HKD 0.10 each as at March 31, 2023 and April 1, 2023 | 4,146,020,285 | 414,602 | | Share consolidation | (3,731,418,257) | – | | Ordinary shares of HKD 1.00 each as at March 31, 2024 | 414,602,028 | 414,602 | - The share consolidation was approved by shareholders on **December 13, 2023**, and became effective on **December 15, 2023**[44](index=44&type=chunk) [Post Balance Sheet Events](index=18&type=section&id=Post%20Balance%20Sheet%20Events) Subsequent to the reporting period, the group entered into an agreement on March 27, 2024, to dispose of its entire interest in the wholly-owned subsidiary, Kai Fung Development Limited, and its subsidiaries for HKD 10,000, pending shareholder approval - The group agreed to dispose of its entire interest in the wholly-owned subsidiary, Kai Fung Development Limited, and its subsidiaries for **HKD 10,000**[45](index=45&type=chunk) - The disposal constitutes a **very substantial disposal** under Chapter 14 of the Listing Rules, aiming to realize the investment[45](index=45&type=chunk) [Independent Auditor's Report Summary](index=19&type=section&id=Independent%20Auditor%27s%20Report%20Summary) This section summarizes the independent auditor's opinion on the financial statements and highlights significant uncertainties regarding the group's ability to continue as a going concern [Opinion](index=19&type=section&id=Opinion) The independent auditor believes the consolidated financial statements present a true and fair view of the group's financial position, performance, and cash flows in accordance with HKFRSs and are properly prepared in compliance with the Hong Kong Companies Ordinance - The auditor issued an **unmodified opinion** on the consolidated financial statements, believing they present a true and fair view of the group's financial position and performance[48](index=48&type=chunk) [Material Uncertainty Related to Going Concern](index=19&type=section&id=Material%20Uncertainty%20Related%20to%20Going%20Concern) The auditor draws attention to a material uncertainty regarding the group's ability to continue as a going concern, primarily due to significant losses and short-term debt exceeding available cash, despite the Board's mitigating actions - The group recorded a loss of approximately **HKD 1.3995 billion** in FY2024, with interest-bearing borrowings and amounts due totaling approximately **HKD 383.8 million** due in the short term, while available cash and bank balances are only approximately **HKD 9 million**[49](index=49&type=chunk) - These conditions indicate a **material uncertainty** that may cast significant doubt on the group's ability to continue as a going concern, but the auditor's opinion is not modified in respect of this matter[49](index=49&type=chunk) [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section provides management's perspective on the group's business operations, financial performance, liquidity, and future outlook [Business Review](index=20&type=section&id=Business%20Review) The group's business strategy involves developing mid-to-high-end residential properties, investing in commercial and residential properties, providing project management services, and seeking project investment opportunities, with significant declines in property development sales and a phased withdrawal from project management services in FY2024 [Property Development](index=20&type=section&id=Property%20Development) The group's property development strategy focuses on mid-to-high-end residential properties, with contract sales of only HKD 0.4 million and a total GFA of approximately 84 square meters in FY2024, a significant decrease from the prior year Property Development Business Performance | Metric | FY2024 | FY2023 | | :--- | :--- | :--- | | Contract Sales (HKD millions) | 0.4 | 19.5 | | Total Gross Floor Area (square meters) | 84 | 6,000 | [Property Investment](index=20&type=section&id=Property%20Investment) The group holds commercial and residential properties in China for investment purposes, with rental income primarily derived from properties in Shenzhen this year - The group's property investment portfolio includes **commercial and residential properties in China**, with rental income primarily from **Shenzhen**[52](index=52&type=chunk) [Project Management Services](index=20&type=section&id=Project%20Management%20Services) The group acted as project manager for two completed development projects this year but generated no revenue and is gradually withdrawing from this business segment - No project management service revenue was generated this year, and the group is **gradually withdrawing from this business**[53](index=53&type=chunk)[59](index=59&type=chunk) [Project Investment Services](index=20&type=section&id=Project%20Investment%20Services) The project investment services segment generated no profit this year, and the group will continue to seek relevant investment and disposal opportunities - Project investment services generated **no profit** this year, and the group will continue to seek opportunities to invest in and dispose of property development/land development projects[54](index=54&type=chunk) [Financial Review](index=21&type=section&id=Financial%20Review) The group experienced a significant decline in revenue and a substantial increase in net loss in FY2024, with a shift in revenue structure from property sales to rental income, improved gross margin, but increased impairment losses and write-downs, and reduced finance costs [Overall Performance](index=21&type=section&id=Overall%20Performance) The group's FY2024 revenue was HKD 4.2 million, with a net loss of HKD 1.3995 billion, loss attributable to owners of HKD 1.3995 billion, and basic loss per share of 337.54 HK cents, all significantly worse than the prior year Overall Financial Performance | Metric | FY2024 | FY2023 | | :--- | :--- | :--- | | Revenue (HKD millions) | 4.2 | 211.4 | | Net Loss (HKD billions) | 1.3995 | 0.4189 | | Loss Attributable to Owners of the Company (HKD billions) | 1.3995 | 0.4265 | | Basic Loss Per Share (HK cents) | 337.54 | 102.87 | [Revenue Analysis](index=21&type=section&id=Revenue%20Analysis) The group's revenue structure underwent a significant change, with property sales revenue decreasing from 98% to 9% of total revenue, and rental income increasing from 2% to 91%, while project management services generated no revenue - In FY2024, **property sales revenue accounted for approximately 9%** of total revenue (2023: 98%), while **property rental income accounted for approximately 91%** (2023: 2%)[56](index=56&type=chunk) - Property sales revenue was **HKD 0.4 million**, with a total gross floor area of **84 square meters** delivered, primarily from inventory sales in Dalian[57](index=57&type=chunk) - Rental income slightly decreased to **HKD 3.8 million**, mainly impacted by the depreciation of RMB against HKD[58](index=58&type=chunk) [Gross Profit (Loss)](index=22&type=section&id=Gross%20Profit%20(Loss)) The gross profit margin for the year was approximately 88%, a significant improvement from last year's negative 24%, primarily due to the increased proportion of higher-margin property investment income - The gross profit margin for the year was approximately **88%**, compared to **negative 24%** last year, primarily benefiting from higher-margin property investment income[60](index=60&type=chunk) - Last year's negative gross profit margin was mainly due to lower-than-expected sales revenue from Jixi Sailuocheng affordable housing[60](index=60&type=chunk) [Other Income and Gains](index=22&type=section&id=Other%20Income%20and%20Gains) Other income and gains significantly increased to HKD 290.2 million this year, primarily comprising approximately HKD 141.8 million from the Hengxiang Real Estate legal settlement and approximately HKD 80.5 million from the reversal of accounts payable and other payables - Other income and gains increased from **HKD 17.3 million** to **HKD 290.2 million**[61](index=61&type=chunk) - The main drivers of growth were gains on settlement of compensation of approximately **HKD 141.8 million** and reversal of accounts payable and other payables of approximately **HKD 80.5 million**[61](index=61&type=chunk) [Marketing, Sales and Administrative Expenses](index=22&type=section&id=Marketing%2C%20Sales%20and%20Administrative%20Expenses) There were no marketing and sales expenses this year, and administrative expenses decreased by approximately 20.6% to HKD 60.6 million, reflecting the group's ongoing cost control measures - There were **no marketing and sales expenses** this year, and administrative expenses decreased by approximately **20.6%** to **HKD 60.6 million**[62](index=62&type=chunk) - The group will continue to implement **cost control measures** to enhance operational efficiency[62](index=62&type=chunk) [Impairment Losses and Write-downs](index=23&type=section&id=Impairment%20Losses%20and%20Write-downs) Net impairment losses and total write-downs significantly increased to HKD 491.0 million and HKD 797.6 million, respectively, this year, primarily due to a substantial decline in property values in the severely downturned Chinese property market Total Impairment Losses and Write-downs | Item | FY2024 (HKD thousands) | FY2023 (HKD thousands) | | :--- | :--- | :--- | | Net impairment loss on prepayments, deposits and other receivables | 491,000 | 319,900 | | Write-down of land held for property development for sale, properties under development and completed properties held for sale | 797,600 | 20,000 | - Impairment losses and write-downs significantly increased, primarily attributable to the **severe downturn in the Chinese property market** leading to a decline in property values[64](index=64&type=chunk) [Finance Costs](index=23&type=section&id=Finance%20Costs) Finance costs before capitalization decreased by approximately 34.4% to HKD 59.6 million this year, primarily due to a reduction in the average outstanding balance of bank and other borrowings - Finance costs before capitalization decreased by approximately **34.4%** to **HKD 59.6 million**[66](index=66&type=chunk) - The reduction in finance costs was primarily due to a **lower average outstanding balance of bank and other borrowings** compared to last year[66](index=66&type=chunk) [Financial Resources and Liquidity](index=23&type=section&id=Financial%20Resources%20and%20Liquidity) The group's funding sources primarily include property sales and rental cash flows, supplemented by bank and other borrowings; while cash and bank balances significantly decreased in FY2024, total borrowings and net debt also substantially declined, maintaining a controllable net debt to total equity ratio [Cash and Bank Balances](index=24&type=section&id=Cash%20and%20Bank%20Balances) As of March 31, 2024, the group's cash and bank balances (including pledged bank deposits) were approximately HKD 9.1 million, a significant decrease from HKD 157.6 million last year Cash and Bank Balances by Currency Type | Currency | As of March 31, 2024 (HKD thousands) | As of March 31, 2023 (HKD thousands) | | :--- | :--- | :--- | | RMB | 6,564 | 147,207 | | HKD | 1,931 | 7,767 | | USD | 617 | 2,599 | | Total | 9,112 | 157,573 | [Borrowings and Pledges](index=24&type=section&id=Borrowings%20and%20Pledges) The group's total borrowings significantly decreased from HKD 1.3962 billion to HKD 267.1 million, with short-term borrowings increasing from 20% to 80% and long-term borrowings decreasing from 80% to 20%, while the net debt to total equity ratio decreased from 50% to 33% Borrowing Structure and Ratios | Metric | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | Total Borrowings (HKD billions) | 0.2671 | 1.3962 | | Proportion of Long-term Borrowings | 20% | 80% | | Proportion of Short-term Borrowings | 80% | 20% | | Net Debt to Total Equity Ratio | 33% | 50% | - Effective annual interest rates ranged from **12.00% for fixed-rate borrowings** to **4% to 6.15% for floating-rate borrowings**[70](index=70&type=chunk) - Borrowings are secured by certain assets with a total carrying value of **HKD 253.3 million**, personal guarantees from a major shareholder, and corporate guarantees[72](index=72&type=chunk) [Major Acquisitions and Disposals](index=25&type=section&id=Major%20Acquisitions%20and%20Disposals) The group is undertaking two significant disposals: a 66.67% equity interest in Zhuhai Coastal and a 100% equity interest in Kai Fung Development Limited, aiming to realize investments, with no other major investment or capital asset increase plans currently - The group conditionally agreed to dispose of a **66.67% equity interest in Zhuhai Coastal**[73](index=73&type=chunk) - The group conditionally agreed to dispose of a **100% equity interest in Kai Fung Development Limited**[73](index=73&type=chunk) [Contingent Liabilities](index=25&type=section&id=Contingent%20Liabilities) As of March 31, 2024, the group had no contingent liabilities - The group had **no contingent liabilities** as of March 31, 2024[74](index=74&type=chunk) [Exchange Rate Fluctuation Risk](index=26&type=section&id=Exchange%20Rate%20Fluctuation%20Risk) The group primarily operates in China with most income and expenses denominated in RMB, limiting the impact of exchange rate fluctuations on its operations, and currently has no foreign currency hedging policy but continuously monitors foreign exchange risk - The group primarily conducts business in China, with most income and expenses denominated in **RMB**, thus exchange rate fluctuations have **limited impact** on its operations[76](index=76&type=chunk) - The group currently has **no foreign currency hedging policy** but continuously monitors foreign exchange risk[76](index=76&type=chunk) [Employees and Remuneration Policy](index=26&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2024, the group had approximately 46 employees, with employee costs of about HKD 20.7 million, and its remuneration policy is based on performance, skills, experience, and industry practices, offering various benefits Employee and Remuneration Data | Metric | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | Number of Employees | 46 | 41 | | Employee Costs (HKD millions) | 20.7 | 36.9 | - Remuneration is based on employee performance, skills, experience, and industry practices, with benefits including **mandatory provident fund**, **medical insurance**, and **housing allowances**[77](index=77&type=chunk) [Outlook](index=27&type=section&id=Outlook) Facing a challenging business environment, the group will cautiously monitor the real estate market and adjust its business strategy according to government policies, continuing to seek urban old village or factory redevelopment opportunities and exploring new AI-related businesses through its wholly-owned subsidiary, Coastal AI Industrial Application Limited - The overall Chinese economy shows signs of improvement, but consumer confidence remains cautious, and the real estate sector is still in a **short-term adjustment cycle**[79](index=79&type=chunk) - The group will continue to identify opportunities for **redevelopment of old urban villages or factory premises** to replenish low-cost land reserves[80](index=80&type=chunk) - The company has established a wholly-owned subsidiary, Coastal AI Industrial Application Limited, which will primarily engage in **AI-related projects**, currently in the **initial R&D stage** with uncertain development outcomes[80](index=80&type=chunk) [Other Information](index=28&type=section&id=Other%20Information) This section covers corporate governance practices, directors' dealings, share-related activities, auditor's scope, and other administrative details [Compliance with Corporate Governance Code](index=28&type=section&id=Compliance%20with%20Corporate%20Governance%20Code) The company complies with the Corporate Governance Code in Appendix C1 of the Listing Rules, with a deviation where the roles of Chairman and Chief Executive are held by the same person, which the Board believes does not impair the balance of power and facilitates quick responses to the business environment - The company complies with the Corporate Governance Code, but there is a deviation as the roles of **Chairman and Chief Executive are held by Mr. Jiang Ming**[82](index=82&type=chunk) - The Board believes this structure facilitates **more accurate and prompt responses to rapidly changing business environments**[82](index=82&type=chunk) [Directors' Securities Transactions](index=28&type=section&id=Directors%27%20Securities%20Transactions) The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers in Appendix C3 of the Listing Rules, and all directors confirmed compliance throughout the year - All directors confirmed compliance with the **Model Code for Securities Transactions by Directors** throughout the year[83](index=83&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=29&type=section&id=Purchase%2C%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's shares during the year - Neither the company nor its subsidiaries engaged in any **share purchases, sales, or redemptions** during the year[85](index=85&type=chunk) [Scope of Work of Independent Auditor](index=29&type=section&id=Scope%20of%20Work%20of%20Independent%20Auditor) The company's auditor, SHINEWING (HK) CPA Limited, confirmed that the financial figures in this announcement align with the audited consolidated financial statements, but their work does not constitute an assurance engagement, thus no opinion or assurance conclusion is expressed on this announcement - The auditor confirmed that the financial figures contained in this announcement are **consistent with the audited consolidated financial statements**[86](index=86&type=chunk) - The auditor has **not expressed any opinion or assurance conclusion** on this announcement[86](index=86&type=chunk) [Audit Committee](index=29&type=section&id=Audit%20Committee) The company's Audit Committee has reviewed the group's accounting policies and practices, discussed and reviewed the internal audit department's objectives, scope, and reports, and reviewed the full-year results for the current year - The Audit Committee has reviewed the group's **accounting policies**, **internal audit work**, and the **full-year results** for the current year[87](index=87&type=chunk) [Annual General Meeting](index=29&type=section&id=Annual%20General%20Meeting) The company intends to convene its upcoming Annual General Meeting on Tuesday, September 10, 2024, with the relevant notice to be published and dispatched to shareholders in due course - The 2024 Annual General Meeting is scheduled to be held on **Tuesday, September 10, 2024**[88](index=88&type=chunk) [Dividends](index=29&type=section&id=Dividends) The Board does not recommend the payment of dividends for the year ended March 31, 2024 - The Board does not recommend the payment of dividends for the current year[89](index=89&type=chunk) [Share Consolidation](index=30&type=section&id=Share%20Consolidation) The company implemented a 10-for-1 share consolidation on December 15, 2023, reducing the total number of issued ordinary shares accordingly while maintaining the total share capital - A **10-for-1 share consolidation** was implemented on December 15, 2023[91](index=91&type=chunk) - The total number of issued ordinary shares was converted from **4,146,020,285 shares to 414,602,028 shares**[91](index=91&type=chunk) [Closure of Register of Members](index=30&type=section&id=Closure%20of%20Register%20of%20Members) To determine shareholders' eligibility to attend and vote at the 2024 Annual General Meeting, the company will suspend its share transfer registration from September 5 to September 10, 2024 - The share transfer registration will be suspended from **September 5 to September 10, 2024**, to determine shareholders' eligibility to attend the Annual General Meeting[92](index=92&type=chunk) [Publication of Annual Report](index=30&type=section&id=Publication%20of%20Annual%20Report) The group's FY2024 annual report will be dispatched to shareholders and published on the HKEX and company websites in due course - The annual report will be published on the **HKEX website (http://www.hkex.com.hk)** and the **company's website (http://www.coastal.com.cn)**[93](index=93&type=chunk) [Board of Directors](index=30&type=section&id=Board%20of%20Directors) The company's Board of Directors comprises executive directors Mr. Jiang Ming (Chairman and Managing Director), Dr. Li Ting, Mr. Lin Zhenxin, and Ms. Tong Xinhua; non-executive directors Mr. Qiu Guizhong and Mr. Zhou Xiya; and independent non-executive directors Mr. Wong Kai Cheung, Mr. Yang Jiangang, and Mr. Huang Xihua - The Board of Directors includes **executive directors**, **non-executive directors**, and **independent non-executive directors**[94](index=94&type=chunk) - Mr. Jiang Ming serves as the **Chairman and Managing Director** of the company[94](index=94&type=chunk)