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 對 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的任何損失承擔任何責 任。 大灣區聚變力量控股有限公司 GREATER BAY AREA DYNAMIC GROWTH HOLDING LIMITED ( 於百慕達註冊成立之有限公司) （股份代號：1189） 截至二零二三年六月三十日止六個月之 中期業績 大 灣 區 聚 變 力 量 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）欣 然 公 佈 本 公司及其附屬公司截至二零二三年六月三十日止六個月的未經審計簡明綜合 中 期 業 績（「中期業績」）。本 公 佈 載 有 本 公 司 二 零 二 三 年 中 期 報 告（「中期報告」） 全 文，並 符 合 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則 中 有 關 中 期 業 績 初 步 公 告 附 載 資 料 的 相 關 規 定。本 公 司 的 中 期 報 告 的 印 刷 本 將 寄 發 ...

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，概不對因本公佈 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 GREATER BAY AREA DYNAMIC GROWTH HOLDING LIMITED 大灣區聚變力量控股有限公司 (於百慕達註冊成立之有限公司) （股份代號：1189） 二 零 二 二 年 年 度 業 績 公 佈 的 補 充 公 佈 茲提述大灣區聚變力量控股有限公司（「本公司」，連同其附屬公司統稱「本集 團」）截至二零二二年十二月三十一日止年度之二零二二年年度業績公佈（「二 零二二年年度業績公佈」），其在二零二三年六月二十三日刊登於香港聯合交 易所有限公司及本公司網站。除另有指明外，本公佈所用詞彙與二零二二年年 度業績公佈所界定者具有相同涵義。 除二零二二年年度業績公佈所載資料外，董事會謹此向股東及本公司潛在投 資者提供以下補充資料。 審核委員會 於 本 公 佈 日 期，本 公 司 審 核 委 員 會（「審 核 委 員 會」）由 三 名 獨 立 非 執 行 董 事 組 ...

Financial Performance - For the year ended December 31, 2022, the Group's revenue was HK$53.2 million, a decrease of 32.7% compared to HK$79.1 million in 2021[15]. - The Group reported a loss of HK$25.4 million for the year, an improvement from a loss of HK$38.3 million in 2021[15]. - Hotel operations revenue decreased by 32.7% to HK$36.2 million, down from HK$53.8 million in 2021[20]. - The Group's administrative and other operating expenses were HK$51.9 million, down from HK$84.7 million in 2021[15]. - The loss on fair value changes of investment properties was HK$22.0 million, compared to HK$33.5 million in 2021[15]. - The Group's securities trading segment recorded a profit of HK$nil for the year, down from a profit of HK$0.1 million in 2021[21]. - The Group's cash and bank balances and investments held for trading amounted to HK$1,702.8 million as of December 31, 2022, down from HK$1,782.7 million a year earlier[25]. - The current ratio improved to 34.4 as of December 31, 2022, compared to 21.0 in the previous year[26]. - The gearing ratio was 1.3% as of December 31, 2022, slightly up from 1.2% in the previous year[26]. Hotel Operations - The average occupancy rate of the Group's hotels increased by 1.10% to 25.5% for the year ended December 31, 2022[20]. - The gross margin for hotel operations was maintained at 50.4%[20]. - Hotel business revenue decreased by 32.7% to HK$36.2 million for the year ended December 31, 2022, compared to HK$53.8 million for the previous year[22]. - The average occupancy rate increased by 1.10% to 25.5% for the year ended December 31, 2022, from 24.4% in the previous year[22]. - New health and safety measures have been implemented at hotels to restore consumer confidence and ensure guest safety[43]. Strategic Plans and Market Position - The Group plans to enhance its market network and streamline operations to contain costs efficiently in response to the competitive environment[20]. - The management anticipates a gradual increase in demand for travel, positively impacting the Group's core business in 2023[42]. - The Group plans to seek acquisition opportunities, particularly in mid-scale hotels or chains in the Greater Bay Area, to enhance returns for shareholders[44]. - The Company is focused on expanding its presence in the Greater Bay Area, leveraging the expertise of its executive team[51]. - The management team emphasizes the importance of strategic partnerships and acquisitions to enhance market position[51]. - Future product development and technological advancements are key priorities for the Company to drive growth[51]. - The Company aims to improve operational efficiency through enhanced management practices and resource allocation[51]. - The company is primarily engaged in hotel investment in the People's Republic of China, focusing on long-term growth and profitability[75]. - The corporate strategy aligns with the development plan for the Guangdong-Hong Kong-Macao Greater Bay Area, positioning the company within the core engine of regional development[75]. Corporate Governance - The board of directors has adopted various policies to ensure compliance with the Corporate Governance Code, with some exceptions explained in the report[74]. - The company has been committed to good corporate governance practices, which are crucial for safeguarding shareholder interests[74]. - The independent non-executive directors bring extensive experience in auditing, accounting, and financial reporting, contributing to the company's governance[63][64][66][67]. - The Company has established a Corporate Governance Committee to oversee governance policies and practices[152]. - The Corporate Governance Committee comprises three INEDs and one Executive Director, focusing on corporate governance policies and compliance with legal requirements[148]. - The Company emphasizes merit-based Board appointments while considering the benefits of diversity for overall Board composition[138]. - The Nomination Committee is responsible for assessing the independence of INEDs and reviewing the Board Diversity Policy[131]. - The Company has established a framework for the disclosure of inside information to ensure timely handling and dissemination[174]. Board and Management - Mr. Tam Chung Sun has over 30 years of experience in real estate development and hotel operations, serving as Chairman since October 2020[47]. - Dr. Ho Chuk Man has more than 30 years of senior management experience across various industries, including hotel management and technology development[49]. - Mr. Lu Zhiming joined the Company in July 2022 and has over 30 years of experience in marketing management and hotel business development[55]. - Mr. Tsang Ming To has been an executive director since October 2022, previously serving as Deputy General Manager at Clement Shield Group[56]. - Mr. Chen Zeng Guang has been an independent non-executive director since April 2022, with experience in restaurant management and property development[60]. - The position of Chief Executive Officer has been vacant since August 1, 2022, following the resignation of the previous CEO, ensuring smooth operations through the Executive Directors' oversight[1]. Shareholder Communication - The Company maintains ongoing communication with shareholders through financial reports, announcements, and general meetings[185]. - Shareholders holding at least 10% of the paid-up capital can request the Board to convene a special general meeting[193]. - The Company encourages shareholder participation in general meetings and provides opportunities for inquiries[186]. - The Company acknowledges the importance of effective communication with shareholders and has formal channels established for this purpose[184]. - The Company has a policy in place for shareholders to direct inquiries regarding their shareholdings[191].

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 對 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的任何損失承擔任何責 任。 大灣區聚變力量控股有限公司 GREATER BAY AREA DYNAMIC GROWTH HOLDING LIMITED ( 於百慕達註冊成立之有限公司) （股份代號：1189） 截至二零二二年十二月三十一日止年度之 年度業績 及 恢復買賣 茲 提 述 大 灣 區 聚 變 力 量 控 股 有 限 公 司（「本公司」），連 同 其 附 屬 公 司（統 稱 為「本 集 團」）日 期 為 二 零 二 三 年 三 月 二 十 三 日、二 零 二 三 年 四 月 二 十 日、二 零 二 三 年 五 月 三 日、二 零 二 三 年 五 月 二 十 五 日 及 二 零 二 三 年 六 月 十 五 日 之 公 佈，內 容 有 關（其 中 包 括）進 一 步 延 遲 刊 發 本 集 團 截 至 二 零 二 二 年 三 月 三 十 一 日 止（「二 零 二二年業績公 ...

Financial Performance - Total revenue for the six months ended June 30, 2022, was HK$27,375,000, a decrease of 19% compared to HK$33,918,000 in the same period of 2021[5]. - Gross profit for the same period was HK$15,559,000, down 28% from HK$21,650,000 in 2021[5]. - Loss before tax for the six months was HK$27,732,000, compared to a loss of HK$31,051,000 in the previous year, indicating an improvement of 11%[5]. - Loss for the period attributable to owners of the Company was HK$25,136,000, a reduction from HK$27,792,000 in 2021, reflecting a 10% improvement[6]. - Total comprehensive income for the period ended June 30, 2022, was a loss of HK$26,184,000, which is an improvement from a loss of HK$27,892,000 in the same period of 2021[15]. - The company reported a loss for the period of HK$25,136,000 for the six months ended June 30, 2022, compared to a loss of HK$25,563,000 in the previous year[15]. - The Group reported a loss of HK$27.5 million for the six months ended June 30, 2022, compared to a loss of HK$30.8 million for the same period in 2021[102]. Assets and Liabilities - Non-current assets decreased to HK$186,761,000 as of June 30, 2022, from HK$218,818,000 at the end of 2021[9]. - Current assets totaled HK$1,844,655,000, a slight decrease from HK$1,853,642,000 at the end of 2021[9]. - Net assets as of June 30, 2022, were HK$1,935,570,000, down from HK$1,963,462,000 at the end of 2021[10]. - The company had a total accumulated losses of HK$249,040,000 as of June 30, 2022, compared to HK$217,454,000 at the end of 2021, reflecting ongoing challenges[15]. - The total equity attributable to owners of the company at June 30, 2022, was HK$1,761,696,000, a decrease from HK$1,787,259,000 at the end of 2021[15]. Cash Flow and Investments - The net cash used in operating activities for the six months ended June 30, 2022, was HK$13,956,000, a decrease from HK$44,864,000 in the same period of 2021, indicating improved operational efficiency[15]. - The net cash from investing activities was HK$9,350,000 for the six months ended June 30, 2022, compared to HK$3,659,000 in the prior year, reflecting a positive trend in investment returns[15]. - The company reported a fair value loss on investment properties of HK$18,800,000 for the period[5]. - The fair value loss on investment properties was HK$18.8 million, slightly higher than HK$18.1 million in the prior year[102]. Operational Metrics - Hotel operations generated revenue of HK$27,375,000, with HK$8,916,000 recognized over time and HK$2,939,000 at a point in time[33]. - The hotel operations segment reported a revenue decrease from HK$18,276,000 in the first half of 2021 to HK$11,855,000 in the same period of 2022[28]. - The combined average occupancy rate of the Group's hotels decreased by 7.3% to 24.5% for the six months ended June 30, 2022, down from 31.8% in the same period in 2021[106]. - The gross margin for hotel operations was maintained at 56.9%, a decrease of 6.9% from 63.8% in the corresponding period of 2021[106]. Employee and Management Information - The Group had 362 employees as of June 30, 2022, with 352 stationed in the PRC[122]. - Short-term employee benefits for key management personnel were HK$1,046,000, a decrease from HK$1,165,000 in the previous year[99]. Corporate Governance and Compliance - The Company complied with the Corporate Governance Code during the six months ended June 30, 2022[163]. - The Company adopted the Model Code for Directors' securities transactions, and all Directors confirmed compliance during the six months ended June 30, 2022[164]. Future Outlook and Strategic Initiatives - The Group anticipates that international travel will return to normal by 2024 due to high vaccination rates and community immunity[131]. - The Group is exploring high-quality hotel investment opportunities and other high-growth business segments, including commercial and residential property development projects in China[131]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of $100 million allocated for potential deals[174].

Financial Performance - For the year ended December 31, 2021, the Group's revenue increased by 17.7% to HK$79.1 million compared to HK$67.2 million for the year ended December 31, 2020[12]. - The Group reported a loss of HK$38.3 million for the year ended December 31, 2021, an improvement from a loss of HK$83.4 million in 2020[12]. - The gross profit for the year ended December 31, 2021, was HK$40.4 million, significantly up from HK$11.3 million in 2020[12]. - The Group recorded a gain on disposal of subsidiaries amounting to HK$15.0 million for the year ended December 31, 2021, compared to HK$55.7 million in 2020[12]. - The securities trading segment achieved a profit of HK$0.1 million for the year ended December 31, 2021, recovering from a segment loss of HK$0.1 million in 2020[18]. - Hotel business revenue increased by 17.7% to HK$79.1 million for the year ended December 31, 2021, compared to HK$67.2 million for the previous year[19]. Occupancy and Operations - The average occupancy rate of the Group's hotels decreased by 13.6% to 24.4% for the year ended December 31, 2021, down from 38.0% in 2020[17]. - Administrative and other operating expenses were HK$84.7 million for the year ended December 31, 2021, compared to HK$78.5 million in 2020[12]. - The average occupancy rate decreased by 13.6% to 24.4% for the year ended December 31, 2021, down from 38.0% the previous year[19]. Financial Position - The Group's cash and bank balances and investments held for trading amounted to HK$1,782.7 million as of December 31, 2021, compared to HK$1,813.5 million the previous year[23]. - Current assets and current liabilities were HK$1,853.6 million and HK$88.3 million, respectively, resulting in a current ratio of 21.0 as of December 31, 2021[24]. - The gearing ratio as of December 31, 2021, was 1.2%, unchanged from the previous year[24]. Future Outlook - The Company expects international travel to resume normal in 2024 due to high vaccination rates and community immunity[43]. - The Group plans to seek further high-quality hotel investment opportunities and explore other high-growth business segments, including commercial and residential property development projects in the PRC[43]. - The PRC's GDP grew by approximately 8.1% in 2021, indicating a strong economic recovery that may benefit the Group's operations[8]. - Approximately 128 million people entered/exited through immigration clearance in the PRC during 2021, reflecting a decrease of only 3% year-on-year, which may impact the hospitality sector positively in the future[8]. Leadership and Governance - The company has a strong leadership team with diverse backgrounds in finance, real estate, and technology[56]. - Mr. Tam Chung Sun has over 30 years of experience in real estate development and hotel operations, and has been the Chairman since October 2020[46]. - Mr. Lai Tsz Wah has been the managing director since May 2019, with more than 30 years of experience in auditing, accounting, and finance[47]. - The board includes a mix of executive and independent non-executive directors to ensure effective governance[58]. - The company is focused on expanding its market presence and enhancing operational management through strategic appointments[61]. Corporate Governance - The Company complies with the Corporate Governance Code, with minor exceptions explained in the report[73]. - The board of directors consists of six members, including three executive directors and three independent non-executive directors[78]. - The Company has established various committees, including the audit committee, remuneration committee, nomination committee, and corporate governance committee, to oversee specific aspects of its affairs[80]. - The Company has established a Nomination Committee comprising two INEDs and one Executive Director to guide the nomination process[129]. - The Company has purchased appropriate directors and officers liability insurance to protect against legal actions arising from the performance of their duties[90]. Audit and Risk Management - The independent auditor issued a qualified opinion on the consolidated financial statements for the year ended December 31, 2021, due to insufficient financial information regarding the investment in 翹豐發展[174][178]. - The Audit Committee held five meetings during the year to review financial reporting matters, including the annual results for the year ended December 31, 2020, and the interim results for the six months ended June 30, 2021[112]. - The Company has outsourced its internal control audit function to an independent accounting firm to review key internal controls based on operational, financial, and compliance risks[167]. - The independent accounting firm reported no significant control failings or weaknesses during the year, ensuring an adequate internal control system is maintained[168]. - The Audit Committee is satisfied with the effectiveness and adequacy of the internal control audit function, confirming it is adequately resourced[169]. Shareholder Communication - The company maintains ongoing communication with shareholders through financial reports, announcements, and general meetings[195]. - Shareholders are encouraged to participate in meetings and can appoint proxies if unable to attend[196]. - The company emphasizes the importance of shareholder communication and has established formal channels for this purpose[199]. - The company’s website provides additional information regarding its operations and financial performance[200].

Financial Reporting - The company plans to release its audited annual results for the year ending December 31, 2021, by April 29, 2022, or earlier[3] - The announcement indicates a delay in publishing the audited annual results due to reasons outlined in the previous announcement[3] Investor Caution - The company emphasizes the importance of shareholders and potential investors exercising caution when trading its securities[5]

Financial Performance - Total revenue for the six months ended June 30, 2021, was HK$33,918,000, a decrease of 3.9% from HK$35,310,000 in the same period of 2020[6] - Gross profit increased to HK$21,650,000, up 13.4% from HK$19,072,000 year-on-year[6] - Loss for the period was HK$30,803,000, compared to a loss of HK$1,952,000 in the same period of 2020[6] - Total comprehensive expense for the period was HK$28,557,000, significantly higher than HK$1,738,000 in the previous year[7] - Basic loss per share for the period was HK$0.04, compared to HK$0.00 in the same period of 2020[7] - The company reported a fair value loss on investment properties of HK$18,093,000 for the period[6] - The company reported a total comprehensive expense of HK$74,758,000 for the period ended June 30, 2020, which included a loss of HK$1,372,000[16] - The company reported a loss for the period of HK$27,792,000 for the six months ended December 31, 2020, compared to a loss of HK$1,372,000 for the same period in 2020[16] Assets and Liabilities - Non-current assets increased to HK$293,001,000 as of June 30, 2021, compared to HK$269,605,000 at the end of 2020[10] - Current assets totaled HK$1,834,818,000, slightly down from HK$1,850,449,000 at the end of 2020[10] - Net assets decreased to HK$1,978,887,000 from HK$2,015,808,000 at the end of 2020[11] - The company’s total assets as of June 30, 2021, were HK$1,978,887,000, reflecting a decrease from HK$2,023,121,000 at the end of the previous reporting period[16] - The company’s total liabilities increased, with lease liabilities repayment amounting to HK$1,959,000 during the financing activities[16] Cash Flow and Investments - The company’s cash and bank balances stood at HK$1,765,995,000 as of June 30, 2021, down from HK$1,813,337,000 at the end of 2020[10] - For the six months ended June 30, 2021, the net cash used in operating activities was HK$44,864,000, compared to HK$15,635,000 for the same period in 2020, indicating a significant increase in cash outflow[16] - The company experienced a net decrease in cash and cash equivalents of HK$44,880,000 for the six months ended June 30, 2021, compared to HK$25,716,000 in the same period of 2020[16] - The company’s cash and cash equivalents amounted to HK$1,765,995,000, a decrease from HK$1,788,470,000 at the same date in 2020[16] - Interest received during the first half of 2021 was HK$10,048,000, a significant increase from HK$2,116,000 in the same period of 2020[16] Hotel Operations - Hotel operations generated revenue of HK$33,918,000, with HK$14,462,000 recognized over time and HK$3,814,000 at a point in time[32] - The segment profit excluding depreciation for hotel operations was HK$991,000, while the overall segment loss was HK$13,396,000[32] - The geographical market for hotel operations primarily focused on the People's Republic of China, generating HK$18,276,000 in revenue[32] - The hotel segment's overall revenue decreased by 4.0% to HK$33.9 million for the six months ended June 30, 2021, compared to HK$35.3 million for the same period in 2020[125] - The average occupancy rate increased by 1.7% to 31.8% for the six months ended June 30, 2021, from 30.1% in the same period of 2020[125] Share Capital and Options - As of June 30, 2021, the company had 789,211,046 issued and fully paid ordinary shares, with a share capital of HK$7,892,000[81] - The company had 28,000,000 outstanding share options as of June 30, 2021, down from 34,000,000 at the beginning of the year due to 6,000,000 options lapsing during the period[88] - The company’s authorized share capital remained at 150,000,000,000 shares as of June 30, 2021[81] - The share option scheme adopted on May 30, 2013, is valid for 10 years, expiring on June 2, 2023[165] Corporate Governance and Compliance - The Company complied with the Corporate Governance Code during the six months ended June 30, 2021, with some deviations noted[182] - All Directors confirmed compliance with the Model Code for securities transactions during the six months ended June 30, 2021[185] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2021[180] Future Outlook and Strategy - The Group does not expect a robust rebound in the hospitality market for the remaining months of the year due to ongoing COVID-19 impacts[152] - The company anticipates ongoing revenue impacts due to the unpredictable nature of the COVID-19 pandemic, with no strong rebound expected in the hotel industry for the remaining months of the year[154] - The company aims for nearly 100% vaccination among its employees to ensure health and safety during operations[154] - The company is exploring high-growth potential business opportunities in China, including property development and investment, to enhance overall returns for the company and its shareholders[154] - The company has implemented unprecedented health and safety measures as part of its transition to a "new normal" in the hotel industry[153]

Financial Performance - The Group's revenue for the year ended December 31, 2020, was HK$67.2 million, representing a decrease of 52.0% compared to HK$140.0 million for the year ended December 31, 2019[16]. - The Group reported a loss of HK$83.4 million for the year ended December 31, 2020, an improvement from a loss of HK$110.9 million in 2019[16]. - Gross profit for the year was HK$11.3 million, down from HK$62.0 million in 2019, indicating a significant impact from the pandemic[16]. - The hotel operations generated a revenue decrease of 52.0% to HK$67.2 million for the year ended December 31, 2020[20]. - The securities trading segment recorded a loss of HK$0.1 million for the year ended December 31, 2020, compared to a loss of HK$2.9 million in the previous year[21]. Visitor Statistics - Total visitor arrivals to Hong Kong in 2020 were approximately 3.6 million, a decrease of 93.6% year-on-year, following a 14.2% decline in 2019[15]. - The average hotel room occupancy rate in Hong Kong dropped from approximately 79.1% to 46.1% in 2020, reflecting a significant occupancy loss[15]. - Overall room rates in Hong Kong decreased by approximately 26.5% year-on-year in 2020[15]. - Visitors from Mainland China accounted for 75.8% of total arrivals, with a year-on-year decrease of 93.8%[15]. Expenses and Losses - The Group's administrative and other operating expenses were HK$78.5 million, down from HK$94.1 million in 2019[16]. - Impairment loss on property, plant, and equipment was HK$29.0 million, compared to HK$7.4 million in 2019[16]. - The Group recorded a gain on disposal of subsidiaries amounting to HK$55.7 million in 2020, while there was no such gain in 2019[16]. Financial Position - As of December 31, 2020, the Group's cash and bank balances and investments held for trading amounted to HK$1,813.5 million, slightly down from HK$1,816.3 million in the previous year[30]. - The current ratio as of December 31, 2020, was 22.5, significantly improved from 11.2 in the previous year[31]. - The gearing ratio as of December 31, 2020, was 1%, compared to nil in the previous year[31]. - The Group's interest-bearing borrowing amounted to HK$22.0 million as of December 31, 2020, while there were no borrowings in the previous year[30]. - The capital debt ratio was 1% as of December 31, 2020, indicating low leverage[35]. Market Outlook - The group does not expect a recovery in the hospitality market in the upcoming year due to ongoing uncertainties related to COVID-19[51]. - The group plans to explore high-quality hotel investment opportunities and will begin engaging in property development and investment in Guangdong Province, particularly in the Greater Bay Area[51]. Corporate Governance - The company has maintained compliance with the Corporate Governance Code throughout the year ended December 31, 2020, except for specific provisions A.2.1, A.4.1, C.1.2, and E.1.2, with reasons provided[75]. - The board of directors includes independent non-executive directors with extensive experience in finance, insurance, and investment, enhancing corporate governance[62][66][67]. - The company is committed to good corporate governance practices, which are crucial for its development and safeguarding shareholder interests[75]. - The company has adopted various policies and procedures to ensure compliance with the Listing Rules on The Stock Exchange of Hong Kong Limited[75]. - The company has established various committees, including an audit committee and a corporate governance committee, to oversee specific aspects of its affairs[82]. Board and Management - The Board of Directors consists of six members, including three executive directors and three independent non-executive directors, ensuring effective governance and oversight[80]. - The company has a diverse board with members holding qualifications from recognized institutions, ensuring a broad range of expertise[66][69]. - The company secretary, Ms. Law Sau Lai, has been in her role since August 2009, with extensive experience in company secretarial practice[71]. - The company has not appointed a Chief Executive Officer; the Managing Director, Mr. Lai Tsz Wah, is fulfilling the role of CEO[98]. Audit and Risk Management - The Audit Committee consists of three Independent Non-Executive Directors (INEDs), with Mr. Poon Kwok Hing serving as the chairman[115]. - The Audit Committee reviewed the adequacy and effectiveness of the Group's risk management and internal control systems[122]. - The Company has fully implemented recommendations from the independent accounting firm to strengthen the risk management framework and internal control system during 2020[174]. - The internal control audit function is considered adequately resourced by the Audit Committee[175]. Shareholder Engagement - The Company maintains communication with Shareholders through financial reports, announcements, and general meetings[185]. - Shareholders are encouraged to participate in general meetings or appoint proxies to vote on their behalf[186]. - The Company’s website provides information related to the Group for Shareholders[185]. - Shareholders holding at least 10% of the paid-up capital can request the Board to convene a special general meeting[193].

Financial Performance - Total revenue for the six months ended June 30, 2020, was HK$35,310,000, a decrease of 70% compared to HK$118,600,000 in the same period of 2019[7]. - Gross profit for the same period was HK$19,072,000, down from HK$36,395,000, reflecting a gross margin decline[7]. - Loss for the period was HK$1,952,000, significantly improved from a loss of HK$40,565,000 in the prior year[9]. - The company reported a gain on disposal of subsidiaries amounting to HK$67,446,000, contributing positively to the financial results[7]. - The total comprehensive expense for the period ended June 30, 2020, was HK$1,625,000, compared to a total comprehensive income of HK$32,764,000 for the same period in 2019[16]. - The company reported a loss for the period of HK$1,372,000 for the six months ended June 30, 2020, compared to a loss of HK$38,576,000 for the same period in 2019[16]. - The total profit before tax for the company was HK$6,730,000, a recovery from a loss of HK$39,009,000 in the same period of 2019[39]. - The Group recorded a loss of HK$2.0 million for the six months ended June 30, 2020, an improvement from a loss of HK$40.6 million in the same period of 2019[141]. Assets and Liabilities - Non-current assets decreased to HK$324,208,000 as of June 30, 2020, from HK$377,707,000 at the end of 2019[12]. - Current assets totaled HK$1,830,851,000, down from HK$1,913,663,000, indicating a reduction in liquidity[12]. - Total equity decreased to HK$2,023,121,000 from HK$2,097,992,000, reflecting a decline in the company's net worth[13]. - Cash and bank balances stood at HK$1,787,444,000, slightly down from HK$1,816,076,000 at the end of 2019[12]. - The Group's cash and bank balances and investments held for trading amounted to HK$1,787.6 million as of June 30, 2020, compared to HK$1,816.3 million as of December 31, 2019[154]. - Current assets and current liabilities as of June 30, 2020, were HK$1,830.9 million and HK$99.8 million, respectively, resulting in a current ratio of 18.3[155]. - The Group had no borrowings as of June 30, 2020, maintaining a gearing ratio of nil[155]. - The Group did not have any assets pledged for credit facilities as of June 30, 2020[156]. Revenue Breakdown - For the six months ended June 30, 2020, total revenue from hotel operations was HK$35,310,000, a significant decrease from HK$118,600,000 in the same period of 2019, representing a decline of approximately 70%[39]. - Revenue from hotel rooms was HK$16,038,000 and food and beverage services contributed HK$1,850,000 for the first half of 2020, totaling HK$17,888,000[28]. - The geographical breakdown of hotel revenue showed that Hong Kong contributed HK$9,338,000 and the People's Republic of China contributed HK$8,550,000, totaling HK$17,888,000[28]. - Hotel investment revenue decreased by 70.2% to HK$35.3 million for the six months ended June 30, 2020, compared to HK$118.6 million for the same period in 2019[148]. Operational Metrics - The average occupancy rate of the Group's hotels decreased by 36.2% to 30.1% for the six months ended June 30, 2020, compared to 66.3% in 2019[146]. - The average hotel room occupancy level in Hong Kong was 39.2%, a decrease of 50.8% compared to the same period in 2019[137]. - The Group's administrative expenses increased to HK$67.8 million for the six months ended June 30, 2020, compared to HK$57.3 million in 2019[141]. Investment and Fair Value - The company reported a fair value loss on investment properties of HK$18,344,000 for the period[7]. - The fair value loss on investment properties was HK$18.3 million for the six months ended June 30, 2020, compared to HK$16.1 million in the same period of 2019[141]. - The Group incurred depreciation expenses of HK$16,362,000 for property, plant, and equipment during the first half of 2020[39]. - The fair value measurements of financial assets and liabilities are categorized into three levels based on the observability of inputs used[126]. Shareholder Information - The Company declared a special dividend of HK$2.5 cents per share, totaling HK$19,730,000, distributed on July 17, 2020[55]. - The total number of issued shares of the Company was 789,211,046[182]. - Director Mr. Lai Tsz Wah holds 147,663,250 shares, representing approximately 18.71% of the issued share capital[178]. - The Group had 526 employees as of June 30, 2020, with 448 stationed in the PRC[166]. - The Company has adopted a share option scheme to provide incentives and rewards to employees[166]. Economic Outlook - The economic outlook for the second half of 2020 is expected to be significantly challenging due to the ongoing COVID-19 pandemic and escalating PRC-US trade tensions, leading to further contraction in Hong Kong and PRC's economy[168][173]. - The hotel sector is adapting to a 'new normal' with unprecedented health and safety measures, aiming to restore consumer confidence in hotel safety[169][173]. - The Group's revenue will continue to be impacted in the short term due to strict precautionary measures related to COVID-19, although long-term damage to the hotel sector is not anticipated[170][174].