Financial Performance - The Group's revenue for FY2020 was approximately HK$106.4 million, representing a decline of approximately HK$313.4 million or 74.7% compared to FY2019 revenue of approximately HK$419.8 million[13]. - The Group recorded a net loss of approximately HK$223.8 million for FY2020, compared to a net loss of approximately HK$223.9 million for FY2019, with basic loss per share of HK$2.09 cents[13]. - Revenue from the property development business dropped by approximately HK$240.6 million for FY2020, representing a decline of 71.2% over FY2019[13]. - Revenue from the foundation piling segment dropped by approximately HK$75.7 million for FY2020, representing a decrease of 92.5% over FY2019[13]. - The Group recorded revenue of approximately HK$106.4 million for FY2020, representing a decrease of approximately HK$313.4 million or 74.7% compared to FY2019 revenue of approximately HK$419.8 million[28]. - The Group's property sales launched in 2017 generated revenue of approximately HK$97.3 million for FY2020, a decline of 71.2% compared to FY2019, primarily due to the pandemic and weakened financial conditions of potential homebuyers[25]. - Gross profit for FY2020 was approximately HK$10.8 million, compared to a gross loss of approximately HK$10.4 million for FY2019[30]. - Other income and losses increased from losses of approximately HK$15.2 million in FY2019 to losses of approximately HK$53.7 million in FY2020[30]. - The net loss for FY2020 was approximately HK$223.8 million, compared to approximately HK$223.9 million for FY2019[39]. Strategic Focus and Future Outlook - The demand for wellbeing-related goods and services is expected to continue increasing, providing opportunities for the Group's sustainable expansion in property development and healthcare holiday resort operations[13]. - The Group expects the remaining properties to be sold out by the second half of 2020, with a continued focus on residential property development as a core business[25]. - The Group has developed a resort project in Shanghai with a total site area of approximately 150,602 square meters and a gross floor area of approximately 77,213 square meters, providing health preservation and elderly care services[25]. - The Group's long-term growth strategy focuses on property development in tourism, health preservation culture, and medical health as core business areas[19]. - The Group plans to explore different financing channels to acquire land reserves or property development companies to improve revenue and profitability[39]. - The Group plans to acquire land reserves to secure future saleable resources, viewing this as a key success factor in the PRC property market[41]. Environmental, Social, and Governance (ESG) Initiatives - Environmental, Social, and Governance (ESG) initiatives are being prioritized, with a commitment to reduce carbon emissions by 30% over the next five years[73]. - The Group's NOx emissions decreased by 76.36% from 2,200 kg in FY2019 to 520 kg in FY2020[95]. - The Group's SOx emissions reduced by 76.92% from 13 kg in FY2019 to 3 kg in FY2020[95]. - The Group's PM emissions fell by 76.22% from 164 kg in FY2019 to 39 kg in FY2020[95]. - Direct CO2 emissions (Scope 1) decreased by 71.15% from 9,057 tonnes in FY2019 to 2,613 tonnes in FY2020[95]. - Indirect CO2 emissions (Scope 2) dropped by 73.81% from 126 tonnes in FY2019 to 33 tonnes in FY2020[95]. - The Group aims to ensure compliance with all applicable environmental legislation and has not reported any non-compliance during the ESG Reporting Year[86]. - The Group has implemented an internal environmental protection awareness program to encourage employees and clients to improve environmental performance[88]. - The Group's carbon footprint for the ESG Reporting Year was 2,646 tonnes of CO2 equivalent, a reduction of 71.18% compared to the previous year (9,183 tonnes)[99]. Corporate Governance - The Company held 9 Board meetings during the year ended 31 March 2020[175]. - The Board is responsible for leadership and control of the Company and oversees the Group's businesses, strategic decisions, and performance[166]. - The Company complied with the applicable code provisions of the CG Code except for the deviation from code provision A.2.1, where the roles of chairman and chief executive are not separated[163]. - The composition of the Board is well balanced with each Director having sound board level experience and expertise relevant to the business operations and development of the Group[169]. - The Company has established an Audit Committee to oversee financial reporting, internal control procedures, and risk management systems[184]. - The Audit Committee's primary duties include assisting the Board with financial reporting effectiveness and overseeing the audit process[184]. - The Company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience in recommending candidates for the Board[189]. Employee and Labor Practices - The Group adheres to all applicable employment and labor laws, ensuring compliance in its operations in mainland China[116]. - The Group's remuneration policy ensures competitive compensation, including performance bonuses, to attract and retain talent[120]. - Employees are entitled to Mandatory Provident Fund (MPF) contributions based on a percentage of their basic salaries, which are charged to the Group's profit or loss as they become payable[123]. - The Group emphasizes equal opportunities in recruitment, promotion, training, and all employment practices, prohibiting discrimination based on various factors[127]. - The employee gender distribution is 54% male and 46% female, indicating a balanced workforce[128]. - The Group has implemented a strict occupational health and safety policy, ensuring a safe working environment and promoting work-life balance through various employee activities[136]. Management and Leadership - Mr. Dai Dong Xing has been appointed as the chairman of the Board and an executive Director since August 14, 2017, with extensive experience in property operation and management[62]. - The company has a history of stability in its executive team, with key appointments dating back to 1999[62]. - The management team has a strong educational background, with degrees in business administration and engineering[62]. - The leadership team has experience in navigating complex financial environments, which is crucial for future growth[65].

Financial Performance - Total revenue for the six months ended September 30, 2019, was HKD 65,149,000, a decrease from HKD 137,524,000 in the same period of 2018, representing a decline of approximately 52.7%[5] - The company reported a gross loss of HKD 2,167,000 for the first half of 2019, compared to a gross profit of HKD 11,890,000 in the same period of 2018[5] - Other income and net gains amounted to HKD 3,155,000, down from HKD 8,804,000 year-on-year, indicating a decrease of about 64.2%[5] - The total comprehensive loss for the period was HKD 130,562,000, compared to HKD 211,283,000 in the same period of 2018, reflecting a reduction of approximately 38.2%[8] - The company incurred a loss of HKD 49,192,000 for the six months ended September 30, 2019, indicating financial challenges[20] - The net loss for the same period was approximately HKD 49.2 million, compared to a net loss of approximately HKD 89.7 million in 2018, with basic and diluted loss per share of approximately HKD 0.66[106] - The pre-tax loss for the first half of 2019 was HKD 59,872,000, compared to HKD 79,132,000 in the same period of 2018[68] - The total tax expense for the first half of 2019 was HKD 24,712,000, significantly higher than HKD 73,000 in the same period of 2018[64] Assets and Liabilities - The company’s total assets as of September 30, 2019, were HKD 3,336,969,000, down from HKD 3,572,154,000 as of March 31, 2019, indicating a decrease of about 6.6%[10] - Current liabilities totaled HKD 1,280,043,000, slightly up from HKD 1,277,858,000 at the end of March 2019, showing a marginal increase[12] - The net asset value decreased to HKD 1,046,367,000 from HKD 1,191,556,000, representing a decline of approximately 12.1%[12] - Current liabilities exceeded current assets by HKD 1,020,056,000 as of the reporting date, raising concerns about the company's liquidity[20] - The total liabilities as of September 30, 2019, were HKD 1,290,602,000, with the majority attributed to interest-bearing bank and other borrowings at HKD 823,249,000[53] - The group's net current liabilities as of September 30, 2019, were approximately HKD 1.020 billion, compared to HKD 938.8 million as of March 31, 2019, with cash and bank deposits (excluding restricted cash) at approximately HKD 28.6 million[135] Cash Flow - The company reported a net cash flow from operating activities of HKD 110,972,000 for the six months ended September 30, 2019, a decrease of 25.5% compared to HKD 149,070,000 in the same period of 2018[15] - The net cash flow used in investing activities was HKD (19,603,000) for the six months ended September 30, 2019, compared to HKD (23,606,000) in the previous year, indicating an improvement of 16.5%[17] - The net cash flow used in financing activities was HKD (120,609,000) for the six months ended September 30, 2019, significantly higher than HKD (25,733,000) in 2018, reflecting a deterioration of 368.5%[17] - The cash and cash equivalents decreased by HKD 29,240,000 during the reporting period, with a closing balance of HKD 28,625,000[17] Business Segments - The company is engaged in various business segments, including foundation piling, property development, and wellness resort operations[19] - Revenue from external customers for the foundation piling segment was HKD 4,359,000, while property development generated HKD 60,260,000, totaling HKD 65,149,000 for the group[49] - The adjusted profit before tax for the foundation piling segment was HKD 1,586,000, while property development reported a loss of HKD 8,806,000, resulting in a total adjusted profit before tax of HKD 22,197,000 for the group[49] - The group has four reportable segments: foundation piling, property development, investment securities, and wellness resort development and operation[46] Investment Properties - The fair value gain on investment properties was HKD 43,910,000, significantly higher than HKD 598,000 in the previous year, showing a substantial increase[5] - The group recognized a fair value gain of HKD 43,910,000 from investment properties under development during the current period[49] - The carrying value of investment properties under construction as of September 30, 2019, was HKD 1,730,240,000, down from HKD 1,769,918,000 at the beginning of the period[74] Accounting Policies - The adoption of new accounting standards has not had a significant impact on the company's financial policies[27] - The group adopted the cumulative effect method for the initial application of HKFRS 16, with no significant impact on the interim financial statements as of September 30, 2019[29] - The group continues to account for investment properties held for rental or capital appreciation purposes under HKAS 40 at fair value[36] Corporate Governance - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated interim financial statements for the six months ended September 30, 2019[157] - The audit committee confirmed that the interim report complies with all applicable rules and regulations, including accounting standards and listing rules[157] - All directors have confirmed compliance with the standard code of conduct for securities transactions by directors as of September 30, 2019[155] Future Outlook - The company is focusing on expanding its investment properties and enhancing its operational efficiency to improve future performance[5] - The group expects the remaining properties to be sold out by the end of the second half of 2019[110] - The group anticipates continued market expansion in wellness and healthcare services due to increasing demand in China[131]

Financial Performance - The group's revenue for the fiscal year ended March 31, 2019, was approximately HKD 419.8 million, a decrease of about HKD 318.4 million or 43.1% compared to HKD 738.1 million for the fiscal year ended March 31, 2018[23]. - The net loss for the fiscal year 2019 was approximately HKD 223.9 million, compared to a net loss of HKD 221.7 million in fiscal year 2018, with a basic loss per share of HKD 0.0221[23]. - Revenue from the foundation piling segment decreased by approximately HKD 138.2 million, a decline of 62.8% compared to the previous fiscal year, due to delays in the approval of new infrastructure projects[23][24]. - Property development revenue fell by approximately HKD 180.2 million, a decrease of 34.8%, attributed to the weakened financial condition of potential homebuyers amid an uncertain global macroeconomic environment[24]. - The loss from the sale of equity instruments was approximately HKD 49,000 in fiscal year 2019, compared to a gain of approximately HKD 58.1 million in fiscal year 2018[36]. - The group's gross loss for fiscal year 2019 was approximately HKD 10.4 million, a significant decrease of 87.9% compared to fiscal year 2018[37]. - Administrative and other expenses for fiscal year 2019 were approximately HKD 80 million, a decrease of about HKD 26.3 million compared to fiscal year 2018[40]. - The group's financial costs decreased from approximately HKD 93.9 million in fiscal year 2018 to approximately HKD 84.1 million in fiscal year 2019, a reduction of about HKD 9.8 million[41]. - The group anticipates that the business outlook for the foundation piling industry remains uncertain in the near future due to limited public projects and increased market competition[49]. Assets and Liabilities - As of March 31, 2019, the group's net current liabilities were approximately HKD 938.8 million, compared to approximately HKD 260.3 million as of March 31, 2018[55]. - The group's debt-to-equity ratio as of March 31, 2019, was 75.0%, slightly down from 75.9% as of March 31, 2018[55]. - The company secured a loan financing of RMB 900 million from related parties and major shareholders to meet operational funding needs, expected to be utilized starting October 2019[156]. - The financing is unsecured, with an annual interest rate of 5%, and must be repaid within 24 months from the drawdown date[156]. - The company anticipates full recovery of all outstanding loans and accrued interest from four independent third parties by the due date[156]. Employee and Corporate Governance - As of March 31, 2019, the company had a total of 141 employees, with 124 based in China and 17 in Hong Kong[63]. - The employee compensation package remains competitive, and the company provides adequate on-the-job training[63]. - The company emphasizes that employees are its most valuable asset and is committed to providing a superior work environment and benefits to retain talent[101]. - The company offers competitive compensation, including performance bonuses, to attract and retain talent, with regular reviews of salaries and benefits[102]. - The board consists of experienced members with relevant professional knowledge related to the company's operations and development[132]. - The company has maintained good corporate governance standards and procedures for the benefit of shareholders[126]. - The board will continue to review its governance practices to ensure compliance with legal requirements and the latest developments[126]. - The company encourages employees to report any potential misconduct related to its operations[121]. Environmental and Social Responsibility - The carbon footprint for the ESG reporting year was estimated at 9,183 tons of CO2 equivalent[89]. - Total electricity consumption was 1,159,522 kWh during the reporting period[99]. - Water consumption amounted to 54,480 cubic meters in the ESG reporting year[99]. - Diesel consumption for machinery usage reached 799,836 liters, while vehicle usage accounted for 10,301 liters[99]. - Natural gas consumption was recorded at 2,238 cubic meters[99]. - The company generated an estimated 285 cubic meters of non-hazardous waste and 3.3 cubic meters of hazardous waste during the reporting year[90]. - The company has implemented energy-saving measures, including adjusting air conditioning to 25.5 degrees Celsius and replacing fluorescent lights with LED systems[94]. - The company is promoting a paperless office initiative to reduce paper consumption and has encouraged double-sided printing[93]. - The company has complied with all applicable environmental laws and regulations in Hong Kong and China during the reporting year[83]. Shareholder and Financial Communication - The company is committed to maintaining effective communication with shareholders and encourages attendance at annual general meetings[166]. - The board did not recommend the distribution of a final dividend for the fiscal year 2019, compared to no dividend in the fiscal year 2018[64]. - Approximately HKD 25.905 million was received from pre-sale proceeds in the property development segment after the fiscal year ending March 31, 2019[156]. - The total issued share capital of the company as of March 31, 2019, was 9,074,000,000 shares with a par value of HKD 0.025 per share[178]. - Major shareholder Liyou Investment Limited holds 2,600,000,000 shares, representing approximately 28.65% of the company's equity[197]. Board and Committee Activities - The board of directors held 10 meetings during the fiscal year ending March 31, 2019[136]. - The Audit Committee held four meetings during the fiscal year ending March 31, 2019, to review significant matters related to financial reporting and internal control procedures[145]. - The Remuneration Committee held two meetings to recommend compensation policies for all directors and senior management[147]. - The Nomination Committee conducted two meetings to review the board's structure and recommend suitable candidates for board membership[148]. - The company provides timely and formal training for directors to ensure they understand current listing rules and regulations[140]. - The company encourages directors to attend training courses to stay updated on corporate governance practices[140].