智通财经APP讯，LET GROUP(01383)发布公告，有关由星将有限公司(公司间接全资附属公司)向金曜企业有限公司(由星将及Alpha Era Investments Limited各自拥有50%权益)垫付本额为3000万美元的贷款;及有关金曜偿还欠付星将部分未偿股东贷款及应计利息，合计约1.15亿美元(相当于约8.95亿港元)。于2024年4月18日，金曜已偿还欠付星将余下未偿还无息股东贷款，合计约3120万美元(相当于约2.43亿港元)。 进一步还款后及于本公告日期，金曜并无任何应付星将的未偿还股东贷款。根据香港会计准则，预期集团将取得应占一间合营公司溢利，指来自进一步还款产生确认过往年度应占合营公司亏损拨回，惟有待审核。 公司正研究解散集团拥有50%权益合营公司金曜的可行性，而集团及Alpha Era将于完成有关解散后平均分配任何剩余资产。根据香港会计准则，将由集团收取的剩余资产(倘有)将视作溢利处理，惟有待审核。 公司股份继续停牌。 ...

Project Development - LET Group Holdings Limited is focused on developing the Westside City project in the Philippines, aiming to create a world-class integrated resort by the end of 2024[6]. - The company is developing a five-star hotel and entertainment complex in Manila, Philippines, with operations expected to commence in 2024[21]. - The Westside City project in the Philippines is expected to commence trial operations by the end of 2024 and officially open in 2025, with significant construction progress reported[127]. - The Westside City project will feature shopping malls, cinemas, restaurants, and approximately 2,000 parking spaces upon completion[128]. - The Hoi An South integrated resort in Vietnam has completed the first phase of its $4 billion development project, which includes 1,000 acres of land[130]. - The company is currently in the preliminary planning stages for multiple land projects in Japan, including 40 villas and a hotel with over 100 rooms[138]. Financial Performance - For the first half of 2023, the company reported a profit attributable to equity holders of HKD 584.7 million, a significant increase from a loss of HKD 253.0 million in the same period of 2022[17]. - The adjusted EBITDA from continuing operations for the first half of 2023 was approximately HKD 21.0 million, down from HKD 50.6 million in the first half of 2022[17]. - The total revenue from continuing operations for the first half of 2023 was approximately HKD 190.9 million, a slight increase of 0.3% from HKD 190.4 million in the same period of 2022[21]. - The company recorded a significant increase in the share of profit from an associate, amounting to HKD 124,136,000, compared to a loss of HKD 160,331,000 in the previous year[148]. - Total comprehensive income for the period was HKD 593,488,000, a turnaround from a loss of HKD 451,194,000 in the same period last year[150]. - The company’s total comprehensive income attributable to shareholders for the six months ended June 30, 2023, was HKD 490,567,000, compared to a loss of HKD 575,115,000 in the same period of 2022, representing a significant recovery[153]. Debt and Financing - The company has successfully restructured its balance sheet to reduce debt and secured significant financing from a local financial institution, enhancing stakeholder confidence[7]. - The group’s debt ratio was approximately 7.6% as of June 30, 2023, a significant decrease from 29.3% as of December 31, 2022[44]. - The company’s financing costs were approximately HKD 28.7 million, significantly reduced from HKD 111.0 million in the previous year[20]. - The group provided loans to a joint venture totaling approximately USD 64.96 million (equivalent to about HKD 507.09 million) to support the development of the integrated resort project[30]. - The group has a five-year loan from its direct holding company amounting to USD 6.0 million (approximately HKD 47.0 million) at a fixed interest rate of 5.5% per annum as of June 30, 2023[40]. - The company raised approximately HKD 48.68 million from the placement of 269 million new shares at HKD 0.186 per share, representing about 3.88% of the issued share capital post-placement[52][56]. Market and Operations - The company is optimistic about the future development of the Westside City project, bolstered by strong support from guests, partners, and stakeholders[13]. - The group is dedicated to delivering exceptional travel products and personalized services, which are crucial for its success[13]. - The group is engaged in developing and operating a major hotel and entertainment complex in the Philippines through Suntrust Group[70]. - The group is also engaged in business development in Japan and market management in China[70]. - The Manila gaming market has a substantial growth potential, with a pre-pandemic compound annual growth rate (CAGR) exceeding 24%[135]. - The Philippines is identified as the preferred development region for the company, with the Westside City project expected to yield the highest potential returns compared to other integrated resorts[134]. Employee and Operational Costs - Employee costs for the first half of 2023 amounted to approximately HKD 97.2 million, compared to HKD 78.3 million for the same period in 2022, representing a year-on-year increase of about 24%[66]. - The group had approximately 1,071 employees, a slight decrease from 1,079 employees as of December 31, 2022[66]. - The company’s operational expenses for the six months ending June 30, 2023, were HKD 138,055 thousand, which is a significant increase from HKD 83,363 thousand in the same period of 2022[195]. Strategic Initiatives - The group is committed to diversifying its business and exploring new opportunities in regions with the most favorable returns, despite ongoing political instability in Russia[12]. - The newly established LETX Lifestyle brand aims to provide customized travel products and services, targeting a younger demographic with a focus on quality[9]. - The group emphasizes a core value of leisure, entertainment, and taste, integrating modern and traditional luxury in its offerings[10]. - The company is exploring strategic acquisitions to bolster its market position and expand its service offerings[192]. - The company is taking a conservative investment approach in Russia due to unpredictable geopolitical tensions[132]. Regulatory and Compliance - The group has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2023, which are expected to impact the annual consolidated financial statements[180]. - The group reported that there are no significant impacts on the interim consolidated financial statements due to the adoption of the revised standards[183]. - The company is subject to compliance with CRA reserve regulations as part of the loan agreement with Suntrust[90]. Revenue Streams - The revenue from the group's gaming and hotel operations in the Russian Federation accounted for 95.3% of total revenue from continuing operations in the first half of 2023, compared to 93.4% in the same period of 2022[39]. - The total gaming turnover for the mass market increased by 9% from HKD 354 million in the first half of 2022 to HKD 385 million in the first half of 2023[105]. - The net gaming revenue from slot machines was approximately HKD 90 million, an increase of 8% compared to HKD 83 million in the first half of 2022[106]. - The company reported a total income from hotel operations of HKD 190,918,000 for the first half of 2023, compared to HKD 190,445,000 in 2022, showing a marginal increase of 0.25%[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告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對就因本公告全 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。 LET GROUP HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1383） 截 至2023年6月30日止六個月中期業績公告 財務摘要 – 來自持續經營業務之總收入增加0.3%至 約190,918,000港 元（截 至2022年6 月30日止六個月：約190,445,000港元） – 來自持續經營業務之毛利減少8.5%至 約85,871,000港 元（截 至2022年6月30 日止六個月：約93,798,000港元） – 截 至2023年6月30日止六個月本公司權益持有人應佔期內溢利約 584,655,000港 元（截 至2022年6月30日止六個月：本公司權益持有人應佔期 內虧損約252,965,000港元） – 截 至2023年6月30日止六個月本公司股東應佔每股基本盈利6.58港 仙（截 至2022年6月30日止六個月：本公司股東應佔每股基本虧損5.80港仙） ...

Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 394.34 million, an increase of 33.9% from HKD 294.31 million in 2021[5] - The company recorded a net loss of HKD 206.67 million for the year, a significant improvement from a loss of HKD 469.40 million in 2021[5] - The adjusted EBITDA from continuing operations was approximately HKD 77.5 million for 2022, compared to a negative HKD 13.3 million in 2021[20] - The comprehensive adjusted EBITDA for continuing operations was HKD 77.5 million in 2022, a significant improvement from a loss of HKD 13.3 million in 2021[24] - The group recorded a loss attributable to equity holders of approximately HKD 138.4 million for the year ended December 31, 2022, a decrease from a loss of HKD 258.3 million for the year ended December 31, 2021[20] - The group’s financing costs amounted to approximately HKD 195.1 million, and the share of losses from a joint venture was about HKD 160.9 million[21] - The company reported a net loss of HKD 206.7 million for the year, a reduction from a loss of HKD 469.4 million in 2021[24] Assets and Liabilities - Non-current assets decreased to HKD 5.41 billion in 2022 from HKD 5.62 billion in 2021, reflecting a decline of 3.7%[6] - Current liabilities decreased to HKD 1.32 billion in 2022 from HKD 2.02 billion in 2021, a reduction of 34.7%[6] - The company’s equity attributable to owners decreased to HKD 3.03 billion in 2022 from HKD 3.44 billion in 2021, a decline of 11.9%[6] - As of December 31, 2022, the group had total liabilities of approximately HKD 628.4 million in bonds payable, which was not present in the previous year[63] - The debt ratio as of December 31, 2022, was approximately 29.3%, down from 43.4% as of December 31, 2021[66] Development Projects - The company plans to focus on the Westside City project in the Philippines as its primary development initiative moving forward[9] - The Westside City project is a key focus, expected to introduce a unique five-star hotel and a comprehensive retail and entertainment experience in Manila[12] - The group aims to establish a world-class integrated resort in the Philippines, capitalizing on the growing demand for quality travel and entertainment experiences[11] - The company is developing a five-star hotel and entertainment complex in Manila, Philippines, expected to commence operations in 2024[29] - The Westside City project will feature a shopping mall, cinema, restaurants, and approximately 2,000 additional parking spaces upon completion[124] - The Westside City project in the Philippines is set to begin trial operations by the end of 2024 and grand opening in 2025, with the construction of the hotel tower currently underway[123][130] Joint Ventures and Loans - The company has provided a total of $34,045,000 in loans (approximately HKD 263,849,000) under Loan B, with an annual interest rate of 1.5% and a repayment period of five years from the drawdown date[35] - The company has advanced $30,000,000 (approximately HKD 232,500,000) under Loan C, which carries an annual interest rate of 14% and is due for repayment 12 months after the drawdown date, extendable to February 28, 2022[35] - As of December 31, 2022, the company has not received any repayment of principal or interest on Loan C from the joint venture partner, indicating a significant deterioration in the joint venture's financial performance[39] - The company's ability to recover Loans A, B, and C largely depends on the financial performance of the Hoi An South Integrated Resort, which is the sole source of income for the joint venture partner[40] - The company recognized a loss from impairment of loans to a joint venture amounting to HKD 17.6 million in 2022[24] - The company recorded a share of losses from a joint venture amounting to approximately HKD 160.9 million for the year 2022, compared to HKD 438.0 million in 2021[54] Market Conditions and Future Outlook - The company aims to optimize asset allocation to enhance growth opportunities in the Philippine market[9] - The group has identified significant growth potential in the Philippines compared to more mature gaming markets in Asia[11] - The local customer base in the Philippines contributes over one-third of the gaming revenue, providing a stable source of clientele[11] - The ongoing travel restrictions and quarantine measures in Vietnam have significantly affected the resort's operations and revenue generation capabilities[40] - The projected future revenue and cash inflows for the integrated resort project have been revised downwards due to the ongoing impact of COVID-19 on the Southeast Asian tourism and gaming industry[45] - The company remains optimistic about the future performance of the Hoi An South Integrated Resort despite the current challenges posed by the pandemic[38] Employee and Operational Changes - As of December 31, 2022, the group had 1,079 employees, a decrease from 1,103 employees as of December 31, 2021, reflecting a reduction of approximately 2.2%[78] - Total employee costs for the year ended December 31, 2022, amounted to approximately HKD 169.0 million, down from HKD 212.0 million in 2021, representing a decrease of about 20.2%[78] Shareholder Information - The company’s major shareholder, Mr. Lu, holds 4,999,694,857 shares, representing 74.98% of the issued share capital as of December 31, 2022[167] - Mr. Lu also has beneficial ownership of 40,000,000 share options, exercisable at HKD 0.455 per share[168] - Major Success holds a total of HKD 4,999,694,857 shares, representing 74.98% of the issued share capital as of December 31, 2022[175] Compliance and Governance - The board of directors has confirmed the independence of all independent non-executive directors[165] - The company has sufficient public float in compliance with the listing rules as of the report date[179] - The company has not reported any new strategies related to market expansion or acquisitions in the current report[158]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示 概 不 會 就 本 公 告 全 部 或任何部分內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 LET GROUP HOLDINGS LIMITED （於開曼群島註冊成立之有限公司） （股份代號：1383） 截 至2022年12月31日止年度之年度業績公告 財務摘要 – 持續經營業務之總收入增加34%至 約394,340,000港 元（2021年： 約 294,308,000港元） – 持續經營業務之毛利增加113%至 約185,117,000港 元（2021年：約86,724,000 港元） – 2022年本公司權益持有人應佔年內虧損約138,362,000港 元（2021年：約 258,265,000港元） – 2022年本公司股東應佔每股基本虧損6.13港 仙（2021年：7.91港仙） LET Group Holdings Limited（「本公司」），前 稱 太 陽 城 集 團 控 股 有 限 公 司 董 事 會（「董 事 會」）欣 ...

Financial Performance - For the six months ended June 30, 2022, LET Group Holdings Limited reported a loss attributable to equity holders of HKD 253.0 million, a significant decrease from a profit of HKD 384.3 million in the same period of 2021[34]. - The adjusted EBITDA from continuing operations for the first half of 2022 was approximately HKD 50.6 million, compared to a negative HKD 8.1 million for the same period in 2021[34]. - Total revenue from continuing operations for the first half of 2022 was approximately HKD 190.4 million, an increase of about HKD 45.8 million or 31.7% compared to HKD 144.6 million in the first half of 2021[40]. - The loss from discontinued operations for the first half of 2022 was approximately HKD 52.7 million, compared to a profit of HKD 114.4 million in the same period of 2021[35]. - The company recognized a net foreign exchange gain of approximately HKD 81.9 million in the first half of 2022, compared to a net gain of HKD 10.0 million in the same period of 2021[46]. - The company reported an impairment loss of approximately HKD 287.1 million related to the fair value reassessment of the Crystal Tiger Palace's property, plant, and equipment as of December 31, 2021[77]. - The company recorded a tax credit of approximately HKD 7.0 million in the first half of 2022 due to excess provisions for Philippine withholding tax from prior periods[100]. - The company recorded a net loss of approximately HKD 234,014,000 for the six months ended June 30, 2022[200]. - The operating cash outflow for the same period was approximately HKD 65,752,000[200]. Revenue and Gaming Operations - The total gaming revenue in Manila has recovered to approximately 79% of the levels reported in the same period of 2019[28]. - Revenue from gaming and hotel operations in Russia accounted for 93.4% of the group's total revenue for continuing operations in the first half of 2022, up from 89.5% in the same period of 2021[101]. - Net gaming revenue from the Crystal Tiger Palace reached approximately 168 million HKD in the first half of 2022, an increase of about 46 million HKD or 37.7% year-on-year[142]. - Net gaming revenue rose by 54.5% from approximately HK$55 million in the first half of 2021 to approximately HK$85 million in the first half of 2022[146]. - The total amount of gaming bets in the mid-market increased by 49.4% from HK$237 million in the first half of 2021 to HK$354 million in the first half of 2022[147]. - The total amount of slot machine bets increased by 39.5% from approximately HK$1,563 million in the first half of 2021 to approximately HK$2,181 million in the first half of 2022[147]. - The net gaming revenue from slot machines increased by 22.1% from approximately HK$68 million in the first half of 2021 to approximately HK$83 million in the first half of 2022[147]. Project Developments - The Westside City project is the first project built from scratch by the company, aimed at becoming a stylish integrated resort in the Philippines[28]. - The company is developing a five-star hotel and entertainment complex in Manila, Philippines, with operations expected to commence in 2024[41]. - The group has completed the foundation work for the Westside City project, with multiple cranes now operational for further construction[170]. - The Westside City project will feature approximately 300 gaming tables, over 1,300 slot machines, and more than 450 five-star hotel rooms upon completion[171]. - The first phase of the Hoi An South Integrated Resort, including a golf club and hotel, is now operational[172]. - The group is developing the second phase of the Hoi An South Integrated Resort, with land development currently underway[173]. - The group plans to open the second phase of the Crystal Tiger Palace no earlier than 2025 due to ongoing adverse effects from the pandemic and economic uncertainty[169]. Market Conditions and Strategic Focus - The company is closely monitoring market conditions, including geopolitical restructuring and supply chain disruptions, which may impact its financial situation and operations[29]. - The company aims to establish a strong presence in the Asian entertainment market, leveraging the potential of Manila as a key entertainment hub[28]. - The company is adapting to the "living with the virus" strategy in Vietnam, which has positively impacted business performance[30]. - The group remains cautiously optimistic about its long-term strategic positioning in the Asian entertainment sector despite ongoing challenges in the gaming industry[175]. - The group views the Philippines as the country with the lowest international business risk and the highest potential returns among its investments[183]. - The global economic recovery remains uncertain, with potential risks including ongoing pandemic waves, corporate bankruptcies, and financial pressures, which could hinder recovery efforts[78]. Employment and Costs - The group employed approximately 1,116 employees as of June 30, 2022, an increase from 1,103 employees as of December 31, 2021, with total employee costs for the six months amounting to approximately HKD 78.3 million, down from HKD 112.5 million for the same period in 2021[122]. - Financing costs for the first half of 2022 were approximately HKD 111.0 million, compared to HKD 123.2 million in the same period of 2021[39]. - The group's financing costs in the first half of 2022 slightly decreased due to interest capitalization related to the construction of a hotel and entertainment complex[99]. Impairments and Losses - The expected credit loss for loans and receivables to joint ventures increased significantly, shifting from a 12-month expected credit loss to a lifetime expected credit loss as of December 31, 2021, and June 30, 2022[72]. - As of December 31, 2021, the company recognized impairment losses of approximately HKD 119.7 million, HKD 194.2 million, and HKD 22.9 million for loans and receivables to joint ventures[73]. - For the six months ended June 30, 2022, the company recognized impairment losses of approximately HKD 18.2 million, HKD 9.8 million, and HKD 19.3 million for loans and receivables to joint ventures, compared to zero for the same period in 2021[74]. Asset Management and Sales - The group plans to continue selling assets to focus on the most profitable business segments, including potential land sales in Japan[182]. - The group completed the sale of its entire equity interest in certain subsidiaries in July 2022, which will no longer be consolidated in the group's financial statements[98]. - The group completed the sale of its wholly-owned subsidiary on July 22, 2022, for a total cash consideration of HKD 1, with conditions of the sale agreement being met[117]. Economic Indicators - In the Philippines, the GDP grew by 8.2% in Q1 2022, and the total gaming revenue of licensed casinos reached approximately 63.9 billion pesos (about 1.15 billion USD), recovering to nearly 79% of pre-pandemic levels[164]. - Vietnam's GDP grew by 6.4% in the first half of 2022, with only 602,000 foreign visitors entering the country, which is 7.1% of the total in 2019[165].

Financial Performance - Total revenue for 2021 was HKD 340,437,000, a significant increase of 87.2% compared to HKD 181,858,000 in 2020[46] - The group reported a loss before tax of HKD 623,063,000, compared to a profit of HKD 1,277,229,000 in the previous year[46] - The group incurred a loss attributable to shareholders of HKD 469,397,000, a decrease from a profit of HKD 871,566,000 in 2020[46] - The company reported a loss attributable to equity holders of HKD 258.3 million for the year ended December 31, 2021, a significant decline from a profit of HKD 884.8 million for the year ended December 31, 2020[62] - The group’s total comprehensive income for the year was not specified, but the net loss indicates a challenging financial year[46] - The company reported a total loss attributable to equity holders of approximately HKD 469.4 million for the year 2021, compared to a profit of HKD 871.6 million in 2020[74] Revenue Sources - Total revenue from continuing operations was HKD 340.4 million in 2021, compared to HKD 181.9 million in 2020, indicating a substantial increase[61] - The group contributed approximately HKD 265.5 million in revenue from its integrated resort operations in the Primorsky Krai region of Russia, up from HKD 47.7 million in 2020[78] - The total gaming revenue for the year was HKD 286 million, a significant increase from HKD 53 million in the previous year[67] - The group experienced a significant decline in travel-related revenue, recording approximately HKD 42.8 million, down from HKD 123.8 million in 2020 due to the impact of the COVID-19 pandemic[78] Costs and Expenses - The group recognized an impairment loss of HKD 119,717,000 on loans to a joint venture[46] - The group’s financing costs decreased to HKD 283,876,000 from HKD 329,053,000 in the previous year[46] - The total employee costs for the year ended December 31, 2021, amounted to approximately HKD 205.5 million, compared to HKD 97.5 million in 2020[142] - Sales and distribution expenses increased in 2021 due to the consolidation of the financial performance of the acquired company, Kaisa[82] - Administrative expenses rose in 2021 mainly due to increased employee costs following the acquisition of Kaisa in Q4 2020[83] Strategic Focus and Development - The group plans to focus on market expansion and new product development in the upcoming year[46] - The company is focusing on maintaining a stable cash reserve and has implemented unprecedented cost-cutting measures[53] - The company plans to concentrate resources in regions that provide the most stable returns and lowest risks[54] - The company is considering the sale of land in Japan for hotel development as part of its strategic realignment[53] - The group is developing a five-star hotel and entertainment complex in Manila, expected to commence operations in 2024[77] Asset Management - Non-current assets decreased to HKD 5,615.2 million in 2021 from HKD 7,056.4 million in 2020[49] - Current assets also declined to HKD 2,716.7 million in 2021 from HKD 3,674.4 million in 2020[49] - As of December 31, 2021, the total cash and bank balances amounted to approximately 1,573.0 million HKD, a decrease from 2,644.5 million HKD as of December 31, 2020[129] - The group's total borrowings were approximately 972.3 million HKD, with about 823.1 million HKD due within one year[129] Market Conditions and Impact - The global tourism industry continued to be severely impacted by the pandemic in 2021, with most regions still lacking bilateral quarantine-free travel arrangements[192] - The Russian tourism sector saw a 15% year-on-year decline in foreign visitors to approximately 115,000 in 2021, affected by the pandemic and geopolitical tensions[193] - The number of tourists from Japan, South Korea, and China dropped by 63% to 1.4 million in 2021 due to travel restrictions during the pandemic[199] - The Philippine GDP grew by 5.6% in 2021, recovering from a 9.6% decline in 2020[199] Gaming Operations - The gaming business at Crystal Tiger Palace was primarily derived from VIP, mass market, and slot machine operations[171] - Total betting amount in the gaming segment increased by 37% from approximately HKD 362 million in 2020 to approximately HKD 496 million in 2021[172] - Net gaming revenue for the gaming segment rose by 38% from approximately HKD 82 million in 2020 to approximately HKD 113 million in 2021[172] - Slot machine betting amount increased by 57% from approximately HKD 2,217 million in 2020 to approximately HKD 3,477 million in 2021[175] Corporate Governance and Employee Relations - The company regularly reviews its compensation policies based on employee performance and industry practices, providing year-end bonuses and stock options as rewards[146] - The company has implemented appropriate operational measures and health protocols to protect employees during the pandemic[147] - The company encourages employees to participate in training programs to obtain professional qualifications relevant to their job roles[145] - The company has established a transparent process for determining director remuneration, which is reviewed annually by the remuneration committee and the board[146]

Financial Performance - The company recorded a profit attributable to equity holders of RMB 320.0 million for the first half of 2021, a significant turnaround from a loss of RMB 118.6 million in the same period of 2020[20]. - The total revenue from continuing operations was RMB 148.77 million, compared to RMB 74.62 million in the first half of 2020, representing an increase of approximately 99.4%[23]. - The company achieved a total of RMB 107.87 million in revenue from its integrated resort operations, including RMB 102.26 million from gaming and RMB 5.61 million from hotel operations[23]. - The company reported a profit from discontinued operations of approximately RMB 147.1 million, including a gain of RMB 167.9 million from the sale of a subsidiary[21]. - The company reported a net profit of RMB 285,799,000 for the six months ended June 30, 2021, compared to a loss of RMB 123,208,000 in the prior year[151]. - Basic earnings per share for the period was RMB 3.13, compared to a loss per share of RMB 1.78 in the same period last year[154]. - The company reported a loss of RMB 118,794,000 for the six months ended June 30, 2021, compared to a loss of RMB 392,324,000 for the same period in 2020, showing an improvement in financial performance[192]. Revenue Growth - The company reported a total of RMB 148,770,000 in revenue from gaming operations for the six months ending June 30, 2021, compared to RMB 74,621,000 for the same period in 2020, marking an increase of approximately 99%[188]. - The revenue from travel agency services for the six months ending June 30, 2021, was RMB 220,544,000, a significant increase from RMB 1,049,000 for the same period in 2020, showing a growth of over 20,900%[188]. - The revenue from property management services for the six months ending June 30, 2021, was RMB 12,639,000, compared to RMB 2,820,000 for the same period in 2020, reflecting a growth of over 348%[188]. - The revenue from tourism-related products and services for the six months ending June 30, 2021, amounted to RMB 26,950,000, a substantial increase from RMB 0 for the same period in 2020[188]. - The overall performance indicates a strong recovery trajectory post-pandemic, with significant growth across multiple revenue streams compared to the previous year[188]. Operational Developments - The group is focused on maximizing cash flow and liquidity while implementing cost control measures across all integrated resorts[13]. - The group has implemented prudent cost control measures at all integrated resorts without compromising customer experience[13]. - The group is committed to creating growth opportunities at its integrated resorts, with a focus on the Water Crystal Palace and the upcoming Westside City project as key growth drivers[13]. - The group is developing a five-star hotel and entertainment complex in Manila, Philippines, with construction ongoing and no revenue recognized in the first half of 2021[30]. - The group is focusing on cash flow management and implementing cost control measures across all integrated resort projects[125]. Market Expansion - The company plans to expand its market presence in Asia, particularly with the Westside City project in the Philippines, which is expected to become a popular venue[18]. - The company is focusing on expanding its market presence in Russia and the Philippines, with reported revenues of RMB 107,872,000 and RMB 0, respectively, for the six months ending June 30, 2021[188]. - The company is focusing on expanding its market presence in China, Macau, Cambodia, and Vietnam[191]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[152]. Strategic Initiatives - The group aims to enhance facilities and services at the Crystal Tiger Palace, including the launch of a new VIP club and dining options[15]. - The group is undergoing digital transformation, utilizing big data strategies and exploring integrated digital experiences for its resorts[130]. - The group is actively selling real estate divisions to generate cash and expedite future construction projects[131]. - The company plans to enhance its product offerings and services related to integrated resorts and hotels[191]. - Future outlook includes potential mergers and acquisitions to strengthen market position and expand service capabilities[191]. Financial Position - As of June 30, 2021, the group's cash and bank balances totaled approximately RMB 1,947.4 million, down from RMB 2,225.6 million at the end of 2020[50]. - The group's total borrowings amounted to approximately RMB 965.3 million as of June 30, 2021, a decrease from RMB 1,312.6 million at the end of 2020[50]. - The debt ratio was approximately 25.4% as of June 30, 2021, down from 31.1% at the end of 2020[54]. - The company reported a significant capital expenditure commitment of approximately RMB 3.44 billion for the six months ended June 30, 2021[173]. - The total liabilities as of June 30, 2021, were RMB 6,584,230,000, down from RMB 7,731,713,000 as of December 31, 2020[194]. Challenges and Risks - The company continues to face adverse impacts on its overall business due to ongoing COVID-19 restrictions affecting international travel, particularly in Macau and the Russian entertainment sector[176]. - The group expresses gratitude to various governments for their efforts in controlling the pandemic, which has impacted business operations[10]. - The company relies on financial support from its major shareholder and related companies to maintain sufficient working capital[173]. - The company has ceased its property development and leasing business in Shenzhen, China, following the completion of the sale of its subsidiary[175].

Property Development and Leasing - The total site area for the completed project "Le Paysage" in Shenzhen is 42,233 m², with a residential area of 90,053 m² and a total saleable area of 96,953 m²[27]. - The property development business includes a project under development, "The Landale" in Chaohu, with a site area of 122,363 m² and a total saleable area of 82,974 m², fully attributable to the Group[27]. - The Group's property leasing business includes the "Gang Long City Shopping Centre" in Shenzhen, with a leasable area of 64,397 m²[28]. - The Group holds a 51% interest in parcels of land located at Miyako Island, Okinawa, Japan, intended for the development of 40 villas and a hotel tower of more than 100 rooms[29]. - The Group's total interest in completed projects stands at 100%, reflecting a strong ownership position in its property assets[34]. - Future outlook includes plans for new product developments and market expansions in both residential and commercial sectors[6]. - The Group delivered no residential units in 2020, resulting in no revenue recognized from property development, compared to 621 m² delivered in 2019[90]. - The Le Paysage project in Shenzhen has sold approximately 86% of its total saleable area of 96,953 m² as of December 31, 2020[160]. - The Landale project is currently suspended due to changes in scenic area policy, with the Chaohu Government intending to reclaim land use rights for approximately 183.54 Chinese Mu (about 122,360 m²)[164]. - The Group owns 51% of MSRD Corporation Limited, which holds a plot of land of 108,799 m² in Okinawa, Japan, with plans to build 40 villas and a hotel tower[166]. - The Group completed the acquisition of land parcels totaling 220,194 m² in Niseko, Hokkaido, Japan, with plans to develop over 50 villas, 20 townhouses, and a hotel[166]. Financial Performance - Total revenue for 2020 was RMB 199,291,000, a decrease of 67.5% from RMB 611,827,000 in 2019[40]. - Non-current assets increased to RMB 5,938,687,000 in 2020, up from RMB 3,169,708,000 in 2019, representing an increase of 87.5%[41]. - Current assets rose significantly to RMB 3,092,411,000 in 2020, compared to RMB 949,284,000 in 2019, marking a 226.5% increase[41]. - The company reported a profit before taxation of RMB 675,188,000 for 2020, compared to a loss of RMB 1,495,053,000 in 2019[40]. - Total comprehensive income for the year was RMB 508,409,000, a recovery from a comprehensive expense of RMB 1,463,730,000 in 2019[40]. - Equity attributable to equity holders of the company improved to RMB 3,210,345,000 in 2020, compared to a deficit of RMB 1,951,719,000 in 2019[41]. - The Group recorded total revenue of approximately RMB199.3 million, down 67.4% year-on-year[72]. - Consolidated Adjusted EBITDA was approximately RMB(105.2) million compared to approximately RMB(59.4) million in 2019[72]. - Net profit for the year attributable to equity holders of the Company was approximately RMB786.4 million, a significant turnaround from a net loss of approximately RMB1,484.3 million in 2019[72]. - The profit for the year was mainly due to a gain on change in fair value of derivative financial instruments of approximately RMB1,359.9 million[73]. Strategic Focus and Future Plans - The Chairman's statement highlights the strategic importance of expanding the property portfolio to enhance market presence and profitability[6]. - The company plans to develop 40 villas and a hotel with over 100 rooms on a land plot in Okinawa, Japan, currently in preliminary planning[36]. - The company is actively diversifying its integrated resorts across North, South, and East Asia, with projects including Hoiana in Vietnam and the Westside City Project in the Philippines[60]. - Suncity has announced the disposal of its property leasing and development businesses in February 2021, signaling a strategic focus on developing integrated resorts and hotels[60]. - The Group plans to leverage Macau as a strategic hub to establish a network of integrated resorts across North Asia, South Asia, and East Asia[64]. - The Group is committed to maintaining high service standards across all its integrated resorts to enhance customer loyalty[63]. - The Group plans to enrich travel-related products to cover more Asian countries in the near future[173]. Impact of COVID-19 - The impact of the COVID-19 pandemic has severely affected the business environment in the PRC, Macau, Russian Federation, and Vietnam, leading to operational challenges[156]. - The occupancy rate of Hong Long Plaza in Shenzhen was 58% for the year ended December 31, 2020, down from 60% in 2019[168]. - The number of visitor arrivals in Macau was approximately 5.9 million in 2020, representing an 85.0% year-on-year decrease[172]. - The average occupancy rate of hotels and guesthouses in Macau decreased by 62.2 percentage points year-on-year to 28.6% for the year ended December 31, 2020[172]. - Revenue from travel-related products and services decreased significantly by approximately RMB 415.5 million to approximately RMB 110.0 million in 2020, down from RMB 525.5 million in 2019[93]. - The Group's revenue from travel-related products and services saw a substantial decrease due to the COVID-19 pandemic[172]. Gaming Operations - The Group's gaming operations in the Russian Federation generated revenue of RMB 40.6 million, while hotel operations contributed RMB 1.8 million[82]. - The Group's total Gross Gaming Revenue (GGR) for the year was RMB 45 million[85]. - The net win rate for mass table gaming was 24.21% with a net win of RMB 20 million[82]. - Net gaming revenue of Tigre de Cristal was approximately HK$203 million in 2020, a decrease of 58% compared to HK$482 million in 2019[185]. - Total Gross Gaming Revenue (GGR) for FY2020 was HK$250 million, a significant decrease from HK$815 million in FY2019[1]. - The Group holds approximately 34% indirect equity interest in Hoiana, which commenced operations amid pandemic-related travel restrictions[1]. Employee and Administrative Costs - As of December 31, 2020, the Group had approximately 1,291 employees, a significant increase from 152 employees in 2019[152]. - Total staff costs for the year were approximately RMB 92.0 million, up from RMB 74.8 million in 2019, reflecting a year-over-year increase of about 23.0%[152]. - Administrative expenses increased due to higher share-based compensation benefits and staff costs following the acquisition of Summit Ascent Group in Q4 2020[105].

Project Developments - The completed project "Le Paysage" in Shenzhen has a site area of 42,233 m², with a total saleable area of 138,123 m² and an attributable interest of 100%[8]. - The ongoing project "The Landale" in Chaohu has a site area of 122,363 m², with a total saleable area of 85,756 m² and an attributable interest of 100%[9]. - The Group is in preliminary planning stages for parcels of land located at Miyako Island, Okinawa, Japan, intended for 40 villas and a hotel with more than 100 rooms, with a 51% attributable interest[10]. - The Group's total saleable area for completed and ongoing projects is significant, contributing to its overall portfolio value[8][9]. - The Group's financial position is supported by its diverse property portfolio, which includes both completed and under-development projects[8][9]. - The Landale project is currently suspended due to changes in China's scenic area regulations[76]. Financial Performance - The Group recorded a loss attributable to owners of the Company of RMB118.6 million for the six months ended 30 June 2020, representing a significant reduction of loss by 90.5% compared to RMB1,254.2 million for the same period in 2019[28]. - Revenue for the period was approximately RMB93.7 million, a decrease of approximately RMB213.3 million or 69.5% compared to RMB307.0 million for the corresponding period in 2019[28]. - Revenue from property leasing decreased from RMB23.4 million for the six months ended 30 June 2019 to approximately RMB19.1 million due to a decline in occupancy rate from 66% to 59%[28]. - The Group's financial performance was impacted by a loss of approximately RMB333.2 million in fair value of investment properties and finance costs of approximately RMB192.6 million[28]. - The Group's total current liabilities were approximately RMB3,571.5 million as of June 30, 2020, down from RMB4,231.6 million as of December 31, 2019[53]. - Total revenue for the six months ended June 30, 2020, was RMB 93,748, a decrease of 69.5% compared to RMB 307,043 for the same period in 2019[115]. - The company reported a loss for the period of RMB 123,208, a decrease from RMB 1,254,366 in the prior year[117]. - Total liabilities exceeded total assets by approximately RMB 540,037,000[137]. Operational Impact of COVID-19 - The outbreak of COVID-19 significantly impacted the Group's operations, leading to a temporary closure of its associate's casino operations from late March 2020 to July 2020[138]. - The pandemic has significantly impacted the global economy and market demand, making it difficult to estimate the full recovery of the tourism market[108]. - The Group's flagship integrated resort Hoiana successfully welcomed its first customers during a preview on June 28, 2020, despite the challenges posed by the COVID-19 pandemic[19]. - Hoiana was never mandated to suspend operations, and the Westside City Project in Manila faced no operational impact[23]. - The Group implemented a stringent cost-control program to manage operations effectively during challenging times[25]. - The Group's approach to treasury and funding policies focuses on risk management and transactions directly related to its underlying business[68]. Strategic Initiatives - The Group remains committed to international integrated resort development projects, including Hoiana in Vietnam and Westside City Project in the Philippines[25]. - The Group has been exploring opportunities in other Asian countries such as Vietnam, Japan, and Myanmar[77]. - The Group aims to enrich travel-related products to cover more Asian countries in the near future[84]. - The Group plans to offer charter flight services and relevant travel products following the acquisition of an aircraft in January 2020[84]. - The Group is progressing on various projects, including the Phase 1 upgrade in Tigre de Cristal and architectural design work for the Westside City Project in the Philippines, positioning itself for growth in entertainment demand post-pandemic[110]. Stakeholder Engagement - The Group's investor relations are managed by Ms. Winnie Lei, Senior Director, indicating a structured approach to stakeholder communication[6]. - The Chairman expressed confidence in the long-term development of the Group and emphasized the importance of supporting employees and the community[25]. - The Group's strategy includes focusing on employee welfare and community support during difficult times, alongside maintaining customer experience[25]. Market Conditions - The number of visitor arrivals in Macau was approximately 3.3 million during the six months ended June 30, 2020, representing a decline of 83.9% compared to the same period in 2019[84]. - The average occupancy rate of hotels and guesthouses in Macau decreased by 63.9% year-on-year to 27.2% for the six months ended June 30, 2020[84]. - In Vietnam, international tourist arrivals decreased by 55.8% year-on-year to 3.74 million from January to June 2020[104]. - Macau's gross gaming revenue for the first half of 2020 was MOP33.7 billion, down by 77.4% year-on-year, with total tourism arrivals decreasing by 83.9% to 3.2 million[104]. Financial Management - The Group's cash and cash equivalents at 30 June 2020 amounted to RMB 1,659,774,000, compared to RMB 87,037,000 at the same date in 2019[133]. - Loans from a related company surged from RMB 729,589,000 to RMB 1,714,903,000, an increase of approximately 134.0%[123]. - The Group's total liabilities from convertible bonds and derivative financial instruments were approximately RMB621.2 million as of June 30, 2020, compared to RMB581.7 million as of December 31, 2019[53]. - The Group's total current liabilities were approximately RMB3,571.5 million as of June 30, 2020, down from RMB4,231.6 million as of December 31, 2019[53]. Regulatory Compliance - The Group's financial statements for the six months ended June 30, 2020, included disclosures regarding the impact of COVID-19 on lease agreements[150]. - The Group early adopted the amendment to HKFRS 16 "Covid-19-Related Rent Concessions" on January 1, 2020, resulting in a reduction of lease payments by RMB 354,000 during the six months ended June 30, 2020[151]. - The amendments to HKFRS 3 clarified the definition of a business, which may impact future acquisitions and business combinations[149].