Financial Performance - The total revenue for the year ended December 31, 2020, was approximately $389.5 million, with the life sciences services and products segment contributing about $246.5 million, representing 63.1% of total revenue[8]. - The company's revenue for the year ended December 31, 2020, was approximately $390.8 million, an increase of 42.9% compared to approximately $273.4 million for the year ended December 31, 2019[17]. - External revenue from non-cell therapy business was approximately $315.1 million, up 45.9% from approximately $216.0 million in the previous year[17]. - Gross profit for the year ended December 31, 2020, was approximately $255.9 million, a 41.9% increase from approximately $180.3 million in 2019[17]. - The company reported a net loss of approximately $281.4 million for the year ended December 31, 2020, compared to a net loss of approximately $117.5 million in 2019[17]. - Adjusted net loss for the company was approximately $168.9 million, compared to an adjusted net loss of approximately $110.3 million in 2019[17]. - The net profit from non-cell therapy business was approximately $22.1 million, an increase of 42.6% from approximately $15.5 million in the previous year[17]. - The total assets increased to $1.447 billion in 2020 from $1.227 billion in 2019, reflecting a growth of 18%[22]. - Cash and cash equivalents increased to $629.058 million in 2020 from $252.397 million in 2019, a growth of 149%[22]. - The company reported a significant increase in user data, with a year-over-year growth of 25% in active users[94]. Business Segments - The CDMO platform generated approximately $39.7 million in revenue, accounting for 10.1% of total revenue, while the industrial synthetic products platform contributed $28.6 million, or 7.3%[8]. - The cell therapy segment generated approximately $75.7 million, representing 19.4% of total revenue, indicating strong growth across all business segments[8]. - Revenue from life sciences services and products was approximately $249.8 million, an increase of 44.4% from approximately $173.0 million for the year ended December 31, 2019[37]. - Revenue from biopharmaceutical development services was approximately $40.4 million, an increase of 78.0% from approximately $22.7 million for the year ended December 31, 2019[43]. - The industrial synthetic biology products segment generated revenue of approximately $28.9 million, a 24.0% increase from about $23.3 million for the year ended December 31, 2019[47]. - The cell therapy segment generated revenue of approximately $75.7 million, a 31.9% increase from about $57.4 million for the year ended December 31, 2019[50]. Research and Development - Research and development expenses for the year ended December 31, 2020, were approximately $263.4 million, an increase of 41.6% from approximately $186.0 million in 2019[19]. - The total R&D investment in cell therapy for the year ended December 31, 2020, was approximately $232.2 million, up 43.4% from approximately $161.9 million in the previous year[19]. - The company is actively developing new CAR-T therapies, with cilta-cel receiving breakthrough therapy designation from the National Medical Products Administration in August 2020[10]. - The company has initiated a rolling submission for the biologics license application for cilta-cel to the FDA, expected to be completed by March 31, 2021[10]. - The company plans to enhance its antibody drug discovery platform through advanced technology development, including fully human antibodies from genetically modified animals[44]. Operational Efficiency - The company aims to enhance operational processes to achieve the highest quality end-to-end delivery while fostering strategic collaborations within the biotechnology ecosystem[8]. - The company aims to optimize its business by improving efficiency and focusing on high-return investments, despite the inherent risks[30]. - Kingsray anticipates short-term compliance-related costs and facility upgrades may negatively impact 2021 profits, but these are deemed necessary for long-term sustainability[28]. - The company has experienced increased operational costs due to significant investments in R&D and compliance with environmental requirements[47]. - Sales and distribution expenses increased by 52.4% from approximately $70.4 million in 2019 to approximately $107.3 million in 2020, primarily due to hiring experienced personnel and global business expansion[57]. Workforce and Leadership - The company employed approximately 4,601 staff members as of December 31, 2020, reflecting an increase in workforce to support business growth[8]. - As of December 31, 2020, Kingsray's employee count increased to approximately 4,601, supporting its operations across over 100 countries[32]. - The company has a strong leadership team with diverse backgrounds in finance, biotechnology, and strategic management[85]. - The board consists of ten directors, including three executive directors, three non-executive directors, and four independent non-executive directors[81]. - The management team is committed to maintaining high standards of corporate governance and compliance, as evidenced by the roles of independent directors in key committees[91][92]. Market Expansion and Strategy - The company aims to expand its market presence and enhance communication with end-users through independent third-party distributors[11]. - The company aims to penetrate the US, Asia-Pacific, and European markets through internal capabilities and external collaborations[44]. - The company plans to continue investing in capacity expansion to better meet customer demand as existing and new projects transition from early development to commercial manufacturing[76]. - The company is exploring opportunities for market expansion and potential mergers and acquisitions to enhance its competitive position[90]. - The company has set a future outlook with a revenue guidance of $600 million for the next fiscal year, indicating a growth target of 20%[97]. Governance and Compliance - The company emphasizes the importance of compliance training for employees to mitigate potential risks and enhance organizational awareness[28]. - The company has established various committees, including a remuneration committee and a sanctions risk control committee, to ensure effective governance[84]. - The board's composition reflects a balance of experience and independence, which is crucial for sound decision-making and corporate governance[81]. - The company has maintained insurance for potential legal claims against its directors or management during the reporting period[121]. Shareholder Information - The company did not recommend a final dividend for the year ended December 31, 2020, in order to retain resources for business development[104]. - As of December 31, 2020, the company had issued 1,953,283,180 ordinary shares[108]. - The company has not reported any distributable reserves as of December 31, 2020, compared to approximately $15.58 million as of December 31, 2019[109]. - The company has a stock option plan that granted options for 460,000 shares to Pan Yuxin, 270,000 shares to Wang Jiafen, and 5,000,000 shares to Liu Zhenyu, among others[188]. - The major shareholders include Zhang Fangliang, who holds approximately 37.47% of GS Corp's issued share capital, and Jin Weihong, who also holds 48.36% through controlled entities[194]. Capital Expenditure - The company has allocated a total of $121.7 million for the construction of CAR-T research and production facilities in China, the US, and Europe, with $28.6 million already utilized[199]. - A GMP manufacturing facility for plasmid and biopharmaceutical products has a budget of $63.7 million, with $23.7 million already spent[199]. - The remaining funds expected to be utilized by the end of 2022 amount to $69.4 million, indicating a strategic focus on expanding production capabilities[199].

Business Operations and Strategy - The company has established four main platforms: CRO, CDMO, industrial synthetic products, and global cell therapy, which have rapidly developed from R&D to commercial delivery [6]. - The CRO platform remains a solid revenue foundation, maintaining its position as one of the largest molecular biology CROs globally, with over 51,000 academic publications citing its services and products [6]. - The CDMO platform focuses on building GMP capacity, with facilities under construction to meet phased delivery needs for clients [6]. - The company aims to create a healthy biotechnology ecosystem through strategic collaborations with business partners [6]. - The company is investing heavily in talent and R&D to enhance its technological competitiveness, aiming for long-term growth [8]. - The company’s long-term goals include improving daily life quality, addressing environmental issues, and scaling enzyme applications across various industries [8]. - The company is committed to continuous management reforms and operational optimizations to ensure high-quality end-to-end delivery [6]. Financial Performance - The company's revenue for the six months ended June 30, 2020, was approximately $166.4 million, an increase of 36.5% compared to approximately $121.9 million for the same period in 2019 [11]. - Gross profit for the same period was approximately $108.2 million, up 37.1% from approximately $78.9 million in 2019, with a gross margin of 65.0% [15]. - The adjusted net loss was approximately $67.8 million, compared to an adjusted net loss of approximately $28.0 million in the same period of 2019 [11]. - Research and development expenses for the six months ended June 30, 2020, were approximately $115.5 million, an increase of 83.9% from approximately $62.8 million in 2019 [11]. - The company reported a loss attributable to shareholders of approximately $113.1 million, compared to a loss of approximately $27.3 million in the same period of 2019 [12]. - The life sciences services and products segment accounted for approximately 68.1% of total revenue, while the cell therapy segment accounted for approximately 13.9% [15]. - The company focused on COVID-19 related products, which significantly contributed to revenue growth in the life sciences segment [16]. Investments and Financial Assets - The company invested in financial products with floating interest rates ranging from 0.57% to 6.3%, with maturity dates from 1 day to 365 days [30]. - As of June 30, 2020, the fair value of financial assets measured at fair value through profit or loss was approximately $49.429 million [31]. - The company recorded an investment gain of approximately $1.442 million and a fair value loss of about $736,000 during the reporting period [32]. - The company only invested in financial products issued by reputable major banks in China and Hong Kong, retaining all principal investments without any defaults from issuing banks [30]. - The company has no intention of selling all investments in the long term, focusing on low-risk and liquid financial products [30]. - The total investment cost in the financial assets was approximately $49.651 million as of June 30, 2020 [31]. Employee and Management Information - As of June 30, 2020, the company employed approximately 3,973 staff members, reflecting a commitment to expanding its workforce [6]. - Total employee compensation expenses amounted to approximately $91.0 million, representing 54.7% of the company's revenue [43]. - The company is committed to enhancing its talent incentive strategy, which includes systematic improvements in overall compensation and benefits [43]. - The company granted 90,000 stock options under the subsidiary stock option plan during the reporting period [44]. - The company’s CEO, Liu Zhenyu, was appointed on August 2, 2020, indicating a leadership change [66]. Shareholder Information - As of June 30, 2020, the total issued shares of the company were 1,917,922,786 [53]. - Zhang Fangliang holds 943,408,581 shares, representing approximately 49.19% of the total issued shares [54]. - Wang Luquan also holds 943,408,581 shares, equivalent to approximately 49.19% of the total issued shares [54]. - Wang Ye holds 943,408,581 shares, which is about 49.19% of the total issued shares [54]. - Meng Jiange has a beneficial ownership of 2,705,037 shares, accounting for 0.14% of the total issued shares [54]. - The company has adopted pre-IPO and post-IPO share option plans to reward selected participants for their contributions [60]. Governance and Compliance - The company has adhered to the corporate governance code, with a focus on maintaining high standards of accountability and shareholder value [87]. - The audit committee, composed of three independent non-executive directors, oversees the financial reporting process and internal controls [88]. - The company has established a sanctions risk control committee to monitor compliance with economic sanctions and related policies [89]. Future Outlook and Growth Plans - The company plans to invest approximately $150 million to $200 million over the next three years to expand capacity in life sciences services and biopharmaceutical development services [37]. - An additional investment of approximately $200 million to $300 million is planned for the development of GMP-compliant facilities and commercial systems to support cilta-cel commercialization and new pipeline development [37]. - Demand for life sciences research and clinical development services is expected to continue growing due to an aging global population [48]. - The company believes that the negative impacts of COVID-19 on customer demand are temporary, with signs of recovery beginning to emerge [47].

Revenue and Financial Performance - The company generated approximately $170.4 million from life sciences services and products, accounting for about 62.3% of total revenue[4] - The CDMO platform contributed approximately $22.5 million, representing around 8.2% of total revenue[4] - The industrial synthetic products platform generated approximately $23.1 million, making up about 8.5% of total revenue[4] - The cell therapy platform achieved approximately $57.4 million, which is about 21.0% of total revenue[4] - For the year ended December 31, 2019, the company's revenue increased by 18.4% to approximately $273.4 million from about $231.0 million in 2018[10] - Gross profit for the year ended December 31, 2019, rose by 13.8% to approximately $180.3 million, compared to about $158.5 million in 2018[10] - The company's revenue grew by 20.4% to a significant level, while gross profit increased by 15.1%[14] - The gross margin decreased year-on-year due to changes in the product and service mix, with new products typically having lower profit margins before achieving scale[14] - The adjusted net loss for the reporting period was approximately $107.1 million, compared to an adjusted net profit of about $29.6 million for the year ended December 31, 2018[23] - The company reported a loss attributable to owners of approximately $96.9 million, compared to a profit of about $21.2 million for the year ended December 31, 2018[23] - The company reported a loss of approximately $117.5 million for the year ended December 31, 2019, compared to a profit of about $20.8 million in 2018[10] Research and Development - Research and development expenses for the year ended December 31, 2019, were approximately $186.0 million, a significant increase of 151.0% from about $74.1 million in 2018[10] - The company has invested significantly in strategic R&D activities to drive long-term sustainable growth across all business segments[22] - The company is actively developing new CAR-T projects, with potential IND approvals expected within the next 12 months[21] - The company aims to expand its CAR-T and other technologies to treat malignant hematological diseases, solid tumors, and infectious diseases[68] - The company has ten projects currently in clinical development using CAR-T technology targeting various blood cancers and solid tumors[16] Market Presence and Operations - The company operates in over 100 countries, with a workforce of 3,738 employees as of December 31, 2019[4] - Sales generated from North America, China, Europe, Asia Pacific (excluding China and Japan), Japan, and others were approximately $168.9 million, $55.5 million, $26.6 million, $16.0 million, $4.8 million, and $1.6 million, respectively, accounting for about 61.8%, 20.3%, 9.7%, 5.9%, 1.7%, and 0.6% of total revenue[7] - The company has established a world-class management team to lead its subsidiary, Legend Biotech, towards becoming a fully integrated global biopharmaceutical company[21] - The company is strategically betting on the CDMO business, capitalizing on the rapid growth of the global biopharmaceutical industry driven by aging populations and advancements in precision medicine[16] Corporate Governance and Leadership - The board of directors consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[74] - The company has expanded its board to include diverse expertise, enhancing governance and strategic oversight[74] - The company emphasizes innovation, with Dr. Zhang being an inventor on over five biotechnology-related patents[77] - The company has a robust leadership team with extensive experience in finance, operations, and biotechnology, positioning it for future growth[79] - The company is focused on strategic and operational management through its board of directors[81][83] Stock Options and Employee Incentives - The company granted stock options totaling 4,515,000 shares at an exercise price of HKD 18.3 and 5,885,000 shares at HKD 19.132 under the post-IPO share option plan[108] - The company’s stock option plan includes options granted to senior management and employees, reflecting a commitment to incentivize key personnel[114] - The company aims to attract and retain qualified personnel through its stock option plans, enhancing overall shareholder value[128] - The company has adopted a Restricted Share Award Scheme on March 22, 2019, allowing for the issuance of shares not exceeding 10% of the issued share capital as of that date[134] - A total of 1,048,116 restricted shares and 150,000 restricted shares were granted to employees on July 19, 2019, and November 29, 2019, respectively, at closing prices of HKD 18.30 and HKD 18.90 per share[134] Environmental and Social Responsibility - The company implemented energy-saving measures, resulting in a monthly saving of 680 tons of fresh water through the renovation of cooling methods at its Nanjing facility[167] - The company reduced NOx emissions from two natural gas boilers from 86 mg/m³ to 12 mg/m³ through selective catalytic reduction modifications[167] - The company improved the treatment of organic waste, processing 70 tons of organic waste using a distillation recovery method, which reduced costs and pollution[167] - The company made charitable donations amounting to $172,000 for community purposes during the year ended December 31, 2019[155] Financial Risks and Compliance - The major financial risks faced by the company are detailed in the financial statements under note 41 regarding financial risk management objectives and policies[163] - The company confirmed it maintained a sufficient public float of over 25% of its issued share capital as required by the Listing Rules[158] - The company is committed to maintaining the highest standards of corporate governance and has complied with the mandatory provisions of the corporate governance code during the reporting period[157] - The audit committee reviewed the annual performance announcement and financial statements prepared in accordance with Hong Kong Financial Reporting Standards for the year ended December 31, 2019[156] Strategic Goals and Future Outlook - The company aims to achieve the business and financial goals approved by the board for 2020, utilizing existing financial resources and talent[18] - The company believes that maximizing shareholder value is best achieved through investments in future growth, despite short-term profitability pressures[18] - The proposed IPO of Legend Biotech is expected to provide flexible funding channels for clinical development while retaining significant upside potential for existing shareholders[165] - The company plans to invest further in R&D, focusing on cell therapy, biopharmaceutical CDMO services, and molecular biology CRO to enhance its global leadership in gene synthesis[165] - The company is actively seeking acquisition and investment opportunities to enhance existing internal capacity and accelerate overall growth[68]

Business Platforms and Growth - The company has established four main platforms: CRO, CDMO, industrial synthetic products, and global cell therapy, which have shown rapid development in R&D and commercial delivery as of June 30, 2019[6]. - The CRO platform remains a solid revenue foundation, maintaining its position as one of the largest molecular biology CRO companies globally, with over 40,300 academic publications citing its services and products[6]. - The CDMO platform is expanding its end-to-end biopharmaceutical discovery and development services, with a focus on gene and cell therapy solutions, and is building GMP facilities to meet medium to large-scale manufacturing demands[7]. - All non-cell therapy business units achieved sales growth during the reporting period, with significant investments in R&D to enhance technological competitiveness[9]. - The company emphasizes strategic collaboration with business partners to build a healthy biotechnology ecosystem, contributing to explosive growth in the biotechnology and biopharmaceutical industries[6]. Financial Performance - The company's revenue for the six months ended June 30, 2019, was approximately $121.9 million, an increase of 8.6% compared to approximately $112.2 million for the same period in 2018[13]. - Gross profit for the same period was approximately $78.9 million, a decrease of 3.1% from approximately $81.4 million in 2018, resulting in a gross margin of 64.7%[15]. - The company reported a loss of approximately $33.3 million, compared to a profit of approximately $17.6 million in the same period of 2018, with an adjusted net loss of approximately $28.0 million[13]. - Research and development expenses increased by 125.1% to approximately $62.8 million, with $51.6 million allocated to cell therapy R&D, a 182.0% increase from 2018[13]. - Revenue from the bioscience services and products segment was approximately $81.1 million, a growth of 20.5% compared to $67.3 million in 2018[16]. Investments and Expenditures - The company plans to invest approximately $77.1 million to expand its bioscience services and products capacity, including the construction of a GMP-compliant peptide production line[58]. - An investment of about $81.5 million is allocated for the establishment of GMP-compliant plasmid vector and virus manufacturing facilities in Zhenjiang to meet client needs for gene and cell therapy[58]. - The company will invest approximately $56.0 million in GMP-compliant facilities for CAR-T commercialization manufacturing to support the launch of its CAR-T products[58]. - The total capital expenditure during the reporting period for the purchase of property, plant, and equipment was approximately $52.1 million[63]. Employee and Workforce - The workforce increased to 2,993 employees as of June 30, 2019, supporting the company's global operations across over 100 countries[6]. - Total employee compensation expenses during the reporting period amounted to approximately $68.6 million, representing 56.3% of the company's revenue[64]. Shareholder and Ownership Structure - As of June 30, 2019, GS Corp had a total of 1,859,833,576 shares issued, with major shareholders holding significant stakes, including 47.34% by GS Corp and 52.61% by controlled entities of Jing Weihong and Hu Zhiyong[80]. - The company has adopted pre-IPO and post-IPO share option plans to reward selected participants for their contributions, indicating a broad participant base[84]. - Major shareholders include Zhang Fangliang with approximately 28.96% and other trusts holding various percentages, showcasing a diverse ownership structure[81]. - The shareholding structure as of June 30, 2019, shows that the top shareholders collectively control a significant majority of the company, which may influence strategic decisions[79]. Compliance and Governance - The company has implemented monitoring procedures to ensure adequate provisions for recoverable amounts on trade and other receivables[61]. - The company has maintained compliance with corporate governance codes, except for the separation of roles between the chairman and CEO, which is held by the same individual[105]. - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing and supervising the financial reporting process and internal controls[106]. Market Presence and Strategic Direction - The company focused on expanding its market presence in China and the U.S., enhancing talent reserves, and improving its plasmid manufacturing capabilities[19]. - The company seeks strategic mergers and acquisitions to integrate cutting-edge technologies and drive future business development[69]. - The company is committed to providing further details on stock option plans in its financial statements and prospectus[93]. Cash Flow and Financial Position - As of June 30, 2019, the company had cash and cash equivalents of approximately $283.6 million, down from $494.6 million as of December 31, 2018[63]. - The company reported a significant decrease in cash and cash equivalents, ending the period with $283,579 thousand compared to $632,607 thousand at the end of the previous year[127]. - The company’s cash flow from operating activities was significantly impacted by a decrease in trade payables and an increase in other payables, resulting in a net cash outflow[125]. Research and Development Focus - The company is investing in new product development and enhancing its competitive edge through continuous R&D efforts[16]. - The R&D capabilities continue to deliver new and upgraded enzymes to meet customer requirements[68]. - The company prioritizes investment in R&D projects to provide more effective and efficient solutions to meet customer needs[69].

Revenue and Financial Performance - The company generated approximately $141.0 million from bioscience services and products, accounting for about 61.0% of total revenue for the year ended December 31, 2018[20]. - For the year ended December 31, 2018, the group's revenue increased by 51.4% to approximately $231.0 million from about $152.6 million in 2017[25]. - Gross profit for the year ended December 31, 2018, rose by 51.5% to approximately $158.5 million, compared to about $104.6 million in 2017[25]. - The adjusted net profit attributable to the company's owners increased by 4.2% to approximately $30.1 million, up from about $28.9 million in 2017[25]. - The overall revenue for the reporting period was approximately $231.0 million, an increase of 51.4% compared to $152.6 million for the year ended December 31, 2017[36]. - Gross profit was approximately $158.5 million, up 51.5% from about $104.6 million for the year ended December 31, 2017[36]. - The profit for the period was approximately $20.8 million, a decrease of 23.0% from about $27.0 million for the year ended December 31, 2017[36]. Business Segments and Contributions - The biopharmaceutical development services contributed approximately $20.7 million, representing about 9.0% of total revenue[20]. - Industrial synthetic biological products generated approximately $17.7 million, making up about 7.7% of total revenue[20]. - Cell therapy products accounted for approximately $51.6 million, which is about 22.3% of total revenue[20]. - Revenue from the four major segments was approximately $141.0 million (bioscience services), $20.7 million (biopharmaceutical development), $17.7 million (industrial synthetic biology), and $51.6 million (cell therapy), representing 61.0%, 9.0%, 7.7%, and 22.3% of total revenue respectively[36]. Research and Development - Research and development expenses surged by 309.4% to approximately $74.1 million, with $52.1 million related to the cell therapy segment[25]. - The company aims to enhance and innovate its technology, production, management, and marketing strategies in the coming years[27]. - The company aims to further invest in R&D and capacity in cell therapy, expanding its allogeneic platform to treat various diseases[32]. - The company has invested significantly in R&D and talent acquisition to strengthen its technological advantages and ensure sustainable long-term growth[35]. Market Presence and Sales Strategy - The company maintains a strong sales and marketing team, contributing to stable and continuous growth[20]. - The company has established a vast direct sales network across over 100 countries, enhancing market presence[21]. - Sales from North America, China, Europe, Asia Pacific (excluding China and Japan), Japan, and others were approximately $132.7 million, $48.0 million, $18.5 million, $12.9 million, $4.4 million, and $14.5 million, respectively[21]. - The company aims to enhance its sales and marketing team to increase market share in the U.S. and China, particularly for the LCAR-B38M product[67]. Corporate Governance and Management - The board consists of nine members, including three executive directors, three non-executive directors, and three independent non-executive directors[71]. - The company emphasizes compliance with applicable laws and regulations through mandatory training for employees[70]. - The company has a structured board with designated committees, including a remuneration committee and a nomination committee[72]. - The company is focused on strategic and operational management, with key personnel having extensive backgrounds in finance, biotechnology, and corporate governance[76][78]. Employee and Workforce Development - The company expanded its workforce to over 2,620 employees, a 35.6% increase from 2017, with over 73.6% holding a bachelor's degree or higher[30]. - The total employee compensation expense for the reporting period was approximately $94.0 million, accounting for about 40.7% of the company's total revenue[69]. - The company invests in continuous education and training programs for employees to enhance their skills and knowledge[70]. Strategic Initiatives and Future Plans - The company aims to seek strategic acquisition opportunities to enhance internal capacity and accelerate overall growth[33]. - The company plans to enhance its CDMO service platform and expand GMP capacity to integrate biopharmaceutical development and production capabilities[33]. - The company aims to apply its proprietary technology across various fields, from basic life sciences research to translational biomedicine R&D, industrial synthetic products, and cell therapy solutions[88]. Financial Position and Assets - As of December 31, 2018, the company's total assets reached approximately $916.8 million, with cash and cash equivalents amounting to about $494.6 million[26]. - The net asset value increased significantly to approximately $493.3 million by the end of 2018, compared to $228.3 million in 2017[26]. - Cash and cash equivalents increased significantly to $494.6 million in 2018 from $123.9 million in 2017, with no restricted funds or borrowings reported[59]. Compliance and Risk Management - The company has implemented procedures to ensure compliance with regulatory requirements, minimizing the risk of business license revocation[163]. - The company has established risk management procedures to identify and prioritize key risks related to its operations and strategic objectives[193]. - The board of directors is responsible for maintaining adequate risk management and internal control systems to protect shareholder investments and company assets[192]. Shareholder Relations and Corporate Actions - The company confirmed that it maintained a sufficient public float of over 25% of its issued share capital as required by the Listing Rules[154]. - The company made charitable donations totaling $54,332 to non-profit organizations for community purposes during the year ending December 31, 2018[151]. - The company has not made any significant changes to its articles of association during the reporting period[199].