Core Viewpoint - Star Finance (BVI) Limited, a wholly-owned subsidiary of Star Group (01560), has entered into a sale agreement with Yuhe Group Limited to sell its entire issued share capital and debt of Star Credit Limited for a total consideration of HKD 14.56 million [1] Group 1: Transaction Details - The sale agreement was signed on August 27, 2025, after trading hours [1] - The total consideration for the sale is HKD 14.56 million [1] Group 2: Rationale for Sale - The target company was incorporated into the group on November 10, 2016, to provide financing for buyers of the group's properties [1] - The board believes it is an appropriate time to sell the business to reduce the group's borrowing and interest burden and enhance general working capital [1][1]

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的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Star Group Asia Limited 星 星 集 團 亞 洲 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：1560） 有關出售一間附屬公司之須予披露交易 緒言 董事會欣然宣佈，於二零二五年八月二十七日（交易時段後），賣方（本公司間接全 資附屬公司）與買方訂立買賣協議，據此，根據買賣協議之條款及條件，賣方有條件 同意出售而買方有條件同意購買待售股份（即目標公司唯一已發行股份）及待售債 項，總代價為14,560,000港元。 上市規則之涵義 由於根據上市規則第14.07條計算的有關出售事項的其中一項適用百分比率超過5%但全 部均低於25%，故根據上市規則第十四章，出售事項構成本公司一項須予披露交易， 因此須遵守其項下之通知及公告規定。 由於完成須待買賣協議所載之先決條件獲達成（或豁免（如適用））後方告作實，出 售事項可能不會進行。本公司股東及潛在投資者於買賣本公司證券時務請審慎行事 ...

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的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 Star Group Asia Limited 星 星 集 團 亞 洲 有 限 公 司 （於開曼群島註冊成立的有限公司） 董事會會議通告 星星集團亞洲有限公司（「本公司」）的董事（「董事」）會（「董事會」）謹此宣佈，本公司 將於二零二五年八月二十八日（星期四）舉行董事會會議，藉以（其中包括）審議及批准本公司 及其附屬公司截至二零二五年六月三十日止六個月之未經審核中期業績及其刊發、審議派發中期 股息（如有）之建議及處理任何其他事項。 承董事會命 星星集團亞洲有限公司 主席 陳文輝 香港，二零二五年八月七日 於本公告日期，董事會包括兩位執行董事陳文輝先生（主席兼行政總裁）及張慧璇女士；兩位非執行董事 徐穎德及嚴國文先生；及三位獨立非執行董事黃偉桄博士、李仲明先生及陳華敏女士。 （股份代號：1560） ...

截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 星星集團亞洲有限公司(於開曼群島註冊成立的有限公司) FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 呈交日期: 2025年8月7日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01560 | 說明 | 星星集團 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 1,000,000,000 | HKD | | 0.01 | HKD ...

Financial Performance - The total revenue for the year ended December 31, 2024, was approximately HKD 1,133.1 million, a decrease of about HKD 110.6 million compared to HKD 1,243.7 million for the year ended December 31, 2023[7]. - The net loss attributable to the owners of the company for the year ended December 31, 2024, was approximately HKD 605.0 million, compared to a net loss of approximately HKD 294.6 million for the year ended December 31, 2023, representing an increase in loss of about HKD 310.4 million[10]. - The basic loss per share for the year was approximately HKD 0.9432, compared to approximately HKD 0.4592 for the same period last year[14]. - The property development segment reported revenue of approximately HKD 1,053.8 million for the year ended December 31, 2024, down from HKD 1,158.0 million for the year ended December 31, 2023[16]. - The total loss from property unit sales increased from approximately HKD 39.6 million to approximately HKD 155.7 million for the respective periods[13]. - The impairment of properties held for sale increased from approximately HKD 23.6 million to approximately HKD 185.7 million for the respective periods[13]. - Financing costs (excluding capitalized amounts) rose from approximately HKD 94.0 million to approximately HKD 143.4 million for the respective periods[13]. - The company did not recommend the payment of a final dividend for the year ended December 31, 2024, consistent with the previous year[11]. Debt and Equity - The total debt was successfully reduced from HKD 2 billion to HKD 1.2 billion, reflecting the company's commitment to maintaining a solid financial foundation[7]. - As of December 31, 2024, the total equity of the group was approximately HKD 801.5 million, a decrease from HKD 1,414.3 million as of December 31, 2023[27]. - The group's current assets as of December 31, 2024, were approximately HKD 1,619.0 million, down from HKD 3,157.1 million as of December 31, 2023, primarily due to the sale of property units[27]. - The group's current liabilities decreased to approximately HKD 1,523.2 million as of December 31, 2024, from HKD 2,426.4 million as of December 31, 2023, due to repayments from property sales[27]. - The capital debt ratio increased from approximately 146.3% as of December 31, 2023, to about 154.6% as of December 31, 2024, mainly due to significant losses incurred during the year[28]. - The net debt-to-equity ratio rose from approximately 143.0% as of December 31, 2023, to about 151.0% as of December 31, 2024, reflecting a decrease in total equity[28]. - The debt-to-asset ratio decreased from approximately 50.3% as of December 31, 2023, to about 48.8% as of December 31, 2024, due to sales and loan repayments[29]. Property and Investment Segments - The revenue from the "Rain After" project, a luxury shared apartment complex, was approximately HKD 1,024.5 million for the year ending December 31, 2024, with 168 residential and parking units completed and delivered, compared to HKD 996.3 million for the same period in 2023[18]. - The property investment segment generated revenue of approximately HKD 43.1 million for the year ending December 31, 2024, a decrease of about HKD 2.5 million from HKD 45.6 million in the previous year[19]. - The total carrying value of the company's investment properties was approximately HKD 738.4 million as of December 31, 2024, down from HKD 776.6 million a year earlier[20]. - The company confirmed revenue of approximately HKD 13.9 million from property management services for the year ending December 31, 2024, an increase from HKD 12.9 million in the previous year[22]. - The financing segment generated revenue of approximately HKD 2.8 million for the year ending December 31, 2024, a decrease of about HKD 1.2 million from HKD 4.0 million in the previous year due to a reduction in average outstanding loan balances[23]. - The construction and renovation segment reported revenue of approximately HKD 6.0 million for the year ending December 31, 2024, compared to HKD 5.7 million in the previous year[24]. - The wine business segment reported revenue of approximately HKD 13.4 million for the year ending December 31, 2024, a decrease of about HKD 3.6 million from HKD 17.0 million in the previous year, primarily due to a decline in wine sales[25]. Risk Management and Governance - The company acknowledges various risks, including market risk, business risk, and regulatory risk, which could significantly impact its financial condition and operations[40]. - The board has established a risk control committee to manage potential risks and uncertainties affecting the business[41]. - The company is committed to monitoring and reviewing its risk management and internal control systems regularly[41]. - The company emphasizes the importance of good governance for long-term success and sustainable development[63]. - The company has maintained compliance with the corporate governance code throughout the reporting period, except for the separation of the roles of chairman and CEO[61]. - The company has established a shareholder communication policy to enhance transparency and facilitate information sharing with shareholders[101]. - The company has adopted a whistleblowing policy to ensure the highest levels of openness, integrity, and accountability, with no significant fraud reported during the reporting period[103]. Environmental, Social, and Governance (ESG) Initiatives - The company emphasizes sustainable development as a long-term goal, integrating environmental, social, and governance (ESG) factors into its business strategy[111]. - The ESG report is prepared according to the guidelines set out in the Stock Exchange's listing rules, detailing the group's management methods and performance[112]. - Stakeholder engagement is considered vital for improving ESG performance, with regular communication channels established[116]. - The company has implemented a green office program to encourage energy-saving practices, including the use of energy-efficient equipment and promoting a paperless environment[122]. - The company has not reported any significant non-compliance issues regarding emissions and waste management regulations during the review year[121]. - The company has adopted measures to minimize carbon emissions from its construction projects by outsourcing to independent contractors[118]. - The company has implemented measures to promote environmental sustainability in the workplace, including a paper recycling culture and water-saving initiatives[162]. Employee and Operational Insights - The group employed 116 staff as of December 31, 2024, down from 133 staff as of December 31, 2023, maintaining competitive salary levels[39]. - The overall employee turnover rate for the year ending December 31, 2024, is approximately 33%[134]. - 49.5% of employees received training during the year, with 56.0% of female employees and 44.0% of male employees participating[138]. - The group provides competitive compensation and performance-based bonuses to employees, ensuring compliance with labor laws and regulations[132]. - The group has a zero-tolerance policy towards forced labor and child labor, adhering to all related laws and regulations[139]. - The company ensures all building projects meet BEAM Plus certification, focusing on sustainable materials and waste management, air and noise pollution control, and energy efficiency[148]. Shareholder and Capital Structure - The total available reserves for distribution as of December 31, 2024, are approximately HKD 63.6 million, down from HKD 363.1 million in 2023[176]. - The company did not declare any final dividends for the reporting period, nor any interim dividends for the six months ending June 30, 2024[167]. - The total issued share capital of the company as of December 31, 2024, is HKD 6,414,980, divided into 641,498,000 shares, all fully paid[200]. - The company’s share option plan allows for a maximum of 22,400,000 shares to be granted, representing 10% of the total issued shares as of the listing date[199]. - The company has granted 10,000,000 share options to the controlling shareholder, increasing the plan's authorization limit to 64,149,800 shares, which is 10% of the total issued shares at the time of approval[199].

Financial Performance - For the fiscal year ending December 31, 2024, the company reported a revenue of approximately HKD 1,133.1 million, a decrease of 8.9% from HKD 1,243.7 million in the previous year[2]. - The company incurred a loss attributable to owners of approximately HKD 605.0 million, compared to a loss of HKD 294.6 million in the previous year, representing an increase in loss of 105.5%[3]. - Basic and diluted loss per share for the year was approximately HKD 0.9432, up from HKD 0.4592 in the previous year[4]. - The gross loss for the year was approximately HKD 276.9 million, compared to a gross loss of HKD 0.123 million in the previous year[3]. - The group reported a pre-tax loss of HKD 610,380,000 for 2024, compared to a loss of HKD 301,174,000 in 2023[14]. - The company reported a pre-tax loss of HKD 605,029,000 for the year ended December 31, 2024, compared to a loss of HKD 294,595,000 for the previous year, indicating a significant increase in losses[25]. - The group experienced a total loss from property unit sales of approximately HKD 155.7 million for the year ended December 31, 2024, up from approximately HKD 39.6 million for the year ended December 31, 2023[46]. - The impairment of properties held for sale increased to approximately HKD 185.7 million for the year ended December 31, 2024, from approximately HKD 23.6 million for the year ended December 31, 2023[46]. Assets and Liabilities - Total assets decreased to approximately HKD 2,476.7 million from HKD 3,022.2 million, reflecting a decline of 18.1%[5]. - Current liabilities decreased to approximately HKD 1,523.2 million from HKD 2,426.4 million, a reduction of 37.2%[5]. - The company's net asset value decreased to approximately HKD 801.5 million from HKD 1,414.3 million, a decline of 43.3%[6]. - The total assets of the group decreased to HKD 2,476,716,000 in 2024 from HKD 4,022,204,000 in 2023[15]. - Total liabilities decreased to HKD 1,675,247,000 in 2024 from HKD 2,607,928,000 in 2023[15]. - The group's current assets were approximately HKD 1,619.0 million, down from HKD 3,157.1 million, a decrease of about 48.7% primarily due to the sale of property units[58]. - The total equity of the group was approximately HKD 801.5 million as of December 31, 2024, a significant decrease from HKD 1,414.3 million the previous year, reflecting a decline of about 43.3%[58]. Revenue Breakdown - Revenue from property development decreased to HKD 1,053,803,000 in 2024, down 8.9% from HKD 1,157,984,000 in 2023[14]. - Property investment revenue was HKD 43,069,000 in 2024, down from HKD 45,609,000 in 2023[14]. - The wine business generated revenue of HKD 13,396,000 in 2024, down from HKD 16,960,000 in 2023[14]. - Revenue from serviced apartments under the "Metropolitan" brand increased to approximately HKD 3.5 million, up from HKD 3.4 million, reflecting a growth of about 2.9% year-on-year[50]. - The city storage and workspace segment generated revenue of approximately HKD 38.1 million, down from HKD 38.6 million, representing a decline of about 1.3% year-on-year[51]. - The property management services segment reported revenue of approximately HKD 13.9 million, an increase from HKD 12.9 million, reflecting a growth of about 7.8% year-on-year[53]. - Revenue from financing activities decreased to approximately HKD 2.8 million from HKD 4.0 million, a decline of about 30% year-on-year due to a reduction in average outstanding loan balances[54]. - The construction and renovation services segment generated revenue of approximately HKD 6.0 million, up from HKD 5.7 million, indicating a growth of about 5.3% year-on-year[55]. - The wine business segment reported revenue of approximately HKD 13.4 million, down from HKD 17.0 million, a decrease of about 21.2% year-on-year primarily due to a downturn in the overall wine market in Hong Kong[56]. Financing and Costs - The company’s financing costs increased to approximately HKD 143.4 million from HKD 94.0 million, an increase of 52.5%[3]. - The financing costs (excluding capitalized amounts) rose to approximately HKD 143.4 million for the year ended December 31, 2024, from approximately HKD 94.0 million for the year ended December 31, 2023[46]. - The total employee costs decreased to HKD 32,573,000 in 2024 from HKD 39,218,000 in 2023, representing a reduction of about 17%[23]. - The company recognized a fair value gain of HKD 2,064,000 on profit participation bonds in 2024, with no such gain reported in 2023[33]. - The balance of other receivables as of December 31, 2024, was HKD 3,880,000, up from HKD 3,395,000 in 2023, reflecting a year-on-year increase of 14.3%[30]. Strategic Focus and Future Outlook - The company plans to continue focusing on property development and management services, as well as exploring new investment opportunities in the market[7]. - The property market is expected to perform better in 2025 due to easing interest rates and government investment immigration plans[73]. - The company plans to enhance customer experience and operational efficiency through technology in 2025[73]. - The company is committed to strategic investments and sustainable growth to create long-term value[74]. Governance and Compliance - The Audit Committee has reviewed the audited consolidated financial statements for the year ended December 31, 2024[82]. - The company has complied with the Corporate Governance Code, except for the separation of the roles of Chairman and CEO[80]. - No significant events requiring disclosure have occurred since December 31, 2024[75]. - The annual general meeting will be held on May 28, 2025, with a suspension of share transfer registration from May 23 to May 28, 2025[76][77]. - The board of directors includes two executive directors, Mr. Chen Wenhui (Chairman and CEO) and Ms. Zhang Huixuan, along with two non-executive directors, Mr. Xu Yingde and Mr. Yan Guowen, and three independent non-executive directors, Dr. Huang Weikang, Mr. Li Zhongming, and Ms. Chen Huamin[86]. Risk Management - The company identified several potential risks, including market risk, business risk, and regulatory risk, which could impact its financial condition and operations[71]. - The group has established a Risk Control Committee to manage potential risks and ensure compliance with regulations[72].

| --- | --- | --- | |-----------------------------------------------------------------------------------------------|-------|----------| | | | | | | | | | | | | | | | | | | | | | | | | | 股份代號： 1560 （於開曼群島註冊成立的有限公司） STAR GROUP ASIA LIMITED 星星集團亞洲有限公司 | | | | | | | | | | | | | | 中期報告 | | | | 2024 | STAR GROUP ASIA LIMITED 星星集團亞洲有限公司 STAR GROUP ASIA LIMITED 星星集團亞洲有限公司 (Incorporated in the Cayman Islands with limited liability) STOCK CODE: 1560 Interim Report 2024 中期報告INTERIM REPORT 2024 | --- | --- | --- | |-- ...

Financial Performance - For the six months ended June 30, 2024, the company reported total revenue of HKD 517,921,000, a significant increase from HKD 160,294,000 for the same period in 2023, representing a year-over-year growth of 223%[1] - The gross loss for the period was HKD 81,263,000, compared to a gross profit of HKD 29,216,000 in the previous year, indicating a shift in profitability[1] - The company recorded a loss before tax of HKD 217,175,000, compared to a loss of HKD 29,794,000 in the prior year, reflecting a substantial increase in losses[1] - The total comprehensive loss for the period was HKD 225,922,000, compared to a total comprehensive loss of HKD 28,984,000 in the same period last year[1] - The company reported a basic and diluted loss per share of HKD 34.07 for the current period, compared to HKD 4.64 in the previous year, highlighting a significant deterioration in earnings per share[4] - The company reported a pre-tax loss of HKD 218,538,000 for the six months ended June 30, 2024, compared to a loss of HKD 29,737,000 for the same period in 2023[26] - The basic and diluted loss per share for the six months ended June 30, 2024, was HKD (0.34), significantly higher than HKD (0.05) for the same period in 2023[26] - The loss attributable to the company's owners for the six months ended June 30, 2024, was approximately HKD 218.5 million, compared to a loss of about HKD 29.7 million for the same period last year[53] Revenue Breakdown - Customer contract revenue for the six months ended June 30, 2024, was HKD 490,994, a significant increase from HKD 133,382 in the same period of 2023, representing a growth of 267%[13] - Property development revenue was HKD 477,512 for the six months ended June 30, 2024, up from HKD 118,619 in 2023, reflecting a growth of 302%[17] - The property development segment reported revenue of approximately HKD 477.5 million for the six months ended June 30, 2024, compared to HKD 118.6 million for the same period last year[54] - The revenue from property management and security services was HKD 7,078, an increase from HKD 5,861 in the previous year, representing a growth of 21%[17] - The property investment segment reported revenue of approximately HKD 21.6 million for the six months ending June 30, 2024, a slight decrease of HKD 0.2 million compared to HKD 21.8 million in the same period of 2023[56] - The city storage and workspace segment generated revenue of approximately HKD 19.1 million for the six months ending June 30, 2024, down by HKD 0.4 million from HKD 19.5 million in the same period of 2023[57] - The financing segment generated revenue of approximately HKD 1.5 million for the six months ending June 30, 2024, a decrease of HKD 0.5 million from HKD 2.0 million in the same period of 2023[60] - The construction and renovation segment reported revenue of approximately HKD 3.0 million for the six months ending June 30, 2024, compared to HKD 3.2 million in the same period of 2023[61] - The wine business segment generated revenue of approximately HKD 7.3 million for the six months ending June 30, 2024, a decrease from HKD 8.9 million in the same period of 2023[62] Assets and Liabilities - The company's net assets decreased to HKD 1,188,354,000 as of June 30, 2024, down from HKD 1,414,276,000 as of December 31, 2023, indicating a decline in financial stability[6] - Current liabilities totaled HKD 2,066,971,000, a decrease from HKD 2,426,350,000 at the end of the previous year, suggesting improved management of short-term obligations[5] - The total assets as of June 30, 2024, were HKD 3,395,361, a decrease from HKD 4,022,204 as of December 31, 2023[18] - The total liabilities as of June 30, 2024, were HKD 2,207,007, down from HKD 2,607,928 at the end of 2023[18] - The total amount of loans receivable as of June 30, 2024, was HKD 61,284,000, down from HKD 70,139,000 as of December 31, 2023[28] - Trade receivables increased to HKD 7,387 million as of June 30, 2024, compared to HKD 6,888 million as of December 31, 2023, reflecting a growth of approximately 7.3%[34] - The provision for credit losses was HKD 2,201 million for the period ending June 30, 2024, slightly higher than HKD 2,144 million for the previous period, indicating a 2.7% increase[34] - Total borrowings decreased to HKD 1,679,998 million as of June 30, 2024, from HKD 2,068,927 million as of December 31, 2023, representing a reduction of approximately 18.8%[42] - The aging analysis of trade and lease receivables shows that 0 to 30 days overdue receivables decreased to HKD 2,496 million from HKD 3,170 million, a decline of about 21.2%[36] - The company reported a significant decrease in trade payables, which fell to HKD 1,217 million as of June 30, 2024, from HKD 1,906 million as of December 31, 2023, a decrease of approximately 36.3%[37] - The total amount of accrued expenses and other payables decreased to HKD 215,962 million as of June 30, 2024, down from HKD 245,981 million, indicating a decline of about 12.2%[37] - The company’s interest-bearing borrowings included floating rate borrowings of HKD 1,499,449 million as of June 30, 2024, compared to HKD 1,837,112 million as of December 31, 2023, a decrease of approximately 18.4%[44] - The actual interest rate for fixed-rate borrowings remained stable at 18% for both periods, while floating rates ranged from 5.11% to 9.50% as of June 30, 2024, compared to 4.81% to 10.79% previously[45] - The company’s lease receivables decreased to HKD 2,121 million as of June 30, 2024, from HKD 2,361 million, reflecting a decline of approximately 10.2%[34] - The company has a significant amount of deposits and other receivables totaling HKD 35,127 million as of June 30, 2024, down from HKD 36,847 million, a decrease of about 4.7%[34] Financing and Investments - The company has entered into several financing agreements, including a revolving loan of HKD 350 million and another of HKD 205 million, with terms ensuring significant shareholder control[79] - The company capitalized borrowing costs at rates ranging from 3.72% to 13.55% for specific and general borrowings related to property development expenses, with no borrowing costs capitalized during the period[21] - The fair value of the redemption option of the convertible bonds was estimated at HKD 313.7 million as of June 30, 2024[50] - The company issued 3% convertible bonds with a nominal value of HKD 418 million on October 22, 2020, with no maturity date[48] - The group’s foreign currency borrowings as of June 30, 2024, amount to approximately 1.8 billion KRW (approximately HKD 10.2 million), an increase from 0.1 billion KRW (approximately HKD 0.7 million) as of December 31, 2023[71] - The group’s investment properties and properties held for sale as of June 30, 2024, are valued at approximately HKD 725.8 million and HKD 2,295.1 million, respectively[72] Operational Insights - The company has three completed projects and two development projects as of June 30, 2024[54] - The company has made significant progress in its "After Rain" project, successfully selling a large number of residential units[76] - The company remains optimistic about the long-term value of Hong Kong properties despite ongoing economic challenges, including inflation and high interest rates[76] - The company is actively seeking property and related development opportunities in other Asian regions such as Japan and South Korea to diversify its business[76] - The company has established a risk control committee to manage potential risks and uncertainties affecting its business and financial condition[75] - The company acknowledges various risks, including market risk, business risk, and regulatory risk, which could significantly impact its operations and financial performance[75] - The company is committed to adapting to the changing economic environment to seize new opportunities while effectively managing risks[76] Governance and Compliance - The company has established an Audit Committee to comply with Listing Rule 3.21, consisting of three independent non-executive directors[83] - The Audit Committee has reviewed the unaudited condensed consolidated interim results for the six months ended June 30, 2024, and agreed with the accounting principles adopted by the company[84] - The company believes that the current structure, with the Chairman and CEO roles held by the same individual, provides strong and consistent leadership beneficial to the company's overall interests[82] - The company has not engaged in any purchases, sales, or redemptions of its listed securities during the reporting period[81] - The company did not recommend any interim dividends for the six months ended June 30, 2024, nor for the previous period[25] - The group employed 124 staff as of June 30, 2024, down from 133 staff as of December 31, 2023[74] - The group has no significant contingent liabilities as of June 30, 2024, and maintains sufficient cash and available bank financing to meet operational and investment needs[68]

Financial Performance - Total revenue for the year ended December 31, 2023, was approximately HKD 1,243.7 million, a decrease of about HKD 455.6 million from HKD 1,699.3 million for the year ended December 31, 2022[7]. - The net loss attributable to shareholders for the year was approximately HKD 294.6 million, compared to a profit of HKD 329.9 million for the previous year, representing a decrease of about HKD 624.5 million[11]. - Revenue from completed projects in the property development segment decreased from approximately HKD 1,619.2 million to HKD 1,158.0 million, a reduction of about HKD 461.2 million[14]. - The company recorded a loss of HKD 65.4 million from fair value changes in investment properties, compared to a gain of HKD 9.7 million in the previous year[14]. - Financing costs increased from approximately HKD 19.2 million to HKD 94.0 million, an increase of about HKD 74.8 million[14]. - Basic and diluted loss per share for the year was approximately HKD 0.4592, compared to earnings of HKD 0.5143 and HKD 0.2440 in the previous year[15]. - No final dividend was recommended for the year ended December 31, 2023, consistent with the previous year[12]. Property Development - The property development segment reported revenue of approximately HKD 1,158.0 million for the year ended December 31, 2023, down from HKD 1,619.2 million for the year ended December 31, 2022[16]. - The "Rain After" project generated revenue of approximately HKD 996.3 million upon completion and delivery of 168 residential units, with no revenue reported for the previous year[18]. - The "Cloud End" project confirmed revenue of approximately HKD 150.7 million from 49 properties and parking units, compared to HKD 402.9 million in the previous year[18]. - The company provided property management services for five completed projects, generating revenue of approximately HKD 12.8 million, up from HKD 10.4 million in the previous year[23]. Investment and Financing - The company plans to reduce debt and interest costs while exploring property opportunities in Japan and other Asian regions[8]. - The total carrying value of the investment property portfolio was approximately HKD 776.6 million as of December 31, 2023, compared to HKD 883.0 million a year earlier[20]. - The total amount of fund investments is approximately HKD 5.2 million, a decrease from HKD 6.1 million as of December 31, 2022, with plans to establish and manage real estate funds to raise more capital[29]. - As of December 31, 2023, total equity is approximately HKD 1,414.3 million, down from HKD 1,717.3 million as of December 31, 2022[30]. - The capital debt ratio decreased from approximately 156.7% as of December 31, 2022, to about 146.3% as of December 31, 2023, due to repayments[32]. - The debt-to-asset ratio decreased from approximately 51.6% as of December 31, 2022, to about 50.3% as of December 31, 2023, as a result of reduced total borrowings[32]. Market Outlook and Strategy - The group anticipates a gradual recovery in the real estate market due to the end of the interest rate hike cycle and the implementation of budget measures by the Hong Kong government to stimulate the market economy[48]. - The group plans to explore investment opportunities in Asian markets, particularly Japan, taking advantage of the depreciation of the yen and the country's zero interest rate monetary policy[50]. - The group remains flexible and competitive in response to market dynamics, preparing for potential challenges in 2024[50]. Corporate Governance - The company has adhered to the corporate governance code throughout the reporting period, with the exception of the separation of roles between the chairman and CEO[73]. - The board consists of 7 directors, including 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors, ensuring a balanced composition for decision-making[78]. - The company emphasizes high standards of corporate governance and business ethics, which are crucial for long-term success and sustainable development[75]. - The board has delegated corporate governance responsibilities to the audit committee, which includes reviewing governance policies and compliance with legal regulations[77]. - All independent non-executive directors have confirmed their independence according to listing rules, ensuring unbiased oversight[81]. Risk Management - The group identified several potential risks, including market risk, business risk, industry risk, regulatory risk, and credit risk, which could significantly impact its operations and financial condition[46]. - The group has established a risk control committee to manage and respond to potential risks and uncertainties affecting its business[47]. - The company’s board of directors is responsible for maintaining a sound and effective risk management and internal control system to protect shareholders' interests[114]. Environmental and Social Responsibility - The company has implemented a green office program aimed at reducing carbon emissions, including measures such as using energy-efficient equipment and encouraging a paperless environment[140]. - The company has committed to complying with applicable environmental laws and regulations to minimize pollution and resource consumption[140]. - The company has focused on integrating environmental and social responsibility into its operational goals and strategies[140]. - The company aims to provide stakeholders with reliable and comparable environmental, social, and governance information[134]. Employee and Workforce Management - The group employed 133 employees as of December 31, 2023, an increase from 122 employees the previous year, and maintained competitive salary levels with annual reviews[44]. - Employee turnover rate for the year ending December 31, 2023, was approximately 30%, with 63.2% of those being male[157]. - 49.10% of employees received training during the year ending December 31, 2023, with training hours ranging from 1 to 15 hours[163]. Community Engagement - The company has focused on community investment in areas such as environmental concerns, labor needs, and youth entrepreneurship[186]. - The company has implemented a whistleblowing policy to maintain high levels of openness and accountability, with no significant fraud reported during the reporting period[122].

Financial Performance - For the year ended December 31, 2023, the revenue was approximately HKD 1,243.7 million, a decrease of 26.8% from HKD 1,699.3 million in the previous year[2] - The net loss for the year was approximately HKD 298.2 million, compared to a profit of HKD 331.1 million in the previous year, representing a significant decline[3] - Basic and diluted loss per share for the year was approximately HKD 0.4592, compared to earnings of HKD 0.5143 and HKD 0.2440 in the previous year[4] - The total comprehensive loss for the year amounted to HKD 303.1 million, compared to a total comprehensive income of HKD 335.1 million in the previous year[3] - The group reported a loss before tax of HKD 301,174,000 for 2023, compared to a profit of HKD 372,784,000 in 2022[17] - The loss attributable to the company's owners for the year ended December 31, 2023, was approximately HKD 294.6 million, compared to a profit of HKD 329.9 million for the year ended December 31, 2022[49] Assets and Liabilities - The group's total assets decreased to HKD 3,157.1 million from HKD 4,013.2 million, reflecting a reduction of 21.3%[6] - Current liabilities decreased to HKD 2,426.4 million from HKD 3,215.9 million, a reduction of 24.6%[6] - The group's net asset value decreased to HKD 1,414.3 million from HKD 1,717.3 million, a decline of 17.6%[7] - Total assets decreased to HKD 4,022,204,000 in 2023 from HKD 5,108,108,000 in 2022, reflecting a decline of 21.3%[19] - Total liabilities also decreased to HKD 2,607,928,000 in 2023 from HKD 3,390,778,000 in 2022, a reduction of 23.0%[19] - The group's total borrowings as of December 31, 2023, were approximately HKD 2,069.0 million, down from HKD 2,691.9 million the previous year, reflecting repayment activities[69] Revenue Breakdown - Revenue from property sales was HKD 1,157,984,000, down 28.5% from HKD 1,619,219,000 in the previous year[17] - The property development segment reported a loss of HKD 178,376,000 in 2023, compared to a profit of HKD 376,611,000 in 2022[17] - The wine business segment generated revenue of HKD 16,960,000 in 2023, an increase of 32.8% from HKD 12,813,000 in 2022[17] - The group’s investment property segment reported revenue of HKD 45,609,000, a slight decrease from HKD 46,341,000 in the previous year[17] - The group’s total rental income from investment properties was HKD 3,553,000, significantly up from HKD 624,000 in 2022[14] - Revenue from property investment for the year ended December 31, 2023, was approximately HKD 45.6 million, a decrease of about HKD 0.7 million compared to HKD 46.3 million for the year ended December 31, 2022[56] Cost Management - Administrative expenses were reduced to HKD 110.8 million from HKD 179.6 million, indicating a cost-cutting effort[3] - Interest expenses totaled HKD 220,850,000 for the year ended December 31, 2023, compared to HKD 179,272,000 in the previous year, reflecting an increase of approximately 23%[21][22] - The total employee costs for the year ended December 31, 2023, were HKD 39,218,000, down from HKD 46,396,000 in 2022, indicating a reduction of approximately 15%[28] Strategic Direction - The group plans to focus on property development and management services as part of its strategic direction moving forward[9] - The company is considering opportunities to purchase investment properties or develop properties with potential for appreciation to generate more stable rental income[59] - The group plans to establish and manage real estate funds to broaden financing sources and expand market share in property development[66] - The company anticipates a gradual recovery in the real estate market due to measures taken by the Hong Kong government to stimulate the economy and relax property market policies[86] Market and Operational Insights - The company identified several potential risks, including market risk, business risk, and regulatory risk, which could significantly impact its operations and financial condition[83] - The company remains flexible and competitive in response to market dynamics, adopting prudent strategies to navigate potential challenges in 2024[87] - The company has not experienced any significant disputes with employees or difficulties in hiring skilled personnel, maintaining good relationships with its workforce[82] Corporate Governance - The company believes it has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO, which are held by the same individual[94] - The audit committee, consisting of three independent non-executive directors, reviewed the audited consolidated financial statements for the year ending December 31, 2023[96] - The company's auditor confirmed that the financial data in the announcement is consistent with the audited financial statements for the year ending December 31, 2023[98] Miscellaneous - The company did not recommend the payment of a final dividend for the year ended December 31, 2023, consistent with the previous year[50] - No significant events requiring disclosure have occurred since December 31, 2023, up to the date of this announcement[89] - The company will suspend the transfer of shares from May 20, 2024, to May 23, 2024, to determine eligibility for the annual general meeting[91]