Financial Performance - Total revenue for the year 2020 was RMB 94,120,000, a decrease of 66.8% compared to RMB 284,183,000 in 2019[15] - The company reported a loss before tax of RMB (291,776,000) for 2020, compared to a profit of RMB 48,823,000 in 2019[15] - Net loss for the year was RMB (282,212,000), a significant decline from a profit of RMB 30,910,000 in the previous year[15] - The company's gross profit for the year was approximately RMB -17.2 million, a decline of about RMB 149.4 million from a gross profit of RMB 132.2 million in 2019, resulting in a gross margin of -18.3%[25] - The net loss attributable to equity shareholders for the year was approximately RMB 281.3 million, a decrease of about RMB 311.5 million compared to a profit of RMB 30.2 million in the previous year[24] - The group reported a loss attributable to shareholders of approximately RMB 281.3 million, a decrease of about RMB 311.5 million compared to a profit of RMB 30.2 million in 2019, primarily due to reduced revenue and recognized impairment losses[37] - The group recorded a net loss of approximately RMB 282,212,000 for the year[120] Assets and Liabilities - Total assets decreased to RMB 1,308,575,000 in 2020 from RMB 2,003,989,000 in 2019, representing a decline of 34.6%[15] - Total liabilities were reduced to RMB 384,743,000 in 2020, down from RMB 797,945,000 in 2019, a decrease of 51.8%[15] - As of December 31, 2020, the company's cash and cash equivalents were approximately RMB 11.6 million, a decrease of about 94.0% compared to RMB 193.4 million on December 31, 2019[43] - The company's debt as of December 31, 2020, totaled approximately RMB 197.4 million, down from RMB 537.3 million in 2019, with a debt-to-equity ratio of approximately 20.1%[50] Impact of COVID-19 - The company emphasized the impact of COVID-19 on the film industry, with significant disruptions to production and distribution in the first half of 2020[8] - The group's film and television business revenue decreased significantly by approximately 66.9% due to the impact of the COVID-19 pandemic, with a gross margin dropping from about 46.5% to approximately -18.3%, a decline of about 64.8 percentage points[27] - The number of moviegoers in China was approximately 548 million, a year-on-year decrease of 68.27%[18] - In 2020, the total box office revenue in China was approximately RMB 20.417 billion, a decrease of about RMB 43.849 billion, representing a year-on-year decline of 68.23%[18] Business Strategy and Future Plans - The company plans to explore new content presentation methods and adjust its investment direction in response to market demands in 2021[10] - The company aims to maintain the quality of existing film productions while seeking opportunities in new areas such as variety shows and short videos[10] - The company plans to continue focusing on producing positive-themed quality dramas, with several projects in various stages of production and development[21] - The group plans to focus on improving the quality of existing film and television productions while exploring new investment opportunities based on market preferences[66] - The group is actively monitoring industry policies and adjusting its investment and production plans to enhance shareholder returns[67] Governance and Management - The board of directors consists of seven members, including four executive directors and three independent non-executive directors, ensuring a diverse governance structure[77] - The company is committed to maintaining high standards of corporate governance and operational transparency[77] - The board has a clear division of roles between the chairman and the CEO, enhancing governance structure[102] - The company has established a Nomination Committee to review the board's structure and recommend suitable candidates for board membership[131] - The company has adopted and complied with the corporate governance code as per the listing rules, ensuring effective governance practices[100] Shareholder Relations and Dividends - The company did not recommend any dividend payment for the fiscal year ending December 31, 2020, due to its financial condition, but committed to maximizing shareholder returns in future years[163] - The company’s dividend policy suggests distributing a reasonable amount of available profits as interim and final dividends, depending on performance and cash position[107] Operational Efficiency - The company reported a net profit margin of 15%, up from 12% in the previous year, indicating improved operational efficiency[88] - Administrative expenses were approximately RMB 22.8 million, a decrease of about 19.7% from RMB 28.4 million in 2019, attributed to cost control measures and rent reductions due to the pandemic[31] Risk Management - The board reviewed the effectiveness of the risk management and internal control systems on March 27, 2020, and deemed them effective and sufficient[146] - The company has established a risk management-oriented internal control system, including clearly defined organizational structure and responsibilities[144] Market and Product Development - The company is focused on expanding its content offerings, with a mix of network films, web series, and animated films in the pipeline[75] - The company aims to enhance its market presence through new product development and strategic partnerships[75] - The company is investing $30 million in research and development for new technologies aimed at enhancing user experience[88] Acquisitions and Investments - The company completed an acquisition of a smaller competitor for $100 million, expected to enhance market share by 15%[88] - The group did not engage in any significant acquisitions or disposals of subsidiaries or associates during the year ended December 31, 2020[61]

Financial Performance - Revenue for the six months ended June 30, 2020, was approximately RMB 30.5 million, a decrease of about 86.2% compared to RMB 220.3 million in the same period last year[4]. - Gross profit was approximately RMB 0.8 million, down about RMB 104.1 million or 99.2% from the previous year's gross profit[4]. - Gross margin decreased to approximately 2.7%, a decline of about 44.9 percentage points from 47.6% in the same period last year[4]. - The loss attributable to equity shareholders for the period was approximately RMB 17.6 million, a decrease of about RMB 46.8 million compared to a profit of RMB 29.2 million in the same period last year[4]. - The group incurred a pre-tax loss of approximately RMB 19.4 million, a decrease of about RMB 58.4 million from a pre-tax profit of RMB 39.0 million in the same period last year[10]. - The company's film and television business revenue for the six months ended June 30, 2020, was RMB 30.5 million, a significant decrease of approximately 86.2% compared to RMB 220.3 million in the same period of 2019[14]. - Gross profit for the film and television business dropped to RMB 0.83 million, resulting in a gross margin of 2.7%, down from 47.6% in the previous year, a decline of approximately 44.9 percentage points[14]. - The company reported a significant increase in other income, amounting to RMB 110,785,000, compared to a loss of RMB 25,807,000 in the previous year[83]. - The company reported a loss attributable to shareholders of RMB 17,564,000, compared to a profit of RMB 29,173,000 in the same period of 2019, representing a decrease of 160%[85]. - The basic loss per share for continuing operations was RMB (1.24), down from RMB 2.20 in 2019, indicating a decline of 156.36%[85]. Impact of COVID-19 - The impact of COVID-19 has led to significant challenges in the film and television industry, with an estimated box office loss exceeding RMB 30 billion for the entire year[8]. - The COVID-19 pandemic has severely impacted the Chinese film and entertainment industry, with cinema reopening delays and operational restrictions[42]. - The group reported a substantial decline in revenue, profit, and gross margin due to the COVID-19 pandemic[145]. - The group anticipates that the annual profit will be difficult to meet expectations due to the pandemic's effects[145]. - The group has conducted impairment testing on goodwill due to the pandemic's impact[145]. Project Development and Production - The network film "Alien Monster: Wilderness Survival" and "Breaking God Record" each achieved box office revenue exceeding RMB 10 million, with "Breaking God Record" reaching RMB 15 million within a month[10]. - The historical drama "Blood Alliance Millennium" has completed filming in January 2020 and is in post-production[11]. - The large-scale modern drama "One Generation of Hong Merchants" has obtained a distribution license and is currently being distributed[11]. - The company is developing several new projects, including the sitcom "New Big Head Son and Little Head Dad" and the reality-themed drama "Yangtze River Bridge" at the script development stage[11]. - The company has several projects in various stages of production, including the TV series "The Amazing Pediatrician" and animated film "Hello, Tyrannosaurus," expected to be released in the second half of 2020[13]. - The company is currently preparing for the production of multiple network films and series, with some projects delayed due to the pandemic[12]. - The company is actively developing new content, with projects like "Crossfire" in script development and "Light of Day" scheduled for release[52]. Financial Position and Liabilities - The group's cash and cash equivalents decreased by approximately 11.2% to RMB 171.7 million as of June 30, 2020, from RMB 193.4 million as of December 31, 2019, primarily due to reduced cash inflows from investment activities[29]. - The group’s total liabilities amounted to approximately RMB 454.3 million as of June 30, 2020, down from RMB 537.3 million as of December 31, 2019, reflecting a focus on optimizing capital structure[32]. - The group’s debt due within one year was approximately RMB 439.5 million as of June 30, 2020, compared to RMB 301.8 million as of December 31, 2019[32]. - The company's equity attributable to shareholders decreased from RMB 1,183,044,000 as of December 31, 2019, to RMB 1,165,480,000 as of June 30, 2020, a decrease of 1.5%[89]. - The company reported a net cash outflow from financing activities of RMB 56,187,000 for the six months ended June 30, 2020, compared to an outflow of RMB 45,900,000 in the same period of 2019[94]. Share Capital and Financing - The company has issued convertible bonds with a principal amount of HKD 300,000,000, with a coupon rate of 5% and a maturity date extended to February 28, 2021[124]. - The company issued 209 million shares at a subscription price of HKD 0.74 per share in February 2018, raising approximately HKD 140 million, which has been fully utilized for establishing a film and performing arts academy and financing a subsidiary for film production guarantees[53]. - The company has established a significant relationship with Dragon Capital, which is a key player in its financing strategy[60]. - The company has a total issued share capital of 1,416,911,818 shares as of the report date, which will increase to 1,660,155,061 shares if all remaining convertible bonds are converted[66]. Operational Adjustments and Strategies - The group is enhancing accounts receivable collection efforts and increasing the distribution of film and television productions[146]. - The group is actively adjusting its film and television project reserves to promote a return to work and production[146]. - The group has implemented emergency measures, including reassessing customer preferences for broadcast content and negotiating delivery timelines with clients[145]. - The company has adjusted its cash flow forecasts and key assumptions for the film and television business due to the slower delivery timelines of several projects[20]. Employee and Administrative Costs - Administrative expenses decreased by approximately 27.6% to RMB 11.8 million from RMB 16.3 million in the previous year, primarily due to cost control measures and rent reductions[16]. - Employee costs for the six months ended June 30, 2020, were approximately RMB 9.1 million, down from RMB 10.4 million in the same period last year, attributed to workforce reduction and government social insurance relief due to the pandemic[34]. - As of June 30, 2020, the group had 78 employees, a decrease from 96 employees as of December 31, 2019, primarily due to the sale of its textile business[34].

Business Strategy and Development - The company plans to focus on developing its media business, particularly in producing and distributing film and television content, following the strategic shift advised by PwC [7]. - The company aims to leverage its subsidiaries' strengths in creating high-quality content that aligns with market and regulatory requirements, promoting positive social values [11]. - The company intends to increase investment in high-profile film productions to improve profitability and brand recognition [11]. - The company plans to focus resources on higher-return media business opportunities following the strategic decision to sell its textile business [24]. - The company is committed to adjusting its annual investment and filming plans to enrich its film and television media business [60]. - The company aims to leverage its IP reserves and long-term partnerships with video platforms to expand its audience base [59]. - The company is actively developing new projects, including various television dramas and films, although some productions have been delayed due to the COVID-19 outbreak [21]. - The company is focused on professional talent cultivation through its film and television media academy to enhance its competitiveness and brand recognition [59]. Financial Performance - For the year ended December 31, 2019, the company's revenue was RMB 284,183,000, a decrease from RMB 352,326,000 in 2018, representing a decline of approximately 19.4% [14]. - The company's profit before tax for 2019 was RMB 48,823,000, compared to a loss of RMB 143,230,000 in 2018, indicating a significant turnaround [14]. - The total assets of the company as of December 31, 2019, were RMB 2,003,989,000, a decrease from RMB 2,109,078,000 in 2018, reflecting a decline of about 5% [14]. - The total liabilities decreased to RMB 797,945,000 in 2019 from RMB 1,156,563,000 in 2018, marking a reduction of approximately 30.9% [14]. - The net profit attributable to equity shareholders was approximately RMB 30.2 million, an increase of about RMB 174.9 million compared to a loss of RMB 144.7 million in the previous year [35]. - The company's revenue from continuing operations was approximately RMB 284.2 million, a decrease of about RMB 68.1 million compared to the previous year [26]. - The gross profit from continuing operations was approximately RMB 130.3 million, remaining stable compared to RMB 130.4 million from the previous year, with a gross margin increase from 37.0% to 45.9% [27]. Market Trends and Industry Insights - The total box office revenue for Chinese films in 2019 reached RMB 64.266 billion, representing a year-on-year growth of approximately 5.4% [8]. - The number of cinema screens in China surpassed that of the United States, making China the largest film market in the world [10]. - The film industry in China achieved a total box office of RMB 64.266 billion in 2019, with a year-on-year growth of approximately 5.4% [18]. - The number of moviegoers reached approximately 1.727 billion in 2019, showing a modest increase of about 0.64% compared to the previous year [18]. - The overall number of television dramas approved for production in China in 2019 was 836, with a significant decline in historical dramas, which accounted for only 68, less than 10% of the total [8]. - The contribution of final consumption expenditure to GDP growth in 2019 was 57.8%, indicating the importance of the service industry, including cultural and entertainment sectors, to the overall economy [17]. Impact of COVID-19 - The company acknowledges the temporary impact of COVID-19 on the film and television industry but remains optimistic about the long-term growth prospects of the sector [10]. - The COVID-19 outbreak has caused delays in the production and delivery of self-produced dramas, with two dramas affected in release, ten in post-production, and six unable to start filming [59]. - The company anticipates a rebound in the film and television industry post-COVID-19, similar to the economic recovery observed after the SARS outbreak in 2003 [60]. - The company expects strong demand for film and television content consumption after the lifting of quarantine restrictions, leading to new development opportunities in the industry [60]. - The company is actively monitoring the impact of COVID-19 on its debtors' repayment capabilities, which may lead to additional impairment losses on trade receivables [57]. - The company has implemented emergency measures to manage cash flow and monitor the operational environment of its clients amid the pandemic [56]. Corporate Governance - The company has adopted and complied with the corporate governance code as per the Listing Rules, ensuring effective governance practices [97]. - The roles of the Chairman and the CEO are clearly separated, with Liu Dong serving as Chairman and Liu Zongjun as CEO [98]. - The company has implemented a board diversity policy to ensure sustainable and balanced development, focusing on merit-based appointments [99]. - The independent non-executive directors constitute more than one-third of the board, ensuring compliance with governance standards [112]. - The company has established a Nomination Committee to review the board's structure and assess the independence of non-executive directors [122]. - The company has a strong commitment to continuous improvement in corporate governance efficiency and effectiveness [97]. - The board has a clear guideline on matters that require its decision, including capital and financial reporting [116]. Shareholder Information - The company has maintained high transparency and communication with shareholders, providing updates through annual reports and its website [143]. - The company did not recommend any dividend payment for the year ended December 31, 2019, as it focuses on further investment for business development [158]. - The company has disclosed the interests of its directors and senior management in its shares and related securities as required by the Securities and Futures Ordinance [182]. - The company’s major shareholders include entities with significant stakes, such as Cinedigm Corp. holding 410,901,000 shares, which is 29.00% of the company [187]. - The public shareholders hold approximately 39.22% of the shares as of December 31, 2019, which would decrease to 33.47% after full conversion of all convertible bonds [194]. Future Outlook - The company is in a critical expansion phase for its media business and is committed to maximizing shareholder returns in the future [158]. - The company has a strategic focus on expanding its media business and enhancing its production capabilities through various funding initiatives [149]. - New product launches are expected to contribute an additional $30 million in revenue over the next fiscal year [81]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by the end of 2024 [81]. - A strategic acquisition of a local competitor is anticipated to enhance the company's product offerings and increase market penetration [81].

Financial Performance - Revenue for the six months ended June 30, 2019, was approximately RMB 461.2 million, an increase of about 11.4% compared to RMB 413.9 million in the same period last year[4]. - Gross profit was approximately RMB 127.6 million, up approximately RMB 64.9 million, representing an increase of about 103.5% year-on-year[4]. - Gross margin improved to approximately 27.7%, an increase of about 12.6 percentage points from approximately 15.1% in the same period last year[4]. - Profit attributable to equity shareholders for the period was approximately RMB 29.2 million, a significant increase of approximately RMB 121.9 million compared to a loss of RMB 92.7 million in the same period last year[4]. - The group reported a profit before tax of approximately RMB 35.2 million, an increase of approximately RMB 121.0 million compared to a loss of RMB 85.8 million in the same period last year[12]. - The company reported a basic and diluted earnings per share of RMB 2.17, compared to a loss per share of RMB 7.64 in the previous year[74]. - The total comprehensive income for the six months ended June 30, 2019, was RMB 29,173,000, a recovery from a loss of RMB 92,738,000 in the same period of 2018[81]. - The company reported a consolidated profit before tax of RMB 35,215,000, a significant improvement from a loss of RMB 85,836,000 in the same period of 2018[103]. Revenue Breakdown - The film and television business generated revenue of RMB 220.3 million, significantly up from RMB 112.0 million in the previous year, marking an increase of approximately 96.4%[18]. - Revenue from textile product sales decreased to RMB 233,356,000, down 17.3% from RMB 282,369,000 in 2018[101]. - Media segment revenue increased significantly to RMB 220,277,000, up 96.7% from RMB 111,980,000 in 2018[102]. - The textile business reported revenue of RMB 240.9 million, down from RMB 301.9 million in the previous year, reflecting a decline of about 20.2%[17]. Cost and Expenses - Distribution costs decreased by approximately RMB 5.8 million, from RMB 14.6 million in the previous year to RMB 8.8 million[19]. - Administrative expenses increased slightly by about 2.3%, from RMB 38.8 million to RMB 39.7 million[20]. - Employee costs for the six months ended June 30, 2019, were approximately RMB 55.1 million, up from RMB 50.9 million in the same period last year[30]. Assets and Liabilities - As of June 30, 2019, total liabilities amounted to approximately RMB 695.8 million, down from RMB 845.5 million as of December 31, 2018[28]. - The debt-to-asset ratio was approximately 38.8% as of June 30, 2019, a significant decrease from 58.8% as of December 31, 2018[28]. - Total assets as of June 30, 2019, amounted to RMB 2,179,110,000, an increase from RMB 2,109,078,000 as of December 31, 2018[77]. - The net asset value as of June 30, 2019, was RMB 1,165,429,000, up from RMB 952,515,000 in 2018, reflecting a significant increase of approximately 22.4%[79]. Cash Flow - The company reported a net cash outflow from operating activities of RMB 93,082,000 for the six months ended June 30, 2019, compared to a cash inflow of RMB 78,658,000 in 2018[84]. - Cash and cash equivalents decreased by RMB 41,032,000 during the six months ended June 30, 2019, compared to an increase of RMB 282,219,000 in the same period of 2018[85]. - The company reported a net cash inflow from investing activities of RMB 97,950,000 for the six months ended June 30, 2019, compared to RMB 68,314,000 in 2018[84]. Shareholder Information - As of June 30, 2019, Mr. Liu Dong holds 273,609,836 shares, representing 19.31% of the company's equity[49]. - The company issued 209 million new shares at a subscription price of HKD 0.74 per share, raising approximately HKD 140 million, of which HKD 124 million has been used for the intended purposes by December 31, 2018[47]. - The total number of issued shares that could be issued upon full conversion of the remaining bonds is 243,243,243 shares[54]. Strategic Initiatives - The company plans to continue investing in film and television projects to capitalize on market opportunities despite regulatory challenges[9]. - The company plans to divest its textile business to focus on developing its film and television business, aligning with long-term interests[37]. - The company is collaborating with Chongqing Normal University to establish a film and media academy, which is expected to enhance the company's competitiveness and provide a stable income stream[15]. Regulatory and Accounting Changes - The company adopted the revised International Financial Reporting Standard 16, which has impacted the presentation of financial statements starting January 1, 2019[89]. - The company has adopted the new lease definition under IFRS 16 starting from January 1, 2019, which focuses on the concept of control over the use of identified assets[92]. - The transition to IFRS 16 did not affect the opening balance of equity[96]. Market Conditions - The overall film box office in China for the first half of 2019 was approximately RMB 31.17 billion, a year-on-year decline of 2.7%[9]. - The company faced challenges in the film industry due to strict regulations and market conditions, leading to delays in the release of certain films[9]. - The Chinese film market is experiencing rapid growth, with the country being the fastest-growing in global box office revenue[38].

Media Business Performance - The group's media business focuses on creative, innovative, and cultural aspects, while the textile business targets home textiles and garment manufacturers, emphasizing traditional industrial production[12]. - The group successfully produced and aired several notable media projects, including "The City and Us" and "The Wandering Earth," achieving good results in the media business[9]. - The media business aligns with future development directions by focusing on high-quality content production[9]. - The film industry in China saw a total box office revenue exceeding RMB 60 billion in 2018, with domestic films dominating the top box office rankings[23]. - The company plans to pursue higher profitability by increasing investment in major film productions and enhancing brand recognition[13]. - The group is focusing on the development of IP and copyright to realize long-term value, alongside expanding its film and television industry chain through its subsidiaries[28]. - The group plans to leverage its subsidiaries to create high-quality content and diversify its media business, focusing on online dramas and films in 2019[64]. - The group is actively progressing with its film and television production plans, with multiple projects scheduled for release in 2019[66]. - The company has a diverse slate of projects planned for 2019, with multiple web films and series in various stages of development, indicating a strong content pipeline[70]. - The company is committed to expanding its content offerings, with multiple projects in the pipeline for both web and theatrical releases in the coming years[70]. Financial Performance - The company's revenue for the year ended December 31, 2018, was RMB 961,369,000, a significant increase from RMB 489,158,000 in 2017, representing a growth of approximately 96.5%[18]. - The company reported a loss before tax of RMB (131,907,000) for 2018, compared to a loss of RMB (108,691,000) in 2017, indicating a decline in profitability[18]. - Total assets increased to RMB 2,109,078,000 in 2018 from RMB 1,857,424,000 in 2017, reflecting a growth of about 13.5%[18]. - The loss attributable to equity shareholders was approximately RMB 144.7 million, an increase of about RMB 63.6 million from the previous year, primarily due to a fair value loss of RMB 176.5 million from embedded derivatives in convertible bonds[30]. - The gross profit margin increased from approximately 14.5% in 2017 to about 21.9% in 2018, a rise of approximately 7.4 percentage points, mainly driven by the increase in the gross profit margin of the film and television business[31]. - The film and television business generated revenue of RMB 352.3 million with a gross profit of RMB 130.4 million and a gross profit margin of 37.0% in 2018, compared to RMB 77.1 million in revenue and RMB 15.9 million in gross profit with a margin of 20.7% in 2017[31]. - The company reported a significant increase in revenue, with a year-over-year growth of 25%[82]. - The company reported a net profit margin of 12%, up from 10% in the previous year[82]. Strategic Focus and Challenges - The group aims to improve operational efficiency and resource utilization amidst the challenges faced in both sectors[11]. - The media sector faced regulatory challenges, including stricter policies on high salaries and tax evasion, impacting the film and television industry[8]. - The textile industry is expected to face challenges in recovery due to economic slowdown and international trade disputes, with short-term growth prospects remaining limited[20]. - The media business is identified as having significant growth potential, prompting the company to consider shifting its strategic focus from textiles to media[15]. - The group engaged PwC for strategic guidance to enhance operational performance and core competitiveness in both media and textile sectors[11]. Corporate Governance - The board of directors consists of eight members, including five executive directors and three independent non-executive directors, ensuring a balanced governance structure[72]. - The company has adopted and complied with the corporate governance code as per the Listing Rules, ensuring effective governance practices[97]. - The chairman and CEO roles are clearly separated to ensure effective leadership and governance[98]. - The company emphasizes the importance of diversity in the board, considering factors such as gender, age, and professional background[100]. - The nomination committee will report on board diversity annually and monitor the implementation of the diversity policy[102]. - The company has maintained an effective risk management and internal control system as of December 31, 2018[139]. - The board has reviewed the effectiveness of the risk management and internal control systems, covering all significant financial, operational, and compliance risks[138]. Shareholder Information - The company’s dividend policy suggests distributing a reasonable amount of distributable profits in the form of interim and final dividends, depending on performance and cash position[103]. - The company did not declare any dividends for the year ending December 31, 2018, as it focuses on further investments to strengthen its media business[157]. - The company has a distributable reserve of approximately RMB 503.9 million as of December 31, 2018[167]. - The total number of shares that may be issued upon the exercise of options granted under the share option plan shall not exceed 80,000,000 shares, representing 6.38% of the total issued shares as of the report date[168]. - The total shareholding structure indicates significant control by major shareholders, including Dragon GP Partner Co. and China Huarong International Holdings[185]. Investment and Development - The company established a research and development center in Shanghai in 2018 to enhance its core capabilities and drive innovation[21]. - The company is investing in new technology development, allocating $10 million for R&D in the upcoming fiscal year[82]. - The company is in a critical expansion phase for its media business, necessitating further investments for development[157]. - The company has adjusted its film production plans in response to market trends and regulatory policies[152]. - The company has multiple projects in various stages of production, including "The City, This Family" with an allocation of HKD 29 million, which is 9.82% of the total funds[152].