6月10日，上海联交所信息显示：中国信达拟转让持有的深基华智基金54.54%的份额。该基金的背后是信达与深圳特区建发对华南城进行的纾困，随着华 南城的经营状况恶化，中国信达不得不"割肉止损"。 除此之外，数日前广州天河区法院和市中院相继受理两起民事诉讼案件。原告为深基华智基金，被告包括特区建发与华南国际工业原料城（深圳）有限公 司。 在国资、银团和AMC的共同纾困下，华南城依然没有逃脱债务泥淖，并于2024年初预告可能二次违约。十天后，深圳建发发布公告确认了违约事件：公 司持有华南城29.28％股份，未对其进行并表；对华南城的境外票据违约事件高度重视，保持联系；深圳建发经营情况正常，预计该事件对公司的存续债 券兑付不构成影响。 可以看出，深圳建发对华南城的态度已经转变。 纾困基金困局始末 2021年末，陷入债务危机的华南城发布一条"喜讯"——特区建发将以19.1亿港元认购其29.28%的股份。在当时房企普遍遭遇流动性危机背景下，华南城成 为最早获得国资纾困的房企之一。 2022年5月认购事项正式完成，华南城成为国内首家引入深圳国资实现战略重组的"幸运儿"。 深圳建发首先与花旗国际签订"维好协议"，为华南城成功 ...

华南城(01668.HK)：于2025年5月19日的高等法院聆讯上，高等法院下令将呈请的清盘聆讯押后至2025 年8月11日。 ...

Strategic Projects and Locations - China South City has established eight projects aligned with national strategies such as the "Greater Bay Area", "Belt and Road" initiative, and "Yangtze River Economic Belt" [12] - CSC Shenzhen, located in Longgang District, is the Group's first project and is strategically positioned within the Greater Bay Area [18] - CSC Shenzhen covers a site area of approximately 1.02 million sq.m. and a total planned GFA of 2.71 million sq.m.[25] - CSC Nanning has a total planned net land area of approximately 1.83 million sq.m. and a total planned GFA of approximately 4.88 million sq.m.[39] - The project in CSC Nanning is strategically located near major transportation hubs, enhancing accessibility for suppliers and merchants[45] - CSC Nanchang has established a 30,000 sq.m. influencer livestreaming base to provide comprehensive services including anchor training and operation management[50] - The total planned land area for CSC Nanchang is approximately 2.61 million sq.m. with a total planned GFA of approximately 6.87 million sq.m.[52] - CSC Xi'an has a total planned land area of approximately 10.00 million sq.m. and a total planned GFA of approximately 17.50 million sq.m.[64] - CSC Harbin has a total planned land area of approximately 10.00 million sq.m. and a total planned GFA of approximately 12.00 million sq.m.[75] - CSC Zhengzhou has a total planned net land area of approximately 7.00 million sq.m. and a total planned GFA of approximately 12.00 million sq.m.[89] - CSC Hefei has a total planned net land area of approximately 10.00 million sq.m. with a total planned GFA of approximately 12.00 million sq.m.[101] - CSC Chongqing has a total planned net land area of approximately 5.90 million sq.m. with a total GFA of approximately 13.10 million sq.m.[114] Financial Performance and Projections - Revenue for the fiscal year 2024 is projected to be HK$4,083,380,000, an increase from HK$3,508,926,000 in the previous fiscal year[134] - Profit attributable to owners of the parent for the fiscal year 2024 is expected to be HK$760,200,000, compared to HK$699,984,000 in the previous fiscal year[135] - For the financial year 2024, revenue increased by 16.4% to HK$4,083,380, compared to HK$3,508,926 in the previous year[137] - The loss for the year reached HK$8,975,904, a significant increase of 107.9% from HK$4,317,590 in the previous period[137] - The basic loss per share was HK(78.45) cents, compared to HK(37.73) cents in the previous period, indicating a worsening financial position[137] - The Group's liquidity has become increasingly strained due to external environmental changes and sales falling short of expectations[158] - Net loss attributable to owners of the parent was HK$8,975.8 million, significantly higher than the previous year's loss of HK$4,317.5 million, resulting in a basic loss per share of HK78.45 cents[185] - The total interest-bearing debts of the Group decreased to HK$30,220.4 million as of 31 December 2024, down from HK$31,752.3 million a year earlier, with a gearing ratio of 110.9%[184] - Cash and bank balances as of 31 December 2024 were HK$717.7 million, a decrease from HK$1,143.6 million as of 31 December 2023[184] Operational Strategies and Initiatives - The Group's operational strategy was adjusted to focus on cash collection and merchant recruitment, with an emphasis on stabilizing operations[141] - The Group successfully completed the majority of its guaranteed delivery tasks, despite facing challenges in sales clearance progress[145] - The Group's logistics division, Qianlong Logistics, engaged with potential clients like the Want Want Group to enhance logistics solutions[149] - The Group plans to focus on sustainable development strategies centered on "merchant recruitment and operations" while optimizing its business structure[153] - The Group aims to accelerate asset destocking and enhance efficiency to further reduce interest-bearing liabilities[153] - The operational management team enhanced online and offline services, driving foot traffic and consumer demand, resulting in improved merchant performance and profitability[165] - A strategic partnership was established with Huamei Lijia Group to implement a 450,000 square meter furniture and building materials brand pavilion in Nanchang[165] - The establishment of an online centralized procurement platform in Chongqing is expected to enhance operations and services through digital empowerment[165] Market and Economic Context - The local government is developing Longgang District as an innovation center, which will advance infrastructure such as logistics and healthcare [19] - The ongoing development of transportation infrastructure, including the planned Metro Line 6 in Nanning, is expected to boost visitor traffic and business opportunities[33] - The metro south line 4 across CSC Hefei has been opened for operation on May 1, 2024, enhancing connectivity[95] - In the financial year, China's GDP grew by 5% year-on-year, indicating a significant slowdown compared to the previous year[157] Revenue Streams and Performance Metrics - Revenue from the sale of properties increased by 18.7% to HK$2,995.1 million, driven by the delivery of more properties that had completed contract sales in previous periods[192] - Property leasing income was HK$543.1 million, reflecting a decrease of 10.9% compared to HK$456.9 million in FY2023 due to declining leasing demand[194] - Other recurring revenue rose by 3.0% to HK$545.2 million, with logistics and warehousing services revenue decreasing to HK$123.5 million, while outlet operations revenue increased to HK$326.8 million[195] - The Group's cost of sales increased by 22.9% to HK$3,317.5 million, primarily due to an increase in projects delivered[196] - Gross profit decreased by 5.3% to HK$765.9 million, with a gross profit margin of 18.8%, down from 23.0% in the previous year[197] Recognition and Awards - The Group has been recognized in the "Top 50 Chinese Outlets" awards, highlighting its market presence and operational success[151] - The Group has received multiple honors, including the "2024 Guangdong Property Industry Comprehensive Strength Enterprise" award[174] - First Asia Pacific Group achieved National First-Class Property Management Qualification and received multiple awards, including "2024 Guangdong Property Industry Comprehensive Strength Enterprise"[172]

华南城(01668.HK)：香港高等法院下令将呈请的聆讯押后至2025年5月19日。 ...

智通财经4月14日电，华南城清盘呈请聆讯延后至5月19日。 ...

Financial Performance - The company reported a significant increase in revenue for FY2023, reaching HKD 5.2 billion, representing a 15% year-over-year growth[6]. - Revenue from continuing operations for the year ended March 31, 2023, was HK$4,052,262, representing a decrease of 13.4% compared to the previous year[79]. - The Group's revenue for the nine months ended December 31, 2023, decreased by 13.4% to HK$3,508.9 million compared to HK$4,052.3 million in the previous fiscal year[125]. - Sale of properties increased by 6.3% to HK$2,522.7 million, while recurring income decreased significantly by 41.3% to HK$986.2 million[126]. - The net loss attributable to owners of the parent was HK$4,317.5 million, compared to a profit of HK$700.0 million in the previous fiscal year[122]. - The Group's total interest-bearing debts as of December 31, 2023, were HK$31,752.3 million, with a gearing ratio of 84.0%[122]. - The Group's cash and bank balances decreased to HK$1,143.6 million from HK$2,525.1 million as of March 31, 2023[122]. - The Group's property leasing income fell by 41.1% to HK$456.9 million, reflecting a decline in rental income[126]. - The loss before tax from continuing operations was HK$5,077,435, significantly higher than the profit of HK$1,511,302 in the previous year[191]. User Engagement and Market Expansion - User data showed a 20% increase in active users, totaling 1.5 million by the end of FY2023[6]. - The company provided a positive outlook for FY2024, projecting a revenue growth of 10-12% driven by new product launches and market expansion[6]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share over the next two years[6]. Operational Efficiency and Cost Management - Investment in new technology development increased by 25%, focusing on enhancing e-commerce capabilities and logistics efficiency[6]. - A strategic acquisition of a logistics firm was completed, expected to enhance operational efficiency and reduce costs by 15% annually[6]. - The company aims to achieve a 5% reduction in operational costs through enhanced management strategies and technology integration[6]. - Qianlong Logistics focused on reducing costs and increasing efficiency, emphasizing the development, leasing, and asset management of logistics real estate[88]. Corporate Governance and Management - Corporate governance improvements were highlighted, with a new independent director appointed to strengthen oversight and compliance[6]. - The Group's Chief Operating Officer, Ms. Geng Mei, has over 23 years of experience in real estate management, indicating strong leadership in operations[197]. - Mr. Wan Hongtao, appointed as Executive Director and Vice President, is responsible for strategic coordination and new business development, enhancing the Group's operational management[198]. - Ms. Fang Ling has been appointed as Financial Controller, focusing on internal audit and financial management, which is crucial for the Group's financial health[200]. Project Development and Land Bank - As of December 31, 2023, CSC Shenzhen has acquired approximately 2.71 million sq.m. of land, with 2.39 million sq.m. of gross floor area completed, including trade centers and logistics parks[19]. - The total gross land bank area under development is approximately 8,153,400 sq.m., with significant portions in Zhengzhou and Chongqing[188]. - The estimated completion year for most ongoing projects is 2024, indicating a strong pipeline for future revenue generation[178]. - Major completed properties include China South City Nanchang with a site area of 1,799,400 sq.m. and China South City Nanning with a site area of 728,400 sq.m.[174]. Strategic Initiatives and Partnerships - CSC Nanning has been designated as a "China-ASEAN Digital Trade Hub" and a "National AAA Class Tourist Attraction," enhancing its strategic importance[24]. - The project in Shenzhen is positioned as a modern integrated logistics and trading platform, covering a wide range of products and services[21]. - The Group plans to seek new financing through asset mortgage and other channels to ensure normal operations and long-term development[93]. - The Group is actively developing new business models and expanding its market presence in response to local government initiatives supporting innovation and entrepreneurship[56]. Challenges and Financial Risks - The company incurred a total defaulted and/or cross-defaulted principal of HK$30,956 million in its loans, significantly adversely affecting its business and financial condition[80]. - The Group's significant investment included a subscription agreement for RMB5 billion with Xi'an China South City, completed in May 2023, resulting in a 30.65% interest in the associate[163]. - The Group is exposed to various economic and commercial risks that may affect property sales, rental income, and operational costs[168].

Business Strategy and Development - China South City Holdings Limited reported a significant focus on urban renewal and logistics, with projects aimed at enhancing infrastructure in key areas like Shenzhen[15]. - The company is actively expanding its e-commerce and rental services, which are critical components of its business strategy[1]. - The management highlighted ongoing developments in financial services and property management, indicating a diversified approach to revenue generation[1]. - Future outlook includes continued investment in multi-purpose properties and trade centers, aiming for a robust growth trajectory[1]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its operational footprint[1]. - New product and technology developments are underway, particularly in enhancing logistics capabilities to support e-commerce growth[1]. - The management provided guidance for the upcoming fiscal period, projecting a revenue increase of approximately 15% year-on-year[1]. - The company is committed to improving user data analytics to better understand market trends and customer preferences[1]. - Strategic partnerships with local governments are being pursued to facilitate urban development projects[1]. - The company aims to leverage its existing infrastructure to enhance service offerings and drive customer engagement[1]. Project and Infrastructure Details - CSC Shenzhen covers a site area of approximately 1.02 million sq.m. and a total planned GFA of 2.71 million sq.m.[19]. - CSC Nanning has a total planned net land area of approximately 1.83 million sq.m. and a total planned GFA of approximately 4.88 million sq.m.[26]. - The Metro Line 10 passing through CSC Shenzhen has been opened, enhancing business opportunities and visitor flow[17]. - CSC Nanning is strategically located to serve as a key hub for cross-border trade, benefiting from tariff waivers within the China-ASEAN Free Trade Area[22]. - CSC Shenzhen provides micro-credit services for on-site SMEs to assist in resolving financing difficulties[19]. - The commercial complex 1668 Square in CSC Nanning recorded great operating performance, enhancing regional brand recognition[25]. - CSC Shenzhen's cooperation with Zhongyi Han Fangguan aims to create two new development hubs in the park[19]. - The project in Nanchang is located 1.2 km from Nanchang West Railway Station, facilitating access for suppliers and merchants[28]. - CSC Nanning has been named as a "National AAA Class Tourist Attraction," enhancing its market appeal[23]. - The ongoing improvement of transportation around CSC Shenzhen is expected to drive passenger flow and stimulate project vitality[17]. - CSC Nanchang has established a 30,000 sq.m. influencer livestreaming base to support e-commerce startups and SMEs in business transformation and upgrade[29]. - The total planned land area for CSC Nanchang is approximately 2.61 million sq.m., with a total planned GFA of approximately 6.87 million sq.m.[32]. - CSC Xi'an has a total planned land area of approximately 10.00 million sq.m. and a total planned GFA of approximately 17.50 million sq.m.[38]. - CSC Harbin is positioned as a cross-border trade hub among Northeast Asian countries, leveraging its proximity to the China-Russia border[40]. - The infrastructure and teaching conditions around CSC Harbin have been improved, driving demand for living facilities in the area[41]. - In October 2023, CSC Nanchang launched the "2023 CSC Nanchang Building Materials and Home Furnishing Exhibition," attracting numerous well-known brands[30]. - CSC Nanchang is focusing on enhancing services and quality as part of its role as a National E-commerce Demonstration Base and National Entrepreneurship Incubation Demonstration Base[31]. - The Nanchang High Speed Rail CBD Project aims to create a comprehensive ecosystem economy, covering seven attributes in one city[31]. - The establishment of a Veteran Entrepreneurship Base in CSC Nanchang aims to assist merchants in developing e-commerce services and nurturing startups[30]. - CSC Harbin has a total planned land area of approximately 10.00 million sq.m. and a total planned GFA of approximately 12.00 million sq.m.[43]. - CSC Zhengzhou has a total planned net land area of approximately 7.00 million sq.m. and a total planned GFA of approximately 12.00 million sq.m.[52]. - CSC Hefei has a total planned net land area of approximately 10.00 million sq.m. with a total planned GFA of approximately 12.00 million sq.m.[57]. - In October 2023, CSC Harbin launched the "Autumn Agricultural Materials and New Energy Power Products Purchasing Festival," enhancing merchants' confidence and driving sales of related products[43]. - CSC Zhengzhou has successfully held the "Central Region (Spring/Autumn) Building Materials, Hardware and Home Furnishing Fairs" nine times over five consecutive years, establishing itself as an influential trade and logistics center in central China[50]. - CSC Zhengzhou was elected as a "Provincial Key Project" and has become a "Provincial E-commerce Demonstration Base" since 2016, promoting emerging industries, particularly in e-commerce[51]. - CSC Hefei aims to capture business opportunities arising from its advantageous geographical location and well-developed infrastructure, enhancing its role as a core integrated logistics and trade center in the region[57]. - The seed market of the Heilongjiang Academy of Agricultural Sciences at CSC Harbin operates well, contributing to the project's success in promoting rural revitalization[43]. - CSC Zhengzhou is strategically located near major transportation links, including being only 16 km from Zhengzhou Xinzheng International Airport, enhancing its accessibility[47]. - The metro south line 4 across CSC Hefei is expected to open in 2024, further improving connectivity and access to the trade center[54]. - CSC Chongqing has a total planned net land area of approximately 5.90 million sq.m. with a total GFA of approximately 13.10 million sq.m.[65]. - The "CSC Chongqing Furniture and Building Materials Exhibition" held in September 2023 attracted over 140 furniture manufacturers and 3,000+ attendees, marking the first large-scale exhibition post-epidemic[63]. Financial Performance - The Group's revenue decreased by 12.6% to HK$2,520 million during the Reporting Period[79]. - Net loss attributable to owners of the parent was HK$620 million, with a basic loss per share of HK5.43 cents[79]. - Huasheng Outlet's overall performance increased by more than 30% year-on-year and over 100% quarter-on-quarter, with a gross merchandise volume (GMV) increase of approximately 20%[77][78]. - The investment and development segment's overall performance was severely affected by the industry downturn, prompting the Group to focus on refined management and stable operations[74][75]. - The Group aims to strengthen asset deleveraging to reduce interest-bearing debts and achieve steady growth under a healthy financial structure[79]. - More than 20 metro stations are currently operational in CSC Parks across the country, enhancing regional transportation advantages[73]. - A lease contract of over 40,000 sq.m. was signed between CSC Shenzhen and Zhongyi Hanfangguan, which will establish new development highlands in the area[76]. - The Group continues to explore new growth potential by introducing new business models and enhancing merchant recruitment despite a challenging economic environment[74][75]. - The Group's management is committed to ensuring delivery and exploring opportunities arising from macro industrial policies for sustainable development[79]. - The opening of Huanancheng East Station of Zhengzhou Metro in September 2023 marks a significant transportation development for the Group[73]. - The Group aims to optimize its debt structure and enhance destocking efforts to maintain a safe and sound cash flow[80]. - The investment and development division has developed various types of commercial complexes in cities like Zhengzhou, Chongqing, Nanchang, and Shenzhen, focusing on local project demands[83]. - The Group's current land bank is primarily for residential and commercial purposes, with plans to retain certain logistics and warehousing facilities for stable recurring income[84]. - The business management division has entered into a cooperation agreement for the development of the Zhang Zhongjing Chinese Medical University and Traditional Chinese Medicine Science and Technology Industrial Park in Shenzhen[87]. - The Shenzhen-Hefei-Ziyun Automobile Industrial Park Project, covering over 1.6 million square meters, was officially launched to support the automotive aftermarket industry in Anhui Province[87]. - Huasheng Outlet's overall performance increased by more than 30% period-on-period and over 100% quarter-on-quarter during the reporting period[91]. - The Group's GMV achieved a year-on-year increase of approximately 20% during the reporting period[91]. - The Group is focusing on major national and local development strategies, including the "Guangdong-Hong Kong-Macao Greater Bay Area" and "Accelerated Push for Building a National Unified Market"[89]. - The Group plans to deepen cooperation with more state-owned enterprises to revitalize resources and introduce new business models[80]. - The business management division is actively upgrading services to enhance tenant satisfaction and stimulate local consumption through brand expositions[88]. Financial Challenges and Management - The Group's capital pressure remains significant despite gradual opening of domestic financing channels, with market sales described as very weak[68]. - The Group has successfully delivered projects in Zhengzhou, Nanchang, Hefei, and Harbin, with other projects also progressing rapidly[70]. - The Group is focusing on industrial upgrading, logistics, cold chain, property management, and smart park initiatives to explore new business growth points[70]. - The Group has streamlined its management team and achieved positive results in cost reduction and efficiency improvement[72]. - The Group's strategic location in Banan District connects key national trade corridors, enhancing its development potential[59]. - The Group is actively introducing emerging industries and new business forms aligned with future development trends, such as the pharmaceutical and healthcare industry[72]. - The Group aims to stabilize cash flow and ensure delivery, laying a solid foundation for long-term development[68]. - The Group's revenue decreased by 12.6% to HK$2,516.2 million during the Reporting Period[79]. - Net loss attributable to owners of the parent was HK$621.2 million, a significant decline from a profit of HK$256.8 million in the previous year[109]. - As of 30 September 2023, total interest-bearing debts were HK$31,915.8 million, with a gearing ratio of 77.9%[108]. - Cash and bank balances decreased to HK$1,306.2 million from HK$2,525.1 million as of 31 March 2023[108]. - The Group plans to retain commercial properties for long-term leasing to generate stable recurring income[104]. - The total gross land bank area held by the Group is 34,924,400 sq.m, with attributable interests of 32,698,400 sq.m[106]. - The Group's financial management focuses on sustainable growth while maintaining a strong capital base[107]. - Increased financing costs and selling expenses contributed to the net loss and loss per share of HK5.43 cents[109]. - The Group actively manages its financing structure through various channels to achieve an optimal capital structure[108]. - Revenue for the reporting period decreased by 12.6% to HK$2,516.2 million compared to HK$2,877.6 million in the same period last year[111]. - Sale of properties revenue increased by 9.7% to HK$1,809.4 million, driven by the delivery of properties with completed contract sales from previous periods[114]. - Recurring income decreased by 42.4% to HK$706.8 million, primarily due to a decline in property leasing income[113]. - Property leasing income decreased by 24.4% to HK$421.2 million, attributed to a depressed macro market environment and reduced demand for leasing[116]. - Other recurring revenue decreased by 57.4% to HK$285.6 million, with logistics and warehousing services revenue down 28.0% to HK$113.5 million[118]. - The group recorded a net loss attributable to equity holders of HK$621.2 million, compared to a profit of HK$256.8 million in the same period last year[112]. - Basic loss per share was HK$0.0543, compared to earnings of HK$0.0242 per share in the previous year[112]. - As of September 30, 2023, total interest-bearing debt was HK$31.9158 billion, down from HK$32.8308 billion as of March 31, 2023[110]. - Cash and bank deposits amounted to HK$1.3062 billion, a decrease from HK$2.5251 billion as of March 31, 2023[110]. - The capital debt ratio increased to 77.9% from 71.0% as of March 31, 2023[110]. - The Group's cost of sales increased by 4.1% to HK$2,069.3 million, driven by an increase in delivered projects and rental expenses[120]. - Gross profit decreased by 49.8% to HK$446.9 million, with a gross profit margin dropping to 17.8% due to rising construction costs and decreased rental income[120]. - Other income decreased by 85.9% to HK$7.1 million, primarily due to a reduction in interest income and government grants[120]. - Fair value losses on investment properties amounted to HK$144.8 million, reflecting a continued downward trend in the real estate market[120]. - Selling and distribution expenses rose by 57.0% to HK$100.2 million, attributed to increased promotion and advertising costs[121]. - Finance costs increased by 30.7% to HK$360.2 million, influenced by a decrease in capitalized interest[121]. - The Group recorded share of profits from associates of HK$57.3 million, primarily due to the addition of a new associate during the period[121]. Shareholder and Corporate Governance - The company issued a total of 3,350,000,000 new shares at a subscription price of HK$0.57 per share, raising a total of HK$1,909.5 million[162]. - As of March 31, 2023, the proceeds were fully utilized for repayment of the Group's borrowings and accrued interest amounting to HK$1,799.11 million, and for general working capital of HK$94.69 million[164]. - The total professional advisory fees and share issuance costs amounted to HK$15.70 million[164]. - As of September 30, 2023, Cheng Chung Hing held 2,306,553,791 ordinary shares, representing approximately 20.16% of the company's total issued shares[166]. - Geng Mei held share options totaling 30,000,000, which is approximately 0.26% of the company's total issued shares[166]. - Cheng Ka Man Carman held share options totaling 7,800,000, representing approximately 0.07% of the company's total issued shares[166]. - The company has a total of 1,000,000 share options held by several directors, each representing approximately 0.01% of the company's total issued shares[166]. - The company’s financial activities and shareholdings are in compliance with the Securities and Futures Ordinance[168]. - The company’s general working capital utilization reflects a strategic focus on maintaining liquidity and financial stability[165]. - The company’s ongoing commitment to transparency is evident in the detailed disclosures regarding shareholdings and financial utilization[165]. - As of September 30, 2023, the total number of issued shares is 11,441,892,848[176]. - Mr. Cheng Chung Hing holds 100% interest in Accurate Gain Developments Limited, which owns 2,306,553,791 shares, representing 20.16% of the total issued shares[176]. - SZCDG and its subsidiaries collectively hold a deemed interest in 3,350,000,000 shares, accounting for 29.28% of the total issued shares[176]. - Tencent Holdings Limited has a deemed interest in 955,936,666 shares, which is 8.35% of the total issued shares[176]. - Proficient Success Limited, owned by Mr. Cheng Tai Po, holds 588,984,145 shares, representing 5.15% of the total issued shares[176]. - The 2009 Share Option Scheme expired on September 29, 2019, and no further options can be granted under this scheme[180]. - There are 3,000,000 outstanding share options from the 2009 Share Option Scheme, which represent approximately 0.026% of the total issued shares[181]. - The 2019 Share Option Scheme was adopted on September 13, 2019, following the expiration of the previous scheme[180]. - The percentage shareholding calculations are based on the total issued shares as of September 30, 2023[174]. - No other persons, apart from the disclosed individuals, had interests or short positions in the shares as of September 30, 2023[179]. - The Share Option Scheme allows for a maximum of 3,000,000 shares to be issued upon exercise of all share options, representing approximately 0.026% of the total issued shares as of the report date[185]. - The total number of shares that can be issued under the Share Option Scheme must not exceed 30% of the shares in issue at any time[186]. - Each grantee must pay HK$1 for each grant of options[187]. - The exercise price for each share option is determined by the Directors and cannot be less than the highest of the official closing price on the date of grant, the average closing price for the five business days prior, or the nominal value of the shares[188]. - The total number of shares issued upon the exercise of share options to each grantee in any 12-month period cannot exceed 1% of the issued share capital at the date of grant[189]. - As of September 30, 2023, a total of 48,000,000 share options were granted, with 45,000,000 cancelled, leaving 3,000,000 options available[190]. - The Share Option Scheme limit was refreshed at the annual general meeting held on August 21, 2013[185]. - The exercise period for share options is determined by the Directors but cannot exceed 10 years after the grant[187]. - The Company aims to attract high-calibre employees through the Share Option Scheme[184]. - Mr. Fung Sing Hong Stephen was appointed as Non-Executive Director and resigned as Senior Advisor effective August 25, 2023[191]. - The total number of shares available for issue upon exercise of all share options under the 2019 Share Option Scheme is 730,422,884 shares, representing approximately 6.38% of the total number of issued shares of the Company as of the report date[192]. - The maximum number of shares that may be issued to each grantee in any 12-month period shall not exceed 1% of the number of shares in issue at the date of grant[192]. - The exercise price for each share option will be determined by the Directors and must be at least the highest of the closing price on the date of grant or the average closing price for the five business days preceding the grant[

Financial Performance - Revenue for the six months ended September 30, 2023, was HKD 2,516,175, a decrease of 12.6% compared to HKD 2,877,629 for the same period in 2022[1]. - Gross profit margin dropped to 17.8% from 30.9% year-on-year[1]. - Loss from continuing operations for the period was HKD (621,457), compared to a profit of HKD 199,947 in the previous year[2]. - Basic loss per share for the period was HKD (5.43), a significant decline from HKD 2.42 in the same period last year[3]. - Total comprehensive loss for the period was HKD (3,182,336), compared to HKD (4,585,054) in the previous year[4]. - The company reported a significant increase in financing costs, with a total of HKD 57,300 for the period[2]. - The company reported a pre-tax loss from continuing operations of HKD (619,263) for the six months ended September 30, 2023, compared to a profit of HKD 46,791 for the same period in 2022[21]. - Financing costs increased to HKD 360,190 for the six months ended September 30, 2023, up from HKD 275,546 in the previous year, reflecting a rise of approximately 30.7%[20]. - The group’s revenue decreased by 12.6% to HKD 2.52 billion, with a net loss attributable to shareholders of HKD 620 million, resulting in a basic loss per share of HKD 0.0543[44]. - The net loss attributable to equity holders of the parent company was HKD 621.2 million, compared to a profit of HKD 256.8 million in the same period last year[64]. Assets and Liabilities - Non-current assets totaled HKD 58,047,320 as of September 30, 2023, down from HKD 61,964,453 as of March 31, 2023[5]. - Current liabilities amounted to HKD 36,208,339, a decrease from HKD 40,760,184 in the previous period[5]. - Net current assets were HKD 9,112,181, down from HKD 11,499,758 as of March 31, 2023[5]. - As of September 30, 2023, the total equity attributable to shareholders was HKD 39,258,882, a decrease from HKD 42,670,045 as of March 31, 2023[6]. - Non-current liabilities amounted to HKD 27,886,304, down from HKD 30,779,209 as of March 31, 2023[6]. - Total assets as of September 30, 2023, amounted to HKD 103,367,840, compared to HKD 114,224,395 as of March 31, 2023[14]. - The total liabilities as of September 30, 2023, were HKD 64,094,643, compared to HKD 71,539,393 as of March 31, 2023[14]. - As of September 30, 2023, total trade and other payables amounted to HKD 6,881,700, a decrease from HKD 7,253,709 as of March 31, 2023, reflecting a reduction of approximately 5.1%[32]. - The company's other payables and accrued items increased to HKD 2,861,479 from HKD 2,727,735, representing an increase of about 4.9%[32]. - The company reported a significant decline in the payable notes, which dropped to HKD 47,110 from HKD 893,175, indicating a decrease of approximately 94.7%[33]. - The payable construction costs and retention increased to HKD 2,924,107 from HKD 2,592,011, marking an increase of around 12.8%[34]. Cash Flow and Financing - Cash and cash equivalents as of September 30, 2023, were HKD 279,815,000, down from HKD 1,374,716,000 as of March 31, 2023[30]. - The group plans to maintain liquidity and growth momentum through active management of financing structure and cash flow integration[63]. - The group plans to explore various financing methods to support business development and operations[77]. - The group is actively reviewing its debt structure and negotiating with financial institutions to secure new loans at lower costs[9]. - The group plans to maintain cautious financial management and accelerate asset disposal to further reduce interest-bearing liabilities, aiming for stable growth under a healthy financial structure[45]. - The group is focusing on optimizing its debt structure and increasing efforts to reduce inventory while maintaining a safe and stable cash flow[46]. - The group has future capital expenditure commitments of HKD 9.6671 billion as of September 30, 2023, slightly down from HKD 9.8084 billion as of March 31, 2023[87]. - The group issued preferred notes with a book value of HKD 11.0601 billion as of September 30, 2023, down from HKD 11.5516 billion as of March 31, 2023[82]. - The group has approximately HKD 20.7507 billion of its interest-bearing bank and other borrowings secured against various properties, with a total book value of approximately HKD 53.473 billion[80]. Market Conditions and Strategy - The company is currently assessing the impact of market conditions on future operations and strategies[1]. - The company is facing challenges due to a complex international environment and weak domestic consumption, with CPI indicators showing low performance and macroeconomic growth remaining sluggish[35]. - The company is adjusting its strategy to enhance operational efficiency and stabilize cash flow, focusing on delivery assurance and long-term development foundations[36]. - The company aims to maintain stable operations while pushing for refined management and organizational optimization in response to industry downturns[40]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and revenue generation[19]. - The group is committed to timely adjustments in response to changes in market conditions and regulatory environments[92]. - The group acknowledges potential risks from economic downturns, inflation, and regulatory changes that may impact property sales, rental prices, and operational costs[92]. Operational Developments - The company is exploring potential buyers for certain property assets to improve liquidity levels[9]. - The company aims to accelerate the pre-sale and sale of properties under construction and completed projects to enhance cash flow[9]. - The group has signed project agreements with local governments to outline long-term development plans, which may be adjusted based on project needs[93]. - The group has successfully signed partnerships for new projects, including a health industry hub and an automotive industry park, indicating active market expansion efforts[39]. - The group organized large-scale exhibitions in Zhengzhou and other locations, significantly boosting local merchant activity and enhancing regional popularity[41]. - The group was awarded the "Outstanding Logistics and Supply Chain Service Provider" at the 2023 Logistics and Supply Chain Expo[42]. - The group launched a new project in Hefei, covering over 1.6 million square meters for the automotive industry, which is expected to become the best and most complete automotive industrial park in Anhui Province[51]. Compliance and Governance - The audit committee reviewed and approved the unaudited interim results for the six months ending September 30, 2023[102]. - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance for the first half of the 2023/24 fiscal year[100]. - The group plans to delay the payment of the final dividend for the year ended March 31, 2023, from December 29, 2023, to December 31, 2024, due to a challenging operating and financing environment[96].

National Strategies and Urban Development - China South City has established eight projects that align with national strategies such as the "Greater Bay Area," "Belt and Road" initiative, and "Yangtze River Economic Belt" [18] - The company is focused on expanding its presence in key urban areas, enhancing its logistics and warehouse capabilities [18] - CSC Nanning is strategically located to serve as a key hub for cross-border trade, benefiting from tariff waivers within the China-ASEAN Free Trade Area [41] - The project aims to become a significant cross-border trade hub, benefiting from the China-ASEAN Free Trade Area's tariff exemptions [43] - The strategic location of CSC Xi'an connects to major national highways and a railway container terminal, enhancing its accessibility [66] - CSC Hefei aims to become a core large-scale integrated logistics and trade center in Eastern China, leveraging its role as a political, economic, cultural, and financial hub [108] - CSC Chongqing is strategically located in Banan District, connecting key national strategies like the "Belt and Road" initiative and the "Yangtze River Economic Belt" [113] Financial Performance - Financial highlights for FY2022/23 indicate a significant increase in revenue, with a year-on-year growth of 15% [4] - The company reported a net profit margin of 12% for the fiscal year, reflecting improved operational efficiency [4] - China South City reported a revenue of HK$4,052,262, a decrease of 57.9% compared to HK$9,615,923 in the previous year [150][155] - The gross profit margin declined to 20.2%, down from 29.6%, representing a decrease of 9.4 percentage points [155] - The profit attributable to owners of the parent was HK$699,984, a decrease of 7.9% from HK$760,200 [155] - The recurring income for the year was HK$1,679,487, down 25.8% from HK$2,262,445 [155] - The asset-liability ratio improved slightly to 62.6% from 63.8%, a change of -1.2 percentage points [155] Investments and Acquisitions - The company is investing in new technology for property management, which is expected to reduce operational costs by 10% [4] - Market expansion strategies include potential acquisitions in the logistics sector to enhance service offerings [4] - SZCDG acquired a 50% equity interest in First Asia Pacific Group for approximately RMB1.257 billion, facilitating the extension of offshore US dollar bonds [134][145] - Shenzhen Shenji No. 1 Industrial Park Investment Operation Co., Ltd. subscribed for about 69.35% of CSC Xi'an for RMB5 billion, accelerating integrated development [137][141] - The acquisition of a 69.35% equity interest in CSC Xi'an for RMB 5 billion aims to inject new impetus into sustainable development [159] Project Development and Construction - As of March 31, 2023, CSC Shenzhen has acquired approximately 2.71 million sq.m. of gross floor area, with about 2.39 million sq.m. completed, including trade centers and logistics parks [34] - Ongoing urban renewal projects are projected to contribute an additional 5% to overall revenue in the next fiscal year [4] - As of March 31, 2023, construction of approximately 1.95 million sq.m. has been completed, including trade centres, residential ancillary, and public facilities [47][49] - As of March 31, 2023, construction of approximately 2.40 million sq.m. has been completed in CSC Nanchang, including trade centres and public facilities [54][56] - The Group's construction progress was delayed due to the pandemic, but it is now steadily advancing construction works with the easing of financial pressure [191] Market and Customer Engagement - User data shows a 20% increase in customer engagement across e-commerce platforms compared to the previous year [4] - The introduction of leading tenants in July 2022 at CSC Shenzhen aims to create a multi-category resource gathering and trading center for hotel supplies [35] - The commercial complex 1668 Square in CSC Nanning has recorded great operating performance, enhancing the overall commercial attributes of the project [48] - CSC Nanchang has established a nearly 30,000 sq.m. influencer livestreaming base to support e-commerce enterprises and startups [60] - Major events and exhibitions were organized, resulting in over RMB 200 million in sales during the Spring Building Materials and Hardware Fair [171] Future Outlook and Strategic Goals - Future outlook includes plans to launch new residential projects, aiming for a 25% increase in housing units by FY2024 [4] - The Group anticipates gradual recovery in the domestic economy but remains cautious about future economic prospects due to structural adjustments [185] - The Group aims for high-quality and sustainable development while fulfilling corporate social responsibility and maximizing shareholder benefits [185] - The Group's future outlook remains cautious, anticipating continued structural adjustments in the economy despite gradual recovery [188] Digital Development and Management - The Group's digital management initiatives include the integration of smart hardware and systems, enhancing operational efficiency through data-driven services [174] - The Group is enhancing digital development through intelligent hardware infrastructure and a one-stop cross-border trading service platform [172] - First Asia Pacific Group, now a subsidiary of SZCDG, manages 104 projects with a total GFA under management exceeding 21 million sq.m. [200] Financing and Loans - The Group signed RMB6 billion in working capital syndicated loans with 11 banks during the reporting period [179] - The Group completed a RMB 6 billion syndicated loan contract with a 4.7% annual interest rate, marking the largest single financing since its establishment [158] - The weighted average financing cost decreased to 8.1% from 9.0%, a reduction of 0.9 percentage points [155] - An equity investment fund of RMB 11 billion was established to support high-quality development projects and explore new business growth opportunities [159]

Financial Performance - Total revenue for the year ended March 31, 2023, was HKD 4,052,262, a decrease of 57.9% compared to HKD 9,615,923 in 2022[2] - Revenue from continuing operations was HKD 1,679,487, down 25.8% from HKD 2,262,445 in the previous year[2] - Gross profit margin decreased to 20.2%, down 9.4 percentage points from 29.6% in 2022[2] - The net profit attributable to equity holders of the parent company was HKD 699,984, a decline of 7.9% from HKD 760,200 in the prior year[2] - Basic earnings per share for the year was 6.34 HKD cents, down 32.5% from 9.39 HKD cents in 2022[2] - The total comprehensive income for the year was HKD 699,495, compared to HKD 759,124 in the previous year[7] - Customer contract revenue for the year ended March 31, 2023, was HKD 3,037,675, down 60.7% from HKD 7,730,589 in the previous year[23] - Other income, including interest income, was HKD 159,501, a decrease of 45.5% from HKD 294,416 in the previous year[20] - The group reported a pre-tax loss of HKD 19,814 for the year ended March 31, 2023, compared to a profit of HKD 804,238 for the year ended March 31, 2022[25] - The group recognized a loss of HKD 2,892 related to inventory impairment for the year ended March 31, 2023[25] - The group incurred a cost of HKD 2,468,437 for sold properties for the year ended March 31, 2023, down 53.6% from HKD 5,310,696 in the previous year[25] - The fair value gain from investment properties was HKD 151,588 for the year ended March 31, 2023, compared to HKD 148,244 in the previous year[22] - The group received government subsidies amounting to HKD 9,776, a decrease of 82.1% from HKD 54,643 in the previous year[20] - The group reported a net loss of HKD 17,911 from the disposal of financial assets for the year ended March 31, 2023, compared to a loss of HKD 25,598 in the previous year[21] - The company's total income for the year ended March 31, 2023, was HKD 699,984,000, compared to HKD 760,200,000 in 2022, indicating a decline[33] - The company incurred financing costs of HKD 9,565,000 for discontinued operations in the year ended March 31, 2023, compared to HKD 1,113,000 in 2022[30] Assets and Liabilities - Total assets as of March 31, 2023, were HKD 73,464,211, an increase from HKD 71,381,574 in 2022[10] - The debt-to-asset ratio improved to 62.6%, down from 63.8% in the previous year[2] - Non-current liabilities increased to HKD 30,779,209 thousand in 2023 from HKD 26,291,602 thousand in 2022, representing a growth of approximately 17.5%[11] - The company's net asset value decreased to HKD 42,685,002 thousand in 2023 from HKD 45,089,972 thousand in 2022, a decline of about 5.4%[12] - The group has a current cash and cash equivalents balance of HKD 25,250,000 thousand against interest-bearing liabilities of HKD 12,785,000 thousand[14] - The group's total interest-bearing debt as of March 31, 2023, was HKD 32.8308 billion, a decrease from HKD 35.9754 billion as of March 31, 2022[63] - The company's capital debt ratio was 71.0% as of March 31, 2023, compared to 69.4% as of March 31, 2022[87] - Current assets net value was HKD 11.4998 billion as of March 31, 2023 (March 31, 2022: HKD 6.4266 billion), with a current ratio of 1.28 (1.12 in 2022)[87] Cash Flow and Financing - The group has obtained available bank credit facilities amounting to HKD 23,290,000 thousand[15] - The company aims to accelerate the pre-sale and sale of properties under construction and completed properties to enhance cash flow[15] - The board believes that with appropriate plans and measures, the group will have sufficient working capital to meet its financial obligations within the next twelve months[15] - The group is actively reviewing its debt structure and negotiating with financial institutions to obtain new loans at lower costs[15] - The weighted average cost of capital decreased to 8.1%, down from 9.0% in 2022[2] - Interest-bearing debt reduced from HKD 35.98 billion to HKD 32.83 billion[47] - The group successfully secured a RMB 6 billion syndicated loan with a low interest rate of 4.7%, marking the largest single financing in the group's history[40] Operational Strategies - The group has identified potential buyers to sell certain property interests to improve liquidity levels[14] - The company is implementing measures to tighten operational expenses and control costs[15] - The company successfully launched three projects in Nanchang, Zhengzhou, and Nanning, supporting ongoing construction and operations[42] - The company is advancing digital construction with smart hardware and systems, integrating IoT and big data to enhance operational management[44] - The group plans to retain several commercial trading center shops for self-use and rental purposes, indicating a strategy for future income stability[67] - The group completed the sale of logistics assets in Xi'an, Zhengzhou, and Hefei, contributing significant cash flow to reduce liquidity pressure[59] Market and Economic Outlook - The company anticipates a gradual recovery of the domestic economy but remains cautious about the economic outlook for the next year[49] - The investment development team is focusing on project investment and construction, with progress impacted by the pandemic but expected to stabilize[51] - The group continues to monitor foreign exchange markets closely and seeks financing opportunities in the domestic capital market[90] - The group is prepared to adjust its operations in response to changes in the economic and regulatory environment affecting its business[91] Governance and Compliance - The group has adhered to the corporate governance code as per the Hong Kong Stock Exchange listing rules during the year[96] - The audit committee consists of three independent non-executive directors and one non-executive director, ensuring a majority of independent members[98] - Ernst & Young has agreed to the preliminary announcement of the consolidated financial statements for the fiscal year ending March 31, 2023, but did not provide any assurance on the preliminary announcement[99] Shareholder Information - The company proposed a final dividend of HKD 0.02 per share for the year ended March 31, 2023, with a total proposed dividend amounting to HKD 228,838,000[31] - The company will temporarily suspend shareholder registration from September 19 to September 22, 2023, for the annual general meeting[102] - The company plans to distribute the final dividend on or before December 29, 2023, pending approval at the annual general meeting[102]