3月27日，碧桂园服务发布最新年度业绩数据。 城市服务实现收入为41.68亿元，同比下降14.7%，收入占比为9.5%，主要由于退出若干环卫项目及市场 竞争激烈等综合因素影响，以及年内实际接管的城市服务项目减少。商业运营服务业务分部实现总收入 6.27亿元，较去年同期实现同比下降38.1%，收入占比为1.4%。 此外，"三供一业"业务收入包括物业管理及其他相关服务、供热服务。其中物业管理及其他相关服务收 入65.39亿元，同比增幅为31%，占总收入比14.9%；供热服务收入16.17亿元，增幅5.8%，占总收入比 3.7%。 截至去年底，碧桂园服务管理物业数达7895项，遍布中国内地31个省、直辖市、自治区及香港特别行政 区及海外，重点覆盖包括珠三角、长三角、长江中游、京津冀及成渝五大经济发达城市群。其中，位于 一二线城市项目的收费管理面积约占40.7%。 现金流方面，截至2024年12月31日，碧桂园服务银行存款和现金总额(包括受限制银行存款及定期存款) 约为181.8亿元，同比增加约52.4亿元，经营活动所得现金净额38.7亿元。 基于良好的现金储备，公司宣布计划将视市场情况及公司届时的实际需要，在202 ...

Core Viewpoint - Country Garden Services reported a total revenue of RMB 43.99 billion for 2024, reflecting a year-on-year growth of 3.2% [2] Financial Performance - The adjusted revenue from property management services, community value-added services, and "Three Supplies and One Industry" business grew by 10.2%, with core business revenue accounting for 87% of total revenue [2] - The adjusted gross profit from core business reached RMB 9.2 billion, an increase of 6.4% year-on-year [2] - As of the end of 2024, the company's cash reserves stood at RMB 18.18 billion, with a net cash flow from operating activities of RMB 3.87 billion [2] - The total dividend paid for the year was RMB 990 million, exceeding 55% of the net profit attributable to shareholders [2] Business Expansion - The company managed a total area of 1.127 billion square meters, with a net addition of 82 million square meters for the year, and over 51.2% of the third-party management area [2] - The proportion of sustainable third-party income rose to 98.9% in 2024, with related party transactions accounting for only 0.9% of total revenue [3] Strategic Initiatives - The company emphasized its competitive edge in community life services, particularly in value-added services, achieving significant success in its liquor business with a revenue of RMB 190 million, a year-on-year increase of 88% [4] - The company plans to deepen its charging station business, having installed 50,000 charging stations in 2024, with an expected revenue of RMB 200 million in 2025 [4]

Core Viewpoint - Country Garden announced a contract sales amount of approximately RMB 2.3 billion for February 2025, along with a contract sales area of about 310,000 square meters attributed to the company's shareholders [1] Group 1 - The company achieved a contract sales amount of approximately RMB 2.3 billion in February 2025 [1] - The total contract sales area for the same period was around 310,000 square meters [1]

Financial Performance - For the six months ended June 30, 2024, the company achieved revenue of approximately RMB 102.1 billion, with over 150,000 housing units delivered, covering a total area of about 18.22 million square meters across 178 cities in 29 provinces[17]. - In the first half of 2024, the company's revenue was approximately RMB 102,102 million, a decrease of about 54.9% compared to RMB 226,309 million in the same period of 2023[57]. - Revenue from real estate development dropped by 55.2% to approximately RMB 98,829 million, primarily due to a decrease in property delivery volume[58]. - The pre-tax loss for the first half of 2024 was approximately RMB 10,831 million, significantly improved from a pre-tax loss of RMB 46,148 million in the same period of 2023[64]. - The loss attributable to shareholders for the first half of 2024 was approximately RMB 12,842 million, compared to RMB 48,932 million in the same period of 2023[65]. - The company recorded a loss attributable to equity holders of approximately RMB 12.8 billion for the six months ended June 30, 2024[105]. - The net loss attributable to shareholders for the six months ended June 30, 2024, was RMB 12,842 million, compared to RMB 48,932 million in 2023, reflecting a reduction of 73.7%[170]. - Basic and diluted loss per share for the period was RMB 0.46, an improvement from RMB 1.79 in the previous year[167]. - The total comprehensive loss for the period was RMB 14,930 million, down from RMB 51,854 million in the previous year, marking a 71.2% improvement[170]. Operational Efficiency - Management expenses decreased by 25.3% compared to the same period last year, indicating improved operational efficiency[20]. - The company implemented strict control over non-core operating expenses, reducing marketing and administrative costs by 50.8% to approximately RMB 4,851 million in the first half of 2024[61]. - The company has adopted all new and revised Hong Kong Financial Reporting Standards effective from January 1, 2024, with no significant changes to accounting policies or reported amounts[197]. Debt Management and Financial Stability - The company is focusing on debt risk mitigation and restructuring, including extending debt maturities and reducing financing costs[20]. - The company aims for a sustainable capital structure by promoting more projects to enter the whitelist for stable operations[20]. - The net gearing ratio increased from approximately 209.7% as of December 31, 2023, to approximately 277.3% as of June 30, 2024[69]. - The company has a total of 4,081,405 square meters in Lanzhou, with 3,559,396 square meters completed and 3,545,950 square meters sold and delivered[49]. - The group is actively seeking measures for overseas debt management due to liquidity pressures, aiming to reduce debt by up to USD 11.6 billion and extend maturity to a maximum of 11.5 years[89]. - The group is negotiating with financial institutions regarding domestic loans totaling approximately RMB 28.7 billion that have experienced cross-defaults[156]. - The company is subject to significant uncertainty regarding its ability to implement proposed offshore debt restructuring plans and maintain ongoing operations[196]. Project Development and Delivery - The company has delivered over 5 million households in its communities, contributing to China's urbanization and modernization[6]. - The company has 3,090 projects at various development stages, with 3,059 located in mainland China[34]. - The company is actively pursuing new projects, with a presale area of 450,456 square meters in Huizhou's innovation town project[39]. - The company plans to closely monitor the construction progress of real estate development projects according to sales plans to ensure timely completion and delivery of pre-sold properties[194]. - The company aims to revitalize underperforming assets, including hotels and commercial properties, and may consider divesting real estate investments to generate more cash inflow[194]. Community and Social Responsibility - The company has participated in social charity donations exceeding RMB 10 billion, aiding 490,000 people in poverty alleviation efforts[7]. - The company is committed to fulfilling its social responsibilities and ensuring the delivery of properties amidst the industry's challenges[98]. Employee and Talent Management - As of June 30, 2024, the company employed approximately 29,261 full-time employees, emphasizing the importance of talent as a valuable resource[94]. - The company has implemented a comprehensive training program, including leadership development and on-the-job training, to enhance employee competitiveness in the real estate industry[96]. - The company has adopted several stock option and share incentive plans to motivate employees[96]. Market Expansion and Diversification - The company has expanded its operations beyond Guangdong Province to various high-growth economic regions across China[10]. - 80% of the contract sales in the first half of 2024 came from regions outside Guangdong Province, reflecting the company's efforts in regional diversification[26]. - The company is actively exploring new businesses in construction technology and property management, aiming to enhance cost control and adapt to market changes[22]. Financial Risks and Challenges - The company has faced unprecedented challenges in the real estate sector, with overall sales declining and significant pressure on liquidity due to tightened financing conditions[97]. - The company is actively seeking to extend the maturity of certain domestic bonds due within 12 months after June 30, 2024, due to liquidity pressures[190]. - The company faced significant challenges in pre-sale performance, with a notable decline since April 2023, and no signs of recovery as of the report date[188].

Business Development and Strategy - Country Garden has developed over 1,400 towns, providing modern urban landscapes and serving over 5 million homeowners[8]. - The company aims to integrate community-related businesses to create a comprehensive resource platform for community development[19]. - Country Garden is expanding its business into the robot and light asset management sectors, enhancing its operational capabilities[18]. - Future strategies include continuous product iteration based on market demand and collaboration with partners for project excellence[7]. - The company is exploring new business areas in construction technology and property management, with both new businesses achieving independent market operations[36]. - The company emphasizes a "one body, two wings" strategy for synergistic development, aiming to enhance competitive advantages in the future[37]. - The company is focused on ensuring cash flow safety and is actively considering various debt management measures to alleviate liquidity pressure[102]. - The company aims to leverage advanced construction technologies and standardized new construction methods to provide systematic technological construction solutions[102]. - The company is committed to fulfilling its social responsibilities and ensuring the delivery of properties amidst industry challenges[103]. Financial Performance - The company achieved a revenue of approximately RMB 401 billion for the year ending December 31, 2023, with over 600,000 housing units delivered, covering a total area of approximately 71.62 million square meters across 249 cities in 31 provinces[31]. - The company's total revenue for 2023 was approximately RMB 401,015 million, a decrease of about 6.8% from RMB 430,371 million in 2022[68]. - Revenue from real estate development decreased by 6.2% to approximately RMB 391,251 million in 2023, down from RMB 417,296 million in 2022[69]. - The company's net loss attributable to shareholders for 2023 was approximately RMB 178,400 million, compared to a loss of RMB 6,052 million in 2022[74]. - The net financial expenses for 2023 were approximately RMB 5,458 million, an increase from RMB 4,807 million in 2022[73]. - Total cash balance as of December 31, 2023, was approximately RMB 63,816 million, down from RMB 147,550 million in 2022[75]. - The company's total borrowings decreased from approximately RMB 271,307 million as of December 31, 2022, to approximately RMB 249,649 million as of December 31, 2023[79]. - The net debt-to-equity ratio increased significantly from approximately 40.0% on December 31, 2022, to 209.7% on December 31, 2023[80]. Market Presence and Sales - The contract sales amount attributable to the company's shareholders was approximately RMB 174.3 billion, corresponding to a contract sales area of about 21.7 million square meters, with management expenses reduced by approximately 20.1% compared to the previous year[33]. - 80% of the contract sales were from regions outside Guangdong Province, indicating the company's efforts in regional diversification[38]. - In terms of city type, 61% of the contract sales were from third and fourth-tier cities, while 26% were from second-tier cities, and the remaining 13% from other categories[38]. - The company has seen a significant shift in market dynamics, with a focus on improving product quality and adapting to higher market demands following supply-side reforms[34]. - The company aims to expand its market presence in tier-1 cities, targeting a 20% growth in new project launches next year[58]. Operational Efficiency and Cost Control - The company is implementing a strict operational strategy to optimize cash flow and ensure project progress through reasonable payment plans with contractors and suppliers[31]. - The company is committed to enhancing its cost control capabilities in development operations through the exploration of intelligent construction solutions[36]. - The company has expressed confidence in its future performance, supported by regulatory bodies, financial institutions, partners, investors, and stakeholders[37]. - The company has a strong focus on enhancing corporate governance standards, emphasizing quality board practices and high transparency to shareholders[127]. Corporate Governance and Management - The company has a strong management team with extensive experience in real estate and finance, enhancing operational efficiency[115]. - The board includes independent directors with backgrounds in finance, real estate, and law, ensuring diverse expertise[117][119]. - The company has implemented employee incentive plans and stock option schemes to enhance talent retention and motivation[101]. - The company has established a corporate university to provide training opportunities for employees at all levels, enhancing their competitiveness in the real estate industry[101]. - The company has adopted a code of conduct for securities trading, with all directors confirming compliance for the year ending December 31, 2023[129]. Risk Management and Compliance - The group has established procedures for identifying, assessing, and managing risks, including environmental, social, and governance risks[194]. - The risk management framework is based on the COSO internal control framework, comprising eight interdependent components to ensure effective risk management[190]. - The group has implemented procedures for handling and disclosing inside information, ensuring compliance with disclosure regulations[197]. - The group maintains a zero-tolerance policy towards fraud and corruption, with details available on the company's website[199]. Social Responsibility and Community Engagement - The company has participated in social charity donations exceeding 10 billion RMB, aiding 490,000 people in poverty alleviation efforts[9]. - The company is committed to high-quality development and technological innovation to support national progress[6]. - The company is focused on sustainable development and operational management in real estate projects[111].

Core Viewpoint - Country Garden has successfully resumed trading after a suspension of over nine months, with significant market reactions and a strong increase in stock price following the announcement [1][2]. Group 1: Resumption of Trading - On January 21, Country Garden announced its resumption of trading on the Hong Kong Stock Exchange, having met all requirements set by the resumption guidelines [1][3]. - The stock price opened over 3% higher and peaked with an increase of nearly 30%, closing at HKD 0.60 per share, reflecting a 23.71% rise [1]. Group 2: Financial Performance and Debt Restructuring - In 2023, Country Garden reported a total revenue of approximately CNY 401 billion, a year-on-year decrease of about 6.8%, and a net loss of CNY 200.96 billion [6]. - The company achieved a contract sales amount of approximately CNY 174.3 billion in 2023, with a sales area of about 21.7 million square meters [6]. - For the first half of 2024, the company reported a total revenue of approximately CNY 102.1 billion and a pre-tax loss of about CNY 10.8 billion, indicating a significant narrowing of losses compared to 2023 [6][7]. - The company aims to reduce its offshore debt by up to USD 11.6 billion through a debt restructuring proposal, with a consensus reached with a committee of seven banks holding approximately USD 1.728 billion in debt [4][8]. Group 3: Market and Policy Environment - The resumption of trading and the positive market response are influenced by recent favorable policies aimed at stabilizing the real estate market, which have led to a rise in stock prices for other property companies [1][12]. - The central government has emphasized the need to promote stability in the real estate market, with plans to expand the use of special bonds for land acquisition and stockpiling of unsold properties [13][14]. - Country Garden has delivered over 380,000 housing units in 2024, leading the industry, although it still falls short of its target of 480,000 units [14].

Group 1 - The core point of the article is that Country Garden's liquidation hearing has been postponed to May 26, 2025, with creditor support, allowing the company more time to complete its offshore debt restructuring [1] - The Hong Kong High Court approved the postponement request on January 20, 2025, despite the lawyers' request for only a four-week delay [1] - The restructuring proposal aims to significantly deleverage the company, targeting a debt reduction of up to $11.6 billion, extending maturity to a maximum of 11.5 years, and reducing financing costs from approximately 6% to about 2% annually [1] Group 2 - Country Garden is currently in a transitional phase focused on ensuring property delivery and repairing its balance sheet, with no clear timeline for restoring profitability [2] - The company reported a total revenue of approximately 102.1 billion yuan for the first half of 2024, a year-on-year decrease of about 54.9%, and a pre-tax loss of approximately 10.8 billion yuan [2] - As of June 30, 2024, the company's net assets remained positive at 74.1 billion yuan, which is better than market expectations [2] Group 3 - During the first monthly management meeting of 2025, the chairman emphasized the importance of ensuring property delivery and repairing the balance sheet as the core focus for the year [3] - The chairman encouraged all employees to fully commit to ensuring the smooth progress of various tasks to lay a solid foundation for the company's long-term development [3]

截止2023年底碧桂园负债2496亿，其中1923亿是流动负债，手里现金638亿，但是大部分都受限制不能动，能动的只有71亿。 昨晚出了一份离谱的年报，碧桂园公布了2023年的财报，以及2024年上半年的业绩。 对你没看错，是2023年的财报，现在都2025年了，碧桂园才勉 强挤出了前年的年报。 我耐不住好奇去看了一下，2023年亏损1673亿，其中手里的资产（主要是地皮和房子）贬值计提了824亿，金融资产计提、担保减值损失了372亿，这两块 占了7成多，另外3成就是推广费、行政费、财务费用杂七杂八加起来亏的。 然后就是2024上半年，营收下降55%，半年亏了128亿。负债2500亿左右，手里能动用的流动资金也就50-60亿。唯一比市场预期好的是算完这些后，碧桂 园账面上的净资产是正的，有741亿。 但也只是账面资产，碧桂园大量的资产其实很难变现，真要强行变现会打很可怕的折扣，到时候别说741亿，残值够不够抵债都难讲。 这就是昔日宇宙第一房企的体检报告，还在努力挣扎，还在苦苦等待房市转机，只要楼市能显著回暖，让碧桂园把积压的资产变现卖出去，公司多少还能 剩一点。只是当下的楼市还处于阴跌的趋势中，我看了一些外资 ...

Financial Performance - For the six months ended June 30, 2024, the group achieved a total revenue of approximately RMB 102.1 billion, a year-on-year decrease of about 54.9%[4] - The group recorded a pre-tax loss of approximately RMB 10.8 billion during the same period[4] - The company reported a net loss of RMB 15,064 million for the six months ended June 30, 2024, compared to a net loss of RMB 51,461 million for the same period in 2023[21] - Revenue for the first half of 2024 was RMB 102,102 million, a decrease of 54.9% from RMB 226,309 million in the first half of 2023[13] - The cost of sales for the first half of 2024 was RMB 103,806 million, down 58.7% from RMB 250,572 million in the previous year[13] - The company incurred a gross loss of RMB 1,704 million in the first half of 2024, compared to a gross loss of RMB 24,263 million in the same period of 2023[13] - The group has proposed an offshore debt restructuring plan involving approximately USD 9.4 billion in senior notes, HKD 6.9 billion in convertible bonds, and approximately USD 1.9 billion and HKD 24 billion in bank and other borrowings[24] - The pre-tax loss for the first half of 2024 was approximately RMB 10,831 million, an improvement from a pre-tax loss of RMB 46,148 million in the same period of 2023[68] - The loss attributable to shareholders for the first half of 2024 was approximately RMB 12,842 million, compared to 48,932 million in the same period of 2023[69] Sales and Deliveries - The total contracted sales amount attributable to the company's shareholders was approximately RMB 26 billion, corresponding to a contracted sales area of about 2.65 million square meters[4] - The group delivered over 150,000 housing units, with a total delivery area of approximately 18.22 million square meters across 29 provinces and 178 cities[7] - Property sales accounted for RMB 98,829 million, down 55.2% from RMB 220,803 million in the previous year[30] - The average sales price of delivered properties in the first half of 2024 was approximately RMB 7,725 per square meter, excluding VAT[62] Cash Flow and Liquidity - The group's total cash balance as of June 30, 2024, was approximately RMB 44.8 billion, with total borrowings amounting to RMB 250.2 billion[4] - Operating cash flow for the first half of 2024 was a net outflow of RMB 185 million, compared to a net inflow of RMB 3,386 million in the first half of 2023[17] - The company’s cash and cash equivalents at the end of June 2024 were RMB 6,698 million, a decrease from RMB 101,115 million at the end of June 2023[18] - The total amount of the company's priority notes, convertible bonds, corporate bonds, and bank loans was RMB 250,152 million, with RMB 203,546 million classified as current liabilities[21] - The group is actively considering various debt management measures to alleviate short-term liquidity pressure[84] Expenses and Cost Management - Marketing and administrative expenses were approximately RMB 4.9 billion, a year-on-year decrease of 50.8%[4] - The company has seen a 25.3% reduction in management expenses compared to the same period last year, improving operational efficiency[8] - The cost of sales, marketing, and administrative expenses totaled RMB 108,910 million for the six months ended June 30, 2024, down from RMB 261,133 million in 2023[53] Debt and Liabilities - As of June 30, 2024, the total debt of the group includes RMB 147,287 million that has defaulted or cross-defaulted[22] - Certain debts amounting to RMB 147.3 billion were in default or cross-default as of June 30, 2024[85] - The total liabilities after inter-segment eliminations as of June 30, 2024, were RMB 828,305 million, a slight decrease from RMB 899,597 million as of December 31, 2023, indicating a reduction of about 7.9%[32][34] Strategic Initiatives - The company is actively exploring new businesses in construction technology and property management, aiming to enhance cost control and adapt to market changes[9] - The company is implementing a "three guarantees" strategy focusing on ensuring housing delivery, operational stability, and credit protection[6] - The group plans to actively adjust sales and pre-sale activities in response to market changes and aims to recover cash flow from sales and receivables[24] - The group intends to revitalize underperforming assets, including hotels and office buildings, to generate more cash inflow[24] Governance and Compliance - The independent auditor was unable to express a conclusion regarding the appropriateness of the going concern basis for preparing the interim financial information due to significant uncertainties[88] - The company adhered to the corporate governance principles outlined in the Hong Kong Stock Exchange Listing Rules, except for a delay in obtaining appropriate insurance arrangements for directors due to ongoing discussions with insurers[91] - No violations were reported under the standard code for securities trading by directors during the six months ending June 30, 2024[93] Employee and Shareholder Information - As of June 30, 2024, the group employed approximately 29,261 full-time employees[81] - The company did not declare an interim dividend for the six months ended June 30, 2024, consistent with no dividend declared in 2023[56] - The company's shares have been suspended from trading since April 2, 2024, and will remain suspended until further notice[109]

Financial Performance - For the year ended December 31, 2023, the group achieved a contract sales amount attributable to shareholders of approximately RMB 174.3 billion, with a contract sales area of about 21.7 million square meters[4]. - The total revenue for the year was approximately RMB 401 billion, representing a year-on-year decrease of about 6.8%[4]. - The group reported a pre-tax loss of approximately RMB 167.3 billion for the year[4]. - The company reported a total revenue of RMB 401,015 million for 2023, a decrease of 6.8% compared to RMB 430,371 million in 2022[15]. - The company incurred a net loss of RMB 200,962 million for the year, compared to a loss of RMB 2,962 million in 2022, indicating a substantial decline in financial performance[15][19]. - The basic and diluted loss per share attributable to shareholders was RMB (6.49) for 2023, compared to RMB (0.26) in the previous year[15]. - The company reported a significant increase in financial asset impairment losses, totaling RMB 37,243 million in 2023, compared to RMB 3,059 million in 2022[15]. - The total segment performance showed a loss of RMB 161,782 million for 2023, compared to a profit of RMB 10,059 million in 2022, indicating a significant decline in profitability[33][35]. - The company recorded a pre-tax loss of approximately RMB 167,253 million in 2023, compared to a pre-tax profit of RMB 5,361 million in 2022[69]. - The loss attributable to shareholders for 2023 was approximately RMB 178,400 million, significantly higher than RMB 6,052 million in 2022[69]. Revenue Breakdown - Revenue from property sales decreased to RMB 391.25 million in 2023 from RMB 417.30 million in 2022, a decline of approximately 6.3%[30]. - Revenue from technology construction services fell to RMB 5.39 million in 2023 from RMB 7.99 million in 2022, representing a decrease of about 32.5%[30]. - The revenue from external customers in the real estate development segment was RMB 391,251 million, while the technology construction segment generated RMB 5,391 million, and other segments contributed RMB 4,373 million, totaling RMB 401,015 million[33]. - Revenue from real estate development decreased by 6.2% to approximately RMB 391,251 million in 2023, primarily due to a reduction in property deliveries[62]. - Revenue from technology construction fell by 32.6% to approximately RMB 5,391 million in 2023, attributed to a decline in new business volume due to the downturn in the real estate market[63]. Cash and Debt Management - As of December 31, 2023, the group had total cash of approximately RMB 63.8 billion, with total borrowings reduced to approximately RMB 249.6 billion[4]. - The total debt of the company reached RMB 249,649 million, with RMB 192,373 million classified as current liabilities, highlighting liquidity challenges[19]. - The company faced defaults on RMB 141,982 million of its total debt as of December 31, 2023, raising concerns about its ability to continue as a going concern[20]. - The company’s cash and cash equivalents stood at RMB 7,130 million, with restricted cash amounting to RMB 56,686 million, indicating tight liquidity conditions[19]. - The company’s total liabilities decreased to RMB 19,359 million in 2023 from RMB 32,319 million in 2022, a decline of about 40.1%[45]. - The company reported a decrease in other payables related to pre-sale properties, down to RMB 58,656 million in 2023 from RMB 66,087 million in 2022, a decline of about 11.3%[42]. - The company’s interest payments on priority notes decreased to RMB 2,514 million in 2023 from RMB 3,914 million in 2022, a reduction of approximately 35.7%[43]. - The group is actively managing debt risks and engaging in discussions for debt restructuring and financing cost reduction[8]. - The proposed offshore debt restructuring involves approximately $9.4 billion in US dollar-denominated senior notes, HK$6.9 billion in convertible bonds, and around $1.9 billion and HK$24 billion in bank and other borrowings[22]. Operational Highlights - The group delivered over 600,000 housing units, with a total delivery area of approximately 71.62 million square meters across 249 cities[7]. - The group aims to maintain operational stability and has seen a 20.1% reduction in management expenses compared to the previous year[8]. - The company is committed to the "three guarantees" strategy: ensuring housing delivery, maintaining operations, and preserving credit[6]. - The group aims to actively adjust sales and pre-sale activities in response to market changes, focusing on core areas in the Chinese real estate market[22]. - The group plans to closely monitor the construction progress of real estate development projects to ensure timely completion and delivery of pre-sold properties[24]. - The group intends to revitalize underperforming assets, including hotels and office buildings, to generate more cash inflow[22]. - The group is facing significant liquidity pressure and is implementing various plans to alleviate this pressure and improve financial conditions[78]. - The group aims to enhance cash flow safety and actively manage stagnant assets while strictly controlling expenditure[82]. Corporate Governance and Compliance - The audit committee reviewed the annual performance and assisted the board in financial reporting procedures and risk management[91]. - The company adhered to good corporate governance principles throughout the year ended December 31, 2023, except for one instance of non-attendance at the annual general meeting[93]. - The company did not recommend or declare any dividends for the years ended December 31, 2023, and 2022[56]. - The company has not purchased, repurchased, sold, or redeemed any shares during the year ended December 31, 2023[107]. - The company’s shares were suspended from trading on April 2, 2024, until further notice[113]. Shareholder Information - The company issued 351 million shares at a price of HKD 0.77 per share on September 4, 2023, increasing the total issued shares to 27,988 million[50]. - As of December 31, 2023, a total of 165,746,992 shares were granted under the share incentive plan, net of exercised and lapsed awards[99]. - The total number of shares held under the share incentive plan by the trustee was 283,259,032 shares as of December 31, 2023[99]. - The total number of shares available for grant under the stock option plans as of January 1, 2023, is 2,048,830,798 shares[100]. - No stock options were granted under the plans during the year ended December 31, 2023[100].