Financial Performance - The contracted sales amount for the reporting period was approximately RMB 634.1 million, a decrease of about 3.3% compared to the previous year[12]. - The total revenue for the reporting period was approximately RMB 1,195.9 million, representing a decrease of about 23.8% year-on-year, with property development revenue at approximately RMB 1,188 million, down 24.1%[12]. - The gross profit for the reporting period was approximately RMB 359.8 million, with property development gross profit at approximately RMB 369.5 million[8]. - The net profit for the reporting period was approximately RMB 50.9 million, with the profit attributable to the company's shareholders at approximately RMB 10.4 million, a decrease of about 86.7% year-on-year[12]. - The average signed sales price per square meter decreased from RMB 8,859.7 to RMB 7,819.7 year-on-year[23]. - The company's revenue for the reporting period was approximately RMB 1,195.9 million, a decrease of about 23.8% compared to RMB 1,568.6 million in the previous year[51]. - Property development revenue was approximately RMB 1,188 million, down about 24.1% year-on-year due to a reduction in the total area of completed properties delivered during the reporting period[51]. - Gross profit for the period was approximately RMB 359.8 million, a decrease of about 21.4% from RMB 457.6 million in the previous year, with a gross margin of approximately 30.1%, an increase of 0.9 percentage points year-on-year[53][54]. - Other income and gains decreased by approximately 53.2% to RMB 12.8 million from RMB 27.4 million in the previous year, primarily due to a reduction in rental and interest income[56]. - Profit attributable to the company's equity holders was approximately RMB 10.4 million, down about 86.7% from RMB 78.7 million in the previous year, mainly due to significant provisions for expected credit losses on financial assets[57]. Land and Development - The total land reserve area at the end of the reporting period reached approximately 2,739,643 square meters, down from 2,916,370 square meters in the previous year[13]. - The average cost of land reserves was approximately RMB 834.6 per square meter[8]. - The total construction area of completed properties is approximately 3,164,147 square meters, with land reserves of approximately 2,739,643 square meters[27]. - The company has approximately 1,685,883 square meters of properties under development and 926,264 square meters planned for future development[27]. - The total land reserve amounted to 2,739,643 square meters, with 127,496 square meters completed, 1,685,883 square meters under development, and 926,264 square meters planned for future development[49]. - The company is actively pursuing land acquisition for future developments, enhancing its growth strategy in key markets[41]. Strategic Focus and Market Position - The company maintained a cautious approach and adjusted its development strategy in response to market changes and policy shifts[12]. - The company plans to focus on the improvement housing market and enhance product design and R&D capabilities to increase market competitiveness[17]. - The company aims to strengthen its talent pool and management quality to support strategic transformation and high-quality development[17]. - The company will utilize data and new media tools for precise marketing to accelerate capital recovery and enhance risk resistance[17]. - The company plans to expand its market presence with new projects in Haikou and Wuzhishan, with significant commercial and residential developments[39]. - The company is considering strategic acquisitions to enhance its service offerings, with potential targets identified in the technology sector[93]. Corporate Governance and Compliance - The company is committed to high standards of corporate governance and has complied with all applicable code provisions during the reporting period[187]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee to oversee specific aspects of its affairs[191]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of expertise in financial accounting and corporate governance[187]. - The company emphasizes the importance of transparency and accountability to its shareholders, aiming to create maximum value through good corporate governance practices[187]. - The company has established a remuneration committee to review the remuneration policy based on operational performance and individual contributions[165]. Employee and Social Responsibility - The group recognizes employees as its most valuable asset and aims to reward performance through appropriate compensation and training[122]. - The company continues to adopt environmentally friendly construction materials and practices to meet or exceed environmental standards[116]. - The board diversity policy aims for a balanced representation, with female representation at 14% as of the reporting period[196]. - The company has maintained a gender balance among employees, with a male to female ratio of approximately 58% to 42%[199]. - The board promotes a culture of openness and constructive relationships among directors, with annual meetings held exclusively for independent non-executive directors[195]. Financial Position and Risk Management - Cash and cash equivalents at the end of the reporting period were approximately RMB 334.8 million, an increase of about 39.3% from RMB 240.4 million at the end of the previous year[66]. - The company recorded positive operating cash flow of approximately RMB 22.0 million, compared to negative operating cash flow of approximately RMB 500.0 million at the end of the previous year[67]. - The outstanding bank borrowings at the end of the reporting period were approximately RMB 3,155.1 million, slightly up from RMB 3,140.4 million at the end of the previous year[68]. - The group's debt-to-equity ratio is approximately 179% at the end of the reporting period, a decrease from 183% as of December 31, 2021[73]. - The group has confirmed an expected credit loss of RMB 89.697 million related to uncollected receivables from a customer, reflecting low recovery prospects[79]. Shareholder Information - As of December 31, 2022, the total number of issued shares was 599,999,989[153]. - Mr. Bai Xuan Kui holds 346,944,000 shares, representing 57.82% of the company's equity[152]. - Mr. Bai Wu Kui holds 64,944,000 shares, representing 10.82% of the company's equity[152]. - The company has not declared a final dividend for the year ending December 31, 2022[131]. - The company's distributable reserves as of December 31, 2022, amounted to RMB 942.0 million, an increase from RMB 936.4 million as of December 31, 2021[139].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Chen Xing Development Holdings Limited 辰 興 發 展 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：2286） 截至二零二二年十二月三十一日止年度的年度業績公告 財務摘要 — 截至二零二二年十二月三十一日止年度（「報告期」）本集團已簽約銷售額 約人民幣634.1百萬元，相應的已簽約建築面積（「建築面積」）約81,090平 方米，較去年同期分別減少約3.3%及增加約9.5%； — 報告期內本集團的收入約人民幣1,195.9百萬元，其中來自物業開發的收 入約人民幣1,188百萬元； — 報告期內本集團的毛利約人民幣359.8百萬元，其中來自物業開發的毛利 約人民幣369.5百萬元； — 報告期內本集團的淨利潤約人民幣50.9百萬元，其中本公司母公司擁有 ...

Sales Performance - The contracted sales amount for the reporting period was approximately RMB 287.8 million, an increase of about 66.2% compared to the same period last year[10]. - The total contracted building area was approximately 32,416 square meters, showing a slight increase of about 0.1% year-on-year[10]. - The company signed sales amounting to approximately RMB 287.8 million, an increase of about 66.2% compared to the same period last year[21]. - The total signed building area for the period was approximately 32,416 square meters, a slight increase of about 0.1% compared to the previous year[22]. Revenue and Profitability - The group's revenue for the reporting period was approximately RMB 509.8 million, a decrease of about 13.8% compared to the previous year[14]. - Revenue from property development was approximately RMB 507.7 million, reflecting a decrease of about 13.9% year-on-year[14]. - The net profit for the reporting period was approximately RMB 37.6 million, with the profit attributable to equity holders of the company being approximately RMB 9.0 million, a decrease of about 56.2% year-on-year[14]. - Gross profit for the period was approximately RMB 115.0 million, a decrease of about 36.5% from RMB 181.3 million in the same period last year, with a gross profit margin of approximately 22.6%, down 8.0 percentage points year-on-year[74]. - The group's profit before tax for the six months ended June 30, 2022, was RMB 8,957,000, down 56.1% from RMB 20,429,000 in the same period of 2021[167]. Cost and Expenses - Selling and distribution expenses increased by approximately 19.6% to RMB 28.5 million, primarily due to higher sales agency fees[78]. - Administrative expenses decreased by approximately 36.1% to RMB 19.3 million, mainly due to reduced personnel costs and office expenses[79]. - Financing costs decreased by approximately 18.3% to RMB 9.8 million, primarily due to reduced financing costs for the Taiyuan Longcheng Youshan Meijun project[80]. - Income tax expenses decreased by approximately 57.9% to RMB 26.5 million, mainly due to a reduction in profit before tax and land appreciation tax[81]. Assets and Liabilities - The total land reserve area at the end of the reporting period reached approximately 2,814,941 square meters, with an average cost of approximately RMB 834.9 per square meter[10]. - The company holds a total completed building area of approximately 3,105,440 square meters and land reserves of approximately 2,814,941 square meters as of June 30, 2022[28]. - The total liabilities increased to RMB 11,037,467,000, up from RMB 10,894,000,000, indicating a rise in financial obligations[134]. - The total non-current liabilities surged to RMB 2,836,896,000, a substantial increase from RMB 782,351,000, indicating a shift in the company's financial structure[134]. Cash Flow - The group recorded positive operating cash flow of approximately RMB 95.0 million, compared to negative operating cash flow of RMB 393.5 million in the previous year[85]. - Net cash flow from operating activities for the six months ended June 30, 2022, was RMB 95,449 thousand, a significant recovery from a net outflow of RMB 393,506 thousand in the same period of 2021[145]. - Operating cash flow before tax profit for the six months ended June 30, 2022, was RMB 64,178 thousand, a decrease of 31.9% compared to RMB 93,885 thousand in 2021[143]. Shareholder Information - As of June 30, 2022, the total issued shares of the company amounted to 599,999,989 shares[111]. - Bai Xuan Kui holds 346,944,000 shares, representing 57.82% of the company's equity[111]. - Bai Wu Kui holds 64,944,000 shares, representing 10.82% of the company's equity[111]. - The board consists of four executive directors and three independent non-executive directors, ensuring a balance of power and accountability[102]. Corporate Governance - The company has adopted the corporate governance code as per the listing rules and has complied with all applicable provisions during the reporting period[102]. - The audit committee, composed of three independent non-executive directors, reviewed the interim results for the six months ended June 30, 2022, and confirmed compliance with applicable accounting principles and regulations[108]. Future Plans and Strategies - The company aims to enhance product and service quality by focusing on the development of improved residential properties and utilizing new materials and technologies[21]. - The company plans to adjust its marketing strategies in response to local regulatory policies to promote sales and improve cash flow[21]. - The company will continue to build a professional core team and cultivate talent to meet its development needs during industry adjustments[21]. - The company aims to expand its market share in high-end residential products to enhance its competitiveness in the industry[21]. - The company will implement cost control measures and streamline management processes to improve operational efficiency[21].

Financial Performance - The contracted sales amount for the year was approximately RMB 656.0 million, a decrease of about 28.9% compared to the previous year[9]. - The total contracted building area was approximately 74,043 square meters, representing a decrease of about 46.1% year-on-year[9]. - The revenue for the year was approximately RMB 1,568.6 million, an increase of about 29.9% compared to the previous year[13]. - Revenue from property development was approximately RMB 1,565.0 million, reflecting an increase of about 32.5% year-on-year[13]. - The net profit attributable to equity holders was approximately RMB 78.7 million, a decrease of about 61.9% compared to the previous year[13]. - The total signed building area for the year was approximately 74,043 square meters, a decrease of about 46.1% compared to the previous year[21]. - The average selling price per square meter for signed sales in 2021 was RMB 8,859.7, compared to RMB 6,707.9 in 2020, indicating an increase[23]. - The company's revenue for the reporting period was approximately RMB 1,568.6 million, an increase of about 29.9% compared to RMB 1,207.5 million in the previous year, primarily due to an increase in the total area of completed properties delivered[60]. - Property development revenue was approximately RMB 1,565.0 million, reflecting a 32.5% increase from the previous year's RMB 1,182.5 million, driven by the delivery of completed properties[60]. - The profit attributable to the owners of the company decreased by approximately 61.9% to RMB 78.7 million from RMB 206.7 million in the same period last year[66]. - The total comprehensive income for the year decreased by approximately 55.4% to RMB 104.4 million from RMB 234.0 million in the previous year[73]. Land and Development Projects - The total land reserve area at the end of the reporting period was approximately 2,916,370 square meters[14]. - The average cost of land reserves was approximately RMB 830.6 per square meter[9]. - The total completed building area at the end of the reporting period was approximately 3,050,912 square meters, with land reserves of approximately 2,916,370 square meters[26]. - The company has ongoing development projects, with a focus on residential and commercial properties in Shanxi and Sichuan provinces[41]. - The total building area for ongoing projects is 1,166,624 square meters, with a significant portion designated for future development[41]. - The company has ongoing projects in Jinzhong, Shanxi, with a total land area of 129,049 square meters for the first phase and an estimated completion date in December 2021[42]. - The total saleable area for the first phase of the Yitian project is 428,000 square meters, with 30,059 square meters pre-sold[42]. - The company has a 100% ownership interest in the Chenxing Yijun project, which has a total land area of 197,286 square meters and is expected to be completed in December 2021[46]. - The company is developing multiple phases in Taiyuan, Shanxi, with the second phase of Longcheng Youshan Meijun covering 51,914 square meters and expected to be completed in December 2021[46]. - The company has a total of 356,400 square meters planned for future development in the Chenxing Yijun project[46]. Financial Position and Cash Flow - Cash and cash equivalents decreased by approximately 55.0% to RMB 240.4 million from RMB 534.1 million as of December 31, 2020, primarily due to payments for construction costs and loan repayments[74]. - The group recorded a negative operating cash flow of approximately RMB 508.0 million, compared to negative operating cash flow of RMB 406.3 million as of December 31, 2020[75]. - The debt-to-equity ratio increased to approximately 183% from 170% as of December 31, 2020, primarily due to an increase in interest-bearing bank loans and other borrowings[81]. - Total bank and other borrowings amounted to RMB 3,140,378,000, with RMB 2,386,114,000 due within the next twelve months[90]. - Cash and cash equivalents as of December 31, 2021, were RMB 240,373,000, indicating significant uncertainty regarding the group's ability to continue as a going concern[90]. - The group is negotiating with existing lenders regarding RMB 2,386 million in bank and other borrowings due in the next twelve months, with confidence in extending existing bank credit[90]. - The management has developed a business strategy focused on accelerating the pre-sale and sale of developed properties to generate additional operating cash inflows[92]. - The group is considering the sale of non-core commercial properties to generate more cash inflows if necessary[92]. Strategic Focus and Market Position - The company aims to focus on product design and enhance product strength to maintain competitive advantages in the market[20]. - The overall strategy for 2022 will prioritize cautious operations and risk prevention, adapting to new policies and market environments[20]. - The company plans to enhance operational efficiency and cash flow through active marketing and sales efforts[20]. - The company is actively expanding its market presence in Hainan with multiple residential and commercial projects[46]. - The company has plans for market expansion in various regions, including Shanxi and Sichuan, to enhance its portfolio[41]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 30% increase in market penetration by the end of 2023[102]. - A strategic acquisition is planned, with the company in discussions to acquire a competitor, which could enhance its market position significantly[102]. Corporate Governance and Compliance - The company has a dedicated legal department to ensure compliance with laws and regulations, maintaining good relationships with regulatory bodies[125]. - The company has established a remuneration committee to review the remuneration policy based on operational performance and individual contributions[178]. - The audit committee has reviewed the basis for the auditor's disclaimer of opinion and supports management's actions to address the going concern issue[93]. Shareholder Information - The board of directors resolved not to declare a final dividend for the year ended December 31, 2021[16]. - The board has decided not to declare a final dividend for the year ending December 31, 2021[138]. - The company maintains a stable and sustainable dividend policy, considering various factors such as market conditions and financial status[135]. - The board of directors has approved a new dividend policy, aiming to return 30% of profits to shareholders starting from the next fiscal year[102].

Financial Performance - The total revenue for the reporting period was approximately RMB 591.5 million, an increase of about 104.5% year-on-year, with property development revenue contributing approximately RMB 589.8 million, up 110.3%[14] - The net profit for the reporting period was approximately RMB 30.8 million, with attributable net profit to equity holders of approximately RMB 20.4 million, a decrease of about 59.9% year-on-year[14] - The gross profit for the reporting period was approximately RMB 181.3 million, with property development gross profit at approximately RMB 180.0 million[9] - The company's revenue for the reporting period was approximately RMB 591.5 million, an increase of about 104.5% compared to RMB 289.2 million in the same period last year[67] - Gross profit for the same period was RMB 181,277 thousand, up 58.8% from RMB 114,187 thousand in 2020[123] - The group reported a pre-tax profit of RMB 20,429,000 for the six months ended June 30, 2021, down from RMB 50,914,000 in the same period of 2020[170] Sales and Contracted Amounts - The contracted sales amount for the first half of 2021 was approximately RMB 173.2 million, a decrease of about 74.1% compared to the same period last year[9] - The total contracted sales area for the first half of 2021 was approximately 32,369 square meters, a decrease of about 63.6% from 88,936 square meters in the same period last year[23] - The average contracted selling price during the reporting period was approximately RMB 5,350.8 per square meter[9] - The average contracted sales price per square meter for the group was RMB 5,350.8, down from RMB 7,522.3 in the previous year[25] - Customer contract revenue for the six months ended June 30, 2021, reached RMB 590,233,000, a significant increase of 105.6% compared to RMB 287,208,000 in the same period of 2020[157] - Property sales accounted for RMB 589,799,000 of the customer contract revenue, up from RMB 280,478,000, reflecting a growth of 110.5% year-over-year[157] Assets and Liabilities - The total land reserve area reached approximately 3,071,505 square meters, with an average cost of approximately RMB 825.9 per square meter[9] - The total completed building area as of June 30, 2021, was approximately 2,922,128 square meters, with land reserves totaling approximately 3,071,505 square meters[28] - The carrying value of properties under development as of June 30, 2021, was RMB 10,095,266,000, an increase from RMB 9,128,247,000 at the end of 2020[175] - Total liabilities decreased to RMB 8,923,048 thousand from RMB 10,343,409 thousand at the end of 2020, indicating improved financial stability[127] - The outstanding bank and other borrowings amounted to approximately RMB 2,837.0 million as of June 30, 2021, with 90.6% being fixed-rate borrowings, compared to RMB 2,740.9 million as of December 31, 2020[82] - The group’s long-term bank loans with a maturity between 2022 and 2025 amounted to RMB 2,069,589,000 as of June 30, 2021[193] Cash Flow and Financing - Total cash and cash equivalents as of June 30, 2021, were approximately RMB 260.8 million, a decrease of about 51.2% from RMB 534.1 million as of December 31, 2020, primarily due to negative operating cash flow[80] - The cash flow from operating activities for the six months ended June 30, 2021, was negative at RMB (393,506), a significant decline compared to RMB 1,294 for the same period in 2020[140] - The net cash flow from financing activities was RMB 99,919 thousand, a recovery from a cash outflow of RMB 116,566 thousand in the previous year, reflecting better financing conditions[143] - The company reported an increase in bank and other loans to RMB 307,950 thousand, up from RMB 64,700 thousand in the previous year, suggesting aggressive financing strategies[143] Strategic Focus and Future Plans - The company plans to strengthen market cycle analysis and adjust marketing strategies to reduce inventory and focus on new project positioning and service quality[17] - The company aims to enhance its management systems and improve operational standards, particularly in diversified industries such as cultural tourism and health care[17] - The company will continue to adapt its development direction in response to market changes and pandemic-related operational risks[17] - The company plans to expand its market presence with new residential and commercial projects in Shanxi Province, targeting completion by late 2022[48] - The company has ongoing development projects and future developments, indicating a strong pipeline for growth[43] Shareholder Information - The board has resolved not to declare an interim dividend for the six months ended June 30, 2021[9] - The company maintains sufficient public float as of the report date, complying with the Stock Exchange's requirements[102] - White Dynasty BVI holds 346,944,000 shares, representing 57.82% of the company's equity[113] - White Legend BVI holds 64,944,000 shares, representing 10.82% of the company's equity[113] - The company has a family trust structure involving key shareholders, ensuring control over significant shareholdings[106] Operational Efficiency - The company reported a significant increase in sales and service costs, rising approximately 134.4% to RMB 410.2 million from RMB 175.0 million in the previous year[68] - Administrative expenses decreased by about 9.0% to RMB 30.2 million from RMB 33.2 million, attributed to reduced business entertainment expenses[75] - Financing costs increased to approximately RMB 11.9 million from RMB 2.2 million, mainly due to higher financing costs for the Time City project[76] - The company incurred a loss of RMB 1,085 thousand from the purchase of property, plant, and equipment, compared to a loss of RMB 3,940 thousand in the previous year, showing improved asset management[143]

誠以致遠 · 信達天下 ANNUAL RE 年度報告 CHEN XING Chen Xing Development Holdings Limited 辰興發展控股有限公司 (Incorporated in the Cayman Islands with Iimited liability) Stock code: 2286 (於開曼群島註冊成立的有限公司) 股份代號：2286 目錄 CONTENTS 2 公司資料 4 財務摘要 5 主席報告 43 企業管治報告 88 綜合損益表 89 綜合全面收益表 90 綜合財務狀況表 92 綜合權益變動表 94 綜合現金流量表 96 財務報表附註 197 五年財務摘要 7 管理層討論及分析 22 董事及高級管理層履歷 27 董事會報告 | --- | --- | |-------|------------------------------------------------| | | | | 199 | Corporate Information | | 201 | Financial Highlights | | 202 | Chairman's Statement ...

誠 以致遠 · 信達天下 INTERIM RE 中期報告 CHEN XING Chen Xing Development Holdings Limited 辰興發展控股有限公司 (Incorporated in the Cayman Islands with Iimited liability) Stock code: 2286 (於開曼群島註冊成立的有限公司) 股份代號：2286 目錄 CONTENTS 2 公司資料 4 財務摘要 5 主席報告 7 管理層討論及分析 22 企業管治及其他事項 27 中期簡明綜合損益表 28 中期簡明綜合全面收益表 29 中期簡明綜合財務狀況表 31 中期簡明綜合權益變動表 33 中期簡明綜合現金流量表 35 中期簡明綜合財務報表附註 57 Corporate Information 59 Financial Highlights 60 Chairman's Statement 63 Management Discussion and Analysis 78 Corporate Governance and Other Matters 83 Interim Condensed ...

Financial Performance - The total revenue for the reporting period was approximately RMB 614.2 million, which is an increase of about 43.9% year-on-year, with property development revenue contributing approximately RMB 589.6 million, up by 39.2%[11]. - The net profit for the period was approximately RMB 82.3 million, with profit attributable to equity holders amounting to approximately RMB 78.8 million, reflecting a year-on-year increase of about 33.8%[8]. - The gross profit for the reporting period was approximately RMB 190.8 million, with a net profit of approximately RMB 82.3 million[19]. - The company's revenue for the reporting period was approximately RMB 614.2 million, an increase of about 43.9% compared to RMB 426.7 million in the same period last year[60]. - The total comprehensive income for the period was RMB 87,274,000, an increase from RMB 65,210,000 in 2018, marking a growth of 33.9%[128]. - The pre-tax profit for the group was RMB 78,760,000 for the six months ended June 30, 2019, compared to RMB 58,889,000 in 2018, reflecting a 33.7% increase[190]. Sales and Revenue Growth - The signed sales amount for the first half of 2019 was approximately RMB 1,360.0 million, representing an increase of about 33.9% compared to the same period last year[8]. - The contracted sales amount for the reporting period was approximately RMB 1,360.0 million, an increase of about 33.9% compared to the same period last year[20]. - Revenue from property sales reached RMB 608,286,000 for the six months ended June 30, 2019, compared to RMB 430,065,000 in the same period of 2018, representing a 41.5% increase[179]. - The group recognized revenue of RMB 628,518,000 from goods transferred at a point in time for the six months ended June 30, 2019, compared to RMB 430,065,000 in 2018, representing a 46.2% increase[182]. Property Development and Management - The total land reserve area at the end of the reporting period reached approximately 3,110,666 square meters, with an average cost of RMB 751.3 per square meter[8]. - The company plans to focus on the design and development of essential residential properties and increase efforts in improving residential property construction[14]. - The company has ongoing projects with a total development area of 449,634 square meters, expected to be completed by December 2019[39]. - The company has a strategic focus on residential and commercial properties, with a mix of completed and ongoing projects[39]. - The company is actively expanding its market presence with new developments and projects in various stages[39]. Financial Position and Liabilities - The company's cash and cash equivalents at the end of the reporting period were approximately RMB 1,332.0 million, a decrease of about 8.0% from RMB 1,447.2 million at the end of 2018[74]. - The total bank borrowings at the end of the reporting period were approximately RMB 1,084.0 million, an increase of about 26.3% from RMB 858.6 million at the end of 2018[76]. - The company's capital debt ratio at the end of the reporting period was approximately 76.8%, up from 72% at the end of 2018, mainly due to increased interest-bearing bank borrowings[81]. - Total liabilities amounted to RMB 7,812,264,000, which is an increase from RMB 7,160,767,000, showing a rise of around 9.1%[133]. - Non-current liabilities totaled RMB 873,118,000, which is an increase from RMB 640,118,000, representing a growth of about 36.3%[133]. Shareholder Information and Corporate Governance - The board consists of four executive directors and three independent non-executive directors, responsible for the company's operations and strategic decisions[103]. - Bai Xuan Kui holds 346,944,000 shares, representing 57.82% of the company's equity[107]. - The company has adopted the corporate governance code as per the listing rules to ensure high standards of corporate governance[103]. - The major shareholders include White Dynasty BVI and White Empire BVI, each holding 57.82% of the shares[115]. Future Outlook and Strategic Initiatives - The outlook for the second half of 2019 anticipates continued stable market operations despite regulatory adjustments, with the company prepared to mitigate potential impacts[14]. - The company will actively seek industry talents and enhance employee training programs to improve overall work capabilities and motivation[15]. - The company has no significant future investment plans as of the report date[93]. - The company plans to utilize the net proceeds from the rights issue by December 31, 2020, or earlier[100].

CHEN XING Chen Xing Development Holdings Limited 辰興發展控股有限公司 誠 以 致 遠 ・ 信 達 天 ANNUAL REPORT 年 度 報 告 (Incorporated in the Cayman Islands with limited liability) (於開曼群島註冊成立的有限公司) Stock code: 2286 股份代號：2286 目錄 CONTENTS | --- | --- | --- | --- | --- | --- | --- | |---------------|-------|-------|-------|-------|-------|-------| | | | | | | | | | 208 | | | | | | | | 211 | | | | | | | | 227 | | | | | | | | 232 | | | | | | | | 248 | | | | | | | | | | | | | | | | 264 | | | | | | | | 293 | | | | | | | | 300 | | | | | ...