(股份代號：02699) 延遲寄發有關 (1) 建議股本重組；及 (2) 建議按非包銷基準於記錄日期營業時間結束時每持有一(1)股經 調整股份獲發四(4)股供股股份的基準進行供股的通函 茲提述新明中國控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）日 期為二零二四年十二月六日之公告，內容有關（其中包括）(i)(1) 建議股本重組 及；及 (ii)(2) 建議按非包銷基準於記錄日期營業時間結束時每持有一 (1) 股經 調整股份獲發四 (4) 股供股股份的基準進行供股（「該公告」）。除另有界定外， 本公告內所用詞彙與該公告所界定者具有相同涵義。 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之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或 任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司任何證券之邀請或要約。 Xinming China Holdings Limited 新明中國控股有限公司 ( 於開曼群島註冊成立之有限公司 ) 延遲寄發通函 誠如該公告所載，一份載有（其中包括）(i) 股本重組 ...

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之內容概不負責， 對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會就本公告全部或任 何部分內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券的邀請或要約。 新明中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號： 02699） 委任獨立財務顧問 獨立董事委員會及獨立股東的獨立財務顧問 茲提述新明中國控股有限公司（「本公司」）日期為二零二四年十二月六日之公告，內容有 關（其中包括）股本重組及供股以及其項下擬進行之交易（「該公告」）。除非文義另有界 定，否則本公告所用詞彙應與該公告所界定者具有相同涵義。 董事會欣然宣佈，於二零二四年十二月十七日，豐盛融資有限公司（一間經證監會批准可根 據證券及期貨條例從事第6類（就機構融資提供意見）受規管活動的持牌法團）已獲委任為獨 立財務顧問，以就供股條款是否公平合理向獨立董事委員會及獨立股東提供意見。獨立財務 顧問之委任已獲獨立董事委員會批准。 – 1 – Xinming China Holdings Limited 獨立財務顧問致獨立董事委 ...

執行董事 Xinming China Holdings Limited 新明中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2699） 董事名單與其角色和職能 新 明 中 國 控 股 有 限 公 司 董 事 會（「董事會」）成 員 載 列 如 下： 董 事 會 下 設 三 個 委 員 會，下 表 載 列 各 委 員 會 中 各 成 員 擔 任 的 職 位： | | 董事委員會 | 審 核 | 薪 酬 | 提 名 | | --- | --- | --- | --- | --- | | 董 事 | | 委員會 | 委員會 | 委員會 | | 許麒麟先生 | | C | C | M | | 趙公澤先生 | | M | M | M | | 黃春蓮女士 | | M | M | M | | 李彥雯女士 | | M | M | M | | 蔡偉康先生 | | / | M | / | | 陳承守先生 | | / | / | C | 附 註： C－有 關 董 事 委 員 會 主 席 M－有 關 董 事 委 員 會 成 員 香 港，自 二 零 二 四 年 十 二 月 十 二 日 起 生 效 陳承守先生 （主 席 ...

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 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 承董事會命 新明中國控股有限公司 Xinming China Holdings Limited 新明中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2699） 獨立非執行董事辭任 新 明 中 國 控 股 有 限 公 司（「本公司」）董 事（「董 事」）會（「董事會」）宣 佈，於 二 零 二 四 年 十 二 月 十 日，董 事 會 收 到 劉 偉 樑 先 生（「劉先生」）的 書 面 辭 呈 辭 任 本 公 司 獨 立 非 執 行 董 事，自 同 日 起 生 效。因 此，劉 先 生 不 再 擔 任 審 核 委 員 會 成 員。辭 任 後， 劉 先 生 將 不 再 擔 任 本 公 司 或 其 附 屬 公 司 任 何 職 務。 劉 先 生 已 確 認，除 本 公 司 欠 負 其 董 事 袍 金 外，彼 與 董 事 會 概 無 意 見 分 歧 ...

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 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 本 公 告 僅 供 參 考，並 不 構 成 收 購、購 買 或 認 購 本 公 司 任 何 證 券 之 邀 請 或 要 約。 Xinming China Holdings Limited 新明中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2699） (1)建 議 股 本 重 組；及 (2)建議按非包銷基準於記錄日期營業時間結束時每持有一(1)股 經調整股份獲發四(4)股供股股份的基準進行供股 本公司財務顧問 配售代理 建議股本重組 董 事 會 建 議 按 下 列 方 式 實 施 股 本 重 組： (i) 股 份 合 併，據 此，將 每 一 百(100) 股每股面值0.01港元之已發行及未發行 現有股份合併為一(1)股每股面值1.00港 元 之 合 併 股 份； – 1 – 根 據 大 綱 及 細 則，因 股 本 重 組 而 產 生 ...

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 全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責 任。 Xinming China Holdings Limited 新明中國控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2699） 達成復牌指引 及 恢復買賣 本公司財務顧問 達成復牌指引 董 事 會 欣 然 知 會 本 公 司 股 東 及 投 資 者，本 公 司 已 達 成 聯 交 所 發 出 的 復 牌 指 引。 恢復買賣 應 本 公 司 要 求，本 公 司 股 份 已 自 二 零 二 三 年 四 月 三 日 上 午 九 時 正 起 於 聯 交 所 暫 停 買 賣。由 於 復 牌 指 引 所 載 的 所 有 條 件 均 已 達 成，本 公 司 已 向 聯 交 所 申請自二零二四年十月二十八日上午九時正起於聯交所恢復本公司股份買 賣。 本 公 告 由 新 明 中 國 控 股 有 限 公 司（「本公司」）根 據 香 港 法 例 第571章 ...

Financial Performance - The Group's revenue for the six months ended June 30, 2022, was approximately RMB 23.1 million, a decrease of approximately 25.7% compared to RMB 31.1 million for the same period last year[10]. - Gross profit for the Group was approximately RMB 18.6 million, representing a decrease of approximately 28.8% compared to the same period last year[10]. - Loss attributable to the owners of the Company was approximately RMB 939.9 million, an increase of approximately 3 times compared to RMB 286.5 million for the same period last year[10]. - Basic loss per share was approximately RMB 0.500, compared to RMB 0.153 for the six months ended June 30, 2021[14]. - The Group recorded total revenue of approximately RMB 23.1 million, a decrease of approximately 25.7% from RMB 31.1 million in the same period last year[42]. - Property sales revenue was approximately RMB 2.9 million, representing an increase of approximately 20.8% compared to RMB 2.4 million for the same period last year[53]. - The average selling price for contracted sales was approximately RMB 3,257 per sq.m., a decrease of approximately 0.9% from RMB 3,288 per sq.m. in the corresponding period last year[42]. - The operating loss for the period was approximately RMB 970.9 million, a significant increase of about RMB 675.3 million or 2.3 times compared to the loss of RMB 295.6 million in the same period last year[68]. - The loss on changes in fair value of investment properties was approximately RMB 95.0 million, an increase in loss of about RMB 98.0 million compared to a gain of RMB 3.0 million in the previous year[69]. - Rental income decreased to approximately RMB 20.2 million, a decline of approximately 29.6% from RMB 28.7 million for the same period last year[55]. Assets and Liabilities - As of June 30, 2022, total assets amounted to approximately RMB 4,134.2 million, down from approximately RMB 5,223.7 million as of December 31, 2021[15]. - Total liabilities were approximately RMB 5,082.4 million, slightly down from approximately RMB 5,201.0 million as of December 31, 2021[15]. - The Group reported a total deficit of approximately RMB 948.2 million as of June 30, 2022, compared to total equity of approximately RMB 22.7 million as of December 31, 2021[15]. - The Group's cash and bank deposits totaled approximately RMB 14.6 million, a decrease of approximately RMB 5.6 million or 27.7% from RMB 20.2 million as of December 31, 2021[87]. - Net cash generated from operating activities was approximately RMB 7.6 million, down from approximately RMB 106.5 million for the same period in 2021[88]. - Trade receivables, prepayments, other receivables, and other assets totaled approximately RMB 181.0 million, an increase of approximately RMB 34.4 million from RMB 146.6 million as of December 31, 2021[89]. - Trade payables, contract liabilities, other payables, and accruals amounted to approximately RMB 2,322.5 million, an increase of approximately RMB 287.7 million from RMB 2,034.8 million as of December 31, 2021[90]. - Current liabilities increased to approximately RMB 4,776.1 million, up by approximately RMB 53.6 million from RMB 4,722.5 million as of December 31, 2021, accounting for approximately 94.0% of total liabilities[103]. - The Group's net current liabilities were approximately RMB 2,642.7 million, an increase of approximately RMB 79.1 million from RMB 2,563.6 million as of December 31, 2021[98]. - The current ratio as of June 30, 2022, was 0.45, slightly down from 0.46 as of December 31, 2021[104]. - The gearing ratio increased to 255.9% as of June 30, 2022, compared to 98.7% as of December 31, 2021[105]. Market Conditions - The Chinese government implemented strict COVID-19 prevention measures, impacting market conditions and leading to varied recovery rates across different city tiers[16]. - The overall performance of the real estate market remained sluggish, with most project prices flat or reduced despite a slight month-on-month increase in newly-built residence prices[29]. - From January to June 2022, nationwide real estate development investment reached RMB 6,831.4 billion, a decrease of 5.4% year-on-year, with residential investment amounting to RMB 5,180.4 billion, down 4.5%[22]. - The real estate market control has become more stringent, with ongoing impacts from the "three red lines" policy affecting the industry[30]. - The Central Government's deregulation measures are expected to promote residential project sales in the third quarter of 2022[36]. Strategic Initiatives - The Group plans to increase marketing efforts and promotional campaigns to accelerate cash inflows and de-stocking of remaining commercial properties in the second half of 2022[31]. - The Group aims to complete the fourth round of pre-sale activities for the Shandong Project, expecting to recognize revenue upon completion of legal registration and transfer of residential properties[32]. - The Company completed the third phase of pre-sale activities for the residential part of the Shandong Project, aiming to increase cash inflows[190]. - Majority of net proceeds from the Shandong Project will be used to repay outstanding borrowings[190]. - The Company is negotiating the sale of the entire Shanghai property development project, which may lead to positive cash inflow and reduced debts[190]. - The Company plans to sell commercial properties in Taizhou and/or Shanghai by the end of 2022 to improve working capital and financial leverage[190]. Employee and Corporate Governance - The Group had a total of 63 employees as of June 30, 2022, down from 88 employees a year earlier, primarily due to a cost efficiency campaign[128]. - The Company recognizes the importance of maintaining compliance with Listing Rules and applicable laws in its share schemes[174]. - The Company has adopted a Share Option Scheme effective for 10 years, allowing eligible participants to subscribe for shares, with a maximum of 10% of shares in issue on the Listing Date[163]. - The Company adopted a Share Award Scheme on 26 January 2016 to recognize contributions by eligible participants and attract suitable personnel for further development[174]. Legal and Financial Issues - A petition for winding up the Company was filed in June 2022, with a hearing adjourned to September 28, 2022, due to insolvency concerns[137]. - The Company is negotiating with financial institutions for the renewal or extension of repayment for outstanding borrowings[187]. - The Zhejiang Wenzhou Intermediate People's Court ordered the auction of a property at a price of RMB 282.41 million to repay part of the loans owed to a major lender[187]. - The management is taking measures to improve liquidity and financial position to address audit modifications from the 2021 annual report[186]. - The audit modification is expected to be removed if the Company successfully implements the action plan by the end of 2022[200].

Financial Performance - For the year ended December 31, 2021, total revenue amounted to approximately RMB101.8 million, representing a decrease of approximately 20.8% from RMB128.5 million in the previous year[14]. - The loss attributable to shareholders was approximately RMB863.9 million, a decrease of approximately RMB136.9 million from a loss of RMB1,000.8 million in the prior year[14]. - Loss per share was approximately RMB0.46, compared to RMB0.533 for the year ended December 31, 2020[15]. - The Group recorded property sales of approximately RMB41.6 million, representing a decrease of approximately 40.4% compared to the same period last year[16]. - The company's total revenue for the year was approximately RMB 101.8 million, a decrease of about 20.8% compared to RMB 128.5 million in the same period last year[17]. - The loss attributable to shareholders was approximately RMB 863.9 million, reduced by RMB 136.9 million from a loss of RMB 1,000.8 million in the previous year[17]. - The group recorded property sales of approximately RMB 41.6 million, a decrease of about 40.4% year-on-year[18]. - The Group's revenue for the year was approximately RMB 101.8 million, with property sales contributing approximately 40.8% and property leasing services contributing approximately 59.2%[54]. - Gross profit for the year amounted to approximately RMB 77.6 million, representing an increase of approximately RMB 16.0 million or 26.0% compared to the previous year[56]. - Other income and gains increased significantly to approximately RMB 279.9 million, up approximately RMB 276.5 million or 81.3 times compared to RMB 3.4 million in the same period last year[57]. Assets and Liabilities - As of December 31, 2021, total assets amounted to approximately RMB5,223.6 million, down from RMB6,422.2 million in the previous year[15]. - Total liabilities were approximately RMB5,201.0 million, a decrease from RMB5,558.2 million as of December 31, 2020[15]. - The total assets of the Group as of December 31, 2021, were approximately RMB5,223.6 million, representing a decrease of approximately RMB1,198.6 million from RMB6,422.2 million as of December 31, 2020[88]. - The total liabilities of the Group as of December 31, 2021, were approximately RMB5,201.0 million, a decrease of approximately RMB357.2 million compared to RMB5,558.2 million as of December 31, 2020[88]. - The current ratio of the Group as of December 31, 2021, was 0.46:1, down from 0.61:1 as of December 31, 2020[89]. - The gearing ratio of the Group as of December 31, 2021, was 98.7%, an increase from 71.1% as of December 31, 2020[90]. - The sum of trade payables, contract liabilities, other payables, and accruals was approximately RMB2,034.8 million as of December 31, 2021, an increase of approximately RMB89.7 million from RMB1,945.1 million as of December 31, 2020[82]. - The total current assets were approximately RMB2,158.8 million as of December 31, 2021, representing approximately 41.3% of total assets, down from 47.3% as of December 31, 2020[88]. - The net current liabilities of the Group were approximately RMB2,563.6 million as of December 31, 2021, an increase of approximately RMB622.5 million from RMB1,941.1 million as of December 31, 2020[88]. - The Group provided guarantees over mortgage loans of certain purchasers amounting to approximately RMB103.3 million as of December 31, 2021, compared to RMB16.1 million as of December 31, 2020[99]. Property Development and Sales - The Group's property portfolio comprised 15 development projects with an aggregate Gross Floor Area (GFA) of approximately 539,623 sq.m.[16]. - The presale amount for the Shandong Project reached approximately RMB244.7 million during the year[11]. - The Group delivered GFA of approximately 1,823 sq.m., remaining flat compared to the previous year[16]. - The average selling price of properties sold was approximately RMB22,820 per sq.m.[39]. - Property sales accounted for approximately 40.8% of the Group's total revenue, indicating a decline due to weak investment sentiment and COVID-19 impacts[36]. - The Group's ongoing projects include various phases of the China South-western City, with significant GFA under development[35]. - The total estimated saleable GFA for ongoing projects is significant, indicating strong future development potential[33]. - Future developments include new residential and commercial projects aimed at increasing overall GFA and sales potential[34]. - The Group's total gross floor area (GFA) for property development projects was approximately 539,623 sq.m., with 374,388 sq.m. completed and 127,228 sq.m. under development as of December 31, 2021[46]. Rental Income and Investment Properties - Rental income increased to approximately RMB60.2 million, representing a rise of approximately RMB1.4 million or 2.4% compared to RMB58.8 million in 2020[40]. - The actual area leased out of investment properties was approximately 136,273.82 sq.m., representing approximately 90.2% of the total investment properties held-for-lease[40]. - As of December 31, 2021, the Group's leased area was approximately 136,273.82 sq.m., representing about 90.2% of the total investment properties available for lease[41]. - The average occupancy rate for the Group's commercial investment properties was approximately 76.0% to 98.0% across different locations[45]. Management and Strategic Focus - The company plans to accelerate the de-stocking of completed properties and explore various asset revitalization strategies, including changing property use and selling properties in their entirety[20]. - The company aims to negotiate with financial institutions regarding outstanding borrowings to improve its liability and financial gearing conditions[20]. - The management has implemented measures to improve liquidity, including accelerating the pre-sale and sale of properties such as the Shandong Project and controlling costs[137]. - The management is exploring various financing options for working capital and commitments in the foreseeable future[137]. - The management believes that the consolidated financial statements for the year ended December 31, 2021, are prepared on a going concern basis, despite significant uncertainties[129]. - The management is negotiating with large property developers to sell the entire Shanghai property development project by the end of 2022, with proceeds aimed at repaying outstanding borrowings[144]. - The management believes that the value of the Group's properties is sufficient to repay outstanding principal and interest, and penalty interests may be waived after repayment[142]. Challenges and Market Conditions - The overall sentiment of property investment declined due to the COVID-19 pandemic and the Evergrande debt crisis, impacting property sales negatively[14]. - The commercial real estate business environment in China remains challenging post-COVID-19, affecting loan approvals from banks[134]. - The company is facing challenges in cash flow management due to ongoing government housing regulations and tightened credit financing policies in China, impacting the total sold building area and residential property sales[149]. - The board and audit committee are aware that the action plan to address the audit reservation is ongoing, particularly the sale of investment properties, which is expected to alleviate liquidity pressure[150]. - The overall property market is expected to recover in 2022, improving investment sentiment and economic conditions[142]. Corporate Governance and Board Composition - The company has a diverse board with members having backgrounds in finance, real estate, and energy sectors[172]. - The company has appointed several independent non-executive directors with extensive backgrounds in finance and corporate governance, enhancing its board expertise[186]. - The independent non-executive directors are involved in key committees, including audit and remuneration, which are crucial for corporate governance[190]. - The directors' profiles indicate a strong emphasis on financial compliance and corporate advisory services, which may benefit the company's strategic initiatives[184]. - The company is focused on expanding its market presence through strategic appointments and leveraging the experience of its directors[185].

Financial Performance - The Group's revenue for the six months ended June 30, 2021, was approximately RMB 31.1 million, a decrease of approximately 67.3% compared to RMB 95.1 million for the same period last year [11]. - Gross profit for the Group was approximately RMB 26.1 million, representing a decrease of approximately 35.2% year-on-year [11]. - Loss attributable to the owners of the Company was approximately RMB 286.5 million, an increase of approximately 3 times compared to RMB 71.6 million for the same period last year [14]. - Basic loss per share was approximately RMB 0.153, compared to RMB 0.035 for the six months ended June 30, 2020 [15]. - The Group recorded revenue from property sales of approximately RMB 2.4 million, representing a decrease of approximately 97.1% compared to the same period last year [24]. - Property sales decreased to approximately RMB 2.4 million, down RMB 61.3 million or 96.2% from RMB 63.7 million in the same period last year, primarily due to a 90.5% drop in GFA delivered [61]. - Rental income amounted to approximately RMB 28.7 million, a decrease of RMB 2.7 million or 8.6% from RMB 31.4 million for the same period last year, mainly due to rent-free policies for tenants [63]. - Operating loss was approximately RMB 295.6 million, an increase of RMB 216.6 million or 274.2% compared to a loss of RMB 79.0 million last year [77]. - Other expenses rose to approximately RMB 292.0 million, an increase of RMB 239.3 million or 4.54 times from RMB 52.7 million last year, primarily due to property impairments and penalties [72]. Assets and Liabilities - As of June 30, 2021, total assets amounted to approximately RMB 6,541.6 million, while total liabilities were approximately RMB 5,973.2 million [16]. - Total equity as of June 30, 2021, was approximately RMB 568.5 million, down from approximately RMB 864.1 million as of December 31, 2020 [16]. - The total assets of the Group as of June 30, 2021, were approximately RMB 6,541.6 million, an increase of approximately RMB 119.4 million compared to RMB 6,422.2 million as of December 31, 2020 [99]. - Total liabilities as of June 30, 2021, were approximately RMB 5,973.2 million, representing an increase of approximately RMB 415.0 million compared to RMB 5,558.2 million as of December 31, 2020 [106]. - The current ratio of the Group as of June 30, 2021, was 0.59, a slight decrease from 0.61 as of December 31, 2020 [108]. - The gearing ratio increased to 78.5% as of June 30, 2021, compared to 71.1% as of December 31, 2020 [109]. - The Group's net current liabilities increased to approximately RMB 2,235.9 million as of June 30, 2021, up by approximately RMB 294.8 million from RMB 1,941.1 million as of December 31, 2020 [107]. - Total current liabilities were approximately RMB 5,391.4 million, accounting for approximately 90.3% of total liabilities as of June 30, 2021 [106]. Market Conditions and Economic Outlook - The ongoing COVID-19 pandemic continues to create economic uncertainties, although China is experiencing a steady economic recovery [17]. - The Chinese government is focusing on supply-side structural reforms and demand-side management as part of its new development pattern [17]. - The establishment of a long-term real estate financial management mechanism is being accelerated to prevent excessive financialization and systemic financial risks [17]. - The overall real estate development investment growth rate is expected to slow down in the second half of 2021 due to ongoing market adjustments [42]. - The Group expects to improve investment sentiment in the second half of 2021 due to better pandemic control and higher vaccination rates [38]. Strategic Initiatives - The Group plans to implement a new marketing strategy in September to accelerate the sales of remaining commercial properties and improve cash recovery [41]. - The Group adopted a rapid sales and fund recovery strategy, resulting in significant discounts on selling prices to clear inventory [46]. - The second phase of residential property sales under the Shandong project is under preparation, aiming to enhance cash inflows [38]. - The Group aims to accelerate the pre-sale and sale of properties, such as the Shandong and Chongqing projects, to generate adequate net cash inflows [196]. Employee and Corporate Governance - The Group's workforce decreased to 88 employees as of June 30, 2021, from 108 employees a year earlier, primarily due to a cost efficiency campaign [138]. - The Group has adopted a share option scheme and a share award scheme to enhance employee remuneration linked to performance [138]. - The Company has adopted a Share Option Scheme effective from June 8, 2015, which will last for 10 years [171]. Liquidity and Financial Management - The Group's ability to continue as a going concern is under careful assessment due to liquidity challenges [194]. - The management is implementing measures to improve liquidity, including negotiating with lenders to avoid immediate repayment demands and extending repayment schedules [196]. - The management has taken steps to mitigate liquidity pressure and improve cash flow conditions [194]. - The Group is exploring various financing options to support working capital and commitments in the foreseeable future [196]. - The management is negotiating with financial institutions for potential waivers of penalties after repayment of overdue amounts [198].

Financial Performance - The total revenue for the year ended December 31, 2020, was approximately RMB 128.5 million, a decrease of approximately 21.3% from RMB 163.3 million in the previous year[11]. - The loss attributable to shareholders amounted to approximately RMB 1,000.8 million, a significant increase of approximately RMB 883.8 million from a loss of RMB 117.0 million in the previous year[11]. - Loss per share was approximately RMB 0.533, compared to RMB 0.062 for the year ended December 31, 2019[12]. - The Group recorded property sales of approximately RMB 69.8 million, representing a decrease of approximately 29.9% compared to the same period last year[17]. - The Group recorded property sales of approximately RMB 698 million, a decrease of about 29.9% compared to the previous year, primarily due to the impact of the pandemic on overall property sales[19]. - The average selling price for sales was approximately RMB 5,617 per sq.m., reflecting a year-on-year decrease of 50.0%[37]. - The Group's revenue for 2020 was approximately RMB 128.5 million, with property sales contributing 54.3% and property leasing 45.7%[68][70]. - Property sales decreased by approximately RMB 29.9 million from RMB 99.6 million in the previous year, primarily due to weak investment sentiment and COVID-19 impacts[68][70]. - Property leasing revenue fell by approximately RMB 4.9 million compared to RMB 63.7 million in the same period last year, attributed to a decrease in average occupancy rates[68][70]. Assets and Liabilities - Total assets as of December 31, 2020, were approximately RMB 6,422.2 million, down from RMB 6,743.5 million in the previous year[12]. - Total liabilities increased to approximately RMB 5,558.2 million from RMB 4,763.5 million in 2019[40]. - Total equity decreased to approximately RMB 864.1 million from RMB 1,980.0 million in 2019[40]. - The net current liabilities of the Group were approximately RMB 1,941.1 million, representing an increase of approximately RMB 1,028.5 million from RMB 912.6 million as of December 31, 2019[113]. - The current ratio of the Group as of December 31, 2020, was 0.61:1, down from 0.78:1 as of December 31, 2019[114]. - The gearing ratio of the Group was 71.1% as of December 31, 2020, compared to 50.0% as of December 31, 2019[115]. - Total borrowings as of December 31, 2020, were approximately RMB 1,873.9 million, a decrease of approximately RMB 16.4 million compared to RMB 1,890.3 million as of December 31, 2019[99][103]. Operational Challenges - The COVID-19 pandemic significantly impacted overall property sales and led to a loss of approximately RMB 475.1 million on the fair value of investment properties[11]. - The Group is facing challenges due to rising financing costs and direct competition from newly completed commercial properties in nearby areas[22]. - The prolonged weak investment sentiment in the commercial property market was attributed to the COVID-19 epidemic and strengthened housing regulations by local governments[51]. - The overall market conditions and regulatory environment have necessitated strategic adjustments to maintain competitiveness in the property sector[51]. - The real estate market is expected to face challenges in 2021 due to rising financing costs and competition from newly-completed commercial properties[67]. Strategic Initiatives - The Group plans to actively accelerate the de-stocking of completed properties and explore various asset revitalization methods, including changing property use and selling properties in their entirety[24]. - The Group aims to improve its liability and financial gearing conditions by negotiating with various financial institutions regarding outstanding borrowings[24]. - The Group plans to explore various asset revitalization strategies, including changing property usage and whole property sales[34]. - The Group aims to accelerate the pre-sale and sale of properties under development to generate adequate net cash inflows[155]. - The management is focused on controlling costs and capital expenditures to improve cash flow[157]. Management and Governance - The Company has a strong management team with extensive experience in finance and real estate, including Mr. Feng and Mr. Pu, who have held significant positions in related industries[176][179]. - The Company is actively involved in corporate governance, with members serving on various committees including audit and remuneration[199]. - The board's composition includes experienced professionals from different sectors, which may contribute to strategic decision-making[199]. - The Company has established a significant shareholding structure that may influence its strategic decisions and market positioning[171]. Auditor Concerns - The Auditor raised concerns regarding the Group's ability to operate as a going concern due to multiple material uncertainties[155]. - The Auditor has proposed a disclaimer of opinion due to uncertainties regarding the Group's financial position[159]. - The management has taken measures to address concerns about going concern status, including negotiating with lenders and exploring financing options[157].