[Company Overview](index=3&type=section&id=Company%20Information) This report is the interim report for OCT (Asia) Holdings Limited for the six months ended June 30, 2021, detailing key management and corporate information - This report is the interim report for OCT (Asia) Holdings Limited (Stock Code: 03366) for the six months ended June 30, 2021[2](index=2&type=chunk) - Key management includes: **Executive Directors** (Mr. Zhang Dafan (Chairman), Ms. Xie Mei (CEO), Mr. Lin Kaihua), **Non-executive Director** (Mr. Wang Wenjin), **Independent Non-executive Directors** (Ms. Huang Huiling, Professor Lin Chengguang, Mr. Zhu Yongyao), and **Auditor** (KPMG)[5](index=5&type=chunk)[7](index=7&type=chunk) [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an in-depth review of the Group's operational performance, business segments, future outlook, and financial position for the period [Operating Results and Business Review](index=5&type=section&id=Operating%20Results%20and%20Business%20Review) In the first half of 2021, the Group actively seized investment opportunities from China's economic recovery, aligning with its 'Culture + Technology' strategic positioning, successfully turning loss into profit despite a year-on-year decrease in operating revenue due to reduced property sales recognition - The Group's strategic positioning is a 'Culture + Technology' cross-border investment and asset management company, with core businesses in 'culture, tourism, technology, new urbanization, and industrial ecosystem investment'[9](index=9&type=chunk) Operating Results Summary | Metric | H1 2021 | H1 2020 | Change | | :--- | :--- | :--- | :--- | | Operating Revenue | Approx. 200 million RMB | Approx. 344 million RMB | ↓ 41.7% | | Profit/(Loss) Attributable to Equity Holders | Profit approx. 18.17 million RMB | (Restated) Loss approx. 201 million RMB | Turned Loss into Profit | [Business Segment Performance](index=6&type=section&id=Business%20Segment%20Performance) The Group's operations primarily comprise equity investment and funds, integrated development, and finance lease, with equity investment recording a segment loss, integrated development turning profitable despite revenue decline, and finance lease contributing stable profit despite scale reduction [Equity Investment and Fund Business](index=6&type=section&id=Equity%20Investment%20and%20Fund%20Business) This business focuses on technology, consumer, and cultural tourism sectors in the Yangtze River Delta and Greater Bay Area, managing approximately 4.3 billion RMB in funds and investments, actively engaging in investments and exits, and obtaining SFC licenses for cross-border asset management, despite recording a segment loss of approximately 21.4 million RMB - Key investment areas include technology, consumer, culture, tourism, and new urbanization industries, leveraging parent company OCT Group's industrial resources to empower investee companies[12](index=12&type=chunk) - Active investment and exit activities during the period: **Investments**: Completed investments in home internet platform 'Liweijia' and marine electric propulsion system company 'EPropulsion'; invested **HKD 140 million** for a **9.5% equity stake** in Dexin Holdings, operator of IP 'B.Duck'; **Exits**: Partial project exits from Xiamen Runyu Fund, recovering approximately **1.25 billion RMB** in cash; further disposal of Tongcheng-Elong shares, cumulatively recovering approximately **HKD 1.88 billion**; 'Lihexing', an investee of a participated fund, listed on the Shenzhen Stock Exchange[14](index=14&type=chunk) - The asset management company obtained Hong Kong SFC Type 4 (advising on securities) and Type 9 (asset management) licenses, facilitating expanded fundraising channels and diversified cross-border asset management services[14](index=14&type=chunk) Equity Investment and Fund Business Metrics | Metric | Amount (RMB) | | :--- | :--- | | Total Fund Management and Investment Scale | Approx. 4.3 billion | | Segment Loss Attributable to Equity Holders | Approx. 21.4 million | [Integrated Development Business](index=8&type=section&id=Integrated%20Development%20Business) Operating cautiously amidst tightening policies, this segment focuses on the Yangtze River Delta and Greater Bay Area, successfully acquiring land for Hefei Airport International Town Phase II and advancing project sales, turning loss into profit despite a revenue decrease from reduced recognition Integrated Development Business Performance | Metric | H1 2021 | H1 2020 | Change | | :--- | :--- | :--- | :--- | | Segment Revenue | Approx. 191 million RMB | Approx. 331 million RMB | ↓ 42.3% | | Segment Profit/(Loss) Attributable to Equity Holders | Profit approx. 44 million RMB | Loss approx. 133 million RMB | Turned Loss into Profit | - Key project progress: **Hefei Airport International Town**: Phase I sell-through rate reached **99.7%**, and successfully bid for approximately **913 mu** of land for Phase II; **Shanghai Suhewan**: Bulgari Hotel business steadily recovered, with revenue of approximately **114 million RMB**, a **96% year-on-year increase**, exceeding pre-pandemic levels; **Zhongshan Yuhong Project**: Phase I contracted sales of approximately **1.27 billion RMB**; **Chongqing OCT Land Project**: Contracted sales of approximately **800 million RMB**[25](index=25&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) Integrated Development Project Status | Project Name | Equity Ratio | Project Stage | Cumulative Sales Area (10,000 m²) | | :--- | :--- | :--- | :--- | | Hefei Airport International Town Project Phase I | 51% | On Sale | 25.26 | | Hefei OCT Bantian Hot Spring Town Project | 51% | On Sale | 0.3 | | Zhongshan Wanwan Project | 21% | On Sale | 11.5 | | Shanghai Suhewan Project | 50.5% | On Sale | 16.7 | | Chongqing OCT Land Project | 49% | On Sale | 35.8 | [Finance Lease Business](index=14&type=section&id=Finance%20Lease%20Business) No new finance lease business was added during the period, with the focus on managing existing projects, achieving good cash recovery and contributing stable profit despite a reduction in business scale Finance Lease Business Metrics | Metric | Amount (RMB) | | :--- | :--- | | Cumulative Collections | Approx. 96.608 million | | Operating Revenue | Approx. 9.06 million | | Segment Profit Attributable to Equity Holders | Approx. 4.20 million | [Outlook](index=14&type=section&id=Outlook) For the second half, the Group will deepen its 'Culture + Technology' strategy, expand actively managed funds, strengthen investments in core sectors, leverage new asset management licenses for cross-border opportunities, and accelerate key integrated development projects to enhance asset turnover and shareholder returns - **Overall Strategy**: Continuously strengthen investment in core areas such as technology, consumption, and new urbanization, expand the scale of actively managed funds, and accelerate the revitalization and turnover of existing assets[35](index=35&type=chunk) - **Equity Investment and Fund Business Outlook**: Utilize Hong Kong asset management licenses to capture domestic and international investment opportunities and increase fundraising efforts; established the Nantong Zijing Industrial Mother Fund with a total scale of **1 billion RMB** in July[37](index=37&type=chunk)[39](index=39&type=chunk) - **Integrated Development Business Outlook**: Increase sales efforts for projects in Hefei and Zhongshan, accelerate the disposal of existing properties, meticulously control costs, and improve capital utilization efficiency; the Hefei Airport project is expected to add approximately **6.2 billion RMB** in salable value, and the Zhongshan project approximately **1.9 billion RMB** in salable value in the second half[40](index=40&type=chunk)[42](index=42&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) As of June 30, 2021, the Group maintained a robust financial position with total assets of approximately 25.032 billion RMB, successfully turning loss into profit despite a 41.7% revenue decrease, driven by a significant gross profit margin increase to 23.6% and reduced associate losses, with the board recommending no interim dividend Financial Position (As of June 30, 2021) | Metric | Amount (RMB) | | :--- | :--- | | Total Assets | Approx. 25.032 billion | | Total Equity | Approx. 13.363 billion | | Asset-Liability Ratio | Approx. 30.7% | Operating Results (For the Six Months Ended June 30, 2021) | Metric | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Revenue | Approx. 200 million RMB | Approx. 344 million RMB | | Gross Profit Margin | 23.6% | 6.0% | | Profit/(Loss) Attributable to Equity Holders | Profit 18.17 million RMB | (Restated) Loss 201 million RMB | - Gross profit margin increased by **17.6 percentage points** year-on-year, primarily due to higher gross profit from Shanghai Bulgari Hotel in the integrated development business and reduced interest expenses from the finance lease business[44](index=44&type=chunk) - Administrative expenses decreased by **23.1%** year-on-year to **101 million RMB**, mainly due to reduced staff costs and depreciation expenses from projects exited at the end of last year; interest expenses decreased by **50.5%** year-on-year to **57.45 million RMB**, primarily due to lower loan amounts and interest rates[49](index=49&type=chunk)[50](index=50&type=chunk) - The Board recommended no interim dividend for the six months ended June 30, 2021[52](index=52&type=chunk) [Significant Events and Post-Balance Sheet Events](index=23&type=section&id=Significant%20Events) During and after the period, the Group actively pursued asset optimization and strategic investments, completing the disposal of Tongcheng-Elong shares, establishing multiple investment partnerships, and post-period, investing in Dexin Holdings and setting up the Nantong Industrial Mother Fund, demonstrating its proactive 'Culture + Technology' and asset management strategy - **Disposal of Tongcheng-Elong**: Completed a series of transactions to dispose of all shares held in Tongcheng-Elong[64](index=64&type=chunk) - **Establishment of Investment Funds**: Established Xiamen Qiaorun Investment Partnership (Limited Partnership) and Shenzhen Qiaoheng No. 1 Investment Enterprise (Limited Partnership), with subscribed capital contributions totaling **800 million RMB** and **959 million RMB**, respectively[65](index=65&type=chunk)[68](index=68&type=chunk) - **Land Acquisition**: Acquired the right to use approximately **913.05 mu** of land for Hefei Airport International Town Phase II for a total consideration of approximately **2.805 billion RMB**[70](index=70&type=chunk) - **Post-Balance Sheet Event - Investment in Dexin Holdings**: Invested approximately **HKD 143 million** in Dexin Holdings, the parent company of the well-known IP B.Duck, acquiring approximately **9.5%** of its enlarged share capital[72](index=72&type=chunk) - **Post-Balance Sheet Event - Establishment of Nantong Mother Fund**: Participated in the establishment of Nantong Suxitong Zijing Huaxin Venture Capital Partnership (Limited Partnership), with a subscribed capital contribution of **400 million RMB**[75](index=75&type=chunk) [Directors' and Major Shareholders' Interests](index=27&type=section&id=Directors%27%20Interests) This section details the shareholdings of the company's directors and major shareholders as of June 30, 2021, in accordance with the Securities and Futures Ordinance [Directors' Interests](index=27&type=section&id=Directors%27%20Interests) As of June 30, 2021, only Independent Non-executive Director Mr. Lin Chengguang held shares in the company among the directors and chief executive, with no other directors or chief executive holding interests in the company's shares, as per the Securities and Futures Ordinance Directors' Shareholdings | Director Name | Capacity | Number of Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Lin Chengguang | Beneficial Owner | 1,000,000 | 0.13% | [Major Shareholders' Interests](index=28&type=section&id=Major%20Shareholders%20and%20Other%20Persons%27%20Interests%20and%20Short%20Positions) As of June 30, 2021, Pacific Climax Limited was the direct controlling shareholder, holding 70.94% of the shares, with Hong Kong OCT Limited, Shenzhen OCT Company Limited, and OCT Group Company Limited all deemed to have interests in these shares due to their equity structure Major Shareholders' Interests | Major Shareholder Name | Capacity/Nature | Number of Shares (Long Position) | Approximate Shareholding Percentage | | :--- | :--- | :--- | :--- | | Pacific Climax Limited | Beneficial Owner | 530,894,000 | 70.94% | | Hong Kong OCT Limited | Interest in Controlled Corporation | 530,894,000 | 70.94% | | Shenzhen OCT Company Limited | Interest in Controlled Corporation | 530,894,000 | 70.94% | | OCT Group Company Limited | Interest in Controlled Corporation | 530,894,000 | 70.94% | - Equity structure explanation: OCT Group indirectly controls OCT Company Limited through its subsidiaries, OCT Company Limited wholly owns Hong Kong OCT, and Hong Kong OCT wholly owns Pacific Climax[83](index=83&type=chunk)[84](index=84&type=chunk) [Share Option Scheme](index=30&type=section&id=Share%20Option%20Scheme) The company's share option scheme adopted in 2011 expired on February 14, 2021, with no outstanding or new options granted during the review period - The company's share option scheme ('the Scheme') adopted in 2011 expired on February 14, 2021, and no further share options will be granted under the Scheme[86](index=86&type=chunk)[88](index=88&type=chunk) - There were no outstanding share options under the Scheme at the beginning or end of the review period, nor were any options granted, exercised, lapsed, or cancelled during the period[90](index=90&type=chunk) [Corporate Governance](index=33&type=section&id=Corporate%20Governance) The company maintained full compliance with the Corporate Governance Code during the six months ended June 30, 2021, with the Audit Committee reviewing interim results and no share transactions by the company or its subsidiaries - For the six months ended June 30, 2021, the company consistently complied with all applicable code provisions of the Corporate Governance Code in Appendix 14 to the Listing Rules[92](index=92&type=chunk) - The Audit Committee reviewed the Group's unaudited interim results for the six months ended June 30, 2021, with management[94](index=94&type=chunk) - Neither the company nor any of its subsidiaries purchased, sold, or redeemed any of its shares during the six months ended June 30, 2021[95](index=95&type=chunk) [Interim Financial Report](index=34&type=section&id=Interim%20Financial%20Report) This section presents the unaudited interim financial statements, including the consolidated statement of profit or loss, financial position, and cash flows, along with selected notes for the period ended June 30, 2021 [Summary of Consolidated Financial Statements](index=34&type=section&id=Consolidated%20Financial%20Statements) For the six months ended June 30, 2021, the financial statements show a 41.7% year-on-year revenue decrease to 200 million RMB, yet the company successfully turned loss into profit, reporting a profit attributable to equity holders of 18.17 million RMB compared to a restated loss of 201 million RMB in the prior period, maintaining a stable financial position with total assets of 25.032 billion RMB and total equity of 13.363 billion RMB at period-end Summary Consolidated Statement of Profit or Loss (For the Six Months Ended June 30) | Metric (RMB '000) | 2021 | 2020 (Restated) | | :--- | :--- | :--- | | Revenue | 200,157 | 343,510 | | Gross Profit | 47,335 | 20,522 | | Operating Loss | (9,497) | (73,645) | | Loss for the Period | (11,399) | (275,602) | | **Profit/(Loss) Attributable to Equity Holders of the Company** | **18,173** | **(200,814)** | | Basic Loss Per Share (RMB) | (0.127) | (0.431) | Summary Consolidated Statement of Financial Position | Metric (RMB '000) | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Non-current Assets** | **10,696,495** | **11,776,749** | | **Current Assets** | **14,335,134** | **13,645,208** | | **Total Assets** | **25,031,629** | **25,421,957** | | **Current Liabilities** | **4,956,035** | **4,634,414** | | **Non-current Liabilities** | **6,712,116** | **7,562,357** | | **Total Liabilities** | **11,668,151** | **12,196,771** | | **Total Equity** | **13,363,478** | **13,225,186** | Condensed Consolidated Statement of Cash Flows (For the Six Months Ended June 30) | Metric (RMB '000) | 2021 | 2020 | | :--- | :--- | :--- | | Net Cash from Operating Activities | (1,320,031) | (3,286,663) | | Net Cash from Investing Activities | 2,076,811 | (213,777) | | Net Cash from Financing Activities | (1,213,234) | 4,436,334 | | Net Decrease in Cash and Cash Equivalents | (456,454) | 935,894 | [Selected Notes to Unaudited Interim Financial Report](index=45&type=section&id=Notes%20to%20Unaudited%20Interim%20Financial%20Report) These notes detail the basis of preparation, accounting policy changes, segment reporting, related party transactions, and contingent liabilities, highlighting the significant restatement of prior period comparative figures due to an associate's re-reported results, the continued dominance of integrated development in revenue, and a substantial increase in capital commitments for property development - **Restatement of Prior Period**: Due to an listed associate restating its H1 2020 results, the Group adjusted its comparative figures; consequently, the share of profit less loss of associates for H1 2020 changed from a profit of **66.45 million RMB** to a loss of **78.72 million RMB**, expanding the loss attributable to equity holders of the company from **55.65 million RMB** to **201 million RMB**[151](index=151&type=chunk) Summary of Segment Results (For the Six Months Ended June 30, 2021) | Segment (RMB '000) | External Revenue | Profit/(Loss) for the Period | | :--- | :--- | :--- | | Integrated Development Business | 191,095 | 14,668 | | Equity Investment and Fund Business | - | (21,402) | | Finance Lease Business | 9,062 | 4,158 | - **Contingent Liabilities**: As of June 30, 2021, the Group's mortgage loan guarantees provided for property buyers totaled approximately **280 million RMB**[59](index=59&type=chunk)[241](index=241&type=chunk) Capital Commitments | Item (RMB '000) | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Inventories (primarily property development) | 5,164,925 | 1,825,776 | | Investments | 503,475 | 606,518 | | **Total** | **5,668,400** | **2,433,630** | - **Significant Related Party Transactions**: During the period, interest expenses of **49.27 million RMB** were paid to related parties, and related party loans of **641 million RMB** were repaid[242](index=242&type=chunk)

華僑城(亞洲)控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號: 03366 二零二零年年報 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|--------------------------|--------------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 目錄 | | | | | | | | | | | | | | | | | | | | | | | | 公司資料 | | 2 | | | | | | 財務概要 | | 3 | | | | | | 主席報告書 | | 5 | | | | | | | | | | | | | | 管理層討論及分析 | | 8 | | | | | | | | | | | | | | 董事及高級管理人員簡介 | | 21 | | | | | | | | | | | | | | 企業管治報告 | | 25 | | | | | | | | | | ...

華僑城(亞洲)控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號: 03366 二零二零年中期報告 目錄 公司資料 2 管理層討論及分析 4 董事權益 29 主要股東及其他人士的權益及淡倉 30 購股權計劃 32 企業管治 35 中期財務報告 37 | --- | --- | --- | |------------------------|-----------------------------------------|-------| | | 華僑城（亞洲）控股有限公司 中報 2020 | 2 | | 公司資料 | | | | 註冊辦事處 | Clifton House | | | | PO Box 1350 GT, 75 Fort Street | | | | Grand Cayman, Cayman Islands | | | 總辦事處及主要營業地點 | 香港花園道 1 號 | | | | 中銀大廈 59 樓 | | | 董事會 | 執行董事 | | | | 張大帆先生 （主席） | | | | 謝梅女士 （行政總裁） | | | | 林開樺先生 | | | | 非執行董事 | | | | 汪文 ...

華僑城(亞洲)控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號: 03366 二零一九年年報 目錄 | --- | --- | |--------------------------|-------| | | | | 公司資料 | 2 | | 財務概要 | 3 | | 主席報告書 | 5 | | 管理層討論及分析 | 9 | | 董事及高級管理人員簡介 | 26 | | 企業管治報告 | 30 | | 環境、社會及管治報告 | 49 | | 董事會報告 | 91 | | 獨立核數師報告 | 113 | | 綜合損益表 | 122 | | 綜合損益及其他綜合收益表 | 124 | | 綜合財務狀況表 | 125 | | 綜合權益變動表 | 127 | | 綜合現金流量表 | 128 | | 綜合財務報表附註 | 130 | | 五年業績摘要 | 243 | 華僑城（亞洲）控股有限公司 年報 2019 2 公司資料 董事會 | --- | --- | |--------------------------------|--------------| | | | | | | | 執行董事 | | | 何海濱 ...

華僑城(亞洲)控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號: 03366 二零一九年中期報告 | --- | --- | --- | --- | --- | --- | |-------|----------------------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | 1 | 華僑城（亞洲）控股有限公司 中報 2019 | | | | | | | | | | | | | | 目錄 目錄 | | | | | | | 公司資料 | | | | 2 | | | 管理層討論及分析 | | | | 4 | | | 董事權益 | | | | 23 | | | 主要股東及其他人士的權益及淡倉 | | | | 24 | | | 購股權計劃 | | | | 26 | | | 企業管治 | | | | 28 | | | 中期財務報告 | | | | 29 | 2 華僑城（亞洲）控股有限公司 中報2019 公司資料 | --- | --- | |------------------------| ...

華僑城(亞洲)控股有限公司 (於開曼群島註冊成立之有限公司) 股份代號: 03366 二零一八年年報 | --- | --- | |--------------------------|-------| | | | | 目錄 | | | 公司資料 | 2 | | 財務概要 | 3 | | 主席報告書 | 4 | | 管理層討論及分析 | 11 | | 董事及高級管理人員簡介 | 26 | | 企業管治報告 | 30 | | 環境、社會及管治報告 | 51 | | 董事會報告 | 81 | | 獨立核數師報告 | 97 | | 綜合損益表 | 105 | | | | | 綜合損益及其他綜合收益表 | 107 | | 綜合財務狀況表 | 108 | | 綜合權益變動表 | 110 | | 綜合現金流量表 | 111 | | 綜合財務報表附註 | 113 | | 五年業績摘要 | 231 | | | | | | | 華僑城（亞洲）控股有限公司 年報 20182 公司資料 | --- | --- | |------------------------------------------------|--------- ...