Group 1 - The Hang Seng Index rose by 0.19% and the Hang Seng Tech Index increased by 0.11% during the midday close on August 11 [1] - Lithium mining stocks in Hong Kong showed strong performance, with Ganfeng Lithium rising over 19%, Tianqi Lithium increasing over 15%, and Hongqiao Group gaining over 5% [1]

Group 1 - Tianqi Lithium (09696.HK) increased by 11.41% on August 11 [1] - Ganfeng Lithium (01772.HK) rose by 9.89% on the same day [1] - Hongqiao Group (08137.HK) saw a gain of 7.02% [1] - BYD Electronics (00285.HK) experienced a rise of 4.34% [1] Group 2 - CATL announced on August 11 that the mining license for the Yichun project expired on August 9, leading to a suspension of mining operations [1] - The company is in the process of applying for the renewal of the mining license according to relevant regulations [1]

Core Viewpoint - Hongqiao Group (08137) has entered a non-binding strategic cooperation memorandum with Dongfang Yilin Industrial Co., Ltd. to explore financialization paths for precious timber assets, specifically focusing on Hainan Huanghuali timber as the underlying asset [1] Group 1 - The cooperation aims to promote the industrialization of ecological resources and the capitalization of ecological industries, creating a green economic closed loop that integrates precious timber resources, finance, and blockchain technology [1] - The partnership is expected to activate a trillion-level timber rights trading market and serve as a benchmark case for the reform of China's timber rights system, contributing to rural revitalization and common prosperity [1] - Hainan Huanghuali is recognized as one of the world's top five precious woods, possessing scarcity, growth potential, and high value attributes, aligning with the company's focus on resilient and stable investment opportunities [1]

Core Viewpoint - Hongqiao Group (08137) has entered into a non-binding strategic cooperation memorandum with Dongfang Yilin Industrial Co., Ltd. to explore financialization paths for precious timber assets, specifically focusing on Hainan Huanghuali timber as the underlying asset [1] Group 1: Strategic Cooperation - The memorandum aims to create a green economic closed loop combining "precious timber industry resources + finance + blockchain" [1] - The collaboration seeks to empower the traditional precious timber industry through deep transformation and upgrading, leveraging technological innovation to drive new productive forces [1] Group 2: Market Potential - The partnership is expected to activate a trillion-level timber rights trading market and establish a benchmark case for China's timber rights system reform [1] - Hainan Huanghuali is recognized as one of the world's top five precious woods, characterized by its scarcity, growth potential, and high value [1] Group 3: Business Focus - The company is focused on resource sector business models and aims to identify investment opportunities that exhibit resilience and stability [1] - The cooperation aligns with the company's exploration of potential business development models and strategic deployment requirements [1]

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 份內 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。 洪 橋 集 團 有 限 公 司 （ 於開曼群島註冊成立之有限公司） （股份代號：8137） 賦能傳統產業 — 珍貴林木產業深度轉型升級，以科技創新引領新質生產力 發 展 ，激 活 千 億 級 林權 交 易 市 場， 打 造 中 國 林權 制 度 改 革 標杆 案 例 ， 為中 國農林經濟新形態的形成奠定堅實基礎，促進鄉村振興、共同富裕。 建議合作的原因及裨益 本 集 團專 注 於 資 源 領域 的 業 務 模式 ， 致 力 於 尋找 具 備 抗 跌 性及 穩 定 性 的投 資 機 會。 海 南 黃 花 梨是 世 界 五 大名 木 之 首 ， 具備 的 稀 缺 性 、成 長 性 、 高價 值屬性。建議合作契合本集團探索潛在的業務發展模式及戰略佈署要求。 一般 ...

| 1. 股份分類 | 普通股 | 股份類別 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 08137 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 1,000,000,000,000 | HKD | | 0.001 HKD | | 1,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 1,000,000,000,000 | HKD | | 0.001 HKD | | 1,000,000,000 | 本月底法定/註冊股本總額： HKD 1,000,000,000 致：香港交易及結算所有限公司 公司名稱: 洪橋集團有限公司 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 第 1 頁 共 10 頁 v ...

Financial Performance - For the fiscal year ending December 31, 2024, the total revenue was HKD 126,112,000, a decrease of 44.6% compared to HKD 226,961,000 in 2023[6]. - The gross profit for the year was HKD 34,392,000, down 32.1% from HKD 50,660,000 in the previous year[6]. - The net loss attributable to the company’s owners for continuing operations was HKD 412,879,000, compared to a loss of HKD 98,210,000 in 2023, representing a significant increase in losses[7]. - The total comprehensive loss for the year amounted to HKD 1,481,049,000, compared to a gain of HKD 236,555,000 in the previous year, indicating a substantial decline in overall performance[7]. - The company reported a loss attributable to owners of HKD 1,449,914,000 for the year 2024, compared to a profit of HKD 293,857,000 in 2023[8]. - Basic and diluted loss per share for continuing and discontinued operations was HKD (4.23) for 2024, compared to HKD (1.09) for 2023[8]. - The company reported a net loss before tax for continuing operations increased to HKD 412,879,000 in 2024 compared to HKD 106,519,000 in 2023, indicating a significant increase in losses[38]. - The company recorded a net loss of approximately HKD 441,300,000 for the year, compared to a loss of HKD 158,800,000 in the previous year[94]. Revenue Breakdown - Revenue from lithium battery sales decreased to HKD 74,591 thousand in 2024 from HKD 158,045 thousand in 2023, representing a decline of approximately 52.8%[24]. - Battery testing service revenue fell to HKD 2,953 thousand in 2024 from HKD 15,870 thousand in 2023, a decrease of about 81.4%[24]. - Total customer contract revenue for continuing operations was HKD 108,406 thousand in 2024, down from HKD 215,412 thousand in 2023, reflecting a decline of approximately 49.7%[24]. - The reported segment revenue for lithium battery production was HKD 77,544 thousand, while the ride-hailing and related services segment generated HKD 48,568 thousand in 2024[29]. - The lithium battery division recorded revenue of approximately HKD 77,500,000 for the year ended December 31, 2024, a decrease of about 55.4% compared to the previous year's revenue of HKD 173,900,000[62]. - Caocao contributed approximately HKD 48,600,000 in revenue for the year ended December 31, 2024, down from HKD 53,000,000 in 2023[64]. Expenses and Costs - Administrative expenses decreased to HKD 76,644,000 from HKD 106,143,000, reflecting a reduction of 27.8%[6]. - Financial costs increased slightly to HKD 10,065,000 from HKD 9,447,000, indicating a rise of 6.5%[6]. - Research and development costs for continuing operations decreased to HKD 8,032,000 in 2024 from HKD 20,126,000 in 2023, a reduction of approximately 60%[32]. - Employee benefits costs for the year ended 2024 decreased to HKD 58.1 million from HKD 82 million for the year ended 2023, primarily due to a reduction in employee numbers in China and France[107]. Asset and Liability Changes - Non-current assets decreased from HKD 7,600,756,000 in 2023 to HKD 5,465,255,000 in 2024, a decline of approximately 28.1%[9]. - Current assets also decreased from HKD 355,326,000 in 2023 to HKD 222,166,000 in 2024, representing a decrease of about 37.4%[9]. - Total liabilities decreased from HKD 2,672,308,000 in 2023 to HKD 2,018,843,000 in 2024, a reduction of approximately 24.4%[10]. - The company's net asset value decreased from HKD 4,973,979,000 in 2023 to HKD 3,513,948,000 in 2024, reflecting a decline of about 29.4%[10]. - Cash and cash equivalents decreased significantly from HKD 166,953,000 in 2023 to HKD 65,784,000 in 2024, a drop of approximately 60.7%[9]. - The company's equity attributable to owners decreased from HKD 4,988,185,000 in 2023 to HKD 3,559,289,000 in 2024, a decline of approximately 28.7%[10]. - The company reported a significant increase in accounts payable from HKD 72,044,000 in 2023 to HKD 38,500,000 in 2024, indicating a decrease of about 46.5%[9]. - The provision for impairment losses on accounts receivable increased to HKD 794,000 in 2024 from HKD 373,000 in 2023, indicating a rise in expected credit losses[45]. Impairment and Losses - The company reported an impairment loss on exploration and evaluation assets of HKD 534,169,000, which was not present in the previous fiscal year[6]. - The company recognized impairment losses of HKD 534,169 thousand for exploration and evaluation assets in 2024[29]. - The impairment loss for the year included a total of HKD 534.2 million, net of deferred tax assets of HKD 181.6 million[99]. - The company recognized impairment losses of HKD 23,851,000 on investments in associates, reflecting a significant increase from HKD 896,000 in the previous year[47]. - The carrying value of exploration and evaluation assets decreased to HKD 5,367,781,000 in 2024 from HKD 7,467,157,000 in 2023, reflecting a significant impairment loss of HKD 534,169,000[42]. Strategic Initiatives and Future Plans - The company plans to focus on market expansion and new product development as part of its future strategy[6]. - The company is actively pursuing environmental assessments for its Brazilian iron ore project and exploring new sustainable business opportunities[113]. - The company aims to strengthen its internal management and improve operational efficiency and risk management capabilities[112]. - The company is committed to becoming a trusted green mineral resource supplier, contributing to sustainable development[113]. - The company is collaborating closely with its indirect controlling shareholder, Geely Technology Group, to explore new development opportunities[114]. - The company is focusing on divesting projects that do not align with its vision and establishing a clearer business model[113]. Compliance and Governance - The audit committee has reviewed the group's performance announcement for the year ending 2024 and confirmed compliance with applicable accounting standards[119]. - The company emphasizes high standards of corporate governance, focusing on accountability and transparency[115]. - The company has adopted the GEM listing rules regarding directors' trading standards and confirmed compliance for the year ending 2024[117]. - The group has been focusing on reducing scale and simplifying operations at Shandong Hengyuan New Energy since 2023[60].

Financial Performance - The company reported revenue of HKD 71,447,000 for the six months ended June 30, 2024, a decrease of 47% compared to HKD 135,921,000 in the same period of 2023[5]. - Gross profit for the same period was HKD 21,305,000, slightly down from HKD 21,473,000 year-on-year[5]. - The company incurred a loss before tax of HKD 53,123,000, compared to a loss of HKD 47,356,000 in the previous year, indicating a worsening financial performance[5]. - Total comprehensive loss for the period amounted to HKD 710,140,000, a significant increase from a comprehensive income of HKD 407,686,000 in the prior year[5]. - Basic and diluted loss per share was HKD 0.44, compared to HKD 0.40 in the same period last year[5]. - The company reported a loss of HKD 42,484 thousand for the period, compared to a loss of HKD 38,759 thousand in the same period last year, indicating a worsening financial performance[7]. - The net loss for the six months ended June 30, 2024, was HKD 53,123,000, compared to a loss of HKD 47,356,000 in the same period of 2023[20]. Operating Expenses - The company reported other operating expenses of HKD 13,993,000, a substantial increase from HKD 1,346,000 in the previous year[5]. - Administrative expenses decreased to HKD 42,521,000 from HKD 59,005,000, reflecting cost-cutting measures[5]. - Operating expenses for the period were approximately HKD 14 million, significantly up from HKD 1.3 million in the same period last year, primarily due to impairment losses on receivables from a joint venture[70]. Assets and Liabilities - As of June 30, 2024, total assets decreased to HKD 6,598,439 thousand from HKD 7,600,756 thousand as of December 31, 2023, representing a decline of approximately 13.2%[6]. - Total liabilities decreased to HKD 2,442,549 thousand as of June 30, 2024, from HKD 2,672,308 thousand as of December 31, 2023, a reduction of about 8.6%[6]. - The company's cash and cash equivalents at the end of the period were HKD 151,282 thousand, down from HKD 166,953 thousand at the beginning of the period, reflecting a decrease of approximately 9.4%[9]. - The total equity attributable to owners of the company decreased to HKD 4,264,140 thousand as of June 30, 2024, from HKD 4,973,979 thousand as of December 31, 2023, a decline of approximately 14.3%[6]. Revenue Breakdown - Lithium battery sales amounted to HKD 44,666,000, down 55.9% from HKD 101,333,000 in the previous year[13]. - Battery testing service revenue decreased to HKD 1,388,000 from HKD 4,831,000, representing a decline of 71.2%[13]. - The lithium-ion battery segment recorded revenue of approximately HKD 46.1 million for the first half of 2024, a decrease of about 56.6% compared to HKD 106.2 million in the same period last year[52]. - Caocao contributed approximately HKD 25.4 million in revenue for the first half of 2024, down from HKD 27.3 million in the same period last year[54]. Cash Flow - The company's net cash used in operating activities for the six months ended June 30, 2024, was HKD (18,382) thousand, compared to HKD (1,922) thousand for the same period in 2023, indicating a significant increase in cash outflow[9]. - As of June 30, 2024, the company's cash and cash equivalents amounted to approximately HKD 151.3 million, down from HKD 167 million at the end of 2023[71]. Market Outlook - Future outlook remains cautious due to market volatility and ongoing operational challenges, with no specific guidance provided for the upcoming periods[4]. - The lithium-ion battery business faces challenges due to low production capacity, leading to higher average costs compared to competitors[49]. - The company is in discussions with potential new customers in the energy storage sector and manufacturers transitioning from lead-acid to lithium batteries[49]. Investments and Projects - The company has invested a total of approximately USD 160.22 million in the SAM project, which includes USD 81.8 million in funding and USD 78.42 million in acquisition costs[57]. - The total investment for the SAM project is expected to be USD 3.25 billion, excluding pipeline and port projects led by other entities[58]. - The environmental permit process for the SAM project has faced significant delays due to incidents at other mining operations in Brazil[59]. Employee and Shareholder Information - Employee compensation for the first half of 2024 amounted to HKD 28,800,000, a decrease from HKD 45,000,000 in the first half of 2023[75]. - The company had 193 employees as of June 30, 2024, down from 242 employees on June 30, 2023[75]. - Major shareholders include Li Shufu with 61.61% ownership, Geely Group with 41.28%, and Hongqiao Capital with 41.25%[88]. Agreements and Frameworks - The company has entered into a purchase framework agreement with Zhejiang Yaoning Technology Group for lithium-ion batteries and modules, effective from September 11, 2023, to September 10, 2026[95]. - The sales framework agreement with Zhejiang Geely has an annual sales cap of 50,000, 235,000, 155,000, and 97,000 for the respective years[93]. - The pricing for products under the purchase framework agreement will be based on current market prices and fair negotiation[95].

Financial Performance - The company reported a total comprehensive loss of HKD 710,140,000 for the six months ended June 30, 2024, compared to a comprehensive income of HKD 407,686,000 for the same period in 2023[4]. - Revenue for the six months ended June 30, 2024, was HKD 71,447,000, a decrease from HKD 135,921,000 in the same period of 2023, representing a decline of approximately 47%[5]. - The company incurred a loss of HKD 53,123,000 for the period, compared to a loss of HKD 47,356,000 in the prior year, indicating a year-over-year increase in loss of about 12%[6]. - The company reported a basic and diluted loss per share of HKD 0.44 for the six months ended June 30, 2024, compared to HKD 0.40 for the same period in 2023[8]. - The total comprehensive income for the six months ended June 30, 2024, was HKD (710,140,000), compared to HKD 407,686,000 for the same period in 2023[12]. - The company reported a loss for the period of HKD (53,123,000) for the six months ended June 30, 2024, compared to a loss of HKD (47,356,000) in 2023[12]. - The company reported a loss attributable to shareholders of approximately HKD 42.5 million in the first half of 2024, compared to HKD 38.8 million in the first half of 2023[68]. Assets and Liabilities - Non-current assets decreased from HKD 7,600,756,000 as of December 31, 2023, to HKD 6,598,439,000 as of June 30, 2024, reflecting a reduction of approximately 13%[9]. - Current assets totaled HKD 300,314,000 as of June 30, 2024, down from HKD 355,326,000 at the end of 2023, marking a decrease of about 15.5%[9]. - The company's total liabilities decreased from HKD 2,672,308,000 to HKD 2,442,549,000, a reduction of approximately 8.6%[10]. - The equity attributable to the owners of the company decreased from HKD 4,973,979,000 to HKD 4,264,140,000, representing a decline of about 14.2%[11]. - The company's total liabilities as of June 30, 2024, were HKD 73,196,000, slightly up from HKD 72,044,000 as of December 31, 2023[41]. - The total receivables net amount as of June 30, 2024, was HKD 46,947 million, an increase from HKD 36,801 million as of December 31, 2023[37]. - The company’s total liabilities increased to HKD 6,284,720,000 as of June 30, 2024, compared to HKD 5,577,626,000 as of June 30, 2023[12]. Cash Flow - The net cash used in operating activities for the six months ended June 30, 2024, was HKD (18,382,000), compared to HKD (1,922,000) for the same period in 2023[13]. - The net cash used in investing activities was HKD (2,061,000) for the six months ended June 30, 2024, compared to HKD (2,915,000) in 2023[13]. - The net cash from financing activities was HKD 18,505,000 for the six months ended June 30, 2024, compared to HKD (8,241,000) in 2023[13]. - The company’s cash and cash equivalents decreased from HKD 166,953,000 to HKD 151,282,000, a decline of approximately 9.4%[9]. - The cash and cash equivalents at the end of the period were HKD 151,282,000, an increase from HKD 144,706,000 at the end of June 2023[13]. Revenue Breakdown - The lithium battery sales segment generated revenue of HKD 44,666,000, down from HKD 106,164,000 in the previous year, reflecting a decline of 57.9%[19][20]. - The revenue from battery testing services was HKD 1,388,000, while battery replacement services contributed HKD 25,393,000[21]. - Major customer A1 contributed HKD 38,836,000 to total revenue for the six months ended June 30, 2024, compared to HKD 100,000,000 in the same period of 2023[25]. - Revenue from external customers in China was HKD 9,868,000, while revenue from the UK was HKD 36,186,000, both showing significant declines compared to the previous year[23]. - The lithium-ion battery division recorded revenue of approximately HKD 46,100,000 for the first half of 2024, a decrease of about 56.6% compared to HKD 106,200,000 in the same period last year[51]. - Caocao contributed approximately HKD 25,400,000 in revenue for the first half of 2024, down from HKD 27,300,000 in the same period last year[53]. Operational Highlights - The company identified significant operational segments including lithium battery production and ride-hailing services, with total reported segment assets of HKD 6,842,991,000[22]. - The company is actively seeking potential buyers or new investors for its joint venture Shandong Hengyuan New Energy, which has been inactive for several years[52]. - The company is focusing on optimizing operations and reducing costs in the Caocao ride-hailing business while maintaining high service levels[53]. - The company is in discussions with potential new customers in the energy storage sector and manufacturers transitioning from lead-acid to lithium batteries[49]. - The company launched a new heavy-duty truck parking battery in 2023 to meet the increasing demand for air conditioning during summer parking[50]. Investments and Acquisitions - The company completed the acquisition of a controlling stake in Jihang International Technology Co., which operates the Caocao ride-hailing service in France[53]. - The total consideration for the acquisition of SAM is $390 million, payable in five installments[77]. - The company entered into a letter of intent to invest approximately USD 350 million to acquire a 38.75% stake in Xizang Zhufeng Resources[63]. - The company has decided to terminate further discussions regarding the potential investment in the lithium salt lake project due to significant price volatility of lithium carbonate[63]. Employee and Shareholder Information - The employee count decreased to 193 as of June 30, 2024, down from 242 on June 30, 2023, and 201 on December 31, 2023[76]. - Employee compensation for the first half of 2024 was HKD 28.8 million, compared to HKD 45 million in the first half of 2023[76]. - Major shareholders include Li Shufu with 6,071,568,675 shares, representing 61.61% ownership[91]. - The board of directors and key executives hold various interests in the company's shares, with the largest shareholder holding approximately 0.82%[81]. Compliance and Governance - The company has complied with all GEM listing rules during the six-month period ending June 30, 2024[79]. - The audit committee has reviewed the unaudited performance for the first half of 2024, confirming compliance with applicable accounting standards[115]. - There were no significant contracts involving directors with substantial interests during the review period[113].

Financial Performance - For the fiscal year ending December 31, 2023, the company reported revenue of HKD 227 million, a 73.9% increase from HKD 130.5 million in the previous year[8]. - The company reported a loss attributable to owners of approximately HKD 106.5 million, significantly reduced from a loss of HKD 199.2 million in the previous year[9]. - Gross profit improved from HKD 31.6 million in the previous year to HKD 50.7 million, reflecting successful revenue enhancement[9]. - The group recorded a gross profit of approximately HKD 50,700,000 for the year ended December 31, 2023, with a gross margin of 22.3%, down from 24.3% in the previous year[73]. - The financial costs for the year were approximately HKD 9,400,000, up from HKD 8,700,000 in the previous year, primarily due to interest expenses related to bank loans[74]. - The group’s operating expenses for the year were approximately HKD 13,100,000, a decrease from HKD 33,700,000 in the previous year, mainly due to reduced investment losses[74]. - The group confirmed a share placement and subscription that raised a net amount of HKD 1,336,000,000, with significant allocations for lithium-ion battery capacity expansion and potential investments in the new energy vehicle sector[77]. - The company did not recommend the payment of a final dividend for the year ending December 31, 2023, consistent with the previous year[102]. Revenue Sources - The lithium-ion battery factory in Zhejiang contributed approximately HKD 173.9 million in revenue, with sales of lithium batteries rising by about 59.4% from HKD 109.1 million[8]. - The acquisition of a controlling stake in Jihang International Technology Co., Ltd. contributed approximately HKD 53 million in revenue for the full year, compared to HKD 21.4 million from August to December 2022[8]. - The company sold its battery-sharing business "GETI" for a total consideration of RMB 20 million, as the business was not meeting profitability expectations[8]. - The company recognized revenue of approximately HKD 1.9 million from GETI, down from HKD 7.2 million in the previous year[8]. - Caocao completed over 120,000 B2C orders and 3,600 B2B orders, contributing approximately HKD 53 million to the group's revenue for the year[20]. Market Trends and Strategic Focus - The company anticipates a global shift from internal combustion engine vehicles to low and zero-emission electric vehicles, with various regions implementing timelines for phasing out sales of internal combustion engine vehicles[10]. - China's new energy vehicle sales increased by 37.9% to 9,500,000 units, accounting for approximately 31.6% of total new car sales as of the fiscal year ending 2023[11]. - The company has shifted focus to the electric bicycle and commercial vehicle sectors, recognizing the inevitable transition from lead-acid batteries to lithium batteries[11]. - The company anticipates continued high growth in the new energy vehicle industry in the coming years due to ongoing government support in China[11]. Acquisitions and Investments - The company completed the acquisition of a controlling stake in Jihang International Technology Co., which provides ride-hailing services in Paris, in August 2022[12]. - The company is exploring investment opportunities in two lithium salt lake projects in Argentina and is conducting due diligence on potential partnerships in Africa and Brazil[14]. - The company plans to invest approximately $350 million to acquire a 38.75% stake in Tibet Summit Resources, which holds significant lithium resources in Argentina[47]. - The lithium project at the Anghelas salt lake is projected to produce 50,000 tons of battery-grade lithium carbonate equivalent annually, with a total investment of around $700 million[49]. Operational Challenges - The company is facing challenges in securing large orders from major automakers due to lower production capacity and higher average costs compared to competitors[15]. - The company is actively negotiating with potential new customers in the energy storage sector and manufacturers transitioning from lead-acid to lithium batteries[15]. - The company is facing risks related to the regulatory environment and policies affecting the new energy vehicle industry in China, which could negatively impact its lithium-ion battery business[85]. - The company is managing risks associated with rising raw material costs for lithium-ion batteries, particularly cobalt and lithium, which could adversely affect profitability[87]. Environmental and Social Governance (ESG) - The company has a commitment to environmental, social, and governance (ESG) practices, as outlined in its annual report[102]. - The group has established appropriate management policies and internal control systems regarding ESG issues, ensuring compliance with ESG reporting guidelines[176]. - The company has established an ESG governance framework to integrate ESG practices into business operations[180]. - The company has identified key ESG issues, with anti-corruption being prioritized due to stakeholder expectations[186]. Corporate Governance - The company has a strong management team with extensive experience in finance, engineering, and corporate governance, including members with over 10 years in mergers and acquisitions[98][99]. - The board consists of seven directors, including three independent non-executive directors, ensuring over one-third of the board members are independent[141]. - The chairman and CEO positions are held by different individuals to enhance independence and accountability[142]. - The company has adopted a formal procedure and policy for the appointment of new directors, ensuring they understand the business and their responsibilities under applicable laws and regulations[148]. Employee Management - The total number of employees decreased to 201 as of December 31, 2023, from 328 in the previous year, reflecting cost-cutting measures in China and France[80]. - Employee benefit costs increased to HKD 82,000,000 for the year ended December 31, 2023, compared to HKD 76,200,000 for the previous year, mainly due to full-year employee expenses related to ride-hailing services[80]. - The employee turnover rate for 2023 is 36.29%, slightly down from 37.26% in 2022[197]. - The group is committed to creating and maintaining an inclusive workplace culture free from discrimination and harassment[200].