Financial Performance - The hotel operating revenue for the group was approximately HKD 42.2 million, an increase of about 111.50% compared to HKD 19.9 million in the same period last year[6]. - The loss attributable to the owners of the company was approximately HKD 69.7 million, compared to HKD 31.6 million in the previous year[6]. - The basic loss per share was approximately HKD 1.715, compared to HKD 0.907 in the same period last year[9]. - The total comprehensive expenses for the nine months ended September 30, 2023, amounted to HKD 70.2 million, compared to HKD 49.6 million in the previous year[9]. - The group reported a gross profit of HKD 28.8 million for the nine months ended September 30, 2023, compared to HKD 8.7 million in the previous year[7]. - Administrative expenses for the nine months were HKD 69.5 million, significantly higher than HKD 24.9 million in the previous year[7]. - The group incurred financial costs of HKD 26.1 million for the nine months, compared to HKD 16.7 million in the previous year[7]. - Other income, gains, and losses for the nine months were HKD 932.5 million, down from HKD 2.1 million in the previous year[7]. - The group experienced a foreign exchange loss of HKD 444.1 million for the nine months, compared to a loss of HKD 22.6 million in the previous year[7]. - The total comprehensive loss for the nine months ended September 30, 2023, was HKD 70,173,058, compared to a loss of HKD 49,410,558 in the same period of 2022, indicating a deterioration of approximately 42%[13]. - The company reported a loss attributable to owners of the company of HKD 69,715,774 for the nine months ended September 30, 2023, compared to a loss of HKD 31,646,004 in the same period of 2022, which is an increase of about 120%[13]. - The company’s total equity as of September 30, 2023, was HKD 83,242,756, compared to HKD 171,072,414 as of September 30, 2022, reflecting a decrease of about 51.3%[13]. Revenue Sources - The company’s revenue for the three months ended September 30, 2023, was HKD 16.1 million, compared to HKD 10.7 million in the previous year[7]. - Hotel room revenue for the third quarter of 2023 was HKD 13,704,118, compared to HKD 8,414,561 in the same quarter of 2022, reflecting a growth of about 62.5%[17]. - The rental income from hotel properties for the nine months ended September 30, 2023, was HKD 4,056,718, up from HKD 3,716,393 in the same period of 2022, showing an increase of approximately 9.2%[17]. - Room revenue for the review period was approximately HKD 35.1 million, accounting for about 83.2% of total hotel operating revenue, compared to 67.0% in 2022[29]. - Revenue from food and beverage was approximately HKD 2.6 million, representing 6.3% of total hotel operating revenue, down from 10.0% in 2022[31]. - Rental income from hotel tenants was approximately HKD 4.0 million, accounting for 9.6% of hotel business total revenue, up from 3.7% in 2022[31]. Operational Developments - The company plans to continue expanding its hotel operations and exploring new markets to enhance revenue streams in the upcoming quarters[12]. - The company is focusing on new product development and technology enhancements to improve operational efficiency and customer experience in the hospitality sector[12]. - The company reopened its Japanese onsen hotel in Q3 2023 after a temporary closure due to COVID-19, aiming to enhance operational cash flow[29]. - The company anticipates completing its resort project within 18 months, contingent on sufficient funding and the recovery of the tourism industry[32]. - The company is evaluating the potential sustainability of the Bintan resort development project to cater to the increasing demand for luxury accommodations[43]. - The group successfully signed contracts with local authorities to use part of the hotel as isolation facilities, providing a stable income source during the review period[25]. - The group has paused the development of a resort hotel in Bintan, Indonesia, since early 2020 due to the COVID-19 pandemic[25]. Financial Management - The company is actively seeking refinancing to stabilize its financial position amid current liquidity challenges[43]. - The company is negotiating with contractors to extend repayment terms to alleviate liquidity pressure and improve cash flow[36]. - The company has entered into a deferral agreement with convertible bondholders regarding overdue payments, with the deferral period ending on December 31, 2023[37]. - The company issued zero-coupon convertible bonds with a principal amount of HKD 25.128 million, which could lead to the issuance of approximately 698 million shares, representing about 20% of the existing share capital[38]. - The company completed the conversion of HKD 25,128,000 of 2020 convertible bonds into 200,000,000 shares at a conversion price of HKD 0.036 per share[40]. - The company secured a financing agreement for SGD 55 million at an annual fixed interest rate of 11% to support its operations[55]. - A loan of SGD 55 million was provided to HHI at a fixed annual interest rate of 11%, with the funds used to repay outstanding debts and support working capital[61]. Shareholder Information - As of September 30, 2023, Ace Kingdom holds 2,610,680,001 shares, representing approximately 62.34% of the company's equity[72]. - China Minmetals Investment Co., Ltd. owns 690,000,000 shares, accounting for 16.48% of the total equity[74]. - The total number of issued shares of the company is 4,188,000,000[75]. - CMI Hong Kong holds convertible bonds with a principal amount of HKD 25,278,000, which corresponds to 76,600,000 shares, representing about 1.83% of the total issued share capital[75]. - Boomerang Investment Limited, Guo Yiche, and Billion Supreme Holdings Limited collectively own 62.34% of the company through Ace Kingdom[72]. - The ownership structure indicates significant control by a few major shareholders, with Ace Kingdom being the largest[72]. - The company has a clear structure of beneficial ownership, with multiple layers of control among its major shareholders[74]. - The board of directors is aware of no other individuals holding significant stakes in the company as of September 30, 2023[76]. - The company continues to comply with the Securities and Futures Ordinance regarding the disclosure of shareholdings[76]. Compliance and Regulatory Matters - The company must comply with the GEM listing rules and achieve all resumption guidance before its shares can resume trading[64]. - The company has until April 2, 2024, to remedy the issues that led to the suspension of trading, or it may face delisting[64]. - The company was appointed a receiver and manager for its assets, including the Hang Huo Investment Pte Ltd. properties[60]. - The company is required to publish all outstanding financial performance as per GEM listing rules[65]. - The company received additional resumption guidance to restore the minimum public float as per GEM listing rules[66]. - The company will issue further announcements to keep shareholders and the public informed of progress[67]. - The company has received temporary exemptions from the GEM listing rules regarding public float requirements to ensure compliance[53]. Future Outlook - The company is cautiously optimistic about future prospects, anticipating a strong recovery in the tourism industry as global vaccination efforts continue and travel restrictions ease[41]. - The company aims to enhance property value and strategically invest in special assets and restructuring opportunities, contingent on timely refinancing[44]. - The company is excited about future opportunities, including the potential development of the Bintan resort, while focusing on becoming a leading hotel service provider in the region[44].

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。 Link Holdings Limited 華 星 控 股 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：8237） 截 至 二 零 二 三 年 九 月 三 十 日 止 九 個 月 的 第 三 季 度 業 績 公 告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的 中小型公司提供一個上市的市場。有意投資人士應了解投資於該等公司 的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，在GEM買賣的證券可能會較於主 板買賣的證券承受較大的市場波動風險，同時無法保證在GEM買賣的證 券會有高流通量的市場。 華星控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」） 會（「董事會」）欣然宣佈，本集團截至二零二三年九月三十日止九個月（「回 顧期間」）的未經審核綜合業績，連同二 ...

Financial Performance - The hotel operating revenue for the group was approximately HKD 14.0 million, an increase of about 351.6% compared to HKD 3.1 million in the same period last year[7]. - The loss attributable to the owners of the company was approximately HKD 11.1 million, compared to a loss of approximately HKD 14.6 million in the previous year[7]. - Basic loss per share was approximately HKD 0.29, improved from HKD 0.42 in the same period last year[10]. - The gross profit for the quarter was HKD 9.74 million, compared to a gross loss of HKD 0.33 million in the previous year[8]. - The group reported a pre-tax loss of HKD 10.71 million, down from HKD 14.62 million in the previous year[8]. - Other comprehensive income included a foreign exchange gain of HKD 7.84 million, compared to a loss of HKD 2.46 million in the previous year[10]. - Total comprehensive loss for the period was HKD 3.26 million, compared to HKD 13.92 million in the previous year[10]. - The group’s financial costs were HKD 6.24 million, compared to HKD 5.53 million in the previous year[8]. - The group’s other income and gains amounted to HKD 0.29 million, down from HKD 0.64 million in the previous year[8]. - The company reported a total comprehensive loss of HKD 13,918,254 for the period, compared to a loss of HKD 14,622,650 in the previous year, showing a slight improvement[12]. - The company recorded a loss of HKD 11,085,712 during the period, which is an improvement from the loss of HKD 14,605,530 in the same quarter of the previous year[12]. Revenue Breakdown - For the three months ended March 31, 2023, total revenue from hotel operations was HKD 14,043,811, a significant increase from HKD 3,078,633 in the same period of 2022, representing a growth of approximately 356%[18]. - Hotel room revenue reached HKD 11,734,286, compared to HKD 1,088,284 in the previous year, indicating an increase of about 980%[18]. - Rental income from hotel properties was HKD 1,599,011, up from HKD 1,163,497, reflecting a growth of approximately 37.5%[18]. - Room revenue for the review period was approximately HKD 11.7 million, accounting for about 83.6% of total hotel operating revenue, compared to 35.3% in 2022[34]. - Rental income from hotel tenants was approximately HKD 1.6 million, representing about 11.4% of total hotel business revenue, up from 1.2% in 2022[37]. Expenses and Costs - Administrative expenses increased to HKD 14.21 million from HKD 9.01 million year-on-year[8]. - The group’s employee costs increased to HKD 6,819,460 for the quarter ended March 31, 2023, compared to HKD 4,112,853 in the same period last year[21]. - The depreciation of property, plant, and equipment was HKD 2,768,266 for the quarter ended March 31, 2023, down from HKD 3,483,150 in the previous year[21]. - The group has not made any provisions for Hong Kong profits tax as there were no taxable profits generated in Hong Kong for the quarter ended March 31, 2023[22]. - The group’s Singapore corporate income tax provision for the quarter was estimated at HKD 382,528, reflecting a tax rate of 17%[23]. Liquidity and Financial Challenges - The Singapore hotel business is currently facing liquidity challenges, and the company is engaged in refinancing efforts to stabilize its financial foundation[43]. - The company is actively seeking refinancing to stabilize its financial situation due to significant liquidity challenges, which have led to the takeover of its Singapore hotel operations[46]. - The company is negotiating a moderate repayment schedule with convertible bondholders due to a default on HKD 25.3 million in convertible bonds[42]. - The group incurred a penalty interest of approximately HKD 2.5 million due to the failure to redeem convertible bonds that matured in November 2020, consistent with the previous year's amount[31]. Future Outlook and Strategic Plans - The company plans to continue expanding its hotel operations and exploring new markets to enhance revenue growth in the upcoming quarters[19]. - The company anticipates the completion of its resort project within 18 months, contingent on sufficient funding and recovery in the tourism sector[38]. - The company is actively seeking potential buyers for its Japanese hot spring hotel to generate operating capital and improve liquidity[42]. - The company maintains a cautiously optimistic outlook for future growth, expecting a strong recovery in the tourism industry as travel restrictions ease[43]. - The company plans to reassess its hotel portfolio and consider expansion or adjustment plans based on current market conditions[43]. - The Japanese hot spring resort is positioned to meet increasing interest in health tourism, pending timely refinancing[44]. - The development of the Bintan resort is seen as a strategic opportunity to expand the company's regional footprint, contingent on successful and timely refinancing[46]. - The company aims to enhance property value and strategically invest in special assets and restructuring opportunities, with a positive outlook for future prospects[46]. Share Capital and Ownership - A sale agreement was completed on February 15, 2023, involving the sale of 1,900,000,000 shares for HKD 37,000,000, equating to approximately HKD 0.01947 per share[52]. - As of March 31, 2023, the company received a payment notice from DBS Bank for an outstanding amount of SGD 50,010,570.88, leading to a payment default by Hang Huo Investment Pte Ltd[54]. - Silverine Pacific Ltd., a wholly-owned subsidiary, is facing a winding-up petition due to an outstanding debt of SGD 1,800,000 related to a financing agreement[56]. - The company issued zero-coupon convertible bonds with a principal amount of HKD 25,128,000, which can be converted into 698,000,000 shares, representing 20% of the existing issued share capital[59]. - The company completed the conversion of 25,128,000 HKD of convertible bonds, resulting in the issuance of 200,000,000 shares to Mr. Wu, 178,000,000 shares to Ng Sam Meng, and 160,000,000 shares each to Ao Leong Fan and Lao Sao Chan[61]. - After the conversion, the total issued share capital of the company increased to approximately 4,188,000,000 shares[66]. - Major shareholder Ace Kingdom Enterprises holds 1,902,434,000 shares, representing 45.43% of the company's total issued shares[64]. - CMI Financial Holding Company Limited owns 690,000,000 shares, accounting for 16.48% of the total issued shares[64]. - The company has a total of 76,600,000 shares related to convertible bonds held by CMI Hong Kong, which represents approximately 1.83% of the total issued share capital[66]. - The company’s board of directors is aware of no other individuals holding or deemed to hold interests in the company's shares or related securities as of March 31, 2023[67]. - The conversion of the 2020 convertible bonds was completed on February 17, 2023, with all remaining bonds fully converted[61]. - The company’s major shareholders include controlled entities with significant stakes, such as Boomerang Investment Limited and Billion Supreme Holdings Limited, each holding 45.43%[64]. - The company’s total issued share capital after the bond conversion reflects a significant increase in equity[66]. - The company is committed to transparency regarding shareholder interests and compliance with securities regulations[67].

Financial Performance - The group's hotel operating revenue was approximately HKD 19.9 million, a decrease of about 40.9% compared to HKD 33.8 million in the same period last year[13]. - The loss attributable to the owners of the company was approximately HKD 31.6 million, compared to a loss of approximately HKD 28.3 million in the previous year[14]. - The basic loss per share was approximately HKD 0.907, compared to approximately HKD 0.810 in the previous year[15]. - Revenue for the nine months ended September 30, 2022, was HKD 19,944,224, a decrease of 41% compared to HKD 33,751,678 for the same period in 2021[17]. - Gross profit for the nine months ended September 30, 2022, was HKD 8,728,069, down from HKD 17,068,348 in the previous year, representing a decline of 49%[17]. - The company reported a loss before tax of HKD 31,704,507 for the nine months ended September 30, 2022, compared to a loss of HKD 27,231,332 in the same period of 2021, indicating a 16% increase in losses[17]. - Total comprehensive loss for the nine months ended September 30, 2022, was HKD 49,629,108, compared to a loss of HKD 36,818,497 in the previous year, reflecting a 35% increase in total losses[20]. - Basic and diluted loss per share for the nine months ended September 30, 2022, was HKD 0.907, compared to HKD 0.810 for the same period in 2021[20]. - The company reported a loss of HKD 31,646,004 attributable to owners for the nine months ended September 30, 2022, compared to a loss of HKD 28,285,122 in the previous year, representing an increase of 8%[20]. - Total revenue for the nine months ended September 30, 2022, was HKD 19,944,224, a decrease from HKD 33,751,678 in the same period of 2021, representing a decline of approximately 41%[34]. Operational Challenges - The company incurred a significant foreign exchange loss of HKD 22,607,712 for the nine months ended September 30, 2022, compared to a loss of HKD 9,953,005 in the previous year[17]. - Other income, gains, and losses for the nine months ended September 30, 2022, amounted to HKD 2,106,095, down from HKD 4,397,865 in the previous year, a decrease of 52%[17]. - The company incurred an operating loss of approximately HKD 11.6 million from the Singapore hotel during the review period, compared to an operating loss of approximately HKD 0.9 million in the previous year[57]. - The ongoing impact of COVID-19 continues to create uncertainty and challenges for the company's operations, particularly in the hotel sector[53]. - Total available room nights for the nine months ended September 30, 2022, remained at 74,802, with an occupancy rate dropping to 23% from 97% in 2021[63]. Revenue Breakdown - Hotel room revenue for the nine months was HKD 13,354,081, down from HKD 26,391,153 year-over-year, indicating a decrease of about 49%[34]. - The revenue from the Singapore market for the nine months was HKD 17,611,348, down from HKD 30,542,592 in the previous year, indicating a decrease of about 42%[38]. - The company generated HKD 1,988,567 in revenue from food and beverage services, down from HKD 6,709,885 year-over-year, a decline of approximately 70%[34]. - Food and beverage revenue was approximately HKD 2.0 million, accounting for about 10.0% of total hotel operating revenue, down from 19.9% in 2021[63]. - Rental income from hotel properties for the nine months was HKD 3,716,393, with no rental income reported in the same period of 2021[34]. - Rental income from hotel tenants in Singapore amounted to approximately HKD 3.7 million, representing 18.6% of total hotel business revenue, compared to zero in 2021[64]. Cost Management - Administrative expenses for the nine months ended September 30, 2022, were HKD 24,910,124, slightly down from HKD 25,758,506 in the previous year, indicating a reduction of 3%[17]. - Financial costs for the nine months ended September 30, 2022, were HKD 16,671,633, compared to HKD 17,454,632 in the previous year, showing a decrease of 4%[17]. - Employee costs for the nine months were HKD 9,264,846, down from HKD 14,814,569 in the previous year, reflecting a reduction of approximately 37%[39]. - The company incurred depreciation expenses of HKD 9,139,498 for property, plant, and equipment, compared to HKD 9,867,526 in the prior year, a decrease of about 7%[39]. Future Outlook and Strategies - The company is actively seeking alternative financing options to address liquidity pressures and improve cash flow, including discussions with contractors for extended payment terms[68]. - The group remains optimistic about future growth, focusing on the development of Bintan land and potential acquisitions in China as part of the Belt and Road Initiative[72]. - The company plans to explore potential buyers for its Japanese hot spring hotel to generate operating capital and enhance liquidity[68]. - The completion of the Bintan development project has been postponed to the end of 2023 due to COVID-19 related delays and financial resource constraints[65]. Shareholder Information - As of September 30, 2022, Mr. Yan Yi holds 1,900,000,000 shares in the company, representing 54.44% ownership[79]. - CMI Financial Holding Company Limited holds 690,000,000 shares, accounting for 19.77% of the company's total shares[85]. - The total number of issued shares of the company as of September 30, 2022, is 3,490,000,000[88]. - Mr. Wu Mingzhe holds convertible bonds with a principal amount of HKD 25,128,000, convertible into 698,000,000 shares, representing 20.00% of the total issued share capital[88]. - CMI Hong Kong has convertible bonds with a principal amount of HKD 25,278,000, which can convert into 76,600,000 shares, representing approximately 2.19% of the total issued share capital[88]. Corporate Governance - Vertic Holdings Limited, where Mr. Yan Yi has a controlling interest, is currently under liquidation as per a Hong Kong court order dated December 9, 2019[82]. - The ownership structure indicates that Mr. Yan Yi is considered to have interests in shares held by Vertic due to his position as a director[79]. - The company has not disclosed any new product developments or market expansion strategies in the provided documents[90]. - There are no updates on mergers or acquisitions mentioned in the financial reports[90].

Financial Performance - The group's hotel operating revenue was approximately HKD 9.3 million, a significant decrease of about 58.5% compared to HKD 22.4 million in the same period last year[11]. - The loss attributable to the owners of the company was approximately HKD 24.9 million, compared to a loss of about HKD 20.5 million in the previous year[12]. - The basic loss per share was approximately HKD 0.712, compared to HKD 0.587 in the previous year[13]. - Revenue for the six months ended June 30, 2022, was HKD 9,281,393, a decrease of 58.6% compared to HKD 22,368,247 for the same period in 2021[15]. - Gross profit for the six months ended June 30, 2022, was HKD 2,340,351, down 78.7% from HKD 11,019,002 in the previous year[15]. - The net loss for the six months ended June 30, 2022, was HKD 24,891,250, compared to a net loss of HKD 20,546,502 for the same period in 2021, representing a 20.5% increase in losses[17]. - Total comprehensive loss for the six months ended June 30, 2022, was HKD 38,593,147, compared to HKD 35,941,587 in the previous year, indicating a 7.4% increase in total losses[17]. - Basic and diluted loss per share for the six months ended June 30, 2022, was HKD 0.712, compared to HKD 0.587 for the same period in 2021, reflecting a 21.3% increase in loss per share[17]. - The group reported a loss before tax of HKD 24,854,605 for the six months ended June 30, 2022, compared to a loss of HKD 20,499,713 for the same period in 2021, indicating an increase in losses of approximately 11.5%[45]. Assets and Liabilities - Non-current assets decreased to HKD 565,672,843 as of June 30, 2022, from HKD 596,731,059 as of December 31, 2021, a decline of 5.2%[19]. - Current liabilities increased to HKD 398,473,383 as of June 30, 2022, compared to HKD 318,065,056 as of December 31, 2021, representing a 25.3% increase[20]. - Cash and bank balances decreased significantly to HKD 6,721,851 as of June 30, 2022, from HKD 26,360,451 as of December 31, 2021, a decline of 74.5%[19]. - The total equity attributable to the owners of the company decreased to HKD 179,589,110 as of June 30, 2022, from HKD 218,041,239 as of December 31, 2021, a decrease of 17.6%[20]. - Trade receivables as of June 30, 2022, were HKD 1,128,795, significantly lower than HKD 3,824,756 as of December 31, 2021, indicating a decrease of about 70.5%[49]. - Trade payables increased to HKD 873,049 as of June 30, 2022, compared to HKD 726,522 as of December 31, 2021, representing an increase of approximately 20.2%[53]. - As of June 30, 2022, the group's net current liabilities amounted to approximately HKD 338.9 million, including cash and bank balances of about HKD 6.7 million[69]. - The debt-to-equity ratio as of June 30, 2022, was approximately 189%, an increase from 149% as of December 31, 2021[70]. - The total outstanding principal of convertible bonds was maintained at approximately HKD 58.0 million as of June 30, 2022, unchanged from December 31, 2021[70]. Cash Flow and Financing - The net cash flow from operating activities for the six months ended June 30, 2022, was a cash outflow of HKD 10,201,048, compared to a cash inflow of HKD 8,182,612 in the same period of 2021[27]. - The total cash and cash equivalents at the end of the period were HKD 5,196,684, down from HKD 29,470,303 at the end of June 30, 2021, reflecting a decrease of approximately 82.4%[27]. - The company’s financing activities resulted in a cash outflow of HKD 10,114,749 for the six months ended June 30, 2022, compared to an outflow of HKD 28,920,356 in the same period of 2021[27]. - The company is seeking external debt financing to avoid cash losses for at least 12 months from January 1, 2022[73]. - The company has taken measures to alleviate liquidity pressure, including discussions with banks and contractors for repayment extensions[73]. - The company is negotiating a moderate repayment schedule with convertible bondholders for the HKD 25.3 million principal amount due on November 30, 2020, which has not been redeemed[85]. Operational Highlights - The company plans to focus on expanding its hotel operations in key markets, particularly in Singapore and Japan, to drive future revenue growth[33]. - The company is actively exploring new strategies for market expansion and potential acquisitions to enhance its portfolio and operational efficiency[33]. - Employee costs for the six months ended June 30, 2022, amounted to HKD 6,526,497, a decrease of 37.5% compared to HKD 10,424,146 for the same period in 2021[38]. - Depreciation of property, plant, and equipment was HKD 6,215,735 for the six months ended June 30, 2022, down from HKD 6,628,453 in the previous year, reflecting a reduction of approximately 6.2%[38]. - The company reported a significant decrease in hotel inventory, which fell to HKD 235,582 as of June 30, 2022, from HKD 576,388 as of December 31, 2021, a decline of 59.1%[19]. - The company temporarily closed its Japanese onsen hotel in May 2022 due to ongoing COVID-19 challenges and financial constraints[61]. - The development of the resort hotel in Bintan, Indonesia, has been postponed until the end of 2023 due to financial resource constraints and COVID-19 impacts[66]. - The company recorded a loss of approximately HKD 0.4 million from bad debt asset management, an improvement from a loss of HKD 3.9 million in the previous year[67]. Market Conditions and Future Outlook - The impact of COVID-19 continues to pose challenges, affecting financial performance, including hotel room rates and occupancy, with potential further negative impacts anticipated[55]. - The group maintains strict control over its receivables, with management regularly reviewing overdue balances to mitigate credit risk[49]. - The group has not recognized any tax provisions in Hong Kong due to no taxable profits generated, while Singapore corporate tax was estimated at 17% on taxable profits[40]. - The group maintains an optimistic outlook for future business growth, focusing on attracting new guests and developing the Bintan land to contribute to revenue and enhance asset returns and corporate value[86]. - Since the outbreak of COVID-19 in January 2020, the group's hotel business in Asia has been impacted, but the board believes that the adverse market conditions will gradually ease with global vaccination efforts, without affecting the long-term hotel business[86]. - The group plans to leverage opportunities from the "Belt and Road" initiative and continue identifying potential acquisition opportunities in China to broaden revenue sources[86]. - The group will adopt a prudent strategy when seeking potential acquisitions to maximize shareholder value[86]. - The group aims to expand its business footprint in Greater China and other Asian countries to capitalize on growth opportunities in the tourism sector[86]. Shareholder Information - As of June 30, 2022, the total number of issued shares of the company was 3,490,000,000 shares[105]. - CMI Hong Kong holds 76,600,000 shares, representing approximately 2.19% of the company's total issued share capital[105]. - Wu Mingzhe holds 698,000,000 shares, accounting for 20.00% of the company's total issued share capital[105]. - CMI Hong Kong is wholly owned by Zhongmin Investment Asia, which in turn is wholly owned by China Minsheng Investment[106]. - The company has disclosed that as of June 30, 2022, there are no other persons known to the board holding interests in the company's shares or related securities that require disclosure[109].

Financial Performance - The total revenue from hotel operations for the year was approximately HKD 497 million, a decrease of about 13.7% compared to the previous fiscal year, primarily due to the ongoing impact of COVID-19 on the hotel business in Japan[8]. - The company reported a loss attributable to shareholders of approximately HKD 113.1 million, mainly due to poor performance in hotel operations affected by COVID-19, bad debt asset losses, and impairment losses on certain properties in Japan[8]. - The total revenue from hotel operations for the year was approximately HKD 49.7 million, a decrease of about 13.7% compared to HKD 57.6 million in the previous year, primarily due to the ongoing impact of COVID-19 and reduced average room rates[16]. - The company reported a loss attributable to shareholders of approximately HKD 113.1 million, an increase of 134.5% from a loss of HKD 48.2 million in the previous year[17]. - The basic loss per share for the year was approximately HKD 3.240, compared to HKD 1.381 in the previous year[18]. - The group recorded a loss from non-performing debt assets of approximately HKD 4.7 million for the year, a significant improvement from a loss of approximately HKD 14.6 million in 2020[24]. - The group reported a loss of HKD 115,769,344 for the year ending December 31, 2021, with current liabilities netting HKD 232,192,448[67]. - As of December 31, 2021, the group had interest-bearing bank borrowings of HKD 286,827,636, which need to be renewed and refinanced by January 2023[67]. - Cash and cash equivalents were only HKD 26,360,451 as of December 31, 2021, indicating significant liquidity issues[67]. Operational Challenges - The development of the Bintan resort project in Indonesia has been delayed, with completion now expected by the end of 2023 due to limited financial resources and ongoing supply chain disruptions caused by the pandemic[9]. - The company temporarily closed the hot spring hotel in Japan in May 2022 due to financial constraints and an inability to cover operating costs[15]. - The construction of the resort project in Bintan, Indonesia, has been delayed until the end of 2023 due to financial resource constraints and the impact of COVID-19 on the supply chain[21]. - The economic downturn and COVID-19 have negatively affected tourist numbers and corporate travel budgets, impacting occupancy rates and profitability[47]. - The hotel was repurposed as a quarantine facility from mid-April 2020 to mid-December 2021 due to COVID-19, leading to a temporary suspension of its accommodation services[148]. Recovery and Future Outlook - The company remains optimistic about the recovery of the hotel business post-COVID-19, believing that the adverse market conditions will gradually ease with widespread vaccination[10]. - The group maintains an optimistic outlook for future business growth, focusing on the development of Bintan land to contribute to revenue and enhance asset returns and corporate value[76]. - The group anticipates gradual improvement in the hotel operating environment as COVID-19 vaccination rates increase globally[128]. - The company is optimistic about resuming hotel operations as travel restrictions are eased and vaccination rates increase in Singapore[148]. Corporate Governance - The company is committed to high standards of corporate governance to align with shareholder interests[79]. - The board consists of eight members, including two executive directors, three non-executive directors, and three independent non-executive directors as of December 31, 2021[82]. - The board has confirmed the independence of all independent non-executive directors in accordance with GEM listing rules[83]. - The company has adhered to the GEM Listing Rules and corporate governance code throughout the year, ensuring compliance with regulatory standards[91]. - The company has not appointed a CEO this year, with responsibilities assumed by board members, ensuring a balanced distribution of power and authority[91]. Employee Management - The total employee cost for the year was approximately HKD 18.1 million, down from approximately HKD 24.3 million in 2020, reflecting a reduction in workforce to about 56 employees[33]. - The total number of employees as of December 31, 2021, was 19, a decrease from 32 in 2020, representing a reduction of 40.6%[186]. - Employee turnover rate in Singapore was 63% for 2021, with a notable 88% turnover rate for female employees[188]. - The company provided a total of 13 training hours to employees in 2021, a significant decrease from 1,337 hours in 2020 due to the impact of the COVID-19 pandemic[190]. - The company has implemented a robust performance evaluation system to ensure fair and objective assessments of employee performance[194]. Risk Management - The company has established an enterprise risk management framework to effectively implement risk management, which includes two key elements: risk management structure and risk management processes[105]. - The board of directors is responsible for ensuring the effectiveness of the enterprise risk management system and reviews it at least annually with the assistance of the audit committee[106]. - Management is responsible for identifying and monitoring risks related to daily operations, including strategic, operational, financial, reporting, and compliance risks[108]. - The company has implemented a three-year internal control review plan to effectively monitor and mitigate major risks[117]. Environmental and Social Responsibility - The company is committed to sustainable development, focusing on reducing its environmental footprint and addressing climate change through green goals[149]. - The company has implemented a supplier code of conduct to ensure compliance with environmental, social, and governance expectations[183]. - The company has prioritized local suppliers to reduce carbon footprint associated with transportation[183]. - The company has conducted environmental, social, and governance risk assessments to identify potential risks from major suppliers during the reporting period[183]. - The company has identified 21 relevant ESG issues through stakeholder feedback and industry trends, prioritizing them for strategic focus[168].

Link Holdings Limited 華星控股有限公司* ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 8237 * 僅供識別 第三季度報告 2021 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公 司提供一個上市的市場。有意投資人士應了解投資於該等公司的潛在風險，並應經 過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，在GEM買賣的證券可能會較於主板買賣的 證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的 市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，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報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。 本報告的資料乃遵照GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關 華星控股有限公司（「本公司」）的資料；本公司董事（「董事」）願就本報告的資料共 同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所知及所信， 本報告所載資料在各重要方面均屬準確完備，沒 ...

Link Holdings Limited 華星控股有限公司* ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 8237 中期報告 2021 * 僅供識別 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公司提供一 個上市的市場。有意投資人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考 慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，在GEM買賣的證券可能會較於主板買賣的證券承受 較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，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報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。 本報告的資料乃遵照GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關華星控股 有限公司（「本公司」）的資料；本公司董事（「董事」）願就本報告的資料共同及個別地承擔全 部責任。各董事在作出一切合理查詢後，確認就其所知及所信，本報告所載資料在各重要 方面均屬準確完備，沒有誤導 ...

Link Holdings Limited 華星控股有限公司* ( 於開曼群島註冊成立的有限公司 ) 股份代號 : 8237 * 僅供識別 第一季度報告 2021 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有較高投資風險的中小型公 司提供一個上市的市場。有意投資人士應了解投資於該等公司的潛在風險，並應經 過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司一般為中小型公司，在GEM買賣的證券可能會較於主板買賣的 證券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的 市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，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報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。 本報告的資料乃遵照GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關 華星控股有限公司（「本公司」）的資料；本公司董事（「董事」）願就本報告的資料共 同及個別地承擔全部責任。各董事在作出一切合理查詢後，確認就其所知及所信， 本報告所載資料在各重要方面均屬準確完備，沒 ...

Financial Performance - The total revenue from hotel operations for the year was approximately HKD 57.6 million, representing an increase of about 4.3% compared to the previous fiscal year[7]. - The company reported a loss attributable to owners of approximately HKD 48.2 million, primarily due to the adverse impact of the COVID-19 pandemic on hotel operations, bad debt asset losses, and losses from an associated company[7]. - The company reported a loss attributable to shareholders of approximately HKD 48.2 million for the year, a decrease of about HKD 19.3 million or 28.6% compared to a loss of HKD 67.5 million in 2019[14]. - Basic loss per share for the year was approximately HKD 1.381, down from HKD 1.935 in 2019[15]. - The company recorded a loss from bad debt assets of approximately HKD 14.6 million, an improvement from a loss of HKD 17.5 million in 2019[21]. - The group reported a loss of HKD 48,302,876 for the year ended December 31, 2020, with current liabilities netting HKD 207,298,477[68]. - The company recorded a net loss of approximately HKD 67.6 million for the year ended December 31, 2019, with current liabilities totaling about HKD 352.9 million, exceeding the net asset value of approximately HKD 227.1 million[27]. Hotel Operations - The Singapore hotel continued to be the main source of revenue for the company during the fiscal year[12]. - Room revenue for the year was approximately HKD 39.7 million, accounting for about 68.9% of total hotel operating revenue, compared to 75.0% in 2019[16]. - The average room rate decreased to HKD 404.0 from HKD 555.5 in 2019, while the occupancy rate improved to 75.4% from 65.0%[18]. - Food and beverage revenue increased to approximately HKD 13.5 million, representing about 23.5% of total hotel operating revenue, up from 12.3% in 2019[18]. - Rental income from hotel tenants was approximately HKD 2.9 million, down from HKD 5.8 million in 2019, accounting for about 5.0% of hotel business total revenue[19]. - The company is focused on managing its hotel operations and developing the Bintan resort according to its overall development plan[12]. - The company remains optimistic about the recovery of the hotel business post-COVID-19 and aims to enhance overall asset returns and corporate value[8]. COVID-19 Impact - The development of the Bintan resort project has been delayed until the end of 2022 due to ongoing supply chain disruptions caused by the COVID-19 pandemic[7]. - The company acknowledges the challenges posed by the COVID-19 pandemic but believes that the situation will gradually improve with global vaccination efforts[8]. - The COVID-19 pandemic has impacted the company's hotel operations in Asia, but management believes that conditions will gradually improve post-vaccination, and long-term effects on the hotel business will be minimal[85]. - The company was repurposed as a quarantine hotel starting April 16, 2020, providing accommodation for individuals needing a 14-day quarantine[151]. - The company has secured a government contract for its hotel in Singapore to be used as COVID-19 quarantine accommodation, with the latest contract extended until mid-May 2021[134]. - The company plans to continue applying for COVID-19 related subsidies in Singapore and Japan, which will help reduce operational costs[134]. Governance and Management - The board of directors consists of eight members, including two executive directors and three independent non-executive directors, ensuring a diverse governance structure[91]. - The company has adhered to the corporate governance code as per GEM listing rules, confirming the independence of its non-executive directors[92]. - The management team is responsible for daily operations and implementing strategies set by the board[99]. - The company has not appointed a CEO this year, with responsibilities assumed by board members to ensure a balanced distribution of power and authority[100]. - The audit committee reviewed the auditor's opinion regarding the group's ability to continue as a going concern and agreed on the action plan to address the audit's reserved opinion[77]. Employee and Training - The company emphasizes the importance of employee health and safety, conducting regular risk assessments to identify potential hazards in the workplace[170]. - The company has a commitment to health and safety training for all employees, ensuring compliance with guest expectations during the pandemic[151]. - Total training hours provided to employees in 2020 amounted to 1,337.1158 hours, compared to 1,337.1158 hours in 2019[164]. - The company has implemented a performance appraisal system at least once a year to evaluate employee performance and facilitate career development[165]. - The company emphasizes integrity, honesty, and fair competition as core values, with measures outlined in the employee handbook to combat corruption and bribery[179]. Sustainability and Environmental Impact - Total greenhouse gas emissions (Scope 1 and Scope 2) decreased from 1,103.93 tons in 2019 to 931.45 tons in 2020, representing a reduction of approximately 15.6%[197]. - Total water consumption decreased from 18,958.60 cubic meters in 2019 to 14,663.80 cubic meters in 2020, reflecting a reduction of approximately 22.5%[199]. - The total amount of non-hazardous waste generated decreased from 184.91 tons in 2019 to 102.16 tons in 2020, a reduction of about 44.8%[198]. - The company has implemented energy-saving measures, including setting air conditioning temperatures between 25°C and 27°C and using sensor lighting in ceilings[199]. - The company actively encourages employees to use recycled paper for printing and photocopying, promoting sustainable practices[199]. Financial Management - The company has implemented risk management measures to mitigate operational and financial risks, including monitoring macroeconomic conditions and operational costs[44]. - The group has taken measures to improve liquidity and financial condition, including negotiating with banks to defer principal repayments and applying for government-supported low-interest loans in Japan[79]. - The company has successfully negotiated with its main lending banks to defer principal repayments on installment loans to between February and June 2021[134]. - The company plans to delay the completion of its resort project until the end of 2022 due to financial constraints and the ongoing impact of the COVID-19 pandemic[20]. - The company has raised approximately HKD 25 million from the issuance of new convertible bonds to support operations[79].