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].

( 於開曼群島註冊成立的有限公司 ) 股份代號 : 8237 僅供識別 2020 第三季度 報告 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。 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，沒有誤導或欺詐成分；及並無遺漏其他事項，足以令本報告所載任何 陳述產生 ...

Financial Performance - The group's revenue for the six months ended June 30, 2020, was approximately HKD 14.7 million, a decrease of about 57.0% compared to HKD 34.2 million in the same period of 2019[12]. - The loss attributable to owners of the company was approximately HKD 26.9 million, compared to a profit of approximately HKD 4.8 million in 2019[12]. - Basic loss per share was approximately HKD 0.772, compared to basic earnings of approximately HKD 0.137 per share in 2019[12]. - Gross profit for the six months was HKD 2.58 million, down from HKD 26.18 million in the same period last year[14]. - The total comprehensive loss for the period was HKD 39.78 million, compared to a total comprehensive income of HKD 8.44 million in 2019[14]. - The company reported a net loss of HKD 26,941,724 for the six months ended June 30, 2020, compared to a loss of HKD 6,029,645 in the same period of 2019[38]. - The group reported a loss before tax of HKD 10,460,142 for the six months ended June 30, 2020, compared to a loss of HKD 10,184,709 in the same period of 2019[53]. - Total income tax expense for the period was HKD 2,346,361, a decrease from HKD (3,420,539) in the previous year[59]. Revenue Breakdown - Total revenue for the six months ended June 30, 2020, was HKD 39,517,364, a decrease compared to HKD 39,782,486 for the same period in 2019[22]. - Revenue from hotel operations amounted to HKD 24,318,266 for the six months ended June 30, 2020, compared to HKD 23,861,628 in 2019, indicating a slight increase of 1.9%[46]. - Revenue from non-performing asset management was negative HKD 9,606,278 for the six months ended June 30, 2020, compared to positive HKD 10,365,544 in 2019[46]. - Room revenue was approximately HKD 16.8 million, accounting for about 69.0% of total hotel operating revenue, down from 74.8% in the previous year[77]. - Rental income from hotel tenants was approximately HKD 1.8 million, representing about 7.3% of total hotel business revenue, down from 12.6% in the previous year[78]. Expenses and Costs - Administrative expenses totaled HKD 18.47 million, slightly up from HKD 18.27 million in 2019[14]. - Financial costs increased to HKD 7.05 million from HKD 5.94 million in the previous year[14]. - The company reported a significant increase in sales costs to HKD 12.13 million from HKD 8.04 million in 2019[14]. - Employee costs for the six months ended June 30, 2020, were HKD 10,460,142, slightly higher than HKD 10,184,709 in 2019, reflecting an increase of 2.7%[53]. - Depreciation of property, plant, and equipment increased to HKD 6,961,496 for the six months ended June 30, 2020, from HKD 5,352,744 in 2019, representing a rise of 30.0%[53]. Assets and Liabilities - Non-current assets totaled HKD 739,001,237 as of June 30, 2020, down from HKD 774,762,735 as of December 31, 2019[27]. - Current assets decreased to HKD 105,686,177 as of June 30, 2020, from HKD 125,802,052 as of December 31, 2019[27]. - Total current liabilities amounted to HKD 346,944,795 as of June 30, 2020, compared to HKD 352,914,146 as of December 31, 2019[31]. - Net assets decreased to HKD 359,826,528 as of June 30, 2020, from HKD 399,609,014 as of December 31, 2019[31]. - The company reported a decrease in cash and bank balances to HKD 22,651,203 as of June 30, 2020, from HKD 36,685,154 as of December 31, 2019[27]. - The company’s equity attributable to owners decreased to HKD 354,466,123 as of June 30, 2020, from HKD 393,983,487 as of December 31, 2019[31]. - The group’s total assets less current liabilities were reported at HKD 547,650,641 after adjustments for prior years[51]. Cash Flow - Cash and cash equivalents decreased by HKD 18,773,529, ending at HKD 17,488,356 as of June 30, 2020[38]. - The net cash flow used in operating activities was HKD (8,465,945), an increase in cash outflow compared to HKD (6,029,645) in the previous year[38]. - The company incurred a net cash outflow from investing activities of HKD (1,020,440) compared to HKD (31,328,506) in the prior year[38]. - Financing activities resulted in a net cash outflow of HKD (9,287,144), a decrease from HKD (16,141,081) in the previous year[38]. Shareholder Information - As of June 30, 2020, Mr. Yan Yi holds a 54.44% stake in the company through Vertic Holdings Limited, which is under liquidation[106]. - Vertic holds 1,900,000,000 shares, representing approximately 54.44% of the company[111]. - CMI Financial Holding owns 690,000,000 shares, accounting for 19.77% of the total shares[111]. - China Eastern Asset Management holds 310,000,000 shares, which is 8.88% of the total shares[111]. - The company has a total issued share capital of 3,490,000,000 shares as of June 30, 2020[115]. Future Outlook and Strategies - The company is focusing on restructuring and exploring new market opportunities to improve future performance[11]. - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[30]. - The group maintains an optimistic outlook for future growth, focusing on attracting new guests to its hotels and exploring potential acquisitions in China[97]. - The COVID-19 pandemic has impacted the group's hotel business in Asia, but the board believes these challenges are short-term and will not affect long-term operations[97]. - The group plans to leverage opportunities from the Belt and Road Initiative to expand its revenue sources and explore potential acquisitions in China[97]. Corporate Governance - The audit committee is responsible for reviewing and supervising the group's financial reporting processes and risk management[99]. - The board of directors is led by Chairman and Executive Director Yan Yi[118].

Financial Performance - The group's revenue for the three months ended March 31, 2020, was approximately HKD 7.0 million, a decrease of about 62.2% compared to HKD 18.4 million in the same period of 2019[12]. - The loss attributable to the owners of the company was approximately HKD 11.7 million, compared to a profit of approximately HKD 1.8 million in 2019[12]. - Basic loss per share was approximately HKD 0.34, compared to basic earnings per share of approximately HKD 0.052 in 2019[17]. - Gross profit for the period was HKD 689,015, significantly down from HKD 14.4 million in the previous year[14]. - Total comprehensive loss for the period amounted to HKD 53.1 million, compared to a total comprehensive income of HKD 9.1 million in 2019[17]. - Administrative expenses increased to HKD 10.4 million from HKD 8.6 million in the previous year[14]. - The group reported a loss before tax of HKD 12.9 million, compared to a profit before tax of HKD 2.3 million in 2019[14]. - Other income, gains, and losses for the period were HKD 205,360, down from HKD 18,061 in the previous year[14]. - The company experienced a significant foreign exchange loss of HKD 41.4 million during the period[14]. Revenue Breakdown - Total revenue for the first quarter of 2020 was HKD 6,953,193, a decrease from HKD 18,399,566 in the same period of 2019, representing a decline of approximately 62.2%[27]. - Hotel room revenue decreased to HKD 7,667,532 from HKD 9,008,753, a decline of about 14.8% year-over-year[27]. - The revenue from food and beverage services increased significantly to HKD 2,491,669 from HKD 1,199,364, marking an increase of approximately 107.9%[27]. - The income from bad debt assets was HKD 2,965,037, down from HKD 9,380,638, reflecting a decrease of about 68.3%[27]. - Rental income from hotel properties remained relatively stable at HKD 1,470,876 compared to HKD 1,483,611 in the previous year[27]. Operational Impact - The company did not account for the performance of an associated company due to COVID-19 travel restrictions, making it impractical to quantify the impact[29]. - The company experienced operational losses due to the COVID-19 pandemic, impacting both the Singapore hotel and the newly opened Japanese onsen hotel[44]. - The COVID-19 pandemic has restricted travel for tourists in Hong Kong, China, and several countries, impacting the group's hotel business in Asia[54]. Future Outlook - The company has not provided specific guidance for future performance in the current report[11]. - The group remains optimistic about future growth, focusing on the development of the Bintan land to contribute to revenue and enhance asset returns and corporate value[54]. - The group plans to explore potential acquisition opportunities in China as part of its strategy to expand revenue sources and capitalize on the Belt and Road Initiative[54]. - The group will continue to explore potential projects to expand its business footprint in Greater China and other Asian countries[54]. Shareholder Information - As of March 31, 2020, major shareholder Vertic holds 1,900,000,000 shares, representing 54.44% of the company[65]. - CMI Financial Holding Company Limited holds 690,000,000 shares, accounting for 19.77% of the company[65]. - The company is under the control of the shareholders, with significant interests held by family members[67]. - As of March 31, 2020, the board is not aware of any other individuals holding 10% or more of the company's issued shares that require disclosure under the Securities and Futures Ordinance[70]. Accounting Standards - The company anticipates that the adoption of new accounting standards will not have a significant impact on its performance and financial position[25]. - The group has adopted all new and revised standards relevant to its business effective from January 1, 2020, with no significant impact on the financial statements[25]. - The group’s financial data is prepared in accordance with International Financial Reporting Standards and GEM listing rules[25]. Construction and Development - The construction of the resort hotel is expected to be completed in the first half of 2021, contingent on sufficient funding and the resolution of COVID-19 impacts[50]. - The group has made design changes to align with a reduced total construction cost budget due to tightened financial resources and delays caused by the pandemic[50].

Financial Performance - The company recorded total revenue of approximately HKD 37.7 million, a decrease of about 37.8% compared to the previous fiscal year, primarily due to negative returns from bad debt assets[11] - The loss attributable to shareholders was approximately HKD 55.6 million, a significant increase of about 16.1 times compared to the previous fiscal year, largely due to poor performance in bad debt asset management[11] - The group recorded total revenue of approximately HKD 37.7 million, a decrease of about HKD 22.9 million or 37.8% compared to the previous fiscal year[16] - The loss attributable to shareholders was approximately HKD 55.6 million, an increase of about HKD 52.4 million or 16.1 times compared to the previous year[16] - The group reported a net loss of HKD 55,711,582 for the year ended December 31, 2019, compared to a loss of HKD 3,052,772 in 2018[60] - The group faces additional uncertainty regarding its bank borrowings of HKD 179,378,400 due to the COVID-19 pandemic, impacting its ability to generate sufficient cash flow[126] Hotel Operations - The hotel business revenue increased by approximately 9.0%, mainly driven by the new onsen hotel opened in Japan[11] - Room revenue for the year was approximately HKD 41.4 million, accounting for about 75.0% of total hotel operating revenue[18] - The average room rate was HKD 555.5, a decrease from HKD 577.7 in the previous year, while the occupancy rate increased to 65.0% from 62.61%[20] - The new onsen hotel in Japan was opened in September 2019, contributing to the company's hotel operations[15] - The group’s main business operations are hotel management in Singapore and Japan, which have been adversely affected by the COVID-19 pandemic[126] Development Projects - The company plans to complete the development of the Bintan resort project in Indonesia in the first half of 2021, following design changes to reduce overall construction costs[11] - The construction of the Bintan resort is expected to be completed in the first half of 2021 due to financial resource constraints and the impact of the COVID-19 pandemic[22] - The group remains optimistic about future growth, focusing on attracting new guests to its hotels in Singapore and Japan, and developing land in Bintan to enhance revenue and asset returns[69] Financial Position and Liquidity - As of December 31, 2019, the group had a net current liability of approximately HKD 227.1 million, an increase from HKD 159.4 million in the previous year[25] - The debt-to-equity ratio was approximately 80.3%, up from 73.1% in the previous year[25] - The group plans to extend repayment terms for construction payables by over 12 months to alleviate liquidity pressure[62] - The board believes that the preparation of financial statements on a going concern basis is appropriate, contingent on the successful implementation of liquidity improvement measures[127] Corporate Governance - The board consists of eight directors, including two executive directors and three independent non-executive directors, with changes in composition noted during the reporting period[76] - The company has confirmed the independence of its independent non-executive directors in accordance with GEM listing rules[77] - The company has adopted a board diversity policy to enhance diversity in terms of gender, age, cultural background, and experience[88] - The company has complied with the corporate governance code as per GEM listing rules during the year[87] - Continuous professional development for all directors is mandated to ensure they remain informed and effective[92] Risk Management - The group has implemented risk management measures to mitigate operational and financial risks[44] - The company has established an enterprise risk management framework to effectively implement risk management[104] - The Board is responsible for ensuring the effectiveness of the enterprise risk management system and conducts annual reviews[105] - A three-year internal control review plan has been submitted to the Board and Audit Committee to effectively monitor and mitigate major risks[117] Employee Relations and Training - The group employed approximately 90 staff members, an increase from 60 in the previous year, with total employee costs of approximately HKD 21.6 million[30] - Total training hours provided to employees in 2019 were 115.58 hours, a decrease from 157.25 hours in 2018[158] - The company conducts regular performance evaluations at least once a year to assess employee performance and provide feedback[159] - Comprehensive training is provided to new employees to familiarize them with operational standards, typically lasting from three months to one year[158] Environmental Impact - The company emphasizes sustainable development, focusing on relationships with guests, employees, the community, and the environment[148] - The company has implemented an environmental policy focusing on energy conservation, waste reduction, and water management[180] - Total greenhouse gas emissions (Scope 1 and Scope 2) amounted to 1,103.93 tons, an increase from 974.621 tons in 2018[182] - Total water consumption in 2019 was 18,958.60 cubic meters, a decrease of 4.78% from 19,910.20 cubic meters in 2018[190] Community Engagement - The company organizes local cultural events, such as the Mid-Autumn Festival, to enhance guest experience and promote cultural engagement[170] - Community investment strategies are being developed to ensure business activities consider community interests, although specific contributions were not disclosed[200]

Financial Performance - The group's revenue for the nine months ended September 30, 2019, was approximately HKD 54.7 million, an increase of about 6.9% compared to HKD 51.1 million in the same period of 2018[32]. - Profit attributable to the owners of the company for the same period was approximately HKD 7.3 million, representing a 15.1% increase from HKD 6.3 million in 2018[32]. - Basic earnings per share for the nine months was approximately HKD 0.21, compared to HKD 0.18 in the previous year[33]. - Gross profit for the nine months was approximately HKD 41.9 million, up from HKD 38.8 million in 2018[32]. - The group reported a profit before tax of approximately HKD 11.9 million for the nine months, compared to HKD 8.6 million in the same period of 2018[36]. - Total comprehensive income for the nine months was a loss of approximately HKD 2.1 million, compared to a loss of HKD 21.9 million in the previous year[36]. - The group incurred administrative expenses of approximately HKD 31.1 million for the nine months, compared to HKD 27.6 million in 2018[36]. - Other income for the nine months was approximately HKD 295,745, compared to HKD 3.6 million in the same period of 2018[36]. - The group experienced a significant increase in sales costs, amounting to approximately HKD 12.7 million for the nine months, compared to HKD 12.3 million in 2018[36]. - The company reported a profit attributable to owners of HKD 7,296,597 for the nine months ended September 30, 2019, compared to HKD 6,337,865 for the same period in 2018, representing an increase of approximately 15.2%[39]. - Basic earnings per share increased to HKD 0.209 for the nine months ended September 30, 2019, up from HKD 0.182 in the same period of 2018, reflecting a growth of about 14.8%[39]. - The diluted earnings per share for the nine months ended September 30, 2019, was HKD 0.205, compared to HKD 0.178 for the same period in 2018, indicating an increase of approximately 15.2%[39]. - The company recorded a total comprehensive income attributable to owners of HKD (2,547,923) for the nine months ended September 30, 2019, compared to HKD (21,566,025) for the same period in 2018, showing a significant improvement[39]. - The profit attributable to owners for the three months ended September 30, 2019, was HKD 2,527,156, compared to a loss of HKD (133,775) in the same period of 2018, marking a turnaround[39]. - The company’s total comprehensive income for the three months ended September 30, 2019, was HKD (10,399,464), compared to HKD (16,198,798) for the same period in 2018, indicating a reduction in losses[39]. - The total income tax expense for the nine months ended September 30, 2019, was HKD 4,302,047, compared to HKD 2,101,593 for the same period in 2018, marking an increase of about 104.5%[65]. - Employee costs for the nine months ended September 30, 2019, totaled HKD 13,205,554, an increase from HKD 11,091,549 in the same period of 2018, reflecting a rise of approximately 19.1%[61]. Strategic Initiatives - The company is committed to enhancing its operational efficiency and exploring new market opportunities to drive future growth[31]. - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth[40]. - The company plans to invest in new technologies and product development to stay competitive in the market[40]. - The management expressed optimism about future performance, citing strategic initiatives aimed at improving operational efficiency and profitability[40]. - The company is exploring potential mergers and acquisitions to enhance its market position and expand its service offerings[40]. - The group plans to continue focusing on the development of the Bintan land to enhance revenue and asset returns[97]. - The group is optimistic about future growth opportunities in the Greater China region and other Asian countries[97]. - The construction of the first phase of the Bintan development is expected to be completed around mid-2020[93]. - The group will continue to explore potential acquisition opportunities in China as part of its strategy to expand revenue sources[97]. Revenue Breakdown - The hotel operations segment generated revenue of HKD 30,556,692 for the nine months ended September 30, 2019, compared to HKD 31,636,526 in the same period of 2018, indicating a decline of about 3.4%[58]. - Room revenue was approximately HKD 30.6 million, accounting for about 55.9% of total revenue, with an occupancy rate of 67% compared to 65% last year[89]. - Food and beverage revenue increased to approximately HKD 4.0 million, representing 7.4% of total revenue, up from 4.3% last year[92]. - Income from distressed debt asset management was approximately HKD 14.9 million, accounting for about 27.3% of total revenue, compared to 22.5% last year[96]. Shareholding Structure - As of September 30, 2019, Vertic Holdings Limited holds 1,900,000,000 shares, representing approximately 54.44% of the company's shares[117]. - CMI Financial Holding Company Limited owns 690,000,000 shares, accounting for 19.77% of the total shares[117]. - China Eastern Asset Management Company holds 310,000,000 shares, which is about 8.88% of the company's shares[123]. - The convertible bonds held by CMI Hong Kong amount to HKD 25,278,000, representing 2.19% of the total issued share capital[129]. - The beneficial ownership of Mr. Yan Yi is 500 shares, which is 50% of Vertic[110]. - Ms. Yan Yi Ping holds 250 shares, representing 25% of Vertic[110]. - The spouse of Ms. Yan Yi Zhen, Datuk Siu Pak To, has a beneficial interest in 250 shares, also 25% of Vertic[110]. - No other individuals were reported to have significant interests in the company's shares as of September 30, 2019[132]. - The company has no other disclosures regarding interests or short positions in shares or related securities[113]. - The board of directors is aware of no other persons holding or deemed to hold interests in the company's shares that require disclosure under the Securities and Futures Ordinance[132].