Company Name Change and Joint Ventures - The company changed its name from "Hao Tian Development Group Limited" to "Aceso Life Science Group Limited" during the year[43]. - A joint venture was formed with Co-High Investment Management Limited to develop, manufacture, sell, and distribute therapeutics and diagnostic assets in Greater China and Southeast Asia[43]. - The Group formed a joint venture, Aceso Life Science Holding Limited, with Co-High Investment Management Limited, to develop and distribute therapeutic and diagnostic assets in Greater China and Southeast Asia[67]. - Aceso Life Science Group established a joint venture, Aceso Life Science Holding Limited, with a 51% stake, focusing on therapeutic and diagnostic assets in Greater China and Southeast Asia[70]. Investment and Development Projects - The company acquired a 22% equity interest in a comprehensive urban development project in Cambodia, which includes a special economic zone of 17,252,519 square meters[45]. - The company invested in a property development project of 267,500 square meters (or 2,879,343 square feet) in Port Dickson, Negeri Sembilan, Malaysia for residential and commercial purposes[45]. - The board believes that the acquisition of the target property aligns with its business strategy and enhances its investment portfolio in the "One Belt, One Road" regions[45]. - The Group acquired a 22% stake in a company registered in Cambodia, which is developing a 17,252,519 square meter economic zone for residential, industrial, and commercial purposes[46]. - The Group acquired a 22% equity interest in CESIZ (Cambodia) Co., Ltd for HK$1,125 million, enhancing its urban complex development portfolio in Cambodia[80]. - The acquisition allows the Group to invest in prime land in Cambodia, enhancing its investment portfolio and market share[85]. - The property development project in Malaysia spans 267,500 square meters and is held under a 99-year lease expiring in 2097[90]. Financial Performance and Challenges - The macro environment remains challenging due to the ongoing COVID-19 pandemic, impacting global and Hong Kong economies[41]. - The Group incurred a loss of approximately HK$348 million for the Year, compared to a loss of approximately HK$278 million in 2020, mainly due to expected credit losses and share-based payments[118]. - Revenue for the Year was approximately HK$346 million, representing an increase of approximately 17% from approximately HK$296 million in 2020, driven by growth in money lending and construction machinery rental and sales[121]. - The Group recorded a fair value loss of approximately HK$157 million in its investment portfolio during the year[100]. - The revenue from asset management, securities brokerage, commodities, futures, and other financial services was approximately HK$11 million, a decrease from approximately HK$19 million in 2020, primarily due to reduced brokerage services[111]. Strategic Focus and Market Opportunities - The life sciences sector experienced rapid growth during the pandemic, driven by increased funding and market opportunities[43]. - The Group is actively exploring investment opportunities to diversify its business and expand its asset portfolio[45]. - The Group's strategic focus includes exploring new business opportunities in life sciences and property development in response to the challenges posed by COVID-19[59]. - The Group aims to develop, distribute, and commercialize global life science assets in Greater China and Southeast Asia to meet substantial medical demand[196]. - The life technology industry presents vast development opportunities, with the Group focusing on innovative drug patents globally[197]. - Cambodia's annual GDP growth rate ranks among the top six in the world, presenting numerous business opportunities for the Group[198]. - The Group is exploring investment opportunities in various sectors in Cambodia to capitalize on the economic transformation[199]. Financial Management and Capital Structure - The Group's current assets were approximately HK$2,026 million, up from approximately HK$1,634 million as of 31 March 2020, while current liabilities were approximately HK$1,096 million, compared to approximately HK$1,049 million in the previous year[156]. - Total borrowings increased to HK$2,730 million as of 31 March 2021, compared to HK$2,156 million as of 31 March 2020[159]. - The Group's net debts amounted to HK$2,527 million, while total equity was HK$3,014 million, resulting in a total capital of HK$5,541 million as of 31 March 2021[159]. - The gearing ratio increased to 46% as of 31 March 2021, compared to 41% as of 31 March 2020[159]. - The Group aims to lower the cost of funds through a centralized treasury policy, monitoring funding for all operations at the Group level[157]. - The management is focused on obtaining favorable financing terms and rates to manage exposure to interest rate fluctuations[157]. Market Conditions and Economic Environment - The stable political environment and favorable tax policies in Cambodia have attracted significant foreign investment, particularly from China[83]. - The bilateral "China-Cambodia Free Trade Agreement" is expected to enhance trade benefits and development opportunities for both nations[83]. - Cambodia's GDP reached US$27 billion in 2019, with a GDP per capita of US$1,643, reflecting a growth rate of over 7% over the past decade[83]. - The ongoing pandemic has prompted the adoption of novel strategies and technologies in clinical trial design, expected to accelerate the bioscience industry[75].
信铭生命科技(00474) - 2021 - 年度财报