绿心集团(00094) - 2021 - 中期财报

Company Information Company Information Overview This section outlines Greenheart Group Limited's core corporate information, including board composition, registered details, and key professional contacts - Board members include CHENG Chi Him (Non-executive Chairman) and DING Wai Chuen (Chief Executive Officer)[16] - Audit Committee, Remuneration Committee, and Nomination Committee chairmen are all WONG Man Chung or CHENG Chi Him[16] - Stock code: 94[16] - Independent Auditor: Deloitte Touche Tohmatsu[16] Chairman's Statement Performance Review and Highlights The Group achieved significant revenue growth and a substantial reduction in net loss despite global supply chain challenges, driven by strong performance in New Zealand and revenue growth in Suriname - Global container and vessel shortages led to a global supply chain crisis, impacting the Group's business[18] 2021 H1 Key Financial Performance | Indicator | 2021 H1 (HK$ million) | Y-o-Y Change | | :--- | :--- | :--- | | Total Revenue | 147.85 | 33.9% | | Adjusted EBITDA | 31.746 | 132.5% | | Net Loss | 1.265 | -96.5% (narrowed) | - New Zealand segment sales grew 31.0% to HK$129.38 million, primarily driven by strong Chinese demand for New Zealand Radiata Pine and rising average log prices[19] - New Zealand A-grade log prices surged 48.9% to US$195 per cubic meter, but most gains were eroded by soaring shipping costs (from US$30.6 to US$60 per cubic meter)[19] - New Zealand segment recorded a fair value gain on plantation assets of HK$24.995 million, reflecting favorable adjustments in future market prices and demand[21] - Suriname segment revenue significantly increased by 58.3% to HK$18.47 million, but was adversely affected by local pandemic outbreaks, continuous heavy rainfall, and container shortages[22] Outlook and Strategy Future outlook anticipates short-term pressure on New Zealand log prices from China's economic slowdown, while the Suriname segment faces ongoing uncertainties, necessitating continued focus on cost control and efficiency - Slowing economic growth in China (Q2 GDP growth rate plummeted from 18.3% to 7.9%) is expected to exert short-term pressure on New Zealand Radiata Pine prices[24] - New Zealand carbon credit prices soared to nearly NZ$50 per tonne, raising forest owners' price expectations[25] - The outlook for the Suriname segment is full of uncertainties, facing risks such as a resurgence of the pandemic, adverse weather, supply chain disruptions, and changes in government policies[25] - Management will continue to strive to improve the Group's productivity and logistics efficiency, cut costs, streamline headcount, and implement stringent and prudent financial and cash flow management policies[27] Management Discussion and Analysis Business Review The Group's first-half financial performance significantly improved, marked by reduced net loss, revenue growth, a shift to gross profit, and increased fair value gains on plantation assets - Unaudited net loss significantly narrowed by 96.5% to HK$1.265 million, primarily due to fair value gain on plantation assets and improved operating results[29] 2021 H1 Revenue Composition | Segment | 2021 H1 Revenue (HK$ thousand) | 2020 H1 Revenue (HK$ thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | New Zealand Segment | 129,380 | 98,754 | 31.0% | | Suriname Segment | 18,470 | 11,671 | 58.3% | | Total Revenue | 147,850 | 110,425 | 33.9% | - The Group recorded a gross profit of HK$26.267 million (2020 H1: gross loss of HK$4.177 million), with a gross profit margin of 17.8%[32] - New Zealand segment gross profit margin rose to 24.2%, while Suriname segment gross loss margin decreased to 27.6%, mainly attributed to higher average timber selling prices and reduced cost structure[32] - Fair value gain on plantation assets increased to HK$24.995 million, mainly reflecting the overall improvement in the New Zealand Radiata Pine market and rising short-term forecast log prices[37] - Administrative expenses remained stable at HK$22.67 million, but as a percentage of revenue, it decreased from 20.5% to 15.3%, primarily due to cost control measures[39] - Finance costs decreased by 14.0% to HK$7.809 million, mainly due to a general decline in bank borrowing interest rates following LIBOR[40] - EBITDA increased to HK$57.172 million, primarily due to increased fair value gain on plantation assets and improved operating results[43] - Profit attributable to owners of the Company turned from a loss of HK$24.322 million in the same period last year to a profit of HK$8.923 million[45] Liquidity and Financial Review The Group maintains robust liquidity, increased net current assets, and a stable gearing ratio, while prudently managing treasury and exchange rate risks and complying with loan covenants Liquidity Position | Indicator | June 30, 2021 (HK$ thousand) | Dec 31, 2020 (HK$ thousand) | | :--- | :--- | :--- | | Current Assets | 250,101 | 241,630 | | Current Liabilities | 105,041 | 114,387 | | Cash and Bank Balances | 154,384 | 167,684 | | Outstanding Borrowings | 428,259 | 426,252 | | Gearing Ratio | 44.7% | 44.7% | - Most of the Group's sales are denominated in USD, and major costs and expenses are also in USD, while New Zealand domestic sales and forest management fee income are in NZD, helping to offset some operating expenses[47] - No hedging of financial instruments was undertaken during the period, but exchange rate risks will continue to be closely monitored, and necessary hedging arrangements will be implemented[47] - All financial covenants related to bank loan facilities were complied with[49] Outlook Global forestry markets remain challenging, with New Zealand facing log price pressure and rising shipping costs, while Suriname focuses on turnaround amidst external uncertainties, necessitating strict cost and capital expenditure control - Global forestry market conditions remain challenging, and economic recovery may take more time[50] - New Zealand became China's largest log supplier in H1 2021, accounting for 32% of total imports, with import volume increasing by 58% year-on-year[51] - New Zealand A-grade Radiata Pine cost-and-freight prices fell from July and further in August, while freight costs to China and South Korea surged to over US$61 per cubic meter[51] - The Suriname segment continues to focus on turning around losses, with management concentrating on improving operational efficiency and market sales effectiveness[54] - The Group will continue to actively monitor the situation, implement strict cost control, and prudently manage capital expenditures and investment projects[54] Other Financial Information This section details asset pledges, the Board's decision not to declare an interim dividend, and information on capital expenditures, business activities, contingent liabilities, and employee remuneration - The Group's bank loan facilities are secured by New Zealand forest land (carrying value approximately HK$134.61 million) and plantation assets (carrying value approximately HK$450.919 million)[55][56] - The Board has resolved not to recommend the declaration of any dividend for the six months ended June 30, 2021[57] - Capital expenditure for the six months ended June 30, 2021, was approximately HK$7.039 million for investment in property, plant, and equipment[58] - No significant business acquisitions or disposals were undertaken during the period, nor were there any significant contingent liabilities[59][60] - As of June 30, 2021, share options to subscribe for 15,923,600 ordinary shares of the Company remained valid and unexercised[62] - As of June 30, 2021, the Group had a total of 179 employees, with employee costs of approximately HK$18.55 million[63] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Profit or Loss and Comprehensive Income Overview This statement outlines the Group's unaudited consolidated profit or loss and other comprehensive income, reflecting a successful turnaround to net profit driven by revenue growth and fair value gains 2021 H1 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Revenue | 147,850 | 110,425 | Growth 33.9% | | Cost of sales and services | (121,583) | (114,602) | Growth 6.1% | | Gross profit (loss) | 26,267 | (4,177) | Turned from loss to profit | | Fair value gain on plantation assets | 24,995 | 5,407 | Growth 362.3% | | Selling and distribution costs | (18,207) | (15,072) | Growth 20.8% | | Administrative expenses | (22,670) | (22,632) | Growth 0.2% | | Finance costs | (7,809) | (9,075) | Decrease 14.0% | | Profit (loss) before tax | 3,582 | (41,196) | Turned from loss to profit | | Income tax (expense) credit | (4,847) | 5,090 | Turned to expense | | Loss for the period | (1,265) | (36,106) | Loss narrowed 96.5% | | Profit (loss) for the period attributable to owners of the Company | 8,923 | (24,322) | Turned from loss to profit | | Basic earnings (loss) per share | 0.005 HK$ | (0.013) HK$ | Turned from loss to profit | Condensed Consolidated Statement of Financial Position Assets, Liabilities, and Equity Overview This statement presents the Group's unaudited consolidated financial position, highlighting the composition of assets, liabilities, and equity, with plantation assets as a key non-current component 2021 H1 Condensed Consolidated Statement of Financial Position Key Data | Indicator | June 30, 2021 (HK$ thousand) | Dec 31, 2020 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | | | | | Property, plant and equipment | 310,673 | 316,184 | -1.7% | | Forest concessions and harvesting rights | 135,111 | 140,123 | -3.6% | | Plantation assets | 450,919 | 455,131 | -0.9% | | Current assets | | | | | Inventories | 42,448 | 25,102 | 69.1% | | Trade receivables | 18,113 | 16,359 | 10.7% | | Bank balances and cash | 154,384 | 167,684 | -7.9% | | Current liabilities | | | | | Trade payables | 31,790 | 39,075 | -18.7% | | Bank borrowings (current) | – | 243 | -100.0% | | Non-current liabilities | | | | | Loan from direct holding company | 183,658 | 181,900 | 1.0% | | Bank borrowings (non-current) | 219,960 | 219,960 | 0.0% | | Deferred tax liabilities | 100,973 | 97,589 | 3.5% | | Total Equity | 569,832 | 575,764 | -1.0% | Condensed Consolidated Statement of Changes in Equity Equity Changes Overview This statement details the Group's equity changes, primarily influenced by profit attributable to owners and exchange differences from overseas operations - Profit attributable to owners of the Company was HK$8.923 million (2020 H1: loss of HK$24.322 million)[77] - Exchange differences from translating overseas operations resulted in other comprehensive expense of HK$4.667 million (2020 H1: HK$6.356 million)[77] - Total comprehensive income attributable to owners of the Company was HK$4.256 million (2020 H1: expense of HK$30.678 million)[77] - As of June 30, 2021, total equity was HK$569.832 million, a slight decrease from HK$575.764 million at the beginning of the year[77] Condensed Consolidated Statement of Cash Flows Cash Flow Overview This statement presents the Group's cash flows, indicating net cash generation from operations but an overall decrease in cash and cash equivalents due to investing and financing activities 2021 H1 Condensed Consolidated Statement of Cash Flows Key Data | Activity Type | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | Change | | :--- | :--- | :--- | :--- | | Net cash generated from operating activities | 6,639 | 9,228 | -28.1% | | Net cash used in investing activities | (9,301) | (17,595) | -47.1% | | Net cash used in financing activities | (8,786) | (7,789) | 12.8% | | Net decrease in cash and cash equivalents | (11,448) | (16,156) | -29.1% | | Cash and cash equivalents at end of period | 154,384 | 149,897 | 3.0% | Notes to the Condensed Consolidated Interim Financial Statements 1. General Information Greenheart Group Limited, a Bermuda-incorporated and Hong Kong-listed entity, is ultimately held by Chow Tai Fook Enterprises Limited, with financial statements in HKD and functional currency in USD - Company incorporated in Bermuda; listed on The Stock Exchange of Hong Kong Limited[82] - Ultimate holding company: Chow Tai Fook Enterprises Limited[82] - Financial statements presented in HKD; company's functional currency is USD[82] 2. Basis of Preparation The interim financial statements adhere to Hong Kong Accounting Standard 34 and Appendix 16 of the Listing Rules for disclosure requirements - Prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and Appendix 16 of the Listing Rules of The Stock Exchange of Hong Kong Limited[83] 3. Principal Accounting Policies Financial statements are prepared using historical cost, with plantation assets and forest land at fair value, and recent HKFRS amendments had no significant financial impact - Principal measurement basis: historical cost convention, except for plantation assets and forest land measured at fair value less costs to sell or revalued amounts[84] - First-time application of HKFRS 16 (COVID-19-Related Rent Concessions) and HKFRS 9 (Interest Rate Benchmark Reform – Phase 2) amendments during the period[86] - Interest rate benchmark reform amendments had no significant impact on the condensed consolidated financial statements for the period, future impacts will be reflected in the annual consolidated financial statements[106] 4. Revenue Group revenue, primarily from log and timber sales and forest management fees, increased by 33.9%, with New Zealand contributing most, largely from China sales, and Suriname also showing significant growth 2021 H1 Revenue Composition | Type of goods or services | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | | :--- | :--- | :--- | | Sales of logs and timber products | 142,605 | 107,050 | | Forest management fees | 2,668 | 1,171 | | Total revenue from contracts with customers | 145,273 | 108,221 | | Subcontracting fee income | 2,577 | 2,204 | | Total Revenue | 147,850 | 110,425 | - New Zealand segment contributed HK$129.38 million in revenue, Suriname segment contributed HK$18.47 million[109] - Revenue from New Zealand customers primarily relates to sales made on FOB terms and destined for mainland China[120] - Revenue from sales of logs and timber products is recognized when control of the goods is transferred to the customer[123] - Revenue from forest management services is recognized over time as performance obligations are satisfied[124] - Subcontracting fee income arises from operating lease arrangements with subcontractors, based on variable per-log production and fixed payments[126] 5. Operating Segments The Group operates in Suriname and New Zealand, with the latter showing strong revenue and adjusted EBITDA, while Suriname's loss narrowed, and major customers are concentrated in New Zealand 2021 H1 Segment Results (Adjusted EBITDA) | Segment | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | | :--- | :--- | :--- | | Suriname | (2,789) | (7,612) | | New Zealand | 40,813 | 30,639 | | Total Segments | 38,024 | 23,027 | - New Zealand segment contributed HK$65.664 million in EBITDA, while Suriname segment recorded a loss of HK$2.244 million[135] - The New Zealand segment has one major customer whose revenue contribution accounted for over 10% of total revenue for the period (2021 H1: HK$109.984 million; 2020 H1: HK$87.39 million)[144] 6. Other Income, Other Gains and Losses Other income decreased due to the absence of prior-period government grants, with other gains and losses primarily reflecting a loss from early lease termination 2021 H1 Other Income Composition | Item | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | | :--- | :--- | :--- | | Bank and other interest income | 35 | 247 | | Finance lease income | 356 | 554 | | Government grants | – | 492 | | Service fee income | 914 | 323 | | Others | 194 | 47 | | Total | 1,499 | 1,663 | - Other gains and losses primarily represent a loss from early termination of leases of HK$0.302 million[147] 7. Finance Costs Finance costs decreased by 14.0% to HK$7.809 million, primarily due to lower bank borrowing interest rates influenced by LIBOR 2021 H1 Finance Costs Composition | Item | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | | :--- | :--- | :--- | | Interest expense on loan from direct holding company | 3,497 | 3,516 | | Interest on lease liabilities | 749 | 720 | | Interest on bank borrowings | 3,563 | 4,839 | | Total | 7,809 | 9,075 | 8. Profit (Loss) Before Tax Profit before tax significantly improved to HK$3.582 million from a prior-period loss, driven by fair value gains on plantation assets and enhanced operating results 2021 H1 Profit (Loss) Before Tax Key Deductions | Item | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | | :--- | :--- | :--- | | Forest harvested as agricultural produce | 31,469 | 29,594 | | Amount reversed from opening inventories | 1,312 | 4,598 | | Cost of forest depletion due to harvesting | 23,913 | 28,376 | | Amortisation of forest concessions and harvesting rights | 5,574 | 5,224 | 9. Income Tax Expense (Credit) Income tax expense of HK$4.847 million was recorded, shifting from a prior-period credit, primarily due to New Zealand tax provisions, deferred tax, and withholding tax 2021 H1 Income Tax Expense (Credit) Composition | Item | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | | :--- | :--- | :--- | | Current tax – Hong Kong | 356 | 2,410 | | Current tax – Other jurisdictions | 523 | 464 | | Withholding tax | 584 | 805 | | Deferred tax | 3,384 | (9,811) | | Total | 4,847 | (5,090) | - Hong Kong profits tax adopts a two-tiered tax rate system, with the first HK$2 million of assessable profits taxed at 8.25% and the remainder at 16.5%[152] - Statutory tax rates for Suriname and New Zealand are 36% and 28%, respectively[153] 10. Dividends The Board resolved not to declare any interim dividend for the six months ended June 30, 2021 - No interim dividend declared for the period[154] 11. Earnings (Loss) Per Share Basic and diluted earnings per share improved significantly to HK$0.005, reversing a prior-period loss of HK$0.013 per share Earnings (Loss) Per Share | Indicator | 2021 H1 | 2020 H1 | | :--- | :--- | :--- | | Basic earnings (loss) per share | 0.005 HK$ | (0.013) HK$ | | Diluted earnings (loss) per share | 0.005 HK$ | (0.013) HK$ | - The weighted average number of ordinary shares used to calculate basic earnings (loss) per share was 1,854,991,056 shares[156] 12. Forest Concessions and Harvesting Rights The Group holds approximately 340,000 hectares of forest concessions and harvesting rights in Suriname, with one renewed and another pending approval, and their amortization included in cost of sales - As of June 30, 2021, the carrying value of forest concessions and harvesting rights was HK$135.111 million[158] - Amortisation of HK$5.012 million was recognized during the period[158] - The Group holds approximately 340,000 hectares of forest concessions and harvesting rights in Suriname[161] - One concession located in western Suriname, approximately 25,000 hectares, was renewed in 2020, valid until November 7, 2030[160] - Another concession renewal application for approximately 25,000 hectares in central Suriname is still pending approval[160] 13. Plantation Assets The Group's 15,819 hectares of New Zealand Radiata Pine plantation assets, measured at fair value, generated a HK$24.995 million gain, influenced by rising log prices and subject to valuation sensitivity analysis - As of June 30, 2021, the net carrying value of plantation assets was HK$450.919 million[171] - Fair value gain on plantation assets for the period was HK$24.995 million[170] - The Group owns approximately 15,819 hectares of Radiata Pine plantation in New Zealand[172] - A total of 152,000 cubic meters of logs were harvested during the period[173] - Valuation uses the income approach, with key inputs including forecast unit log price (US$90 per cubic meter), growth rate, production costs, transport costs, and a 7.25% discount rate[178][180] Plantation Assets Fair Value Sensitivity Analysis (Impact on Profit Before Tax) | Variable | Change | Impact (HK$ thousand) | | :--- | :--- | :--- | | Production costs | Increase 5% | (33,215) | | Production costs | Decrease 5% | 33,215 | | Transport costs | Increase 5% | (17,439) | | Transport costs | Decrease 5% | 17,439 | | Log prices | Increase 5% | 86,914 | | Log prices | Decrease 5% | (86,914) | | Discount rate | Increase 1% | (67,665) | | Discount rate | Decrease 1% | 87,446 | - Plantation assets are pledged as security for the Group's bank credit facilities[196] 14. Trade Receivables Net trade receivables totaled HK$18.113 million, primarily from customer contracts, managed under strict credit policies with most settlements occurring within 90 days - As of June 30, 2021, net trade receivables amounted to HK$18.113 million[199] - Provision for credit losses was HK$6.862 million[199] - The Group grants customers trade terms primarily ranging from immediate to 90 days for letters of credit or 5 to 30 days for open account transactions[200] - As of June 30, 2021, over 85% of trade receivables balances were settled subsequent to the period-end[203] 15. Impairment Assessment of Financial Assets and Other Items Subject to Expected Credit Loss Model A net impairment loss of HK$0.123 million was recognized for trade receivables, contrasting with a prior-period reversal of other receivables impairment due to settlement - A net impairment loss of HK$0.123 million was recognized for trade receivables during the period[204] - For the six months ended June 30, 2020, an impairment provision of HK$2.741 million for other receivables related to refundable earnest money was reversed[206] 16. Trade Payables Total trade payables of HK$31.79 million are primarily trade-related, interest-free, and typically settled within 30 days Trade Payables Ageing Analysis | Ageing | June 30, 2021 (HK$ thousand) | Dec 31, 2020 (HK$ thousand) | | :--- | :--- | :--- | | Within one month | 26,301 | 29,348 | | One to three months | 449 | 1,745 | | Over three months | 5,040 | 7,982 | | Total | 31,790 | 39,075 | - Trade payables are trade in nature, interest-free, and typically settled within a 30-day period[209] 17. Bank Borrowings Total bank borrowings of HK$219.96 million, primarily secured New Zealand facilities, were renegotiated and extended, with all financial covenants duly complied - As of June 30, 2021, total bank borrowings amounted to HK$219.96 million, all of which are secured loans[211] - New Zealand bank loan facilities were renegotiated, and the final maturity date was extended from March 31, 2022, to November 1, 2022[212][214] - Loans are denominated in USD and bear interest at a base rate plus 1.70% per annum[214] - All financial covenants related to bank loan facilities were complied with[214] - Loan collateral includes all personal property of selected Group companies, New Zealand forest land, and plantation assets[216] - Suriname Hakrinbank loan facilities were fully repaid[214] 18. Financial Instruments by Category This section categorizes the Group's financial assets and liabilities measured at amortized cost Financial Instruments Classification | Type | June 30, 2021 (HK$ thousand) | Dec 31, 2020 (HK$ thousand) | | :--- | :--- | :--- | | Financial assets (amortized cost) | 177,517 | 187,940 | | Financial liabilities (amortized cost) | 470,912 | 476,069 | 19. Related Party Disclosures The Group engages in various related party transactions, including loan interest and administrative expenses, with the direct holding company loan maturity extended to March 31, 2023 2021 H1 Related Party Transactions | Relationship | Transaction Nature | 2021 H1 (HK$ thousand) | 2020 H1 (HK$ thousand) | | :--- | :--- | :--- | :--- | | Direct holding company | Interest expense paid and payable on loan | 3,497 | 3,516 | | Fellow subsidiaries | License fees received and administrative expenses received and receivable | 1,119 | 1,133 | | Fellow subsidiaries | Administrative expenses paid and payable | – | 400 | - The maturity date of the loan from the direct holding company has been extended from March 31, 2022, to March 31, 2023[225] - Total remuneration for the Group's key management personnel was HK$5.224 million (2020 H1: HK$5.952 million)[229] 20. Contingent Liabilities The Group reported no significant contingent liabilities as of June 30, 2021, and December 31, 2020 - No significant contingent liabilities[231] 21. Events After Reporting Period No significant events occurred subsequent to the reporting period - No significant events after the reporting period[232] 22. Approval of Condensed Consolidated Interim Financial Statements The condensed consolidated interim financial statements received Board approval on August 27, 2021 - Condensed consolidated interim financial statements approved by the Board of Directors on August 27, 2021[233] Other Information Directors' and Major Shareholders' Interests This section details directors' and major shareholders' interests in company shares and associated corporations, including share options, with Newforest Limited holding 60.49% of shares - As of June 30, 2021, CHENG Chi Him, MA Si Min, TSANG On Yip, WONG Man Chung, and other directors held long positions in the Company's shares and related shares, including share options[235] - The Company's share option scheme was adopted on June 28, 2012, and is valid until June 28, 2022[279] - Major shareholder Newforest Limited held 1,122,005,927 shares, representing 60.49% of the total issued share capital[283] - Newforest Limited is directly beneficially owned 40% by Kingway Asia Resources Limited (wholly-owned by Mr. HU Weiliang) and 60% by Honour Shine Holdings Limited (a wholly-owned subsidiary of Chow Tai Fook Enterprises Limited)[287] - China Forestry Group Corporation, through its wholly-owned subsidiary, held 110,000,000 shares, representing 5.93%[289] - Mr. CHENG Yang retired as a Non-executive Director on May 25, 2021[293] Corporate Governance and Compliance The Audit Committee reviewed financial reporting and governance, confirming the company's compliance with the Corporate Governance Code and directors' adherence to securities transaction standards, with no listed securities transactions during the period - The Audit Committee has reviewed and discussed with management the accounting principles and practices adopted by the Group, audit, internal control, and financial reporting matters, as well as the Company's corporate governance policies and practices[295] - The Company has complied with the applicable code provisions of the Corporate Governance Code set out in Appendix 14 to the Listing Rules throughout the six months ended June 30, 2021[296] - All Directors have confirmed that they have complied with the Model Code for Securities Transactions by Directors of Listed Issuers and the Code of Conduct during the six months ended June 30, 2021[297] - During the period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[299] - This report contains forward-looking statements regarding the Group's financial position, operating results, and business, which involve known and unknown risks and uncertainties[300]