Financial Position - As of June 30, 2020, the Group's total assets were approximately HK$19,111,000, with non-current assets at approximately HK$18,890,000 and current assets at approximately HK$221,000[13]. - The net current liabilities of the Group as of June 30, 2020, were approximately HK$52,483,000, including approximately HK$15,373,000 for administrative and operating expenses, and approximately HK$12,120,000 as a loan from a director[14]. - The Group's net liabilities as of June 30, 2020, were approximately HK$110,231,000, indicating a need for improved liquidity and financial strategies[21]. - The gearing ratio increased to 596.35% as of June 30, 2020, compared to 516.12% as of December 31, 2019[29]. - The Group's total liabilities as of 30 June 2020 were HK$5,321,370, a decrease from HK$5,999,424 at the end of 2019, indicating a reduction of approximately 11.3%[138]. - The Group's unallocated assets decreased from HK$10,150,161 as of December 31, 2019, to HK$8,507,057 as of June 30, 2020[125]. - The Group's current assets included no equity investments listed in Hong Kong as of 30 June 2020[147]. Revenue and Loss - The net loss attributable to owners of the Company for the six months ended June 30, 2020, was approximately HK$13,864,000, a decrease of approximately HK$7,750,000 from the net loss of approximately HK$21,614,000 in the previous period[20]. - For the six months ended June 30, 2020, the company reported a total revenue of HK$0, indicating no revenue generation during this period[81]. - The total comprehensive expenses for the period were HK$13,864,049, reflecting the company's ongoing financial challenges[88]. - The Group incurred a loss from operations of HK$8,120,883 for the six months ended June 30, 2020, compared to a loss of HK$7,000,000 in 2019[129]. - The net loss for the period attributable to owners of the company was HK$13,864,049, a decrease of 35.9% compared to the loss of HK$21,614,108 in the same period of 2019[81]. Cash and Liquidity - As of June 30, 2020, the Group had cash and cash equivalents of approximately HK$139,000, a slight decrease from approximately HK$160,000 as of December 31, 2019[21]. - Cash and bank balances decreased from HK$160,039,000 on December 31, 2019, to HK$139,161,000 on June 30, 2020, representing a decline of approximately 13.04%[160]. - The cash and cash equivalents at the end of the period were HK$139,161, a decrease from HK$160,039 at the beginning of the period[100]. - The Group reported net proceeds from unsecured borrowings of HK$930,000 during the period, compared to HK$49,000,000 in the previous year[100]. Investments and Fundraising - The Group is exploring various means to strengthen its financial position and optimize its capital structure, including possible fundraising exercises[15]. - The Company is seeking new investors as shareholders or equity security holders and plans to place 20% of the issued share capital[24]. - The Group aims to realize its investments through the disposal of unlisted equity investments[103]. - The Group's investment portfolio is diversified across various sectors, including education and securities investment[12]. Corporate Governance and Compliance - The risk management and internal control systems of the Group were functioning effectively and adequately[56]. - The Company has adopted the Model Code for Securities Transactions by Directors, and all Directors confirmed compliance during the Period[56]. - The Group's financial statements have been reviewed by the Audit Committee and approved for issue on 31 August 2020[95]. - The interim financial information has been prepared in accordance with HKAS 34 and the applicable disclosure requirements of the Listing Rules[98]. Employee and Operational Information - As of June 30, 2020, the group employed 5 employees, including one Executive Director, with no major changes in human resources[38]. - The Group's directors' remuneration and staff costs totaled HK$5,088,792 for the six months ended June 30, 2020, a decrease from HK$5,898,708 in 2019[129]. Shareholder Information - As of June 30, 2020, Mr. Hu Haisong holds 966,638,573 shares, representing 53.59% of the issued share capital[63]. - The total issued and fully paid share capital remained unchanged at 1,803,558,784 shares with a par value of HK$0.0125 each as of June 30, 2020[178]. - The Company did not redeem any shares during the Period, nor did it or its subsidiaries purchase or sell any shares[57]. Taxation - The Group did not make any provision for Hong Kong Profits Tax for the six months ended 30 June 2020 and 2019, as there were no assessable profits[134].
金石投资集团(00901) - 2020 - 中期财报