Financial Position - As of June 30, 2021, the total assets of the Group were approximately HK$136,282,000, with non-current assets at approximately HK$4,670,000 and current assets at approximately HK$131,612,000[12]. - The Group's net liabilities as of June 30, 2021, were approximately HK$33,269,000, a significant decrease of approximately HK$96,280,000 from net liabilities of approximately HK$129,549,000 as of December 31, 2020[13]. - The Group had cash and cash equivalents of approximately HK$1,145,000 as of June 30, 2021, compared to approximately HK$168,000 as of December 31, 2020[19]. - The net current assets of the Group as of June 30, 2021, were approximately HK$25,818,000, which included various liabilities such as convertible bonds and corporate bonds[13]. - The gearing ratio was reported at 121.62% as of June 30, 2021, a substantial decrease from 2,323.51% as of December 31, 2020[27]. - As of June 30, 2021, the company's total assets less current liabilities amounted to HK$30,487,538, a significant improvement from a negative value of HK$59,269,444 at the end of 2020[79]. - The company's net current assets improved to HK$25,817,631 from a net liability of HK$63,865,477 at the end of 2020, indicating a positive shift in financial position[79]. - The total liabilities decreased to HK$63,757,011 from HK$70,279,585, showing a reduction of approximately 9% in non-current liabilities[81]. - The company's capital deficiency improved to HK$33,269,473 from HK$129,549,029, indicating a substantial recovery in its capital position[81]. Financial Performance - The net loss attributable to owners of the Company for the six months ended June 30, 2021, was approximately HK$16,477,000, an increase of approximately HK$2,613,000 from the net loss of approximately HK$13,864,000 in the previous period[18]. - The company reported a net loss attributable to owners of approximately HK$16,477,000 for the six months ended June 30, 2021, an increase of HK$2,613,000 compared to a net loss of HK$13,864,000 for the same period last year[22]. - For the six months ended June 30, 2021, the company reported a loss before tax of HK$16,477,319, compared to a loss of HK$13,864,049 for the same period in 2020, representing an increase in loss of approximately 18.5%[76]. - The total comprehensive expense for the period was HK$16,477,319, reflecting the ongoing financial challenges faced by the Group[94]. - The net loss for the six months ended June 30, 2021, was HK$16,477,319, compared to a loss of HK$13,864,049 for the same period in 2020, reflecting a worsening financial position[137][142]. - The loss per share for the period was HK$0.85, compared to HK$0.77 in the previous year, reflecting an increase of approximately 10.4%[76]. - No revenue was reported for the six months ended June 30, 2021, consistent with the previous year[128]. Cash Flow and Financing - Net cash used in operating activities was HK$15,680,715 for the six months ended June 30, 2021, significantly higher than HK$888,148 in the same period of 2020[86]. - The Group raised HK$112,756,875 through the placing of new shares during the period, contributing to a net cash generated from financing activities of HK$146,502,121[86]. - Cash and cash equivalents at the end of the period increased to HK$1,145,023 from HK$139,161 at the end of June 2020[86]. - The Group plans to seek new investors and additional financial support, including loans and issuing new equity or debt securities, to improve liquidity[97]. Investment Activities - The Group's investment portfolio is diversified across various sectors, including unlisted multi-strategies funds and investments in listed securities[12]. - The Group's financial assets at fair value through profit or loss increased significantly to HK$127,842,527 from HK$448,000 at the end of 2020[79]. - The fair value of unlisted investment funds established in the Cayman Islands was approximately HK$127,769,000 as of June 30, 2021, compared to HK$nil in 2020[157]. - The Group's equity investments included a 23.70% shareholding in E-Com Holdings Pte. Ltd., valued at HK$4,535,340[150]. - The Group's financial assets include both listed and unlisted investments, reflecting a diverse investment portfolio[197]. Risk Management - The company is exposed to foreign currency risk primarily due to investments in financial assets, but the board believes the foreign exchange risk is minimal[25]. - The Group is exposed to various financial risks, including market risk, credit risk, and liquidity risk, with no changes in risk management policies since the year-end[192]. - The risk management and internal control systems are functioning effectively, providing reasonable assurance that material assets are protected and business risks are monitored[54]. - There is an ongoing process for identifying, evaluating, and managing significant risks faced by the group[54]. Corporate Governance - The company has adopted the Model Code for Securities Transactions by Directors and confirmed compliance by all directors throughout the period[50]. - The company has complied with all corporate governance codes except for the attendance of two independent non-executive directors at the annual general meeting[47]. - The company has established a sound internal control system to safeguard shareholders' investments and assets[48]. Shareholder Information - The company does not recommend the payment of an interim dividend for the period, consistent with the previous year where no dividend was declared[26]. - No dividends were paid, declared, or proposed for the period, consistent with the previous year[139][140]. - As of June 30, 2021, Dr. Xiao Yanming holds 276,000,000 shares, representing 12.75% of the issued share capital[58]. - The issued and fully paid share capital increased to HK$27,052,735 as of June 30, 2021, following the placement of 360,660,000 new shares[180]. Compliance and Reporting - The interim financial information was approved for issue on 30 August 2021, indicating ongoing efforts to maintain transparency and compliance[89]. - The Group's financial statements were prepared on a going concern basis, with measures implemented to enhance working capital and liquidity[94]. - The application of new amendments to HKFRSs had no material effect on the Group's financial performance and positions for the current or prior periods[106]. - The Group's accounting policies and calculation methods remain consistent with those adopted in the annual financial statements for the year ended December 31, 2020[105].
金石投资集团(00901) - 2021 - 中期财报