Financial Performance - The company reported a total revenue of HKD 20 million for the six months ended June 30, 2024, representing a 25% increase compared to the same period last year[21]. - User data indicates a growth in active users by 15% year-over-year, reaching a total of 1.5 million active users[21]. - Interest income for the reporting period was approximately HKD 25.5 million, an increase from HKD 21.5 million in the previous year[36]. - The company incurred a total operating loss of HKD 34,326,786 for the six months ended June 30, 2024, compared to an operating loss of HKD 26,558,197 for the same period in 2023, indicating a deterioration of about 29%[93]. - The total comprehensive loss for the period was HKD 60,806,096, which is significantly higher than the loss of HKD 27,098,737 reported for the same period in 2023, reflecting an increase of approximately 125%[93]. - The basic and diluted loss per share for the six months ended June 30, 2024, was HKD 2.43, compared to HKD 1.08 for the same period in 2023, indicating a worsening of approximately 125%[93]. - The company reported a net loss of HKD 60,806,096 for the six months ended June 30, 2024, compared to a net loss of HKD 27,098,737 for the same period in 2023, indicating an increase in losses of approximately 125%[104]. - Cash and cash equivalents decreased to HKD 625,724 from HKD 2,077,546, reflecting a decline of approximately 69.9%[105]. Strategic Initiatives - The company has provided a forward guidance of 30% revenue growth for the next fiscal year, driven by new product launches and market expansion strategies[21]. - The company is planning to expand its market presence in Southeast Asia, targeting a 20% market share within the next two years[21]. - A strategic acquisition is in progress, expected to close by Q4 2024, which will enhance the company's product offerings and customer base[21]. - The company has established a partnership with a leading tech firm to co-develop innovative solutions, aiming for a launch in early 2025[21]. - The company is actively seeking acquisition targets with strong and sustainable growth prospects, with a deadline to announce potential acquisition terms by September 16, 2024[52]. Expenses and Liabilities - Operating expenses have been managed effectively, resulting in a 5% reduction compared to the previous year[21]. - The company incurred share-based payment expenses of approximately HKD 54.8 million, up from HKD 45.7 million in the previous year[37]. - Other operating expenses increased from approximately HKD 2.1 million in the previous year to about HKD 4.5 million due to higher legal and professional fees[39]. - As of June 30, 2024, total liabilities were approximately HKD 1,202.2 million, up from HKD 1,172.4 million as of December 31, 2023[49]. - The company’s total liabilities increased to HKD 1,202,244,830 from HKD 1,172,446,205, marking a rise of about 2.5%[95]. Capital and Financing - The company raised a total of HKD 1,001.0 million from the issuance of 100,100,000 Class A shares at HKD 10.00 per share and 40,040,000 listed warrants[34]. - The total amount raised from the special purpose acquisition company (SPAC) sale is HKD 1,001,000,000, with interest earned amounting to HKD 32,710,760[128]. - The company has entered into a financing agreement for an unsecured loan of HKD 20 million, but has not drawn any funds as of June 30, 2024[50]. - The company has sufficient financial resources to meet its ongoing capital needs prior to the completion of any merger and acquisition transactions[48]. - The company has a commitment from the sponsor to provide up to HKD 20,000,000 in interest-free loans to meet operational funding needs[156]. Shareholder Information - Major shareholders include China CITIC Group with a 17.73% stake and China Construction Bank with a 10.88% stake[79]. - Primavera LLC holds 7.70% of Class A shares and 60% of Class B shares, representing a significant ownership position[81]. - The company is under the ownership influence of several major shareholders, including Central Huijin Investment Ltd., which holds approximately 34.71% of the shares through its subsidiaries[84]. Corporate Governance - The audit committee has reviewed the interim financial results, which have not been audited by independent auditors[63]. - The company has complied with all applicable corporate governance code provisions during the reporting period, except for the combined roles of chairman and CEO[65]. - The company does not intend to pay cash dividends before the completion of any acquisition transaction[62]. Operational Status - The company has not generated any operational revenue since its inception, with all activities focused on corporate formation and identifying suitable acquisition targets[110]. - The company has not recognized any income tax during the reporting period due to its operations in the Cayman Islands, where no income tax is levied[116]. - The company has no full-time employees and has not incurred employee costs during the reporting period[55]. - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[69]. Fair Value and Risk Management - The fair value change of redeemable liability related to Class A shares was HKD (25,330,162) for the current period, compared to HKD (540,540) in the previous year, indicating a significant increase in liabilities[93]. - The company does not face significant credit, interest rate, or currency risks[155]. - The company’s policy does not allow for transfers between fair value levels during the reporting period[165].
INTERRA ACQ-Z(07801) - 2024 - 中期财报