Liquidation and Financial Status - The company is currently in liquidation and has suspended trading since April 3, 2023[3]. - The audited financial results for the year ended December 31, 2022, have been submitted by the joint liquidators[2]. - The company will continue to provide updates regarding its liquidation process and any potential impacts on shareholders[6]. - The company reported a total liability amounting to approximately RMB 6,878,008,000 related to court cases involving loan repayments[17]. - The arbitration ruling mandated the company to pay a total of approximately RMB 219,856,000, including investment amounts, repurchase premiums, and compensation[19]. - The company reported a net loss of HKD 233,028,000 for the year ended December 31, 2022[40]. - As of December 31, 2022, the company's current liabilities exceeded current assets by HKD 128,175,000[40]. - The company has outstanding convertible bonds totaling approximately HKD 197,450,000, which became due due to a default event[40]. - The company failed to repay convertible bonds of HKD 35,294,000 by the due date, constituting a default event[40]. - Following the default, the total amount due for the convertible bonds increased to HKD 202,603,000, including additional financial costs of HKD 81,638,000[100]. - The company reported a total loss attributable to owners of the company of HKD (212,053) thousand for the year 2022, compared to a loss of HKD (4,013) thousand in 2021, indicating a significant increase in losses[65]. - The total assets less current liabilities decreased to HKD (105,896) thousand in 2022 from HKD 167,253 thousand in 2021, reflecting a decline in financial stability[65]. - The company’s total equity attributable to owners was HKD (212,053) thousand, a decline from HKD 23,812 thousand in the previous year, indicating a negative equity position[65]. Management and Governance - The board of directors includes two executive directors and three independent non-executive directors[6]. - The company has appointed a new executive director on March 30, 2023[14]. - The company is managed by liquidators who act as agents without personal liability[7]. - The independent non-executive director, Mr. Li, has extensive experience in e-commerce and has held various academic and advisory positions[20]. - The company is actively involved in strategic planning and governance, with a focus on financial policies[17]. Financial Performance - Total revenue for the year ended December 31, 2022, was HKD 179,902,000, a decrease of 61.0% from HKD 460,682,000 in 2021[54]. - Gross profit for the same period was HKD 113,014,000, down 58.1% from HKD 269,350,000 in the previous year[54]. - The company’s total comprehensive loss for the year was HKD 230,032,000, compared to HKD 68,411,000 in 2021, indicating a worsening of 236.5%[54]. - The company’s financial performance was impacted by a loss of HKD (67,888) thousand from the termination of a subsidiary, further straining financial results[79]. - The company recognized an impairment loss of HKD 247,737,000 related to the termination of a subsidiary merger[54]. Legal and Compliance Issues - The chairman of the board, Mr. Zhong, has been involved in multiple legal cases, which have been ruled upon by the court[17]. - The company has faced challenges related to loan defaults and has been involved in legal proceedings to recover amounts owed[19]. - The independent auditor was unable to express an opinion on the financial statements due to limitations in scope related to the discontinued subsidiaries and joint ventures[24]. - The company has not been able to provide sufficient audit evidence regarding the completeness of its liabilities and contingent liabilities for the years ended December 31, 2022, and December 31, 2021[36]. - The company has reported significant risks of material misstatement in comparative financial information due to incomplete accounting records[37]. - The court dismissed a civil lawsuit against former directors due to insufficient evidence, and the company plans to appeal the decision[117]. Strategic Alliances and Investments - The company has a significant shareholding in Shenzhen Tengbang Value Chain Co., Ltd., holding 78.75%[14]. - The company holds a 36.56% indirect stake in Teng Tian Enterprises Limited[17]. - The company has been involved in strategic alliances to develop business opportunities in the Chinese market[14]. - The company has a history of engaging in investment management and asset management activities[14]. Accounting and Financial Reporting - The company did not comply with Hong Kong Financial Reporting Standards regarding the consolidation of subsidiaries and the equity method for joint ventures[31]. - The independent auditor highlighted that the company may have lost control over the discontinued subsidiaries and significant influence over the joint ventures as of January 1, 2022[32]. - The financial statements for the year ended December 31, 2022, may be materially affected if the discontinued subsidiaries and joint ventures were included[30]. - The company has faced challenges in obtaining accounting records and access to management of the discontinued subsidiaries and joint ventures[25]. - The group applied revised Hong Kong Financial Reporting Standards for the first time during the year, with no significant impact on financial position or performance[123]. - The management of the group anticipates that the application of new Hong Kong Financial Reporting Standards will not have a significant impact on future consolidated financial statements[125]. Cash Flow and Investments - Cash generated from operating activities decreased to HKD 14,477 thousand in 2022 from HKD 28,637 thousand in 2021, indicating reduced cash flow from operations[79]. - The net cash used in investing activities for the year ended December 31, 2022, was HKD 45,397,000, compared to a net cash inflow of HKD 61,659,000 in 2021[82]. - The total cash and cash equivalents decreased by HKD 59,979,000, ending the year at HKD 47,934,000 compared to HKD 107,499,000 at the beginning of the year[82]. - The company incurred a cash outflow of HKD 30,583,000 from the termination of a subsidiary during the year[82]. - The company recorded bank interest income of HKD 250,000 for the year, down from HKD 357,000 in 2021[82].
腾邦控股(06880) - 2024 - 年度业绩