Liquidation and Financial Status - The company is currently in liquidation and has suspended trading since April 3, 2023[3]. - The company will issue further announcements to inform the public of the latest developments[4]. - The company is currently in liquidation, which has implications for its financial reporting and operations moving forward[24]. - The company was ordered to be liquidated by the High Court on September 25, 2023, with a provisional liquidator appointed[40]. - The company is currently undergoing liquidation, with the liquidators appointed on December 27, 2023[49]. - The company has not included the assets, liabilities, revenues, and expenses of the terminated subsidiaries in its consolidated financial statements, which deviates from the requirements of Hong Kong Financial Reporting Standards[31]. - The company’s independent auditor did not express an opinion on the consolidated financial statements due to significant limitations in the scope of the audit[25]. - The company has been unable to obtain adequate audit evidence to confirm the completeness of its liabilities and contingent liabilities as of December 31, 2023[36]. - The company has recognized a termination gain of HKD 67,888,000 from discontinued subsidiaries and associates in the consolidated income statement for the year ended December 31, 2023[34]. - The overall operations of the group were deemed not significantly impacted by the termination of the subsidiaries and associates according to the liquidators[29]. Financial Performance - The company reported a net loss of HKD 143,909,000 for the year ended December 31, 2023[40]. - Total revenue for the year ended December 31, 2023, was HKD 149,175,000, a decrease of 17.2% from HKD 179,902,000 in 2022[52]. - Gross profit for the same period was HKD 91,038,000, down 19.4% from HKD 113,014,000 in the previous year[52]. - The company reported a loss before tax of HKD 143,763,000, compared to a loss of HKD 232,427,000 in 2022, indicating an improvement of 38.1%[52]. - The net loss for the year was HKD 143,909,000, a reduction of 38.2% from HKD 233,028,000 in the prior year[52]. - Total assets decreased to HKD 60,235,000 from HKD 93,327,000, reflecting a decline of 35.4%[55]. - Current liabilities increased significantly to HKD 417,369,000 from HKD 221,502,000, representing an increase of 88.5%[55]. - The company has a negative net asset value of HKD 355,565,000 as of December 31, 2023, compared to HKD 212,053,000 in 2022[59]. - The total accumulated loss reached HKD 257,664,000, reflecting ongoing financial challenges[63]. Governance and Management - The board of directors includes two executive directors and three independent non-executive directors[6]. - The company has a strong governance structure with independent non-executive directors overseeing key committees[21]. - The company has appointed professional advisors for shareholders with questions regarding the liquidation[6]. - The company is actively involved in strategic planning and financial policy management under the leadership of its executive director, Mr. Wang[18]. - The chairman of the board, Mr. Zhong, has been involved in multiple legal cases, which have not affected his eligibility to serve as a non-executive director according to the listing rules[20]. Legal and Compliance Issues - The company has received resumption guidance from the Stock Exchange, which includes conducting an independent investigation into alleged misappropriation of funds and publishing the results[102]. - The group initiated civil litigation against several former employees for alleged misappropriation of funds, with the court dismissing the claim due to insufficient evidence[113]. - The group reported that the civil lawsuit against former directors was ultimately dismissed by the Shenzhen Intermediate People's Court[113]. - The forensic investigation revealed no evidence that the misappropriated funds originated from the group, aligning with the Shenzhen court's original ruling[115]. - The group has faced inquiries from the Stock Exchange regarding the forensic investigation methods and results[113]. Restructuring Efforts - The company entered into an exclusivity agreement with an investor regarding a restructuring plan, which includes capital restructuring and debt repayment arrangements, with a non-refundable deposit of HKD 6,500,000 paid by the investor[97]. - The exclusivity period for the restructuring agreement was extended to December 24, 2024[98]. - The consolidated financial statements are prepared on a going concern basis, assuming the successful completion of the restructuring plan and the group's ability to repay financial obligations in the foreseeable future[103]. Accounting Policies and Standards - The group applied new Hong Kong Financial Reporting Standards for the first time in the current year, which did not significantly impact the financial position or performance[119]. - The group has made adjustments to its accounting policies to enhance the disclosure of significant accounting policies in financial statements[120]. - The group’s accounting policies and calculation methods for the year ended December 31, 2023, remain consistent with those for the year ended December 31, 2022[128]. - The group has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[125]. Revenue Recognition - Revenue from health and wellness product sales is recognized when control of the relevant goods is transferred to the customer, specifically when the goods are delivered[143]. - The group confirms revenue from customer contracts upon the transfer of control related to specific performance obligations[134]. - The group applies a relative standalone selling price method to allocate transaction prices to multiple performance obligations in contracts[142].
腾邦控股(06880) - 2024 - 年度业绩