时代环球集团(02310) - 2025 - 中期业绩

Financial Highlights Era Global Group Holdings Limited announced unaudited interim results for the six months ended June 30, 2025, showing a 4.7% year-on-year increase in revenue, but a 17.5% decrease in gross profit, leading to a 68.5% expansion in loss attributable to company shareholders; the board does not recommend an interim dividend Financial Highlights Table | Metric | H1 2025 (HKD Million) | H1 2024 (HKD Million) | Percentage Change | | :--- | :--- | :--- | :--- | | Revenue | 52.4 | 50.0 | 4.7% | | Gross Profit | 11.1 | 13.5 | -17.5% | | Gross Profit Margin | 21.2% | 26.9% | N/A | | Loss Attributable to Company Shareholders | 5.0 | 2.9 | 68.5% | | Basic Loss Per Share | 0.45 HK cents | 0.27 HK cents | 68.5% | - The Board does not recommend an interim dividend for the six months ended June 30, 2025[3] Condensed Consolidated Financial Statements This section presents Era Global Group's unaudited condensed consolidated statement of profit or loss and other comprehensive income, and condensed consolidated statement of financial position for the six months ended June 30, 2025, reflecting the company's operating results and financial position during the reporting period Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income For the six months ended June 30, 2025, the Group's revenue increased to HKD 52,356 thousand, but gross profit decreased to HKD 11,105 thousand due to increased direct costs; administrative and other operating expenses rose, leading to an expanded loss for the period of HKD 4,958 thousand Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Metric (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Revenue | 52,356 | 49,990 | | Direct Costs | (41,251) | (36,529) | | Gross Profit | 11,105 | 13,461 | | Net Other Income and Losses | 2,222 | 68 | | Selling and Distribution Expenses | (11) | – | | Administrative and Other Operating Expenses | (15,574) | (14,936) | | Net Impairment Loss under Expected Credit Loss Model | (1,931) | – | | Finance Costs | (887) | (1,377) | | Loss Before Tax | (5,076) | (2,784) | | Income Tax Credit/(Expense) | 118 | (159) | | Loss for the Period | (4,958) | (2,943) | - Total comprehensive expense for the period was (HKD 1,824 thousand), a narrowing from (HKD 3,360 thousand) in the prior year, primarily due to exchange differences[5] Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group's total assets were HKD 111,259 thousand, with non-current assets accounting for HKD 93,337 thousand; net current liabilities were (HKD 123,963 thousand), resulting in total assets less current liabilities of (HKD 30,626 thousand) and total net liabilities of (HKD 37,502 thousand), reflecting ongoing debt pressure Condensed Consolidated Statement of Financial Position | Metric (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | ASSETS | | | | Non-current Assets | 93,337 | 89,564 | | Current Assets | 17,922 | 20,415 | | LIABILITIES | | | | Current Liabilities | 141,885 | 138,369 | | Non-current Liabilities | 6,876 | 7,288 | | NET | | | | Net Current Liabilities | (123,963) | (117,954) | | Net Liabilities | (37,502) | (35,678) | - As of June 30, 2025, cash and cash equivalents were HKD 7,388 thousand, a decrease from HKD 10,189 thousand as of December 31, 2024[6] Notes to the Condensed Consolidated Financial Statements This section provides detailed notes to the condensed consolidated financial statements, covering company information, accounting policies, revenue breakdown, segment performance, asset and liability composition and changes, and dividend and loss per share calculations, offering essential context and details for understanding the financial statements General Information and Basis of Preparation Era Global Group Holdings Limited is a Hong Kong-listed investment holding company primarily engaged in Canadian hotel operations, and Chinese property and catering management; financial statements are presented in HKD, prepared on a going concern basis under HKAS 34, with auditors issuing a modified opinion on the 2024 annual report and noting material uncertainty regarding going concern - The Group's principal activities are hotel operations in Canada, and property and catering management in China[8] - The financial statements are prepared on a going concern basis, but the auditors' opinion on the 2024 annual report was modified due to scope limitations on interests in an associate and receivables, and includes a material uncertainty related to going concern[9][10] Principal Accounting Policies and Adoption of Revised HKFRSs The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with the accounting policies and calculation methods used in the 2024 annual financial statements; the adoption of revised HKFRSs (such as HKAS 27) for the first time in this period had no significant impact on the Group's financial position or performance - The condensed consolidated financial statements are prepared primarily on a historical cost basis, consistent with the accounting policies used in the 2024 annual financial statements[11] - The revised Hong Kong Financial Reporting Standards (including HKAS 27) adopted for the first time in this period had no significant impact on the Group's financial position or performance[12] Disaggregation of Revenue from Contracts with Customers The Group's revenue primarily derives from hotel operations (Canada), property management (China), and catering management (China); in H1 2025, hotel operations revenue was HKD 29,723 thousand, property management HKD 19,203 thousand, and catering management HKD 3,430 thousand, totaling HKD 52,356 thousand, with revenue recognition primarily occurring over time Disaggregation of Revenue from Contracts with Customers | Revenue Source (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | By Type of Product or Service | | | | Hotel Accommodation | 9,474 | 8,990 | | Food and Beverage (Hotel) | 13,659 | 12,177 | | Spa | 4,919 | 4,228 | | Marina | 1,215 | 1,278 | | Spa and Marina Product Sales | 456 | 424 | | Property Management | 19,203 | 18,924 | | Catering Services (China) | 3,430 | 3,969 | | Total | 52,356 | 49,990 | | By Geographical Market | | | | China | 22,633 | 22,893 | | Canada | 29,723 | 27,097 | | Total | 52,356 | 49,990 | - In H1 2025, revenue recognized over time was HKD 38,232 thousand, and revenue recognized at a point in time was HKD 14,124 thousand[13] Segment Information The Group is managed across three reportable segments: hotel operations, property management, and catering management; in H1 2025, hotel operations generated HKD 29,723 thousand revenue with a segment loss of HKD 438 thousand, property management HKD 19,203 thousand revenue with a segment loss of HKD 3,322 thousand, and catering management HKD 3,430 thousand revenue with a segment loss of HKD 2 thousand, with unallocated corporate expenses further expanding the loss before tax Segment Performance | Segment (HKD Thousand) | H1 2025 Revenue | H1 2025 Segment Profit/(Loss) | H1 2024 Revenue | H1 2024 Segment Profit/(Loss) | | :--- | :--- | :--- | :--- | :--- | | Hotel Operations | 29,723 | (438) | 27,097 | (455) | | Property Management | 19,203 | (3,322) | 18,924 | (732) | | Catering Management | 3,430 | (2) | 3,969 | 159 | | Total | 52,356 | (3,762) | 49,990 | (1,028) | Segment Assets and Liabilities | Segment Assets/Liabilities (HKD Thousand) | Assets as of June 30, 2025 | Liabilities as of June 30, 2025 | Assets as of June 30, 2024 | Liabilities as of June 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Hotel Operations | 87,251 | 29,698 | 88,093 | 31,450 | | Property Management | 16,495 | 29,165 | 16,697 | 31,112 | | Catering Management | 2,874 | 2,542 | 5,747 | 2,540 | | Total Segment | 106,620 | 61,405 | 110,537 | 65,102 | Loss Before Tax For the six months ended June 30, 2025, the Group's loss before tax calculation saw increases in staff costs, cost of inventories recognized as an expense, depreciation and amortization, and legal and professional fees, with staff costs rising to HKD 26,376 thousand and total depreciation to HKD 2,204 thousand Loss Before Tax Components | Item (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Staff Costs | 26,376 | 22,661 | | Cost of Inventories Recognized as an Expense | 7,038 | 6,136 | | Total Depreciation | 2,204 | 1,858 | | Amortisation of Intangible Assets | 824 | 823 | | Legal and Professional Fees | 2,688 | 2,239 | Income Tax Credit/(Expense) For the six months ended June 30, 2025, the Group recorded an income tax credit of HKD 118 thousand, primarily due to a deferred tax credit of HKD 124 thousand for the year, offsetting a current tax expense (China corporate income tax) of HKD 6 thousand, compared to an income tax expense of HKD 159 thousand in the prior period Income Tax Credit/(Expense) | Item (HKD Thousand) | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Current Tax - China Corporate Income Tax | (6) | (159) | | Deferred Tax - Current Year | 124 | – | | Total | 118 | (159) | Dividends The Board has decided not to declare an interim dividend for the six months ended June 30, 2025, consistent with the prior corresponding period - The Board does not recommend an interim dividend for the six months ended June 30, 2025 (H1 2024: nil)[24] Loss Per Share For the six months ended June 30, 2025, basic loss per share attributable to owners of the company increased to 0.45 HK cents from 0.27 HK cents in the prior period; diluted loss per share is not presented due to the absence of outstanding potentially dilutive ordinary shares Loss Per Share | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company (HKD Thousand) | (4,958) | (2,943) | | Weighted Average Number of Ordinary Shares (Thousand Shares) | 1,092,877 | 1,092,877 | | Basic Loss Per Share (HK Cents) | (0.45) | (0.27) | - Diluted loss per share is not presented as there were no outstanding potentially dilutive ordinary shares[26] Right-of-Use Assets As of June 30, 2025, the Group's right-of-use assets had a carrying amount of HKD 6,823 thousand, primarily comprising office properties and car parks; additions for the period amounted to HKD 11 thousand, depreciation expense was HKD 580 thousand, and the assets were also affected by exchange adjustments Right-of-Use Assets Carrying Amounts | Item (HKD Thousand) | Office Properties | Car Parks | Total | | :--- | :--- | :--- | :--- | | January 1, 2024 (Audited) | 8,422 | 134 | 8,556 | | December 31, 2024 (Audited) | 7,083 | 72 | 7,155 | | June 30, 2025 (Unaudited) | 6,778 | 45 | 6,823 | - For the six months ended June 30, 2025, depreciation expense for right-of-use assets was HKD 580 thousand[27] Intangible Assets As of June 30, 2025, the Group's intangible assets (customer relationships) had a carrying amount of HKD 840 thousand, a decrease from HKD 1,623 thousand as of December 31, 2024; customer relationships are amortized on a straight-line basis over ten years, with a remaining useful life of half a year Intangible Assets (Customer Relationships) | Item (HKD Thousand) | Customer Relationships | | :--- | :--- | | Cost as of January 1, 2024 | 42,163 | | Cost as of June 30, 2025 | 42,184 | | Accumulated Amortisation and Impairment as of January 1, 2024 | 38,806 | | Accumulated Amortisation and Impairment as of June 30, 2025 | 41,344 | | Carrying Amount as of June 30, 2025 | 840 | | Carrying Amount as of December 31, 2024 | 1,623 | - The remaining useful life of intangible assets (customer relationships) is half a year (December 31, 2024: one year)[28] Trade and Other Receivables As of June 30, 2025, net trade and other receivables totaled HKD 10,222 thousand, slightly higher than HKD 9,961 thousand as of December 31, 2024; net trade receivables were HKD 6,998 thousand, with HKD 4,155 thousand due within 90 days, and credit loss provisions increased Trade and Other Receivables | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Net Trade Receivables | 6,998 | 8,356 | | Net Other Receivables | 3,224 | 1,605 | | Total | 10,222 | 9,961 | Trade Receivables Ageing | Trade Receivables Ageing (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 4,155 | 8,197 | | 91 to 180 days | 1,686 | 159 | | 181 to 365 days | 1,157 | – | | 1 to 2 years | – | – | | Total | 6,998 | 8,356 | - As of June 30, 2025, the provision for credit losses on trade receivables was HKD 17,432 thousand, an increase from HKD 14,943 thousand at the beginning of the period[29][32] Trade and Other Payables As of June 30, 2025, total trade and other payables were HKD 25,560 thousand, a slight decrease from HKD 26,934 thousand as of December 31, 2024; accrued expenses significantly increased to HKD 6,592 thousand, while bond interest payable and trade payables decreased Trade and Other Payables | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Trade Payables | 2,598 | 2,878 | | Accrued Expenses | 6,592 | 1,925 | | Other Taxes Payable | 2,125 | 3,721 | | Bond Interest Payable | 916 | 3,016 | | Other Payables | 13,329 | 15,394 | | Total | 25,560 | 26,934 | Trade Payables Ageing | Trade Payables Ageing (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Within 90 days | 1,213 | 1,375 | | 91 to 180 days | 755 | 1,111 | | 181 to 365 days | 471 | 239 | | Over 365 days | 159 | 153 | | Total | 2,598 | 2,878 | Secured Bank Loans As of June 30, 2025, the Group had secured bank loans of HKD 21,144 thousand, bearing interest at Canada prime rate plus 1.2% (effective rate 6.62%), collateralized by freehold land and buildings held for own use, and personally guaranteed by Mr. Choi Yun Chu; the Group has complied with all financial covenants, but the loans are still classified as current liabilities Secured Bank Loans | Loan Type | Effective Interest Rate | Maturity Date | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | :--- | :--- | | Floating-rate Secured Bank Loans | 6.62% (2024: 6.65%) | March 15, 2032 | 21,144 | 21,171 | - The loans are secured by freehold land and buildings held for own use with a carrying amount of approximately HKD 78,986 thousand, and personally guaranteed by Mr. Choi Yun Chu for CAD 5,000,000[36] - The Group has complied with all financial covenants, including the debt service coverage ratio requirement of not less than 1.25, but the loans are still classified as current liabilities[37] Bonds As of June 30, 2025, the Group held total bonds of HKD 10,181 thousand; one bond with a principal of HKD 10,000 thousand and a 3% coupon rate was fully settled on May 23, 2025, while another bond with a principal of HKD 10,181 thousand and a 3% coupon rate remains outstanding as part of the consideration for acquiring a joint venture Bonds | Bond Type | Coupon Rate | June 30, 2025 (HKD Thousand) | December 31, 2024 (HKD Thousand) | | :--- | :--- | :--- | :--- | | Settled Bonds (Note a) | 3% | – | 10,000 | | Outstanding Bonds (Note b) | 3% | 10,181 | 10,181 | | Total | | 10,181 | 20,181 | - An unlisted and unsecured bond with a principal of HKD 10,000 thousand was fully settled on May 23, 2025[39] Capital Commitments As of June 30, 2025, the Group's contracted capital commitments not reflected in the consolidated financial statements primarily consisted of unpaid registered capital for subsidiaries, amounting to approximately HKD 17,548 thousand, an increase from HKD 16,962 thousand as of December 31, 2024 Capital Commitments | Item (HKD Thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Unpaid Registered Capital for Subsidiaries | 17,548 | 16,962 | Financial Review This section reviews the Group's financial performance for the six months ended June 30, 2025, including revenue growth, gross profit decline, and expanded loss, detailing liquidity, asset pledges, capital structure, staff costs, and foreign exchange risk management Overall Financial Performance In H1 2025, the Group's revenue increased by 4.7% year-on-year to HKD 52.4 million, driven by higher hotel operations revenue; however, gross profit decreased by 17.5% to HKD 11.1 million due to increased direct costs related to property management, and administrative expenses and expected credit losses led to a 68.5% expansion in loss for the period to HKD 5.0 million - Revenue increased by 4.7% from approximately HKD 50.0 million in H1 2024 to approximately HKD 52.4 million in H1 2025, primarily driven by an increase of approximately HKD 2.6 million in hotel operations revenue[41] - Gross profit decreased by HKD 2.4 million from approximately HKD 13.5 million in H1 2024 to approximately HKD 11.1 million in H1 2025, mainly due to increased direct costs related to property management[42] - Loss for the period increased from approximately HKD 2.9 million in H1 2024 to approximately HKD 5.0 million in H1 2025, primarily impacted by increased administrative expenses and expected credit losses[42] Liquidity and Financial Resources As of June 30, 2025, the Group's net current liabilities increased to approximately HKD 124 million, and the current ratio decreased to approximately 0.13 times, indicating increased liquidity pressure; bank balances and cash decreased to approximately HKD 7.4 million Liquidity and Financial Resources | Metric (HKD Million) | June 30, 2025 | December 31, 2024 | Change | | :--- | :--- | :--- | :--- | | Net Current Liabilities | 124 | 118 | Increase by 6 | | Current Ratio | 0.13 times | 0.15 times | Decrease | | Bank Balances and Cash | 7.4 | 10.2 | Decrease by 2.8 | Pledge of Assets As of June 30, 2025, the Group pledged freehold land and buildings held for own use with a value of approximately HKD 75.9 million as collateral for bank financing, an increase from HKD 71.8 million as of December 31, 2024 - As of June 30, 2025, the Group pledged freehold land and buildings held for own use with a value of approximately HKD 75.9 million as collateral for bank financing[44] Capital Structure In H1 2025, the Group primarily supported its liquidity needs through cash generated from operations, secured bank loans, bonds, and loans from controlling shareholders - The Group supported its liquidity needs through cash generated from operations, secured bank loans, bonds, and loans from controlling shareholders[45] Capital Commitments and Contingent Liabilities As of June 30, 2025, the Group had no significant contingent liabilities; capital commitments primarily consisted of unpaid registered capital for subsidiaries, amounting to approximately HKD 17.5 million, a slight increase from the end of last year - As of June 30, 2025, the Group had no significant contingent liabilities[46] - Capital commitments for unpaid registered capital of subsidiaries amounted to approximately HKD 17.5 million[46] Employees and Remuneration Policies As of June 30, 2025, the Group had approximately 433 employees, with staff costs increasing by 16.4% year-on-year to approximately HKD 26.4 million, primarily due to the expansion of hotel operations and property management businesses; remuneration policies are based on industry practice, employee performance, and experience, offering discretionary bonuses and other benefits Employees and Staff Costs | Metric | June 30, 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Number of Employees | 433 | N/A | N/A | | Staff Costs (HKD Million) | 26.4 | 22.7 | Increase by 3.7 (16.4%) | - The increase in staff costs was primarily due to the expansion of hotel operations and property management businesses[47] Foreign Exchange Fluctuations and Hedging The Group considers its foreign currency risk not significant, as operations in China and Canada are primarily denominated in RMB and CAD, respectively, with revenues and costs measured in the entities' functional currencies; therefore, no hedging instruments were used in H1 2025, but the Board will continue to monitor and consider future hedging needs - The Group considers its foreign currency risk not significant, primarily because its operations in China and Canada are denominated in RMB and CAD, respectively[48] - No forward foreign exchange contracts were entered into during H1 2025, and the Board will continue to monitor and consider hedging when necessary[48][49] Business Review and Outlook This section provides a detailed review of the Group's three core business segments' performance and an outlook on future market conditions and company strategy; hotel operations and property management businesses achieved growth, while catering management faced challenges, and management is actively taking measures to improve financial performance and explore new business opportunities Hotel Operations In H1 2025, hotel operations revenue increased by 9.7% year-on-year to approximately HKD 29.7 million, accounting for 56.8% of the Group's total revenue; growth was primarily driven by higher average room rates and improved performance in the food and beverage and spa segments, with occupancy remaining at approximately 80.2% Hotel Operations Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 29.7 | 27.1 | Increase by 2.6 (9.7%) | | Percentage of Total Revenue | 56.8% | N/A | N/A | | Occupancy Rate | 80.2% | 82.2% | Slight Decrease | - Revenue growth was primarily due to higher average room rates and improved performance in the food and beverage and spa segments[50] Property Management In H1 2025, property management revenue increased by 1.5% year-on-year to approximately HKD 19.2 million, accounting for 36.7% of the Group's total revenue; the increase was primarily attributable to higher revenue from labor dispatch services Property Management Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 19.2 | 18.9 | Increase by 0.3 (1.5%) | | Percentage of Total Revenue | 36.7% | N/A | N/A | - The increase in revenue was primarily due to higher revenue from labor dispatch services[51] Catering Management In H1 2025, catering management revenue decreased by 13.6% year-on-year to approximately HKD 3.4 million, accounting for 6.6% of the Group's total revenue; the revenue reduction was primarily due to a decrease in the total number of customers amid intense competition in the Chinese market Catering Management Performance | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue (HKD Million) | 3.4 | 4.0 | Decrease by 0.5 (13.6%) | | Percentage of Total Revenue | 6.6% | N/A | N/A | - The decrease in revenue was primarily due to a reduction in the total number of customers amid intense competition in the Chinese market[52] Outlook Despite challenges such as economic instability and market saturation, the overall outlook for Canadian hotel operations and Chinese property management businesses remains stable; the management team is actively implementing measures to reduce operating losses, improve financial performance, and continuously explore new business opportunities to deliver shareholder returns - The overall outlook for Canadian hotel operations and Chinese property management businesses remains stable, despite challenges such as economic instability and market saturation[53] - The management team is implementing various measures to reduce operating losses and improve financial performance, while continuously exploring new business opportunities[54] Other Information This section covers other important information regarding the Group's corporate governance, directors' securities transactions, dealings in listed securities, audit committee operations, and interim report publication, emphasizing the company's commitment to high governance standards and transparency Corporate Governance The Group is committed to maintaining high standards of corporate governance, having adopted the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules, and has complied with its provisions throughout the six months ended June 30, 2025 - The Group has adopted and complied with the Corporate Governance Code set out in Appendix C1 of the HKEX Listing Rules throughout the reporting period[55] Standard Code for Securities Transactions by Directors The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 of the Listing Rules, and confirms that all directors complied with its provisions during the period ended June 30, 2025 - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers, and all directors complied with its provisions during the reporting period[56] Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the company nor any of its subsidiaries purchased, sold, or redeemed any of the company's listed securities - During the reporting period, neither the company nor its subsidiaries purchased, sold, or redeemed any listed securities[57] Audit Committee and Review of Financial Statements The Board's Audit Committee has reviewed and discussed accounting principles, financial reporting procedures, internal control matters, and the unaudited condensed financial statements for the six months ended June 30, 2025, confirming compliance with applicable accounting principles, standards, and requirements - The Audit Committee has reviewed and confirmed the unaudited condensed financial statements for the six months ended June 30, 2025, and confirmed compliance with applicable accounting principles[58] - The Audit Committee comprises three independent non-executive directors, at least one of whom possesses appropriate professional qualifications and experience in financial matters[58] Publication of Interim Results Announcement and 2025 Interim Report This interim results announcement has been published on the company's website and the HKEX website; the 2025 interim report is expected to be dispatched to shareholders on or before September 30, 2025, and simultaneously published on the company's and HKEX websites - This interim results announcement has been published on the company's website and the HKEX website[59] - The 2025 interim report is expected to be dispatched to shareholders and published on or before September 30, 2025[59] Acknowledgement The Board extends its sincere gratitude to shareholders, business partners, senior management, and staff for their continued support and valuable contributions to the Group - The Board expresses its sincere gratitude to shareholders, business partners, senior management, and staff[60] Board of Directors As of the announcement date, the Board of Directors comprises four executive directors, including Mr. Choi Yun Chu (Chairman and Executive Director), and three independent non-executive directors, including Ms. Lai Cheuk Yu - As of the announcement date, the Board of Directors comprises four executive directors (Mr. Choi Yun Chu, Mr. Chan Kin, Mr. Tai Kwok Keung, Ms. Hung Hung Kai) and three independent non-executive directors (Ms. Lai Cheuk Yu, Mr. Wong Heung Yeung, Mr. Lok Hor Wai)[61]