王氏国际(00099) - 2025 - 中期业绩

Financial Summary Key Financial Indicators For the six months ended June 30, 2025, the Group's loss significantly narrowed, mainly due to a smaller decrease in property value changes, with underlying profit showing a modest increase Key Financial Performance Comparison (For the six months ended June 30) | Metric | 2025 (HK$ thousand) | 2024 (HK$ thousand) | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company | (158,400) | (388,900) | 230,500 | -59.27% | | Decrease in value of investment properties and completed property inventories | (214,800) | (443,300) | 228,500 | -51.55% | | Underlying profit attributable to owners of the Company (excluding property changes) | 56,400 | 54,300 | 2,100 | 3.87% | Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statement of Profit or Loss Revenue increased by 6.35% for the six months ended June 30, 2025, with operating loss significantly narrowing due to reduced property fair value and joint venture losses Key Data from Condensed Consolidated Interim Statement of Profit or Loss (HK$ thousand) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Revenue | 1,302,141 | 1,224,403 | 77,738 | 6.35% | | Operating loss | (32,372) | (144,205) | 111,833 | -77.55% | | Fair value changes of investment properties | (107,196) | (210,927) | 103,731 | -49.18% | | Share of losses of joint ventures | (83,321) | (200,847) | 117,526 | -58.52% | | Loss before income tax | (139,086) | (371,741) | 232,655 | -62.58% | | Loss attributable to owners of the Company | (158,430) | (388,916) | 230,486 | -59.26% | Condensed Consolidated Interim Statement of Comprehensive Income For the six months ended June 30, 2025, total comprehensive loss significantly narrowed, driven by reduced period loss and a positive currency translation difference Key Data from Condensed Consolidated Interim Statement of Comprehensive Income (HK$ thousand) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss for the period | (158,430) | (388,916) | 230,486 | -59.26% | | Currency translation differences – Group | 79,545 | (59,230) | 138,775 | -234.38% | | Other comprehensive income / (loss) for the period, net of tax | 46,577 | (59,392) | 105,969 | -178.43% | | Total comprehensive loss for the period attributable to owners of the Company | (111,853) | (448,308) | 336,455 | -75.05% | Condensed Consolidated Interim Statement of Financial Position As of June 30, 2025, total assets, liabilities, and equity decreased, mainly due to reduced investment properties and interests in joint ventures Key Data from Condensed Consolidated Interim Statement of Financial Position (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total assets | 5,945,157 | 6,158,836 | (213,679) | -3.47% | | Total liabilities | 2,553,963 | 2,641,434 | (87,471) | -3.31% | | Total equity | 3,391,194 | 3,517,402 | (126,208) | -3.59% | | Investment properties | 1,366,723 | 1,473,317 | (106,594) | -7.24% | | Interests in joint ventures | 1,493,969 | 1,591,570 | (97,601) | -6.13% | | Trade receivables | 788,447 | 865,107 | (76,660) | -8.86% | | Cash and cash equivalents | 883,592 | 719,846 | 163,746 | 22.75% | Condensed Consolidated Interim Statement of Changes in Equity For the six months ended June 30, 2025, total equity attributable to owners decreased, mainly due to period loss and dividends, partially offset by positive currency translation differences Key Data from Condensed Consolidated Interim Statement of Changes in Equity (HK$ thousand) | Metric | June 30, 2025 | January 1, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total equity at end of period | 3,391,194 | 4,474,267 | (1,083,073) | -24.21% | | Loss for the period | (158,430) | (388,916) | 230,486 | -59.26% | | Currency translation differences | 79,545 | (59,230) | 138,775 | -234.38% | | Dividends paid to owners of the Company | (14,355) | (14,355) | 0 | 0.00% | Notes to the Financial Statements Basis of Preparation and Accounting Policies Interim financial information is prepared under HKAS 34, using historical cost with fair value adjustments for certain financial instruments and investment properties; new standards adopted have no significant impact Basis of Preparation Interim financial information is prepared under HKAS 34, using historical cost convention with fair value adjustments for derivative financial instruments, financial assets, and investment properties - Interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants - Interim financial information is prepared on the historical cost convention, modified by the revaluation of derivative financial instruments, financial assets at fair value through other comprehensive income, and investment properties carried at fair value Adopted and Unadopted Standards The Group adopted revised HKAS 21 and HKFRS 1 on January 1, 2025, with no significant financial impact; HKFRS 18 will affect statement presentation and disclosures - The Group has first applied the revised standards: HKAS 21 and HKFRS 1 Amendments "Lack of Exchangeability" for the annual reporting period beginning January 1, 2025[11] - The application of the above revised standards has had no impact on the amounts recognised in prior periods and is not expected to have a significant impact on the current or future periods[11] - HKFRS 18 will introduce new requirements for presentation in the consolidated statement of comprehensive income, including classifying all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations, and requiring disclosure of management-defined performance measures[15] - Interim financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" issued by the Hong Kong Institute of Certified Public Accountants[10] - The Group has first applied the revised standards: HKAS 21 and HKFRS 1 Amendments "Lack of Exchangeability" for the annual reporting period beginning January 1, 2025, and is not expected to have a significant impact on the current or future periods[11] - HKFRS 18 will introduce new requirements for presentation in the consolidated statement of comprehensive income, including classifying all income and expenses into five categories: operating, investing, financing, income tax, and discontinued operations, and requiring disclosure of management-defined performance measures, but is not expected to have a significant impact on operating results and financial position[15] Segment Information The Group operates in EMS and Property Holding segments; EMS saw profit growth, Property Holding narrowed losses, and Asia (excluding Hong Kong) and North America are key revenue sources Overview of Operating Segments The Group's operating segments are Electronic Manufacturing Services (EMS) and Property Holding, with performance regularly reviewed by key operating decision-makers for resource allocation - The Group is currently organised into two operating segments: Electronic Manufacturing Services (EMS) and Property Holding[17] - The chief operating decision-maker assesses the performance of the operating segments based on segment results (operating segment profit or loss before other income, other gains – net, and finance costs – net, but excluding corporate and unallocated expenses)[18] Segment Results and Assets EMS segment revenue and results grew, while the Property Holding segment significantly narrowed its loss; EMS assets slightly increased, and Property Holding assets decreased Segment Results Comparison (For the six months ended June 30, HK$ thousand) | Metric | EMS Segment (2025) | EMS Segment (2024) | Property Holding Segment (2025) | Property Holding Segment (2024) | | :--- | :--- | :--- | :--- | :--- | | External revenue | 1,271,379 | 1,193,142 | 30,762 | 31,261 | | Segment results | 81,769 | 64,347 | (179,677) | (409,914) | | Share of losses of joint ventures | – | – | (83,322) | (200,847) | | Fair value changes of investment properties | – | – | (107,196) | (210,927) | Segment Assets Comparison (HK$ thousand) | Metric | EMS Segment (June 30, 2025) | EMS Segment (December 31, 2024) | Property Holding Segment (June 30, 2025) | Property Holding Segment (December 31, 2024) | | :--- | :--- | :--- | :--- | :--- | | Segment assets | 2,741,369 | 2,725,170 | 1,536,625 | 1,655,939 | | Interests in joint ventures | – | – | 1,493,969 | 1,591,970 | | Total reportable segment assets | 2,741,369 | 2,725,170 | 3,030,594 | 3,247,509 | Geographical Market Analysis Group revenue primarily from Asia (ex-Hong Kong), Europe, and North America, with significant growth in the latter two; non-current assets are concentrated in Hong Kong and Asia (ex-Hong Kong) Revenue Analysis by Geographical Market (For the six months ended June 30, HK$ thousand) | Region | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | North America | 208,972 | 157,169 | 51,803 | 32.96% | | Asia (excluding Hong Kong) | 699,471 | 775,133 | (75,662) | -9.76% | | Europe | 307,457 | 198,497 | 108,960 | 54.90% | | Hong Kong | 86,241 | 93,604 | (7,363) | -7.87% | | Total | 1,302,141 | 1,224,403 | 77,738 | 6.35% | Non-current Assets Analysis by Geographical Market (HK$ thousand) | Region | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Asia (excluding Hong Kong) | 262,559 | 248,080 | 14,479 | 5.84% | | Hong Kong | 2,984,543 | 3,197,570 | (213,027) | -6.66% | | Total | 3,247,113 | 3,445,665 | (198,552) | -5.76% | - For the six months ended June 30, 2025, approximately HK$628.39 million and HK$152.19 million of revenue were derived from two major external customers, both attributable to the EMS segment[22] - The Group is currently organised into two operating segments: Electronic Manufacturing Services (EMS) and Property Holding[17] Segment Results Comparison (For the six months ended June 30, HK$ thousand) | Metric | EMS Segment (2025) | EMS Segment (2024) | Property Holding Segment (2025) | Property Holding Segment (2024) | | :--- | :--- | :--- | :--- | :--- | | External revenue | 1,271,379 | 1,193,142 | 30,762 | 31,261 | | Segment results | 81,769 | 64,347 | (179,677) | (409,914) | | Share of losses of joint ventures | – | – | (83,322) | (200,847) | | Fair value changes of investment properties | – | – | (107,196) | (210,927) | Revenue Analysis by Geographical Market (For the six months ended June 30, HK$ thousand) | Region | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | North America | 208,972 | 157,169 | 51,803 | 32.96% | | Asia (excluding Hong Kong) | 699,471 | 775,133 | (75,662) | -9.76% | | Europe | 307,457 | 198,497 | 108,960 | 54.90% | | Hong Kong | 86,241 | 93,604 | (7,363) | -7.87% | | Total | 1,302,141 | 1,224,403 | 77,738 | 6.35% | Other (Losses) / Gains – Net For the six months ended June 30, 2025, the Group recorded other net losses, primarily from increased exchange losses offsetting gains from asset sales Other (Losses) / Gains – Net (For the six months ended June 30, HK$ thousand) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Gain on disposal of property, plant and equipment | 650 | 1,288 | (638) | -49.53% | | Exchange (losses) / gains – net | (8,444) | 9,689 | (18,133) | -187.15% | | Total | (7,794) | 10,977 | (18,771) | -171.01% | Income Tax Expense For the six months ended June 30, 2025, income tax expense increased, mainly due to higher overseas taxes partially offset by a decrease in deferred income tax Income Tax Expense (For the six months ended June 30, HK$ thousand) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Current income tax – Hong Kong profits tax | (290) | 3,498 | (3,788) | -108.29% | | Current income tax – Overseas tax | 20,688 | 13,010 | 7,678 | 59.02% | | Withholding tax on dividends paid by PRC-incorporated subsidiaries | 8,072 | 8,611 | (539) | -6.26% | | Deferred income tax | (9,126) | (7,944) | (1,182) | 14.88% | | Total | 19,344 | 17,175 | 2,169 | 12.63% | - Hong Kong profits tax is provided at a rate of 16.5%, while PRC subsidiaries are subject to enterprise income tax at 25%, except for Wah Gao Technology (Suzhou) Co., Ltd., which is taxed at 15%[25] Dividends The Board resolved to pay an interim dividend of HK$0.0275 per share, consistent with the prior year, totaling HK$13.158 million - The Board has resolved to declare an interim dividend of HK$0.0275 per share (2024: HK$0.0275 per share)[27] - The dividend will be payable on September 26, 2025, to shareholders whose names appear on the register of members on September 12, 2025[27] - The interim dividend amounts to HK$13.158 million (2024: HK$13.158 million) and has not been recognised as a liability in this interim financial information[27] Loss Per Share For the six months ended June 30, 2025, basic loss per share significantly narrowed to HK$0.33; no diluted loss per share was reported due to the absence of dilutive ordinary shares Loss Per Share (For the six months ended June 30) | Metric | 2025 | 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Loss attributable to owners of the Company (HK$ thousand) | (158,430) | (388,916) | 230,486 | -59.26% | | Weighted average number of ordinary shares outstanding (thousand shares) | 478,484 | 478,484 | 0 | 0.00% | | Basic loss per share (HK$) | (0.33) | (0.81) | 0.48 | -59.26% | - No diluted loss per share is presented for both periods as there were no potential dilutive ordinary shares outstanding during either period[29] Interests in Joint Ventures As of June 30, 2025, total interests in joint ventures decreased, primarily due to the share of losses from joint ventures, including fair value losses on investment properties Interests in Joint Ventures (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Share of net assets | 521,374 | 604,695 | (83,321) | -13.78% | | Loans to joint ventures | 972,595 | 986,875 | (14,280) | -1.45% | | Total | 1,493,969 | 1,591,570 | (97,601) | -6.13% | - Share of losses from joint ventures includes fair value losses on investment properties owned by joint ventures (net of deferred income tax) of approximately HK$97.775 million (2024: HK$214.327 million)[31] - Loans to joint ventures are unsecured, interest-free, and repayment arrangements are subject to agreements with joint venture partners[30] Trade Receivables As of June 30, 2025, total trade receivables decreased, mainly due to a reduction in amounts aged 61-90 days and over 90 days Trade Receivables (HK$ thousand) | Metric | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Total trade receivables | 788,907 | 865,545 | (76,638) | -8.85% | | Less: Impairment allowance | (460) | (438) | (22) | 5.02% | | Net | 788,447 | 865,107 | (76,660) | -8.86% | Trade Receivables Aging Analysis (HK$ thousand) | Aging | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 60 days | 530,242 | 506,851 | 23,391 | 4.62% | | 61 to 90 days | 127,918 | 180,405 | (52,487) | -29.10% | | Over 90 days | 130,747 | 178,289 | (47,541) | -26.67% | | Total | 788,907 | 865,545 | (76,638) | -8.85% | - The Group grants credit periods to trade customers ranging mainly from 30 to 120 days, with no interest charged[32] Trade Payables As of June 30, 2025, total trade payables slightly decreased, with a reduction in 0-60 day amounts and an increase in over 90 day amounts Trade Payables Aging Analysis (HK$ thousand) | Aging | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | 0 to 60 days | 313,930 | 376,770 | (62,840) | -16.68% | | 61 to 90 days | 49,587 | 47,815 | 1,772 | 3.71% | | Over 90 days | 177,587 | 123,436 | 54,151 | 43.87% | | Total | 541,104 | 548,021 | (6,917) | -1.26% | Loans As of June 30, 2025, total loans decreased, with a reduction in non-current loans and an increase in current loans Loan Composition (HK$ thousand) | Loan Type | June 30, 2025 | December 31, 2024 | Change | Change Rate | | :--- | :--- | :--- | :--- | :--- | | Trust receipt bank loans, unsecured | 283,445 | 223,390 | 60,055 | 26.89% | | Short-term bank loans, unsecured | 295,000 | 299,000 | (4,000) | -1.34% | | Short-term bank loans, secured | 115,700 | 115,700 | 0 | 0.00% | | Portion of long-term bank loans, repayable within one year, secured | 97,609 | 104,408 | (6,799) | -6.51% | | Portion of long-term bank loans, repayable after one year, secured | 741,026 | 876,430 | (135,404) | -15.45% | | Total Loans | 1,532,780 | 1,618,928 | (86,148) | -5.32% | | Non-current | 741,026 | 876,430 | (135,404) | -15.45% | | Current | 791,754 | 742,498 | 49,256 | 6.63% | Business Review Performance Review The Group's loss significantly narrowed for the six months ended June 30, 2025, due to reduced property value decreases, increased EMS profit, and lower net finance costs, resulting in a modest underlying profit increase and improved loss per share - Loss attributable to owners of the Company was HK$158.4 million, a significant narrowing from HK$388.9 million in the prior year[38] - Reported results include a decrease in the value of investment properties and completed property inventories of HK$214.8 million, a smaller decrease compared to HK$443.3 million in the prior year[38] - Underlying profit attributable to owners of the Company (excluding property changes) was HK$56.4 million, an increase from HK$54.3 million in the prior year, primarily due to a HK$17.4 million increase in EMS segment profit and a HK$3.3 million decrease in net finance costs[38] - Loss per share was HK$0.33, compared to HK$0.81 in the prior year[39] - The Group's revenue was HK$1,302.1 million, an increase from HK$1,224.4 million in the prior year[39] - Operating loss was HK$32.4 million, a significant narrowing from HK$144.2 million in the prior year[39] Electronic Manufacturing Services (EMS) Segment The EMS segment achieved significant revenue and segment profit growth for the six months ended June 30, 2025, driven by increased external customer sales and improved cost efficiency - EMS segment revenue was HK$1,271.4 million, an increase from HK$1,193.1 million in the prior year[40] - EMS segment profit was HK$81.8 million, a 27.1% increase from HK$64.3 million in the prior year[40] - The increase in segment net profit was due to increased sales to external customers and improved cost efficiency[40] Property Holding Segment The Property Holding segment maintained stable revenue while significantly narrowing its segment loss, indicating an improvement in operating performance - The Property Holding segment recorded revenue of HK$30.8 million, close to HK$31.3 million in the prior year[41] - Segment loss for the period was HK$179.7 million, a significant narrowing from HK$409.9 million in the prior year[41] Liquidity and Financial Resources The Group maintains sufficient bank facilities and cash reserves, with total bank loans and net gearing ratio decreasing, indicating a healthy liquidity position - As of June 30, 2025, the Group's total bank facilities amounted to HK$2,806.2 million (December 2024: HK$2,908.9 million)[42] - Total bank loans amounted to HK$1,532.8 million (December 2024: HK$1,618.9 million)[42] - Cash and cash equivalents, short-term bank deposits, and restricted cash totaled HK$1,427.1 million (December 2024: HK$1,335.5 million)[42] - The Group's net gearing ratio as of June 30, 2025, was 0.03 (December 2024: 0.08), indicating reduced financial leverage[42] Foreign Exchange and Risk Management The Group primarily sells in USD, with costs in multiple currencies, and does not use hedging products, but will closely monitor RMB fluctuations for currency risk - The majority of the Group's sales are denominated in USD, while costs and expenses are primarily denominated in USD, HKD, JPY, RMB, and VND[43] - The Group does not use any foreign exchange hedging products, consistent with its prudent financial risk management policy[43] - The Group is aware of the currency risk from RMB fluctuations and will closely monitor and actively manage the associated risks[43] Capital Structure The Group's capital structure remained stable with no significant changes since December 31, 2024 - The Group's capital structure has not undergone significant changes since December 31, 2024, including bank loans, cash and cash equivalents, short-term bank deposits, restricted cash, and equity attributable to owners of the parent company[44] Employees As of June 30, 2025, the Group employed approximately 2,500 staff, with compensation based on job nature, qualifications, and experience, offering bonuses, insurance, and training - As of June 30, 2025, the Group employed approximately 2,500 staff[45] - Compensation policy is determined by the nature of work, qualifications, and experience of employees, offering year-end bonuses, employee-related insurance benefits, and discretionary bonuses[45] - The Group also provides internal and external training courses to its employees[45] Outlook For H2 2025, US tariffs, high interest rates, and commodity prices will persist; EMS revenue is expected to be slightly lower, but the Group will invest in Vietnam, expand its customer base, and enhance efficiency, with stable property rental income - US tariff policies, high interest rates, and high commodity prices are expected to persist in the second half of 2025, impacting the EMS business outlook[46] - The Group anticipates that EMS business revenue in the second half of 2025 will be slightly lower than that recorded in the first half of 2025[46] - The Group will continue to enhance its dual production bases in Mainland China and Vietnam, investing in the Vietnam factory to expand capacity, improve technical capabilities, and cultivate skilled talent[46] - The Group is committed to expanding its customer base, particularly in areas with stable long-term demand such as industrial electronics and new energy, and enhancing operational efficiency through increased automation and lean manufacturing[46] - In the property segment, Hong Kong commercial properties are almost fully leased, providing stable rental income, and the Group maintains hedging strategies to mitigate the impact of high interest rates on finance costs[46] Awards and Recognition The Company and its subsidiary, Wang's Electronics Ltd., received the "Caring Company" logo for the thirteenth consecutive year, recognizing their active community involvement and good corporate citizenship - The Company and its wholly-owned subsidiary, Wang's Electronics Limited, have been awarded the "Caring Company" logo by The Hong Kong Council of Social Service for the thirteenth consecutive year[47] - These accolades recognise the Group's active participation in community activities and its role as a good corporate citizen[47] Purchase, Sale or Redemption of the Company's Listed Securities For the six months ended June 30, 2025, neither the Company nor its subsidiaries purchased, sold, or redeemed any of its 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[48] Corporate Governance Corporate Governance Code The Company complied with the Corporate Governance Code for the six months ended June 30, 2025, with three deviations: combined Chairman/CEO roles, no anonymous whistleblowing, and Remuneration Committee scope - The Company has complied with the code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, with certain deviations[49] - Deviation from Code Provision C.2.1: The roles of Chairman and Chief Executive Officer are combined and held by Mr. Wong Chung Mat, who the Company believes possesses a thorough understanding and extensive experience, with the Board and independent non-executive directors providing effective checks and balances[49][51] - Deviation from Code Provision D.2.3: The Company's existing whistleblowing policy does not accept anonymous reports, as they are difficult to follow up and investigate effectively, and are expected to place an undue burden on management resources; however, all reports are treated with strict confidentiality[49] - Deviation from Code Provision E.1.2(i): The terms of reference of the Remuneration Committee do not include reviewing and/or approving matters relating to share schemes as described in Chapter 17 of the Listing Rules; the Company believes the Board as a whole can more effectively discharge its responsibilities in overseeing matters related to such schemes[50][52] Compliance with the Model Code for Securities Transactions by Directors of Listed Issuers The Company adopted the Model Code, and all directors confirmed compliance with its required standards for the six months ended June 30, 2025 - 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[53] - Following specific enquiry with all Directors, all Directors have confirmed compliance with the required standards set out in the Model Code for the six months ended June 30, 2025[53] Audit Committee The Audit Committee, comprising three independent non-executive directors, reviewed accounting principles, internal controls, and financial reporting, including the unaudited interim financial information - The Audit Committee, comprising three independent non-executive directors, has reviewed the accounting principles and practices adopted by the Group with management[54] - The Audit Committee discussed auditing, internal control, and financial reporting matters, including the review of the unaudited interim financial information for the six months ended June 30, 2025[54] Other Information Publication of Results and Interim Report This results announcement is published on the Company's and HKEX websites, with the 2025 Interim Report to be published on these sites in due course - This results announcement is published on the Company's website www.wih.com.hk/investor07.asp and the HKEX website www.hkexnews.hk[55](index=55&type=chunk) - The 2025 Interim Report will be published on the aforementioned websites in due course[55] Board of Directors As of the announcement date, the Board comprises five executive directors and four independent non-executive directors - The executive directors are Mr. Wong Chung Mat, Ms. Wong Yin Man, Dr. Chan Tze Wah, Mr. Hung Wing Shun, and Mr. Chan Wai Ming[55] - The independent non-executive directors are Dr. Lee Ka Cheung, Dr. Yeung Sun Sai, Mr. Yip Tin Yeung, and Mr. Law Wai Ho[55]