太和控股(00718) - 2025 - 中期业绩

Announcement This section contains the formal announcement of the interim results Condensed Consolidated Financial Statements This section presents the condensed consolidated financial statements, including the income statement and statement of financial position Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group reported total revenue of HK$64.76 million and a narrowed loss of HK$198.27 million for the six months ended June 30, 2025 Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Total Revenue | 64,762 | 65,790 | | Other Income | 493 | 644 | | Other (Losses) / Gains, Net | (6,074) | 1,469 | | Purchases and Changes in Inventories | (22,763) | (24,035) | | Impairment Losses, Net | (48,623) | (75,459) | | Fair Value Changes of Investment Properties | (83,052) | (110,556) | | Employee Benefit Expenses | (13,424) | (17,641) | | Other Operating Expenses | (27,120) | (29,598) | | Finance Costs | (76,768) | (85,361) | | Loss Before Tax | (212,569) | (274,747) | | Income Tax Credit | 14,301 | 23,302 | | Loss for the Period | (198,268) | (251,445) | | Total Comprehensive Expense for the Period | (248,073) | (255,357) | | Loss for the Period Attributable to Owners of the Company | (198,704) | (251,734) | | Basic Loss Per Share (HK cents) | (3.78) | (4.79) | Condensed Consolidated Statement of Financial Position As of June 30, 2025, the Group reported total non-current assets of HK$1.32 billion and net liabilities of HK$1.98 billion, reflecting ongoing liquidity challenges Condensed Consolidated Statement of Financial Position (As of June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Non-current Assets | | | | Property, Plant and Equipment | 1,304 | 1,642 | | Investment Properties | 1,285,669 | 1,331,445 | | Intangible Assets | 26,751 | 31,001 | | Right-of-use Assets | 1,564 | 2,547 | | Total Other Non-current Assets | 6,363 | 6,363 | | Current Assets | | | | Inventories | 1,271 | 1,751 | | Trade Receivables | 8,745 | 5,525 | | Other Receivables, Deposits and Prepayments | 22,606 | 25,910 | | Restricted Bank Balances | 10,084 | 11,444 | | Bank Balances and Cash | 78,010 | 352,861 | | Current Liabilities | | | | Trade Payables | – | 7,719 | | Accruals and Other Payables | 861,682 | 770,647 | | Borrowings | 1,472,160 | 1,435,320 | | Lease Liabilities | 994 | 1,108 | | Tax Payables | 21,491 | 21,491 | | Financial Guarantee Contracts | 1,002,312 | 1,187,380 | | Net Liabilities | (1,984,505) | (1,736,432) | | Capital Deficit | (1,984,505) | (1,736,432) | Notes to the Condensed Consolidated Financial Statements This section provides detailed notes and disclosures supporting the condensed consolidated financial statements General Information Tai United Holdings Limited, listed in Hong Kong, operates diverse businesses including property investment, medical equipment, flooring materials, mining, and financial services - The Company's immediate holding company is Songbird SG PTE. Ltd., and its ultimate holding company is Satinu Resources Group Ltd.[7] - The Group's principal activities include property investment, sales of medical equipment, sales of flooring materials, mining and exploration of natural resources, and financial services and asset management[8] Basis of Preparation and Principal Accounting Policies The financial statements are prepared under HKAS 34, acknowledging significant going concern uncertainties, yet the Board believes the Group can maintain liquidity through debt restructuring and other financial measures Going Concern Assessment This section details the Group's going concern assessment, highlighting significant financial challenges and management's mitigating actions - The Group incurred a net loss of approximately HK$198.27 million for the six months ended June 30, 2025[11] - As of June 30, 2025, the Group had net current liabilities of approximately HK$3.24 billion and net liabilities of approximately HK$1.98 billion, including overdue bank borrowings of HK$1.47 billion and accrued interest of HK$630.17 million[11] - PRC courts ruled the Group liable for financial guarantee obligations of approximately RMB9.92 billion for bank borrowings involving non-Group companies[11] - The Group is actively negotiating debt restructuring with creditors regarding guarantees provided by PRC guarantor subsidiaries and has entered into a settlement agreement with Stone Wealth and Mr. Dai Yongge to reduce Guangzhou Rongzhi's external debt by at least approximately RMB280.6 million within 12 months[12] - The Group is exploring the possibility of disposing of or liquidating PRC guarantor subsidiaries and seeking other financial resources to meet maturing liabilities and obligations[15] Application of New and Revised Hong Kong Financial Reporting Standards This section outlines the adoption of new and revised HKFRS accounting standards, noting no significant impact on the Group's financial reporting - The Group adopted all new and revised HKFRS accounting standards effective January 1, 2025, with no significant changes to accounting policies, financial statement presentation, or reported amounts[17] Revenue The Group's total revenue for the period was HK$64.76 million, slightly down year-on-year, primarily from property management, flooring materials, and medical equipment sales, with China as the main market Segment Revenue (For the six months ended June 30) | Revenue Source | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Sales of Medical Equipment | 12,868 | 14,918 | | Sales of Flooring Materials | 13,299 | 13,821 | | Property Management and Related Services | 22,049 | 22,686 | | Rental Income from Leases | 16,540 | 13,752 | | Interest Income from Loan Financing Services | 6 | 613 | | Total Revenue | 64,762 | 65,790 | Revenue by Geographical Market (For the six months ended June 30) | Region | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Revenue from Sales of Goods and Services | | | | PRC | 34,917 | 37,604 | | USA | – | 918 | | Australia | 13,299 | 10,460 | | Belgium | – | 2,443 | | Revenue from Leased Properties | | | | PRC | 16,540 | 12,899 | | UK | – | 853 | | Interest Income from Loan Financing | | | | PRC | 6 | 613 | | Total Revenue | 64,762 | 65,790 | Segment Information The Group's reportable segments include property investment, medical equipment, flooring materials, mining, and financial services, with property investment incurring the largest loss and medical equipment sales achieving profitability - The Group's reportable segments include: property investment, sales of medical equipment, sales of flooring materials, mining and exploration of natural resources, and financial services and asset management[23][24] Segment Revenue and Results (For the six months ended June 30) | Segment | 2025 Revenue (HK$ '000) | 2025 Results (HK$ '000) | 2024 Revenue (HK$ '000) | 2024 Results (HK$ '000) | | :--- | :--- | :--- | :--- | :--- | | Property Investment | 38,589 | (195,994) | 36,438 | (256,614) | | Sales of Medical Equipment | 12,868 | 2,088 | 14,918 | 1,662 | | Sales of Flooring Materials | 13,299 | (393) | 13,821 | (3,891) | | Mining and Exploration of Natural Resources | – | (394) | – | (478) | | Financial Services and Asset Management | 6 | (1,796) | 613 | (1,919) | | Total | 64,762 | (196,489) | 65,790 | (261,240) | | Loss Before Tax | | (212,569) | | (274,747) | Impairment Losses The Group recognized total impairment losses of HK$48.62 million for the period, mainly from financial guarantee contracts Impairment Losses (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Trade Receivables | (979) | (876) | | Other Receivables (including loans receivable) | 2,606 | 1,662 | | Financial Guarantee Contracts | (50,250) | (76,245) | | Total | (48,623) | (75,459) | Finance Costs The Group's total finance costs for the period were HK$76.77 million, primarily from bank borrowing interest, showing a decrease year-on-year Finance Costs (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Interest Expense on Bank Borrowings | 76,700 | 84,868 | | Interest Expense on Lease Liabilities | 68 | 493 | | Total | 76,768 | 85,361 | Income Tax Credit The Group recorded an income tax credit of HK$14.30 million for the period, mainly attributable to deferred tax Income Tax Credit (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | PRC Enterprise Income Tax – Over-provision in prior years | – | 54 | | Deferred Tax | 14,301 | 23,248 | | Total | 14,301 | 23,302 | Loss for the Period The Group's loss for the period was primarily impacted by inventory purchases, depreciation, amortization, and intangible asset impairment losses Components of Loss for the Period (For the six months ended June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Purchases and Changes in Inventories | 22,763 | 24,035 | | Depreciation of Property, Plant and Equipment | 240 | 970 | | Depreciation of Right-of-use Assets | 992 | 1,619 | | Amortisation of Intangible Assets | 1,230 | 1,236 | | Impairment Loss on Intangible Assets | 3,758 | – | | Advertising and Marketing Expenses | 759 | 1,137 | | Legal and Professional Fees | 3,471 | 5,834 | | Utilities | 5,186 | 4,136 | | Sales Commissions | 1,499 | 1,195 | Dividends The Board decided not to declare any dividends for the six months ended June 30, 2025 - The Board decided not to declare any dividends for the six months ended June 30, 2025 (2024: nil)[30] Loss Per Share For the six months ended June 30, 2025, basic loss per share attributable to owners of the Company was 3.78 HK cents, a narrowing from 4.79 HK cents in the prior year Loss Per Share (For the six months ended June 30) | Indicator | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Loss Attributable to Owners of the Company | (198,704) | (251,734) | | Weighted Average Number of Ordinary Shares for Basic Loss Per Share Calculation ('000 shares) | 5,250,020 | 5,250,020 | | Basic Loss Per Share (HK cents) | (3.78) | (4.79) | - No diluted loss per share is presented as there were no potential ordinary shares in issue for both periods[33] Investment Properties As of June 30, 2025, investment properties were valued at HK$1.29 billion, with a fair value loss of HK$83.05 million recognized, primarily due to a sluggish retail leasing market Fair Value Changes of Investment Properties (As of June 30) | Change Item | Amount (HK$ '000) | | :--- | :--- | | As at January 1, 2024 (Audited) | 2,275,479 | | Fair value changes recognised in profit or loss (2024) | (355,870) | | Disposal of a subsidiary | (524,969) | | Exchange adjustments (2024) | (63,195) | | As at December 31, 2024 and January 1, 2025 (Audited) | 1,331,445 | | Fair value changes recognised in profit or loss (2025) | (83,052) | | Exchange adjustments (2025) | 37,276 | | As at June 30, 2025 (Unaudited) | 1,285,669 | - The fair value of investment properties was determined by independent qualified professional valuers, International Appraisal Limited, on a valuation basis, with no change in valuation techniques[34][35] Trade Receivables As of June 30, 2025, net trade receivables increased to HK$8.75 million, with a significant portion aged over 90 days Aging Analysis of Trade Receivables (As of June 30) | Aging | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | 30 to 90 days | 4,259 | 377 | | Over 90 days | 4,486 | 5,148 | | Total | 8,745 | 5,525 | - The Group grants credit terms of 0 to 90 days to its customers[36] Trade Payables As of June 30, 2025, the Group's trade payables were nil, a significant reduction from HK$7.72 million at December 31, 2024 Aging Analysis of Trade Payables (As of June 30) | Aging | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | 0 to 30 days | – | 1,289 | | 31 to 90 days | – | 6,430 | | Total | – | 7,719 | - Credit terms granted by suppliers are 90 days[37] Borrowings As of June 30, 2025, total borrowings were HK$1.47 billion, mainly overdue secured fixed-rate bank borrowings repayable on demand Borrowings Composition (As of June 30) | Category | 2025 (HK$ '000) | 2024 (HK$ '000) | | :--- | :--- | :--- | | Unsecured fixed-rate bank borrowings | 730 | 5,316 | | Secured fixed-rate bank borrowings | 1,471,430 | 1,430,004 | | Total | 1,472,160 | 1,435,320 | - The secured fixed-rate bank borrowings are guaranteed by Mr. Dai, bear interest at a fixed rate of 7%, and are secured by investment properties and 100% equity interest in a PRC subsidiary[40] - These secured fixed-rate bank borrowings matured in January 2021 and have not been successfully renewed, extended, or repaid as of June 30, 2025, and the date of authorization for issue of these condensed consolidated financial statements, thus are overdue and classified under current liabilities[40] Share Capital As of June 30, 2025, the Company had 5,250,019,852 issued and fully paid ordinary shares of HK$0.05 each, totaling HK$262,501 thousand in share capital Share Capital Composition (As of June 30) | Category | Number of Shares ('000 shares) | Share Capital (HK$ '000) | | :--- | :--- | :--- | | Authorised ordinary shares of HK$0.05 each | 34,566,666,668 | 1,728,333 | | Issued and fully paid ordinary shares of HK$0.05 each | 5,250,019,852 | 262,501 | Management Discussion and Analysis This section provides management's review and analysis of the Group's financial performance, business operations, and future outlook Financial Performance The Company reported revenue of HK$64.8 million, a 1.5% decrease, and a narrowed loss before tax of HK$212.6 million, down 22.6%, primarily due to cost savings - The decrease in revenue was primarily due to reduced income from sales of medical equipment in the PRC[41] - Loss before tax decreased by 22.6%, mainly impacted by decreased fair value of investment properties, provisions for guarantee contracts, and finance costs[41][42] - Income tax credit for the reporting period was approximately HK$14.3 million[41] Business Review The Group's diversified businesses, including property investment, trade, mining, and financial services, show mixed performance, with property investment facing challenges and other segments experiencing revenue declines or cautious operations Property Investment This section reviews the property investment segment, detailing performance of PRC shopping malls, fair value changes, and ongoing debt restructuring efforts - The Group wholly owns three shopping malls in the PRC: Anyang, Jinzhou, and Guangzhou, generating revenue primarily through shop leasing and property management services[44][45] - Revenue from PRC shopping mall operations was approximately HK$38.5 million during the reporting period[48] - As of June 30, 2025, the fair values of investment properties for Anyang, Jinzhou, and Guangzhou shopping malls were approximately HK$268 million, HK$498 million, and HK$520 million, respectively[49] - The Group has paid RMB236.2 million to other claimant banks in response to enforcement notices and/or judgment notices issued by PRC courts regarding Guangzhou Rongzhi's guarantee liabilities[50] - Jinzhou Bank and Jinzhou Huayin Asset Management Co., Ltd. notified that the subordinated loans and guarantee debts owed by Guangzhou Rongzhi and Jinzhou Jiachi to Jinzhou Bank have been fully transferred to the assignee[52] - The Company entered into a settlement agreement with Stone Wealth and Mr. Dai, committing to reduce Guangzhou Rongzhi's external debt by at least approximately RMB280.6 million within 12 months[53][54] - As of the announcement date, domestic deposits totaling approximately RMB52.5 million from Jinzhou Jiachi and Guangzhou Rongzhi have been withdrawn and transferred to accounts held by PRC courts[55] - The Group completed the disposal of its entire interest in the subsidiary holding UK investment properties in December 2024, with a transaction deposit of approximately GBP19 million used to repay defaulted loans in the UK[56] - The property investment segment recorded an overall loss of approximately HK$196.0 million, a year-on-year decrease of approximately 23.6%, mainly due to provisions for guarantee contracts, decreased fair value of investment properties, and finance costs[57] Flooring Materials and Medical Equipment Trading This section reviews the performance of the flooring materials and medical equipment trading businesses, both experiencing revenue declines - Revenue from flooring materials trading business was approximately HK$13.3 million, a year-on-year decrease of approximately 3.6%, primarily exported to the Australian market[58] - Revenue from medical equipment trading business decreased to approximately HK$12.9 million, a year-on-year decrease of approximately 13.4%, with segment revenue of approximately HK$2.1 million[59] Mining and Exploration of Natural Resources This section reviews the mining and exploration segment, which holds tungsten mining rights in Mongolia but generated no revenue during the period - The Group holds four mining rights licenses for three tungsten mining projects in Mongolia, but no revenue was recorded from this segment during the reporting period[60] - The carrying value of mining rights was nil as of June 30, 2025[61] Financial Services and Asset Management This section reviews the financial services and asset management segment, which recorded a loss and delayed lending operations due to market uncertainties - Due to uncertain prospects and market conditions, this segment recorded no revenue and incurred a loss of approximately HK$1.8 million[62] - Lending business was postponed due to uncertain market conditions[63] - Non-performing debt asset management business incurred a loss of approximately HK$1.7 million, and directors will continue to assess whether to proceed with non-performing asset investments[64] - No securities investment transactions were reported, and no investment gains/losses were recorded during the reporting period[65] Financial Review The Group's financial review indicates increasing net liabilities, significant liquidity pressure, a substantial decrease in cash, and a low current ratio Capital Structure This section reviews the Group's capital structure, highlighting increased net liabilities, reduced cash, and a low current ratio - As of June 30, 2025, the Group's consolidated net liabilities were approximately HK$1,984.5 million, an increase of approximately HK$248.1 million from December 31, 2024[66] - Bank balances, cash, and restricted bank balances were approximately HK$88.1 million, a significant decrease from HK$364.3 million as of December 31, 2024[67] - The current ratio decreased from 0.12 times to 0.04 times, with net current liabilities of approximately HK$3,237.9 million[67] - Total debt financing was approximately HK$1,472.2 million, net debt approximately HK$2,396.5 million, and total deficit approximately HK$1,984.5 million[68] Capital Commitments This section confirms that the Group had no significant capital commitments or plans for major investments as of June 30, 2025 - As of June 30, 2025, the Group had no significant capital commitments and was not involved in any plans for future major investments or acquisitions of capital assets[69] Pledge of Group Assets This section details that the Group's bank borrowings are secured by certain assets, including investment properties and equity interests in a subsidiary - The Group's bank borrowings of approximately HK$1,471.4 million are secured by certain assets, including investment properties and equity interests in a wholly-owned subsidiary[70] Contingent Liabilities The Group faces substantial contingent liabilities from financial guarantees for related companies, with PRC courts ruling joint and several liability, resulting in RMB46.65 million impairment losses - PRC subsidiaries faced multiple legal claims for pledging investment property operating rights as collateral for bank loans of former shareholder-related companies, with overdue loan amounts of RMB3.4 billion due to borrower default[73] - Guangzhou Rongzhi and Jinzhou Jiachi provided financial guarantees for Mr. Dai Yongge's related companies, with maximum liabilities of RMB569.9 million and RMB3.3 billion in principal, respectively, plus outstanding accrued interest and other fees[75] - PRC courts ruled Guangzhou Rongzhi and Jinzhou Jiachi jointly and severally liable for the loans with other guarantors[75] - During the reporting period, the Group recognized impairment losses on financial guarantee contracts of approximately RMB916.19 million (approximately HK$1,002.31 million)[76] - A loss of approximately RMB46.65 million (approximately HK$50.25 million) was recorded in profit or loss due to the remeasurement of expected repayments from guarantee holders unrecoverable from borrowers[77] Guarantees and Pledges (As of June 30, 2025) | Guarantor | Creditor | Borrower | Principal (RMB) | Form | Maximum Exposure (RMB) | | :--- | :--- | :--- | :--- | :--- | :--- | | Guangzhou Rongzhi | Shengjing Bank | Shenyang Fangcheng Diyi Dadao Public Facilities Management Co., Ltd. | 137,100,000 | Guarantee | 243,761,260 | | Guangzhou Rongzhi | Shengjing Bank | Shenyang Huangcheng Diyi Dadao Public Facilities Management Co., Ltd. | 48,400,000 | Guarantee | 86,054,328 | | Guangzhou Rongzhi | Shengjing Bank | Shenyang Shenghe Public Facilities Management Co., Ltd. | 135,700,000 | Guarantee | 233,515,666 | | Guangzhou Rongzhi | Shengjing Bank | Shenyang Ruifan Public Facilities Management Co., Ltd. | 100,500,000 | Guarantee | 172,942,467 | | Guangzhou Rongzhi | Shengjing Bank | Liaoning Renhe Xintiandi Public Facilities Management Co., Ltd. | 148,200,000 | Guarantee | 263,496,871 | | Jinzhou Jiachi | Jinzhou Huayin Asset Management Co., Ltd. | Chongqing Baoting Public Facilities Management Co., Ltd. | 1,400,000,000 | Guarantee | 2,143,966,257 | | Jinzhou Jiachi | Jinzhou Huayin Asset Management Co., Ltd. | Weifang Yuandu Chuangfu Public Facilities Co., Ltd. | 1,900,000,000 | Guarantee | 2,925,649,149 | | Guangzhou Rongzhi + Jinzhou Jiachi | Jinzhou Huayin Asset Management Co., Ltd. | Harbin Dili Fresh Agricultural Products Enterprise Management Co., Ltd. | 1,400,000,000 | Pledge | Fair value of pledged assets | | Guangzhou Rongzhi | Jinzhou Huayin Asset Management Co., Ltd. | Harbin Dili Fresh Agricultural Products Enterprise Management Co., Ltd. | 600,000,000 | Pledge | Fair value of pledged assets | | Jinzhou Jiachi | Jinzhou Huayin Asset Management Co., Ltd. | Ganzhou Juli Public Facilities Construction Co., Ltd. | 1,400,000,000 | Pledge | Fair value of pledged assets | | Jinling | Jinzhou Huayin Asset Management Co., Ltd. | Guangzhou Rongzhi | 1,400,000,000 | Pledge | Fair value of pledged assets | Foreign Exchange Risk The Group transacts in HKD, USD, and RMB, with limited USD exchange risk due to the peg, but PRC subsidiaries face RMB exchange risk, which management deems limited - The Group has implemented policies and guidelines to manage exchange rate risk, and PRC subsidiaries can generate sufficient revenue to cover local currency expenses[81] Qualified Opinion Zhongrui Hexin issued a qualified opinion for FY2024 regarding financial guarantee completeness, and management is actively working to resolve it for the 2025 audit - The elimination of the qualified opinion depends on the resolution of all known financial guarantees and the Group's ability to recover or be compensated for all losses incurred from financial guarantees[83] - Neither the Audit Committee nor the Company's management disagreed with Zhongrui's qualified opinion[84] Employees and Remuneration Policy As of June 30, 2025, the Group had 171 employees, with remuneration based on performance and regional salaries, supplemented by a share option scheme - The Group's number of employees increased from 163 as of December 31, 2024, to 171[85] - Remuneration policy is based on individual employee performance and regional salary conditions, reviewed annually, and includes a share option scheme in addition to mandatory provident fund and medical insurance[85] Dividends The Board does not recommend the payment of an interim dividend for the reporting period - The Board does not recommend the payment of an interim dividend for the reporting period (2024: nil)[86] Prospects The Group anticipates a stable Chinese economy amidst external uncertainties, focusing on prudent operations, debt restructuring for shopping malls, differentiated strategies, and expanding overseas markets for flooring materials - China's economy saw GDP growth of 5.3% and social retail sales growth of 5% in the first half, but external uncertainties persist[87] - Guangzhou shopping mall plans to create a 'Central and West Asia Night Market', focusing on attracting foreign apparel showrooms and design studios, developing a night entertainment complex, and expanding overseas markets through digital marketing and international exhibitions[88] - Jinzhou shopping mall will be transformed into a dining area, introducing ACG, cultural and creative, and experiential new business formats, focusing on summer parent-child, back-to-school, and national trend holiday themed activities[89] - Anyang shopping mall will focus on developing a trendy play district and ACG-themed tenant recruitment, creating a new social landmark, and planning mixed-use formats combining day-time cafes and night-time bars in line with the night economy trend[90][91] - Flooring materials trading business will continue to actively explore emerging market opportunities in Australia, the Middle East, and Europe[91] - The Group will closely cooperate with banks, creditors, and stakeholders to advance debt restructuring for Guangzhou and Jinzhou shopping malls, aiming to reduce debt and guarantee liabilities, maintain healthy operations, and preserve business asset value[92] Events After the Reporting Period This section details significant events occurring after the reporting period, including updates on legal claims against a subsidiary Update on Litigation Claims Against a Subsidiary of the Company Jinzhou Jiachi received an enforcement notice from the Jinzhou Intermediate People's Court for approximately RMB1.7 billion, despite its liabilities being transferred, as the court has not yet been notified - Jinzhou Jiachi received an enforcement notice and property reporting order from Chongqing Baoting, requiring payment of approximately RMB1.7 billion and enforcement fees to the claimant bank[93] - All loan and guarantee liabilities owed by Jinzhou Jiachi to the claimant bank have been transferred to Jinzhou Huayin Asset Management Co., Ltd., but the transfer has not yet been notified to the relevant PRC courts[94] - PRC legal counsel believes there is no material difference for Jinzhou Jiachi even if enforcement is applied by the claimant bank, but the Company and Jinzhou Jiachi will endeavor to notify the court to ensure the judgment amount is not erroneously disbursed[94] Other Information This section provides other relevant information, including details on securities, corporate governance, interim report publication, and Board members Purchase, Sale or Redemption of the Company's Listed Securities During the reporting period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities, and the Group held no treasury shares - During the reporting period, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[96] - As of June 30, 2025, the Group did not hold any treasury shares[96] Compliance with Corporate Governance Code and Audit Committee The Company complied with all Corporate Governance Code provisions, and the Audit Committee reviewed the unaudited condensed consolidated financial statements, ensuring compliance and adequate disclosure - The Company has complied with all code provisions of the Corporate Governance Code as set out in Appendix C1 Part 2 of the Listing Rules during the reporting period[97] - The Audit Committee, comprising three independent non-executive directors, has reviewed the Group's unaudited condensed consolidated financial statements[98] Publication of Interim Results and Despatch of Interim Report This results announcement is published on the Stock Exchange and Company websites, and the interim report for the six months ended June 30, 2025, will be despatched to shareholders and published accordingly - This results announcement has been **published on the Stock Exchange website (www.hkexnews.hk) and the Company's website (www.irasia.com/listco/hk/taiunited/index.html)**[99](index=99&type=chunk) - The Company's interim report for the six months ended June 30, 2025, will be despatched to shareholders and published on the aforementioned websites in due course[99] Board of Directors As of this announcement, the Board comprises executive directors Mr. Su Shigong (Chairman) and Ms. Yang Yuhua (CEO), non-executive director Mr. Lu Yunsong, and independent non-executive directors Dr. Gao Bin, Mr. Liang Tingyu, and Ms. Song Yanjie - The Board of Directors includes Executive Directors Mr. Su Shigong (Chairman) and Ms. Yang Yuhua (Chief Executive Officer), Non-executive Director Mr. Lu Yunsong, and Independent Non-executive Directors Dr. Gao Bin, Mr. Liang Tingyu, and Ms. Song Yanjie[100]