Environmental Sustainability - The company has set a target to reduce paper consumption density by 5% by 2025 compared to 2020 levels[30]. - The company aims to achieve zero consumption of plastic bottles by 2025, continuing to reduce single-use plastic products[30]. - The company has established a climate change policy to identify and mitigate risks associated with extreme weather events, which may impact investment returns[37]. - The company has implemented an environmental management system to reduce its environmental footprint and promote sustainable office practices[36]. - The company has set a goal to incorporate energy efficiency as a standard in the procurement of office equipment by 2022[32]. - The company has not reported any non-compliance issues related to environmental laws and regulations during the reporting period[27]. - The company has established waste recycling bins in various office locations to achieve its waste reduction targets[31]. - The company has committed to considering the environmental, social, and governance performance of potential investments as a routine part of its investment evaluation process[34]. - The company aims to enhance its environmental, social, and governance (ESG) performance through continuous management and effective communication with stakeholders[40]. - The company has established a governance framework for ESG initiatives, focusing on resource allocation and risk monitoring[42]. - The company emphasizes the importance of stakeholder engagement to understand their perspectives and expectations regarding operational and sustainable development performance[43]. - The company emphasizes responsible investment practices, avoiding financing activities that intentionally violate environmental or labor laws[73]. Financial Performance - The company reported a net loss of $153,170,419 for the year 2022, compared to a profit of $24,205,367 in 2021, indicating a significant decline in performance[60]. - The total comprehensive loss for the year amounted to $212,800,388, contrasting with a comprehensive income of $42,453,325 in the previous year[60]. - The company experienced a loss of $199,780,049 from financial assets measured at fair value through profit or loss, compared to a gain of $48,648,395 in 2021[60]. - Administrative expenses decreased to $11,573,620 from $19,974,735 in 2021, reflecting cost-cutting measures[60]. - The company reported investment income of $14,847,528, slightly up from $14,144,426 in the previous year, indicating stable investment performance[60]. - The basic loss per share for the year was $(1.005), a decline from earnings of $0.159 per share in 2021[60]. - The company incurred a tax expense of $43,216,843, compared to a tax benefit of $(18,815,401) in the previous year, highlighting a shift in tax position[60]. - Total assets decreased from $982,043,768 in 2021 to $689,198,781 in 2022, a decline of approximately 29.8%[62]. - Net current assets dropped significantly from $78,715,121 in 2021 to $32,945,400 in 2022, representing a decrease of about 58.1%[62]. - The equity attributable to shareholders decreased from $805,697,463 in 2021 to $571,570,453 in 2022, a reduction of approximately 29.1%[65]. - The net asset value per share fell from $5.289 in 2021 to $3.752 in 2022, a decline of about 29.0%[62]. - Cash and cash equivalents decreased from $36,641,135 in 2021 to $25,489,216 in 2022, a drop of approximately 30.5%[62]. - The company’s reserve decreased from $128,034,239 in 2021 to $68,837,982 in 2022, a decline of about 46.2%[65]. - The company reported a pre-tax loss of $196.39 million for the year ended December 31, 2022, compared to a profit of $43.02 million in 2021[177]. - The net cash generated from operating activities was $12.69 million, a significant improvement from a net cash outflow of $12.73 million in the previous year[177]. - The total cash and cash equivalents decreased to $25.49 million as of December 31, 2022, down from $36.64 million at the beginning of the year[177]. - The company paid dividends amounting to $21.33 million during the year, an increase from $12.19 million in the previous year[177]. - The company’s financial assets are assessed for impairment using the expected credit loss model, reflecting changes in credit risk since initial recognition[173]. - The company’s investment income primarily comes from net gains or losses on financial assets measured at fair value through profit or loss[179]. - The company’s functional currency is Renminbi, but the consolidated financial report is presented in US dollars for user convenience[180]. - The company has adopted revised Hong Kong Financial Reporting Standards effective from January 1, 2022, impacting the preparation of its consolidated financial reports[181]. - The company’s financial assets and liabilities are recognized based on the terms of the financial instrument contracts, with transactions confirmed on the trade date[182]. - The audited consolidated net asset value of the group as of December 31, 2022, was $571.57 million, a decrease of 29.06% from $805.70 million in 2021[200]. - The audited consolidated loss for 2022 was $153.17 million, compared to an audited after-tax profit of $24.21 million in the previous year[200]. - The net asset value per share decreased to $3.752, down 29.06% from $5.289 in 2021[200]. Human Resources and Compliance - The percentage of trained employees decreased from 61.11% in 2021 to 38.89% in 2022[68]. - The company has implemented flexible working hours and work-from-home policies to adapt to changing work environments[66]. - The company has not reported any corruption-related non-compliance issues during the reporting period, including under the Prevention of Bribery Ordinance[120]. - The board is responsible for monitoring the effectiveness of the whistleblowing procedures for stakeholders[97]. - The company emphasizes continuous training for employees regarding their responsibilities, including updates on anti-corruption regulations[98]. - The company does not employ child or forced labor and has established effective human resources procedures to ensure compliance with labor laws[112]. Investment Strategy - The fund's investment strategy focuses on "concentration, prudence, innovation, and win-win," adhering to ESG principles to create shareholder value and sustainable corporate development[148]. - The fund's major investments are primarily located in China, with the local currency being Renminbi, which is subject to fluctuations against the US dollar and other currencies[150]. - The fund has established a secondary participation investment plan, allowing participants to receive returns proportional to their investment in project companies[129]. - The fund's investment in project companies may be affected by fluctuations in the Renminbi exchange rate, impacting the value of the invested enterprises[150]. - The fund's investment manager is responsible for expenses related to the participation plan and any identifiable costs associated with investments in project companies[129]. - The fund's independent auditors have confirmed the independence of each independent non-executive director as per the relevant regulations[154].
招商局中国基金(00133) - 2022 - 年度财报