Financial Position - As of December 31, 2022, the company has made a deposit of HKD 10,000,000 for potential investments, with an expected credit loss provision of HKD 2,500,000[4]. - The company has prepaid HKD 32,482,000 to an investee for capital contributions, which will be recorded as investment cost upon completion of formal capital registration[4]. - The total issued and paid-up ordinary shares as of December 31, 2022, is 10,971,634, amounting to HKD 109,717,000[10]. - The company has a provision for loss of HKD 43,832,000 as of December 31, 2022, compared to HKD 11,920,000 as of June 30, 2022[3]. - The company’s current assets as of December 31, 2022, amount to HKD 41,695,000, compared to HKD 9,785,000 as of June 30, 2022[3]. - The company has no non-current liabilities as of December 31, 2022, with current liabilities remaining at HKD 9,997,000[6]. - The total liabilities of the company as of December 31, 2022, were HKD 33,994,000, slightly up from HKD 33,469,000 as of June 30, 2022, reflecting a 1.6% increase[129]. - The total equity of the group as of December 31, 2022, was HKD 508,486,000, down from HKD 572,789,000 as of June 30, 2022[100]. - The company’s equity attributable to owners decreased from HKD 572,789,000 to HKD 508,641,000, a decline of 11.2% over the six-month period[129]. - The company's net asset value decreased to HKD 508,641,000 as of December 31, 2022, down from HKD 572,789,000 as of June 30, 2022, reflecting a decline of 11.2%[129]. Investment Performance - The company recorded a loss of HKD 42,707,000 for the six months ended December 31, 2022, compared to a loss of HKD 46,093,000 in the same period last year[44]. - Fair value losses from listed investments amounted to approximately HKD 16,479,000, while fair value losses from unlisted investments were about HKD 18,499,000[44]. - The total loss from the listed securities business during this period was HKD 25,387,000, with no dividend income recorded from listed investments[45]. - The group’s non-listed investment portfolio recorded a total loss of HKD 19,726,000, compared to a loss of HKD 52,037,000 in the previous year[48]. - The fair value of the group's non-listed investments decreased by 6.13% to HKD 456,928,000, down from HKD 486,785,000[48]. - The company reported a loss attributable to equity holders of HKD 42,707,000 for the six months ended December 31, 2022, compared to a loss of HKD 46,093,000 for the same period in 2021, showing an improvement of 8.3%[91]. - The company recorded a fair value loss on financial assets of HKD 34,978,000, compared to a loss of HKD 37,829,000 in the prior year, marking a 7.4% improvement[127]. - The company reported a loss from an associate of HKD 7,329,000 for the period, compared to a loss of HKD 7,988,000 in the previous year, indicating a 8.2% improvement[127]. Shareholder Information - Major shareholders as of December 31, 2022, include Gan Xiaoqing with 1,117,780,000 shares (10.19%), Hongjing Holdings Limited with 1,016,860,000 shares (9.27%), and Zhang Gu with 1,000,000,000 shares (9.11%) each[109]. - The company does not recommend the distribution of an interim dividend for the six months ended December 31, 2022, consistent with the previous year[90]. - The group did not recommend any interim dividend for the period, consistent with the previous year[97]. Cash Flow and Liquidity - As of December 31, 2022, the group's cash and cash equivalents amounted to HKD 763,000, a significant decrease from HKD 39,600,000 as of June 30, 2022[96]. - Cash and cash equivalents at the end of the period were HKD 763,000, a significant decrease from HKD 9,434,000 at the end of the previous year, indicating a decline of 91.9%[134]. - The current ratio as of December 31, 2022, was approximately 2.07, down from 2.84 as of June 30, 2022[96]. - The debt-to-asset ratio as of December 31, 2022, was approximately 6.26%, an increase from 5.52% as of June 30, 2022[96]. - Operating cash flow before changes in working capital was negative HKD 36,839,000, compared to a positive cash flow of HKD 3,536,000 in the previous year, indicating a significant deterioration in cash flow[134]. Corporate Governance - The company has adopted the corporate governance code but has deviations regarding the separation of roles between the chairman and CEO, which are held by the same individual[115]. - The board of directors has confirmed compliance with the standard code of conduct for securities trading during the reporting period[119]. - The audit committee, consisting of three independent non-executive directors, reviewed the accounting principles and practices adopted by the group and discussed audit and risk management matters[119]. Future Outlook - The group plans to exit investments in the micro-lending industry due to declining performance and increasing operational risks[49]. - The group will continue to focus on investments in the bioenergy sector, aiming to maximize shareholder value[49]. - The company plans to expand its market presence through strategic partnerships and joint ventures in the bioenergy sector[67]. - The company is focused on developing new technologies and products in the bioenergy and biotechnology fields to enhance its competitive edge[67]. - The company has recognized the need for further investment in research and development to drive future growth and innovation[67]. Financial Reporting - The company has adopted revised Hong Kong Financial Reporting Standards effective from June 1, 2022, which did not significantly impact the financial position or performance[151]. - The company’s financial statements are prepared on a going concern basis, indicating confidence in obtaining necessary financing[139]. - The company’s financial reporting adheres to the Hong Kong Accounting Standards and the Stock Exchange Listing Rules[138].
中国金融国际(00721) - 2023 - 中期财报