Impairment and Credit Losses - The company recognized an impairment provision of approximately HKD 103,600,000 for loans and receivables to joint ventures as of December 31, 2021[2]. - The expected credit loss provision for the relevant loans and receivables was zero during the corresponding period in 2020[4]. - Expected credit losses reached RMB 86,964,000 (approximately HKD 103,600,000) as of December 31, 2021, leading to an impairment provision for financial assets of about HKD 103,600,000[23]. - The company engaged an independent valuation firm to assess the expected credit losses related to the financial assets[12]. - The expected credit loss model categorizes financial assets into three stages based on credit risk conditions[14]. Joint Venture Operations - The commercial production of the main products from the joint venture was delayed due to COVID-19 and extreme weather conditions, with completion of the facilities in July 2021[9]. - The joint venture's main business activities include the production and sale of chemical products, with a 37.125% equity stake held by the company[9]. - The company plans to adjust the product portfolio of the joint venture's original pharmaceutical intermediates due to competitors' breakthroughs in production technology[10]. - The joint venture group faced significant losses and unpaid debts, raising doubts about its ability to continue as a going concern[16]. Financial Position and Assets - The estimated orderly liquidation value of the pledged assets was RMB 150,600,000 (approximately HKD 179,500,000) as of December 31, 2021[19]. - The unpaid construction costs related to the pledged assets amounted to RMB 38,893,506.90 (approximately HKD 46,400,000) as of December 31, 2021[22]. - As of December 31, 2021, the group's contracted debt exposure amounted to RMB 198,670,684.93 (approximately HKD 236,700,000)[23]. - The exchange rate set for RMB to HKD is 1.00 RMB to 1.1918 HKD[25].
开源控股(01215) - 2022 Q2 - 季度财报