Fundraising and Financial Position - The company raised a total of HKD 1,000,650,000 from the issuance of 100,065,000 Class A shares at HKD 10.00 per share and 50,032,500 warrants[14]. - As of June 30, 2023, the company has not utilized the proceeds from the offering and plans to use the funds for potential merger and acquisition transactions[14]. - The total amount raised from the issuance of 100,065,000 Class A shares and 50,032,500 warrants in March 2022 was HKD 1,000,650,000, which is held in a custodial account[78]. - The company had cash and cash equivalents of HKD 33,333,000 as of June 30, 2023, compared to HKD 10,520,000 as of June 30, 2022[101]. - The company's cash and cash equivalents increased from HKD 16.6 million as of December 31, 2022, to HKD 33.3 million as of June 30, 2023, due to interest income related to the proceeds from the issuance of B shares and warrants[38]. - As of June 30, 2023, the company's non-current assets, in the form of restricted bank deposits, amounted to HKD 1,000.7 million, with current assets of HKD 33.5 million, primarily cash and cash equivalents[37]. - The company's current liabilities as of June 30, 2023, were HKD 1,042.6 million, mainly consisting of redeemable Class A shares valued at HKD 1,000.7 million[37]. - The total liabilities decreased from HKD 1,027,373,000 as of June 30, 2022, to HKD 1,009,128,000 as of June 30, 2023[97]. - The company reported a net current liability of HKD 1,009,128,000 and a net debt of HKD 8,478,000 as of June 30, 2023[134]. Merger and Acquisition Activities - The company has been actively assessing and negotiating potential merger and acquisition opportunities but has not entered into any binding agreements as of the report date[9]. - The company focuses on identifying merger targets in the new economy sectors, particularly in Asia and China, including green energy, life sciences, and advanced technology[28]. - The company does not expect to generate any operational revenue until a merger transaction is completed[30]. - The company has not established any binding agreements with third-party investors for potential merger transactions as of the report date[9]. - The company will provide further updates on the progress of potential merger transactions at an appropriate time[10]. - The company has not yet identified any potential business combination targets or entered into any binding agreements for special purpose acquisition company transactions[102]. - The company is required to complete a special purpose acquisition transaction within 36 months from the date of its listing, or it will have to proportionally distribute funds held in the escrow account to Class A shareholders[128]. - The expected merger date for the special purpose acquisition company is between December 2022 and December 2023, with a projected term of 5 years[189]. Financial Performance - For the six months ended June 30, 2023, the company reported a total comprehensive loss of HKD 24.7 million, a significant improvement from a loss of HKD 94.0 million for the same period in 2022, reflecting a reduction in administrative expenses from HKD 44.6 million to HKD 24.1 million[32]. - The company reported a loss before tax of HKD 24,704,000 for the six months ended June 30, 2023, an improvement from a loss of HKD 93,981,000 in the same period of 2022[89]. - The company generated no revenue for the six months ended June 30, 2023, consistent with the previous year[137]. - The basic and diluted loss per share for the six months ended June 30, 2023, was HKD 1.02, compared to HKD 2.73 for the same period in 2022[53]. - The total comprehensive loss for the six months ended June 30, 2023, was HKD 24,704,000, compared to HKD 93,981,000 for the same period in 2022, indicating a reduction in losses[89]. - Employee costs, including share-based payment expenses, amounted to HKD 43,247,000, up from HKD 23,227,000 in the prior year[138]. Corporate Governance and Compliance - The board of directors has complied with all applicable corporate governance code provisions, except for the separation of the roles of chairman and CEO, which are held by the same individual[79]. - The audit committee has reviewed the interim performance for the six months ended June 30, 2023[80]. - The company is committed to maintaining high standards of corporate governance to protect shareholder interests and enhance corporate value[79]. - There have been no significant post-balance sheet events after June 30, 2023, up to the date of this announcement[73]. - The company has not recognized any income tax provisions due to the absence of tax liabilities in the Cayman Islands for the reporting period[163]. Risks and Uncertainties - The company remains confident in completing a merger transaction within the timeline set by the listing rules despite existing risks and uncertainties[10]. - There are significant uncertainties regarding the company's ability to continue as a going concern, which may impact asset realizability and debt settlement[155]. - The company has not faced any foreign exchange risk as it has not commenced any business operations as of June 30, 2023[77]. Shareholder Information - The company’s major shareholder, CMB International Asset Management Limited, holds a 93.39% interest in the company through its subsidiary[114]. - No dividends were declared or proposed for the period ended June 30, 2023, consistent with the previous year[165].
AQUILA ACQ-Z(07836) - 2023 - 中期财报