Financial Performance - The company reported its financial results for the six months ending June 30, 2023, with a focus on revenue and other income[15]. - As of June 30, 2023, the company had cash of HKD 20,327,000 and current liabilities of HKD 1,044,704,000, resulting in a net loss of HKD 40,878,000 for the period[16]. - The total comprehensive loss for the period was approximately HKD 40.9 million, primarily due to share-based payment expenses[35]. - The company recorded a total loss of approximately HKD 40.9 million during the relevant period, primarily due to share-based payment expenses[70]. - For the six months ended June 30, 2023, the company reported a total loss of HKD 40,878,000, compared to a loss of HKD 57,006,000 for the same period in 2022, indicating a 28.4% improvement year-over-year[108]. - The basic and diluted loss per share for the period was HKD 1.633, reflecting the company's financial performance[108]. - The company incurred administrative expenses of approximately HKD 60.3 million during the relevant period, primarily due to share-based payment expenses[55]. - The company has not generated any revenue since its inception on January 20, 2022[160]. - The company anticipates that it will not generate any operational income until the completion of the SPAC transaction[145]. Financial Position - As of June 30, 2023, the company's non-current assets were approximately HKD 1,001.0 million, all attributed to the funds held in the escrow account[55]. - As of June 30, 2023, the company's current assets were approximately HKD 21.7 million, including cash and cash equivalents of about HKD 20.3 million[55]. - The company has a total unsecured loan financing of HKD 10.0 million as per the loan agreement dated June 2, 2022[4]. - The company has a credit facility of up to HKD 10 million for operational funding, but did not draw any funds from this facility during the relevant period[73]. - The company maintains a restricted bank deposit totaling HKD 1,001,000,000, which is classified as a non-current asset due to the uncertainty of completing a special purpose acquisition company transaction within the next twelve months[183]. - The company has no significant investments or assets pledged[76][77]. - As of June 30, 2023, the company had no significant unrecognized deferred tax assets as of the reporting date[181]. - The company has no significant contingent liabilities reported in the interim financial information[95]. SPAC Transactions - The company anticipates continuing to incur significant costs related to special purpose acquisition company (SPAC) transactions, with cash and operational funds deemed insufficient as of June 30, 2023[16]. - Management plans to address financial challenges through loan financing provided by joint sponsors, with forecasts indicating sufficient resources to identify suitable SPAC targets over the next 18 months[16]. - The company has not yet selected a suitable SPAC target that aligns with its business strategy and commercial viability as of the mid-report date[37]. - The company has committed to announcing and completing SPAC transactions within 18 to 30 months from the listing date, subject to shareholder and exchange approval if deadlines are not met[37]. - The company has established criteria for evaluating potential SPAC targets, including market leadership, competitive product offerings, and sound financial performance[36]. - The company plans to complete a business combination transaction with a special purpose acquisition company (SPAC) within specified deadlines[166]. - The company has not completed any special purpose acquisition company transactions within the stipulated 30-month period since its listing date[191]. - The company expects to face significant costs in evaluating potential acquisition targets and negotiating terms for special purpose acquisition company (SPAC) transactions[53]. Share Capital and Ownership - The company’s capital structure includes 100,100,000 A class shares and 25,025,000 B class shares, along with 50,050,000 listed warrants and 35,000,000 founder warrants[75]. - The company has issued a total of 100,100,000 Class A shares, with 17,500,000 Class A shares potentially exercisable under the founder warrants, representing 14% of the total issued shares[97]. - The company has issued a total of 25,025,000 Class B shares, with major shareholders holding 45% each by VKC Management and Vision Deal Acquisition Sponsor LLC, and 10% by Opus Vision SPAC Limited[98]. - Major shareholder Haitong Global Investment SPC IV holds 27,390,000 Class A shares, representing 27.36% of the relevant class of shares and 21.89% of the total issued share capital[100]. - The company has a total of 15,015,000 shares held by Snow Lake Management, representing 15% of the relevant class of shares and 12% of the total issued share capital[102]. - Major shareholders include VKC Management and Vision Deal Acquisition Sponsor LLC, each holding 11,261,250 B shares, representing 45.00% of the relevant class of shares[116]. Regulatory and Reporting Compliance - The company has adopted all new and revised International Financial Reporting Standards effective from January 1, 2023, with no significant impact on its financial statements[7]. - The company has not yet applied new International Financial Reporting Standards that have been issued but are not yet effective, and it is currently assessing their potential impact[7]. - The company’s accounting policies remain consistent with those described in the annual financial statements for the year ending December 31, 2022[6]. - The company’s financial statements are prepared based on historical cost, except for certain financial instruments measured at fair value[11]. - The company’s financial reporting includes fair value measurements categorized into three levels based on the observability of input data[14]. - The interim financial statements do not include adjustments for potential liabilities arising from the inability to continue as a going concern[17]. - There is significant uncertainty regarding the company's ability to continue as a going concern, which may impact asset liquidation and debt repayment[17]. Risk Management - The company is committed to prudent risk management and internal control measures while exploring acquisition opportunities[68]. - The company has no significant financial assets or liabilities denominated in currencies other than its functional currency, thus it does not face any major foreign exchange risk[94]. Other Information - The company has not engaged in any revenue-generating transactions during the reporting period[35]. - The company has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the relevant period[64]. - The company has not disclosed any new product or technology developments, market expansions, or mergers and acquisitions in the provided content[96]. - There were no significant events after the reporting period up to the approval date of the interim report[119]. - The company has not declared or proposed any dividends for the period ended June 30, 2023, consistent with the previous year[195].
VISION DEAL-Z(07827) - 2023 - 中期财报