Financial Performance - The company reported a loss of approximately HKD 121,161,000 due to the sale of construction projects resulting from land recovery as of December 31, 2021[10]. - Revenue for the year ended December 31, 2021, was reported at approximately HKD 1,311,000, with property management service agreements contributing approximately HKD 1,057,000[15]. - The company recognized impairment losses of approximately HKD 66 million and HKD 49 million for trade receivables for the fiscal years ended December 31, 2021, and December 31, 2022, respectively[30]. - Impairment losses for other receivables, deposits, and prepayments were approximately HKD 127 million and HKD 128 million for the same periods[30]. - The company reported a net liability of approximately HKD 378.09 million as of December 31, 2022, with current liabilities exceeding current assets by approximately HKD 402.56 million[29]. Audit and Compliance - The company has been unable to obtain sufficient audit evidence regarding the accounts of Tianjin Huiliyuan, impacting the audit process[8]. - The company is undergoing a change in auditors as of October 12, 2023, to address ongoing audit issues[5]. - The company is actively working on resolving audit matters raised by the auditor, ensuring compliance with regulatory requirements[19]. - The company has conducted a review of its investments in joint ventures to ensure compliance with accounting standards[11]. - The company has engaged independent valuers to assess expected credit loss models and the reasonableness of management's estimates[11]. Credit and Debt Management - The expected credit loss model indicates a 61.70% estimated credit loss rate for debts overdue between 90 days to two years, and a 100% rate for debts overdue beyond two years[33]. - The company has been monitoring the repayment situation of debtors, with some attempting to negotiate partial payments or deferred payments[37]. Business Strategy - The company plans to allocate more resources to its natural gas business and focus on developing opportunities in that sector due to the ongoing challenges in the real estate market[35]. Share Trading Status - The company has provided updates on its progress towards resuming trading of its shares, which had been suspended since July 11, 2022[5]. - The company’s shares have been suspended from trading on the stock exchange since July 11, 2022, until further notice[38]. Corporate Governance - The board of directors includes executive directors Mr. Lu Yi (Chairman and CEO), Mr. Xu Feng, and Mr. Ye Dechao, along with independent non-executive directors Mr. He Jinge, Mr. Yu Honggao, and Ms. Chen Yang[39]. Legal Matters - The company has confirmed that the properties under investment have been seized by the court but have not yet been auctioned[10].
中国基建投资(00600) - 2023 - 年度业绩