丽丰控股(01125) - 2023 - 年度业绩

Financial Performance Overview Consolidated Income Statement The group recorded a loss for the year ended July 31, 2023, with significant decreases in revenue and gross profit, a substantial reduction in operating profit, and an expanded loss attributable to owners of the company | Metric | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :--------- | :-------------- | :-------------- | | Revenue | 1,800,510 | 2,515,771 | | Cost of Sales | (898,518) | (1,218,917) | | Gross Profit | 901,992 | 1,296,854 | | Operating Profit | 165,513 | 677,943 | | Profit/(Loss) Before Tax | (430,928) | 278,004 | | Loss for the Year | (689,353) | (283,884) | | Attributable to Owners of the Company | (584,702) | (134,523) | - Basic and diluted loss per share attributable to owners of the company increased from HK$0.406 in 2022 to HK$1.766 in 2023[3] Consolidated Statement of Comprehensive Income Total comprehensive expense for the year significantly increased, primarily due to exchange differences and other comprehensive expenses, leading to a substantial rise in comprehensive expense attributable to owners of the company | Metric | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :------------- | :-------------- | :-------------- | | Loss for the Year | (689,353) | (283,884) | | Exchange Differences | (1,253,968) | (735,672) | | Other Comprehensive Expense for the Year, Net of Tax | (1,264,536) | (705,711) | | Total Comprehensive Expense for the Year | (1,953,889) | (989,595) | | Attributable to Owners of the Company | (1,828,551) | (825,886) | Consolidated Statement of Financial Position As of July 31, 2023, the group's total non-current assets and total current assets both decreased, resulting in a reduction in total assets, while total liabilities also decreased, but equity attributable to owners of the company continued to decline | Metric | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :------------- | :-------------- | :-------------- | | Total Non-current Assets | 23,007,187 | 24,368,332 | | Total Current Assets | 7,110,571 | 9,416,437 | | Total Current Liabilities | 4,218,393 | 6,942,518 | | Total Non-current Liabilities | 13,390,175 | 12,379,172 | | Equity Attributable to Owners of the Company | 12,509,190 | 14,463,079 | Notes to the Consolidated Financial Statements Basis of Preparation These financial statements are prepared in accordance with Hong Kong Financial Reporting Standards, generally accepted accounting principles in Hong Kong, and the Hong Kong Companies Ordinance, using the historical cost convention and presented in Hong Kong dollars, with all values adjusted to the nearest thousand - Financial statements are prepared on a historical cost basis, with investment properties and derivative financial instruments measured at fair value[19] - The Board believes the group has sufficient working capital to fund operations and meet financial obligations for the next 12 months, thus preparing financial statements on a going concern basis is appropriate[15] Changes in Accounting Policies and Disclosures The group adopted several revised Hong Kong Financial Reporting Standards for the first time, but these revisions had no significant financial impact on the financial statements - The group first adopted amendments to HKFRS 3, HKAS 16, HKAS 37, and Annual Improvements to HKFRS 2018-2020[20][21] - The adoption of these revised standards had no significant financial impact on these financial statements[16] Revenue, Other Income and Gains, and Segment Information The group's revenue primarily derives from property sales, investment properties, hotel and serviced apartment operations, building management operations, and theme park operations, with total revenue and other income and gains decreasing year-on-year in 2023, mainly due to reduced property sales, though some businesses like theme park operations saw growth - The group's revenue refers to income from property sales, investment properties, hotel and serviced apartment operations, building management operations, and theme park operations[27] | Revenue Source | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :--------------- | :-------------- | :-------------- | | Property Sales | 887,025 | 1,624,672 | | Hotel and Serviced Apartment Operations | 250,234 | 177,621 | | Building Management Operations | 124,500 | 128,704 | | Theme Park Operations | 18,877 | 16,049 | | Rental Income from Investment Properties | 519,874 | 568,725 | | Total Revenue, Other Income and Gains | 1,896,845 | 2,657,844 | - For 2023, total revenue, other income, and gains from customer contracts amounted to HK$1,280,636 thousand, with HK$887,025 thousand recognized at a point in time and HK$393,611 thousand recognized over time[23] | Segment | 2023 Segment Revenue (HK$ Thousand) | 2022 Segment Revenue (HK$ Thousand) | | :------------- | :---------------------- | :---------------------- | | Property Development | 910,417 | 1,649,710 | | Property Investment | 661,013 | 709,547 | | Hotel and Serviced Apartment Operations | 250,590 | 178,124 | | Theme Park Operations | 19,534 | 17,203 | | Consolidated Total | 1,841,554 | 2,554,584 | Operating Profit Operating profit for the year significantly decreased, primarily due to the cost of properties sold, impairment of property, plant and equipment, and write-down of completed properties held for sale to net realizable value | Item | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :----------------------- | :-------------- | :-------------- | | Cost of Properties Sold | 394,913 | 736,337 | | Depreciation of Property, Plant and Equipment | 142,928 | 221,772 | | Depreciation of Right-of-use Assets | 20,633 | 21,540 | | Impairment of Property, Plant and Equipment | 173,642 | 366,312 | | Write-down of Completed Properties Held for Sale to Net Realizable Value | 4,849 | — | | Loss on Derecognition of Rental Receivables | 7,159 | 32,265 | - Depreciation expenses for hotel and serviced apartments and related leased property renovations amounted to HK$80,557,000, and for theme parks, HK$65,300,000[38] Finance Costs Total finance costs for the year significantly increased, mainly due to higher interest expenses on bank loans and secured notes, as well as increased bank financing fees | Item | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :------------- | :-------------- | :-------------- | | Interest Expense on Bank Loans | 571,273 | 398,390 | | Interest Expense on Secured Notes | 68,320 | 147,043 | | Bank Financing Fees and Direct Costs | 62,079 | 20,048 | | Total Finance Costs | 596,219 | 399,768 | - Of the finance costs, HK$141,566 thousand was capitalized into the cost of properties under development, investment properties under construction, and construction in progress[44] Taxation Total tax expense for the year significantly decreased, primarily benefiting from lower PRC Enterprise Income Tax and Land Appreciation Tax, as well as the positive impact of deferred tax | Item | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :------------- | :-------------- | :-------------- | | PRC Enterprise Income Tax | 98,858 | 155,129 | | Land Appreciation Tax | 211,693 | 330,104 | | Deferred Tax | (52,126) | 76,655 | | Total Tax Expense for the Year | 258,425 | 561,888 | - The statutory Hong Kong Profits Tax rate is 16.5%, with no provision made for the current year due to no estimated assessable profits[47] Dividends No final dividend was declared for the year ended July 31, 2023 - No final dividend was declared for the years ended July 31, 2023, and July 31, 2022[49] Loss Per Share Attributable to Owners of the Company Basic loss per share attributable to owners of the company significantly increased, primarily due to the expanded loss for the year | Metric | 2023 (HK$) | 2022 (HK$) | | :------------- | :------------ | :------------ | | Basic and Diluted Loss Per Share | (1.766) | (0.406) | - The basic loss per share is calculated based on the loss attributable to owners of the company of HK$584,702,000 (2022: HK$134,523,000) and the weighted average number of ordinary shares in issue of 331,033,443 during the year[46] - There were no potentially dilutive ordinary shares in issue for the group for the years ended July 31, 2023, and 2022, as the exercise price of share options was higher than the average market price of shares during the year[46] Trade and Other Receivables, Deposits and Prepayments The group's net trade receivables and total other receivables decreased, with credit policies varying by business operations and market conditions, and no significant concentration of credit risk | Item | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :------------- | :-------------- | :-------------- | | Net Trade Receivables | 133,316 | 162,104 | | Finance Lease Receivables Due | 482,099 | 497,168 | | Other Receivables, Deposits and Prepayments | 344,526 | 347,616 | | Total | 959,941 | 1,006,888 | | Amount Classified as Current | (481,967) | (513,245) | | Non-current Portion | 477,974 | 493,643 | - The group has different credit policies for various business operations based on customary practices and market conditions of different subsidiaries, with no significant concentration of credit risk[58] - The group does not hold any collateral or other credit enhancements for these balances[59] Trade and Other Payables and Accruals The group's total trade payables, accruals, and other payables decreased, primarily driven by a reduction in trade payables | Item | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :------------- | :-------------- | :-------------- | | Trade Payables | 273,818 | 487,824 | | Accruals and Other Payables | 1,243,278 | 1,210,629 | | Put Option Liabilities | 1,114,080 | 1,240,322 | | Total | 2,631,176 | 2,938,775 | | Amount Classified as Current | (1,730,450) | (1,979,103) | | Non-current Portion | 900,726 | 959,672 | Contract Liabilities and Deposits Received The group's total contract liabilities and deposits received increased, with the growth in contract liabilities being the primary driver | Item | 2023 (HK$ Thousand) | 2022 (HK$ Thousand) | | :------------- | :-------------- | :-------------- | | Contract Liabilities | 755,595 | 541,567 | | Deposits Received | 248,674 | 248,835 | | Total | 1,004,269 | 790,402 | | Amount Classified as Current | (874,884) | (651,860) | | Non-current Portion | 129,385 | 138,542 | Management Discussion and Analysis Business Review and Outlook The global economy faces challenges with China's slowdown, yet government stimulus measures are in place; the group's regional focus and lease-led strategy demonstrate resilience, maintaining optimism for the Greater Bay Area, with newly completed green buildings enhancing the leasing portfolio and the Novotown project progressing, alongside plans for timely land bank expansion - Global geopolitical and economic issues, the war in Ukraine, a high-interest rate environment, and COVID-19 restrictions in China hindered global economic recovery, leading to market caution[64] - The Chinese government introduced various economic stimulus and support measures, such as lowering bank reserve requirement ratios and reducing down payment amounts, to boost economic growth[65] - The group's approximately 5,900,000 sq ft leasing portfolio in Shanghai, Guangzhou, Zhongshan, and Hengqin performed stably, with the completion of Shanghai Lippo Plaza and Guangzhou Lippo International Centre, both achieving LEED v4 Gold certification, adding approximately 1,300,000 sq ft of total leasable gross floor area[66] - Construction for Phase 2 of Hengqin Novotown is underway, and leasing progress for Phase 1 commercial area is good, with approximately 83% of leasable area already leased[68] - The group will consider expanding its land bank opportunely, taking into account macroeconomic conditions, existing businesses, and risk allocation[74] Overview of Annual Results Revenue for the year decreased by 28.4% year-on-year, primarily due to reduced property sales income; net loss attributable to owners of the company significantly expanded, and net loss per share increased, with net loss still rising even after excluding the impact of property revaluation and other non-recurring items | Metric | 2023 (HK$ Million) | 2022 (HK$ Million) | Percentage Change | | :------------- | :---------------- | :---------------- | :--------- | | Rental Income | 894.6 | 875.1 | +2.2% | | Property Sales | 887.0 | 1,624.7 | -45.4% | | Theme Park Operations | 18.9 | 16.0 | +18.1% | | Total Revenue | 1,800.5 | 2,515.8 | -28.4% | - Net loss attributable to owners of the company was approximately HK$584.7 million, a significant increase from HK$134.5 million in the prior year, mainly due to reduced property sales income, increased finance costs, and decreased investment property valuations[84] - Net loss per share was HK$1.766 (2022: HK$0.406)[85] | Loss Adjustment Item | 2023 (HK$ Million) | 2022 (HK$ Million) | | :------------- | :---------------- | :---------------- | | Reported Loss | (584.7) | (134.5) | | Impairment/(Revaluation Gain) of Investment Properties | 68.8 | (341.0) | | Net Loss After Tax, Excluding Impairment/Revaluation Gain of Investment Properties | (534.0) | (391.6) | | Impairment of Property, Plant and Equipment | 173.6 | 366.3 | | Net Loss After Tax, Excluding Impairment/Revaluation Gain of Investment Properties and Impairment of Property, Plant and Equipment | (391.0) | (151.6) | - Net asset value per share attributable to owners of the company decreased from HK$44.12 as of July 31, 2022, to HK$38.60 as of July 31, 2023[88] Property Portfolio Composition As of July 31, 2023, the group's property portfolio exceeded 10 million sq ft of gross floor area, encompassing commercial, office, serviced apartments, residential, and car parking spaces, with completed properties held for lease constituting the majority | Property Type | Approximate Gross Floor Area (000 sq ft) | Number of Car Parking Spaces | | :------------- | :---------------------- | :--------- | | Completed Properties Held for Lease | 5,871 | 2,984 | | Properties Under Development | 2,686 | 1,352 | | Completed Properties Held for Sale | 1,578 | 3,463 | | Total Gross Floor Area | 10,135 | 7,799 | Property Investment The group's property investment business recorded growth in leasing revenue in 2023, primarily driven by newly completed Grade A office buildings in Shanghai and Guangzhou, with Hengqin Novotown Phase 1 showing outstanding performance in both occupancy rate and revenue, while occupancy rates for other key investment properties varied, and new projects are still in the leasing phase - Mainland China's hotel business significantly recovered, and two new Grade A office buildings in Shanghai and Guangzhou were completed, adding approximately 1,300,000 sq ft of leasable gross floor area to the group's investment property portfolio[92] | Metric | 2023 (HK$ Million) | 2022 (HK$ Million) | Percentage Change | | :------------- | :---------------- | :---------------- | :--------- | | Leasing Revenue | 894.6 | 875.1 | +2.2% | - Excluding currency translation effects, revenue from investment properties denominated in RMB significantly increased by 10.3% to RMB800.8 million[92] Review of Key Investment Properties The group's key investment properties include Shanghai Hong Kong Plaza, Shanghai Mayflower Lifestyle Plaza, Shanghai Kaixin Garden, Shanghai Lippo Plaza, Guangzhou Mayflower Commercial Plaza, Guangzhou Fubon Plaza, Guangzhou Lippo Centre, Guangzhou Lippo International Centre, Zhongshan Palm Spring Rainbow Garden Rainbow Club Mall, and Hengqin Novotown Phase 1, with newly completed Shanghai Lippo Plaza and Guangzhou Lippo International Centre actively seeking tenants, and Hengqin Novotown Phase 1 commercial area achieving an 83% occupancy rate | Property Name | 2023 Revenue (HK$ Million) | 2022 Revenue (HK$ Million) | Occupancy Rate as of 2023 Year-End (%) | | :--------------- | :---------------------- | :---------------------- | :--------------------- | | Shanghai Hong Kong Plaza | 370.1 | 397.6 | Retail: 91.5%, Office: 90.8%, Serviced Apartments: 88.1% | | Shanghai Mayflower Lifestyle Plaza | 66.7 | 67.7 | Retail: 98.9%, Hotel: 91.3% | | Shanghai Lippo Plaza | 12.0 | N/A | Retail: 70.1%, Office: 31.9% | | Guangzhou Lippo International Centre | 10.6 | N/A | Retail: 6.0%, Office: 42.0% | | Hengqin Novotown Phase 1 | 130.8 | 61.2 | Retail: 81.0%, Hotel: 86.0% | - Shanghai Lippo Plaza and Guangzhou Lippo International Centre were completed in September and November 2022, respectively, both achieving LEED v4 Gold certification and are currently undergoing leasing[108][127] - Leasing progress for Hengqin Novotown Phase 1 commercial area is robust, with approximately 83% of the leasable area already leased, primarily to themed indoor experience centers, duty-free groups, and F&B brands[118] Hotel and Serviced Apartment Operations The group's Shanghai Ascott Huai Hai Road Serviced Apartments, Shanghai The Stellar, and Zhuhai Hengqin Hyatt Regency all recorded varying average occupancy rates and average room rates during the review period | Hotel Name | Average Occupancy Rate (%) | Average Room Rate (HK$) | | :--------------- | :------------- | :-------------- | | Shanghai Ascott Huai Hai Road Serviced Apartments | 79.3 | 1,055 | | Shanghai The Stellar | 66.3 | 412 | | Zhuhai Hengqin Hyatt Regency | 57.2 | 812 | Property Development Revenue from property development business decreased by 45.4% year-on-year, primarily due to reduced property sales, with recognized sales mainly driven by Zhongshan Palm Spring Rainbow Garden and Shanghai Wuliqiao Project, while contracted but unrecognized sales increased, mainly from Zhongshan Palm Spring Rainbow Garden, Hengqin Novotown Phase 1, and Hengqin Harrow International School - For the year ended July 31, 2023, the group's property development business recorded revenue from property sales of HK$887.0 million, a 45.4% decrease from the previous year[133] - Excluding currency translation effects, property sales revenue denominated in RMB was RMB794.0 million, a year-on-year decrease[133] Recognized Sales Recognized sales for the year were primarily contributed by high-rise residential units and villa residential units at Zhongshan Palm Spring Rainbow Garden, cultural studio and workshop units at Hengqin Novotown Phase 1, and residential units at Shanghai Wuliqiao Project | Project | Number of Units Sold | Approximate Gross Floor Area (sq ft) | Average Selling Price (HK$/sq ft) | Revenue (HK$ Million) | | :------------- | :--------- | :-------------------- | :--------------------- | :---------------- | | Shanghai Wuliqiao Project Residential Units | 1 | 3,202 | 14,000 | 41.1 | | Hengqin Novotown Phase 1 Cultural Studios | 10 | 32,605 | 4,547 | 137.9 | | Hengqin Novotown Phase 1 Cultural Workshops | 56 | 42,476 | 2,375 | 92.6 | | Zhongshan Palm Spring Rainbow Garden High-rise Residential Units | 287 | 343,099 | 1,838 | 578.8 | | Zhongshan Palm Spring Rainbow Garden Villa Residential Units | 3 | 6,208 | 3,412 | 20.2 | | Subtotal | 357 | 427,590 | 2,212 | 870.6 | Contracted Sales As of July 31, 2023, the group's contracted but unrecognized sales amounted to HK$971.7 million, primarily driven by residential units at Zhongshan Palm Spring Rainbow Garden, cultural studio and workshop units at Hengqin Novotown Phase 1, and the property occupied by Hengqin Harrow International School in Novotown Phase 2 | Project | Number of Units Sold | Approximate Gross Floor Area (sq ft) | Average Selling Price (HK$/sq ft) | Revenue (HK$ Million) | | :------------- | :--------- | :-------------------- | :--------------------- | :---------------- | | Zhongshan Palm Spring Rainbow Garden High-rise Residential Units | 300 | 364,690 | 1,684 | 614.0 | | Hengqin Novotown Phase 1 Cultural Studios | 7 | 27,318 | 4,715 | 128.8 | | Hengqin Novotown Phase 1 Cultural Workshops | 37 | 26,310 | 2,360 | 62.1 | | Hengqin Novotown Phase 2 Harrow International School Building | N/A | 149,078 | 1,110 | 165.5 | | Subtotal | 344 | 567,396 | 1,710 | 970.4 | - Excluding currency translation effects, contracted but unrecognized sales denominated in RMB increased to RMB869.8 million, up from RMB615.0 million in the prior year[155] Review of Key Completed Properties Held for Sale and Properties Under Development The group holds multiple completed properties held for sale and properties under development projects in Shanghai, Guangzhou, and Zhongshan, with all residential units at Shanghai Wuliqiao Project sold, satisfactory sales progress at Zhongshan Palm Spring Rainbow Garden, ongoing sales of cultural studio and workshop units at Hengqin Novotown Phase 1, and construction progressing for Phase 2, including the sale of the property occupied by Hengqin Harrow International School - All residential units and 30 car parking spaces at Shanghai Wuliqiao Project have been sold, with 13 remaining car parking spaces for sale[138] - All construction works at Zhongshan Palm Spring Rainbow Garden have been completed, with sales of remaining phases ongoing, and recognized sales of high-rise residential units and villa units totaling HK$599.0 million[141][162] - Recognized sales of cultural studio and workshop units at Hengqin Novotown Phase 1 totaled HK$230.5 million, with contracted but unrecognized sales totaling HK$190.9 million[179] - Construction for Hengqin Novotown Phase 2 is underway, and the property occupied by Hengqin Harrow International School has been sold to the school operator to realize investment value and progressively recover funds[180] Capital Structure, Liquidity and Debt Maturity The group's total borrowings decreased, but the gearing ratio increased, with debt maturity spread out and sufficient cash and unutilized loan facilities available, while certain assets are pledged to secure borrowings and bank facilities | Metric | 2023 (HK$ Million) | 2022 (HK$ Million) | | :------------- | :---------------- | :---------------- | | Total Borrowings | 10,618.2 | 11,939.7 | | Cash and Bank Balances | 2,471.7 | 4,142.6 | | Unutilized Loan Facilities | 2,013.9 | 1,984.5 | | Gearing Ratio | 64% | 53% | - Approximately 93% of the group's borrowings are floating-rate, and 7% are interest-free, primarily denominated in RMB (40%), HKD (57%), and USD (3%)[168] - Debt maturity is spread out: HK$1,151.3 million repayable within one year, HK$1,367.4 million in the second year, HK$6,625.6 million in the third to fifth years, and HK$1,473.9 million after the fifth year[182] - Certain assets of the group are pledged to secure borrowings and bank facilities, including investment properties, properties under development, property, plant and equipment, right-of-use assets, completed properties held for sale, and time deposits and bank balances[183] Purchase, Sale or Redemption of Listed Securities LF Bonds, a wholly-owned subsidiary of the company, fully redeemed its US$350 million secured notes issued in 2018 in January 2023, having previously repurchased a portion of these notes in the open market - LF Bonds fully redeemed its outstanding US$350 million secured notes issued in 2018 on January 18, 2023[79][150] - On August 12, 2022, LF Bonds repurchased secured notes with a principal amount of US$3.5 million for approximately US$3,235,000 (approximately HK$25,365,000)[184] Corporate Governance The company is committed to maintaining a high standard of corporate governance and complies with the Corporate Governance Code set out in Appendix 14 of the Listing Rules, with the Audit Committee having reviewed the consolidated results for the year - The company has complied with all code provisions of the Corporate Governance Code for the year ended July 31, 2023[185] - The company's Audit Committee, comprising four independent non-executive directors, has reviewed the company's consolidated results for the year ended July 31, 2023[188] Directors, Employees and Remuneration Policy The group welcomes new directors and thanks outgoing directors, is committed to maintaining a stable employee team, provides competitive remuneration and benefits, and evaluates performance for promotions and salary adjustments - Dr. Lam Kin Ngok, Peter and Mr. Cheung Sum joined the Board as Executive Directors on June 2, 2023, and August 1, 2023, respectively, and Mr. Au Hoi Fung joined as an Independent Non-executive Director on August 1, 2023[173] - Mr. Chow Fuk Hon retired from the Board on October 1, 2023[186] - The group employs approximately 1,700 staff, maintains competitive salaries, conducts performance-based evaluations for promotions and salary increments, and offers benefits such as share option schemes, Mandatory Provident Fund schemes, hospitalization insurance, medical allowances, and training subsidies[185] Investor Relations The group actively communicates with the investment community through webinars, conference calls, seminars, and non-deal roadshows, providing updates on operations, financial performance, and outlook, and welcomes feedback from all parties - The group maintains active communication with the investment community through webinars and conference calls with research analysts and investors[174] - Management actively participates in investor relations programs, engaging with research analysts and institutional investors, and attending major investment seminars and international non-deal roadshows[186] - The company welcomes feedback from investors, stakeholders, and the public, and provides contact information[187] Other Information Review of Annual Results The company's Audit Committee has reviewed the consolidated results for the year ended July 31, 2023, including the consolidated financial statements - The company's Audit Committee has reviewed the company's consolidated results (including the consolidated financial statements) for the year ended July 31, 2023[188] Independent Auditor's Review of Preliminary Announcement The figures in the consolidated financial statements contained in this preliminary announcement have been agreed by the company's auditor, Ernst & Young, but their work does not constitute an assurance engagement - The figures in the consolidated statement of financial position, consolidated income statement, consolidated statement of comprehensive income, and related notes in this preliminary announcement have been agreed by the company's auditor, Ernst & Young, with the corresponding figures in the group's consolidated financial statements for the year[177] - The work performed by Ernst & Young does not constitute an assurance engagement in accordance with Hong Kong Standards on Auditing, Hong Kong Standards on Review Engagements, or Hong Kong Standards on Assurance Engagements issued by the Hong Kong Institute of Certified Public Accountants, and therefore no assurance opinion is expressed on this preliminary announcement[177] Annual General Meeting The company will publish and dispatch the Annual General Meeting notice to shareholders on the respective websites of Hong Kong Exchanges and Clearing Limited and the company in mid-November - The Annual General Meeting will be published and dispatched to shareholders on the respective websites of Hong Kong Exchanges and Clearing Limited and the company in mid-November[178]