Financial Performance - Link Holdings Limited reported its interim results for the six months ended June 30, 2023, with unaudited consolidated performance figures compared to the same period in 2022[2]. - The hotel operating revenue for the group was approximately HKD 26.0 million, an increase of about 179.6% compared to HKD 9.3 million in the same period last year[16]. - The loss attributable to the owners of the company was approximately HKD 57.1 million, compared to HKD 24.9 million in the previous year[16]. - Total revenue for the six months ended June 30, 2023, was HKD 26,042,379, compared to HKD 9,281,393 for the same period in 2022[17]. - The group reported a pre-tax loss of HKD 55,312,102 for the six months ended June 30, 2023, compared to HKD 24,891,250 in the previous year[17]. - The company reported a net loss of HKD 57,056,335 for the six months ended June 30, 2023, compared to a loss of HKD 24,854,605 in the same period of 2022, indicating an increase in losses of approximately 129%[24]. - Total comprehensive income for the period was a loss of HKD 64,769,529, which includes foreign exchange losses of HKD 7,704,481[24]. - The net cash flow used in operating activities was HKD (21,742,793) for the six months ended June 30, 2023, compared to HKD (10,201,048) in the previous year, reflecting a deterioration in cash flow performance[27]. - The company generated a net cash inflow from financing activities of HKD 52,843,301, contrasting with a cash outflow of HKD (10,114,749) in the same period last year[27]. - The company’s total equity attributable to owners decreased to HKD 98,393,991 as of June 30, 2023, down from HKD 179,589,110 at the end of the previous period[24]. Company Operations and Strategy - The company is engaged in hotel ownership and management, as well as property investment, indicating a focus on real estate and hospitality sectors[29]. - The company plans to continue exploring opportunities in hotel services and property investment to enhance revenue streams and market presence[29]. - The group is considering exploring options for the Hanazuki Onsen Hotel, including potential sale, due to financial and operational challenges[49]. - The group has successfully signed contracts with local government to use hotel facilities for quarantine purposes, providing stable income during the pandemic[48]. - The group is seeking potential investors for the Bintan asset development project, which has faced delays due to financial constraints and the COVID-19 pandemic[55]. - The company is cautiously optimistic about future prospects, anticipating a strong recovery in the tourism industry as COVID-19 restrictions ease[80]. - The company is actively seeking refinancing to stabilize its financial foundation amid ongoing market growth and increasing business and leisure travel[80]. - The company aims to enhance guest experiences and property values while strategically investing in special assets and restructuring opportunities[84]. Financial Position and Liabilities - Non-current assets totaled HKD 537,870,503 as of June 30, 2023, down from HKD 549,555,481 at the end of 2022[21]. - Current assets increased to HKD 85,008,462 from HKD 67,730,988 at the end of 2022[22]. - Current liabilities rose to HKD 472,126,365 from HKD 422,380,935 at the end of 2022[22]. - The net asset value of the company was HKD 100,125,785 as of June 30, 2023, down from HKD 148,272,936 at the end of 2022[22]. - The company’s equity attributable to owners was HKD 98,393,991, a decrease from HKD 146,578,489 at the end of 2022[22]. - As of June 30, 2023, the group's net current liabilities amounted to approximately HKD 385.9 million, including cash and bank balances of about HKD 30.2 million and short-term borrowings of approximately HKD 317.5 million[58]. - The debt-to-equity ratio as of June 30, 2023, was approximately 398.3%, a significant increase from 236.7% as of December 31, 2022[59]. - The total outstanding amount of convertible bonds as of June 30, 2023, was approximately HKD 58.1 million, down from HKD 68.8 million as of December 31, 2022[60]. Corporate Governance and Compliance - The announcement complies with GEM listing rules regarding preliminary announcements of interim results[3]. - The board of directors confirmed that the information provided in the announcement is accurate and complete, with no misleading or fraudulent elements[8]. - The company has complied with the corporate governance code as per GEM Listing Rules during the review period[88]. - All directors confirmed compliance with the trading code for securities transactions during the review period[89]. - The company is in discussions with potential investors regarding the sale of shares to ensure compliance with public float regulations[92]. - The company has appointed a receiver to manage its assets following a default on a bank loan[98]. - The company must comply with the GEM listing rules to resume trading, with a deadline of April 2, 2024, to remedy the issues causing the suspension[103]. - The company received additional resumption guidance from the exchange on October 17, 2023, regarding minimum public float requirements[104]. Shareholder Information - Major shareholders include Ace Kingdom, holding 2,610,680,001 shares, representing 62.34% of the total shares[107]. - CMI Financial Holding Company Limited holds 690,000,000 shares, accounting for 16.48% of the total shares[108]. - China Minsheng Investment holds 690,000,000 shares, representing 16.48% of the company[109]. - China Orient Asset Management owns 310,000,000 shares, accounting for 7.40% of the company[109]. - As of June 30, 2023, the total issued shares of the company amount to 4,188,000,000[113]. - CMI Hong Kong holds convertible bonds worth HKD 25,278,000, equating to 76,600,000 shares or 1.83% of the total issued shares[110]. - The ownership structure indicates a significant concentration of shares among a few major stakeholders[112].
华星控股(08237) - 2023 - 中期业绩