绿地香港(00337) - 2023 - 中期业绩

Condensed Consolidated Financial Statements Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income The Group's revenue increased by 64% to RMB 8,232,782 thousand for the six months ended June 30, 2023, with profit for the period surging 190% to RMB 33,498 thousand, though profit attributable to owners decreased 22.6% to RMB 81,910 thousand | Indicator | H1 2023 (RMB thousands) | H1 2022 (RMB thousands) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 8,232,782 | 5,023,101 | 64% | | Cost of sales | (6,649,180) | (4,093,515) | 62% | | Gross profit | 1,583,602 | 929,586 | 70% | | Profit for the period | 33,498 | 11,532 | 190% | | Profit attributable to owners of the Company | 81,910 | 105,864 | -22.6% | | Basic earnings per share (RMB) | 0.03 | 0.04 | -25% | - Other comprehensive income for the period was RMB 953 thousand, a significant decrease from RMB 87,291 thousand in the prior year period[25][40] Condensed Consolidated Statement of Financial Position As of June 30, 2023, the Group's total assets were RMB 144,267,014 thousand, total liabilities RMB 121,789,370 thousand, and total equity RMB 22,477,644 thousand, all slightly decreased from year-end 2022, with net current assets at RMB 7,379,260 thousand | Indicator | June 30, 2023 (RMB thousands) | December 31, 2022 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total assets | 144,267,014 | 149,650,517 | -3.6% | | Total liabilities | 121,789,370 | 126,438,130 | -3.7% | | Total equity | 22,477,644 | 23,212,387 | -3.2% | | Investment properties | 10,387,000 | 11,181,000 | -7.1% | | Properties under development | 74,422,837 | 76,575,661 | -2.8% | | Bank balances and cash | 1,739,814 | 3,011,771 | -42.3% | | Net current assets | 7,379,260 | 9,094,847 | -18.8% | Notes to the Condensed Consolidated Financial Statements Basis of Preparation The condensed consolidated financial statements are prepared in accordance with IAS 34 "Interim Financial Reporting" and Appendix 16 of the HKEX Listing Rules, primarily measured at historical cost, except for certain properties and financial instruments at fair value, with no significant impact from new IFRS standards - The condensed consolidated financial statements are prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Appendix 16 to the Listing Rules of The Stock Exchange of Hong Kong Limited[32] - The condensed consolidated financial statements are prepared on a historical cost basis, except for certain properties and financial instruments which are measured at fair value[47] - The application of new and revised International Financial Reporting Standards (IFRSs) in the current interim period has had no significant impact on the Group's financial position, performance, and/or disclosures in the condensed consolidated financial statements for the current and prior periods[34] Significant Accounting Policies The Group first applied new and revised IFRSs issued by the IASB, effective for annual periods beginning January 1, 2023, including IFRS 17 (Insurance Contracts) and amendments to IAS 8 and IAS 12 - The Group has first applied new and revised International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) that are mandatorily effective for the annual period beginning January 1, 2023[71] New and Revised International Financial Reporting Standards | Standard | Content | | :--- | :--- | | IFRS 17 | Insurance Contracts | | Amendments to IAS 8 | Definition of Accounting Estimates | | Amendments to IAS 12 | Deferred Tax related to Assets and Liabilities arising from a Single Transaction | | Amendments to IAS 12 | International Tax Reform — Pillar Two Model Rules | Disaggregation of Revenue from Contracts with Customers The Group's total revenue from contracts with customers for H1 2023 was RMB 8,232,782 thousand, predominantly from property sales at RMB 7,790,022 thousand, which grew 68% year-on-year, while hotel and ancillary services revenue decreased Disaggregation of Revenue from Contracts with Customers (RMB thousands) | Type of goods or services | H1 2023 | H1 2022 | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Property sales | 7,790,022 | 4,650,178 | 67.5% | | Hotel and ancillary services | 20,631 | 31,310 | -34.1% | | Property management and other services | 323,935 | 243,682 | 32.9% | | Leasing - rental income | 98,194 | 97,931 | 0.3% | | Total revenue | 8,232,782 | 5,023,101 | 63.9% | Operating Segments The Group's main operating segments are property sales, leasing, hotel and ancillary services, and property management, with property sales being the primary revenue source, contributing RMB 7,790,022 thousand in external sales and RMB 300,260 thousand in segment profit for H1 2023, also dominating segment assets and liabilities Segment Revenue (External Sales, RMB thousands) | Segment | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Property sales | 7,790,022 | 4,650,178 | | Property leasing | 98,194 | 97,931 | | Hotel and ancillary services | 20,631 | 31,310 | | Property management and other services | 323,935 | 243,682 | | Total | 8,232,782 | 5,023,101 | Segment Profit (Loss) (RMB thousands) | Segment | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Property sales | 300,260 | (215,332) | | Property leasing | (262,214) | 50,822 | | Hotel and ancillary services | (10,283) | 169,077 | | Property management and other services | 14,411 | (28,382) | | Profit for the period | 33,498 | 11,532 | Segment Assets and Liabilities (RMB thousands) | Segment | June 30, 2023 (Assets) | June 30, 2023 (Liabilities) | | :--- | :--- | :--- | | Property sales | 155,624,911 | 148,489,340 | | Property leasing | 10,387,000 | 5,505,376 | | Hotel and ancillary services | 2,076,253 | 1,649,407 | | Property management and other services | 9,606,970 | 5,406,238 | | Total reportable segment assets | 144,267,014 | - | | Total reportable segment liabilities | - | 121,789,370 | Finance Costs The Group's finance costs for H1 2023 decreased 27.7% to RMB 71,321 thousand from RMB 98,573 thousand in the prior year, driven by a significant increase in bond interest expenses offset by a substantial reduction in interest-bearing loan expenses and capitalized interest Finance Costs (RMB thousands) | Item | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Interest expense on bonds | 406,843 | 42,940 | | Interest expense on interest-bearing loans | 8,416 | 519,986 | | Interest expense on lease liabilities | - | 18,164 | | Interest expense on contract liabilities | 250,399 | 383,392 | | Less: Capitalized interest on bonds | - | (30,144) | | Capitalized interest on interest-bearing loans | (343,938) | (452,373) | | Capitalized interest on contract liabilities | (250,399) | (383,392) | | Total | 71,321 | 98,573 | Income Tax Expense The Group's income tax expense for H1 2023 increased 12.9% to RMB 421,235 thousand, primarily due to higher profit before tax, with China corporate income tax at 25% and land appreciation tax at progressive rates from 30% to 60% Income Tax Expense (RMB thousands) | Item | H1 2023 | H1 2022 | | :--- | :--- | :--- | | PRC corporate income tax | 327,852 | 229,142 | | PRC land appreciation tax | 535,868 | 91,525 | | Deferred tax | (114,633) | 52,421 | | Total | 421,235 | 373,088 | - The Group's principal operating companies in the PRC are subject to PRC corporate income tax at a rate of 25% for both periods[80] - All income from the sale or transfer of state-owned land use rights, buildings, and their attached facilities in the PRC is subject to Land Appreciation Tax at progressive rates ranging from 30% to 60% on the appreciation value[81] Dividends The Company's Board of Directors has decided not to pay any dividends for the six months ended June 30, 2023 - No dividends have been paid, declared, or proposed for the current interim period, and the Company's directors have determined that no dividends will be paid for the interim period[3][58] Earnings Per Share Basic earnings per share attributable to owners of the Company for the six months ended June 30, 2023, decreased to RMB 0.03 from RMB 0.04 in the prior year, calculated based on profit of RMB 81,910 thousand and a weighted average of 2,769,188 thousand ordinary shares Basic Earnings Per Share Calculation | Item | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company (RMB thousands) | 81,910 | 105,864 | | Weighted average number of ordinary shares (thousands of shares) | 2,769,188 | 2,769,188 | | Basic earnings per share (RMB) | 0.03 | 0.04 | Investment Properties As of June 30, 2023, the Group's investment properties had a fair value of RMB 10,387,000 thousand, a decrease from year-end 2022, with a net fair value decrease of RMB 389,148 thousand recognized during the period, valued by independent professional valuers DTZ Cushman & Wakefield using income capitalization and development cost approaches Movement in Investment Properties (RMB thousands) | Item | Investment properties under development | Completed investment properties | Total investment properties | | :--- | :--- | :--- | :--- | | At January 1, 2023 (audited) | 3,150,000 | 8,031,000 | 11,181,000 | | Additions | 300,205 | – | 300,205 | | Transfers | (3,450,205) | 3,450,205 | – | | Disposals | – | (705,057) | (705,057) | | Net decrease in fair value recognized in profit or loss | – | (389,148) | (389,148) | | At June 30, 2023 (unaudited) | – | 10,387,000 | 10,387,000 | - The fair value of the Group's investment properties is derived from valuations performed by DTZ Cushman & Wakefield Limited, an independent qualified professional valuer, at the relevant dates[59] - Completed investment properties are valued using the income capitalization approach, while properties under construction or development are valued based on completion assumptions, considering market value, development costs, and developer's profit margin[85][86] Trade and Other Receivables, Deposits and Prepayments As of June 30, 2023, the Group's total trade and other receivables, deposits, and prepayments amounted to RMB 24,153,763 thousand, a slight decrease from year-end 2022, with trade receivables net of credit loss allowance at RMB 371,109 thousand, where balances over 365 days constituted the largest portion Trade and Other Receivables, Deposits and Prepayments (RMB thousands) | Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Trade receivables, net of allowance for credit losses | 371,109 | 401,785 | | Other receivables, net of allowance for credit losses | 19,187,550 | 20,009,887 | | Prepayments | 1,567,754 | 1,516,637 | | Prepaid deposits for acquisition of land for development | 465,120 | 465,120 | | Other prepaid taxes | 2,562,230 | 2,492,043 | | Total | 24,153,763 | 24,885,472 | Ageing Analysis of Trade Receivables (RMB thousands) | Ageing | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | 0-90 days | 120,964 | 141,556 | | 91-180 days | 8,744 | 5,084 | | 181-365 days | 17,412 | 25,415 | | Over 365 days | 223,989 | 229,730 | | Total | 371,109 | 401,785 | Trade and Other Payables As of June 30, 2023, the Group's total trade and other payables amounted to RMB 55,650,446 thousand, a slight decrease from year-end 2022, with trade payables being largely unsecured, interest-free, and repayable on demand, and the 0-90 days ageing category representing the largest portion Trade and Other Payables (RMB thousands) | Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Trade payables | 26,662,493 | 27,332,409 | | Non-trade payables to related parties | 7,482,386 | 7,250,866 | | Other taxes payable | 1,693,768 | 1,787,413 | | Interest payable | 145,204 | 198,776 | | Consideration payable to Greenland Holdings Group Company Limited | 953,759 | 953,759 | | Amounts due to non-controlling shareholders | 5,442,438 | 5,264,529 | | Other payables and accrued expenses | 13,270,398 | 13,315,977 | | Total | 55,650,446 | 56,103,729 | Ageing Analysis of Trade Payables (RMB thousands) | Ageing | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | 0-90 days | 17,425,156 | 18,826,085 | | 91-180 days | 343,681 | 578,035 | | 181-365 days | 3,626,600 | 2,290,710 | | Over 365 days | 5,267,056 | 5,637,579 | | Total | 26,662,493 | 27,332,409 | Perpetual Securities In 2016, the Group issued US$120,000,000 in senior perpetual capital securities, granting holders semi-annual distribution rights and classified as equity, with a 10.21% distribution rate applied for the interim period, resulting in US$6,126,000 (approximately RMB 41,413,000) accrued and paid - The Group issued US dollar-denominated senior perpetual capital securities with an aggregate principal amount of US$120,000,000 on July 27, 2016[5] - The perpetual securities only impose contractual obligations on the Group to repay principal or pay any distributions at the Group's discretion under certain circumstances, thus the entire instrument is classified as equity[91] - For the current interim period, the Group applied a distribution rate of 10.21% to the perpetual securities, and distributions of US$6,126,000 (equivalent to approximately RMB 41,413,000) have been accrued and paid[67][118] Management Discussion and Analysis Industry Review China's real estate sector faced unprecedented challenges in 2022 but saw a gradual market confidence recovery in 2023 due to eased pandemic controls and supportive policies; despite a Q1 rebound, the market slowed, with property development remaining sluggish in H1, while the government reiterated "housing is for living, not for speculation" and extended the "16 Financial Measures" policy until December 30, 2024 - China's real estate industry experienced unprecedented difficulties in 2022, but market confidence gradually recovered in 2023 with the full lifting of pandemic control measures and multiple supportive real estate policies from the Chinese government[17] - China's GDP grew 4.5% year-on-year in Q1 2023, leading to a localized "mini-spring" in the property market, but the market subsequently slowed, with the real estate market still in a slow recovery during the first half of the year[17][119] - The People's Bank of China and the National Financial Regulatory Administration announced an extension of the "16 Financial Measures" policy until December 30, 2024, reiterating the principle that "housing is for living, not for speculation"[94] Business Review The Group's H1 2023 contracted sales reached approximately RMB 8.97 billion, a 9.62% year-on-year increase, with a total contracted GFA of approximately 760,473 square meters; the Group focused on inventory destocking, innovative marketing, enhancing delivery and operational capabilities, and actively developing long-term rental and commercial projects, holding approximately 20.4 million square meters of land reserves at period-end - The Group's contracted sales for H1 2023 were approximately RMB 8.97 billion, an increase of 9.62% year-on-year, with a total contracted gross floor area (GFA) of approximately 760,473 square meters, a decrease of 7.43% year-on-year[95][123] - During the review period, the total GFA of projects sold and delivered was approximately 503,838 square meters, an increase of approximately 24% compared to the prior year period, with an average selling price of approximately RMB 15,408 per square meter[122] - The Group focused on destocking existing assets, innovating marketing strategies, pragmatically advancing projects to reduce losses and increase efficiency, and strengthening risk management through prudent financial management[121] Contracted Sales H1 2023 Contracted Sales Overview | Indicator | Data | | :--- | :--- | | Contracted sales amount | Approximately RMB 8.97 billion | | Y-o-Y growth | 9.62% | | Total contracted GFA sold | Approximately 760,473 square meters | | Y-o-Y decrease | 7.43% | | Average contracted selling price | Approximately RMB 11,795/square meter | - Contracted sales were primarily derived from projects in key regions including Jiangsu (approximately 35%), Guangdong (approximately 34%), Zhejiang (approximately 17%), and Guangxi (approximately 10%)[96] Continuous Improvement in Delivery and Operational Capabilities - The Group continues to focus on enhancing delivery and operational capabilities, resolutely implementing the central government's requirements for "ensuring housing delivery, safeguarding livelihoods, and maintaining stability," and accelerating project completion and handover[7] - Greenland Hong Kong created "Transparent HOUSE" to genuinely present concealed works such as construction techniques, finished product protection, materials used, and inspection standards, forming a "1+2+4" delivery control system[97] - The Group further optimized and adapted project costs through avenues such as design optimization, material optimization, and process optimization, effectively achieving cost reduction and efficiency improvement[99] Long-term Rental Business - The Group's meticulously crafted long-term rental apartment brand, "Jingshe," is dedicated to providing quality, comfortable, and stylish living spaces with a social atmosphere for urban youth[100] - Leveraging its innovative "Internet + x" business model, "Jingshe" has established four major business segments: online group buying, offline new retail, shared fitness, and Jingshe home services[19] - During the review period, the Group successfully signed a Nanjing project with a total volume of over 400 units, further solidifying "Jingshe"'s strategic layout in the Yangtze River Delta region, with a future focus on first-tier and new first-tier cities[100][128] Commercial Projects - Yiwu Greenland Chaoyangmen officially opened on April 29, as a large-scale commercial complex in the Yangtze River Delta with a GFA of approximately 230,000 square meters, having attracted over 260 brands[129] Land Reserve - As of June 30, 2023, the Group possessed ample high-quality land reserves, totaling approximately 20.4 million square meters[130] - While prudently increasing its land reserves, the Group is deeply cultivating core urban areas in the Yangtze River Delta and Greater Bay Area, advancing its "Two Wings, One Body" strategic layout[130] Financial Performance The Group's total revenue for H1 2023 increased 64% year-on-year to RMB 8.233 billion, primarily due to increased property sales and deliveries; gross profit grew 70% to RMB 1.584 billion, maintaining a 19% gross profit margin, but other income, gains, and losses shifted from profit to loss, mainly impacted by exchange losses, while investment property fair value losses significantly expanded, and finance costs and operating expenses decreased - The Group's total revenue for H1 2023 was approximately RMB 8.233 billion, an increase of approximately 64% compared to the prior year period, primarily due to higher property sales and deliveries[104] - Gross profit increased from approximately RMB 930 million in H1 2022 to approximately RMB 1.584 billion, with a gross profit margin of 19%, consistent with the prior year period[106] - Other income, gains, and losses, as well as other operating expenses, decreased from a profit of approximately RMB 50 million in H1 2022 to a loss of approximately RMB 182 million in the corresponding period of 2023, primarily due to exchange losses during the review period[21] Revenue - Property sales generated revenue of approximately RMB 7.79 billion in H1 2023, accounting for approximately 95% of total revenue, an increase of approximately 68% from the prior year[132] Cost of Sales - Cost of sales was approximately RMB 6.649 billion, an increase of approximately 62% compared to H1 2022, primarily comprising land costs, construction costs, capitalized finance costs, and sales taxes[105] Gross Profit and Gross Profit Margin - Gross profit increased from approximately RMB 930 million in H1 2022 to approximately RMB 1.584 billion, with a gross profit margin of 19%, consistent with the prior year period[106] Other Income, Gains and Losses and Other Operating Expenses - Other income, gains, and losses, as well as other operating expenses, decreased from a profit of approximately RMB 50 million in H1 2022 to a loss of approximately RMB 182 million in the corresponding period of 2023, primarily due to exchange losses during the review period[21] Operating Expenses - Administrative expenses and selling and marketing costs decreased by approximately 23% and 8% respectively, to approximately RMB 207 million and RMB 296 million, mainly due to effective management of expenditure control[108] Fair Value Changes of Investment Properties - The Group recorded a fair value loss on investment properties of approximately RMB 389 million, compared to a loss of approximately RMB 14 million in the prior year period, primarily due to value declines in projects in Kunming, Jiaxing, Nanning, and Foshan[147] Finance Costs - Finance costs decreased from approximately RMB 99 million in H1 2022 to approximately RMB 71 million in H1 2023[135] Income Tax Expense - Income tax increased by approximately 13% from approximately RMB 373 million in H1 2022 to approximately RMB 421 million in the corresponding period of 2023, primarily due to an increase in profit before tax[110] Profit for the Period and Attributable to Owners of the Company - Profit for the period was approximately RMB 33 million, an increase of approximately 175% compared to H1 2022; profit attributable to owners of the Company was approximately RMB 82 million, a decrease of approximately 23% compared to H1 2022[136] Financial Position As of June 30, 2023, the Group's total equity was approximately RMB 22.478 billion, total assets approximately RMB 144.267 billion, and total liabilities approximately RMB 121.789 billion; the net gearing ratio increased to 51%, with total cash and cash equivalents of approximately RMB 3.619 billion and total borrowings of approximately RMB 15.032 billion, with business operations, bank borrowings, and cash raised serving as primary liquidity sources Financial Position Overview (RMB thousands) | Indicator | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total equity | 22,478,000 | 23,212,000 | | Total assets | 144,267,000 | 149,651,000 | | Total liabilities | 121,789,000 | 126,438,000 | Liquidity Indicators (RMB thousands) | Indicator | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Net gearing ratio | 51% | 48% | | Total cash and cash equivalents (including restricted cash) | 3,619,000 | - | | Total borrowings | 15,032,000 | - | | Equity base | 22,478,000 | - | - The Group's business operations, bank borrowings, and cash proceeds raised serve as its primary sources of liquidity, applied to business operations and investment development projects[112] Liquidity and Financial Resources - The Group's business operations, bank borrowings, and cash proceeds raised are its primary sources of liquidity[112] - As of June 30, 2023, the net gearing ratio was approximately 51% (December 31, 2022: approximately 48%), with total cash and cash equivalents of approximately RMB 3.619 billion and total borrowings of approximately RMB 15.032 billion[150] Treasury Policy - The Group has established a treasury policy aimed at strengthening control over treasury functions and reducing funding costs[139] - The Group will continue to monitor the exchange rate trends of RMB against USD and will take appropriate measures to hedge foreign exchange risks when necessary[151] - To minimize interest rate risk, the Group continues to closely monitor and manage its loan portfolio through existing agreed interest rates that fluctuate with market and bank rates[114] Credit Policy - Trade receivables primarily arise from the sale and leasing of properties, collected according to the terms stipulated in the relevant sale and purchase agreements and lease agreements[140] Pledge of Assets - As of June 30, 2023, the Group pledged properties and land use rights with a carrying value of approximately RMB 29.159 billion to secure bank credit, with total outstanding secured loan balances of approximately RMB 13.64 billion[115] - As of June 30, 2023, no investment properties were pledged as collateral for the Group's borrowings[4] Financial Guarantees Financial Guarantees and Capital Commitments (RMB thousands) | Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Mortgage guarantees | 21,982,260 | 25,598,816 | | Capital commitments for property development business (contracted but not provided for) | 17,934,091 | 19,278,666 | Outlook For the full year 2023, Greenland Hong Kong aims to focus on multi-channel cost reduction, multi-dimensional efficiency improvement, high-quality delivery, high-quality operations, and high-level organization; over the next three years, it will deepen transformation and upgrading, continuously enhance "old tracks" while actively exploring "new tracks," with asset-light strategy as a core focus, prioritizing high-quality development and stable operations, practicing long-termism, promoting green building, intelligent management, and fulfilling corporate social responsibility - Greenland Hong Kong has clarified its 2023 work objectives, including focusing on multi-channel cost reduction, multi-dimensional efficiency improvement, high-quality delivery, high-quality operations, and high-level organization[103] - Over the next three years, the Group will further deepen its transformation and upgrading, continuously enhancing "old tracks" while actively exploring "new tracks," with asset-light strategy as one of its core strategies, and high-quality development and stable operations remaining strategic priorities[103] - The Group will adhere to the development principles of "respecting and caring for every inch of land" and "persisting as creators of a better life," promoting high-quality development of green buildings, achieving low-carbon development, and integrating intelligent and information-based management[131] Other Information Human Resources As of June 30, 2023, the Group employed 2,792 staff, a decrease from the prior year, utilizing a performance-linked incentive system with year-end bonuses and share award schemes to motivate and retain talent, alongside various training programs - As of June 30, 2023, the Group employed a total of 2,792 staff (June 30, 2022: 3,250 staff), with 1,337 employees working in the property development business[153] - To incentivize employees, the Group has adopted a performance-linked incentive system, providing year-end bonuses to outstanding performers in addition to basic salaries, and implementing a share award scheme to attract and retain talent[153] - The Group also provides various training courses to enhance employees' skills and develop their expertise[153] Interim Dividend The Company's Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2023 - The Company's Board of Directors has resolved not to declare any interim dividend for the six months ended June 30, 2023[154] Material Changes Except as disclosed in this announcement, there have been no material changes concerning the Group's business development, financial position, future prospects, or other significant matters affecting the Group since the publication of the Company's 2022 annual report - Except as disclosed in this announcement, there have been no material changes concerning the Group's business development, financial position, future prospects, or other significant matters affecting the Group since the publication of the Company's 2022 annual report[155] Corporate Governance For the six months ended June 30, 2023, the Company complied with the Corporate Governance Code in Appendix 14 of the Listing Rules, except for code provisions C.2.1 and F.2.2, where the roles of Chairman and CEO were combined for a period, and the Board Chairman did not attend the Annual General Meeting - For the six months ended June 30, 2023, the Company has complied with the code provisions of the Corporate Governance Code set out in Appendix 14 to the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, save for code provisions C.2.1 and F.2.2[156] - Code provision C.2.1 stipulates that the roles of chairman and chief executive should be separate, but from January 1, 2023, to June 15, 2023, Mr. Chen Jun served as both the Chairman of the Board and the Chief Executive Officer of the Company[157] - Code provision F.2.2 requires the chairman of the board to attend the annual general meeting, but the Chairman of the Board did not attend the annual general meeting held on June 30, 2023, due to other business commitments[157] Purchase, Sale or Redemption of the Company's Listed Securities During the six months ended June 30, 2023, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities - During the six months ended June 30, 2023, neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities[158] Events After the Reporting Period Except as disclosed in this announcement, no significant events affecting the Group have occurred after the end of the six-month period ended June 30, 2023 - Except as disclosed in this announcement, no significant events affecting the Group have occurred after the end of the six-month period ended June 30, 2023[159] Review of Unaudited Condensed Consolidated Financial Statements The Company's condensed consolidated financial statements for the six months ended June 30, 2023, though unaudited, have been reviewed by the Audit Committee, which, after discussions with management and external auditors, confirmed their preparation in accordance with applicable accounting standards and fair presentation of the Group's financial position and results - The Company's condensed consolidated financial statements for the six months ended June 30, 2023, are unaudited but have been reviewed by the Audit Committee[159] - The Audit Committee has discussed with the Company's management and external auditors the accounting principles and policies adopted in preparing the aforementioned financial statements[159] - Based on the review and discussions, the Audit Committee is satisfied that the unaudited condensed consolidated financial statements are prepared in accordance with applicable accounting standards and fairly present the Group's financial position and results for the six months ended June 30, 2023[159] Publication of 2023 Interim Results and Interim Report This interim results announcement has been published on the HKEXnews website and the Company's website; the 2023 interim report will be published on both websites and dispatched to shareholders on or before September 30, 2023 - This announcement has been published on the HKEXnews website (www.hkexnews.hk) and the Company's website (www.greenlandhk.com)[160](index=160&type=chunk) - The 2023 interim report will be published on the HKEXnews website and the Company's website, and dispatched to shareholders on or before September 30, 2023[160]