Core Viewpoint - The company, South China City (01668.HK), anticipates a significant loss of up to HKD 90 billion for the fiscal year 2024, with a first liquidation hearing scheduled for April 2025 [1][4]. Financial Performance - For the fiscal year ending December 31, 2024, the company expects a post-tax loss between HKD 80 billion and HKD 90 billion, primarily due to increased inventory impairment provisions, deferred tax asset reversals, reduced capitalization of interest on properties under construction, and fair value losses on investment properties [3][4]. - In the first half of 2024, the company reported revenue of HKD 1.215 billion, a year-on-year decline of 51.7%, with a gross profit of HKD 347 million and a gross margin of 28.5%. The loss for the period reached HKD 43.11 billion, an increase of 593.7% year-on-year [5]. Corporate Actions - The company has delayed the payment of the final dividend for the fiscal year ending March 31, 2023, and is contesting a liquidation petition filed by Citigroup International Limited regarding a USD 306.17 million debt related to its 9.0% senior notes maturing in April 2024 [4]. - The first hearing for the liquidation petition is set for April 2, 2025 [4]. Company Overview - South China City is a comprehensive trade and logistics enterprise listed on the Hong Kong Stock Exchange, established in May 2002. The company primarily generates revenue from property sales, particularly residential sales, despite its operational model being "trade and logistics+" [4].
华南城：预计2024年度税后最多亏损90亿港元，4月将进行首次清盘聆讯