|
Cayman Islands
|
| |
3624
|
| |
Not Applicable
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification number) |
|
|
Joseph Lucosky, Esq.
Seth Brookman, Esq. Lucosky Brookman LLP 101 Wood Avenue South, 5th Floor Woodbridge, NJ 08830 (732) 395-4400 |
| |
Richard Morris, Esq.
Kevin Frisch, Esq. Wilson Williams, LLC 43 West 43rd Street Suite 130 New York, NY 10036-7424 (212) 859-5087 |
|
| | ||||||||||||||||||||||||||||
Title of Class of
Securities to be Registered |
| | |
Amount to
Be Registered |
| | |
Proposed Maximum
Offering Price per Share |
| | |
Proposed Maximum
Aggregate Offering Price(1) |
| | |
Amount of
Registration Fee(1) |
| ||||||||||||
Ordinary shares of Graphex Group Limited, par value HK$0.01 per share (2)
|
| | | | | [ ] | | | | | | $ | [ ] | | | | | | $ | [ ] | | | | | | $ | [ ] | | |
Total
|
| | | | | [ ] | | | | | | $ | [ ] | | | | | | $ | [ ] | | | | | | $ | [ ] | | |
| | |
Page
|
| |||
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| | | | 57 | | | |
| | | | 94 | | | |
| | | | 99 | | | |
| | | | 115 | | | |
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| | | | 145 | | | |
| | | | 153 | | | |
| | | | 154 | | | |
| | | | 162 | | | |
| | | | 169 | | | |
| | | | 170 | | | |
| | | | 171 | | | |
| | | | 172 | | | |
| | | | F-1 | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Selected Consolidated Statements of Operations and Comprehensive Loss Data:
|
| | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 155,173 | | | | | $ | 182,622 | | | | | $ | 23,413 | | |
Cost of revenues
|
| | | | (90,264) | | | | | | (111,761) | | | | | | (14,329) | | |
Gross profit
|
| | |
|
64,909
|
| | | |
|
70,861
|
| | | |
|
9,084
|
| |
Selling and marketing expenses
|
| | | | (8,017) | | | | | | (6,236) | | | | | | (799) | | |
General and administrative expenses
|
| | | | (73,034) | | | | | | (90,501) | | | | | | (11,603) | | |
Research and development expenses
|
| | | | (4,138) | | | | | | (12,937) | | | | | | (1,659) | | |
Provision for doubtful accounts
|
| | | | (6,394) | | | | | | (10,009) | | | | | | (1,283) | | |
Impairment losses
|
| | | | (20,652) | | | | | | (4,377) | | | | | | (561) | | |
Loss from operations
|
| | |
|
(47,326)
|
| | | |
|
(53,199)
|
| | | |
|
(6,821)
|
| |
Total other expense, net
|
| | | | (19,427) | | | | | | (26,171) | | | | | | (3,355) | | |
Loss before tax
|
| | |
|
(66,753)
|
| | | |
|
(79,370)
|
| | | |
|
(10,176)
|
| |
Income tax benefit
|
| | | | 6,206 | | | | | | 4,542 | | | | | | 582 | | |
Net Loss
|
| | |
|
(60,547)
|
| | | |
|
(74,828)
|
| | | |
|
(9,594)
|
| |
Loss attributable to non-controlling interests
|
| | | | (8,958) | | | | | | (2,416) | | | | | | (310) | | |
Net loss attributable to Graphex Group Limited
|
| | | $ | (51,589) | | | | | $ | (72,412) | | | | | $ | (9,284) | | |
Loss per share — basic and diluted
|
| | | $ | (0.109) | | | | | $ | (0.150) | | | | | $ | (0.019) | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Selected Consolidated Statements of Cash Flows Data: | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities
|
| | | $ | 14,792 | | | | | $ | (18,931) | | | | | $ | (2,428) | | |
Net cash used in investing activities
|
| | | | (8,135) | | | | | | (2,014) | | | | | | (258) | | |
Net cash (used in) provided by financing activities
|
| | | | (22,764) | | | | | | 5,178 | | | | | | 664 | | |
Effect of exchange rate on cash
|
| | | | (4,167) | | | | | | 706 | | | | | | 92 | | |
Net (decrease) increase in cash
|
| | | | (20,274) | | | | | | (15,061) | | | | | | (1,930) | | |
Cash and cash equivalents and restricted cash at beginning of period
|
| | | | 53,882 | | | | | | 43,924 | | | | | | 5,631 | | |
Cash and cash equivalents and restricted cash at end of period
|
| | | $ | 33,608 | | | | | $ | 28,863 | | | | | $ | 3,701 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Selected Consolidated Statements of Operations and Comprehensive Loss Data:
|
| | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 313,941 | | | | | $ | 388,852 | | | | | $ | 49,853 | | |
Cost of revenues
|
| | | | (167,582) | | | | | | (231,834) | | | | | | (29,722) | | |
Gross profit
|
| | | | 146,359 | | | | | | 157,018 | | | | | | 20,131 | | |
Selling and marketing expenses
|
| | | | (27,433) | | | | | | (13,823) | | | | | | (1,772) | | |
General and administrative expenses
|
| | | | (127,092) | | | | | | (145,768) | | | | | | (18,688) | | |
Research and development expenses
|
| | | | (16,567) | | | | | | (16,942) | | | | | | (2,172) | | |
Provision for doubtful accounts
|
| | | | (6,617) | | | | | | (22,975) | | | | | | (2,946) | | |
Impairment losses
|
| | | | (15,101) | | | | | | (25,284) | | | | | | (3,241) | | |
Loss from operations
|
| | | | (46,451) | | | | | | (67,774) | | | | | | (8,688) | | |
Total other expense, net
|
| | | | (22,741) | | | | | | (40,628) | | | | | | (5,209) | | |
Loss before tax
|
| | | | (69,192) | | | | | | (108,402) | | | | | | (13,897) | | |
Income tax benefit / (expense)
|
| | | | (1,150) | | | | | | 7,781 | | | | | | 998 | | |
Net Loss
|
| | | | (70,342) | | | | | | (100,621) | | | | | | (12,899) | | |
Loss attributable to non-controlling interests
|
| | | | (8,322) | | | | | | (4,296) | | | | | | (551) | | |
Net loss attributable to Graphex Group Limited
|
| | | $ | (62,020) | | | | | $ | (96,325) | | | | | $ | (12,348) | | |
Loss per share — basic and diluted
|
| | | $ | (0.14) | | | | | $ | (0.20) | | | | | $ | (0.03) | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| |
2021
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Selected Consolidated Balance Sheets Data:
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Cash, cash equivalents and restricted
cash |
| | | $ | 53,882 | | | | | $ | 43,925 | | | | | $ | 5,631 | | | | | $ | 28,863 | | | | | $ | 3,701 | | |
Total Current assets
|
| | | | 282,804 | | | | | | 262,506 | | | | | | 33,654 | | | | | | 276,259 | | | | | | 35,418 | | |
Total non-current assets
|
| | | | 773,856 | | | | | | 741,342 | | | | | | 95,044 | | | | | | 721,005 | | | | | | 92,436 | | |
Total assets
|
| | |
$
|
1,149,110
|
| | | |
$
|
1,096,355
|
| | | |
$
|
140,558
|
| | | |
|
1,077,963
|
| | | |
$
|
138,200
|
| |
Total current liabilities
|
| | | | 253,546 | | | | | | 317,488 | | | | | | 40,704 | | | | | | 290,915 | | | | | | 37,295 | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 930,932 | | | | | $ | 936,257 | | | | | $ | 120,034 | | | | | $ | 927,359 | | | | | $ | 118,890 | | |
Total shareholders’ equity . . . . . . . . . . . . . .
|
| | | $ | 218,178 | | | | | $ | 160,098 | | | | | $ | 20,524 | | | | | $ | 150,604 | | | | | $ | 19,310 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Selected Consolidated Statements of Cash Flows Data: | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities
|
| | | $ | (30,448) | | | | | $ | 6,140 | | | | | $ | 787 | | |
Net cash used in investing activities
|
| | | | (92,127) | | | | | | (6,001) | | | | | | (770) | | |
Net cash provided by (used in) financing activities
|
| | | | 90,970 | | | | | | (9,922) | | | | | | (1,272) | | |
Effect of exchange rate on cash
|
| | | | (500) | | | | | | (174) | | | | | | (22) | | |
Net decrease in cash
|
| | | | (32,105) | | | | | | (9,957) | | | | | | (1,277) | | |
Cash and cash equivalents and restricted cash at beginning of year
|
| | | | 85,987 | | | | | | 53,882 | | | | | | 6,908 | | |
Cash and cash equivalents and restricted cash at end of year
|
| | | $ | 53,882 | | | | | $ | 43,925 | | | | | $ | 5,631 | | |
| | |
As of June 30, 2021
|
| | |||||||||||
|
Actual
|
| |
As Adjusted
|
| | ||||||||||
|
HK$’000
|
| | | | | | | | |||||||
Cash, Cash Equivalents, and Restricted Cash:
|
| | | $ | 28,863 | | | | | $ | | | | | ||
Equity: | | | | | | | | | | | | | | | ||
Ordinary shares, HK$0.01 par value, 2,000,000,000 shares authorized, 488,251,538 shares issued and outstanding on an actual basis and [ ] ordinary shares outstanding on an as adjusted basis
|
| | | | 4,883 | | | | | | | | | | ||
Treasury shares
|
| | | | — | | | | | | | | | | ||
Shares subscription receivables
|
| | | | — | | | | | | | | | | | |
Additional paid-in capital
|
| | | | 402,785 | | | | | | | | | | ||
Statutory reserves
|
| | | | 10,706 | | | | | | | | | | ||
Accumulated deficit
|
| | | | (297,688) | | | | | | | | | | ||
Accumulated other comprehensive income
|
| | | | 38,727 | | | | | | | | | | ||
Total equity
|
| | | | 159,413 | | | | | | | | | | ||
Non-controlling interests
|
| | | | (8,809) | | | | | | | | | | ||
Total capitalization
|
| | | $ | 150,604 | | | | | $ | | | |
| | |
No exercise
|
| |
Full exercise
|
| ||||||
Public offering price per ADS (the mid-point of the estimated public offering price range shown on the cover page of this prospectus)
|
| | | US$ | [ ] | | | | | US$ | [ ] | | |
Net tangible book value as of December 31, 2020
|
| | | | [ ] | | | | | | [ ] | | |
Increase in net tangible book value attributable to investors purchasing ADSs in this offering
|
| | | | [ ] | | | | | | [ ] | | |
Pro forma net tangible book value per ADS after this offering
|
| | | | [ ] | | | | | | [ ] | | |
Dilution per ADS to new investors
|
| | | US$ | [ ] | | | | | US$ | [ ] | | |
| | |
Ordinary Shares
Purchased |
| |
ADS Purchased
|
| |
Total Cash Consideration
|
| |
Average Price
|
| |||||||||||||||||||||||||||
|
Number
|
| |
Percent
|
| |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Per
Share |
| |
Per ADS
|
| |||||||||||||||||
Existing shareholders
|
| | | | | | | % | | | | | | | | | % | | | | | $ | | | | | | | % | | | | | $ | | | | | | |
New investors from public offering
|
| | | | | | | % | | | | | | | | | % | | | | | $ | | | | | | | % | | | | | $ | | | | | | |
Total
|
| | | | | | | 100% | | | | | | | | | % | | | | | $ | | | | | | | 100% | | | | | | | | | | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Selected Consolidated Statements of Operations and Comprehensive Loss Data:
|
| | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 155,173 | | | | | $ | 182,622 | | | | | $ | 23,413 | | |
Cost of revenues
|
| | | | (90,264) | | | | | | (111,761) | | | | | | (14,329) | | |
Gross profit
|
| | | | 64,909 | | | | | | 70,861 | | | | | | 9,084 | | |
Selling and marketing expenses
|
| | | | (8,017) | | | | | | (6,236) | | | | | | (799) | | |
General and administrative expenses
|
| | | | (73,034) | | | | | | (90,501) | | | | | | (11,603) | | |
Research and development expenses
|
| | | | (4,138) | | | | | | (12,937) | | | | | | (1,659) | | |
Provision for doubtful accounts
|
| | | | (6,394) | | | | | | (10,009) | | | | | | (1,283) | | |
Impairment losses
|
| | | | (20,652) | | | | | | (4,377) | | | | | | (561) | | |
Loss from operations
|
| | |
|
(47,326)
|
| | | |
|
(53,199)
|
| | | |
|
(6,821)
|
| |
Total other expense, net
|
| | | | (19,427) | | | | | | (26,171) | | | | | | (3,355) | | |
Loss before tax
|
| | |
|
(66,753)
|
| | | |
|
(79,370)
|
| | | |
|
(10,176)
|
| |
Income tax benefit
|
| | | | 6,206 | | | | | | 4,542 | | | | | | 582 | | |
Net Loss
|
| | |
|
(60,547)
|
| | | |
|
(74,828)
|
| | | |
|
(9,594)
|
| |
Loss attributable to non-controlling interests
|
| | | | (8,958) | | | | | | (2,416) | | | | | | (310) | | |
Net loss attributable to Graphex Group Limited
|
| | | $ | (51,589) | | | | | $ | (72,412) | | | | | $ | (9,284) | | |
Loss per share – basic and diluted
|
| | | $ | (0.109) | | | | | $ | (0.150) | | | | | $ | (0.019) | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Selected Consolidated Statements of Cash Flows Data: | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities
|
| | | $ | 14,792 | | | | | $ | (18,931) | | | | | $ | (2,428) | | |
Net cash used in investing activities
|
| | | | (8,135) | | | | | | (2,014) | | | | | | (258) | | |
Net cash (used in) provided by financing activities
|
| | | | (22,764) | | | | | | 5,178 | | | | | | 664 | | |
Effect of exchange rate on cash
|
| | | | (4,167) | | | | | | 706 | | | | | | 92 | | |
Net (decrease) increase in cash
|
| | | | (20,274) | | | | | | (15,061) | | | | | | (1,930) | | |
Cash and cash equivalents and restricted cash at beginning of period
|
| | | | 53,882 | | | | | | 43,924 | | | | | | 5,631 | | |
Cash and cash equivalents and restricted cash at end of period
|
| | | $ | 33,608 | | | | | $ | 28,863 | | | | | $ | 3,701 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Selected Consolidated Statements of Operations and Comprehensive Loss Data:
|
| | | | | | | | | | | | | | | | | | |
Revenues
|
| | | $ | 313,941 | | | | | $ | 388,852 | | | | | $ | 49,853 | | |
Cost of revenues
|
| | | | (167,582) | | | | | | (231,834) | | | | | | (29,722) | | |
Gross profit
|
| | | | 146,359 | | | | | | 157,018 | | | | | | 20,131 | | |
Selling and marketing expenses
|
| | | | (27,433) | | | | | | (13,823) | | | | | | (1,772) | | |
General and administrative expenses
|
| | | | (127,092) | | | | | | (145,768) | | | | | | (18,688) | | |
Research and development expenses
|
| | | | (16,567) | | | | | | (16,942) | | | | | | (2,172) | | |
Provision for doubtful accounts
|
| | | | (6,617) | | | | | | (22,975) | | | | | | (2,946) | | |
Impairment losses
|
| | | | (15,101) | | | | | | (25,284) | | | | | | (3,241) | | |
Loss from operations
|
| | | | (46,451) | | | | | | (67,774) | | | | | | (8,688) | | |
Total other expense, net
|
| | | | (22,741) | | | | | | (40,628) | | | | | | (5,209) | | |
Loss before tax
|
| | | | (69,192) | | | | | | (108,402) | | | | | | (13,897) | | |
Income tax benefit / (expense)
|
| | | | (1,150) | | | | | | 7,781 | | | | | | 998 | | |
Net Loss
|
| | | | (70,342) | | | | | | (100,621) | | | | | | (12,899) | | |
Loss attributable to non-controlling interests
|
| | | | (8,322) | | | | | | (4,296) | | | | | | (551) | | |
Net loss attributable to Graphex Group Limited
|
| | | $ | (62,020) | | | | | $ | (96,325) | | | | | $ | (12,348) | | |
Loss per share – basic and diluted
|
| | | $ | (0.14) | | | | | $ | (0.20) | | | | | $ | (0.03) | | |
| | |
As of December 31,
|
| |
As of June 30,
|
| ||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |
2021
|
| |
2021
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
| | | | | | | | | | | | | | | | | | | | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
Selected Consolidated Balance Sheets Data:
|
| | | | | | | | | | | | | | | | | | | | | ||||||||||
Cash, cash equivalents and restricted
cash |
| | | $ | 53,882 | | | | | $ | 43,925 | | | | | $ | 5,631 | | | | | $ | 28,863 | | | | | $ | 3,701 | | |
Total Current assets
|
| | | | 282,804 | | | | | | 262,506 | | | | | | 33,654 | | | | | | 276,259 | | | | | | 35,418 | | |
Total non-current assets
|
| | | | 773,856 | | | | | | 741,342 | | | | | | 95,044 | | | | | | 721,005 | | | | | | 92,436 | | |
Total assets
|
| | |
$
|
1,149,110
|
| | | |
$
|
1,096,355
|
| | | |
$
|
140,558
|
| | | |
|
1,077,963
|
| | | |
$
|
138,200
|
| |
Total current liabilities
|
| | | | 253,546 | | | | | | 317,488 | | | | | | 40,704 | | | | | | 290,915 | | | | | | 37,295 | | |
Total liabilities . . . . . . . . . . . . . . . . . . . . . .
|
| | | $ | 930,932 | | | | | $ | 936,257 | | | | | $ | 120,034 | | | | | $ | 927,359 | | | | | $ | 118,890 | | |
Total shareholders’ equity . . . . . . . . . . . . . .
|
| | | $ | 218,178 | | | | | $ | 160,098 | | | | | $ | 20,524 | | | | | $ | 150,604 | | | | | $ | 19,310 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Selected Consolidated Statements of Cash Flows Data: | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities
|
| | | $ | (30,448) | | | | | $ | 6,140 | | | | | $ | 787 | | |
Net cash used in investing activities
|
| | | | (92,127) | | | | | | (6,001) | | | | | | (770) | | |
Net cash provided by (used in) financing activities
|
| | | | 90,970 | | | | | | (9,922) | | | | | | (1,272) | | |
Effect of exchange rate on cash
|
| | | | (500) | | | | | | (174) | | | | | | (22) | | |
Net decrease in cash
|
| | | | (32,105) | | | | | | (9,957) | | | | | | (1,277) | | |
Cash and cash equivalents and restricted cash at beginning of year
|
| | | | 85,987 | | | | | | 53,882 | | | | | | 6,908 | | |
Cash and cash equivalents and restricted cash at end of year
|
| | | $ | 53,882 | | | | | $ | 43,925 | | | | | $ | 5,631 | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
|
2020
|
| |
2021
|
| |
2021
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Type of goods or services | | | | | | | | | | | | | | | | | | | |
– Graphene Products
|
| | | | 84,507 | | | | | | 107,297 | | | | | | 13,756 | | |
– Landscape Architecture and Design
|
| | | | 64,605 | | | | | | 69,910 | | | | | | 8,963 | | |
– Catering
|
| | | | 6,061 | | | | | | 5,415 | | | | | | 694 | | |
Total Revenue
|
| | | | 155,173 | | | | | | 182,622 | | | | | | 23,413 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Type of goods or services | | | | | | | | | | | | | | | | | | | |
– Graphene Products
|
| | | | 123,474 | | | | | | 215,462 | | | | | | 27,624 | | |
– Landscape Architecture and Design
|
| | | | 154,114 | | | | | | 149,160 | | | | | | 19,123 | | |
– Catering
|
| | | | 36,353 | | | | | | 24,230 | | | | | | 3,106 | | |
Total Revenue
|
| | | | 313,941 | | | | | | 388,852 | | | | | | 49,853 | | |
| | |
For the six months ended June 30
|
| |||||||||||||||
|
2020
|
| |
2021
|
| |
2021
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Mainland China
|
| | | | 140,530 | | | | | | 169,785 | | | | | | 21,767 | | |
Hong Kong
|
| | | | 12,477 | | | | | | 12,406 | | | | | | 1,591 | | |
Others
|
| | | | 2,166 | | | | | | 431 | | | | | | 55 | | |
| | | | | 155,173 | | | | | | 182,622 | | | | | | 23,413 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Geographic market | | | | | | | | | | | | | | | | | | | |
– PRC
|
| | | | 278,928 | | | | | | 360,346 | | | | | | 46,199 | | |
– Hong Kong
|
| | | | 20,112 | | | | | | 23,984 | | | | | | 3,075 | | |
– Others
|
| | | | 14,901 | | | | | | 4,522 | | | | | | 579 | | |
Total Revenue
|
| | | | 313,941 | | | | | | 388,852 | | | | | | 49,853 | | |
Guaranteed period
|
| |
Guaranteed profit
|
| |
Guaranteed profit
|
| ||||||
| | |
HK$
|
| |
US$
|
| ||||||
For the period from August 7, 2019 to December 31, 2019
|
| | | | 14,095,000 | | | | | | 1,807,051 | | |
For the year ended December 31, 2020
|
| | | | 35,000,000 | | | | | | 4,487,179 | | |
For the year ended December 31, 2021
|
| | | | 35,000,000 | | | | | | 4,487,179 | | |
For the period from January 1, 2022 to August 6, 2022
|
| | | | 20,905,000 | | | | | | 2,680,128 | | |
Year ended December 31,
|
| |
No. of new contracts
|
| |
Contract sum
|
| ||||||
| | | | | | | | |
(HK$ million)
|
| |||
2020
|
| | | | 140 | | | | | | 226.0 | | |
2019
|
| | | | 174 | | | | | | 195.8 | | |
2018
|
| | | | 257 | | | | | | 263.5 | | |
| | |
For the six months ended June 30
|
| |||||||||||||||||||||
| | |
2020
|
| |
2020
|
| |
2021
|
| |
2021
|
| ||||||||||||
| | |
HK$ Million
|
| |
US$ Million
|
| |
HK$ Million
|
| |
US$ Million
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Graphene Products
|
| | | | 84.5 | | | | | | 10.8 | | | | | | 107.3 | | | | | | 13.8 | | |
Landscape Architecture and Design
|
| | | | 64.6 | | | | | | 8.3 | | | | | | 69.9 | | | | | | 8.9 | | |
Catering
|
| | | | 6 | | | | | | 0.8 | | | | | | 5.4 | | | | | | 0.7 | | |
| | | | | 155.1 | | | | | | 19.9 | | | | | | 182.6 | | | | | | 23.4 | | |
Adjusted EBITDA | | | | | | ||||||||||||||||||||
Graphene Products
|
| | | | 19.1 | | | | | | 2.4 | | | | | | 24.0 | | | | | | 3.1 | | |
Landscape Architecture and Design
|
| | | | 10.6 | | | | | | 1.4 | | | | | | 6.7 | | | | | | 0.9 | | |
Catering
|
| | | | 2.3 | | | | | | 0.3 | | | | | | 1.1 | | | | | | 0.1 | | |
| | | | | 32.0 | | | | | | 4.1 | | | | | | 31.8 | | | | | | 4.1 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||||||||
|
HK$ Million
|
| |
US$ Million
|
| |
HK$ Million
|
| |
US$ Million
|
| ||||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
Graphene Products
|
| | | | 123.5 | | | | | | 15.8 | | | | | | 215.5 | | | | | | 27.7 | | |
Landscape Architecture and Design
|
| | | | 154.1 | | | | | | 19.8 | | | | | | 149.2 | | | | | | 19.1 | | |
Catering
|
| | | | 36.4 | | | | | | 4.7 | | | | | | 24.2 | | | | | | 3.1 | | |
| | | | | 314.0 | | | | | | 40.3 | | | | | | 388.9 | | | | | | 49.9 | | |
Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | |
Graphene Products
|
| | | | 28.4 | | | | | | 3.6 | | | | | | 49.7 | | | | | | 6.4 | | |
Landscape Architecture and Design
|
| | | | 22.1 | | | | | | 2.8 | | | | | | 20.6 | | | | | | 2.6 | | |
Catering
|
| | | | 3.9 | | | | | | 0.5 | | | | | | 15.1 | | | | | | 1.9 | | |
| | | | | 54.4 | | | | | | 6.9 | | | | | | 85.4 | | | | | | 10.9 | | |
| | |
Graphene
Products 06/2021 |
| |
Landscape
Architecture and Design 06/2021 |
| |
Catering
06/2021 |
| |
Corporate
06/2021 |
| |
Total
06/2021 |
| |
Total
06/2021 |
| ||||||||||||||||||
| | |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
US$ Million
|
| ||||||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||||||||
Net loss
|
| | | | (4.3) | | | | | | (8.6) | | | | | | (4.7) | | | | | | (57.2) | | | | | | (74.8) | | | | | | (9.6) | | |
Income tax benefit
|
| | | | (3.5) | | | | | | (1.3) | | | | | | 0.3 | | | | | | — | | | | | | (4.5) | | | | | | (0.6) | | |
Depreciation and amortisation
|
| | | | 29.3 | | | | | | 6.0 | | | | | | 0.9 | | | | | | 0.7 | | | | | | 36.9 | | | | | | 4.7 | | |
Finance costs
|
| | | | 2.5 | | | | | | 0.5 | | | | | | 0.1 | | | | | | 30.9 | | | | | | 34.0 | | | | | | 4.3 | | |
EBITDA | | | | | 24.0 | | | | | | (3.4) | | | | | | (3.4) | | | | | | (25.6) | | | | | | (8.4) | | | | | | (1.1) | | |
Impairment losses
|
| | | | — | | | | | | 4.0 | | | | | | 4.4 | | | | | | — | | | | | | 8.4 | | | | | | 1.1 | | |
Provision for doubtful accounts
|
| | | | — | | | | | | 6.0 | | | | | | — | | | | | | — | | | | | | 6.0 | | | | | | 0.8 | | |
Loss on disposal of items of property and equipment
|
| | | | — | | | | | | 0.1 | | | | | | — | | | | | | — | | | | | | 0.1 | | | | | | — | | |
Adjusted EBITDA
|
| | | | 24.0 | | | | | | 6.7 | | | | | | 1.0 | | | | | | (25.6) | | | | | | 6.1 | | | | | | 0.8 | | |
| | |
Graphene
Products 06/2020 |
| |
Landscape
Architecture and Design 06/2020 |
| |
Catering
06/2020 |
| |
Corporate
06/2020 |
| |
Total
06/2020 |
| |
Total
06/2020 |
| ||||||||||||||||||
| | |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
US$ Million
|
| ||||||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||||||||||||||
Net loss
|
| | | | (8.2) | | | | | | 0.5 | | | | | | (21.1) | | | | | | (31.7) | | | | | | (60.5) | | | | | | (7.8) | | |
Income tax benefit
|
| | | | (1.4) | | | | | | (0.1) | | | | | | (4.3) | | | | | | — | | | | | | (5.8) | | | | | | (0.7) | | |
Depreciation and amortisation
|
| | | | 26.3 | | | | | | 6.1 | | | | | | 4.0 | | | | | | — | | | | | | 36.4 | | | | | | 4.7 | | |
Finance costs
|
| | | | 2.4 | | | | | | 0.2 | | | | | | 0.3 | | | | | | 22.1 | | | | | | 25.0 | | | | | | 3.2 | | |
EBITDA
|
| | |
|
19.1
|
| | | |
|
6.7
|
| | | |
|
(21.1)
|
| | | |
|
(9.6)
|
| | | |
|
(4.9)
|
| | | | | (0.6) | | |
Impairment losses
|
| | | | — | | | | | | — | | | | | | 20.7 | | | | | | — | | | | | | 20.7 | | | | | | 2.7 | | |
Provision for doubtful accounts
|
| | | | — | | | | | | 3.8 | | | | | | 2.6 | | | | | | — | | | | | | 6.4 | | | | | | 0.8 | | |
Fair value change – call options
|
| | | | — | | | | | | | | | | | | | | | | | | 1.2 | | | | | | 1.2 | | | | | | 0.2 | | |
Investment loss in unconsolidated
affiliates |
| | | | — | | | | | | — | | | | | | 0.1 | | | | | | — | | | | | | 0.1 | | | | | | — | | |
Adjusted EBITDA
|
| | | | 19.1 | | | | | | 10.5 | | | | | | 2.3 | | | | | | (8.4) | | | | | | 23.5 | | | | | | 3.1 | | |
| | |
Graphene
Products 2020 |
| |
Landscape
Architecture and Design 2020 |
| |
Catering
2020 |
| |
Corporate
2020 |
| |
Total
2020 |
| |
Total
2020 |
| ||||||||||||||||||
| | |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
US$ Million
|
| ||||||||||||||||||
Net loss
|
| | | | (8.6) | | | | | | (12.9) | | | | | | (13.4) | | | | | | (65.7) | | | | | | (100.6) | | | | | | (12.9) | | |
Income tax benefit
|
| | | | (2.5) | | | | | | (1.7) | | | | | | (3.6) | | | | | | — | | | | | | (7.8) | | | | | | (1.0) | | |
Depreciation and amortization
|
| | | | 55.9 | | | | | | 12.3 | | | | | | 5.3 | | | | | | — | | | | | | 73.5 | | | | | | 9.4 | | |
Finance expenses
|
| | | | 5.0 | | | | | | 0.6 | | | | | | 0.4 | | | | | | 45.5 | | | | | | 51.6 | | | | | | 6.6 | | |
EBITDA | | | | | 49.7 | | | | | | (1.7) | | | | | | (11.2) | | | | | | (20.2) | | | | | | 16.6 | | | | | | 2.1 | | |
Impairment losses
|
| | | | — | | | | | | — | | | | | | 25.3 | | | | | | — | | | | | | 25.3 | | | | | | 3.2 | | |
Provision for doubtful accounts
|
| | | | — | | | | | | 23.0 | | | | | | (0.0) | | | | | | — | | | | | | 23.0 | | | | | | 2.9 | | |
Fair value change of equity investment
|
| | | | — | | | | | | — | | | | | | — | | | | | | (0.3) | | | | | | (0.3) | | | | | | (0.0) | | |
Fair value change – call options
|
| | | | — | | | | | | — | | | | | | 1.2 | | | | | | — | | | | | | 1.2 | | | | | | 0.2 | | |
Investment loss in unconsolidated
affiliates |
| | | | — | | | | | | — | | | | | | — | | | | | | 0.5 | | | | | | 0.5 | | | | | | 0.1 | | |
Loss on disposal of items of property and equipment
|
| | | | — | | | | | | (0.7) | | | | | | (0.2) | | | | | | — | | | | | | (0.9) | | | | | | (0.1) | | |
Adjusted EBITDA
|
| | | | 49.7 | | | | | | 20.6 | | | | | | 15.1 | | | | | | (20.0) | | | | | | 65.4 | | | | | | 8.4 | | |
| | |
Graphene
Products 2019 |
| |
Landscape
Architecture and Design 2019 |
| |
Catering
2019 |
| |
Corporate
2019 |
| |
Total
2019 |
| |
Total
2019 |
| ||||||||||||||||||
| | |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
HK$ Million
|
| |
US$ Million
|
| ||||||||||||||||||
Net loss
|
| | | | 3.0 | | | | | | 1.3 | | | | | | (24.9) | | | | | | (49.7) | | | | | | (70.3) | | | | | | (9.0) | | |
Income tax expense
|
| | | | (0.3) | | | | | | 0.9 | | | | | | 0.5 | | | | | | — | | | | | | 1.2 | | | | | | 0.1 | | |
Depreciation and amortization
|
| | | | 23.5 | | | | | | 13.8 | | | | | | 8.1 | | | | | | — | | | | | | 45.4 | | | | | | 5.8 | | |
Finance expenses
|
| | | | 2.2 | | | | | | 0.4 | | | | | | 0.7 | | | | | | 24.0 | | | | | | 27.4 | | | | | | 3.5 | | |
EBITDA | | | | | 28.4 | | | | | | 16.5 | | | | | | (15.6) | | | | | | (25.7) | | | | | | 3.6 | | | | | | 0.5 | | |
Impairment losses
|
| | | | — | | | | | | — | | | | | | 15.1 | | | | | | — | | | | | | 15.1 | | | | | | 1.9 | | |
Provision for doubtful accounts
|
| | | | — | | | | | | 5.6 | | | | | | 1.0 | | | | | | — | | | | | | 6.6 | | | | | | 0.8 | | |
Provision for inventory obsolescence
|
| | | | — | | | | | | — | | | | | | 0.4 | | | | | | — | | | | | | 0.4 | | | | | | 0.1 | | |
Fair value change of equity investment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2.0 | | | | | | 2.0 | | | | | | 0.3 | | |
Fair value change – call options
|
| | | | — | | | | | | — | | | | | | 2.9 | | | | | | — | | | | | | 2.9 | | | | | | 0.4 | | |
Investment loss in unconsolidated
affiliates |
| | | | — | | | | | | — | | | | | | — | | | | | | 1.1 | | | | | | 1.1 | | | | | | 0.1 | | |
Loss on disposal of items of property and equipment
|
| | | | — | | | | | | — | | | | | | 0.1 | | | | | | — | | | | | | 0.1 | | | | | | 0.0 | | |
Adjusted EBITDA
|
| | | | 28.4 | | | | | | 22.1 | | | | | | 3.9 | | | | | | (22.7) | | | | | | 31.8 | | | | | | 4.1 | | |
| | |
For the six months ended
June 30, |
| | | | ||||||||||||||||||
|
2020
|
| |
2021
|
| |
$
|
| |
%
|
| ||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| | ||||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| | | | | | | |||||||||
Revenues
|
| | | | 155,173 | | | | | | 182,622 | | | | | | 27,449 | | | | | | 17.69 | | |
– Graphene Products
|
| | | | 84,507 | | | | | | 107,297 | | | | | | 22,790 | | | | | | 26.97 | | |
– Landscape Architecture and Design
|
| | | | 64,605 | | | | | | 69,910 | | | | | | 5,305 | | | | | | 8.21 | | |
– Catering
|
| | | | 6,061 | | | | | | 5,415 | | | | | | (646) | | | | | | -10.66 | | |
Adjusted EBITDA
|
| | | | 32,052 | | | | | | 31,670 | | | | | | (382) | | | | | | -1.19 | | |
– Graphene Products
|
| | | | 19,149 | | | | | | 23,951 | | | | | | 4,802 | | | | | | 25.08 | | |
– Landscape Architecture and Design
|
| | | | 10,556 | | | | | | 6,654 | | | | | | (3,902) | | | | | | -36.96 | | |
– Catering
|
| | | | 2,347 | | | | | | 1,065 | | | | | | (1,282) | | | | | | -54.62 | | |
Current ratio
|
| | | | 1.24x | | | | | | 0.95x | | | | | | (0.29)x | | | | | | -23.39 | | |
Gearing ratio
|
| | | | 363.1% | | | | | | 398.6% | | | | | | 35.5% | | | | | | 9.78 | | |
Cash and cash equivalents
|
| | | | 33,608 | | | | | | 28,863 | | | | | | (4,745) | | | | | | -14.11 | | |
Corporate bonds (current and non-current)
|
| | | | 216,772 | | | | | | 200,707 | | | | | | (16,065) | | | | | | -7.41 | | |
Promissory notes
|
| | | | 289,413 | | | | | | 306,879 | | | | | | 17,466 | | | | | | 6.03 | | |
| | |
For the years ended
December 31, |
| |
Changes
|
| ||||||||||||||||||
|
2019
|
| |
2020
|
| |
$
|
| |
%
|
| ||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| | | | | | | |||||||||
Revenues
|
| | | | 313,941 | | | | | | 388,852 | | | | | | 74,911 | | | | | | 23.86 | | |
– Graphene Products
|
| | | | 123,474 | | | | | | 215,461 | | | | | | 91,987 | | | | | | 74.50 | | |
– Landscape Architecture and Design
|
| | | | 154,114 | | | | | | 149,161 | | | | | | (4,953) | | | | | | -3.21 | | |
– Catering
|
| | | | 36,353 | | | | | | 24,230 | | | | | | (12,123) | | | | | | -33.35 | | |
Adjusted EBITDA
|
| | | | 54,458 | | | | | | 85,355 | | | | | | 30,897 | | | | | | 56.74 | | |
– Graphene Products
|
| | | | 28,407 | | | | | | 49,739 | | | | | | 21,332 | | | | | | 75.09 | | |
– Landscape Architecture and Design
|
| | | | 22,123 | | | | | | 20,578 | | | | | | (738) | | | | | | -3.46 | | |
– Catering
|
| | | | 3,928 | | | | | | 15,037 | | | | | | 10,302 | | | | | | 217.57 | | |
Current ratio
|
| | | | 1.12x | | | | | | 0.83x | | | | | | (0.29)x | | | | | | -25.89 | | |
Gearing ratio
|
| | | | 233.8% | | | | | | 324.4% | | | | | | 90.6% | | | | | | 38.75 | | |
Cash and cash equivalents and restricted cash
|
| | | | 53,882 | | | | | | 43,925 | | | | | | (9,957) | | | | | | -18.48 | | |
Corporate bonds (current and non-current)
|
| | | | 195,922 | | | | | | 225,753 | | | | | | 29,831 | | | | | | 15.22 | | |
Promissory notes
|
| | | | 281,307 | | | | | | 298,089 | | | | | | 16,782 | | | | | | 5.97 | | |
| | |
For the six months ended June 30,
|
| | | | | | | | | | | | | |||||||||
| | |
2020
|
| |
2021
|
| |
Change
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
%
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| | | ||||||||||||||||
Selected Consolidated Statements of Operations and Comprehensive Loss Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | |
|
155,173
|
| | | |
|
182,622
|
| | | |
|
27,449
|
| | | |
|
18%
|
| |
Cost of goods sold
|
| | | | (90,264) | | | | | | (111,761) | | | | | | 21,497 | | | | | | 24% | | |
Gross profit
|
| | | | 64,909 | | | | | | 70,861 | | | | | | 5,952 | | | | | | 9% | | |
Selling and marketing expenses
|
| | | | (8,017) | | | | | | (6,236) | | | | | | (1,781) | | | | | | -22% | | |
General and administrative expenses
|
| | | | (73,034) | | | | | | (90,501) | | | | | | 17,467 | | | | | | 24% | | |
Research and development expenses
|
| | | | (4,138) | | | | | | (12,937) | | | | | | 8,799 | | | | | | 213% | | |
Provision for doubtful accounts
|
| | | | (6,394) | | | | | | (10,009) | | | | | | 3,615 | | | | | | 57% | | |
Impairment losses
|
| | | | (20,652) | | | | | | (4,377) | | | | | | (16,275) | | | | | | -79% | | |
Loss from operations
|
| | |
|
(47,326)
|
| | | |
|
(53,199)
|
| | | |
|
5,873
|
| | | |
|
12%
|
| |
Total other expense, net
|
| | | | (19,427) | | | | | | (26,171) | | | | | | 6,744 | | | | | | 35% | | |
Loss before tax
|
| | | | (66,753) | | | | | | (79,370) | | | | | | 12,617 | | | | | | 19% | | |
Income tax benefit
|
| | | | 6,206 | | | | | | 4,542 | | | | | | (1,664) | | | | | | -27% | | |
Net Loss
|
| | | | (60,547) | | | | | | (74,828) | | | | | | 14,281 | | | | | | 24% | | |
Loss attributable to non-controlling interests
|
| | | | (8,958) | | | | | | (2,416) | | | | | | (6,542) | | | | | | -73% | | |
Net loss
|
| | | $ | (51,589) | | | | | $ | (72,412) | | | | | $ | 20,823 | | | | | | 40% | | |
Loss per share – basic and diluted
|
| | | $ | (0.109) | | | | | $ | (0.150) | | | | | $ | 0.04 | | | | | | 37% | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Type of goods or services | | | | | | | | | | | | | | | | | | | |
– Graphene Products
|
| | | | 84,507 | | | | | | 107,297 | | | | | | 13,756 | | |
– Landscape Architecture and Design
|
| | | | 64,605 | | | | | | 69,910 | | | | | | 8,963 | | |
– Catering
|
| | | | 6,061 | | | | | | 5,415 | | | | | | 694 | | |
Total Revenue
|
| | | | 155,173 | | | | | | 182,622 | | | | | | 23,413 | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
|
2020
|
| |
2021
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
– Graphene Products
|
| | | | 62,019 | | | | | | 74,088 | | | | | | 9,499 | | |
– Landscape Architecture and Design
|
| | | | 26,001 | | | | | | 36,382 | | | | | | 4,664 | | |
– Catering
|
| | | | 2,244 | | | | | | 1,291 | | | | | | 166 | | |
Total Cost of revenues
|
| | | | 90,264 | | | | | | 111,761 | | | | | | 14,329 | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
|
2020
|
| |
2021
|
| |
2021
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$ 000
|
| |||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
– Graphene Products
|
| | | | 22,488 | | | | | | 33,209 | | | | | | 4,257 | | |
– Landscape Architecture and Design
|
| | | | 38,604 | | | | | | 33,528 | | | | | | 4,299 | | |
– Catering
|
| | | | 3,817 | | | | | | 4,124 | | | | | | 528 | | |
Total Gross Profit
|
| | | | 64,909 | | | | | | 70,861 | | | | | | 9,084 | | |
| | |
For the six months ended June 30,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| ||||||
| | |
%
|
| |
%
|
| ||||||
– Graphene Products
|
| | | | 27% | | | | | | 31% | | |
– Landscape Architecture and Design
|
| | | | 60% | | | | | | 48% | | |
– Catering
|
| | | | 63% | | | | | | 76% | | |
| | |
For the six month ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
– Graphene Products
|
| | | | 9,974 | | | | | | 7,840 | | | | | | 1,005 | | |
– Landscape Architecture and Design
|
| | | | (379) | | | | | | 9,850 | | | | | | 1,263 | | |
– Catering
|
| | | | 25,433 | | | | | | 4,379 | | | | | | 562 | | |
– Corporate expenses
|
| | | | 31,725 | | | | | | 56,708 | | | | | | 7,270 | | |
Total Loss before income taxes
|
| | | | 66,753 | | | | | | 78,777 | | | | | | 10,100 | | |
| | |
For the years ended December 31,
|
| |
Change
|
| ||||||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
%
|
| ||||||||||||
Selected Consolidated Statements of Operations and Comprehensive Loss Data:
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Revenues
|
| | | | 313,941 | | | | | | 388,852 | | | | | | 74,911 | | | | | | 23.86 | | |
Cost of revenues
|
| | | | (167,582) | | | | | | (231,834) | | | | | | (64,252) | | | | | | 38.34 | | |
Gross profit
|
| | | | 146,359 | | | | | | 157,018 | | | | | | 10,659 | | | | | | 7.28 | | |
Selling and marketing expenses
|
| | | | (27,433) | | | | | | (13,823) | | | | | | 13,610 | | | | | | -49.61 | | |
General and administrative expenses
|
| | | | (127,092) | | | | | | (145,768) | | | | | | (18,676) | | | | | | 14.70 | | |
Research and development expenses
|
| | | | (16,567) | | | | | | (16,942) | | | | | | (375) | | | | | | 2.26 | | |
Provision for doubtful accounts
|
| | | | (6,617) | | | | | | (22,975) | | | | | | (16,358) | | | | | | 247.21 | | |
Impairment losses
|
| | | | (15,101) | | | | | | (25,284) | | | | | | (10,183) | | | | | | 67.43 | | |
Loss from operations
|
| | | | (46,451) | | | | | | (67,774) | | | | | | (21,323) | | | | | | 45.91 | | |
Total other expense, net
|
| | | | (22,741) | | | | | | (40,628) | | | | | | (17,887) | | | | | | 78.65 | | |
Loss before tax
|
| | | | (69,192) | | | | | | (108,402) | | | | | | (39,210) | | | | | | 56.67 | | |
Income tax (expenses) / benefit
|
| | | | (1,150) | | | | | | 7,781 | | | | | | 8,931 | | | | | | -776.70 | | |
Net Loss
|
| | | | (70,342) | | | | | | (100,621) | | | | | | (30,279) | | | | | | 43.05 | | |
Loss attributable to non-controlling interests
|
| | | | (8,322) | | | | | | (4,296) | | | | | | 4,026 | | | | | | -48.38 | | |
Net loss
|
| | | $ | (62,020) | | | | | $ | (96,325) | | | | | $ | (34,305) | | | | | | 55.31 | | |
Loss per share – basic and diluted
|
| | | $ | (0.14) | | | | | $ | (0.20) | | | | | $ | (0.06) | | | | | | 45.92 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Type of goods or services | | | | | | | | | | | | | | | | | | | |
– Graphene Products
|
| | | | 123,474 | | | | | | 215,461 | | | | | | 27,624 | | |
– Landscape Architecture and Design
|
| | | | 154,114 | | | | | | 149,161 | | | | | | 19,123 | | |
– Catering
|
| | | | 36,353 | | | | | | 24,230 | | | | | | 3,106 | | |
Total Revenue
|
| | | | 313,941 | | | | | | 388,852 | | | | | | 49,853 | | |
| | |
For the years ended
December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
– Graphene Products
|
| | | | 89,744 | | | | | | 156,516 | | | | | | 20,066 | | |
– Landscape Architecture and Design
|
| | | | 69,494 | | | | | | 72,545 | | | | | | 9,300 | | |
– Catering
|
| | | | 8,344 | | | | | | 2,773 | | | | | | 356 | | |
Total Cost of revenues
|
| | | | 167,582 | | | | | | 231,834 | | | | | | 29,722 | | |
| | |
For the years ended
December 31, |
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
HK$’000
|
| |
HK$’000
|
| ||||||
– Graphene Products
|
| | | | 33,730 | | | | | | 58,945 | | |
– Landscape Architecture and Design
|
| | | | 84,620 | | | | | | 76,616 | | |
– Catering
|
| | | | 28,009 | | | | | | 21,457 | | |
Total Gross Profit
|
| | | | 146,359 | | | | | | 157,018 | | |
| | |
For the years ended
December 31, |
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
%
|
| |
%
|
| ||||||
– Graphene Products
|
| | | | 27% | | | | | | 27% | | |
– Landscape Architecture and Design
|
| | | | 55% | | | | | | 51% | | |
– Catering
|
| | | | 77% | | | | | | 89% | | |
| | |
For the years ended
December 31, |
| |||||||||
| | |
2019
|
| |
2020
|
| ||||||
| | |
HK$’000
|
| |
HK$’000
|
| ||||||
– Graphene Products
|
| | | | (2,722) | | | | | | 11,144 | | |
– Landscape Architecture and Design
|
| | | | (2,268) | | | | | | 14,608 | | |
– Catering
|
| | | | 24,441 | | | | | | 16,914 | | |
– Corporate expenses
|
| | | | 49,741 | | | | | | 65,736 | | |
Total Loss before tax
|
| | | | 69,192 | | | | | | 108,402 | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Unaudited)
|
| |||||||||
Selected Consolidated Statements of Cash Flows Data: | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities
|
| | | $ | 14,791 | | | | | $ | (18,932) | | | | | $ | (2,427) | | |
Net cash used in investing activities
|
| | | | (8,135) | | | | | | (2,014) | | | | | | (258) | | |
Net cash (used in) provided by financing activities
|
| | | | (22,764) | | | | | | 5,178 | | | | | | 664 | | |
Effect of exchange rate on cash
|
| | | | (4,166) | | | | | | 707 | | | | | | 91 | | |
Net (decrease) increase in cash
|
| | | | (20,274) | | | | | | (15,061) | | | | | | (1,930) | | |
Cash and cash equivalents and restricted cash at beginning of period
|
| | | | 53,882 | | | | | | 43,924 | | | | | | 5,631 | | |
Cash and cash equivalents and restricted cash at end of period
|
| | |
$
|
33,608
|
| | | |
$
|
28,863
|
| | | |
$
|
3,701
|
| |
| | |
For the years ended
December 31, |
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Selected Consolidated Statements of Cash Flows Data: | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by operating activities
|
| | | $ | (30,448) | | | | | $ | 6,140 | | | | | $ | 787 | | |
Net cash used in investing activities
|
| | | | (92,127) | | | | | | (6,001) | | | | | | (770) | | |
Net cash provided by (used in) financing activities
|
| | | | 90,970 | | | | | | (9,922) | | | | | | (1,272) | | |
Effect of exchange rate on cash
|
| | | | (500) | | | | | | (174) | | | | | | (22) | | |
Net decrease in cash
|
| | | | (32,105) | | | | | | (9,957) | | | | | | (1,277) | | |
Cash and cash equivalents and restricted cash at beginning of year
|
| | | | 85,987 | | | | | | 53,882 | | | | | | 6,908 | | |
Cash and cash equivalents and restricted cash at end of year
|
| | | $ | 53,882 | | | | | $ | 43,925 | | | | | $ | 5,631 | | |
| Leasehold improvements | | |
Over the shorter of the lease terms and 5 years
|
|
| Right-of-use assets | | | Over the lease terms | |
| Furniture and equipment | | | 5 years | |
| Motor vehicles | | | 5 years | |
| Machinery | | | 5 – 10 years | |
| Brand names | | | 8 – 10 years | |
| Backlog contracts | | | 20 years | |
| Trademarks | | | 15 years | |
| Patents | | | 15 years | |
| Customer relationships | | | 10 years | |
| Software | | | 3 – 5 years | |
Upstream business
|
| |
Midstream business
|
| |
Downstream business
|
|
•
Natural graphite excavation
•
Synthetic graphite production
•
Graphene equipment production
|
| |
•
Processed graphite of different degrees of refinement
•
Graphene sheets
|
| |
•
Production of Li-ion batteries and other power storage products
•
Heat control materials
•
Graphene coating applications
•
Super capacitator products
•
Composite graphene materials
•
Touch-screen products
|
|
Major Producing Country
|
| |
Production 2019
|
| |
Production 2020
estimate |
| |
Reserves
|
| |||||||||
PRC
|
| | | | 700,000 | | | | | | 650,000 | | | | | | 73,000,000 | | |
Mozambique
|
| | | | 107,000 | | | | | | 120,000 | | | | | | 25,000,000 | | |
Brazil
|
| | | | 96,000 | | | | | | 95,000 | | | | | | 70,000,000 | | |
Madagascar
|
| | | | 48,000 | | | | | | 47,000 | | | | | | 26,000,000 | | |
India
|
| | | | 35,000 | | | | | | 34,000 | | | | | | 8,000,000 | | |
Russia
|
| | | | 25,000 | | | | | | 24,000 | | | | | | * | | |
Ukraine
|
| | | | 20,000 | | | | | | 19,000 | | | | | | * | | |
Norway
|
| | | | 16,000 | | | | | | 15,000 | | | | | | 600,000 | | |
Pakistan
|
| | | | 14,000 | | | | | | 13,000 | | | | | | * | | |
Canada
|
| | | | 11,000 | | | | | | 10,000 | | | | | | * | | |
Mexico
|
| | | | 9,000 | | | | | | 8,000 | | | | | | 3,100,000 | | |
Korea, North
|
| | | | 6,000 | | | | | | 5,000 | | | | | | 2,000,000 | | |
Vietnam
|
| | | | 5,000 | | | | | | 4,500 | | | | | | * | | |
Sri Lanka
|
| | | | 4,000 | | | | | | 3,500 | | | | | | 1,500,000 | | |
Turkey
|
| | | | 2,000 | | | | | | 1,500 | | | | | | 90,000,000 | | |
Germany
|
| | | | 800 | | | | | | 800 | | | | | | * | | |
Tanzania
|
| | | | 150 | | | | | | 150 | | | | | | 17,000,000 | | |
Uzbekistan
|
| | | | 100 | | | | | | 100 | | | | | | 7,600,000 | | |
Department
|
| |
Headcount
|
| |
Hong Kong
Headquarters |
| |
PRC
|
| |||||||||
Directors & Executives
|
| | | | 12 | | | | | | 9 | | | | | | 3 | | |
Management
|
| | | | 10 | | | | | | 1 | | | | | | 9 | | |
Finance and accounting
|
| | | | 18 | | | | | | 6 | | | | | | 12 | | |
Sales and Marketing
|
| | | | 11 | | | | | | 1 | | | | | | 10 | | |
Investment
|
| | | | 2 | | | | | | 1 | | | | | | 1 | | |
Operations (Catering)
|
| | | | 29 | | | | | | — | | | | | | 29 | | |
Warehouse (Catering)
|
| | | | 1 | | | | | | — | | | | | | 1 | | |
Production (Graphene Products)
|
| | | | 77 | | | | | | — | | | | | | 77 | | |
Warehouse (Graphene Products)
|
| | | | 1 | | | | | | — | | | | | | 1 | | |
Research and Development (Graphene Products)
|
| | | | 5 | | | | | | — | | | | | | 5 | | |
Projects (Landscape Architecture and Design)
|
| | | | 273 | | | | | | 37 | | | | | | 236 | | |
IT
|
| | | | 4 | | | | | | 1 | | | | | | 3 | | |
Administration & HR
|
| | | | 22 | | | | | | 3 | | | | | | 19 | | |
Technical (Landscape Architecture and Design)
|
| | | | 15 | | | | | | — | | | | | | 15 | | |
Total
|
| | | | 480 | | | | | | 59 | | | | | | 421 | | |
Domain Name
|
| |
Company
|
| |
Registration Date
|
| |
Expiry Date
|
|
graphexgroup.com | | |
Graphex Group Limited
|
| |
January 16, 2021
|
| |
January 16, 2022
|
|
graphextechnologies.com | | |
Graphex Group Limited
|
| |
January 17, 2021
|
| |
January 17, 2022
|
|
eadg.com.hk | | |
Earthasia (Hong Kong)
|
| |
April 7, 2009
|
| |
April 14, 2024
|
|
ea-dg.com | | |
Earthasia (Hong Kong)
|
| |
September 5, 2006
|
| |
September 5, 2023
|
|
earthasia.com.hk | | |
Earthasia (Hong Kong)
|
| |
March 9, 2004
|
| |
March 11, 2022
|
|
tanaotech.com | | |
Shanghai Tanao New Material
Technology Company Limited |
| |
October 1, 2019
|
| |
October 1, 2029
|
|
earthasia.com.cn | | |
Earthasia (Shanghai) Company Limited
|
| |
January 24, 2005
|
| |
January 24, 2024
|
|
Serial
|
| |
Patent Title
|
| |
Patent Type
|
| |
Authorization
Date |
| |
Patent No.
|
|
1 | | | A production method of spherical graphite | | |
Invention
|
| |
January 2, 2013
|
| |
2010102543729
|
|
2 | | |
A production method of high purity graphite
|
| |
Invention
|
| |
November 7, 2012
|
| |
2010105278443
|
|
3 | | | Equipment and methods of fluoride wastewater treatment | | |
Invention
|
| |
November 14, 2012
|
| |
2011100925973
|
|
4 | | | A production grading equipment of spherical graphite | | |
Utility Model
|
| |
November 16, 2018
|
| |
2018202504603
|
|
5 | | | Continuous drying equipment of graphite powder | | |
Utility Model
|
| |
June 20, 2012
|
| |
2011203730008
|
|
6 | | |
Equipment of fluoride wastewater treatment
|
| |
Utility Model
|
| |
May 30, 2012
|
| |
2011203570954
|
|
7 | | | Reaction tank of high purity graphite production | | |
Utility Model
|
| |
May 9, 2012
|
| |
2011203570884
|
|
8 | | | A continuous production equipment of chemical purification of high purity graphite | | |
Utility Model
|
| |
August 27, 2014
|
| |
2014201960422
|
|
9 | | | A furnace for enhancing effectiveness of graphite drying | | |
Utility Model
|
| |
May 25, 2016
|
| |
2015211385328
|
|
10 | | | A production equipment of graphite purification | | |
Utility Model
|
| |
June 22, 2016
|
| |
2015211385154
|
|
11 | | | A production equipment of spherical graphite | | |
Utility Model
|
| |
June 29, 2016
|
| |
201521138514X
|
|
12 | | | A graphite reactor | | |
Utility Model
|
| |
June 8, 2016
|
| |
2015211385120
|
|
13 | | | A production equipment of spherical graphite | | |
Utility Model
|
| |
June 8, 2016
|
| |
2015211223840
|
|
14 | | | A wastewater treatment equipment of graphite production | | |
Utility Model
|
| |
March 9, 2018
|
| |
2017208618891
|
|
15 | | | A reactor of graphite production | | |
Utility Model
|
| |
March 13, 2018
|
| |
2017208618887
|
|
16 | | | A pulverizer for graphite processing and production | | |
Utility Model
|
| |
March 13, 2018
|
| |
2017208971760
|
|
17 | | | A pulverizing machine of graphite | | |
Utility Model
|
| |
March 13, 2018
|
| |
2017208971756
|
|
18 | | | A continuous purification equipment of new graphite | | |
Utility Model
|
| |
March 9, 2018
|
| |
2017208921935
|
|
19 | | | A spray painting equipment of graphite anti-corrosion coating | | |
Utility Model
|
| |
May 22, 2020
|
| |
2019215005487
|
|
20 | | | A spray painting equipment of graphene conductive film | | |
Utility Model
|
| |
May 22, 2020
|
| |
2019215005491
|
|
21 | | | A welding equipment of graphene heating film | | |
Utility Model
|
| |
April 28, 2020
|
| |
201921500704X
|
|
22 | | | A graphite powder stirring equipment | | |
Utility Model
|
| |
June 2, 2020
|
| |
2019215007020
|
|
23 | | | A pulverizing equipment for graphite processing | | |
Utility Model
|
| |
August 4, 2020
|
| |
2019214999279
|
|
Trademark
|
| |
Country
|
| |
Class
|
| |
Registration No.
|
| |
Expiry Date
|
| |
Owner
|
| ||||||
![]() |
| |
PRC
|
| | | | 1 | | | | | | 3750863 | | | |
August 20, 2025
|
| |
Aoyu Graphite
Group Limited |
|
Trademark
|
| |
Country
|
| |
Class
|
| |
Application No.
|
| |
Application Date
|
|
![]() |
| | US | | |
1 and 9
|
| | 90644994 | | |
April 14, 2021
|
|
| PRC | | | 9 | | | 55127378 | | |
April 12, 2021
|
| ||
|
Hong Kong
|
| |
1 and 9
|
| | 305589767 | | |
April 12, 2021
|
|
Serial
|
| |
Patent Title
|
| |
Patent Type
|
| |
Authorization Date
|
| |
Patent No.
|
|
1 | | | Acoustical control fountain system | | |
Utility Model
|
| |
January 29, 2014
|
| |
2013205068726
|
|
2 | | | LED landscape lights system | | |
Utility Model
|
| |
January 29, 2014
|
| |
2013205069199
|
|
3 | | | Thermal teahouse | | |
Utility Model
|
| |
March 26, 2014
|
| |
201320506875X
|
|
4 | | | Afforestation device of drain for rainwater | | |
Utility Model
|
| |
March 26, 2014
|
| |
2013205068711
|
|
5 | | | Landscape Follow rack | | |
Utility Model
|
| |
March 26, 2014
|
| |
2013205069165
|
|
6 | | | Drainage devices | | |
Utility Model
|
| |
March 26, 2014
|
| |
2013205068730
|
|
7 | | | Pergola style nests | | |
Utility Model
|
| |
March 26, 2014
|
| |
201320506917X
|
|
8 | | | Combined type landscape unites | | |
Utility Model
|
| |
March 26, 2014
|
| |
2013205068745
|
|
9 | | | Tree pond cover plates | | |
Utility Model
|
| |
March 26, 2014
|
| |
2013205069184
|
|
10 | | | Landscape protective fence | | |
Utility Model
|
| |
August 17, 2016
|
| |
2016201676266
|
|
11 | | | Water curtain system | | |
Utility Model
|
| |
August 10, 2016
|
| |
201620168277X
|
|
12 | | | Foldable bench | | |
Utility Model
|
| |
August 17, 2016
|
| |
2016201676124
|
|
13 | | | Signage display board | | |
Utility Model
|
| |
March 22, 2017
|
| |
2016201683151
|
|
14 | | | Landscape feature wall | | |
Utility Model
|
| |
August 17, 2016
|
| |
2016202167418
|
|
15 | | | Ecological planting bed system | | |
Utility Model
|
| |
August 24, 2016
|
| |
2016202902813
|
|
Serial
|
| |
Patent Title
|
| |
Patent Type
|
| |
Authorization Date
|
| |
Patent No.
|
|
16 | | | Grass planting feature | | |
Utility Model
|
| |
November 23, 2016
|
| |
2016203118758
|
|
17 | | | Planting pot | | |
Utility Model
|
| |
June 28, 2019
|
| |
2018213264054
|
|
18 | | | Rain water collection plant pot | | |
Utility Model
|
| |
April 16, 2019
|
| |
2018213264571
|
|
19 | | | Smart plant irrigation device | | |
Utility Model
|
| |
April 16, 2019
|
| |
2018214161055
|
|
20 | | | Outdoor oxygen counter | | |
Utility Model
|
| |
April 16, 2019
|
| |
2018214160870
|
|
21 | | | Foldable outdoor table set | | |
Utility Model
|
| |
June 18, 2019
|
| |
201821435507X
|
|
22 | | | Umbrella drying machine | | |
Utility Model
|
| |
April 14, 2020
|
| |
2019210482009
|
|
23 | | | Park fence | | |
Utility Model
|
| |
June 5, 2020
|
| |
2019210405214
|
|
24 | | | Storage shelf | | |
Utility Model
|
| |
May 26, 2020
|
| |
2019210405229
|
|
25 | | | Sun umbrella | | |
Utility Model
|
| |
April 14, 2020
|
| |
2019210238993
|
|
26 | | | Feature bench | | |
Utility Model
|
| |
April 14, 2020
|
| |
2019210481970
|
|
27 | | | Climbing wall | | |
Utility Model
|
| |
May 26, 2020
|
| |
201921048110X
|
|
28 | | | Multi function planting pot | | |
Utility Model
|
| |
May 26, 2020
|
| |
2019210404300
|
|
29 | | | Outdoor drinking machine | | |
Utility Model
|
| |
May 26, 2020
|
| |
2019210404298
|
|
30 | | | Outdoor chess table | | |
Utility Model
|
| |
June 5, 2020
|
| |
201921048199X
|
|
31 | | | Multi function pavilion | | |
Utility Model
|
| |
July 14, 2020
|
| |
201921101160X
|
|
32 | | | Park signage | | |
Utility Model
|
| |
April 14, 2020
|
| |
2019212581352
|
|
33 | | | Human figure sculpture | | |
Utility Model
|
| |
July 14, 2020
|
| |
2019213896805
|
|
Trademark
|
| |
Class
|
| |
Registration Number
|
| |
Registration Date
|
| |
Expiration Date
|
|
![]() |
| |
44
|
| |
5163977
|
| |
August 28, 2009
|
| |
August 27, 2029
|
|
![]() |
| |
44
|
| |
5163978
|
| |
August 28, 2009
|
| |
August 27, 2019
|
|
![]() |
| |
42
|
| |
7818229
|
| |
February 21, 2011
|
| |
February 20, 2031
|
|
![]() |
| |
44
|
| |
9113439
|
| |
February 14, 2012
|
| |
February 13, 2022
|
|
![]() |
| |
44
|
| |
9159272
|
| |
March 21, 2012
|
| |
March 20, 2022
|
|
![]() |
| |
44
|
| |
9198609
|
| |
March 21, 2012
|
| |
March 20, 2022
|
|
![]() |
| |
11
|
| |
9239909
|
| |
June 21, 2012
|
| |
June 20, 2022
|
|
![]() |
| |
21
|
| |
9239954
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
Trademark
|
| |
Class
|
| |
Registration Number
|
| |
Registration Date
|
| |
Expiration Date
|
|
![]() |
| |
31
|
| |
9240031
|
| |
April 7, 2012
|
| |
April 6, 2022
|
|
![]() |
| |
37
|
| |
9240073
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
42
|
| |
9240099
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
44
|
| |
9240123
|
| |
April 21, 2012
|
| |
April 20, 2022
|
|
![]() |
| |
37
|
| |
9244587
|
| |
August 14, 2012
|
| |
August 13, 2022
|
|
![]() |
| |
44
|
| |
9244654
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
11
|
| |
9244691
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
21
|
| |
9244814
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
31
|
| |
9244883
|
| |
April 7, 2012
|
| |
April 6, 2022
|
|
![]() |
| |
37
|
| |
9244907
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
42
|
| |
9245145
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
44
|
| |
9250932
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
11
|
| |
9251122
|
| |
December 21, 2013
|
| |
December 20, 2023
|
|
![]() |
| |
37
|
| |
9251250
|
| |
August 14, 2012
|
| |
August 13, 2022
|
|
![]() |
| |
44
|
| |
9251301
|
| |
March 28, 2012
|
| |
March 27, 2022
|
|
![]() |
| |
44
|
| |
11178502
|
| |
November 28, 2013
|
| |
November 27, 2023
|
|
![]() |
| |
42
|
| |
11178503
|
| |
November 28, 2013
|
| |
November 27, 2023
|
|
![]() |
| |
11
|
| |
11178504
|
| |
January 7, 2014
|
| |
January 6, 2024
|
|
![]() |
| |
37
|
| |
11178505
|
| |
January 7, 2014
|
| |
January 6, 2024
|
|
Trademark
|
| |
Class
|
| |
Registration Number
|
| |
Registration Date
|
| |
Expiration Date
|
|
![]() |
| |
44
|
| |
11178506
|
| |
November 28, 2013
|
| |
November 27, 2023
|
|
![]() |
| |
42
|
| |
11178507
|
| |
January 7, 2014
|
| |
January 6, 2024
|
|
![]() |
| |
11
|
| |
11178559
|
| |
January 7, 2014
|
| |
January 6, 2024
|
|
![]() |
| |
37
|
| |
11178560
|
| |
January 21, 2014
|
| |
January 20, 2024
|
|
![]() |
| |
44
|
| |
11178561
|
| |
November 28, 2013
|
| |
November 27, 2023
|
|
![]() |
| |
11
|
| |
11178562
|
| |
November 28, 2013
|
| |
November 27, 2023
|
|
![]() |
| |
37
|
| |
11178563
|
| |
November 28, 2013
|
| |
November 27, 2023
|
|
![]() |
| |
42
|
| |
11178565
|
| |
November 28, 2013
|
| |
November 27, 2023
|
|
![]() |
| |
11
|
| |
11178566
|
| |
January 7, 2014
|
| |
January 6, 2024
|
|
![]() |
| |
37
|
| |
11178567
|
| |
November 28, 2013
|
| |
November 27, 2023
|
|
Trademark
|
| |
Class
|
| |
Registration Number
|
| |
Registration Date
|
| |
Expiration Date
|
|
![]() |
| |
43
|
| |
30445295
|
| |
February 14, 2019
|
| |
February 13, 2029
|
|
![]() |
| |
43
|
| |
30442026
|
| |
February 14, 2019
|
| |
February 13, 2029
|
|
![]() |
| |
43
|
| |
30433434
|
| |
February 14, 2019
|
| |
February 13, 2029
|
|
![]() |
| |
35
|
| |
24226499
|
| |
May 14, 2018
|
| |
May 13, 2028
|
|
![]() |
| |
43
|
| |
24223624
|
| |
May 14, 2018
|
| |
May 13, 2028
|
|
![]() |
| |
43
|
| |
18675248
|
| |
January 28, 2017
|
| |
January 27, 2027
|
|
![]() |
| |
43
|
| |
17554719
|
| |
September 21, 2016
|
| |
September 20, 2026
|
|
![]() |
| |
35
|
| |
17554538
|
| |
September 21, 2016
|
| |
September 20, 2026
|
|
Directors and Executive Officers
|
| |
Age
|
| |
Position/Title
|
|
Patrick Hing Tat Lau | | |
61
|
| | Chairman of the Board and Executive Director | |
Andross Yick Yan Chan | | |
58
|
| | Chief Executive Officer and Executive Director | |
Ming Tian | | |
65
|
| | Executive Director | |
Liu Yang | | |
47
|
| | Executive Director | |
Bin Qiu | | |
49
|
| | Executive Director | |
Lida Ma | | |
40
|
| | Non-executive Director | |
Wenzhe Tu | | |
31
|
| | Non-executive Director | |
Fong Sin Tam Ip | | |
54
|
| | Independent Non-Executive Director | |
Yucai Wang | | |
53
|
| | Independent Non-Executive Director | |
Kwong Sang Liu | | |
59
|
| | Independent Non-Executive Director | |
Zhaodong Tang | | |
56
|
| | Independent Non-Executive Director | |
Anthony Kaikwong Chan | | |
66
|
| | Independent Non-Executive Director | |
Ka Hei Kwok | | |
39
|
| | Company Secretary and Chief Financial Officer | |
John Thomas DeMaio | | |
61
|
| | President, Graphene Division | |
Name/principal position
|
| |
Year
|
| |
Salary
(HK$’000) |
| |
Equity
Compensation (HK$’000) |
| |
All Other
Compensation (HK$’000) |
| |
Total Paid
(HK$’000) |
| |||||||||||||||
Lau Hing Tat Patrick, ED | | | | | 2020 | | | | | | 3,360 | | | | | | — | | | | | | 36 | | | | | | 3,396 | | |
| | | | | 2019 | | | | | | 3,360 | | | | | | — | | | | | | 36 | | | | | | 3,396 | | |
Chan Yick Yan Andross, ED | | | | | 2020 | | | | | | 2,192 | | | | | | — | | | | | | 36 | | | | | | 2,228 | | |
| | | | | 2019 | | | | | | 2,769 | | | | | | — | | | | | | 36 | | | | | | 2,805 | | |
Tian Ming, ED | | | | | 2020 | | | | | | 1,792 | | | | | | — | | | | | | — | | | | | | 1,792 | | |
| | | | | 2019 | | | | | | 1,760 | | | | | | — | | | | | | — | | | | | | 1,760 | | |
Yang Liu, ED | | | | | 2020 | | | | | | 1,777 | | | | | | — | | | | | | 18 | | | | | | 1,795 | | |
| | | | | 2019 | | | | | | 1,440 | | | | | | — | | | | | | 18 | | | | | | 1,458 | | |
Qiu Bin, ED | | | | | 2020 | | | | | | 1,777 | | | | | | — | | | | | | 18 | | | | | | 1,795 | | |
| | | | | 2019 | | | | | | 1,440 | | | | | | — | | | | | | 18 | | | | | | 1,458 | | |
Ma Lida, NED | | | | | 2020 | | | | | | 600 | | | | | | — | | | | | | — | | | | | | 600 | | |
| | | | | 2019 | | | | | | 600 | | | | | | — | | | | | | — | | | | | | 600 | | |
| | |
Ordinary Shares Beneficially
Owned Prior to this Offering |
| |
Ordinary Shares Beneficially
Owned After this Offering |
| ||||||||||||||||||
|
Number of
shares |
| |
Percentage of
shares |
| |
Number of
Shares |
| |
Percentage of
Shares |
| ||||||||||||||
Directors and Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | | |
Patrick Hing Tat Lau
|
| | | | 59,215,444(1) | | | | | | 12.2% | | | | | | 59,215,444 | | | | | | % | | |
Andross Yick Yan Chan
|
| | | | 101,920,887(2) | | | | | | 20.9% | | | | | | 101,920,887 | | | | | | % | | |
Ming Tian
|
| | | | 8,930,000(3) | | | | | | 1.9% | | | | | | 8,930,000 | | | | | | | | |
Liu Yang
|
| | | | 4,000,000(4) | | | | | | *% | | | | | | 4,000,000 | | | | | | | | |
Bin Qiu
|
| | | | 4,000,000(5) | | | | | | *% | | | | | | 4,000,000 | | | | | | | | |
Lida Ma
|
| | | | — | | | | | | —% | | | | | | — | | | | | | | | |
Wenzhe Tu
|
| | | | 5,000,000(6) | | | | | | 1.1% | | | | | | 5,000,000 | | | | | | | | |
Fong Sin Tam Ip
|
| | | | — | | | | | | —% | | | | | | — | | | | | | % | | |
Yucai Wang
|
| | | | — | | | | | | —% | | | | | | — | | | | | | — | | |
Kwong Sang Liu
|
| | | | — | | | | | | —% | | | | | | — | | | | | | % | | |
Zhaodong Tang
|
| | | | — | | | | | | —% | | | | | | — | | | | | | — | | |
Anthony Kaikwong Chan
|
| | | | — | | | | | | —% | | | | | | — | | | | | | — | | |
Ka Hei Kwok
|
| | | | 3,031,275 | | | | | | *% | | | | | | 3,031,275 | | | | | | — | | |
5% or Greater Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | |
Jeffrey Abramovitz(7)
|
| | | | 250,384,610(8) | | | | | | 51.3% | | | | | | 250,384,610 | | | | |||||
Pubang Landscape Architecture Co., Ltd. (02663.SZ)(9)
|
| | | | 75,223,669 | | | | | | 15.5% | | | | | | 75,223,669 | | | | | | % | | |
Xin Gao(10)
|
| | | | 31,848,000 | | | | | | 6.6% | | | | | | 31,848,000 | | | | | | % | | |
All directors and executive officers as a group (13 individuals)
|
| | | | 162,097,606 | | | | | | 32.5% | | | | | | 162,097,606 | | | | | | % | | |
Persons depositing or withdrawing shares or ADS holders must pay:
|
| |
For:
|
|
$5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | | | Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property | |
| | | Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement | |
Persons depositing or withdrawing shares or ADS holders must pay:
|
| |
For:
|
|
| | |
terminates
|
|
$.05 (or less) per ADS
|
| |
Any cash distribution to ADS holders
|
|
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | | | Distribution of securities distributed to holders of depositedsecurities (including rights) that are distributed by the depositary to ADS holders | |
$.05 (or less) per ADS per calendar year
|
| |
Depositary services
|
|
Registration or transfer fees | | | Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of the depositary | | | Cable (including SWIFT) and facsimile transmissions (when expressly provided in the deposit agreement) | |
| | |
Converting foreign currency to US-dollars
|
|
Taxes and other governmental charges the depositary or the custodian has to pay on any ADSs or ordinary shares underlying ADSs, such as stock transfer taxes, stamp duty or withholding taxes | | | As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | | | As necessary | |
Name
|
| |
Number of ADSs
|
|
EF Hutton, division of Benchmark Investments, LLC
|
| | | |
Total | | | | |
| | | | | | | | |
Total
|
| |||
| | |
Per ADS
|
| |
Without
Option |
| |
With
Option |
| |||
Initial public offering price
|
| | | $ | | | | | | | | | |
Underwriting discounts and commissions (7.5%)
|
| | | $ | | | | | | | | | |
Proceeds, before expenses, to us
|
| | | $ | | | | | | | | |
| | |
(US$)
|
| |||
SEC registration fee
|
| | | $ | | | |
Nasdaq listing fee
|
| | | | | | |
FINRA filing fee
|
| | | | | | |
Printing and engraving expenses
|
| | | | | | |
Legal fees and expenses
|
| | | | | | |
Accounting fees and expenses
|
| | | | | | |
Miscellaneous
|
| | | | | | |
Total
|
| | | $ | | | |
| | | | | F-2 | | | |
| | | | | F-4 | | | |
| | | | | F-6 | | | |
| | | | |||||
| | | | | F-33 | | | |
| | | | | F-35 | | | |
| | | | | F-37 | | | |
| | | | | F-38 | | | |
| | | | | F-39 | | | |
| | | |
| | |
As of December 31,
2020 |
| |
As of June 30,
2021 |
| |
As of June 30,
2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 37,709 | | | | | | 28,445 | | | | | | 3,647 | | |
Restricted cash
|
| | | | 6,216 | | | | | | 418 | | | | | | 54 | | |
Trade and notes receivables, net
|
| | | | 55,219 | | | | | | 110,113 | | | | | | 14,117 | | |
Trade and notes receivables – related parties
|
| | | | 14,589 | | | | | | 7,352 | | | | | | 943 | | |
Inventories, net
|
| | | | 28,323 | | | | | | 52,057 | | | | | | 6,674 | | |
Loan receivables – related parties
|
| | | | 4,166 | | | | | | 4,611 | | | | | | 591 | | |
Prepayments, other receivables and other current assets, net
|
| | | | 68,181 | | | | | | 31,691 | | | | | | 4,063 | | |
Contract assets
|
| | | | 47,547 | | | | | | 41,016 | | | | | | 5,258 | | |
Tax recoverable
|
| | | | 556 | | | | | | 556 | | | | | | 71 | | |
Total current assets
|
| | | | 262,506 | | | | | | 276,259 | | | | | | 35,418 | | |
PROPERTY AND EQUIPMENT, NET
|
| | | | 92,507 | | | | | | 80,699 | | | | | | 10,346 | | |
OTHER ASSETS | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | 101,939 | | | | | | 101,939 | | | | | | 13,069 | | |
Other intangible assets, net
|
| | | | 630,576 | | | | | | 610,143 | | | | | | 78,223 | | |
Investment in unconsolidated associates
|
| | | | 854 | | | | | | 689 | | | | | | 88 | | |
Equity investment, fair value
|
| | | | 1,235 | | | | | | 1,249 | | | | | | 160 | | |
Prepayments and deposits
|
| | | | 3,387 | | | | | | 2,166 | | | | | | 278 | | |
Deferred tax assets, net
|
| | | | 3,351 | | | | | | 4,819 | | | | | | 618 | | |
Total non-current assets
|
| | | | 741,342 | | | | | | 721,005 | | | | | | 92,436 | | |
TOTAL ASSETS
|
| | | | 1,096,355 | | | | | | 1,077,963 | | | | | | 138,200 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | |
Current portion of corporate bonds payable
|
| | | | 149,712 | | | | | | 115,294 | | | | | | 14,781 | | |
Short-term borrowings
|
| | | | 9,445 | | | | | | 12,009 | | | | | | 1,539 | | |
Short-term borrowings – related parties
|
| | | | 14,680 | | | | | | 7,551 | | | | | | 968 | | |
Trade payable
|
| | | | 15,066 | | | | | | 19,314 | | | | | | 2,476 | | |
Trade payable – related parties
|
| | | | 1,072 | | | | | | 1,084 | | | | | | 139 | | |
Other payables and accruals
|
| | | | 34,276 | | | | | | 46,740 | | | | | | 5,992 | | |
Other payables – related parties
|
| | | | 1,473 | | | | | | 763 | | | | | | 98 | | |
Lease liabilities
|
| | | | 11,182 | | | | | | 10,307 | | | | | | 1,321 | | |
Taxes payable
|
| | | | 34,357 | | | | | | 34,967 | | | | | | 4,483 | | |
Contract liabilities
|
| | | | 46,225 | | | | | | 42,886 | | | | | | 5,498 | | |
Total current liabilities
|
| | | | 317,488 | | | | | | 290,915 | | | | | | 37,295 | | |
OTHER LIABILITIES | | | | | | | | | | | | | | | | | | | |
Promissory notes
|
| | | | 298,089 | | | | | | 306,879 | | | | | | 39,343 | | |
Corporate bonds payable
|
| | | | 76,041 | | | | | | 85,413 | | | | | | 10,950 | | |
Convertible note
|
| | | | — | | | | | | 6,254 | | | | | | 802 | | |
Other borrowings – related parties
|
| | | | 245 | | | | | | 245 | | | | | | 31 | | |
Noncurrent portion of lease liabilities
|
| | | | 62,197 | | | | | | 57,920 | | | | | | 7,426 | | |
Consideration payable
|
| | | | 86,500 | | | | | | 86,500 | | | | | | 11,090 | | |
Deferred tax liabilities
|
| | | | 95,697 | | | | | | 93,233 | | | | | | 11,953 | | |
Total other liabilities
|
| | | | 618,769 | | | | | | 636,444 | | | | | | 81,595 | | |
TOTAL LIABILITIES
|
| | | | 936,257 | | | | | | 927,359 | | | | | | 118,890 | | |
| | |
As of December 31,
2020 |
| |
As of June 30,
2021 |
| |
As of June 30,
2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
COMMITMENTS AND CONTINGENCIES | | | | | | | | | | | | | | | | | | | |
EQUITY | | | | | | | | | | | | | | | | | | | |
Ordinary shares, HK$0.01 par value;
authorized – 780,000,000 shares and 2,000,000,000 shares; issued and outstanding 482,290,000 and 488,251,538 as of December 31, 2020 and June 30, 2021, respectively |
| | | | 4,823 | | | | | | 4,883 | | | | | | 626 | | |
Treasury shares, 9,881,275 and 50,000 shares as of December 31, 2020 and June 30, 2021, respectively
|
| | | | (99) | | | | | | — | | | | | | — | | |
Additional paid-in capital
|
| | | | 342,643 | | | | | | 402,785 | | | | | | 51,639 | | |
Accumulated deficit
|
| | | | (225,276) | | | | | | (297,688) | | | | | | (38,165) | | |
Statutory reserves
|
| | | | 10,706 | | | | | | 10,706 | | | | | | 1,373 | | |
Accumulated other comprehensive income
|
| | | | 30,288 | | | | | | 38,727 | | | | | | 4,966 | | |
Total Graphex Group Limited Shareholders’ Equity
|
| | | | 163,085 | | | | | | 159,413 | | | | | | 20,439 | | |
Non-controlling interests
|
| | | | (2,987) | | | | | | (8,809) | | | | | | (1,129) | | |
TOTAL EQUITY
|
| | | | 160,098 | | | | | | 150,604 | | | | | | 19,310 | | |
TOTAL LIABILITIES AND EQUITY
|
| | | | 1,096,355 | | | | | | 1,077,963 | | | | | | 138,200 | | |
|
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
REVENUES | | | | | | | | | | | | | | | | | | | |
Revenues – third parties
|
| | | | 151,373 | | | | | | 180,397 | | | | | | 23,127 | | |
Revenues – related parties
|
| | | | 3,800 | | | | | | 2,225 | | | | | | 286 | | |
Total revenues
|
| | | | 155,173 | | | | | | 182,622 | | | | | | 23,413 | | |
COST OF REVENUES
|
| | | | (90,264) | | | | | | (111,761) | | | | | | (14,329) | | |
GROSS PROFIT
|
| | | | 64,909 | | | | | | 70,861 | | | | | | 9,084 | | |
OPERATING EXPENSES | | | | | | | | | | | | | | | | | | | |
Selling and marketing expenses
|
| | | | 8,017 | | | | | | 6,236 | | | | | | 799 | | |
General and administrative expenses
|
| | | | 73,034 | | | | | | 90,501 | | | | | | 11,603 | | |
Research & development expense
|
| | | | 4,138 | | | | | | 12,937 | | | | | | 1,659 | | |
Provision for doubtful accounts
|
| | | | 6,394 | | | | | | 10,009 | | | | | | 1,283 | | |
Impairment losses
|
| | | | 20,652 | | | | | | 4,377 | | | | | | 561 | | |
Total operating expenses
|
| | | | 112,235 | | | | | | 124,060 | | | | | | 15,905 | | |
LOSS FROM OPERATIONS
|
| | | | (47,326) | | | | | | (53,199) | | | | | | (6,821) | | |
OTHER INCOME (EXPENSE) | | | | | | | | | | | | | | | | | | | |
Finance expenses
|
| | | | (24,978) | | | | | | (34,029) | | | | | | (4,363) | | |
Interest income
|
| | | | 1,094 | | | | | | 356 | | | | | | 46 | | |
Service income
|
| | | | 1,375 | | | | | | 6,154 | | | | | | 789 | | |
Government grants
|
| | | | 1,722 | | | | | | 863 | | | | | | 111 | | |
Fair value change – call options
|
| | | | (1,182) | | | | | | — | | | | | | — | | |
Fair value change – equity investment
|
| | | | (188) | | | | | | (176) | | | | | | (23) | | |
Investment loss in unconsolidated affiliates
|
| | | | 710 | | | | | | — | | | | | | — | | |
Other income, net
|
| | | | 2,020 | | | | | | 661 | | | | | | 85 | | |
Total other income (expenses), net
|
| | | | (19,427) | | | | | | (26,171) | | | | | | (3,355) | | |
LOSS BEFORE TAX
|
| | | | (66,753) | | | | | | (79,370) | | | | | | (10,176) | | |
INCOME TAX BENEFIT/(EXPENSE)
|
| | | | 6,206 | | | | | | 4,542 | | | | | | 582 | | |
NET LOSS
|
| | | | (60,547) | | | | | | (74,828) | | | | | | (9,594) | | |
Less: loss attributable to non-controlling interests
|
| | | | (8,958) | | | | | | (2,416) | | | | | | (310) | | |
NET LOSS ATTRIBUTABLE TO GRAPHEX GROUP LIMITED
|
| | | | (51,589) | | | | | | (72,412) | | | | | | (9,284) | | |
NET LOSS
|
| | | | (60,547) | | | | | | (74,828) | | | | | | (9,594) | | |
OTHER COMPREHENSIVE LOSS (INCOME) | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (15,722) | | | | | | 8,383 | | | | | | 1,075 | | |
COMPREHENSIVE LOSS
|
| | | | (76,269) | | | | | | (66,445) | | | | | | (8,519) | | |
Less: Comprehensive loss attributable to non-controlling interest
|
| | | | (8,925) | | | | | | (2,471) | | | | | | (318) | | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO GRAPHEX GROUP LIMITED
|
| | | | (67,344) | | | | | | (63,974) | | | | | | (8,201) | | |
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
|
| | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | 472,358,725 | | | | | | 481,397,723 | | | | | | 481,397,723 | | |
LOSS PER SHARE | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | (0.109) | | | | | | (0.150) | | | | | | (0.019) | | |
| | |
Ordinary
shares |
| |
Par value
|
| |
Treasury
shares |
| |
Additional
paid in capital |
| |
Statutory
reserves |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total Graphex
Group Limited’s shareholders’ equity |
| |
Non-controlling
interests |
| |
Total
equity |
| ||||||||||||||||||||||||||||||
| | | | | | | | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$
|
| |
HK$
|
| |||||||||||||||||||||||||||
BALANCE, January 1, 2020
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | (99) | | | | | | 342,643 | | | | | | 10,706 | | | | | | (128,951) | | | | | | (11,400) | | | | | | 217,722 | | | | | | 456 | | | | | | 218,178 | | |
Loss for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (51,589) | | | | | | — | | | | | | (51,589) | | | | | | (8,958) | | | | | | (60,547) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15,755) | | | | | | (15,755) | | | | | | 33 | | | | | | (15,722) | | |
Disposal of non-controlling interest
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 682 | | | | | | 682 | | |
Release of exchange fluctuation reserve upon disposal of subsidiaries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (28) | | | | | | (28) | | | | | | — | | | | | | (28) | | |
BALANCE, June 30, 2020
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | (99) | | | | | | 342,643 | | | | | | 10,706 | | | | | | (180,540) | | | | | | (27,183) | | | | | | 150,350 | | | | | | (7,787) | | | | | | 142,563 | | |
BALANCE December 31, 2020 ad January 1, 2021
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | (99) | | | | | | 342,643 | | | | | | 10,706 | | | | | | (225,276) | | | | | | 30,288 | | | | | | 163,085 | | | | | | (2,987) | | | | | | 160,098 | | |
Loss for the period
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (72,412) | | | | | | — | | | | | | (72,412) | | | | | | (2,416) | | | | | | (74,828) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,439 | | | | | | 8,439 | | | | | | (56) | | | | | | 8,383 | | |
Issuance of warrants subscription rights associated
with convertible notes |
| | | | — | | | | | | — | | | | | | — | | | | | | 9,263 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,263 | | | | | | — | | | | | | 9,263 | | |
Beneficial conversion feature associated with convertible notes
|
| | | | — | | | | | | — | | | | | | — | | | | | | 33,096 | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,096 | | | | | | — | | | | | | 33,096 | | |
Issue of shares upon conversion of convertible notes
|
| | | | 5,961,538 | | | | | | 60 | | | | | | — | | | | | | 3,815 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,875 | | | | | | — | | | | | | 3,875 | | |
Equity-settled share-based transactions
|
| | | | — | | | | | | — | | | | | | 99 | | | | | | 13,968 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,067 | | | | | | — | | | | | | 14,067 | | |
Dividend paid to non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,350) | | | | | | (3,350) | | |
BALANCE, June 30 2021
|
| | | | 488,251,538 | | | | | | 4,883 | | | | | | — | | | | | | 402,785 | | | | | | 10,706 | | | | | | (297,688) | | | | | | 38,727 | | | | | | 159,413 | | | | | | (8,809) | | | | | | 150,604 | | |
BALANCE, June 30, 2021 (US$’000)
|
| | | | 488,251,538 | | | | | | 626 | | | | | | — | | | | | | 51,639 | | | | | | 1,373 | | | | | | (38,165) | | | | | | 4,966 | | | | | | 20,439 | | | | | | (1,129) | | | | | | 19,310 | | |
| | |
For the six months June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Net Loss
|
| | | | (60,547) | | | | | | (74,828) | | | | | | (9,594) | | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Provision for doubtful accounts
|
| | | | 6,394 | | | | | | 10,009 | | | | | | 1,283 | | |
Depreciation and amortization
|
| | | | 37,117 | | | | | | 36,903 | | | | | | 4,731 | | |
Impairment losses
|
| | | | 20,652 | | | | | | 4,377 | | | | | | 561 | | |
Fair value change of call options
|
| | | | 1,182 | | | | | | — | | | | | | — | | |
Deferred tax benefit
|
| | | | (8,408) | | | | | | (4,983) | | | | | | (639) | | |
Amortization of bond discount
|
| | | | 2,995 | | | | | | 11,493 | | | | | | 1,473 | | |
Amortization of note discount
|
| | | | 8,106 | | | | | | 12,271 | | | | | | 1,573 | | |
Amortization of convertible notes discount
|
| | | | — | | | | | | 5,988 | | | | | | 768 | | |
Share of losses of equity-method investments
|
| | | | 188 | | | | | | 176 | | | | | | 23 | | |
Share based payments
|
| | | | — | | | | | | 14,067 | | | | | | 1,803 | | |
Gain on disposal of subsidiaries
|
| | | | (710) | | | | | | — | | | | | | — | | |
(Gain)/loss on disposal of property and equipment
|
| | | | (499) | | | | | | 29 | | | | | | 4 | | |
Change in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Inventories
|
| | | | (4,579) | | | | | | (23,411) | | | | | | (3,001) | | |
Trade and notes receivables
|
| | | | 7,230 | | | | | | (59,739) | | | | | | (7,659) | | |
Trade and notes receivables – related parties
|
| | | | 7,946 | | | | | | 7,074 | | | | | | 907 | | |
Prepayments, other receivables and other assets
|
| | | | (17,657) | | | | | | 39,103 | | | | | | 5,013 | | |
Contract assets
|
| | | | (4,675) | | | | | | 3,000 | | | | | | 385 | | |
Trade payables
|
| | | | (7,216) | | | | | | 4,090 | | | | | | 524 | | |
Income taxes payable
|
| | | | (3,758) | | | | | | 250 | | | | | | 32 | | |
Contract liabilities
|
| | | | 8,530 | | | | | | (3,810) | | | | | | (488) | | |
Other payables and accrued liabilities
|
| | | | 22,501 | | | | | | (990) | | | | | | (127) | | |
Net cash provided by/(used in) operating activities
|
| | | | 14,792 | | | | | | (18,931) | | | | | | (2,428) | | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Repayment of a loan from related parties
|
| | | | 11,680 | | | | | | 4,569 | | | | | | 586 | | |
Loan to related parties
|
| | | | (8,345) | | | | | | (6,044) | | | | | | (775) | | |
Purchases of other intangible assets
|
| | | | (1,587) | | | | | | (66) | | | | | | (8) | | |
Purchases of property and equipment
|
| | | | (9,883) | | | | | | (473) | | | | | | (61) | | |
Net cash used in investing activities
|
| | | | (8,135) | | | | | | (2,014) | | | | | | (258) | | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Proceeds from issue of corporate bonds
|
| | | | 78,500 | | | | | | 8,000 | | | | | | 1,026 | | |
Payments of debt issue costs
|
| | | | (5,145) | | | | | | (560) | | | | | | (72) | | |
Repayment of corporate bonds
|
| | | | (55,500) | | | | | | (36,500) | | | | | | (4,679) | | |
Proceeds from issue of convertible notes
|
| | | | — | | | | | | 46,500 | | | | | | 5,962 | | |
| | |
For the six months June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Proceeds from bank loans
|
| | | | — | | | | | | 6,009 | | | | | | 770 | | |
Repayments of short-term borrowings – related parties
|
| | | | (3,162) | | | | | | (6,549) | | | | | | (840) | | |
Proceeds of short-term borrowings – related parties
|
| | | | 21,000 | | | | | | 909 | | | | | | 117 | | |
Principal payments under capital lease obligation
|
| | | | (6,507) | | | | | | (5,835) | | | | | | (748) | | |
Dividend paid to non-controlling interests
|
| | | | — | | | | | | (3,351) | | | | | | (430) | | |
Repayments of short-term borrowings
|
| | | | (51,950) | | | | | | (3,445) | | | | | | (442) | | |
Net cash (used in)/provided by financing activities
|
| | | | (22,764) | | | | | | 5,178 | | | | | | 664 | | |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
| | | | (4,167) | | | | | | 706 | | | | | | 92 | | |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH
|
| | | | (20,274) | | | | | | (15,061) | | | | | | (1,930) | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of
period |
| | | | 53,882 | | | | | | 43,924 | | | | | | 5,631 | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
|
| | | | 33,608 | | | | | | 28,863 | | | | | | 3,701 | | |
Cash and cash equivalents
|
| | | | 27,881 | | | | | | 28,445 | | | | | | 3,647 | | |
Restricted cash
|
| | | | 5,727 | | | | | | 418 | | | | | | 54 | | |
| | | | | 33,608 | | | | | | 28,863 | | | | | | 3,701 | | |
SUPPLEMENTAL CASH FLOW INFORMATION: | | | | | | | | | | | | | | | | | | | |
Cash paid for income tax
|
| | | | 5,660 | | | | | | 192 | | | | | | 25 | | |
Cash paid for interest expense
|
| | | | 8,116 | | | | | | 6,590 | | | | | | 845 | | |
Supplemental schedule of non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Recognition of ROU assets and lease liabilities
|
| | | | 123 | | | | | | — | | | | | | — | | |
Unpaid consideration for the business acquisition
|
| | | | 86,500 | | | | | | — | | | | | | — | | |
Conversion of convertible debt into common stock
|
| | | | — | | | | | | 3,875 | | | | | | 497 | | |
Beneficial conversion feature resulted from issuance of convertible notes
|
| | | | — | | | | | | 33,096 | | | | | | 4,298 | | |
Warrant subscription rights allocated from convertible notes
|
| | | | — | | | | | | 9,623 | | | | | | 1,234 | | |
|
| Leasehold improvements | | | Over the shorter of the lease terms and 5 years Right- | |
| of-use assets | | | Over the lease terms | |
| Furniture and equipment | | | 5 years | |
| Motor vehicles | | | 5 years | |
| Machinery | | | 5 – 10 years | |
| Brand names | | | 8 – 10 years | |
| Backlog contracts | | | 20 years | |
| Trademarks | | | 15 years | |
| Patents | | | 15 years | |
| Customer relationships | | | 10 years | |
| Software | | | 3 – 5 years | |
| | |
As at
|
| |||||||||||||||
| | |
December 31, 2020
|
| |
June 30, 2021
|
| |
June 30, 2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Trade and notes receivables
|
| | | | 104,061 | | | | | | 165,496 | | | | | | 21,217 | | |
Less: Allowance for doubtful accounts
|
| | | | (48,842) | | | | | | (55,383) | | | | | | (7,100) | | |
| | | | | 55,219 | | | | | | 110,113 | | | | | | 14,117 | | |
| | |
For the year
ended December 31, 2020 |
| |
For the
six months ended June 30, 2021 |
| |
For the
six months ended June 30, 2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Beginning balance
|
| | | | 35,686 | | | | | | 48,842 | | | | | | 6,262 | | |
Charge to expense
|
| | | | 10,286 | | | | | | 5,968 | | | | | | 765 | | |
Exchange difference
|
| | | | 2,870 | | | | | | 573 | | | | | | 73 | | |
Ending balance
|
| | | | 48,842 | | | | | | 55,383 | | | | | | 7,100 | | |
| | |
As of
December 31, 2020 |
| |
As of
June 30, 2021 |
| |
As of
June 30, 2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
(i) Investment in joint ventures
|
| | | | — | | | | | | — | | | | | | — | | |
(ii) Investment in associates
|
| | | | 854 | | | | | | 689 | | | | | | 88 | | |
(iii) Equity investments at fair value
|
| | | | 1,235 | | | | | | 1,249 | | | | | | 160 | | |
| | | | | 2,089 | | | | | | 1,938 | | | | | | 248 | | |
| | |
As of
December 30, 2020 |
| |
As of
June 30, 2021 |
| |
As of
June 30, 2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
EA Trading
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Name
|
| |
Particulars
of issued shares held/ paid-up capital |
| |
Place of
registration and business |
| |
Percentage of
|
| | | | ||||||||||||||||||
|
Ownership
interest |
| |
Voting
power |
| |
Profit
sharing |
| |
Principal activity
|
| ||||||||||||||||||||
Ease Global Limited (“EA Trading”)
|
| |
Issued shares of
US$100 |
| | | | BVI | | | | | | 30 | | | | | | 50 | | | | | | 30 | | | |
Trading business
|
|
| | |
HK$’000
|
| |||
As of January 1, 2020
|
| | | | — | | |
Capital contribution to a joint venture
|
| | | | 114 | | |
Share of loss
|
| | | | (114) | | |
As of December 31, 2020 and June 30, 2021
|
| | | | — | | |
| | |
As of December 31, 2020
|
| |
As of June 30, 2021
|
| |
As of June 30, 2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Teddy
|
| | | | 854 | | | | | | 689 | | | | | | 88 | | |
| | | | | | | | |
Percentage of
|
| | | | |||||||||||||||
Name
|
| |
Particulars of issued
shares held/ paid-up capital |
| |
Place of
registration and business |
| |
Ownership
interest |
| |
Voting
power |
| |
Profit
sharing |
| |
Principal activity
|
| |||||||||
Shanghai Teddy Friends
Investment Management Limited (“Teddy”) |
| |
Registered capital of
RMB27,000,000 |
| |
Mainland China
|
| | | | 20 | | | | | | 20 | | | | | | 20 | | | |
Investment holding
|
|
Suzhou Sudi Investment
and Development Limited (“Sudi”) |
| |
Registered capital of
RMB35,000,000 |
| |
Mainland China
|
| | | | 10 | | | | | | 10 | | | | | | 10 | | | |
Operating a theme
park facility in Mainland China |
|
| | |
HK$’000
|
| |||
As of January 1, 2020
|
| | | | 1,212 | | |
Share of loss
|
| | | | (419) | | |
Exchange difference
|
| | | | 61 | | |
As of December 31, 2020
|
| | | | 854 | | |
Share of loss
|
| | | | (176) | | |
Exchange difference
|
| | | | 11 | | |
As of June 30, 2021
|
| | | | 689 | | |
| | |
As of
December 31, 2020 |
| |
As of
June 30, 2021 |
| |
As of
June 30, 2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Unlisted equity investment, at fair value | | | | | | | | | | | | | | | | | | | |
Shenzhen Qianhai Lendbang Internet Financial Services Limited (“Lendbang”)
|
| | | | 1,235 | | | | | | 1,249 | | | | | | 160 | | |
| | |
HK$’000
|
| |||
As of January 1, 2020
|
| | | | 870 | | |
Share of loss
|
| | | | 336 | | |
Exchange difference
|
| | | | 29 | | |
As of December 31, 2020 and January 1, 2021
|
| | | | 1,235 | | |
Share of loss
|
| | | | — | | |
Exchange difference
|
| | | | 14 | | |
As of June 30, 2021
|
| | | | 1,249 | | |
| | | | | | | | | | | | | | | | | |
As of
December 31, 2020 |
| |
As of June 30,
2021 |
| ||||||||||||
Current
|
| |
Relationship
|
| |
Interest rate %
|
| |
Maturity
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Boxuan Wu
|
| |
Legal representative of Taihuan
|
| | | | 4.75% | | | | | | 2021 | | | | | | 2,056 | | | | | | 2,079 | | | | | | 267 | | |
Suk Fan Chan
|
| | Shareholder of Thai Gallery | | | | | Zero | | | | | | 2020 | | | | | | 1,563 | | | | | | — | | | | | | — | | |
Earthasia Worldwide Holdings Limited
|
| | Joint Venture | | | | | 12% | | | | | | 2021 | | | | | | 6,605 | | | | | | 965 | | | | | | 124 | | |
Shanghai Yi Gui Pinpai
Management Limited (上海奕桂品牌管理有 限公司) (Yigui”) |
| | Joint Venture | | | | | 8% | | | | | | 2021 | | | | | | 4,456 | | | | | | 4,507 | | | | | | 577 | | |
| | | | | | | | | | | | | | | | | | | | 14,680 | | | | | | 7,551 | | | | | | 968 | | |
Non- Current | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Suk Fan Chan
|
| | Shareholder of Thai Gallery | | | | | Zero | | | | | | 2023 | | | | | | 245 | | | | | | 245 | | | | | | 31 | | |
| | | | | | | | | | | | | | | | | | | | 245 | | | | | | 245 | | | | | | 31 | | |
| | |
Date of
loan |
| | | | | | | |
Original
Currency |
| |
Interest
rate |
| |
Maturity
date |
| |
As of
December 31, 2020 |
| |
As of
June 30, 2021 |
| |||||||||||||||
Note
|
| |
Guarantee
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||||||||||||||
(a) | | | 19/2/2020 | | | | | NO | | | |
HK$6,000
|
| | | | 18% | | | | 4/29/2020 | | | | | 6,000 | | | | | | 6,000 | | | | | | 769 | | |
| | | Bank loans | | | | | | | | | | | | | | 4.875% | | | | 2022 | | | | | — | | | | | | 6,009 | | | | | | 770 | | |
| | |
Bank overdrafts
|
| | | | | | | | | | | | | | | | |
On demand
|
| | | | 3,455 | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 9,455 | | | | | | 12,009 | | | | | | 1,539 | | |
| | |
HK$6%
Corporate Bonds due 2019 |
| |
HK$6%
Corporate Bonds due 2020 |
| |
HK$6%
Corporate Bonds due 2021 |
| |
HK$9%
Corporate Bonds due 2021 |
| |
HK$6%
Corporate Bonds due 2021 |
| |
HK$6%
Corporate Bonds due 2021 |
| |
HK$6%
Corporate Bonds due 2022 |
| |
HK$6%
Corporate Bonds due 2023 |
| |
Total
|
| |||||||||||||||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||||||||||||||||||||
| | | | | | | | | | | | | | |
(note b)
|
| | | | | | | |
(note c)
|
| |
(note d)
|
| |
(note c)
|
| |
(note e)
|
| | | | | | | |||||||||||||||
Balance as of January 1, 2020
|
| | | | 14,000 | | | | | | 41,352 | | | | | | 101,031 | | | | | | 5,000 | | | | | | 34,539 | | | | | | — | | | | | | — | | | | | | — | | | | | | 195,922 | | |
Issuance during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | 79,500 | | | | | | — | | | | | | 84,500 | | |
Transaction costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,565) | | | | | | — | | | | | | (5,565) | | |
Repayment
|
| | | | (14,000) | | | | | | (41,500) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (55,500) | | |
Amortization
|
| | | | — | | | | | | 148 | | | | | | 2,905 | | | | | | — | | | | | | 1,237 | | | | | | — | | | | | | 2,106 | | | | | | — | | | | | | (13,046) | | |
Balance as of December 31, 2020 (HK$’000)
|
| | | | — | | | | | | — | | | | | | 103,936 | | | | | | 5,000 | | | | | | 35,776 | | | | | | 5,000 | | | | | | 76,041 | | | | | | — | | | | | | 225,753 | | |
Less: non- current portion
(HK$’000) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (76,041) | | | | | | — | | | | | | (76,041) | | |
Current portion (HK$’000)
|
| | | | — | | | | | | — | | | | | | 103,936 | | | | | | 5,000 | | | | | | 35,776 | | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | 149,712 | | |
Balance as of December 31, 2020 (US’000)
|
| | | | — | | | | | | — | | | | | | 13,325 | | | | | | 641 | | | | | | 4,587 | | | | | | 641 | | | | | | 9,749 | | | | | | — | | | | | | 28,943 | | |
Less: non-current portion
(US$’000) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,749) | | | | | | — | | | | | | (9,749) | | |
Current portion (US$’000)
|
| | | | — | | | | | | — | | | | | | 13,325 | | | | | | 641 | | | | | | 4,587 | | | | | | 641 | | | | | | — | | | | | | — | | | | | | 19,194 | | |
Balance as of as of January 1, 2021
|
| | | | — | | | | | | — | | | | | | 103,936 | | | | | | 5,000 | | | | | | 35,776 | | | | | | 5,000 | | | | | | 76,041 | | | | | | — | | | | | | 225,753 | | |
Issuance during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,000 | | | | | | 8,000 | | |
Transaction costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (560) | | | | | | (560) | | |
Repayment
|
| | | | — | | | | | | — | | | | | | (31,500) | | | | | | — | | | | | | — | | | | | | (5,000) | | | | | | — | | | | | | — | | | | | | (36,500) | | |
Interest charged
|
| | | | — | | | | | | — | | | | | | 4,349 | | | | | | 223 | | | | | | 1,683 | | | | | | 46 | | | | | | 4,831 | | | | | | 361 | | | | | | 11,493 | | |
Amortization
|
| | | | — | | | | | | — | | | | | | (2,849) | | | | | | (223) | | | | | | (1,101) | | | | | | (46) | | | | | | (3,028) | | | | | | (232) | | | | | | (7,479) | | |
Balance as of June 30,2021 (HK$’000)
|
| | | | — | | | | | | — | | | | | | 73,936 | | | | | | 5,000 | | | | | | 36,358 | | | | | | — | | | | | | 77,844 | | | | | | 7,569 | | | | | | 200,707 | | |
Less: non- current portion
(HK$’000) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (77,844) | | | | | | (7,569) | | | | | | (85,413) | | |
Current portion (HK$’000)
|
| | | | — | | | | | | — | | | | | | 73,936 | | | | | | 5,000 | | | | | | 36,358 | | | | | | — | | | | | | — | | | | | | — | | | | | | 115,294 | | |
Balance as of December 31, 2020 (US’000)
|
| | | | — | | | | | | — | | | | | | 9,479 | | | | | | 641 | | | | | | 4,661 | | | | | | — | | | | | | 9,980 | | | | | | 970 | | | | | | 25,731 | | |
Less: non-current portion
(US$’000) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,980) | | | | | | (970) | | | | | | (10,950) | | |
Current portion (US$’000)
|
| | | | — | | | | | | — | | | | | | 9,479 | | | | | | 641 | | | | | | 4,661 | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,781 | | |
| | |
As of December 31,
2020 |
| |
As of June 30,
2021 |
| |
As of June 30,
2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Beginning balance
|
| | | | 281,307 | | | | | | 298,089 | | | | | | 38,217 | | |
Amortization (note (a))
|
| | | | 16,782 | | | | | | 8,790 | | | | | | 1,126 | | |
Ending balance
|
| | | | 298,089 | | | | | | 306,879 | | | | | | 39,343 | | |
| | |
Total
|
| |
Total
|
| ||||||
| | |
HK$’000
|
| |
US$’000
|
| ||||||
As at 1 January 2021
|
| | | | — | | | | | | — | | |
Proceeds of convertible notes (note (a))
|
| | | | 46,500 | | | | | | 5,962 | | |
Less: Allocated fair value of warrants subscription rights (note (b))
|
| | | | (9,263) | | | | | | (1,188) | | |
Less: Allocated intrinsic value of beneficial conversion feature (note (b))
|
| | | | (33,096) | | | | | | (4,243) | | |
Add: Accumulated amortization of debt discount
|
| | | | 5,988 | | | | | | 768 | | |
Conversion to shares (note (c))
|
| | | | (3,875) | | | | | | (497) | | |
At the June 30, 2021
|
| | | | 6,254 | | | | | | 802 | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Current income tax expense
|
| | | | 2,202 | | | | | | 441 | | | | | | 57 | | |
Deferred income tax benefit
|
| | | | (8,408) | | | | | | (4,983) | | | | | | (639) | | |
Income tax expense (benefit)
|
| | | | (6,206) | | | | | | (4,542) | | | | | | (582) | | |
| | |
Accumulated
losses |
| |
Allowance of
accounts |
| |
Total
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||
As at January 1, 2020
|
| | | | 35 | | | | | | 150 | | | | | | 185 | | |
Credited to the statement of operations
|
| | | | — | | | | | | 781 | | | | | | 781 | | |
Exchange difference
|
| | | | — | | | | | | — | | | | | | — | | |
As at June 30, 2020
|
| | | | 35 | | | | | | 931 | | | | | | 966 | | |
| | |
Accumulated
losses |
| |
Allowance of
accounts |
| |
Total
|
| |
Total
|
| ||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| ||||||||||||
As at January 1, 2021
|
| | | | 913 | | | | | | 2,438 | | | | | | 3,351 | | | | | | 430 | | |
Credited to the statement of operations
|
| | | | (37) | | | | | | 1,473 | | | | | | 1,436 | | | | | | 184 | | |
Exchange difference
|
| | | | 1 | | | | | | 31 | | | | | | 32 | | | | | | 4 | | |
As at June 30, 2021
|
| | | | 877 | | | | | | 3,942 | | | | | | 4,819 | | | | | | 618 | | |
| | |
Fair value
adjustments from acquisition of subsidiaries |
| |
Effect of
withholding tax on the distributable profits of The Group’s PRC subsidiaries |
| |
Total
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||
On January 1, 2020
|
| | | | 102,394 | | | | | | 1,307 | | | | | | 103,701 | | |
Credited to the statement of operations
|
| | | | (7,196) | | | | | | — | | | | | | (7,196) | | |
Exchange difference
|
| | | | (2,122) | | | | | | — | | | | | | (2,122) | | |
On June 30, 2020
|
| | | | 93,076 | | | | | | 1,307 | | | | | | 94,383 | | |
| | |
Fair value
adjustments from acquisition of subsidiaries |
| |
Effect of
withholding tax on the distributable profits of The Group’s PRC subsidiaries |
| |
Total
|
| |
Total
|
| ||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| ||||||||||||
On January 1, 2021
|
| | | | 94,390 | | | | | | 1,307 | | | | | | 95,697 | | | | | | 12,269 | | |
Credited to the statement of operations
|
| | | | (3,547) | | | | | | — | | | | | | (3,547) | | | | | | (455) | | |
Exchange difference
|
| | | | 1,083 | | | | | | — | | | | | | 1,083 | | | | | | 139 | | |
On June 30, 2021
|
| | | | 91,926 | | | | | | 1,307 | | | | | | 93,233 | | | | | | 11,953 | | |
| | |
As of
December 31, 2020 |
| |
As of
June 30, 2021 |
| |
As of
June 30, 2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Issued and fully paid ordinary stock
|
| | | | 4,823 | | | | | | 4,883 | | | | | | 626 | | |
| | |
Number of
issued and fully paid shares |
| |
Par value of
shares |
| |
Additional
paid-in capital accounts |
| |||||||||
| | | | | | | | |
HK$’000
|
| |
HK$’000
|
| ||||||
As of January 1, 2021
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | 355,685 | | |
Issue of shares upon conversion of convertible notes (note (a))
|
| | | | 5,961,538 | | | | | | 60 | | | | | | 3,815 | | |
As of June 30, 2021
|
| | | | 488,251,538 | | | | | | 4,883 | | | | | | 359,500 | | |
| | |
Number of
issued and fully paid shares |
| |
Par value of
shares |
| |
Additional
paid-in capital account |
| |||||||||
| | | | | | | | |
HK$’000
|
| |
HK$’000
|
| ||||||
As of January 1, 2021
|
| | | | (9,881,275) | | | | | | (99) | | | | | | (13,042) | | |
Granting of shares under the share award scheme (note (b))
|
| | | | 9,931,275 | | | | | | 99 | | | | | | 5,760 | | |
As of June 30, 2021
|
| | | | 50,000 | | | | | | — | | | | | | (7,282) | | |
| | |
Directors
|
| |
Employee
|
| ||||||
Dividend yield (%)
|
| | | | — | | | | | | — | | |
Expected volatility (%)
|
| | | | 73.28% | | | | | | 73.28% | | |
Risk-free interest rate (%)
|
| | | | 0.73% | | | | | | 0.73% | | |
Exercise multiple
|
| | | | 2.8 | | | | | | 2.2 | | |
Fair value of the share options (HK$ per share)
|
| | | | 0.30 | | | | | | 0.28 | | |
Movement in share options
|
| |
Exercise period
|
| |
Number of
options |
| |
Exercise
price |
| ||||||
As of January 1,2021
|
| | | | | | | — | | | | | | — | | |
New share options granted under the scheme (note (a))
|
| |
January 28, 2021 to January 27, 2026
|
| | | | 25,500,000 | | | | | HK$ | 0.65 | | |
Movement in share options
|
| |
Exercise period
|
| |
Number of
options |
| |
Exercise
price |
| |||
As of June 30, 2021
|
| | | | | | | 25,500,000 | | | | | |
For the six months ended June 30,
|
| |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Revenue for contracts with customers | | | | | |||||||||||||||
Sale of graphene products
|
| | | | 84,507 | | | | | | 107,297 | | | | | | 13,756 | | |
Landscape design services
|
| | | | 64,605 | | | | | | 69,910 | | | | | | 8,963 | | |
Catering revenue
|
| | | | 4,250 | | | | | | 3,552 | | | | | | 455 | | |
Catering management services
|
| | | | 1,811 | | | | | | 1,863 | | | | | | 239 | | |
| | | | | 155,173 | | | | | | 182,622 | | | | | | 23,413 | | |
| | |
Graphene
business |
| |
Landscape
design services |
| |
Catering
|
| |
Total
|
| ||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| ||||||||||||
Type of goods or services | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of graphene products
|
| | | | 84,507 | | | | | | — | | | | | | — | | | | | | 84,507 | | |
Landscape design services
|
| | | | — | | | | | | 64,605 | | | | | | — | | | | | | 64,605 | | |
Catering services
|
| | | | — | | | | | | — | | | | | | 4,250 | | | | | | 4,250 | | |
Catering management services
|
| | | | — | | | | | | — | | | | | | 1,811 | | | | | | 1,811 | | |
Total Revenue
|
| | | | 84,507 | | | | | | 64,605 | | | | | | 6,061 | | | | | | 155,173 | | |
Geographical markets | | | | | | | | | | | | | | | | | | | | | | | | | |
The PRC
|
| | | | 84,507 | | | | | | 52,128 | | | | | | 3,895 | | | | | | 140,530 | | |
Hong Kong
|
| | | | — | | | | | | 12,477 | | | | | | — | | | | | | 12,477 | | |
Others
|
| | | | — | | | | | | — | | | | | | 2,166 | | | | | | 2,166 | | |
Total Revenue
|
| | | | 84,507 | | | | | | 64,605 | | | | | | 6,061 | | | | | | 155,173 | | |
Timing of revenue recognition | | | | | | | | | | | | | | | | | | | | | | | | | |
Goods transferred at a point in time
|
| | | | 84,507 | | | | | | — | | | | | | — | | | | | | 84,507 | | |
Services transferred over time
|
| | | | — | | | | | | 64,605 | | | | | | 6,061 | | | | | | 70,666 | | |
Total Revenue
|
| | | | 84,507 | | | | | | 64,605 | | | | | | 6,061 | | | | | | 155,173 | | |
| | |
Graphene
business |
| |
Landscape
services |
| |
Catering
|
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Type of goods or services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of graphene products
|
| | | | 107,297 | | | | | | — | | | | | | — | | | | | | 107,297 | | | | | | 13,756 | | |
Landscape design services
|
| | | | — | | | | | | 69,910 | | | | | | — | | | | | | 69,910 | | | | | | 8,963 | | |
Catering revenue
|
| | | | — | | | | | | — | | | | | | 3,552 | | | | | | 3,552 | | | | | | 455 | | |
Catering management services
|
| | | | — | | | | | | — | | | | | | 1,863 | | | | | | 1,863 | | | | | | 239 | | |
Total Revenue
|
| | | | 107,297 | | | | | | 69,910 | | | | | | 5,415 | | | | | | 182,622 | | | | | | 23,413 | | |
Geographical markets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The PRC
|
| | | | 107,297 | | | | | | 57,073 | | | | | | 5,415 | | | | | | 169,785 | | | | | | 21,767 | | |
Hong Kong
|
| | | | — | | | | | | 12,406 | | | | | | — | | | | | | 12,406 | | | | | | 1,591 | | |
Others
|
| | | | — | | | | | | 431 | | | | | | — | | | | | | 431 | | | | | | 55 | | |
Total Revenue
|
| | | | 107,297 | | | | | | 69,910 | | | | | | 5,415 | | | | | | 182,622 | | | | | | 23,413 | | |
Timing of revenue recognition | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goods transferred at a point in time
|
| | | | 107,297 | | | | | | — | | | | | | — | | | | | | 107,297 | | | | | | 13,756 | | |
Services transferred over time
|
| | | | — | | | | | | 69,910 | | | | | | 5,415 | | | | | | 75,325 | | | | | | 9,657 | | |
Total Revenue
|
| | | | 107,297 | | | | | | 69,910 | | | | | | 5,415 | | | | | | 182,622 | | | | | | 23,413 | | |
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Revenue recognized that was included in contract liabilities at the beginning of the reporting period:
|
| | | | | | | | | | | | | | | | | | |
Landscape design services
|
| | | | 5,691 | | | | | | 17,630 | | | | | | 2,260 | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Within one year
|
| | | | 60,523 | | | | | | 54,951 | | | | | | 7,045 | | |
More than one year
|
| | | | 428,661 | | | | | | 414,596 | | | | | | 50,182 | | |
| | | | | 489,183 | | | | | | 469,547 | | | | | | 57,227 | | |
| | |
For the period ended June 30,
|
| |||||||||
| | |
2020
|
| |
2021
|
| ||||||
| | |
HK$’000
|
| |
HK$’000
|
| ||||||
Net loss attributable to the ordinary shareholders
|
| | | | (51,589) | | | | | | (71,819) | | |
Weight-average common stock outstanding Basic and Diluted
|
| | | | 472,358,725 | | | | | | 481,397,723 | | |
Loss per share Basic and Diluted . . . .
|
| | | | (0.109) | | | | | | (0.149) | | |
| | |
Graphene
products business |
| |
Landscape
architecture service |
| |
Catering
|
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Segment revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 107,297 | | | | | | 69,910 | | | | | | 5,415 | | | | | | 182,622 | | | | | | 23,413 | | |
Segment results
|
| | | | (7,840) | | | | | | (9,850) | | | | | | (4,379) | | | | | | (22,069) | | | | | | (2,829) | | |
Reconciliations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated income and gains
|
| | | | | | | | | | | | | | | | | | | | | | 365 | | | | | | 47 | | |
Unallocated expenses
|
| | | | | | | | | | | | | | | | | | | | | | (26,630) | | | | | | (3,415) | | |
Unallocated finance costs
|
| | | | | | | | | | | | | | | | | | | | | | (30,860) | | | | | | (3,956) | | |
Share of losses of associates
|
| | | | | | | | | | | | | | | | | | | | | | (176) | | | | | | (23) | | |
Loss before tax
|
| | | | | | | | | | | | | | | | | | | | | | (79,370) | | | | | | (10,176) | | |
Adjusted EBITDA (note (i))
|
| | | | 23,951 | | | | | | 6,654 | | | | | | 1,065 | | | | | | 31,670 | | | | | | 4,060 | | |
| | |
Graphene
products business |
| |
Landscape
architecture service |
| |
Catering
|
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Segment revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 84,507 | | | | | | 64,605 | | | | | | 6,061 | | | | | | 155,173 | | | | | | 19,894 | | |
Segment results
|
| | | | (9,543) | | | | | | 379 | | | | | | (25,433) | | | | | | (34,597) | | | | | | (4,436) | | |
Reconciliations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated income and gains
|
| | | | | | | | | | | | | | | | | | | | | | 2,007 | | | | | | 257 | | |
| | |
Graphene
products business |
| |
Landscape
architecture service |
| |
Catering
|
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Unallocated expenses
|
| | | | | | | | | | | | | | | | | | | | | | (11,985) | | | | | | (1,536) | | |
Unallocated finance costs
|
| | | | | | | | | | | | | | | | | | | | | | (21,990) | | | | | | (2,819) | | |
Share of losses of associates
|
| | | | | | | | | | | | | | | | | | | | | | (188) | | | | | | (24) | | |
Loss before tax
|
| | | | | | | | | | | | | | | | | | | | | | (66,753) | | | | | | (8,558) | | |
Adjusted EBITDA (note (i))
|
| | | | 19,149 | | | | | | 10,556 | | | | | | 2,347 | | | | | | 32,052 | | | | | | 4,109 | | |
|
| | |
Graphene
products business |
| |
Landscape
architecture service |
| |
Catering
|
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Segment assets
|
| | | | 909,856 | | | | | | 177,441 | | | | | | 9,290 | | | | | | 1,096,587 | | | | | | 140,588 | | |
Reconciliations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elimination of inter segment receivables
|
| | | | | | | | | | | | | | | | | | | | | | (811,370) | | | | | | (104,022) | | |
Unallocated assets
|
| | | | | | | | | | | | | | | | | | | | | | 792,746 | | | | | | 101,634 | | |
Total assets
|
| | | | | | | | | | | | | | | | | | | | | | 1,077,963 | | | | | | 138,200 | | |
Segment liabilities
|
| | | | 98,429 | | | | | | 166,943 | | | | | | 76,176 | | | | | | 341,548 | | | | | | 43,788 | | |
Reconciliations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elimination of inter segment payables
|
| | | | | | | | | | | | | | | | | | | | | | (811,370) | | | | | | (104,023) | | |
Unallocated liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 1,397,181 | | | | | | 179,125 | | |
Total liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 927,359 | | | | | | 118,890 | | |
| | |
Graphene
products business |
| |
Landscape
architecture service |
| |
Catering
|
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Segment assets
|
| | | | 903,674 | | | | | | 208,947 | | | | | | 21,768 | | | | | | 1,134,389 | | | | | | 145,434 | | |
Reconciliations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elimination of inter segment receivables
|
| | | | | | | | | | | | | | | | | | | | | | (87,592) | | | | | | (11,230) | | |
Unallocated assets
|
| | | | | | | | | | | | | | | | | | | | | | 49,558 | | | | | | 6,354 | | |
Total assets
|
| | | | | | | | | | | | | | | | | | | | | | 1,096,355 | | | | | | 140,558 | | |
Segment liabilities
|
| | | | 93,555 | | | | | | 77,835 | | | | | | 77,120 | | | | | | 248,510 | | | | | | 31,860 | | |
Reconciliations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elimination of inter segment payables
|
| | | | | | | | | | | | | | | | | | | | | | (87,592) | | | | | | (11,230) | | |
Unallocated liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 775,339 | | | | | | 99,404 | | |
Total liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 936,257 | | | | | | 120,034 | | |
| | |
Graphene
products business |
| |
Landscape
architecture service |
| |
Catering
|
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Other segment information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share of losses of associates unallocated
|
| | | | | | | | | | | | | | | | | | | | | | 176 | | | | | | 23 | | |
Provision for doubtful accounts and Impairment losses
recognised in the statement of profit or loss |
| | | | — | | | | | | 10,009 | | | | | | 4,377 | | | | | | 14,386 | | | | | | 1,844 | | |
Depreciation and amortisation
|
| | | | 29,268 | | | | | | 6,009 | | | | | | 935 | | | | | | 36,212 | | | | | | 4,643 | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated
|
| | | | | | | | | | | | | | | | | | | | | | 691 | | | | | | 88 | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | 36,903 | | | | | | 4,731 | | |
Income and gains allocated
|
| | | | 133 | | | | | | 7,333 | | | | | | 202 | | | | | | 7,668 | | | | | | 983 | | |
Finance costs allocated
|
| | | | 2,523 | | | | | | 457 | | | | | | 133 | | | | | | 3,113 | | | | | | 399 | | |
Fair value loss unallocated
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | |
Capital expenditure (note (ii))
|
| | | | — | | | | | | 473 | | | | | | — | | | | | | 473 | | | | | | 61 | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | 473 | | | | | | 61 | | |
| | |
Graphene
products business |
| |
Landscape
architecture service |
| |
Catering
|
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Other segment information | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share of losses of associates unallocated
|
| | | | | | | | | | | | | | | | | | | | | | 188 | | | | | | 24 | | |
Provision for doubtful accounts and Impairment losses
recognised in the statement of profit or loss |
| | | | — | | | | | | 3,793 | | | | | | 23,253 | | | | | | 27,046 | | | | | | 3,467 | | |
Depreciation and amortisation
|
| | | | 26,280 | | | | | | 6,122 | | | | | | 4,024 | | | | | | 36,426 | | | | | | 4,670 | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated
|
| | | | | | | | | | | | | | | | | | | | | | 691 | | | | | | 89 | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | 37,117 | | | | | | 4,759 | | |
Income and gains allocated
|
| | | | 2 | | | | | | 4,065 | | | | | | 847 | | | | | | 4,914 | | | | | | 630 | | |
Finance costs allocated
|
| | | | 2,412 | | | | | | 262 | | | | | | 314 | | | | | | 2,988 | | | | | | 383 | | |
Fair value loss unallocated
|
| | | | | | | | | | | | | | | | | | | | | | 1,182 | | | | | | 152 | | |
Capital expenditure (note (ii))
|
| | | | 8,688 | | | | | | 1,396 | | | | | | 1,386 | | | | | | 11,470 | | | | | | 1,471 | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | |
Total
|
| | | | | | | | | | | | | | | | | | | | | | 11,470 | | | | | | 1,471 | | |
| | |
For the six months ended June 30
|
| |||||||||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Mainland China
|
| | | | 140,530 | | | | | | 169,785 | | | | | | 21,767 | | |
Hong Kong
|
| | | | 12,477 | | | | | | 12,406 | | | | | | 1,591 | | |
Others
|
| | | | 2,166 | | | | | | 431 | | | | | | 55 | | |
| | | | | 155,173 | | | | | | 182,622 | | | | | | 23,413 | | |
| | |
As of December 31, 2020
|
| |
As of June 30, 2021
|
| |
As of June 30, 2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Mainland China
|
| | | | 718,442 | | | | | | 687,389 | | | | | | 88,126 | | |
Hong Kong
|
| | | | 10,117 | | | | | | 7,557 | | | | | | 969 | | |
Others
|
| | | | — | | | | | | — | | | | | | — | | |
| | | | | 728,559 | | | | | | 694,946 | | | | | | 89,095 | | |
|
Name of related party
|
| |
Relationship with the Group
|
|
| Pubang Landscape Architecture Company Limited (“Pubang”) | | | Shareholder of Lendbang Qiu Bin | |
| Yang Liu | | | Director | |
| Tian Ming | | | Director | |
| Suk Fan Chan | | | Director | |
| Boxuan Wu | | | Shareholder of Thai Gallery | |
| Guoxi Wu | | | Legal representative of Taihuan Family of shareholder | |
| Shanghai Monet Catering Co., Limited (“Monet”) | | | An entity controlled by Mr. Andross Chan | |
| Earthasia Worldwide Holdings Limited (“EA Trading”) | | | Joint venture | |
|
Name of related party
|
| |
Relationship with the Group
|
|
| Dalian Pengya International Trading Limited (“Dalian Trading”) | | | Subsidiary of an associate | |
| Shanghai Teddy Friends Investment Management Limited (“Teddy Friends”) | | | Associate | |
| Huaian Teddy Star Entertainment Limited (“Teddy Star”) | | | Subsidiary of an associate | |
|
Shanghai Yi Gui Pinpai Management Limited(上海奕桂品牌管理有限公司) (Yigui”)
|
| | Joint venture | |
| | |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Pubang
|
| | | | 1,960 | | | | | | 363 | | | | | | 47 | | |
Monet
|
| | | | 1,840 | | | | | | 1,862 | | | | | | 239 | | |
| | | | | 3,800 | | | | | | 2,225 | | | | | | 286 | | |
| | |
As of
December 31, 2020 |
| |
As of
June 30, 2021 |
| |
As of
June 30, 2021 |
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Pubang
|
| | | | 330 | | | | | | 142 | | | | | | 18 | | |
Monet
|
| | | | 14,259 | | | | | | 7,210 | | | | | | 925 | | |
| | | | | 14,589 | | | | | | 7,352 | | | | | | 943 | | |
| | | | | |
As of
December 31, 2020 |
| |
As of
June 30, 2021 |
| |
As of
June 30, 2021 |
| |||||||||
Note
|
| |
Name
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
(i)
|
| |
Teddy Friend
|
| | | | 2,800 | | | | | | 2,832 | | | | | | 363 | | |
(ii)
|
| |
Yigui
|
| | | | 1,366 | | | | | | 1,779 | | | | | | 228 | | |
| | | | | | | | 4,166 | | | | | | 4,611 | | | | | | 591 | | |
| | |
As of December ,31, 2020
|
| |
As of June 30, 2021
|
| |
As of June 30, 2021
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Pubang
|
| | | | 1,072 | | | | | | 1,084 | | | | | | 139 | | |
| | | | | 1,072 | | | | | | 1,084 | | | | | | 139 | | |
| | |
As of December 31, 2020
|
| |
As of June 30, 2021
|
| |
As of June 30, 2021
|
| |||||||||
Name
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Monet
|
| | | | 162 | | | | | | 163 | | | | | | 21 | | |
Boxuan Wu
|
| | | | 247 | | | | | | 291 | | | | | | 37 | | |
Andross Chan
|
| | | | 1,064 | | | | | | 153 | | | | | | 20 | | |
Liu Yang
|
| | | | — | | | | | | 156 | | | | | | 20 | | |
| | | | | 1,473 | | | | | | 763 | | | | | | 98 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
ASSETS | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 53,882 | | | | | | 37,709 | | | | | | 4,835 | | |
Restricted cash
|
| | | | — | | | | | | 6,216 | | | | | | 796 | | |
Trade and notes receivables, net
|
| | | | 100,164 | | | | | | 55,219 | | | | | | 7,079 | | |
Trade and notes receivables – related parties
|
| | | | 7,946 | | | | | | 14,589 | | | | | | 1,870 | | |
Inventories, net
|
| | | | 24,423 | | | | | | 28,323 | | | | | | 3,631 | | |
Loan receivables – related parties
|
| | | | 12,695 | | | | | | 4,166 | | | | | | 535 | | |
Prepayments, other receivables and other current assets, net
|
| | | | 34,834 | | | | | | 68,181 | | | | | | 8,741 | | |
Financial assets – call options
|
| | | | 1,194 | | | | | | — | | | | | | — | | |
Contract assets
|
| | | | 47,391 | | | | | | 47,547 | | | | | | 6,096 | | |
Tax recoverable
|
| | | | 275 | | | | | | 556 | | | | | | 71 | | |
Total current assets
|
| | | | 282,804 | | | | | | 262,506 | | | | | | 33,654 | | |
PROPERTY AND EQUIPMENT, NET
|
| | | | 92,450 | | | | | | 92,507 | | | | | | 11,860 | | |
OTHER ASSETS | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | 105,051 | | | | | | 101,939 | | | | | | 13,069 | | |
Other intangible assets, net
|
| | | | 663,313 | | | | | | 630,576 | | | | | | 80,844 | | |
Investment in unconsolidated associates
|
| | | | 1,212 | | | | | | 854 | | | | | | 109 | | |
Equity investment, fair value
|
| | | | 870 | | | | | | 1,235 | | | | | | 158 | | |
Prepayments and deposits
|
| | | | 3,225 | | | | | | 3,387 | | | | | | 434 | | |
Deferred tax assets, net
|
| | | | 185 | | | | | | 3,351 | | | | | | 430 | | |
Total non-current assets
|
| | | | 773,856 | | | | | | 741,342 | | | | | | 95,044 | | |
TOTAL ASSETS
|
| | | | 1,149,110 | | | | | | 1,096,355 | | | | | | 140,558 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | | | | | | | | | |
Current portion of corporate bonds payable
|
| | | | 55,352 | | | | | | 149,712 | | | | | | 19,194 | | |
Short-term borrowings
|
| | | | 37,379 | | | | | | 9,445 | | | | | | 1,211 | | |
Trade payable
|
| | | | 21,994 | | | | | | 15,066 | | | | | | 1,932 | | |
Trade payable – related parties
|
| | | | 252 | | | | | | 1,072 | | | | | | 137 | | |
Other payables and accruals
|
| | | | 27,706 | | | | | | 34,276 | | | | | | 4,394 | | |
Other payables – related parties
|
| | | | 618 | | | | | | 1,473 | | | | | | 189 | | |
Short-term borrowings – related parties
|
| | | | 6,619 | | | | | | 14,680 | | | | | | 1,882 | | |
Lease liabilities
|
| | | | 13,718 | | | | | | 11,182 | | | | | | 1,434 | | |
Taxes payable
|
| | | | 31,439 | | | | | | 34,357 | | | | | | 4,405 | | |
Contract liabilities
|
| | | | 58,469 | | | | | | 46,225 | | | | | | 5,926 | | |
Total current liabilities
|
| | | | 253,546 | | | | | | 317,488 | | | | | | 40,704 | | |
OTHER LIABILITIES | | | | | | | | | | | | | | | | | | | |
Promissory notes
|
| | | | 281,307 | | | | | | 298,089 | | | | | | 38,217 | | |
Corporate bonds payable
|
| | | | 140,570 | | | | | | 76,041 | | | | | | 9,749 | | |
Other borrowings – related parties
|
| | | | 245 | | | | | | 245 | | | | | | 31 | | |
Noncurrent portion of lease liabilities
|
| | | | 65,063 | | | | | | 62,197 | | | | | | 7,974 | | |
Consideration payable
|
| | | | 86,500 | | | | | | 86,500 | | | | | | 11,090 | | |
Deferred tax liabilities
|
| | | | 103,701 | | | | | | 95,697 | | | | | | 12,269 | | |
Total other liabilities
|
| | | | 677,386 | | | | | | 618,769 | | | | | | 79,330 | | |
TOTAL LIABILITIES
|
| | | | 930,932 | | | | | | 936,257 | | | | | | 120,034 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
EQUITY | | | | | | | | | | | | | | | | | | | |
Ordinary shares, HK$0.01 par value; authorized – 780,000,000 shares; issued and outstanding 482,290,000 and 482,290,000
as of December 31, 2019 and 2020, respectively |
| | | | 4,823 | | | | | | 4,823 | | | | | | 618 | | |
Treasury shares, 9,881,275 and 9,881,275 shares as of December 31, 2019 and 2020, respectively
|
| | | | (99) | | | | | | (99) | | | | | | (13) | | |
Additional paid-in capital
|
| | | | 342,643 | | | | | | 342,643 | | | | | | 43,929 | | |
Accumulated deficit
|
| | | | (128,951) | | | | | | (225,276) | | | | | | (28,882) | | |
Statutory reserves
|
| | | | 10,706 | | | | | | 10,706 | | | | | | 1,373 | | |
Accumulated other comprehensive (loss) income
|
| | | | (11,400) | | | | | | 30,288 | | | | | | 3,882 | | |
Total Graphex Group Limited Shareholders’ Equity
|
| | | | 217,722 | | | | | | 163,085 | | | | | | 20,907 | | |
Non-controlling interests
|
| | | | 456 | | | | | | (2,987) | | | | | | (383) | | |
TOTAL EQUITY
|
| | | | 218,178 | | | | | | 160,098 | | | | | | 20,524 | | |
TOTAL LIABILITIES AND EQUITY
|
| | | | 1,149,110 | | | | | | 1,096,355 | | | | | | 140,558 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
REVENUES
|
| | | | | | | | | | | | | | | | | | |
Revenues – third parties
|
| | | | 299,745 | | | | | | 369,809 | | | | | | 47,412 | | |
Revenues – related parties
|
| | | | 14,196 | | | | | | 19,043 | | | | | | 2,441 | | |
Total revenues
|
| | | | 313,941 | | | | | | 388,852 | | | | | | 49,853 | | |
COST OF REVENUES
|
| | | | (167,582) | | | | | | (231,834) | | | | | | (29,722) | | |
GROSS PROFIT
|
| | | | 146,359 | | | | | | 157,018 | | | | | | 20,131 | | |
OPERATING EXPENSES
|
| | | | | | | | | | | | | | | | | | |
Selling and marketing expenses
|
| | | | 27,433 | | | | | | 13,823 | | | | | | 1,772 | | |
General and administrative expenses
|
| | | | 127,092 | | | | | | 145,768 | | | | | | 18,688 | | |
Research & development expense
|
| | | | 16,567 | | | | | | 16,942 | | | | | | 2,172 | | |
Provision for doubtful accounts
|
| | | | 6,617 | | | | | | 22,975 | | | | | | 2,946 | | |
Impairment losses
|
| | | | 15,101 | | | | | | 25,284 | | | | | | 3,241 | | |
Total operating expenses
|
| | | | 192,810 | | | | | | 224,792 | | | | | | 28,819 | | |
LOSS FROM OPERATIONS
|
| | | | (46,451) | | | | | | (67,774) | | | | | | (8,688) | | |
OTHER INCOME (EXPENSE)
|
| | | | | | | | | | | | | | | | | | |
Finance expenses
|
| | | | (27,419) | | | | | | (51,565) | | | | | | (6,611) | | |
Interest income
|
| | | | 3,356 | | | | | | 1,692 | | | | | | 217 | | |
Service income
|
| | | | 4,283 | | | | | | 1,832 | | | | | | 235 | | |
Gain on disposal of an associate
|
| | | | — | | | | | | 573 | | | | | | 73 | | |
Government grants
|
| | | | 1,567 | | | | | | 5,818 | | | | | | 746 | | |
Fair value change – call options
|
| | | | (2,926) | | | | | | (1,201) | | | | | | (154) | | |
Fair value change – equity investment
|
| | | | (1,969) | | | | | | 336 | | | | | | 43 | | |
Investment loss in unconsolidated affiliates
|
| | | | (1,072) | | | | | | (533) | | | | | | (68) | | |
Other income, net
|
| | | | 1,439 | | | | | | 2,420 | | | | | | 310 | | |
Total other expenses, net
|
| | | | (22,741) | | | | | | (40,628) | | | | | | (5,209) | | |
LOSS BEFORE TAX
|
| | | | (69,192) | | | | | | (108,402) | | | | | | (13,897) | | |
INCOME TAX BENEFIT/(EXPENSE)
|
| | | | (1,150) | | | | | | 7,781 | | | | | | 998 | | |
NET LOSS
|
| | | | (70,342) | | | | | | (100,621) | | | | | | (12,899) | | |
Less: loss attributable to non-controlling
interests |
| | | | (8,322) | | | | | | (4,296) | | | | | | (551) | | |
NET LOSS ATTRIBUTABLE TO GRAPHEX GROUP LIMITED
|
| | | | (62,020) | | | | | | (96,325) | | | | | | (12,348) | | |
NET LOSS
|
| | | | (70,342) | | | | | | (100,621) | | | | | | (12,899) | | |
OTHER COMPREHENSIVE LOSS
|
| | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustment
|
| | | | (3,473) | | | | | | 41,930 | | | | | | 5,376 | | |
COMPREHENSIVE LOSS
|
| | | | (73,815) | | | | | | (58,691) | | | | | | (7,523) | | |
Less: Comprehensive loss attributable to non-controlling interests
|
| | | | (8,104) | | | | | | (4,124) | | | | | | (529) | | |
COMPREHENSIVE LOSS ATTRIBUTABLE TO GRAPHEX GROUP LIMITED
|
| | | | (65,711) | | | | | | (54,567) | | | | | | (6,994) | | |
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES
|
| | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | 443,803,793 | | | | | | 472,358,725 | | | | | | 472,358,725 | | |
LOSS PER SHARE
|
| | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | (0.140) | | | | | | (0.204) | | | | | | (0.026) | | |
| | |
Ordinary
shares |
| |
Par value
|
| |
Treasury
shares |
| |
Additional
paid in capital |
| |
Statutory
reserves |
| |
Accumulated
deficit |
| |
Accumulated
other comprehensive loss |
| |
Total Graphex
Group Limited’s shareholders’ equity |
| |
Non-controlling
interests |
| |
Total
equity |
| ||||||||||||||||||||||||||||||
| | | | | | | | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$
|
| |
HK$
|
| |||||||||||||||||||||||||||
BALANCE, January 1, 2019
|
| | | | 434,290,000 | | | | | | 4,343 | | | | | | (95) | | | | | | 151,543 | | | | | | 10,706 | | | | | | (67,149) | | | | | | (7,709) | | | | | | 91,639 | | | | | | 8,778 | | | | | | 100,417 | | |
Issuance of shares
|
| | | | 48,000,000 | | | | | | 480 | | | | | | — | | | | | | 192,480 | | | | | | — | | | | | | — | | | | | | — | | | | | | 192,960 | | | | | | — | | | | | | 192,960 | | |
Treasury shares acquired
|
| | | | — | | | | | | — | | | | | | (4) | | | | | | (1,380) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,384) | | | | | | — | | | | | | (1,384) | | |
Acquisition of non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 218 | | | | | | — | | | | | | 218 | | | | | | (218) | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (62,020) | | | | | | — | | | | | | (62,020) | | | | | | (8,322) | | | | | | (70,342) | | |
Foreign currency translation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,691) | | | | | | (3,691) | | | | | | 218 | | | | | | (3,473) | | |
BALANCE, December 31, 2019
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | (99) | | | | | | 342,643 | | | | | | 10,706 | | | | | | (128,951) | | | | | | (11,400) | | | | | | 217,722 | | | | | | 456 | | | | | | 218,178 | | |
BALANCE, January 1, 2020
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | (99) | | | | | | 342,643 | | | | | | 10,706 | | | | | | (128,951) | | | | | | (11,400) | | | | | | 217,722 | | | | | | 456 | | | | | | 218,178 | | |
Loss for the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (96,325) | | | | | | — | | | | | | (96,325) | | | | | | (4,296) | | | | | | (100,621) | | |
Foreign currency translation adjustments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 41,758 | | | | | | 41,758 | | | | | | 172 | | | | | | 41,930 | | |
Disposal of non-controlling interests
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 681 | | | | | | 681 | | |
Release of exchange fluctuation reserve upon disposal of subsidiaries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (70) | | | | | | (70) | | | | | | — | | | | | | (70) | | |
BALANCE, December 31, 2020
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | (99) | | | | | | 342,643 | | | | | | 10,706 | | | | | | (225,276) | | | | | | 30,288 | | | | | | 163,085 | | | | | | (2,987) | | | | | | 160,098 | | |
BALANCE, December 31, 2020 (US$’000)
|
| | | | 482,290,000 | | | | | | 618 | | | | | | (13) | | | | | | 43,929 | | | | | | 1,373 | | | | | | (28,882) | | | | | | 3,882 | | | | | | 20,907 | | | | | | (383) | | | | | | 20,524 | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Net Loss
|
| | | | (70,342) | | | | | | (100,621) | | | | | | (12,899) | | |
Adjustments to reconcile net loss to net cash provided by
|
| | | | | | | | | | | | | | | | | | |
(used in) operating activities:
|
| | | | | | | | | | | | | | | | | | |
Provision for doubtful accounts
|
| | | | 6,617 | | | | | | 22,975 | | | | | | 2,946 | | |
Depreciation and amortization
|
| | | | 45,397 | | | | | | 73,455 | | | | | | 9,417 | | |
Impairment losses
|
| | | | 15,101 | | | | | | 25,284 | | | | | | 3,241 | | |
Fair value change of call options
|
| | | | 2,926 | | | | | | 1,201 | | | | | | 154 | | |
Fair value change of equity investment
|
| | | | 1,969 | | | | | | (336) | | | | | | (43) | | |
Deferred tax benefit
|
| | | | (4,860) | | | | | | (16,945) | | | | | | (2,172) | | |
Amortization of bond discount
|
| | | | 4,173 | | | | | | 6,396 | | | | | | 820 | | |
Amortization of note discount
|
| | | | 6,755 | | | | | | 16,782 | | | | | | 2,152 | | |
Provision for inventory obsolescence
|
| | | | 391 | | | | | | — | | | | | | — | | |
Share of losses of equity-method investments
|
| | | | 1,072 | | | | | | 533 | | | | | | 68 | | |
Gain on disposal of subsidiaries
|
| | | | — | | | | | | (573) | | | | | | (73) | | |
Loss (gain) on disposal of property and equipment
|
| | | | 61 | | | | | | (925) | | | | | | (119) | | |
Gain on lease modification
|
| | | | — | | | | | | (83) | | | | | | (11) | | |
Change in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Inventories
|
| | | | 181 | | | | | | (2,227) | | | | | | (286) | | |
Trade and notes receivables
|
| | | | (16,812) | | | | | | 38,408 | | | | | | 4,924 | | |
Trade and notes receivables – related parties
|
| | | | (1,856) | | | | | | (6,131) | | | | | | (786) | | |
Prepayments, other receivables and other assets
|
| | | | 3,378 | | | | | | (29,602) | | | | | | (3,795) | | |
Contract assets
|
| | | | (12,783) | | | | | | (9,701) | | | | | | (1,244) | | |
Trade payables
|
| | | | (39,130) | | | | | | (7,960) | | | | | | (1,021) | | |
Trade payables -related parties
|
| | | | — | | | | | | 820 | | | | | | 105 | | |
Income taxes payable
|
| | | | 4,755 | | | | | | 2,637 | | | | | | 338 | | |
Contract liabilities
|
| | | | 20,826 | | | | | | (14,756) | | | | | | (1,892) | | |
Other payables and accrued liabilities
|
| | | | 1,733 | | | | | | 7,509 | | | | | | 962 | | |
Net cash (used in) provided by operating activities
|
| | | | (30,448) | | | | | | 6,140 | | | | | | 787 | | |
CASH FLOWS FROM INVESTING ACTIVITIES:
|
| | | | | | | | | | | | | | | | | | |
Proceeds from disposal of property and
equipment |
| | | | — | | | | | | 1,431 | | | | | | 183 | | |
Capital contribution to a joint venture
|
| | | | — | | | | | | (114) | | | | | | (15) | | |
Acquisition of additional interest in a subsidiary
|
| | | | (138) | | | | | | — | | | | | | — | | |
Repayment of a loan from related parties
|
| | | | 62,480 | | | | | | 24,623 | | | | | | 3,157 | | |
Loan to related parties
|
| | | | (75,310) | | | | | | (16,648) | | | | | | (2,134) | | |
Purchases of other intangible assets
|
| | | | (1,196) | | | | | | (2,079) | | | | | | (267) | | |
Acquisition of subsidiaries, net of cash received
|
| | | | (73,500) | | | | | | — | | | | | | — | | |
Purchases of property and equipment
|
| | | | (4,463) | | | | | | (13,214) | | | | | | (1,694) | | |
Net cash used in investing activities
|
| | | | (92,127) | | | | | | (6,001) | | | | | | (770) | | |
| | |
For the Year ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | |
Repurchase from equities securities
|
| | | | (1,384) | | | | | | — | | | | | | — | | |
Proceeds from issue of corporate bonds
|
| | | | 147,500 | | | | | | 84,500 | | | | | | 10,833 | | |
Payments of debt issue costs
|
| | | | (8,393) | | | | | | (5,565) | | | | | | (713) | | |
Repayment of corporate bonds
|
| | | | (49,500) | | | | | | (55,500) | | | | | | (7,115) | | |
Other payable – related parties
|
| | | | 152 | | | | | | — | | | | | | — | | |
Repayments of short-term borrowings – related parties
|
| | | | (1,373) | | | | | | (8,030) | | | | | | (1,030) | | |
Proceeds of short-term borrowings – related parties
|
| | | | — | | | | | | 16,018 | | | | | | 2,054 | | |
Principal payments under capital lease obligation
|
| | | | (11,855) | | | | | | (13,342) | | | | | | (1,711) | | |
Proceeds from short-term borrowings
|
| | | | 24,951 | | | | | | 24,445 | | | | | | 3,134 | | |
Repayments of short-term borrowings
|
| | | | (9,128) | | | | | | (52,448) | | | | | | (6,724) | | |
Net cash provided by (used in) financing activities
|
| | | | 90,970 | | | | | | (9,922) | | | | | | (1,272) | | |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS
|
| | | | (500) | | | | | | (174) | | | | | | (22) | | |
CHANGE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
|
| | | | (32,105) | | | | | | (9,957) | | | | | | (1,277) | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, beginning of year
|
| | | | 85,987 | | | | | | 53,882 | | | | | | 6,908 | | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, end of year
|
| | | | 53,882 | | | | | | 43,925 | | | | | | 5,631 | | |
Cash and cash equivalents
|
| | | | 53,882 | | | | | | 37,709 | | | | | | 4,835 | | |
Restricted cash
|
| | | | — | | | | | | 6,216 | | | | | | 796 | | |
| | | | | 53,882 | | | | | | 43,925 | | | | | | 5,631 | | |
SUPPLEMENTAL CASH FLOW INFORMATION: | | | | | | | | | | | | | | | | | | | |
Cash paid for income tax
|
| | | | 962 | | | | | | 6,527 | | | | | | 837 | | |
Cash paid for interest expense
|
| | | | 10,450 | | | | | | 25,327 | | | | | | 3,247 | | |
Supplemental schedule of non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Promissory notes issued for acquisition of a subsidiary
|
| | | | 274,552 | | | | | | — | | | | | | — | | |
Shares issued for acquisition of a subsidiary
|
| | | | 192,960 | | | | | | — | | | | | | — | | |
Deposit applied for the consideration of the business acquisition
|
| | | | 50,000 | | | | | | — | | | | | | — | | |
Recognition of ROU assets and lease liabilities
|
| | | | 35,875 | | | | | | 9,620 | | | | | | 1,233 | | |
Unpaid consideration for the business acquisition
|
| | | | 86,500 | | | | | | — | | | | | | — | | |
|
Name
|
| |
Place of
incorporation or establishment/ form of legal entity |
| |
Issued ordinary/
registered capital |
| |
Percentage of
equity attributable to the Group |
| |
Principal activities
|
| |||
|
Direct
|
| |
Indirect
|
| |||||||||||
Earthasia Holdings Limited | | |
British Virgin
Islands/limited liabilities Company |
| |
US$100 (HK$780)
|
| |
100%
|
| |
—
|
| |
Investment holding
|
|
Earthasia (International) Limited (“EAI”) | | |
Hong Kong/limited
liabilities Company |
| |
HK$5,000
(US$641) |
| |
—
|
| |
100%
|
| |
Landscape architecture
|
|
宥盛資本有限公司
(“Upworth Capital Limited”) |
| |
Hong Kong/limited
liabilities Company |
| |
HK$100
(US$12.8) |
| |
—
|
| |
100%
|
| |
Investment holding
|
|
Name
|
| |
Place of
incorporation or establishment/ form of legal entity |
| |
Issued ordinary/
registered capital |
| |
Percentage of
equity attributable to the Group |
| |
Principal activities
|
| |||
|
Direct
|
| |
Indirect
|
| |||||||||||
Think High Global Limited | | |
British Virgin
Islands/limited liabilities Company |
| |
US$1 (HK$7.8)
|
| |
—
|
| |
100%
|
| |
Investment holding
|
|
泛亞景觀設計(上海)
有限公司 (“Earthasia (Shanghai) Co., Ltd.”)# |
| |
Mainland China/
wholly foreign owned enterprise |
| |
US$10,000,000
(HK$78,000,000) |
| |
—
|
| |
100%
|
| |
Landscape architecture
|
|
Earthasia Limited | | |
Hong Kong/limited
liabilities Company |
| |
HK$10,000
(US$1,282) |
| |
—
|
| |
100%
|
| |
Landscape architecture
|
|
泛亞城市規劃設計(上海) 有限公司
(“Earthasia Design (Shanghai) Co., Ltd.”)# |
| |
Mainland China/
wholly owned domestic enterprise |
| |
RMB1,000,000
(HK$1,116,321, US$143,118) |
| |
—
|
| |
100%
|
| |
Landscape architecture
|
|
泛亞國際環境設計(廈門)有限公司
(“Earthasia (Xiamen) Co., Ltd.”)# (“EAXM”) |
| |
Mainland China/
wholly owned domestic enterprise |
| |
RMB1,000,000
(HK$1,116,321, US$143,118) |
| |
—
|
| |
100%
|
| |
Landscape architecture
|
|
前海泛亞景觀設計(深圳) 有限公司
(“Earthasia (QianHai) Limited”)# (“EA SZ”) |
| |
Mainland China/
wholly foreign owned enterprise |
| |
RMB5,000,000
(US$761,675) |
| |
—
|
| |
100%
|
| |
Interior design and landscape architecture
|
|
Carbonaphene Holdings Ltd (formerly known as Yummy Holdings Limited) | | |
British Virgin
Islands/limited liabilities Company |
| |
US$100 (HK$780)
|
| |
100%
|
| |
—
|
| |
Investment holding
|
|
Yummy Food Holdings Limited | | |
Hong Kong/limited
liabilities Company |
| |
HK$100
(US$12.8) |
| |
—
|
| |
100%
|
| |
Investment holding
|
|
上海景築文化旅遊發展有限公司
(“Shanghai Jingzhu Cultural Tourism Development Limited”)# |
| |
Mainland China/
wholly foreign owned enterprise |
| |
RMB1,000,000
(HK$1,116,321, US$143,118) |
| |
—
|
| |
100%
|
| |
Investment holding
|
|
上海湠奧新材料科技有限公司
(“Shanghai Tanao New Materials Technology Company Ltd.”)# (“Shanghai Tanao”) |
| |
Mainland China/
wholly foreign owned enterprise |
| |
HK$100,000,000
(US$12,820,513) |
| |
—
|
| |
100%
|
| |
Sales of graphene
products |
|
Name
|
| |
Place of
incorporation or establishment/ form of legal entity |
| |
Issued ordinary/
registered capital |
| |
Percentage of
equity attributable to the Group |
| |
Principal activities
|
| |||
|
Direct
|
| |
Indirect
|
| |||||||||||
黑龍江省牡丹江農墾湠奧石墨烯深 加工有限公司 (“Heilongjiang Mudanjiang Nongken Tanao Graphene Deep Processing Company Limited”)# (“Jixi Company”) |
| |
Mainland China/
wholly owned domestic enterprise |
| |
RMB50,000,000
(HK $55,816,030, US$7,155,901) |
| |
—
|
| |
100%
|
| |
Manufacturing and sale of graphene products
|
|
Thai Gallery HK Limited
(“Thai Gallery HK”) |
| |
Hong Kong/limited
liabilities Group |
| |
HK$100
(US$12.8) |
| |
—
|
| |
51.00%
|
| |
Investment holding
|
|
Thai Gallery SRL (Italy)
(ceased in August 2020) |
| |
Italy/limited
liabilities Group |
| |
EURO20,000
(HK$174,492, US$22,371) |
| |
—
|
| |
51.00%
|
| |
Catering
|
|
蘇州工業園區文律閣酒店管理有限公司 (“Suzhou Industrial Park Wenlvge Hotel Management Co., Ltd.”)# (“Wenlvge”) (ceased in July 2019) |
| |
Mainland China/
wholly owned domestic enterprise |
| |
RMB5,000,000
(US$761,675) |
| |
—
|
| |
51.00%
|
| |
Food Investment
|
|
泰歡餐飲管理(上海)有限公司
(“Thai Joy F&B Management (Shanghai) Co., Ltd.”)# (“Thai Gallery SH”) |
| |
Mainland China/
wholly foreign owned enterprise |
| |
RMB5,000,000
(US$761,675) |
| |
—
|
| |
51.00%
|
| |
Catering Management
|
|
| Leasehold improvements | | | Over the shorter of the lease terms and 5 years | |
| Right-of-use assets | | | Over the lease terms | |
| Furniture and equipment | | | 5 years | |
| Motor vehicles | | | 5 years | |
| Machinery | | | 5 – 10 years | |
| Brand names | | | 8 – 10 years | |
| Backlog contracts | | | 20 years | |
| Trademarks | | | 15 years | |
| Patents | | | 15 years | |
| Customer relationships | | | 10 years | |
| Software | | | 3 – 5 years | |
| | |
HK$’000
|
| |
US$’000
|
| ||||||
Cash consideration paid
|
| | | | 210,000 | | | | | | 26,923 | | |
Consideration shares
|
| | | | 192,960 | | | | | | 24,738 | | |
Promissory note
|
| | | | 274,552 | | | | | | 35,199 | | |
Consideration transferred
|
| | | | 677,512 | | | | | | 86,860 | | |
| | |
HK$’000
|
| |
US$’000
|
| ||||||
Property, plant and equipment
|
| | | | 4,713 | | | | | | 604 | | |
Right-of-use assets
|
| | | | 55,019 | | | | | | 7,054 | | |
Intangible assets
|
| | | | 662,444 | | | | | | 84,928 | | |
Inventories
|
| | | | 23,762 | | | | | | 3,046 | | |
Trade receivables
|
| | | | 43,574 | | | | | | 5,586 | | |
Other receivables and prepayments
|
| | | | 22,516 | | | | | | 2,887 | | |
Trade payables
|
| | | | (50,707) | | | | | | (6,501) | | |
Other payables and accrued expenses
|
| | | | (2,941) | | | | | | (377) | | |
Contract liabilities
|
| | | | (6,238) | | | | | | (800) | | |
Other borrowing
|
| | | | (21,700) | | | | | | (2,782) | | |
Leased liabilities
|
| | | | (55,503) | | | | | | (7,116) | | |
Deferred tax liabilities
|
| | | | (99,366) | | | | | | (12,738) | | |
Total identified net assets at fair value
|
| | | | 575,573 | | | | | | 73,791 | | |
Goodwill on acquisition
|
| | | | 101,939 | | | | | | 13,069 | | |
| | | | | 677,512 | | | | | | 86,860 | | |
Satisfied by | | | | | | | | | | | | | |
Cash consideration paid and payable
|
| | | | 210,000 | | | | | | 26,923 | | |
Consideration shares allotted and issued
|
| | | | 192,960 | | | | | | 24,738 | | |
Promissory note issued
|
| | | | 274,552 | | | | | | 35,199 | | |
| | | | | 677,512 | | | | | | 86,860 | | |
| | |
HK$’000
|
| |
US$’000
|
| ||||||
Cash consideration payable
|
| | | | 210,000 | | | | | | 26,923 | | |
Consideration withheld for tax obligation
|
| | | | (86,500) | | | | | | (11,090) | | |
Net cash paid
|
| | | | 123,500 | | | | | | 15,833 | | |
Prepaid consideration to acquisition
|
| | | | (50,000) | | | | | | (6,410) | | |
Cash and bank balance acquired
|
| | | | — | | | | | | — | | |
Net outflow of cash and cash equivalents included in cash flows used in investing activities
|
| | | | 73,500 | | | | | | 9,423 | | |
| | |
Year ended December 31, 2018
|
| |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | |
Proforma
|
| |
Pro Forma
|
| ||||||||
|
Earthasia
|
| |
Think High Global
|
| | | | | | | |
Adjustments
|
| |
Combined
|
| ||||||||||||||
|
HK’000
|
| |
HK$’000
|
| |
Notes
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||||||||||
| | | | | <A> | | | | | | <B> | | | | | | | | | | | | | | | | | | | | |
REVENUE
|
| | | | 197,311 | | | | | | 155,578 | | | | | | | | | | | | | | | | | | 352,889 | | |
COST OF SALES
|
| | | | (83,159) | | | | | | (89,276) | | | | | | | | | | | | | | | | | | (172,435) | | |
GROSS PROFIT
|
| | | | 114,152 | | | | | | 66,302 | | | | | | | | | | | | | | | | | | 180,454 | | |
TOTAL OPERATING EXPENSES
|
| | | | (164,378) | | | | | | (26,587) | | | | | | <1> | | | | | | (46,781) | | | | | | (237,746) | | |
(LOSS) INCOME FROM OPERATIONS
|
| | | | (50,226) | | | | | | 39,715 | | | | | | | | | | | | | | | | | | (57,292) | | |
INCOME TAX EXPENSE (BENEFIT)
|
| | | | (2,783) | | | | | | 6,306 | | | | | | <2> | | | | | | (7,017) | | | | | | (3,494) | | |
NET LOSS
|
| | | | (47,443) | | | | | | 33,409 | | | | | | | | | | | | | | | | | | (53,798) | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Cash and cash equivalent
|
| | | | 53,882 | | | | | | 37,709 | | | | | | 4,835 | | |
Restricted cash
|
| | | | — | | | | | | 6,216 | | | | | | 796 | | |
| | | | | 53,882 | | | | | | 43,925 | | | | | | 5,631 | | |
| | |
As of December 31,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||
| | |
2019
|
| |
2020
|
| ||||||||||||||||||||||||
| | |
Original
currency |
| |
HK$
equivalent |
| |
Original
currency |
| |
HK$
equivalent |
| |
US$
equivalent |
| |||||||||||||||
| | |
in’000
|
| |
in’000
|
| |
in’000
|
| |
in’000
|
| |
in’000
|
| |||||||||||||||
Cash and bank balances: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Hong Kong dollar
|
| | | | 32,694 | | | | | | 32,694 | | | | | | 3,260 | | | | | | 3,260 | | | | | | 418 | | |
Renminbi (“RMB”)
|
| | | | 16,539 | | | | | | 18,463 | | | | | | 32,249 | | | | | | 38,320 | | | | | | 4,912 | | |
Euro
|
| | | | 209 | | | | | | 1,820 | | | | | | 148 | | | | | | 1,411 | | | | | | 181 | | |
US dollar
|
| | | | 27 | | | | | | 212 | | | | | | 28 | | | | | | 225 | | | | | | 29 | | |
Japanese Yen
|
| | | | 9,680 | | | | | | 693 | | | | | | 9,679 | | | | | | 709 | | | | | | 91 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Trade and notes receivables
|
| | | | 135,850 | | | | | | 104,061 | | | | | | 13,341 | | |
Less: Allowance for doubtful accounts
|
| | | | (35,686) | | | | | | (48,842) | | | | | | (6,262) | | |
| | | | | 100,164 | | | | | | 55,219 | | | | | | 7,079 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Beginning balance
|
| | | | 32,738 | | | | | | 35,686 | | | | | | 4,575 | | |
Charge to expense
|
| | | | 3,622 | | | | | | 10,286 | | | | | | 1,319 | | |
Write-off
|
| | | | — | | | | | | — | | | | | | — | | |
Exchange difference
|
| | | | (674) | | | | | | 2,870 | | | | | | 368 | | |
Ending balance
|
| | | | 35,686 | | | | | | 48,842 | | | | | | 6,262 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Raw materials
|
| | | | 11,304 | | | | | | 13,452 | | | | | | 1,725 | | |
Finished goods
|
| | | | 14,161 | | | | | | 15,913 | | | | | | 2,040 | | |
Less: Allowance for slow moving inventories
|
| | | | (1,042) | | | | | | (1,042) | | | | | | (134) | | |
| | | | | 24,423 | | | | | | 28,323 | | | | | | 3,631 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Beginning balance
|
| | | | 670 | | | | | | 1,042 | | | | | | 134 | | |
Charge to expense
|
| | | | 391 | | | | | | — | | | | | | — | | |
Write-off
|
| | | | — | | | | | | — | | | | | | — | | |
Exchange difference
|
| | | | (19) | | | | | | — | | | | | | — | | |
Ending balance
|
| | | | 1,042 | | | | | | 1,042 | | | | | | 134 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Current: | | | | | | | | | | | | | | | | | | | |
Prepayments
|
| | | | 15,277 | | | | | | 48,488 | | | | | | 6,216 | | |
Deposits and other receivables
|
| | | | 26,518 | | | | | | 26,697 | | | | | | 3,423 | | |
Loan receivables*
|
| | | | 5,715 | | | | | | 6,597 | | | | | | 846 | | |
Less: Allowance for doubtful accounts
|
| | | | (12,676) | | | | | | (13,601) | | | | | | (1,744) | | |
| | | | | 34,834 | | | | | | 68,181 | | | | | | 8,741 | | |
Non-current: | | | | | | | | | | | | | | | | | | | |
Prepayments
|
| | | | 335 | | | | | | 374 | | | | | | 48 | | |
Deposits
|
| | | | 2,890 | | | | | | 3,013 | | | | | | 386 | | |
| | | | | 3,225 | | | | | | 3,387 | | | | | | 434 | | |
Total
|
| | | | 38,059 | | | | | | 71,568 | | | | | | 9,175 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Beginning balance
|
| | | | 11,085 | | | | | | 12,676 | | | | | | 1,625 | | |
Charge to expense
|
| | | | 1,831 | | | | | | 114 | | | | | | 15 | | |
Write-off
|
| | | | — | | | | | | — | | | | | | — | | |
Exchange difference
|
| | | | (240) | | | | | | 811 | | | | | | 104 | | |
Ending balance
|
| | | | 12,676 | | | | | | 13,601 | | | | | | 1,744 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Call options over non-controlling interest
|
| | | | 1,194 | | | | | | — | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Beginning balance
|
| | | | 4,122 | | | | | | 1,194 | | | | | | 153 | | |
Change in fair value
|
| | | | (2,926) | | | | | | (1,201) | | | | | | (154) | | |
Exchange difference
|
| | | | (2) | | | | | | 7 | | | | | | 1 | | |
Ending balance
|
| | | | 1,194 | | | | | | — | | | | | | — | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Contract assets arising from: | | | | | | | | | | | | | | | | | | | |
Landscape design services
|
| | | | 99,178 | | | | | | 115,661 | | | | | | 14,829 | | |
Less: Allowance
|
| | | | (51,787) | | | | | | (68,114) | | | | | | (8,733) | | |
| | | | | 47,391 | | | | | | 47,547 | | | | | | 6,096 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Within one year
|
| | | | 47,391 | | | | | | 47,547 | | | | | | 6,096 | | |
Total contract assets
|
| | | | 47,391 | | | | | | 47,547 | | | | | | 6,096 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Beginning balance
|
| | | | 51,645 | | | | | | 51,787 | | | | | | 6,639 | | |
Provision
|
| | | | 1,164 | | | | | | 12,305 | | | | | | 1,578 | | |
Exchange difference
|
| | | | (1,022) | | | | | | 4,022 | | | | | | 516 | | |
Ending balance
|
| | | | 51,787 | | | | | | 68,114 | | | | | | 8,733 | | |
| | |
Right-of-use
assets |
| |
Leasehold
improvements |
| |
Furniture and
equipment |
| |
Motor
vehicles |
| |
Plant and
machinery |
| |
Total
|
| ||||||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| ||||||||||||||||||
For y ear ended December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Impact on initial application of ASC 842
|
| | | | 27,942 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 27,942 | | |
On January 1, 2019, net of accumulated depreciation and impairment
|
| | | | — | | | | | | 9,717 | | | | | | 6,098 | | | | | | 1,123 | | | | | | — | | | | | | 16,938 | | |
Additions
|
| | | | 7,933 | | | | | | 2,284 | | | | | | 1,505 | | | | | | 674 | | | | | | — | | | | | | 12,396 | | |
Acquisition of subsidiaries
|
| | | | 55,019 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,713 | | | | | | 59,732 | | |
Impairment
|
| | | | — | | | | | | (2,115) | | | | | | (1,086) | | | | | | (321) | | | | | | — | | | | | | (3,522) | | |
Amortization and depreciation
|
| | | | (14,892) | | | | | | (2,863) | | | | | | (1,769) | | | | | | (686) | | | | | | (131) | | | | | | (20,341) | | |
Disposal
|
| | | | — | | | | | | — | | | | | | (61) | | | | | | — | | | | | | — | | | | | | (61) | | |
Exchange difference
|
| | | | (347) | | | | | | (161) | | | | | | (104) | | | | | | (10) | | | | | | (12) | | | | | | (634) | | |
On December 31, 2019, net of accumulated amortization, depreciation and impairment
|
| | | | 75,655 | | | | | | 6,862 | | | | | | 4,583 | | | | | | 780 | | | | | | 4,570 | | | | | | 92,450 | | |
On December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 91,333 | | | | | | 24,849 | | | | | | 18,130 | | | | | | 3,775 | | | | | | 5,273 | | | | | | 143,360 | | |
Accumulated amortization and depreciation
|
| | | | (15,678) | | | | | | (11,399) | | | | | | (11,875) | | | | | | (2,678) | | | | | | (427) | | | | | | (42,057) | | |
Accumulated impairment
|
| | | | — | | | | | | (6,588) | | | | | | (1,672) | | | | | | (317) | | | | | | (276) | | | | | | (8,853) | | |
Net carrying amount (HK$’000)
|
| | | | 75,655 | | | | | | 6,862 | | | | | | 4,583 | | | | | | 780 | | | | | | 4,570 | | | | | | 92,450 | | |
For year ended December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
On January 1, 2020, net of accumulated depreciation and impairment
|
| | | | 75,655 | | | | | | 6,862 | | | | | | 4,583 | | | | | | 780 | | | | | | 4,570 | | | | | | 92,450 | | |
Additions
|
| | | | 9,620 | | | | | | 3,133 | | | | | | 1,582 | | | | | | 857 | | | | | | 8,830 | | | | | | 24,022 | | |
Disposal
|
| | | | — | | | | | | — | | | | | | (376) | | | | | | (130) | | | | | | — | | | | | | (506) | | |
Disposal of subsidiaries
|
| | | | (182) | | | | | | (430) | | | | | | (118) | | | | | | — | | | | | | — | | | | | | (730) | | |
| | |
Right-of-use
assets |
| |
Leasehold
improvements |
| |
Furniture and
equipment |
| |
Motor
vehicles |
| |
Plant and
machinery |
| |
Total
|
| ||||||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| ||||||||||||||||||
Impairment
|
| | | | — | | | | | | (1,400) | | | | | | (725) | | | | | | — | | | | | | — | | | | | | (2,125) | | |
Amortization and depreciation
|
| | | | (15,331) | | | | | | (2,422) | | | | | | (1,442) | | | | | | (436) | | | | | | (654) | | | | | | (20,285) | | |
Lease termination
|
| | | | (5,590) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,590) | | |
Exchange difference
|
| | | | 3,828 | | | | | | 391 | | | | | | 230 | | | | | | 51 | | | | | | 771 | | | | | | 5,271 | | |
As of December 31, 2020, net of accumulated amortization, depreciation and impairment
|
| | | | 68,000 | | | | | | 6,134 | | | | | | 3,734 | | | | | | 1,122 | | | | | | 13,517 | | | | | | 92,507 | | |
As of December 31, 2020: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 83,466 | | | | | | 28,137 | | | | | | 17,826 | | | | | | 2,886 | | | | | | 14,954 | | | | | | 147,269 | | |
Accumulated amortization and depreciation
|
| | | | (15,466) | | | | | | (13,597) | | | | | | (12,009) | | | | | | (1,427) | | | | | | (1,149) | | | | | | (43,648) | | |
Accumulated impairment
|
| | | | — | | | | | | (8,406) | | | | | | (2,083) | | | | | | (337) | | | | | | (288) | | | | | | (11,114) | | |
Net carrying amount (HK$’000)
|
| | | | 68,000 | | | | | | 6,134 | | | | | | 3,734 | | | | | | 1,122 | | | | | | 13,517 | | | | | | 92,507 | | |
Net carrying amount (US$’000)
|
| | | | 8,718 | | | | | | 786 | | | | | | 479 | | | | | | 144 | | | | | | 1,733 | | | | | | 11,860 | | |
|
| | |
December 31,
2019 HK$’000 |
| |
December 31,
2020 HK$’000 |
| |
December 31,
2020 US$’000 |
| |||||||||
Other properties leased for own use
|
| | | | 41,476 | | | | | | 34,157 | | | | | | 4,379 | | |
Plant and machinery leased for own use
|
| | | | 34,179 | | | | | | 33,843 | | | | | | 4,339 | | |
| | | | | 75,655 | | | | | | 68,000 | | | | | | 8,718 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
Amortization expense of right-of-use assets
|
| | | | 14,892 | | | | | | 15,331 | | | | | | 1,966 | | |
Interest expense on lease liabilities
|
| | | | 3,416 | | | | | | 5,673 | | | | | | 727 | | |
Expense relating to short-term leases less than 12 months
|
| | | | 6,977 | | | | | | 3,440 | | | | | | 441 | | |
| | |
HK$’000
|
| |
US$’000
|
| ||||||
On January 1, 2019
|
| | | | 5,419 | | | | | | 695 | | |
Impairment loss
|
| | | | (2,307) | | | | | | (296) | | |
Acquisition of subsidiaries
|
| | | | 101,939 | | | | | | 13,069 | | |
On December 31, 2019
|
| | | | 105,051 | | | | | | 13,468 | | |
Cost and net carrying amount on January 1, 2020
|
| | | | 105,051 | | | | | | 13,468 | | |
Impairment loss
|
| | | | (3,112) | | | | | | (399) | | |
On December 31, 2020
|
| | | | 101,939 | | | | | | 13,069 | | |
| | |
CGU A
|
| |
CGU B
|
| |
CGU C
|
| |
CGU D
|
| |
CGU E
|
| |
Total
|
| ||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| ||||||||||||||||||||
As of January 1, 2019
|
| | | | 329 | | | | | | 1,428 | | | | | | 1,978 | | | | | | 1,684 | | | | | | — | | | | | | 5,419 | | |
Impairment loss
|
| | | | (329) | | | | | | — | | | | | | (1,978) | | | | | | — | | | | | | — | | | | | | (2,307) | | |
Acquisition of subsidiaries
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 101,939 | | | | | | 101,939 | | |
As of December 31, 2019
|
| | | | — | | | | | | 1,428 | | | | | | — | | | | | | 1,684 | | | | | | 101,939 | | | | | | 105,051 | | |
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| ||||||||||||||||||
As of January 1, 2020
|
| | | | — | | | | | | 1,428 | | | | | | — | | | | | | 1,684 | | | | | | 101,939 | | | | | | 105,051 | | |
Impairment loss
|
| | | | — | | | | | | (1,428) | | | | | | | | | | | | (1,684) | | | | | | — | | | | | | (3,112) | | |
As of December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 101,939 | | | | | | 101,939 | | |
| | |
US$’000
|
| |
US$’000
|
| |
US$’000
|
| |
US$’000
|
| |
US$’000
|
| |
US$’000
|
| ||||||||||||||||||
As of December 31, 2020
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,069 | | | | | | 13,069 | | |
| | |
Software
|
| |
Backlog
contracts |
| |
Brand
names |
| |
Patents
|
| |
Trademarks
|
| |
Customer
relationships |
| |
Total
|
| |||||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||||||||||||||||
Cost on January 1, 2019,
net of accumulated amortization |
| | | | 3,208 | | | | | | 16,924 | | | | | | 15,886 | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,018 | | |
Additions
|
| | | | 1,196 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,196 | | |
Acquisition of subsidiaries
|
| | | | — | | | | | | — | | | | | | — | | | | | | 258,222 | | | | | | 229,408 | | | | | | 174,814 | | | | | | 662,444 | | |
Amortization provided
during the year |
| | | | (1,895) | | | | | | (903) | | | | | | (1,457) | | | | | | (7,111) | | | | | | (6,455) | | | | | | (7,235) | | | | | | (25,056) | | |
Impairment during the year
|
| | | | — | | | | | | — | | | | | | (9,272) | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,272) | | |
Exchange difference
|
| | | | (40) | | | | | | — | | | | | | — | | | | | | (824) | | | | | | (595) | | | | | | (558) | | | | | | (2,017) | | |
On December 31, 2019
|
| | | | 2,469 | | | | | | 16,021 | | | | | | 5,157 | | | | | | 250,287 | | | | | | 222,358 | | | | | | 167,021 | | | | | | 663,313 | | |
On December 31, 2019: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost
|
| | | | 14,609 | | | | | | 18,052 | | | | | | 27,674 | | | | | | 257,438 | | | | | | 228,711 | | | | | | 174,283 | | | | | | 720,767 | | |
Accumulated Amortization
|
| | | | (12,073) | | | | | | (2,031) | | | | | | (5,059) | | | | | | (7,151) | | | | | | (6,353) | | | | | | (7,262) | | | | | | (39,929) | | |
Accumulated impairment
|
| | | | (69) | | | | | | — | | | | | | (17,458) | | | | | | — | | | | | | — | | | | | | — | | | | | | (17,525) | | |
Net carrying amount (HK$’000)
|
| | | | 2,469 | | | | | | 16,021 | | | | | | 5,157 | | | | | | 250,287 | | | | | | 222,358 | | | | | | 167,021 | | | | | | 663,313 | | |
| | |
Software
|
| |
Backlog
Contracts |
| |
Brand
names |
| |
Patents
|
| |
Trademarks
|
| |
Customer
relationships |
| |
Total
|
| |||||||||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||||||||||||||
At January 1, 2020, net of accumulated amortization and impairment
|
| | | | 2,469 | | | | | | 16,021 | | | | | | 5,157 | | | | | | 250,287 | | | | | | 222,358 | | | | | | 167,021 | | | | | | 663,313 | | |
Additions
|
| | | | 1,498 | | | | | | — | | | | | | — | | | | | | 581 | | | | | | — | | | | | | — | | | | | | 2,079 | | |
Disposal of subsidiaries
|
| | | | (4) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4) | | |
Impairment
|
| | | | — | | | | | | (15,257) | | | | | | (4,789) | | | | | | — | | | | | | — | | | | | | — | | | | | | (20,046) | | |
Amortization
|
| | | | (1,893) | | | | | | (764) | | | | | | (368) | | | | | | (17,291) | | | | | | (15,331) | | | | | | (17,524) | | | | | | (53,171) | | |
Exchange difference
|
| | | | 115 | | | | | | — | | | | | | — | | | | | | 15,138 | | | | | | 13,421 | | | | | | 9,731 | | | | | | 38,405 | | |
At December 31, 2020, net of
accumulated amortization, depreciation and impairment |
| | | | 2,185 | | | | | | — | | | | | | — | | | | | | 248,715 | | | | | | 220,448 | | | | | | 159,228 | | | | | | 630,576 | | |
At December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||||||||||||||
Cost
|
| | | | 16,908 | | | | | | 18,052 | | | | | | 28,597 | | | | | | 274,632 | | | | | | 243,440 | | | | | | 185,507 | | | | | | 767,136 | | |
Accumulated amortization
|
| | | | (14,651) | | | | | | (2,795) | | | | | | (5,543) | | | | | | (25,917) | | | | | | (22,992) | | | | | | (26,279) | | | | | | (98,177) | | |
Accumulated impairment
|
| | | | (72) | | | | | | (15,257) | | | | | | (23,054) | | | | | | — | | | | | | — | | | | | | — | | | | | | (38,383) | | |
Net carrying amount
(HK$’000) |
| | | | 2,185 | | | | | | — | | | | | | — | | | | | | 248,715 | | | | | | 220,448 | | | | | | 159,228 | | | | | | 630,576 | | |
Net carrying amount (US$’000)
|
| | | | 280 | | | | | | — | | | | | | — | | | | | | 31,887 | | | | | | 28,263 | | | | | | 20,414 | | | | | | 80,844 | | |
| | |
Estimated
amortization expense |
| |
Estimated
amortization expense |
| ||||||
Twelve Months Ending December 31,
|
| |
HK$’000
|
| |
US$’000
|
| ||||||
2021
|
| | | | 54,016 | | | | | | 6,925 | | |
2022
|
| | | | 53,680 | | | | | | 6,882 | | |
2023
|
| | | | 53,510 | | | | | | 6,860 | | |
2024
|
| | | | 53,294 | | | | | | 6,833 | | |
2025
|
| | | | 53,130 | | | | | | 6,812 | | |
Thereafter
|
| | | | 362,946 | | | | | | 46,532 | | |
Total
|
| | | | 630,576 | | | | | | 80,844 | | |
| | |
2019
HK$’000 |
| |
2020
HK$’000 |
| |
2020
US$’000 |
| |||||||||
(i)
Investment in joint ventures
|
| | | | — | | | | | | — | | | | | | — | | |
(ii)
Investment in associates
|
| | | | 1,212 | | | | | | 854 | | | | | | 109 | | |
(iii)
Equity investments at fair value
|
| | | | 870 | | | | | | 1,235 | | | | | | 158 | | |
| | | | | 2,082 | | | | | | 2,089 | | | | | | 267 | | |
| | |
As of December 31,
|
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||
EA Trading
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Kouxiong
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Total
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Particulars of issued
shares held/paid-up capital |
| |
Place of
registration and business |
| |
Percentage of
|
| | | | ||||||
Name
|
| |
Ownership
interest |
| |
Voting
power |
| |
Profit
sharing |
| |
Principal activity
|
| ||||||
Ease Global Limited (“EA Trading”)
|
| |
Issued shares of US$100
|
| |
BVI
|
| |
30
|
| |
50
|
| |
30
|
| |
Trading business
|
|
| | |
HK$’000
|
| |||
As of January 1, 2019
|
| | | | 199 | | |
Share of loss
|
| | | | (199) | | |
As of December 31, 2019 and January 1, 2020
|
| | | | — | | |
Capital contribution to a joint venture
|
| | | | 114 | | |
Share of loss
|
| | | | (114) | | |
As of December 31, 2020
|
| | | | — | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Teddy
|
| | | | 1,212 | | | | | | 854 | | | | | | 109 | | |
Name
|
| |
Particulars of Place of issued
shares held/ registration paid-up capital and business |
| |
Percentage of
|
| | | | ||||||
|
Ownership
interest |
| |
Voting
power |
| |
Profit
sharing |
| |
Principal activity
|
| |||||
Shanghai Teddy Friends Investment Management Limited (“Teddy”) | | |
Registered capital of
Mainland China RMB27,000,000 |
| |
20
|
| |
20
|
| |
20
|
| |
Investment holding
|
|
Suzhou Sudi Investment and
Development Limited (“Sudi”) |
| |
Registered capital of
Mainland China RMB35,000,000 |
| |
10
|
| |
10
|
| |
10
|
| |
Operating a theme
park facility in Mainland China |
|
| | |
HK$’000
|
| |||
As of January 1, 2019
|
| | | | 2,297 | | |
Share of loss
|
| | | | (1,072) | | |
Exchange difference
|
| | | | (13) | | |
As of December 31, 2019
|
| | | | 1,212 | | |
Share of loss
|
| | | | (419) | | |
Exchange difference
|
| | | | 61 | | |
As of December 31, 2020
|
| | | | 854 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Unlisted equity investment, at fair value | | | | | | | | | | | | | | | | | | | |
Shenzhen Qianhai Lendbang Internet Financial Services Limited (“Lendbang”)
|
| | | | 870 | | | | | | 1,235 | | | | | | 158 | | |
| | |
HK$’000
|
| |||
As of January 1, 2019
|
| | | | 2,885 | | |
Change in fair value
|
| | | | (1,969) | | |
Exchange difference
|
| | | | (46) | | |
As of December 31, 2019
|
| | | | 870 | | |
Change in fair value
|
| | | | 336 | | |
Exchange difference
|
| | | | 29 | | |
As of December 31, 2020
|
| | | | 1,235 | | |
| | |
Notes
|
| |
As of December 31,
|
| ||||||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||||
Current: | | | | | | | | | | | | | | | | | | | | | |||||
Contract liabilities
|
| | | | (a) | | | | | | 58,469 | | | | | | 46,225 | | | | | | 5,926 | | |
Other payables and accruals
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Other payables
|
| | | | (b) | | | | | | 16,679 | | | | | | 22,211 | | | | | | 2,847 | | |
Interest payables
|
| | | | | | | | | | 8,458 | | | | | | 12,034 | | | | | | 1,543 | | |
Accruals
|
| | | | | | | | | | 2,569 | | | | | | 31 | | | | | | 4 | | |
Total
|
| | | | | | | | | | 27,706 | | | | | | 34,276 | | | | | | 4,394 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Gross amount due to customers for construction work
|
| | | | 54,981 | | | | | | 46,225 | | | | | | 5,926 | | |
Short-term advances received from customers: | | | | | | | | | | | | | | | | | | | |
Landscape Architecture and Design
|
| | | | — | | | | | | — | | | | | | — | | |
Catering
|
| | | | 16 | | | | | | — | | | | | | — | | |
Graphene Products
|
| | | | 3,237 | | | | | | — | | | | | | — | | |
Management service
|
| | | | 235 | | | | | | — | | | | | | — | | |
Total contract liabilities
|
| | | | 58,469 | | | | | | 46,225 | | | | | | 5,926 | | |
| | |
As of December 31, 2019
|
| |
As of December 31, 2020
|
| | | | | | | ||||||||||||||||||
|
Present
value of the minimum lease payment HK$’000 |
| |
Total
minimum lease payments HK$’000 |
| |
Present
value of the minimum lease payment HK$’000 |
| |
Total
minimum lease payments HK$’000 |
| |
US$’000
|
| |||||||||||||||||
Within 1 year
|
| | | | 13,718 | | | | | | 19,304 | | | | | | 11,182 | | | | | | 16,777 | | | | | | 2,151 | | |
After 1 year but within 2 years
|
| | | | 8,907 | | | | | | 13,902 | | | | | | 8,741 | | | | | | 13,730 | | | | | | 1,760 | | |
After 2 years but within 5 years
|
| | | | 13,389 | | | | | | 26,267 | | | | | | 11,197 | | | | | | 23,995 | | | | | | 3,076 | | |
After 5 years
|
| | | | 42,767 | | | | | | 63,367 | | | | | | 42,259 | | | | | | 60,222 | | | | | | 7,722 | | |
| | | | | 78,781 | | | | | | 122,840 | | | | | | 73,379 | | | | | | 114,724 | | | | | | 14,709 | | |
Less: total future interest expense
|
| | | | | | | | | | (44,059) | | | | | | | | | | | | (41,345) | | | | | | (5,301) | | |
Total present value of lease liabilities
|
| | | | | | | | | | 78,781 | | | | | | | | | | | | 73,379 | | | | | | 9,408 | | |
Less: Non-current portion
|
| | | | | | | | | | (65,063) | | | | | | | | | | | | (62,197) | | | | | | (7,974) | | |
Lease liabilities — current
|
| | | | | | | | | | 13,718 | | | | | | | | | | | | 11,182 | | | | | | 1,434 | | |
| | | | | | | | | | | | | | | | | |
2019
|
| |
2020
|
| ||||||||||||
Current
|
| |
Relationship
|
| |
Interest rate %
|
| |
Maturity
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Boxuan Wu
|
| |
Legal representative of Taihuan
|
| | | | 4.75% | | | | | | 2021 | | | | | | 2,188 | | | | | | 2,056 | | | | | | 264 | | |
Shanghai Monet x Catering Co., Ltd.
|
| |
Mr. Andross Chan as chairman
|
| | | | Zero | | | | | | 2020 | | | | | | 2,568 | | | | | | — | | | | | | — | | |
Suk Fun Chan
|
| |
Shareholder of Thai Gallery
|
| | | | Zero | | | | | | 2020 | | | | | | 1,863 | | | | | | 1,563 | | | | | | 200 | | |
Earthasia Worldwide
Holdings Limited |
| |
Joint Venture
|
| | | | 12% | | | | | | 2021 | | | | | | — | | | | | | 6,605 | | | | | | 847 | | |
Shanghai Yi Gui Pinpai
Management Limited (上海奕桂品牌管理有限公 司) (Yigui”) |
| |
Joint Venture
|
| | | | 8% | | | | | | 2021 | | | | | | — | | | | | | 4,456 | | | | | | 571 | | |
| | | | | | | | | | | | | | | | | | | | 6,619 | | | | | | 14,680 | | | | | | 1,882 | | |
Non- Current | | | | | | | | |||||||||||||||||||||||||||
Suk Fun Chan
|
| |
Shareholder of Thai Gallery
|
| | | | Zero | | | | | | 2023 | | | | | | 245 | | | | | | 245 | | | | | | 31 | | |
| | | | | | | | | | | | | | | | | | | | 245 | | | | | | 245 | | | | | | 31 | | |
Note
|
| |
Date of loan
|
| |
Guarantee
|
| |
Original Currency
$’000 |
| |
Interest rate
|
| |
Maturity date
|
| |
2019
|
| |
2020
|
| ||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| ||||||||||||||||||||||||||
(a1)
|
| |
12/6/2019
|
| |
NO
|
| |
HK$2,000
|
| |
18%
|
| |
1/12/2020
|
| | | | 2,000 | | | | | | — | | | | | | — | | |
(a1)
|
| |
12/11/2019
|
| |
NO
|
| |
US$1,000
|
| |
9.60%
|
| |
1/17/2020
|
| | | | 7,808 | | | | | | — | | | | | | — | | |
(a2)
|
| |
12/10/2019
|
| |
NO
|
| |
HK$15,000
|
| |
24%
|
| |
1/9/2020
|
| | | | 15,000 | | | | | | — | | | | | | — | | |
(a3)
|
| |
6/1/2019
|
| |
NO
|
| |
RMB11,262
|
| |
Free
|
| |
5/31/2020
|
| | | | 12,571 | | | | | | — | | | | | | — | | |
(a4)
|
| |
19/2/2020
|
| |
NO
|
| |
HK$6,000
|
| |
18%
|
| |
4/29/2020
|
| | | | — | | | | | | 6,000 | | | | | | 769 | | |
| | |
Bank overdrafts
|
| | | | | | | | | | |
On demand
|
| | | | — | | | | | | 3,455 | | | | | | 442 | | |
| | | | | | | | | | | | | | | | | | | | 37,379 | | | | | | 9,455 | | | | | | 1,211 | | |
| | |
HK$6%
|
| |
HK$6%
|
| |
HK$9%
|
| |
HK$6%
|
| |
HK$9%
|
| |
HK$6%
|
| |
Total
|
| |||||||||||||||||||||
|
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| ||||||||||||||||||||||||||
|
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| ||||||||||||||||||||||||||
|
due 2019
|
| |
due 2020
|
| |
due 2019
|
| |
due 2021
|
| |
due 2021
|
| |
due 2021
|
| ||||||||||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||||||||||||||||
|
(note b)
|
| |
(note b)
|
| | | | | | | |
(note c)
|
| | | | | | | |
(note d)
|
| | | | | | | ||||||||||||||
Balance as of
January 1, 2019 |
| | | | 56,893 | | | | | | 40,249 | | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 102,142 | | |
Issuance during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | 105,500 | | | | | | 5,000 | | | | | | 37,000 | | | | | | 147,500 | | |
Transaction costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | (5,803) | | | | | | — | | | | | | (2,590) | | | | | | (8,393) | | |
Repayment
|
| | | | (44,500) | | | | | | — | | | | | | (5,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | (49,500) | | |
Amortization
|
| | | | 1,607 | | | | | | 1,103 | | | | | | — | | | | | | 1,334 | | | | | | — | | | | | | 129 | | | | | | 4,173 | | |
Balance as of
December 31, 2019 (HK$’000) |
| | | | 14,000 | | | | | | 41,352 | | | | | | — | | | | | | 101,031 | | | | | | 5,000 | | | | | | 34,539 | | | | | | 195,922 | | |
Less: non-current portion (HK$’000)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (101,031) | | | | | | (5,000) | | | | | | (34,539) | | | | | | (140,570) | | |
| | |
HK$6%
|
| |
HK$6%
|
| |
HK$9%
|
| |
HK$6%
|
| |
HK$9%
|
| |
HK$6%
|
| |
Total
|
| |||||||||||||||||||||
|
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| ||||||||||||||||||||||||||
|
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| ||||||||||||||||||||||||||
|
due 2019
|
| |
due 2020
|
| |
due 2019
|
| |
due 2021
|
| |
due 2021
|
| |
due 2021
|
| ||||||||||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||||||||||||||||
|
(note b)
|
| |
(note b)
|
| | | | | | | |
(note c)
|
| | | | | | | |
(note d)
|
| | | | | | | ||||||||||||||
Current portion (HK$’000)
|
| | | | 14,000 | | | | | | 41,352 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 55,352 | | |
Balance as of
December 31, 2019 (US$’000) |
| | | | 1,795 | | | | | | 5,301 | | | | | | — | | | | | | 12,953 | | | | | | 641 | | | | | | 4,428 | | | | | | 25,118 | | |
Less: non-current portion (US$’000)
|
| | | | — | | | | | | — | | | | | | — | | | | | | (12,953) | | | | | | (641) | | | | | | (4,428) | | | | | | (18,022) | | |
Current portion (US$’000)
|
| | | | 1,795 | | | | | | 5,301 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,096 | | |
|
| | |
HK$6%
|
| |
HK$6%
|
| |
HK$9%
|
| |
HK$6%
|
| |
HK$9%
|
| |
HK$6%
|
| |
HK$6%
|
| |
HK$9%
|
| |
Total
|
| |||||||||||||||||||||||||||
|
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| |
Corporate
|
| ||||||||||||||||||||||||||||||||
|
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| |
Bonds
|
| ||||||||||||||||||||||||||||||||
|
due 2019
|
| |
due 2020
|
| |
due 2019
|
| |
due 2021
|
| |
due 2021
|
| |
due 2021
|
| |
due 2021
|
| |
due 2022
|
| ||||||||||||||||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |||||||||||||||||||||||||||||
|
(note b)
|
| |
(note b)
|
| | | | | | | |
(note c)
|
| | | | | | | |
(note d)
|
| |
(note d)
|
| |
(note e)
|
| | |||||||||||||||||||||||||
Balance as of
January 1, 2020 |
| | | | 14,000 | | | | | | 41,352 | | | | | | — | | | | | | 101,031 | | | | | | 5,000 | | | | | | 34,539 | | | | | | — | | | | | | — | | | | | | 195,922 | | |
Issuance during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,000 | | | | | | 79,500 | | | | | | 84,500 | | |
Transaction costs
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (5,565) | | | | | | (5,565) | | |
Repayment
|
| | | | (14,000) | | | | | | (41,500) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (55,500) | | |
Amortization
|
| | | | — | | | | | | 148 | | | | | | — | | | | | | 2,905 | | | | | | — | | | | | | 1,237 | | | | | | — | | | | | | 2,106 | | | | | | 6,396 | | |
Balance as of
December 31, 2020 (HK$’000) |
| | | | — | | | | | | — | | | | | | — | | | | | | 103,936 | | | | | | 5,000 | | | | | | 35,776 | | | | | | 5,000 | | | | | | 76,041 | | | | | | 225,753 | | |
Less: non-current portion (HK$’000)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (76,041) | | | | | | (76,041) | | |
Current portion (HK$’000)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 103,936 | | | | | | 5,000 | | | | | | 35,776 | | | | | | 5,000 | | | | | | — | | | | | | 149,712 | | |
Balance as of
December 31, 2020 (US$’000) |
| | | | — | | | | | | — | | | | | | — | | | | | | 13,325 | | | | | | 641 | | | | | | 4,587 | | | | | | 641 | | | | | | 9,749 | | | | | | 28,943 | | |
Less: non-current portion (US$’000)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (9,749) | | | | | | (9,749) | | |
Current portion (US$’000)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 13,325 | | | | | | 641 | | | | | | 4,587 | | | | | | 641 | | | | | | — | | | | | | 19,194 | | |
| | |
As of December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Beginning balance
|
| | | | — | | | | | | 281,307 | | | | | | 36,065 | | |
Issuance of promissory note (note (a))
|
| | | | 274,552 | | | | | | — | | | | | | — | | |
Amortization (note (b))
|
| | | | 6,755 | | | | | | 16,782 | | | | | | 2,152 | | |
Ending balance
|
| | | | 281,307 | | | | | | 298,089 | | | | | | 38,217 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Current income tax expense
|
| | | | 6,010 | | | | | | 9,164 | | | | | | 1,175 | | |
Deferred income tax benefit
|
| | | | (4,860) | | | | | | (16,945) | | | | | | (2,173) | | |
Income tax expense (benefit)
|
| | | | 1,150 | | | | | | (7,781) | | | | | | (998) | | |
| | |
For the years ended December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
Income tax computed at HK statutory tax rate
|
| | | | 16.5% | | | | | | 16.5% | | |
Effect of tax-preferential entities
|
| | | | (6.9)% | | | | | | (8.7)% | | |
Temporary difference — not recognized
|
| | | | (2.8)% | | | | | | (3.5)% | | |
Tax losses not recognized
|
| | | | (7.7)% | | | | | | (2.5)% | | |
Non-deductible rate
|
| | | | (0.8)% | | | | | | 5.2% | | |
Income tax expense
|
| | | | (1.7)% | | | | | | 7.0% | | |
| | |
Net operating
loss carry forward |
| |
Allowance
of doubtful accounts |
| |
Total
|
| |
Total
|
| ||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| ||||||||||||||
On January 1, 2019
|
| | | | 164 | | | | | | 153 | | | | | | 317 | | | | | | 40 | | |
Credited to the statement of operations
|
| | | | (128) | | | | | | — | | | | | | (128) | | | | | | (16) | | |
Exchange difference
|
| | | | (1) | | | | | | (3) | | | | | | (4) | | | | | | — | | |
On December 31, 2019
|
| | | | 35 | | | | | | 150 | | | | | | 185 | | | | | | 24 | | |
On January 1, 2020
|
| | | | 35 | | | | | | 150 | | | | | | 185 | | | | | | 24 | | |
Credited to the statement of operations
|
| | | | 876 | | | | | | 2,152 | | | | | | 3,028 | | | | | | 388 | | |
Exchange difference
|
| | | | 2 | | | | | | 136 | | | | | | 138 | | | | | | 18 | | |
On December 31, 2020
|
| | | | 913 | | | | | | 2,438 | | | | | | 3,351 | | | | | | 430 | | |
| | |
Recognition of
intangible assets arising from business combinations |
| |
Effect of
withholding tax on the distributable profits of The Group’s PRC subsidiaries |
| |
Total
|
| |
Total
|
| ||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| ||||||||||||||
On January 1, 2019
|
| | | | 8,379 | | | | | | 1,307 | | | | | | 9,686 | | | | | | 1,242 | | |
Credited to the statement of operations
|
| | | | (4,988) | | | | | | — | | | | | | (4,988) | | | | | | (639) | | |
Arising from acquisition of subsidiaries (Note 3)
|
| | | | 99,366 | | | | | | — | | | | | | 99,366 | | | | | | 12,739 | | |
Exchange difference
|
| | | | (363) | | | | | | — | | | | | | (363) | | | | | | (47) | | |
On December 31, 2019
|
| | | | 102,394 | | | | | | 1,307 | | | | | | 103,701 | | | | | | 13,295 | | |
On January 1, 2020
|
| | | | 102,394 | | | | | | 1,307 | | | | | | 103,701 | | | | | | 13,295 | | |
Credited to the statement of operations
|
| | | | (13,888) | | | | | | — | | | | | | (13,888) | | | | | | (1,781) | | |
Exchange difference
|
| | | | 5,884 | | | | | | — | | | | | | 5,884 | | | | | | 755 | | |
On December 31, 2020
|
| | | | 94,390 | | | | | | 1,307 | | | | | | 95,697 | | | | | | 12,269 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Issued and fully paid ordinary stock
|
| | | | 4,823 | | | | | | 4,823 | | | | | | 618 | | |
| | |
Number of
issued and fully paid shares |
| |
Par value
of shares |
| |
Additional
paid-in capital account |
| |||||||||
| | | | | | | | |
HK$’000
|
| |
HK$’000
|
| ||||||
As of January 1, 2019
|
| | | | 434,290,000 | | | | | | 4,343 | | | | | | 163,205 | | |
Consideration shares issued (note (a))
|
| | | | 48,000,000 | | | | | | 480 | | | | | | 192,480 | | |
As of December 31, 2019 and January 1, 2020
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | 355,685 | | |
As of December 31, 2020
|
| | | | 482,290,000 | | | | | | 4,823 | | | | | | 355,685 | | |
| | |
Number of issued
and fully paid shares |
| |
Par
value of shares |
| |
Additional
Paid-in premium account |
| |||||||||
| | | | | | | | |
HK$’000
|
| |
HK$’000
|
| ||||||
As of January 1, 2019
|
| | | | (9,525,275) | | | | | | (95) | | | | | | (11,662) | | |
Repurchase of ordinary shares (note (b))
|
| | | | (356,000) | | | | | | (4) | | | | | | (1,380) | | |
As of December 31, 2019 and January 1, 2020
|
| | | | (9,881,275) | | | | | | (99) | | | | | | (13,042) | | |
As of December 31, 2020
|
| | | | (9,881,275) | | | | | | (99) | | | | | | (13,042) | | |
| | |
Weighted
average exercise price HK$ per share |
| |
Weighted
average Number of options HK$’000 |
| |
Exercise
price HK$ per share |
| |
Number
of options HK$’000 |
| ||||||||||||
On January 1, 2018
|
| | | | 1.27 | | | | | | 12,290 | | | | | | — | | | | | | — | | |
Granted during the year
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercised during the year
|
| | | | 1.27 | | | | | | (12,290) | | | | | | — | | | | | | — | | |
On December 31, 2018
|
| | |
|
—
|
| | | |
|
—
|
| | | | | — | | | | | | — | | |
Number of options
’000 |
| |
Exercise price*
Exercise period HK$ per share |
|
6,145
|
| |
1.27 January 4, 2016 to January 3, 2018
|
|
6,145
|
| |
1.27 January 4, 2017 to January 3, 2018
|
|
12,290
|
| | | |
| | |
First 50% portion
|
| |
Second 50% portion
|
| ||||||||||||||||||
|
Directors
|
| |
Employee
|
| |
Directors
|
| |
Employee
|
| ||||||||||||||
Dividend yield (%)
|
| | | | 4.76 | | | | | | 4.76 | | | | | | 4.76 | | | | | | 4.76 | | |
Expected volatility (%)
|
| | | | 67.23 | | | | | | 67.23 | | | | | | 67.23 | | | | | | 67.23 | | |
Risk-free interest rate (%)
|
| | | | 0.51 | | | | | | 0.51 | | | | | | 0.51 | | | | | | 0.51 | | |
Exercise multiple
|
| | | | 2.47 | | | | | | 1.60 | | | | | | 2.47 | | | | | | 1.60 | | |
Fair value of the share options
(HK$ per share) |
| | | | 0.40 | | | | | | 0.35 | | | | | | 0.41 | | | | | | 0.39 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Revenue for contracts with customers | | | | | | | | | | | | | | | | | | | |
Sale of graphene products
|
| | | | 123,474 | | | | | | 215,462 | | | | | | 27,624 | | |
Landscape design services
|
| | | | 154,114 | | | | | | 149,160 | | | | | | 19,123 | | |
Catering revenue
|
| | | | 25,087 | | | | | | 7,809 | | | | | | 1,001 | | |
Catering management services
|
| | | | 11,266 | | | | | | 16,421 | | | | | | 2,105 | | |
| | | | | 313,941 | | | | | | 388,852 | | | | | | 49,853 | | |
| | |
Graphene
products business |
| |
Landscape
architecture and design business |
| |
Catering
business |
| |
Total
|
| ||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| ||||||||||||
Type of goods or services | | | | | | ||||||||||||||||||||
Sales of graphene products
|
| | | | 123,474 | | | | | | — | | | | | | — | | | | | | 123,474 | | |
Landscape design services
|
| | | | — | | | | | | 154,114 | | | | | | — | | | | | | 154,114 | | |
Catering services
|
| | | | — | | | | | | — | | | | | | 25,087 | | | | | | 25,087 | | |
Catering management services
|
| | | | — | | | | | | — | | | | | | 11,266 | | | | | | 11,266 | | |
Total Revenue
|
| | | | 123,474 | | | | | | 154,114 | | | | | | 36,353 | | | | | | 313,941 | | |
Geographical markets | | | | | | | | | | | | | | | | | | | | | | | | | |
The PRC
|
| | | | 123,474 | | | | | | 131,992 | | | | | | 23,462 | | | | | | 278,928 | | |
Hong Kong
|
| | | | — | | | | | | 20,112 | | | | | | — | | | | | | 20,112 | | |
Others
|
| | | | — | | | | | | 2,010 | | | | | | 12,891 | | | | | | 14,901 | | |
Total Revenue
|
| | | | 123,474 | | | | | | 154,114 | | | | | | 36,353 | | | | | | 313,941 | | |
Timing of revenue recognition | | | | | | | | | | | | | | | | | | | | | | | | | |
Goods transferred at a point in time
|
| | | | 123,474 | | | | | | — | | | | | | 25,087 | | | | | | 148,561 | | |
Services transferred over time
|
| | | | — | | | | | | 154,114 | | | | | | 11,266 | | | | | | 165,380 | | |
Total Revenue
|
| | | | 123,474 | | | | | | 154,114 | | | | | | 36,353 | | | | | | 313,941 | | |
| | |
Graphene
products business |
| |
Landscape
architecture and design business |
| |
Catering
business |
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Type of goods or services | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Sales of graphene products
|
| | | | 215,462 | | | | | | — | | | | | | — | | | | | | 215,462 | | | | | | 27,624 | | |
Landscape design services
|
| | | | — | | | | | | 149,160 | | | | | | — | | | | | | 149,160 | | | | | | 19,123 | | |
Catering revenue
|
| | | | — | | | | | | — | | | | | | 7,809 | | | | | | 7,809 | | | | | | 1,001 | | |
Catering management services
|
| | | | — | | | | | | — | | | | | | 16,421 | | | | | | 16,421 | | | | | | 2,105 | | |
Total Revenue
|
| | | | 215,462 | | | | | | 149,160 | | | | | | 24,230 | | | | | | 388,852 | | | | | | 49,853 | | |
Geographical markets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The PRC
|
| | | | 215,462 | | | | | | 123,972 | | | | | | 20,912 | | | | | | 360,346 | | | | | | 46,198 | | |
Hong Kong
|
| | | | — | | | | | | 23,984 | | | | | | — | | | | | | 23,984 | | | | | | 3,075 | | |
Others
|
| | | | — | | | | | | 1,204 | | | | | | 3,318 | | | | | | 4,522 | | | | | | 580 | | |
Total Revenue
|
| | | | 215,462 | | | | | | 149,160 | | | | | | 24,230 | | | | | | 388,852 | | | | | | 49,853 | | |
Timing of revenue recognition | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goods transferred at a point in time
|
| | | | 215,462 | | | | | | — | | | | | | 7,809 | | | | | | 223,271 | | | | | | 28,625 | | |
Services transferred over time
|
| | | | — | | | | | | 149,160 | | | | | | 16,421 | | | | | | 165,581 | | | | | | 21,228 | | |
Total Revenue
|
| | | | 215,462 | | | | | | 149,160 | | | | | | 24,230 | | | | | | 388,852 | | | | | | 49,853 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Revenue recognized that was included in contract liabilities
at the beginning of the reporting period: |
| | | | | | | | | | | | | | | | | | |
Landscape design services
|
| | | | 10,269 | | | | | | 5,691 | | | | | | 730 | | |
| | |
For the years ended December 31,
|
| |||||||||||||||
|
2019
|
| |
2020
|
| |
2020
|
| |||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Within one year
|
| | | | 101,229 | | | | | | 123,860 | | | | | | 15,880 | | |
More than one year
|
| | | | 320,449 | | | | | | 391,420 | | | | | | 50,182 | | |
| | | | | 421,678 | | | | | | 515,280 | | | | | | 66,062 | | |
| | |
For the years ended December 31,
|
| |||||||||
|
2019
|
| |
2020
|
| ||||||||
|
HK$’000
|
| |
HK$’000
|
| ||||||||
Net loss attributable to the ordinary shareholders
|
| | | | (62,020) | | | | | | (96,325) | | |
Weight-average common stock outstanding | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | 443,803,893 | | | | | | 472,358,725 | | |
Loss per share | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | (0.140) | | | | | | (0.204) | | |
| | |
For the year ended December 31,
|
| |||||||||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| ||||||||||||||||||||
Customer A
|
| | | | 16,400 | | | | | | 15% | | | | | | — | | | | | | — | | |
| | | | | 16,400 | | | | | | 15% | | | | | | — | | | | | | — | | |
| | |
For the year ended December 31,
|
| |||||||||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| ||||||||||||||||||||
Supplier A
|
| | | | 33,362 | | | | | | 32% | | | | | | 56,255 | | | | | | 34% | | |
Supplier B
|
| | | | 33,086 | | | | | | 32% | | | | | | 8,934 | | | | | | 5% | | |
Supplier C
|
| | | | 13,198 | | | | | | 13% | | | | | | 28,402 | | | | | | 17% | | |
Supplier E
|
| | | | — | | | | | | — | | | | | | 24,220 | | | | | | 15% | | |
Supplier F
|
| | | | 7,898 | | | | | | 8% | | | | | | 23,154 | | | | | | 14% | | |
| | | | | 87,544 | | | | | | 85% | | | | | | 140,965 | | | | | | 85% | | |
| | |
As of December 31,
|
| |||||||||||||||||||||
|
2019
|
| |
2020
|
| ||||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| ||||||||||||||||||||
Supplier D
|
| | | | 10,387 | | | | | | 47% | | | | | | — | | | | | | — | | |
Supplier C
|
| | | | 2,707 | | | | | | 12% | | | | | | — | | | | | | — | | |
Supplier F
|
| | | | — | | | | | | — | | | | | | 7,460 | | | | | | 46% | | |
Supplier G
|
| | | | 1,313 | | | | | | 6% | | | | | | 2,131 | | | | | | 13% | | |
| | | | | 14,407 | | | | | | 65% | | | | | | 9,591 | | | | | | 59% | | |
| | |
Graphene
products business |
| |
Landscape
architecture and design business |
| |
Catering
business |
| |
Total
|
| ||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| ||||||||||||
Segment revenue (Note 20) | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 123,474 | | | | | | 154,114 | | | | | | 36,353 | | | | | | 313,941 | | |
Segment results
|
| | | | 2,722 | | | | | | 2,268 | | | | | | (24,441) | | | | | | (19,451) | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated income and gains
|
| | | | | | | | | | | | | | | | | | | | | | 4,155 | | |
Unallocated expenses
|
| | | | | | | | | | | | | | | | | | | | | | (29,893) | | |
Unallocated finance expenses
|
| | | | | | | | | | | | | | | | | | | | | | (24,003) | | |
Loss before tax
|
| | | | | | | | | | | | | | | | | | | | | | (69,192) | | |
Segment assets
|
| | | | 902,385 | | | | | | 212,767 | | | | | | 58,854 | | | | | | 1,174,006 | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Elimination of intersegment receivables
|
| | | | | | | | | | | | | | | | | | | | | | (62,346) | | |
Unallocated assets
|
| | | | | | | | | | | | | | | | | | | | | | 37,450 | | |
Total assets
|
| | | | | | | | | | | | | | | | | | | | | | 1,149,110 | | |
Segment liabilities
|
| | | | 189,975 | | | | | | 60,561 | | | | | | 88,934 | | | | | | 339,470 | | |
Reconciliation
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Elimination of intersegment payables
|
| | | | | | | | | | | | | | | | | | | | | | (62,346) | | |
Unallocated liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 653,808 | | |
Total liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 930,932 | | |
Other segment information: | | | | | | | | | | | | | | | | | | | | | | | | | |
Investment losses of unconsolidated affiliates
|
| | | | | | | | | | | | | | | | | | | | | | 1,072 | | |
Provision for doubtful accounts
|
| | | | — | | | | | | 5,593 | | | | | | 1,024 | | | | | | 6,617 | | |
Impairment losses
|
| | | | — | | | | | | — | | | | | | 15,101 | | | | | | 15,101 | | |
Depreciation and amortization
|
| | | | 23,454 | | | | | | 13,815 | | | | | | 8,128 | | | | | | 45,397 | | |
Government grants
|
| | | | — | | | | | | 1,567 | | | | | | — | | | | | | 1,567 | | |
Service income and others
|
| | | | 4,189 | | | | | | 94 | | | | | | — | | | | | | 4,283 | | |
Finance expenses
|
| | | | 2,231 | | | | | | 447 | | | | | | 738 | | | | | | 3,416 | | |
Chang in fair value loss – call options
|
| | | | — | | | | | | — | | | | | | 2,926 | | | | | | 2,926 | | |
Change in fair value loss – equity investments unallocated
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,969 | | |
Investments in an associate unallocated
|
| | | | | | | | | | | | | | | | | | | | | | 1,212 | | |
Capital expenditures (note (i))
|
| | | | — | | | | | | 3,855 | | | | | | 117 | | | | | | 3,972 | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated
|
| | | | | | | | | | | | | | | | | | | | | | 1,687 | | |
Total capital expenditures
|
| | | | | | | | | | | | | | | | | | | | | | 5,659 | | |
| | |
Graphene
products business |
| |
Landscape
architecture and design business |
| |
Catering
business |
| |
Total
|
| |
Total
|
| |||||||||||||||
| | |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||
Segment revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue
|
| | | | 215,462 | | | | | | 149,160 | | | | | | 24,230 | | | | | | 388,852 | | | | | | 49,853 | | |
Segment results
|
| | | | (11,144) | | | | | | (14,608) | | | | | | (16,914) | | | | | | (42,666) | | | | | | (5,470) | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unallocated income and gains
|
| | | | | | | | | | | | | | | | | | | | | | 3,564 | | | | | | 457 | | |
Unallocated expenses
|
| | | | | | | | | | | | | | | | | | | | | | (23,767) | | | | | | (3,046) | | |
Unallocated finance expenses
|
| | | | | | | | | | | | | | | | | | | | | | (45,533) | | | | | | (5,838) | | |
Loss before tax
|
| | | | | | | | | | | | | | | | | | | | | | (108,402) | | | | | | (13,897) | | |
Segment assets
|
| | | | 903,674 | | | | | | 208,947 | | | | | | 21,768 | | | | | | 1,134,389 | | | | | | 145,434 | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elimination of intersegment receivables
|
| | | | | | | | | | | | | | | | | | | | | | (87,592) | | | | | | (11,230) | | |
Unallocated assets
|
| | | | | | | | | | | | | | | | | | | | | | 49,558 | | | | | | 6,354 | | |
Total assets
|
| | | | | | | | | | | | | | | | | | | | | | 1,096,355 | | | | | | 140,558 | | |
Segment liabilities
|
| | | | 93,555 | | | | | | 77,835 | | | | | | 77,120 | | | | | | 248,510 | | | | | | 31,860 | | |
Reconciliation: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Elimination of intersegment payables
|
| | | | | | | | | | | | | | | | | | | | | | (87,592) | | | | | | (11,230) | | |
Unallocated liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 775,339 | | | | | | 99,404 | | |
Total liabilities
|
| | | | | | | | | | | | | | | | | | | | | | 936,257 | | | | | | 120,034 | | |
Other segments information
|
| |
Graphene
products business |
| |
Landscape
architecture and design business |
| |
Catering
business |
| |
Corporate
|
| |
Total
|
| |
Total
|
| ||||||||||||||||||
|
2020
|
| |
2020
|
| |
2020
|
| |
2020
|
| |
2020
|
| |
2020
|
| ||||||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| ||||||||||||||||||||
Investment losses of unconsolidated
affiliates |
| | | | — | | | | | | — | | | | | | — | | | | | | 533 | | | | | | 533 | | | | | | 68 | | |
Provision for doubtful accounts
|
| | | | — | | | | | | 22,980 | | | | | | (5) | | | | | | — | | | | | | 22,975 | | | | | | 2,946 | | |
Impairment losses
|
| | | | — | | | | | | — | | | | | | 25,284 | | | | | | — | | | | | | 25,284 | | | | | | 3,241 | | |
Depreciation and amortization
|
| | | | 55,925 | | | | | | 12,277 | | | | | | 5,254 | | | | | | — | | | | | | 73,455 | | | | | | 9,417 | | |
Government grants
|
| | | | — | | | | | | 4,653 | | | | | | 767 | | | | | | 398 | | | | | | 5,818 | | | | | | 746 | | |
Service income and others
|
| | | | — | | | | | | 1,832 | | | | | | — | | | | | | — | | | | | | 1,832 | | | | | | 235 | | |
Finance expenses
|
| | | | 4,962 | | | | | | 631 | | | | | | 439 | | | | | | 45,533 | | | | | | 51,565 | | | | | | 6,611 | | |
Chang in fair value loss – call options
|
| | | | — | | | | | | — | | | | | | 1,201 | | | | | | — | | | | | | 1,201 | | | | | | 154 | | |
Change in fair value loss – equity investments unallocated
|
| | | | — | | | | | | — | | | | | | — | | | | | | 336 | | | | | | 336 | | | | | | 43 | | |
Investments in an associate unallocated
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Capital expenditures (note (i))
|
| | | | 9,411 | | | | | | 6,911 | | | | | | 159 | | | | | | — | | | | | | 16,481 | | | | | | 2,113 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Mainland China
|
| | | | 278,928 | | | | | | 360,346 | | | | | | 46,199 | | |
Hong Kong
|
| | | | 20,112 | | | | | | 23,984 | | | | | | 3,075 | | |
Others
|
| | | | 14,901 | | | | | | 4,522 | | | | | | 579 | | |
| | | | | 313,941 | | | | | | 388,852 | | | | | | 49,853 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Mainland China
|
| | | | 743,110 | | | | | | 718,442 | | | | | | 92,108 | | |
Hong Kong
|
| | | | 9,282 | | | | | | 10,117 | | | | | | 1,297 | | |
Others
|
| | | | 8,678 | | | | | | — | | | | | | — | | |
| | | | | 761,070 | | | | | | 728,559 | | | | | | 93,405 | | |
Name of related party
|
| |
Relationship with the Group
|
|
Pubang Landscape Architecture Company Limited (“Pubang”) | | | Shareholder of Lendbang | |
Qiu Bin | | | Director | |
Yang Liu | | | Director | |
Tian Ming | | | Director | |
Suk Fun Chan | | | Shareholder of Thai Gallery | |
Boxuan Wu
Guoxi Wu |
| |
Legal representative of Taihuan
Family of shareholder |
|
Shanghai Monet Catering Co., Limited (“Monet”) | | | An entity controlled by Mr. Andross Chan | |
Earthasia Worldwide Holdings Limited (“EA Trading”) | | | Joint venture | |
Dalian Pengya International Trading Limited (“Dalian Trading”) | | | Subsidiary of an associate | |
Shanghai Teddy Friends Investment Management Limited (“Teddy Friends”) | | | Associate | |
Huaian Teddy Star Entertainment Limited (“Teddy Star”) | | | Subsidiary of an associate | |
Shanghai Yi Gui Pinpai Management Limited(上海奕桂品牌管理有限公司) (Yigui”)
|
| | Joint venture | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Pubang
|
| | | | 3,032 | | | | | | 2,622 | | | | | | 336 | | |
Monet
|
| | | | 11,164 | | | | | | 16,421 | | | | | | 2,105 | | |
| | | | | 14,196 | | | | | | 19,043 | | | | | | 2,441 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Pubang
|
| | | | 132 | | | | | | 330 | | | | | | 42 | | |
Monet
|
| | | | 7,814 | | | | | | 14,259 | | | | | | 1,828 | | |
| | | | | 7,946 | | | | | | 14,589 | | | | | | 1,870 | | |
Note
|
| |
Name
|
| |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| ||||||||||||||
(i)
|
| |
Qiu Bin
|
| | | | 2,233 | | | | | | — | | | | | | — | | |
(ii)
|
| |
Yang Liu
|
| | | | 2,791 | | | | | | — | | | | | | — | | |
(iii)
|
| |
EA Trading
|
| | | | 4,216 | | | | | | — | | | | | | — | | |
(iv)
|
| |
Dalian Trading
|
| | | | 2,233 | | | | | | — | | | | | | — | | |
(v)
|
| |
Teddy Friend
|
| | | | 1,058 | | | | | | 2,800 | | | | | | 359 | | |
(vi)
|
| |
Teddy Star
|
| | | | 164 | | | | | | — | | | | | | — | | |
(vii)
|
| |
Yigui
|
| | | | — | | | | | | 1,366 | | | | | | 176 | | |
| | | | | | | | 12,695 | | | | | | 4,166 | | | | | | 535 | | |
| | |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Pubang
|
| | | | — | | | | | | 1,072 | | | | | | 137 | | |
Teddy Friend
|
| | | | 252 | | | | | | — | | | | | | — | | |
| | | | | 252 | | | | | | 1,072 | | | | | | 137 | | |
Name
|
| |
2019
|
| |
2020
|
| |
2020
|
| |||||||||
|
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||
Teddy Friend
|
| | | | 618 | | | | | | — | | | | | | — | | |
Monet
|
| | | | — | | | | | | 162 | | | | | | 21 | | |
Boxuan Wu
|
| | | | — | | | | | | 247 | | | | | | 32 | | |
Andross Chan
|
| | | | — | | | | | | 1,064 | | | | | | 136 | | |
| | | | | 618 | | | | | | 1,473 | | | | | | 189 | | |
| | |
Fair Value Measurement
|
| |||||||||||||||||||||||||||
|
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| |
Total
|
| |||||||||||||||||
|
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
HK$’000
|
| |
US$’000
|
| |||||||||||||||||
Balance as of December 31, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity investments at fair value
|
| | | | — | | | | | | — | | | | | | 870 | | | | | | 870 | | | | | | 112 | | |
Financial assets — call options
|
| | | | — | | | | | | — | | | | | | 1,194 | | | | | | 1,194 | | | | | | 153 | | |
Promissory notes
|
| | | | — | | | | | | — | | | | | | 281,307 | | | | | | 281,307 | | | | | | 36,065 | | |
Balance as of December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Equity investments at fair value
|
| | | | — | | | | | | — | | | | | | 1,235 | | | | | | 1,235 | | | | | | 158 | | |
Financial assets — call options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Promissory notes
|
| | | | — | | | | | | — | | | | | | 298,089 | | | | | | 298,089 | | | | | | 38,217 | | |
| | |
2020
|
| |||||||||
|
Le Colonial
|
| |
Zhumei
|
| ||||||||
|
HK$’000
|
| |
HK$’000
|
| ||||||||
Property, plant and equipment
|
| | | | 730 | | | | | | — | | |
Intangible asset
|
| | | | 4 | | | | | | — | | |
Inventory
|
| | | | 30 | | | | | | — | | |
Cash and bank balances
|
| | | | 58 | | | | | | 406 | | |
Prepayments and other receivables
|
| | | | 194 | | | | | | 170 | | |
Lease liabilities
|
| | | | (188) | | | | | | — | | |
Amount due to an associate
|
| | | | — | | | | | | (397) | | |
Accruals and other payables
|
| | | | (2,192) | | | | | | — | | |
Net (liabilities)/assets disposed of
|
| | | | (1,364) | | | | | | 179 | | |
Consideration
|
| | | | — | | | | | | — | | |
Net liabilities/(assets) disposed of
|
| | | | 1,364 | | | | | | (179) | | |
Release of translation reserve upon disposal
|
| | | | 28 | | | | | | 42 | | |
Non-controlling interests
|
| | | | (682) | | | | | | — | | |
Gain/(loss) on disposal
|
| | | | 710 | | | | | | (137) | | |
Analysis of the net cash outflows in respect of the disposal | | | | | | | | | | | | | |
Cash received
|
| | | | — | | | | | | — | | |
Cash and cash equivalent disposed of
|
| | | | (58) | | | | | | (406) | | |
Net cash outflows
|
| | | | (58) | | | | | | (406) | | |
Guaranteed period
|
| |
Guaranteed profit
|
| |
Guaranteed profit
|
| |
Guaranteed profit
|
| |||||||||
|
HK$
|
| |
US$
|
| |
US$
|
| |||||||||||
For the period from August 7, 2019 to
December 31, 2019 |
| | | | 14,095,000 | | | | | | 1,807,051 | | | | | | 1,807,000 | | |
For the year ended December 31, 2020
|
| | | | 35,000,000 | | | | | | 4,487,179 | | | | | | 4,487,000 | | |
For the year ending December 31, 2021
|
| | | | 35,000,000 | | | | | | 4,487,179 | | | | | | 4,487,000 | | |
For the period from January 1, 2022 to August 6, 2022
|
| | | | 20,905,000 | | | | | | 2,680,128 | | | | | | 2,680,000 | | |
Purchaser
|
| |
Date of Issuance
|
| |
Security Type
|
| |
Number of
Ordinary Shares |
| |
Consideration
|
| ||||||
Lexinter International, Inc.
|
| |
February 1, 2021
|
| |
Convertible Note
|
| | | | 5,961,538 | | | | | US$ | 500,000.00 | | |
Lexinter International, Inc.
|
| |
March 15, 2021
|
| |
Convertible Note
|
| | | | 5,961,538 | | | | | US$ | 500,000.00 | | |
Lexinter International, Inc.
|
| |
April 12, 2021
|
| |
Convertible Note
|
| | | | 5,961,538 | | | | | US$ | 500,000.00 | | |
Lexinter International, Inc.
|
| |
April 26, 2021
|
| |
Convertible Note
|
| | | | 5,961,538 | | | | | US$ | 500,000.00 | | |
Lexinter International, Inc.
|
| |
May 10, 2021
|
| |
Convertible Note
|
| | | | 5,961,538 | | | | | US$ | 500,000.00 | | |
Lexinter International, Inc.
|
| |
May 27, 2021
|
| |
Convertible Note
|
| | | | 14,903,845 | | | | | US$ | 1,250,000.00 | | |
Lexinter International, Inc.
|
| |
June 7, 2021
|
| |
Convertible Note
|
| | | | 8,942,307 | | | | | US$ | 750,000.00 | | |
Lexinter International, Inc.
|
| |
June 30, 2021
|
| |
Convertible Note
|
| | | | 5,961,538 | | | | | US$ | 500,000.00 | | |
EMA Financial, LLC
|
| |
March 1, 2021
|
| |
Convertible Note
|
| | | | 5,961,538 | | | | | US$ | 500,000.00 | | |
Masan Multi Strategy Fund SPC – Masan Hong Kong Equity Fund SP
|
| |
May 3, 2021
|
| |
Ordinary Shares
|
| | | | 5,961,538 | | | | | US$ | 500,000.00 | | |
Lexinter International, Inc.
|
| |
[July 21], 2021
|
| |
Warrants
|
| | | | [29,807,692] | | | | | US$ | 2,500,000.00 | | |
EMA Financial, LLC
|
| |
[July 21], 2021
|
| |
Warrants
|
| | | | [5,961,538] | | | | | US$ | 250,000.00 | | |
Exhibit No.
|
| |
Description
|
|
1.1 | | | Form of Underwriting Agreement * | |
3.1 | | | Certificate of Incorporation* | |
3.2 | | | Memorandum of Association* | |
3.3 | | | Articles of Association* | |
4.1 | | | Form of Warrant issued to purchaser of Convertible Notes under Subscription Agreement* | |
5.1 | | | Opinion of Appleby* | |
5.2 | | | Opinion of Allbright Law Offices* | |
5.3 | | | Opinion of Wilson Williams, LLC* | |
10.1 | | | Form of Indemnification Agreement by and between the Registrant and executive officers and directors of the Registrant*† | |
10.2 | | | Subscription Agreement for the Convertible Notes* | |
10.3 | | | Form of the Convertible Note* | |
21.1 | | | List of subsidiaries of the Registrant | |
23.1 | | | Consent of Friedman LLP* | |
23.2 | | | Consent of Appleby (included in Exhibit 5.1)* | |
23.3 | | | Consent of Allbright Law Offices (included in Exhibit 5.2)* | |
23.4 | | | Consent of Wilson Williams, LLC (included in Exhibit 5.3)* | |
24.1 | | | Power of Attorney (included on the signature page of this Registration Statement) | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Patrick Hing Tat Lau
Patrick Hing Tat Lau
|
| |
Chairman of the Board and Executive Director
|
| |
December 15, 2021
|
|
|
/s/ Andross Yick Yan Chan
Andross Yick Yan Chan
|
| |
Chief Executive Officer and Executive Director
(Principal Executive Officer) |
| |
December 15, 2021
|
|
|
/s/ Ming Tian
Ming Tian
|
| | Executive Director | | |
December 15, 2021
|
|
|
/s/ Liu Yang
Liu Yang
|
| | Executive Director | | |
December 15, 2021
|
|
|
/s/ Bin Qiu
Bin Qiu
|
| | Executive Director | | |
December 15, 2021
|
|
|
/s/ Lida Ma
Lida Ma
|
| | Non-executive Director | | |
December 15, 2021
|
|
|
Wenzhe Tu
|
| | Non-executive Director | | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Fong Sin Tam Ip
Fong Sin Tam Ip
|
| | Independent Non-executive Director | | |
December 15, 2021
|
|
|
/s/ Yucai Wang
Yucai Wang
|
| | Independent Non-executive Director | | |
December 15, 2021
|
|
|
/s/ Kwong Sang Liu
Kwong Sang Liu
|
| | Independent Non-executive Director | | |
December 15, 2021
|
|
|
/s/ Zhaodong Tang
Zhaodong Tang
|
| | Independent Non-executive Director | | |
December 15, 2021
|
|
|
/s/ Anthony Kaikwong Chan
Anthony Kaikwong Chan
|
| | Independent Non-executive Director | | |
December 15, 2021
|
|
|
/s/ Ka Hei Kwok
Ka Hei Kwok
|
| |
Company Secretary and Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
| |
December 15, 2021
|
|
| | | | Wilson Williams, LLC | |
| | | |
/s/ Richard M. Morris
Name: Richard M. Morris
Title: Partner |
|
Exhibit 21.1
List of subsidiaries of the Registrant
Entity Name | Jurisdiction |
Carbonaphene Holdings Limited | British Virgin Islands |
Earthasia Holdings Limited | British Virgin Islands |
Happy Growth Group Limited | British Virgin Islands |
Upworth Capital Limited | Hong Kong |
Nice Apex Limited | Hong Kong |
Think High Global Limited | British Virgin Islands |
Allied Apex Limited | Hong Kong |
Shanghai Tanao New Material Technology Company Limited | People’s Republic of China |
Heilongjiang Mudanjiang Nongken Tanao Graphene Deep Processing Company Limited | People’s Republic of China |
Heilongjiang Province Graphex New Material Technology Company Limited | People’s Republic of China |
Graphex Technologies, LLC | United States |
Earthasia (International) Limited | Hong Kong |
Earthasia (Shanghai) Company Limited | People’s Republic of China |
Earthasia Limited | Hong Kong |
Earthasia (Qinhai) Limited | People’s Republic of China |
Earthasia Design (Shanghai) Company Limited | People’s Republic of China |
Shanghai Teddy Friends Investment Management Limited | People’s Republic of China |
Earthasia (Xiamen) Company Limited | People’s Republic of China |
Earthasia (Qingdao) Company Limited | People’s Republic of China |
Earthasia Design (Chang Chun) Company Limited | People’s Republic of China |
Shenzhen Qianhai Lebang Internet Financial Services Limited | People’s Republic of China |
Thai Gallery (HK) Limited | Hong Kong |
Thai Joy F&B Management (Shanghai) Company Limited | People’s Republic of China |
Thai Gallery SRL | Italy |
Chengdu Thai Gallery Catering Company Limited | People’s Republic of China |
Chengdu Taihaowei Catering Company Limited | People’s Republic of China |
Yummy Food Holdings Limited | Hong Kong |
Shanghai Jingzhu Cultural Development Company Limited | People’s Republic of China |
Suzhou Industrial Park Wenlvge Hotel Management Company Limited | People’s Republic of China |
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