Financial Proceeds and Utilization - The net proceeds from the Baoxin Development subscription amounted to HKD 999.4 million, with HKD 55.6 million remaining unutilized as of December 31, 2023[2]. - Approximately 90% of the net proceeds from the Zhonghao Development subscription, totaling HKD 224.7 million, will be used to repay maturing debts, with the remainder allocated for general operating expenses[3]. - The company plans to utilize the remaining unutilized proceeds from the Baoxin Development subscription to repay maturing debts by December 31, 2024[2]. Impairment Losses - As of December 31, 2023, the impairment loss on receivables and loans was approximately HKD 721.6 million, reflecting a significant increase from HKD 629.3 million at the beginning of the year[4]. - The impairment loss for the financial services segment and undistributed business units included HKD 200.985 million and HKD 520.627 million, respectively, as of December 31, 2023[5]. - The company confirmed an impairment loss of approximately HKD 351.4 million for the year ended December 31, 2023, compared to HKD 292.6 million in 2022[6]. Credit Risk and Legal Actions - The company has engaged independent valuation experts to assess expected credit losses, which indicated a 100% default probability and over 90% loss given default[5]. - The company is considering legal actions against clients with overdue loans due to the adverse macroeconomic environment affecting their cash flows[5]. Strategic Considerations - The company has not changed its strategies despite the impairment losses, but it may reconsider investment opportunities in the future based on project values and potential[6]. - The board confirmed that the supplementary information does not affect the contents of the 2023 annual report[7].
中泽丰(01282) - 2024 - 年度业绩