Financial Performance - For the six months ended June 30, 2024, the company reported a total comprehensive loss of HKD 25.5 million, compared to a loss of HKD 24.7 million for the same period in 2023[10]. - The company did not generate any revenue for the six months ended June 30, 2024, nor for the same period in 2023[11]. - Other income and losses increased from HKD 19.5 million for the six months ended June 30, 2023, to HKD 22.9 million for the six months ended June 30, 2024, due to higher interest rates[12]. - The company reported a loss of HKD 25.5 million for the six months ended June 30, 2024, compared to a loss of HKD 24.7 million for the same period in 2023[15]. - Loss before tax for the six months ended June 30, 2024, was HKD (25,500,000), slightly higher than the loss of HKD (24,704,000) in the same period of 2023[35]. - Basic and diluted loss per share for the six months ended June 30, 2024, was HKD (1.05), compared to HKD (1.02) for the same period in 2023[35]. - The company incurred a loss of HKD 25,500,000 for the six months ending June 30, 2024[47]. Administrative Expenses - Administrative expenses for the six months ended June 30, 2024, were HKD 50.9 million, up from HKD 44.6 million for the same period in 2023[10]. - Administrative expenses increased to HKD (50,854,000) for the six months ended June 30, 2024, from HKD (44,571,000) in the same period of 2023, reflecting a rise of approximately 14.5%[35]. Assets and Cash Position - As of June 30, 2024, the company's current assets amounted to HKD 1,072.5 million, primarily consisting of restricted cash of HKD 1,000.7 million and cash and cash equivalents of HKD 71.8 million[16]. - Cash and cash equivalents increased to HKD 71.8 million as of June 30, 2024, from HKD 56.9 million as of December 31, 2023, due to interest income earned on funds held in the escrow account[17]. - The net current assets improved to HKD 33,031 thousand from a net liability of HKD 985,305 thousand as of December 31, 2023, reflecting a positive turnaround[36]. - Cash and cash equivalents increased to HKD 71,839 thousand as of June 30, 2024, up from HKD 33,333 thousand in the previous year[38]. Business Combination and Future Plans - The company is in the process of a business combination with Zhaogang.com Inc, which is expected to lead to its listing on the Hong Kong Stock Exchange[5]. - The company plans to provide further announcements regarding the business combination transaction in due course[6]. - A circular regarding the business combination transaction is expected to be sent to shareholders by mid-November 2024[5]. - The company anticipates generating operational revenue post-completion of the merger transaction, excluding interest income[40]. - The company must complete the SPAC transaction within the specified timeframe to avoid liquidation and distribution of trust account funds[44]. Shareholder Information - Major shareholders, including China Merchants Bank Co., Ltd., hold 19,022,546 A shares, representing approximately 19.01% of A shares[31]. - UBS Group AG holds a total of 14,751,607 A shares, accounting for approximately 14.74% of A shares, with additional holdings of 1,470,000 shares[31]. - CMBI AM Acquisition Holding LLC is recognized as the beneficial owner of 24,109,411 B shares, representing 100% of B shares[31]. Compliance and Governance - The company has maintained high standards of corporate governance and has complied with applicable codes, except for the separation of the roles of chairman and CEO[26]. - The company has not established any arrangements allowing directors to purchase shares or debt securities of the company or any other entity within the six months ended June 30, 2024[34]. - As of June 30, 2024, there were no disclosures of interests or short positions in shares or relevant securities by directors or senior management[30]. Accounting and Reporting - The company has adopted all new and revised accounting standards effective from January 1, 2024, with no significant impact on its financial statements[46]. - The financial statements are presented in Hong Kong dollars (HKD), rounded to the nearest thousand[49]. - The company has not applied any new accounting standards that have been issued but are not yet effective, and it is assessing their potential impact[46]. Related Party Transactions - Total related party transactions for the six months ended June 30, 2024, amounted to HKD 43,186,000, compared to HKD 42,949,000 for the same period in 2023[69].
AQUILA ACQ-Z(07836) - 2024 - 中期财报