Financial Performance - For the year ended December 31, 2023, the company reported other income and losses of HKD 45.017 million, compared to HKD 9.356 million in 2022, indicating a significant increase[33]. - The fair value change of warrant liabilities was HKD 901 thousand in 2023, a recovery from a loss of HKD 5.904 million in 2022[33]. - The company reported a net loss of HKD 44.541 million for the year ended December 31, 2023, compared to a net loss of HKD 134.211 million in 2022, reflecting an improvement in financial performance[33]. - Basic and diluted loss per share for the year was HKD 1.85, down from HKD 4.54 in the previous year, indicating a reduction in losses per share[33]. - For the fiscal year ending December 31, 2023, the company reported a total comprehensive loss of HKD 44.5 million, including administrative expenses of HKD 90.5 million[58]. - As of December 31, 2023, the company reported a total comprehensive loss of HKD 44.5 million for the year[112]. - The company has not commenced any business operations and has not generated any revenue as of December 31, 2023[56]. - The financial performance for the reporting period is detailed in the financial statements, with no operational revenue reported[96]. Cash and Assets - As of December 31, 2023, the company's cash and cash equivalents amounted to HKD 56.9 million, up from HKD 16.6 million as of December 31, 2022, due to interest income earned from escrow account funds[36]. - As of December 31, 2023, the company's non-current assets amounted to HKD 1,000.7 million, while current assets were HKD 56.9 million, primarily consisting of cash and cash equivalents[60]. - The company's current liabilities were HKD 1,042.2 million, mainly comprising redeemable Class A shares valued at HKD 1,000.7 million[60]. - The total amount raised from the listing of Class A shares is HKD 1,000,650,000, which is held in a trust account[200]. Mergers and Acquisitions - The company is in the process of completing a merger with Zhaogang Industry Internet Group, with expectations to finalize the transaction within the regulatory timeline[27]. - The company has entered into a PIPE investment agreement with third-party investors related to the merger, which is expected to enhance capital resources[29]. - The company plans to hold a special shareholders meeting to approve the merger transaction, with a notice expected to be sent by the end of April 2024[16]. - The company remains committed to expanding its market presence through strategic mergers and acquisitions as part of its business model[15]. - The company announced a business merger with the Steel Industry Internet Group, which operates the world's largest third-party steel trading digital platform[50]. - The company is focused on identifying potential SPAC merger targets and negotiating terms for the SPAC merger transaction[51]. - The company will provide further announcements regarding the SPAC merger transaction in due course[54]. - The company has not reported any significant business activities during the reporting period and does not expect to have any until the completion of a special purpose acquisition[190]. Governance and Compliance - The board consists of seven members, including four women, ensuring diverse skills, knowledge, and experience[146]. - During the reporting period, the company did not encounter any significant illegal or regulatory issues related to bribery, extortion, fraud, or money laundering[148]. - The company has implemented measures to prevent bribery and corruption, adhering to applicable anti-bribery and anti-money laundering laws[177]. - The company has no employees, with executive directors and senior management being employees of its sponsor, CMB International Financial Ltd[176]. - The company is committed to maintaining a safe and healthy work environment, despite the low occupational health and safety risks associated with its business nature[176]. - The company has established policies to enhance employee knowledge and skills related to their job responsibilities[182]. - The company has policies in place to prevent child labor and forced labor, ensuring compliance with relevant laws and regulations[183]. Risks and Uncertainties - There are significant uncertainties regarding the company's ability to continue as a going concern, as noted in the financial statements[160]. - There is no exposure to foreign exchange risk as the company did not conduct any business operations during the reporting period[99]. - The company does not intend to declare cash dividends before the completion of special purpose acquisition company transactions[92]. - The company has no substantial business operations during the reporting period, thus no significant environmental violations were reported[150]. - The company has no substantial business operations, thus certain key performance indicators related to resource usage and environmental impact are not applicable[180]. Financial Reporting - The financial statements audited include the balance sheet as of December 31, 2023, and the income statement for the year ending on that date[158]. - The company’s financial statements are prepared in accordance with International Financial Reporting Standards (IFRS)[195]. - The audit committee assists the board in overseeing the financial reporting process[165]. - The company plans to account for the founder warrants along with Class B shares as equity-settled share-based payments[162]. - The company’s founders have agreed to waive their rights to receive liquidation distributions from the trust account concerning Class B shares[194]. - The warrants can be exercised within 30 days after the completion of the special purpose acquisition transaction[199].
AQUILA ACQ-Z(07836) - 2023 - 年度业绩