WANGONPPT：ANNOUNCEMENTOFFINALRESULTSFORTHEYEARENDED31MARCH2025.pdf

1、1Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement,make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia

2、nce upon the whole or any part of the contents of this announcement.WANG ON PROPERTIES LIMITED宏 安 地 產 有 限 公 司(Incorporated in Bermuda with limited liability)(Stock Code:1243)ANNOUNCEMENT OF FINAL RESULTSFOR THE YEAR ENDED 31 MARCH 2025ANNUAL FINANCIAL HIGHLIGHTSFor the year ended 31 March 2025For th

3、e year ended 31 March 2024ChangeHK$millionHK$millionContracted sales(included Joint Ventures)3,3491,708+96%Revenue1,255298+321%Gross profit13974+88%Write-down of properties under development,net and properties held for sale(229)(692)-67%Share of profits and losses of joint ventures(Note)(343)263-230

4、%Loss attributable to owners of the parent(977)(733)+33%Loss per share(HK cents)Basic and diluted(6.43)(4.82)+33%As at 31 March 2025As at 31 March 2024HK$millionHK$millionNet asset value3,4234,447-23%Net asset value per share(HK$)0.2250.293-23%Note:Included in the share of profits and losses of join

5、t ventures was a write-down of properties under development and held for sale amounting to HK$521 million for the year ended 31 March 2025(2024:HK$87 million).2RESULTSThe board of directors(the“Board”or the“Director(s)”)of Wang On Properties Limited(the“Company”,together with its subsidiaries,the“Gr

6、oup”)is pleased to announce the consolidated results of the Group for the year ended 31 March 2025,together with the comparative figures for the previous financial year,as follows:CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEYear ended 31 March 202520252024NotesHK$000HK$000

7、REVENUE31,254,591297,894Cost of sales(1,115,360)(224,310)Gross profit139,23173,584Other income and gains343,18659,367Selling and distribution expenses(245,169)(83,700)Administrative expenses(112,416)(104,686)Other expenses(7,063)(60,387)Impairment losses on financial assets,net(3,803)(281)Finance co

8、sts5(230,181)(181,010)Fair value(losses)/gains on investment properties,net(32,000)2,714Fair value losses on financial assets and liabilities at fair value through profit or loss,net(6,762)(11,584)Write-down of properties under development,net(692,355)Write-down of properties held for sale(229,273)S

9、hare of profits and losses of joint ventures(343,005)262,533LOSS BEFORE TAX4(1,027,255)(735,805)Income tax expense6(1,816)(6,268)LOSS FOR THE YEAR(1,029,071)(742,073)3OTHER COMPREHENSIVE INCOME/(LOSS)Other comprehensive income/(loss)that may be reclassified to profit or loss in subsequent periods:De

10、bt investments at fair value through other comprehensive income:Changes in fair value1,106(44,252)Reclassification adjustments for losses included in profit or loss loss on disposal/redemption,net60,044 impairment losses,net3,8031,220Net other comprehensive income that may be reclassified to profit

11、or loss in subsequent periods4,90917,012OTHER COMPREHENSIVE INCOME FOR THE YEAR4,90917,012TOTAL COMPREHENSIVE LOSS FOR THE YEAR(1,024,162)(725,061)Loss attributable to:Owners of the parent(976,892)(733,276)Non-controlling interests(52,179)(8,797)(1,029,071)(742,073)Total comprehensive loss attributa

12、ble to:Owners of the parent(971,983)(716,264)Non-controlling interests(52,179)(8,797)(1,024,162)(725,061)LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENTBasic and diluted8(HK6.43 cents)(HK4.82 cents)20252024NoteHK$000HK$0004CONSOLIDATED STATEMENT OF FINANCIAL POSITION31 March 202

13、520252024NoteHK$000HK$000NON-CURRENT ASSETSProperty,plant and equipment96,20586,687Investment properties39,00071,000Club membership17,78017,780Properties under development177,600243,600Interests in joint ventures3,643,6863,855,629Loan receivables17,808Deposits and other receivables16,90628,449Financ

14、ial assets at fair value through profit or loss775Deferred tax assets3,965Total non-current assets3,991,1774,325,693CURRENT ASSETSProperties under development1,129,0061,925,060Properties held for sale1,500,9391,710,302Trade receivables95,9422,336Loan receivables17,808Prepayments,other receivables an

15、d other assets223,586281,401Cost of obtaining contracts5,16218,443Tax recoverable2,9753,100Debt investments at fair value through other comprehensive income3,5922,486Financial assets at fair value through profit or loss36,04341,086Cash and bank balances354,311722,7423,279,3644,706,956Assets of a dis

16、posal group classified as held for sale857,292Total current assets3,279,3645,564,248 5CURRENT LIABILITIESTrade payables1050,099112,355Other payables and accruals165,743214,464Contract liabilities160,99071,821Interest-bearing bank and other borrowings640,7053,149,757Financial liabilities at fair valu

17、e through profit or loss1,156Tax payable2,0614,284 1,020,7543,552,681Liabilities of a disposal group classified as held for sale322,936Total current liabilities1,020,7543,875,617NET CURRENT ASSETS2,258,6101,688,631TOTAL ASSETS LESS CURRENT LIABILITIES6,249,7876,014,324 NON-CURRENT LIABILITIESFinanci

18、al liabilities at fair value through profit or loss4,419606Other payables13,089962Interest-bearing bank and other borrowings2,808,7321,565,047Deferred tax liabilities562562Total non-current liabilities2,826,8021,567,177Net assets3,422,9854,447,147EQUITYEquity attributable to owners of the parentIssu

19、ed capital15,20015,200Reserves3,463,4614,435,4443,478,6614,450,644Non-controlling interests(55,676)(3,497)Total equity3,422,9854,447,14720252024NoteHK$000HK$0006NOTES TO FINANCIAL INFORMATION1.1 BASIS OF PRESENTATIONAs at 31 March 2025,the Groups current portion of interest-bearing bank and other bo

20、rrowings amounted to HK$640,705,000,while its cash and bank balances amounted to HK$354,311,000.In addition,the Group recorded a loss of HK$1,029,071,000 for the year ended 31 March 2025.In view of such circumstances,the directors of the Company have given careful consideration to the future liquidi

21、ty and performance of the Group and its available sources of finance in assessing whether the Group will have sufficient financial resources to fulfill its financial obligations and continue as a going concern for at least 12 months from 31 March 2025.The Group has formulated the following plans and

22、 measures to mitigate the liquidity pressure and to improve its cash flows:(a)The Group is actively negotiating with its existing lenders on the refinancing of existing bank borrowings with scheduled repayment dates due within one year at a reasonable cost.The management of the Company believes that

23、 the Group will be able to refinance its bank borrowings when they become due and obtain new bank facilities as needed based on the Groups relationship with the banks and its historical record of successfully refinancing loans.In addition,based on the ongoing discussions with banks,the directors bel

24、ieve that the relevant lenders will not exercise their rights to request the Group for immediate repayment of any significant borrowings prior to their repayment dates in accordance with the relevant loan agreements.Subsequent to the reporting period and up to the date of approval of these consolida

25、ted financial statements,the Group received term sheets from various lenders on new bank borrowings with an aggregate amount of approximately HK$416,400,000 for refinancing the Groups existing bank borrowings.(b)As at 31 March 2025,the Group has successfully obtained consents from its existing lende

26、rs to waive the Groups financial covenants compliance requirement on the interest coverage ratio for the year ended 31 March 2025.The Group will also continue to monitor its compliance with the other covenant requirements of all its borrowings and facilities.(c)As at 31 March 2025,the Group has unut

27、ilised banking facilities of HK$138,131,000 for the payment of construction costs of its properties development projects and the management of the Company believes that the Group will be able to fulfill all its payment obligations to the Groups contractors/vendors and meet all of the necessary condi

28、tions to launch the pre-sale and complete the remaining construction work for property delivery of the relevant projects.7(d)The Group has been in active negotiations with potential buyers for the realisation of certain assets(properties projects)to improve the Groups liquidity.Subsequent to the end

29、 of the reporting period,the Group has entered into agreements with certain independent third parties for the disposal of certain assets at an aggregate cash consideration of HK$110,520,000.The Group will continue to seek opportunities to dispose of its projects and assets at reasonable prices to ge

30、nerate cash inflows and mitigate its liquidity pressure.(e)The Group will continue to implement measures to accelerate the pre-sales and sales of its properties under development and completed properties,and to speed up the collection of outstanding sales proceeds.(f)Wang On Group Limited(“WOG”),the

31、 ultimate holding company of the Company,has agreed in writing to provide continual financial support to the Group and not to demand repayment of the amounts due to it until such time when the Group is in a position to repay without impairing its liquidity and financial position.WOG has provided to

32、the Group a standby facility with a principal amount of HK$500,000,000,of which HK$100,000,000 was utilised as at 31 March 2025.(g)The Group will continue to take active measures to control administrative costs and capital expenditure.The directors of the Company have reviewed the Groups cash flow f

33、orecast prepared by management.The cashflow forecast covers a period of at least 12 months from the end of the reporting period.The directors of the Company are of the opinion that,taking into account the abovementioned plans and measures,the Group will have sufficient working capital to finance its

34、 operations and meet its financial obligations as and when they fall due within the next 12 months from the end of the reporting period.Accordingly,the directors of the Company are satisfied that it is appropriate to prepare the consolidated financial statements of the Group for the year ended 31 Ma

35、rch 2025 on a going concern basis.Should the Group be unable to achieve the above-mentioned plans and measures and operate as a going concern,adjustments would have to be made to write down the carrying values of the Groups assets to their recoverable amounts,to provide for any further liabilities w

36、hich might arise,and to reclassify non-current assets and non-current liabilities as current assets and current liabilities,respectively.The effects of these adjustments have not been reflected in these consolidated financial statements.81.2 BASIS OF PREPARATIONThese financial information have been

37、prepared in accordance with HKFRS Accounting Standards(which include all Hong Kong Financial Reporting Standards,Hong Kong Accounting Standards(“HKASs”)and Interpretations)as issued by the Hong Kong Institute of Certified Public Accountants(“HKICPA”)and the disclosure requirements of the Hong Kong C

38、ompanies Ordinance.They have been prepared under the historical cost convention,except for investment properties,debt investments at fair value through other comprehensive income and financial assets/liabilities at fair value through profit or loss,which have been measured at fair value.Disposal gro

39、up held for sale are stated at the lower of their carrying amounts and fair values less costs to sell.These financial information are presented in Hong Kong dollars(“HK$”)and all values are rounded to the nearest thousand except when otherwise indicated.1.3 CHANGES IN ACCOUNTING POLICIES AND DISCLOS

40、URESThe Group has adopted the following revised HKFRS Accounting Standards for the first time for the current years financial statements.Amendments to HKFRS 16Lease Liability in a Sale and LeasebackAmendments to HKAS 7 and HKFRS 7Supplier Finance ArrangementsThe nature and the impact of the revised

41、HKFRS Accounting Standards are described below:(a)Amendments to HKFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the r

42、ight of use it retains.Since the Group has no sale and leaseback transactions with variable lease payments that do not depend on an index or a rate occurring from the date of initial application of HKFRS 16,the amendments did not have any impact on the financial position or performance of the Group.

43、(b)Amendments to HKAS 7 and HKFRS 7 clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements.The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance

44、arrangements on an entitys liabilities,cash flows and exposure to liquidity risk.As the Group does not have supplier finance arrangements,the amendments did not have any impact on the Groups financial statements.92.OPERATING SEGMENT INFORMATIONYear ended 31 MarchProperty developmentProperty investme

45、ntAsset managementTotal20252024202520242025202420252024HK$000HK$000HK$000HK$000HK$000HK$000HK$000HK$000Segment revenue:Sales to external customers1,228,047258,6131,5463,06524,99836,2161,254,591297,894Other income36,09427,907874936,18127,956Total segment revenue1,264,141286,5201,6333,11424,99836,2161

46、,290,772325,850 Segment results(824,771)(839,048)72,014350,542(14,845)(1,737)(767,602)(490,243)ReconciliationInterest income from bank deposits6,6439,593Interest income from debt investments at fair value through other comprehensive income10,934Interest income from financial assets at fair value thr

47、ough profit or loss5,184Dividend income from financial assets at fair value through profit or loss3625,700Loss on disposal/redemption of debt investments at fair value through other comprehensive income(60,044)Fair value losses on financial assets and liabilities at fair value through profit or loss

48、,net(6,762)(11,584)Impairment losses on financial assets,net(3,803)(281)Finance costs(230,181)(181,010)Corporate and unallocated expenses(25,912)(24,054)Loss before tax(1,027,255)(735,805)Income tax expense(1,816)(6,268)Loss for the year(1,029,071)(742,073)103.REVENUE AND OTHER INCOME AND GAINSAn an

49、alysis of the Groups revenue is as follows:20252024HK$000HK$000Revenue from contracts with customersSales of properties1,228,047258,613Asset management fees24,99836,216Subtotal1,253,045294,829Revenue from other sourceRental income1,5463,065Total revenue1,254,591297,894An analysis of the Groups other

50、 income and gains is as follows:20252024HK$000HK$000Other income and gainsInterest income from bank deposits6,6439,593Interest income from debt investments at fair value through other comprehensive income10,934Interest income from financial assets at fair value through profit or loss5,184Dividend in

51、come from financial assets at fair value through profit or loss3625,700Forfeiture of deposits from customers12,2611,602Property management fee10,02210,093Others13,89816,261Total other income and gains43,18659,367114.LOSS BEFORE TAXThe Groups loss before tax is arrived at after charging/(crediting):2

52、0252024HK$000HK$000Cost of properties sold1,086,019195,173Cost of services provided29,34129,008Direct operating expenses(including repairs and maintenance)arising from rental-earning investment properties129Depreciation of owned assets920905Depreciation of right-of-use assets14,50913,810Impairment l

53、osses/(reversal of impairment losses)on financial assets,net:Debt investments at fair value through other comprehensive income3,8031,220Loan and interest receivables(939)Total3,803281Loss on disposal/redemption of debt investments at fair value through other comprehensive income*60,044Loss on dispos

54、al of subsidiaries*7,063343Lease payments not included in the measurement of lease liabilities8813,754Auditors remuneration2,7803,080Employee benefit expense(including directors remuneration):Wages and salaries86,43387,521Pension scheme contributions*1,6391,866Less:amount capitalised(2,191)(8,665)To

55、tal85,88180,722*These expenses are included in“Other expenses”in the consolidated statement of profit or loss and other comprehensive income.*There are no forfeited contributions that may be used by the Group as the employer to reduce the existing level of contributions.125.FINANCE COSTSAn analysis

56、of finance costs is as follows:20252024HK$000HK$000Interest on bank and other borrowings321,247327,936Interest on lease liabilities1,045332322,292328,268Less:Interest capitalised(92,111)(147,258)Total230,181181,0106.INCOME TAX EXPENSEHong Kong profits tax has been provided at the rate of 16.5%(2024:

57、16.5%)on the estimated assessable profits arising in Hong Kong during the year ended 31 March 2025.20252024HK$000HK$000Current Hong KongCharge for the year2882,645Overprovision in prior years(2,437)(221)(2,149)2,424Deferred3,9653,844 Total tax charge for the year1,8166,2687.DIVIDENDSThe board of dir

58、ectors does not recommend the payment of any dividends in respect of the year ended 31 March 2025(2024:Nil).138.LOSS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENTThe calculation of basic loss per share for the year ended 31 March 2025 is based on the loss for the year attributable

59、to owners of the parent of HK$976,892,000(2024:HK$733,276,000)and the weighted average number of ordinary shares in issue during the year of 15,200,000,000(2024:15,200,000,000).No adjustment has been made to the basic loss per share amounts presented for the years ended 31 March 2025 and 2024 as the

60、 Group had no potentially dilutive ordinary shares in issue during these two years.9.TRADE RECEIVABLES20252024HK$000HK$000Trade receivables from joint ventures5,9422,336ImpairmentNet carrying amount5,9422,336The Groups trading terms with its customers are mainly on credit.The credit periods range fr

61、om 10 to 90 days.The Group does not hold any collateral or other credit enhancements over its trade receivable balances.Trade receivables are non-interest-bearing.An ageing analysis of the trade receivables as at the end of the reporting period,based on the invoice date and net of provisions,is as f

62、ollows:20252024HK$000HK$000Within 1 month5,9422,33610.TRADE PAYABLESAn ageing analysis of the trade payables as at the end of the reporting period,based on the invoice date,is as follows:20252024HK$000HK$000Within 30 days50,099112,355The trade payables are non-interest-bearing and have an average te

63、rm of 30 days.14MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL RESULTSRevenueThe Groups revenue consisted of revenue derived from(i)sales of the Groups properties;(ii)fees from asset management services;and(iii)rental income from property leasing.The following table sets forth a breakdown of the Group

64、s revenue and the percentages of total revenue for the financial year ended 31 March 2025(the“2025 Financial Year”)indicated:For the year ended 31 March20252024HK$000%HK$000%Sales of properties1,228,04798258,61387Asset management fees24,998236,21612Rental income1,5463,0651Total1,254,591100297,894100

65、For the 2025 Financial Year,the Groups revenue amounted to approximately HK$1,254.6 million(2024:approximately HK$297.9 million)representing an increase of 321.2%compared to the corresponding period last year.The increase was mainly due to the increase in sales and delivery of completed residential

66、projects during the 2025 Financial Year.Sales of propertiesRevenue derived from sales of properties increased substantially by approximately 374.9%from approximately HK$258.6 million for the year ended 31 March 2024(the“2024 Financial Year”)to approximately HK$1,228.0 million for the 2025 Financial

67、Year.The increase was primarily due to the delivery of a residential project,namely Larchwood,and the sale and delivery of a house of MOUNT POKFULAM,which obtained the occupation permit during the 2025 Financial Year and 2024 Financial Year respectively and there was no new project completed during

68、the 2024 Financial Year.15 Asset management feesRevenue derived from asset management services decreased by approximately 31.0%from approximately HK$36.2 million for the 2024 Financial Year to approximately HK$25.0 million for the 2025 Financial Year.The decrease was mainly attributed to a one-off a

69、cquisition fee from a newly acquired project co-invested with a joint venture partner,which was recorded during the 2024 Financial Year but no such acquisition fee has been recorded in the 2025 Financial Year.This decrease was partially offset by an increase in asset management fees from joint ventu

70、re projects due to the increase in management services provided to joint venture projects during the 2025 Financial Year.Rental incomeThe Group earned rental income from its investment properties portfolio.The decrease in rental income for the 2025 Financial Year,amounting to approximately HK$1.5 mi

71、llion,was mainly due to the disposals of two investment properties during the 2024 Financial Year,which were completed on 25 October 2023 and 15 November 2023,respectively.Gross profitGross profit increased from approximately HK$73.6 million for the 2024 Financial Year to approximately HK$139.2 mill

72、ion for the 2025 Financial Year,which represented an increase of approximately 89.2%.The increase was primarily due to the increase in sales of properties.The gross profit margin declined to 11.1%(2024:24.7%)due to an increase in finance costs capitalized as part of the cost of sales for residential

73、 projects handed over to buyers during the 2025 Financial Year.Other income and gainsThe Group had a net gain of approximately HK$43.2 million for other income and gains for the 2025 Financial Year(2024:approximately HK$59.4 million).The net gain during the 2025 Financial Year was primarily attribut

74、able to the forfeiture of deposits from customers of approximately HK$12.3 million(2024:approximately HK$1.6 million),interest income from bank deposits of approximately HK$6.6 million(2024:approximately HK$9.6 million)and property management fees of approximately HK$10.0 million(2024:approximately

75、HK$10.1 million).16Selling and distribution expensesSelling and distribution expenses primarily consisted of commissions,advertising and promotional expenses.Selling and distribution expenses for the 2025 Financial Year amounted to approximately HK$245.2 million(2024:approximately HK$83.7 million),r

76、epresenting an increase of approximately 192.9%.The increase was primarily due to commission expenses incurred in connection with the delivery of residential units at Larchwood and a house at MOUNT POKFULAM to the customers during the 2025 Financial Year.Administrative expensesAdministrative expense

77、s primarily included staff salaries and benefits,donation,depreciation expenses,office expenses,travel expenses,professional fees,utilities and building management fees.Administrative expenses for the 2025 Financial Year amounted to approximately HK$112.4 million(2024:approximately HK$104.7 million)

78、,representing an increase of approximately 7.4%as compared to the 2024 Financial Year.The slight increase was mainly due to building management fee expenses incurred for the unsold residential units and houses at Larchwood and MOUNT POKFULAM,respectively.The Group continued to adhere to a strict cos

79、t control policy during the 2025 Financial Year.Finance costsFinance costs primarily consisted of interest expenses on borrowings and lease liabilities,net of capitalised finance costs.Finance costs amounted to approximately HK$230.2 million for the 2025 Financial Year(2024:approximately HK$181.0 mi

80、llion).The increment was mainly attributable to the increase in cost of borrowing and completion of Larchwood and MOUNT POKFULAM,resulting in related project loans finance costs no longer being capitalised and being recorded as finance costs in the consolidated statement of profit or loss and other

81、comprehensive income for the 2025 Financial Year.17Share of profits or losses of joint venturesShare of profits or losses of joint ventures for the 2025 Financial Year represented a share of losses of approximately HK$343.0 million(2024:share of profit of approximately HK$262.5 million).For the 2025

82、 Financial Year,there was a write-down of properties under development and properties held for sale of an amount of approximately HK$520.5 million(2024:HK$87.2 million)incurred by the commercial and residential portfolio held by certain joint ventures due to the continuous downturn in the real estat

83、e market of Hong Kong.Write-down of properties under development and properties held for saleNet write-down of properties under development and properties held for sale for the 2025 Financial Year amounted to approximately HK$229.3 million(2024:approximately HK$692.4 million).The write-down of prope

84、rties portfolio during the 2025 Financial Year was mainly due to the expected loss from contracted but not yet completed sales of Larchwood and MOUNT POKFULAM.Loss attributable to owners of the parentThe Group recorded a loss of approximately HK$976.9 million(2024:approximately HK$733.3 million)attr

85、ibutable to owners of the parent for the 2025 Financial Year.The increase was mainly due to the increase in finance costs,selling and distribution expenses and the share of loss of joint ventures,partially offset by an increase in gross profit during the 2025 Financial Year.DIVIDENDThe Board does no

86、t recommend the payment of a final dividend(2024:Nil)for the 2025 Financial Year.No interim dividend was declared for the six months ended 30 September 2024(six months ended 30 September 2023:Nil).18BUSINESS REVIEWProperty DevelopmentContracted salesDuring the 2025 Financial Year,the Group recorded

87、satisfactory contracted sales,driven by improved market conditions.For the 2025 Financial Year,the Groups residential projects,including those developed in collaboration with joint ventures,achieved total contracted sales of approximately HK$3,349.0 million(2024:approximately HK$1,708.0 million).Thi

88、s represented an increase of approximately 96.1%compared to the 2024 Financial Year,with a contracted sales area of approximately 147,187 square feet(2024:approximately 75,750 square feet)reflecting a year-over-year increase of approximately 94.3%.During the 2025 Financial Year,the Groups residentia

89、l project,Larchwood,completed construction and obtained occupation permits.As of the date of this announcement,all residential and podium units of Larchwood have been fully sold and recorded total contracted sales of approximately HK$945.2 million and HK$87.5 million,respectively,of which HK$851.1 m

90、illion has been recognized as revenue in the 2025 Financial Year whilst HK$94.1 and HK$87.5 million are anticipated to be recognized as revenue for residential and podium units respectively in the next financial year ending 31 March 2026,upon the handover of the completed units to buyers.In August 2

91、024,the Group launched the pre-sale of the residential units of the project“FINNIE”located on Finnie Street in Quarry Bay.As of the date of this announcement,FINNIE has achieved total contracted sales of approximately HK$442.6 million,with 69 out of 90 residential units sold,representing approximate

92、ly 76.6%of the total units.For our joint venture projects,all residential units,including luxury houses,at ALTISSIMO in Ma On Shan,were sold,generating contracted sales of approximately HK$280.0 million during the 2025 Financial Year.Additionally,as of the date of this announcement,another joint ven

93、ture project PHOENEXT,located in Wong Tai Sin,has achieved total contracted sales of approximately HK$983.1 million,with 205 out of 230 units sold,representing approximately 89.1%of the total units.19In November 2024,the Group launched the pre-sale of another premium joint venture residential projec

94、t,101 KINGS ROAD,located on Kings Road in Fortress Hill.As of the date of this announcement,the project has achieved remarkable contracted sales of approximately HK$1,231.2 million.Lastly,in February 2025,the Group launched the pre-sale of Coasto,another premium joint venture residential project loc

95、ated on Wai Fung Street in Ap Lei Chau.As of the date of this announcement,the project has achieved remarkable contracted sales of approximately HK$488.6 million.New joint ventureDuring the 2025 Financial Year,the Group entered into a joint venture partnership with a reputable property developer,Che

96、valier International Holdings Limited(the“JV with Chevalier”),to develop the site located at Nos.18-20 Sze Shan Street,Yau Tong(the“Sze Shan Street Project”).In July 2024,the Group disposed of its entire equity interest in the Sze Shan Street Project to the JV with Chevalier,which is a 50%-owned joi

97、nt venture of the Group.Further details of the disposal were set out in the joint announcement of the Company and WOG dated 28 March 2024 and the circular of the Company dated 21 June 2024.As of the date of this announcement,the Group holds a 50%interest in the Sze Shan Street Project through the JV

98、 with Chevalier.Land bank of the GroupAs at the date of this announcement,the Group has 11 projects under sales and development with a total gross floor area of approximately 966,200 square feet.For the joint venture with APG Strategic Real Estate Pool,there are approximately 464,000 square feet of

99、properties under development and held for sale,of which approximately 134,900 square feet have been sold through pre-sales as of the date of this announcement.20The following table sets forth an overview of the Groups property projects as at the date of this announcement:LocationApproximate site are

100、aApproximate gross floor areaIntended usageAnticipated year of completionInterest attributable to the GroupTotal approximate unsold saleable floor area(sq.ft.)(sq.ft.)(sq.ft.)1.Nos.86A-86G Pokfulam Road (“MOUNT POKFULAM”)28,50028,500ResidentialCompleted70%21,4002.Nos.50-62 Larch Street and Nos.6-8 L

101、ime Street,Tai Kok Tsui(“Larchwood”)6,80061,500Residential and CommercialCompleted100%3.Nos.34 and 36 Main Street and Nos.5,7&9 Wai Fung Street,Ap Lei Chau#(“Coasto”)4,10038,600Residential and CommercialCompleted50%3,9004.Nos.26-48 Ming Fung Street,Wong Tai Sin#(“PHOENEXT”)9,60081,200Residential and

102、 CommercialCompleted50%13,6005.Nos.120-130 Main Street,Ap Lei Chau#7,20074,200Residential and Commercial202650%64,0006.Nos.31-41&45 Fei Fung Street,Wong Tai Sin#10,40093,700Residential and Commercial202650%80,0007.Nos.12-16,18-20,22 and 24 Ting Yip Street,Ngau Tau Kok#5,20046,300Residential and Comm

103、ercial202650%38,0008.Nos.101 and 111,Kings Road,Fortress Hill#(“101 KINGS ROAD”)12,400130,000Residential and Commercial202650%63,6009.Nos.3-9 Finnie Street,Quarry Bay (“FINNIE”)4,20040,100Residential and Commercial2026100%10,50010.Nos.17-23 Ap Lei Chau Main Street,7-9 Ping Lan Street and 37-39 Shan

104、Shi Street,Ap Lei Chau6,60068,100Residential and Commercial2027100%58,00011.Nos.18-20 Sze Shan Street,Yau Tong#41,700304,000Residential and Commercial202850%276,000Total136,700966,200629,000#The Group has been engaged as the asset manager for the projects.The Group is always exploring different chan

105、nels to expand its land bank as and when suitable opportunities arise.Apart from its engagement in public tenders,the Group also pursues old building acquisitions to secure stable land resources for future development.21Property InvestmentAs at 31 March 2025,the Groups portfolio of wholly-owned inve

106、stment properties comprised commercial units located in Hong Kong with a total carrying value of approximately HK$39.0 million(31 March 2024:approximately HK$71.0 million).As at 31 March 2025,the Groups investment properties portfolio,including joint ventures,had a total asset value of not less than

107、 HK$6.4 billion.The table below shows the details of investment properties portfolio:PropertyApproximate saleable area/leasing unitInterest attributable to the GroupApproximate occupancy rate1.The Parkside#35,300 sq.ft.50%82%2.Lake Silver#31,400 sq.ft.50%100%3.Shop in Cheung Sha Wan Road2,400 sq.ft.

108、100%100%4.2 Shops in Electric Road600 sq.ft.100%100%5.Parkville#7,000 sq.ft.70%100%6.Jumbo Court#509 car parking spaces50%100%7.Sunny House#1,424 beds35%97%The name was rebranded from“Pentahotel Hong Kong,Kowloon”to“Sunny House”during the 2024 Financial Year.The renovation of the property was comple

109、ted during the 2025 Financial Year.#The Group has been engaged as the asset manager for the projects.22The Groups portfolio of investment properties comprises 2 wholly-owned commercial properties and 5 projects in partnership with global private equity funds,including Kohlberg Kravis Roberts&Co.L.P.

110、and Angelo,Gordon&Co.,L.P.(“AG”),as well as individual investors with holding stakes ranging from 35%to 70%.As at the date of this announcement,the overall occupancy rate of the Groups investment properties was approximately 97%,including the recently launched Sunny House,which commenced operations

111、in the third quarter of 2024.During the 2025 Financial Year,the joint venture of the Group entered into the sale and purchase agreements with several independent investors to dispose of eight shops on the ground floor of Parkville,for an aggregate consideration of approximately HK$168.5 million.Subs

112、equent to the 2025 Financial Year,the joint venture of the Group further entered into a sale and purchase agreement with an independent investor to dispose of two shops on the first floor for an aggregate consideration of approximately HK$60.0 million.A loss of approximately HK$99.8 million has been

113、 recognised from these disposals through“Share of profits and losses of joint ventures”.On 20 June 2025,the Group entered into a preliminary sale and purchase agreement with an independent purchaser to dispose of Shop in Cheung Sha Wan Road at a consideration of HK$23.3 million.A loss of approximate

114、ly HK$2.2 million is expected to be recognised from the disposal.Asset ManagementThe Group has established joint ventures with various strategic partners for both residential developments and commercial investments.By leveraging the resources and networks in the Hong Kong market,the Group also manag

115、es the assets on behalf of its capital partners.As the asset manager of the invested assets,the Group earns fee incomes,including asset management fees,acquisition fees,development fees and leasing fees,as well as promote fees upon achieving or exceeding certain target internal rates of return and a

116、fter the Groups joint venture partners have received their targeted capital returns.For further details of the residential and commercial properties of which the Group serves as asset manager,please refer to the above sections of“Property Development”and“Property Investment”.23Student AccommodationI

117、n December 2022,the Group formed a new joint venture with AG for the acquisition and operation of a property located at No.19 Luk Hop Street,Kowloon,Hong Kong,including the hotel building erected thereon formerly known as“Pentahotel Hong Kong,Kowloon”.The property has been rebranded as“Sunny House”a

118、nd redeveloped into student accommodation following the completion of renovations in the third quarter of 2024.A total of 720 rooms offering 1,424 beds are now available to the market.As at the date of this announcement,the property is fully operational with an occupancy rate exceeding 97%.The major

119、ity of tenants of“Sunny House”are students from Mainland China and the Asia-Pacific region,studying at more than 20 colleges across Hong Kong.In June 2025,the Group entered into an agreement to dispose of its 20%equity interest in Fortune Harbour Investments Limited and Mega Hope Global Limited,whic

120、h hold and operate Sunny House,to AG at a consideration of approximately HK$87.2 million.In light of the successful collaboration on the Sunny House between AG and the Group,and to further collaborate in potential projects,AG and the Group have entered into a framework agreement to establish new joi

121、nt ventures to collaborate on the target business.The total investment commitments of AG and the Group in the joint ventures shall be in an aggregate amount of US$100.0 million and US$18.0 million,respectively.Further details were set out in the joint announcement dated 12 June 2025.By leveraging th

122、e Groups expertise in asset management and further expansion of the expertise to student accommodation sector,the Group aims to secure stable asset management income and explore strategic expansion opportunities for additional recurring income.Property ManagementThe Group started the property manage

123、ment business in 2017.As at the date of this announcement,the Group manages 8 projects.The pricing model of the management fee charged by the Group is based by reference to a proportion of the total annual expenses incurred by respective buildings,providing a fair and transparent pricing structure.I

124、n the near future,the Group anticipates an expansion in the property management business due to an increase in the delivery of residential projects.The Group will continue to invest in a professional property management team and advanced management technology to deliver high-quality services and mee

125、t customer demands.24LIQUIDITY AND FINANCIAL RESOURCESAs at 31 March 2025,the Groups total assets less current liabilities were approximately HK$6,249.8 million(31 March 2024:approximately HK$6,014.3 million)and the current ratio was approximately 3.2 times(31 March 2024:approximately 1.4 times).As

126、at 31 March 2025,the Group had cash and bank balances of approximately HK$354.3 million(31 March 2024:approximately HK$722.7 million).Aggregate bank borrowings as at 31 March 2025 amounted to approximately HK$2,945.6 million(31 March 2024:approximately HK$3,988.7 million).As at 31 March 2025,the gea

127、ring ratio was approximately 74.5%(31 March 2024:approximately 73.4%),calculated by reference to the Groups total bank borrowings net of cash and bank balances and the equity attributable to owners of the parent.As at 31 March 2025,the Groups property,plant and equipment,investment properties,proper

128、ties under development and properties held for sale,with carrying value of approximately HK$71.6 million,HK$39.0 million,HK$1,298.7 million and HK$1,484.7 million,respectively(31 March 2024:approximately HK$74.9 million,HK$71.0 million,HK$2,168.7 million and HK$1,659.7 million respectively)were pled

129、ged to secure the Groups general banking facilities.The Groups capital commitment as at 31 March 2025 amounted to approximately HK$1,308.4 million(31 March 2024:approximately HK$1,573.5 million).In addition,the Groups share of joint ventures own capital commitments amounted to approximately HK$409.0

130、 million(31 March 2024:approximately HK$548.3 million).The Group has given guarantee to banks in connection with facilities granted to two joint ventures up to approximately HK$425.0 million(31 March 2024:two joint ventures up to approximately HK$370.4 million)and were utilized to the extent of appr

131、oximately HK$381.6 million as at 31 March 2025(31 March 2024:approximately HK$301.3 million).Save as disclosed in this announcement,the Group had no significant contingent liabilities as at the end of the 2025 Financial Year.The Group strengthens and improves its risk control on a continual basis an

132、d adopts a prudent approach in its financial management.Financial resources are under close monitoring to ensure the Groups smooth operation,as well as flexibility to respond to market opportunities and uncertainties.The management of the Group is of the opinion that the Groups existing financial st

133、ructure and resources are healthy and sufficient for the Groups needs in the foreseeable future.25DEBT PROFILE AND FINANCIAL PLANNINGAs at 31 March 2025,interest-bearing debt profile of the Group was analyzed as follows:31 March 202531 March 2024HK$000HK$000Bank loans repayable:Within one year or on

134、 demand496,1703,100,477In the second year920,63046,380In the third to fifth year,inclusive1,528,772841,837Subtotal2,945,5723,988,694Other loans repayable:Within one year or on demand144,53549,280In the second year359,330456,830In the third to fifth year,inclusive220,000Subtotal503,865726,110Total3,4

135、49,4374,714,804Approximately 67.6%(31 March 2024:approximately 85.7%)of bank and other loans was at floating interest rate and the remaining 32.4%(31 March 2024:approximately 14.3%)were at fixed rates.The effective interest rate for those bank and other loans with floating interest rates was approxi

136、mately 6.0%(31 March 2024:approximately 6.6%)per annum,while the effective interest rate for certain bank and other loans bear interest at fixed interest rates was approximately 10.4%(31 March 2024:approximately 11.3%)per annum as at 31 March 2025.Overall effective interest rate for all bank and oth

137、er loans was approximately 7.4%(31 March 2024:approximately 7.0%)as at 31 March 2025.26TREASURY POLICYThe primary objective of the Groups treasury policy is to ensure sufficient cash flow to meet operational needs,including construction costs,land purchases and operational expenses.Internally genera

138、ted cash flow and interest-bearing bank borrowings are the general source of funds to finance the operation of the Group.The Group regularly reviews its major funding positions to ensure that it has adequate financial resources in meeting its financial obligations.FOREIGN EXCHANGEThe management of t

139、he Group is of the opinion that the Group has no material foreign exchange exposure.Majority of bank and other borrowings are denominated in Hong Kong dollars.Additionally,the Groups revenue,primarily in Hong Kong dollars,aligns with the Groups operational expense currency requirements.Consequently,

140、the Group has not engaged in any hedging activities related to foreign exchange exposure during the 2025 Financial Year.SIGNIFICANT INVESTMENTS HELD,MATERIAL ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES,ASSOCIATES AND JOINT VENTURES AND FUTURE PLANS FOR MATERIAL INVESTMENTS OR CAPITAL ASSETSSave as di

141、sclosed above,during the 2025 Financial Year,the Group did not have any other significant investments held,material acquisitions and disposals of subsidiaries,associates and joint ventures and future plans for material investments or capital assets.EMPLOYEES AND REMUNERATION POLICIESAs at 31 March 2

142、025,the Group had 141(31 March 2024:145)employees in Hong Kong.The Group remunerates its employees mainly based on the performance,skills,qualifications and experience of the employee and the prevailing industry practices.In addition to salaries,we provide discretionary bonuses based on individual a

143、nd business performance,along with medical insurance coverage and a comprehensive range of leave entitlements.The Group also provides a defined contribution to the Mandatory Provident Fund as required under the Mandatory Provident Fund Schemes Ordinance(Chapter 485 of the Laws of Hong Kong)for our e

144、ligible employees in Hong Kong.27The Company operates a share option scheme(the“Share Option Scheme”)for the purpose of providing incentives and rewards to eligible participants who contribute to the success of the Group.Share options may be granted to any director or proposed director(whether execu

145、tive or non-executive,including independent non-executive director),employee or proposed employee(whether full-time or part-time),secondee,any holder of securities issued by any member of the Group,any person or entity that provides research,development or other technology support or advisory,consul

146、tancy,professional or other services to any member of the Group or any substantial shareholder or company controlled by a substantial shareholder,or any company controlled by one or more persons belonging to any of the above classes of participants.The Share Option Scheme became effective on 9 Augus

147、t 2016 and,unless otherwise terminated earlier by shareholders in a general meeting,will remain in force for a period of 10 years from that date.No share option has been granted since the adoption of the Share Option Scheme.PROSPECTSIn 2025,the high level of unsold residential properties in Hong Kon

148、g presented a significant challenge that we,as property developers,must confront.In addition,the ongoing trade conflict between China and the United States has had a profound impact on the global economy,and as a key financial and trade center,Hong Kongs real estate market has not been immune to the

149、se effects.This has resulted in increased uncertainty for buyers of both residential and commercial properties.The real estate market is highly sensitive to external factors,and the ongoing uncertainty surrounding global economic recovery means that fluctuations in international financial markets ca

150、n directly influence Hong Kongs property landscape.Buyers tend to seek stability before making substantial investment decisions,which has contributed to the current surplus of unsold properties.28To address these challenges,we are intensifying our efforts to accelerate the sale of both residential a

151、nd commercial projects in the coming financial year,while adhering to a careful risk management plan.We will closely monitor market changes and adjust our pricing and marketing strategies as necessary.From a financial perspective,deleveraging is one of our key focuses in 2025.We aim to reduce our de

152、bt burden by refinancing high-cost loans with lower-cost alternatives,thereby alleviating the companys interest burden.Additionally,we will enhance our cash flow management to ensure sufficient liquidity for upcoming projects.This includes implementing more rigorous cash flow forecasting and budgeti

153、ng processes,allowing us to better anticipate our financial needs and allocate resources effectively.We will also explore opportunities to optimize our working capital by streamlining operations and reducing unnecessary expenditures.By maintaining a robust cash reserve,we can respond swiftly to mark

154、et opportunities and challenges,ensuring that we are well-positioned to invest in future developments and sustain our growth despite the current market uncertainties.Looking ahead to the next financial year,we remain committed to our long-term goals.We will continue to pursue sustainable growth,whet

155、her by expanding our property holdings,exploring new business models,or improving service quality.Although the market can be complicated,we are confident in our ability to handle these challenges and create value for our shareholders and stakeholders.SUSTAINABILITYDuring the 2025 Financial Year,the

156、Group attained 5-star rating,the highest rating,under the Development Benchmark in the 2024 Global Real Estate Sustainability Benchmark(“GRESB”)assessment.This accomplishment reflects the Groups commitment to sustainability and excellence in real estate development.This recognition is a testament to

157、 the Groups ongoing efforts to integrate sustainable practices into its development projects,aligning with global trends towards a more resilient and low-carbon future.29The Group had in place bank facilities in the respective amounts of approximately HK$4.4 billion and HK$1.2 billion as at 31 March

158、 2025 which were sustainability-linked loan(“SLL”)and green loan(“Green Loan”).This SLL was directly tethered to the Groups 5-Year ESG roadmap,which included its commitment to achieve outstanding results in GRESB assessment.This Green Loan was in alignment with the Green Loan principles(“GLP”)issued

159、 by the Asia Pacific Loan Market Association Limited in May 2020,as updated in February 2023.The GLP seeks to support borrowers in financing environmentally sound and sustainable projects that foster a net-zero emissions economy,protect and restore the environment,facilitate adaptation to climate ch

160、ange,and/or provide other environmental benefits.The Group is also committed to engaging its tenants in developing green leases.EVENTS AFTER THE REPORTING PERIODOn 12 June 2025,Wickert Investments Limited and Ever Sonic Enterprises Limited,both of which are wholly-owned subsidiaries of the Company,e

161、ntered into agreements to dispose of each of 20%equity interest of Fortune Harbour Investments Limited and Mega Hope Global Limited,which holds and operates Sunny House,to ADPF Holding(BVI)L.P.and ADPF Investment(BVI)L.P.,both of which are indirectly managed by Angelo,Gordon&Co.,L.P.(“AG”),respectiv

162、ely at a total consideration of approximately HK$87.2 million.In light of the successful business collaboration on the Sunny House project between the AG group and the Group,and to further collaborate in potential projects,ADPF Member(BVI)L.P.,indirectly managed by AG,and Prime Resonance Limited,a w

163、holly-owned subsidiary of the Company,entered into a framework agreement and agreed to establish new joint ventures to collaborate on the target business.The total investment commitment of the AG group and the Group in the joint ventures shall be in an aggregate amount of US$100.0 million and US$18.

164、0 million,respectively.Further details were set out in the joint announcement of the Company and WOG dated 12 June 2025.On 20 June 2025,City Concord Limited,an indirect wholly-owned subsidiary of the Company,entered into a preliminary sale and purchase agreement with an independent third party for t

165、he disposal of an investment property in Hong Kong at a consideration of approximately HK$23.3 million.The transaction is expected to be completed in October 2025.Further details were set out in the announcement of WOG dated 20 June 2025.30PURCHASE,SALE OR REDEMPTION OF LISTED SECURITIES OF THE COMP

166、ANYNeither the Company nor any of its subsidiaries purchased,sold or redeemed any of the Companys listed securities(including sale of treasury share)during the year under review.The Company and its subsidiaries did not hold any treasury shares as at 31 March 2025.CORPORATE SOCIAL RESPONSIBILITYThe G

167、roup acknowledges its corporate social responsibility in relation to the Groups environmental,social and governance(the“ESG”)strategy and reporting.The Group is responsible for overseeing ESG risk management and maintain effective internal control systems to ensure compliance with the ESG strategies

168、 and reporting requirements.Detailed information on the Groups ESG performance is set out in the“2025 Environmental,Social and Governance Report”,which will be made available on the websites of the Company()and the Stock Exchange(www.hkexnews.hk)in due course.COMPLIANCE WITH THE CORPORATE GOVERNANCE

169、 CODEThe Company recognises the importance of corporate governance and is committed to maintaining a high standard of corporate governance within a sensible framework with a strong emphasis on transparency,accountability,integrity and independence.The Board believes that good corporate governance pr

170、actices are fundamental to the success of the Company,enhancing both its operational effectiveness and corporate reputation.The Company has applied the principles and complied with all applicable code provisions of the Corporate Governance Code(the“CG Code”)set out in Appendix C1 to the Rules Govern

171、ing the Listing of Securities(the“Listing Rules”)on the Stock Exchange throughout the year ended 31 March 2025,save as below:Following the resignation of the former non-executive chairman on 8 February 2021,the Company has been actively seeking suitable candidate to fill the vacancy.However,the sear

172、ch has not yet been successful.As at the date of this announcement,no chairman has been appointed and the Company will continue its search and will make announcement in accordance with the Listing Rules as appropriate.31During the year ended 31 March 2025,the substantive corporate governance functio

173、ns of the chairman of the Board under the applicable provisions of the CG Code were performed by the Companys chief executive officer and executive Director,Mr.Tang Ho Hong,this arrangement constitutes a deviation from Code C.2.1 of the CG Code.SECURITIES TRANSACTIONS BY DIRECTORSThe Company has ado

174、pted the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”),as amended from time to time and set out in Appendix C3 to the Listing Rules as its own code of conduct governing securities transactions by the Directors.Having made specific enquiries,all Directors have

175、 confirmed that they have complied with the required standards set out in the Model Code throughout the year under review.No incident of non-compliance by the Directors was identified by the Company during the year under review.No incident of non-compliance by the Directors was noted by the Company

176、during the year under review.AUDIT COMMITTEEAs at the date of this announcement,the audit committee of the Company(the“Audit Committee”)comprises three independent non-executive Directors,namely Mr.Li Wing Sum Steven(chairman of the Audit Committee),Mr.Sung Tze Wah,and Dr.Chan Ho Wah Terence.During

177、the year ended 31 March 2025,the Audit Committee held two regular meetings with management and the external auditor.The Audit Committee reviewed and considered,among other things,the accounting principles and practices adopted by the Group,the financial reporting matters(including the review of inte

178、rim and final results),the audit plan,the statutory compliance,internal controls and risk management and the adequacy of resources,qualifications and experience of staff of the Companys accounting and financial reporting function as well as their training programmes and budget.The Audit Committee ha

179、s reviewed with management and the independent auditor the accounting principles and practices adopted by the Group and has reviewed the consolidated financial statements for the year ended 31 March 2025.32SCOPE OF WORK OF ERNST&YOUNGThe figures in respect of the Groups consolidated statement of fin

180、ancial position,consolidated statement of profit or loss and other comprehensive income and the related notes for the year ended 31 March 2025,as disclosed in this announcement,have been agreed by the Companys independent auditor,Ernst&Young,to the amounts set out in the Groups draft consolidated fi

181、nancial statements for the year.The work performed by Ernst&Young in this respect do not constitute an assurance engagement and consequently no opinion or assurance conclusion has been expressed by Ernst&Young on this announcement.ANNUAL GENERAL MEETINGThe 2025 annual general meeting of the Company

182、will be held at Garden Room AD,2/F,New World Millennium Hong Kong Hotel,72 Mody Road,Tsim Sha Tsui East,Kowloon,Hong Kong on Tuesday,19 August 2025 at 10:00 a.m.and the notice convening such meeting will be published and despatched to the shareholders of the Company in the manner as required by the

183、Listing Rules in due course.CLOSURE OF REGISTER OF MEMBERSThe register of members of the Company will be closed from Thursday,14 August 2025 to Tuesday,19 August 2025,both days inclusive,during which period no transfers of share(s)will be registered for the purpose of determining eligibility to atte

184、nd and vote at the annual general meeting of the Company.To qualify to attend and vote at the annual general meeting of the Company to be held on 19 August 2025,all transfers of share(s),accompanied by the relevant share certificate(s)and duly completed transfer form(s),either overleaf or separately

185、,must be lodged with the branch share registrar and transfer office of the Company in Hong Kong,Tricor Investor Services Limited,at 17/F,Far East Finance Centre,16 Harcourt Road,Hong Kong,for registration not later than 4:30 p.m.on Wednesday,13 August 2025.33PUBLICATION OF FINAL RESULTS AND DESPATCH

186、 OF ANNUAL REPORTThis final results announcement is published on the websites of the Company ()and the Stock Exchange(www.hkexnews.hk).The 2025 annual report,containing all information required under the Listing Rules,will be despatched to the Companys shareholders and made available on the above we

187、bsites in due course.By Order of the BoardWANG ON PROPERTIES LIMITED宏安地產有限公司Tang Ho HongExecutive Director and Chief Executive OfficerHong Kong,30 June 2025As at the date of this announcement,the Board comprises Mr.Tang Ho Hong,Ms.Ching Tak Won Teresa and Mr.Yiu Chi Man as executive Directors;and Mr.Li Wing Sum Steven,Mr.Sung Tze Wah and Dr.Chan Ho Wah Terence as independent non-executive Directors.