Asia Resources : Interim Report 2016/2017

Asia Resources Holdings Limited‌‌‌‌‌‌

亞洲資源控股有限公司

(Stock Code : 899)

INTERIM REPORT

2016/17

CONTENTS

Corporate information 2

Management discussion and analysis 3

Other information 14

Condensed consolidated statement of profit or loss and

other comprehensive income 22

Condensed consolidated statement of financial position 24

Condensed consolidated statement of changes in equity 26

Condensed consolidated statement of cash flows 27

Notes to the condensed consolidated financial statements 29

CORPORATE INFORMATION

BOARD OF DIRECTORS

Mr. Wu Hongquan (Chairman)

Mr. Huang Yilin

Mr. Chan Shi Yin, Keith Ms. Li Yali

Mr. Zhang Zhensheng

Mr. Zhang Xianlin

Mr. Kwok Hong Yee, Jesse Mr. Ng Ping Yiu(Note1)

Mr. Ho Chun Kit, Gregory(Note2)

COMPANY SECRETARY

Mr. Law Ho Ming

AUDIT COMMITTEE

Mr. Ng Ping Yiu(Note 1) (Chairman)

Mr. Zhang Xianlin

Mr. Kwok Hong Yee, Jesse

Mr. Ho Chun Kit, Gregory(Note2)

REMUNERATION COMMITTEE

Mr. Zhang Xianlin (Chairman) Mr. Kwok Hong Yee, Jesse Mr. Chan Shi Yin, Keith

Mr. Ng Ping Yiu(Note1)

Mr. Ho Chun Kit, Gregory(Note2)

NOMINATION COMMITTEE

Mr. Kwok Hong Yee, Jesse (Chairman)

Mr. Zhang Xianlin

Mr. Chan Shi Yin, Keith Mr. Ng Ping Yiu(Note1)

Mr. Ho Chun Kit, Gregory(Note2)

AUDITORS

HLB Hodgson Impey Cheng Limited Certified Public Accountants

31/F, Gloucester Tower The Landmark

11 Pedder Street, Central, Hong Kong

PRINCIPAL BANKERS

Bank of China (Hong Kong) Limited Bank of Communications Co., Ltd.

Hong Kong Branch

China Minsheng Banking Corp. Ltd. Industrial and Commercial Bank of

China (Asia) Limited

REGISTERED OFFICE

Clarendon House, 2 Church Street Hamilton HM11, Bermuda

PRINCIPAL PLACE OF BUSINESS IN HONG KONG

Unit 4312, 43/F, COSCO Tower 183 Queen's Road Central Hong Kong

REGISTRARS (IN BERMUDA)

Codan Services Limited

Clarendon House, 2 Church Street Hamilton HM11, Bermuda

REGISTRARS (IN HONG KONG)

Tricor Secretaries Limited Level 22, Hopewell Centre 183 Queen's Road East Hong Kong

WEBSITE

http://www.asiaresources899.com

STOCK CODE

899

Note 1: Appointed on 1 October 2016

Note 2: Resigned with effect from 1 October 2016

2 Asia Resources Holdings Limited

MANAGEMENT DISCUSSION AND ANALYSIS

BUSINESS REVIEW AND PROSPECT

For the six months ended 30 September 2016, the consolidated revenue, net, of the Group was approximately HK$3,734,000 (2015: HK$504,000). It was mainly contributed from the investing and financing business.

Correspondingly, the gross profit of the Group for the six months ended 30 September 2016 increased to approximately HK$3,734,000 (2015: HK$404,000). Gross profit margin is approximately 100% as compared to 80% the same period last year.

Thus, overall speaking, the net loss attributable to owners of the Company, amounted to approximately HK$63,440,000 for the six months ended 30 September 2016 (2015: net loss of approximately HK$10,649,000). The increase in loss was mainly due to the gain on disposal of subsidiaries of approximately HK$56,505,000 was recorded in 2015.

Basic and diluted loss per share for the six months ended 30 September 2016 was HK$0.012 (six months ended 30 September 2015: basic and diluted loss per share of HK0.003)

PROPERTY BUSINESS

It is the strategy of the Group to diversify its businesses into the real estate sector in the PRC. In line with this strategy, the Group acquires the properties both for investment and development.

Dalian Properties

Since completion of the acquisition of Dalian Properties on 13 June 2014 through our wholly owned China subsidiary, Dalian Chuanghe Landmark Co. Ltd.* (大連創和置 地有限公司) ("Dalian Chuanghe"), which continues engaging in the development of

urban land for residential purpose in the real estate sector and as planned to develop 55 buildings on the said land with 21 buildings in the first phase ("Phase l") and 34 buildings in the second phase ("Phase ll").

Interim Report 2016/2017 3