Placing 118,502,535 shares, representing approximately 20% of the total number of shares outstanding, to one or more allowees at the issue price of HK $0.209 and net proceeds of approximately HK $24.0 million. Placing agent: Gaoyu Securities Limited
Procurement Services and Other Information Technology Services – Provision of procurement services, software development and maintenance services to government authorities and private enterprises, procurement of goods for general contracting projects and provision of general contracting services for engineering projects· Trading Business – Trading of general merchandise· Rental Income – Leasing of the Group’s investment properties located in Wuhan, Hubei Province, the PRC to generate rental income· Energy Management Contracting Business – Provision of energy management contracting services within the Mainland China and supply of energy-saving solutions in response to the carbon peaking and carbon neutrality (“dual carbon”) policies
The Group has limited cash and bank balances on hand, its short-term bank borrowings and amounts due to related parties will fall due shortly, and sufficient new financing facilities have not yet been secured. These matters indicate the existence of multiple material uncertainties that may cast significant doubt on the Group’s ability to continue as a going concern.
During the year ended 31 March 2025, the Group failed to repay bank borrowings of approximately HK$27,460,000 and other borrowings of HK$13,596,000 when due. Relevant creditors have instituted legal proceedings against the Group, and substantially all of the Group’s investment properties have been provisionally seized by relevant courts in the People’s Republic of China. As at the end of the reporting period, total bank and other borrowings of HK$108,502,000 were repayable on demand. All of the Group’s property, plant and equipment, investment properties and right-of-use assets were pledged as security for the borrowings. The Directors are in ongoing negotiations with creditors to agree repayment arrangements, and are concurrently pursuing new financing facilities and equity injection plans to ease repayment pressure.
