595,087,758 shares, representing 98.51% of the issued share capital, were issued to Greenland Financial Overseas Investment Group Co.,Ltd. at the issue price of HK $0.26 and the net proceeds were HK $154,722,817
The Company focuses on municipal and urban landscape projects, offering customers 'one-stop' service solutions including investment and financing, planning and design, project construction and commercial operation. The Group generally acts as the general contractor, responsible for the overall management of landscape projects. The Group mainly provides landscape design, construction and maintenance services to customers.
We draw attention to Note 3 to the consolidated financial statements, which indicates that the Group incurred a net loss of approximately RMB142,203,000 for the year ended 31 December 2025. As of 31 December 2025, the Group’s current liabilities exceeded its current assets by approximately RMB793,113,000. The Group's total interest-bearing bank and other borrowings amounted to approximately RMB563,710,000, of which approximately RMB341,449,000 will be due for repayment within the next twelve months, and interest-bearing bank and other borrowings of approximately RMB115,918,000 were in default during the year due to overdue payments of principal and/or interest, while the Group’s unrestricted cash and cash equivalents were only approximately RMB13,205,000. These events and conditions, along with other matters as set forth in Note 3, indicate that a material uncertainty exists that may cast significant doubt on the Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Shareholders and related parties have undertaken not to demand repayment from the Group for borrowings and other payables due on 31 December 2025 until the Group is able to meet all its other obligations.
The directors have reviewed the cash flow forecast prepared by management, which covers a period of not less than twelve months from 31 December 2025. Taking into account the above plans and measures, the Group will have sufficient working capital to finance its operations and meet its financial obligations as they fall due within twelve months from 31 December 2025. Accordingly, the directors are satisfied that it is appropriate to prepare the consolidated financial statements on a going concern basis.
