Cover
Cover | 12 Months Ended |
Dec. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-34944 |
Entity Registrant Name | Antelope Enterprise Holdings Limited |
Entity Central Index Key | 0001470683 |
Entity Incorporation, State or Country Code | D8 |
Entity Address, Address Line One | Room 1802 |
Entity Address, Address Line Two | Block D, Zhonghai International Center |
Entity Address, Address Line Three | Hi-Tech Zone |
Entity Address, City or Town | Chengdu |
Entity Address, Country | CN |
Title of 12(b) Security | Class A Ordinary Shares |
Trading Symbol | AEHL |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 8,055,188 |
Auditor Name | Centurion ZD CPA & Co. |
Auditor Location | Hong Kong, China |
Auditor Firm ID | 2769 |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | Room 1802 |
Entity Address, Address Line Two | Block D, Zhonghai International Center |
Entity Address, Address Line Three | Hi-Tech Zone |
Entity Address, City or Town | Chengdu |
Entity Address, Country | CN |
City Area Code | +86 |
Local Phone Number | (28) 8532 4355 |
Contact Personnel Name | Weilai (Will) Zhang |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit or loss [abstract] | |||
Net sales | ¥ 286,347 | ¥ 71,527 | |
Cost of goods sold | 258,431 | 65,493 | |
Gross profit (loss) | 27,916 | 6,034 | |
Other income | 2,966 | 32 | 7,400 |
Fair value unrealized gain of unlisted financial assets | 130 | ||
Selling and distribution expenses | (16,380) | (24) | |
Administrative expenses | (22,757) | (15,975) | (7,551) |
Bad debt Reversal (expense) | 2,751 | (10,148) | |
Finance costs | (25) | (51) | (75) |
Other expenses | (42) | (34) | |
Loss before taxation | (5,441) | (20,166) | (226) |
Income tax expense | (209) | (217) | (33) |
Net loss for the year from continuing operations | (5,650) | (20,383) | (259) |
Discontinued operations | |||
Loss for the year from discontinued operations | (47,994) | (69,675) | (192,836) |
Net loss for the year | (53,644) | (90,058) | (193,095) |
Net loss attributable to : | |||
Equity holders of the Company | (57,918) | (88,752) | (193,095) |
Non-controlling interest | 4,274 | (1,306) | |
Net loss attributable to the equity holders of the Company arise from: | |||
Continuing operations | (9,924) | (19,077) | (259) |
Discontinued operations | (47,994) | (69,675) | (192,836) |
Other comprehensive loss | |||
Exchange differences on translation of financial statements of foreign operations | 198 | 585 | 371 |
Total comprehensive loss for the year | (53,446) | (89,473) | (192,724) |
Total comprehensive loss attributable to: | |||
Equity holders of the Company | (57,720) | (88,167) | (192,724) |
Non-controlling interest | 4,274 | (1,306) | |
Total comprehensive loss attributable to the equity holders of the Company arise from: | |||
Continuing operations | (5,452) | (19,798) | 112 |
Discontinued operations | ¥ (47,994) | ¥ (69,675) | ¥ (192,836) |
Basic (RMB) | |||
— from continuing operations | ¥ (1.19) | ¥ (3.71) | ¥ (0.09) |
— from discontinued operations | (5.73) | (13.54) | (65.58) |
Diluted (RMB) | |||
— from continuing operations | (1.19) | (3.71) | (0.09) |
— from discontinued operations | ¥ (5.73) | ¥ (13.54) | ¥ (65.58) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
NONCURRENT ASSETS | ||||
Property and equipment, net | ¥ 1,006,000 | ¥ 1,250,000 | ||
Intangible assets, net | 6,000 | |||
Right-of-use assets, net | 469,000 | 44,288,000 | ||
Total noncurrent assets | 1,481,000 | 45,538,000 | ||
CURRENT ASSETS | ||||
Inventories, net | 31,589,000 | |||
Trade receivables, net | 51,416,000 | |||
VAT receivables | 142,000 | 663,000 | ||
Other receivables and prepayments | 19,180,000 | 20,781,000 | ||
Financial assets | 8,523,000 | |||
Restricted cash | 2,069,000 | |||
Cash and bank balances | 3,936,000 | 27,880,000 | ||
Total current assets | 33,850,000 | 132,329,000 | ||
Assets classified as held for sale | 74,675,000 | |||
Total assets | 110,006,000 | 177,867,000 | ||
CURRENT LIABILITIES | ||||
Trade payables | 3,079,000 | 6,290,000 | ||
Accrued liabilities and other payables | 799,000 | 22,381,000 | ||
Unearned revenue | 15,545,000 | |||
Amounts owed to related parties | 1,291,000 | 36,348,000 | ||
Lease liabilities | 328,000 | 13,404,000 | ||
Taxes payable | 582,000 | 1,018,000 | ||
Total current liabilities | 6,079,000 | 94,986,000 | ||
NET CURRENT ASSETS | 27,771,000 | 37,343,000 | ||
NONCURRENT LIABILITIES | ||||
Lease liabilities | 157,000 | 33,325,000 | ||
Note payable | 8,775,000 | |||
Total noncurrent liabilities | 8,932,000 | 33,325,000 | ||
Liabilities directly associated with assets classified as held for sale | 88,530,000 | |||
Total liabilities | 103,541,000 | 128,311,000 | ||
NET ASSETS | 6,465,000 | 49,556,000 | ||
EQUITY | ||||
Share capital | 1,288,000 | [1] | 943,000 | [2] |
Reserves | (241,000) | 49,919,000 | ||
Non-controlling interest | 5,418,000 | (1,306,000) | ||
Total equity | ¥ 6,465,000 | ¥ 49,556,000 | ||
[1]Equivalent to US$ 193,000 143,000 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CNY (¥) ¥ in Thousands | Issued capital [member] | Share premium [member] | Reverse Recapitalization Reserve [Member] | Merger reserve [member] | Reserve of share-based payments [member] | Statutory reserve [member] | Capital reserve [member] | Retained earnings [member] | Reserve of exchange differences on translation [member] | Equity attributable to owners of parent [member] | Non-controlling interests [member] | Total |
Balance at Dec. 31, 2019 | ¥ 397 | ¥ 701,944 | ¥ (507,235) | ¥ 58,989 | ¥ 125,042 | ¥ 135,343 | ¥ 61,266 | ¥ (300,973) | ¥ (1,880) | ¥ 272,893 | ¥ 272,893 | |
IfrsStatementLineItems [Line Items] | ||||||||||||
Net income (loss) for the year | (193,095) | (193,095) | (193,095) | |||||||||
Exchange difference on transaction of financial statements of foreign operations | 371 | 371 | 371 | |||||||||
Total comprehensive loss for the year | (193,095) | 371 | (192,724) | (192,724) | ||||||||
Issuance of new shares for equity financing | 181 | 15,864 | 16,045 | 16,045 | ||||||||
Equity compensation - employee share-based compensation | 13 | 1,122 | 1,135 | 1,135 | ||||||||
Transfer to statutory reserves | ||||||||||||
Balance at Dec. 31, 2020 | 591 | 717,808 | (507,235) | 58,989 | 126,164 | 135,343 | 61,266 | (494,068) | (1,509) | 97,349 | 97,349 | |
IfrsStatementLineItems [Line Items] | ||||||||||||
Net income (loss) for the year | (88,752) | (88,752) | (1,306) | (90,058) | ||||||||
Exchange difference on transaction of financial statements of foreign operations | 585 | 585 | 585 | |||||||||
Total comprehensive loss for the year | (88,752) | 585 | (88,167) | (1,306) | (89,473) | |||||||
Issuance of new shares for equity financing | 230 | 29,357 | 29,587 | 29,587 | ||||||||
Equity compensation - employee share-based compensation | 17 | 1,818 | 1,835 | 1,835 | ||||||||
Transfer to statutory reserves | ||||||||||||
Warrants exercised | 105 | 10,153 | 10,258 | 10,258 | ||||||||
Balance at Dec. 31, 2021 | 943 | 757,318 | (507,235) | 58,989 | 127,982 | 135,343 | 61,266 | (582,820) | (924) | 50,862 | (1,306) | 49,556 |
IfrsStatementLineItems [Line Items] | ||||||||||||
Net income (loss) for the year | (57,918) | (57,918) | 4,274 | (53,644) | ||||||||
Exchange difference on transaction of financial statements of foreign operations | 198 | 198 | 198 | |||||||||
Total comprehensive loss for the year | (57,918) | 198 | (57,720) | 4,274 | (53,446) | |||||||
Issuance of new shares for equity financing | 276 | 5,449 | 5,725 | 5,725 | ||||||||
Equity compensation - employee share-based compensation | 69 | 2,111 | 2,180 | 2,180 | ||||||||
Transfer to statutory reserves | ||||||||||||
Capital contribution | 2,450 | 2,450 | ||||||||||
Balance at Dec. 31, 2022 | ¥ 1,288 | ¥ 762,767 | ¥ (507,235) | ¥ 58,989 | ¥ 130,093 | ¥ 135,343 | ¥ 61,266 | ¥ (640,738) | ¥ (726) | ¥ 1,047 | ¥ 5,418 | ¥ 6,465 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Loss before taxation | ¥ (5,441,000) | ¥ (20,166,000) | ¥ (226,000) |
Adjustments for | |||
Operating lease charge | 484,000 | 1,266,000 | 536,000 |
Depreciation of property, plant and equipment | 255,000 | 84,000 | |
Fair value gain on unlisted financial assets | (130,000) | ||
Write down of inventories ( reversal of inventory provision) | |||
Bad debt provision of trade receivables (reversal of bad debt ) | (2,751,000) | 10,148,000 | |
Share based compensation | 2,180,000 | 1,835,000 | 1,135,000 |
Interest expense on lease liability | 25,000 | 51,000 | 73,000 |
Amortization of OID of convertible note | 15,000 | ||
Operating cash flows before working capital changes | (5,363,000) | (6,782,000) | 1,518,000 |
(Decrease)/Increase in trade receivables | 4,292,000 | (5,374,000) | (4,855,000) |
Decrease (Increase) in other receivables and prepayments | (898,000) | (19,936,000) | (812,000) |
Decrease (Increase) in trade payables | 464,000 | 2,602,000 | 14,000 |
Decrease(Increase) in unearned revenue | (15,545,000) | 15,545,000 | (619,000) |
Decrease (Increase) in taxes payable | (958,000) | (163,000) | |
Decrease (Increase) in accrued liabilities and other payables | (2,100,000) | 2,712,000 | 86,000 |
Cash generated from (used in) operations | (20,108,000) | (11,396,000) | (4,668,000) |
Interest paid | |||
Income tax paid | (326,000) | (41,000) | (45,000) |
Net cash generated from operating activities from discontinued operations | 4,982,000 | 3,314,000 | 4,400,000 |
Net cash used in operating activities | (15,452,000) | (8,123,000) | (313,000) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of fixed assets | (22,000) | (1,279,000) | (46,000) |
Acquisition of intangible assets | (6,000) | ||
Increase in unlisted financial assets | (8,393,000) | ||
Increase in restricted cash | (2,069,000) | 2,785,000 | |
Net cash used in investing activities from discontinued operations | |||
Net cash generated from (used in) investing activities | (10,490,000) | (1,279,000) | 2,739,000 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Payment for lease liabilities | (358,000) | (1,144,000) | (705,000) |
Insurance of share capital for equity financing | 5,724,000 | 29,586,000 | 16,045,000 |
Warrants exercised | 10,258,000 | ||
Capital contribution from noncontrolling interest | 2,450,000 | ||
Proceeds from promissory note | 8,759,000 | ||
Advance from related parties | 131,000 | ||
Net cash used in financing activities from discontinued operations | (14,303,000) | (14,303,000) | (14,136,000) |
Net cash generated from financing activities | 2,272,000 | 24,397,000 | 1,335,000 |
NET (DECREASE) INCREASE IN CASH & EQUIVALENTS | (23,670,000) | 14,995,000 | 3,761,000 |
CASH & EQUIVALENTS, BEGINNING OF YEAR | 27,880,000 | 12,344,000 | 8,212,000 |
EFFECT OF FOREIGN EXCHANGE RATE DIFFERENCES | 32,000 | 541,000 | 371,000 |
CASH & EQUIVALENTS, END OF YEAR | 4,242,000 | 27,880,000 | 12,344,000 |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS: | |||
Cash and cash equivalents | 3,936,000 | 27,880,000 | 12,344,000 |
Cash and cash equivalents included in assets classified as held for sale | ¥ 306,000 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
General Information | |
GENERAL INFORMATION | 1. GENERAL INFORMATION Antelope Enterprise Holdings Limited (“Antelope Enterprises” or the “Company”), formerly known as China Ceramics Co., Ltd (“CCCL”), is a British Virgin Islands company operating under the BVI Business Companies Act (2004) with its shares listed on the NASDAQ (“symbol: AEHL”). Its predecessor company, China Holdings Acquisition Corp. (“CHAC”), was incorporated in Delaware on June 22, 2007, and was organized as a blank check company for the purpose of acquiring, through a stock exchange, asset acquisition or other similar business combination, or controlling, through contractual arrangements, an operating business, that has its principal operations in Asia. The Company has no operations and has no assets or liabilities of consequence outside its investments in its operating subsidiaries. The head office of the Company is located at Junbing Industrial Zone, Jinjiang City, Fujian Province, the People’s Republic of China (“PRC”). On November 20, 2009, CHAC merged with and into Antelope Enterprises, its wholly owned British Virgin Islands subsidiary, with Antelope Enterprise surviving the merger (the “Redomestication”). On the same day, pursuant to the terms of a merger and stock purchase agreement dated August 19, 2009 (the “acquisition agreement”), Antelope Enterprise acquired all of the outstanding securities of Success Winner Limited (“Success Winner”) held by Mr. Wong Kung Tok in exchange for US$ 10.00 5,743,320 8,950,171 Prior to the Success Winner Acquisition on November 20, 2009, neither CHAC nor Antelope Enterprises had an operating business. Jinjiang Hengda Ceramics Co., Ltd. (“Hengda”), which became the operating entity of Antelope Enterprise in connection with the Success Winner Acquisition, was established on September 30, 1993 under the laws of PRC with 15 85 Hengda is principally engaged in the manufacture and sale of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings. Hengda’s owners reorganized the corporate structure in 2008 and 2009 (the “Hengda Reorganization” or the “Reorganization”), as follows: Stand Best Creation Limited (“Stand Best”) was established on January 17, 2008 under the laws of Hong Kong with its paid-up share capital being HK$ 1.00 1 100 58,980,000 Success Winner Limited (“Success Winner”) was incorporated in the British Virgin Islands on May 29, 2009 as a limited liability company. Its paid-up and issued capital is US$ 1 1 On June 30, 2009, through a capitalization agreement between Mr. Wong Kung Tok and Stand Best, Stand Best capitalized a shareholder loan due to Mr. Wong Kung Tok in the amount of HK$ 67.9 58.9 9,999 1.00 On the same date, Mr. Wong Kung Tok transferred his ownership of the remaining 1 ordinary share of Stand Best to Success Winner, thus making Success Winner the sole parent company of Stand Best. On January 8, 2010, Hengda completed the acquisition of all voting equity interests of Jiangxi Hengdali Ceramic Materials Co., Ltd. (“Hengdali” or the “Gaoan Facility”), located in Gaoan, Jiangxi Province (the “Hengdali Acquisition”). Hengdali manufactures and sells ceramics tiles used for exterior siding and for interior flooring. In total, Hengda assumed loans of RMB 60.0 185.5 On September 22, 2017, Success Winner incorporated a 100 1 On November 20, 2019, Vast Elite incorporated a 100 On December 3, 2019, Success Winner incorporated a 100 % owned subsidiary Antelope Enterprise (HK) Holdings Limited (“Antelope HK”) in Hong Kong. Antelope HK only serves the purpose of a holding company. On May 5, 2020, Antelope HK incorporated a 100 On August 10, 2021, Antelope HK incorporated a 100 % owned subsidiary Hainan Antelope Holdings Co., Ltd (“Antelope Hainan”) in China. Antelope Hainan is engaged in business management and consulting services. Antelope Hainan does not have any operations as of this report date. On August 11, 2021, Antelope HK incorporated a 100 On August 23, 2021, Antelope Hainan incorporated a 100 On September 9, 2021, Antelope Future incorporated a 100 On September 18, 2021, Antelope Ruicheng incorporated a 51 % owned subsidiary Hainan Kylin Cloud Services Technology Co., Ltd ((“Hainan Kylin”) in China. Hainan Kylin is engaged in the business management and consulting services for livestreaming ecommerce industry. On October 28, 2022, Hainan Kylin incorporated a 100 % owned subsidiary Hangzhou Kylin Cloud Services Technology Co., Ltd (“Hangzhou Kylin”) in China. Hangzhou Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry. On November 2, 2022, Hainan Kylin incorporated a 100 % owned subsidiary Anhui Kylin Cloud Services Technology Co., Ltd (“Anhui Kylin”) in China. Anhui Kylin is engaged in business management and consulting services for the livestreaming ecommerce industry. Since the ceramic tiles manufacturing business of the Company has experienced significant hurdles due to the significant slowdown of the real estate sector and the impacts of COVID-19 in China, the Company plans to divest its ceramic tiles manufacturing business, which is conducted through the Company’s subsidiaries, Stand Best, Hengda and Hengdali (the “Target”). On December 30, 2022, Stand Best and an unaffiliated entity, New Stonehenge Limited, entered into a purchase agreement, pursuant to which, Stand Best agreed to sell 100 5 8.5 5 100 100 On February 21, 2023, the shareholders of the Company approved and adopted an amended and restated memorandum and articles of association (the “Amended M&A”), which changed the authorized issued share capital of the Company from US$ 4,800,000 200,000,000 0.024 250,000,000 200,000,000 50,000,000 50,000,000 977,755 977,755 Antelope Enterprise Holdings Limited and its subsidiaries’ (the “Company”) corporate structure as of December 31, 2022 is as follows: SCHEDULE OF CHINA CERAMICS AND ITS SUBSIDIARIES CORPORATE STRUCTURE Name Place and date of Nominal value of Percentage of Principal Direct Indirect Success Winner Limited British Virgin Islands, May 29, 2009 US$ 1 100 — Investment holding Stand Best Creation Limited Hong Kong, January 17, 2008 HKD 10,000 — 100 Investment holding Jinjiang Hengda Ceramics Co., Ltd. PRC, September 30, 1993 RMB 288,880,000 — 100 Manufacture and sale of ceramic tiles Jiangxi Hengdali Ceramic Materials Co., Ltd. PRC, May 4, 2008 RMB 55,880,000 — 100 Manufacture and sale of ceramic tiles Vast Elite Limited Hong Kong, September 22, 2017 HKD 1 — 100 Trading of building material Chengdu Future Talented Management and Consulting Co, Ltd (note 2) PRC, November 20, 2019 RMB 30,000,000 — 100 Business management and consulting services Antelope Enterprise (HK) Holdings Limited Hong Kong, December 3, 2019 HKD 10,000 — 100 Investment holding Antelope Holdings (Chengdu) Co., Ltd (note 3) PRC, May 9, 2020 USD 10,000,000 — 100 Business management and consulting services Hainan Antelope Holdings Co., Ltd (note 4) PRC, August 10, 2021 USD 10,000,000 — 100 Business management and consulting services Antelope Future (Yangpu) Investment Co., Ltd (note 5) PRC, August 11, 2021 USD 10,000,000 — 100 Business management and consulting services Antelope Investment (Hainan) Co., Ltd (note 6) PRC, August 23, 2021 RMB 50,000,000 — 100 Business management and consulting services Antelope Ruicheng Investment (Hainan) Co., Ltd (note 7) PRC, September 9, 2021 RMB 50,000,000 — 100 Business management and consulting services Hainan Kylin Cloud Services Technology Co., Ltd (note 8) PRC, September 18, 2021 RMB 5,000,000 — 51 Business management and consulting services Hangzhou Kylin Cloud Services Technology Co., Ltd (note 9) PRC, October 28, 2022 RMB 5,000,000 — 51 Business management and consulting services Anhui Kylin Cloud Services Technology Co., Ltd (note 10) PRC, November 2, 2022 RMB 5,000,000 — 51 Business management and consulting services Note: 1. The registered capital of Hengda, Hengdali, Vast Elite and Antelope HK had been fully paid up. 2. Chengdu Future is allowed to pay the registered capital in full before November 12, 2049. 3. Antelope Chengdu is allowed to pay the registered capital in full before April 13, 2060. 4. Hainan Antelope is allowed to pay the registered capital in full before December 31, 2041. 5. Antelope Future is allowed to pay the registered capital in full before December 31, 2051. 6. Antelope Investment is allowed to pay the registered capital in full before December 31, 2041. 7. Antelope Ruicheng is allowed to pay the registered capital in full before December 31, 2051. 8. Hainan Kylin is allowed to pay the registered capital in full before September 16, 2050. 9. Hangzhou Kylin is allowed to pay the registered capital in full before October 21, 2042. 10. Anhui Kylin is allowed to pay the registered capital in full before October 31, 2042. On September 3, 2020, the Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share 9.2 3.1 0.008 0.024 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”), which collective term includes all applicable individual International Financial Reporting Standards, International Accounting Standards and Interpretations issued by the IASB. The significant accounting policies that have been used in the preparation of these consolidated financial statements are summarized below. These policies have been consistently applied to all the years presented unless otherwise stated. The adoption of new or amended IFRSs and the impacts on the Company’s financial statements, if any, are disclosed in Note 3. The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s business, and adversely impact its results of operations. During the years ended December 31, 2022 and 2021, the Company faced increasing uncertainties around its estimates of revenue collectability, accounts receivable credit losses, impairment of inventory and long-lived assets. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements. Judgments made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in Note 4. However, Since January 2023, China has dropped all COVID restrictions. The consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments that have been measured at fair value. The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgments made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in Note 4. The consolidated financial statements were approved and authorized for issue by the Board of Directors on April 28, 2023. 2.2 Basis of consolidation (i) 100% owned Subsidiaries The Success Winner Acquisition on November 22, 2009 has been accounted for as a reverse recapitalization. The acquisition agreement resulted in the former owner of Success Winner obtaining effective operating and financial control of the combined entity. Prior to the acquisition, Antelope Enterprise had no operating business. Accordingly, the acquisition does not constitute a business combination for accounting purposes and is accounted for as a capital transaction. That is, the transaction is in substance a reverse recapitalization, equivalent to the issuance of equity interests by Success Winner for the net monetary assets of Antelope Enterprise accompanied by a recapitalization. The consolidated financial statements are a continuation of the financial statements of Success Winner. The assets and liabilities of Antelope Enterprise are recognized at their carrying amounts at the date of acquisition with a corresponding credit to the consolidated equity and no goodwill or other intangible assets are recognized. The equity of the combined entity recognized at the date of acquisition represents the equity balances of Success Winner together with the deemed proceeds from the reverse recapitalization determined as described above. However, the equity structure presented in the consolidated financial statements (number and values of equity instruments issued) reflects the equity structure of the legal parent, Antelope Enterprise. Costs directly attributable to the transaction have been debited to equity to the extent of net monetary assets received. Success Winner and its subsidiaries as a group is regarded as a continuing entity resulting from the Hengda Reorganization since the management of all the entities which took part in the Reorganization were controlled by the same director and shareholder before and immediately after the Reorganization. Immediately after the Reorganization, there was a continuation of the control over the entities’ financial and operating policy decision and risk and benefits to the ultimate shareholders that existed prior to the Reorganization. Accordingly, the reorganization has been accounted for as a reorganization under common control and the financial statements of Success Winner, Stand Best and Hengda have been combined on the basis of merger accounting for all periods presented. The assets and liabilities of the combining entities or businesses are combined using the existing book values from the controlling party’s perspective. No amount is recognized as consideration for goodwill or excess of the acquirer’s interest in the net fair values of the acquiree’s identifiable assets, liabilities and contingent liabilities over cost at the time of the common control combination. The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or the date of their incorporation/establishment or since the date when the combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination. The Hengdali Acquisition on January 8, 2010 has been accounted for as a business combination using the acquisition method. Hengdali is a subsidiary of the Company, and the Company has the power to govern the financial and operating policies which accompanies its shareholding of 100% of the voting rights in Hengdali. Therefore, Hengdali as a subsidiary is fully consolidated from January 8, 2010, the date on which control was transferred to the Company. The accounting for the Hengdali Acquisition under the acquisition method, treats the consideration transferred for the acquisition of Hengdali as the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in this business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. The Company’s financial statements consolidate those of the Company and all of its subsidiaries as of December 31, 2022. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Company has power, only substantive rights (held by the Company and other parties) are considered. All subsidiaries have a reporting date of December 31. An investment in a subsidiary is consolidated into the consolidated financial statements form the date that control commences until the date that control ceases. Inter-company transactions, balances and unrealized gains or losses on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. (ii) Non-controlling interests Antelope Ruicheng owns 51% of Hainan Kylin, while non-controlling interest owns 49% of Hainan Kylin. Hainan Kylin 100% owns Hangzhou Kylin and Anhui Kylin. Non-controlling interests in the financial results and equity of subsidiaries are shown separately in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Financial Position and Consolidated Statements of Changes in Equity respectively. 2.3 Foreign currency translation The financial statements are presented in RMB (to the nearest thousand), being the currency that best reflects the economic substance of the underlying events and circumstances relevant to the Company. The Company’s operations are conducted through the subsidiaries in the People’s Republic of China (“PRC”). The functional currency of these subsidiaries in China is Renminbi (“RMB”). The functional currency of Antelope Enterprise and Antelope HK is the United State dollars (US$). The functional currency of Vast Elite is Hong Kong dollar. In the individual financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are recognized in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. In the consolidated financial statements, all individual financial statements of foreign operations, originally presented in a currency different from the Company’s presentation currency, have been converted into Renminbi. Assets and liabilities have been translated into Renminbi at the closing rates at the reporting date. Income and expenses have been converted into Renminbi at the exchange rates ruling at the transaction dates, or at the average rates over the reporting period provided that the exchange rates do not fluctuate significantly. Any differences arising from this procedure have been recognized in other comprehensive income and accumulated separately in the currency translation reserve in equity. When a foreign operation is sold, such exchange differences are reclassified from equity to profit or loss as part of the gain or loss on sale. The translation of certain RMB amounts as of and for the year ended December 31, 2022 into US$ is included in these financial statements solely for the convenience of readers and was made at the rate of RMB 6.90 to US$1.00, which was based on the noon buying rate on December 31, 2022 in the City of New York cable transfers of RMB as certified for customers purposes by the Federal Reserve Bank of New York. Such translation should be construed as representation that RMB amounts could be converted, realized or settled into US$ at the rate stated above or at any other rate. 2.4 Property, plant and equipment Leasehold land and buildings for own use When a lease includes both land and building elements, the Company assesses the classification of each element as a finance or an operating lease separately based on the assessment as to whether substantially all the risks and rewards incidental to ownership of each element have been transferred to the Company, unless it is clear that both elements are operating leases in which case the entire lease is classified as an operating lease. Specifically, the minimum lease payments (including any lump sum upfront payments) are allocated between the land and the building elements in proportion to the relative fair values of the leasehold interests in the land element and building element of the lease at the inception of the lease. To the extent the allocation of the lease payments can be made reliably, interest in leasehold land that is accounted for as an operating lease is presented as “land use rights” in the consolidated statements of financial position and is amortized over the lease term on a straight-line basis. All buildings are depreciated over their expected useful lives of 40 years Other property, plant and equipment Property, plant and equipment are stated in the consolidated statements of financial position at cost less any accumulated depreciation and any accumulated impairment losses. Depreciation is provided to write off the cost less their residual values over their estimated useful lives as follows, using the straight-line method: SCHEDULE OF DEPRECIATION USING STRAIGHT-LINE METHOD Plant and machinery 10 years Motor vehicles 10 years Office equipment 5 years The assets’ residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they are incurred. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The gain or loss arising on retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. 2.5 Investment property Investment properties are properties held to earn rentals or for capital appreciation. Investment properties are initially measured at historical cost, including any directly attributable expenditure. Subsequent to initial recognition, investment properties are measured at their historical cost less any accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they are incurred. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The gain or loss arising on retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use or no future economic benefits are expected from its disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the item is derecognized. 2.6 Land use rights Upfront payments made to acquire land held under an operating lease are stated at cost less accumulated amortization and any accumulated impairment losses. Amortization is calculated on a straight line basis over the leasing period of 50 years 2.7 Goodwill Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any. For the purposes of impairment testing, goodwill is allocated to each of the Company’s cash-generating units, or groups of cash-generating units, that is expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently whenever there is indication that the unit may be impaired. If some or all of the goodwill allocated to a cash-generating unit was acquired in a business combination during the current annual period, that unit shall be tested for impairment before the end of the current annual period. If the recoverable amount of the cash-generating unit is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro – rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. On disposal of the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. 2.8 Inventories Inventories are carried at the lower of cost and net realizable value. Cost is determined using the weighted average basis, and in the case of work in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overhead. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs. 2.9 Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand, demand deposits with banks and short term highly liquid investments with original maturities of three months or less that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows presentation, cash and cash equivalents include bank overdrafts which are repayable on demand and form an integral part of the Company’s cash management. 2.10 Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value except for trade debtors arising from contracts with customers which are initially measured in accordance with HKFRS 15 since 1 January 2019. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets or liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Interest income which are derived from the Company’s ordinary course of business are presented as revenue. Financial assets Classification and subsequent measurement of financial assets (upon application of IFRS 9) Financial assets that meet the following conditions are subsequently measured at amortized cost: ● the financial asset is held within a business model whose objective is to collect contractual cash flows; and ● the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are subsequently measured at fair value through profit or loss (“FVTPL”). A financial asset is classified as held for trading if: ● it has been acquired principally for the purpose of selling in the near term; or ● on initial recognition it is a part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or ● it is a derivative that is not designated and effective as a hedging instrument. In addition, the Company may irrevocably designate a financial asset that are required to be measured at the amortized cost as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. (i) Amortized cost and interest income Interest income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired. (ii) Financial assets at FVTPL Financial assets that do not meet the criteria for being measured at amortized cost are measured at FVTPL. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset and is included in the “other gains and losses” line item. Impairment of financial assets (upon application IFRS 9) The Company recognizes a loss allowance for expected credit loss (“ECL”) on financial assets which are subject to impairment under IFRS 9 (including trade and other receivables, bank deposits and bank balances). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition. General approach ECLs are recognized in two measurement bases. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward looking information. The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below. Stage 1 — Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 — Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 — Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs Simplified approach For trade receivables that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact on the estimated future cash flows of the financial asset or the Company of financial assets that can be reliably estimated. Evidence of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Financial assets carried at amortized cost For financial assets carried at amortized cost, the Company first assesses whether impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. The amount of any impairment loss identified is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate (i.e., the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to other expenses in the statement of profit or loss. Classification and subsequent measurement of financial assets (before application of IFRS 9 on January 1, 2018) The Company’s financial assets are loans and receivables. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognized at fair value. Subsequent to initial recognition, loans and receivables (including trade and other receivables, pledged bank deposits, fixed bank deposits with maturity periods over three months and bank balances) are measured at amortized cost using the effective interest method, less any identified impairment losses). Impairment of financial assets Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been affected. Objective evidence of impairment could include: ● significant financial difficulty of the issuer or counterparty; or ● breach of contract, such as a default or delinquency in interest or principal payments; or ● it becoming probable that the borrower will enter bankruptcy or financial re-organization; or disappearance of an active market for that financial asset because of financial difficulties. If any such evidence exists, the impairment loss on trade receivables and other current receivables and other financial assets carried at amortized cost is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets), where the effect of |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES | 12 Months Ended |
Dec. 31, 2022 | |
Changes In Accounting Policies And Disclosures | |
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES | 3. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES 3.1 Adoption of new or amended IFRSs The following amendments to standards have been adopted by the Company for the first time for the financial year beginning on 1 January 2019. IFRS 16 Lease IFRS 16 will result in almost all leases being recognized on the statement of financial position, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. The only exceptions are short-term and low-value leases. The accounting for lessors will not be significantly changed. The standard will affect primarily the accounting for Company’s operating leases. Management has just commenced its assessment and have not yet determined to what extent its commitments will result in the recognition of an asset and a liability for future payments and how this will affect the Company’s profit and classification of cash flows. The Company adopted IFRS 16 Leases retrospectively from January 1, 2019. In accordance with the transitional provision under IFRS 16, the Company applied the simplified transition approach, and all right-of-use assets were measured at the amount of the lease liabilities on adoption (adjusted for any prepaid or accrued lease expenses). Comparative figures for the 2018 financial year have not been restated. On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as “operating leases” under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 5.75 SUMMARY OF LIABILITIES MEASURED AT THE PRESENT VALUE OF THE REMAINING LEASE PAYMENTS, DISCOUNTED USING THE LESSEE’S INCREMENTAL BORROWING RATE RMB’000 Operating lease commitments disclosed as at December 31, 2018 19,695 Discounted using weighted average incremental borrowing rate of 5.75 15,496 Lease liabilities recognized as at January 1, 2019 19,380 All right-of-use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the consolidated statement of financial position as at December 31, 2018. The impact on transition of IFRS 16 is summarized as below: SUMMARY OF IMPACT ON TRANSITION OF IFRS 16 January 1, 2019 RMB’000 Right-of-use assets 17,266 Lease liability (19,380 ) Retained earnings 2,114 The IASB has issued a number of new IFRSs and amendments to IFRSs that are first effective for the current accounting period of the Group. Of these, the following developments are relevant to the Group’s financial statements: (i) Amendments to IFRS3, Definition of a Business (ii) Amendments to the Conceptual Framework for Financial Reporting, Amendments to references to the Conceptual Framework in IFRS Standards (iii) Amendments to IAS1 and IAS8, Definition of Material (iv) Amendments to IFRS7, IAS39 and IFRS9, Interest Rate Benchmark Reform (Phase 1) The application of the above new and amendments to IFRSs in the current year has had no material effect on the Group’s financial performance and positions for the current and prior years and/or on the disclosures set out in these consolidated financial statements. 3.2 Accounting standards issued but not yet effective Up to the date of issue of these financial statements, the IASB has issued a number of amendments, new standards and interpretations which are not yet effective for the year ended December 31, 2022 and which have not been adopted in these financial statements. These include the following which may be relevant to the Group: IFRS 17 Insurance Contracts (3) Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (4) Amendments to IFRS 3 Reference to the Conceptual Framework (2) Amendments to IAS 16 Property, Plant and Equipment—Proceeds before Intended Use (2) Amendments to IAS 37 Onerous Contracts—Cost of Fulfilling a Contract (2) Amendments to IAS 1 Classification of Liabilities as Current or Non-current (3) Amendments to IFRS 4 Extension of the Temporary Exemption from Applying IFRS 9 (3) Annual Improvements to IFRS Standards 2018-2020 Cycle Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IFRS 16 Leases, and IAS 41 Agriculture (2) 2. Effective for annual periods beginning on or after January 1, 2022 3. Effective for annual periods beginning on or after January 1, 2023 4. The effective date of the amendments has yet to be set by the IASB; however, earlier application of the amendments is permitted The management of the Company anticipate that the application of all the new and amendments to IFRSs will have no material impact on the consolidated financial statements in the foreseeable future. |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Critical Accounting Estimates And Judgments | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The preparation of the Company’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The key sources of estimation uncertainty and key assumptions concerning the future at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Useful lives and impairment assessment of property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives impacts the level of annual depreciation expenses recorded. Property, plant and equipment are evaluated for possible impairment on a specific asset basis or in groups of similar assets, as applicable. This process requires management’s estimate of future cash flows generated by each asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset’s carrying amount is written down to the recoverable amount and the amount of the write-down is charged against profit or loss. Investment properties are stated at cost less accumulated depreciation and identified impairment losses. The estimation of useful lives impacts the level of annual depreciation expenses recorded. Investment properties are evaluated for possible impairment on a specific asset basis or in groups of similar assets, as applicable. This process requires management’s estimate of future cash flows generated by each asset or group of assets. For any instance where this evaluation process indicates impairment, the relevant asset’s carrying amount is written down to the recoverable amount and the amount of the write-down is charged against profit or loss. Impairment loss recognized in respect of property, plant and equipment As of December 31, 2022, the net carrying amount of property, plant and equipment was approximately RMB 1,006,000 1,250,000 No Impairment loss recognized in respect of investment property As of December 31, 2022, the net carrying amount of investment property was nil nil No Impairment loss recognized in respect of land use rights As of December 31, 2022, the net carrying amount of land use rights was nil nil No Impairment of goodwill Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the Company to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. No Income tax The Company has exposure to income taxes in the PRC. Significant judgment is required in determining the provision for income taxes. There are certain transactions and computations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company recognizes liabilities for expected tax issues based on estimates of whether additional taxes will be due. When the final tax outcome of these matters is different from the amounts that were initially recognized, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The carrying amounts of the Company’s income tax payable as of December 31, 2022 and 2021 were RMB 93,000 209,000 Provision for deferred tax Determining income tax provisions involves judgement on the future tax treatment of certain transactions. The management evaluates tax implications of transactions and tax provisions are set up accordingly. The tax treatment of such transactions is reconsidered periodically to take into account all changes in tax legislation. Deferred tax assets are recognized for tax losses not yet used and temporary deductible differences. As those deferred tax assets can only be recognized to the extent that it is probable that future taxable profit will be available against which the unused tax credits can be utilized, management’s judgement is required to assess the probability of future taxable profits. Management’s assessment is constantly reviewed and additional deferred tax assets are recognized if it becomes probable that future taxable profits will allow the deferred tax asset to be recovered. Impairment of trade receivables The Company recognizes a loss allowance for expected credit loss (“ECL”) on financial assets which are subject to impairment under IFRS 9 (including trade and other receivables, amounts due from related parties, restricted cash, bank balances and cash). The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of the relevant instrument. In contrast, 12-month ECL (“12m ECL”) represents the portion of lifetime ECL that is expected to result from default events that are possible within 12 months after the reporting date. Assessment are done based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current conditions at the reporting date as well as the forecast of future conditions. The Company applies the IFRS 9 simplified approach to measure ECL which uses a lifetime ECL for all trade receivables. The ECL on these assets are assessed individually for debtors with significant balances and/or collectively using a provision matrix with appropriate groupings. For all other instruments, the Company measures the loss allowance equal to 12m ECL, unless when there has been a significant increase in credit risk since initial recognition, the Company recognizes lifetime ECL. The assessment of whether lifetime ECL should be recognized is based on significant increases in the likelihood or risk of a default occurring since initial recognition. The Company recognized provision for bad debt (reversal) expense of RMB (2,751,000) and RMB 10,148,000 from continuing operations during the years ended December 31, 2022 and 2021, respectively. The Company recognized provision for bad debt expense of RMB 33,365,000 and RMB 115,406,000 million from discontinued operation during the years ended December 31, 2022 and 2021, respectively. The net carrying amounts of the Company’s trade receivables as of December 31, 2022 and 2021 were RMB nil and RMB 51,416,000 , respectively. Net realizable value of inventories Net realizable value of inventories is the management’s estimation of future selling price in the ordinary course of business, less estimated costs of completion and selling expenses. These estimates are based on the current market condition and the historical experience of selling products of a similar nature. It could change significantly as a result of various market factors. The net carrying amounts of the Company’s inventories as of December 31, 2022 and 2021 were RMB 0 31,589,000 Share-based payment transaction The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the stock option, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 26. |
REVENUE AND OTHER INCOME
REVENUE AND OTHER INCOME | 12 Months Ended |
Dec. 31, 2022 | |
Revenue And Other Income | |
REVENUE AND OTHER INCOME | 5. REVENUE AND OTHER INCOME Revenue comprises the fair value of the consideration received or receivable for the sale of goods. An analysis of the Company’s revenue and other income is as follows: SCHEDULE OF ANALYSIS ABOUT COMPANY'S REVENUE AND OTHER INCOME For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Revenue Continuing operations Business management and consulting 12,662 13,026 — Livestreaming ecommerce 273,685 58,501 — Discontinued operations Sale of goods (Note 29) 37,696 144,743 182,989 Total revenue 324,043 216,270 182,989 Total revenues 324,043 216,270 182,989 Other income Continuing operations Interest income 10 10 23 Foreign exchange gain 73 — — Consulting income — — 7,249 Other income 2,883 22 128 Discontinued operations Other income (Note 29) 14,244 9,388 14,531 Total other income 17,210 9,420 21,931 b) Segment reporting The Company identifies operating segments and prepares segment information based on the regular internal financial information reported to the Chief Executive Officer and executive directors, who are the Company’s chief operating decision makers for their decisions about the allocation of resources to the Company’s business components and for their review of the performance of those components. All of the Company’s operations are considered by the chief operating decision makers to be aggregated into two reportable operating segments: 1) the manufacture and sale of standard to high-end ceramic tiles, 2) the business management consulting, information system technology consulting services including the sales of software use rights for digital data deposit platforms and asset management systems, and online social media platform development and consulting. Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the Company’s chief operating decision makers in deciding how to allocate resources and in assessing performance. The business of the Company is engaged entirely in the PRC. The Chief Executive Officer and executive directors regularly review the Company’s business as one geographical segment. The following table shows the Company’s operations by business segment for the years ended December 31, 2022, 2021 and 2020. SCHEDULE OF OPERATIONS BY BUSINESS SEGMENT For the year Ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Revenues Discontinued operations Sales of tile products 37,696 144,743 182,989 Continuing operations Consulting income / software 12,662 13,026 - Livestreaming ecommerce 273,685 58,501 - Total revenues 324,043 216,270 182,989 Cost of revenues Discontinued operations Sales of tile products 41,245 83,436 208,991 Continuing operations Consulting income / software 12,819 10,002 - Livestreaming ecommerce 245,612 55,491 - Total cost of revenues 299,676 148,929 208,991 Operating costs and expenses Discontinued operations Sales of tile products 25,324 20,292 38,723 Continuing operations Consulting income / software 4,613 9,760 - Livestreaming ecommerce 25,167 195 - Other 9,380 10,677 - Total operating costs and expenses 64,484 40,924 38,723 Bad debt expense (reversal) Discontinued operations Sales of tile products 33,365 115,407 150,268 Continuing operations Consulting income / software 1,000 4,854 - Livestreaming ecommerce (3,751 ) 5,293 - Total bad debt expense (reversal) (30,614 ) 125,554 150,268 Other expense Discontinued operations Sales of tile products - 90 - Continuing operations Consulting income / software 36 34 - Livestreaming ecommerce 6 - - Total other expense 42 124 - Other income Discontinued operations Sales of tile products 14,244 9,389 14,682 Continuing operations Consulting income / software 115 29 7,249 Livestreaming ecommerce 2,148 - - Other 703 2 - Total other income 17,210 9,420 21,931 Loss from operations Discontinued operations Sales of tile products (47,994 ) (65,093 ) (193,062 ) Continuing operations Consulting income / software (5,691 ) (11,595 ) - Livestreaming ecommerce 8,929 (2,478 ) - Other (8,677 ) (10,675 ) - Loss from operations (53,433 ) (89,841 ) (193,062 ) As of As of December 31, December 31, 2022 2021 Segment assets Discontinued operations Sale of tile products 74,675 147,890 Continuing operations Business management and consulting 15,924 21,255 Livestreaming ecommerce 15,004 5,967 Others 4,403 2,755 Total assets 110,006 177,867 |
FINANCE COSTS
FINANCE COSTS | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs | |
FINANCE COSTS | 6. FINANCE COSTS Finance costs comprise interest expense recognized from lease liabilities upon application of IFRS 16: SCHEDULE OF INTEREST EXPENSE ON THE COMPANY’S BANK BORROWINGS 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Interest on lease liability– continuing operations 25 51 75 Interest on lease liability - discontinued operations (Note 29) 1,479 2,115 2,673 |
LOSS BEFORE TAXATION
LOSS BEFORE TAXATION | 12 Months Ended |
Dec. 31, 2022 | |
LOSS BEFORE TAXATION | 7. LOSS BEFORE TAXATION The Company’s loss before taxation is arrived at after charging: SCHEDULE OF LOSS BEFORE TAXATION 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Cost of inventories recognized as expense (1) 41,245 148,929 208,991 Depreciation expenses 266 96 12 Amortization of land use rights — — — Right-of-use asset amortization charge 13,285 14,067 13,082 Auditors’ remuneration – Audit fees 2,003 1,898 1,951 – Audit-related fees — — — Auditor's remuneration for other services 2,003 1,898 1,951 Directors’ remuneration – salaries and related cost 1,619 1,656 1,457 – retirement scheme contribution 13 16 16 – share-based payments — — — Key management personnel (other than directors) – salaries and related cost 712 639 693 – retirement scheme contribution 16 23 25 – share-based payments 2,050 1,835 1,135 Research and development personnel – salaries and related cost 439 644 240 – retirement scheme contribution 81 111 44 Other personnel – salaries and related cost 6,093 7,493 13,351 – retirement scheme contribution 1,262 1,318 2,466 Total employee benefit expenses 12,285 13,735 19,427 (1) Cost of inventories recognized as expense included staff costs of RMB 2,539,000 4,065,000 7,554,000 556,108 756,704 1,590,660 nil nil nil 12,801,485 12,801,485 13,082,071 4,045,000 99,237,173 2,301,000 |
INCOME TAX EXPENSE _ (CREDIT)
INCOME TAX EXPENSE / (CREDIT) | 12 Months Ended |
Dec. 31, 2022 | |
INCOME TAX EXPENSE / (CREDIT) | 8. INCOME TAX EXPENSE / (CREDIT) SCHEDULE OF INFORMATION ABOUT INCOME TAX EXPENSES/(CREDIT) 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Continuing operations Current Tax: PRC Income Tax 209 217 33 Reversal of income tax refundable — — - Current tax expense (income) and adjustments for current tax of prior periods Deferred tax expense — — — Tax per financial statements 209 217 33 Discontinued operations did not incur any income tax expense for the years ended December 31, 2022, 2021 and 2020. Reconciliation between income tax expense (credit) and (loss) profit before taxation at applicable tax rates is as follows: SCHEDULE OF RECONCILIATION BETWEEN INCOME TAX EXPENSES (CREDIT) AND (LOSS) PROFIT BEFORE TAXATION AT APPLICABLE TAX RATES 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Loss before taxation (53,435 ) (89,841 ) (193,062 ) Tax calculated at a tax rate of 25% (13,359 ) (22,460 ) (48,266 ) Tax effect on non-deductible expenses — — — Tax effect on different tax rates of group entities operating in other jurisdictions 4,705 5,163 1,607 Inventory provision (reversal) that are not tax deductible (taxable) (1,011 ) (24,809 ) (575 ) Bad debts expense (reversal) that are not tax deductible (19,613 ) 30,417 37,567 Depreciation and amortization adjustments that are not tax deductible (7,584 ) (11,337 ) (14,757 ) Other — — - Lease charge under IFRS 16 (42 ) (193 ) 282 Net operating losses not recognized to deferred tax assets 37,113 23,436 24,175 Tax per financial statements 209 217 33 British Virgin Islands Profits Tax The Company has not been subject to any taxation in this jurisdiction for the years ended December 31, 2022, 2021 and 2020. Hong Kong Profits Tax The subsidiary in Hong Kong is subject to tax charged on Hong Kong sourced income with a statutory tax rate of 8.25 PRC Income Tax The subsidiaries in the PRC are subject to the enterprise income tax in accordance with “PRC Enterprise Income Tax Law” (“EIT Law”), and the applicable income tax rate for the years ended December 31, 2022, 2021 and 2020 is 25 Under the prevailing EIT Law and its relevant regulations, any dividends paid by the Company’s PRC subsidiaries to an overseas parent made out of profits earned after January 1, 2008 to non-PRC corporate residents are subject to a 10 5 Dividends withholding tax represents tax charged/to be charged by the PRC tax authority on dividends distributed or intended to be distributed by the Company’s subsidiaries in Mainland China during the years. The Company did no The Company’s PRC subsidiaries, have cumulative undistributed earnings of RMB 75,114,000 88,164,000 174,072,000 3,266,000 4,408,000 8,704,000 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Loss Per Share | |
LOSS PER SHARE | 9. LOSS PER SHARE SCHEDULE OF LOSS PER SHARE 2022 2021 2020 For the years ended December 31, 2022 2021 2020 Loss attributable to holders of ordinary shares (RMB’000): Net loss from continuing operations (9,924 ) (19,077 ) (259 ) Net loss from discontinued operations (47,994 ) (69,675 ) (192,836 ) Weighted average number of ordinary shares outstanding used in computing basic (loss)/earnings per share 8,368,803 5,147,737 2,940,265 Weighted average number of ordinary shares outstanding used in computing basic and diluted (loss)/earnings per share 8,368,803 5,147,737 2,940,265 Loss per share - basic (RMB) - From continuing operations (1.19 ) (3.71 ) (0.09 ) - From discontinued operations (5.73 ) (13.54 ) (65.58 ) Loss per share - diluted (RMB) - From continuing operations (1.19 ) (3.71 ) (0.09 ) - From discontinued operations (5.73 ) (13.54 ) (65.58 ) Warrants to purchase common stock are not included in the diluted loss per share calculations when their effect is antidilutive. For the year ended December 31, 2022, about 3,701,748 1,868,414 968,894 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
GOODWILL | 10. GOODWILL SCHEDULE OF GOODWILL 2022 2021 As of December 31, 2022 2021 RMB’000 RMB’000 Discontinued operations Carrying amount 3,735 3,735 Accumulated impairment losses (3,735 ) (3,735 ) GOODWILL — — On January 8, 2010, the Company consummated the acquisition of all voting equity interests of Hengdali (which is considered to be a CGU), and the excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. The Company performs a goodwill impairment test in year 2015 and was fully impaired at that time. At the end of the reporting period, the Company assessed the recoverable amount of goodwill, and determined that no further impairment of goodwill was required for the 2016 year-end because it was written down to zero 3,735,000 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 11. PROPERTY, PLANT AND EQUIPMENT SCHEDULE OF INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT Cost Plant and Motor Office Buildings machinery vehicles equipment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2021 349,630 746,042 4,225 1,932 1,101,829 Additions — — 1,144 133 1,277 Transferred to investment property (331,359 ) — — — (331,359 ) At December 31,2021 18,271 746,042 5,369 2,065 771,747 Additions — — — 22 22 Transferred to assets classified as held for sale (18,271 ) (746,042 ) (4,225 ) (1,886 ) (770,424 ) Disposals — — — — — At December 31, 2022 — — 1,144 201 1,345 Accumulated depreciation At January 1, 2021 49,297 349,382 3,748 1,559 403,986 Depreciation charge — — 54 42 96 Transferred to investment property (47,452 ) — — — (47,452 ) At December 31, 2021 1,845 349,382 3,802 1,601 356,630 Depreciation charge — — 217 49 266 Transferred to assets classified as held for sale (1,845 ) (349,382 ) (3,748 ) (1,582 ) (356,557 ) At December 31, 2022 — — 271 68 339 Impairment At January1, 2021 300,333 396,660 477 304 697,774 Transferred to investment property (283,907 ) — — — (283,907 ) At December 31, 2021 16,426 396,660 477 304 413,867 Impairment losses recognized in profit or loss — — — — — Transferred to assets classified as held for sale (16,426 ) (396,660 ) (477 ) (304 ) (413,867 ) At December 31, 2022 — — — — — Carrying amount At December 31, 2021 — — 1,090 160 1,250 At December 31, 2022 — — 873 133 1,006 All property, plant and equipment held by the Company are located in the PRC. The Company’s buildings are situated on land under medium-term land use rights and were reclassified as assets held for sale as of December 31, 2022. For the buildings owned collectively by the Company and other three unrelated companies, the cost of buildings are stated according to the amounts paid by the Company for its part of buildings, which represent the Company’s interests in the buildings. Buildings are depreciated over their expected useful lives of 40 years . These buildings’ cost was RMB 2,913,000 , and accumulated depreciation of RMB 1,226,000 and RMB 1,226,000 as of December 31, 2022 and 2021, respectively, and an impairment allocation of RMB 1,687,000 and RMB 1,687,000 as of December 31, 2022 and 2021, respectively. No property, plant and equipment was pledged to secure the Company interest-bearing bank borrowings at December 31, 2022 and 2021. As of December 31, 2022, all buildings were reclassified as assets held for sale. During the year ended December 31, 2021, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of land and buildings were reclassified to investment property, which in turn was reclassified to assets held for sale as of December 31, 2022. The net effect on the consolidated balance sheet was nil. Loss (gain) on disposal of property, plant and equipment in fiscal years 2022, 2021 and 2020 was nil |
INVESTMENT PROPERTY
INVESTMENT PROPERTY | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about investment property [abstract] | |
INVESTMENT PROPERTY | 12. INVESTMENT PROPERTY SCHEDULE OF INFORMATION ABOUT INVESTMENT PROPERTY 2022 2021 RMB’000 RMB’000 Cost As of beginning of the year 401,231 37,253 Transferred from property, plant and equipment — 331,359 Transferred from right-of-use assets — 32,619 Transferred to assets classified as held for sale (401,231 ) As of end of the year — 401,231 Accumulated depreciation As of beginning of the year (53,987 ) (1,886 ) Depreciation for the year — — Transferred from property, plant and equipment — (47,452 ) Transferred from right-of-use assets — (4,649 ) Transferred to assets classified as held for sale 53,987 As of end of the year — (53,987 ) Impairment for the year As of beginning of the year (347,244 ) (35,367 ) Investment property, beginning balance (347,244 ) (35,367 ) Transferred from property, plant and equipment — (283,907 ) Transferred from right-of-use assets — (27,970 ) Transferred to assets classified as held for sale 347,244 As of end of the year — (347,244 ) Investment property, ending balance — (347,244 ) Carrying amount At December 31, 2022 and 2021 — — Investment property — — The Company’s investment property was reclassified as an asset held for sale as of December 31, 2022 and thus has no fair value. The fair value of this investment property, which is the estimation of the depreciated replacement cost, as of December 31, 2021 was RMB 269,900,000 . However, due to the absence of the real estate ownership certificate, the Company assessed the recoverable amount of investment property, and determined that carrying amount was nil During the year ended December 31, 2021, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of land and buildings were reclassified to investment property. The net effect on the consolidated balance sheet was nil. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
INTANGIBLE ASSETS | 13. INTANGIBLE ASSETS SCHEDULE OF INTANGIBLE ASSET 2022 2021 As of December 31, 2022 2021 RMB’000 RMB’000 Cost As of beginning of the year — — Addition 7 — Amortization for the year (1 ) — As of end of the year 7 — Accumulated amortization As of beginning of the year — — Intangible assets and goodwill, beginning — — Amortization for the year (1 ) — As of end of the year (1 ) — Intangible assets and goodwill, beginning (1 ) — Carrying amount - - At December 31, 2022 and 2021 6 — Intangible assets consisted of a purchased software license as of December 31, 2022. The Company had no intangible assets as of December 31, 2021. The amortization expense for the years ended December 31, 2022 and 2021 were RMB 1,000 and RMB nil . |
FINANCIAL ASSETS
FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL ASSETS | 14. FINANCIAL ASSETS The following is an analysis of financial assets: SCHEDULE OF FINANCIAL ASSETS 2022 2021 As of December 31, 2022 2021 RMB’000 RMB’000 Unlisted financial assets 8,523 — As of December 31, 2022, the fair value of unlisted securities in three accounts owned by the Company held in Ping An Bank Co., Limited (“Ping An Bank”) amounted to RMB 8,523,000 During the year ended December 31, 2022, fair value unrealized gain of unlisted financial assets was RMB 130,000 . |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
INVENTORIES | 15. INVENTORIES SCHEDULE OF INFORMATION ABOUT INVENTORIES 2022 2021 As of December 31, 2022 2021 RMB’000 RMB’000 Raw materials — 4,659 Work in progress — 244 Finished goods — 26,686 Inventories — 31,589 As of December 31, 2022, total inventory held by discontinued operations was RMB 28,749,000 (Note 29). The analysis of the amount of inventories recognized from discontinued operations as an expense and included in profit or loss is as follows: SCHEDULE OF ANALYSIS OF THE AMOUNT OF INVENTORIES RECOGNIZED AS AN EXPENSE AND INCLUDED IN PROFIT OR LOSS 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Discontinued operations Carrying amount of inventories sold 45,290 248,166 211,292 Write down (reversal) of inventories (included in cost of sales) (4,045 ) (99,237 ) (2,301 ) Cost of inventories recognized from discontinued operations 41,245 148,929 208,991 |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Dec. 31, 2022 | |
Trade Receivables | |
TRADE RECEIVABLES | 16. TRADE RECEIVABLES SCHEDULE OF INFORMATION ABOUT TRADE RECEIVABLES As of December 31, 2022 2021 RMB’000 RMB’000 Trade receivables — 822,747 Less: provision for bad debt allowance — (771,331 ) Trade receivables, net — 51,416 As of December 31, 2022, total trade receivables of discontinued operations were RMB 11,683,000 (Note 29). The Company’s trade receivables are denominated in Renminbi and non-interest bearing. As of December 31, 2022 and 2021, the Company accrued RMB 795,000,000 and RMB 771,331,000 , respectively, as a provision for bad debt related to the amount of outstanding trade receivables that did not conform with the Company’s credit policy. As of December 31, 2022, the Company had an increase in bad debts of RMB 33,365,000 in discontinued operations due slower collection of trade receivables. All of the trade receivables are expected to be recovered within one year. An aging analysis of the Company’s trade receivables, based on the invoice date, is as follows: SCHEDULE OF AGING ANALYSIS OF THE COMPANY'S TRADE RECEIVABLES, BASED ON THE INVOICE DATE As of December 31, 2022 2021 RMB’000 RMB’000 Within 90 days — 81 Between 3 and 6 months — — More than 6 months — 51,335 Trade receivables — 51,416 An aging analysis of trade receivables that were neither past due nor impaired or past due but not impaired, is as follows: SCHEDULE OF AGING ANALYSIS OF TRADE RECEIVABLES THAT WERE NEITHER PAST DUE NOR IMPAIRED OR PAST DUE BUT NOT IMPAIRED Past due but not impaired Neither past due nor Less than 31 to 120 Over 120 impaired 30 days days days Sub-total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 December 31, 2021 81 — — 51,335 — 51,416 December 31, 2022 — — — — — — Receivables that were neither past due nor impaired relate to a large number of customers for whom there was no recent history of default. All amounts are short-term. The Company does not hold any collateral over these receivables. The net carrying value of trade receivables is considered a reasonable approximation of fair value. As of December 31, 2021, the Company is exposed to certain credit risks as 16 % and 47 % of the total trade receivables were due from the Company’s largest and the five largest customers, respectively. |
OTHER RECEIVABLES AND PREPAYMEN
OTHER RECEIVABLES AND PREPAYMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Other Receivables And Prepayments | |
OTHER RECEIVABLES AND PREPAYMENTS | 17. OTHER RECEIVABLES AND PREPAYMENTS SCHEDULE OF INFORMATION ABOUT OTHER RECEIVABLES AND PREPAYMENTS As of December 31, 2022 2021 RMB’000 RMB’000 Prepaid expense and prepayments 13,269 20,264 Security deposit 109 105 Other receivable 5,802 412 Other receivables and prepayments 19,180 20,781 As of December 31, 2022, total other receivables and prepayments of discontinued operations was RMB 3,000,000 (Note 29). All of the other receivables and prepayments are expected to be recovered or recognized as expense within one year. The net carrying value of these balances is considered a reasonable approximation of fair value. Prepaid expense mainly consisted of advance payment to the vendors as of December 31, 2022. |
CASH AND BANK BALANCES
CASH AND BANK BALANCES | 12 Months Ended |
Dec. 31, 2022 | |
CASH AND BANK BALANCES | 18. CASH AND BANK BALANCES SCHEDULE OF CASH AND BANK BALANCES As of December 31, 2022 2021 RMB’000 RMB’000 Cash on hand — 1,709 Cash at banks 3,936 26,171 Cash and bank balances 3,936 27,880 Cash and bank balances are denominated in the following currencies: SCHEDULE OF CASH AND BANK BALANCES THAT ARE DENOMINATED IN VARIOUS CURRENCIES As of December 31, 2022 2021 RMB’000 RMB’000 Renminbi 3,104 4,594 Hong Kong dollars 2 74 US dollars 830 23,212 Cash and cash equivalents 3,936 27,880 As of December 31, 2022, total cash and bank balances held by discontinued operations was RMB 306,000 (Note 29). Bank balances denominated in Renminbi are deposited with banks in the PRC and are not freely convertible to foreign currencies. The conversion of these RMB denominated balances into foreign currencies is subject to the foreign exchange control rules and regulations promulgated by the PRC Government. Bank balances denominated in US dollars are mainly held in bank accounts in Hong Kong and the United States of America. Cash at banks and bank deposits comprise cash held by the Company and short-term bank deposits with an original maturity of three months or less. The deposits carry interest at prevailing market rates. Restricted cash As of December 31, 2022, the Company had restricted cash of RMB 2,069,000 (2021: nil ), of which nil (2021: nil ) was used as collateral for the Company’s bank borrowings, and nil was used as collateral for the Company’s financial derivatives (2021: nil ). The nature of restricted cash is that of a term deposit maturing on January 15, 2023. They were temporarily not available for general use by the Company as of December 31, 2022. |
TRADE PAYABLES
TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2022 | |
TRADE PAYABLES | 19. TRADE PAYABLES SCHEDULE OF INFORMATION ABOUT TRADE PAYABLES As of December 31, 2022 2021 RMB’000 RMB’000 Trade payables 3,079 6,290 Trade payables are denominated in Renminbi, non-interest bearing and generally settled within 120 -day terms. All of the trade payables are expected to be settled within one year. The carrying value of trade payables is considered to be a reasonable approximation of fair value. There was no trade payables held by discontinued operations. |
ACCRUED LIABILITIES AND OTHER P
ACCRUED LIABILITIES AND OTHER PAYABLES | 12 Months Ended |
Dec. 31, 2022 | |
ACCRUED LIABILITIES AND OTHER PAYABLES | 20. ACCRUED LIABILITIES AND OTHER PAYABLES SCHEDULE OF INFORMATION ABOUT ACCRUED LIABILITIES AND OTHER PAYABLES As of December 31, 2022 2021 RMB’000 RMB’000 Deposits received from distributors — 16,200 Accrued salary 402 514 Accrued rent, electricity and water — 1,156 Accrued other taxes — 866 Rental income received in advance — - Others 397 3,645 Current accrued expenses and other current liabilities 799 22,381 Accrued liabilities and other payables are denominated in the following currencies: SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES DENOMINATED IN VARIOUS CURRENCIES As of December 31, 2022 2021 ‘000 ‘000 In Renminbi 799 22,381 In US dollars — — As of December 31, 2022, total accrued liabilities and other payables of discontinued operations was RMB 19,197,000 (Note 29). Deposits received represent deposits from the Company’s distributors. The Company usually requests a deposit from RMB 400,000 1,000,000 Accrued liabilities consist mainly of accrued rental, wages and utility expenses. Others consist mainly of advance from third-party individuals and companies, which bear no interest and payable upon demand. The carrying value of accrued liabilities and other payables is considered to be a reasonable approximation of fair value. |
TAXES PAYABLE
TAXES PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
Taxes Payable | |
TAXES PAYABLE | 21. TAXES PAYABLE SCHEDULE OF TAXES PAYABLE As of December 31, 2022 2021 RMB’000 RMB’000 VAT 436 44 Income tax 93 209 Property tax — 718 Other 53 47 Taxes payable 582 1,018 As of December 31, 2022, total taxes payable of discontinued operations was RMB 951,000 (Note 29). |
RIGHT-OF-USE ASSETS AND LEASES
RIGHT-OF-USE ASSETS AND LEASES LIABILITIES | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
RIGHT-OF-USE ASSETS AND LEASES LIABILITIES | 22. RIGHT-OF-USE ASSETS AND LEASES LIABILITIES (a) Amounts recognized in the consolidated statement of financial position The carrying amounts of right-of-use assets for lease are as below: SUMMARY OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS FOR LEASE Net book amount at January 1, 2021 RMB 58,458,000 Net book amount at December 31, 2021 RMB 44,288,000 Net book amount at January 1, 2022 RMB 44,288,000 Net book amount at December 31, 2022 RMB 469,000 As of December 31, 2022, total net book amount of right-of-use assets of discontinued operations amounts was RMB 30,937,000 . During the year ended December 31, 2022, Hengdali subleased all its land and buildings. The cost, accumulated depreciation and impairment of land and buildings were reclassified to investment property. The net effect on the consolidated balance sheet was nil. The lease liabilities for continuing operations are as below: SCHEDULE OF LEASE LIABILITIES As of December 31, 2022 2021 RMB’000 RMB’000 Lease liabilities - current 328 13,404 Lease liabilities – noncurrent 157 33,325 Total lease liabilities 485 46,729 As of December 31, 2022, total lease liabilities of discontinued operations was RMB 33,325,000 (Note 29). Contractual undiscounted cash flows for the leases: SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR THE LEASES As of December 31, 2022 Total contractual undiscounted Within one year One to five years cash flow RMB’000 RMB’000 RMB’000 350 145 495 (b) Amounts recognized in the consolidated income statement The consolidated income statement shows the following amounts from continuing operations relating to leases: SUMMARY OF CONSOLIDATED INCOME STATEMENT SHOWING THE AMOUNTS RELATING TO LEASES Year ended December 31, 2022 Amortization charge of right-of-use assets 484 Interest expense 25 Year ended December 31, 2021 Amortization charge of right-of-use assets 1,266 Interest expense 51 Year ended December 31, 2020 Amortization charge of right-of-use assets 536 Interest expense 75 The consolidated income statement shows the following amounts from discontinued operations relating to leases: Year ended December 31, 2022 Amortization charge of right-of-use assets 12,801 Interest expense 1,479 Year ended December 31, 2021 Amortization charge of right-of-use assets 12,801 Interest expense 2,115 Year ended December 31, 2020 Amortization charge of right-of-use assets 12,546 Interest expense 2,673 The total cash outflow in financing activities for leases during the years ended December 31, 2022, 2021 and 2020 was RMB 358,000 RMB 1,144,000 706,000 . The total cash outflow in financing activities from discontinued operations for leases during the years ended December 31, 2022, 2021 and 2020 was RMB 14,303,000 RMB 14,303,000 and RMB 14,136,000 . |
NOTE PAYABLE
NOTE PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
NOTE PAYABLE | 23. NOTE PAYABLE Unsecured Promissory Note in December 2022 On December 12, 2022, the Company entered into a Note Purchase Agreement with an investor, pursuant to which the Company issued to the Purchaser an unsecured Promissory Note of $ 1,332,500 , for $ 1,250,000 in gross proceeds. The Note included an original issue discount (“OID”) of $ 62,500 along with $ 20,000 for investor’s fees, costs and other transaction expenses in connection with the issuance of the note. The OID was recognized as a debt discount is amortized over the life of the note. The Note bears interest at 8 % per annum compounding daily, and has a term of 18 months. All outstanding principal and accrued interest on the Note will become due and payable eighteen (18) months after the purchase price of the Note is delivered by Purchaser to the Company (the “Purchase Price Date”). The Company may prepay all or a portion of the Note at any time by paying 120 % of the outstanding balance elected for pre-payment. The Investor has the right to redeem the Note at any time six (6) months after the Purchase Price Date (the “Redemption Start Date”), subject to maximum monthly redemption amount of $ 200,000 . The Company should pay the applicable redemption amount in cash to the Investor within three (3) Trading Days following the investor’s delivery of a redemption notice. At the end of each month following the Redemption Start Date, if the Company has not reduced the Outstanding Balance by at least $ 200,000 , then by the fifth (5th) day of the following month, the Company must pay in cash to the Investor the difference between $ 200,000 and the amount actually redeemed in such month or the Outstanding Balance will automatically increase by one percent ( 1 %) as of such fifth (5th) day. Under the Note Purchase Agreement, while the Note is outstanding, the Company agreed to keep adequate public information available and maintain its Nasdaq listing. Upon the occurrence of a Trigger Event (as defined in the Note), the Investor shall have the right to increase the balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law . During the year ended December 31, 2022, the Company amortized OID of RMB 415,624 (US: $ 60,260 ) and recorded RMB 39,851 (US: $ 5,922 ) interest expense on this Note. As of December 31, 2022, the outstanding principal balance of this note was RMB 8,775,000 (US: $ 1,272,240 , net of unamortized OID of $ 60,260 ). |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
SHARE CAPITAL | 24. SHARE CAPITAL SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL As of December 31, 2022 2021 Number US$ Number US$ of shares ‘000 of shares ‘000 Authorized: Ordinary shares of US$ 0.024 50,000,000 1,200 50,000,000 1,200 As of December 31, 2022 2021 Number RMB Number RMB of shares ‘000 of shares ‘000 Issued: 8,057,847 1,288 5,976,098 943 Outstanding and fully paid: Ordinary shares of US$ 0.024 At January 1 5,976,098 943 3,674,370 591 Issuance of new shares for equity financing 1,666,667 276 1,502,110 230 Warrants exercised into shares - - 685,339 105 Equity compensation 415,082 69 114,279 17 At December 31 8,057,847 1,288 (2) 5,976,098 943 (1) (1) Equivalent to US$ 143,000 (2) Equivalent to US$ 193,000 On September 3, 2020, the Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share 9.2 3.1 0.008 0.024 Equity Financing On December 16, 2019, the Company entered into a Securities Purchase Agreement with certain institutional investors for the sale by the Company of 1,200,000 0.75 1,200,000 900,000 five-year six-month 0.82 five-year 748,000 Pursuant to the terms and provisions of the engagement letter between the Company and the Placement Agent, the Company agreed to pay the Placement Agent a cash placement fee equal to 8 72,000 45,000 five-year 5 0.9375 five year The total fair value of the warrants granted to investors and placement agent is RMB 5,250,000 SCHEDULE OF PRINCIPAL ASSUMPTIONS USED IN VALUATION Grant date December 18, 2019 Share price at date of grant (pre-reverse split) US$ 0.68 Exercise price at date of grant (investors and placement agent, respectively) (pre-reverse split) US$ 0.82 0.9375 Volatility 141 % Warrant life 5 Dividend yield 0 % Risk-free interest rate 1.74 % Average fair value at grant date US$ 0.598 On January 8, 2020, the Company executed a subscription agreement (each, a “Subscription Agreement”) in connection with a $ 500,000 666,666 three 0.75 270 no On May 22, 2020, the Company entered into a Securities Purchase Agreement with certain institutional investors for the sale by the Company of 1,102,950 0.68 1,102,950 750,006 five-year six-month 0.79 five-year 595,000 The Placement Agent also received five-year 5 0.85 five year The total fair value of the Warrants granted to investors and the Placement Agent is RMB 3,552,000 Grant date (investors and placement agent, respectively) May 27 and May 25, 2020 Share price at date of grant (investors and placement agent, respectively) (pre-reverse stock split) US$ 0.59 0.64 Exercise price at date of grant (investors and placement agent, respectively) (pre-reverse stock split) US$ 0.79 0.85 Volatility 100 % Warrant life 5 Dividend yield 0 % Risk-free interest rate 0.34 % Average fair value at grant date US$ 0.416 On December 7, 2020, the Company executed subscription agreements with three 566,379 2.32 1.3 On February 12, 2021, the Company entered into a Securities Purchase Agreement with certain institutional investors for the sale of 588,235 3.57 588,235 2.1 five-year 3.57 five-year 1.86 In addition, the Placement Agent of this offering also received five-year 5 4.46 six months five year Grant date (investors and placement agent, respectively) February 17, 2021 Share price at date of grant (investors and placement agent, respectively) US$ 4.45 Exercise price at date of grant (investors and placement agent, respectively) US$ 3.57 4.46 Volatility 107 % Warrant life 5 years Dividend yield 0 % Risk-free interest rate 0.57 % Average fair value at grant date US$ 3.54 On June 10, 2021, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the “SPA”) with three 913,875 3.48 3.42 913,875 3.42 five years 3,180,285 In addition, the Company issued warrants (the “Placement Agent Warrants”) to the Placement Agent to purchase a number of common shares equal to 5.0 4.35 Grant date (investors and placement agent, respectively) June 14, 2021 Share price at date of grant (investors and placement agent, respectively) US$ 3.15 Exercise price at date of grant (investors and placement agent, respectively) US$ 3.42 4.35 Volatility 115 % Warrant life 5 Dividend yield 0 % Risk-free interest rate 0.80 % Average fair value at grant date US$ 2.50 On September 30, 2022, the Company commenced a registered direct offering of securities, and executed a Securities Purchase Agreement (the “SPA”) with two 1,666,667 0.60 1,666,667 0.82 1,000,000 In addition, the Company issued warrants (the “Placement Agent Warrants”) to the Placement Agent to purchase a number of common shares equal to 5.0 0.75 Grant date (investors and placement agent, respectively) October 4, 2022 Share price at date of grant (investors and placement agent, respectively) US$ 0.58 Exercise price at date of grant (investors and placement agent, respectively) US$ 0.82 0.75 Volatility 104 % Warrant life 5 Dividend yield 0 % Risk-free interest rate 3.96 % Average fair value at grant date US$ 0.43 Following is a summary of the warrant activity (post-reverse stock split) for the years ended December 31, 2022 and 2021: SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY Weighted Average Remaining Average Contractual Number of Exercise Term in Warrants Price Years Outstanding at January 1, 2021 980,894 $ 1.21 3.85 Exercisable at January 1, 2021 980,894 $ 1.21 3.85 Granted 1,652,322 3.56 5.00 Exercised 700,516 2.43 — Forfeited — — — Expired 64,286 18.72 — Outstanding at December 31, 2021 1,868,414 3.50 4.14 Exercisable at December 31, 2021 1,868,414 3.50 4.14 Granted 1,833,334 0.81 5.00 Exercised — — — Forfeited — — — Expired — — — Outstanding at December 31, 2022 3,701,748 $ 2.17 4.02 Exercisable at December 31, 2022 3,701,748 $ 2.17 4.02 During the year ended December 31, 2021, a total of 700,516 685,339 32,677 17,500 10,258,000 Share-based Compensation From January to December 31, 2020, the Company issued aggregate of 46,256 46,256 587,000 36,201 36,201 548,000 From January to December 31, 2021, the Company issued aggregate of 33,269 33,269 573,000 81,010 81,010 1,262,000 From January to December 31, 2022, the Company issued aggregate of 110,343 110,343 621,000 268,331 268,331 1,490,000 36,408 36,408 69,000 |
RESERVES
RESERVES | 12 Months Ended |
Dec. 31, 2022 | |
RESERVES | 25. RESERVES (a) Statutory reserve In accordance with the relevant laws and regulations of the PRC, the Company’s PRC subsidiaries are required to transfer 10% 50 (b) Currency translation reserve The reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. (c) Merger reserve The merger reserve of the Company represents the difference between the nominal value of the shares of the subsidiaries acquired in the Hengda Reorganization (Note 1) over the nominal value of the shares of the Company issued in exchange thereof. (d) Share-based payment reserve After the successful consummation of the reverse recapitalization, Mr. Wong Kung Tok, the former sole shareholder of Success Winner, allotted a total of 1,521,528 The share-based payment reserve also represents the equity-settled share options granted to employees (Note 26). The reserve is made up of the cumulative value of services received from employees recorded over the vesting period commencing from the grant date of equity-settled share options, and is reduced by the expiry or exercise of the share options. The share-based payment reserve also represents the shares issued to its senior officers as stock compensation expense. (e) Reverse recapitalization reserve The reverse recapitalization reserve arises as a result of the method of accounting for the Success Winner Acquisition. In accordance with IFRS, the acquisition has been accounted for as a reverse recapitalization. (f) Capital reverse On July 31, 2014, Sound Treasure Limited, the Company’s largest shareholder and an affiliate of the Company’s Chief Executive Officer, entered into a three party agreement (the “Novation”) with the financial institution that originated the foreign currency transaction agreements and the Company. Under the Novation, Sound Treasure Limited assumed these agreements and all assets (mainly deposits placed with the financial institution) and all existing and future liabilities arising under these agreements, and the Company was released from the liabilities arising under the foreign currency transaction agreements. As a result, after July 31, 2014, the Company is no longer required to fund any losses related to these agreements, and the Company will neither suffer any future liabilities arising under those agreements nor enjoy any benefit arising under those agreements. At the time that each of the foreign currency transaction agreements was established with the financial institution, the Company was required to deposit monies with the financial institution. RMB 6.7 15.6 40.2 20.7 15.6 76.8 15.6 76.8 61.3 |
SHARE-BASED EMPLOYEE REMUNERATI
SHARE-BASED EMPLOYEE REMUNERATION | 12 Months Ended |
Dec. 31, 2022 | |
SHARE-BASED EMPLOYEE REMUNERATION | 26. SHARE-BASED EMPLOYEE REMUNERATION (a) Employee share scheme The Board of Directors duly adopted and approved the 2019 Equity Compensation Plan (“the 2019 Plan”) on December 20, 2019. The purpose of the 2019 Plan was to attract and retain outstanding individuals as Employees, Directors and Consultants of the Company and its Subsidiaries, to recognize the contributions made to the Company and its Subsidiaries by Employees, Directors and Consultants, and to provide such Employees, Directors and Consultants with additional incentive to expand and improve the profits and achieve the objectives of the Company and its Subsidiaries, by providing such Employees, Directors and Consultants with the opportunity to acquire or increase their proprietary interest in the Company through receipt of Awards. The Board, in its sole discretion, shall determine the Employees, Consultants and Directors to whom, and the time or times at which Awards will be granted, the form and amount of each Award, the expiration date of each Award, the time or times within which the Awards may be exercised, the cancellation of the Awards and the other limitations, restrictions, terms and conditions applicable to the grant of the Awards. To the extent permitted by applicable law, regulation, and rules of a stock exchange on which the Ordinary Shares are listed or traded, the Board may delegate its authority to grant Awards to Employees or Consultants and to determine the terms and conditions thereof to its standing committee, e.g., Compensation Committee, as it may determine in its discretion, on such terms and conditions as it may impose. The total number of shares that may be issued under the 2019 Plan was 333,333 The number of shares issued to Employees, Directors and Consultants is the offer amount divided by the Fair Market Value, meaning (i) if the principal trading market for the Ordinary Shares is the NASDAQ Capital Market or another national securities exchange, the “closing transaction” price at which shares of Ordinary Shares are traded on such securities exchange on the relevant date or (if there were no trades on that date) the latest preceding date upon which a sale was reported, (ii) if the Ordinary Shares is not principally traded on a national securities exchange, but is quoted on the NASD OTC Bulletin Board (“OTCBB”) or the Pink Sheets, the last reported “closing transaction” price of Ordinary Shares on the relevant date, as reported by the OTCBB or Pink Sheets, or, if not so reported, as reported in a customary financial reporting service, as the Committee determines, or (iii) if the Ordinary Shares is not publicly traded or, if publicly traded, is not subject to reported closing transaction prices as set forth above, the Fair Market Value per share shall be as determined by the Board. From January to December 31, 2020, the Company issued aggregate of 46,256 36,201 From January to December 31, 2021, the Company issued aggregate of 33,269 81,010 From January to December 31, 2022, the Company issued aggregate of 110,343 268,331 For the years ended December 31, 2022, 2021 and 2020, employee remuneration expense (all of which related to equity-settled share-based payment transactions) of RMB 2,180,000 , RMB 1,835,000 and RMB 1,135,000 , respectively, has been included in profit or loss and credited to the share capital and share-based payment reserve. |
SIGNIFICANT RELATED PARTY TRANS
SIGNIFICANT RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2022 | |
SIGNIFICANT RELATED PARTY TRANSACTIONS | 27. SIGNIFICANT RELATED PARTY TRANSACTIONS Apart from those discussed elsewhere in these financial statements, the following are significant related party transactions entered into between the Company and its related parties at agreed rates: SCHEDULE OF SIGNIFICANT RELATED PARTY TRANSACTIONS 2022 2021 RMB’000 RMB’000 Amounts owed to related parties 1,291 36,348 Current payables to related parties, Total 1,291 36,348 As of December 31, 2022, total of amounts owed to related parties held by discontinued operations was RMB 35,057,000. Mr. Huang Jia Dong, the prior Chief Executive Officer and a prior director of the company, and Mr. Wong Kung Tok, formerly one of the Company’s significant shareholders, provide working capital loans to the Company from time to time during the normal course of its business. These loans amounted to RMB 35,057,000 and RMB 35,057,000 as of December 31, 2022 and 2021, respectively. These loans are interest free, unsecured and repayable on demand. Mr. Huang and Mr. Wong are brothers-in-law. The whole of this amount was held by discontinued operations. As of December 31, 2022, the Company had a loan of US$ 167,000 (equivalent to RMB 1,160,000 ) (2021: US$ 167,000 (equivalent to RMB 1,160,000 )) payable to Sound Treasure Limited, an affiliate of Mr. Huang Jia Dong and a shareholder of the Company. This loan is interest free, unsecured and repayable on demand. As of December 31, 2022, the Company had a loan of US $ 20,000 131,000 20,000 131,000 During the year ended December 31, 2022, the Company incurred a total of RMB 2,847,000 2,635,000 2,635,000 2,486,000 149,000 During the year ended December 31, 2021, the Company paid a total of RMB 8,840,000 8,840,000 5,993,000 2,847,000 2,847,000 2,486,000 2,635,000 2,486,000 149,000 1,460,000 1,460,000 1,378,000 82,000 The director of Anhui Zhongjun, Zhang Yonghong, is also a director of the Company’s subsidiary, Chengdu Future Talented Management and Consulting Co., Ltd. During the year ended December 31, 2021, the Company incurred a total of RMB 36,929,000 in cost of revenue to Lianjie (Hainan)Technology Co., Ltd. (“Lianjie”). The Company paid RMB 34,364,000 to Lianjie for the cost of revenue incurred. As of December 31, 2021, the Company had trade accounts payable of RMB nil due to Lianjie. Lin Yufeng, a director of the Company’s subsidiary, Hainan Kylin Cloud Services Technology Co., Ltd., was a significant shareholder of Lianjie from September 22, 2021 until November 19, 2021. Lin Yufeng was no longer a significant shareholder of Lianjie during the year ended December 31, 2022, and thus Lianjie was no longer a related party of the Company. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2022 | |
COMMITMENTS | 28. COMMITMENTS (a) Operating lease commitments The Company leases production factories, warehouses and employees’ hostel from unrelated parties under non-cancellable operating lease arrangements. The leases have varying terms and the total future minimum lease payments of the Company under non-cancellable operating leases are payable as follows: SCHEDULE OF TOTAL FUTURE MINIMUM LEASE PAYMENTS As of December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Within one year 328 13,404 13,431 After one year and within five years 157 33,325 46,728 Operating lease commitments 485 46,729 60,159 As of December 31, 2022, total operating lease liabilities payable of discontinued operations amounts of RMB 33,325,000 (Note 29). The leases typically run for an initial period of three years, with an option to renew the lease when all terms are renegotiated. Lease payments are usually increased every three years to reflect market rentals. None of the leases includes contingent rentals. (b) Capital commitments The Company’s capital expenditures consist of expenditures on property, plant and equipment and capital contribution. Capital expenditures contracted for at the balance sheet date but not recognized in the financial statements are as follows: SCHEDULE OF CAPITAL EXPENDITURES CONTRACTED FOR AT THE BALANCE SHEET DATE BUT NOT RECOGNIZED As of December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Contracted for capital commitment in respect of capital contribution to its wholly foreign owned subsidiary in the PRC: Chengdu Future 30,000,000 30,000,000 30,000,000 Antelope Chengdu 47,365,376 65,250,000 62,250,000 Hainan Antelope Holding 63,726,000 63,726,000 — Antelope Future (Yangpu) 60,970,159 63,726,000 — Antelope Investment (Hainan) 50,000,000 50,000,000 — Antelope Ruicheng Investment 47,245,000 50,000,000 — Hangzhou Kylin Cloud Service Technology 4,500,000 — — Anhui Kylin Cloud Service Technology 4,900,000 — — Contractual capital commitments 4,900,000 — — |
ASSETS AND LIABILITIES OF DISPO
ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | 12 Months Ended |
Dec. 31, 2022 | |
Assets And Liabilities Of Disposal Group Classified As Held For Sale | |
ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | 29. ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE Since the ceramic tiles manufacturing business of the Company has experienced significant hurdles due to the significant slowdown of the real estate sector and the impacts of COVID-19 in China, the Company plans to divest its ceramic tiles manufacturing business, which is conducted through the Company’s two subsidiaries, Jinjiang Hengda Ceramics Co., Ltd. and Jiangxi Hengdali Ceramic Materials Co., Ltd. Jiangxi Hengdali Ceramics is wholly owned by Jinjiang Hengda Ceramics, which is a wholly owned subsidiary of Stand Best Creation Limited, a Hong Kong company (the “Target”). The Target is Stand Best Creation Limited, a wholly owned subsidiary of Success Winner Limited which is 100% owned by the Company (“the Disposition Group”). On December 30, 2022, the Seller, the Target and New Stonehenge Limited, a British Virgin Islands exempt company which is not affiliate of the Company or any of its directors or officers, (the “Buyer”), entered into certain share purchase agreement (the “Disposition SPA”). Pursuant to the Disposition SPA, the Buyer agreed to purchase the Target, and in exchange the Buyer will issue a 5% unsecured promissory note to the Seller with principal amount of $ 8.5 The Closing of the Disposition is subject to the satisfaction or waiver of certain closing conditions including the receipt of a fairness opinion from an independent firm, approval of a majority of the Company’s shareholders, and all consents required to be obtained from or made with any governmental authorities. The Company held an extraordinary meeting of shareholders at on February 21, 2023, 8:30 A.M. ET. at Junbing Industrial Area, Anhai, Jinjiang, Fujian, China. There were 5,678,430 ordinary shares voted, representing approximately 56.58% of the total 10,035,188 outstanding ordinary shares and therefore constituting a quorum of more than fifty percent (50%) of the shares outstanding and entitled to vote at the meeting as of the record date of January 5, 2023. The final voting results submitted to a vote of shareholders at the meeting were that the following constitutes the number of votes voted with respect to the proposal of the approval of the proposed sale of the Company’s subsidiaries (the “Disposition Transaction”), Stand Best Creation Limited, Jinjiang Hengda Ceramics Co., Ltd., and Jiangxi Hengdali Ceramic Materials Co., Ltd. to New Stonehenge Limited, a business company incorporated in the British Virgin Islands with limited liability, in exchange for an unsecured promissory note with a principal amount of US$8.5 million, which will be mature in four years after its issuance. Accordingly, the Disposition Transaction has been approved. Assets and liabilities of the Disposal Group were classified as “Assets classified as held for sale” and “Liabilities directly associated with assets classified as held for sale” respectively in accordance with IFRS 5 as at December 31, 2022. SCHEDULE OF ASSETS AND LIABILITIES OF DISPOSAL GROUP As of RMB’000 ASSETS CLASSIFIED AS HELD FOR SALE Right-of-use assets, net 30,937 Inventories, net 28,749 Trade receivables, net 11,683 Other receivables and prepayments 3,000 Cash and bank balances 306 Total assets of the Disposal Group held for sale 74,675 As of RMB’000 LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE Accrued liabilities and other payables 19,197 Amounts owed to related parties 35,057 Lease liabilities 33,325 Taxes payable 951 Total liabilities of the Disposal Group directly associated with assets classified as held for sale 88,530 Discontinued operations Upon the classification of the assets and liabilities of the Disposal Group as ‘Assets classified as held for sale’ and ‘Liabilities directly associated with assets classified as held for sale’ respectively, the Disposal Group is reported in the current period as a discontinued operations. Financial information relating to the discontinued operations for the year is set out below. The financial performance and cash flow information presented are for the years ended December 31, 2022, 2021 and 2022. SCHEDULE OF FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION 2022 2021 2020 Years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Financial performance Net sales 37,696 144,743 182,989 Cost of goods sold 41,245 83,436 209,705 Gross profit (loss) (3,549 ) 61,307 (26,716 ) Other income 14,244 9,388 14,531 Selling and distribution expenses (5,913 ) (6,298 ) (9,356 ) Administrative expenses (51,297 ) (131,867 ) (168,622 ) Finance costs (1,479 ) (2,115 ) (2,673 ) Other expenses - (90 ) - Loss before taxation (47,994 ) (69,675 ) (192,836 ) Income tax expense - - - Loss for the year from discontinued operations (47,994 ) (69,675 ) (192,836 ) Total comprehensive loss from discontinued operations (47,994 ) (69,675 ) (192,836 ) Cash flow information Net cash generated from operating activities from discontinued operations 4,982 3,314 4,400 Net cash used in investing activities from discontinued operations - - - Net cash used in financing activities from discontinued operations (14,303 ) (14,303 ) (14,136 ) Net (decrease) increase in cash and cash equivalents from discontinued operations (9,321 ) (10,989 ) (9,736 ) |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL RISK MANAGEMENT | 30. FINANCIAL RISK MANAGEMENT The Company’s overall financial risk management program seeks to minimize potential adverse effects of financial performance of the Company. Management has in place processes and procedures to monitor the Company’s risk exposures while balancing the costs associated with such monitoring and management against the costs of risk occurrence. The Company’s risk management policies are reviewed periodically for changes in market conditions and the Company’s operations. The Company is exposed to financial risks arising from its operations and the use of financial instruments. The key financial risks included credit risk, liquidity risk, interest rate risk, foreign currency risk and market price risk. Except as disclosed in (d), the Company does not hold or issue derivative financial instruments for trading purposes or to hedge against fluctuations, if any, in interest rates and foreign exchange rates. (a) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. The Company’s exposure to credit risk arises primarily from bank balances and trade receivables. For trade receivables, the Company adopts the policy of dealing only with customers of appropriate credit history to mitigate credit risk. For other financial assets, the Company adopts the policy of dealing only with high credit quality counterparties. As the Company does not hold any collateral, the maximum exposure to credit risk for each class of financial assets is the carrying amount of that class of financial assets presented on the consolidated statements of financial position. Cash and bank balances The Company’s bank deposits are placed with reputable banks in the PRC, Hong Kong and the United States, which management believes are of high credit quality. The Company performs periodic evaluations of the relative credit standing of these financial institutions. Trade receivables The Company’s objective is to seek continual growth while minimizing losses incurred due to increased credit risk exposure. The Company’s exposure to credit risks is influenced mainly by the individual characteristics of each customer. The Company typically gives the existing customers credit terms of approximately 120 days to 150 days. In deciding whether credit shall be extended, the Company will take into consideration factors such as the relationship with the customer, its payment history and credit worthiness. In relation to new customers, the sales and marketing department will prepare credit proposals for approval by the Chief Executive Officer. The Company performs ongoing credit evaluations of its customers’ financial condition and requires no collateral from its customers. The provision for impairment loss for doubtful debts is based upon a review of the expected collectability of all trade and other receivables. The Company’s concentration of credit risk by geographical location is wholly in the PRC as of December 31, 2022 and 2021. Further details of the Company’s concentration of credit risk are set out in Note 16. (b) Liquidity risk The Company’s policy is to regularly monitor current and expected liquidity requirements and its compliance with loan covenants to ensure that it maintains a sufficient amount of cash and adequate committed lines of funding from major financial institutions to meet its liquidity requirements in the short and longer term. The following table details the Company’s remaining contractual maturities for its financial liabilities. The table has been drawn up based on undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table includes both interest and principal cash flows. To the extent that interest flows are at a floating rate, the undiscounted amount is calculated based on interest rate at the end of the reporting periods: SCHEDULE OF COMPANY REMAINING CONTRACTUAL MATURITIES FOR ITS FINANCIAL LIABILITIES As of December 31, 2022 More than 1 Total contractual year but less undiscounted Carrying Within 1 year than 5 years cash flow amount RMB’000 RMB’000 RMB’000 RMB’000 Trade payables 3,079 — 3,079 3,079 Amounts owed to related parties 1,291 — 1,291 1,291 Note payable — 8,775 8,775 8,775 Lease liabilities 349 146 495 495 Total 4,719 8,921 13,640 13,640 As of December 31, 2021 More than 1 Total contractual year but less undiscounted Carrying Within 1 year than 5 years cash flow amount RMB’000 RMB’000 RMB’000 RMB’000 Trade payables 6,290 — 6,290 6,290 Amounts owed to related parties 36,348 — 36,348 36,348 Lease liabilities 14,883 34,565 49,448 49,448 Total 57,521 34,565 92,086 92,086 (c) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments will fluctuate because of changes in market interest rates. The Company’s exposure to interest rate risk arises primarily from the Company’s interest-bearing bank deposits and borrowings. The Company is exposed to fair value interest rate risk in relation to its fixed-rate bank borrowings. Bank borrowings subject to fixed interest rates are contractually repriced at intervals of 12 months. The Company currently does not have an interest rate hedging policy. However, the management monitors interest rate exposure and will consider other necessary actions when significant interest rate exposure is anticipated. The Company is also exposed to cash flow interest rate risk related to bank balances and cash held at financial institutions carried at the prevailing market rates and variable-rate bank borrowings. At December 31, 2022 and 2021, the company had no variable-rate risk. (d) Foreign currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. Currency risk arises when transactions are denominated in foreign currencies. The Company is mainly exposed to foreign exchange risk arising from future commercial transactions, recognized assets and liabilities denominated in currencies other than the functional currency of the Company entities to which they relate. The Company’s operations are primarily conducted in the PRC. All the sales and purchases transactions are denominated in RMB. As such, the operations are not exposed to exchange rate fluctuation. As of December 31, 2022 and 2021, nearly all of the Company’s monetary assets and monetary liabilities were denominated in RMB except certain bank balances (Note 18) were denominated in US dollars and HKD. Sensitivity analysis The Company’s foreign currency risk is mainly concentrated on the fluctuation of US$ and HK$. The following table details the Company’s sensitivity to a 4 SUMMARY OF LOSS BEFORE TAXATION As of December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Loss before taxation 39 895 421 The sensitivity analysis has been determined assuming that the change in foreign exchange rates had occurred at the end of the reporting period and had been applied to re-measure those financial instruments held by the Company which expose the Company to foreign currency risk at the end of the reporting period. The stated changes represent management’s assessment of reasonably possible changes in foreign exchange rates over the period until the end of next annual reporting period. The analysis is performed on the same basis for 2022, 2021 and 2020. In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year end exposure at the end of the reporting period does not reflect the exposure during the year. (e) Fair value measurements (i) Financial instruments carried at fair value Fair value hierarchy The following table presents the fair value of the Company’s financial instruments measured at the end of the reporting period on a recurring basis, categorized into the three-level fair value hierarchy as defined in IFRS 13 Fair value measurement. The level into which a fair value measurement is classified is determined with reference to the observability and significance of the inputs used in the valuation technique as follows: ● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) ● Level 3: inputs for the assets or liability that are not based on observable market data (that is, unobservable inputs). The Company’s directors are responsible to determine the appropriate valuation techniques and inputs for fair value measurements. There were no transfers between instrument levels during the years ended December 31, 2022 and 2021. As of December 31, 2022 and 2021 there were no other financial instruments measured on a recurring basis. (ii) Financial assets and liabilities measured at other than fair value The carrying amounts of the Company’s other financial instruments carried at cost or amortized cost approximate their fair values as of December 31, 2022 and 2021. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management | |
CAPITAL MANAGEMENT | 31. CAPITAL MANAGEMENT The Company’s objectives when managing capital are: (i) To safeguard the Company’s ability to continue as a going concern and to be able to service its debts when they are due; (ii) To maintain an optimal capital structure so as to maximize shareholder value; and (iii) To maintain a strong credit rating and healthy capital ratios in order to support the Company’s stability and growth. The Company actively and regularly reviews and manages its capital structure to ensure optimal shareholder returns, taking into consideration the future capital requirements of the Company and capital efficiency, prevailing and projected profitability, projected operating cash flows, projected capital expenditures and projected strategic investment opportunities. The Company manages its common shares and stock options as capital. The Company is not subject to externally imposed capital requirements, except for, as disclosed in Note 25(a), the Company’s PRC subsidiaries are required by the Foreign Enterprise Law of the PRC to contribute to and maintain a non-distributable statutory reserve fund whose utilization is subject to approval by the Board of Directors. This externally imposed capital requirement has been complied with by the PRC subsidiaries for the years ended December 31, 2022, 2021 and 2020. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, increase share capital, obtain new borrowings or sell assets to reduce debt. There were no changes in the Company’s overall approach to capital management during the report periods. The capital structure of the Company consists of debts (which include borrowings, less cash and cash equivalents) and equity attributable to shareholders of the Company (comprising issued capital and reserves). The Company monitors capital on the basis of the debt to capital ratio, which is calculated as net debts divided by equity attributable to shareholders of the Company. SCHEDULE OF CAPITAL STRUCTURE As of December 31, 2022 2021 RMB’000 RMB’000 Interest-bearing bank borrowings — — Note payable 8,775 — Amounts owed to related parties 1,291 36,348 Total debts 10,066 36,348 Less: Cash and cash equivalents (excluding restricted bank balances) (3,936 ) (27,880 ) Net debts 6,130 8,548 Equity attributable to shareholders of the Company 1,047 61,943 Gearing ratio 585 % 13.8 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 32. SUBSEQUENT EVENTS The Company has evaluated all events that have occurred subsequent to December 31, 2022 through the date that the consolidated financial statements were issued. Management has concluded that the following material subsequent events required disclosure in the consolidated financial statements. On December 30, 2022, the Company (the “Seller”), the Target (includes Stand Best, Hengda and Hengdali) and New Stonehenge Limited, a British Virgin Islands exempt company which is not affiliate of the Company or any of its directors or officers, (the “Buyer”), entered into certain share purchase agreement (the “Disposition SPA”). Pursuant to the Disposition SPA, the Buyer agreed to purchase the Target for $ 8.5 million, and in exchange the Buyer will issue a 5 % unsecured promissory note to the Seller with principal amount of $ 8.5 million with a maturity date on the fourth anniversary of its issuance (the “Note”). The Note has an interest rate of five percent ( 5 %) per annum from the Effective Date until the same is paid in full. All interest calculations shall be simple interest and shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months and shall be payable in accordance with the terms of this Note. Upon the closing of the transaction (the “Disposition”) contemplated by the Disposition SPA, the Buyer will become the sole shareholder of the Target and as a result, assume all assets and liabilities of the Target and subsidiaries owned or controlled by the Target. The Closing of the Disposition is subject to the satisfaction or waiver of certain closing conditions including the receipt of a fairness opinion from an independent firm, approval of a majority of the Company’s shareholders, and all consents required to be obtained from or made with any governmental authorities. The disposition was approved during the extraordinary meeting of shareholders held on February 21, 2023. The disposition was consummated on April 28, 2023. During the same shareholder meeting, the shareholders also approved the alteration of the authorized issued share capital of the Company from US$ 4,800,000 200,000,000 0.024 250,000,000 200,000,000 50,000,000 50,000,000 On January 10, 2023, the Company entered into a certain securities purchase agreement (the “SPA”) with Mr. Weilai (Will) Zhang, the Chief Executive Officer of the Company, Mr. Ishak Han, a director of the Company, and another sophisticated purchaser (collectively, the “Purchasers”), pursuant to which the Company agreed to sell 1,625,000 0.024 0.80 1.3 On January 13, 2023, the Company entered into a certain securities purchase agreement (the “SPA”) with a certain purchaser (collectively, the “Purchasers”), pursuant to which the Company agreed to sell 1,234,568 0.024 0.81 1 On March 30, 2023, the Company entered into a certain securities purchase agreement (the “SPA”) with five sophisticated investors (collectively, the “Purchasers”), pursuant to which the Company agreed to sell 5,681,820 Class A ordinary shares, (the “Shares”), no par value (the “Ordinary Shares”), at a per share purchase price of $ 0.88 (the “Offering”). Upon closing of this offering, these two beneficial owners of the Purchasers will have approximately 15.15 % of the total voting power of the Company, and the Company’s CEO and Chairman, Weilai (Will) Zhang, will have about 52.13 % of the total voting power of the Company. The gross proceeds to the Company from this Offering are approximately $ 5 million, before deducting any fees or expenses. The Company has issued the Shares on April 12, 2023 and the Offering was closed on the same day as all closing conditions were satisfied. The Company plans to use the net proceeds from this Offering for the general corporate purpose. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Basis of preparation | 2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board (“IASB”), which collective term includes all applicable individual International Financial Reporting Standards, International Accounting Standards and Interpretations issued by the IASB. The significant accounting policies that have been used in the preparation of these consolidated financial statements are summarized below. These policies have been consistently applied to all the years presented unless otherwise stated. The adoption of new or amended IFRSs and the impacts on the Company’s financial statements, if any, are disclosed in Note 3. The COVID-19 pandemic has created and may continue to create significant uncertainty in macroeconomic conditions, which may cause further business slowdowns or shutdowns, depress demand for the Company’s business, and adversely impact its results of operations. During the years ended December 31, 2022 and 2021, the Company faced increasing uncertainties around its estimates of revenue collectability, accounts receivable credit losses, impairment of inventory and long-lived assets. The Company expects uncertainties around its key accounting estimates to continue to evolve depending on the duration and degree of impact associated with the COVID-19 pandemic. Its estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in its consolidated financial statements. Judgments made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in Note 4. However, Since January 2023, China has dropped all COVID restrictions. The consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments that have been measured at fair value. The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying amounts of assets and liabilities not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Judgments made by management in the application of IFRSs that have significant effect on the financial statements and major sources of estimation uncertainty are discussed in Note 4. The consolidated financial statements were approved and authorized for issue by the Board of Directors on April 28, 2023. |
Basis of consolidation | 2.2 Basis of consolidation (i) 100% owned Subsidiaries The Success Winner Acquisition on November 22, 2009 has been accounted for as a reverse recapitalization. The acquisition agreement resulted in the former owner of Success Winner obtaining effective operating and financial control of the combined entity. Prior to the acquisition, Antelope Enterprise had no operating business. Accordingly, the acquisition does not constitute a business combination for accounting purposes and is accounted for as a capital transaction. That is, the transaction is in substance a reverse recapitalization, equivalent to the issuance of equity interests by Success Winner for the net monetary assets of Antelope Enterprise accompanied by a recapitalization. The consolidated financial statements are a continuation of the financial statements of Success Winner. The assets and liabilities of Antelope Enterprise are recognized at their carrying amounts at the date of acquisition with a corresponding credit to the consolidated equity and no goodwill or other intangible assets are recognized. The equity of the combined entity recognized at the date of acquisition represents the equity balances of Success Winner together with the deemed proceeds from the reverse recapitalization determined as described above. However, the equity structure presented in the consolidated financial statements (number and values of equity instruments issued) reflects the equity structure of the legal parent, Antelope Enterprise. Costs directly attributable to the transaction have been debited to equity to the extent of net monetary assets received. Success Winner and its subsidiaries as a group is regarded as a continuing entity resulting from the Hengda Reorganization since the management of all the entities which took part in the Reorganization were controlled by the same director and shareholder before and immediately after the Reorganization. Immediately after the Reorganization, there was a continuation of the control over the entities’ financial and operating policy decision and risk and benefits to the ultimate shareholders that existed prior to the Reorganization. Accordingly, the reorganization has been accounted for as a reorganization under common control and the financial statements of Success Winner, Stand Best and Hengda have been combined on the basis of merger accounting for all periods presented. The assets and liabilities of the combining entities or businesses are combined using the existing book values from the controlling party’s perspective. No amount is recognized as consideration for goodwill or excess of the acquirer’s interest in the net fair values of the acquiree’s identifiable assets, liabilities and contingent liabilities over cost at the time of the common control combination. The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or the date of their incorporation/establishment or since the date when the combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination. The Hengdali Acquisition on January 8, 2010 has been accounted for as a business combination using the acquisition method. Hengdali is a subsidiary of the Company, and the Company has the power to govern the financial and operating policies which accompanies its shareholding of 100% of the voting rights in Hengdali. Therefore, Hengdali as a subsidiary is fully consolidated from January 8, 2010, the date on which control was transferred to the Company. The accounting for the Hengdali Acquisition under the acquisition method, treats the consideration transferred for the acquisition of Hengdali as the fair values of the assets transferred, the liabilities incurred and the equity interests issued by the Company. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in this business combination are measured initially at their fair values at the acquisition date. The excess of the consideration transferred over the fair value of the identifiable net assets acquired is recorded as goodwill. The Company’s financial statements consolidate those of the Company and all of its subsidiaries as of December 31, 2022. Subsidiaries are entities controlled by the Company. The Company controls an entity when it is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. When assessing whether the Company has power, only substantive rights (held by the Company and other parties) are considered. All subsidiaries have a reporting date of December 31. An investment in a subsidiary is consolidated into the consolidated financial statements form the date that control commences until the date that control ceases. Inter-company transactions, balances and unrealized gains or losses on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. (ii) Non-controlling interests Antelope Ruicheng owns 51% of Hainan Kylin, while non-controlling interest owns 49% of Hainan Kylin. Hainan Kylin 100% owns Hangzhou Kylin and Anhui Kylin. Non-controlling interests in the financial results and equity of subsidiaries are shown separately in the Consolidated Statements of Comprehensive Income (Loss), Consolidated Statements of Financial Position and Consolidated Statements of Changes in Equity respectively. |
Foreign currency translation | 2.3 Foreign currency translation The financial statements are presented in RMB (to the nearest thousand), being the currency that best reflects the economic substance of the underlying events and circumstances relevant to the Company. The Company’s operations are conducted through the subsidiaries in the People’s Republic of China (“PRC”). The functional currency of these subsidiaries in China is Renminbi (“RMB”). The functional currency of Antelope Enterprise and Antelope HK is the United State dollars (US$). The functional currency of Vast Elite is Hong Kong dollar. In the individual financial statements of the consolidated entities, foreign currency transactions are translated into the functional currency of the individual entity using the exchange rates prevailing at the dates of the transactions. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the foreign exchange rates ruling at that date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the reporting date retranslation of monetary assets and liabilities are recognized in profit or loss. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the date when the fair value was determined and are reported as part of the fair value gain or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. In the consolidated financial statements, all individual financial statements of foreign operations, originally presented in a currency different from the Company’s presentation currency, have been converted into Renminbi. Assets and liabilities have been translated into Renminbi at the closing rates at the reporting date. Income and expenses have been converted into Renminbi at the exchange rates ruling at the transaction dates, or at the average rates over the reporting period provided that the exchange rates do not fluctuate significantly. Any differences arising from this procedure have been recognized in other comprehensive income and accumulated separately in the currency translation reserve in equity. When a foreign operation is sold, such exchange differences are reclassified from equity to profit or loss as part of the gain or loss on sale. The translation of certain RMB amounts as of and for the year ended December 31, 2022 into US$ is included in these financial statements solely for the convenience of readers and was made at the rate of RMB 6.90 to US$1.00, which was based on the noon buying rate on December 31, 2022 in the City of New York cable transfers of RMB as certified for customers purposes by the Federal Reserve Bank of New York. Such translation should be construed as representation that RMB amounts could be converted, realized or settled into US$ at the rate stated above or at any other rate. |
Property, plant and equipment | 2.4 Property, plant and equipment Leasehold land and buildings for own use When a lease includes both land and building elements, the Company assesses the classification of each element as a finance or an operating lease separately based on the assessment as to whether substantially all the risks and rewards incidental to ownership of each element have been transferred to the Company, unless it is clear that both elements are operating leases in which case the entire lease is classified as an operating lease. Specifically, the minimum lease payments (including any lump sum upfront payments) are allocated between the land and the building elements in proportion to the relative fair values of the leasehold interests in the land element and building element of the lease at the inception of the lease. To the extent the allocation of the lease payments can be made reliably, interest in leasehold land that is accounted for as an operating lease is presented as “land use rights” in the consolidated statements of financial position and is amortized over the lease term on a straight-line basis. All buildings are depreciated over their expected useful lives of 40 years Other property, plant and equipment Property, plant and equipment are stated in the consolidated statements of financial position at cost less any accumulated depreciation and any accumulated impairment losses. Depreciation is provided to write off the cost less their residual values over their estimated useful lives as follows, using the straight-line method: SCHEDULE OF DEPRECIATION USING STRAIGHT-LINE METHOD Plant and machinery 10 years Motor vehicles 10 years Office equipment 5 years The assets’ residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they are incurred. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The gain or loss arising on retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. |
Investment property | 2.5 Investment property Investment properties are properties held to earn rentals or for capital appreciation. Investment properties are initially measured at historical cost, including any directly attributable expenditure. Subsequent to initial recognition, investment properties are measured at their historical cost less any accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other costs, such as repairs and maintenance, are charged to profit or loss during the financial period in which they are incurred. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The gain or loss arising on retirement or disposal is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use or no future economic benefits are expected from its disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the item is derecognized. |
Land use rights | 2.6 Land use rights Upfront payments made to acquire land held under an operating lease are stated at cost less accumulated amortization and any accumulated impairment losses. Amortization is calculated on a straight line basis over the leasing period of 50 years |
Goodwill | 2.7 Goodwill Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the business less accumulated impairment losses, if any. For the purposes of impairment testing, goodwill is allocated to each of the Company’s cash-generating units, or groups of cash-generating units, that is expected to benefit from the synergies of the combination. A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently whenever there is indication that the unit may be impaired. If some or all of the goodwill allocated to a cash-generating unit was acquired in a business combination during the current annual period, that unit shall be tested for impairment before the end of the current annual period. If the recoverable amount of the cash-generating unit is less than the carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit on a pro – rata basis based on the carrying amount of each asset in the unit. Any impairment loss for goodwill is recognized directly in profit or loss. An impairment loss recognized for goodwill is not reversed in subsequent periods. On disposal of the relevant cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. |
Inventories | 2.8 Inventories Inventories are carried at the lower of cost and net realizable value. Cost is determined using the weighted average basis, and in the case of work in progress and finished goods, comprises direct materials, direct labor and an appropriate proportion of overhead. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and applicable selling expenses. When inventories are sold, the carrying amount of those inventories is recognized as an expense in the period in which the related revenue is recognized. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories is recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs. |
Cash and cash equivalents | 2.9 Cash and cash equivalents Cash and cash equivalents include cash at bank and in hand, demand deposits with banks and short term highly liquid investments with original maturities of three months or less that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. For the purpose of the statement of cash flows presentation, cash and cash equivalents include bank overdrafts which are repayable on demand and form an integral part of the Company’s cash management. |
Financial instruments | 2.10 Financial instruments Financial assets and financial liabilities are recognized when a group entity becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value except for trade debtors arising from contracts with customers which are initially measured in accordance with HKFRS 15 since 1 January 2019. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets or liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in profit or loss. The effective interest method is a method of calculating the amortized cost of a financial asset or financial liability and of allocating interest income and interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts and payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset or financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Interest income which are derived from the Company’s ordinary course of business are presented as revenue. Financial assets Classification and subsequent measurement of financial assets (upon application of IFRS 9) Financial assets that meet the following conditions are subsequently measured at amortized cost: ● the financial asset is held within a business model whose objective is to collect contractual cash flows; and ● the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. All other financial assets are subsequently measured at fair value through profit or loss (“FVTPL”). A financial asset is classified as held for trading if: ● it has been acquired principally for the purpose of selling in the near term; or ● on initial recognition it is a part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or ● it is a derivative that is not designated and effective as a hedging instrument. In addition, the Company may irrevocably designate a financial asset that are required to be measured at the amortized cost as measured at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. (i) Amortized cost and interest income Interest income is recognized using the effective interest method for financial assets measured subsequently at amortized cost. Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that have subsequently become credit-impaired. For financial assets that have subsequently become credit-impaired, interest income is recognized by applying the effective interest rate to the amortized cost of the financial asset from the next reporting period. If the credit risk on the credit-impaired financial instrument improves so that the financial asset is no longer credit-impaired, interest income is recognized by applying the effective interest rate to the gross carrying amount of the financial asset from the beginning of the reporting period following the determination that the asset is no longer credit impaired. (ii) Financial assets at FVTPL Financial assets that do not meet the criteria for being measured at amortized cost are measured at FVTPL. Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss. The net gain or loss recognized in profit or loss includes any dividend or interest earned on the financial asset and is included in the “other gains and losses” line item. Impairment of financial assets (upon application IFRS 9) The Company recognizes a loss allowance for expected credit loss (“ECL”) on financial assets which are subject to impairment under IFRS 9 (including trade and other receivables, bank deposits and bank balances). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition. General approach ECLs are recognized in two measurement bases. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and considers reasonable and supportable information that is available without undue cost or effort, including historical and forward looking information. The Company considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets at amortized cost are subject to impairment under the general approach and they are classified within the following stages for measurement of ECLs except for trade receivables which apply the simplified approach as detailed below. Stage 1 — Financial instruments for which credit risk has not increased significantly since initial recognition and for which the loss allowance is measured at an amount equal to 12-month ECLs Stage 2 — Financial instruments for which credit risk has increased significantly since initial recognition but that are not credit-impaired financial assets and for which the loss allowance is measured at an amount equal to lifetime ECLs Stage 3 — Financial assets that are credit-impaired at the reporting date (but that are not purchased or originated credit-impaired) and for which the loss allowance is measured at an amount equal to lifetime ECLs Simplified approach For trade receivables that do not contain a significant financing component or when the Company applies the practical expedient of not adjusting the effect of a significant financing component, the Company applies the simplified approach in calculating ECLs. Under the simplified approach, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Company assesses at the end of each reporting period whether there is any objective evidence that a financial asset or a group of financial assets is impaired. An impairment exists if one or more events that occurred after the initial recognition of the asset have an impact on the estimated future cash flows of the financial asset or the Company of financial assets that can be reliably estimated. Evidence of impairment may include indications that a debtor or a group of debtors is experiencing significant financial difficulty, default or delinquency in interest or principal payments, the probability that they will enter bankruptcy or other financial reorganization and observable data indicating that there is a measurable decrease in the estimated future cash flows, such as changes in arrears or economic conditions that correlate with defaults. Financial assets carried at amortized cost For financial assets carried at amortized cost, the Company first assesses whether impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, it includes the asset in a group of financial assets with similar credit risk characteristics and collectively assesses them for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment. The amount of any impairment loss identified is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future credit losses that have not been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate (i.e., the effective interest rate computed at initial recognition). The carrying amount of the asset is reduced through the use of an allowance account and the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount using the rate of interest used to discount the future cash flows for the purpose of measuring the impairment loss. Loans and receivables together with any associated allowance are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Company. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a write-off is later recovered, the recovery is credited to other expenses in the statement of profit or loss. Classification and subsequent measurement of financial assets (before application of IFRS 9 on January 1, 2018) The Company’s financial assets are loans and receivables. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are initially recognized at fair value. Subsequent to initial recognition, loans and receivables (including trade and other receivables, pledged bank deposits, fixed bank deposits with maturity periods over three months and bank balances) are measured at amortized cost using the effective interest method, less any identified impairment losses). Impairment of financial assets Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the financial assets have been affected. Objective evidence of impairment could include: ● significant financial difficulty of the issuer or counterparty; or ● breach of contract, such as a default or delinquency in interest or principal payments; or ● it becoming probable that the borrower will enter bankruptcy or financial re-organization; or disappearance of an active market for that financial asset because of financial difficulties. If any such evidence exists, the impairment loss on trade receivables and other current receivables and other financial assets carried at amortized cost is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial asset’s original effective interest rate (i.e. the effective interest rate computed at initial recognition of these assets), where the effect of discounting is material. This assessment is made collectively where these financial assets share similar risk characteristics, such as similar past due status, and have not been individually assessed as impaired. Future cash flows for financial assets which are assessed for impairment collectively are based on historical loss experience for assets with credit risk characteristics similar to the collective group. If in a subsequent period the amount of an impairment loss decreases and the decrease can be linked objectively to an event occurring after the impairment loss was recognized, the impairment loss is reversed through profit or loss. A reversal of an impairment loss shall not result in the asset’s carrying amount exceeding that which would have been determined had no impairment loss been recognized in prior years. Impairment losses are written off against the corresponding assets directly, except for impairment losses recognized in respect of trade receivables included within trade and other receivables and prepayments, whose recovery is considered doubtful but not remote. In this case, the impairment losses for doubtful debts are recorded using an allowance account. When the Company is satisfied that recovery is remote, the amount considered irrecoverable is written off against trade debtors directly and any amounts held in the allowance account relating to that debt are reversed. Subsequent recoveries of amounts previously charged to the allowance account are reversed against the allowance account. Other changes in the allowance account and subsequent recoveries of amounts previously written off directly are recognized in profit or loss. Derecognition of financial assets The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognizes its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognize the financial asset and recognizes a collateralized borrowing for the proceeds received. On derecognition of a financial asset measured at amortized cost, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit or loss. Financial liabilities and equity instruments Debt and equity instruments issued by a group entity are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Effective interest method The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Interest expense is recognized on an effective interest basis. Financial liabilities Interest-bearing borrowings are recognized initially at fair value less attributable transaction costs. They are subsequently stated at amortized cost with any difference between the amount initially recognized and redemption value being recognized in profit or loss over the period of the borrowings, together with any interest and fees payable, using the effective interest method. Trade and other payables are initially recognized at fair value. They are subsequently stated at amortized cost unless the effect of discounting would be immaterial, in which case they are stated at cost. Derecognition The Company derecognizes a financial asset only when the contractual rights to the cash flows from the asset expire. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. The Company derecognizes a financial liability when, and only when, the Company’s obligations are discharged, cancelled or expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. |
Derivative financial instruments | 2.11 Derivative financial instruments Initial recognition and subsequent measurement The Company uses derivative financial instruments, such as forward currency contracts, for investment purposes. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss. |
Leases | 2.12 Leases Finance leases refers to the situation that the economic ownership of a leased asset is transferred to the lessee if the lessee bears substantially all the risks and rewards of ownership of the leased asset. All other leases are treated as operating leases. Where the Company has the use of assets under operating leases, payments made under the leases are charged to profit or loss on a straight line basis over the lease terms except where an alternative basis is more representative of the time pattern of benefits to be derived from the leased assets. Lease incentives received are recognized in profit or loss as an integral part of the aggregate net lease payments made. Contingent rental are charged to profit or loss in the accounting period in which they are incurred. Operating leases were treated in accordance to IFRS 16 commencing January 1, 2019. All the leases of the Company are operating leases for the years ended December 31, 2022, 2021 and 2020. |
Provisions and contingencies | 2.13 Provisions and contingencies Provisions for product warranties, legal disputes, onerous contracts or other claims are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. Where the time value of money is material, provisions are stated at the present value of the expenditure expected to settle the obligation. All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence or non-occurrence of one or more future uncertain events not wholly within the control of the Company are also disclosed as contingent liabilities unless the probability of outflow of economic benefits is remote. |
Share capital | 2.14 Share capital Ordinary shares are classified as equity. Share capital is determined using the nominal value of shares that have been issued. Any transaction costs associated with the issuing of shares are deducted from share premium (net of any related income tax benefit) to the extent they are incremental costs directly attributable to the equity transaction. |
Revenue recognition | 2.15 Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods, net of rebates and discounts. No such rebates were paid to distributors since year 2013. Provided it is probable that the economic benefits will flow to the Company and the revenue and costs, if applicable, can be measured reliably, revenue is recognized as follows: Sales of goods are recognized upon transfer of the significant risks and rewards of ownership to the customer. This is usually taken as the time when the goods are delivered and the customer has accepted the goods. Once goods are accepted by a customer, there is no continuing management involvement with the goods and the Company does not have the obligation to accept the return of the goods to the Company from the customer. Consulting service and livestreaming ecommerce service are recognized upon service is provided to customers. Rental income is recognized based upon our annual rental over the life of the lease under operating lease, using the straight-line method. Interest income is recognized on a time-proportion basis using the effective interest method. |
Impairment of non-financial assets | 2.16 Impairment of non-financial assets Impairment testing is made on the Company’s goodwill at each reporting date. Property, plant and equipment and land use rights are tested for impairment if there is any indication that the assets may be impaired at the balance sheet date. If any indication exists, or when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. Calculation of recoverable amount An asset’s recoverable amount is the greater of an asset’s or cash-generating unit’s fair value less costs of disposal and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where an asset does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the smallest group of assets that generates cash inflows independently (i.e. a cash-generating unit). Recognition of impairment losses An impairment loss is recognized in profit or loss whenever the carrying amount of an asset, or the cash-generating unit to which it belongs, exceeds its recoverable amount. Impairment losses recognized in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to that cash-generating unit (or group of units), and then, to reduce on a pro rata basis the carrying amount of the other assets in the unit (or group of units), except that the carrying amount of an asset will not be reduced below its individual fair value less costs of disposal (if measurable) or value in use (if determinable). Reversal of impairment losses In respect of assets other than goodwill, an impairment loss is reversed if there has been a favorable change in the estimates used to determine the recoverable amount. An impairment loss in respect of goodwill is not reversed. A reversal of an impairment loss is limited to the asset’s carrying amount that would have been determined had no impairment loss been recognized in prior years. Reversals of impairment losses are credited to profit or loss in the year in which the reversals are recognized. |
Employee benefits | 2.17 Employee benefits Retirement benefits The employees of the Company’s PRC subsidiaries are required to participate in a central pension scheme operated by the local municipal government. Contributions are recognized as an expense in profit or loss as employees render services during the year. The Company’s obligation under these plans is limited to the fixed percentage contributions payable. Share-based employee remuneration The Company operates equity-settled share-based remuneration plans for its employees. None of the Company’s plans feature any options for a cash settlement. The fair value of share options granted to employees is recognized as an employee cost with a corresponding increase in the share-based payment reserve within equity. The fair value is measured at the grant date using the Black Scholes Option Pricing Model, taking into account the terms and conditions upon which the options were granted. Where the employees have to meet vesting conditions before becoming unconditionally entitled to the share options, the total estimated fair value of the share options is spread over the vesting period, taking into account the probability that the options will vest. During the vesting period, the number of share options expected to vest is reviewed. Any resulting adjustment to the cumulative fair value recognized in prior years is charged/credited to the profit or loss for the year under review, unless the original employee expenses qualify for recognition as an asset, with a corresponding adjustment to the share-based payment reserve. On the vesting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that vest (with a corresponding adjustment to the share-based payment reserve) except where forfeiture is only due to not achieving vesting conditions that relate to the market price of the Company’s shares. The equity amount is recognized in the share-based payment reserve until either the option is exercised (when it is transferred to the share premium account) or the option expires (when it is released directly to retained earnings). |
Borrowing costs | 2.18 Borrowing costs Borrowing costs consist of interest and other costs incurred in connection with the borrowing of funds. Borrowing costs directly attributable to the acquisition, construction or production of qualifying asset which necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of that asset until such time as the assets are substantially ready for their intended use or sale. Other borrowing costs are expensed when incurred. |
Accounting for income taxes | 2.19 Accounting for income taxes Income tax comprises current tax and deferred tax. Current tax and movements in deferred tax assets and liabilities are recognized in profit or loss except to the extent that they relate to items recognized in other comprehensive income or directly in equity, in which case the relevant amounts of tax are recognized in other comprehensive income or directly in equity, respectively. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Deferred tax is calculated using the liability method on temporary differences at the reporting date between the carrying amounts of assets and liabilities in the financial statements and their respective tax bases. Deferred tax liabilities are generally recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences, tax losses available to be carried forward as well as other unused tax credits, to the extent that it is probable that taxable profit, including existing taxable temporary differences, will be available against which the deductible temporary differences, unused tax losses and unused tax credits can be utilized. Deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither taxable nor accounting profit or loss. Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures, except where the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax is calculated, without discounting, at the tax rates that are expected to apply in the period the liability is settled or the asset realized, based on tax rate (and tax laws) that have been enacted or substantively enacted at the reporting date. The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and is reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow the related tax benefit to be utilized. Any such reduction is reversed to the extent that it becomes probable that sufficient taxable profits will be available. Additional income taxes that arise from the distribution of dividends are recognized when the liability to pay the related dividends is recognized. Current tax balances and deferred tax balances, and movements therein, are presented separately from each other and are not offset. Current tax assets are offset against current tax liabilities, and deferred tax assets are offset against deferred tax liabilities, if the Company has the legally enforceable right to set off the recognized amounts and the following additional conditions are met: (a) in the case of current tax assets and liabilities, the Company intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously; or (b) in the case of deferred tax assets and liabilities, if they relate to income taxes levied by the same taxation authority on either: (i) the same taxable entity; or (ii) different taxable entities, which, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered, intend either to settle current tax liabilities and realize the current tax assets on a net basis, or to settle the liabilities and realize the assets simultaneously. |
Research and development activities | 2.20 Research and development activities Costs associated with research activities are expensed in profit or loss as they incur. Costs that are directly attributable to development activities are recognized as intangible assets if, and only if, all of the following have been demonstrated: (i) the technical feasibility of completing the intangible asset so that the asset will be available for use or sale; (ii) the intention to complete the intangible asset and use or sell it; (iii) the ability to use or sell the intangible asset; (iv) how the intangible asset will generate probable future economic benefits; (v) the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and (vi) the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognized, development expenditure is recognized in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Gains and losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized. |
Segment reporting | 2.21 Segment reporting The Company identifies operating segments and prepares segment information based on the regular internal financial information reported to the Chief Executive Officer and executive directors, who are the Company’s chief operating decision maker, for their decisions about the allocation of resources to the Company’s business components and for their review of the performance of those components. Business segment The Company operates principally in the 1) manufacturing and sale of medium to high-end ceramic tiles and 2) providing business management consulting, information system technology consulting services including the sales of software use rights for digital data deposit platforms and asset management systems, and online social media platform development and consulting. The Chief Executive Officer and executive directors regularly review the Company’s business as two business segments. Geographical segment The business of the Company is engaged entirely in the PRC. The Chief Executive Officer and executive directors regularly review the Company’s business as one geographical segment. |
Related parties | 2.22 Related parties (a) A person, or a close member of that person’s family, is related to the Company if that person: (i) has control or joint control over the Company; (ii) has significant influence over the Company; or (iii) is a member of the key management personnel of the Company. (b) An entity is related to the Company if any of the following conditions applies: (iv) The entity and the Company are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). (v) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). (vi) Both entities are joint ventures of the same third party. (vii) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (viii) The entity is a post-employment benefit plan for the benefit of employees of either the Company or an entity related to the Company. (ix) The entity is controlled or jointly controlled by a person identified in (a). (x) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that person in their dealings with the entity. |
GENERAL INFORMATION (Tables)
GENERAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
General Information | |
SCHEDULE OF CHINA CERAMICS AND ITS SUBSIDIARIES CORPORATE STRUCTURE | SCHEDULE OF CHINA CERAMICS AND ITS SUBSIDIARIES CORPORATE STRUCTURE Name Place and date of Nominal value of Percentage of Principal Direct Indirect Success Winner Limited British Virgin Islands, May 29, 2009 US$ 1 100 — Investment holding Stand Best Creation Limited Hong Kong, January 17, 2008 HKD 10,000 — 100 Investment holding Jinjiang Hengda Ceramics Co., Ltd. PRC, September 30, 1993 RMB 288,880,000 — 100 Manufacture and sale of ceramic tiles Jiangxi Hengdali Ceramic Materials Co., Ltd. PRC, May 4, 2008 RMB 55,880,000 — 100 Manufacture and sale of ceramic tiles Vast Elite Limited Hong Kong, September 22, 2017 HKD 1 — 100 Trading of building material Chengdu Future Talented Management and Consulting Co, Ltd (note 2) PRC, November 20, 2019 RMB 30,000,000 — 100 Business management and consulting services Antelope Enterprise (HK) Holdings Limited Hong Kong, December 3, 2019 HKD 10,000 — 100 Investment holding Antelope Holdings (Chengdu) Co., Ltd (note 3) PRC, May 9, 2020 USD 10,000,000 — 100 Business management and consulting services Hainan Antelope Holdings Co., Ltd (note 4) PRC, August 10, 2021 USD 10,000,000 — 100 Business management and consulting services Antelope Future (Yangpu) Investment Co., Ltd (note 5) PRC, August 11, 2021 USD 10,000,000 — 100 Business management and consulting services Antelope Investment (Hainan) Co., Ltd (note 6) PRC, August 23, 2021 RMB 50,000,000 — 100 Business management and consulting services Antelope Ruicheng Investment (Hainan) Co., Ltd (note 7) PRC, September 9, 2021 RMB 50,000,000 — 100 Business management and consulting services Hainan Kylin Cloud Services Technology Co., Ltd (note 8) PRC, September 18, 2021 RMB 5,000,000 — 51 Business management and consulting services Hangzhou Kylin Cloud Services Technology Co., Ltd (note 9) PRC, October 28, 2022 RMB 5,000,000 — 51 Business management and consulting services Anhui Kylin Cloud Services Technology Co., Ltd (note 10) PRC, November 2, 2022 RMB 5,000,000 — 51 Business management and consulting services Note: 1. The registered capital of Hengda, Hengdali, Vast Elite and Antelope HK had been fully paid up. 2. Chengdu Future is allowed to pay the registered capital in full before November 12, 2049. 3. Antelope Chengdu is allowed to pay the registered capital in full before April 13, 2060. 4. Hainan Antelope is allowed to pay the registered capital in full before December 31, 2041. 5. Antelope Future is allowed to pay the registered capital in full before December 31, 2051. 6. Antelope Investment is allowed to pay the registered capital in full before December 31, 2041. 7. Antelope Ruicheng is allowed to pay the registered capital in full before December 31, 2051. 8. Hainan Kylin is allowed to pay the registered capital in full before September 16, 2050. 9. Hangzhou Kylin is allowed to pay the registered capital in full before October 21, 2042. 10. Anhui Kylin is allowed to pay the registered capital in full before October 31, 2042. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF DEPRECIATION USING STRAIGHT-LINE METHOD | Depreciation is provided to write off the cost less their residual values over their estimated useful lives as follows, using the straight-line method: SCHEDULE OF DEPRECIATION USING STRAIGHT-LINE METHOD Plant and machinery 10 years Motor vehicles 10 years Office equipment 5 years |
CHANGES IN ACCOUNTING POLICIE_2
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Changes In Accounting Policies And Disclosures | |
SUMMARY OF LIABILITIES MEASURED AT THE PRESENT VALUE OF THE REMAINING LEASE PAYMENTS, DISCOUNTED USING THE LESSEE’S INCREMENTAL BORROWING RATE | SUMMARY OF LIABILITIES MEASURED AT THE PRESENT VALUE OF THE REMAINING LEASE PAYMENTS, DISCOUNTED USING THE LESSEE’S INCREMENTAL BORROWING RATE RMB’000 Operating lease commitments disclosed as at December 31, 2018 19,695 Discounted using weighted average incremental borrowing rate of 5.75 15,496 Lease liabilities recognized as at January 1, 2019 19,380 |
SUMMARY OF IMPACT ON TRANSITION OF IFRS 16 | SUMMARY OF IMPACT ON TRANSITION OF IFRS 16 January 1, 2019 RMB’000 Right-of-use assets 17,266 Lease liability (19,380 ) Retained earnings 2,114 |
REVENUE AND OTHER INCOME (Table
REVENUE AND OTHER INCOME (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue And Other Income | |
SCHEDULE OF ANALYSIS ABOUT COMPANY'S REVENUE AND OTHER INCOME | Revenue comprises the fair value of the consideration received or receivable for the sale of goods. An analysis of the Company’s revenue and other income is as follows: SCHEDULE OF ANALYSIS ABOUT COMPANY'S REVENUE AND OTHER INCOME For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Revenue Continuing operations Business management and consulting 12,662 13,026 — Livestreaming ecommerce 273,685 58,501 — Discontinued operations Sale of goods (Note 29) 37,696 144,743 182,989 Total revenue 324,043 216,270 182,989 Total revenues 324,043 216,270 182,989 Other income Continuing operations Interest income 10 10 23 Foreign exchange gain 73 — — Consulting income — — 7,249 Other income 2,883 22 128 Discontinued operations Other income (Note 29) 14,244 9,388 14,531 Total other income 17,210 9,420 21,931 |
SCHEDULE OF OPERATIONS BY BUSINESS SEGMENT | The following table shows the Company’s operations by business segment for the years ended December 31, 2022, 2021 and 2020. SCHEDULE OF OPERATIONS BY BUSINESS SEGMENT For the year Ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Revenues Discontinued operations Sales of tile products 37,696 144,743 182,989 Continuing operations Consulting income / software 12,662 13,026 - Livestreaming ecommerce 273,685 58,501 - Total revenues 324,043 216,270 182,989 Cost of revenues Discontinued operations Sales of tile products 41,245 83,436 208,991 Continuing operations Consulting income / software 12,819 10,002 - Livestreaming ecommerce 245,612 55,491 - Total cost of revenues 299,676 148,929 208,991 Operating costs and expenses Discontinued operations Sales of tile products 25,324 20,292 38,723 Continuing operations Consulting income / software 4,613 9,760 - Livestreaming ecommerce 25,167 195 - Other 9,380 10,677 - Total operating costs and expenses 64,484 40,924 38,723 Bad debt expense (reversal) Discontinued operations Sales of tile products 33,365 115,407 150,268 Continuing operations Consulting income / software 1,000 4,854 - Livestreaming ecommerce (3,751 ) 5,293 - Total bad debt expense (reversal) (30,614 ) 125,554 150,268 Other expense Discontinued operations Sales of tile products - 90 - Continuing operations Consulting income / software 36 34 - Livestreaming ecommerce 6 - - Total other expense 42 124 - Other income Discontinued operations Sales of tile products 14,244 9,389 14,682 Continuing operations Consulting income / software 115 29 7,249 Livestreaming ecommerce 2,148 - - Other 703 2 - Total other income 17,210 9,420 21,931 Loss from operations Discontinued operations Sales of tile products (47,994 ) (65,093 ) (193,062 ) Continuing operations Consulting income / software (5,691 ) (11,595 ) - Livestreaming ecommerce 8,929 (2,478 ) - Other (8,677 ) (10,675 ) - Loss from operations (53,433 ) (89,841 ) (193,062 ) As of As of December 31, December 31, 2022 2021 Segment assets Discontinued operations Sale of tile products 74,675 147,890 Continuing operations Business management and consulting 15,924 21,255 Livestreaming ecommerce 15,004 5,967 Others 4,403 2,755 Total assets 110,006 177,867 |
FINANCE COSTS (Tables)
FINANCE COSTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Costs | |
SCHEDULE OF INTEREST EXPENSE ON THE COMPANY’S BANK BORROWINGS | Finance costs comprise interest expense recognized from lease liabilities upon application of IFRS 16: SCHEDULE OF INTEREST EXPENSE ON THE COMPANY’S BANK BORROWINGS 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Interest on lease liability– continuing operations 25 51 75 Interest on lease liability - discontinued operations (Note 29) 1,479 2,115 2,673 |
LOSS BEFORE TAXATION (Tables)
LOSS BEFORE TAXATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF LOSS BEFORE TAXATION | The Company’s loss before taxation is arrived at after charging: SCHEDULE OF LOSS BEFORE TAXATION 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Cost of inventories recognized as expense (1) 41,245 148,929 208,991 Depreciation expenses 266 96 12 Amortization of land use rights — — — Right-of-use asset amortization charge 13,285 14,067 13,082 Auditors’ remuneration – Audit fees 2,003 1,898 1,951 – Audit-related fees — — — Auditor's remuneration for other services 2,003 1,898 1,951 Directors’ remuneration – salaries and related cost 1,619 1,656 1,457 – retirement scheme contribution 13 16 16 – share-based payments — — — Key management personnel (other than directors) – salaries and related cost 712 639 693 – retirement scheme contribution 16 23 25 – share-based payments 2,050 1,835 1,135 Research and development personnel – salaries and related cost 439 644 240 – retirement scheme contribution 81 111 44 Other personnel – salaries and related cost 6,093 7,493 13,351 – retirement scheme contribution 1,262 1,318 2,466 Total employee benefit expenses 12,285 13,735 19,427 (1) Cost of inventories recognized as expense included staff costs of RMB 2,539,000 4,065,000 7,554,000 556,108 756,704 1,590,660 nil nil nil 12,801,485 12,801,485 13,082,071 4,045,000 99,237,173 2,301,000 |
INCOME TAX EXPENSE _ (CREDIT) (
INCOME TAX EXPENSE / (CREDIT) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF INFORMATION ABOUT INCOME TAX EXPENSES/(CREDIT) | SCHEDULE OF INFORMATION ABOUT INCOME TAX EXPENSES/(CREDIT) 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Continuing operations Current Tax: PRC Income Tax 209 217 33 Reversal of income tax refundable — — - Current tax expense (income) and adjustments for current tax of prior periods Deferred tax expense — — — Tax per financial statements 209 217 33 |
SCHEDULE OF RECONCILIATION BETWEEN INCOME TAX EXPENSES (CREDIT) AND (LOSS) PROFIT BEFORE TAXATION AT APPLICABLE TAX RATES | Reconciliation between income tax expense (credit) and (loss) profit before taxation at applicable tax rates is as follows: SCHEDULE OF RECONCILIATION BETWEEN INCOME TAX EXPENSES (CREDIT) AND (LOSS) PROFIT BEFORE TAXATION AT APPLICABLE TAX RATES 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Loss before taxation (53,435 ) (89,841 ) (193,062 ) Tax calculated at a tax rate of 25% (13,359 ) (22,460 ) (48,266 ) Tax effect on non-deductible expenses — — — Tax effect on different tax rates of group entities operating in other jurisdictions 4,705 5,163 1,607 Inventory provision (reversal) that are not tax deductible (taxable) (1,011 ) (24,809 ) (575 ) Bad debts expense (reversal) that are not tax deductible (19,613 ) 30,417 37,567 Depreciation and amortization adjustments that are not tax deductible (7,584 ) (11,337 ) (14,757 ) Other — — - Lease charge under IFRS 16 (42 ) (193 ) 282 Net operating losses not recognized to deferred tax assets 37,113 23,436 24,175 Tax per financial statements 209 217 33 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Loss Per Share | |
SCHEDULE OF LOSS PER SHARE | SCHEDULE OF LOSS PER SHARE 2022 2021 2020 For the years ended December 31, 2022 2021 2020 Loss attributable to holders of ordinary shares (RMB’000): Net loss from continuing operations (9,924 ) (19,077 ) (259 ) Net loss from discontinued operations (47,994 ) (69,675 ) (192,836 ) Weighted average number of ordinary shares outstanding used in computing basic (loss)/earnings per share 8,368,803 5,147,737 2,940,265 Weighted average number of ordinary shares outstanding used in computing basic and diluted (loss)/earnings per share 8,368,803 5,147,737 2,940,265 Loss per share - basic (RMB) - From continuing operations (1.19 ) (3.71 ) (0.09 ) - From discontinued operations (5.73 ) (13.54 ) (65.58 ) Loss per share - diluted (RMB) - From continuing operations (1.19 ) (3.71 ) (0.09 ) - From discontinued operations (5.73 ) (13.54 ) (65.58 ) |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill | |
SCHEDULE OF GOODWILL | SCHEDULE OF GOODWILL 2022 2021 As of December 31, 2022 2021 RMB’000 RMB’000 Discontinued operations Carrying amount 3,735 3,735 Accumulated impairment losses (3,735 ) (3,735 ) GOODWILL — — |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
SCHEDULE OF INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT | SCHEDULE OF INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT Cost Plant and Motor Office Buildings machinery vehicles equipment Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Cost At January 1, 2021 349,630 746,042 4,225 1,932 1,101,829 Additions — — 1,144 133 1,277 Transferred to investment property (331,359 ) — — — (331,359 ) At December 31,2021 18,271 746,042 5,369 2,065 771,747 Additions — — — 22 22 Transferred to assets classified as held for sale (18,271 ) (746,042 ) (4,225 ) (1,886 ) (770,424 ) Disposals — — — — — At December 31, 2022 — — 1,144 201 1,345 Accumulated depreciation At January 1, 2021 49,297 349,382 3,748 1,559 403,986 Depreciation charge — — 54 42 96 Transferred to investment property (47,452 ) — — — (47,452 ) At December 31, 2021 1,845 349,382 3,802 1,601 356,630 Depreciation charge — — 217 49 266 Transferred to assets classified as held for sale (1,845 ) (349,382 ) (3,748 ) (1,582 ) (356,557 ) At December 31, 2022 — — 271 68 339 Impairment At January1, 2021 300,333 396,660 477 304 697,774 Transferred to investment property (283,907 ) — — — (283,907 ) At December 31, 2021 16,426 396,660 477 304 413,867 Impairment losses recognized in profit or loss — — — — — Transferred to assets classified as held for sale (16,426 ) (396,660 ) (477 ) (304 ) (413,867 ) At December 31, 2022 — — — — — Carrying amount At December 31, 2021 — — 1,090 160 1,250 At December 31, 2022 — — 873 133 1,006 |
INVESTMENT PROPERTY (Tables)
INVESTMENT PROPERTY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of detailed information about investment property [abstract] | |
SCHEDULE OF INFORMATION ABOUT INVESTMENT PROPERTY | SCHEDULE OF INFORMATION ABOUT INVESTMENT PROPERTY 2022 2021 RMB’000 RMB’000 Cost As of beginning of the year 401,231 37,253 Transferred from property, plant and equipment — 331,359 Transferred from right-of-use assets — 32,619 Transferred to assets classified as held for sale (401,231 ) As of end of the year — 401,231 Accumulated depreciation As of beginning of the year (53,987 ) (1,886 ) Depreciation for the year — — Transferred from property, plant and equipment — (47,452 ) Transferred from right-of-use assets — (4,649 ) Transferred to assets classified as held for sale 53,987 As of end of the year — (53,987 ) Impairment for the year As of beginning of the year (347,244 ) (35,367 ) Investment property, beginning balance (347,244 ) (35,367 ) Transferred from property, plant and equipment — (283,907 ) Transferred from right-of-use assets — (27,970 ) Transferred to assets classified as held for sale 347,244 As of end of the year — (347,244 ) Investment property, ending balance — (347,244 ) Carrying amount At December 31, 2022 and 2021 — — Investment property — — |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF INTANGIBLE ASSET | SCHEDULE OF INTANGIBLE ASSET 2022 2021 As of December 31, 2022 2021 RMB’000 RMB’000 Cost As of beginning of the year — — Addition 7 — Amortization for the year (1 ) — As of end of the year 7 — Accumulated amortization As of beginning of the year — — Intangible assets and goodwill, beginning — — Amortization for the year (1 ) — As of end of the year (1 ) — Intangible assets and goodwill, beginning (1 ) — Carrying amount - - At December 31, 2022 and 2021 6 — |
FINANCIAL ASSETS (Tables)
FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF FINANCIAL ASSETS | The following is an analysis of financial assets: SCHEDULE OF FINANCIAL ASSETS 2022 2021 As of December 31, 2022 2021 RMB’000 RMB’000 Unlisted financial assets 8,523 — |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories | |
SCHEDULE OF INFORMATION ABOUT INVENTORIES | SCHEDULE OF INFORMATION ABOUT INVENTORIES 2022 2021 As of December 31, 2022 2021 RMB’000 RMB’000 Raw materials — 4,659 Work in progress — 244 Finished goods — 26,686 Inventories — 31,589 |
SCHEDULE OF ANALYSIS OF THE AMOUNT OF INVENTORIES RECOGNIZED AS AN EXPENSE AND INCLUDED IN PROFIT OR LOSS | The analysis of the amount of inventories recognized from discontinued operations as an expense and included in profit or loss is as follows: SCHEDULE OF ANALYSIS OF THE AMOUNT OF INVENTORIES RECOGNIZED AS AN EXPENSE AND INCLUDED IN PROFIT OR LOSS 2022 2021 2020 For the years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Discontinued operations Carrying amount of inventories sold 45,290 248,166 211,292 Write down (reversal) of inventories (included in cost of sales) (4,045 ) (99,237 ) (2,301 ) Cost of inventories recognized from discontinued operations 41,245 148,929 208,991 |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade Receivables | |
SCHEDULE OF INFORMATION ABOUT TRADE RECEIVABLES | SCHEDULE OF INFORMATION ABOUT TRADE RECEIVABLES As of December 31, 2022 2021 RMB’000 RMB’000 Trade receivables — 822,747 Less: provision for bad debt allowance — (771,331 ) Trade receivables, net — 51,416 |
SCHEDULE OF AGING ANALYSIS OF THE COMPANY'S TRADE RECEIVABLES, BASED ON THE INVOICE DATE | All of the trade receivables are expected to be recovered within one year. An aging analysis of the Company’s trade receivables, based on the invoice date, is as follows: SCHEDULE OF AGING ANALYSIS OF THE COMPANY'S TRADE RECEIVABLES, BASED ON THE INVOICE DATE As of December 31, 2022 2021 RMB’000 RMB’000 Within 90 days — 81 Between 3 and 6 months — — More than 6 months — 51,335 Trade receivables — 51,416 |
SCHEDULE OF AGING ANALYSIS OF TRADE RECEIVABLES THAT WERE NEITHER PAST DUE NOR IMPAIRED OR PAST DUE BUT NOT IMPAIRED | An aging analysis of trade receivables that were neither past due nor impaired or past due but not impaired, is as follows: SCHEDULE OF AGING ANALYSIS OF TRADE RECEIVABLES THAT WERE NEITHER PAST DUE NOR IMPAIRED OR PAST DUE BUT NOT IMPAIRED Past due but not impaired Neither past due nor Less than 31 to 120 Over 120 impaired 30 days days days Sub-total Total RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 December 31, 2021 81 — — 51,335 — 51,416 December 31, 2022 — — — — — — |
OTHER RECEIVABLES AND PREPAYM_2
OTHER RECEIVABLES AND PREPAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Receivables And Prepayments | |
SCHEDULE OF INFORMATION ABOUT OTHER RECEIVABLES AND PREPAYMENTS | SCHEDULE OF INFORMATION ABOUT OTHER RECEIVABLES AND PREPAYMENTS As of December 31, 2022 2021 RMB’000 RMB’000 Prepaid expense and prepayments 13,269 20,264 Security deposit 109 105 Other receivable 5,802 412 Other receivables and prepayments 19,180 20,781 |
CASH AND BANK BALANCES (Tables)
CASH AND BANK BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF CASH AND BANK BALANCES | SCHEDULE OF CASH AND BANK BALANCES As of December 31, 2022 2021 RMB’000 RMB’000 Cash on hand — 1,709 Cash at banks 3,936 26,171 Cash and bank balances 3,936 27,880 |
SCHEDULE OF CASH AND BANK BALANCES THAT ARE DENOMINATED IN VARIOUS CURRENCIES | Cash and bank balances are denominated in the following currencies: SCHEDULE OF CASH AND BANK BALANCES THAT ARE DENOMINATED IN VARIOUS CURRENCIES As of December 31, 2022 2021 RMB’000 RMB’000 Renminbi 3,104 4,594 Hong Kong dollars 2 74 US dollars 830 23,212 Cash and cash equivalents 3,936 27,880 |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF INFORMATION ABOUT TRADE PAYABLES | SCHEDULE OF INFORMATION ABOUT TRADE PAYABLES As of December 31, 2022 2021 RMB’000 RMB’000 Trade payables 3,079 6,290 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF INFORMATION ABOUT ACCRUED LIABILITIES AND OTHER PAYABLES | SCHEDULE OF INFORMATION ABOUT ACCRUED LIABILITIES AND OTHER PAYABLES As of December 31, 2022 2021 RMB’000 RMB’000 Deposits received from distributors — 16,200 Accrued salary 402 514 Accrued rent, electricity and water — 1,156 Accrued other taxes — 866 Rental income received in advance — - Others 397 3,645 Current accrued expenses and other current liabilities 799 22,381 |
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES DENOMINATED IN VARIOUS CURRENCIES | Accrued liabilities and other payables are denominated in the following currencies: SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES DENOMINATED IN VARIOUS CURRENCIES As of December 31, 2022 2021 ‘000 ‘000 In Renminbi 799 22,381 In US dollars — — |
TAXES PAYABLE (Tables)
TAXES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxes Payable | |
SCHEDULE OF TAXES PAYABLE | SCHEDULE OF TAXES PAYABLE As of December 31, 2022 2021 RMB’000 RMB’000 VAT 436 44 Income tax 93 209 Property tax — 718 Other 53 47 Taxes payable 582 1,018 |
RIGHT-OF-USE ASSETS AND LEASE_2
RIGHT-OF-USE ASSETS AND LEASES LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of quantitative information about leases for lessee [abstract] | |
SUMMARY OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS FOR LEASE | The carrying amounts of right-of-use assets for lease are as below: SUMMARY OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS FOR LEASE Net book amount at January 1, 2021 RMB 58,458,000 Net book amount at December 31, 2021 RMB 44,288,000 Net book amount at January 1, 2022 RMB 44,288,000 Net book amount at December 31, 2022 RMB 469,000 |
SCHEDULE OF LEASE LIABILITIES | The lease liabilities for continuing operations are as below: SCHEDULE OF LEASE LIABILITIES As of December 31, 2022 2021 RMB’000 RMB’000 Lease liabilities - current 328 13,404 Lease liabilities – noncurrent 157 33,325 Total lease liabilities 485 46,729 |
SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR THE LEASES | Contractual undiscounted cash flows for the leases: SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR THE LEASES As of December 31, 2022 Total contractual undiscounted Within one year One to five years cash flow RMB’000 RMB’000 RMB’000 350 145 495 |
SUMMARY OF CONSOLIDATED INCOME STATEMENT SHOWING THE AMOUNTS RELATING TO LEASES | The consolidated income statement shows the following amounts from continuing operations relating to leases: SUMMARY OF CONSOLIDATED INCOME STATEMENT SHOWING THE AMOUNTS RELATING TO LEASES Year ended December 31, 2022 Amortization charge of right-of-use assets 484 Interest expense 25 Year ended December 31, 2021 Amortization charge of right-of-use assets 1,266 Interest expense 51 Year ended December 31, 2020 Amortization charge of right-of-use assets 536 Interest expense 75 The consolidated income statement shows the following amounts from discontinued operations relating to leases: Year ended December 31, 2022 Amortization charge of right-of-use assets 12,801 Interest expense 1,479 Year ended December 31, 2021 Amortization charge of right-of-use assets 12,801 Interest expense 2,115 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL | SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL As of December 31, 2022 2021 Number US$ Number US$ of shares ‘000 of shares ‘000 Authorized: Ordinary shares of US$ 0.024 50,000,000 1,200 50,000,000 1,200 As of December 31, 2022 2021 Number RMB Number RMB of shares ‘000 of shares ‘000 Issued: 8,057,847 1,288 5,976,098 943 Outstanding and fully paid: Ordinary shares of US$ 0.024 At January 1 5,976,098 943 3,674,370 591 Issuance of new shares for equity financing 1,666,667 276 1,502,110 230 Warrants exercised into shares - - 685,339 105 Equity compensation 415,082 69 114,279 17 At December 31 8,057,847 1,288 (2) 5,976,098 943 (1) (1) Equivalent to US$ 143,000 (2) Equivalent to US$ 193,000 |
SCHEDULE OF PRINCIPAL ASSUMPTIONS USED IN VALUATION | SCHEDULE OF PRINCIPAL ASSUMPTIONS USED IN VALUATION Grant date December 18, 2019 Share price at date of grant (pre-reverse split) US$ 0.68 Exercise price at date of grant (investors and placement agent, respectively) (pre-reverse split) US$ 0.82 0.9375 Volatility 141 % Warrant life 5 Dividend yield 0 % Risk-free interest rate 1.74 % Average fair value at grant date US$ 0.598 Grant date (investors and placement agent, respectively) May 27 and May 25, 2020 Share price at date of grant (investors and placement agent, respectively) (pre-reverse stock split) US$ 0.59 0.64 Exercise price at date of grant (investors and placement agent, respectively) (pre-reverse stock split) US$ 0.79 0.85 Volatility 100 % Warrant life 5 Dividend yield 0 % Risk-free interest rate 0.34 % Average fair value at grant date US$ 0.416 Grant date (investors and placement agent, respectively) February 17, 2021 Share price at date of grant (investors and placement agent, respectively) US$ 4.45 Exercise price at date of grant (investors and placement agent, respectively) US$ 3.57 4.46 Volatility 107 % Warrant life 5 years Dividend yield 0 % Risk-free interest rate 0.57 % Average fair value at grant date US$ 3.54 Grant date (investors and placement agent, respectively) June 14, 2021 Share price at date of grant (investors and placement agent, respectively) US$ 3.15 Exercise price at date of grant (investors and placement agent, respectively) US$ 3.42 4.35 Volatility 115 % Warrant life 5 Dividend yield 0 % Risk-free interest rate 0.80 % Average fair value at grant date US$ 2.50 Grant date (investors and placement agent, respectively) October 4, 2022 Share price at date of grant (investors and placement agent, respectively) US$ 0.58 Exercise price at date of grant (investors and placement agent, respectively) US$ 0.82 0.75 Volatility 104 % Warrant life 5 Dividend yield 0 % Risk-free interest rate 3.96 % Average fair value at grant date US$ 0.43 |
SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY | SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY Weighted Average Remaining Average Contractual Number of Exercise Term in Warrants Price Years Outstanding at January 1, 2021 980,894 $ 1.21 3.85 Exercisable at January 1, 2021 980,894 $ 1.21 3.85 Granted 1,652,322 3.56 5.00 Exercised 700,516 2.43 — Forfeited — — — Expired 64,286 18.72 — Outstanding at December 31, 2021 1,868,414 3.50 4.14 Exercisable at December 31, 2021 1,868,414 3.50 4.14 Granted 1,833,334 0.81 5.00 Exercised — — — Forfeited — — — Expired — — — Outstanding at December 31, 2022 3,701,748 $ 2.17 4.02 Exercisable at December 31, 2022 3,701,748 $ 2.17 4.02 |
SIGNIFICANT RELATED PARTY TRA_2
SIGNIFICANT RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF SIGNIFICANT RELATED PARTY TRANSACTIONS | Apart from those discussed elsewhere in these financial statements, the following are significant related party transactions entered into between the Company and its related parties at agreed rates: SCHEDULE OF SIGNIFICANT RELATED PARTY TRANSACTIONS 2022 2021 RMB’000 RMB’000 Amounts owed to related parties 1,291 36,348 Current payables to related parties, Total 1,291 36,348 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF TOTAL FUTURE MINIMUM LEASE PAYMENTS | SCHEDULE OF TOTAL FUTURE MINIMUM LEASE PAYMENTS As of December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Within one year 328 13,404 13,431 After one year and within five years 157 33,325 46,728 Operating lease commitments 485 46,729 60,159 |
SCHEDULE OF CAPITAL EXPENDITURES CONTRACTED FOR AT THE BALANCE SHEET DATE BUT NOT RECOGNIZED | SCHEDULE OF CAPITAL EXPENDITURES CONTRACTED FOR AT THE BALANCE SHEET DATE BUT NOT RECOGNIZED As of December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Contracted for capital commitment in respect of capital contribution to its wholly foreign owned subsidiary in the PRC: Chengdu Future 30,000,000 30,000,000 30,000,000 Antelope Chengdu 47,365,376 65,250,000 62,250,000 Hainan Antelope Holding 63,726,000 63,726,000 — Antelope Future (Yangpu) 60,970,159 63,726,000 — Antelope Investment (Hainan) 50,000,000 50,000,000 — Antelope Ruicheng Investment 47,245,000 50,000,000 — Hangzhou Kylin Cloud Service Technology 4,500,000 — — Anhui Kylin Cloud Service Technology 4,900,000 — — Contractual capital commitments 4,900,000 — — |
ASSETS AND LIABILITIES OF DIS_2
ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Assets And Liabilities Of Disposal Group Classified As Held For Sale | |
SCHEDULE OF ASSETS AND LIABILITIES OF DISPOSAL GROUP | Assets and liabilities of the Disposal Group were classified as “Assets classified as held for sale” and “Liabilities directly associated with assets classified as held for sale” respectively in accordance with IFRS 5 as at December 31, 2022. SCHEDULE OF ASSETS AND LIABILITIES OF DISPOSAL GROUP As of RMB’000 ASSETS CLASSIFIED AS HELD FOR SALE Right-of-use assets, net 30,937 Inventories, net 28,749 Trade receivables, net 11,683 Other receivables and prepayments 3,000 Cash and bank balances 306 Total assets of the Disposal Group held for sale 74,675 As of RMB’000 LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE Accrued liabilities and other payables 19,197 Amounts owed to related parties 35,057 Lease liabilities 33,325 Taxes payable 951 Total liabilities of the Disposal Group directly associated with assets classified as held for sale 88,530 |
SCHEDULE OF FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION | The financial performance and cash flow information presented are for the years ended December 31, 2022, 2021 and 2022. SCHEDULE OF FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION 2022 2021 2020 Years ended December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Financial performance Net sales 37,696 144,743 182,989 Cost of goods sold 41,245 83,436 209,705 Gross profit (loss) (3,549 ) 61,307 (26,716 ) Other income 14,244 9,388 14,531 Selling and distribution expenses (5,913 ) (6,298 ) (9,356 ) Administrative expenses (51,297 ) (131,867 ) (168,622 ) Finance costs (1,479 ) (2,115 ) (2,673 ) Other expenses - (90 ) - Loss before taxation (47,994 ) (69,675 ) (192,836 ) Income tax expense - - - Loss for the year from discontinued operations (47,994 ) (69,675 ) (192,836 ) Total comprehensive loss from discontinued operations (47,994 ) (69,675 ) (192,836 ) Cash flow information Net cash generated from operating activities from discontinued operations 4,982 3,314 4,400 Net cash used in investing activities from discontinued operations - - - Net cash used in financing activities from discontinued operations (14,303 ) (14,303 ) (14,136 ) Net (decrease) increase in cash and cash equivalents from discontinued operations (9,321 ) (10,989 ) (9,736 ) |
FINANCIAL RISK MANAGEMENT (Tabl
FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
SCHEDULE OF COMPANY REMAINING CONTRACTUAL MATURITIES FOR ITS FINANCIAL LIABILITIES | The following table details the Company’s remaining contractual maturities for its financial liabilities. The table has been drawn up based on undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The table includes both interest and principal cash flows. To the extent that interest flows are at a floating rate, the undiscounted amount is calculated based on interest rate at the end of the reporting periods: SCHEDULE OF COMPANY REMAINING CONTRACTUAL MATURITIES FOR ITS FINANCIAL LIABILITIES As of December 31, 2022 More than 1 Total contractual year but less undiscounted Carrying Within 1 year than 5 years cash flow amount RMB’000 RMB’000 RMB’000 RMB’000 Trade payables 3,079 — 3,079 3,079 Amounts owed to related parties 1,291 — 1,291 1,291 Note payable — 8,775 8,775 8,775 Lease liabilities 349 146 495 495 Total 4,719 8,921 13,640 13,640 As of December 31, 2021 More than 1 Total contractual year but less undiscounted Carrying Within 1 year than 5 years cash flow amount RMB’000 RMB’000 RMB’000 RMB’000 Trade payables 6,290 — 6,290 6,290 Amounts owed to related parties 36,348 — 36,348 36,348 Lease liabilities 14,883 34,565 49,448 49,448 Total 57,521 34,565 92,086 92,086 |
SUMMARY OF LOSS BEFORE TAXATION | SUMMARY OF LOSS BEFORE TAXATION As of December 31, 2022 2021 2020 RMB’000 RMB’000 RMB’000 Loss before taxation 39 895 421 |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital Management | |
SCHEDULE OF CAPITAL STRUCTURE | SCHEDULE OF CAPITAL STRUCTURE As of December 31, 2022 2021 RMB’000 RMB’000 Interest-bearing bank borrowings — — Note payable 8,775 — Amounts owed to related parties 1,291 36,348 Total debts 10,066 36,348 Less: Cash and cash equivalents (excluding restricted bank balances) (3,936 ) (27,880 ) Net debts 6,130 8,548 Equity attributable to shareholders of the Company 1,047 61,943 Gearing ratio 585 % 13.8 % |
SCHEDULE OF CHINA CERAMICS AND
SCHEDULE OF CHINA CERAMICS AND ITS SUBSIDIARIES CORPORATE STRUCTURE (Details) | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2022 HKD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | [2] | Dec. 31, 2020 CNY (¥) | Sep. 22, 2017 HKD ($) | ||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Nominal value of issued ordinary share/registered capital | $ 193,000,000 | ¥ 1,288,000 | [1] | $ 143,000,000 | ¥ 943,000 | ¥ 591,000 | |||
Success Winner Limited [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Success Winner Limited | ||||||||
Place and date of incorporation or establishment/operations | British Virgin Islands, May 29, 2009 | ||||||||
Nominal value of issued ordinary share/registered capital | $ | $ 1 | ||||||||
Percentage of equity attributable to the Company Direct | 100% | ||||||||
Principal activities | Investment holding | ||||||||
Stand Best Creation Limited [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Stand Best Creation Limited | ||||||||
Place and date of incorporation or establishment/operations | Hong Kong, January 17, 2008 | ||||||||
Nominal value of issued ordinary share/registered capital | $ | $ 10,000 | ||||||||
Principal activities | Investment holding | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Jinjiang Hengda Ceramics Co [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Jinjiang Hengda Ceramics Co., Ltd. | ||||||||
Place and date of incorporation or establishment/operations | PRC, September 30, 1993 | ||||||||
Nominal value of issued ordinary share/registered capital | 288,880,000 | ||||||||
Principal activities | Manufacture and sale of ceramic tiles | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Jiangxi Hengdali Ceramic Materials Co [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Jiangxi Hengdali Ceramic Materials Co., Ltd. | ||||||||
Place and date of incorporation or establishment/operations | PRC, May 4, 2008 | ||||||||
Nominal value of issued ordinary share/registered capital | 55,880,000 | ||||||||
Principal activities | Manufacture and sale of ceramic tiles | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Vast Elite Limited [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Vast Elite Limited | ||||||||
Place and date of incorporation or establishment/operations | Hong Kong, September 22, 2017 | ||||||||
Nominal value of issued ordinary share/registered capital | $ | 1 | $ 1 | |||||||
Principal activities | Trading of building material | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Chengdu Future Talented Management and Consulting Co, Ltd [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Chengdu Future Talented Management and Consulting Co, Ltd (note 2) | ||||||||
Place and date of incorporation or establishment/operations | PRC, November 20, 2019 | ||||||||
Nominal value of issued ordinary share/registered capital | 30,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Antelope Enterprise HK Holdings Limited [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Antelope Enterprise (HK) Holdings Limited | ||||||||
Place and date of incorporation or establishment/operations | Hong Kong, December 3, 2019 | ||||||||
Nominal value of issued ordinary share/registered capital | $ | $ 10,000 | ||||||||
Principal activities | Investment holding | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Antelope Holdings (Chengdu) Co., Ltd [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Antelope Holdings (Chengdu) Co., Ltd (note 3) | ||||||||
Place and date of incorporation or establishment/operations | PRC, May 9, 2020 | ||||||||
Nominal value of issued ordinary share/registered capital | $ | $ 10,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Hainan Antelope Holdings Co., Ltd | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Hainan Antelope Holdings Co., Ltd (note 4) | ||||||||
Place and date of incorporation or establishment/operations | PRC, August 10, 2021 | ||||||||
Nominal value of issued ordinary share/registered capital | $ | $ 10,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Antelope Future (Yangpu) Investment Co., Ltd | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Antelope Future (Yangpu) Investment Co., Ltd (note 5) | ||||||||
Place and date of incorporation or establishment/operations | PRC, August 11, 2021 | ||||||||
Nominal value of issued ordinary share/registered capital | $ | $ 10,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Antelope Investment (Hainan) Co., Ltd | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Antelope Investment (Hainan) Co., Ltd (note 6) | ||||||||
Place and date of incorporation or establishment/operations | PRC, August 23, 2021 | ||||||||
Nominal value of issued ordinary share/registered capital | 50,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Antelope Ruicheng Investment (Hainan) Co., Ltd | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Antelope Ruicheng Investment (Hainan) Co., Ltd (note 7) | ||||||||
Place and date of incorporation or establishment/operations | PRC, September 9, 2021 | ||||||||
Nominal value of issued ordinary share/registered capital | 50,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 100% | ||||||||
Hainan Kylin Cloud Services Technology Co., Ltd | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Hainan Kylin Cloud Services Technology Co., Ltd (note 8) | ||||||||
Place and date of incorporation or establishment/operations | PRC, September 18, 2021 | ||||||||
Nominal value of issued ordinary share/registered capital | 5,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 51% | ||||||||
Hangzhou Kylin Cloud Services Technology Co. Ltd [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Hangzhou Kylin Cloud Services Technology Co., Ltd (note 9) | ||||||||
Place and date of incorporation or establishment/operations | PRC, October 28, 2022 | ||||||||
Nominal value of issued ordinary share/registered capital | 5,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 51% | ||||||||
Anhui Kylin Cloud Services Technology Co.Ltd [Member] | |||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||
Name | Anhui Kylin Cloud Services Technology Co., Ltd (note 10) | ||||||||
Place and date of incorporation or establishment/operations | PRC, November 2, 2022 | ||||||||
Nominal value of issued ordinary share/registered capital | ¥ 5,000,000 | ||||||||
Principal activities | Business management and consulting services | ||||||||
Percentage of equity attributable to the Company Indirect | 51% | ||||||||
[1]Equivalent to US$ 193,000 143,000 |
GENERAL INFORMATION (Details Na
GENERAL INFORMATION (Details Narrative) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Feb. 21, 2023 CNY (¥) ¥ / shares shares | Sep. 03, 2020 $ / shares shares | Sep. 03, 2020 $ / shares shares | Jan. 08, 2010 CNY (¥) | Jun. 30, 2009 CNY (¥) shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2022 HKD ($) shares | Dec. 30, 2022 USD ($) $ / shares shares | Nov. 02, 2022 | Oct. 28, 2022 | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | Sep. 18, 2021 | Sep. 09, 2021 | Aug. 23, 2021 | Aug. 11, 2021 | Aug. 10, 2021 | Dec. 07, 2020 shares | Sep. 03, 2020 ¥ / shares shares | Sep. 02, 2020 shares | May 05, 2020 | Dec. 03, 2019 | Nov. 20, 2019 | Sep. 22, 2017 HKD ($) | Nov. 20, 2009 $ / shares shares | Jun. 30, 2009 HKD ($) $ / shares | May 29, 2009 USD ($) | May 29, 2009 ¥ / shares | Apr. 01, 2008 CNY (¥) | Jan. 17, 2008 HKD ($) | Jan. 17, 2008 ¥ / shares | |||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares outstanding | 3,100,000 | 3,100,000 | 3,674,370,000 | 8,057,847,000 | 8,057,847,000 | 8,057,847,000 | 5,976,098,000 | 5,976,098,000 | 3,100,000 | 9,200,000 | |||||||||||||||||||||||||||
Issued capital | ¥ 591,000 | $ 193,000,000 | ¥ 1,288,000 | [1] | $ 143,000,000 | ¥ 943,000 | [2] | ||||||||||||||||||||||||||||||
Par value per share | $ / shares | $ 0.024 | $ 0.024 | |||||||||||||||||||||||||||||||||||
Borrowings interest rate | 5% | ||||||||||||||||||||||||||||||||||||
Unsecured Promissory note | ¥ 8,500,000 | $ 8,500,000 | |||||||||||||||||||||||||||||||||||
Proceeds from issue of ordinary shares | ¥ | ¥ 5,724,000 | ¥ 29,586,000 | ¥ 16,045,000 | ||||||||||||||||||||||||||||||||||
Number of shares authorized | 50,000,000,000 | 50,000,000,000 | 50,000,000,000 | 250,000,000 | 50,000,000,000 | 50,000,000,000 | |||||||||||||||||||||||||||||||
Number of shares issued | 1,666,667,000 | 1,666,667,000 | 1,666,667,000 | 200,000,000 | 1,502,110,000 | 1,502,110,000 | 566,379 | ||||||||||||||||||||||||||||||
Equity, Reverse Stock Split | Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share | Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share | |||||||||||||||||||||||||||||||||||
Bottom of range [member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Par value per share | (per share) | $ 0.008 | $ 0.008 | ¥ 0.008 | ||||||||||||||||||||||||||||||||||
Top of range [member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Par value per share | (per share) | $ 0.024 | $ 0.024 | ¥ 0.024 | ||||||||||||||||||||||||||||||||||
Class A Ordinary Shares [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares issued | 200,000,000 | ||||||||||||||||||||||||||||||||||||
Class B Ordinary Shares [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares issued | 50,000,000 | ||||||||||||||||||||||||||||||||||||
Nonadjusting Event [member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares authorized | 977,755 | ||||||||||||||||||||||||||||||||||||
Preferred shares issued capital | 50,000,000 | ||||||||||||||||||||||||||||||||||||
Nonadjusting Event [member] | MrWeilai Zhang [member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares outstanding | 977,755 | ||||||||||||||||||||||||||||||||||||
Nonadjusting Event [member] | Class A Ordinary Shares [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares issued | 200,000,000 | ||||||||||||||||||||||||||||||||||||
Nonadjusting Event [member] | Class B Ordinary Shares [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Number of shares issued | 50,000,000 | ||||||||||||||||||||||||||||||||||||
New Stonehenge Limited [member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Ownership percent | 100% | ||||||||||||||||||||||||||||||||||||
Memorandum and Articles of Association [member] | Nonadjusting Event [member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Par value per share | ¥ / shares | ¥ 0.024 | ||||||||||||||||||||||||||||||||||||
Proceeds from issue of ordinary shares | ¥ | ¥ 4,800,000 | ||||||||||||||||||||||||||||||||||||
Number of shares authorized | 200,000,000 | ||||||||||||||||||||||||||||||||||||
Number of shares issued | 250,000,000 | ||||||||||||||||||||||||||||||||||||
Vast Elite Limited [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | $ | $ 1 | $ 1 | |||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Antelope Holdings (Chengdu) Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | $ | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Hainan Antelope Holdings Co., Ltd | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | $ | 10,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Antelope Future (Yangpu) Investment Co., Ltd | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | $ | $ 10,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Antelope Investment (Hainan) Co., Ltd | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | ¥ | ¥ 50,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Antelope Ruicheng Investment (Hainan) Co., Ltd | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | ¥ | 50,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Hainan Kylin Cloud Services Technology Co., Ltd | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | ¥ | 5,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 51% | ||||||||||||||||||||||||||||||||||||
Hangzhou Kylin Cloud Services Technology Co. Ltd [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | ¥ | 5,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Anhui Kylin Cloud Services Technology Co.Ltd [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | ¥ | 5,000,000 | ||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Hengda Ceramics Co Ltd [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Ownership percent | 100% | ||||||||||||||||||||||||||||||||||||
Hengdali Ceramic Materials Co Ltd [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Ownership percent | 100% | ||||||||||||||||||||||||||||||||||||
Fujian Province Jinjiang City Anhai Junbing Hengda Construction Material Factory [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Proportion of ownership interests held by non-controlling interests | 15% | ||||||||||||||||||||||||||||||||||||
Chi Wah Trading Import and Export Company [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Ownership percent | 85% | ||||||||||||||||||||||||||||||||||||
Mr. Wong Kung Tok [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Issued capital | $ | $ 1 | ||||||||||||||||||||||||||||||||||||
Par value per share | (per share) | $ 1 | ¥ 1 | |||||||||||||||||||||||||||||||||||
Amounts payable, related party transactions | ¥ 58,900,000 | ¥ 40,200,000 | $ 67,900,000 | ||||||||||||||||||||||||||||||||||
Stock issued during period, shares to related parties | 9,999 | ||||||||||||||||||||||||||||||||||||
Chengdu Future Talented Management and Consulting Co, Ltd [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Antelope Enterprise HK Holdings Limited [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Success Winner Limited [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Business combination, consideration, exchange price of share | $ / shares | $ 10 | ||||||||||||||||||||||||||||||||||||
Business combination, consideration, number of outstanding shares acquired | 5,743,320 | ||||||||||||||||||||||||||||||||||||
Number of shares outstanding | 8,950,171 | ||||||||||||||||||||||||||||||||||||
Issued capital | $ | $ 1 | ||||||||||||||||||||||||||||||||||||
Success Winner Limited [Member] | Mr. Wong Kung Tok [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Par value per share | ¥ / shares | ¥ 1 | ||||||||||||||||||||||||||||||||||||
Anhai Hengda [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100% | ||||||||||||||||||||||||||||||||||||
Anhai Hengda and Chi Wah [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Consideration transferred, acquisition-date fair value | ¥ | ¥ 58,980,000 | ||||||||||||||||||||||||||||||||||||
Jiangxi Hengdali Ceramic Materials Co., Ltd [Member] | |||||||||||||||||||||||||||||||||||||
DisclosureOfGeneralInformationLineItems [Line Items] | |||||||||||||||||||||||||||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Loans | ¥ | ¥ 60,000,000 | ||||||||||||||||||||||||||||||||||||
Consideration paid (received) | ¥ | ¥ 185,500,000 | ||||||||||||||||||||||||||||||||||||
[1]Equivalent to US$ 193,000 143,000 |
SCHEDULE OF DEPRECIATION USING
SCHEDULE OF DEPRECIATION USING STRAIGHT-LINE METHOD (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Plant and Machineries [Member] | |
IfrsStatementLineItems [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Motor vehicles [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 10 years |
Office equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | |
Amortization period of land use rights | 50 years |
Buildings [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life measured as period of time, property, plant and equipment | 40 years |
SUMMARY OF LIABILITIES MEASURED
SUMMARY OF LIABILITIES MEASURED AT THE PRESENT VALUE OF THE REMAINING LEASE PAYMENTS, DISCOUNTED USING THE LESSEE’S INCREMENTAL BORROWING RATE (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2019 | Dec. 31, 2018 |
Changes In Accounting Policies And Disclosures | ||||
Operating lease commitments | ¥ 19,695 | |||
Discounted using weighted average incremental borrowing rate | ¥ 15,496 | |||
Lease liabilities | ¥ 485 | ¥ 46,729 | ¥ 19,380 |
SUMMARY OF LIABILITIES MEASUR_2
SUMMARY OF LIABILITIES MEASURED AT THE PRESENT VALUE OF THE REMAINING LEASE PAYMENTS, DISCOUNTED USING THE LESSEE’S INCREMENTAL BORROWING RATE (Details) (Parenthetical) | Jan. 01, 2019 |
Changes In Accounting Policies And Disclosures | |
Weighted average lessee's incremental borrowing rate applied to the lease liabilities | 5.75% |
SUMMARY OF IMPACT ON TRANSITION
SUMMARY OF IMPACT ON TRANSITION OF IFRS 16 (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2019 |
Changes In Accounting Policies And Disclosures | |||
Right-of-use assets | ¥ 17,266 | ||
Lease liability | ¥ (328) | ¥ (13,404) | (19,380) |
Retained earnings | ¥ 2,114 |
CHANGES IN ACCOUNTING POLICIE_3
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES (Details Narrative) | Jan. 01, 2019 |
Changes In Accounting Policies And Disclosures | |
Weighted average lessee's incremental borrowing rate applied to the lease liabilities | 5.75% |
CRITICAL ACCOUNTING ESTIMATES_2
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (Details Narrative) - CNY (¥) | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | Jan. 01, 2019 | |
IfrsStatementLineItems [Line Items] | |||||
Property, plant and equipment | ¥ 1,006,000 | ¥ 1,250,000 | |||
Impairment loss recognised in profit or loss, property, plant and equipment | 0 | 0 | ¥ 0 | ||
Investment property | |||||
Impairment loss recognised in profit or loss, investment property | 0 | 0 | 0 | ||
Right-of-use assets | ¥ 17,266,000 | ||||
Impairment loss recognised in profit or loss, goodwill | 0 | 0 | 0 | ¥ 3,735,000 | |
Income tax payable | 93,000 | 209,000 | |||
Provision For Doubtful Account Of Trade receivables | (2,751,000) | 10,148,000 | |||
[custom:ProvisionForDoubtfulAccountOfTradeReceivablesFromDiscontinuedOperations] | 33,365,000 | 115,406,000 | |||
Trade and other current receivables | 51,416,000 | ||||
Current inventories | 31,589,000 | ||||
Land use rights [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Right-of-use assets | |||||
Impairment loss of land use rights | ¥ 0 | ¥ 0 | ¥ 0 |
SCHEDULE OF ANALYSIS ABOUT COMP
SCHEDULE OF ANALYSIS ABOUT COMPANY'S REVENUE AND OTHER INCOME (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | |||
Total revenues | ¥ 324,043 | ¥ 216,270 | ¥ 182,989 |
Sale of goods (Note 29) | 37,696 | 144,743 | 182,989 |
Interest income | 10 | 10 | 23 |
Foreign exchange gain | 73 | ||
Consulting income | 7,249 | ||
Other income | 2,883 | 22 | 128 |
Other income (Note 29) | 14,244 | 9,388 | 14,531 |
Total other income | 17,210 | 9,420 | 21,931 |
Business management and consulting | |||
Revenue | |||
Total revenues | 12,662 | 13,026 | |
Business Management And Consulting Live Streaming ecommerce [Member] | |||
Revenue | |||
Livestreaming ecommerce | ¥ 273,685 | ¥ 58,501 |
SCHEDULE OF OPERATIONS BY BUSIN
SCHEDULE OF OPERATIONS BY BUSINESS SEGMENT (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Total revenues | ¥ 286,347 | ¥ 71,527 | |
Total cost of revenues | 258,431 | 65,493 | |
Total bad debt expense (reversal) | 2,751 | (10,148) | |
Total other expense | 42 | 34 | |
Total other income | 2,966 | 32 | 7,400 |
Other | 2,883 | 22 | 128 |
Loss from operations | (5,441) | (20,166) | (226) |
Total assets | 110,006 | 177,867 | |
Operating segments [member] | Revenues | |||
IfrsStatementLineItems [Line Items] | |||
Total revenues | 324,043 | 216,270 | 182,989 |
Operating segments [member] | Cost of revenues | |||
IfrsStatementLineItems [Line Items] | |||
Total cost of revenues | 299,676 | 148,929 | 208,991 |
Operating segments [member] | Operating costs and expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total operating costs and expenses | 64,484 | 40,924 | 38,723 |
Operating segments [member] | Bad debt expense reversal | |||
IfrsStatementLineItems [Line Items] | |||
Total bad debt expense (reversal) | (30,614) | 125,554 | 150,268 |
Operating segments [member] | Other expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total other expense | 42 | 124 | |
Operating segments [member] | Other income [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other income | 17,210 | 9,420 | 21,931 |
Operating segments [member] | Loss from operations [member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss from operations | (53,433) | (89,841) | (193,062) |
Operating segments [member] | Segment assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 110,006 | 177,867 | |
Sale of tile products | Operating segments [member] | Revenues | |||
IfrsStatementLineItems [Line Items] | |||
Total revenues | 37,696 | 144,743 | 182,989 |
Sale of tile products | Operating segments [member] | Cost of revenues | |||
IfrsStatementLineItems [Line Items] | |||
Total cost of revenues | 41,245 | 83,436 | 208,991 |
Sale of tile products | Operating segments [member] | Operating costs and expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total operating costs and expenses | 25,324 | 20,292 | 38,723 |
Sale of tile products | Operating segments [member] | Bad debt expense reversal | |||
IfrsStatementLineItems [Line Items] | |||
Total bad debt expense (reversal) | 33,365 | 115,407 | 150,268 |
Sale of tile products | Operating segments [member] | Other expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total other expense | 90 | ||
Sale of tile products | Operating segments [member] | Other income [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other income | 14,244 | 9,389 | 14,682 |
Sale of tile products | Operating segments [member] | Loss from operations [member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss from operations | (47,994) | (65,093) | (193,062) |
Sale of tile products | Operating segments [member] | Segment assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 74,675 | 147,890 | |
Consulting income/software | Operating segments [member] | Revenues | |||
IfrsStatementLineItems [Line Items] | |||
Total revenues | 12,662 | 13,026 | |
Consulting income/software | Operating segments [member] | Cost of revenues | |||
IfrsStatementLineItems [Line Items] | |||
Total cost of revenues | 12,819 | 10,002 | |
Consulting income/software | Operating segments [member] | Operating costs and expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total operating costs and expenses | 4,613 | 9,760 | |
Consulting income/software | Operating segments [member] | Bad debt expense reversal | |||
IfrsStatementLineItems [Line Items] | |||
Total bad debt expense (reversal) | 1,000 | 4,854 | |
Consulting income/software | Operating segments [member] | Other expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total other expense | 36 | 34 | |
Consulting income/software | Operating segments [member] | Other income [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other income | 115 | 29 | 7,249 |
Consulting income/software | Operating segments [member] | Loss from operations [member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss from operations | (5,691) | (11,595) | |
Live Streaming ecommerce [Member] | Operating segments [member] | Revenues | |||
IfrsStatementLineItems [Line Items] | |||
Total revenues | 273,685 | 58,501 | |
Live Streaming ecommerce [Member] | Operating segments [member] | Cost of revenues | |||
IfrsStatementLineItems [Line Items] | |||
Total cost of revenues | 245,612 | 55,491 | |
Live Streaming ecommerce [Member] | Operating segments [member] | Operating costs and expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total operating costs and expenses | 25,167 | 195 | |
Live Streaming ecommerce [Member] | Operating segments [member] | Bad debt expense reversal | |||
IfrsStatementLineItems [Line Items] | |||
Total bad debt expense (reversal) | (3,751) | 5,293 | |
Live Streaming ecommerce [Member] | Operating segments [member] | Other expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total other expense | 6 | ||
Live Streaming ecommerce [Member] | Operating segments [member] | Other income [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total other income | 2,148 | ||
Live Streaming ecommerce [Member] | Operating segments [member] | Loss from operations [member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss from operations | 8,929 | (2,478) | |
Live Streaming ecommerce [Member] | Operating segments [member] | Segment assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 15,004 | 5,967 | |
Other Segment [Member] | Operating segments [member] | Operating costs and expenses | |||
IfrsStatementLineItems [Line Items] | |||
Total operating costs and expenses | 9,380 | 10,677 | |
Other Segment [Member] | Operating segments [member] | Other income [member] | |||
IfrsStatementLineItems [Line Items] | |||
Other | 703 | 2 | |
Other Segment [Member] | Operating segments [member] | Loss from operations [member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss from operations | (8,677) | (10,675) | |
Other Segment [Member] | Operating segments [member] | Segment assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | 4,403 | 2,755 | |
Business management and consulting | Operating segments [member] | Segment assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Total assets | ¥ 15,924 | ¥ 21,255 |
SCHEDULE OF INTEREST EXPENSE ON
SCHEDULE OF INTEREST EXPENSE ON THE COMPANY’S BANK BORROWINGS (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance Costs | |||
Interest on lease liability– continuing operations | ¥ 25 | ¥ 51 | ¥ 75 |
Interest on lease liability - discontinued operations (Note 29) | ¥ 1,479 | ¥ 2,115 | ¥ 2,673 |
SCHEDULE OF LOSS BEFORE TAXATIO
SCHEDULE OF LOSS BEFORE TAXATION (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
IfrsStatementLineItems [Line Items] | ||||
Cost of inventories recognized as expense | [1] | ¥ 41,245 | ¥ 148,929 | ¥ 208,991 |
Depreciation expenses | 266 | 96 | 12 | |
Amortization of land use rights | ||||
Right-of-use asset amortization charge | 13,285 | 14,067 | 13,082 | |
– Audit fees | 2,003 | 1,898 | 1,951 | |
– Audit-related fees | ||||
Auditor's remuneration for other services | 2,003 | 1,898 | 1,951 | |
Total employee benefit expenses | 12,285 | 13,735 | 19,427 | |
Directors [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
– salaries and related cost | 1,619 | 1,656 | 1,457 | |
– retirement scheme contribution | 13 | 16 | 16 | |
– share-based payments | ||||
Key Management Personnel [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
– salaries and related cost | 712 | 639 | 693 | |
– retirement scheme contribution | 16 | 23 | 25 | |
– share-based payments | 2,050 | 1,835 | 1,135 | |
Research And Development Personnel [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
– salaries and related cost | 439 | 644 | 240 | |
– retirement scheme contribution | 81 | 111 | 44 | |
Other Personnel [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
– salaries and related cost | 6,093 | 7,493 | 13,351 | |
– retirement scheme contribution | ¥ 1,262 | ¥ 1,318 | ¥ 2,466 | |
[1]Cost of inventories recognized as expense included staff costs of RMB 2,539,000 4,065,000 7,554,000 556,108 756,704 1,590,660 nil nil nil 12,801,485 12,801,485 13,082,071 4,045,000 99,237,173 2,301,000 |
SCHEDULE OF LOSS BEFORE TAXAT_2
SCHEDULE OF LOSS BEFORE TAXATION (Details) (Parenthetical) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Employee benefits expense | ¥ 12,285,000 | ¥ 13,735,000 | ¥ 19,427,000 |
Cost Of Inventories [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Employee benefits expense | 2,539,000 | 4,065,000 | 7,554,000 |
Post employment benefit expense | 556,108 | 756,704 | 1,590,660 |
Depreciation and amortisation expense | |||
Operating lease payment | 12,801,485 | 12,801,485 | 13,082,071,000 |
Reversal of inventory write-down | ¥ 4,045,000 | ¥ 99,237,173 | ¥ 2,301,000 |
SCHEDULE OF INFORMATION ABOUT I
SCHEDULE OF INFORMATION ABOUT INCOME TAX EXPENSES/(CREDIT) (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current Tax: | |||
PRC Income Tax | ¥ 209 | ¥ 217 | ¥ 33 |
Reversal of income tax refundable | |||
Deferred tax expense | |||
Tax per financial statements | ¥ 209 | ¥ 217 | ¥ 33 |
SCHEDULE OF RECONCILIATION BETW
SCHEDULE OF RECONCILIATION BETWEEN INCOME TAX EXPENSES (CREDIT) AND (LOSS) PROFIT BEFORE TAXATION AT APPLICABLE TAX RATES (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss before taxation | ¥ (53,435) | ¥ (89,841) | ¥ (193,062) |
Tax calculated at a tax rate of 25% | (13,359) | (22,460) | (48,266) |
Tax effect on non-deductible expenses | |||
Tax effect on different tax rates of group entities operating in other jurisdictions | 4,705 | 5,163 | 1,607 |
Inventory provision (reversal) that are not tax deductible (taxable) | (1,011) | (24,809) | (575) |
Bad debts expense (reversal) that are not tax deductible | (19,613) | 30,417 | 37,567 |
Depreciation and amortization adjustments that are not tax deductible | (7,584) | (11,337) | (14,757) |
Other | |||
Lease charge under IFRS 16 | (42) | (193) | 282 |
Net operating losses not recognized to deferred tax assets | 37,113 | 23,436 | 24,175 |
Tax per financial statements | ¥ 209 | ¥ 217 | ¥ 33 |
INCOME TAX EXPENSE _ (CREDIT)_2
INCOME TAX EXPENSE / (CREDIT) (Details Narrative) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2008 | |
IfrsStatementLineItems [Line Items] | ||||
Deferred tax liability (asset) | ¥ 0 | ¥ 0 | ¥ 0 | |
Deferred tax liabilities | 3,266,000 | 4,408,000 | 8,704,000 | |
HK [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Applicable tax rate | 8.25% | 8.25% | 8.25% | |
Dividend withholding tax rate | 5% | |||
CN [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Applicable tax rate | 25% | 25% | 25% | |
Dividend withholding tax rate | 10% | |||
Undistributed earnings value | ¥ 75,114,000 | ¥ 88,164,000 | ¥ 174,072,000 |
SCHEDULE OF LOSS PER SHARE (Det
SCHEDULE OF LOSS PER SHARE (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loss attributable to holders of ordinary shares (RMB’000): | |||
Net loss from continuing operations | ¥ (9,924) | ¥ (19,077) | ¥ (259) |
Net loss from discontinued operations | ¥ (47,994) | ¥ (69,675) | ¥ (192,836) |
Weighted average number of ordinary shares outstanding used in computing basic (loss)/earnings per share | 8,368,803 | 5,147,737 | 2,940,265 |
Weighted average number of ordinary shares outstanding used in computing basic and diluted (loss)/earnings per share | 8,368,803 | 5,147,737 | 2,940,265 |
- From continuing operations | ¥ (1.19) | ¥ (3.71) | ¥ (0.09) |
- From discontinued operations | (5.73) | (13.54) | (65.58) |
- From continuing operations | (1.19) | (3.71) | (0.09) |
- From discontinued operations | ¥ (5.73) | ¥ (13.54) | ¥ (65.58) |
LOSS PER SHARE (Details Narrati
LOSS PER SHARE (Details Narrative) - Integer | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 3,701,748,000 | 1,868,414,000 | 980,894,000 |
Purchase of Ordinary Shares [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 3,701,748 | 1,868,414 | 968,894 |
SCHEDULE OF GOODWILL (Details)
SCHEDULE OF GOODWILL (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2015 |
Goodwill | |||
Carrying amount | ¥ 3,735 | ¥ 3,735 | |
Accumulated impairment losses | (3,735) | (3,735) | |
GOODWILL | ¥ 0 |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | |
Goodwill | ||||
Goodwill | ¥ 0 | |||
Impairment loss recognised in profit or loss, goodwill | ¥ 0 | ¥ 0 | ¥ 0 | ¥ 3,735,000 |
SCHEDULE OF INFORMATION ABOUT P
SCHEDULE OF INFORMATION ABOUT PROPERTY, PLANT AND EQUIPMENT (Details) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | ¥ 1,250,000 | ||
At December 31, 2022 | 1,006,000 | ¥ 1,250,000 | |
Impairment losses recognized in profit or loss | 0 | 0 | ¥ 0 |
Property plant and equipment at December 31, 2022 | 1,006,000 | 1,250,000 | |
Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | |||
At December 31, 2022 | |||
Property plant and equipment at December 31, 2022 | |||
Plant And Machinery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | |||
At December 31, 2022 | |||
Property plant and equipment at December 31, 2022 | |||
Motor vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 1,090,000 | ||
At December 31, 2022 | 873,000 | 1,090,000 | |
Property plant and equipment at December 31, 2022 | 873,000 | 1,090,000 | |
Office equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 160,000 | ||
At December 31, 2022 | 133,000 | 160,000 | |
Property plant and equipment at December 31, 2022 | 133,000 | 160,000 | |
Gross carrying amount [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 771,747,000 | 1,101,829,000 | |
Additions | 22,000 | 1,277,000 | |
Transferred to investment property | (331,359,000) | ||
Transferred to assets classified as held for sale | (770,424,000) | ||
Disposals | |||
At December 31, 2022 | 1,345,000 | 771,747,000 | 1,101,829,000 |
Property plant and equipment at December 31, 2022 | 1,345,000 | 771,747,000 | 1,101,829,000 |
Gross carrying amount [member] | Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 18,271,000 | 349,630,000 | |
Additions | |||
Transferred to investment property | (331,359,000) | ||
Transferred to assets classified as held for sale | (18,271,000) | ||
Disposals | |||
At December 31, 2022 | 18,271,000 | 349,630,000 | |
Property plant and equipment at December 31, 2022 | 18,271,000 | 349,630,000 | |
Gross carrying amount [member] | Plant And Machinery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 746,042,000 | 746,042,000 | |
Additions | |||
Transferred to investment property | |||
Transferred to assets classified as held for sale | (746,042,000) | ||
Disposals | |||
At December 31, 2022 | 746,042,000 | 746,042,000 | |
Property plant and equipment at December 31, 2022 | 746,042,000 | 746,042,000 | |
Gross carrying amount [member] | Motor vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 5,369,000 | 4,225,000 | |
Additions | 1,144,000 | ||
Transferred to investment property | |||
Transferred to assets classified as held for sale | (4,225,000) | ||
Disposals | |||
At December 31, 2022 | 1,144,000 | 5,369,000 | 4,225,000 |
Property plant and equipment at December 31, 2022 | 1,144,000 | 5,369,000 | 4,225,000 |
Gross carrying amount [member] | Office equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 2,065,000 | 1,932,000 | |
Additions | 22,000 | 133,000 | |
Transferred to investment property | |||
Transferred to assets classified as held for sale | (1,886,000) | ||
Disposals | |||
At December 31, 2022 | 201,000 | 2,065,000 | 1,932,000 |
Property plant and equipment at December 31, 2022 | 201,000 | 2,065,000 | 1,932,000 |
Accumulated Depreciation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 356,630,000 | 403,986,000 | |
Transferred to assets classified as held for sale | (356,557,000) | ||
At December 31, 2022 | 339,000 | 356,630,000 | 403,986,000 |
Depreciation charge | 266,000 | 96,000 | |
Transferred to investment property | (47,452,000) | ||
Property plant and equipment at December 31, 2022 | 339,000 | 356,630,000 | 403,986,000 |
Accumulated Depreciation [Member] | Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 1,845,000 | 49,297,000 | |
Transferred to assets classified as held for sale | (1,845,000) | ||
At December 31, 2022 | 1,845,000 | 49,297,000 | |
Depreciation charge | |||
Transferred to investment property | (47,452,000) | ||
Property plant and equipment at December 31, 2022 | 1,845,000 | 49,297,000 | |
Accumulated Depreciation [Member] | Plant And Machinery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 349,382,000 | 349,382,000 | |
Transferred to assets classified as held for sale | (349,382,000) | ||
At December 31, 2022 | 349,382,000 | 349,382,000 | |
Depreciation charge | |||
Transferred to investment property | |||
Property plant and equipment at December 31, 2022 | 349,382,000 | 349,382,000 | |
Accumulated Depreciation [Member] | Motor vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 3,802,000 | 3,748,000 | |
Transferred to assets classified as held for sale | (3,748,000) | ||
At December 31, 2022 | 271,000 | 3,802,000 | 3,748,000 |
Depreciation charge | 217,000 | 54,000 | |
Transferred to investment property | |||
Property plant and equipment at December 31, 2022 | 271,000 | 3,802,000 | 3,748,000 |
Accumulated Depreciation [Member] | Office equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 1,601,000 | 1,559,000 | |
Transferred to assets classified as held for sale | (1,582,000) | ||
At December 31, 2022 | 68,000 | 1,601,000 | 1,559,000 |
Depreciation charge | 49,000 | 42,000 | |
Transferred to investment property | |||
Property plant and equipment at December 31, 2022 | 68,000 | 1,601,000 | 1,559,000 |
Accumulated Impairments [Member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 413,867,000 | 697,774,000 | |
Transferred to assets classified as held for sale | (413,867,000) | ||
At December 31, 2022 | 413,867,000 | 697,774,000 | |
Transferred to investment property | (283,907,000) | ||
Impairment losses recognized in profit or loss | |||
Property plant and equipment at December 31, 2022 | 413,867,000 | 697,774,000 | |
Accumulated Impairments [Member] | Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 16,426,000 | 300,333,000 | |
Transferred to assets classified as held for sale | (16,426,000) | ||
At December 31, 2022 | 16,426,000 | 300,333,000 | |
Transferred to investment property | (283,907,000) | ||
Impairment losses recognized in profit or loss | |||
Property plant and equipment at December 31, 2022 | 16,426,000 | 300,333,000 | |
Accumulated Impairments [Member] | Plant And Machinery [Member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 396,660,000 | 396,660,000 | |
Transferred to assets classified as held for sale | (396,660,000) | ||
At December 31, 2022 | 396,660,000 | 396,660,000 | |
Transferred to investment property | |||
Impairment losses recognized in profit or loss | |||
Property plant and equipment at December 31, 2022 | 396,660,000 | 396,660,000 | |
Accumulated Impairments [Member] | Motor vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 477,000 | 477,000 | |
Transferred to assets classified as held for sale | (477,000) | ||
At December 31, 2022 | 477,000 | 477,000 | |
Transferred to investment property | |||
Impairment losses recognized in profit or loss | |||
Property plant and equipment at December 31, 2022 | 477,000 | 477,000 | |
Accumulated Impairments [Member] | Office equipment [member] | |||
IfrsStatementLineItems [Line Items] | |||
At December 31, 2021 | 304,000 | 304,000 | |
Transferred to assets classified as held for sale | (304,000) | ||
At December 31, 2022 | 304,000 | 304,000 | |
Transferred to investment property | |||
Impairment losses recognized in profit or loss | |||
Property plant and equipment at December 31, 2022 | ¥ 304,000 | ¥ 304,000 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Gains losses on disposals of property plant and equipment | |||
Buildings [member] | |||
IfrsStatementLineItems [Line Items] | |||
Useful life measured as period of time, property, plant and equipment | 40 years | ||
[custom:PropertyPlantAndEquipmentAtCost] | ¥ 2,913,000 | ||
[custom:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipments] | 1,226,000 | 1,226,000 | |
[custom:AccumulatedImpairmentAllocationPropertyPlantAndEquipments] | ¥ 1,687,000 | ¥ 1,687,000 |
SCHEDULE OF INFORMATION ABOUT_2
SCHEDULE OF INFORMATION ABOUT INVESTMENT PROPERTY (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Investment property, beginning balance | ||
Investment property | ||
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Investment property, beginning balance | 401,231 | 37,253 |
Transferred from property, plant and equipment | 331,359 | |
Transferred from right-of-use assets | 32,619 | |
Transferred to assets classified as held for sale | (401,231) | |
Investment property | 401,231 | |
Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Investment property, beginning balance | (53,987) | (1,886) |
Transferred from property, plant and equipment | (47,452) | |
Transferred from right-of-use assets | (4,649) | |
Investment property | (53,987) | |
Depreciation for the year | ||
Transferred to assets classified as held for sale | 53,987 | |
Accumulated impairment [member] | ||
IfrsStatementLineItems [Line Items] | ||
Investment property, beginning balance | (347,244) | (35,367) |
Transferred from property, plant and equipment | (283,907) | |
Transferred from right-of-use assets | (27,970) | |
Investment property | ¥ (347,244) | |
Transferred to assets classified as held for sale | ¥ 347,244 |
INVESTMENT PROPERTY (Details Na
INVESTMENT PROPERTY (Details Narrative) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about investment property [abstract] | ||
Fair value of investment property | ¥ 269,900,000 | |
Investment property |
SCHEDULE OF INTANGIBLE ASSET (D
SCHEDULE OF INTANGIBLE ASSET (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | ||
Intangiable assets | ¥ 6 | |
Gross carrying amount [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets and goodwill, beginning | ||
Addition | 7 | |
Intangible assets and goodwill, beginning | 7 | |
Intangiable assets | ||
Accumulated depreciation and amortisation [member] | ||
IfrsStatementLineItems [Line Items] | ||
Intangible assets and goodwill, beginning | ||
Amortization for the year | (1) | |
Intangible assets and goodwill, beginning | ¥ (1) |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Amortisation expense | |||
Software License [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Amortisation expense | ¥ 1,000 |
SCHEDULE OF FINANCIAL ASSETS (D
SCHEDULE OF FINANCIAL ASSETS (Details) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
Unlisted financial assets | ¥ 8,523,000 |
FINANCIAL ASSETS (Details Narra
FINANCIAL ASSETS (Details Narrative) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair value of unlisted securities | ¥ 8,523,000 | |
Financial assets, at fair value | ¥ 130,000 |
SCHEDULE OF INFORMATION ABOUT_3
SCHEDULE OF INFORMATION ABOUT INVENTORIES (Details) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories | ||
Raw materials | ¥ 4,659,000 | |
Work in progress | 244,000 | |
Finished goods | 26,686,000 | |
Inventories | ¥ 31,589,000 |
SCHEDULE OF ANALYSIS OF THE AMO
SCHEDULE OF ANALYSIS OF THE AMOUNT OF INVENTORIES RECOGNIZED AS AN EXPENSE AND INCLUDED IN PROFIT OR LOSS (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Inventories | ||||
Carrying amount of inventories sold | ¥ 45,290 | ¥ 248,166 | ¥ 211,292 | |
Write down (reversal) of inventories (included in cost of sales) | (4,045) | (99,237) | (2,301) | |
Cost of inventories recognized from discontinued operations | [1] | ¥ 41,245 | ¥ 148,929 | ¥ 208,991 |
[1]Cost of inventories recognized as expense included staff costs of RMB 2,539,000 4,065,000 7,554,000 556,108 756,704 1,590,660 nil nil nil 12,801,485 12,801,485 13,082,071 4,045,000 99,237,173 2,301,000 |
INVENTORIES (Details Narrative)
INVENTORIES (Details Narrative) | Dec. 31, 2022 CNY (¥) |
Inventories | |
Inventories | ¥ 28,749,000 |
SCHEDULE OF INFORMATION ABOUT T
SCHEDULE OF INFORMATION ABOUT TRADE RECEIVABLES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Receivables | ||
Trade receivables | ¥ 822,747 | |
Less: provision for bad debt allowance | (771,331) | |
Trade receivables, net | ¥ 51,416 |
SCHEDULE OF AGING ANALYSIS OF T
SCHEDULE OF AGING ANALYSIS OF THE COMPANY'S TRADE RECEIVABLES, BASED ON THE INVOICE DATE (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ¥ 51,416 | |
Within 90 days [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 81 | |
Later than three months and not later than six months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ||
Later than six months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ¥ 51,335 |
SCHEDULE OF AGING ANALYSIS OF_2
SCHEDULE OF AGING ANALYSIS OF TRADE RECEIVABLES THAT WERE NEITHER PAST DUE NOR IMPAIRED OR PAST DUE BUT NOT IMPAIRED (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ¥ 51,416 | |
Financial assets neither past due nor impaired [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | 81 | |
Financial assets past due but not impaired [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ||
Financial assets past due but not impaired [member] | Not later than one month [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ||
Financial assets past due but not impaired [member] | Later than one month and not later than four months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ||
Financial assets past due but not impaired [member] | Later than four months [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables | ¥ 51,335 |
TRADE RECEIVABLES (Details Narr
TRADE RECEIVABLES (Details Narrative) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | ¥ 51,416,000 | |
[custom:AllowanceOfDoubtfulAccountsOnTradeReceivables-0] | 795,000,000 | ¥ 771,331,000 |
Reversal of trade receivables | 33,365,000 | |
Expected credit loss rate | 16% | |
Five largest customers [member] | ||
IfrsStatementLineItems [Line Items] | ||
Expected credit loss rate | 47% | |
Discontinued operations [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade receivables, net | ¥ 11,683,000 |
SCHEDULE OF INFORMATION ABOUT O
SCHEDULE OF INFORMATION ABOUT OTHER RECEIVABLES AND PREPAYMENTS (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Other Receivables And Prepayments | ||
Prepaid expense and prepayments | ¥ 13,269 | ¥ 20,264 |
Security deposit | 109 | 105 |
Other receivable | 5,802 | 412 |
Other receivables and prepayments | ¥ 19,180 | ¥ 20,781 |
OTHER RECEIVABLES AND PREPAYM_3
OTHER RECEIVABLES AND PREPAYMENTS (Details Narrative) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Current prepayments and other current assets | ¥ 19,180,000 | ¥ 20,781,000 |
Discontinued operations [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current prepayments and other current assets | ¥ 3,000,000 |
SCHEDULE OF CASH AND BANK BALAN
SCHEDULE OF CASH AND BANK BALANCES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash on hand | ¥ 1,709 | |
Cash at banks | 3,936 | 26,171 |
Cash and bank balances | ¥ 3,936 | ¥ 27,880 |
SCHEDULE OF CASH AND BANK BAL_2
SCHEDULE OF CASH AND BANK BALANCES THAT ARE DENOMINATED IN VARIOUS CURRENCIES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | ¥ 3,936 | ¥ 27,880 | ¥ 12,344 |
Renminbi [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | 3,104 | 4,594 | |
Hong Kong Dollars [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | 2 | 74 | |
Us Dollars [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Cash and cash equivalents | ¥ 830 | ¥ 23,212 |
SCHEDULE OF INFORMATION ABOUT_4
SCHEDULE OF INFORMATION ABOUT TRADE PAYABLES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade payables | ¥ 3,079 | ¥ 6,290 |
CASH AND BANK BALANCES (Details
CASH AND BANK BALANCES (Details Narrative) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Cash | ¥ 3,936,000 | ¥ 27,880,000 |
Restricted cash and cash equivalents | 2,069,000 | 0 |
[custom:CashCollateralForBankBorrowings-0] | 0 | 0 |
[custom:CashCollateralForDerivativeFinancialLiability-0] | 0 | ¥ 0 |
Discontinued operations [member] | ||
IfrsStatementLineItems [Line Items] | ||
Cash | ¥ 306,000 |
SCHEDULE OF INFORMATION ABOUT A
SCHEDULE OF INFORMATION ABOUT ACCRUED LIABILITIES AND OTHER PAYABLES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits received from distributors | ¥ 16,200 | |
Accrued salary | 402 | 514 |
Accrued rent, electricity and water | 1,156 | |
Accrued other taxes | 866 | |
Rental income received in advance | ||
Others | 397 | 3,645 |
Current accrued expenses and other current liabilities | ¥ 799 | ¥ 22,381 |
SCHEDULE OF ACCRUED LIABILITIES
SCHEDULE OF ACCRUED LIABILITIES AND OTHER PAYABLES DENOMINATED IN VARIOUS CURRENCIES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Current accrued expenses and other current liabilities | ¥ 799 | ¥ 22,381 |
Renminbi [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current accrued expenses and other current liabilities | 799 | 22,381 |
Us Dollars [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Current accrued expenses and other current liabilities |
TRADE PAYABLES (Details Narrati
TRADE PAYABLES (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 | |
[custom:TermForSettlementOfTradePayables] | 120 days |
ACCRUED LIABILITIES AND OTHER_3
ACCRUED LIABILITIES AND OTHER PAYABLES (Details Narrative) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Current accrued expenses and other current liabilities | ¥ 799,000 | ¥ 22,381,000 |
Deposits received from distributors | ¥ 16,200,000 | |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deposits received from distributors | 400,000 | |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Deposits received from distributors | 1,000,000 | |
Discontinued operations [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current accrued expenses and other current liabilities | ¥ 19,197,000 |
SCHEDULE OF TAXES PAYABLE (Deta
SCHEDULE OF TAXES PAYABLE (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Taxes Payable | ||
VAT | ¥ 436 | ¥ 44 |
Income tax | 93 | 209 |
Property tax | 718 | |
Other | 53 | 47 |
Taxes payable | ¥ 582 | ¥ 1,018 |
TAXES PAYABLE (Details Narrativ
TAXES PAYABLE (Details Narrative) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Current tax liabilities | ¥ 582,000 | ¥ 1,018,000 |
Discontinued operations [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current tax liabilities | ¥ 951,000 |
SUMMARY OF CARRYING AMOUNTS OF
SUMMARY OF CARRYING AMOUNTS OF RIGHT-OF-USE ASSETS FOR LEASE (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Jan. 01, 2021 | Jan. 01, 2019 |
IfrsStatementLineItems [Line Items] | |||||
Carrying amounts of right-of-use assets | ¥ 17,266 | ||||
Right-of-use assets [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Carrying amounts of right-of-use assets | ¥ 469,000 | ¥ 44,288,000 | ¥ 44,288,000 | ¥ 58,458,000 |
SCHEDULE OF LEASE LIABILITIES (
SCHEDULE OF LEASE LIABILITIES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2019 |
Disclosure of quantitative information about leases for lessee [abstract] | |||
Lease liabilities - current | ¥ 328 | ¥ 13,404 | ¥ 19,380 |
Lease liabilities – noncurrent | 157 | 33,325 | |
Total lease liabilities | ¥ 485 | ¥ 46,729 | ¥ 19,380 |
SCHEDULE OF CONTRACTUAL UNDISCO
SCHEDULE OF CONTRACTUAL UNDISCOUNTED CASH FLOWS FOR THE LEASES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Total contractual undiscounted cash flows | ¥ 495 | ¥ 49,448 |
Later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total contractual undiscounted cash flows | 350 | |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Total contractual undiscounted cash flows | ¥ 145 |
SUMMARY OF CONSOLIDATED INCOME
SUMMARY OF CONSOLIDATED INCOME STATEMENT SHOWING THE AMOUNTS RELATING TO LEASES (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Amortization charge of right-of-use assets | ¥ 13,285 | ¥ 14,067 | ¥ 13,082 |
Interest expense on lease liability | 25 | 51 | ¥ 75 |
Right-of-use assets [member] | |||
IfrsStatementLineItems [Line Items] | |||
Amortization charge of right-of-use assets | 484 | 1,266 | |
Interest expense on lease liability | 25 | 51 | |
Right-of-use assets [member] | Discontinued operations [member] | |||
IfrsStatementLineItems [Line Items] | |||
Amortization charge of right-of-use assets | 12,801 | 12,801 | |
Interest expense on lease liability | ¥ 1,479 | ¥ 2,115 |
RIGHT-OF-USE ASSETS AND LEASE_3
RIGHT-OF-USE ASSETS AND LEASES LIABILITIES (Details Narrative) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | |
IfrsStatementLineItems [Line Items] | ||||
Right-of-use assets | ¥ 17,266,000 | |||
Lease liabilities | ¥ 485,000 | ¥ 46,729,000 | ¥ 19,380,000 | |
Payments of lease liabilities, classified as financing activities | 358,000 | ¥ 1,144,000 | ¥ 705,000 | |
[custom:PaymentsOfLeaseLiabilityClassifiedAsFinancingActivities] | 706,000 | |||
Discontinued operations [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Right-of-use assets | 30,937,000 | |||
Lease liabilities | 33,325,000 | |||
Payments of lease liabilities, classified as financing activities | ¥ 14,303,000 | ¥ 14,136,000 |
SCHEDULE OF INFORMATION ABOUT C
SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL (Parenthetical) (Details) $ / shares in Units, ¥ in Thousands, $ in Thousands | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) | [1] | Dec. 30, 2022 $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | [2] | Dec. 31, 2020 CNY (¥) |
Par value per share | $ 0.024 | $ 0.024 | ||||||
Issued capital | $ 193,000 | ¥ 1,288 | $ 143,000 | ¥ 943 | ¥ 591 | |||
[1]Equivalent to US$ 193,000 143,000 |
SCHEDULE OF INFORMATION ABOUT_5
SCHEDULE OF INFORMATION ABOUT CLASSES OF SHARE CAPITAL (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||||||||
Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | Dec. 30, 2022 shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) shares | Dec. 07, 2020 shares | Sep. 03, 2020 shares | Sep. 02, 2020 shares | |||
IfrsStatementLineItems [Line Items] | |||||||||||||
Number of shares authorised | 50,000,000,000 | 50,000,000,000 | 250,000,000 | 50,000,000,000 | 50,000,000,000 | ||||||||
Value of Shares authorised | $ | $ 1,200 | $ 1,200 | |||||||||||
Number of shares outstanding | 8,057,847,000 | 8,057,847,000 | 5,976,098,000 | 5,976,098,000 | 3,674,370,000 | 3,100,000 | 9,200,000 | ||||||
Share capital | $ 193,000 | ¥ 1,288 | [1] | $ 143,000 | ¥ 943 | [2] | ¥ 591 | ||||||
Number of shares issued | 1,666,667,000 | 1,666,667,000 | 200,000,000 | 1,502,110,000 | 1,502,110,000 | 566,379 | |||||||
Value of shares issued | ¥ | ¥ 276 | ¥ 230 | |||||||||||
Shares issued by exercise of warrants | 685,339 | ||||||||||||
Warrants exercised into shares, value | ¥ | ¥ 105 | ||||||||||||
Number of shares, equity compensation | 415,082,000 | 114,279,000 | |||||||||||
Value of shares, equity compensation | ¥ | ¥ 69 | ¥ 17 | |||||||||||
Issued capital [member] | |||||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||||
Shares issued by exercise of warrants | 685,339,000 | ||||||||||||
[1]Equivalent to US$ 193,000 143,000 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) | 12 Months Ended | |||
Dec. 12, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 30, 2022 USD ($) | |
IfrsStatementLineItems [Line Items] | ||||
[custom:UnsecuredPromissoryNote-0] | ¥ 8,500,000 | $ 8,500,000 | ||
Note Purchase Agreement [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
[custom:UnsecuredPromissoryNote-0] | $ 1,332,500 | |||
[custom:ProceedsFromPromissoryNotes] | 1,250,000 | |||
[custom:OriginalIssueDiscount] | 62,500 | |||
[custom:InvestorsFees] | $ 20,000 | |||
[custom:PercentageOfDebtInterest] | 8% | |||
[custom:PrepaymentOutstandingBalancePercentage] | 120% | |||
Maximum monthly redemption amount | $ 200,000 | |||
Outstanding balance of promissory notes | $ 200,000 | |||
[custom:PercentageOfOutstandingBalance] | 1% | |||
[custom:OutstandingBalanceInterestDescription-0] | the Investor shall have the right to increase the balance of the Note by fifteen percent (15%) for Major Trigger Event (as defined in the Note) and five percent (5%) for Minor Trigger Event (as defined in the Note). In addition, the Note provides that upon occurrence of an Event of Default, the interest rate shall accrue on the outstanding balance at the rate equal to the lesser of twenty-two percent (22%) per annum or the maximum rate permitted under applicable law | |||
[custom:AmortizedForDiscount] | $ 60,260 | 415,624 | ||
Interest expense | 5,922 | 39,851 | ||
[custom:PrincipalFaceAmount] | 1,272,240 | ¥ 8,775,000 | ||
[custom:UnamortizedForDiscount] | $ 60,260 |
SCHEDULE OF PRINCIPAL ASSUMPTIO
SCHEDULE OF PRINCIPAL ASSUMPTIONS USED IN VALUATION (Details) Integer in Thousands | 12 Months Ended | ||||||||||
Oct. 04, 2022 | Sep. 30, 2022 USD ($) $ / shares | Jun. 14, 2021 USD ($) $ / shares | Feb. 17, 2021 USD ($) $ / shares | Feb. 12, 2021 | May 27, 2020 USD ($) $ / shares | May 22, 2020 $ / shares | Dec. 18, 2019 USD ($) $ / shares | Dec. 16, 2019 $ / shares | Dec. 31, 2022 Integer | Dec. 31, 2021 Integer | |
IfrsStatementLineItems [Line Items] | |||||||||||
Grant date | October 4, 2022 | June 14, 2021 | February 17, 2021 | May 27 and May 25, 2020 | December 18, 2019 | ||||||
Share price at date of grant | 0.58 | 3.15 | 4.45 | 0.68 | 1,833,334 | 1,652,322 | |||||
Exercise price at date of grant | $ 0.85 | $ 0.9375 | |||||||||
Volatility | 107% | ||||||||||
Warrant life | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | |||||
Dividend yield | 0% | 0% | 0% | 0% | 0% | ||||||
Risk-free interest rate | 3.96% | 0.80% | 0.57% | 0.34% | 1.74% | ||||||
Average fair value at grant date | $ | $ 0.43 | $ 2.50 | $ 3.54 | $ 0.416 | $ 0.598 | ||||||
Bottom of range [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Share price at date of grant | 0.59 | ||||||||||
Exercise price at date of grant | $ 0.82 | $ 3.42 | $ 3.57 | $ 0.79 | $ 0.82 | ||||||
Volatility | 100% | 141% | |||||||||
Top of range [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Share price at date of grant | 0.64 | ||||||||||
Exercise price at date of grant | $ 0.75 | $ 4.35 | $ 4.46 | $ 0.85 | $ 0.9375 | ||||||
Volatility | 104% | 115% | |||||||||
Warrant life | 5 years | 5 years |
SCHEDULE OF SUMMARY OF THE WARR
SCHEDULE OF SUMMARY OF THE WARRANT ACTIVITY (Details) Integer in Thousands | 12 Months Ended | ||||||
Sep. 30, 2022 $ / shares | Jun. 14, 2021 $ / shares | Feb. 17, 2021 $ / shares | Dec. 18, 2019 $ / shares | Dec. 31, 2022 Integer ¥ / shares | Dec. 31, 2021 Integer ¥ / shares | Dec. 31, 2020 Integer ¥ / shares | |
Number of warrants, outstanding, beginning balance | Integer | 1,868,414 | 980,894 | |||||
Average exercise price, outstanding, beginning balance | ¥ 3.50 | ¥ 1.21 | |||||
Weighted average remaining contractual term in years, outstanding | 4 years 7 days | 4 years 1 month 20 days | 3 years 10 months 6 days | ||||
Number of warrants, exercisable, beginning balance | Integer | 1,868,414 | 980,894 | |||||
Average exercise price, exercisable, beginning balance | ¥ 3.50 | ¥ 1.21 | |||||
Weighted average remaining contractual term in years, exercisable | 4 years 7 days | 4 years 1 month 20 days | 3 years 10 months 6 days | ||||
Number of warrants, granted | 0.58 | 3.15 | 4.45 | 0.68 | 1,833,334 | 1,652,322 | |
Average exercise price, granted | ¥ 0.81 | ¥ 3.56 | |||||
Weighted average remaining contractual term in years, granted | 5 years | 5 years | |||||
Number of warrants, exercised | Integer | 700,516 | ||||||
Average exercise price, exercised | ¥ 2.43 | ||||||
Number of warrants, expired | Integer | 64,286 | ||||||
Average exercise price, expired | ¥ 18.72 | ||||||
Number of warrants, outstanding, ending balance | Integer | 3,701,748 | 1,868,414 | 980,894 | ||||
Average exercise price, outstanding, ending balance | ¥ 2.17 | ¥ 3.50 | ¥ 1.21 | ||||
Number of warrants, outstanding, ending balance | Integer | 3,701,748 | 1,868,414 | 980,894 | ||||
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | ¥ 2.17 | ¥ 3.50 | ¥ 1.21 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) ¥ / shares in Units, $ / shares in Units, Integer in Thousands | 12 Months Ended | |||||||||||||||||||||||||
Oct. 04, 2022 | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2022 CNY (¥) Investors | Sep. 30, 2022 USD ($) $ / shares shares | Jun. 14, 2021 USD ($) $ / shares | Jun. 10, 2021 $ / shares shares | Jun. 10, 2021 CNY (¥) Investors | Feb. 17, 2021 USD ($) $ / shares | Feb. 12, 2021 USD ($) $ / shares shares | Dec. 07, 2020 USD ($) Investors $ / shares shares | Sep. 03, 2020 $ / shares shares | Sep. 03, 2020 $ / shares shares | May 27, 2020 USD ($) $ / shares | May 22, 2020 USD ($) $ / shares shares | May 22, 2020 CNY (¥) | Jan. 08, 2020 USD ($) Investors $ / shares shares | Jan. 08, 2020 CNY (¥) Investors | Dec. 18, 2019 USD ($) $ / shares | Dec. 16, 2019 USD ($) $ / shares shares | Dec. 31, 2022 CNY (¥) Integer | Dec. 31, 2021 CNY (¥) Integer shares | Dec. 31, 2020 CNY (¥) shares | Dec. 31, 2022 $ / shares shares | Dec. 30, 2022 $ / shares shares | Sep. 03, 2020 ¥ / shares shares | Sep. 02, 2020 shares | |
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Equity reverse stock split | Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share | Company effected a reverse stock split, every three issued and outstanding ordinary shares as of the effective date will automatically be combined into one issued and outstanding share | ||||||||||||||||||||||||
Number of shares outstanding | 3,100,000 | 3,100,000 | 5,976,098,000 | 3,674,370,000 | 8,057,847,000 | 3,100,000 | 9,200,000 | |||||||||||||||||||
Par value per share | $ / shares | $ 0.024 | $ 0.024 | ||||||||||||||||||||||||
Number of shares issue | 1,102,950 | 666,666 | 1,200,000 | |||||||||||||||||||||||
Share issued price per share | $ / shares | $ 2.32 | $ 0.68 | $ 0.75 | $ 0.75 | ||||||||||||||||||||||
Warrants to purchase shares of common stock | 1,102,950 | 1,200,000 | ||||||||||||||||||||||||
Gross Proceeds from pricing of public offering | $ | $ 2,100,000 | $ 1,300,000 | $ 750,006 | $ 900,000 | ||||||||||||||||||||||
Warrant life | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | 5 years | |||||||||||||||||||
Warrants exercisable term | 6 months | 6 months | 6 months | 6 months | ||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 4.46 | $ 0.79 | $ 0.82 | |||||||||||||||||||||||
Proceeds from offering | $ | $ 1,860,000 | $ 595,000 | $ 748,000 | |||||||||||||||||||||||
Percentage of gross proceeds of offering | 8% | |||||||||||||||||||||||||
Payment of placement fee | $ | $ 72,000 | |||||||||||||||||||||||||
Payment of non-accountable expense allowance | $ | $ 45,000 | |||||||||||||||||||||||||
Percentage of aggregate number of shares sold in offering | 5% | 5% | 5% | 5% | ||||||||||||||||||||||
Exercise price at date of grant | $ / shares | $ 0.85 | $ 0.9375 | ||||||||||||||||||||||||
Fair value of other than equity instrument warrant granted | ¥ | ¥ 3,552,000 | ¥ 5,250,000 | ||||||||||||||||||||||||
Issuance of new shares for equity financing | $ 500,000 | ¥ 5,725,000 | ¥ 29,587,000 | ¥ 16,045,000 | ||||||||||||||||||||||
Number of institutional accredited investors | Investors | 2 | 3 | 3 | 3 | 3 | |||||||||||||||||||||
Registration period of offering | 270 days | 270 days | ||||||||||||||||||||||||
Legal and other expenses | ¥ | ¥ 0 | |||||||||||||||||||||||||
Grant date | October 4, 2022 | June 14, 2021 | February 17, 2021 | May 27 and May 25, 2020 | December 18, 2019 | |||||||||||||||||||||
Share price at date of grant | 0.58 | 3.15 | 4.45 | 0.68 | 1,833,334 | 1,652,322 | ||||||||||||||||||||
Volatility | 107% | |||||||||||||||||||||||||
Dividend yield | 0% | 0% | 0% | 0% | 0% | |||||||||||||||||||||
Risk-free interest rate | 3.96% | 0.80% | 0.57% | 0.34% | 1.74% | |||||||||||||||||||||
Average fair value at grant date | $ | $ 0.43 | $ 0.43 | $ 2.50 | $ 3.54 | $ 0.416 | $ 0.598 | ||||||||||||||||||||
Number of shares issued | 566,379 | 1,502,110,000 | 1,666,667,000 | 200,000,000 | ||||||||||||||||||||||
Aggregate the number of share sale | 588,235 | |||||||||||||||||||||||||
Purchase price of per share | $ / shares | $ 3.57 | |||||||||||||||||||||||||
Warrants exercised | 700,516 | |||||||||||||||||||||||||
Warrants exercised (in shares) | 685,339 | |||||||||||||||||||||||||
Warrants exercised cashless | 32,677 | |||||||||||||||||||||||||
Shares issued upon cashless exercise of warrants | 17,500 | |||||||||||||||||||||||||
Warrants exercised | ¥ | ¥ 10,258,000 | |||||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Aggregate of warrants | 33,269 | 46,256 | 110,343 | |||||||||||||||||||||||
Fair value of shares issued | ¥ | 621,000 | ¥ 573,000 | ¥ 587,000 | |||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Aggregate of warrants | 81,010 | 36,201 | 268,331 | |||||||||||||||||||||||
Fair value of shares issued | ¥ | 1,490,000 | ¥ 1,262,000 | ¥ 548,000 | |||||||||||||||||||||||
Employee [Member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Aggregate of warrants | 36,408 | |||||||||||||||||||||||||
Fair value of shares issued | ¥ | ¥ 69,000 | |||||||||||||||||||||||||
Investor Warrants [Member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Warrants to purchase shares of common stock | 1,666,667 | 1,666,667 | 913,875 | |||||||||||||||||||||||
Warrant life | 5 years | |||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 0.82 | $ 0.82 | $ 3.42 | |||||||||||||||||||||||
Proceeds from offering | ¥ | ¥ 1,000,000 | ¥ 3,180,285 | ||||||||||||||||||||||||
Placement Agent Warrants [Member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Warrants exercise price per share | $ / shares | $ 0.75 | $ 0.75 | $ 4.35 | |||||||||||||||||||||||
Percentage of aggregate number of shares sold in offering | 5% | 5% | ||||||||||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Number of shares issued | 1,666,667 | 1,666,667 | 913,875 | |||||||||||||||||||||||
Purchase price of per share | $ / shares | $ 0.60 | $ 3.48 | ||||||||||||||||||||||||
Securities Purchase Agreement [Member] | Investor Warrants [Member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Closing price for the common shares preceding execution of the SPA | $ / shares | $ 3.42 | |||||||||||||||||||||||||
Bottom of range [member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Par value per share | (per share) | $ 0.008 | $ 0.008 | ¥ 0.008 | |||||||||||||||||||||||
Exercise price at date of grant | $ / shares | $ 0.82 | $ 3.42 | $ 3.57 | $ 0.79 | $ 0.82 | |||||||||||||||||||||
Share price at date of grant | $ / shares | 0.59 | |||||||||||||||||||||||||
Volatility | 100% | 141% | ||||||||||||||||||||||||
Top of range [member] | ||||||||||||||||||||||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||||||||||||||
Par value per share | (per share) | $ 0.024 | $ 0.024 | ¥ 0.024 | |||||||||||||||||||||||
Warrant life | 5 years | 5 years | ||||||||||||||||||||||||
Exercise price at date of grant | $ / shares | $ 0.75 | $ 4.35 | $ 4.46 | $ 0.85 | $ 0.9375 | |||||||||||||||||||||
Share price at date of grant | $ / shares | 0.64 | |||||||||||||||||||||||||
Volatility | 104% | 115% |
RESERVES (Details Narrative)
RESERVES (Details Narrative) ¥ in Millions, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) shares | Dec. 30, 2022 shares | Dec. 31, 2021 shares | Dec. 07, 2020 shares | Jun. 30, 2009 CNY (¥) | Jun. 30, 2009 HKD ($) | |
IfrsStatementLineItems [Line Items] | ||||||
Percentage of entity's revenue | 10% | |||||
Number of shares issued | shares | 1,666,667,000 | 200,000,000 | 1,502,110,000 | 566,379 | ||
Escrow deposits | ¥ 6.7 | |||||
Capital reserve | ¥ 61.3 | |||||
Two Financial Advisors [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Number of shares issued | shares | 1,521,528,000 | |||||
Mr. Wong Kung Tok [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Forego of claim in deposits | ¥ 15.6 | |||||
Amounts payable, related party transactions | 40.2 | ¥ 58.9 | $ 67.9 | |||
Sound Treasure Limited [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Forego of claim in deposits | 15.6 | |||||
Amounts payable, related party transactions | 20.7 | |||||
Extinguishment of liability | ¥ 76.8 | |||||
Top of range [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Percentage of entity's revenue | 50% |
SHARE-BASED EMPLOYEE REMUNERA_2
SHARE-BASED EMPLOYEE REMUNERATION (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | Dec. 31, 2020 CNY (¥) shares | |
IfrsStatementLineItems [Line Items] | |||
Fair value of share options granted | ¥ | ¥ 2,180,000 | ¥ 1,835,000 | ¥ 1,135,000 |
Chief Financial Officer [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of share options granted in share-based payment arrangement | 110,343 | 33,269 | 46,256 |
Chief Executive Officer [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of share options granted in share-based payment arrangement | 268,331 | 81,010 | 36,201 |
Equity Compensation Plan 2017 [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Number of share options granted in share-based payment arrangement | 333,333 |
SCHEDULE OF SIGNIFICANT RELATED
SCHEDULE OF SIGNIFICANT RELATED PARTY TRANSACTIONS (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amounts owed to related parties | ¥ 1,291 | ¥ 36,348 |
Current payables to related parties, Total | ¥ 1,291 | ¥ 36,348 |
SIGNIFICANT RELATED PARTY TRA_3
SIGNIFICANT RELATED PARTY TRANSACTIONS (Details Narrative) | 12 Months Ended | |||||
Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | |
IfrsStatementLineItems [Line Items] | ||||||
Borrowings | ¥ 10,066,000 | ¥ 36,348,000 | ||||
Prepayments under current assets | 13,269,000 | 20,264,000 | ||||
Wong Kung Tok [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Proceeds from borrowings, classified as financing activities | ¥ 35,057,000 | ¥ 35,057,000 | ||||
Sound Treasure Limited [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Borrowings | $ 167,000 | 1,160,000 | $ 167,000 | 1,160,000 | ||
Alex Ng [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Borrowings | $ 20,000 | 131,000 | $ 20,000 | 131,000 | ||
Anhui Zhongiun [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Consultancy fees | 2,847,000 | 8,840,000 | ||||
Revenue from rendering of services, related party transactions | 2,486,000 | 1,378,000 | ||||
Value added tax receivables | 149,000 | 82,000 | ||||
Expensed during the year | 5,993,000 | |||||
Prepayments under current assets | 2,847,000 | 2,847,000 | ||||
Performance obligations received | 2,635,000 | |||||
Amounts receivable, related party transactions | ¥ 1,460,000 | |||||
Anhui Zhongiun Enterprise Management [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Revenue from rendering of services, related party transactions | 2,635,000 | |||||
Performance obligations received | 2,635,000 | |||||
Revenue from rendering of services, related party transactions | ¥ 2,486,000 | |||||
Value added tax receivables | ¥ 149,000 | |||||
Lianjie | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Related Party Transaction Amount Incurred In Cost Of Revenue | 36,929,000 | |||||
Related Party Transaction Amount Paid For Cost Of Revenue Incurred | 34,364,000 | |||||
Trade accounts payable related party transaction |
SCHEDULE OF TOTAL FUTURE MINIMU
SCHEDULE OF TOTAL FUTURE MINIMUM LEASE PAYMENTS (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | |||
Operating lease commitments | ¥ 485 | ¥ 46,729 | ¥ 60,159 |
Not later than one year [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating lease commitments | 328 | 13,404 | 13,431 |
Later than one year and not later than five years [member] | |||
IfrsStatementLineItems [Line Items] | |||
Operating lease commitments | ¥ 157 | ¥ 33,325 | ¥ 46,728 |
SCHEDULE OF CAPITAL EXPENDITURE
SCHEDULE OF CAPITAL EXPENDITURES CONTRACTED FOR AT THE BALANCE SHEET DATE BUT NOT RECOGNIZED (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Chengdu Future Talented Management and Consulting Co, Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual capital commitments | ¥ 30,000,000 | ¥ 30,000,000 | ¥ 30,000,000 |
Antelope Holdings (Chengdu) Co., Ltd [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual capital commitments | 47,365,376 | 65,250,000 | 62,250,000 |
Hainan Antelope Holding [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual capital commitments | 63,726,000 | 63,726,000 | |
Antelope Future Yangpu [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual capital commitments | 60,970,159 | 63,726,000 | |
Antelope Investment Hainan [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual capital commitments | 50,000,000 | 50,000,000 | |
Antelope Ruicheng Investment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual capital commitments | 47,245,000 | 50,000,000 | |
Hainan Kylin Cloud Service Technology [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual capital commitments | 4,500,000 | ||
Anhui Kylin Cloud Service Technology [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Contractual capital commitments | ¥ 4,900,000 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2019 |
IfrsStatementLineItems [Line Items] | |||
Lease liabilities | ¥ 485,000 | ¥ 46,729,000 | ¥ 19,380,000 |
Discontinued operations [member] | |||
IfrsStatementLineItems [Line Items] | |||
Lease liabilities | ¥ 33,325,000 |
SCHEDULE OF ASSETS AND LIABILIT
SCHEDULE OF ASSETS AND LIABILITIES OF DISPOSAL GROUP (Details) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2019 |
IfrsStatementLineItems [Line Items] | |||
Right-of-use assets, net | ¥ 17,266,000 | ||
Inventories, net | ¥ 31,589,000 | ||
Other receivables and prepayments | 5,802,000 | 412,000 | |
Accrued liabilities and other payables | 799,000 | 22,381,000 | |
Lease liabilities | 485,000 | ¥ 46,729,000 | ¥ 19,380,000 |
Disposal groups classified as held for sale [member] | |||
IfrsStatementLineItems [Line Items] | |||
Right-of-use assets, net | 30,937,000 | ||
Inventories, net | 28,749,000 | ||
Trade receivables, net | 11,683,000 | ||
Other receivables and prepayments | 3,000,000 | ||
Cash and bank balances | 306,000 | ||
Total assets of the Disposal Group held for sale | 74,675,000 | ||
Accrued liabilities and other payables | 19,197,000 | ||
Amounts owed to related parties | 35,057,000 | ||
Lease liabilities | 33,325,000 | ||
Taxes payable | 951,000 | ||
Total liabilities of the Disposal Group directly associated with assets classified as held for sale | ¥ 88,530,000 |
SCHEDULE OF FINANCIAL PERFORMAN
SCHEDULE OF FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Net sales | ¥ 286,347 | ¥ 71,527 | |
Cost of goods sold | 258,431 | 65,493 | |
Gross profit (loss) | 27,916 | 6,034 | |
Other income | 2,966 | 32 | 7,400 |
Administrative expenses | (22,757) | (15,975) | (7,551) |
Finance costs | (25) | (51) | (75) |
Other expenses | (42) | (34) | |
Loss before taxation | (5,441) | (20,166) | (226) |
Loss for the year from discontinued operations | (47,994) | (69,675) | (192,836) |
Total comprehensive loss from discontinued operations | (53,446) | (89,473) | (192,724) |
Net cash generated from operating activities from discontinued operations | (15,452) | (8,123) | (313) |
Net cash used in investing activities from discontinued operations | (10,490) | (1,279) | 2,739 |
Net cash used in financing activities from discontinued operations | 2,272 | 24,397 | 1,335 |
Net (decrease) increase in cash and cash equivalents from discontinued operations | (23,670) | 14,995 | 3,761 |
Financial Performance [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Net sales | 37,696 | 144,743 | 182,989 |
Cost of goods sold | 41,245 | 83,436 | 209,705 |
Gross profit (loss) | (3,549) | 61,307 | (26,716) |
Other income | 14,244 | 9,388 | 14,531 |
Selling and distribution expenses | (5,913) | (6,298) | (9,356) |
Administrative expenses | (51,297) | (131,867) | (168,622) |
Finance costs | (1,479) | (2,115) | (2,673) |
Other expenses | (90) | ||
Loss before taxation | (47,994) | (69,675) | (192,836) |
Income tax expense | |||
Loss for the year from discontinued operations | (47,994) | (69,675) | (192,836) |
Total comprehensive loss from discontinued operations | (47,994) | (69,675) | (192,836) |
Net cash generated from operating activities from discontinued operations | 4,982 | 3,314 | 4,400 |
Net cash used in investing activities from discontinued operations | |||
Net cash used in financing activities from discontinued operations | (14,303) | (14,303) | (14,136) |
Net (decrease) increase in cash and cash equivalents from discontinued operations | ¥ (9,321) | ¥ (10,989) | ¥ (9,736) |
ASSETS AND LIABILITIES OF DIS_3
ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (Details Narrative) ¥ in Millions | Dec. 31, 2022 CNY (¥) |
Debt securities [member] | |
IfrsStatementLineItems [Line Items] | |
Debt instrument fair value | ¥ 8.5 |
SCHEDULE OF COMPANY REMAINING C
SCHEDULE OF COMPANY REMAINING CONTRACTUAL MATURITIES FOR ITS FINANCIAL LIABILITIES (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | ||
Trade payables | ¥ 3,079 | ¥ 6,290 |
Amounts owed to related parties | 1,291 | 36,348 |
Note payable | 8,775 | |
Lease liabilities | 495 | 49,448 |
Total | 13,640 | 92,086 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 3,079 | 6,290 |
Amounts owed to related parties | 1,291 | 36,348 |
Note payable | ||
Lease liabilities | 349 | 14,883 |
Total | 4,719 | 57,521 |
Later than one year and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Amounts owed to related parties | ||
Note payable | 8,775 | |
Lease liabilities | 146 | 34,565 |
Total | 8,921 | 34,565 |
Undiscounted Cash Flow [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 3,079 | 6,290 |
Amounts owed to related parties | 1,291 | 36,348 |
Note payable | 8,775 | |
Lease liabilities | 495 | 49,448 |
Total | ¥ 13,640 | ¥ 92,086 |
SUMMARY OF LOSS BEFORE TAXATION
SUMMARY OF LOSS BEFORE TAXATION (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
IfrsStatementLineItems [Line Items] | |||
Loss before taxation | ¥ (5,441) | ¥ (20,166) | ¥ (226) |
Currency risk [member] | |||
IfrsStatementLineItems [Line Items] | |||
Loss before taxation | ¥ 39 | ¥ 895 | ¥ 421 |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details Narrative) | Dec. 31, 2022 |
Percentage of changes in RMB against foreign currencies | 4% |
SCHEDULE OF CAPITAL STRUCTURE (
SCHEDULE OF CAPITAL STRUCTURE (Details) - CNY (¥) ¥ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Capital Management | |||
Interest-bearing bank borrowings | |||
Note payable | 8,775 | ||
Amounts owed to related parties | 1,291 | 36,348 | |
Total debts | 10,066 | 36,348 | |
Less: Cash and cash equivalents (excluding restricted bank balances) | (3,936) | (27,880) | ¥ (12,344) |
Net debts | 6,130 | 8,548 | |
Equity attributable to shareholders of the Company | ¥ 1,047 | ¥ 61,943 | |
Gearing ratio | 585% | 13.80% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) $ / shares in Units, ¥ in Millions | Mar. 30, 2023 USD ($) $ / shares shares | Jan. 13, 2023 USD ($) $ / shares shares | Jan. 10, 2023 USD ($) $ / shares shares | Dec. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 shares | Dec. 07, 2020 $ / shares shares | May 22, 2020 $ / shares | Jan. 08, 2020 $ / shares | Dec. 16, 2019 $ / shares |
IfrsStatementLineItems [Line Items] | |||||||||||
[custom:UnsecuredPromissoryNote-0] | $ 8,500,000 | ¥ 8.5 | |||||||||
Percentage of unsecured promissory note | 5% | ||||||||||
Notional amount | $ | $ 8,500,000 | ||||||||||
Borrowings, interest rate | 5% | ||||||||||
Proceeds from issuing shares | $ | $ 4,800,000 | ||||||||||
Number of shares issued | 200,000,000 | 1,666,667,000 | 1,502,110,000 | 566,379 | |||||||
Par value per share | $ / shares | $ 0.024 | $ 0.024 | |||||||||
Number of shares authorised | 250,000,000 | 50,000,000,000 | 50,000,000,000 | ||||||||
Number of shares preferred issued | 50,000,000 | ||||||||||
Share issued price per share | $ / shares | $ 2.32 | $ 0.68 | $ 0.75 | $ 0.75 | |||||||
Major ordinary share transactions [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Proceeds from issuing shares | $ | $ 5,000,000 | $ 1,000,000 | $ 1,300,000 | ||||||||
Number of shares issued | 5,681,820 | 1,234,568 | 1,625,000 | ||||||||
Par value per share | $ / shares | $ 0.024 | $ 0.024 | |||||||||
Share issued price per share | $ / shares | $ 0.88 | $ 0.81 | $ 0.80 | ||||||||
Proportion of voting rights held in associate | 15.15% | ||||||||||
Major ordinary share transactions [member] | Weilai Will Zhang [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Proportion of voting rights held in associate | 52.13% | ||||||||||
Class A Ordinary Shares [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of shares issued | 200,000,000 | ||||||||||
Class B Ordinary Shares [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of shares issued | 50,000,000 |