Cover
Cover | 12 Months Ended |
Dec. 31, 2023 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, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 0-26046 |
Entity Registrant Name | CHINA NATURAL RESOURCES, INC. |
Entity Central Index Key | 0000793628 |
Entity Incorporation, State or Country Code | F4 |
Entity Address, Address Line One | Room 2205, 22/F |
Entity Address, Address Line Two | West Tower, Shun Tak Centre |
Entity Address, Address Line Three | 168-200 Connaught Road Central |
Entity Address, City or Town | Sheung Wan |
Entity Address, Country | HK |
Entity Address, Postal Zip Code | 122001 |
Title of 12(b) Security | Common Shares, without par value |
Trading Symbol | CHNR |
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 | 8,377,897 |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Auditor Firm ID | 1408 |
Auditor Name | Ernst & Young Hua Ming LLP |
Auditor Location | Beijing, the People’s Republic of China |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Incorporation, State or Country Code | F4 |
Entity Address, Address Line One | Room 2205, 22/F |
Entity Address, Address Line Two | West Tower, Shun Tak Centre |
Entity Address, Address Line Three | 168-200 Connaught Road Central |
Entity Address, City or Town | Sheung Wan |
Entity Address, Country | HK |
Entity Address, Postal Zip Code | 122001 |
City Area Code | 0118 |
Local Phone Number | 5228107205 |
Contact Personnel Name | Zhu Youyi, Chief Financial Officer |
Contact Personnel Email Address | zhuyouyi@chnr.net |
CONSOLIDATED STATEMENTS OF PROF
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 CNY (¥) ¥ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2021 CNY (¥) ¥ / shares | |
CONTINUING OPERATIONS | ||||
Administrative expenses | $ (1,820) | ¥ (12,883) | ¥ (25,248) | ¥ (11,076) |
Other income | 529 | 3,742 | 699 | 599 |
Fair value (loss)/gain on financial instruments, net | 120 | 847 | 1,007 | (38,349) |
Finance costs | (7) | (48) | 191 | (166) |
Finance income | 1 | 5 | 13 | 13 |
LOSS BEFORE INCOME TAX | (1,177) | (8,337) | (23,338) | (48,979) |
Income tax expense | 5,095 | |||
LOSS FOR THE YEAR FROM CONTINUING OPERATIONS | (1,177) | (8,337) | (23,338) | (43,884) |
DISCONTINUED OPERATIONS | ||||
(Loss)/profit for the year from discontinued operations, net of tax | (580) | (4,106) | 1,042 | (11,087) |
LOSS FOR THE YEAR | (1,757) | (12,443) | (22,296) | (54,971) |
Owners of the Company | ||||
From continuing operations | (1,177) | (8,337) | (23,338) | (43,884) |
From discontinued operations | (777) | (5,504) | (1,285) | (4,268) |
Non-controlling interests | ||||
From continuing operations | ||||
From discontinued operations | $ 197 | ¥ 1,398 | ¥ 2,327 | ¥ (6,819) |
Basic and diluted | ||||
- For loss from continuing operations | (per share) | $ (0.15) | ¥ (1.01) | ¥ (2.85) | ¥ (5.39) |
- For loss from discontinued operations | (per share) | (0.09) | (0.67) | (0.15) | (0.52) |
- Loss per share | (per share) | $ (0.24) | ¥ (1.68) | ¥ (3) | ¥ (5.91) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Profit or loss [abstract] | ||||
LOSS FOR THE YEAR | $ (1,757) | ¥ (12,443) | ¥ (22,296) | ¥ (54,971) |
Other comprehensive income/(loss) that will be reclassified to profit or loss in subsequent periods: | ||||
Foreign currency translation adjustments of the subsidiaries | (396) | (2,810) | (8,094) | 3,252 |
Other comprehensive (loss)/income that will not be reclassified to profit or loss in subsequent periods: | ||||
Foreign currency translation adjustments of the Company | 201 | 1,421 | 9,593 | (10,909) |
Total other comprehensive (loss)/income for the year, net of tax | (195) | (1,389) | 1,499 | (7,657) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (1,952) | (13,832) | (20,797) | (62,628) |
Owners of the Company | ||||
From continuing operations | (1,371) | (9,726) | (21,839) | (51,542) |
From discontinued operations | (778) | (5,504) | (1,285) | (4,267) |
Non-controlling interests | ||||
From continuing operations | ||||
From discontinued operations | 197 | 1,398 | 2,327 | (6,819) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | $ (1,952) | ¥ (13,832) | ¥ (20,797) | ¥ (62,628) |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) |
NON-CURRENT ASSETS | |||
Property, plant and equipment | $ 7 | ¥ 53 | ¥ 424 |
Intangible assets | 19,381 | ||
Right-of-use assets | 49 | 346 | 2,993 |
Trade receivables | 10,520 | ||
Contract assets | 89,713 | ||
Other non-current assets | 34,969 | 247,530 | 4 |
TOTAL NON-CURRENT ASSETS | 35,025 | 247,929 | 123,035 |
CURRENT ASSETS | |||
Inventories | 729 | ||
Trade receivables | 46,760 | ||
Bills receivable | 8,500 | ||
Contract assets | 21,647 | ||
Prepayments | 156 | 1,107 | 1,732 |
Other receivables | 3 | 18 | 82,733 |
Other current assets | 3,160 | ||
Cash and cash equivalents | 671 | 4,753 | 31,695 |
TOTAL CURRENT ASSETS | 830 | 5,878 | 196,956 |
TOTAL ASSETS | 35,855 | 253,807 | 319,991 |
CURRENT LIABILITIES | |||
Trade payables | 14 | 100 | 20,326 |
Contract liabilities | 690 | ||
Other payables and accruals | 11,669 | 82,610 | 16,724 |
Income tax payable | 10,732 | ||
Provisions | 494 | ||
Interest-bearing loans and borrowings | 3,000 | ||
Derivative financial liabilities | 824 | ||
Lease liabilities | 51 | 360 | 1,317 |
Due to related companies | 1,281 | 9,069 | 3,408 |
Due to the Shareholder | 12,103 | 85,673 | 7,153 |
TOTAL CURRENT LIABILITIES | 25,118 | 177,812 | 64,668 |
NON-CURRENT LIABILITIES | |||
Deferred tax liabilities | 5,276 | ||
Lease liabilities | 1,598 | ||
Interest-bearing loans and borrowings | 71,000 | ||
TOTAL NON-CURRENT LIABILITIES | 77,874 | ||
TOTAL LIABILITIES | 25,118 | 177,812 | 142,542 |
EQUITY | |||
Issued capital | 63,682 | 450,782 | 450,782 |
Other capital reserves | 107,194 | 758,775 | 735,319 |
Accumulated losses | (158,626) | (1,122,851) | (1,109,010) |
Other comprehensive losses | (1,513) | (10,711) | (9,322) |
EQUITY ATTRIBUTABLE TO OWNERS OF THE COMPANY | 10,737 | 75,995 | 67,769 |
NON-CONTROLLING INTERESTS | 109,680 | ||
TOTAL EQUITY | 10,737 | 75,995 | 177,449 |
TOTAL LIABILITIES AND EQUITY | $ 35,855 | ¥ 253,807 | ¥ 319,991 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ¥ in Thousands, $ in Thousands | Issued capital [member] USD ($) | Issued capital [member] CNY (¥) | Other Capital Reserves [Member] USD ($) | Other Capital Reserves [Member] CNY (¥) | Retained earnings [member] USD ($) | Retained earnings [member] CNY (¥) | Other Comprehensive Income Loss [Member] USD ($) | Other Comprehensive Income Loss [Member] CNY (¥) | Total [Member] USD ($) | Total [Member] CNY (¥) | Non-controlling interests [member] USD ($) | Non-controlling interests [member] CNY (¥) | USD ($) | CNY (¥) |
Beginning balance, value at Dec. 31, 2020 | ¥ 419,091 | ¥ 787,987 | ¥ (1,031,187) | ¥ (3,164) | ¥ 172,727 | ¥ 119,072 | ¥ 291,799 | |||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
(Loss)/income for the year | (48,152) | (48,152) | (6,819) | (54,971) | ||||||||||
Foreign currency translation adjustments | (7,657) | (7,657) | (7,657) | |||||||||||
Total comprehensive (loss)/income for the year | (48,152) | (7,657) | (55,809) | (6,819) | (62,628) | |||||||||
Deemed distribution to the controlling shareholder | (75,651) | (75,651) | (75,651) | |||||||||||
Dividends declared | (5,048) | (5,048) | (5,048) | |||||||||||
Dividends paid to non-controlling shareholders | (4,900) | (4,900) | ||||||||||||
Issuance of shares | 31,691 | 31,691 | 31,691 | |||||||||||
Equity-settled share-based payments (Note 26) | 2,311 | 2,311 | 2,311 | |||||||||||
Others | 4,463 | 4,463 | 4,463 | |||||||||||
Balance as of December 31, 2023 (US$) at Dec. 31, 2021 | 450,782 | 719,110 | (1,084,387) | (10,821) | 74,684 | 107,353 | 182,037 | |||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
(Loss)/income for the year | (24,623) | (24,623) | 2,327 | (22,296) | ||||||||||
Foreign currency translation adjustments | 1,499 | 1,499 | 1,499 | |||||||||||
Total comprehensive (loss)/income for the year | (24,623) | 1,499 | (23,124) | 2,327 | (20,797) | |||||||||
Equity-settled share-based payments (Note 26) | 16,209 | 16,209 | 16,209 | |||||||||||
Balance as of December 31, 2023 (US$) at Dec. 31, 2022 | 450,782 | 735,319 | (1,109,010) | (9,322) | 67,769 | 109,680 | 177,449 | |||||||
IfrsStatementLineItems [Line Items] | ||||||||||||||
(Loss)/income for the year | (13,841) | (13,841) | 1,398 | (12,443) | ||||||||||
Foreign currency translation adjustments | (1,389) | (1,389) | (1,389) | |||||||||||
Total comprehensive (loss)/income for the year | (13,841) | (1,389) | (15,230) | 1,398 | (13,832) | |||||||||
Disposal of PSTT (Note 3) | 20,382 | 20,382 | (111,078) | (90,696) | ||||||||||
Equity-settled share-based payments (Note 26) | 3,074 | 3,074 | 3,074 | |||||||||||
Balance as of December 31, 2023 (US$) at Dec. 31, 2023 | $ 63,682 | ¥ 450,782 | $ 107,194 | ¥ 758,775 | $ (158,626) | ¥ (1,122,851) | $ (1,513) | ¥ (10,711) | $ 10,737 | ¥ 75,995 | $ 10,737 | ¥ 75,995 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
OPERATING ACTIVITIES | ||||
Loss before income tax for the year | $ (1,484) | ¥ (10,512) | ¥ (16,432) | ¥ (52,836) |
From continuing operations | (1,177) | (8,337) | (23,338) | (48,979) |
From discontinued operations | (307) | (2,175) | 6,906 | (3,857) |
Adjustments for: | ||||
Interest expenses | 279 | 1,977 | 4,015 | 4,128 |
Interest income | (566) | (4,013) | (6,883) | (7,358) |
Gain on disposal of property, plant and equipment | (5) | |||
Consultants share-based payment expenses | 435 | 3,074 | 16,152 | |
Expenses related to issuance of shares | 1,579 | |||
Fair value (gain)/loss on financial instruments, net | (120) | (847) | (1,007) | 38,349 |
Depreciation of property, plant and equipment | 15 | 100 | 304 | 510 |
Depreciation of right-of-use assets | 148 | 1,050 | 1,413 | 1,366 |
Amortization of intangible assets | 65 | 460 | 813 | 884 |
Impairment losses/(reversal) on trade receivables | 54 | 383 | (3,989) | 3,840 |
Impairment losses on contract assets | 501 | 3,545 | 171 | 357 |
Impairment losses on other receivables | 848 | 6,003 | 2,745 | 239 |
Impairment reversal on amounts due from related companies | (1,106) | |||
Changes in working capital | ||||
Inventories | (26) | (182) | 257 | (148) |
Trade and bills receivables | 622 | 4,406 | (10,764) | 6,580 |
Contract assets | 219 | 1,550 | (5,165) | (780) |
Prepayments | 108 | 765 | 504 | (1,852) |
Other receivables | 3 | 18 | 321 | (930) |
Other current assets | 1,829 | 1,805 | ||
Trade payables | 182 | 1,297 | (792) | (7,507) |
Other payables and accruals | 812 | 5,749 | 3,280 | 813 |
Provision | (70) | (494) | 494 | |
Cash (used in)/from operations | 2,025 | 14,329 | (12,739) | (12,067) |
Income tax paid | (141) | (1,001) | (47) | (1) |
Net cash flows (used in)/from operating activities | 1,884 | 13,328 | (12,786) | (12,068) |
INVESTING ACTIVITIES | ||||
Interest received | 7,291 | 3,760 | ||
Additions of service concession right | (68) | |||
Purchase of property, plant and equipment | (2) | (12) | (17) | (28) |
Purchase of intangible assets | (5) | |||
Prepayment for right-of-use assets | (228) | (55) | ||
Purchase of structured deposit products | (60,000) | |||
Disposal of property, plant and equipment | 9 | 6 | ||
Disposal of a subsidiary | (263) | |||
Loan to an unrelated company | (80,000) | |||
Repayment from loans due from related companies | 125,000 | |||
Proceeds from maturity of structured deposit products | 65,000 | |||
Expenditures on mine development | (147) | (1,042) | ||
Net cash flows from /(used in) investing activities | (149) | (1,054) | 7,050 | 53,352 |
FINANCING ACTIVITIES | ||||
Proceeds from issuance of shares | 41,996 | |||
Repayments of bank loans | (212) | (1,500) | (3,000) | (3,000) |
Advances from related companies | 555 | 3,932 | 360 | |
Repayment to related companies | (2,765) | (50,148) | ||
Repayments to the Shareholder | (6,885) | (7,149) | ||
Payment of principal portion of lease liabilities | (131) | (925) | (1,120) | (1,463) |
Payment of interest expenses of lease liabilities | (14) | (99) | (133) | (150) |
Deemed distribution to the controlling shareholder | (10,297) | |||
Dividends paid to non-controlling shareholders | (4,900) | |||
Dividends paid to former non-controlling shareholders | (5,048) | |||
Net cash outflow for the distribution of CHNR's 100% equity interest of PSTT | (5,292) | (37,460) | ||
Interest paid | (265) | (1,878) | (3,882) | (4,035) |
Net cash flows used in financing activities | (5,359) | (37,930) | (22,833) | (38,786) |
Net cash flows used in financing activities | (5,359) | (37,930) | (22,833) | (38,786) |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS | (3,624) | (25,656) | (28,569) | 2,498 |
NET FOREIGN EXCHANGE DIFFERENCE | (183) | (1,286) | 1,905 | (719) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 4,478 | 31,695 | 58,359 | 56,580 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 671 | 4,753 | 31,695 | 58,359 |
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS | ||||
Cash and bank balances attributable to continued operations | 671 | 4,753 | 6,040 | 18,535 |
Cash, bank balances and short-term deposits attributable to discontinued operations | 25,655 | 39,824 | ||
Cash and cash equivalents as stated in the statement of cash flows | $ 671 | ¥ 4,753 | ¥ 31,695 | ¥ 58,359 |
ORGANIZATION AND PRINCIPAL ACTI
ORGANIZATION AND PRINCIPAL ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
Organization And Principal Activities | |
ORGANIZATION AND PRINCIPAL ACTIVITIES | 1. ORGANIZATION AND PRINCIPAL ACTIVITIES China Natural Resources, Inc. (“CHNR” or the “Company”) is a British Virgin Islands (“BVI”) holding company incorporated in 1993. The address of the principal executive office is Room 2205, 22/F, West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong. The Company’s principal activity is investment holding. The Company’s subsidiaries (collectively with CHNR, the “Group”) are primarily involved in the exploration and mining and wastewater treatment businesses in the People’s Republic of China (“PRC”). CHNR’s principal shareholder is Feishang Group Limited (“Feishang Group” or the “Shareholder”), a BVI corporation. Mr. Li Feilie is the controlling shareholder of Feishang Group. In the opinion of the directors of the Company (the “Directors”), the ultimate parent of CHNR is Laitan Investment Limited, a BVI corporation. As of 31 December 2023 , the Company had direct and indirect interests in the following subsidiaries, the particulars of which are set out below: Schedule of direct and indirect interests in subsidiaries Place of registration and Nominal value Percentage of equity Principal activities Name Direct Indirect China Coal Mining Investment Limited (“China Coal”) Hong Kong * 100 — Investment holding FMH Corporate Services Inc. United States * 100 — Dormant Feishang Dayun Coal Mining Limited Hong Kong * — 100 Investment holding Feishang Mining Holdings Limited BVI * 100 — Investment holding Feishang Yongfu Mining Limited Hong Kong * — 100 Investment holding Newhold Investments Limited BVI * 100 — Investment holding Pineboom Investments Limited BVI * 100 — Investment holding Shenzhen Feishang Management and Consulting Co., Limited (“Feishang Management”) PRC/Mainland China CNY 10,000 — 100 Provision of management and consulting services to other companies in the Group Yangpu Shuanghu Industrial Development Co., Limited PRC/Mainland China CNY 1,000 — 100 Investment holding Yunnan Feishang Mining Co., Limited PRC/Mainland China CNY 50,000 — 100 Investment holding Bayannaoer City Feishang Mining Company Limited PRC/Mainland China CNY 59,480 — 100 Exploration and development of lead mines * Insignificant The consolidated financial statements of the Group for the year ended December 31, 2023 were authorized for issuance in accordance with a resolution of the Directors executed on April 30, 2024. |
BASIS OF PREPARATION
BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
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”). The consolidated financial statements have been prepared on a historical cost basis, except for structured deposit, derivative financial liabilities and equity financial assets that have been measured at fair value. The consolidated financial statements are presented in Chinese Yuan (“CNY”) and all values are rounded to the nearest thousand, except when otherwise indicated. US$ indicates U.S. dollars. The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. 2.1.1. GOING CONCERN BASIS The Group incurred net losses for the years ended December 31, 2022 and 2023, respectively and net cash used in operating activities was CNY13 million 12,786 13,328 During the year ended December 31, 2023, the Group has, through its subsidiary, sold all its water treatment segment assets and liabilities. This means there will be no revenues, but administrative and other operating expenses incurred in the near future as the mining and exploration segment is still at a developing stage. As of December 31, 2023, the Group had net current liabilities of CNY 172 4,753 The Group expects that its existing cash and cash equivalents and subsequent equity financing (see Note 24) will be sufficient to fund its operations and meet all of its obligations as they fall due for at least twelve months from the date of the consolidated financial statements. In addition, the Group has received a financial support letter from its major shareholder. The Group’s ability to continue as a going concern is dependent on management’s ability to successfully execute its business plan, which includes increasing revenues while controlling operating costs and expenses, generating operational cash flows as well as continuing to gain support from outside sources of financing. Based on the above considerations, the Group’s consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. 2.2 BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the years ended December 31. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee). Generally, there is a presumption that a majority of voting rights results in control. When the Company has less than a majority of the voting or similar right of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) the contractual arrangement with the other vote holders of the investee; (b) rights arising from other contractual arrangements; and (c) the Group’s voting rights and potential voting rights. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income are attributed to owners of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, any non-controlling interest and the exchange fluctuation reserve; and recognises the fair value of any investment retained and any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities. 2.3 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has adopted the following new and revised IFRSs for the first time for the current year’s consolidated financial statements: Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules The nature and the impact of the new and revised IFRSs that are applicable to the Group are described below: (a) Amendments to IAS 1 require entities to disclose their material accounting policy information rather than their significant accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to IFRS Practice Statement 2 Making Materiality Judgements provide non-mandatory guidance on how to apply the concept of materiality to accounting policy disclosures. The Group has disclosed the material accounting policy information in note 2.5 to the financial statements. The amendments did not have any impact on the measurement, recognition or presentation of any items in the Group’s financial statements. (b) Since the Group did not fall within the scope of the Pillar Two model rules, the amendments did not have any impact to the Group. 2.4 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS The Group has not applied the following revised IFRSs, that have been issued but are not yet effective, in these financial statements. The Group intends to apply these revised IFRSs, if applicable, when they become effective. Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 3 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback 1 Amendments to IAS 1 Classification of Liabilities as Current or Non-current (the “2020 Amendments”) 1 Amendments to IAS 1 Non-current Liabilities with Covenants (the “2022 Amendments”) 1 Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements 1 Amendments to IAS 21 Lack of Exchangeability 2 1 Effective for annual periods beginning on or after 1 January 2024 2 Effective for annual periods beginning on or after 1 January 2025 3 No mandatory effective date yet determined but available for adoption Further information about those IFRSs that are expected to be applicable to the Group is described below. (a) Amendments to IFRS 10 and IAS 28 address an inconsistency between the requirements in IFRS 10 and in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss resulting from a downstream transaction when the sale or contribution of assets constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor’s profit or loss only to the extent of the unrelated investor’s interest in that associate or joint venture. The amendments are to be applied prospectively. The amendments are not expected to have any significant impact on the Group’s financial statements. (b) Amendments to IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual periods beginning on or after 1 January 2024 and shall be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16 (i.e., 1 January 2019). Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements. (c) The 2020 Amendments clarify the requirements for classifying liabilities as current or non-current, including what is meant by a right to defer settlement and that a right to defer must exist at the end of the reporting period. Classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement. The amendments also clarify that a liability can be settled in its own equity instruments, and that only if a conversion option in a convertible liability is itself accounted for as an equity instrument would the terms of a liability not impact its classification. The 2022 Amendments further clarify that, among covenants of a liability arising from a loan arrangement, only those with which an entity must comply on or before the reporting date affect the classification of that liability as current or non-current. Additional disclosures are required for non-current liabilities that are subject to the entity complying with future covenants within 12 months after the reporting period. The amendments shall be applied retrospectively with early application permitted. An entity that applies the 2020 Amendments early is required to apply simultaneously the 2022 Amendments, and vice versa. The Group is currently assessing the impact of the amendments and whether existing loan agreements may require revision. Based on a preliminary assessment, the amendments are not expected to have any significant impact on the Group’s financial statements. (d) Amendments to IAS 7 and IFRS 7 clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. Earlier application of the amendments is permitted. The amendments provide certain transition reliefs regarding comparative information, quantitative information as at the beginning of the annual reporting period and interim disclosures. The amendments are not expected to have any significant impact on the Group’s financial statements. (e) Amendments to IAS 21 specify how an entity shall assess whether a currency is exchangeable into another currency and how it shall estimate a spot exchange rate at a measurement date when exchangeability is lacking. The amendments require disclosures of information that enable users of financial statements to understand the impact of a currency not being exchangeable. Earlier application is permitted. When applying the amendments, an entity cannot restate comparative information. Any cumulative effect of initially applying the amendments shall be recognised as an adjustment to the opening balance of retained profits or to the cumulative amount of translation differences accumulated in a separate component of equity, where appropriate, at the date of initial application. The amendments are not expected to have any significant impact on the Group’s financial statements. 2.5 MATERIAL ACCOUNTING POLICIES (a) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contribute to the ability to create outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as of the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with changes in fair value recognized in profit or loss. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRSs. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets of the subsidiary acquired, the difference is, after reassessment, recognized in profit or loss as a gain on bargain purchase. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained. (b) Fair value measurement The Group measures equity investments and derivative financial liabilities at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest-level input that is significant to the fair value measurement as a whole: Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – based on valuation techniques for which the lowest-level input that is significant to the fair value measurement is observable, either directly or indirectly; Level 3 – based on valuation techniques for which the lowest-level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest-level input that is significant to the fair value measurement as a whole) at the end of each reporting period. (c) Related parties A party is considered to be related to the Group if: (1) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group; or (2) the party is an entity where any of the following conditions applies: (i) the entity and the Group are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Group are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; (vi) the entity is controlled or jointly controlled by a person identified in (1); (vii) a person identified in (1)(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); and (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. (d) Property, plant and equipment and depreciation Property, plant and equipment comprise buildings, machinery and equipment, motor vehicles and office and other equipment. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Buildings, machinery and equipment, motor vehicles and office and other equipment are stated at cost less accumulated depreciation and any impairment losses. Expenditures for routine repairs and maintenance are expensed as incurred. Depreciation for the following items is calculated on the straight-line basis over each asset’s estimated useful life down to the estimated residual value of each asset. Estimated useful lives are as follows: Schedule of estimated useful lives of property, plant and equipment Buildings 8–35 Machinery and equipment 3–15 Motor vehicles 4–8 Office and other equipment 4–8 Residual values, useful lives and the depreciation method are reviewed and adjusted, if appropriate, at each reporting date. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. (e) Intangible assets (other than goodwill) Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be finite. Intangible assets with finite lives are subsequently amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year end. The following intangible assets are amortized from the date they are available for use and their estimated useful lives are as follows: Schedule of estimated useful lives of intangible assets Concession right 28 Patents 18 Software 5 The useful life of the patents of the Group is determined based on the shorter of their statutory validity periods and the expected benefit periods. An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition (calculated as the difference between the net sale proceeds and the carrying amount of the relevant intangible asset) is included in the statement of profit or loss. (f) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities for obligations to make lease payments and right-of-use assets representing the right to use the underlying assets. At inception or on reassessment of a contract that contains a lease component and a non-lease component, the Group adopts the practical expedient not to separate the non-lease component and to account for the lease component and the associated non-lease component (e.g., property management services for leases of properties) as a single lease component. (1) Right-of-use assets Right-of-use assets are recognized at the commencement date of the lease (that is, the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follows: Schedule of estimated useful lives of right-of-use assets Offices and warehouses 2 5 Motor vehicles 2 10 If ownership of the leased asset transfers to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. (2) Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset. (3) Short-term leases The Group applies the short-term lease recognition exemption to its short-term leases of buildings (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term. (g) Exploration and evaluation costs Exploration and evaluation assets include topographical and geological surveys, exploratory drilling, sampling and trenching and activities in relation to commercial and technical feasibility studies, and expenditure incurred to secure further mineralization in existing bodies and to expand the capacity of a mine. Expenditure incurred prior to acquiring legal rights to explore an area is expensed as incurred. Once the exploration right has been acquired, exploration and evaluation expenditures are charged to the statement of profit or loss as incurred, unless a future economic benefit is more likely than not to be realized. Exploration and evaluation assets acquired in a business combination are initially recognized at fair value. They are subsequently stated at cost less accumulated impairment. When it can be reasonably ascertained that a mining property is capable of commercial production, exploration and evaluation costs are transferred to tangible or intangible assets according to the nature of the exploration and evaluation assets. If any project is abandoned during the evaluation stage, the total expenditure thereon will be written off. (h) Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, financial assets, deferred tax assets and contract assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. In testing a cash-generating unit for impairment, a portion of the carrying amount of a corporate asset (e.g., a headquarters building) is allocated to an individual cash-generating unit if it can be allocated on a reasonable and consistent basis or, otherwise, to the smallest group of cash-generating units. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. 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. An impairment loss is charged to the statement of profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to the statement of profit or loss in the period in which it arises. (i) Investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out in Note 2.5 (aa) In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial asset |
SIGNIFICANT ACCOUNTING JUDGMENT
SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES | 12 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Judgments And Estimates | |
SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES | 2.6 SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES The preparation of the consolidated financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, apart from those involving estimations, which have the most significant effects on the amounts recognized in the financial statements. Income taxes The Group is subject to income taxes in Hong Kong and the PRC. The Group carefully evaluates tax implications of its transactions in accordance with prevailing tax regulations and makes tax provision accordingly. However, judgment is required in determining the Group’s provision for income taxes as there are many transactions and calculations, of which the ultimate tax determination is uncertain, during the ordinary course of business. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact on the income tax and deferred tax provision in the periods in which such determination is made. Estimation uncertainty Contract asset and intangible asset under IFRIC 12 Service Concession Arrangements – Discontinued Operations The Group recognizes the consideration received or receivable in exchange for the construction services as a contract asset and an intangible asset under a service concession arrangement. However, if the Group is paid for the construction services partly by a cash consideration and partly by an intangible asset, it is necessary to separately account for each component of the operator’s consideration. Both components of consideration received or receivable initially are recognized at their respective fair values. The segregation of the consideration for a service concession arrangement between the contract asset component and the intangible asset component, if any, requires the Group to make an estimate of a number of factors, which include, the fair value of the construction services, expected future water treatment volume of the relevant water treatment plant over its service concession period, future guaranteed receipts and unguaranteed receipts, and a discount rate in order to calculate the present value of those cash flows. These estimates, including revenue recognition of the contract asset and intangible asset components are determined by the Group’s management based on their experience and assessment of current and future market conditions. The carrying amounts of the intangible asset (“concession right”) and contract asset at the end of the reporting period are disclosed in Notes 10 and 13, respectively. Provision for expected credit losses on financial assets at amortized cost and contract assets – Discontinued Operations The policy for provision for ECLs on contract assets and financial assets at amortized cost including trade receivables, other receivables and amounts due from related parties is based on an ECL model. A considerable amount of estimation is required in assessing the available information which includes past collection history, age of balances, customer type and forecasts of future economic conditions to estimate the ECLs. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The Group’s historical credit loss experience and forecast of economic conditions may also not be representative of a customers’ actual default in the future. The information about the ECLs on the Group’s contract assets and financial assets at amortized cost is disclosed in Notes 12, 13 and 15. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations | |
DISCONTINUED OPERATIONS | 3. DISCONTINUED OPERATIONS On July 28, 2023, the Company’s board of directors had approved the Sale and Purchase Agreement (“SPA") with Feishang Group. Pursuant to the SPA, the Company agreed to sell 100% equity interest of Precise Space-Time Technology Limited ("PSTT") to Feishang Group, together with PSTT's outstanding payable owed to the Company, for consideration of approximately CNY95,761 comprising: (i) CNY-34,197, the fair value of 100% equity interest of PSTT as determined by the independent valuation report dated July 28, 2023. (ii) CNY129,958, the book value of PSTT's outstanding payable owed to the Company (referred as Disposal of PSTT). PSTT operated the wastewater treatment segment. After the disposal, the Company will not operate any wastewater treatment business and will continue operating its exploration and mining business. The disposal of PST Technology was accounted for as an equity transaction of entities under common control. The consideration received by the Company for the disposal has been accounted for as a deemed contribution from the controlling shareholder in the consolidated statement of changes in equity. The assets and liabilities of the wastewater treatment transferred to Mr. Li Feilie were accounted for as a deemed distribution to the controlling shareholder on the closing date of the transaction. The results of PSTT for the years/period are presented below. Schedule of disposal pstt 2021 2022 For the period from January 1, 2023 to July 28, 2023 CNY CNY CNY Revenue 18,735 20,306 12,748 Cost of sales (18,494 ) (14,485 ) (5,872 ) Gross profit 241 5,821 6,876 Selling and distribution expenses (922 ) (700 ) (442 ) Administrative expenses (11,793 ) (11,501 ) (5,699 ) Other (losses)/income (782 ) 205 142 Impairment (losses)/reversal on financial assets (3,330 ) 1,073 (9,931 ) Finance costs (4,193 ) (3,586 ) (1,906 ) Finance income 16,922 15,594 8,785 (LOSS ) /PROFIT BEFORE INCOME TAX (3,857 ) 6,906 (2,175 ) Income tax expense (7,230 ) (5,864 ) (1,931 ) (LOSS ) /PROFIT FOR THE YEAR/PERIOD FROM THE DISCONTINUED OPERATIONS (11,087 ) 1,042 (4,106 ) Attributable to: Owners of the company (4,268 ) (1,285 ) (5,504 ) Non-controlling interests (6,819 ) 2,327 1,398 The major classes of assets and liabilities of PSTT as at December 31, 2022 and July 31, 2023 are as follows: Schedule of major classes of assets and liabilities December 31, 2022 July 28, 2023 CNY CNY ASSETS NON-CURRENT ASSETS Property, plant and equipment 367 282 Intangible assets 19,381 18,921 Right-of-use Assets 1,980 1,621 Trade receivables 10,520 4,714 Contract assets 89,713 88,423 TOTAL NON-CURRENT ASSETS 121,961 113,961 CURRENT ASSETS Inventories 729 911 Trade receivables - current 46,760 56,277 Bills receivable 8,500 — Contract assets - current 21,647 17,842 Prepayments 1,723 902 Other receivable 84,865 82,857 Other current assets 3,160 3,160 Cash and cash equivalents 25,655 37,460 TOTAL CURRENT ASSETS 193,039 199,409 TOTAL ASSETS 315,000 313,370 LIABILITIES CURRENT LIABILITIES Trade payables 20,225 21,522 Contract Liability 690 690 Other payables and accruals 141,136 143,067 Income tax payable 10,732 11,673 Interest-bearing loans and borrowings - current 3,000 3,500 Lease liabilities - current 645 584 Due to related companies 444 496 TOTAL CURRENT LIABILITIES 176,872 181,532 NON-CURRENT LIABILITIES Deferred tax liabilities 5,276 5,266 Lease liabilities - non current 1,248 1,073 Interest-bearing loans and borrowings 71,000 69,000 TOTAL NON-CURRENT LIABILITIES 77,524 75,339 TOTAL LIABILITIES 254,396 256,871 NET ASSETS 60,604 56,499 Equity attributable to owners of the Company (49,076 ) (54,579 ) Non-controlling interests 109,680 111,078 The net cash flows incurred by PSTT are as follows: Schedule of discontinued operations cash flow 2021 2022 For the period from January 1, 2023 to July 28, 2023 CNY CNY CNY Operating activities (11,166 ) (2,255 ) 15,162 Investing activities 8,835 (13 ) (12 ) Financing activities (11,936 ) (11,930 ) (3,378 ) Net foreign exchange difference (9 ) — 33 Net (decrease) /increase in cash and cash equivalents (14,276 ) (14,198 ) 11,805 Loss per share – Basic, from the discontinued operations (0.52 ) (0.15 ) (0.67 ) – Diluted, from the discontinued operations (0.52 ) (0.15 ) (0.67 ) The calculations of basic and diluted earnings per share from discontinued operations are based on: 2021 2022 For the period from January 1, 2023 to July 28, 2023 CNY CNY CNY Loss for the year attributable to owners of the Company from discontinued operations (4,268 ) (1,285 ) (5,504 ) Weighted average number of ordinary shares in issue during the year / period used in the basic and diluted earnings per share calculation (note 8) 8,144,050 8,189,617 8,222,658 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information | |
SEGMENT INFORMATION | 4. SEGMENT INFORMATION Operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Group’s management and the Company’s Board of Directors for the purpose of resource allocation and performance assessment. Management assesses the performance of operating segments based on profit or loss before income tax in related periods. The manner of assessment is consistent with that applied in these financial statements. Prior to July 31, 2023, the Group’s two reportable operating segments are summarized below: - Wastewater treatment segment, which consists of sales of assembled equipment, provision of construction service and participating in PPP projects as operator; - Exploration and mining segment, which consists of the exploration of lead, silver and other metals in the Inner Mongolia Autonomous Region of the PRC and the trading of copper ores products; Deferred tax assets, income tax payable and deferred tax liabilities are excluded from segment assets and segment liabilities. The Group had neither sales of products nor provisions of services between the operating segments. After the disposal of PSTT in July 2023, the Group only operates in one operating segment: exploration and mining. Segment performance is evaluated based on reportable segment profit / (loss), which is a measure of adjusted profit / (loss) before tax from continuing operations. The segment analysis below is provided for the Group's continuing operations and does not include any amount from a discontinued operation, namely the wastewater treatment (see Note 3 for information on discontinued operations). As of and for the year ended December 31, 2023, the segment results were as follows: Schedule of segment results CNY Exploration Corporate Total Depreciation and amortization (4 ) (692 ) (696 ) Interest income 1 4 5 Finance costs (1 ) (47 ) (48 ) Fair value gain on financial instruments, net — 847 847 Profit/(loss) before income tax 1,263 (9,600 ) (8,337 ) Other income* 3,742 * — 3,742 Profit/(loss) for the year from continuing operations 1,263 (9,600 ) (8,337 ) Total assets 252,133 1,674 253,807 Total liabilities 159,285 18,527 177,812 *In 2023, the Company received RMB3,742 from government of Dengkou County, Inner Mongolia Autonomous Region as reimbursement payments for discontinuing the exploration and development activities in certain nature reserve areas. The amount is recognized in other income as the expenditure on the exploration and development have been fully expensed before 2023. US$ Exploration Corporate Total Depreciation and amortization — (99 ) (99 ) Interest income — 1 1 Finance costs — (7 ) (7 ) Fair value gain on financial instruments, net — 120 120 Profit/(loss) before income tax 178 (1,355 ) (1,177 ) Other income 529 — 529 Profit/(loss) for the year from continuing operations 178 (1,355 ) (1,177 ) Total assets 35,619 236 35,855 Total liabilities 22,502 2,616 25,118 As of and for the year ended December 31, 2022, the segment results were as follows: CNY Exploration Corporate Total Depreciation and amortization (28 ) (701 ) (729 ) Interest income — 13 13 Finance costs (1 ) 192 191 Fair value gain on financial instruments, net — 1,007 1,007 Loss before income tax (39 ) (23,299 ) (23,338 ) Other income 698 1 699 Loss for the year from continuing operations (39 ) (23,299 ) (23,338 ) Total assets 36,015 213,891 249,906 Total liabilities 38,306 59,296 97,602 As of and for the year ended December 31, 2021, the segment results were as follows: CNY Exploration Corporate Total Depreciation and amortization (64 ) (717 ) (781 ) Interest income 1 12 13 Finance costs (1 ) (165 ) (166 ) Fair value loss on financial instruments, net — (38,349 ) (38,349 ) Loss before income tax (161 ) (48,818 ) (48,979 ) Other income/(losses) 600 (1 ) 599 Income tax benefit — 5,095 5,095 Loss for the year from continuing operations (161 ) (43,723 ) (43,884 ) Total assets 39,018 179,024 218,042 Total liabilities 41,251 60,417 101,668 The reconciliation of segment assets to total assets is as follows: 2022 2023 2023 CNY CNY US$ Segment assets 249,906 253,807 35,855 Assets of segment – Wastewater treatment 315,000 — — Net off (244,915 ) — — Total assets 319,991 253,807 35,855 The reconciliation of segment liabilities to total liabilities is as follows: 2022 2023 2023 CNY CNY US$ Segment liabilities 97,602 177,812 25,118 Liabilities of segment - Wastewater treatment 254,396 — — Net off (209,456 ) — — Total liabilities 142,542 177,812 25,118 The reconciliation from loss for the year from continuing operations to net loss is as follows: Schedule of reconciliation from loss 2021 2022 2023 2023 CNY CNY CNY US$ Loss for the year from continuing operations (43,884 ) (23,338 ) (8,337 ) (1,177 ) Loss for the year from discontinued operations (11,087 ) 1,042 (4,106 ) (580 ) Net loss (including non-controlling interests) (54,971 ) (22,296 ) (12,443 ) (1,757 ) Geographical information (a) Non-current assets Schedule of non-current assets December 31, 2022 2023 2023 CNY CNY US$ Mainland China 122,023 162 23 Hong Kong 1,012 247,767 35,002 Total 123,035 247,929 35,025 The non-current assets information above is based on the locations of the assets and excludes financial instruments and deferred tax assets. |
LOSS BEFORE INCOME TAX
LOSS BEFORE INCOME TAX | 12 Months Ended |
Dec. 31, 2023 | |
Loss Before Income Tax | |
LOSS BEFORE INCOME TAX | 5. LOSS BEFORE INCOME TAX The Group’s loss before tax from continuing operations is arrived at after (crediting)/charging: Schedule of loss before tax from continuing operations is arrived at after (crediting)/charging Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Crediting: Finance income (13 ) (13 ) (5 ) (1 ) Depreciation - Property, plant and equipment (Note 9) 62 29 5 1 - Right-of-use assets (Note 11) 719 700 691 98 Expense relating to short-term leases (Note 11) 601 353 194 28 Fair value (gain)/loss on financial instruments: - Financial assets at fair value through profit or loss 45,816 — — — - Derivative financial liabilities (7,467 ) (1,007 ) (847 ) (120 ) Expenses related to share-based payment — — 3,074 435 Consultants share option expense — 16,152 — — Issuance expense related to placement 1,579 — — — Other income (599 ) (699 ) (3,742 ) (529 ) Finance costs 166 (191 ) 48 7 Employee benefit expenses** (Note 6) 1,517 1,171 1,192 168 The Group’s loss before tax from discontinuing operations is arrived at after (crediting)/charging: Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Crediting: Finance income (16,922 ) (15,594 ) (8,785 ) (1,241 ) Charging: Cost of sales - Sales of water treatment equipment — 94 — — - Construction service 12,876 8,580 2,435 345 - Operation and maintenance services 162 — 307 43 - Operation services related to service concession arrangement 5,067 5,811 3,130 442 - Construction services related to service concession arrangement 389 — — — Cost of sales 18,494 14,485 5,872 830 Depreciation - Property, plant and equipment (Note 9) 448 275 95 14 - Right-of-use assets (Note 11) 647 713 359 50 Amortization of intangible assets * 884 813 460 65 Expense relating to short-term leases (Note 11) — 137 129 18 Impairment losses/(reversal) on financial assets: - Trade receivables 3,840 (3,989 ) 383 54 - Contract assets 357 171 3,545 501 - Other receivables 239 2,745 6,003 848 - Amounts due from related companies (1,106 ) — — — Other losses / (income) 782 (205 ) 142 20 Finance costs 4,193 3,586 1,906 270 Employee benefit expenses ** 9,979 9,416 4,960 701 * The amortization of intangible assets allocated to cost of sales amounted to CNY730, CNY730 and CNY425 (US$60) and administrative expenses amounted to CNY154, CNY83 and CNY35 (US$5) on the consolidated statements of profit or loss for the years ended December 31, 2021, 2022 and 2023. ** The employee benefit expenses allocated to cost of sales amounted to CNY2,772, CNY1,418 and CNY870 (US$123), selling and distribution expenses amounted to CNY159, CNY111, CNY70 (US$10) and administrative expenses amounted to CNY8,565, CNY9,058 and CNY5,212 (US$736) on the consolidated statements of profit or loss for the years ended December 31, 2021, 2022 and 2023. |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
EMPLOYEE BENEFITS | 6. EMPLOYEE BENEFITS The Group’s employee benefits from continuing operation comprise the following: Schedule of employee benefits Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Wages, salaries and allowances 1,269 1,042 1,073 151 Housing funds (a) 113 16 12 2 Contribution to pension plans (a) 102 67 70 10 Welfare and other expenses 33 46 37 5 Total employee benefits 1,517 1,171 1,192 168 (a) According to the Mainland China state regulations, the employees of the Group's subsidiaries which operate in Mainland China are required to participate in a central pension scheme operated by the local municipal government and government-sponsored housing funds. These subsidiaries are required to contribute a certain percentage of their payroll costs for those qualified urban employees to the central pension scheme as well as to housing funds. Employee benefit expenses include remuneration payables to Directors and senior management as set out in Note 25(d). |
INCOME TAX EXPENSE
INCOME TAX EXPENSE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
INCOME TAX EXPENSE | 7. INCOME TAX EXPENSE The Company is incorporated in the BVI and conducts its primary business operations through its subsidiaries in the PRC. It also has intermediate holding companies in the BVI and Hong Kong. Under the current laws of the BVI, the Company and its subsidiaries incorporated in the BVI are not subject to tax on income or capital gains. The Hong Kong Profits Tax rate is 16.50%. The Company’s Hong Kong subsidiaries have both Hong Kong–sourced and non-Hong Kong–sourced income. The latter is not subject to Hong Kong Profits Tax and the related expenses are non-tax-deductible. For the Hong Kong–sourced income, no provision for Hong Kong Profits Tax was made as such operations sustained tax losses during the years ended December 31, 2021, 2022 and 2023. Furthermore, there are no withholding taxes in Hong Kong on the remittance of dividends. China Under the law of the PRC on corporate income tax and the Implementation Regulation of the Corporate Income Tax Law (collectively, the “CIT Law”), the Company’s PRC subsidiaries are generally subject to PRC corporate income tax at the statutory rate of 25% on their respective estimated assessable profits for the years ended December 31, 2021, 2022 and 2023. Under the prevailing CIT Law and its relevant regulations, any dividends paid by the Company’s PRC subsidiaries from their earnings derived after January 1, 2008 to the Company’s Hong Kong subsidiaries are subject to PRC dividend withholding tax of 5% or 10%, depending on the applicability of the Sino-Hong Kong tax treaty. The current and deferred components of income tax benefit are as follows: Schedule of current and deferred components of income tax expense Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Current income tax expense — — — — Deferred income tax benefit (5,095 ) — — — Total tax credit for the year from continuing operations (5,095 ) — — — Total tax charge for the year from a discontinued operation 7,230 5,864 1,931 272 Total 2,135 5,864 1,931 272 (Loss)/profit before income tax from continuing and discontinued operations consists of the following: Schedule of Profit/(loss) before income tax Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ PRC (4,669 ) 6,406 (1,718 ) (243 ) BVI (48,106 ) (22,776 ) (8,738 ) (1,233 ) Hong Kong (61 ) (62 ) (56 ) (8 ) Total loss before income tax for the year (52,836 ) (16,432 ) (10,512 ) (1,484 ) A reconciliation of the income taxes from continuing and discontinued operations computed at the PRC statutory tax rate of 25% to the actual income tax expense is as follows: Schedule of reconciliation of the income tax expenses Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Loss before income tax for the year from continuing operations (48,979 ) (23,338 ) (8,337 ) (1,177 ) (Loss)/profit before income tax for the year from a discontinued operation (3,857 ) 6,906 (2,175 ) (307 ) Total (52,836 ) (16,432 ) (10,512 ) (1,484 ) Tax at the statutory tax rate 25 % 25 % 25 % 25 % Computed income tax benefit (13,209 ) (4,108 ) (2,628 ) (371 ) Effect of different tax rates of the Company and certain subsidiaries 6,937 5,699 2,190 309 Tax losses with no deferred tax assets recognized 1,770 420 290 41 Non-deductible expenses 122 983 617 87 Statutory income — (201 ) — — Deductible temporary differences with no deferred tax assets recognized — 971 2,430 343 Utilization of previously unrecognized deductible temporary differences and tax losses (150 ) (1,774 ) (2,021 ) (286 ) Write-off of unrecoverable deferred tax assets previously recognized 2,987 2,272 — — Preferential tax rate 2,215 14 95 13 Others 1,463 1,588 958 136 Total tax credit for the year from continuing operations (5,095 ) — — — Total tax charge for the year from a discontinued operation 7,230 5,864 1,931 272 Income tax benefit 2,135 5,864 1,931 272 |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
LOSS PER SHARE | 8. LOSS PER SHARE Basic loss per share is calculated by dividing the loss for the period attributable to ordinary equity holders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is calculated by dividing the loss attributable to ordinary equity holders of the Company by the weighted average number of common shares outstanding during the period plus the weighted average number of common shares that would be issued on conversion of all outstanding dilutive securities into common shares. Basic and diluted net loss per share for the years ended December 31, 2021, 2022 and 2023 are as follows: Schedule of basic and diluted net loss per share Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Loss for the year attributable to owners of the Company From continuing operations (43,884 ) (23,338 ) (8,337 ) (1,177 ) From discontinued operations (4,268 ) (1,285 ) (5,504 ) (777 ) Weighted average number of ordinary shares for basic and diluted earnings per share * 8,144,050 8,189,617 8,222,658 8,222,658 Loss per share: Basic and diluted For loss from continuing operations (5.39 ) (2.85 ) (1.01 ) (0.15 ) For loss from discontinued operations (0.52 ) (0.15 ) (0.67 ) (0.09 ) Loss per share (5.91 ) (3.00 ) (1.68 ) (0.24 ) * The basic and diluted loss per ordinary share has been adjusted retrospectively for the Share Combination which became effective on April 3, 2023. Refer to Note 24 for further details. For the years ended December 31, 2021 , 2022 and 2023, the effects of the outstanding warrants and share options were anti-dilutive and excluded from the computation of diluted loss per share. Accordingly, the diluted loss per share amounts are the same as the basic loss per share amounts for the periods presented. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
PROPERTY, PLANT AND EQUIPMENT | 9. PROPERTY, PLANT AND EQUIPMENT Schedule of property plant and equipment Buildings Machinery and equipment Motor vehicle Office and other equipment Total CNY CNY CNY CNY CNY Cost As of January 1, 2022 46 1,177 2,486 728 4,437 Additions — 8 — 9 17 Disposal — — (16 ) (93 ) (109 ) As of December 31, 2022 46 1,185 2,470 644 4,345 Accumulated depreciation As of January 1, 2022 (12 ) (1,122 ) (2,014 ) (574 ) (3,722 ) Depreciation charge (3 ) (22 ) (259 ) (20 ) (304 ) Disposal — — 15 90 105 (15 ) (1,144 ) (2,258 ) (504 ) (3,921 ) Net book value As of January 1, 2022 34 55 472 154 715 As of December 31, 2022 31 41 212 140 424 Cost As of January 1, 2023 46 1,185 2,470 644 4,345 Additions — 11 — — 11 Disposal of PSTT — (100 ) (1,869 ) (738 ) (2,707 ) As of December 31, 2023 46 1,096 601 (94 ) 1,649 Accumulated depreciation As of January 1, 2023 (15 ) (1,144 ) (2,258 ) (504 ) (3,921 ) Depreciation charge (3 ) (30 ) (60 ) (7 ) (100 ) Disposal of PSTT — 91 1,735 599 2,425 (18 ) (1,083 ) (583 ) 88 (1,596 ) Net book value As of December 31, 2023 28 13 18 (6 ) 53 As of December 31, 2023 (US$) 4 2 2 (1 ) 7 There was no impairment loss on property, plant and equipment for the years ended December 31, 2021, 2022 and 2023. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets | |
INTANGIBLE ASSETS | 10. INTANGIBLE ASSETS Schedule of Intangible assets Patent Concession right Software Total CNY CNY CNY CNY Cost As of January 1, 2022 22,878 20,430 274 43,582 Additions — — 5 5 As of December 31, 2022 22,878 20,430 279 43,587 Accumulated amortization and impairment As of January 1, 2022 (22,493 ) (730 ) (170 ) (23,393 ) Amortization charge (36 ) (730 ) (47 ) (813 ) As of December 31, 2022 (22,529 ) (1,460 ) (217 ) (24,206 ) Net carrying amount As of December 31, 2022 349 18,970 62 19,381 As of December 31, 2022 (US$) 51 2,750 9 2,810 Cost As of January 1, 2023 22,878 20,430 279 43,587 Additions — — — — Disposal of PSTT (22,878 ) (20,430 ) (279 ) (43,587 ) As of December 31, 2023 — — — — Accumulated amortization and impairment As of January 1, 2023 (22,529 ) (1,460 ) (217 ) (24,206 ) Amortization charge (18 ) (425 ) (17 ) (460 ) Disposal of PSTT 22,547 1,885 234 24,666 As of December 31, 2023 — — — — Net carrying amount As of December 31, 2023 — — — — As of December 31, 2023 (US$) — — — — There was no |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
LEASES | 11. LEASES (a) Right-of-use assets The carrying amounts of the Group’s right-of-use assets and the movements during the years indicated are as follows: Schedule of right-of-use assets Motor vehicles Offices and warehouses Total CNY CNY CNY As of January 1, 2022 245 2,106 2,351 Addition 361 1,648 2,009 Depreciation charge (181 ) (1,232 ) (1,413 ) Foreign currency translation difference — 46 46 As of December 31, 2022 425 2,568 2,993 As of January 1, 2023 425 2,568 2,993 Addition — — — Depreciation charge (100 ) (950 ) (1,050 ) Foreign currency translation difference — 24 24 Disposal of PSTT (325 ) (1,296 ) (1,621 ) As of December 31, 2023 — 346 346 As of December 31, 2023 (US$) — 49 49 There was no (b) Lease liabilities The carrying amount of lease liabilities and the movements during the years are as follows: Schedule of Lease Liabilities Motor vehicles Offices and warehouses Total CNY CNY CNY As of January 1, 2022 155 2,034 2,189 Addition 265 1,516 1,781 Accretion of interest recognized during the year 14 119 133 Payments (112 ) (1,141 ) (1,253 ) Foreign currency translation difference — 65 65 As of December 31, 2022 322 2,593 2,915 Analyzed into: Current portion 48 1,269 1,317 Non-current portion 274 1,324 1,598 Motor vehicles Offices and warehouses Total CNY CNY CNY As of January 1, 2023 322 2,593 2,915 Addition — — — Accretion of interest recognized during the year 13 86 99 Payments (60 ) (964 ) (1,024 ) Foreign currency translation difference — 27 27 Disposal of PSTT (275 ) (1,382 ) (1,657 ) As of December 31, 2023 — 360 360 Analyzed into: Current portion — 360 360 Non-current portion — — — As of December 31, 2023 (US$) — 51 51 Current portion (US$) — 51 51 Non-current portion (US$) — — — (c) Lease-related expenses The amounts recognized in profit or loss in relation to leases are, as follows: Schedule of lease-related expenses Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Depreciation expense of right-of-use assets 1,366 1,413 1,050 148 Interest on lease liabilities 150 133 99 14 Expense relating to short-term leases 601 490 323 46 Total amounts recognized in profit or loss 2,117 2,036 1,472 208 (d) The total cash outflow for leases is disclosed in Note 28(c) to the financial statements. |
TRADE RECEIVABLES
TRADE RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
Trade Receivables | |
TRADE RECEIVABLES | 12. TRADE RECEIVABLES Schedule of trade receivables December 31, 2022 2023 2023 CNY CNY US$ Non-current Trade receivables from construction contracts 13,128 — — Less: Impairment allowance (2,608 ) — — Total of Non-current trade receivables 10,520 — — Current Trade receivables from service concession agreement 22,927 — — Trade receivables from construction contracts 34,850 — — Less: Impairment allowance (11,017 ) — — Total of current trade receivables 46,760 — — Total 57,280 — — The Group’s trade receivables arise from the provision of construction services for wastewater treatment projects, sale of wastewater treatment equipment, and operation service of the service concession arrangement. The majority of the Group’s customers are town/village government entities or main contractors of the governmental infrastructure projects whose time of payment for the service or goods received from the Group depend on the appropriation and approval of the fiscal funds. Accordingly, the Group granted various credit terms to different customers, depending on the nature and background of the customers and projects. The Group generally granted customers a credit period of one month to three months, except for some of the customers for construction services, sales of wastewater treatment equipment and maintenance services who will generally settle the amounts owed to the Group in a number of specified installments covering periods ranging from one year to five years. Apart from the trade receivables related to the service concession arrangement which bear no interest, the trade receivables of construction services, operation and maintenance services and sale of wastewater treatment equipment bear an imputed interest rate of 4.75% An aging analysis of the trade receivables as of the end of the reporting period, based on the invoice date and net of loss allowance, is as follows: Schedule of aging analysis of trade receivables December 31, 2022 2023 2023 CNY CNY US$ Within 1 year 18,401 — — Between 1-2 years 13,896 — — Between 2-3 years 4,518 — — Over 3 years 20,465 — — Total 57,280 — — The movement in the loss allowance for trade receivables during the years indicated are as follows: Schedule of the movement in the loss allowance for trade receivables December 31, 2022 2023 2023 CNY CNY US$ Beginning of the year 17,614 13,625 1,925 (Reversal)/provision for expected credit losses, net (3,989 ) 383 54 Disposal of PSTT — (14,008 ) (1,979 ) End of the year 13,625 — — A decrease in the loss allowance of CNY 139 3,992 The Group elected to apply the simplified approach for providing impairment for ECLs prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. To measure the ECLs, trade receivables were grouped based on the shared credit risk characteristics and the days past due. The ECLs below also incorporate forward-looking information. The impairment as of December 31, 2022 was determined as follows: Schedule of impairment Past due Current Within 1 year 1-2 years 2-3 years Over 3 years Total As of December 31, 2021: Expected credit loss rate: — 6 % 26 % 13 % 48 % 26 % Gross carrying amount (CNY) 3,670 16,311 6,865 14,712 27,083 68,641 Impairment allowances (CNY) — 955 1,759 1,916 (i) 12,984 (ii) 17,614 As of December 31, 2022: Expected credit loss rate: — 0 % 9 % 29 % 34 % 19 % Gross carrying amount (CNY) — 18,406 15,195 6,399 30,905 70,905 Impairment allowances (CNY) — 5 1,299 1,881 10,440 (ii) 13,625 (i) The impairment allowances included CNY221 as of December 31, 2021, for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full. (ii) The impairment allowances included an amount of CNY4,600 and nil as of December 31, 2022 for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full. |
CONTRACT ASSETS
CONTRACT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
CONTRACT ASSETS | 13. CONTRACT ASSETS Schedule of contract assets December 31, 2022 2023 2023 CNY CNY US$ Non-current Service concession assets (a) 89,740 — — Less: impairment allowance (27 ) — — 89,713 — — Current Service concession assets (a) 7,423 — — Other contract assets (b) 14,930 — — Less: impairment allowance (706 ) — — 21,647 — — Total 111,360 — — (a) Service concession assets bearing an imputed interest of 7% arose from the Group's revenue from construction service under a BOT arrangement rendered by the Group's subsidiary, Shaoguan Angrui. The facilities that the service concession arrangement relate to were under construction phases from June 2018 to January 2021 and commenced operation in January 2021. The amounts for the service concession arrangement are not yet due for payment and will be settled by revenue to be generated during the operating periods of the service concession arrangement. Amounts billed will be transferred to trade receivables. As of December 31, 2022, the Group’s concession rights and assets associated with the environmental water projects (comprising intangible asset, contract assets and trade receivables) with aggregate gross carrying amounts of CNY 139,060 74,000 (b) The balances as of December 31, 2022 comprised contract assets arising from performance under a water treatment plant construction service contract. Such contracts include payment schedules that require progress payments over the service periods when milestones are reached. The movements in the provision for impairment of contract assets are as follows: Schedule of the movements in the provision for impairment of contract assets December 31, 2022 2023 2023 CNY CNY US$ Beginning of the year 562 733 104 Provision for expected credit losses, net 171 3,545 501 Disposal of PSTT — (4,278 ) (605 ) End of the year 733 — — An impairment analysis is performed at each reporting date using the probability-of-default approach to measure ECL. The probability of default rates are estimated based on comparable entities with published credit ratings. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions and forward-looking credit risk information. As of December 31, 2022, the assumed default rate ranged from 0.03% to 43.51% , respectively. The contract assets as part of the wastewater treatment business were disposed together by the Company on July 28, 2023 (Note 3), with an assumed default rate ranging from 0.03% to 76.67% . |
OTHER NON-CURRENT ASSETS
OTHER NON-CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
OTHER NON-CURRENT ASSETS | 14. OTHER NON-CURRENT ASSETS Schedule of other non-current assets December 31, 2022 2023 2023 CNY CNY US$ Zimbabwe lithium deposits (i) — 247,420 34,953 Others 4 110 16 Total 4 247,530 34,969 (i) Please refer to Note 25 (b) for more details. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
OTHER RECEIVABLES | 15. OTHER RECEIVABLES Schedule of other receivables December 31, 2022 2023 2023 CNY CNY US$ Financial assets Loans to an unrelated company (i) 83,600 — — Deposits 790 3 — Others 1,000 — — Financials asset 85,390 3 — Staff advance 237 12 3 Others 90 3 — Total amount 327 15 3 Impairment allowance (2,984 ) — — Total 82,733 18 3 (i) The balance as of December 31, 2022 consisted of a loan in the amount of CNY80,000 (US$11,599) and the corresponding interest receivable amounted to CNY 3,600 (US$521) from Shenzhen Qianhai, a subsidiary of the Company, to an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was originally provided on June 30, 2021, and will mature in one year. On June 30, 2022, the loan was extended for another year to June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group. During year 2023, the loan was derecognized as it was part of the wastewater treatment segment which was disposed by the Company (Note 3). The movements in the loss allowance for other receivables during the years indicated are as follows: Schedule of movements in the loss allowance for other receivables December 31, 2022 2023 2023 CNY CNY US$ Beginning of the year 239 2,984 423 Provision for expected credit losses, net 2,745 6,003 848 Disposal of PSTT — (8,987 ) (1,271 ) End of the year 2,984 — — For the financial assets included above, an impairment analysis is performed at each reporting date using the probability-of-default approach to measure ECL. The probability of default rates are estimated based on comparable companies with published credit ratings. The calculation reflects the probability weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, and forward-looking credit risk information. As of December 31, 2023, the probability of default applied was nil, and the loss given default was nil. The loans to a unrelated company included in other receivables as part of the wastewater treatment business were disposed together by the Company on July 28, 2023 (Note 3), with the probability of default applied was 14.97% (5.51% as of December 31, 2022), and the loss given default was 64.90% (62.26% as of December 31, 2022). |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
CASH AND CASH EQUIVALENTS | 16. CASH AND CASH EQUIVALENTS Cash and cash equivalents are set out below as of December 31, 2022 and 2023: Schedule of cash and cash equivalents December 31, 2022 2023 2023 CNY CNY US$ Cash and cash equivalents - Cash on hand 71 2 — - Cash at bank 31,154 4,751 671 - Short-term deposits 470 — — Total Cash and cash equivalent 31,695 4,753 671 The carrying amounts of the Group’s cash and cash equivalents are denominated in the following currencies: Schedule of cash and cash equivalents denominated in different currencies December 31, 2022 2023 2023 CNY CNY US$ CNY 24,709 3,673 518 US$ 6,255 762 108 HK$ 731 318 45 31,695 4,753 671 Cash at banks earns interest at floating rates based on daily bank deposit rates. The bank balances and time deposits are deposited with creditworthy banks with no recent history of default. As of December 31, 2022, the Group has pledged its short-term deposits to fulfil collateral requirements of a bank guarantee related to a new bidding associated with a potential business opportunity of construction projects. |
TRADE PAYABLES
TRADE PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
TRADE PAYABLES | 17. TRADE PAYABLES Schedule of trade payables December 31, 2022 2023 2023 CNY CNY US$ Trade payables 20,326 100 14 The aging analysis of trade payables as of December 31, 2022 and 2023 is as follows: Schedule of aging analysis of trade payables December 31, 2022 2023 2023 CNY CNY US$ Within 1 year 4,139 — — Between 1 and 2 years 5,438 — — Over 2 years 10,749 100 14 Total 20,326 100 14 Trade payables are mainly due to subcontractors of construction services and the vendors of labor service. |
OTHER PAYABLES AND ACCRUALS
OTHER PAYABLES AND ACCRUALS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
OTHER PAYABLES AND ACCRUALS | 18. OTHER PAYABLES AND ACCRUALS Schedule of other payables and accruals December 31, 2022 2023 2023 CNY CNY US$ Financial liabilities Accrued expenses 6,444 7,748 1,095 Deposits from customers 305 116 16 6,749 7,864 1,111 Accrued payroll 3,108 156 21 Penalties related to income tax 4,611 — — Taxes other than income tax payable (a) 1,885 2 — Transaction deposit of mining right acquisition (Note 25 (b)) — 74,322 10,500 Others 371 266 37 9,975 74, 746 10,558 Total 16,724 82,610 11,669 (a) Taxes other than income taxes payable mainly comprise accruals for output value-added tax, city construction tax and education surcharge. |
PROVISIONS
PROVISIONS | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Provisions Abstract | |
PROVISIONS | 19. PROVISIONS In June 2022, the wastewater treatment infrastructure of the service concession arrangement operated by the Company’s subsidiary, Shaoguan Angrui was partially destroyed due to flooding. Shaoguan Angrui has committed to repair the infrastructure to restore the original production capacity of the infrastructure in 2023. A provision amounted to CNY 494 |
INTEREST-BEARING LOANS AND BORR
INTEREST-BEARING LOANS AND BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
Interest-bearing Loans And Borrowings | |
INTEREST-BEARING LOANS AND BORROWINGS | 20. INTEREST-BEARING LOANS AND BORROWINGS Schedule of interest-bearing loans and borrowings December 31, 2022 2023 2023 CNY CNY US$ Interest rate Maturity Non-current interest-bearing loans Bank loan-secured and guaranteed 5.05 % 2023 to 2038 71,000 — — Current interest-bearing loans Bank loan-secured and guaranteed 5.05 % 2022 to 2023 3,000 — — Total 74,000 — — The bank loan is due to the Bank of Communications and denominated in CNY. As of December 31, 2022, the loan is secured by collection right (including intangible assets, trade receivables and contract assets) in connection with the Group's service concession arrangement (Note 10, 12 and 13) and 80% equity interest of the Company's subsidiary, Shaoguan Angrui. The loan is also guaranteed by Shanghai Onway , the Company's subsidiary, and Feishang Enterprise Group Co., Ltd. (“Feishang Enterprise”), a related company of the Group. The loan was derecognized as it was part of the wastewater treatment business disposed by the Company in year 2023 (Note 3). |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
FINANCIAL INSTRUMENTS | 21. FINANCIAL INSTRUMENTS (a) Financial assets Set out below is an overview of financial assets, other than cash and short-term deposits, held by the Group as of December 31, 2022 and 2023: Schedule of financial assets December 31, 2022 2023 2023 CNY CNY US$ Debt instruments at amortized cost: Trade receivables: current 46,760 — — Trade receivables: non-current 10,520 — — Financial assets included in other receivables 82,406 3 — Financial assets at fair value through other comprehensive income: Bills receivable 8,500 — — Total 148,186 3 — Total current 137,666 3 — Total non-current 10,520 — — (b) Financial liabilities Set out below is an overview of financial liabilities of the Group as of December 31, 2022 and 2023 : Schedule of financial liabilities December 31, December 31, December 31, 2022 2023 2023 CNY CNY US$ Derivatives not designated as hedging instruments: Derivative financial liabilities (i) 824 — — Financial liabilities at amortized cost: Trade payables 20,326 100 14 Financial liabilities in other payables and accruals 6,749 7,864 1,111 Lease liabilities 2,915 360 51 Due to related companies 3,408 9,069 1,281 Due to the Shareholder 7,153 85,673 12,103 Interest-bearing loans and borrowings 74,000 — — Total 115,375 103,066 14,560 Total current 42,777 103,066 14,560 Total non-current 72,598 — — (i) This represents certain warrants issued to institutional investors on January 20, 2021, which was recognized as derivative financial liabilities (not designated as hedging instruments) with a fair value of CNY9,246 (US$1,427)* on the issue date as the investors have the right to exercise their warrants on a cashless basis. In accordance with IAS 32, a contract settled by a single net payment (generally referred to as net cash-settled or net equity-settled as the case may be) is a financial liability and not an equity instrument. The fair value gain of derivative financial liabilities for the years ended December 31, 2021, 2022 and 2023 was CNY 7,467 1,007 847 120 (c) Fair value Set out below is a comparison, by class, of the carrying amounts and fair values of the Group’s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values: Schedule of the carrying amounts and fair values of the Group’s financial instruments other than those with carrying amounts December 31, 2022 2023 2023 CNY CNY US$ Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Financial liabilities Interest-bearing loans and borrowings 74,000 77,636 — — — — The following table provides the fair value measurement hierarchy of the Group’s financial assets and financial liabilities as of December 31, 2022: Schedule of the fair value measurement hierarchy of the Group’s financial assets and financial liabilities As of December 31, 2022 Fair value measurement using Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total CNY CNY CNY CNY Recurring fair value measurement: Financial assets Bills receivable — 8,500 — 8,500 Financial liabilities Derivative financial liabilities — 824 — 824 There are no financial assets measured at fair value as of December 31, 2021 and 2023. Level 2: Bills receivable The fair value valuation of bills receivable is based on directly or indirectly observable inputs (such as recent bill discount rate) through valuation techniques. Derivative financial liabilities The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. There is no established public trading market for the warrants issued to investors on January 22, 2021. As of December 31, 2022, the Group measured the fair value of those warrants on a recurring basis using a binomial lattice pricing model with significant inputs including, among other relevant observable inputs, the underlying spot price of the Company’s common shares, exercise price, time to expiration, risk-free rate and equity volatility. During the years ended 2022 and 2023, there were no transfers of fair value measurements between Level 1 and Level 2 and no transfers into or out of Level 3 for both financial assets and liabilities. |
FINANCIAL RISK MANAGEMENT OBJEC
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES | 22. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The financial instruments of the Group primarily include cash and cash equivalents, trade receivables, bills receivable at fair value through other comprehensive income, other receivables, contract assets, trade payables, other payables, amounts due to related companies, amounts due to the Shareholder, derivative financial liabilities, and interest-bearing loans and borrowings. The Group is exposed to credit risk, foreign currency risk, business and economic risk and liquidity risk. The Group has not used any derivatives and other instruments for hedging purposes. The Group does not hold or issue derivative financial liabilities for trading purposes. The Group reviews and agrees policies for managing each of these risks and they are summarized below. (a) Credit risk Management has a credit policy in place and the exposures to credit risk are monitored on an ongoing basis. Debts are usually due within 30 to 90 days from the date of billing. Trade receivables of the Group mainly represent receivables with respect to revenue from construction services for wastewater treatment plant and sales of wastewater treatment equipment, which are settled through progress billing, and operation services of service concession arrangement, which are settled on a quarterly basis. In addition, the Group has contract assets relating to the service concession arrangement and construction service. As of December 31, 2022, “Trade receivables” and “Contract assets” before allowances in the aggregate amounted to CNY 182,998 120,090 134,930 Management groups financial instruments based on shared credit risk characteristics, such as instrument type and credit risk ratings for the purpose of determining significant increase in credit risk and calculation of impairment. The carrying amount of each financial asset in the consolidated statements of financial position represents the Group’s maximum exposure to credit risk in relation to its financial assets. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have occurred. Evidence that a financial asset is credit-impaired includes observable data about the following events: - significant financial difficulty of the debtor; - a breach of contract such as a default or past due event; - it is probable that the debtor will enter bankruptcy or other financial reorganization To manage credit risk arising from trade receivables and contract assets, the Group assesses the credit quality of the debtors, taking into account their financial position, historical settlement records, past experience and other factors. The Group applies the simplified approach to provide for ECLs prescribed by IFRS 9, which permits the use of lifetime expected loss provision for all trade receivables. The ECLs also incorporated forward-looking information. For financial assets assessed for impairment under the general approach, the Group established a policy to perform an assessment at the end of each reporting period of whether a financial instrument’s credit risk has increased significantly since initial recognition, by considering the change in the risk of default occurring over the remaining life of the financial instrument. The Group groups its other receivables into Stage 1, Stage 2 and Stage 3, as described below: Stage 1 – When other receivables are first recognized, the Group recognized an allowance based on 12 months’ ECLs. Stage 2 – When other receivables have shown a significant increase in credit risk since origination, the Group records an allowance for the lifetime ECLs. Stage 3 – Other receivables are considered credit-impaired. The Group records an allowance for the lifetime ECLs. Management also makes periodic collective assessments for other receivables and amounts due from related companies as well as individual assessments of the recoverability of other receivables based on historical settlement records, past experience and other factors. The Group classified other receivables and amounts due from related companies in Stage 1 and continuously monitored their credit risk. Management believes that there is no material credit risk inherent in the Group’s outstanding balance of other receivables as of December 31, 2022 and 2023. The Group does not provide any guarantees that would expose the Group to credit risk. Further quantitative disclosures with respect to the Group’s exposure to credit risk arising from financial assets are set out in Notes 12, 13 and 15 to the financial statements. Cash and cash equivalents The Group maintains its cash and cash equivalents primarily with various PRC state-owned banks and Hong Kong based financial institutions, which management believes are of high credit quality. The Group performs periodic evaluations of the relative credit standing of those financial institutions. (b) Foreign currency risk Foreign currency risk primarily arises from certain significant foreign currency deposits denominated in US$ and HK$ and related exposures are disclosed in Note 16. The Group treasury closely monitors the change of exchange rates on the international foreign currency market and takes these into consideration when investing in foreign currency deposits and borrowing loans. The CNY is not freely convertible into foreign currencies. The State Administration for Foreign Exchange, under the authority of the People's Bank of China, controls the conversion of the CNY into foreign currencies. The value of the CNY is subject to changes in PRC government policies and to international economic and political developments affecting the supply and demand in the China Foreign Exchange Trading System market. All foreign exchange transactions continue to take place either through the People's Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. There is no significant exposure to foreign currency risk as of December 31, 2023 and 2022 for the Company. (c) Interest rate risk The fair value interest rate risk of the Group mainly arises from long-term loans at fixed rates (see Note 20). As fluctuation of the comparable interest rate (Loan Prime Rate of PRC market) with similar terms was relatively low, the Directors are of the opinion that the Group is not exposed to any significant fair value interest rate risk for its fixed interest rate borrowings held as of December 31, 2022 and 2023. (d) Business and economic risk The Group's operations may be adversely affected by significant political, economic and social uncertainties in the PRC. Although the PRC government has been pursuing economic reform policies for more than 40 years, no assurance can be given that the PRC government will continue to pursue such policies or that such policies may not be significantly altered, especially in the event of a change in leadership, social or political disruption or unforeseen circumstances affecting the political, economic and social conditions in the PRC. There is also no guarantee that the PRC government’s pursuit of economic reforms will be consistent or effective. (e) Liquidity risk The Group manages its liquidity risk by regularly monitoring its liquidity requirements and its compliance with debt covenants to ensure that it maintains sufficient cash and cash equivalents, as well as adequate time deposits, to meet its liquidity requirements in the short and long term. The Group expects that its existing cash and cash equivalents, shareholder financial support and subsequent equity financing (see Note 24) will be sufficient to fund its operations and meet all of its obligations as they fall due for at least twelve months from the date of financial statements. See Note 2.1.1 for details related to going concern basis. The table below summarizes the maturity profile of the Group’s financial liabilities and lease liabilities based on contractual undiscounted payments: Summary the maturity profile of financial liabilities and lease liabilities December 31, 2022 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Derivative financial liabilities 824 — — — 824 Trade payables — 20,326 — — 20,326 Financial liabilities in other payables and accruals — 6,749 — — 6,749 Due to related companies — 3,408 — — 3,408 Due to the Shareholder — 7,153 — — 7,153 Lease liabilities — 1,387 1,691 243 3,321 Interest-bearing loans and — 6,729 29,005 71,197 106,931 Trade and other payables 824 45,752 30,696 71,440 148,712 December 31, 2023 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 100 — — — 100 Financial liabilities in other payables and accruals — 7,864 — — 7,864 Due to related companies — 9,069 — — 9,069 Due to the shareholder — 85,673 — — 85,673 Lease liabilities — 366 — — 366 100 102,972 — — 103,072 December 31, 2023 On demand Less than 1 to 5 years More than Total US$ US$ US$ US$ US$ Trade payables 14 — — — 14 Financial liabilities in other payables and accruals — 1,111 — — 1,111 Due to related companies — 1,281 — — 1,281 Due to the shareholder — 12,103 — — 12,103 Lease liabilities — 52 — — 52 14 14,547 — — 14,561 (f) Capital management The Group monitors capital on the basis of the debt to capital ratio (gearing ratio), which is calculated as interest-bearing debt divided by total capital. Interest-bearing debt mainly includes lease liabilities and interest-bearing loans and borrowings as of December 31, 2022 and mainly includes lease liabilities as of December 31, 2023. Capital includes total equity and interest-bearing debt. The gearing ratio was 30.24% 0.47% |
DEFERRED TAX ASSETS AND LIABILI
DEFERRED TAX ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Tax Assets And Liabilities | |
DEFERRED TAX ASSETS AND LIABILITIES | 23. DEFERRED TAX ASSETS AND LIABILITIES (a) Deferred tax balance Net deferred tax assets and liabilities recognized in the consolidated statements of financial position are as follows: Schedule of net deferred tax assets and liabilities As of December 31, 2022 2023 2023 CNY CNY US$ Deferred tax assets 488 — — Offset amount (488 ) — — Deferred tax assets after offsetting — — — Deferred tax liabilities before offsetting 5,764 — — Offset amount (488 ) — — Deferred tax liabilities after offsetting 5,276 — — (b) Gross movement on the deferred tax account The gross movement on the deferred income tax accounts is as follows: Schedule of gross movement of the deferred tax account 2022 2023 2023 CNY CNY US$ As of January 1 2,478 5,276 744 Charged/(credited) to the consolidated statements of profit or loss during the year 2,798 (10 ) (1 ) Disposal of PSTT — (5,266 ) (743 ) As of December 31 5,276 — — (c) Deferred tax assets The components of deferred tax assets and their movements during the years indicated, without taking into consideration the offsetting of balances within the same tax jurisdictions, are as follows: Schedule of deferred tax assets Provision for loss allowance Significant financing component of the contract with customers Lease liabilities Losses available for offsetting against future taxable profits Total CNY CNY CNY CNY As of January 1, 2022 2,143 540 454 154 3,291 Charged to the consolidated statements of profit or loss during the year (2,136 ) (478 ) (35 ) (154 ) (2,803 ) As of December 31, 2022 7 62 419 — 488 As of January 1, 2023 7 62 419 — 488 Charged to the consolidated statements of profit or loss during the year — (22 ) (57 ) — (79 ) Disposal of PSTT (7 ) (40 ) (362 ) — (409 ) As of December 31, 2023 — — — — — As of December 31, 2023 US$ — — — — — (d) Deferred tax liabilities The components of deferred tax liabilities and their movements during the years indicated, without taking into consideration the offsetting of balances within the same tax jurisdictions, are as follows: Schedule of deferred tax liabilities Temporary difference on assets recognized under IFRIC 12 Right-of-use assets Total CNY CNY CNY As of January 1, 2022 5,270 499 5,769 C redited to the consolidated statements of profit or loss during the year — (5 ) (5 ) As of December 31, 2022 5,270 494 5,764 As of January 1, 2023 5,270 494 5,764 Credited to the consolidated statements of profit or loss during the year — (89 ) (89 ) Disposal of PSTT (5,270 ) (405 ) (5,675 ) As of December 31, 2023 — — — As of December 31, 2023 US$ — — — (e) Deferred tax not recognized As of December 31, 2022 and 2023, the total amounts of deductible temporary differences and unused tax losses for which no deferred tax assets were recognized with respect to certain deductible temporary differences and accumulated tax losses of the Company’s subsidiaries established in Mainland China and Hong Kong that can be carried forward against future taxable income are as follows Schedule of deferred tax not recognized December 31, 2022 2023 2023 CNY CNY US$ Deductible temporary differences with no deferred tax assets recognized 21,929 1,200 170 Tax losses with no deferred tax assets recognized 16,073 6,077 859 Total 38,002 7,277 1,029 (f) Expiration dates of the tax losses The tax losses in Mainland China can be carried forward for five years to offset future taxable profit. The expiration dates of the unused tax losses of the subsidiaries established in Mainland China for which no deferred tax assets were recognized are summarized as follows: Schedule of expiration dates of the tax losses December 31, 2022 2023 2023 CNY CNY US$ Year of expiration 2022 — — — 2023 2,318 — — 2024 1,835 1,745 247 2025 2,476 1,462 207 2026 7,040 1,411 199 2027 2,302 499 70 2028 — 828 117 Total 15,971 5,945 840 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
EQUITY | 24. EQUITY (a) Issued capital schedule of issued capital December 31, 2022 2023 2023 CNY CNY US$ Authorized: 10,000,000 preferred shares, no par value — — — 200,000,000 common shares, no par value — — — Common shares issued and fully paid: December 31, 2023: 8,377,897 (December 31, 2022: 40,948,082*) common shares, no par value 450,782 450,782 63,682 schedule of issued capital shares combination Number of shares Share capital CNY US$ As of January 1, 2022 , December 31, 2022 and January 1, 2023 40,948,082 450,782 63,682 Effect of Five-to-One Share Combination* (32,750,185 ) — — Equity-settled share-based payments 180,000 — — As of December 31, 2023 8,377,897 450,782 63,682 * The numbers of common shares above are before giving effect to the Share Combination which became effective on April 3, 2023. On April 3, 2023, the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis. The basic and diluted earnings/(loss) per ordinary share has been retrospectively adjusted to reflect the impact of the share combination. All outstanding options, warrants and other rights to purchase the Company's common shares were adjusted proportionately as a result of the share combination. (b) Other capital reserves Schedule of other capital reserves Other capital reserves CNY US$ As of January 1, 2022 719,110 101,589 Equity inventive share-based payment (Note 26) 16,209 2,290 As of December 31, 2022 735,319 103,879 As of January 1, 2023 735,319 103,879 Deemed distribution from the controlling shareholder (Note 3) 20,382 2,880 Equity-settled share-based payments 3,074 435 As of December 31, 2023 758,775 107,194 Other capital reserves of the Company are mainly for equity-settled share-based compensation, the exercise of stock options, the exercise of warrants, the business combination and the deemed contribution from the Shareholder and related companies. (c) Dividend restrictions and reserves Due to the Group's structure, the payment of dividends is subject to numerous controls imposed under PRC law, including foreign exchange control on the conversion of the local currency into U.S. dollars and other currencies. In accordance with the relevant PRC regulations, appropriations of net income as reflected in its PRC statutory financial statements are to be allocated to each of the general reserve and enterprise expansion reserve, respectively, as determined by the resolution of the Board of Directors annually. |
RELATED PARTY BALANCES AND TRAN
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
RELATED PARTY BALANCES AND TRANSACTIONS | 25. RELATED PARTY BALANCES AND TRANSACTIONS In addition to the transactions detailed elsewhere in the consolidated financial statements, the Group had the following transactions and balances with related companies: (a) Commercial transactions with related companies Schedule of commercial transactions with related companies Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Interest income received from Feishang Enterprise (a) (i) 3,396 — — — CHNR’s share of office rental, rates and others to Anka Consultants Limited (“Anka”) (b) (ii) 1,343 1,175 445 63 Feishang Management's share of office rental to Feishang Enterprise (a) (iii) 166 166 166 23 Shenzhen New PST’s share of office rental to Feishang Enterprise (a) (iv) 90 90 53 7 (i) The Company's subsidiary, Shanghai Onway, entered into a series of contracts to provide a loan amounting to CNY80,000 at an interest rate of 9% per annum to Feishang Enterprise from March 2, 2018 to June 30, 2021. (ii) The Company signed a contract with Anka to lease 184 square meters of office premises for two years from July 2018 to June 30, 2020, and extended it to June 30, 2024. The agreement also provides that the Company shares certain costs and expenses in connection with its use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka. (iii) On January 1, 2018, Feishang Management signed an office-sharing agreement with Feishang Enterprise. Pursuant to the agreement, Feishang Management shares 40 square meters of office premises for 33 months. Feishang Management signed a new contract with Feishang Enterprise in October 2023, which will expire on September 30, 2024. (iv) Shenzhen New PST signed a contract with Feishang Enterprise to lease 96 meters of office premises for 12-month period from March 14, 2022 to March 13, 2023 and renewed the contract with same terms for another 12-month period from March 14, 2023 to March 13, 2024. Due to the disposal of PSTT, the transaction amount in 2023 contains 7 months rentals. (a) Feishang Enterprise is controlled by Mr. Li Feilie, who is the controlling shareholder of the Company. (b) Anka is jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company. (b) Other transactions with related parties On February 27, 2023, the Company entered into a sale and purchase agreement (the “SPA”) with Feishang Group and Top Pacific (China) Limited (together, the “Sellers”), and the respective beneficial owner of the sellers, Mr. Li Feilie and Mr. Yao Yuguang, to acquire 100% equity interests of Greatfame Investments Limited, which owns 100% equity interest in Williams Minerals (Pvt) Ltd (“Williams Minerals”) (the “Acquisition”). Williams Minerals owns the mining permit for the Zimbabwean lithium mine. The consideration to be paid by the Company for the Acquisition will be calculated by multiplying the qualified measured, indicated and inferred resources quantity of lithium oxide proven to be in the mine by independent technical reports by a unit price of US$500 per ton, less certain due diligence costs and expenses incurred by the Company for the issuance of the independent technical reports. According to the SPA, the Company issued a US$24,500 promissory note (Promissory Note No. 1 ) and a US$10,500 promissory note to Feishang Group and Top Pacific (China) Limited respectively on April 14, 2023 to proceed with the acquisition. The Company recognized a liability due to shareholders amounted to US$24,500 and other payable amounted to US$10,500 respectively for the present obligations of these two promissory notes with corresponding non-current assets amounted to US$35,000. On August 3, 2023, the Company entered into a set-off letter with Feishang Group, pursuant to the letter, the consideration of CNY95,761 liable to be paid by Feishang Group pursuant to the SPA for the disposal of the water treatment segment (Note 3) shall be set off against Promissory Note No. 1 using the exchange rate CNY1.00 = US$0.1400 such that a sum of US$13,407 shall be deducted from the Principal Amount as defined in Promissory Note No. 1. According to the letter, the Company derecognized the receivables from Feishang Group amounted to CNY95,761 and a liability due to shareholders amounted to CNY95,761. (c) Balances with related companies The Group’s balances with related companies are unsecured and non-interest bearing. Feishang Enterprise and the Shareholder have provided letters stating their continuous financial support to the Group and that they will not recall any amounts due to them until the Group has sufficient liquidity to finance its operations. The balances are summarized as follows: Schedule of balances with related companies December 31, 2022 2023 2023 CNY CNY US$ Current: Payable to related companies: Feishang Enterprise (a) (i) 495 6,078 858 Anka Capital Ltd. (“Anka Capital”) (b) (iii) 2,913 2,991 423 3,408 9,069 1,281 Payable to the Shareholder: Feishang Group Ltd. (a) (ii) 7,153 7,153 1,010 Feishang Group Ltd. (a) — 78,520 11,093 7,153 85,673 12,103 Lease liabilities to related parties: Anka (b) 1,022 360 51 1,022 360 51 (i) The payable to Feishang Enterprise by Feishang Management represents the net amount of advances from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (ii) The payable to Feishang Group represents the net amount of advances from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (iii) The payable to Anka Capital represents the net amount of advances from Anka Capital. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (a) Feishang Enterprise and Feishang Group are controlled by Mr. Li Feilie, who is the controlling shareholder of the Company. (b) Anka Capital and Anka are each jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company. (d) Compensation of key management personnel of the Group Schedule of compensation of key management personnel of the group Year Ended December 31, 2022 2023 2023 CNY CNY US$ Wages, salaries and allowances 1,171 1,014 143 Housing funds 16 16 2 Contribution to pension plans 65 64 9 1,252 1,094 154 The amounts disclosed in the table are the amounts recognized as expenses during the respective period related to key management personnel. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2023 | |
SHARE-BASED PAYMENTS | 26. SHARE-BASED PAYMENTS Warrants to the placement agent The Company issued and sold an aggregate of 3,960,000 1.85 (i) to the institutional investors (the “investor warrants”), which gave the right to purchase an aggregate of 1,584,000 2.35 (ii) to the placement agent (the “agent warrants”) as part of placement service fees, which gave the right to purchase an aggregate of 396,000 2.35 The fair value of the agent warrants is estimated at the grant date using a binomial option pricing model. The amount was allocated to the issuance of the common shares and the investor warrants according to their fair value at the date of issuance, and CNY 1,862 449 70 * As the changes in equity from this private placement transaction are denominated in US$, all the amounts in US$ in this disclosure paragraph are actual transaction amounts and the corresponding amounts in CNY were translated from US$ at the applicable exchange rate on the transaction date, January 22, 2021. Share options On July 14, 2022, the Board of Directors of the Company approved to grant option awards for an aggregate of 8,100,000 common shares, without par value, of the Company (the “share options”) to certain individuals under the China Natural Resources, Inc. 2014 Equity Compensation Plan for certain strategic consultant services. The share options vested immediately upon grant and are exercisable up to three years from July 19, 2022. The exercise price for the options is $0.623 per share. The fair value of the share options is estimated at the grant date using a binomial option pricing model, taking into account the terms and conditions on which the share options were granted. The Group accounts for share options 2022 as an equity-settled share-based payment and recognize administrative expenses associated with the consultant service reward with a corresponding increase in equity. Share-based payment On June 26, 2023, the Board of Directors of the Company approved to grant share-based payment of 180,000 common shares for consultant’s service between June 26 to December 25, 2023. As the Group cannot measure reliably the fair value of the service received, it is based on the fair value of the common shares granted measured over the period the services is received. The Group recognized administrative expenses associated with the consultant service reward with a corresponding increase in equity using the average fair value of the common shares over the service period. The 180.000 common shares were vested and issued in 2023. (a) Expense arising from share-based payment transactions The expense recognized during the year for above share-based payments is shown in the following table: Schedule of expense arising from share-based payments Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Issuance expense related to agent warrants 447 — — — Consultants share option expense (Note 5) — 16,152 — — Consultants share-based payment expense (Note 5) — — 3,074 435 Total 447 16,152 3,074 435 (b) Movements during the year The following table illustrates the number of, and movements in, agent warrants during the year: Schedule of agent warrants Number of shares Exercise price per share US$ Outstanding at January, 2021 — — Granted during the year 396,000 2.35 Outstanding as of December 31, 2021 396,000 2.35 Outstanding as of December 31, 2022 396,000 0.623 * Effect of Five-to-One Share Combination (Note 24) (316,800 ) — Outstanding as of December 31, 2023 79,200 3.115 ** The remaining contractual life for the agent warrants as of December 31, 2023 and 2022, were 0.06 years and 1.06 years, respectively. * The exercise price was revised to $0.623 per share in July, 2022. ** The exercise price was revised to $3.115 per share in March, 2023. The following table illustrates the number of, and movements in share options during the year: Schedule of share options Number of shares Exercise price per share US$ Outstanding as of January, 2021 and December 31, 2021 — — Granted during the year 8,100,000 0.623 Outstanding as of December 31, 2022 * 8,100,000 0.623 Granted during the year — — Effect of Five-to-One Share Combination (Note 24) (6,480,000 ) — Outstanding as of December 31, 2023 1,620,000 3.115 * The share option numbers above are before giving effect to the Share Combination which became effective on April 3, 2023. Refer to Note 24 for further details. The remaining contractual life for the share option as of December 31, 2023 and 2022, were 1.53 2.53 (c) Inputs to the models The following tables list the inputs to the models used for agent warrants and share options for the years ended December 31, 2021 and 2022, respectively: Schedule of inputs to the models for fair value Agent warrants Share options 2021 2022 Fair value at the measurement date (US$) 70 2,400 Fair value at the measurement date (CNY) 449 16,209 Expected volatility (%) 93.67 93.50 Risk-free interest rate (%) 0.19 3.16 Expected life (years) 2.50 3 Share price (US$) 0.901 0.623 The expected life of the agent warrants and share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. |
PARTLY OWNED SUBSIDIARY WITH MA
PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2023 | |
Partly Owned Subsidiary With Material Non-controlling Interests | |
PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS | 27. PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS On July 27, 2021, the Company acquired 100% 51% Financial information of Shanghai Onway Group which that has material non-controlling interests is provided below: Proportion of equity interest held by non-controlling interests as of December 31, 2021 and 2022: Schedule of equity interest held by non-controlling interests Name Country of incorporation and operation 2021 2022 Shanghai Onway Group PRC/Mainland China 49 % 49 % 2021 2022 CNY CNY (Loss)/profit for the year allocated to non-controlling interests: Shanghai Onway Group (6,819 ) 2,327 Dividends paid to non-controlling interests: Shanghai Onway Group 4,900 — Accumulated balances of non-controlling interest: Shanghai Onway Group 107,353 109,680 The summarized financial information of the Shanghai Onway Group is provided below. This information is based on amounts before inter-company eliminations. Schedule of financial information 2021 Shanghai Onway Group CNY US$ Revenue 18,735 2,948 Other income/(losses) (32,312 ) (5,084 ) Loss for the year (13,577 ) (2,136 ) Total comprehensive income loss for year (13,577 ) (2,136 ) Current assets 187,619 29,519 Non-current assets 126,573 19,914 Current liabilities (40,716 ) (6,406 ) Non-current liabilities (40,259 ) (6,334 ) Net cash flows used in operating activities (8,758 ) (1,378 ) Net cash flows used in investing activities (1,509 ) (237 ) Net cash flows used in financing activities (3,972 ) (625 ) Net decrease in cash and cash equivalents (14,239 ) (2,240 ) 2022 Shanghai Onway Group CNY US$ Revenue 20,306 2,944 Other income/(losses) (15,504 ) (2,248 ) Profit for the year 4,802 696 Total comprehensive income loss for year 4,802 696 Current assets 197,468 28,625 Non-current assets 121,961 17,681 Current liabilities (44,602 ) (6,466 ) Non-current liabilities (77,524 ) (11,239 ) Net cash flows used in operating activities (6,588 ) (956 ) Net cash flows from investing activities 157 23 Net cash flows used in financing activities (7,743 ) (1,122 ) Net decrease in cash and cash equivalents (14,174 ) (2,055 ) |
NOTES TO THE CONSOLIDATED STATE
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS | 28. NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (a) Major non-cash transactions During the year, the Group had non-cash additions to right-of-use assets and lease liabilities of nil 0 1,781 0 1,781 (b) Changes in liabilities arising from financing activities Schedule of changes in liabilities arising from financing activities Year Ended December 31, 2022 Interest-bearing loans and borrowings Dividends payable Due to related companies Due to the Shareholder Lease liabilities CNY CNY CNY CNY CNY As of January 1, 2022 77,000 5,048 5,710 14,050 2,189 Changes from financing cash flows (6,882 ) (5,048 ) (2,765 ) (6,885 ) (1,253 ) New leases — — — — 1,781 Interest expenses 3,882 — — — 133 Other changes — — 463 (12 ) 65 As of December 31, 2022 74,000 — 3,408 7,153 2,915 Year Ended December 31, 2023 Interest-bearing loans and borrowings Dividends payable Due to related companies Due to the Shareholder Lease liabilities CNY CNY CNY CNY CNY As of January 1, 2023 74,000 — 3,408 7,153 2,915 Changes from financing cash flows (3,378 ) — 3,932 78,520 (1,024 ) Foreign exchange difference — — 78 — 27 Interest expenses 1,878 — — — 99 Disposal of PSTT (72,500 ) — 1,651 — (1,657 ) As of December 31, 2023 — — 9,069 85,673 360 Year Ended December 31, 2023 Interest-bearing loans and borrowings Dividends payable Due to related companies Due to the Shareholder Lease liabilities US$ US$ US$ US$ US$ As of January 1, 2023 10,728 — 494 1,037 422 Changes from financing cash flows (477 ) — 555 11,066 (145 ) Foreign exchange difference — — 11 — 4 Interest expenses 265 — — — 14 Disposal of PSTT (10,516 ) — 221 — (244 ) As of December 31, 2023 — — 1,281 12,103 51 (c) Total cash outflow for leases Schedule of Cash Outflow for Leases 2022 2023 2023 CNY CNY US$ Within operating activities (250 ) (323 ) (46 ) Within financing activities (1,253 ) (1,024 ) (145 ) Total cash outflow for leases (1,503 ) (1,347 ) (191 ) |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
COMMITMENTS | 29. COMMITMENTS At December 31 2023, the Company had capital commitments of CNY 2,432 0 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SUBSEQUENT EVENTS | 30. SUBSEQUENT EVENTS Direct Placement of Common Shares and Private Placement Warrants On February 16, 2024, the Company entered into a securities purchase agreement with certain institutional investors, pursuant to which the Company agreed to issue and sell, (i) in a registered direct offering, up to an aggregate of 1,487,870 2.20 1,115,903 3.00 3.01 |
BASIS OF PREPARATION (Policies)
BASIS OF PREPARATION (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
BASIS OF CONSOLIDATION | 2.2 BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the years ended December 31. A subsidiary is an entity (including a structured entity), directly or indirectly, controlled by the Company. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee (i.e., existing rights that give the Group the current ability to direct the relevant activities of the investee). Generally, there is a presumption that a majority of voting rights results in control. When the Company has less than a majority of the voting or similar right of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: (a) the contractual arrangement with the other vote holders of the investee; (b) rights arising from other contractual arrangements; and (c) the Group’s voting rights and potential voting rights. The financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. The results of subsidiaries are consolidated from the date on which the Group obtains control and continue to be consolidated until the date that such control ceases. Profit or loss and each component of other comprehensive income are attributed to owners of the Company and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control above. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, any non-controlling interest and the exchange fluctuation reserve; and recognises the fair value of any investment retained and any resulting surplus or deficit in profit or loss. The Group’s share of components previously recognised in other comprehensive income is reclassified to profit or loss or retained profits, as appropriate, on the same basis as would be required if the Group had directly disposed of the related assets or liabilities. |
CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES | 2.3 CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The Group has adopted the following new and revised IFRSs for the first time for the current year’s consolidated financial statements: Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies Amendments to IAS 12 International Tax Reform – Pillar Two Model Rules The nature and the impact of the new and revised IFRSs that are applicable to the Group are described below: (a) Amendments to IAS 1 require entities to disclose their material accounting policy information rather than their significant accounting policies. Accounting policy information is material if, when considered together with other information included in an entity’s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. Amendments to IFRS Practice Statement 2 Making Materiality Judgements provide non-mandatory guidance on how to apply the concept of materiality to accounting policy disclosures. The Group has disclosed the material accounting policy information in note 2.5 to the financial statements. The amendments did not have any impact on the measurement, recognition or presentation of any items in the Group’s financial statements. (b) Since the Group did not fall within the scope of the Pillar Two model rules, the amendments did not have any impact to the Group. |
ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS | 2.4 ISSUED BUT NOT YET EFFECTIVE INTERNATIONAL FINANCIAL REPORTING STANDARDS The Group has not applied the following revised IFRSs, that have been issued but are not yet effective, in these financial statements. The Group intends to apply these revised IFRSs, if applicable, when they become effective. Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture 3 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback 1 Amendments to IAS 1 Classification of Liabilities as Current or Non-current (the “2020 Amendments”) 1 Amendments to IAS 1 Non-current Liabilities with Covenants (the “2022 Amendments”) 1 Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements 1 Amendments to IAS 21 Lack of Exchangeability 2 1 Effective for annual periods beginning on or after 1 January 2024 2 Effective for annual periods beginning on or after 1 January 2025 3 No mandatory effective date yet determined but available for adoption Further information about those IFRSs that are expected to be applicable to the Group is described below. (a) Amendments to IFRS 10 and IAS 28 address an inconsistency between the requirements in IFRS 10 and in IAS 28 in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The amendments require a full recognition of a gain or loss resulting from a downstream transaction when the sale or contribution of assets constitutes a business. For a transaction involving assets that do not constitute a business, a gain or loss resulting from the transaction is recognised in the investor’s profit or loss only to the extent of the unrelated investor’s interest in that associate or joint venture. The amendments are to be applied prospectively. The amendments are not expected to have any significant impact on the Group’s financial statements. (b) Amendments to IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments are effective for annual periods beginning on or after 1 January 2024 and shall be applied retrospectively to sale and leaseback transactions entered into after the date of initial application of IFRS 16 (i.e., 1 January 2019). Earlier application is permitted. The amendments are not expected to have any significant impact on the Group’s financial statements. (c) The 2020 Amendments clarify the requirements for classifying liabilities as current or non-current, including what is meant by a right to defer settlement and that a right to defer must exist at the end of the reporting period. Classification of a liability is unaffected by the likelihood that the entity will exercise its right to defer settlement. The amendments also clarify that a liability can be settled in its own equity instruments, and that only if a conversion option in a convertible liability is itself accounted for as an equity instrument would the terms of a liability not impact its classification. The 2022 Amendments further clarify that, among covenants of a liability arising from a loan arrangement, only those with which an entity must comply on or before the reporting date affect the classification of that liability as current or non-current. Additional disclosures are required for non-current liabilities that are subject to the entity complying with future covenants within 12 months after the reporting period. The amendments shall be applied retrospectively with early application permitted. An entity that applies the 2020 Amendments early is required to apply simultaneously the 2022 Amendments, and vice versa. The Group is currently assessing the impact of the amendments and whether existing loan agreements may require revision. Based on a preliminary assessment, the amendments are not expected to have any significant impact on the Group’s financial statements. (d) Amendments to IAS 7 and IFRS 7 clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk. Earlier application of the amendments is permitted. The amendments provide certain transition reliefs regarding comparative information, quantitative information as at the beginning of the annual reporting period and interim disclosures. The amendments are not expected to have any significant impact on the Group’s financial statements. (e) Amendments to IAS 21 specify how an entity shall assess whether a currency is exchangeable into another currency and how it shall estimate a spot exchange rate at a measurement date when exchangeability is lacking. The amendments require disclosures of information that enable users of financial statements to understand the impact of a currency not being exchangeable. Earlier application is permitted. When applying the amendments, an entity cannot restate comparative information. Any cumulative effect of initially applying the amendments shall be recognised as an adjustment to the opening balance of retained profits or to the cumulative amount of translation differences accumulated in a separate component of equity, where appropriate, at the date of initial application. The amendments are not expected to have any significant impact on the Group’s financial statements. 2.5 MATERIAL ACCOUNTING POLICIES |
Business combinations and goodwill | (a) Business combinations and goodwill Business combinations are accounted for using the acquisition method. The consideration transferred is measured at the acquisition date fair value which is the sum of the acquisition date fair values of assets transferred by the Group, liabilities assumed by the Group to the former owner of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. For each business combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. All other components of non-controlling interests are measured at fair value. Acquisition-related costs are expensed as incurred. The Group determines that it has acquired a business when the acquired set of activities and assets includes an input and a substantive process that together significantly contribute to the ability to create outputs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as of the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the previously held equity interest is remeasured at its acquisition date fair value and any resulting gain or loss is recognized in profit or loss. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with changes in fair value recognized in profit or loss. If the contingent consideration is not within the scope of IFRS 9, it is measured in accordance with the appropriate IFRSs. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognized for non-controlling interests and any fair value of the Group’s previously held equity interests in the acquiree over the identifiable assets acquired and liabilities assumed. If the sum of this consideration and other items is lower than the fair value of the net assets of the subsidiary acquired, the difference is, after reassessment, recognized in profit or loss as a gain on bargain purchase. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested for impairment annually or more frequently if events or changes in circumstances indicate that the carrying value may be impaired. The Group performs its annual impairment test of goodwill as of December 31. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units or groups of units. Impairment is determined by assessing the recoverable amount of the cash-generating unit (group of cash-generating units) to which the goodwill relates. Where the recoverable amount of the cash-generating unit (group of cash-generating units) is less than the carrying amount, an impairment loss is recognized. An impairment loss recognized for goodwill is not reversed in a subsequent period. Where goodwill has been allocated to a cash-generating unit (or group of cash-generating units) and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on the disposal. Goodwill disposed of in these circumstances is measured based on the relative value of the operation disposed of and the portion of the cash-generating unit retained. |
Fair value measurement | (b) Fair value measurement The Group measures equity investments and derivative financial liabilities at fair value at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either in the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest-level input that is significant to the fair value measurement as a whole: Level 1 – based on quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – based on valuation techniques for which the lowest-level input that is significant to the fair value measurement is observable, either directly or indirectly; Level 3 – based on valuation techniques for which the lowest-level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest-level input that is significant to the fair value measurement as a whole) at the end of each reporting period. |
Related parties | (c) Related parties A party is considered to be related to the Group if: (1) the party is a person or a close member of that person’s family and that person (i) has control or joint control over the Group; (ii) has significant influence over the Group; or (iii) is a member of the key management personnel of the Group or of a parent of the Group; or (2) the party is an entity where any of the following conditions applies: (i) the entity and the Group are members of the same group; (ii) one entity is an associate or joint venture of the other entity (or of a parent, subsidiary or fellow subsidiary of the other entity); (iii) the entity and the Group are joint ventures of the same third party; (iv) one entity is a joint venture of a third entity and the other entity is an associate of the third entity; (v) the entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group; (vi) the entity is controlled or jointly controlled by a person identified in (1); (vii) a person identified in (1)(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); and (viii) the entity, or any member of a group of which it is a part, provides key management personnel services to the Group or to the parent of the Group. |
Property, plant and equipment and depreciation | (d) Property, plant and equipment and depreciation Property, plant and equipment comprise buildings, machinery and equipment, motor vehicles and office and other equipment. The cost of an item of property, plant and equipment comprises its purchase price and any directly attributable costs of bringing the asset to its working condition and location for its intended use. Buildings, machinery and equipment, motor vehicles and office and other equipment are stated at cost less accumulated depreciation and any impairment losses. Expenditures for routine repairs and maintenance are expensed as incurred. Depreciation for the following items is calculated on the straight-line basis over each asset’s estimated useful life down to the estimated residual value of each asset. Estimated useful lives are as follows: Schedule of estimated useful lives of property, plant and equipment Buildings 8–35 Machinery and equipment 3–15 Motor vehicles 4–8 Office and other equipment 4–8 Residual values, useful lives and the depreciation method are reviewed and adjusted, if appropriate, at each reporting date. Expenditure incurred after items of property, plant and equipment have been put into operation, such as repairs and maintenance, is normally charged to the statement of profit or loss in the period in which it is incurred. In situations where the recognition criteria are satisfied, the expenditure for a major inspection is capitalized in the carrying amount of the asset as a replacement. Where significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognizes such parts as individual assets with specific useful lives and depreciates them accordingly. An item of property, plant and equipment including any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on disposal or retirement recognized in the statement of profit or loss in the year the asset is derecognized is the difference between the net sales proceeds and the carrying amount of the relevant asset. |
Intangible assets (other than goodwill) | (e) Intangible assets (other than goodwill) Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is the fair value at the date of acquisition. The useful lives of intangible assets are assessed to be finite. Intangible assets with finite lives are subsequently amortized over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortization period and the amortization method for an intangible asset with a finite useful life are reviewed at least at each financial year end. The following intangible assets are amortized from the date they are available for use and their estimated useful lives are as follows: Schedule of estimated useful lives of intangible assets Concession right 28 Patents 18 Software 5 The useful life of the patents of the Group is determined based on the shorter of their statutory validity periods and the expected benefit periods. An intangible asset is derecognized on disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition (calculated as the difference between the net sale proceeds and the carrying amount of the relevant intangible asset) is included in the statement of profit or loss. |
Leases | (f) Leases The Group assesses at contract inception whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities for obligations to make lease payments and right-of-use assets representing the right to use the underlying assets. At inception or on reassessment of a contract that contains a lease component and a non-lease component, the Group adopts the practical expedient not to separate the non-lease component and to account for the lease component and the associated non-lease component (e.g., property management services for leases of properties) as a single lease component. (1) Right-of-use assets Right-of-use assets are recognized at the commencement date of the lease (that is, the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and any impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease terms and the estimated useful lives of the assets as follows: Schedule of estimated useful lives of right-of-use assets Offices and warehouses 2 5 Motor vehicles 2 10 If ownership of the leased asset transfers to the Group by the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. (2) Lease liabilities Lease liabilities are recognized at the commencement date of the lease at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for termination of a lease, if the lease term reflects the Group exercising the option to terminate the lease. The variable lease payments that do not depend on an index or a rate are recognized as an expense in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in lease payments (e.g., a change to future lease payments resulting from a change in an index or rate) or a change in assessment of an option to purchase the underlying asset. (3) Short-term leases The Group applies the short-term lease recognition exemption to its short-term leases of buildings (that is those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognized as an expense on a straight-line basis over the lease term. |
Exploration and evaluation costs | (g) Exploration and evaluation costs Exploration and evaluation assets include topographical and geological surveys, exploratory drilling, sampling and trenching and activities in relation to commercial and technical feasibility studies, and expenditure incurred to secure further mineralization in existing bodies and to expand the capacity of a mine. Expenditure incurred prior to acquiring legal rights to explore an area is expensed as incurred. Once the exploration right has been acquired, exploration and evaluation expenditures are charged to the statement of profit or loss as incurred, unless a future economic benefit is more likely than not to be realized. Exploration and evaluation assets acquired in a business combination are initially recognized at fair value. They are subsequently stated at cost less accumulated impairment. When it can be reasonably ascertained that a mining property is capable of commercial production, exploration and evaluation costs are transferred to tangible or intangible assets according to the nature of the exploration and evaluation assets. If any project is abandoned during the evaluation stage, the total expenditure thereon will be written off. |
Impairment of non-financial assets | (h) Impairment of non-financial assets Where an indication of impairment exists, or when annual impairment testing for an asset is required (other than inventories, financial assets, deferred tax assets and contract assets), the asset’s recoverable amount is estimated. An asset’s recoverable amount is the higher of the asset’s or cash-generating unit’s value in use and its fair value less costs of disposal, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets, in which case the recoverable amount is determined for the cash-generating unit to which the asset belongs. In testing a cash-generating unit for impairment, a portion of the carrying amount of a corporate asset (e.g., a headquarters building) is allocated to an individual cash-generating unit if it can be allocated on a reasonable and consistent basis or, otherwise, to the smallest group of cash-generating units. An impairment loss is recognized only if the carrying amount of an asset exceeds its recoverable amount. 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. An impairment loss is charged to the statement of profit or loss in the period in which it arises in those expense categories consistent with the function of the impaired asset. An assessment is made at the end of each reporting period as to whether there is an indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss of an asset other than goodwill is reversed only if there has been a change in the estimates used to determine the recoverable amount of that asset, but not to an amount higher than the carrying amount that would have been determined (net of any depreciation/amortization) had no impairment loss been recognized for the asset in prior years. A reversal of such an impairment loss is credited to the statement of profit or loss in the period in which it arises. |
Investments and other financial assets | (i) Investments and other financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through other comprehensive income, and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient of not adjusting the effect of a significant financing component, the Group initially measures a financial asset at its fair value, plus in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price determined under IFRS 15 in accordance with the policies set out in Note 2.5 (aa) In order for a financial asset to be classified and measured at amortized cost or fair value through other comprehensive income, it needs to give rise to cash flows that are solely payments of principal and interest (“SPPI”) on the principal amount outstanding. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortized cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows, while financial assets classified and measured at fair value through other comprehensive income are held within a business model with the objective of both holding to collect contractual cash flows and selling. Financial assets which are not held within the aforementioned business models are classified and measured at fair value through profit or loss. Purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace are recognised on the trade date, that is, the date that the Group commits to purchase or sell the asset. Subsequent measurement The subsequent measurement of financial assets depends on their classification as follows: Financial assets at amortized cost (debt instruments) Financial assets at amortized cost are subsequently measured using the effective interest method and are subject to impairment. Gains and losses are recognized in the statement of profit or loss when the asset is derecognized, modified or impaired. Financial assets at fair value through other comprehensive income (debt instruments) For debt investments at fair value through other comprehensive income, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in other comprehensive income. Upon derecognition, the cumulative fair value change recognized in other comprehensive income is recycled to the statement of profit or loss. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. This category includes derivative instruments and equity investments which the Group had not irrevocably elected to classify at fair value through other comprehensive income. Dividends on the equity investments are also recognized as other income in the statement of profit or loss when the right of payment has been established. |
Derecognition of financial assets | (j) Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Group’s statement of financial position) when: • the rights to receive cash flows from the asset have expired; or • the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risk and rewards of ownership of the asset. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the Group continues to recognize the transferred asset to the extent of the Group’s continuing involvement. In that case, the Group also recognizes an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. |
Impairment of financial assets | (k) Impairment of financial assets The Group recognizes an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group 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. General approach ECLs are recognized in two stages. 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 Group assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. When making the assessment, the Group compares the risk of a default occurring on the financial instrument as of the reporting date with the risk of a default occurring on the financial instrument as of 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 Group considers a financial asset in default based on historical patterns and the credit risk management practices of the Group. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Financial assets at amortized cost excluding trade receivables and contract assets are subject to impairment under the general approach, and they are classified within the following stages for measurement of ECLs except for trade receivables and contract assets 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 and contract assets including those containing a significant financing component, the Group applies the simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. |
Financial liabilities | (l) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s financial liabilities include trade payables, financial liabilities included in other payables and accruals, dividends payable, derivative financial liabilities, interest-bearing loans and borrowings, due to related companies and due to the shareholders. Subsequent measurement The subsequent measurement of financial liabilities depends on their classification as follows: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Separated embedded derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Gains or losses on liabilities held for trading are recognized in the statement of profit or loss. The net fair value gain or loss recognized in the statement of profit or loss does not include any interest charged on these financial liabilities. Financial liabilities designated upon initial recognition as at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Gains or losses on liabilities designated at fair value through profit or loss are recognized in the statement of profit or loss, except for the gains or losses arising from the Group’s own credit risk which are presented in other comprehensive income with no subsequent reclassification to the statement of profit or loss. The net fair value gain or loss recognized in the statement of profit or loss does not include any interest charged on these financial liabilities. Financial liabilities at amortized cost After initial recognition, lease liabilities are subsequently measured at amortized cost, using the effective interest rate method unless the effect of discounting would be immaterial, in which case they are stated at cost. Gains and losses are recognized in the statement of profit or loss when the liabilities are derecognized as well as through the effective interest rate amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The effective interest rate amortization is included in finance costs in the statement of profit or loss. |
Derecognition of financial liabilities | (m) Derecognition of financial liabilities A financial liability is derecognized when the obligation under the liability is discharged or canceled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and a recognition of a new liability, and the difference between the respective carrying amounts is recognized in the statement of profit or loss. |
Offsetting of financial instruments | (n) Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously. |
Inventories | (o) Inventories Inventories include materials and spare parts and are stated at the lower of cost and net realizable values. Cost is determined on a weighted average cost basis and comprises costs of purchase and transportation costs. Net realizable values are based on the estimated selling expenses less any estimated cost to be incurred to completion and disposal. |
Cash and cash equivalents | (p) Cash and cash equivalents Cash and cash equivalents in the statement of financial position comprise cash on hand and at banks, and short-term highly liquid deposits with a maturity of generally within three months that are readily convertible into known amounts of cash, subject to an insignificant risk of changes in value held for the purpose of meeting short-term cash commitments. For the purpose of the statement of cash flows, cash and cash equivalents comprise cash on hand and at banks, and short-term deposits as defined above, less bank overdrafts which are repayable on demand and form an integral part of the Group’s cash management. |
Employee benefits | (q) Employee benefits Pension obligations The Group contributes on a monthly basis to various defined contribution retirement benefit plans administered by the PRC government. The relevant government agencies undertake to assume the retirement benefit obligation payable to all existing and future retired employees under these plans and the Group has no further obligation for post-retirement benefits beyond the contributions made. Further information is set out in Note 6 to the consolidated financial statements. Housing funds All full-time employees of the Group in mainland China are entitled to participate in various government-sponsored housing funds. The Group contributes on a monthly basis to these funds based on certain percentages of the salaries of the employees. The Group's liability with respect to these funds is limited to the contributions payable in each year. |
Share-based payments | (r) Share-based payments The Company operates a share option scheme for the purpose of providing incentives and rewards to employees (including directors) and consultants who contribute to the success of the Group's business and grants warrants for the Company’s shares for the purpose of paying fees to the placement agent who provided the professional services during the Company’s private placement. The employees and consultants (collectedly with placement agent, the “grantees”) of the Group receive remuneration in the form of share-based payments, whereby the grantees render services in exchange for equity instruments (“equity-settled transactions”). The cost of equity-settled transactions is recognized in administrative expense, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled. The cumulative expense recognized for equity-settled transactions at the end of each reporting period until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit to the statement of profit or loss for a period represents the movement in the cumulative expense recognized as at the beginning and end of that period. Service and non-market performance conditions are not taken into account when determining the grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the Group’s best estimate of the number of equity instruments that will ultimately vest. Market performance conditions are reflected within the grant date fair value. Any other conditions attached to an award, but without an associated service requirement, are considered to be non-vesting conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate expensing of an award unless there are also service and/or performance conditions. For awards that do not ultimately vest because non-market performance and/or service conditions have not been met, no expense is recognized. Where awards include a market or non-vesting condition, the transactions are treated as vesting irrespective of whether the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. Where the terms of an equity-settled award are modified, as a minimum an expense is recognized as if the terms had not been modified, if the original terms of the award are met. In addition, an expense is recognized for any modification that increases the total fair value of the share-based payments, or is otherwise beneficial to the employee as measured at the date of modification. Where an equity-settled award is canceled, it is treated as if it had vested on the date of cancellation, and any expense not yet recognized for the award is recognized immediately. This includes any award where non-vesting conditions within the control of either the Group or the employee are not met. However, if a new award is substituted for the canceled award, and is designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a modification of the original award, as described in the previous paragraph. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share. |
Borrowing costs | (s) Borrowing costs Borrowing costs directly relating to the acquisition, construction or production of a qualifying asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of those assets. The capitalization of such borrowing costs ceases when the asset is substantially ready for its intended use or sale. All other borrowing costs are expensed in the period in which they are incurred. Borrowing costs consist of interest and other costs that an entity incurred in connection with the borrowing funds. |
Income taxes | (t) Income taxes Income tax comprises current and deferred tax. Income tax relating to items recognized outside profit or loss is recognized outside profit or loss, either as other comprehensive income or loss, or directly in equity. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantially enacted by the end of the reporting date, taking into consideration interpretations and practices prevailing in the countries in which the Group operates. Deferred tax is provided, using the liability method, on all temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences, except: · When the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and · In respect of taxable temporary differences associated with investments in subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, and the carryforward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward of unused tax credits and unused tax losses can be utilized, except: · Where the deferred tax assets relating to the deductible temporary differences arise from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; and · In respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are only recognized to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realize the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. |
Foreign currencies | (u) Foreign currencies The functional currency of the Company is the Hong Kong dollars. The functional currency of substantially all the operations of the Group is the CNY, the national currency of the PRC. Transactions denominated in currencies other than the CNY recorded by the entities of the Group are initially recorded using their respective functional currency rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in other currencies have been translated into CNY at the functional currency rates of exchange prevailing at the end of the reporting period. The resulting exchange gains or losses are credited or charged to the consolidated statements of profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the date of the initial transactions. The consolidated financial statements of certain overseas subsidiary operations with a functional currency other than the CNY have been translated into CNY. The assets and liabilities of these entities have been translated using the exchange rates prevailing at the reporting date and their consolidated statements of profit or loss have been translated using the weighted average exchange rate for the year. Resulting translation adjustments are reported as a separate component of other comprehensive income. On disposal of a foreign operation, the cumulative amount recognized in equity relating to that particular foreign operation is recognized in the consolidated statements of profit or loss. |
Convenience translation | (v) Convenience translation The consolidated financial statements are stated in CNY. The translation of amounts from CNY into US$ is supplementary information and is included solely for the convenience of the readers and has been made at the rate of exchange quoted by www.ofx.com on December 31, 2023 of US$1.00 = CNY7.0786 |
Provisions | (w) Provisions A provision is recognized when a present obligation (legal or constructive) has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net of any reimbursement. When the effect of discounting is material, the amount recognized for a provision is the present value at the end of the reporting period of the future expenditures expected to be required to settle the obligation. The increase in the discounted present value amount arising from the passage of time is included in finance costs in the statement of profit or loss. |
Dividends | (x) Dividends Final dividends are recognized as a liability when they are approved by the Directors in a general meeting. Interim dividends are simultaneously proposed and declared, because the Company’s memorandum and articles of association grant the Directors the authority to declare interim dividends. Consequently, interim dividends are recognized immediately as a liability when they are proposed and declared. |
Government grants | (y) Government grants Government grants are recognized at their fair value where there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as income on a systematic basis over the period in which the costs, for which it is intended to compensate, are expensed. |
Service concession arrangement – Discontinued Operations | (z) Service concession arrangement – Discontinued Operations The Group has entered into Public-Private Partnership (“PPP”) projects under Build-Operate-Transfer (“BOT”) arrangements with the governmental entity of Guangdong Shaoguan Wujiang District. The BOT arrangement is a service concession arrangement under IFRIC 12 Service Concession Arrangements, because the local government controls and regulates the services that the Group must provide with the infrastructure at a pre-determined service charge and, upon expiration of concession right agreements, the infrastructure has to be transferred to the local government at nil consideration. Under this service concession arrangement: - the grantor controls or regulates the services the Group must provide with the infrastructure, to whom it must provide them, and at what price; and - the grantor controls, through ownership, beneficial entitlement or otherwise, any significant residual interest in the infrastructure at the end of the term of the arrangement, or the infrastructure is used for its entire useful life under the arrangements, or both the Group’s practical ability to sell or pledge the infrastructure is restricted and continuing right of use of the infrastructure is given to the grantor throughout the period of the arrangements. A financial asset (receivable under a service concession arrangement) is recognized to the extent that (a) the Group has an unconditional right to receive cash or another financial asset from or at the direction of the grantor for the construction services rendered and/or the consideration paid and payable by the Group for the right to charge users of the public service; and (b) the grantor has little, if any, discretion to avoid payment, usually because the agreement is enforceable by law. The Group has an unconditional right to receive cash or another financial asset if nothing other than the passage of time is required before payment of the consideration is due and the grantor contractually guarantees to pay the Group (a) specified or determinable amounts or (b) the shortfall, if any, between amounts received from users of the public service and specified or determinable amounts, even if the payment is contingent on the Group ensuring that the infrastructure meets specified quality of efficiency requirements. The financial asset (receivable under service concession arrangement) is accounted for in accordance with the policy set out for loans and receivables under “ (i) Investments and other financial assets An intangible asset (concession right) is recognized to the extent that the Group receives a right to charge users of the public service, which is not an unconditional right to receive cash because the amounts are contingent on the extent that the public uses the service. The intangible asset (concession right) is accounted for in accordance with the policy set out for “ (e) Intangible assets (other than goodwill) Construction services If the Group is paid partly with a financial asset and partly with an intangible asset, each component of the consideration is accounted for separately and the consideration received or receivable for both components will be recognized initially at the fair value of the consideration received or receivable. Revenue relating to construction is accounted for in accordance with the policy set out for “Revenue from contracts with customers - Construction services” below. Operating services Revenue relating to operating services is accounted for in accordance with the policy for “ (aa) Revenue recognition |
Revenue recognition – Discontinued Operations | (aa) Revenue recognition – Discontinued Operations Revenue from contracts with customers Revenue from contracts with customers is recognized when control of goods or services is transferred to the customers at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. When the consideration in a contract includes a variable amount, the amount of consideration is estimated to be that to which the Group will be entitled in exchange for transferring the goods or services to the customer. The variable consideration is estimated at contract inception and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognized will not occur when the associated uncertainty with the variable consideration is subsequently resolved. When the contract contains a financing component which provides the customer with a significant benefit of financing the transfer of goods or services to the customer for more than one year, revenue is measured at the present value of the amount receivable, discounted using the discount rate that would be reflected in a separate financing transaction between the Group and the customer at contract inception. When the contract contains a financing component which provides the Group with a significant financial benefit for more than one year, revenue recognized under the contract includes the interest expense accreted on the contract liability under the effective interest method. For a contract where the period between the payment by the customer and the transfer of the promised goods or services is one year or less, the transaction price is not adjusted for the effects of a significant financing component, using the practical expedient in IFRS 15. The Group satisfies a performance obligation and recognizes revenue over time, if one of the following criteria is met: – The customer simultaneously receives and consumes the benefits provided by the Group’s performance as the Group performs. – The Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced. – The Group’s performance does not create an asset with an alternate use to the Group and the Group has an enforceable right to payment for performance completed to date. If none of the above conditions are met, the Group recognizes revenue at the point in time at which the performance obligation is satisfied. The progress towards complete satisfaction of the performance obligation is measured based on the Group’s efforts or inputs to the satisfaction of the performance obligation, by reference to the surveyors’ assessment of work performed and the costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. When the Group provides more than one service in a service concession arrangement, the transaction price will be allocated to each performance obligation by reference to their relative stand-alone selling prices. In determining the transaction price, the Group adjusts the promised amount of consideration for the effect of a financing component if it is significant. Construction services The Group’s performance with respect to construction services creates or enhances an asset or work in progress that the customer controls as the asset is created or enhanced. The Group satisfies the performance obligation and recognizes revenue over time, by reference to completion of the specific transaction assessed on the basis of either the surveyors’ assessment of work performed for Engineering Procurement Construction (EPC) contracts or the costs incurred up to the end of the reporting period as a percentage of total estimated costs for certain contracts solely associated with equipment installation. In some circumstances, the Group as subcontractor of the construction service may not be able to reasonably measure the outcome of a performance obligation in the early states of a contract. The Group recognizes revenue only to the extent of the costs incurred until such time that it can reasonably measure the outcome of the performance obligation. The fair value of the construction services under a service concession arrangement is initially estimated at the date of the agreement based on a cost-plus-margin basis with reference to the prevailing market rate of gross margin applicable to similar construction services rendered Operation services of service concession arrangements Operation revenue from service concession arrangements is recognized over the period of time that the services are rendered, and the benefits are received and consumed simultaneously by the customers. Sales of water treatment equipment Revenue from the sales of water treatment equipment is recognized at the point in time when control of the asset is transferred to the customer. Control is generally transferred when: (i) the customer obtains the physical possession or the legal title of water treatment equipment; and (ii) the Group has a present right to payment and the collection of the consideration is probable. Maintenance services Revenue from maintenance services is recognized over the period of time that the services are rendered, and the benefits are received and consumed simultaneously by the customers. Trading of copper ores The Group purchased copper ores from third-party suppliers and then resells to a third-party trading company. The Group controlled the copper ores prior to selling them to customers. Revenue was recognized on a gross basis, and at the point in time when control of the asset was transferred to the customer, upon delivery of the copper ores to the customers. Other income Imputed finance income under a service concession arrangement is recognized on an accrual basis using the effective interest rate method by applying the rate that discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. Interest income is recognized on an accrual basis using the effective interest method by applying the rate that discounts the estimated future cash receipts over the expected life of the financial instrument or a shorter period, when appropriate, to the net carrying amount of the financial asset. |
Contract assets and contract liabilities – Discontinued Operations | (ab) Contract assets and contract liabilities – Discontinued Operations Contract assets If the Group performs by transferring services or goods to a customer before being unconditionally entitled to the consideration under the contract terms, a contract asset is recognized for the earned consideration that is conditional. Contract assets are subject to impairment assessment according to the policy set out for “ (k) Impairment of financial assets” Contract liabilities A contract liability is the obligation to transfer services or goods to a customer from which the Group has received consideration (or from which an amount of consideration is unconditionally due) from the customer. If a customer pays consideration before the Group transfers services or goods to the customer, a contract liability is recognized when the payment is made or the payment is unconditionally due (whichever is earlier). Contract liabilities are recognized as revenue when the Group performs under the contract. |
ORGANIZATION AND PRINCIPAL AC_2
ORGANIZATION AND PRINCIPAL ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization And Principal Activities | |
Schedule of direct and indirect interests in subsidiaries | Schedule of direct and indirect interests in subsidiaries Place of registration and Nominal value Percentage of equity Principal activities Name Direct Indirect China Coal Mining Investment Limited (“China Coal”) Hong Kong * 100 — Investment holding FMH Corporate Services Inc. United States * 100 — Dormant Feishang Dayun Coal Mining Limited Hong Kong * — 100 Investment holding Feishang Mining Holdings Limited BVI * 100 — Investment holding Feishang Yongfu Mining Limited Hong Kong * — 100 Investment holding Newhold Investments Limited BVI * 100 — Investment holding Pineboom Investments Limited BVI * 100 — Investment holding Shenzhen Feishang Management and Consulting Co., Limited (“Feishang Management”) PRC/Mainland China CNY 10,000 — 100 Provision of management and consulting services to other companies in the Group Yangpu Shuanghu Industrial Development Co., Limited PRC/Mainland China CNY 1,000 — 100 Investment holding Yunnan Feishang Mining Co., Limited PRC/Mainland China CNY 50,000 — 100 Investment holding Bayannaoer City Feishang Mining Company Limited PRC/Mainland China CNY 59,480 — 100 Exploration and development of lead mines |
BASIS OF PREPARATION (Tables)
BASIS OF PREPARATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of estimated useful lives of property, plant and equipment | Schedule of estimated useful lives of property, plant and equipment Buildings 8–35 Machinery and equipment 3–15 Motor vehicles 4–8 Office and other equipment 4–8 |
Schedule of estimated useful lives of intangible assets | Schedule of estimated useful lives of intangible assets Concession right 28 Patents 18 Software 5 |
Schedule of estimated useful lives of right-of-use assets | Schedule of estimated useful lives of right-of-use assets Offices and warehouses 2 5 Motor vehicles 2 10 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations | |
Schedule of disposal pstt | Schedule of disposal pstt 2021 2022 For the period from January 1, 2023 to July 28, 2023 CNY CNY CNY Revenue 18,735 20,306 12,748 Cost of sales (18,494 ) (14,485 ) (5,872 ) Gross profit 241 5,821 6,876 Selling and distribution expenses (922 ) (700 ) (442 ) Administrative expenses (11,793 ) (11,501 ) (5,699 ) Other (losses)/income (782 ) 205 142 Impairment (losses)/reversal on financial assets (3,330 ) 1,073 (9,931 ) Finance costs (4,193 ) (3,586 ) (1,906 ) Finance income 16,922 15,594 8,785 (LOSS ) /PROFIT BEFORE INCOME TAX (3,857 ) 6,906 (2,175 ) Income tax expense (7,230 ) (5,864 ) (1,931 ) (LOSS ) /PROFIT FOR THE YEAR/PERIOD FROM THE DISCONTINUED OPERATIONS (11,087 ) 1,042 (4,106 ) Attributable to: Owners of the company (4,268 ) (1,285 ) (5,504 ) Non-controlling interests (6,819 ) 2,327 1,398 |
Schedule of major classes of assets and liabilities | Schedule of major classes of assets and liabilities December 31, 2022 July 28, 2023 CNY CNY ASSETS NON-CURRENT ASSETS Property, plant and equipment 367 282 Intangible assets 19,381 18,921 Right-of-use Assets 1,980 1,621 Trade receivables 10,520 4,714 Contract assets 89,713 88,423 TOTAL NON-CURRENT ASSETS 121,961 113,961 CURRENT ASSETS Inventories 729 911 Trade receivables - current 46,760 56,277 Bills receivable 8,500 — Contract assets - current 21,647 17,842 Prepayments 1,723 902 Other receivable 84,865 82,857 Other current assets 3,160 3,160 Cash and cash equivalents 25,655 37,460 TOTAL CURRENT ASSETS 193,039 199,409 TOTAL ASSETS 315,000 313,370 LIABILITIES CURRENT LIABILITIES Trade payables 20,225 21,522 Contract Liability 690 690 Other payables and accruals 141,136 143,067 Income tax payable 10,732 11,673 Interest-bearing loans and borrowings - current 3,000 3,500 Lease liabilities - current 645 584 Due to related companies 444 496 TOTAL CURRENT LIABILITIES 176,872 181,532 NON-CURRENT LIABILITIES Deferred tax liabilities 5,276 5,266 Lease liabilities - non current 1,248 1,073 Interest-bearing loans and borrowings 71,000 69,000 TOTAL NON-CURRENT LIABILITIES 77,524 75,339 TOTAL LIABILITIES 254,396 256,871 NET ASSETS 60,604 56,499 Equity attributable to owners of the Company (49,076 ) (54,579 ) Non-controlling interests 109,680 111,078 |
Schedule of discontinued operations cash flow | Schedule of discontinued operations cash flow 2021 2022 For the period from January 1, 2023 to July 28, 2023 CNY CNY CNY Operating activities (11,166 ) (2,255 ) 15,162 Investing activities 8,835 (13 ) (12 ) Financing activities (11,936 ) (11,930 ) (3,378 ) Net foreign exchange difference (9 ) — 33 Net (decrease) /increase in cash and cash equivalents (14,276 ) (14,198 ) 11,805 Loss per share – Basic, from the discontinued operations (0.52 ) (0.15 ) (0.67 ) – Diluted, from the discontinued operations (0.52 ) (0.15 ) (0.67 ) The calculations of basic and diluted earnings per share from discontinued operations are based on: 2021 2022 For the period from January 1, 2023 to July 28, 2023 CNY CNY CNY Loss for the year attributable to owners of the Company from discontinued operations (4,268 ) (1,285 ) (5,504 ) Weighted average number of ordinary shares in issue during the year / period used in the basic and diluted earnings per share calculation (note 8) 8,144,050 8,189,617 8,222,658 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Information | |
Schedule of segment results | Schedule of segment results CNY Exploration Corporate Total Depreciation and amortization (4 ) (692 ) (696 ) Interest income 1 4 5 Finance costs (1 ) (47 ) (48 ) Fair value gain on financial instruments, net — 847 847 Profit/(loss) before income tax 1,263 (9,600 ) (8,337 ) Other income* 3,742 * — 3,742 Profit/(loss) for the year from continuing operations 1,263 (9,600 ) (8,337 ) Total assets 252,133 1,674 253,807 Total liabilities 159,285 18,527 177,812 *In 2023, the Company received RMB3,742 from government of Dengkou County, Inner Mongolia Autonomous Region as reimbursement payments for discontinuing the exploration and development activities in certain nature reserve areas. The amount is recognized in other income as the expenditure on the exploration and development have been fully expensed before 2023. US$ Exploration Corporate Total Depreciation and amortization — (99 ) (99 ) Interest income — 1 1 Finance costs — (7 ) (7 ) Fair value gain on financial instruments, net — 120 120 Profit/(loss) before income tax 178 (1,355 ) (1,177 ) Other income 529 — 529 Profit/(loss) for the year from continuing operations 178 (1,355 ) (1,177 ) Total assets 35,619 236 35,855 Total liabilities 22,502 2,616 25,118 As of and for the year ended December 31, 2022, the segment results were as follows: CNY Exploration Corporate Total Depreciation and amortization (28 ) (701 ) (729 ) Interest income — 13 13 Finance costs (1 ) 192 191 Fair value gain on financial instruments, net — 1,007 1,007 Loss before income tax (39 ) (23,299 ) (23,338 ) Other income 698 1 699 Loss for the year from continuing operations (39 ) (23,299 ) (23,338 ) Total assets 36,015 213,891 249,906 Total liabilities 38,306 59,296 97,602 As of and for the year ended December 31, 2021, the segment results were as follows: CNY Exploration Corporate Total Depreciation and amortization (64 ) (717 ) (781 ) Interest income 1 12 13 Finance costs (1 ) (165 ) (166 ) Fair value loss on financial instruments, net — (38,349 ) (38,349 ) Loss before income tax (161 ) (48,818 ) (48,979 ) Other income/(losses) 600 (1 ) 599 Income tax benefit — 5,095 5,095 Loss for the year from continuing operations (161 ) (43,723 ) (43,884 ) Total assets 39,018 179,024 218,042 Total liabilities 41,251 60,417 101,668 The reconciliation of segment assets to total assets is as follows: 2022 2023 2023 CNY CNY US$ Segment assets 249,906 253,807 35,855 Assets of segment – Wastewater treatment 315,000 — — Net off (244,915 ) — — Total assets 319,991 253,807 35,855 The reconciliation of segment liabilities to total liabilities is as follows: 2022 2023 2023 CNY CNY US$ Segment liabilities 97,602 177,812 25,118 Liabilities of segment - Wastewater treatment 254,396 — — Net off (209,456 ) — — Total liabilities 142,542 177,812 25,118 |
Schedule of reconciliation from loss | Schedule of reconciliation from loss 2021 2022 2023 2023 CNY CNY CNY US$ Loss for the year from continuing operations (43,884 ) (23,338 ) (8,337 ) (1,177 ) Loss for the year from discontinued operations (11,087 ) 1,042 (4,106 ) (580 ) Net loss (including non-controlling interests) (54,971 ) (22,296 ) (12,443 ) (1,757 ) |
Schedule of non-current assets | Schedule of non-current assets December 31, 2022 2023 2023 CNY CNY US$ Mainland China 122,023 162 23 Hong Kong 1,012 247,767 35,002 Total 123,035 247,929 35,025 |
LOSS BEFORE INCOME TAX (Tables)
LOSS BEFORE INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Loss Before Income Tax | |
Schedule of loss before tax from continuing operations is arrived at after (crediting)/charging | Schedule of loss before tax from continuing operations is arrived at after (crediting)/charging Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Crediting: Finance income (13 ) (13 ) (5 ) (1 ) Depreciation - Property, plant and equipment (Note 9) 62 29 5 1 - Right-of-use assets (Note 11) 719 700 691 98 Expense relating to short-term leases (Note 11) 601 353 194 28 Fair value (gain)/loss on financial instruments: - Financial assets at fair value through profit or loss 45,816 — — — - Derivative financial liabilities (7,467 ) (1,007 ) (847 ) (120 ) Expenses related to share-based payment — — 3,074 435 Consultants share option expense — 16,152 — — Issuance expense related to placement 1,579 — — — Other income (599 ) (699 ) (3,742 ) (529 ) Finance costs 166 (191 ) 48 7 Employee benefit expenses** (Note 6) 1,517 1,171 1,192 168 The Group’s loss before tax from discontinuing operations is arrived at after (crediting)/charging: Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Crediting: Finance income (16,922 ) (15,594 ) (8,785 ) (1,241 ) Charging: Cost of sales - Sales of water treatment equipment — 94 — — - Construction service 12,876 8,580 2,435 345 - Operation and maintenance services 162 — 307 43 - Operation services related to service concession arrangement 5,067 5,811 3,130 442 - Construction services related to service concession arrangement 389 — — — Cost of sales 18,494 14,485 5,872 830 Depreciation - Property, plant and equipment (Note 9) 448 275 95 14 - Right-of-use assets (Note 11) 647 713 359 50 Amortization of intangible assets * 884 813 460 65 Expense relating to short-term leases (Note 11) — 137 129 18 Impairment losses/(reversal) on financial assets: - Trade receivables 3,840 (3,989 ) 383 54 - Contract assets 357 171 3,545 501 - Other receivables 239 2,745 6,003 848 - Amounts due from related companies (1,106 ) — — — Other losses / (income) 782 (205 ) 142 20 Finance costs 4,193 3,586 1,906 270 Employee benefit expenses ** 9,979 9,416 4,960 701 * The amortization of intangible assets allocated to cost of sales amounted to CNY730, CNY730 and CNY425 (US$60) and administrative expenses amounted to CNY154, CNY83 and CNY35 (US$5) on the consolidated statements of profit or loss for the years ended December 31, 2021, 2022 and 2023. ** The employee benefit expenses allocated to cost of sales amounted to CNY2,772, CNY1,418 and CNY870 (US$123), selling and distribution expenses amounted to CNY159, CNY111, CNY70 (US$10) and administrative expenses amounted to CNY8,565, CNY9,058 and CNY5,212 (US$736) on the consolidated statements of profit or loss for the years ended December 31, 2021, 2022 and 2023. |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of employee benefits | Schedule of employee benefits Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Wages, salaries and allowances 1,269 1,042 1,073 151 Housing funds (a) 113 16 12 2 Contribution to pension plans (a) 102 67 70 10 Welfare and other expenses 33 46 37 5 Total employee benefits 1,517 1,171 1,192 168 (a) According to the Mainland China state regulations, the employees of the Group's subsidiaries which operate in Mainland China are required to participate in a central pension scheme operated by the local municipal government and government-sponsored housing funds. These subsidiaries are required to contribute a certain percentage of their payroll costs for those qualified urban employees to the central pension scheme as well as to housing funds. |
INCOME TAX EXPENSE (Tables)
INCOME TAX EXPENSE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of current and deferred components of income tax expense | Schedule of current and deferred components of income tax expense Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Current income tax expense — — — — Deferred income tax benefit (5,095 ) — — — Total tax credit for the year from continuing operations (5,095 ) — — — Total tax charge for the year from a discontinued operation 7,230 5,864 1,931 272 Total 2,135 5,864 1,931 272 |
Schedule of Profit/(loss) before income tax | Schedule of Profit/(loss) before income tax Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ PRC (4,669 ) 6,406 (1,718 ) (243 ) BVI (48,106 ) (22,776 ) (8,738 ) (1,233 ) Hong Kong (61 ) (62 ) (56 ) (8 ) Total loss before income tax for the year (52,836 ) (16,432 ) (10,512 ) (1,484 ) |
Schedule of reconciliation of the income tax expenses | Schedule of reconciliation of the income tax expenses Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Loss before income tax for the year from continuing operations (48,979 ) (23,338 ) (8,337 ) (1,177 ) (Loss)/profit before income tax for the year from a discontinued operation (3,857 ) 6,906 (2,175 ) (307 ) Total (52,836 ) (16,432 ) (10,512 ) (1,484 ) Tax at the statutory tax rate 25 % 25 % 25 % 25 % Computed income tax benefit (13,209 ) (4,108 ) (2,628 ) (371 ) Effect of different tax rates of the Company and certain subsidiaries 6,937 5,699 2,190 309 Tax losses with no deferred tax assets recognized 1,770 420 290 41 Non-deductible expenses 122 983 617 87 Statutory income — (201 ) — — Deductible temporary differences with no deferred tax assets recognized — 971 2,430 343 Utilization of previously unrecognized deductible temporary differences and tax losses (150 ) (1,774 ) (2,021 ) (286 ) Write-off of unrecoverable deferred tax assets previously recognized 2,987 2,272 — — Preferential tax rate 2,215 14 95 13 Others 1,463 1,588 958 136 Total tax credit for the year from continuing operations (5,095 ) — — — Total tax charge for the year from a discontinued operation 7,230 5,864 1,931 272 Income tax benefit 2,135 5,864 1,931 272 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of basic and diluted net loss per share | Schedule of basic and diluted net loss per share Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Loss for the year attributable to owners of the Company From continuing operations (43,884 ) (23,338 ) (8,337 ) (1,177 ) From discontinued operations (4,268 ) (1,285 ) (5,504 ) (777 ) Weighted average number of ordinary shares for basic and diluted earnings per share * 8,144,050 8,189,617 8,222,658 8,222,658 Loss per share: Basic and diluted For loss from continuing operations (5.39 ) (2.85 ) (1.01 ) (0.15 ) For loss from discontinued operations (0.52 ) (0.15 ) (0.67 ) (0.09 ) Loss per share (5.91 ) (3.00 ) (1.68 ) (0.24 ) * The basic and diluted loss per ordinary share has been adjusted retrospectively for the Share Combination which became effective on April 3, 2023. Refer to Note 24 for further details. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of property plant and equipment | Schedule of property plant and equipment Buildings Machinery and equipment Motor vehicle Office and other equipment Total CNY CNY CNY CNY CNY Cost As of January 1, 2022 46 1,177 2,486 728 4,437 Additions — 8 — 9 17 Disposal — — (16 ) (93 ) (109 ) As of December 31, 2022 46 1,185 2,470 644 4,345 Accumulated depreciation As of January 1, 2022 (12 ) (1,122 ) (2,014 ) (574 ) (3,722 ) Depreciation charge (3 ) (22 ) (259 ) (20 ) (304 ) Disposal — — 15 90 105 (15 ) (1,144 ) (2,258 ) (504 ) (3,921 ) Net book value As of January 1, 2022 34 55 472 154 715 As of December 31, 2022 31 41 212 140 424 Cost As of January 1, 2023 46 1,185 2,470 644 4,345 Additions — 11 — — 11 Disposal of PSTT — (100 ) (1,869 ) (738 ) (2,707 ) As of December 31, 2023 46 1,096 601 (94 ) 1,649 Accumulated depreciation As of January 1, 2023 (15 ) (1,144 ) (2,258 ) (504 ) (3,921 ) Depreciation charge (3 ) (30 ) (60 ) (7 ) (100 ) Disposal of PSTT — 91 1,735 599 2,425 (18 ) (1,083 ) (583 ) 88 (1,596 ) Net book value As of December 31, 2023 28 13 18 (6 ) 53 As of December 31, 2023 (US$) 4 2 2 (1 ) 7 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Intangible Assets | |
Schedule of Intangible assets | Schedule of Intangible assets Patent Concession right Software Total CNY CNY CNY CNY Cost As of January 1, 2022 22,878 20,430 274 43,582 Additions — — 5 5 As of December 31, 2022 22,878 20,430 279 43,587 Accumulated amortization and impairment As of January 1, 2022 (22,493 ) (730 ) (170 ) (23,393 ) Amortization charge (36 ) (730 ) (47 ) (813 ) As of December 31, 2022 (22,529 ) (1,460 ) (217 ) (24,206 ) Net carrying amount As of December 31, 2022 349 18,970 62 19,381 As of December 31, 2022 (US$) 51 2,750 9 2,810 Cost As of January 1, 2023 22,878 20,430 279 43,587 Additions — — — — Disposal of PSTT (22,878 ) (20,430 ) (279 ) (43,587 ) As of December 31, 2023 — — — — Accumulated amortization and impairment As of January 1, 2023 (22,529 ) (1,460 ) (217 ) (24,206 ) Amortization charge (18 ) (425 ) (17 ) (460 ) Disposal of PSTT 22,547 1,885 234 24,666 As of December 31, 2023 — — — — Net carrying amount As of December 31, 2023 — — — — As of December 31, 2023 (US$) — — — — |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of right-of-use assets | Schedule of right-of-use assets Motor vehicles Offices and warehouses Total CNY CNY CNY As of January 1, 2022 245 2,106 2,351 Addition 361 1,648 2,009 Depreciation charge (181 ) (1,232 ) (1,413 ) Foreign currency translation difference — 46 46 As of December 31, 2022 425 2,568 2,993 As of January 1, 2023 425 2,568 2,993 Addition — — — Depreciation charge (100 ) (950 ) (1,050 ) Foreign currency translation difference — 24 24 Disposal of PSTT (325 ) (1,296 ) (1,621 ) As of December 31, 2023 — 346 346 As of December 31, 2023 (US$) — 49 49 |
Schedule of Lease Liabilities | Schedule of Lease Liabilities Motor vehicles Offices and warehouses Total CNY CNY CNY As of January 1, 2022 155 2,034 2,189 Addition 265 1,516 1,781 Accretion of interest recognized during the year 14 119 133 Payments (112 ) (1,141 ) (1,253 ) Foreign currency translation difference — 65 65 As of December 31, 2022 322 2,593 2,915 Analyzed into: Current portion 48 1,269 1,317 Non-current portion 274 1,324 1,598 Motor vehicles Offices and warehouses Total CNY CNY CNY As of January 1, 2023 322 2,593 2,915 Addition — — — Accretion of interest recognized during the year 13 86 99 Payments (60 ) (964 ) (1,024 ) Foreign currency translation difference — 27 27 Disposal of PSTT (275 ) (1,382 ) (1,657 ) As of December 31, 2023 — 360 360 Analyzed into: Current portion — 360 360 Non-current portion — — — As of December 31, 2023 (US$) — 51 51 Current portion (US$) — 51 51 Non-current portion (US$) — — — |
Schedule of lease-related expenses | Schedule of lease-related expenses Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Depreciation expense of right-of-use assets 1,366 1,413 1,050 148 Interest on lease liabilities 150 133 99 14 Expense relating to short-term leases 601 490 323 46 Total amounts recognized in profit or loss 2,117 2,036 1,472 208 |
TRADE RECEIVABLES (Tables)
TRADE RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade Receivables | |
Schedule of trade receivables | Schedule of trade receivables December 31, 2022 2023 2023 CNY CNY US$ Non-current Trade receivables from construction contracts 13,128 — — Less: Impairment allowance (2,608 ) — — Total of Non-current trade receivables 10,520 — — Current Trade receivables from service concession agreement 22,927 — — Trade receivables from construction contracts 34,850 — — Less: Impairment allowance (11,017 ) — — Total of current trade receivables 46,760 — — Total 57,280 — — |
Schedule of aging analysis of trade receivables | Schedule of aging analysis of trade receivables December 31, 2022 2023 2023 CNY CNY US$ Within 1 year 18,401 — — Between 1-2 years 13,896 — — Between 2-3 years 4,518 — — Over 3 years 20,465 — — Total 57,280 — — |
Schedule of the movement in the loss allowance for trade receivables | Schedule of the movement in the loss allowance for trade receivables December 31, 2022 2023 2023 CNY CNY US$ Beginning of the year 17,614 13,625 1,925 (Reversal)/provision for expected credit losses, net (3,989 ) 383 54 Disposal of PSTT — (14,008 ) (1,979 ) End of the year 13,625 — — |
Schedule of impairment | Schedule of impairment Past due Current Within 1 year 1-2 years 2-3 years Over 3 years Total As of December 31, 2021: Expected credit loss rate: — 6 % 26 % 13 % 48 % 26 % Gross carrying amount (CNY) 3,670 16,311 6,865 14,712 27,083 68,641 Impairment allowances (CNY) — 955 1,759 1,916 (i) 12,984 (ii) 17,614 As of December 31, 2022: Expected credit loss rate: — 0 % 9 % 29 % 34 % 19 % Gross carrying amount (CNY) — 18,406 15,195 6,399 30,905 70,905 Impairment allowances (CNY) — 5 1,299 1,881 10,440 (ii) 13,625 (i) The impairment allowances included CNY221 as of December 31, 2021, for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full. (ii) The impairment allowances included an amount of CNY4,600 and nil as of December 31, 2022 for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full. |
CONTRACT ASSETS (Tables)
CONTRACT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of contract assets | Schedule of contract assets December 31, 2022 2023 2023 CNY CNY US$ Non-current Service concession assets (a) 89,740 — — Less: impairment allowance (27 ) — — 89,713 — — Current Service concession assets (a) 7,423 — — Other contract assets (b) 14,930 — — Less: impairment allowance (706 ) — — 21,647 — — Total 111,360 — — (a) Service concession assets bearing an imputed interest of 7% arose from the Group's revenue from construction service under a BOT arrangement rendered by the Group's subsidiary, Shaoguan Angrui. The facilities that the service concession arrangement relate to were under construction phases from June 2018 to January 2021 and commenced operation in January 2021. The amounts for the service concession arrangement are not yet due for payment and will be settled by revenue to be generated during the operating periods of the service concession arrangement. Amounts billed will be transferred to trade receivables. As of December 31, 2022, the Group’s concession rights and assets associated with the environmental water projects (comprising intangible asset, contract assets and trade receivables) with aggregate gross carrying amounts of CNY 139,060 74,000 (b) The balances as of December 31, 2022 comprised contract assets arising from performance under a water treatment plant construction service contract. Such contracts include payment schedules that require progress payments over the service periods when milestones are reached. |
Schedule of the movements in the provision for impairment of contract assets | Schedule of the movements in the provision for impairment of contract assets December 31, 2022 2023 2023 CNY CNY US$ Beginning of the year 562 733 104 Provision for expected credit losses, net 171 3,545 501 Disposal of PSTT — (4,278 ) (605 ) End of the year 733 — — |
OTHER NON-CURRENT ASSETS (Table
OTHER NON-CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other non-current assets | Schedule of other non-current assets December 31, 2022 2023 2023 CNY CNY US$ Zimbabwe lithium deposits (i) — 247,420 34,953 Others 4 110 16 Total 4 247,530 34,969 (i) Please refer to Note 25 (b) for more details. |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other receivables | Schedule of other receivables December 31, 2022 2023 2023 CNY CNY US$ Financial assets Loans to an unrelated company (i) 83,600 — — Deposits 790 3 — Others 1,000 — — Financials asset 85,390 3 — Staff advance 237 12 3 Others 90 3 — Total amount 327 15 3 Impairment allowance (2,984 ) — — Total 82,733 18 3 (i) The balance as of December 31, 2022 consisted of a loan in the amount of CNY80,000 (US$11,599) and the corresponding interest receivable amounted to CNY 3,600 (US$521) from Shenzhen Qianhai, a subsidiary of the Company, to an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was originally provided on June 30, 2021, and will mature in one year. On June 30, 2022, the loan was extended for another year to June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group. During year 2023, the loan was derecognized as it was part of the wastewater treatment segment which was disposed by the Company (Note 3). |
Schedule of movements in the loss allowance for other receivables | Schedule of movements in the loss allowance for other receivables December 31, 2022 2023 2023 CNY CNY US$ Beginning of the year 239 2,984 423 Provision for expected credit losses, net 2,745 6,003 848 Disposal of PSTT — (8,987 ) (1,271 ) End of the year 2,984 — — |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents December 31, 2022 2023 2023 CNY CNY US$ Cash and cash equivalents - Cash on hand 71 2 — - Cash at bank 31,154 4,751 671 - Short-term deposits 470 — — Total Cash and cash equivalent 31,695 4,753 671 |
Schedule of cash and cash equivalents denominated in different currencies | Schedule of cash and cash equivalents denominated in different currencies December 31, 2022 2023 2023 CNY CNY US$ CNY 24,709 3,673 518 US$ 6,255 762 108 HK$ 731 318 45 31,695 4,753 671 |
TRADE PAYABLES (Tables)
TRADE PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of trade payables | Schedule of trade payables December 31, 2022 2023 2023 CNY CNY US$ Trade payables 20,326 100 14 |
Schedule of aging analysis of trade payables | Schedule of aging analysis of trade payables December 31, 2022 2023 2023 CNY CNY US$ Within 1 year 4,139 — — Between 1 and 2 years 5,438 — — Over 2 years 10,749 100 14 Total 20,326 100 14 |
OTHER PAYABLES AND ACCRUALS (Ta
OTHER PAYABLES AND ACCRUALS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other payables and accruals | Schedule of other payables and accruals December 31, 2022 2023 2023 CNY CNY US$ Financial liabilities Accrued expenses 6,444 7,748 1,095 Deposits from customers 305 116 16 6,749 7,864 1,111 Accrued payroll 3,108 156 21 Penalties related to income tax 4,611 — — Taxes other than income tax payable (a) 1,885 2 — Transaction deposit of mining right acquisition (Note 25 (b)) — 74,322 10,500 Others 371 266 37 9,975 74, 746 10,558 Total 16,724 82,610 11,669 (a) Taxes other than income taxes payable mainly comprise accruals for output value-added tax, city construction tax and education surcharge. |
INTEREST-BEARING LOANS AND BO_2
INTEREST-BEARING LOANS AND BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Interest-bearing Loans And Borrowings | |
Schedule of interest-bearing loans and borrowings | Schedule of interest-bearing loans and borrowings December 31, 2022 2023 2023 CNY CNY US$ Interest rate Maturity Non-current interest-bearing loans Bank loan-secured and guaranteed 5.05 % 2023 to 2038 71,000 — — Current interest-bearing loans Bank loan-secured and guaranteed 5.05 % 2022 to 2023 3,000 — — Total 74,000 — — |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of financial assets | Schedule of financial assets December 31, 2022 2023 2023 CNY CNY US$ Debt instruments at amortized cost: Trade receivables: current 46,760 — — Trade receivables: non-current 10,520 — — Financial assets included in other receivables 82,406 3 — Financial assets at fair value through other comprehensive income: Bills receivable 8,500 — — Total 148,186 3 — Total current 137,666 3 — Total non-current 10,520 — — |
Schedule of financial liabilities | Schedule of financial liabilities December 31, December 31, December 31, 2022 2023 2023 CNY CNY US$ Derivatives not designated as hedging instruments: Derivative financial liabilities (i) 824 — — Financial liabilities at amortized cost: Trade payables 20,326 100 14 Financial liabilities in other payables and accruals 6,749 7,864 1,111 Lease liabilities 2,915 360 51 Due to related companies 3,408 9,069 1,281 Due to the Shareholder 7,153 85,673 12,103 Interest-bearing loans and borrowings 74,000 — — Total 115,375 103,066 14,560 Total current 42,777 103,066 14,560 Total non-current 72,598 — — (i) This represents certain warrants issued to institutional investors on January 20, 2021, which was recognized as derivative financial liabilities (not designated as hedging instruments) with a fair value of CNY9,246 (US$1,427)* on the issue date as the investors have the right to exercise their warrants on a cashless basis. In accordance with IAS 32, a contract settled by a single net payment (generally referred to as net cash-settled or net equity-settled as the case may be) is a financial liability and not an equity instrument. The fair value gain of derivative financial liabilities for the years ended December 31, 2021, 2022 and 2023 was CNY 7,467 1,007 847 120 |
Schedule of the carrying amounts and fair values of the Group’s financial instruments other than those with carrying amounts | Schedule of the carrying amounts and fair values of the Group’s financial instruments other than those with carrying amounts December 31, 2022 2023 2023 CNY CNY US$ Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Financial liabilities Interest-bearing loans and borrowings 74,000 77,636 — — — — |
Schedule of the fair value measurement hierarchy of the Group’s financial assets and financial liabilities | Schedule of the fair value measurement hierarchy of the Group’s financial assets and financial liabilities As of December 31, 2022 Fair value measurement using Quoted prices in active markets (Level 1) Significant observable inputs (Level 2) Significant unobservable inputs (Level 3) Total CNY CNY CNY CNY Recurring fair value measurement: Financial assets Bills receivable — 8,500 — 8,500 Financial liabilities Derivative financial liabilities — 824 — 824 |
FINANCIAL RISK MANAGEMENT OBJ_2
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Summary the maturity profile of financial liabilities and lease liabilities | Summary the maturity profile of financial liabilities and lease liabilities December 31, 2022 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Derivative financial liabilities 824 — — — 824 Trade payables — 20,326 — — 20,326 Financial liabilities in other payables and accruals — 6,749 — — 6,749 Due to related companies — 3,408 — — 3,408 Due to the Shareholder — 7,153 — — 7,153 Lease liabilities — 1,387 1,691 243 3,321 Interest-bearing loans and — 6,729 29,005 71,197 106,931 Trade and other payables 824 45,752 30,696 71,440 148,712 December 31, 2023 On demand Less than 1 to 5 years More than Total CNY CNY CNY CNY CNY Trade payables 100 — — — 100 Financial liabilities in other payables and accruals — 7,864 — — 7,864 Due to related companies — 9,069 — — 9,069 Due to the shareholder — 85,673 — — 85,673 Lease liabilities — 366 — — 366 100 102,972 — — 103,072 December 31, 2023 On demand Less than 1 to 5 years More than Total US$ US$ US$ US$ US$ Trade payables 14 — — — 14 Financial liabilities in other payables and accruals — 1,111 — — 1,111 Due to related companies — 1,281 — — 1,281 Due to the shareholder — 12,103 — — 12,103 Lease liabilities — 52 — — 52 14 14,547 — — 14,561 |
DEFERRED TAX ASSETS AND LIABI_2
DEFERRED TAX ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Tax Assets And Liabilities | |
Schedule of net deferred tax assets and liabilities | Schedule of net deferred tax assets and liabilities As of December 31, 2022 2023 2023 CNY CNY US$ Deferred tax assets 488 — — Offset amount (488 ) — — Deferred tax assets after offsetting — — — Deferred tax liabilities before offsetting 5,764 — — Offset amount (488 ) — — Deferred tax liabilities after offsetting 5,276 — — |
Schedule of gross movement of the deferred tax account | Schedule of gross movement of the deferred tax account 2022 2023 2023 CNY CNY US$ As of January 1 2,478 5,276 744 Charged/(credited) to the consolidated statements of profit or loss during the year 2,798 (10 ) (1 ) Disposal of PSTT — (5,266 ) (743 ) As of December 31 5,276 — — |
Schedule of deferred tax assets | Schedule of deferred tax assets Provision for loss allowance Significant financing component of the contract with customers Lease liabilities Losses available for offsetting against future taxable profits Total CNY CNY CNY CNY As of January 1, 2022 2,143 540 454 154 3,291 Charged to the consolidated statements of profit or loss during the year (2,136 ) (478 ) (35 ) (154 ) (2,803 ) As of December 31, 2022 7 62 419 — 488 As of January 1, 2023 7 62 419 — 488 Charged to the consolidated statements of profit or loss during the year — (22 ) (57 ) — (79 ) Disposal of PSTT (7 ) (40 ) (362 ) — (409 ) As of December 31, 2023 — — — — — As of December 31, 2023 US$ — — — — — |
Schedule of deferred tax liabilities | Schedule of deferred tax liabilities Temporary difference on assets recognized under IFRIC 12 Right-of-use assets Total CNY CNY CNY As of January 1, 2022 5,270 499 5,769 C redited to the consolidated statements of profit or loss during the year — (5 ) (5 ) As of December 31, 2022 5,270 494 5,764 As of January 1, 2023 5,270 494 5,764 Credited to the consolidated statements of profit or loss during the year — (89 ) (89 ) Disposal of PSTT (5,270 ) (405 ) (5,675 ) As of December 31, 2023 — — — As of December 31, 2023 US$ — — — |
Schedule of deferred tax not recognized | Schedule of deferred tax not recognized December 31, 2022 2023 2023 CNY CNY US$ Deductible temporary differences with no deferred tax assets recognized 21,929 1,200 170 Tax losses with no deferred tax assets recognized 16,073 6,077 859 Total 38,002 7,277 1,029 |
Schedule of expiration dates of the tax losses | Schedule of expiration dates of the tax losses December 31, 2022 2023 2023 CNY CNY US$ Year of expiration 2022 — — — 2023 2,318 — — 2024 1,835 1,745 247 2025 2,476 1,462 207 2026 7,040 1,411 199 2027 2,302 499 70 2028 — 828 117 Total 15,971 5,945 840 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
schedule of issued capital | schedule of issued capital December 31, 2022 2023 2023 CNY CNY US$ Authorized: 10,000,000 preferred shares, no par value — — — 200,000,000 common shares, no par value — — — Common shares issued and fully paid: December 31, 2023: 8,377,897 (December 31, 2022: 40,948,082*) common shares, no par value 450,782 450,782 63,682 |
schedule of issued capital shares combination | schedule of issued capital shares combination Number of shares Share capital CNY US$ As of January 1, 2022 , December 31, 2022 and January 1, 2023 40,948,082 450,782 63,682 Effect of Five-to-One Share Combination* (32,750,185 ) — — Equity-settled share-based payments 180,000 — — As of December 31, 2023 8,377,897 450,782 63,682 * The numbers of common shares above are before giving effect to the Share Combination which became effective on April 3, 2023. On April 3, 2023, the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis. The basic and diluted earnings/(loss) per ordinary share has been retrospectively adjusted to reflect the impact of the share combination. All outstanding options, warrants and other rights to purchase the Company's common shares were adjusted proportionately as a result of the share combination. |
Schedule of other capital reserves | Schedule of other capital reserves Other capital reserves CNY US$ As of January 1, 2022 719,110 101,589 Equity inventive share-based payment (Note 26) 16,209 2,290 As of December 31, 2022 735,319 103,879 As of January 1, 2023 735,319 103,879 Deemed distribution from the controlling shareholder (Note 3) 20,382 2,880 Equity-settled share-based payments 3,074 435 As of December 31, 2023 758,775 107,194 |
RELATED PARTY BALANCES AND TR_2
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of commercial transactions with related companies | Schedule of commercial transactions with related companies Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Interest income received from Feishang Enterprise (a) (i) 3,396 — — — CHNR’s share of office rental, rates and others to Anka Consultants Limited (“Anka”) (b) (ii) 1,343 1,175 445 63 Feishang Management's share of office rental to Feishang Enterprise (a) (iii) 166 166 166 23 Shenzhen New PST’s share of office rental to Feishang Enterprise (a) (iv) 90 90 53 7 (i) The Company's subsidiary, Shanghai Onway, entered into a series of contracts to provide a loan amounting to CNY80,000 at an interest rate of 9% per annum to Feishang Enterprise from March 2, 2018 to June 30, 2021. (ii) The Company signed a contract with Anka to lease 184 square meters of office premises for two years from July 2018 to June 30, 2020, and extended it to June 30, 2024. The agreement also provides that the Company shares certain costs and expenses in connection with its use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka. (iii) On January 1, 2018, Feishang Management signed an office-sharing agreement with Feishang Enterprise. Pursuant to the agreement, Feishang Management shares 40 square meters of office premises for 33 months. Feishang Management signed a new contract with Feishang Enterprise in October 2023, which will expire on September 30, 2024. (iv) Shenzhen New PST signed a contract with Feishang Enterprise to lease 96 meters of office premises for 12-month period from March 14, 2022 to March 13, 2023 and renewed the contract with same terms for another 12-month period from March 14, 2023 to March 13, 2024. Due to the disposal of PSTT, the transaction amount in 2023 contains 7 months rentals. (a) Feishang Enterprise is controlled by Mr. Li Feilie, who is the controlling shareholder of the Company. (b) Anka is jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company. |
Schedule of balances with related companies | Schedule of balances with related companies December 31, 2022 2023 2023 CNY CNY US$ Current: Payable to related companies: Feishang Enterprise (a) (i) 495 6,078 858 Anka Capital Ltd. (“Anka Capital”) (b) (iii) 2,913 2,991 423 3,408 9,069 1,281 Payable to the Shareholder: Feishang Group Ltd. (a) (ii) 7,153 7,153 1,010 Feishang Group Ltd. (a) — 78,520 11,093 7,153 85,673 12,103 Lease liabilities to related parties: Anka (b) 1,022 360 51 1,022 360 51 (i) The payable to Feishang Enterprise by Feishang Management represents the net amount of advances from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (ii) The payable to Feishang Group represents the net amount of advances from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (iii) The payable to Anka Capital represents the net amount of advances from Anka Capital. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. (a) Feishang Enterprise and Feishang Group are controlled by Mr. Li Feilie, who is the controlling shareholder of the Company. (b) Anka Capital and Anka are each jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company. |
Schedule of compensation of key management personnel of the group | Schedule of compensation of key management personnel of the group Year Ended December 31, 2022 2023 2023 CNY CNY US$ Wages, salaries and allowances 1,171 1,014 143 Housing funds 16 16 2 Contribution to pension plans 65 64 9 1,252 1,094 154 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of expense arising from share-based payments | Schedule of expense arising from share-based payments Year Ended December 31, 2021 2022 2023 2023 CNY CNY CNY US$ Issuance expense related to agent warrants 447 — — — Consultants share option expense (Note 5) — 16,152 — — Consultants share-based payment expense (Note 5) — — 3,074 435 Total 447 16,152 3,074 435 |
Schedule of agent warrants | Schedule of agent warrants Number of shares Exercise price per share US$ Outstanding at January, 2021 — — Granted during the year 396,000 2.35 Outstanding as of December 31, 2021 396,000 2.35 Outstanding as of December 31, 2022 396,000 0.623 * Effect of Five-to-One Share Combination (Note 24) (316,800 ) — Outstanding as of December 31, 2023 79,200 3.115 ** The remaining contractual life for the agent warrants as of December 31, 2023 and 2022, were 0.06 years and 1.06 years, respectively. * The exercise price was revised to $0.623 per share in July, 2022. ** The exercise price was revised to $3.115 per share in March, 2023. |
Schedule of share options | Schedule of share options Number of shares Exercise price per share US$ Outstanding as of January, 2021 and December 31, 2021 — — Granted during the year 8,100,000 0.623 Outstanding as of December 31, 2022 * 8,100,000 0.623 Granted during the year — — Effect of Five-to-One Share Combination (Note 24) (6,480,000 ) — Outstanding as of December 31, 2023 1,620,000 3.115 * The share option numbers above are before giving effect to the Share Combination which became effective on April 3, 2023. Refer to Note 24 for further details. |
Schedule of inputs to the models for fair value | Schedule of inputs to the models for fair value Agent warrants Share options 2021 2022 Fair value at the measurement date (US$) 70 2,400 Fair value at the measurement date (CNY) 449 16,209 Expected volatility (%) 93.67 93.50 Risk-free interest rate (%) 0.19 3.16 Expected life (years) 2.50 3 Share price (US$) 0.901 0.623 |
PARTLY OWNED SUBSIDIARY WITH _2
PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Partly Owned Subsidiary With Material Non-controlling Interests | |
Schedule of equity interest held by non-controlling interests | Schedule of equity interest held by non-controlling interests Name Country of incorporation and operation 2021 2022 Shanghai Onway Group PRC/Mainland China 49 % 49 % 2021 2022 CNY CNY (Loss)/profit for the year allocated to non-controlling interests: Shanghai Onway Group (6,819 ) 2,327 Dividends paid to non-controlling interests: Shanghai Onway Group 4,900 — Accumulated balances of non-controlling interest: Shanghai Onway Group 107,353 109,680 |
Schedule of financial information | Schedule of financial information 2021 Shanghai Onway Group CNY US$ Revenue 18,735 2,948 Other income/(losses) (32,312 ) (5,084 ) Loss for the year (13,577 ) (2,136 ) Total comprehensive income loss for year (13,577 ) (2,136 ) Current assets 187,619 29,519 Non-current assets 126,573 19,914 Current liabilities (40,716 ) (6,406 ) Non-current liabilities (40,259 ) (6,334 ) Net cash flows used in operating activities (8,758 ) (1,378 ) Net cash flows used in investing activities (1,509 ) (237 ) Net cash flows used in financing activities (3,972 ) (625 ) Net decrease in cash and cash equivalents (14,239 ) (2,240 ) 2022 Shanghai Onway Group CNY US$ Revenue 20,306 2,944 Other income/(losses) (15,504 ) (2,248 ) Profit for the year 4,802 696 Total comprehensive income loss for year 4,802 696 Current assets 197,468 28,625 Non-current assets 121,961 17,681 Current liabilities (44,602 ) (6,466 ) Non-current liabilities (77,524 ) (11,239 ) Net cash flows used in operating activities (6,588 ) (956 ) Net cash flows from investing activities 157 23 Net cash flows used in financing activities (7,743 ) (1,122 ) Net decrease in cash and cash equivalents (14,174 ) (2,055 ) |
NOTES TO THE CONSOLIDATED STA_2
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of changes in liabilities arising from financing activities | Schedule of changes in liabilities arising from financing activities Year Ended December 31, 2022 Interest-bearing loans and borrowings Dividends payable Due to related companies Due to the Shareholder Lease liabilities CNY CNY CNY CNY CNY As of January 1, 2022 77,000 5,048 5,710 14,050 2,189 Changes from financing cash flows (6,882 ) (5,048 ) (2,765 ) (6,885 ) (1,253 ) New leases — — — — 1,781 Interest expenses 3,882 — — — 133 Other changes — — 463 (12 ) 65 As of December 31, 2022 74,000 — 3,408 7,153 2,915 Year Ended December 31, 2023 Interest-bearing loans and borrowings Dividends payable Due to related companies Due to the Shareholder Lease liabilities CNY CNY CNY CNY CNY As of January 1, 2023 74,000 — 3,408 7,153 2,915 Changes from financing cash flows (3,378 ) — 3,932 78,520 (1,024 ) Foreign exchange difference — — 78 — 27 Interest expenses 1,878 — — — 99 Disposal of PSTT (72,500 ) — 1,651 — (1,657 ) As of December 31, 2023 — — 9,069 85,673 360 Year Ended December 31, 2023 Interest-bearing loans and borrowings Dividends payable Due to related companies Due to the Shareholder Lease liabilities US$ US$ US$ US$ US$ As of January 1, 2023 10,728 — 494 1,037 422 Changes from financing cash flows (477 ) — 555 11,066 (145 ) Foreign exchange difference — — 11 — 4 Interest expenses 265 — — — 14 Disposal of PSTT (10,516 ) — 221 — (244 ) As of December 31, 2023 — — 1,281 12,103 51 |
Schedule of Cash Outflow for Leases | Schedule of Cash Outflow for Leases 2022 2023 2023 CNY CNY US$ Within operating activities (250 ) (323 ) (46 ) Within financing activities (1,253 ) (1,024 ) (145 ) Total cash outflow for leases (1,503 ) (1,347 ) (191 ) |
ORGANIZATION AND PRINCIPAL AC_3
ORGANIZATION AND PRINCIPAL ACTIVITIES (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | |
IfrsStatementLineItems [Line Items] | ||||
Nominal value of issued common/ registered share capital | $ 63,682 | ¥ 450,782 | $ 63,682 | ¥ 450,782 |
China Coal Mining Investment Limited China Coal [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | China Coal Mining Investment Limited (“China Coal”) | |||
Place of incorporation/registration and operations | Hong Kong | |||
Percentage of equity attributable to the Company - Direct | 100% | |||
Principal activities | Investment holding | |||
F M H Corporate Services Inc [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | FMH Corporate Services Inc. | |||
Place of incorporation/registration and operations | United States | |||
Percentage of equity attributable to the Company - Direct | 100% | |||
Principal activities | Dormant | |||
Feishang Dayun Coal Mining Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Feishang Dayun Coal Mining Limited | |||
Place of incorporation/registration and operations | Hong Kong | |||
Principal activities | Investment holding | |||
Percentage of equity attributable to the Company - Indirect | 100% | |||
Feishang Mining Holdings Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Feishang Mining Holdings Limited | |||
Place of incorporation/registration and operations | BVI | |||
Percentage of equity attributable to the Company - Direct | 100% | |||
Principal activities | Investment holding | |||
Feishang Yongfu Mining Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Feishang Yongfu Mining Limited | |||
Place of incorporation/registration and operations | Hong Kong | |||
Principal activities | Investment holding | |||
Percentage of equity attributable to the Company - Indirect | 100% | |||
Newhold Investments Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Newhold Investments Limited | |||
Place of incorporation/registration and operations | BVI | |||
Percentage of equity attributable to the Company - Direct | 100% | |||
Principal activities | Investment holding | |||
Pineboom Investments Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Pineboom Investments Limited | |||
Place of incorporation/registration and operations | BVI | |||
Percentage of equity attributable to the Company - Direct | 100% | |||
Principal activities | Investment holding | |||
Shenzhen Feishang Managementand Consulting Co Limited Feishang Management [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Shenzhen Feishang Management and Consulting Co., Limited (“Feishang Management”) | |||
Place of incorporation/registration and operations | PRC/Mainland China | |||
Principal activities | Provision of management and consulting services to other companies in the Group | |||
Percentage of equity attributable to the Company - Indirect | 100% | |||
Nominal value of issued common/ registered share capital | 10,000 | |||
Yangpu Shuanghu Industrial Development Co Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Yangpu Shuanghu Industrial Development Co., Limited | |||
Place of incorporation/registration and operations | PRC/Mainland China | |||
Principal activities | Investment holding | |||
Percentage of equity attributable to the Company - Indirect | 100% | |||
Nominal value of issued common/ registered share capital | 1,000 | |||
Yunnan Feishang Mining Co Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Yunnan Feishang Mining Co., Limited | |||
Place of incorporation/registration and operations | PRC/Mainland China | |||
Principal activities | Investment holding | |||
Percentage of equity attributable to the Company - Indirect | 100% | |||
Nominal value of issued common/ registered share capital | 50,000 | |||
Bayannaoer City Feishang Mining Company Limited [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Name of subsidiary | Bayannaoer City Feishang Mining Company Limited | |||
Place of incorporation/registration and operations | PRC/Mainland China | |||
Principal activities | Exploration and development of lead mines | |||
Percentage of equity attributable to the Company - Indirect | 100% | |||
Nominal value of issued common/ registered share capital | ¥ 59,480 |
MATERIAL ACCOUNTING POLICIES (D
MATERIAL ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 8–35 |
Machinery and equipments [Member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 3–15 |
Motor vehicles [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 4–8 |
Office equipment [member] | |
IfrsStatementLineItems [Line Items] | |
Estimated useful lives | 4–8 |
MATERIAL ACCOUNTING POLICIES _2
MATERIAL ACCOUNTING POLICIES (Details 1) | 12 Months Ended |
Dec. 31, 2023 | |
Service concession rights [member] | |
IfrsStatementLineItems [Line Items] | |
Amortized estimated useful lives | 28 years |
Patent [Member] | |
IfrsStatementLineItems [Line Items] | |
Amortized estimated useful lives | 18 years |
Computer software [member] | |
IfrsStatementLineItems [Line Items] | |
Amortized estimated useful lives | 5 years |
MATERIAL ACCOUNTING POLICIES _3
MATERIAL ACCOUNTING POLICIES (Details 2) | 12 Months Ended |
Dec. 31, 2023 | |
Office And Warehouse [Member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life measured period right to use assets | 2 years |
Office And Warehouse [Member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life measured period right to use assets | 5 years |
Motor vehicles [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life measured period right to use assets | 2 years |
Motor vehicles [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Useful life measured period right to use assets | 10 years |
BASIS OF PREPARATION (Details N
BASIS OF PREPARATION (Details Narrative) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2020 CNY (¥) | |
Notes and other explanatory information [abstract] | ||||||||
Cash flows from (used in) operating activities | $ 1,884 | ¥ 13,328 | ¥ (12,786) | ¥ (12,068) | ||||
Working capital deficit | ¥ 172,000 | |||||||
Cash and cash equivalents | $ 671 | ¥ 58,359 | ¥ 4,753 | $ 4,478 | ¥ 31,695 | ¥ 56,580 | ||
Translated exchange description | US$1.00 = CNY7.0786 | US$1.00 = CNY7.0786 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) ¥ in Thousands, $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Jul. 28, 2023 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
IfrsStatementLineItems [Line Items] | |||||
Administrative expenses | $ (1,820) | ¥ (12,883) | ¥ (25,248) | ¥ (11,076) | |
Finance costs | (7) | (48) | 191 | (166) | |
Finance income | 1 | 5 | 13 | 13 | |
(LOSS)/PROFIT BEFORE INCOME TAX | (1,177) | (8,337) | (23,338) | (48,979) | |
Income tax expense | (5,095) | ||||
(LOSS)/PROFIT FOR THE YEAR/PERIOD FROM THE DISCONTINUED OPERATIONS | $ (307) | ¥ (2,175) | 6,906 | (3,857) | |
PSTT [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Revenue | ¥ 12,748 | 20,306 | 18,735 | ||
Cost of sales | (5,872) | (14,485) | (18,494) | ||
Gross profit | 6,876 | 5,821 | 241 | ||
Selling and distribution expenses | (442) | (700) | (922) | ||
Administrative expenses | (5,699) | (11,501) | (11,793) | ||
Other (losses)/income | 142 | 205 | (782) | ||
Impairment (losses)/reversal on financial assets | (9,931) | 1,073 | (3,330) | ||
Finance costs | (1,906) | (3,586) | (4,193) | ||
Finance income | 8,785 | 15,594 | 16,922 | ||
(LOSS)/PROFIT BEFORE INCOME TAX | (2,175) | 6,906 | (3,857) | ||
Income tax expense | (1,931) | (5,864) | (7,230) | ||
(LOSS)/PROFIT FOR THE YEAR/PERIOD FROM THE DISCONTINUED OPERATIONS | (4,106) | 1,042 | (11,087) | ||
Attributable to: | |||||
Owners of the company | (5,504) | (1,285) | (4,268) | ||
Non-controlling interests | ¥ 1,398 | ¥ 2,327 | ¥ (6,819) |
DISCONTINUED OPERATIONS (Deta_2
DISCONTINUED OPERATIONS (Details 1) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Jul. 28, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
NON-CURRENT ASSETS | |||||||
Intangible assets | ¥ 19,381 | ||||||
Trade receivables | 10,520 | ||||||
Contract assets | 89,713 | ||||||
TOTAL NON-CURRENT ASSETS | 35,025 | 247,929 | 123,035 | ||||
CURRENT ASSETS | |||||||
Inventories | 729 | ||||||
Trade receivables - current | 57,280 | ||||||
Bills receivable | 8,500 | ||||||
Contract assets - current | 21,647 | ||||||
Prepayments | 156 | 1,107 | 1,732 | ||||
Other receivable | 3 | 18 | 82,733 | ||||
Other current assets | 3,160 | ||||||
Cash and cash equivalents | 671 | 4,753 | $ 4,478 | 31,695 | ¥ 58,359 | ¥ 56,580 | |
TOTAL CURRENT ASSETS | 830 | 5,878 | 196,956 | ||||
TOTAL ASSETS | 35,855 | 253,807 | 319,991 | ||||
CURRENT LIABILITIES | |||||||
Trade payables | 14 | 100 | 20,326 | ||||
Contract Liability | 690 | ||||||
Other payables and accruals | 11,669 | 82,610 | 16,724 | ||||
Income tax payable | 10,732 | ||||||
Interest-bearing loans and borrowings - current | 71,000 | ||||||
Lease liabilities - current | 51 | 360 | 1,317 | ||||
Due to related companies | 1,281 | 9,069 | 3,408 | ||||
TOTAL CURRENT LIABILITIES | 25,118 | 177,812 | 64,668 | ||||
NON-CURRENT LIABILITIES | |||||||
Deferred tax liabilities | 5,276 | ||||||
Lease liabilities - non current | 1,598 | ||||||
TOTAL NON-CURRENT LIABILITIES | 77,874 | ||||||
TOTAL LIABILITIES | 25,118 | 177,812 | 142,542 | ||||
NET ASSETS | 10,737 | 75,995 | 177,449 | ||||
Equity attributable to owners of the Company | 10,737 | 75,995 | 67,769 | ||||
Non-controlling interests | 109,680 | ||||||
PSTT [Member] | |||||||
NON-CURRENT ASSETS | |||||||
Property, plant and equipment | ¥ 282 | 367 | |||||
Intangible assets | 18,921 | 19,381 | |||||
Right-of-use Assets | 1,621 | 1,980 | |||||
Trade receivables | 4,714 | 10,520 | |||||
Contract assets | 88,423 | 89,713 | |||||
TOTAL NON-CURRENT ASSETS | 113,961 | 121,961 | |||||
CURRENT ASSETS | |||||||
Inventories | 911 | 729 | |||||
Trade receivables - current | 56,277 | 46,760 | |||||
Bills receivable | 8,500 | ||||||
Contract assets - current | 17,842 | 21,647 | |||||
Prepayments | 902 | 1,723 | |||||
Other receivable | 82,857 | 84,865 | |||||
Other current assets | 3,160 | 3,160 | |||||
Cash and cash equivalents | 37,460 | 25,655 | |||||
TOTAL CURRENT ASSETS | 199,409 | 193,039 | |||||
TOTAL ASSETS | 313,370 | 315,000 | |||||
CURRENT LIABILITIES | |||||||
Trade payables | 21,522 | 20,225 | |||||
Contract Liability | 690 | 690 | |||||
Other payables and accruals | 143,067 | 141,136 | |||||
Income tax payable | 11,673 | 10,732 | |||||
Interest-bearing loans and borrowings - current | 3,500 | 3,000 | |||||
Lease liabilities - current | 584 | 645 | |||||
Due to related companies | 496 | 444 | |||||
TOTAL CURRENT LIABILITIES | 181,532 | 176,872 | |||||
NON-CURRENT LIABILITIES | |||||||
Deferred tax liabilities | 5,266 | 5,276 | |||||
Lease liabilities - non current | 1,073 | 1,248 | |||||
Interest-bearing loans and borrowings | 69,000 | 71,000 | |||||
TOTAL NON-CURRENT LIABILITIES | 75,339 | 77,524 | |||||
TOTAL LIABILITIES | 256,871 | 254,396 | |||||
NET ASSETS | 56,499 | 60,604 | |||||
Equity attributable to owners of the Company | (54,579) | (49,076) | |||||
Non-controlling interests | ¥ 111,078 | ¥ 109,680 |
DISCONTINUED OPERATIONS (Deta_3
DISCONTINUED OPERATIONS (Details 2) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, shares in Thousands, $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Jul. 28, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2023 CNY (¥) ¥ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | |
IfrsStatementLineItems [Line Items] | |||||
Operating activities | $ 1,884 | ¥ 13,328 | ¥ (12,786) | ¥ (12,068) | |
Investing activities | (149) | (1,054) | 7,050 | 53,352 | |
Financing activities | (5,359) | (37,930) | (22,833) | (38,786) | |
Net foreign exchange difference | (183) | (1,286) | 1,905 | (719) | |
Net (decrease) /increase in cash and cash equivalents | $ (3,624) | ¥ (25,656) | ¥ (28,569) | ¥ 2,498 | |
Loss per share | |||||
– Basic, from the discontinued operations | (per share) | $ (0.09) | ¥ (0.67) | ¥ (0.15) | ¥ (0.52) | |
– Diluted, from the discontinued operations | (per share) | $ (0.09) | ¥ (0.67) | ¥ (0.15) | ¥ (0.52) | |
PSTT [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Operating activities | ¥ 15,162 | ¥ (2,255) | ¥ (11,166) | ||
Investing activities | (12) | (13) | 8,835 | ||
Financing activities | (3,378) | (11,930) | (11,936) | ||
Net foreign exchange difference | 33 | (9) | |||
Net (decrease) /increase in cash and cash equivalents | ¥ 11,805 | ¥ (14,198) | ¥ (14,276) | ||
Loss per share | |||||
– Basic, from the discontinued operations | ¥ / shares | ¥ (0.67) | ¥ (0.15) | ¥ (0.52) | ||
– Diluted, from the discontinued operations | ¥ / shares | ¥ (0.67) | ¥ (0.15) | ¥ (0.52) | ||
Loss for the year attributable to owners of the Company from discontinued operations | ¥ (5,504) | ¥ (1,285) | ¥ (4,268) | ||
Weighted average number of ordinary shares in issue during the year / period used in the basic and diluted earnings per share calculation (note 8) | shares | 8,222,658 | 8,189,617 | 8,144,050 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 CNY (¥) | |
IfrsStatementLineItems [Line Items] | |||||
Depreciation and amortization | $ (99) | ¥ (696) | ¥ (729) | ¥ (781) | |
Interest income | 1 | 5 | 13 | 13 | |
Finance costs | (7) | (48) | 191 | (166) | |
Fair value loss on financial instruments, net | 120 | 847 | 1,007 | (38,349) | |
Loss before income tax | (1,177) | (8,337) | (23,338) | (48,979) | |
Other income/(losses) | 529 | 3,742 | 699 | 599 | |
Loss for the year from continuing operations | (1,177) | (8,337) | (23,338) | (43,884) | |
Total assets | 35,855 | 249,906 | 218,042 | ¥ 253,807 | |
Total liabilities | 25,118 | 97,602 | 101,668 | 177,812 | |
Income tax benefit | 5,095 | ||||
Segment assets | 35,855 | 249,906 | 253,807 | ||
Assets of segment – Wastewater treatment | 315,000 | ||||
Net off | (244,915) | ||||
Total assets | 35,855 | 319,991 | 253,807 | ||
Segment liabilities | 25,118 | 97,602 | 177,812 | ||
Liabilities of segment - Wastewater treatment | 254,396 | ||||
Net off | (209,456) | ||||
Total liabilities | 25,118 | 142,542 | 177,812 | ||
Exploration and Mining [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Depreciation and amortization | (4) | (28) | (64) | ||
Interest income | 1 | 1 | |||
Finance costs | (1) | (1) | (1) | ||
Fair value loss on financial instruments, net | |||||
Loss before income tax | 178 | 1,263 | (39) | (161) | |
Other income/(losses) | 529 | 3,742 | 698 | 600 | |
Loss for the year from continuing operations | 178 | 1,263 | (39) | (161) | |
Total assets | 35,619 | 36,015 | 39,018 | 252,133 | |
Total liabilities | 22,502 | 38,306 | 41,251 | 159,285 | |
Income tax benefit | |||||
Corporate Activity [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Depreciation and amortization | (99) | (692) | (701) | (717) | |
Interest income | 1 | 4 | 13 | 12 | |
Finance costs | (7) | (47) | 192 | (165) | |
Fair value loss on financial instruments, net | 120 | 847 | 1,007 | (38,349) | |
Loss before income tax | (1,355) | (9,600) | (23,299) | (48,818) | |
Other income/(losses) | 1 | (1) | |||
Loss for the year from continuing operations | (1,355) | ¥ (9,600) | (23,299) | (43,723) | |
Total assets | 236 | 213,891 | 179,024 | 1,674 | |
Total liabilities | $ 2,616 | ¥ 59,296 | 60,417 | ¥ 18,527 | |
Income tax benefit | ¥ 5,095 |
SEGMENT INFORMATION (Details 1)
SEGMENT INFORMATION (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Segment Information | ||||
Loss for the year from continuing operations | $ (1,177) | ¥ (8,337) | ¥ (23,338) | ¥ (43,884) |
Loss for the year from discontinued operations | (580) | (4,106) | 1,042 | (11,087) |
Net loss (including non-controlling interests) | $ (1,757) | ¥ (12,443) | ¥ (22,296) | ¥ (54,971) |
SEGMENT INFORMATION (Details 2)
SEGMENT INFORMATION (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Segment Information | |||
Mainland China | $ 23 | ¥ 162 | ¥ 122,023 |
Hong Kong | 35,002 | 247,767 | 1,012 |
Total | $ 35,025 | ¥ 247,929 | ¥ 123,035 |
LOSS BEFORE INCOME TAX (Details
LOSS BEFORE INCOME TAX (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||
Crediting: | |||||
Consultants share option expense | $ 435 | ¥ 3,074 | ¥ 16,152 | ||
Finance costs | (7) | (48) | 191 | (166) | |
Continuing Operation [Member] | |||||
Crediting: | |||||
Finance income | (1) | (5) | (13) | (13) | |
- Property, plant and equipment (Note 9) | 1 | 5 | 29 | 62 | |
- Right-of-use assets (Note 11) | 98 | 691 | 700 | 719 | |
Expense relating to short-term leases (Note 11) | 28 | 194 | 353 | 601 | |
- Financial assets at fair value through profit or loss | 45,816 | ||||
- Derivative financial liabilities | (120) | (847) | (1,007) | (7,467) | |
Expenses related to share-based payment | 435 | 3,074 | |||
Consultants share option expense | 16,152 | ||||
Issuance expense related to placement | 1,579 | ||||
Other losses / (income) | (529) | (3,742) | (699) | (599) | |
Finance costs | 7 | 48 | (191) | 166 | |
Employee benefit expenses | 168 | 1,192 | 1,171 | 1,517 | |
Discontinued operations [member] | |||||
Crediting: | |||||
Finance income | (1,241) | (8,785) | (15,594) | (16,922) | |
- Property, plant and equipment (Note 9) | 14 | 95 | 275 | 448 | |
- Right-of-use assets (Note 11) | 50 | 359 | 713 | 647 | |
Expense relating to short-term leases (Note 11) | 18 | 129 | 137 | ||
Other losses / (income) | 20 | 142 | (205) | 782 | |
Finance costs | 270 | 1,906 | 3,586 | 4,193 | |
Employee benefit expenses | [1] | 701 | 4,960 | 9,416 | 9,979 |
Cost of sales | |||||
- Sales of water treatment equipment | 94 | ||||
- Construction service | 345 | 2,435 | 8,580 | 12,876 | |
- Opeartion and maintenance services | 43 | 307 | 162 | ||
- Operation services related to service concession arrangement | 442 | 3,130 | 5,811 | 5,067 | |
- Construction services related to service concession arrangement | 389 | ||||
Cost of sales | 830 | 5,872 | 14,485 | 18,494 | |
Amortization of intangible assets* (Note 10) | [2] | 65 | 460 | 813 | 884 |
Impairment losses/(reversal) on financial assets: | |||||
- Trade receivables | 54 | 383 | (3,989) | 3,840 | |
- Contract assets | 501 | 3,545 | 171 | 357 | |
- Other receivables | 848 | 6,003 | 2,745 | 239 | |
- Amount due from related companies | ¥ (1,106) | ||||
[1]The employee benefit expenses allocated to cost of sales amounted to CNY2,772, CNY1,418 and CNY870 (US$123), selling and distribution expenses amounted to CNY159, CNY111, CNY70 (US$10) and administrative expenses amounted to CNY8,565, CNY9,058 and CNY5,212 (US$736) on the consolidated statements of profit or loss for the years ended December 31, 2021, 2022 and 2023.[2]The amortization of intangible assets allocated to cost of sales amounted to CNY730, CNY730 and CNY425 (US$60) and administrative expenses amounted to CNY154, CNY83 and CNY35 (US$5) on the consolidated statements of profit or loss for the years ended December 31, 2021, 2022 and 2023. |
EMPLOYEE BENEFITS (Details)
EMPLOYEE BENEFITS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | ||||
Notes and other explanatory information [abstract] | |||||||
Wages, salaries and allowances | $ 151 | ¥ 1,073 | ¥ 1,042 | ¥ 1,269 | |||
Housing funds | 2 | 12 | [1] | 16 | [1] | 113 | [1] |
Contribution to pension plans | 10 | 70 | [1] | 67 | [1] | 102 | [1] |
Welfare and other expenses | 5 | 37 | 46 | 33 | |||
Total employee benefits | $ 168 | ¥ 1,192 | ¥ 1,171 | ¥ 1,517 | |||
[1]According to the Mainland China state regulations, the employees of the Group's subsidiaries which operate in Mainland China are required to participate in a central pension scheme operated by the local municipal government and government-sponsored housing funds. These subsidiaries are required to contribute a certain percentage of their payroll costs for those qualified urban employees to the central pension scheme as well as to housing funds. |
INCOME TAX EXPENSE (Details)
INCOME TAX EXPENSE (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Notes and other explanatory information [abstract] | ||||
Current income tax expense | ||||
Deferred income tax expense/ (benefit) | (5,095) | |||
Total tax credit for the year from continuing operations | (5,095) | |||
Total tax charge for the year from a discontinued operation | 272 | 1,931 | 5,864 | 7,230 |
Total | $ 272 | ¥ 1,931 | ¥ 5,864 | ¥ 2,135 |
INCOME TAX EXPENSE (Details 1)
INCOME TAX EXPENSE (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
IfrsStatementLineItems [Line Items] | ||||
Total (loss)/profit before income tax for the year | $ (1,484) | ¥ (10,512) | ¥ (16,432) | ¥ (52,836) |
Country of domicile [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Total (loss)/profit before income tax for the year | (243) | (1,718) | 6,406 | (4,669) |
VIRGIN ISLANDS, BRITISH | ||||
IfrsStatementLineItems [Line Items] | ||||
Total (loss)/profit before income tax for the year | (1,233) | (8,738) | (22,776) | (48,106) |
HONG KONG | ||||
IfrsStatementLineItems [Line Items] | ||||
Total (loss)/profit before income tax for the year | $ (8) | ¥ (56) | ¥ (62) | ¥ (61) |
INCOME TAX EXPENSE (Details 2)
INCOME TAX EXPENSE (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Notes and other explanatory information [abstract] | ||||
Loss before income tax for the year from continuing operations | $ (1,177) | ¥ (8,337) | ¥ (23,338) | ¥ (48,979) |
(Loss)/profit before income tax for the year from a discontinued operation | (307) | (2,175) | 6,906 | (3,857) |
Total | $ (1,484) | ¥ (10,512) | ¥ (16,432) | ¥ (52,836) |
Tax at the statutory tax rate | 25% | 25% | 25% | 25% |
Computed income tax benefit | $ 371 | ¥ 2,628 | ¥ 4,108 | ¥ 13,209 |
Computed income tax benefit | (371) | (2,628) | (4,108) | (13,209) |
Effect of different tax rates of the Company and certain subsidiaries | 309 | 2,190 | 5,699 | 6,937 |
Tax losses with no deferred tax assets recognized | 41 | 290 | 420 | 1,770 |
Non-deductible expenses | 87 | 617 | 983 | 122 |
Statutory income | (201) | |||
Deductible temporary differences with no deferred tax assets recognized | 343 | 2,430 | 971 | |
Utilization of previously unrecognized deductible temporary differences and tax losses | (286) | (2,021) | (1,774) | (150) |
Write-off of unrecoverable deferred tax assets previously recognized | 2,272 | 2,987 | ||
Preferential tax rate | 13 | 95 | 14 | 2,215 |
Others | 136 | 958 | 1,588 | 1,463 |
Total tax credit for the year from continuing operations | (5,095) | |||
Total tax charge for the year from a discontinued operation | 272 | 1,931 | 5,864 | 7,230 |
Income tax benefit | $ 272 | ¥ 1,931 | ¥ 5,864 | ¥ 2,135 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2023 CNY (¥) ¥ / shares shares | Dec. 31, 2022 CNY (¥) ¥ / shares shares | Dec. 31, 2021 CNY (¥) ¥ / shares shares | ||
Loss for the year attributable to owners of the Company | |||||
From continuing operations | $ (1,177) | ¥ (8,337) | ¥ (23,338) | ¥ (43,884) | |
From discontinued operations | $ (777) | ¥ (5,504) | ¥ (1,285) | ¥ (4,268) | |
Weighted average number of ordinary shares for basic earning per share | [1] | 8,222,658 | 8,222,658 | 8,189,617 | 8,144,050 |
Loss per share: | |||||
For loss from continuing operations | (per share) | $ (0.15) | ¥ (1.01) | ¥ (2.85) | ¥ (5.39) | |
For loss from discontinued operations | (per share) | (0.09) | (0.67) | (0.15) | (0.52) | |
Loss per share | (per share) | $ (0.24) | ¥ (1.68) | ¥ (3) | ¥ (5.91) | |
[1]The basic and diluted loss per ordinary share has been adjusted retrospectively for the Share Combination which became effective on April 3, 2023. Refer to Note 24 for further details. |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
IfrsStatementLineItems [Line Items] | ||||
Depreciation charge | $ 15 | ¥ 100 | ¥ 304 | ¥ 510 |
Net book Value | 7 | 53 | 424 | 715 |
Buildings [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net book Value | 4 | 28 | 31 | 34 |
Machinery and equipments [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net book Value | 2 | 13 | 41 | 55 |
Motor vehicles [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net book Value | 2 | 18 | 212 | 472 |
Office and other equipment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Net book Value | $ (1) | (6) | 140 | 154 |
Gross carrying amount [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | 4,345 | 4,437 | ||
Additions | 11 | 17 | ||
Disposal | (2,707) | (109) | ||
Balance at ending | 1,649 | 4,345 | 4,437 | |
Gross carrying amount [member] | Buildings [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | 46 | 46 | ||
Additions | ||||
Disposal | ||||
Balance at ending | 46 | 46 | 46 | |
Gross carrying amount [member] | Machinery and equipments [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | 1,185 | 1,177 | ||
Additions | 11 | 8 | ||
Disposal | (100) | |||
Balance at ending | 1,096 | 1,185 | 1,177 | |
Gross carrying amount [member] | Motor vehicles [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | 2,470 | 2,486 | ||
Additions | ||||
Disposal | (1,869) | (16) | ||
Balance at ending | 601 | 2,470 | 2,486 | |
Gross carrying amount [member] | Office and other equipment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | 644 | 728 | ||
Additions | 9 | |||
Disposal | (738) | (93) | ||
Balance at ending | (94) | 644 | 728 | |
Accumulated depreciation, amortisation and impairment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | (3,921) | (3,722) | ||
Disposal | 2,425 | 105 | ||
Balance at ending | (1,596) | (3,921) | (3,722) | |
Depreciation charge | (100) | (304) | ||
Accumulated depreciation, amortisation and impairment [member] | Buildings [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | (15) | (12) | ||
Disposal | ||||
Balance at ending | (18) | (15) | (12) | |
Depreciation charge | (3) | (3) | ||
Accumulated depreciation, amortisation and impairment [member] | Machinery and equipments [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | (1,144) | (1,122) | ||
Disposal | 91 | |||
Balance at ending | (1,083) | (1,144) | (1,122) | |
Depreciation charge | (30) | (22) | ||
Accumulated depreciation, amortisation and impairment [member] | Motor vehicles [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | (2,258) | (2,014) | ||
Disposal | 1,735 | 15 | ||
Balance at ending | (583) | (2,258) | (2,014) | |
Depreciation charge | (60) | (259) | ||
Accumulated depreciation, amortisation and impairment [member] | Office and other equipment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Balance at beginning | (504) | (574) | ||
Disposal | 599 | 90 | ||
Balance at ending | 88 | (504) | ¥ (574) | |
Depreciation charge | ¥ (7) | ¥ (20) |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | |
IfrsStatementLineItems [Line Items] | ||||||
Net carrying amount | $ 2,810 | ¥ 19,381 | ||||
Patent [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Net carrying amount | 51 | 349 | ||||
Service concession rights [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Net carrying amount | 2,750 | 18,970 | ||||
Software [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Net carrying amount | $ 9 | ¥ 62 | ||||
Gross carrying amount [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Balance at beginning | ¥ 43,587 | ¥ 43,582 | ||||
Additions | 5 | |||||
Balance at ending | 43,587 | |||||
Disposal of PSTT | (43,587) | |||||
Gross carrying amount [member] | Patent [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Balance at beginning | 22,878 | 22,878 | ||||
Additions | ||||||
Balance at ending | 22,878 | |||||
Disposal of PSTT | (22,878) | |||||
Gross carrying amount [member] | Service concession rights [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Balance at beginning | 20,430 | 20,430 | ||||
Additions | ||||||
Balance at ending | 20,430 | |||||
Disposal of PSTT | (20,430) | |||||
Gross carrying amount [member] | Software [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Balance at beginning | 279 | 274 | ||||
Additions | 5 | |||||
Balance at ending | 279 | |||||
Disposal of PSTT | (279) | |||||
Accumulated depreciation, amortisation and impairment [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Balance at beginning | (24,206) | (23,393) | ||||
Balance at ending | (24,206) | |||||
Amortization charge | (460) | (813) | ||||
Net carrying amount | ||||||
Disposal of PSTT | 24,666 | |||||
Accumulated depreciation, amortisation and impairment [member] | Patent [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Balance at beginning | (22,529) | (22,493) | ||||
Balance at ending | (22,529) | |||||
Amortization charge | (18) | (36) | ||||
Disposal of PSTT | 22,547 | |||||
Accumulated depreciation, amortisation and impairment [member] | Service concession rights [member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Balance at beginning | (1,460) | (730) | ||||
Balance at ending | (1,460) | |||||
Amortization charge | (425) | (730) | ||||
Disposal of PSTT | 1,885 | |||||
Accumulated depreciation, amortisation and impairment [member] | Software [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Balance at beginning | (217) | (170) | ||||
Balance at ending | (217) | |||||
Amortization charge | (17) | ¥ (47) | ||||
Disposal of PSTT | ¥ 234 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Intangible Assets | |||
Impairment loss on intangible assets | ¥ 0 | ¥ 0 | ¥ 0 |
LEASES (Details)
LEASES (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
IfrsStatementLineItems [Line Items] | |||
Balance at beginning | ¥ 2,993 | ¥ 2,351 | |
Addition | 2,009 | ||
Depreciation charge | (1,050) | (1,413) | |
Foreign currency translation difference | 24 | 46 | |
Disposal of PSTT | (1,621) | ||
Balance at ending | $ 49 | 346 | 2,993 |
Motor vehicles [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at beginning | 425 | 245 | |
Addition | 361 | ||
Depreciation charge | (100) | (181) | |
Foreign currency translation difference | |||
Disposal of PSTT | (325) | ||
Balance at ending | 425 | ||
Offices And Warehouse [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at beginning | 2,568 | 2,106 | |
Addition | 1,648 | ||
Depreciation charge | (950) | (1,232) | |
Foreign currency translation difference | 24 | 46 | |
Disposal of PSTT | (1,296) | ||
Balance at ending | $ 49 | ¥ 346 | ¥ 2,568 |
LEASES (Details 1)
LEASES (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2023 CNY (¥) | |
IfrsStatementLineItems [Line Items] | ||||
Carrying amount at beginning | ¥ 2,915 | ¥ 2,189 | ||
Addition | 1,781 | |||
Accretion of interest recognized during the year | 99 | 133 | ||
Payments | (1,024) | (1,253) | ||
Foreign currency translation difference | 27 | 65 | ||
Carrying amount at ending | $ 51 | 360 | 2,915 | |
Current portion | 51 | 1,317 | ¥ 360 | |
Non-current portion | 1,598 | |||
Disposal of PSTT | (1,657) | |||
Carrying amount at ending | 51 | 2,915 | 360 | |
Motor vehicles [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Carrying amount at beginning | 322 | 155 | ||
Addition | 265 | |||
Accretion of interest recognized during the year | 13 | 14 | ||
Payments | (60) | (112) | ||
Foreign currency translation difference | ||||
Carrying amount at ending | 322 | |||
Current portion | 48 | |||
Non-current portion | 274 | |||
Disposal of PSTT | (275) | |||
Carrying amount at ending | 322 | |||
Offices And Warehouse [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Carrying amount at beginning | 2,593 | 2,034 | ||
Addition | 1,516 | |||
Accretion of interest recognized during the year | 86 | 119 | ||
Payments | (964) | (1,141) | ||
Foreign currency translation difference | 27 | 65 | ||
Carrying amount at ending | 51 | 360 | 2,593 | |
Current portion | 51 | 1,269 | 360 | |
Non-current portion | 1,324 | |||
Disposal of PSTT | ¥ (1,382) | |||
Carrying amount at ending | $ 51 | ¥ 2,593 | ¥ 360 |
LEASES (Details 2)
LEASES (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Notes and other explanatory information [abstract] | ||||
Depreciation expense of right-of-use assets | $ 148 | ¥ 1,050 | ¥ 1,413 | ¥ 1,366 |
Interest on lease liabilities | 14 | 99 | 133 | 150 |
Expense relating to short-term leases | 46 | 323 | 490 | 601 |
Total amounts recognized in profit or loss | $ 208 | ¥ 1,472 | ¥ 2,036 | ¥ 2,117 |
LEASES (Details Narrative)
LEASES (Details Narrative) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Impairment loss | ¥ 0 | ¥ 0 | ¥ 0 |
TRADE RECEIVABLES (Details)
TRADE RECEIVABLES (Details) ¥ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) |
Non-current | |||
Trade receivables from construction contracts | ¥ 13,128 | ||
Less: Impairment allowance | (2,608) | ||
Total of Non-current trade receivables | 10,520 | ||
Current | |||
Trade receivables from service concession agreement | 22,927 | ||
Trade receivables from construction contracts | 34,850 | ||
Less: Impairment allowance | (11,017) | ||
Total of current trade receivables | 46,760 | ||
Total | ¥ 57,280 |
TRADE RECEIVABLES (Details 1)
TRADE RECEIVABLES (Details 1) ¥ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) |
IfrsStatementLineItems [Line Items] | |||||
Trade receivables | ¥ 57,280 | ||||
Not Later Than One Year One [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Trade receivables | 18,401 | ||||
Not Later Than One Yearto Two [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Trade receivables | 13,896 | ||||
Not Later Thantwo Yeart To Three [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Trade receivables | 4,518 | ||||
Over Three Years [Member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Trade receivables | ¥ 20,465 |
TRADE RECEIVABLES (Details 2)
TRADE RECEIVABLES (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Trade Receivables | |||
Beginning of the year | $ 1,925 | ¥ 13,625 | ¥ 17,614 |
(Reversal)/provision for expected credit loss, net | 54 | 383 | (3,989) |
Disposal of PSTT | (1,979) | (14,008) | |
End of the year | ¥ 13,625 |
TRADE RECEIVABLES (Details 3)
TRADE RECEIVABLES (Details 3) - CNY (¥) ¥ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
IfrsStatementLineItems [Line Items] | ||||
Expected credit loss rate | 19% | 26% | ||
Gross carrying amount | ¥ 70,905 | ¥ 68,641 | ||
Impairment allowances | ¥ 13,625 | ¥ 17,614 | ||
Not Later Than One Year One [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expected credit loss rate | 0% | 6% | ||
Gross carrying amount | ¥ 18,406 | ¥ 16,311 | ||
Impairment allowances | ¥ 5 | ¥ 955 | ||
Not Later Than One Year To Twoyears [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expected credit loss rate | 9% | 26% | ||
Gross carrying amount | ¥ 15,195 | ¥ 6,865 | ||
Impairment allowances | ¥ 1,299 | ¥ 1,759 | ||
Not Later Than Two Years To Threeyears [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expected credit loss rate | 29% | 13% | ||
Gross carrying amount | ¥ 6,399 | ¥ 14,712 | ||
Impairment allowances | ¥ 1,881 | ¥ 1,916 | [1] | |
Over Three Years [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Expected credit loss rate | 34% | 48% | ||
Gross carrying amount | ¥ 30,905 | ¥ 27,083 | ||
Impairment allowances | [2] | 10,440 | 12,984 | |
Current [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Gross carrying amount | ¥ 3,670 | |||
[1]The impairment allowances included CNY221 as of December 31, 2021, for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full.[2]The impairment allowances included an amount of CNY4,600 and nil as of December 31, 2022 for specific trade receivables which were considered to be in default due to conditions which indicated that the Group was unlikely to receive the outstanding contractual amounts in full. |
TRADE RECEIVABLES (Details Narr
TRADE RECEIVABLES (Details Narrative) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trade Receivables | ||
Interest rate | 4.75% | |
Loss allowance decrease | ¥ 139 | |
Loss allowance increase | ¥ 3,992 |
CONTRACT ASSETS (Details)
CONTRACT ASSETS (Details) ¥ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
IfrsStatementLineItems [Line Items] | ||||
Non-current contract assets | ¥ 89,713 | |||
Less: impairment allowance | (27) | |||
Current contract assets | 21,647 | |||
Less: impairment allowance | (706) | |||
Contract asset | 111,360 | |||
Service Concession Assets [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Non-current contract assets | [1] | 89,740 | ||
Current contract assets | [1] | 7,423 | ||
Other Contract Assets [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Current contract assets | [2] | ¥ 14,930 | ||
[1]Service concession assets bearing an imputed interest of 7% arose from the Group's revenue from construction service under a BOT arrangement rendered by the Group's subsidiary, Shaoguan Angrui. The facilities that the service concession arrangement relate to were under construction phases from June 2018 to January 2021 and commenced operation in January 2021.[2]The balances as of December 31, 2022 comprised contract assets arising from performance under a water treatment plant construction service contract. Such contracts include payment schedules that require progress payments over the service periods when milestones are reached. |
CONTRACT ASSETS (Details 1)
CONTRACT ASSETS (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Beginning of the year | $ 104 | ¥ 733 | ¥ 562 |
Provision for expected credit loss, net | 501 | 3,545 | 171 |
Disposal of PSTT | (605) | (4,278) | |
End of the year | ¥ 733 |
CONTRACT ASSETS (Details Narrat
CONTRACT ASSETS (Details Narrative) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Gross carrying amounts | ¥ 139,060 | |
Secured bank loans received | ¥ 74,000 | |
Bottom of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings, interest rate | 0.03% | 0.03% |
Top of range [member] | ||
IfrsStatementLineItems [Line Items] | ||
Borrowings, interest rate | 76.67% | 43.51% |
OTHER NON-CURRENT ASSETS (Detai
OTHER NON-CURRENT ASSETS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | ||
Notes and other explanatory information [abstract] | |||||
Zimbabwe lithium deposits | $ 34,953 | ¥ 247,420 | [1] | [1] | |
Others | 16 | 110 | 4 | ||
Total | $ 34,969 | ¥ 247,530 | ¥ 4 | ||
[1]The balance as of December 31, 2022 consisted of a loan in the amount of CNY80,000 (US$11,599) and the corresponding interest receivable amounted to CNY 3,600 (US$521) from Shenzhen Qianhai, a subsidiary of the Company, to an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was originally provided on June 30, 2021, and will mature in one year. On June 30, 2022, the loan was extended for another year to June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group. During year 2023, the loan was derecognized as it was part of the wastewater treatment segment which was disposed by the Company (Note 3). |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Financial assets | ||||
Loans to unrelated companies | [1] | ¥ 83,600 | ||
Deposits | 3 | 790 | ||
Others | 1,000 | |||
Financials asset | 3 | 85,390 | ||
Staff advance | 3 | 12 | 237 | |
Others | 3 | 90 | ||
Total amount | 3 | 15 | 327 | |
Impairment allowance | 2,984 | |||
Total | $ 3 | ¥ 18 | ¥ 82,733 | |
[1]The balance as of December 31, 2022 consisted of a loan in the amount of CNY80,000 (US$11,599) and the corresponding interest receivable amounted to CNY 3,600 (US$521) from Shenzhen Qianhai, a subsidiary of the Company, to an unrelated company, Shenzhen Chaopeng Investment Co., Ltd. The loan was originally provided on June 30, 2021, and will mature in one year. On June 30, 2022, the loan was extended for another year to June 30, 2023. The loan is interest-bearing at a rate of 9% per annum and guaranteed by Shenzhen Feishang Investment Co., Limited, a company unrelated to the Group. During year 2023, the loan was derecognized as it was part of the wastewater treatment segment which was disposed by the Company (Note 3). |
OTHER RECEIVABLES (Details 1)
OTHER RECEIVABLES (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Notes and other explanatory information [abstract] | |||
Beginning of the year | $ 423 | ¥ 2,984 | ¥ 239 |
Provision for expected credit loss, net | 848 | 6,003 | 2,745 |
Disposal of PSTT | (1,271) | (8,987) | |
End of the year | ¥ 2,984 |
CASH AND CASH EQUIVALENTS (Deta
CASH AND CASH EQUIVALENTS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
Cash and cash equivalents | ||||||
- Cash on hand | ¥ 2 | ¥ 71 | ||||
- Cash at bank | 671 | 4,751 | 31,154 | |||
Short-term deposits | 470 | |||||
Total Cash and cash equivalent | $ 671 | ¥ 4,753 | $ 4,478 | ¥ 31,695 | ¥ 58,359 | ¥ 56,580 |
CASH AND CASH EQUIVALENTS (De_2
CASH AND CASH EQUIVALENTS (Details 1) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2020 CNY (¥) |
IfrsStatementLineItems [Line Items] | ||||||
Cash and cash equivalents | $ 671 | ¥ 4,753 | $ 4,478 | ¥ 31,695 | ¥ 58,359 | ¥ 56,580 |
RMB [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Cash and cash equivalents | 518 | 3,673 | 24,709 | |||
US [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Cash and cash equivalents | 108 | 762 | 6,255 | |||
HK [Member] | ||||||
IfrsStatementLineItems [Line Items] | ||||||
Cash and cash equivalents | $ 45 | ¥ 318 | ¥ 731 |
TRADE PAYABLES (Details)
TRADE PAYABLES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) |
Notes and other explanatory information [abstract] | |||
Trade payables | $ 14 | ¥ 100 | ¥ 20,326 |
TRADE PAYABLES (Details 1)
TRADE PAYABLES (Details 1) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) |
IfrsStatementLineItems [Line Items] | |||
Trade and other current payables | $ 14 | ¥ 100 | ¥ 20,326 |
Not Later Than One Year One [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade and other current payables | 4,139 | ||
Not Later Than One Yearto Two [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade and other current payables | 5,438 | ||
Not Later Thantwo Yeart To Three [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Trade and other current payables | $ 14 | ¥ 100 | ¥ 10,749 |
OTHER PAYABLES AND ACCRUALS (De
OTHER PAYABLES AND ACCRUALS (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | ||
Financial liabilities | |||||
Accrued expenses | $ 1,095 | ¥ 7,748 | ¥ 6,444 | ||
Deposits from customers | 16 | 116 | 305 | ||
Other payables (financial liabilities) | 1,111 | 7,864 | 6,749 | ||
Accrued payroll | 21 | 156 | 3,108 | ||
Penalties related to income tax | 4,611 | ||||
Taxes other than income tax payable | 2 | [1] | 1,885 | [1] | |
Transaction deposit of mining right acquisition | 10,500 | 74,322 | |||
Others | 37 | 266 | 371 | ||
Others payables (non-financial liabilities) | 10,558 | 74 | 9,975 | ||
Total | $ 11,669 | ¥ 82,610 | ¥ 16,724 | ||
[1]Taxes other than income taxes payable mainly comprise accruals for output value-added tax, city construction tax and education surcharge. |
PROVISIONS (Details Narrative)
PROVISIONS (Details Narrative) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
Disclosure Provisions Abstract | |
Provision | ¥ 494 |
INTEREST-BEARING LOANS AND BO_3
INTEREST-BEARING LOANS AND BORROWINGS (Details) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Interest-bearing Loans And Borrowings | |||
Interest rate | 5.05% | 5.05% | |
Noncurrent loans maturity | 2023 to 2038 | ||
Non-current interest-bearing loans | ¥ 71,000 | ||
Interest rate | 5.05% | 5.05% | |
Current loan maturity | 2022 to 2023 | ||
Current interest-bearing loans | 3,000 | ||
Total | ¥ 74,000 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) ¥ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) |
IfrsStatementLineItems [Line Items] | |||
Bills receivable | ¥ 8,500 | ||
Financial assets, class [member] | |||
IfrsStatementLineItems [Line Items] | |||
Accounts receivable: current | 46,760 | ||
Accounts receivable: non-current | 10,520 | ||
Financial assets included in other receivables | 3 | 82,406 | |
Bills receivable | 8,500 | ||
Total | 3 | 148,186 | |
Total Current | 3 | 137,666 | |
Total Non-current | ¥ 10,520 |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 CNY (¥) | |||
IfrsStatementLineItems [Line Items] | |||||||
Derivative financial liabilities (i) | ¥ 824 | ||||||
Lease liabilities | $ 51 | 2,915 | ¥ 2,189 | ¥ 360 | |||
Due to the Shareholder | 12,103 | 7,153 | 85,673 | ||||
Interest-bearing loans and borrowings | 71,000 | ||||||
Securities Purchase Agreement [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Fair value gain loss | 120 | ¥ 847 | 1,007 | ¥ 7,467 | |||
Financial liabilities at amortised cost, class [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Derivative financial liabilities (i) | 824 | [1] | [1] | ||||
Trade payables | 14 | 20,326 | 100 | ||||
Financial liabilities in other payables and accruals | 1,111 | 6,749 | 7,864 | ||||
Lease liabilities | 51 | 2,915 | 360 | ||||
Due to related companies | 1,281 | 3,408 | 9,069 | ||||
Due to the Shareholder | 12,103 | 7,153 | 85,673 | ||||
Interest-bearing loans and borrowings | 74,000 | ||||||
Total | 14,560 | 115,375 | 103,066 | ||||
Total current | 14,560 | 42,777 | 103,066 | ||||
Total non-current | ¥ 72,598 | ||||||
[1]This represents certain warrants issued to institutional investors on January 20, 2021, which was recognized as derivative financial liabilities (not designated as hedging instruments) with a fair value of CNY9,246 (US$1,427)* on the issue date as the investors have the right to exercise their warrants on a cashless basis. In accordance with IAS 32, a contract settled by a single net payment (generally referred to as net cash-settled or net equity-settled as the case may be) is a financial liability and not an equity instrument. The fair value gain of derivative financial liabilities for the years ended December 31, 2021, 2022 and 2023 was CNY 7,467 1,007 847 120 |
FINANCIAL INSTRUMENTS (Detail_2
FINANCIAL INSTRUMENTS (Details 2) - Loans And Borrowings [Member] ¥ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) |
IfrsStatementLineItems [Line Items] | |||
Carrying amount | ¥ 74,000 | ||
Fair value | ¥ 77,636 |
FINANCIAL INSTRUMENTS (Detail_3
FINANCIAL INSTRUMENTS (Details 3) ¥ in Thousands | Dec. 31, 2022 CNY (¥) |
IfrsStatementLineItems [Line Items] | |
Bills receivables | ¥ 8,500 |
Derivative financial liabilities | 824 |
Level 1 of fair value hierarchy [member] | |
IfrsStatementLineItems [Line Items] | |
Bills receivables | |
Derivative financial liabilities | |
Level 2 of fair value hierarchy [member] | |
IfrsStatementLineItems [Line Items] | |
Bills receivables | 8,500 |
Derivative financial liabilities | 824 |
Level 3 of fair value hierarchy [member] | |
IfrsStatementLineItems [Line Items] | |
Bills receivables | |
Derivative financial liabilities |
FINANCIAL RISK MANAGEMENT OBJ_3
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) |
IfrsStatementLineItems [Line Items] | ||||
Due to related companies | $ 1,281 | ¥ 9,069 | ¥ 3,408 | |
Due to the Shareholder | 12,103 | 85,673 | 7,153 | |
Lease liabilities | 51 | 360 | 2,915 | ¥ 2,189 |
Interest-bearing loans and borrowings | 71,000 | |||
Total [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Derivative financial liabilities | 824 | |||
Trade payables | 14 | 100 | 20,326 | |
Financial liabilities in other payables and accruals | 1,111 | 7,864 | 6,749 | |
Due to related companies | 1,281 | 9,069 | 3,408 | |
Due to the Shareholder | 12,103 | 85,673 | 7,153 | |
Lease liabilities | 52 | 366 | 3,321 | |
Interest-bearing loans and borrowings | 106,931 | |||
Trade and other payables | 14,561 | 103,072 | 148,712 | |
On demand [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Derivative financial liabilities | 824 | |||
Trade payables | 14 | 100 | ||
Financial liabilities in other payables and accruals | ||||
Due to related companies | ||||
Due to the Shareholder | ||||
Lease liabilities | ||||
Interest-bearing loans and borrowings | ||||
Trade and other payables | 14 | 100 | 824 | |
Later than one year and not later than five years [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Derivative financial liabilities | ||||
Trade payables | 20,326 | |||
Financial liabilities in other payables and accruals | 6,749 | |||
Due to related companies | 3,408 | |||
Due to the Shareholder | 7,153 | |||
Lease liabilities | 1,387 | |||
Interest-bearing loans and borrowings | 6,729 | |||
Trade and other payables | 45,752 | |||
Not later than one year [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Derivative financial liabilities | ||||
Trade payables | ||||
Financial liabilities in other payables and accruals | 1,111 | 7,864 | ||
Due to related companies | 1,281 | 9,069 | ||
Due to the Shareholder | 12,103 | 85,673 | ||
Lease liabilities | 52 | 366 | 1,691 | |
Interest-bearing loans and borrowings | 29,005 | |||
Trade and other payables | 14,547 | 102,972 | 30,696 | |
More Than Five Years [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Derivative financial liabilities | ||||
Trade payables | ||||
Financial liabilities in other payables and accruals | ||||
Due to related companies | ||||
Due to the Shareholder | ||||
Lease liabilities | 243 | |||
Interest-bearing loans and borrowings | 71,197 | |||
Trade and other payables | ¥ 71,440 |
FINANCIAL RISK MANAGEMENT OBJ_4
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Details Narrative) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
IfrsStatementLineItems [Line Items] | ||
Trade receivables and contract assets | ¥ 182,998 | |
Debt to capital ratio | 0.47% | 30.24% |
Largest Customer [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Due from related party | ¥ 120,090 | |
Five Customer [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Due from related party | ¥ 134,930 |
DEFERRED TAX ASSETS AND LIABI_3
DEFERRED TAX ASSETS AND LIABILITIES (Details) ¥ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) |
Deferred Tax Assets And Liabilities | |||
Deferred tax assets | ¥ 488 | ||
Offset amount | (488) | ||
Deferred tax assets after offsetting | |||
Deferred tax liabilities before offsetting | 5,764 | ||
Offset amount | (488) | ||
Deferred tax liabilities after offsetting | ¥ 5,276 |
DEFERRED TAX ASSETS AND LIABI_4
DEFERRED TAX ASSETS AND LIABILITIES (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Deferred Tax Assets And Liabilities | |||
As of beginning | $ 744 | ¥ 5,276 | ¥ 2,478 |
(Credited)/charged to the consolidated statements of profit or loss during the year | (1) | (10) | 2,798 |
Disposal of PSTT | (743) | (5,266) | |
As of Ending | ¥ 5,276 |
DEFERRED TAX ASSETS AND LIABI_5
DEFERRED TAX ASSETS AND LIABILITIES (Details 2) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Provision Of Allowance [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax assets, As of Beginning | ¥ 7 | ¥ 2,143 | |
(Credited)/charged to the statement of profit or loss during the year | (2,136) | ||
Disposal of PSTT | (7) | ||
Deferred tax assets, As of Ending | 7 | ||
Significant Financing Component Of The Contract With Customers [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax assets, As of Beginning | 62 | 540 | |
(Credited)/charged to the statement of profit or loss during the year | (22) | (478) | |
Disposal of PSTT | (40) | ||
Deferred tax assets, As of Ending | 62 | ||
Leases Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax assets, As of Beginning | 419 | 454 | |
(Credited)/charged to the statement of profit or loss during the year | (57) | (35) | |
Disposal of PSTT | (362) | ||
Deferred tax assets, As of Ending | 419 | ||
Temporary differences [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax assets, As of Beginning | 154 | ||
(Credited)/charged to the statement of profit or loss during the year | (154) | ||
Disposal of PSTT | |||
Deferred tax assets, As of Ending | |||
Total Deferred Tax Assets [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax assets, As of Beginning | 488 | 3,291 | |
(Credited)/charged to the statement of profit or loss during the year | (79) | (2,803) | |
Disposal of PSTT | (409) | ||
Deferred tax assets, As of Ending | ¥ 488 |
DEFERRED TAX ASSETS AND LIABI_6
DEFERRED TAX ASSETS AND LIABILITIES (Details 3) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
IfrsStatementLineItems [Line Items] | |||
Deferred tax liabilities, As of Beginning | ¥ 5,276 | ||
Disposal of PSTT | (90,696) | ||
Deferred tax liabilities, As of Ending | ¥ 5,276 | ||
Deductible temporary differences with no deferred tax assets recognized | 170 | 1,200 | 21,929 |
Tax losses with no deferred tax assets recognized | 859 | 6,077 | 16,073 |
Total | 1,029 | 7,277 | 38,002 |
Temporary differences [member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax liabilities, As of Beginning | 5,270 | 5,270 | |
(Credited)/charged to the statement of profit or loss during the year | |||
Disposal of PSTT | (5,270) | ||
Deferred tax liabilities, As of Ending | 5,270 | ||
Rightofuse Asset [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax liabilities, As of Beginning | 494 | 499 | |
(Credited)/charged to the statement of profit or loss during the year | (89) | (5) | |
Disposal of PSTT | (405) | ||
Deferred tax liabilities, As of Ending | 494 | ||
Deferred Tax Liabilities [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Deferred tax liabilities, As of Beginning | 5,764 | 5,769 | |
(Credited)/charged to the statement of profit or loss during the year | (89) | (5) | |
Disposal of PSTT | (5,675) | ||
Deferred tax liabilities, As of Ending | ¥ 5,764 |
DEFERRED TAX ASSETS AND LIABI_7
DEFERRED TAX ASSETS AND LIABILITIES (Details 4) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | |
Deferred Tax Assets And Liabilities | |||
2022 | |||
2023 | 2,318 | ||
2024 | 1,745 | 247 | 1,835 |
2025 | 1,462 | 207 | 2,476 |
2026 | 1,411 | 199 | 7,040 |
2027 | 499 | 70 | 2,302 |
2028 | 828 | 117 | |
Total | ¥ 5,945 | $ 840 | ¥ 15,971 |
EQUITY (Details)
EQUITY (Details) ¥ in Thousands, $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) |
Authorized: | |||
Authorized 10,000,000 preferred shares, no par value | |||
Authorized 200,000,000 common shares, no par value | |||
Common shares issued and fully paid: | |||
Common shares issued | $ 63,682 | ¥ 450,782 | ¥ 450,782 |
EQUITY (Details 1)
EQUITY (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 CNY (¥) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2022 CNY (¥) shares | |||
Notes and other explanatory information [abstract] | ||||||
Number of shares, Beginning balance | 40,948,082 | 40,948,082 | ||||
Beginning balance | $ 63,682 | ¥ 450,782 | ||||
Effect of Five-to-One Share Combination | (32,750,185) | [1] | (32,750,185) | [1] | (6,480,000) | (6,480,000) |
Equity-settled share-based payments | 180,000 | 180,000 | ||||
Number of shares, Ending balance | 8,377,897 | 8,377,897 | 40,948,082 | 40,948,082 | ||
Ending balance | $ 63,682 | ¥ 450,782 | $ 63,682 | ¥ 450,782 | ||
[1]The numbers of common shares above are before giving effect to the Share Combination which became effective on April 3, 2023. On April 3, 2023, the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis. The basic and diluted earnings/(loss) per ordinary share has been retrospectively adjusted to reflect the impact of the share combination. All outstanding options, warrants and other rights to purchase the Company's common shares were adjusted proportionately as a result of the share combination. |
EQUITY (Details 2)
EQUITY (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | |
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | $ 63,682 | ¥ 450,782 | ||
Ending balance | 63,682 | 450,782 | $ 63,682 | ¥ 450,782 |
Other Capital Reserve [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 103,879 | 735,319 | 101,589 | 719,110 |
Deemed distribution to the controlling shareholder | 2,880 | 20,382 | ||
Equity-settled share-based payment | 435 | 3,074 | ||
Equity inventive share-based payment | 2,290 | 16,209 | ||
Ending balance | $ 107,194 | ¥ 758,775 | $ 103,879 | ¥ 735,319 |
RELATED PARTY BALANCES AND TR_3
RELATED PARTY BALANCES AND TRANSACTIONS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |||||
Notes and other explanatory information [abstract] | ||||||||
Interest income received from Feishang Enterprise | [1] | [2] | [2] | ¥ 3,396 | [2] | |||
CHNR’s share of office rental, rates and others to Anka Consultants Limited (“Anka”) | 63 | [3] | 445 | [4] | 1,175 | [4] | 1,343 | [4] |
Feishang Management's share of office rental to Feishang Enterprise | 23 | [5] | 166 | [2] | 166 | [2] | 166 | [2] |
Shenzhen New PST’s share of office rental to Feishang Enterprise | $ 7 | [6] | ¥ 53 | [2] | ¥ 90 | [2] | ¥ 90 | [2] |
[1]The Company's subsidiary, Shanghai Onway, entered into a series of contracts to provide a loan amounting to CNY80,000 at an interest rate of 9% per annum to Feishang Enterprise from March 2, 2018 to June 30, 2021.[2]Feishang Enterprise is controlled by Mr. Li Feilie, who is the controlling shareholder of the Company.[3]The Company signed a contract with Anka to lease 184 square meters of office premises for two years from July 2018 to June 30, 2020, and extended it to June 30, 2024. The agreement also provides that the Company shares certain costs and expenses in connection with its use of the office, in addition to some of the accounting and secretarial services and day-to-day office administration services provided by Anka.[4]Anka is jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company.[5]On January 1, 2018, Feishang Management signed an office-sharing agreement with Feishang Enterprise. Pursuant to the agreement, Feishang Management shares 40 square meters of office premises for 33 months. Feishang Management signed a new contract with Feishang Enterprise in October 2023, which will expire on September 30, 2024.[6]Shenzhen New PST signed a contract with Feishang Enterprise to lease 96 meters of office premises for 12-month period from March 14, 2022 to March 13, 2023 and renewed the contract with same terms for another 12-month period from March 14, 2023 to March 13, 2024. Due to the disposal of PSTT, the transaction amount in 2023 contains 7 months rentals. |
RELATED PARTY BALANCES AND TR_4
RELATED PARTY BALANCES AND TRANSACTIONS (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | ||
Notes and other explanatory information [abstract] | ||||
Feishang Enterprise | [1],[2] | $ 858 | ¥ 6,078 | ¥ 495 |
Anka Capital Limited | [3],[4] | 423 | 2,991 | 2,913 |
Payable to related companies | 1,281 | 9,069 | 3,408 | |
Feishang Group | [1],[5] | 1,010 | 7,153 | 7,153 |
Feishang Group | [1],[5] | 11,093 | 78,520 | |
Payable to the share holder | 12,103 | 85,673 | 7,153 | |
Anka | [1] | 51 | 360 | 1,022 |
Lease liabilities to related parties | $ 51 | ¥ 360 | ¥ 1,022 | |
[1]Feishang Enterprise and Feishang Group are controlled by Mr. Li Feilie, who is the controlling shareholder of the Company.[2]The payable to Feishang Enterprise by Feishang Management represents the net amount of advances from Feishang Enterprise. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.[3]Anka Capital and Anka are each jointly owned by Mr. Wong Wah On Edward and Mr. Tam Cheuk Ho, who are officers of the Company.[4]The payable to Anka Capital represents the net amount of advances from Anka Capital. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group.[5]The payable to Feishang Group represents the net amount of advances from Feishang Group. The balance is unsecured and interest-free. The balance is repayable when the Group is in a position to settle the amounts due without having a detrimental impact on the financial resources of the Group. |
RELATED PARTY BALANCES AND TR_5
RELATED PARTY BALANCES AND TRANSACTIONS (Details 2) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Notes and other explanatory information [abstract] | |||
Wages, salaries and allowances | $ 143 | ¥ 1,014 | ¥ 1,171 |
Housing subsidies | 2 | 16 | 16 |
Contribution to pension plans | 9 | 64 | 65 |
Total Compensation of key management personnel | $ 154 | ¥ 1,094 | ¥ 1,252 |
SHARE-BASED PAYMENTS (Details)
SHARE-BASED PAYMENTS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
Issuance expense related to agent warrants | ¥ 447 | |||
Consultants share option expense | 16,152 | |||
Consultants share-based payment expense | 435 | 3,074 | ||
Total | $ 435 | ¥ 3,074 | ¥ 16,152 | ¥ 447 |
SHARE-BASED PAYMENTS (Details 1
SHARE-BASED PAYMENTS (Details 1) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |||
Number of shares covered by the warrants | 79,200 | 396,000 | 396,000 | |||
Exercise price per share of the warrants | $ 3.115 | [1] | $ 2.35 | $ 0.623 | [2] | |
The number of shares covered by the warrants granted during the year | 396,000 | |||||
Exercise price per share of the warrants granted during the year | $ 2.35 | |||||
Effect of Five-to-One Share Combination | (316,800) | |||||
[1]The exercise price was revised to $3.115 per share in March, 2023.[2]The exercise price was revised to $0.623 per share in July, 2022. |
SHARE-BASED PAYMENTS (Details 2
SHARE-BASED PAYMENTS (Details 2) - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
The number of shares covered by the share options, beginning | 8,100,000 | [1] | ||
Exercise price per share of the share options, beginning | $ 0.623 | [1] | ||
The number of shares covered by the share options granted during the year | 8,100,000 | |||
Exercise price per share of the share options granted during the year | $ 0.623 | |||
Effect of Five-to-One Share Combination | (32,750,185) | [2] | (6,480,000) | |
The number of shares covered by the options,ending | 1,620,000 | 8,100,000 | [1] | |
Exercise price per share of the options, ending | $ 3.115 | $ 0.623 | [1] | |
[1]The share option numbers above are before giving effect to the Share Combination which became effective on April 3, 2023. Refer to Note 24 for further details.[2]The numbers of common shares above are before giving effect to the Share Combination which became effective on April 3, 2023. On April 3, 2023, the Company effected a share combination in which all of the Company's issued and outstanding ordinary shares were combined on a 5-to-1 basis. The basic and diluted earnings/(loss) per ordinary share has been retrospectively adjusted to reflect the impact of the share combination. All outstanding options, warrants and other rights to purchase the Company's common shares were adjusted proportionately as a result of the share combination. |
SHARE-BASED PAYMENTS (Details 3
SHARE-BASED PAYMENTS (Details 3) $ / shares in Units, ¥ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2021 CNY (¥) | |
Fair value at the measurement date | $ 2,400 | ¥ 16,209 | $ 70 | ¥ 449 |
Expected volatility | 93.50% | 93.50% | 93.67% | 93.67% |
Risk-free interest rate | 3.16% | 3.16% | 0.19% | 0.19% |
Expected life | 3 years | 3 years | 2 years 6 months | 2 years 6 months |
Share price | $ 0.623 | $ 0.901 |
SHARE-BASED PAYMENTS (Details N
SHARE-BASED PAYMENTS (Details Narrative) $ / shares in Units, ¥ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 21, 2021 $ / shares shares | Jan. 22, 2021 $ / shares shares | Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
IfrsStatementLineItems [Line Items] | |||||
Sale of aggregate shares | shares | 3,960,000 | ||||
Common shares price | $ / shares | $ 1.85 | ||||
Common Shares | shares | 1,584,000 | ||||
Exercise price per share | $ / shares | $ 2.35 | ||||
Fair value of issuance | ¥ | ¥ 1,862 | ¥ 449 | |||
Administrative expenses | $ | $ 70 | ||||
Share option term | 1 year 6 months 10 days | 1 year 6 months 10 days | 2 years 6 months 10 days | ||
Warrants [member] | |||||
IfrsStatementLineItems [Line Items] | |||||
Common Shares | shares | 396,000 | ||||
Exercise price per share | $ / shares | $ 2.35 |
PARTLY OWNED SUBSIDIARY WITH _3
PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS (Details) - CNY (¥) ¥ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jul. 27, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Equity interest held by non-controlling interests | 49% | 49% | 100% |
Dividends paid to non-controlling interests | ¥ (4,900) | ||
Shanghai Onway [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Profit/(loss) for the year allocated to non-controlling interests | ¥ 2,327 | (6,819) | |
Dividends paid to non-controlling interests | 4,900 | ||
Accumulated balances of non-controlling interest | ¥ 109,680 | ¥ 107,353 |
PARTLY OWNED SUBSIDIARY WITH _4
PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | |
IfrsStatementLineItems [Line Items] | |||||||||
(Loss)/Profit for the year | $ (1,177) | ¥ (8,337) | ¥ (23,338) | ¥ (43,884) | |||||
Current assets | 830 | ¥ 5,878 | ¥ 196,956 | ||||||
Non-current assets | 35,025 | 247,929 | 123,035 | ||||||
Current liabilities | 25,118 | 177,812 | 64,668 | ||||||
Non-current liabilities | 77,874 | ||||||||
Net cash flows used in operating activities | 1,884 | 13,328 | (12,786) | (12,068) | |||||
Net cash flows from investing activities | (149) | (1,054) | 7,050 | 53,352 | |||||
Net cash flows used in financing activities | $ (5,359) | ¥ (37,930) | (22,833) | (38,786) | |||||
Shanghai Onways [Member] | |||||||||
IfrsStatementLineItems [Line Items] | |||||||||
Revenue | $ 2,944 | 20,306 | $ 2,948 | 18,735 | |||||
Other income/(losses) | (2,248) | (15,504) | (5,084) | (32,312) | |||||
(Loss)/Profit for the year | 696 | 4,802 | (2,136) | (13,577) | |||||
Total comprehensive income loss for year | 696 | 4,802 | (2,136) | (13,577) | |||||
Current assets | 28,625 | 29,519 | 197,468 | ¥ 187,619 | |||||
Non-current assets | 17,681 | 19,914 | 121,961 | 126,573 | |||||
Current liabilities | (6,466) | (6,406) | (44,602) | (40,716) | |||||
Non-current liabilities | (11,239) | (6,334) | ¥ (77,524) | ¥ (40,259) | |||||
Net cash flows used in operating activities | (956) | (6,588) | (1,378) | (8,758) | |||||
Net cash flows from investing activities | 23 | 157 | (237) | (1,509) | |||||
Net cash flows used in financing activities | (1,122) | (7,743) | (625) | (3,972) | |||||
Net decrease in cash and cash equivalents | $ (2,055) | ¥ (14,174) | $ (2,240) | ¥ (14,239) |
PARTLY OWNED SUBSIDIARY WITH _5
PARTLY OWNED SUBSIDIARY WITH MATERIAL NON-CONTROLLING INTERESTS (Details Narrative) | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 27, 2021 |
Partly Owned Subsidiary With Material Non-controlling Interests | |||
Percentage of voting equity interests acquired | 49% | 49% | 100% |
Equity Interests | 0.51 |
NOTES TO THE CONSOLIDATED STA_3
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
IfrsStatementLineItems [Line Items] | |||
Disposal of PSTT | ¥ (90,696) | ||
Interest Bearing Loans And Borrowings [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at, beginning | $ 10,728 | 74,000 | ¥ 77,000 |
Changes from financing cash flows | (477) | (3,378) | (6,882) |
New leases | |||
Foreign exchange difference | |||
Interest expenses | 265 | 1,878 | 3,882 |
Disposal of PSTT | (10,516) | (72,500) | |
Other changes | |||
Balance at, ending | 74,000 | ||
Dividends Payable [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at, beginning | 5,048 | ||
Changes from financing cash flows | (5,048) | ||
New leases | |||
Foreign exchange difference | |||
Interest expenses | |||
Disposal of PSTT | |||
Other changes | |||
Balance at, ending | |||
Due To Related Companies [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at, beginning | 494 | 3,408 | 5,710 |
Changes from financing cash flows | 555 | 3,932 | (2,765) |
New leases | |||
Foreign exchange difference | 11 | 78 | |
Interest expenses | |||
Disposal of PSTT | 221 | 1,651 | |
Other changes | 463 | ||
Balance at, ending | 1,281 | 9,069 | 3,408 |
Due To The Shareholder [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at, beginning | 1,037 | 7,153 | 14,050 |
Changes from financing cash flows | 11,066 | 78,520 | (6,885) |
New leases | |||
Foreign exchange difference | |||
Interest expenses | |||
Disposal of PSTT | |||
Other changes | (12) | ||
Balance at, ending | 12,103 | 85,673 | 7,153 |
Lease liabilities [member] | |||
IfrsStatementLineItems [Line Items] | |||
Balance at, beginning | 422 | 2,915 | 2,189 |
Changes from financing cash flows | (145) | (1,024) | (1,253) |
New leases | 1,781 | ||
Foreign exchange difference | 4 | 27 | |
Interest expenses | 14 | 99 | 133 |
Disposal of PSTT | (244) | (1,657) | |
Other changes | 65 | ||
Balance at, ending | $ 51 | ¥ 360 | ¥ 2,915 |
NOTES TO THE CONSOLIDATED STA_4
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Details 1) ¥ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2023 CNY (¥) | Dec. 31, 2022 CNY (¥) | |
Notes and other explanatory information [abstract] | |||
Within operating activities | $ (46) | ¥ (323) | ¥ (250) |
Within financing activities | (145) | (1,024) | (1,253) |
Total cash outflow for leases | $ (191) | ¥ 1,347 | ¥ 1,503 |
NOTES TO THE CONSOLIDATED STA_5
NOTES TO THE CONSOLIDATED STATEMENTS OF CASH FLOWS (Details Narrative) - CNY (¥) ¥ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Additions to right-of-use assets | ¥ 0 | ¥ 1,781 |
Lease liabilities amount | ¥ 0 | ¥ 1,781 |
COMMITMENTS (Details Narrative)
COMMITMENTS (Details Narrative) - CNY (¥) ¥ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Capital commitments | ¥ 2,432 | ¥ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Securities Purchase Agreement [Member] - Institutional Investors [Member] ¥ / shares in Units, ¥ in Thousands | 1 Months Ended |
Feb. 16, 2024 CNY (¥) ¥ / shares shares | |
Registered Offering [Member] | |
IfrsStatementLineItems [Line Items] | |
Number of shares issued | shares | 1,487,870 |
Share purchase price | ¥ / shares | ¥ 2.20 |
Private Placements [Member] | |
IfrsStatementLineItems [Line Items] | |
Warrants initially exercisable | shares | 1,115,903 |
Excise prices of warrants | ¥ / shares | ¥ 3 |
Proceeds from warrants exerciseable | ¥ | ¥ 3,010 |