远东控股国际二零二五年年报

Contents 2Corporate Information4Management Discussion and Analysis10Profile of the Directors14Directors’ Report21Environmental, Social and Governance Report57Corporate Governance Report70Independent Auditor’s Report76Consolidated Statement of Profit or Loss and OtherComprehensive Income78Consolidated Statement of Financial Position80Consolidated Statement of Changes in Equity81Consolidated Statement of Cash Flows83Notes to the Consolidated Financial Statements151Five Year Financial Summary152Particulars of Properties held by the Group CORPORATE INFORMATION PLACE OF INCORPORATIONHong Kong BOARD OF DIRECTORSExecutive DirectorsMr. Cheung Sze MingMs. Li Kai Lai Miranda Non-executive DirectorMr. Zhu Weiwen Independent Non-executive DirectorsMr. Mak Ka Wing, PatrickMr. Lam Wai HungMr. Lam Cheung Shing, Richard COMPANY SECRETARYMr. Cheung Sze Ming AUDITOR 11125 BDO Limited25th Floor, Wing On Centre111 Connaught Road CentralHong Kong AUTHORISED REPRESENTATIVES Mr. Cheung Sze MingMs. Li Kai Lai Miranda (appointed on 28 August 2025) AUDIT COMMITTEE Mr. Lam Wai Hung(Chairman)Mr. Mak Ka Wing, PatrickMr. Lam Cheung Shing, Richard REMUNERATION COMMITTEE Mr. Lam Cheung Shing, Richard(Chairman)Mr. Mak Ka Wing, PatrickMr. Lam Wai Hung CORPORATE INFORMATION NOMINATION COMMITTEE Mr. Mak Ka Wing, Patrick(Chairman)Mr. Lam Wai HungMr. Lam Cheung Shing, RichardMs. Li Kai Lai Miranda (appointed on 27 June 2025) INVESTMENT COMMITTEE Mr. Cheung Sze Ming(Chairman)Mr. Lam Wai HungMs. Li Kai Lai Miranda PRINCIPAL BANKER Hang Seng Bank LimitedThe Bank of East Asia, Limited REGISTERED OFFICE 198D12110 88862110 1159admin@feholdings.com.hk Unit D1, 8/FKingston International Centre19 Wang Chiu RoadKowloon Bay, Hong KongTelephone: 2110 8886Facsimile: 2110 1159Email: admin@feholdings.com.hk SHARE REGISTRAR AND TRANSFER OFFICE 183171712–1716 Computershare Hong Kong Investor Services LimitedShops 1712–171617th Floor, Hopewell Centre183 Queen’s Road EastWan ChaiHong Kong 366000 LISTING INFORMATIONStock Code: 36Board Lot Size: 6000 WEBSITEhttp://www.0036.com.hk http://www.0036.com.hk admin@feholdings.com.hk INVESTOR RELATIONSEmail: admin@feholdings.com.hk MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE RESULTS For the year ended 31 December 2025 (the“Year Under Review”),Far East Holdings International Limited (the“Company”) andits subsidiaries (collectively, the“Group”) recorded revenue ofapproximately HK$11.8 million (2024: HK$14.2 million), representinga decrease of approximately 16.9% as compared to that of lastyear. The Group’s loss attributable to owners of the Company wasapproximately HK$73.4 million (2024: HK$343.5 million). The totalcomprehensive loss of the Group for the Year Under Review wasapproximately HK$116.0 million (2024: HK$624.1 million), which wasmainly attributable to the decrease in fair value loss on investmentproperties during the Year Under Review. The basic loss per share forthe Year Under Review was approximately HK$0.24 (2024: HK$2.83). 11,800,00014,200,00016.9%73,400,000343,500,000116,000,000624,100,0000.242.83 LIQUIDITY AND FINANCIAL RESOURCES 5,000,000600,000 As at 31 December 2025, the Group had bank balances and cash anddeposits held in a financial institution amounting to approximatelyHK$5.0 million (2024: HK$0.6 million). The Group funds its operationsfrom a combination of internal resources, bank borrowing, loan froma non-controlling interest, other loans and fund proceeds from rightsissue. GEARING RATIO 176,093.5%25,110.3% The gearing ratio, expressed as a percentage of total debts (includingthe bank borrowing, loan from a non-controlling interest andother loans) to equity attributable to owners of the Company was176,093.5% as at 31 December 2025 (2024: 25,110.3%). CAPITAL STRUCTURE (10)(1) During the year ended 31 December 2024, every ten (10) existingshares of the Company (the“Shares”) in issue was consolidated intoone (1) consolidated Shares. 0.334217,823,718(1)(2)72,750,000217,823,7180.319369,550,00044,000,000 On 11 November 2024, the Company announced to raise grossproceeds of up to approximately HK$72.75 million by way of theissue of up to 217,823,718 rights Shares at the subscription price ofHK$0.334 per rights Share on the basis of two (2) Rights Share forevery one (1) Share held on 30 December 2024 (the“Rights Issue”).On 15 January 2025, the Company completed the Rights Issue. Atotal of 217,823,718 rights Shares were issued. The net price wasapproximately HK$0.3193 per rights Share. The net proceeds fromthe Rights Issue was approximately HK$69.55 million after deductingall relevant expenses for the Rights Issue, approximately HK$44.00million of which had been used for the partial repayment of a loandue to Mrs. Chu Yuet Wah, a substantial shareholder of a subsidiary MANAGEMENT DISCUSSION AND ANALYSIS 25,550,000 of the Company and while the remaining approximately HK$25.55million was used for the Group’s general working capital. For detailsof the Rights I