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Public company info - Rivera (Holdings) Ltd. , 00281.HK
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Rivera (Holdings) Ltd., 00281.HK - Company Profile
Chairman Liu Ying
Share Issued (share) 2,609,000,000
Par Currency
Par Value 0.0
Industry Property Development
Corporate Profile Business Summary: Property development and investment as well as securities trading and investment were the principal activities of the Group. Performance for the year: For the year ended 31st December, 2020, the Group reported a consolidated profit after taxation attributable to the shareholders of the Company of HK$15,229,000 (2019: HK$111,747,000) and basic earnings per share of 0.58 HK cents (2019: 4.28 HK cents). An operating loss of HK$35,553,000 was reported for the year ended 31st December, 2020 (2019: profit of HK$69,140,000). Business Review Property development and investment as well as securities trading and investment were the principal activities of the Group for the year ended 31st December, 2020. The securities trading and investment in Hong Kong contributed approximately 98.48% of the gross proceeds from operations of the Group for the year 2020 and reported a segment loss of HK$28,825,000 (2019: profit of HK$59,264,000). The segment revenue was principally attributable to the gross proceeds from disposal of the trading securities investments while dividend receipts were the secondary source. The segment loss was mainly resulted from recording an unrealized loss on changes in fair value of the trading securities investments according to the accounting standards adopted by the Group owing to fluctuation of the global financial market. Property development and investment in Shanghai undertaken by the Group’s subsidiaries accounted for the remaining approximately 1.52% of the gross proceeds from operations of the Group for the year under review. The segment revenue was derived from sales and leasing of car parking spaces and a segment loss of HK$462,000 (2019: HK$612,000) was recorded. The share of results of the associate of the Group engaged in property development and investment in Shanghai was HK$53,841,000 (2019: HK$45,791,000). Property Development and Investment Apart from the property development and investment business in Shanghai, the Group holds an investment property in Macau. No revenue was generated from the property portfolio in Macau during the year under review. 上海大道置業有限公司 (Shanghai Boulevard Real Estate Co., Limited) Shanghai Boulevard Real Estate Co., Limited (“Boulevard Real Estate”), a 93.53%-owned subsidiary of the Company, holds around three hundred car parking spaces in its sole residential development, namely Tomson Beautiful Space, in Zhangjiang Hi-Tech Park, Pudong New Area, Shanghai (“Zhangjiang Park”). For the year ended 31st December, 2020, operating revenue of Boulevard Real Estate was derived solely from sales and leasing of the said car parking spaces, which accounted for approximately 1.52% of the Group’s gross proceeds from operations. Boulevard Real Estate reported a profit before taxation of HK$3.52 million for the year 2020 (2019: HK$3.41 million) after taking account of its interest income. Shanghai Zhangjiang Micro-electronics Port Co. Ltd Shanghai Zhangjiang Micro-electronics Port Co. Ltd. (“SZMP”), in which the Group holds 37.020% interests in its registered capital, is principally engaged in residential, office and commercial property development and investment in Shanghai. SZMP derived its revenue for the year under review mainly from leasing of the property projects in Zhangjiang Park and sale proceeds of the car parking spaces were the secondary source. To alleviate the burden of the tenants under the impact of the outbreak of COVID-19, SZMP offered a rental concessions plan in the first half of 2020 for certain specified tenants of its office buildings and the commercial centre, especially the micro, small and medium enterprises. Nevertheless, for the year ended 31st December, 2020, SZMP reported an increase in its net profit to HK$145,517,000 (2019: HK$123,760,000) and the Group shared a profit of HK$53,841,000 (2019: HK$45,791,000). In addition, the Group received dividend (net of withholding tax) of HK$40,309,000 from SZMP in the year 2020 (2019: HK$44,907,000). The carrying amount of the interest in SZMP of HK$796,476,000 represented approximately 30.87% of the Group’s total assets as at 31st December, 2020. Save as the proposed disposal of 10.503% interests in SZMP by the Group to Shanghai Zhangjiang Hi-Tech Park Development Co., Ltd. (“Zhangjiang HiTech”), which is a company established and listed in the Mainland China and currently holds 49.497% interests in SZMP, stated in the section headed “Privatisation Proposal” below, the Group will continue to retain its equity investment in SZMP as its principal long-term strategic investment in Shanghai and SZMP will remain an associate of the Group should the said disposal materialise. Zhangjiang Micro-electronics Port Seven blocks of office buildings in Zhangjiang Micro-electronics Port situated in Zhangjiang Park are retained for leasing purpose. This project was the principal source of revenue of SZMP for the year under review and accounted for approximately 49.52% of the turnover of SZMP. It offers a total rentable gross floor area of approximately 90,200 square meters for commercial and office purposes and approximately 82% were let as at 31st December, 2020. Zhangjiang Tomson Garden Concerning Zhangjiang Tomson Garden, a residential development project in Zhangjiang Park, SZMP retains residential gross floor area of approximately 65,400 square meters for leasing and all the residential rentable rooms were leased out as at 31st December, 2020. Around two hundred-plus car parking spaces were sold during the year under review and SZMP now holds five hundred-plus car parking spaces for sale. This project accounted for approximately 39.89% of the turnover of SZMP for the year 2020. ZJ Legend ZJ Legend, a commercial centre in Zhangjiang Park, provides a total gross floor area of approximately 26,300 square meters for leasing purpose and an occupancy rate of approximately 82% was recorded as at 31st December, 2020. The income generated from the commercial centre accounted for approximately 9.97% of the turnover of SZMP for the year under review. Food and beverage outlets were the principal tenants of the commercial centre, occupying approximately 51% of the leased area while entertainment businesses ranked as the secondary tenants, taking up approximately 28% of the leased area. In addition, SZMP owns a land bank in Zhangjiang Park for development of Phase 2 of the commercial centre. SZMP has been granted permission to revise its development plan of Phase 2 according to the revision of the zoning plan of north western district of Zhangjiang Park approved by the municipal government of Shanghai in 2017. Under the proposed development plan, Phase 2 will be developed as a composite project for office, commercial and cultural purposes with a total gross floor area of approximately 60,900 square meters subject to payment of additional land premium. SZMP has been in regular contact with the government authorities and is monitoring policy development so as to push ahead with the preparation works. If the aforesaid proposed disposal of 10.503% interests in SZMP by the Group to Zhangjiang Hi-Tech is approved by the shareholders of the Company, SZMP will become majority-owned by Zhangjiang Hi-Tech. It is expected that SZMP will enjoy the preferential policies of the local government to facilitate and promote the redevelopment of ZJ Legend (including the development of the Phase 2 thereof). Development in Fengxian District, Shanghai SZMP has developed a residential-cum-commercial project in Fengxian District of Shanghai. All the residential units of Tomson Ginkgo Garden have been sold and SZMP now retains a commercial-cumoffice building with a total gross floor area of approximately 11,000 square meters. SZMP has entered into a letter of intent for leasing the commercial-cum-office building, however, it was cancelled in early 2021. SZMP intends to lease out the commercial-cum-office building as a whole and will actively solicit appropriate tenants. During the year under review, this project derived its income solely from sales and leasing of car parking spaces and accounted for approximately 0.62% of the turnover of SZMP. Ten car parking spaces were sold in 2020 and there are now one thousand two hundred-plus car parking spaces retained for sale. Securities Trading and Investment The Group holds various listed securities in Hong Kong for trading and long-term investment purposes. In addition, the Group has invested through a subsidiary in Shanghai in various unlisted start-up partnerships and companies as long-term equity investments. Securities trading and investment was the principal source of gross proceeds from operations of the Group for the year under review. Securities held for Trading All trading securities investments of the Group are listed in Hong Kong. During the year 2020, revenue derived from the securities investments held for trading accounted for approximately 73.54% of the Group’s gross proceeds from operations. The revenue was attributable to gross proceeds from disposal of HK$63,880,000 and dividend receipts of HK$16,328,000. Hence, a net realized gain of HK$15,994,000 (2019: HK$13,825,000) was generated. After taking account of a net unrealized loss on changes in fair value of HK$71,944,000 (2019: gain of HK$947,000) in accordance with applicable accounting standards, a net loss on trading securities investments of HK$55,950,000 was recorded for the year under review (2019: net gain of HK$14,772,000) As at 31st December, 2020, the Group held 43,359,000 H shares, representing 0.05% of the total H shares, of Bank of China Limited at the historical investment cost of HK$140.38 million. During the year under review, the Group recognized dividend income of HK$8,168,000 from the bank, which represented the realized gain on such investment and accounted for approximately 7.49% of the Group’s gross proceeds from operations. Bank of China Limited is a commercial bank based in the Mainland China and is mainly engaged in the provision of banking and related financial services, including commercial banking business, investment banking business, insurance business, direct investments and investment management businesses, fund management business and aircraft leasing business. The Group currently intends to retain its investment in the H shares of Bank of China Limited to enjoy a stable dividend income and long-term capital appreciation. Long-term Equity Investments As at 31st December, 2020, the Group held 247,300,000 shares, representing 12.547% interest in the total issued shares, of Tomson Group Limited (“TGL”, Stock Code: 258), as a long-term investment and the fair value of such investment amounted to HK$474,816,000, representing approximately 18.40% of the Group’s total assets. The historical investment cost amounted to HK$498.33 million. TGL is a listed company in Hong Kong and is principally engaged in property development and investment as well as hospitality and leisure business in Shanghai. The Group received an interim dividend from TGL for 2019 of HK$27,203,000 during the year under review (2019: HK$44,514,000), which accounted for approximately 24.94% of the Group’s gross proceeds from operations and represented the realized gain on such investment. Nevertheless, an unrealized loss on change in fair value of the equity investment in TGL of HK$4.95 million was charged to the investment revaluation reserve of the Group in 2020 (2019: HK$66.77 million) in accordance with the applicable accounting standards. The Group currently intends to keep the equity investment in TGL as a long-term investment. It is expected that the equity investment in TGL will provide a steady dividend income and potential capital appreciation in the future. Boulevard Real Estate formed a wholly-owned subsidiary in Shanghai for the purpose of investing in various unlisted start-up partnerships and companies as long-term equity investments. As at the end of the year under review, the total fair value of these investments amounted to HK$9,666,000, representing approximately 0.37% of the Group’s total assets. No revenue has been generated during the year under review (2019: Nil) and an unrealized loss on changes in fair value of these equity investments of HK$1.42 million was charged to the investment revaluation reserve of the Group in 2020 (2019: HK$0.26 million) in accordance with applicable accounting standards. Prospects: Save for the intention of the Offeror after the Scheme becoming effective, the Group will keep property development and investment as well as securities trading and investment as its principal operating activities. In consideration of the Scheme which will be submitted for the approval by the independent shareholders of the Company and the sanction of the High Court in next few months and the requirements of the Takeovers Code, the Board will not explore any other investments to expand the scopes of business of the Group and investment portfolio in the meantime. In regard to the property development and investment business, residential properties for the middleclass and commercial-cum-office properties in the Mainland China are the target business segments of the Group. Even if the SZMP Transfer may be implemented, it is anticipated that the property development and investment business of SZMP, the Group’s associate, in Shanghai will remain one of the principal sources of profit of the Group in 2021 and the revenue will be predominantly generated from rental income. It is expected that the global and Hong Kong financial markets will be noticeably fluctuant in 2021 under the impact of the increasingly unstable global economic and political situation as well as the outbreak of COVID-19. The management will closely monitor market conditions and will remain cautious in managing the Group’s securities trading and investment portfolio so as to maximize its return to the shareholders. The Group will focus on investment in listed securities with high yield and liquidity for stable recurrent income and long-term capital appreciation. The Macau government announced in December 2013 revised planning directives under the “Urban redevelopment programme of the Northern District of Taipa Area” which covers the area in which the investment property of the Group is located. A public consultation on the draft of “The Master Plan of the Macao Special Administrative Region (2020–2040)” was carried out by the Macau government during early September to early November 2020. The Group will monitor closely the consultation conclusions and continue to explore and evaluate various feasibility plans for its investment property to realize its development potential at an opportune time. The outbreak of COVID-19 has created disruptions and uncertainties in economic and business activities of populations worldwide and it is not expected to be at an end shortly. The overall extent to which national and global economies and financial markets would be adversely impacted would be difficult to predict with any accuracy at this stage. However, with the commencement of vaccination all over the world, it is cautiously optimistic that the situation will be under control and the economy will be recovered gradually. The Group will continue to monitor the situation closely and any financial impact on the operations of the Group, should this happen, would be reflected in the financial statements of the Group for the financial year 2021.

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