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Public company info - MH Development Limited , 02662.HK
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MH Development Limited, 02662.HK - Company Profile
Chairman -
Share Issued (share) 1,077,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Consumer Electronics
Corporate Profile Business Summary: The Group’s principal businesses consist of pan-entertainment IP driven IP licensing and comprehensive services (including IP licensing and content creation, theme events services, marketing services) and sales and distribution of IP derived products and mobile devices (collectively, “Continuing Operations”), as well as electronic manufacturing services (“Discontinued Operations”). Performance for the year: The negative approximately equity attributable to owners of the Company amounting to negative approximately HK$181,471,000 (2019: negative approximately HK$122,388,000). Business Review: The Group’s business shrank significantly as compared with the year ended 30 June 2019 (“FY2019”). As compared with continuing operations in FY2019, the Group recorded revenue of approximately HK$9.7 million, a decline of approximately 99.6% year-on-year (“yoy”) and gross profit of approximately HK$1.1 million, a decline of 99.6% yoy. The sustained losses recorded for the Year were approximately HK$75.6 million, and basic loss per share was approximately HK$0.07. This is mainly because marketing services, theme events services, sales and distribution of IP derived products and mobile devices ceased operations and only IP licensing and content creation business remain in operations during the Year. Since Ms. Lo’s incident mainly affected operations in the PRC and Hong Kong. Pow! Entertainment, Inc (“Pow! Entertainment”), a subsidiary of the Group in the US still operating independently, the Group’s revenue for the Year was generated all by Pow! Entertainment. During the Year, the Group’s IP licensing business realised revenue of approximately HK$9.7 million, a decrease of approximately HK$21.4 million or approximately 68.8% yoy. As at the end of the Year, the Group’s total assets amounted to approximately HK$44.8 million, a decline of approximately 53.0% yoy; net liabilities amounted to approximately HK$182.7 million, an increase of approximately 54.6% yoy; and the liabilities-to-assets ratio reached approximately 507.7%, yoy up approximately 283.6 percentage points. Prospects: The Group’s business shrank significantly during the Year due to Ms. Lo’s incident. Notwithstanding, the Group remains optimistic about the prospects of the IP-centred panentertainment industry. The Group will seek progress while maintaining stability to promote business recovery and sustainable development in the coming year by focusing on the improvement of the existing businesses’ operating efficiency and core competitiveness. Finally, on behalf of the Board, I would like to express my sincere gratitude to The Group’s customers, shareholders, investors, business partners and each and every of The Group’s hardworking staff for their continuous support!

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