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Public company info - 8088 Investment Holdings Limited , 08088.HK
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8088 Investment Holdings Limited, 08088.HK - Company Profile
Chairman -
Share Issued (share) 555,000,000
Par Currency U.S. Dollar
Par Value 0.002
Industry Investments & Assets Management
Corporate Profile Business Summary: The Group is engaged in the businesses of asset management and strategic investment. Performance for the year: Revenue for the year under review decreased to HK$4.0 million from HK$11.7 million for last year, while total operating expenses (being selling and distribution expenses and administrative and operating expenses) for the year under review decreased to HK$38.0 million from HK$61.3 million for last year. As a result, the Group reported a loss attributable to owners of the Company for the year under review of HK$205.6 million as compared to a loss of HK$141.5 million for last year. Business Review： (a) Disposal of Investments (i) Disposal of AID Partners Autonomous GP Ltd (the “General Partner”) On 26 May 2020, the Group entered into the sale and purchase agreement (the “Agreement”) with an independent third party (the “Purchaser”), pursuant to which the Group has conditionally agreed to sell and the Purchaser has agreed to purchase the entire share capital of the General Partner, a wholly-owned subsidiary of the Group, at a cash consideration of US$270,000 (equivalent to approximately HK$2,106,000). A gain on disposal of the General Partner of approximately HK$2.1 million was recognised in profit or loss during the year. On 10 July 2020, the shareholders of the Company passed an ordinary resolution at the extraordinary general meeting to approve the Agreement. Upon completion of the Agreement on 13 July 2020, the Group ceases to have any equity interest in the General Partner and the General Partner ceases to be a subsidiary of the Group. As the Group has ceased to have management and investment control over AID Partners Autonomous, LP (the “Partnership”) through the General Partner, the Partnership and its subsidiaries have ceased to be accounted for as subsidiaries of the Group notwithstanding that the Group would still retain its capital contribution to the Partnership. (ii) Disposal of Captain Win Limited (“Captain Win”) On 24 November 2020, the Group entered into a sale and purchase agreement with an independent third party (the “Purchaser”), pursuant to which the Group has conditionally agreed to sell and the Purchaser has agreed to purchase the entire share capital of Captain Win, a wholly-owned subsidiary of the Group, at a cash consideration of HK$100,000. A gain on disposal of Captain Win of approximately HK$0.5 million was recognised in profit or loss during the year. Such disposal did not constitute a notifiable transaction on the Company under the GEM Listing Rules. (b) Debt Restructuring The Company issued the 8% convertible bonds in the principal amount of HK$140 million in 2015 with a maturity date in July 2020. In this regard, the Company implemented a management-led restructuring under a court-supervised provisional liquidation regime. In February 2021, the Company completed a restructuring of its major debt with its maturity date having been extended for 18 months, and thereby the liquidity issue of the Company has been resolved. Details of the restructuring were set out in the announcements of the Company dated 4 August 2020, 6 August 2020 and 1 March 2021. (c) Impact of outbreak of Coronavirus Disease 2019 (“COVID-19”) As a result of outbreak of COVID-19 in early 2020, there were significant changes of business environment and have caused the global economy, in particular the investment industry, remain fragile and uncertain. Governments in different regions have imposed social distancing measures and believed that the pandemic would not be eradicated without effective treatment and vaccination. The Group, therefore, has closely monitored its investments and the impact of governmental pandemic response policies to the economic environment and have plans in place in response to any possible outcome. The impact to the individual investment, if any, are set forth in the below paragraphs. (d) Selective Existing Investment Portfolio The Group had financial assets at fair value through profit or loss in aggregate amount of approximately HK$200.4 million and HK$404.6 million as at 31 December 2020 and 2019 respectively, representing approximately 76% and 80% of the total assets of the Group as at the respective reporting dates. Prospects: The business objective of the Company is to unlock the maximum value of the business of its investment by providing managerial and other business advice and exploring for any synergy. With the successful debt restructuring easing the liquidity issue of the Company and the growing signs of economic rebound as a result of ongoing roll-out of COVID-19 vaccines, the Group is now reset to direct its focus to actively look for strategic investment(s), being the Group’s principal business. The Group will continue to (i) seize good opportunities from the potential fast growing industry; (ii) monitor and maximise the value of its investments; (iii) seek for potential strategic investment and divestment opportunities with the objective to enhance the return to its shareholders; and (iv) proactively look for new business opportunities under the Group’s investment portfolio in order to maintain sustainability in the Group’s consolidated business and to maximise the value of its various strategic investments globally.

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