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ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | 12 Months Ended
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Dec. 31, 2022
Assets And Liabilities Of Disposal Group Classified As Held For Sale |
ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE | 29. ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE Since the ceramic tiles manufacturing business of the Company has experienced significant hurdles due to the significant slowdown of the real estate sector and the impacts of COVID-19 in China, the Company plans to divest its ceramic tiles manufacturing business, which is conducted through the Company’s two subsidiaries, Jinjiang Hengda Ceramics Co., Ltd. and Jiangxi Hengdali Ceramic Materials Co., Ltd. Jiangxi Hengdali Ceramics is wholly owned by Jinjiang Hengda Ceramics, which is a wholly owned subsidiary of Stand Best Creation Limited, a Hong Kong company (the “Target”). The Target is Stand Best Creation Limited, a wholly owned subsidiary of Success Winner Limited which is 100% owned by the Company (“the Disposition Group”). On December 30, 2022, the Seller, the Target and New Stonehenge Limited, a British Virgin Islands exempt company which is not affiliate of the Company or any of its directors or officers, (the “Buyer”), entered into certain share purchase agreement (the “Disposition SPA”). Pursuant to the Disposition SPA, the Buyer agreed to purchase the Target, and in exchange the Buyer will issue a 5% unsecured promissory note to the Seller with principal amount of $8.5 million with a maturity date on the fourth anniversary of its issuance (the “Note”). Upon the closing of the transaction (the “Disposition”) contemplated by the Disposition SPA, the Buyer will become the sole shareholder of the Target and as a result, assume all assets and liabilities of the Target and subsidiaries owned or controlled by the Target. The Closing of the Disposition is subject to the satisfaction or waiver of certain closing conditions including the receipt of a fairness opinion from an independent firm, approval of a majority of the Company’s shareholders, and all consents required to be obtained from or made with any governmental authorities. The Company held an extraordinary meeting of shareholders at on February 21, 2023, 8:30 A.M. ET. at Junbing Industrial Area, Anhai, Jinjiang, Fujian, China. There were 5,678,430 ordinary shares voted, representing approximately 56.58% of the total 10,035,188 outstanding ordinary shares and therefore constituting a quorum of more than fifty percent (50%) of the shares outstanding and entitled to vote at the meeting as of the record date of January 5, 2023. The final voting results submitted to a vote of shareholders at the meeting were that the following constitutes the number of votes voted with respect to the proposal of the approval of the proposed sale of the Company’s subsidiaries (the “Disposition Transaction”), Stand Best Creation Limited, Jinjiang Hengda Ceramics Co., Ltd., and Jiangxi Hengdali Ceramic Materials Co., Ltd. to New Stonehenge Limited, a business company incorporated in the British Virgin Islands with limited liability, in exchange for an unsecured promissory note with a principal amount of US$8.5 million, which will be mature in four years after its issuance. Accordingly, the Disposition Transaction has been approved. Assets and liabilities of the Disposal Group were classified as “Assets classified as held for sale” and “Liabilities directly associated with assets classified as held for sale” respectively in accordance with IFRS 5 as at December 31, 2022. SCHEDULE OF ASSETS AND LIABILITIES OF DISPOSAL GROUP
|  | As of December 31, 2022 |
|  | RMB’000 |
ASSETS CLASSIFIED AS HELD FOR SALE |  |  |  |
Right-of-use assets, net |  |  | 30,937 |
Inventories, net |  |  | 28,749 |
Trade receivables, net |  |  | 11,683 |
Other receivables and prepayments |  |  | 3,000 |
Cash and bank balances |  |  | 306 |
Total assets of the Disposal Group held for sale |  |  | 74,675 |
|  | As of December 31, 2022 |
|  | RMB’000 |
LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE |  |  |  |
Accrued liabilities and other payables |  |  | 19,197 |
Amounts owed to related parties |  |  | 35,057 |
Lease liabilities |  |  | 33,325 |
Taxes payable |  |  | 951 |
Total liabilities of the Disposal Group directly associated with assets classified as held for sale |  |  | 88,530 |
Discontinued operations Upon the classification of the assets and liabilities of the Disposal Group as ‘Assets classified as held for sale’ and ‘Liabilities directly associated with assets classified as held for sale’ respectively, the Disposal Group is reported in the current period as a discontinued operations. Financial information relating to the discontinued operations for the year is set out below. The financial performance and cash flow information presented are for the years ended December 31, 2022, 2021 and 2022. SCHEDULE OF FINANCIAL PERFORMANCE AND CASH FLOW INFORMATION
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  | Years ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  | RMB’000 |  |  |  | RMB’000 |  |  |  | RMB’000 |
Financial performance |  |  |  |  |  |  |  |  |  |  |  |
Net sales |  |  | 37,696 |  |  |  | 144,743 |  |  |  | 182,989 |
Cost of goods sold |  |  | 41,245 |  |  |  | 83,436 |  |  |  | 209,705 |
Gross profit (loss) |  |  | (3,549 | ) |  |  | 61,307 |  |  |  | (26,716 | )
Other income |  |  | 14,244 |  |  |  | 9,388 |  |  |  | 14,531 |
Selling and distribution expenses |  |  | (5,913 | ) |  |  | (6,298 | ) |  |  | (9,356 | )
Administrative expenses |  |  | (51,297 | ) |  |  | (131,867 | ) |  |  | (168,622 | )
Finance costs |  |  | (1,479 | ) |  |  | (2,115 | ) |  |  | (2,673 | )
Other expenses |  |  | - |  |  |  | (90 | ) |  |  | - |
Loss before taxation |  |  | (47,994 | ) |  |  | (69,675 | ) |  |  | (192,836 | )
Income tax expense |  |  | - |  |  |  | - |  |  |  | - |
Loss for the year from discontinued operations |  |  | (47,994 | ) |  |  | (69,675 | ) |  |  | (192,836 | )
Total comprehensive loss from discontinued operations |  |  | (47,994 | ) |  |  | (69,675 | ) |  |  | (192,836 | )
Cash flow information |  |  |  |  |  |  |  |  |  |  |  |
Net cash generated from operating activities from discontinued operations |  |  | 4,982 |  |  |  | 3,314 |  |  |  | 4,400 |
Net cash used in investing activities from discontinued operations |  |  | - |  |  |  | - |  |  |  | - |
Net cash used in financing activities from discontinued operations |  |  | (14,303 | ) |  |  | (14,303 | ) |  |  | (14,136 | )
Net (decrease) increase in cash and cash equivalents from discontinued operations |  |  | (9,321 | ) |  |  | (10,989 | ) |  |  | (9,736 | )

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