23 September 2008
Tai Zi Capital Ltd (¡°Tai Zi¡±, or the ¡°Company¡±)
Interim Results for the six months ended 30 June 2008
Highlights
Admitted to AIM on 1 July 2008
Funds to invest of £3m at admission to AIM
Intends to actively invest and manage properties in major cities within Taiwan, Mainland China, Hong Kong, Macau, and Greater China District.
The company will invest in a range of offices, commercial and residential properties and other retail buildings in and around major urban centers.
The company will also invest in the construction and development or refurbishment of properties, either wholly owned by the company or as joint ventures in conjunction with other investors.
A copy of the interim results is available on the Company¡¯s website www.taizicapital.com
For further information, please contact:
|
Lawrence Man Kwan NG
Tai Zi Capital Ltd |
+852 3719 7300 |
|
Dominique Doussot/Jonathan Evans Zimmerman Adams International Ltd |
+44 (0) 20 7060 1760 |
Chairman¡¯s statement
Tai Zi was admitted to AIM on 1 July 2008 as an investing company seeking to actively invest and manage properties in the Far East of Asia. As at 30 June 2008, the Company had not entered into the subscription arrangement with the shareholders to raise £3m, therefore, no investments were made. Also, our first interim results reflect merely the operating costs of maintaining the Company.
Following admission to AIM we are aiming to deliver on our strategy focusing on the following three areas:
• To build shareholder value by acquiring properties and growing a portfolio of rental investment properties located in major cities in Far East Asia including Taiwan, Hong Kong, Macau and possibly other areas of China.
• To provide attractive cash flows and yields together with opportunities for further revenue growth through proactive property management.
• To seek and invest in other property related companies.
Outlook
The current economic climate is turbulent, however, we firmly believe our target markets will continue to grow and provide is with attractive opportunities to create shareholder value.
The Board is confident the Company is positioned to continue to expand. CHEN Jen-Ching
Chairman of the Board
23 September 2008
CONDENSED CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2008
|
|
|
Unaudited 6 months to 30.6.2008 |
|
|
|
|
USD |
|
|
|
|
|
|
|
Revenue |
|
0 |
|
|
Cost of sales |
|
0 |
|
|
|
|
|
|
|
Gross profit |
|
0 |
|
|
|
|
|
|
|
Administrative expenses |
|
289,303 |
|
|
Other operating loss |
|
0 |
|
|
|
|
|
|
|
Operating loss |
|
289,302 |
|
|
|
|
|
|
|
Finance income |
|
0 |
|
|
Finance costs |
|
0 |
|
|
|
|
|
|
|
Profit/(loss) on ordinary activities before taxation |
|
0 |
|
|
|
|
|
|
|
Taxation |
|
0 |
|
|
|
|
|
|
|
Profit/(loss) for the period |
|
-289,303 |
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET FOR THE SIX MONTHS ENDED 30 JUNE 2008
|
|
|
|
|
Unaudited 6 months to 30.6.2008 |
|
|
|
|
|
|
|
USD |
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Non-current assets |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Trade and other receivables |
|
500,000 |
|
|
||
|
Prepayment |
|
|
2,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
502,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
||
|
Share capital |
|
|
500,000 |
|
|
|
|
Loss for the period |
|
|
-289,303 |
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
210,697 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities |
|
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Trade and other payables |
|
291,486 |
|
|
||
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
291,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
502,183 |
|
|
|||
|
|
|
|
|
|
|
|
NOTED TO THE CONDENSED CONSOLIDATED INTERIM FINANCE STATEMENTS
1. GENERAL INFORMATION
The Company was incorporated in the Cayman Islands as a limited liability company under the Companies Law (2000) Revision on 10 July 2000. The registered office of the Company is located at 4th Floor, George Town, Grand Cayman, Cayman Islands. Its principal place of business is located at Unit 2204,
22nd floor, Convention Plaza Office Tower, No.1 Harbour Road, Wanchai, Hong
Kong.
The principal activities of the Company are property investing and management. The principal activity of the Company is investment holding.
The Company¡¯s shares were admitted to trading on the Alternative Investment Market (¡°AIM¡±) of the London Stock Exchange. These condensed consolidated interim financial statements are presented in United States Dollars, unless otherwise stated, and were approved for issue by the Board of Directors on 25
Jun 2008.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1. Basis of preparation
The Company has a financial year end date of 31 December. These condensed consolidated interim financial statements for the six months ended 30 June 2008 have been prepared in accordance with International Accounting Standard 34, ¡°Interim Financial Reporting¡±. These condensed consolidated interim financial statements should be read in conjunction with the annual financial statements of the Company for the year ended 31
December 2007.
2.2. Significant accounting policies
The condensed consolidated interim financial statements have been prepared under the historical cost convention except for certain financial assets and liabilities which are stated at fair values.
The accounting policies and methods of computation used in the preparation of these condensed consolidated interim financial statements are consistent with those used in the annual financial statements for the year ended 31
December 2007 except for the adoption of standards, amendments and interpretations used by the International Accounting Standards Board mandatory for annual financial periods beginning 1 January 2008.
The adoption of these standards, amendments and interpretations was not material to the Company¡¯s results of operations or financial position.
3. EARNING/(LOSS) PER SHARE
Loss: 289,303
Number of shares: 500,000 (Loss) per share: 0.578
4. SHARE CAPITAL
Number Amount
of shares USD
Authorized share capital:
Ordinary shares of USD1 each 500,000 500,000
Issued and fully paid:
Ordinary shares of USD1 each 500,000 500,000