账龄恶化及逾期款项

Therefore our average trade receivables turnover days for FY2022 was 144.3 days and was higher than our credit term range.

As a result, our trade receivable balance increased from approximately RMB53.4 million as at 31 December 2022 to approximately RMB58.4 million as at 30 September 2023.

For these reasons, our Directors consider our credit management policy as appropriate and do not consider there being any material liquidity risk associated with our credit policy.

As at 31 March 2021, 2022, 2023 and 30 November 2023, our trade receivables included unbilled receivables of RMB190.7 million, RMB203.6 million, RMB90.9 million and RMB105.6 million, respectively, which represent accrued sales for goods delivered by our Group but yet to bill.

Our unbilled receivables as at 31 March 2021 and 2022 included unbilled receivables from Supplier B of RMB55.6 million and RMB97.8 million which were derived from our appointment of Supplier B as our domestic designated agent to purchase raw materials from oversea suppliers and sell them to domestic customers of our Group under the instructions of our Group during the Track Record Period.

Such arrangement has been terminated since October 2021, and the related outstanding receivables from Supplier B have been fully settled as at 31 January 2023.

Our trade and bills receivables increased from RMB124.0 million as of December 31, 2022 to RMB151.1 million as of June 30, 2023 mainly due to (i) the completion of the settlement audit of Hengsheng Flood Control Bulk Yard Project (恒盛防汛散貨堆場項目); and (ii) the substantial completion of the certification process of the Tianjiang Apartment Projects (天江公寓項目) for the six months ended June 30, 2023.

Our average trade and bills receivables turnover days increased from 141.5 days as of December 31, 2022 to 249.0 days as of June 30, 2023 due to the completion of (i) the settlement audit of Hengsheng Flood Control Bulk Yard Project (恒盛防汛散貨堆場項目); and (ii) the substantial certification process of the Tianjiang Apartment Projects (天江公寓項目) for the six months ended June 30, 2023, while the corresponding balances were not yet settled as of June 30, 2023.

During the Track Record Period, a majority of our contract assets and trade and bills receivables aged over one year were attributable to customers that are government authorities or state-owned enterprises, representing 63.8%, 90.6%, 97.9% and 97.9% of our total contract assets aged over one year, respectively and 75.5%, 71.9%, 88.5% and 52.8% of our total trade and bills receivables aged over one year, respectively.

Our net trade receivables increased to RMB662.1 million as of December 31, 2022, mainly due to the increase in revenue from logistics smart robotic products and services recognised in the fourth quarter in 2022.

For our net trade receivables that aged from 6 to 12 months and 1 to 2 years, the balances increased from RMB18.6 million as of December 31, 2020 to RMB118.4 million as of December 31, 2022, and from RMB38.0 million as of December 31, 2020 to RMB54.2 million as of December 31, 2022, respectively, primarily due to the unsettled amount from our customers in relation to the education smart robotic products and services, which we believe was mainly resulting from the budget shrinkage or delay in administrative work for approving budgets.

Up to September 30, 2023, we received subsequent settlement of RMB6.0 million, RMB17.9 million, RMB16.7 million and nil from our customers for the unsettled net trade receivables which aged more than two years as of December 31, 2020, 2021 and 2022 and June 30, 2023, respectively.

Our trade receivables aged over three months increased significantly as of December 31, 2022, which was primarily related to the extended payment period for our largest customer due to the impact of COVID-19 on the payment process, and the amount due from our largest customer as of December 31, 2022 had been fully received as of the Latest Practicable Date.

the trade receivables from Arrow was RMB43.0 million as of June 30, 2023, accounting for 90.8% of our trade receivables. As of October 31, 2023, all of our trade receivables from Arrow as of June 30, 2023 had been subsequently settled

As of October 31, 2023, RMB45.3 million or 95.7% of our trade receivables as of June 30, 2023 had been subsequently settled.

As of December 31, 2020, 2021 and 2022 and May 31, 2023, our total loan receivables that were past due were HK$108.3 million, HK$127.4 million, HK$189.7 million and HK$203.3 million, respectively, accounting for 9.9%, 13.5%, 18.6% and 19.3% of our total loan receivables (excluding loan receivables of the subordinated mortgage loans as of December 31, 2020 and 2021), respectively, as of the same dates, respectively.

The increase in our loan receivables overdue over 90 days was mainly due to the acquisition of the Transferred Loans from the Excluded Group (among which 125 accounts were over 90 days past due with overdue loan receivables of approximately HK$58.6 million), and the roll-over effect of overdue loan receivables for loan accounts which we have already taken legal proceedings.

As we were less aggressive in taking enforcement actions during 2022, the repayment pattern of our borrowers were affected, which led to an increase in loan receivable over 90 days past due in 2022.

As of December 31, 2020, 2021 and 2022 and June 30, 2023, our trade receivables and bills receivable amounted RMB4,345.0 million, RMB5,549.6 million, RMB6,371.4 million and RMB6,188.4 million, respectively.

Our trade receivables aged for over two years amounted to approximately RMB662.5 million as of December 31, 2022 and approximately RMB978.9 million as of June 30, 2023.

In view of the deteriorating aging profile, our Group has enhanced our efforts in collection of trade receivables, including engaging third-party debt collectors, liaising with debtors to settle the receivables by instalments.

The increases in our trade receivables turnover days in 2022 and the six months ended June 30, 2023 were primarily because (1) we gradually phased out settlements through the Remaining WXB Group, which would occasionally adjust settlement pace according to our capital and liquidity needs, and (2) we were increasingly dealing with third party customers directly, who typically have a longer settlement cycle for trade receivables.

As of September 30, 2023, approximately RMB530.4 million, or 75.7%, of our trade receivables as of June 30, 2023 had been settled.

Our Directors concluded that we do not have any material recoverability issue for our trade receivables and the allowance for expected credit losses was adequate and reasonable for the following reasons.

Our trade receivable turnover days increased from 108 days in 2019 to 183 days in 2020, primarily due to the impact of the COVID-19 outbreak, especially the impact on trade receivables due from customers of our advertising and system support services, whose businesses were negatively affected, which accounted for a larger portion of our trade receivables in 2020.

During the Track Record Period, a portion of our trade receivables were longer than the credit terms we typically offered to customers, which were mainly receivables due from our customers from vending machine sales and leases.

As of June 30, 2023, RMB16.7 million, or 64.7%, of our trade receivables aged over one year as of December 31, 2022 had been subsequently settled.

Our impairment losses on financial assets increased from RMB0.4 million in 2021 to RMB4.6 million in 2022, primarily due to the increase in our impairment losses on trade receivables, as our trade receivables increased from RMB14.9 million as of December 31, 2021 to RMB134.3 million as of December 31, 2022.

The overall increase throughout the Track Record Period was primarily due to the increase in the trade receivables as we expanded sales channels, where we grant credit terms to eligible customers up to 180 days.

As of the Latest Practicable Date, the five customers with the largest trade receivables balance aging over 90 days as of April 30, 2023 had fully settled their respective outstanding trade receivables as of April 30, 2023.

Our trade receivables turnover days for the years ended 31 December 2020, 2021 and 2022 and the four months ended 30 April 2023 were 177 days, 295 days, 300 days and 2,543 days, respectively.

However, having considered that (i) given our relatively limited scale of operation, in order to obtain some sizeable projects, we may have less bargaining power and thus have to compromise by offering more favourable terms; and (ii) we intend to establish long-term business relationship with education institutions, government authorities and IT services providers of strategic importance who are not financially distressed based on the communication with the customers by our project managers, we occasionally granted longer payment periods to limited number of customers, such as Customer X, which was allowed to pay by instalments over a period of four years after the user acceptance test has been passed.

As at the Latest Practicable Date, 97.4%, 87.8%, 37.1% and 27.8% of the trade receivables as at 31 December 2020, 2021 and 2022 and 30 April 2023 were settled, respectively.

Our accounts receivables primarily comprise (i) accounts receivables from independent third parties in relation to our dairy business which we acquired under buyout investment strategies, mainly representing amounts due from customers for products provided in the ordinary course of business; and (ii) accounts receivables from related parties, mainly representing the amount of fund management fees owed by certain funds under our management as they invested all of their investment gains into other projects from time to time.

Specifically, most of our accounts receivables aged over one year were the fund management fees due from Tiantu China Consumer Fund I, L.P. as it invested all of its cash into its portfolio companies.

As of August 31, 2023, RMB17.0 million, or 34.2% of our accounts receivable as of March 31, 2023 had been subsequently settled.

Trade receivables aged over three months accounted for 3.4%, 1.5%, 39.0% and 57.6% of our gross trade receivables as of December 31, 2020, 2021 and 2022 and April 30, 2023, respectively.

The trade receivable from Customer X amounted to RMB34.3 million and RMB34.0 million as of December 31, 2022 and April 30, 2023.

Taking into account the respective amount of trade receivables due from Customer X and trade payables due to Customer X, we made provision for impairment loss of RMB11.1 million and RMB11.2 million as of December 31, 2022 and April 30, 2023, which represented the net exposure amount due from Customer X.

Trade receivables from third parties increased from US$90.8 million as of December 31, 2020 to US$125.3 million as of December 31, 2021, primarily due to (i) the increase in gross billing to our marketers as a result of our business expansion for our cross-border digital marketing services, and (ii) our extension of credit term in 2021 of one of our major customers, Marketer A.

As of January 31, 2023, US$60.8 million, or 66.8% of our total trade receivables as of September 30, 2022 had been subsequently settled.

As of December 31, 2019, 2020 and 2021 and September 30, 2022, our trade receivables that were outstanding for more than 12 months amounted to US$6.1 million, US$8.3 million, US$8.9 million and US$12.3 million, respectively, accounting for 6.3%, 9.1%, 7.1% and 13.5% of our trade receivables before allowance for impairment as of the respective dates.

For each of FY2019, FY2020, FY2021 and 3Q2022, our average trade and bills receivables turnover days were 76.9 days, 103.9 days, 97.3 days and 85.1 days, respectively.

The amount of trade receivables that were past due over one year as at 31 December 2019, 2020 and 2021 and 30 September 2022 was approximately RMB70.1 million, RMB64.3 million, RMB21.2 million and RMB35.3 million, respectively, representing approximately 14.6%, 12.5%, 4.7%, and 9.0% of the total trade receivables as at 31 December 2019, 2020 and 2021 and 30 September 2022, respectively.

Approximately RMB216.9 million, representing 55.0% of the trade receivables as at 30 September 2022, was subsequently settled by the Latest Practicable Date.

Our trade receivables increased from approximately USD8.6 million as at December 31, 2019 to approximately USD16.2 million as at December 31, 2020.

This was mainly due to the outstanding receivables in the amount of approximately USD1.5 million from one of our customers who was embroiled in a dispute with their customer (the ''sub charterers'') during early 2022.

As at December 31, 2021, the amount of approximately USD3.1 million (including receivables of approximately USD1.6 million aged less than one year and approximately USD1.5 million aged between one to two years) due from Seacon Shipping Group was individually determined and an impairment provision of approximately USD16,000 was made.