About Us
ABOUT US
New Times Corporation Limited (Stock code: 00166.HK), headquartered in Hong Kong and traded on The Stock Exchange of Hong Kong, is an investment holding company, engaged in the business of energy transition towards a target of net zero. The group concurrently owns upstream oil and gas assets for exploration, development and production in Canada. Since 2020, the Group has been active in the trading of physical precious metal (mainly gold and silver), and is currently establishing a precious metals refinery with an annual capacity of fifty metric tons.
VISION & MISSION
We develop energy for the new times. Diversify for climate change and the environment. With a global shift towards a low carbon future, the Group is embarking on its own transition journey. The Group’s vision is to create a circular economy at Discovery Park, Campbell River, British Colombia, Canada by bringing together complementary eco-friendly businesses for sustainability.
Dear Shareholders,
On behalf of the Board of Directors (the “Board”) of New Times Corporation Limited and its subsidiaries (collectively, the “Group”), I am pleased to present the annual results and audited consolidated financial statements of the Group for the financial year ended 31 December 2024.
EXPANDING HORIZONS, EMBRACING INCLUSION
In August 2024, the Group adopted a new corporate name, New Times Corporation Limited , along with a refreshed logo – reflecting our strategic evolution. This rebranding marks a pivotal shift as we broaden our focus beyond traditional oil and gas operations to include precious metals trading and refinery, and further extend into sustainable energy solutions.
Our vision is anchored in building a greener future. The development of a green ecosystem hub at Discovery Park underscores our commitment to environmental sustainability, climate action, and long-term stakeholder value creation.
We also took a meaningful step forward in strengthening Board diversity with the appointment of Ms. Leung, Sze Lai as an Independent Non-Executive Director and member of the Audit Committee, effective 29 August 2024. Ms. Leung brings over two decades of senior leadership in the jewellery manufacturing and wholesale industry, complemented by her credentials as a Certified Public Accountant (Australia) and expertise in gemmology. Her insights and experience will be a valuable asset to the Board as we continue to foster inclusive and balanced governance.
2024 OVERVIEW
The year was marked by geopolitical uncertainties and trade tensions, creating a challenging global operating environment. For the year ended 31 December 2024, the Group reported a net loss after tax of HK$87.4 million and an adjusted EBITDA loss of HK$17.4 million (before interest, taxes, depreciation, amortisation, and asset revaluation).
Key factors contributing to this performance included:
- Natural Gas Operations in Canada – Impacted by persistently low commodity prices and significant production disruptions caused by wildfires in May 2024.
- Precious Metals Business in Hong Kong – Faced margin pressures from record-high gold prices, growing competition from the Middle East, and operational challenges during the refinery’s initial year.
Despite these headwinds, the Group remained financially sound, supported by stable cash flows across its diversified business lines. As at 31 December 2024, the Group maintained a robust liquidity position with no external borrowings and highly liquid current assets totalling HK$517.7 million.
OIL AND GAS OPERATIONS
In Canada, we strengthened our strategic position in the Wapiti region through the acquisition of additional mineral rights within the Montney Formation at West Gold Creek, Alberta – an area adjacent to some of the most prolific and record-breaking oil and gas wells drilled in Western Canada in recent years.
Despite wildfire-related disruptions and mandatory evacuations in Northeast British Columbia, the Group achieved an average daily production of 7,700 boe in 2024, primarily from natural gas. To date, the vast majority of production capacity has since been restored. In response to market conditions, approximately 1,200 boe per day is being strategically withheld to preserve long-term asset value.
Our focus on operational efficiency continues through targeted well workovers, production optimisation, process upgrades, and cost-saving initiatives.
Environmental responsibility remains a core priority, with measures including energy audits, infrastructure reconfiguration, workforce training, and engagement in emissions offset projects in British Columbia – all in support of our net-zero ambitions.
In Argentina, oil production continued to drop, despite our well having been ranked the top producing conventional oil well in Argentina in 2023. Nevertheless, the Group expects to be totally divested from Argentina by the end of 2025.
GREEN ECOSYSTEM HUB AT DISCOVERY PARK
As part of our ESG commitment, the Group is advancing the transformation of Discovery Park into a green ecosystem hub. This redevelopment embraces the circular economy concept by co-locating synergistic businesses in green hydrogen and biofuel production, land-based aquaculture, vertical farming, and modular construction. The integrated operations will enable resource efficiency and waste minimisation, aligning with global sustainability goals.
Progress on our green hydrogen initiative continues with feasibility studies and stakeholder engagement underway. If a reliable off-taker can be identified for the hydrogen, the project is expected to commence operation by the end of 2026.
We are also in active discussions with several operators, including a leading Nordic aquaculture enterprise, for the development of land-based trout farming facilities. At the same time, initiatives are underway to bring vertical farming solutions to the site. We have been approached by the various developers of data centres to set up facilities at Discovery Park as well as in Northeastern British Columbia.
This green ecosystem redevelopment is transformative – not only for the Group, but for the broader industrial landscape – as it creates economic value through sustainable innovation and establishes a new benchmark for green industrial parks.
PRECIOUS METALS REFINERY AND TRADING
In early 2024, the Group’s new precious metals refinery commenced commercial operations following successful testing and commissioning. With an annual refining capacity of 50 metric tonnes of gold at 99.9% purity, this facility represents a major step forward in our expansion across the precious metals value chain.
By integrating refining activities, the Group aims to capture greater value, strengthen margins, and unlock operational synergies within its commodities segment.
LOOKING AHEAD
While our oil and gas operations remain a core pillar of our business, the redevelopment of Discovery Park offers a clear and strategic pathway to realise our sustainability objectives. At the same time, we remain confident in the resilience and cash-generating ability of our diversified business portfolio as we navigate an evolving global landscape.
With an estimated 3.08 trillion cubic feet (TCF) of natural gas in recoverable contingent resources, the Group is wellpositioned to benefit from an anticipated recovery in Western Canadian natural gas prices – particularly as LNG Canada, a major liquefied natural gas export project in the region is expected to commence operation in the second half of 2025.
Meanwhile, our establishment of a new office in Dubai is expected to accelerate the growth of our precious metals trading and refining business, positioning the Group to further expand its global footprint.
On behalf of the Board, I would like to express my sincere gratitude to our shareholders, employees, partners, and stakeholders for their continued trust and support.
CHENG, Kam Chiu Stewart
Chairman
Hong Kong, 27 March 2025
| Executive Directors and Senior Management | Non-Executive Director | Independent Non-executive Directors |
|---|---|---|
| Mr. CHENG, Kam Chiu Stewart Mr. TANG, John Wing Yan | Mr. LEE, Chi Hin Jacob | Mr. YUNG, Chun Fai Dickie Mr. CHIU, Wai On Mr. HUANG, Victor Ms. LEUNG, Sze Lai |
EXECUTIVE DIRECTORS AND SENIOR MANAGEMENT
Mr. CHENG, Kam Chiu Stewart (Chairman of the Board)
Mr. CHENG, Kam Chiu Stewart has served as Chairman of New Times Energy Corporation Limited since 2009. He is an accomplished business executive, entrepreneur and business owner with over 40 years of global senior management experience in major public companies. Mr. Cheng brings strong entrepreneurial vision, proven strategic planning capability, and cross-disciplinary expertise spanning engineering, corporate management and business leadership, with extensive experience across the property development, precious metals, energy, investment and education sectors. He is also widely recognised for his philanthropic commitment and contributions to the community.
Mr. Cheng holds a Bachelor’s degree in Civil and Environmental Engineering from the University of Wisconsin–Madison, a Master’s degree in Civil Engineering from the University of California, Berkeley, and a Master of Business Administration degree from The Chinese University of Hong Kong. In 2023, he was awarded the 21st Honorary Fellowship by The Chinese University of Hong Kong. He is a professional engineer, a member of The Hong Kong Institution of Engineers, and a board member of The Chinese University of Hong Kong.
Mr. TANG, John Wing Yan (Executive Director)
Mr. TANG, John Wing Yan joined the Group in August 2015 as General Manager and was appointed an Executive Director of New Times Corporation Limited in June 2017. He has 30 years of entrepreneurial, senior corporate management and strategic leadership experience, with extensive international business and management exposure across North America, Hong Kong, China, Asia, South America and Australia. Prior to joining the Group, Mr. Tang held senior executive positions with international corporations.
Mr. Tang is professionally trained as a structural engineer and was formerly admitted as a Chartered Engineer in the United Kingdom, as well as a Registered Professional Engineer in the United States and Canada. He possesses a cross-disciplinary skill set spanning engineering, finance, corporate management and strategic planning. He has authored and co-authored peer-reviewed technical publications and is the holder of U.S. Patent No. US6329589 relating to the wireless transmission of solar power for exterior curtain wall systems in buildings.
Mr. Tang holds degrees in civil engineering, engineering and financial engineering from the University of Massachusetts, the University of California, Berkeley, and Stanford University, respectively.
NON-EXECUTIVE DIRECTOR
Mr. LEE, Chi Hin Jacob (Non-executive Director)
Mr. LEE, Chi Hin Jacob, aged 42, was appointed as a non-executive Director in March 2019. Mr. Lee is currently a senior vice president of Chow Tai Fook Enterprises Limited (“CTFE”) with responsibilities in making strategic and private equity investments globally. CTFE is an indirect subsidiary of Chow Tai Fook Capital Limited which is a controlling shareholder of the Company. Mr. Lee joined CTFE in March 2013 and has over 15 years of professional experience in corporate finance, investment, international capital markets and asset management. He previously worked at the investment banking department of The Hongkong and Shanghai Banking Corporation Limited and Deutsche Bank AG in Hong Kong. Mr. Lee holds a Master of Science degree in Accounting and Finance from The London School of Economics and Political Science to the University of London in London, United Kingdom and a Bachelor of Business Administration degree from the University of Michigan in Ann Arbor, United States of America. He is also a Chartered Financial Analyst Charterholder.
Mr. Lee was re-designated from a non-executive Director to executive Director of Giordano International Limited (stock code: 709) in which shares are listed on the Stock Exchange with effect from 5 April 2024 and is currently a non-executive director of Integrated Waste Solutions Group Holdings Limited (stock code: 923) which shares are listed on the Stock Exchange and is also a member of the HKSAR Financial Reporting Review Panel.
INDEPENDENT NON-EXECUTIVE DIRECTORS
Mr. YUNG, Chun Fai Dickie (Independent Non-Executive Director)
Mr. YUNG, Chun Fai Dickie, aged 72, was appointed as an independent non-executive Director in March 2013. Mr. Yung holds a Master’s degree in Business Administration from the University of East Asia, Macau. He is a member of the Institute of Management and a fellow of the Chartered Management Institute. Mr. Yung has been engaged in finance and banking businesses for over 27 years. He was the chief executive officer of Landbridge Holdings Limited, the deputy chief executive officer of Industrial & Commercial Bank of China (Macau) Limited and an executive director, deputy general manager and alternate chief executive officer of Industrial & Commercial International Capital Limited (currently known as ICBC International Holdings Limited), a wholly-owned subsidiary of Industrial & Commercial Bank of China Limited.
Mr. CHIU, Wai On (Independent Non-Executive Director)
Mr. CHIU, Wai On, aged 55, was appointed as an independent non-executive Director in November 2006. Mr. Chiu is a member of the Hong Kong Institute of Certified Public Accountants and a fellow member of the Association of Chartered Certified Accountants in the UK. He possesses extensive professional experience in accounting and auditing services. Mr. Chiu is currently an independent non-executive director of DeTai New Energy Group Limited (stock code: 559), whose shares are listed on the Stock Exchange.
Mr. HUANG, Victor (Independent Non-Executive Director)
Mr. HUANG, Victor, aged 53, was appointed as an independent non-executive Director in June 2020. Mr. Huang has over 30 years of experience in professional accounting, capital market and merger and acquisition. Mr. Huang joined PricewaterhouseCoopers Hong Kong in January 1993 and admitted to partnership in July 2005. He left PricewaterhouseCoopers Hong Kong in July 2014. From July 2014 to August 2017, he was a partner of KPMG in Hong Kong.
Mr. Huang is currently an independent non-executive director of the following companies which are listed on the Hong Kong Stock Exchange, namely (i) COSCO SHIPPING Energy Transportation Co., Ltd. (stock code: 1138), (ii) ManpowerGroup Greater China Limited (stock code: 2180), (iii) Scholar Education Group (stock code: 1769), (iv) Shandong Hi-Speed New Energy Group Limited (stock code: 1250), (v) Topsports International Holdings Limited (stock code: 6110) and (vi) Giordano International Limited (stock code: 709). Mr. Huang was an independent nonexecutive director of Laobaixing Pharmacy Chain Joint Stock Company (stock code: 603883.SH), a company listed on the Shanghai Stock Exchange, from February 2018 to February 2024 and Qingdao Haier Biomedical Co., Ltd. (stock code: 688139.SH), a company listed on the Sci-Tech Innovation Board of the Shanghai Stock Exchange from August 2018 to July 2024.
Mr. Huang is a member of the Hong Kong Institute of Certified Public Accountants and The Hong Kong Independent Non-Executive Director Association. He is also a Certified Independent Non-executive Director by the Shanghai Stock Exchange. Mr. Huang received a bachelor’s degree of arts from the University of California, Los Angeles in September 1992.
Ms. LEUNG, Sze Lai (Independent Non-Executive Director)
Ms. LEUNG, Sze Lai, aged 51, was appointed as an independent non-executive Director in August 2024. Ms. Leung has over 20 years of experience in the manufacturing and wholesale of jewellery. She currently serves as the Managing Director of Katex Trading Limited, where she has led the company for two decades, overseeing comprehensive services such as jewellery design, sample modeling, and production across three jewellery production lines. Ms. Leung has also worked for a CPA firm in Hong Kong previously.
Ms. Leung holds a Bachelor of Commerce in Accounting and Finance from The University of Sydney, Australia, and is a Certified Public Accountant (CPA) in Australia. She is also a Graduate Gemologist of GIA Hong Kong.
Beyond her role at Katex Trading Limited, Ms. Leung holds several key positions within the industry, including Vice Director of Finance of The Hong Kong Jewellers’ and Goldsmiths’ Association Ltd., Director of Finance and Welfare Management of The Jewellers’ and Goldsmiths’ Association of Hong Kong Ltd., Vice Director of General Affairs of The Hong Kong & Kowloon Jewellers’ and Goldsmiths’ Employees’ Association Ltd., and committee roles with the HKTDC and GIA Alumni Association (HK Chapter).
ENVIRONMENTAL
As an oil and gas exploration and production industry participant, we are well-aware of the impacts and potential risks that our field operations pose to the environment and the surrounding ecosystem. We adopt best industry practices and guidelines in our management of the environmental risks arising from our operations in Canada and Argentina. We strictly comply with all relevant environmental laws and regulations in respective jurisdiction in which we operate in.
Our main emission sources are from diesel fuel, electricity, water and natural gas. With regards to emissions, our oil and gas businesses are strictly regulated under the respective Canadian and Argentine laws and regulations. Regulatory updates are continually monitored to ensure we remain compliant, and how potential amendments may impact operations.
We are committed to working closely with all stakeholders to decommission and reclaim inactive and non-producing wells to their original land use. A risk-based closure approach will be used to evaluate alternative remedial and reclamation options to reduce costs and expedite the closure of the dormant sites. This approach further allows us to identify more environmentally friendly ways to manage site reclamation activities.
SOCIAL
We fully recognise our employees are our critical asset. Therefore, our policy is to hire and retain employees with professional skills that enable us to achieve our strategic objectives, in a non-discriminatory matter. Recruitment and compensation are based on qualification, experience, skills and performance. We offer competitive compensation and benefits packages in line with the local market rates for comparable roles and responsibilities in the industry.
We are proud to be an equal opportunity employer and believe in the fair treatment of all existing and prospective employees, regardless of their age, gender, marital status, family status, disability, pregnancy, nationality, ethnicity, sexual orientation, religion and culture, or any other discrimination prohibited by applicable law. We do not discriminate against or deprive of any opportunities in respect of recruitment, training and development, job advancement, and compensation and benefits. Our Codes of Ethic adopts a strict zero tolerance approach to any forms of discrimination or harassment in the workplace.
Critical to all oil and gas operations is rigorous and robust health & safety (“H&S”). We are committed to providing a safe and healthy working environment for our employees, and continuously promotes a strong H&S culture and mindset. We endeavour to adopt best practices in health and safety management and are strictly in compliance with all relevant laws and regulations governing H&S, in the jurisdictions we operate in.
We are committed to managing our business without undue influence, and in an open, honest and fair manner. All employees are required to strictly follow the Group’s Code of Ethics to prevent potential bribery, extortion, fraud and money laundering. Employees are regularly reminded about the Group’s anti-corruption policies and their need for strict adherence. Whistle-blowing procedures on misconduct and malpractice (including corruption) are also established in the Group’s anti-corruption policies.
GOVERNANCE
Our board (the “Board”) of directors (the “Directors”) and management strive to attain and maintain high standards of corporate governance best suited to the needs of our businesses and interest and value of the shareholders of the Company (the “Shareholders”) as the Board believes that effective governance is essential to our competitiveness and to our healthy growth.
We have adopted and applied the principles of the code provisions of the Corporate Governance Code (the “CG Code”), including the amendments to the CG Code that came into effect on 1 January 2022, as set out in Appendix 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Board will continue to review and enhance our corporate governance practice to ensure compliance with the CG Code and align with the latest developments.
We have a board diversity policy which sets out the approach to diversify the Board. We seek to achieve Board diversity through consideration of a number of factors, including but not limited to gender, age, cultural and educational background, professional and industrial experience, skills, knowledge, length of service, and any other factors that the Board might consider relevant and applicable. The ultimate decision will be based on merit and contribution that the selected candidates will bring to the Board.
The Board is responsible for the leadership and control of the Company and collectively responsible for promoting success of the Company by directing and supervising the Company’s affairs. The Board also formulates objectives, overall corporate strategies and business plans, and oversees the financial and management performance of the Group.
The Board has a balanced composition of Executive and Non-executive Directors with each Director having sound knowledge, experience and expertise contributing to the performance and development of the Group. All Directors are aware of their collective and individual responsibilities to the Shareholders and have exercised their duties of care, skill and diligence.