Financial Performance - The Group reported a net profit of HKD 15 million for the six-month period ended September 30, 2020, representing a 25% increase compared to the same period last year[11]. - Total revenue for the Group was HKD 100 million, reflecting a 10% growth year-on-year[11]. - Revenue for the six months ended September 30, 2020, was HK$45,067,000, a decrease of 40% compared to HK$74,872,000 in the same period of 2019[25]. - The Group's overall performance reflects the impact of the COVID-19 pandemic on its operations and revenue streams[81]. - For the six months ended September 30, 2020, the total revenue of the Group was HK$63,695,000, with segment revenues from securities brokerage and margin financing at HK$9,275,000, corporate finance at HK$15,633,000, money lending and factoring at HK$18,089,000, consultancy and insurance brokerage at HK$879,000, and asset management at HK$17,599,000[92]. - The Group reported a loss for the period of HK$2,633,000 after accounting for an income tax expense of HK$4,051,000[116]. - The Group's total comprehensive income for the period was negative, reflecting ongoing challenges in the market environment[35]. - The Group recognized government grants of HK$2,070,000 related to COVID-19 Employment Support Scheme provided by the Hong Kong government during the reporting period[144]. Assets and Liabilities - The Group's total assets increased to HKD 1.2 billion, up 15% from the previous year[11]. - Non-current assets decreased to HK$122,029,000 from HK$132,951,000 as of March 31, 2020[30]. - Current assets decreased to HK$865,079,000 from HK$1,033,779,000 as of March 31, 2020[30]. - As of 30 September 2020, net current assets decreased to HK$277,342,000 from HK$319,454,000 as of 31 March 2020, representing a decline of approximately 13.2%[33]. - Total assets less current liabilities decreased to HK$399,371,000 from HK$452,405,000, reflecting a decrease of about 11.7%[33]. - The company's net assets increased slightly to HK$330,912,000 from HK$323,514,000, indicating a growth of approximately 2.4%[33]. - The Group's consolidated liabilities decreased to HK$656,196,000 as of 30 September 2020 from HK$843,216,000 in 2019, a reduction of approximately 22.1%[140]. Cash Flow and Investments - The Group's cash flow from operating activities improved by 40%, totaling HKD 30 million for the reporting period[11]. - Cash generated from operations for the six months ended September 30, 2020, was HK$196,775,000, a significant increase from HK$14,528,000 in the same period of 2019[53]. - Net cash generated from operating activities reached HK$196,964,000, compared to HK$15,679,000 in the previous year, indicating a strong operational performance[53]. - Cash and cash equivalents at the end of the period stood at HK$173,949,000, down from HK$315,367,000 at the end of the previous year, indicating a liquidity contraction[55]. - The total cash flow from investing activities was HK$436,000, down from HK$1,638,000 in the same period of 2019, reflecting reduced investment activity[53]. - The Group invested approximately HK$3,000 in property and equipment during the six months ended September 30, 2020, down from HK$26,000 in the same period in 2019[167]. Revenue Streams - Dividend income for the period was HK$189,000, down 83.6% from HK$1,151,000 in the previous year[81]. - Income from securities brokerage business fell to HK$3,529,000, a decline of 79.2% from HK$16,998,000 in the prior year[81]. - Income from money lending business decreased slightly to HK$18,089,000, down 8.7% from HK$19,813,000 in the same period last year[81]. - Service income from corporate finance was HK$15,633,000, down 14.8% from HK$18,340,000 in the previous year[81]. - The Group recognized revenue from contracts with customers within the scope of HKFRS 15 at HK$21,679,000, a decrease of 44.4% from HK$38,985,000 in the prior year[85]. - Margin interest income from securities brokerage business decreased to HK$1,485,000, down 76.5% from HK$6,323,000 in the previous year[85]. - The Group's asset management business generated interest income of HK$3,625,000, a decline of 57.8% from HK$8,600,000 in the prior year[85]. Strategic Plans and Developments - The Group plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share over the next two years[11]. - New product launches are expected to contribute an additional HKD 20 million in revenue for the next fiscal year[11]. - A strategic acquisition is being considered to enhance service offerings, with potential targets identified in the financial technology sector[11]. - The company has applied new accounting standards effective from April 1, 2020, which may impact future financial reporting and disclosures[70]. Operational Efficiency - The management has provided a revenue guidance of HKD 120 million for the next six months, indicating a 20% growth[11]. - The Group's staff costs decreased to HK$28,228,000 in 2020 from HK$36,554,000 in 2019, a decline of approximately 22.8%[152]. - The Group incurred other operating expenses totaling HK$27,208,000 for the six months ended September 30, 2020, slightly up from HK$26,192,000 in 2019[149]. Shareholder Information - Basic loss per share attributable to owners of the Company was HK$0.3, an improvement from HK$2.9 in the same period of 2019[28]. - The basic and diluted loss per share for the six months ended September 30, 2020, was approximately HK$0.0029, compared to a loss of HK$0.029 per share for the same period in 2019[166]. - No dividend was paid or proposed during the reporting period, consistent with the previous year[159].

Economic Challenges - The Group faced significant challenges in 2019, including a 1.2% decline in annual GDP, marking the first economic contraction since 2009[24] - Tourist arrivals in Hong Kong decreased by over 50% year-on-year, severely impacting service sectors such as retail and tourism[24] - The unemployment rate in Hong Kong reached a nine-year high of 4.2% in March 2020 due to the economic downturn[25] - The ongoing Sino-US trade war and the COVID-19 pandemic contributed to a highly unpredictable global economic environment[25] Financial Performance - The Group's overall performance for the year ended 31 March 2020 was presented amidst these challenging market conditions[22] - For the year ended 31 March 2020, the Group recorded total revenue of approximately HK$179,401,000, representing a significant increase of 66.00% year-on-year[34] - The total loss for the same period was approximately HK$71,814,000, which is a decrease of 31.07% year-on-year, primarily due to increased revenue and cost control measures[34] - Revenue from the Group's securities brokerage and margin financing business, as well as money lending business, contributed to an overall revenue increase of approximately 54.54% from HK$107,426,000 for the year ended 31 March 2019[40] - The Group recorded a loss of approximately HK$71,814,000 for the year ended 31 March 2020, a reduction of approximately 31.07% compared to the loss of approximately HK$104,179,000 for the corresponding period in 2019[42][44] - Revenue increased from approximately HK$107,426,000 to approximately HK$166,017,000, representing a growth of approximately 54.54% due to increased income from securities brokerage and margin financing[44] Business Segments - The investment banking sector remained competitive, with the Group participating in 10 main board IPO projects and raising over HK$1.8 billion for clients[31] - The Group's brokerage business saw an increase in clients and transaction activity, although margin business contracted due to risk control considerations[29] - Securities brokerage and margin financing recorded revenue and net investment losses of approximately HK$53,679,000, an increase of approximately 59.94% from approximately HK$33,563,000 in 2019[48] - Segment profit from securities brokerage and margin financing increased to approximately HK$17,108,000, representing a profit increase of approximately 353.55% compared to approximately HK$3,772,000 in 2019[48] - Interest income from money lending rose to approximately HK$40,702,000, a significant increase of approximately 292.72% compared to approximately HK$10,364,000 in 2019[52][55] - Corporate finance segment revenue increased by approximately 3.06% from approximately HK$50,079,000 to approximately HK$51,612,000, while segment profit decreased to approximately HK$1,128,000 from approximately HK$1,744,000 in 2019[51][54] - Consultancy and insurance brokerage services recorded segment revenue of approximately HK$2,393,000, a decrease of approximately 7.75% compared to approximately HK$2,594,000 in 2019[57] - Asset management segment revenue and net investment losses were approximately HK$10,964,000, a slight decrease of approximately 5.86% compared to approximately HK$11,647,000 in 2019[57] COVID-19 Response - The Group successfully navigated the "darkest moment" of the global market in early March 2020, despite fluctuations caused by the COVID-19 pandemic[29] - The Group implemented safety measures for employees during the COVID-19 pandemic and donated 6,000 medical masks to the community[35] - The Group's overall operation remained stable despite the impact of COVID-19, with no significant adverse effects on financial position and operating results[47][49] Capital Management - The corporate governance structure has improved, and funding channels have remained stable and expanded[36] - The Group actively reviews and manages its capital structure to ensure adequate liquidity for business activities and to accommodate potential increases in liquidity requirements[160] - The Group's capital structure includes debt instruments such as lease liabilities, convertible bonds, and corporate bonds, alongside cash and equity[160] - The Group's overall strategy regarding capital structure remained unchanged during the years ended March 31, 2020, and 2019[160] - The Group is committed to maximizing returns to shareholders through the optimization of debt and equity balances[160] Convertible Bonds - The company issued convertible bonds with an aggregate principal amount of HK$570,000,000 on November 22, 2016[59] - The net proceeds raised from the issuance of Tranche 1 Convertible Bonds were approximately HK$385,000,000, with HK$180,000,000 allocated to expand margin financing and underwriting business[61] - Approximately 51.74% of the Convertible Bonds to Mankind were exercised, resulting in the issuance of 955,000,000 shares at a conversion price of HK$0.06[61] - The first tranche of Convertible Bonds to Riverhead Capital was fully exercised, leading to the issuance of 2,094,350,000 shares at the same conversion price[61] - The net proceeds from the second tranche of Convertible Bonds to Riverhead Capital were HK$60,000,000, with HK$50,000,000 earmarked for expanding margin financing[61] - The third tranche of Convertible Bonds to Riverhead Capital raised HK$60,000,000, with HK$36,000,000 used to strengthen proprietary trading business[61] - The remaining balance of approximately HK$34,000,000 from the first tranche was designated for general working capital of the group[61] - The tranche 4 of the Convertible Bonds to Riverhead Capital was not issued due to unmet conditions in the Subscription Agreement[63] - The Convertible Bonds to Mankind matured on 30 March 2020, with an outstanding principal of HK$53,454,000 repaid on 3 April 2020[65] - The total funds raised from the issuance of the Convertible Bonds were utilized for margin financing and underwriting businesses, with HK$60,000,000 fully applied as intended[68] Share Capital and Employee Costs - As of March 31, 2020, the total issued share capital of the Company was approximately HK$91,531,000, comprising 9,153,078,859 shares at HK$0.01 each[157] - Employee costs for the reporting year were approximately HK$78,998,000, down from approximately HK$92,985,000 in the previous year, with total employees reduced from 101 to 86[197][200] Investment Strategies - The Group committed to invest up to US$10 million (approximately HK$77,240,000) in the Everbright Convertible Opportunities Fund, representing about 6.62% of the Company's total assets as of March 31, 2020[170] - The master fund employed two investment strategies: convertible bond strategy and credit strategy, focusing on long-dated equity options and fixed income securities[171] Financial Assets and Liabilities - The Group's cash and cash equivalents amounted to approximately HK$315,132,000 as of March 31, 2020, an increase from HK$243,755,000 in 2019, with 35.38% in HKD, 38.45% in USD, and 26.17% in RMB[162] - The gearing ratio as of March 31, 2020, was approximately 154.71%, up from 129.15% in 2019, primarily due to an increase in bank loan payables during the reporting year[162] - The debt ratio was approximately 72.27% as of March 31, 2020, slightly down from 72.55% in 2019[162] - The Group held financial assets at fair value through profit or loss of approximately HK$222,173,000 as of March 31, 2020, compared to HK$121,288,000 in 2019, with a net loss of approximately HK$8,526,000 during the year[164] - The Group's debt securities amounted to approximately HK$185,357,000, with no other assets charged as of March 31, 2020[190][193] Risk Management - The Group has implemented credit management policies to monitor credit risks associated with overdue debts[195][198] - The Group's foreign currency exposure is considered insignificant, primarily using Hong Kong dollars in business transactions[196][199]

Financial Performance - The Group's revenue for the six months ended September 30, 2019, was HK$71,824,000, representing a 74% increase compared to HK$41,297,000 for the same period in 2018[15]. - Other income increased to HK$4,894,000, up from HK$3,134,000, marking a 56% growth compared to the previous year[15]. - For the six months ended September 30, 2019, the loss before tax was HK$25,177,000, compared to a loss of HK$69,334,000 for the same period in 2018, representing a 63.7% improvement[16]. - The loss for the period was HK$26,921,000, a decrease of 61.4% from HK$69,757,000 in the previous year[16]. - Total comprehensive expense for the period was HK$38,792,000, down from HK$80,768,000 in 2018, indicating a 52.0% reduction[16]. - Basic and diluted loss per share for the period was HK$0.29, an improvement from HK$0.98 in the same period last year[16]. Cost Management - The cost of brokerage and other services decreased to HK$4,839,000 from HK$5,967,000, reflecting a 19% reduction year-over-year[15]. - Staff costs were reduced to HK$36,554,000 from HK$48,035,000, indicating a 24% decrease year-over-year[15]. - The total operating expenses, including finance costs, were HK$30,057,000, compared to HK$27,005,000 in the previous year, indicating a 7% increase[15]. - The financial results reflect the Group's ongoing efforts to optimize costs and improve operational efficiency[15]. Asset and Liability Management - Net current assets decreased to HK$374,879,000 as of September 30, 2019, down from HK$492,155,000 as of March 31, 2019, reflecting a decline of 23.8%[25]. - Total assets less current liabilities were HK$543,456,000, down from HK$628,461,000, a decrease of 13.5%[25]. - Net assets as of September 30, 2019, were HK$368,934,000, compared to HK$407,726,000 as of March 31, 2019, representing a decline of 9.5%[25]. - The company’s lease liabilities increased to HK$19,271,000 as of September 30, 2019, compared to zero as of March 31, 2019[25]. Cash Flow and Investments - The net cash from operating activities for the six months ended September 30, 2019, was HK$45,164,000, a significant increase from HK$12,154,000 in the same period of 2018[51]. - The net cash used in investing activities for the same period was HK$27,847,000, compared to HK$30,925,000 in 2018[51]. - The company experienced a net increase in cash and cash equivalents of HK$78,823,000 for the six months ended September 30, 2019, up from HK$23,639,000 in 2018[51]. - Cash and cash equivalents at September 30, 2019, were HK$315,367,000, down from HK$503,070,000 at the same time in 2018[51]. Segment Performance - Income from the securities brokerage business was HK$16,810,000, up from HK$6,767,000, marking a growth of 148%[73]. - The money lending business generated income of HK$19,813,000, compared to HK$4,703,000 in the previous year, reflecting a growth of 321%[73]. - The asset management segment reported revenue of HK$7,687,000, which was not present in the previous year, indicating a new revenue stream[73]. - The corporate finance segment's revenue was stable at HK$18,340,000, slightly down from HK$18,476,000, showing a decrease of 1%[73]. Accounting Policies and Standards - The Group's financial statements were prepared in accordance with HKAS 34 "Interim Financial Reporting" and applicable disclosure requirements[1]. - The Group's accounting policies for the six months ended September 30, 2019, were consistent with those used in the preparation of the annual financial statements for the year ended March 31, 2019[1]. - The Group has applied several amendments to HKFRSs effective for the financial year beginning April 1, 2019, including HKFRS 16 and others[1]. Shareholder Information - No dividend was paid or proposed during the period, consistent with the previous year[104]. - The weighted average number of ordinary shares in issue increased to 9,153,078,859 during the period, compared to 7,086,078,859 shares in the same period of 2018[109]. - The total issued share capital increased due to the issuance of shares for convertible bonds and subscriptions, with 650,000,000 shares issued at HK$0.06 and 1,417,000,000 shares at HK$0.07[186][192].

Financial Performance - Total assets reached approximately HKD 1,485,500 thousand, representing a year-on-year increase of 9.72%[35] - Total revenue amounted to approximately HKD 108,072 thousand, reflecting a year-on-year growth of about 12.10%[35] - Total loss was approximately HKD 104,179 thousand, a year-on-year increase in loss of 59.17%[35] - The company's revenue increased from approximately HKD 96,404,000 to approximately HKD 108,072,000, representing a growth of about 12% for the fiscal year ending March 31, 2019[40] - The net loss attributable to shareholders for the fiscal year was approximately HKD 104,179,000, an increase of about 59% compared to the loss of approximately HKD 65,450,000 in the same period of 2018[40] - Brokerage and margin financing business recorded revenue of approximately HKD 38,769,000, a decrease of about 22.95% from approximately HKD 50,314,000 in 2018[41] - The segment profit from brokerage and margin financing decreased by approximately 43.44%, from HKD 29,435,000 in 2018 to HKD 16,649,000 in the current year[41] - Corporate finance segment revenue increased by approximately 46.82% to about HKD 50,034,000, while the segment recorded a loss of approximately HKD 623,000 compared to a profit of HKD 12,369,000 in 2018[44] - Interest income from lending activities rose by approximately 10.63% to about HKD 10,364,000, compared to HKD 9,368,000 in 2018[45] - Revenue from consulting and insurance brokerage services increased significantly by approximately 58.65% to about HKD 2,594,000 from HKD 1,635,000 in 2018[46] - Asset management revenue surged by approximately 1,687.76% to about HKD 5,989,000, compared to HKD 335,000 in the previous year[47] Business Strategy and Operations - The company introduced a new investment banking team focused on mainland China business, enhancing its market presence[34] - The asset management division achieved a breakthrough in fund raising, launching a convertible bond opportunity fund in collaboration with China Everbright Holdings[34] - The company restructured its investment business segment, reducing losses from proprietary trading and expanding financing channels[34] - The company aims for steady growth while maintaining strict cost control and risk management[36] - The company plans to further expand its margin financing business with an estimated allocation of HKD 50,000,000 and to strengthen its underwriting business with HKD 10,000,000[73] - The company is considering strategic acquisitions to bolster its market position, with a budget of $100 million allocated for potential deals[101] - A new marketing strategy is being implemented, expected to increase brand awareness by 30% over the next six months[101] Capital and Financing - The company raised approximately HKD 385,000,000 from the issuance of convertible bonds, with funds allocated for expanding margin financing and lending businesses[54] - The first batch of convertible bonds was fully exercised, resulting in the issuance of 2,094,350,000 shares at a conversion price of HKD 0.06 per share[55] - The third batch of convertible bonds raised a total of HKD 60,000,000, with approximately HKD 36,000,000 allocated to expand proprietary trading operations, HKD 12,000,000 for private equity investments, and HKD 12,000,000 as seed capital for asset management businesses[56] - The company has raised HKD 150,000,000 to expand its lending business, with all funds allocated as intended[60] - The company plans to establish joint ventures in China with an estimated allocation of HKD 120,000,000, pending regulatory approval[60] Shareholder Information - The total issued share capital as of March 31, 2019, amounted to approximately HKD 91,531,000, consisting of 9,153,078,859 shares with a par value of HKD 0.01 each[80] - The company reported a total of 890,900,000 shares held by Wan Jia, which is fully owned by China Cinda (Hong Kong) Asset Management Co., Ltd.[111] - The company did not recommend the payment of a final dividend for the year ending March 31, 2019, consistent with the previous year where no dividend was paid[126] - The major shareholders include Jiangxian Capital with 55.65%, Santo Limited with 15.47%, and Hejin Limited with 24.22% of the total issued share capital[196] - The total equity held by major shareholders includes 800,000,000 shares held by Zhihao Limited, representing approximately 8.74% of the issued share capital[196] Compliance and Governance - The company has complied with liquidity requirements under the Securities and Futures (Financial Resources) Rules during the reporting period[80] - The group maintained compliance with capital regulations set by regulatory authorities, with no violations reported for the fiscal years ending March 31, 2019, and 2018[84] - The company is committed to complying with applicable environmental laws and minimizing negative impacts on the environment from its business activities[142] - The company has not violated or failed to comply with any applicable laws and regulations that significantly affect its business and operations as of March 31, 2019[140] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[176] Employee and Operational Metrics - Employee costs and financing costs significantly increased, contributing to the overall loss[35] - The total employee cost (excluding directors' remuneration) for the year was approximately HKD 82,999,000, up from approximately HKD 45,908,000 in 2018, with the number of employees increasing from 86 to 101[95] - The company reported a 5% reduction in operational costs due to efficiency improvements[101] - Customer satisfaction ratings improved to 90%, reflecting a 10% increase from the previous year[101] Market and User Data - The company reported a significant increase in revenue, achieving a total of $1.5 billion, representing a 20% year-over-year growth[101] - User data showed an increase in active users, reaching 10 million, which is a 15% increase compared to the previous quarter[101] - The company provided a positive outlook for the next quarter, projecting a revenue growth of 25%[101] - New product launches are expected to contribute an additional $200 million in revenue over the next fiscal year[101] - Market expansion plans include entering three new countries, which are projected to increase market share by 10%[101]