Financial Performance - Revenue for the six months ended 30 September 2022 was HK$26,386,000, a decrease of 27.7% compared to HK$36,436,000 for the same period in 2021[10]. - Gross profit for the same period was HK$24,949,000, down 28.5% from HK$34,913,000 in 2021[10]. - Profit attributable to shareholders for the period was HK$63,412,000, a decline of 22.5% from HK$81,785,000 in the corresponding period of 2021[14]. - Basic earnings per share decreased to 5.02 HK cents from 8.78 HK cents, representing a drop of 42.5%[15]. - The decrease in net profit was attributed to a decline in revenue and a decrease in write-back on properties held for development for sale[14]. Assets and Liabilities - Total assets as of 30 September 2022 were HK$5,035,900,000, an increase of 3.2% from HK$4,879,808,000 as of 31 March 2022[10]. - Total liabilities were HK$1,868,818,000, slightly up from HK$1,864,621,000 as of 31 March 2022[10]. - The Group's total bank borrowings were approximately HK$1,761,704,000 as of September 30, 2022, compared to approximately HK$1,662,307,000 as of March 31, 2022[92]. - The gearing ratio remained stable at approximately 0.6 as of September 30, 2022, consistent with the ratio as of March 31, 2022[92]. - The current ratio improved to approximately 5.0 as of September 30, 2022, up from approximately 3.8 as of March 31, 2022[92]. Property Development and Investment - The Group's core businesses include property development and property investment, with significant projects ongoing[21]. - The Matheson Street project is under construction, expected to provide a gross floor area of approximately 42,854 square feet upon completion in early 2023[23]. - The Group plans to redevelop the site at 121 King Lam Street, Kowloon, with an area of approximately 5,483 square feet into a modern industrial building, with completion expected in late 2023[29]. - The combined site area of Davis Street and Catchick Street is approximately 7,122 square feet, with plans for a mixed-use development expected to complete in 2025[30]. - The total site area of Fung Wah Factorial Building is approximately 9,206 square feet, with plans for redevelopment into a high-rise modern industrial building, expected to complete in 2025[36]. Rental Income - The Group's total rental and management fee income decreased by approximately 21.7% to approximately HK$24,487,000 for the period, down from approximately HK$31,268,000 in the previous period[37]. - In Hong Kong, the Group's property rental income was approximately HK$10,457,000, representing a decrease of approximately 38.3% compared to HK$16,949,000 in the previous period[43]. - In Singapore, the Group recorded property rental income of approximately HK$1,476,000, reflecting an increase of approximately 5.7% from HK$1,396,000 in the previous period[44]. - In the PRC, the Group's industrial complex had a total carrying amount of approximately HK$345,543,000, with rental income of approximately HK$3,723,000 for the period[49]. Investment and Securities - The Group recorded a fair value loss in securities and other investments of approximately HK$9,850,000, compared to a loss of approximately HK$15,565,000 in the previous period[50]. - As of September 30, 2022, the Group's investment in equity securities listed in Hong Kong and the USA amounted to approximately HK$17,895,000, down from approximately HK$52,818,000 as of March 31, 2022[55]. - The Group's securities investments in Hong Kong and the US amounted to approximately HK$17,895,000, a decrease from approximately HK$52,818,000 as of March 31, 2022[57]. Loan Financing - The Group recorded interest income from loan financing of approximately HK$1,899,000 for the period, representing a decrease of approximately 63.3% compared to HK$5,168,000 in the previous period[61]. - The segment profit from loan financing was approximately HK$6,987,000, a significant improvement from a segment loss of approximately HK$21,177,000 in the previous period[61]. - The outstanding principal amount of loans receivable as of September 30, 2022, was approximately HK$69,350,000, down from approximately HK$94,381,000 as of March 31, 2022[72]. - The Group's credit risk concentration for loans receivable was approximately 68% from a few borrowers, with collateral properties valued at approximately HK$208,655,000[72]. - The largest borrower accounted for approximately 25% of the loans receivable, while the top five borrowers together accounted for approximately 64%[72]. Corporate Governance - The Company has maintained a sufficient public float of more than 25% of the issued Shares as required under the Listing Rules as of the date of this interim report[184]. - The Company fully complied with the Corporate Governance Code during the Period, except for certain deviations disclosed[191]. - The roles of Chairman and Chief Executive Officer are held by the same individual, which the Board believes enhances efficiency in executing long-term strategies[192]. - The Group does not have an internal audit function, but the effectiveness of risk management and internal control systems was reviewed and deemed adequate[196]. - The Audit Committee identified areas for improvement in the internal control systems, and appropriate measures have been taken[196]. Share Capital and Dividends - The Board does not recommend the payment of an interim dividend for the period, consistent with the previous year[16]. - As of September 30, 2022, the total number of issued ordinary shares increased to 2,125,924,676 from 931,458,010 as of March 31, 2022[100][103]. - The net proceeds from the placing under General Mandate amounted to approximately HK$18,380,000, fully utilized for the Group's general working capital[122][124]. - A total of 607,400,000 placing shares were successfully placed at a price of HK$0.068 per share, increasing the total number of issued shares from 1,518,524,676 to 2,125,924,676[134][136]. - The net proceeds from the placing amounted to approximately HK$40,800,000, which will be used for the Group's general working capital[135][137]. Employee and Operational Insights - Employee costs for the period were approximately HK$14,308,000, an increase from approximately HK$12,749,000 in the previous period[153][155]. - The Group had 59 employees as of 30 September 2022, down from 63 employees a year earlier[153][155]. - The Group remains cautiously optimistic about the prospects of the property and securities markets in Hong Kong despite global economic uncertainties[158]. - The Company will continue to identify investment and divestment opportunities that align with its investment strategy during challenging market conditions[159]. - The company maintains a cautiously optimistic outlook for the Hong Kong property and securities markets despite uncertainties due to high inflation, rising interest rates, geopolitical tensions, and the ongoing COVID-19 pandemic[161].

Financial Performance - For the year ended March 31, 2022, the Group's revenue decreased by approximately 19.7% to HK$64,475,000 from HK$80,253,000 in 2021[19] - The Group's profit attributable to owners was approximately HK$116,447,000, a significant recovery from a loss of approximately HK$180,793,000 in the previous year[12] - The gross profit margin for the year was approximately 95.5%, slightly up from 95.3% in 2021[12] - Basic earnings per share for the year were HK12.50 cents, compared to a loss of HK19.41 cents per share in 2021[20] - Diluted earnings per share were HK9.77 cents, also an improvement from a loss of HK19.41 cents per share in the previous year[20] - The Group's net profit was primarily driven by gains on investment properties and write-backs on properties held for development, despite a decrease in revenue[18] - Profit before taxation for the year was approximately HK$123,497,000, a significant recovery from a loss of approximately HK$190,743,000 in 2021[68] - The Group's gross profit for the year was approximately HK$61,565,000, representing a decrease of approximately 19.5% from HK$76,515,000 in 2021, while the gross profit margin increased to approximately 95.5% from 95.3%[65] Revenue Sources - The total rental and management fee income for the Group was approximately HK$56,745,000, representing a decrease of approximately 7.4% from HK$61,309,000 in 2021[41] - Property rental income in Hong Kong decreased by approximately 23.1% to approximately HK$27,793,000 from HK$36,160,000 in 2021[42] - In Singapore, property rental income increased by approximately 1.4% to approximately HK$2,735,000 from HK$2,696,000 in 2021[43] - In the PRC, property rental income increased by approximately 27.9% to approximately HK$8,210,000, while management fee income rose by approximately 12.3% to approximately HK$18,007,000 compared to 2021[44] Assets and Liabilities - Total assets increased to HK$4,879,808,000 from HK$4,613,337,000 in 2021, while total liabilities rose to HK$1,864,621,000 from HK$1,732,044,000[9] - As of March 31, 2022, the Group's investment in equity securities amounted to approximately HK$52,818,000, down from approximately HK$84,616,000 in 2021[50] - The outstanding principal amount of loans receivable as of March 31, 2022, was approximately HK$94,381,000, down from approximately HK$130,179,000 in 2021[58] - The Group's bank loans amounted to approximately HK$1,662,307,000 as of March 31, 2022, up from approximately HK$1,514,933,000 in 2021, secured by properties with a net book value of approximately HK$3,020,650,000[111] Investment and Development - The Group plans to complete the redevelopment of the Matheson Street project in early 2023, providing a gross floor area of approximately 42,854 square feet[28] - The King Lam Street project is expected to complete in late 2023, with foundation work already completed[29] - The Group's acquisition of the Fung Wah Factorial Building was completed on July 23, 2021, with plans to redevelop it into a high-rise modern industrial building, expected to complete in 2025[36] - The Group is committed to identifying suitable investment and divestment opportunities that align with its objectives and investment criteria, aiming to replenish its property portfolio[153] Corporate Governance - The Company has fully complied with the Corporate Governance Code, ensuring diligence, accountability, and professionalism[176] - The dual leadership role of the Chairman and CEO has been maintained for efficiency, with half of the Board being independent non-executive Directors[180] - The Board believes in the principles of transparency, accountability, and independence to maximize shareholder value[169] - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors, ensuring a balanced composition[186] Employee and Operational Insights - As of March 31, 2022, the Group had 64 employees, an increase from 62 in 2021, with total staff costs amounting to approximately HK$27,898,000, up from approximately HK$24,187,000 in 2021[150] - The Group's core competency lies in operational excellence across various property projects, capturing cost and revenue opportunities[175] - The Board and management are focused on fostering a corporate culture that supports long-term sustainable business models[171] Risk Management and Sustainability - The Group faced various macroeconomic risks, including volatility in financial markets and potential interest rate hikes, which could impact its operations[143] - The Group is committed to environmental sustainability and has implemented measures to minimize carbon footprints and enhance environmental awareness among stakeholders[142] - The Group acknowledges various risks affecting its business, including global financial market volatility, inflation pressures, and geopolitical uncertainties, which may impact its financial performance and outlook[148] Future Outlook - The Group remains cautiously optimistic about the prospects of the property and securities markets in Hong Kong, expecting continued long-term growth despite global economic uncertainties[152] - The Group will continue to focus on its principal businesses, including property development, investment in securities, and loan financing, while exploring new potential projects to provide steady returns for shareholders[151]

Financial Performance - The Group reported an unaudited consolidated profit attributable to shareholders of approximately HK$81,785,000 for the six months ended 30 September 2021, compared to a loss of approximately HK$64,552,000 for the corresponding period in 2020[12]. - Basic and diluted earnings per share for the Period were approximately 8.78 HK cents and 6.66 HK cents respectively, compared to a basic and diluted loss per share of approximately 6.93 HK cents for the 2020 Period[13]. - The increase in profit was mainly due to an increase in gain on change in fair value of investment properties and a write-back on properties held for development for sale[12]. - The Group's financial performance reflects a significant recovery compared to the previous year's loss, highlighting improved operational efficiency[12]. - As of September 30, 2021, the Group's total rental and management fee income increased by approximately 4.2% to approximately HK$31,268,000 compared to HK$30,008,000 in the previous period[41][44]. - The Group recorded property rental income in Hong Kong of approximately HK$16,949,000, representing a decrease of approximately 2.1% compared to HK$17,318,000 in the previous period[42][45]. - In Singapore, the Group's property rental income increased by approximately 3.2% to approximately HK$1,396,000 from HK$1,353,000 in the previous period[43][46]. - The Group recorded a fair value loss in securities investments of approximately HK$15,565,000, compared to a loss of approximately HK$4,625,000 in the previous period[50][53]. - Finance costs decreased by approximately HK$5,904,000 or approximately 36.9% to approximately HK$10,109,000 for the period, down from approximately HK$16,013,000 in the 2020 period[122]. Business Operations - The Group's core businesses include property development and property investment, which are key profit drivers[19]. - The Group owns a site at Nos. 11, 13 and 15 Matheson Street, with a total area of approximately 2,857 square feet, expected to provide a gross floor area of approximately 42,854 square feet upon completion in April 2022[21]. - The Group plans to redevelop the Wing Cheong Factory Building, located at No. 121 King Lam Street, with a site area of approximately 5,483 square feet, and the project is expected to complete in December 2023[29]. - The construction of the superstructure for the Matheson Street project is ongoing, indicating active development efforts[21]. - The total site area for the combined Davis Street and Catchick Street project is approximately 7,122 square feet, expected to complete in March 2025[32][33]. - The Group plans to redevelop the Fung Wah Factorial Building, with a total site area of approximately 9,203 square feet, expected to complete in August 2025[38][39]. - The Group's investment in securities and loan financing business also contributes to its overall performance[19]. - The Group's total carrying amount of properties in Huzhou City, PRC, was approximately HK$375,090,000 as of September 30, 2021, up from approximately HK$359,107,000 as of March 31, 2021[49][52]. Shareholder Information - The Board does not recommend the payment of an interim dividend for the Period, consistent with the 2020 Period[14]. - The share offer was declared unconditional on April 7, 2021, with valid acceptances received for 393,683,175 shares, representing approximately 42.27% of the issued shares[74]. - As of September 30, 2021, the total number of issued ordinary shares was 931,458,010, with a nominal value of HK$0.20 per share[109]. - Ace Winner Investment Limited holds 484,538,175 ordinary shares, representing approximately 52.01% of the total issued shares[147]. - Goodco Development Limited has a total of 550,565,295 shares (161,445,295 ordinary shares and 389,120,000 underlying shares), accounting for approximately 59.10% of the total issued shares[147]. - Easyknit Properties Holdings Limited also holds 550,565,295 shares, which is 59.10% of the total issued shares[147]. - Easyknit International Holdings Limited possesses 27,000,000 ordinary shares, making up about 2.90% of the total issued shares[150]. - Winterbotham Holdings Limited has a total of 1,085,490,840 shares (696,370,840 ordinary shares and 389,120,000 underlying shares), representing approximately 116.53% of the total issued shares[153]. - Hu Rong, a beneficial owner, holds 47,030,000 ordinary shares, which is about 5.05% of the total issued shares[153]. Financial Position - As of September 30, 2021, the Group's total assets amounted to approximately HK$4,716,620,000, an increase from approximately HK$4,613,337,000 as of March 31, 2021[64]. - The Group's total bank borrowings as of September 30, 2021, were approximately HK$1,555,249,000, compared to approximately HK$1,514,933,000 as of March 31, 2021[65]. - The Group's gearing ratio was approximately 0.5 as of September 30, 2021, consistent with the ratio as of March 31, 2021[65]. - The Group's current ratio was approximately 4.9 as of September 30, 2021, down from approximately 5.5 as of March 31, 2021[65]. - The Group's cash and bank balances decreased to approximately HK$44,295,000 as of September 30, 2021, from approximately HK$112,260,000 as of March 31, 2021[64]. - The outstanding principal amount of loans receivable as of September 30, 2021, was approximately HK$107,806,000, down from approximately HK$130,179,000 as of March 31, 2021[61]. - Interest income from loan financing business decreased by approximately 54.5%, amounting to HK$5,168,000 compared to HK$11,349,000 in the 2020 period[61]. - The segment loss for loan financing business was approximately HK$21,177,000 for the period, contrasting with a segment profit of approximately HK$8,324,000 in the 2020 period[61]. Corporate Governance - The Company has confirmed compliance with the Model Code for Securities Transactions by Directors throughout the period[180]. - The company has fully complied with the Corporate Governance Code during the reporting period, except for certain disclosed deviations[169]. - The roles of chairman and chief executive are held by the same individual, which the company deems efficient for effective planning and execution of long-term strategies[171]. - The group does not have an internal audit function, but the board reviewed the effectiveness of risk management and internal control systems, finding them adequate[175]. - The Audit Committee consists of three independent non-executive Directors, who reviewed the unaudited interim condensed consolidated financial statements for the period[186]. - The Group's auditor, Deloitte Touche Tohmatsu, reviewed the interim financial information in accordance with Hong Kong Standard on Review Engagements 2410[186]. Future Outlook - The Group remains cautiously optimistic about the prospects of the property and securities markets in Hong Kong despite global economic uncertainties[135]. - The Company will continue to seek appropriate investment and divestment opportunities to enhance its property portfolio and long-term value[136]. - The Group will focus on its principal businesses while exploring potential projects to provide steady returns for shareholders[134]. - The Group plans to utilize the unutilized proceeds from the rights issue according to the intended uses disclosed in the prospectus[133]. Employee Information - As of September 30, 2021, the Group had 63 employees, an increase from 59 employees as of September 30, 2020[190]. - Staff costs for the period amounted to approximately HK$12,749,000, compared to approximately HK$11,366,000 for the same period in 2020, reflecting an increase of about 12.1%[190]. - The Group has adopted a share option scheme to motivate valued employees[190]. Miscellaneous - The Group had no significant contingent liabilities as of September 30, 2021[108]. - The Group did not have significant exposure to foreign exchange fluctuations during the period, considering the risk to be minimal[107]. - There are no significant events affecting the Group since September 30, 2021, up to the date of this interim report[191]. - The Board expresses gratitude to the management team and employees for their hard work and dedication, which are vital for the Company's growth[198]. - The Group's forward-looking statements are based on current beliefs and are subject to risks and uncertainties[197].

Financial Performance - For the year ended March 31, 2021, the Group's loss attributable to owners was approximately HK$180,793,000, a decrease from HK$206,192,000 in the previous year, representing a reduction of about 12.7%[10] - The gross profit margin for the year was approximately 95.3%, compared to 94.8% in 2020[10] - Consolidated revenue for the year was approximately HK$80,253,000, reflecting a slight decrease of approximately 0.5% from HK$80,682,000 in the previous year[18] - The basic and diluted loss per share for the year was HK19.41 cents, a significant improvement from HK70.68 cents in 2020[18] - The decrease in loss was primarily due to a reduction in fair value losses of investment properties and a net gain on changes in fair value of financial assets[17] - Loss before taxation for the year was approximately HK$190,743,000, an improvement from a loss of approximately HK$209,657,000 in the previous year[69] - The Group recorded a segment loss in loan financing of approximately HK$35,799,000 for the year, compared to a profit of approximately HK$6,060,000 in 2020[61] - The total carrying amount of the Group's properties in Hong Kong was approximately HK$775,500,000 as of March 31, 2021, slightly down from HK$777,100,000 in 2020[40] - The Group's total bank borrowings as at 31 March 2021 were approximately HK$1,514,933,000, compared to approximately HK$1,431,740,000 in 2020[80] - The Group's current ratio as at 31 March 2021 was approximately 5.5, down from approximately 5.9 in 2020[80] Property Development and Investment - The Group successfully acquired properties at Nos. 93 and 95 Catchick Street and was the successful bidder for Fung Wah Factorial Building, indicating a focus on expanding its industrial and non-residential sectors[11] - The Group owns the site at Matheson Street, with a total area of approximately 2,857 square feet, expected to provide a gross floor area of approximately 42,778 square feet upon completion in February 2022[25] - The Wing Cheong Factory Building, with a site area of approximately 5,483 square feet, is planned for redevelopment into a modern industrial building, expected to complete in December 2023[26] - The Group owns approximately 93.33% of the Fung Wah Factorial Building and plans to redevelop it into a high-rise modern industrial building[34] - The Group's core businesses include property development and investment, with a focus on maximizing the usage and potential of its properties[23] - The Group's capital expenditure for the year ended March 31, 2021, was approximately HK$295,000 for property, plant, and equipment, and approximately HK$4,873,000 for investment properties[115] Rental and Management Income - The Group's total rental and management fee income for the year was approximately HK$61,309,000, representing an increase of approximately 0.3% compared to HK$61,142,000 in 2020[39] - In Hong Kong, the Group recorded property rental income of approximately HK$36,160,000, a decrease of approximately 9.5% from HK$39,945,000 in 2020[40] - In the PRC, property rental income increased by approximately 28.1% to HK$6,420,000, and management fee income increased by approximately 19.2% to HK$16,033,000 compared to 2020[42] - The Group's rental income from properties in China increased by approximately 28.1% to HK$6,420,000, and management fee income rose by approximately 19.2% to HK$16,033,000[46] - The Group's rental income from properties in Singapore decreased by approximately 1.6% to HK$2,696,000[45] Investment Activities - As of March 31, 2021, the Group's investment in equity securities listed in Hong Kong and the USA amounted to approximately HK$84,616,000, an increase from approximately HK$39,606,000 in 2020[55] - The Group recorded a fair value gain in securities and other investments of approximately HK$18,744,000 for the year, compared to a loss of approximately HK$20,429,000 in 2020[48] - The Group's segment profit from securities investments was approximately HK$18,814,000, a significant recovery from a segment loss of approximately HK$22,450,000 in the previous year[52] - The Group received dividend income from listed securities of approximately HK$1,569,000 during the year[52] - The Group acquired a total of 3,800,000 shares of China Construction Bank Corporation for an aggregate purchase price of approximately HK$22,534,000, averaging HK$5.93 per share[53] - The Group purchased 394,275 American Depository Shares of RLX Technology Inc. at US$12.00 per share, totaling approximately HK$36,668,000, and later disposed of 210,929 shares at an average price of approximately US$21.93, realizing a gain of approximately HK$16,236,000[51] - The Group acquired 680,000 shares of Chinese Energy Holdings Limited for an aggregate purchase price of HK$489,600, averaging HK$0.72 per share[54] - The Group's investment portfolio comprised 7 equity securities as of March 31, 2021, up from 5 in 2020[55] Corporate Governance - The Board of Directors consists of six members, including three executive directors and three independent non-executive directors[160] - The Company has fully complied with the Corporate Governance Code, except for certain disclosed deviations[151] - The roles of Chairman and Chief Executive Officer are held by the same individual, Mr. Lai Law Kau, since October 1, 2020, which is deemed efficient for long-term strategy execution[153] - The Group does not have an internal audit function; however, the Board reviewed the internal control system and identified areas for improvement[158] - The Company is committed to maintaining transparency, accountability, and independence to maximize shareholder value[149] - The Board is responsible for strategic decisions and operational performance, ensuring objective consideration of all issues[159] - The Company has a Remuneration Committee and a Nomination Committee, with independent directors serving on these committees[161] - The Board will review the current governance structure when appropriate, considering the balance of power and authority[153] - The Company provides comprehensive induction packages for newly appointed directors to ensure they understand the Group's operations and governance policies[179] - The Board focuses on the growth and financial performance of the Group, delegating day-to-day operations to executive directors and senior management[177] Future Outlook and Strategy - The Group aims to strengthen its income base and competitive edge to create long-term value for shareholders[11] - The company plans to continue focusing on property development, investment, securities investment, and loan financing, while exploring new potential projects[129] - The company remains cautiously optimistic about the property and securities markets in Hong Kong despite global economic uncertainties[130] - The company will continue to identify suitable investment and divestment opportunities to enhance its property portfolio[131]

Financial Performance - The Group reported an unaudited consolidated loss attributable to shareholders of approximately HK$64,552,000 for the six months ended 30 September 2020, compared to a consolidated loss of approximately HK$12,369,000 for the same period in 2019[12]. - Basic and diluted loss per share for the Period was approximately 6.93 HK cents, slightly improved from 7.44 HK cents in the 2019 Period[13]. - The company reported a loss before taxation of HK$66,091,000 for the six months ended September 30, 2020, compared to a loss of HK$12,503,000 in the prior year[181]. - The company reported a loss attributable to owners of HK$64,552,000 for the six months ended September 30, 2020, compared to a loss of HK$12,369,000 in the same period of 2019, indicating a significant increase in losses[183]. - The total comprehensive expense for the period included significant losses, emphasizing the need for strategic adjustments[187]. Revenue and Income - Revenue for the six months ended September 30, 2020, was HK$41,357,000, compared to HK$39,950,000 for the same period in 2019, representing an increase of approximately 3.5%[181]. - Rental income decreased to HK$22,664,000 from HK$23,899,000, a decline of about 5.2% year-over-year[181]. - Management fee income increased to HK$7,344,000, up from HK$5,993,000, reflecting a growth of approximately 22.5%[181]. - The Group's total rental and management fee income increased by approximately 0.4% to approximately HK$30,008,000 for the period[43]. Assets and Liabilities - As of September 30, 2020, the Group's total assets amounted to approximately HK$4,679,276,000, an increase from approximately HK$4,602,993,000 as of March 31, 2020[70]. - The total carrying amount of residential, commercial, and industrial units in Hong Kong was approximately HK$778,799,000 as of September 30, 2020[44]. - The Group's total carrying amount of factory premises and dormitories in Huzhou City, PRC, was approximately HK$347,896,000 as of September 30, 2020[50]. - The Group's current ratio remained stable at approximately 5.9 as of September 30, 2020[71]. - The Group's total bank borrowings as of September 30, 2020, were approximately HK$1,537,813,000, compared to approximately HK$1,431,740,000 as of March 31, 2020[71]. Investment Activities - The Group's investment strategy includes securities investment and loan financing, complementing its core property businesses[18]. - The Group recorded a fair value loss in securities investments of approximately HK$4,625,000, an improvement from approximately HK$6,992,000 in the previous period[55]. - The Group's investment in equity securities listed in Hong Kong was approximately HK$35,478,000 as of September 30, 2020, down from approximately HK$39,606,000 as of March 31, 2020[60]. - The Group will continue to maintain a diversified investment portfolio to minimize financial risks and closely monitor the performance of its investments[61]. Property Development and Redevelopment - The Group's core businesses include property development and property investment, with significant projects ongoing during the Period[18]. - The Matheson Street project, expected to complete in February 2022, will provide a gross floor area of approximately 42,778 square feet[20]. - The Wing Cheong Factory Building redevelopment project is expected to complete in December 2023, maximizing the usage of the site area of approximately 5,483 square feet[28]. - The Group continues to focus on property redevelopment, particularly in acquiring old buildings for renewal and redevelopment[19]. Financial Management and Governance - The Group's audit committee has reviewed the interim results, ensuring compliance and accuracy in financial reporting[11]. - The Company has complied with the Corporate Governance Code, except for the dual role of Chairman and Chief Executive Officer held by Mr. Kwong Jimmy Cheung Tim[145]. - The Company does not have an internal audit function, but the Board reviewed the effectiveness of the internal control system and identified areas for improvement[149]. - The Group's business operations and governance are deemed sufficient to ensure a balance of power and functions, despite the dual role of the Chairman and CEO[146]. Employee and Director Remuneration - The Group had 59 employees as of September 30, 2020, with staff costs amounting to approximately HK$11,366,000 for the period, an increase from approximately HK$10,627,000 in the previous period[162]. - The remuneration for independent non-executive Directors was increased from HK$140,000 per annum to HK$150,000 per annum effective April 1, 2020[155]. - Mr. Lai Law Kau was appointed as an executive Director with an annual remuneration of HK$480,000, and Mr. Kwong Jimmy Cheung Tim's remuneration was changed to HK$600,000 per annum[152]. Future Outlook - The Group remains cautiously optimistic about the prospects of the property and securities market in Hong Kong despite global economic uncertainties[118]. - The Board will exercise utmost caution in identifying investment and divestment opportunities to positively impact the Group's operating and financial results in the foreseeable future[119].

Financial Performance - For the year ended March 31, 2020, the Group reported a loss attributable to owners of approximately HK$206,192,000, compared to a profit of approximately HK$50,510,000 in the previous year[10]. - The basic and diluted loss per share for the year was HK70.68 cents, compared to earnings per share of HK33.46 cents in 2019[18]. - The loss for the year was primarily due to changes in fair value of investment properties and write-downs on properties held for development[17]. - The Group recorded a loss attributable to shareholders of approximately HK$206,192,000 for the year ended March 31, 2020, compared to a profit of approximately HK$50,510,000 in 2019, primarily due to fair value losses on investment properties and impairment of properties held for sale[21]. - Loss before taxation for the year was approximately HK$209,657,000, a significant decrease from a profit of approximately HK$50,910,000 in 2019, with administrative expenses rising by approximately 8.7%[67]. Revenue and Profitability - Consolidated revenue increased by approximately 29.7%, amounting to approximately HK$80,682,000 compared to HK$62,228,000 in the previous year[18]. - The gross profit margin for the year was approximately 94.8%, slightly up from 94.7% in 2019[10]. - Total rental and management fee income recorded was approximately HK$61,142,000, a 43.4% increase from approximately HK$42,627,000 in 2019, driven by contributions from newly acquired properties[37]. - The Group's revenue for the year was approximately HK$80,682,000, representing an increase of approximately 29.7% from HK$62,228,000 in 2019[21]. - Gross profit for the year was approximately HK$76,455,000, representing an increase of approximately 29.7% or HK$17,498,000 compared to HK$58,957,000 in 2019, with a gross profit margin of 94.8%[66]. Property Acquisitions and Disposals - The Group successfully acquired 100% interest in Wing Cheong Factory Building and properties on Davis Street, while also disposing of office units and car parking spaces in Capital Centre[11]. - The Group completed the acquisition of 100% of Wing Cheong Factory Building, with a site area of approximately 5,483 sq. ft., and plans to redevelop it into an industrial building[26]. - The Group disposed of office units and car parks at Capital Centre for HK$361,600,000, resulting in a gain on disposal of approximately HK$57,511,000[42]. - The Group completed the acquisition of remaining units of Wing Cheong Factory Building for approximately HK$12,000,000[85]. - The Group acquired properties at Nos. 1B, 1C, 1D, and 1E of Davis Street, Kennedy Town, with a combined registered area of approximately 4,940 sq. ft., planning to redevelop into a residential/commercial project[107][110]. Rental Income - Property rental income in Hong Kong increased by approximately 71.2% to approximately HK$39,945,000 compared to HK$23,339,000 in 2019[41]. - The Group recorded property rental income of approximately HK$39,945,000 for the year ended March 31, 2020, representing an increase of about 71.2% compared to HK$23,339,000 in 2019[46]. - In Singapore, property rental income decreased by 3.6% to approximately HK$2,739,000 compared to HK$2,840,000 in 2019[44]. - In the PRC, property rental income decreased by approximately 11.7% to approximately HK$5,010,000, while management fee income increased by approximately 24.8% to approximately HK$13,448,000[45]. Financial Position - As of 31 March 2020, total assets amounted to approximately HK$4,602,993,000, an increase from approximately HK$4,034,545,000 in 2019[76]. - Total bank borrowings as of 31 March 2020 were approximately HK$1,431,740,000, compared to approximately HK$1,075,229,000 in 2019, resulting in a gearing ratio of approximately 0.5[77]. - The Group's current ratio improved to approximately 5.9 as of 31 March 2020, compared to approximately 4.8 in 2019[77]. - The outstanding principal amount of loans receivable as of March 31, 2020, was approximately HK$329,969,000, a slight decrease from approximately HK$336,010,000 in 2019[60]. Investment and Financing Activities - The company raised approximately HK$353,900,000 from the Rights Issue, with net proceeds allocated for various construction and acquisition costs[85]. - Approximately HK$79,000,000 was designated for the redevelopment construction cost of the lot on Matheson Street, Causeway Bay[85]. - The company has utilized approximately HK$80,000,000 for potential acquisitions of new properties and other investments[87]. - The Group will continue to maintain a diversified investment portfolio to minimize financial risks and monitor the performance of its investments closely[57]. Corporate Governance - The company has fully complied with the Corporate Governance Code provisions, except for disclosed deviations[148]. - The roles of chairman and chief executive are held by the same individual, which the company deems appropriate for efficiency in planning and execution of long-term strategies[156]. - The Board comprises five Directors, including two executive Directors and three independent non-executive Directors[163]. - The Audit Committee held two meetings during the year ended 31 March 2020, ensuring compliance with financial reporting standards[189]. - The Company provides regular updates on business performance to the Directors and ensures compliance with Listing Rules and statutory requirements[178]. Impact of COVID-19 - The Group has granted rent concessions to tenants due to the impact of COVID-19, which is expected to decrease rental income from investment properties in the upcoming financial year[127]. - The Group remains cautiously optimistic about the prospects of the property and securities markets in Hong Kong, despite uncertainties caused by the global economic outlook and COVID-19[129]. - The Group's financial effects from COVID-19 will be reflected in future financial statements as the situation evolves[127].

Financial Performance - The Group's unaudited consolidated loss attributable to shareholders for the six months ended 30 September 2019 was approximately HK$12,369,000, a decrease from HK$39,592,000 in the corresponding period of 2018, representing a reduction of approximately 68.8%[11]. - Basic and diluted loss per share for the Period was approximately 0.38 HK cents, compared to 1.33 HK cents for the 2018 Period, indicating a significant improvement[12]. - Total rental income increased by approximately 64.8% to approximately HK$23,899,000 during the Period, up from approximately HK$14,502,000 in the 2018 Period[19]. - The increase in rental income was primarily due to contributions from newly acquired properties and an increased occupancy rate[19]. - The Group recorded a fair value loss in securities investments of approximately HK$6,992,000 during the period, compared to a loss of approximately HK$25,483,000 in the previous period[57]. - Finance costs decreased by approximately HK$5,222,000 or approximately 26.9%, from approximately HK$19,420,000 in the 2018 period to approximately HK$14,198,000 in the current period[140][144]. Property and Investment Activities - Property rental income in Hong Kong was approximately HK$14,006,000 for the Period, a substantial increase from approximately HK$4,783,000 in the 2018 Period[20]. - The Group successfully disposed of office units and car parks at Capital Centre for HK$361,600,000, resulting in a gain on disposal of subsidiaries of approximately HK$57,511,000[27]. - The Group recorded property rental income and management fee income of approximately HK$8,501,000 and HK$5,993,000 respectively in the PRC for the period, compared to HK$8,297,000 and HK$5,681,000 in the previous period, reflecting an increase of 2.5% and 5.5% respectively[35]. - The Group's total carrying amount of properties in Huzhou City, Zhejiang Province, was approximately HK$351,125,000 as of September 30, 2019, down from approximately HK$374,130,000 as of March 31, 2019, indicating a decrease of about 6.1%[35]. - The Group's total carrying amount of properties in Singapore was approximately HK$154,941,000 as of September 30, 2019, down from approximately HK$159,831,000 as of March 31, 2019, indicating a decrease of about 3.7%[33]. - The Group's total net asset value for investment properties was approximately HK$459,141,000 as of September 30, 2019[106]. Future Plans and Developments - The Group owns approximately 90.83% of Fung Wah Factorial Building and plans to redevelop it into a high-rise composite commercial building to maximize site usage[49]. - The Group plans to redevelop the site at Kennedy Town into a commercial/residential/service apartment building with a registered site area of approximately 4,941 sq.ft[55]. - The Group's project at Matheson Street is expected to provide a gross floor area of approximately 42,759 sq.ft upon completion in Q4 2021[37]. - The Group plans to redevelop the combined site at Nos. 1B, 1C, 1D, and 1E of Davis Street, Kennedy Town, into a commercial/residential/service apartment building[121]. Share Capital and Financing - The total number of issued ordinary shares increased to 3,725,832,059 as of September 30, 2019, up from 2,965,832,059 shares as of March 31, 2019[129]. - The net proceeds from the issuance of the 3% per annum coupon rate convertible note amounted to approximately HK$69,500,000, intended for financing the acquisition of the remaining units of Wing Cheong Factory Building[81]. - The company issued HK$70,000,000 of convertible notes with a conversion price of HK$0.055, which was approved by independent shareholders on August 21, 2019, and completed on August 28, 2019[83]. - The Group's outstanding principal amount of loans receivable was approximately HK$292,122,000, a decrease from approximately HK$336,010,000 as of March 31, 2019[70]. - The Group's total assets as of September 30, 2019, amounted to approximately HK$3,948,543,000, down from approximately HK$4,034,545,000 as of March 31, 2019[73]. - The Group's gearing ratio was approximately 0.3 as of September 30, 2019, compared to approximately 0.4 as of March 31, 2019[74]. Corporate Governance and Shareholding Structure - The Company has complied with all code provisions of the Corporate Governance Code, except for the separation of the roles of Chairman and Chief Executive Officer[190]. - The Company believes that having a single individual serve as both Chairman and Chief Executive Officer enhances efficiency in planning and execution of long-term strategies[190]. - The total number of share options exercised by directors and other participants was 67,800,000, leaving a balance of 0 options as of the report date[182]. - The Company has a significant concentration of shareholding, with the top shareholders holding over 60% of the total issued shares[168]. - The shareholding structure indicates significant control by a few substantial shareholders, highlighting potential influence over corporate decisions[172]. - As of September 30, 2019, the total interests of the Directors and chief executives in shares and underlying shares amounted to approximately 2,322,657,964, representing about 62.34% of the total issued shares of the Company[156].

Financial Performance - For the year ended March 31, 2019, the Group's profit attributable to owners was approximately HK$50,510,000, a decrease from HK$53,539,000 in 2018[13]. - Basic and diluted earnings per share for the year were HK1.70 cents and HK1.67 cents, down from HK2.31 cents and HK2.15 cents in 2018[22]. - Profit before taxation decreased to approximately HK$50,910,000 from approximately HK$54,608,000 in the previous year, while administrative expenses rose by 35.9% to approximately HK$48,276,000[75]. - Profit attributable to shareholders for the year was approximately HK$50,510,000, down from approximately HK$53,539,000, resulting in a net profit margin of 81.2% compared to 107.9% last year[77]. - The Group recorded a profit attributable to shareholders of approximately HK$50,510,000 for the year ended March 31, 2019, a decrease from HK$53,539,000 in 2018, primarily due to increased losses from fair value changes of financial assets and higher administrative expenses[28]. Revenue and Income - Consolidated revenue increased by approximately 25.4%, amounting to HK$62,228,000, up from HK$49,605,000 in the previous year[22]. - Total revenue for the year was approximately HK$62,228,000, representing an increase of 25.4% compared to HK$49,605,000 in 2018[28]. - Total rental income increased by 29.1% to approximately HK$42,627,000 in 2019, up from approximately HK$33,012,000 in 2018[40]. - The Group's property rental income in Hong Kong rose by approximately 41.3% to about HK$23,339,000 for the year ended March 31, 2019, compared to HK$16,516,000 in 2018[44]. - Interest income from the loan financing business was approximately HK$19,601,000, accounting for about 31.50% of the total revenue of the Group for the year ended March 31, 2019[64]. Property Development and Acquisitions - The Group successfully initiated major projects, including the redevelopment of Matheson Building and the acquisition of Easy Tower[14]. - The acquisition of Easy Tower, an industrial building with a total gross floor area of approximately 74,458 sq ft, enhances the Group's focus on industrial and non-residential real estate activities[48]. - The Group plans to develop the Wing Cheong Factory Building site into an industrial mixed-use building with car parking spaces[32]. - The acquisition of Yong Yi Plaza, with a total construction area of approximately 74,458 square feet, enhances the Group's focus on industrial and non-residential real estate activities, increasing competitiveness in this sector[52]. - The Group acquired Easy Tower for HK$470,000,000, enhancing its focus on industrial and non-residential real estate activities[87]. Financial Position - As of March 31, 2019, total assets amounted to approximately HK$4,034,545,000, with total bank balances and cash of approximately HK$141,582,000[79]. - The Group's total bank borrowings were approximately HK$1,075,229,000, with a gearing ratio of approximately 0.4 and a current ratio of approximately 4.8[80]. - The Group's total carrying amount of properties in Hong Kong was approximately HK$1,129,400,000 as of March 31, 2019, a slight decrease from HK$1,156,000,000 in 2018[44]. - The outstanding principal amount of loans receivable as of March 31, 2019, was approximately HK$336,010,000, up from approximately HK$265,297,000 in 2018[64]. - The Group received net proceeds of approximately HK$586.14 million from the acquisition and disposal transactions, strengthening its financial position[96]. Corporate Governance - The Board emphasizes the importance of corporate governance, adhering to the principles of transparency, accountability, and independence[137]. - The Company has fully complied with the Corporate Governance Code provisions during the year, except for a noted deviation regarding the roles of Chairman and Chief Executive Officer[139]. - The dual leadership role of Chairman and Chief Executive Officer has been maintained for efficiency in planning and executing long-term strategies[141]. - The Group is committed to developing and reviewing its corporate governance policies and practices to ensure compliance with legal and regulatory requirements[138]. - The Company will review its governance structure as appropriate to ensure a balance of power and authority within the Board[141]. Employee and Operational Insights - Employee costs for the year were approximately HK$21.22 million, reflecting an increase from HK$17.07 million in the previous year[115]. - The Company has a total of 55 employees as of March 31, 2019, compared to 46 employees in 2018, indicating a growth in workforce[118]. - All Directors receive monthly management information updates to facilitate their duties under the relevant requirements of the Listing Rules[161]. - The primary objective of the Company's remuneration policy is to attract, retain, and motivate personnel by providing fair rewards for their contributions[191]. - The remuneration packages are determined with reference to individual responsibilities, Company performance, and prevailing market conditions[191].