Financial Performance - The total revenue for the year ended December 31, 2020, was approximately HKD 193.1 million, a decrease of 18% compared to HKD 235.4 million in 2019[13]. - The profit attributable to the owners of the company was approximately HKD 32.6 million, significantly up from HKD 10.3 million in 2019, indicating a growth of 216%[13]. - The group's revenue for the year was approximately HKD 193,100,000, a decrease of about 18% compared to HKD 235,400,000 in 2019, primarily due to reduced sales of goods[19]. - Profit for the year was approximately HKD 30,200,000, an increase of about 268% compared to HKD 8,200,000 in 2019[19]. - The arts and culture segment contributed approximately HKD 75,500,000 in revenue, up from HKD 55,200,000 in 2019, with a segment profit before tax of approximately HKD 49,300,000, compared to HKD 20,700,000 in 2019[20]. - The wine and trade segment generated approximately HKD 107,700,000 in revenue, down from HKD 180,200,000 in 2019, and recorded a segment loss before tax of approximately HKD 6,200,000, compared to a loss of HKD 5,800,000 in 2019[21]. - The property development segment contributed approximately HKD 10,000,000 in revenue, with a segment loss before tax of approximately HKD 4,400,000[22]. Strategic Development - The company focused on strategic development by injecting quality assets from the parent group into its operations, aiming for transformation and innovation[14]. - The company plans to deepen its focus on the "international cultural and artistic trading center" and "cultural tourism complex" as part of its strategic goals for 2021[17]. - The company aims to leverage its resources for strategic synergy and investment in the real economy to enhance its capital operation returns[17]. - The company is optimistic about future expansion prospects and project breakthroughs in its strategic initiatives[14]. Business Operations - The auction business shifted to online platforms due to the pandemic, achieving a transaction rate of 73% during the "2021 New Year Art Auction" with over 1,000 lots[16]. - The wine business expanded its product coverage in Hong Kong, mainland China, Japan, Southeast Asia, and Europe, contributing to continuous sales growth[16]. - The company has adjusted its business strategy in response to the COVID-19 pandemic, focusing on online auctions and optimizing financial performance[20]. - The company will continue to explore opportunities in collaboration with strategic partners to expand its business network[25]. Acquisitions and Investments - The company completed the acquisition of 100% of the issued share capital of Hong Kong Datang Xishi Industrial Holdings Limited on March 12, 2020, which indirectly holds approximately 69.97% equity in Xi'an Datang Xishi Industrial Co., Ltd.[28]. - The company sold its wholly-owned subsidiary Taiyuan Development Limited for HKD 16,756,000, with the transaction completed on February 3, 2020[28]. - The company acquired a 30% stake in Taifu Limited for approximately HKD 4,780,000 on February 18, 2021, making it the sole beneficial owner of Taifu[37]. - The company completed the acquisition of Hong Kong Datang West Market Holdings Limited on March 12, 2020, focusing on property investment and development[64]. Financial Position - As of December 31, 2020, the total cash and cash equivalents amounted to approximately HKD 193,400,000, a decrease of about HKD 156,700,000 from HKD 350,100,000 on December 31, 2019[34]. - The company's capital debt ratio as of December 31, 2020, was approximately 44.8%, compared to not applicable in 2019[36]. - The company's contingent liabilities as of December 31, 2020, included potential claims of approximately HKD 3,100,000 related to property buyers and guarantees totaling approximately HKD 538,000,000 provided to banks[40]. - The company's capital commitments as of December 31, 2020, were approximately HKD 1,343,600,000, compared to HKD 148,700,000 in 2019[41]. Management and Governance - The company employed approximately 125 staff members as of December 31, 2020, an increase from 87 in 2019[39]. - Yang Xingwen appointed as executive director in December 2015, with extensive financial accounting experience[46]. - Xu Zhihong became the co-CEO on September 1, 2020, and has a strong background in financial strategy planning[49]. - Huang Guodun served as CEO since November 2015, bringing rich financial and accounting experience from various industries[50]. - The company has appointed independent non-executive directors with annual remuneration of HKD 300,000 each, with terms starting from May 29, 2020, and September 1, 2020, respectively[90]. - The board of directors consists of eight members, including five executive directors and three independent non-executive directors[154]. Risk Management - The company faced various operational risks, including risks related to art authentication and valuation, as well as the inability to retain key management personnel[32]. - The company has established a risk management policy to identify, assess, and manage significant risks[191]. - The company has a risk mitigation plan for identified significant risks and assigns responsible personnel[191]. Shareholder Communication - The company emphasizes timely and accurate communication with shareholders and the investment community, ensuring transparency in its operations[192]. - The company encourages shareholder participation in annual general meetings to provide opportunities for communication with the board[195]. - Shareholders have the right to submit written requests for resolutions to be proposed at general meetings, requiring at least 5% of total voting rights or 100 shareholders[196]. - The company maintains a website as a platform for communication with shareholders, providing access to financial reports and other business information[192].

Financial Performance - The company recorded revenue from continuing operations of approximately HKD 147.4 million for the six months ended June 30, 2020, compared to HKD 88.4 million for the same period in 2019, representing a year-over-year increase of 66.5%[7]. - Profit for the period reached approximately HKD 26.9 million, a significant increase from HKD 3 million in the same period of 2019, marking an increase of 796.7%[7]. - Revenue from customer contracts reached HKD 115,822,000, a 62.0% increase from HKD 71,410,000 in the previous year[87]. - Total income, including interest from prepaid contracts and rental income, amounted to HKD 147,382,000, up 66.5% from HKD 88,430,000 year-on-year[87]. - The total comprehensive income for the period was HKD 16,208,000, significantly higher than HKD 1,413,000 in the previous year[90]. - The company reported a profit attributable to equity holders of HKD 27,664,000, compared to HKD 3,124,000 in the previous year[90]. - The company reported a pre-tax loss of HKD 8,439,000 for the six months ended June 30, 2019, indicating a turnaround in performance for the current reporting period[141]. - The company reported a profit of HKD 27,664,000 for the six months ended June 30, 2020, compared to a profit of HKD 3,124,000 in the same period of 2019, representing a significant increase[174]. Segment Performance - The arts and culture segment contributed approximately HKD 44.7 million in revenue, up from HKD 21.1 million in 2019, with a pre-tax profit of approximately HKD 28.3 million compared to HKD 5.2 million in the previous year[8]. - The e-commerce segment generated revenue of approximately HKD 102.1 million, an increase from HKD 65.9 million in 2019, although pre-tax profit decreased to approximately HKD 300,000 from HKD 400,000[14]. - The wine segment reported revenue of approximately HKD 300,000, down from HKD 1.4 million in 2019, with a pre-tax loss of approximately HKD 1.1 million compared to a loss of HKD 500,000 in the previous year[11]. - The property development segment reported revenue of approximately HKD 300,000, with a pre-tax loss of approximately HKD 2.1 million, as this segment was newly established[16]. - Revenue from external customers in the cultural segment reached HKD 14,720,000, while the e-commerce segment generated HKD 102,057,000, contributing to a total of HKD 117,354,000 from external customers[139]. Cash Flow and Financial Position - As of June 30, 2020, the company's bank balance and cash totalled approximately HKD 56.4 million, a decrease of about HKD 293.7 million from HKD 350.1 million on December 31, 2019[21]. - The net cash flow used in operating activities for the six months ended June 30, 2020, was HKD (72,217,000), compared to HKD (31,193,000) for the same period in 2019, indicating a significant increase in cash outflow[101]. - The net cash flow used in investing activities for the six months ended June 30, 2020, was HKD (243,516,000), a substantial decrease from HKD 4,569,000 in 2019, reflecting increased investment expenditures[101]. - The net cash flow from financing activities for the six months ended June 30, 2020, was HKD 39,171,000, compared to HKD 672,000 in 2019, showing a notable improvement in financing activities[101]. - The total liabilities for current liabilities were HKD 1,110,542,000, a significant increase from HKD 91,655,000 in the previous year[92]. - The net asset value was HKD 1,183,701,000, down from HKD 1,272,817,000 at the end of the previous year[95]. - The company reported a total equity of HKD 1,569,683,000 as of June 30, 2020, compared to HKD 1,026,900,000 as of June 30, 2019, indicating growth in shareholder equity[101]. Corporate Governance and Compliance - The company’s interim results for the six months ended June 30, 2020, were reviewed by the audit committee but not by external auditors[80]. - The company adhered to the corporate governance code principles as per the listing rules, with some exceptions regarding attendance at shareholder meetings[82]. - The company confirmed compliance with the standard code of conduct for securities trading by all directors and senior management during the six months ended June 30, 2020[83]. - The company’s board is committed to maintaining high standards of corporate governance to enhance shareholder accountability[82]. Strategic Developments - The company established two art central business district centers in Xi'an and Hong Kong, aimed at providing comprehensive services for art and collectibles[10]. - The company is actively exploring different distribution channels and planning promotional events for its wine products in Hong Kong, China, and Europe to enhance profitability and brand awareness[13]. - The company plans to develop the Silk Road International Cultural Center in Xi'an, covering a total construction area of approximately 120,000 square meters for three office buildings[17]. - The shopping mall within the Silk Road International Cultural Center is estimated to have a total construction area of about 30,000 square meters and aims to attract local and international retail operators[17]. - The company is exploring collaboration opportunities centered around the cultural industry, including art trading platforms and cultural tourism experiences[20]. Shareholder Information - The company’s major shareholder, Mr. Lü Jianzhong, holds 373,596,736 shares, representing 73.90% of the total shares[43]. - Datang Xishi International Holdings owned 72.63% of the company's shares, totaling 484,784,274 shares[1]. - Ms. Zhu Ronghua held a spouse interest in 493,280,274 shares, representing 73.90% of the total shares[3]. - Ion Tech held 111,187,538 shares, accounting for 16.66% of the total shares[1]. - The company has granted options for a total of 3,500,000 shares at an exercise price of 3.000, valid until January 27, 2026[60]. Accounting and Reporting - The company has implemented new accounting policies in accordance with Hong Kong Financial Reporting Standards, ensuring compliance and transparency in financial reporting[116]. - The accounting policies adopted for the interim financial data are consistent with those used for the annual consolidated financial statements for the year ended December 31, 2019[123]. - The group has not made significant adjustments to its interim financial data due to the adoption of new and revised standards[124]. - The group has four reportable segments: Arts and Culture, Wine, E-commerce, and Property Development[132].

Financial Performance - The total revenue for the year ended December 31, 2019, was approximately HKD 235.4 million, compared to HKD 136 million in 2018, representing an increase of 73.1%[11] - The company reported a profit attributable to owners of approximately HKD 10.3 million, a significant turnaround from a loss of HKD 126.9 million in 2018[11] - The group's revenue for the year was approximately HKD 235,400,000, an increase of about 73.1% compared to HKD 136,000,000 in 2018, primarily due to increased sales of goods[19] - The profit for the year was approximately HKD 8,200,000, a significant turnaround from a loss of HKD 128,900,000 in 2018[19] - The arts and culture segment contributed approximately HKD 55,200,000 in revenue, up from HKD 40,100,000 in 2018, with a pre-tax profit of approximately HKD 20,700,000 compared to HKD 5,300,000 in 2018[20] - The e-commerce segment generated approximately HKD 178,300,000 in revenue, a substantial increase from HKD 89,900,000 in 2018, and achieved a pre-tax profit of approximately HKD 1,300,000, recovering from a loss of HKD 600,000 in 2018[26] - The wine segment reported revenue of approximately HKD 1,900,000, down from HKD 6,100,000 in 2018, with a loss of approximately HKD 7,100,000 compared to a loss of HKD 1,700,000 in 2018[24] - The engineering services segment recorded revenue of approximately HKD 51,100,000, up from HKD 13,900,000 in 2018, with a pre-tax profit of approximately HKD 29,900,000, recovering from a loss of HKD 24,900,000 in 2018[27] Strategic Developments - The company successfully introduced New World Development Company Limited as a strategic shareholder and was included in the MSCI Hong Kong Small Cap Index, indicating market recognition of its transformation efforts[12] - The Silk Road International Cultural Center project, located in Xi'an, is a key asset injection aimed at establishing a comprehensive art industry chain and is expected to provide sustainable revenue sources[13] - The Silk Road Cultural and Tourism Town project has been recognized as an outstanding characteristic town, focusing on high-quality development and innovation in cultural and art transactions[16] - The company plans to strengthen its existing business, streamline operations, and enhance efficiency while focusing on the development of the cultural industry in 2020[16] - The company introduced a new property development segment in the first quarter of 2020, aiming to create synergies with existing and new businesses[28] Risk Management - The company is facing various risks, including strategic risks from global economic downturns and operational risks related to client retention and project completion[40] - The company has implemented a risk management policy to assess and manage significant risks, with external professionals reviewing the effectiveness of its internal control systems annually[40] - The company anticipates challenges in 2020 due to geopolitical tensions and the global pandemic, which may impact auction events and wine sales[15] - The company anticipates that the COVID-19 outbreak will inevitably impact all business operations, with expected delays in planned auctions and reduced sales due to social distancing measures[28] - The company has established risk management policies to identify, assess, and manage significant risks, with senior management reviewing risks at least annually[197] Shareholder and Governance - The board does not recommend the distribution of dividends for the year ended December 31, 2019, consistent with the previous year[93] - The group has adopted a dividend policy that considers financial performance, retained earnings, and operational needs before declaring dividends[94] - The company has a total of 493,180,274 shares held by directors and key executives, representing approximately 73.89% of the total shareholding[117] - The company has purchased directors and officers liability insurance to provide adequate protection for its directors and management[111] - The board consists of ten members, including four executive directors, two non-executive directors, and four independent non-executive directors[163] - The company has adopted the standard code for securities transactions by directors as per the listing rules[161] - The company has confirmed compliance with the independence requirements for all independent non-executive directors[167] - The company emphasizes timely and transparent communication with shareholders, maintaining a dedicated website for financial reports and shareholder communications[198] Acquisitions and Investments - The company completed the acquisition of 85% of a financial e-commerce company for HKD 40.8 million to develop its online market for art and collectibles[44] - The company completed the acquisition of Hong Kong Datang Xishi Industrial Holdings Limited on March 12, 2020, expanding its property investment and development business[84] - The company agreed to acquire 100% of the issued share capital of the target company, which indirectly holds approximately 69.97% of the equity in Xi'an Datang Xishi Industrial Co., Ltd.[59] - The acquisition involves 373,596,736 shares, representing about 55.97% of the company's issued share capital as of November 29, 2019[59] - The company allocated HKD 327.8 million from the fundraising on August 28, 2019, for the acquisition of Hong Kong Datang Xishi Industrial Holdings Limited[47] Employee and Operational Insights - The group had approximately 87 employees as of December 31, 2019, an increase from 84 employees in 2018[56] - The company emphasizes the importance of continuous professional development for all directors to ensure informed contributions to the board[173] - The company provides necessary onboarding materials to new directors to ensure they understand their responsibilities under listing rules and relevant laws[173] - The board of directors held four meetings during the fiscal year, with attendance rates for executive directors ranging from 75% to 100%[187] Environmental and Social Responsibility - The group has established a culture of energy conservation and implemented measures to reduce carbon emissions in its operations[86] - The group has a significant focus on sustainable development and responsible environmental practices in its business operations[86]

Financial Performance - The company recorded revenue from continuing operations of approximately HKD 116.4 million for the six months ended June 30, 2019, compared to HKD 89.9 million for the same period in 2018, representing a year-over-year increase of 29.2%[7] - The company achieved a profit of approximately HKD 3 million for the six months ended June 30, 2019, compared to a loss of HKD 34.3 million for the same period in 2018, marking a significant turnaround[7] - Total revenue for the six months ended June 30, 2019, was HKD 116,420,000, an increase from HKD 89,928,000 in the same period of 2018, representing a growth of approximately 29.5%[82] - Operating profit for the period was HKD 4,995,000, compared to a loss of HKD 31,808,000 in the previous year, indicating a significant turnaround[82] - Profit from continuing operations for the period was HKD 2,981,000, a recovery from a loss of HKD 34,276,000 in the same period of 2018[82] - The total comprehensive income for the period was HKD 1,413,000, compared to a loss of HKD 39,272,000 in the previous year, showing a substantial improvement[82] - Basic earnings per share from continuing and discontinued operations was HKD 0.56, a recovery from a loss of HKD 6.07 in the same period of 2018[84] Segment Performance - The art and culture segment contributed approximately HKD 21.1 million in revenue, with a segment profit of approximately HKD 9 million, compared to HKD 22.4 million and HKD 8.7 million respectively in the prior year[8] - The auction business contributed approximately HKD 14.4 million in segment profit, with a decrease in revenue due to fewer auction events held compared to the previous year[9] - The e-commerce segment reported revenue of approximately HKD 65.9 million, an increase from HKD 61.4 million in the prior year, achieving a segment profit of HKD 400,000 compared to a loss of HKD 200,000[14] - The engineering services segment saw a significant increase in revenue to approximately HKD 28 million, with a segment profit of approximately HKD 11.8 million, compared to a loss of HKD 11.9 million in the previous year[15] Cash Flow and Liquidity - As of June 30, 2019, the group's bank balances and cash totaled approximately HKD 28,400,000, a decrease of about HKD 26,000,000 from HKD 54,400,000 on December 31, 2018[19] - The company reported a net cash position of HKD 28,422,000 as of June 30, 2019, down from HKD 54,437,000 at the end of 2018, indicating a decrease in liquidity[87] - For the six months ended June 30, 2019, the company reported a net cash outflow from operating activities of HKD 31,279,000, compared to HKD 28,409,000 for the same period in 2018, indicating a 6.5% increase in cash outflow[95] - The company generated a net cash inflow from investing activities of HKD 4,843,000, a significant improvement from a net cash outflow of HKD 1,917,000 in the previous year[95] Investments and Future Plans - The company plans to utilize approximately HKD 200 million from a recent share subscription to further develop its auction business and expand art financing services[9] - The company plans to allocate approximately HKD 327,800,000 for investment in the Xi'an cultural project development, which aims to create a comprehensive cultural and artistic center[34] - The company plans to utilize approximately HKD 8,000,000 for the development of the online market for art and collectibles[38] - The company plans to expand its market presence and invest in new product development to drive future growth[92] - The company is focusing on enhancing operational efficiency and reducing costs to improve overall financial performance moving forward[92] Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance, which is essential for enhancing corporate value and accountability to shareholders[67] - The company has adopted a standard code for securities trading by directors and senior management, ensuring compliance during the six months ended June 30, 2019[69] - The company will appoint an independent non-executive director within three months following the appointment of Dr. Zheng Jiachun to ensure compliance with listing rules[68] Shareholder Information - As of June 30, 2019, the total number of issued shares of the company was 555,937,692 shares[63] - Mr. Lu Jianzhong holds a personal interest of 4,996,000 shares and a corporate interest of 373,596,736 shares, totaling 382,092,736 shares, which represents approximately 68.73% of the total shareholding[61] - The major shareholder, Datang, holds 373,596,736 shares, representing 67.20% of the total shareholding[61] Taxation and Liabilities - The total income tax expense for the period was HKD 391,000, a decrease of 72.5% compared to HKD 1,416,000 in the prior period[198] - The total tax expense for the period was HKD 1,331,000, down 44.9% from HKD 2,414,000 in the previous period[198] - The company's Hong Kong profits tax is calculated at a rate of 16.5%, while the tax rate for its Chinese subsidiaries is 25%[199] - The group has not incurred any significant contingent liabilities as of June 30, 2019[25] Accounting and Financial Reporting - The company has implemented new accounting standards, which may impact future financial reporting and performance metrics[107] - The company recognized lease liabilities of HKD 5,883,000 and right-of-use assets of HKD 5,915,000 upon the initial application of HKFRS 16 on January 1, 2019[131] - The company measures the right-of-use assets at cost, which includes the initial measurement amount of lease liabilities and any lease payments made before the commencement date, minus any lease incentives received[116]

Financial Performance - The total revenue from continuing operations for the year was approximately HKD 149.8 million, a decrease of 11.0% compared to HKD 168.3 million in 2017[12][24]. - The net loss attributable to owners of the company was approximately HKD 126.9 million, compared to a loss of HKD 63.9 million in 2017, representing an increase of 98.9%[12][24]. - The art and culture segment generated revenue of approximately HKD 40,100,000, a decrease from HKD 42,700,000 in 2017, with a segment loss of about HKD 2,600,000 compared to a profit of HKD 19,400,000 in 2017[25]. - The auction business in mainland China faced a significant decline in commission income due to the economic downturn and tightened policies, leading to a goodwill impairment of HKD 36,000,000[27]. - The e-commerce segment reported revenue of approximately HKD 90,200,000, an increase from HKD 46,500,000 in 2017, with a segment loss reduced to HKD 600,000 from HKD 800,000[36]. - The wine segment contributed revenue of approximately HKD 6,100,000, up from HKD 1,200,000 in 2017, with a segment loss of HKD 1,700,000, improved from HKD 5,300,000 in 2017[35]. - The engineering services segment generated revenue of approximately HKD 13,900,000, down from HKD 77,800,000 in 2017, with a segment loss of HKD 24,900,000 compared to HKD 13,000,000 in 2017[36]. - The financial technology segment recorded revenue of approximately HKD 29.6 million for the year ended December 31, 2018, down from HKD 35.2 million in 2017, with a loss of HKD 0.9 million compared to a profit of HKD 0.2 million in 2017[39]. Business Strategy and Operations - The company held five auctions in Hong Kong and mainland China during the year, facing significant challenges due to tightening cultural relic management policies and social funding shortages[17]. - The company successfully completed the sale of all equity in its mobile finance business by the end of the year to minimize losses and strengthen overall financial status[17]. - In 2019, the company plans to focus on optimizing strategic combinations and business integration, particularly in auction and related supply chain finance businesses[18]. - The company aims to enhance cost reduction and efficiency measures while improving internal control management systems and overall governance capabilities[18]. - The company is actively researching the introduction of quality assets that align with its strategic development and sustainable growth goals[18]. - The company will continue to strengthen data management related to customer profiles and preferences to support future auction planning[17]. - The company plans to enhance its auction prepayment and art financing services to provide greater flexibility for auction participants and generate additional revenue[26]. - The company is collaborating with a licensed partner to develop a wine brand to expand sales channels[35]. - The company established two art central business districts in Xi'an and Hong Kong, focusing on comprehensive services for art and collectibles[34]. - The company is working with a major airline as a supplier for onboard sales to develop global cross-border e-commerce[36]. Risk Management - The company has established a corporate risk management framework to review and update the risks faced by the group[52]. - Key risks include strategic risks related to investment management, overall competitive environment, and the slowdown of the Chinese and global economies[52]. - The group has implemented a risk management policy to address operational, financial, and compliance risks[54]. - The company has established a risk management policy to identify, assess, and manage significant risks[197]. - The audit committee reviews the effectiveness of risk management and internal control systems at least once a year[197]. - The company has implemented a risk mitigation plan for identified significant risks[197]. Corporate Governance - The board consists of ten directors, including four executive directors, two non-executive directors, and four independent non-executive directors[168]. - The company has adopted a standard code for securities trading by its directors and senior management, ensuring compliance throughout the fiscal year[166]. - The board is committed to maintaining high corporate governance standards, which are essential for enhancing corporate value and accountability to shareholders[165]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to oversee specific aspects of its affairs[180]. - The company emphasizes the importance of continuous professional development for all directors to ensure informed contributions to the board[176]. - The board is responsible for significant matters, including policy, strategy, budget, internal controls, and risk management[175]. - The company has received annual confirmation letters regarding the independence of its independent non-executive directors[171]. - The company will conduct a re-election of directors at the upcoming annual general meeting, ensuring compliance with the specified term limits[172]. - The Audit Committee held three meetings during the fiscal year to review the financial reporting system and internal controls[181]. - The Remuneration Committee conducted one meeting to review the remuneration of directors and senior management, with recommendations pending shareholder approval[185]. - The Nomination Committee held one meeting to assess the board's composition and diversity policy, ensuring alignment with corporate strategy[186]. - The company secretary was replaced by Mr. Tang Man-ju, effective September 18, 2018, ensuring compliance with relevant training requirements[190]. - The board of directors held four meetings during the fiscal year, with attendance records indicating active participation from members[189]. - The company has adopted a diversity policy for board appointments, considering various factors such as gender, age, and professional experience[186]. - The Audit Committee recommended the reappointment of external auditors after reviewing their reports and audit plans[181]. - The company is committed to maintaining effective communication between the board, management, and shareholders[190]. - The Remuneration Committee's recommendations for executive compensation are subject to approval at the annual general meeting[185]. Shareholder Information - The company reported no dividend distribution for the fiscal year ending December 31, 2018, consistent with the previous year[96]. - The company has adopted a dividend policy that considers actual and expected financial performance, retained earnings, and future expansion plans[99]. - The top five customers accounted for 53% of total revenue in the fiscal year, with the largest customer contributing 25%[100]. - The top five suppliers represented 67% of total procurement, with the largest supplier accounting for 34%[100]. - The company’s directors and their close associates do not hold any significant interests in the top five customers or suppliers[100]. - The company maintained a public float of at least 25% of its issued shares as required by listing rules[159]. - The company will hold its annual general meeting on May 30, 2019, and will suspend share transfer registration from May 27 to May 30, 2019[162]. Employee Relations - The group has approximately 84 employees as of December 31, 2018, down from 169 in 2017[64]. - The company has a strong focus on employee relations, regularly reviewing compensation and benefits to attract and retain talent[92]. Financial Summary - As of December 31, 2018, the group's total bank balance and cash amounted to HKD 54,400,000, a decrease of HKD 18,500,000 compared to 2017, primarily due to additional financial resources allocated for auction prepayments and art financing[55]. - The group's outstanding secured borrowings as of December 31, 2018, were HKD 600,000, and unsecured borrowings were HKD 55,300,000, compared to HKD 600,000 and HKD 37,500,000 in 2017, respectively[55]. - The capital debt ratio as of December 31, 2018, was 8.5%, up from 4.8% in 2017[59]. - The group incurred a foreign exchange loss of HKD 20,500,000 during the year, compared to a foreign exchange gain of HKD 30,800,000 in 2017[63]. - The net proceeds from the public offering on December 9, 2015, amounted to HKD 420,300,000, with allocations for loan repayment, online market development, and acquisitions[58]. - There were no significant acquisitions, disposals, or major investments made during the year[64]. - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year[157]. - The company reported an audit service fee of HKD 1,770,000 for the annual financial statements[198]. - Additional audit services incurred a fee of HKD 1,348,000[198]. - The company allocated HKD 821,000 for risk management and internal control reviews, interim financial reviews, and financial advisory services[198].