Financial Performance - The Group recorded a loss before tax of approximately HK$182.2 million, with a loss attributable to owners of approximately HK$177.1 million, compared to a loss of approximately HK$15.3 million in 2021[11]. - Total revenue for the year was approximately HK$56.8 million, relatively stable compared to approximately HK$53.9 million in the previous year[12]. - Revenue from the sales of optical frames and sunglasses decreased by approximately 16.5% or approximately HK$40.9 million, down from HK$49.0 million in 2021, primarily due to the impact of the COVID-19 pandemic[13]. - Rental income from property investment remained stable at approximately HK$1.9 million, while the Group did not record any revenue from debts and securities investment for both years[14]. - The film investment and distribution segment recorded a loss of approximately HK$91.1 million, mainly due to investments in film production and impairment losses totaling approximately HK$88.9 million[14]. Strategic Initiatives - The Group has implemented strategic initiatives to develop its energy business, including the acquisition of a company engaged in new energy and a proposed subscription of 50% shareholding in H. Sterling LNG Terminal Holding Limited[15]. - The Group aims to diversify its business and income streams, focusing on the energy sector and exploring new trading platforms for liquefied natural gas products[21]. - A subscription agreement was signed with Kingdom Investment Corporation Limited to subscribe for 174 million new shares for total proceeds of approximately HK$161.8 million[21]. - The Group is exploring opportunities in the energy sector, focusing on developing its energy business through acquisitions and new trading platforms[23]. - The Group's strategic investor, Kingdom Investment Corporation Limited, aims to leverage opportunities in the oil and gas industry, particularly in regions influenced by the "Belt and Road" initiative[23]. Financial Position - As of March 31, 2022, the Group had cash and cash equivalents of approximately HK$18.8 million, down from HK$40.1 million in 2021[31]. - The Group's short-term borrowings were approximately HK$14.6 million as of March 31, 2022, compared to HK$23.4 million in 2021[31]. - The debt to equity ratio of the Group was approximately 14.7% as of March 31, 2022, an increase from 7.4% in 2021[31]. - The Group's equity attributable to owners as of March 31, 2022, was approximately HK$146.8 million, down from HK$283.4 million in 2021[31]. Employee and Operational Insights - The Group employed 194 full-time employees as of March 31, 2022, a decrease from 235 in 2021[31]. - The annual turnover rate for employees aged 26-35 was 25% in 2022, compared to 45% in 2021[66]. - The Group reported zero work-related fatalities and injuries for both 2021 and 2022, indicating a strong commitment to employee safety[68]. - The Group actively engages in employee communication and motivation through various channels, including annual dinners and volunteer activities, to enhance employee belonging[75]. Environmental Impact - Total greenhouse gas emissions for the Group were 2,779.7 tonnes of CO2e, representing a 22.2% increase from 2,275.3 tonnes in 2021[53]. - The Group's electricity consumption was 3,809,919 kWh, up from 3,124,825 kWh in 2021, with an energy intensity of 8.5 kWh/m²[54]. - Water consumption increased to 37,282 m³ from 28,247 m³ in 2021, resulting in a water intensity of 0.06 m³/m²[53]. - Paper consumption increased significantly to 5.72 tonnes from 2.59 tonnes in 2021, marking a 120.6% rise[47]. - The Group actively promotes water-efficient practices to reduce wastage caused by human error[53]. Corporate Governance - The Company has adopted the Corporate Governance Code as its own code of corporate governance practices, ensuring transparency and accountability[105]. - The board did not appoint a chairman until February 23, 2021, which has since been rectified, ensuring a clear division of responsibilities[106]. - The Company recognizes the importance of good corporate governance to maximize shareholder benefits[105]. - The Board currently comprises six Directors, including three executive Directors and three independent non-executive Directors, ensuring a balance of skills and experience[111]. - The Company has maintained compliance with the Corporate Governance Code throughout the year ended March 31, 2022, with minor deviations noted[105]. Risk Management - The Group faces credit and liquidity risks related to trade receivables, loans, and other financial instruments, with management monitoring these risks closely[35]. - Interest rate risk is present due to fluctuations in interest-bearing financial assets and liabilities, with no current hedging in place[35]. - The Group is exposed to commodities risk from price fluctuations in raw materials like cellulose acetate and potassium gold cyanide, impacting cost of goods sold[36]. - The management confirmed the effectiveness of the Control Systems, with no significant issues reported that could adversely impact operational, financial, or compliance areas[200]. Compliance and Internal Controls - The Company ensures compliance with applicable laws and regulations for reliable financial information provision[199]. - The Audit Committee assessed the effectiveness of the risk management and internal control systems, concluding that the Group operated at a manageable risk level[165]. - The Company has established multiple communication channels with shareholders, including annual general meetings and updates on the Company’s website[187]. - The Company Secretary ensures that Board procedures and applicable laws are followed, providing necessary materials to Directors[169].

( ELEGANCE optical international holdings limited 高雅光學國際集團有限公司 (於百嘉達註冊成立之有限公司) 股份代號: 907 2021/2022 中 期 報 告 | --- | --- | |---------|----------------------------------| | | | | | | | 目 | 錄 | | | | | | 公司資料 | | 02 | 管理層討論及分析 | | 03 07 | 未經審核中期簡明綜合損益表 | | 08 | 未經審核中期簡明綜合全面收益表 | | 09 | 未經審核中期簡明綜合財務狀況表 | | 11 | 未經審核中期簡明綜合權益變動表 | | 12 | 未經審核中期簡明綜合現金流量表 | | 13 | 未經審核中期簡明綜合財務報表附註 | | | | 32 補充資料 高雅光學國際集團有限公司 公司資料 董事會 執行董事 于寶東先生（主席） 鍾育麟先生 黃創輝先生 獨立非執行董事 文偉麟先生 鄭振民先生 許文浩先生 審核委員會 鄭振民先生（主席） 文偉麟先生 許文浩先生 提名委員會 文偉麟先生（主席） 鄭振 ...

Financial Performance - For the year ended 31 March 2021, the Company recorded a loss before tax of approximately HK$18.2 million, a significant improvement from a loss of approximately HK$98.4 million in 2020[11]. - Total revenue for the Year was approximately HK$53.9 million, representing a decrease of approximately 18.6% compared to HK$66.2 million in the previous year[11]. - Revenue from the sales of optical frames and sunglasses decreased by approximately 21.7% or approximately HK$49.0 million, down from HK$62.6 million in 2020, primarily due to the impact of the COVID-19 pandemic[11]. - Rental income from property investment slightly decreased from approximately HK$2.1 million in 2020 to approximately HK$1.9 million in 2021, remaining relatively insignificant to the Group's operations[11]. - The Group did not record any revenue from debts and securities investment for both years, with the fair value of securities investment amounting to approximately HK$5.3 million as of 31 March 2021[11]. Business Acquisitions and Investments - The Group acquired Gulf Energy (China) Limited for HK$20 million, which is engaged in the sale and trading of liquefied petroleum gas products[24]. - The company acquired 100% equity of Bay Energy (China) Limited for HK$20 million, which will now operate as a wholly-owned subsidiary[28]. - The Group plans to diversify its business and income streams by exploring opportunities in the energy sector, particularly liquefied petroleum gas[16]. - The company plans to use approximately HK$39.1 million from the 2021 Placing for potential investments in debt, securities, film projects, and energy-related businesses[30]. Capital Raising and Utilization - The Company raised approximately HK$12.1 million through the placing of 121,310,000 new ordinary shares at HK$0.1 each[25]. - The company entered into a subscription and placing agreement for a maximum of 45,000,000 new shares at HK$0.381 per share, raising approximately HK$54.1 million for future investments and general working capital[27]. - As of March 31, 2021, HK$7.8 million of the net proceeds from the 2020 Placing had been utilized for general working capital and potential future investments[25]. - As of March 31, 2021, HK$35.5 million had been utilized for investment and acquisition, with only HK$1.0 million used for general working capital from the 2021 Placing[32]. Financial Stability and Ratios - As of March 31, 2021, the Group's cash and cash equivalents amounted to approximately HK$40.1 million, an increase from HK$28.4 million in 2020, while short-term borrowings decreased to approximately HK$23.4 million from HK$30.5 million in 2020[34]. - The debt to equity ratio as of March 31, 2021, was approximately 7.4%, down from 12.1% in 2020, indicating improved financial stability[34]. - The Group's equity attributable to owners increased to approximately HK$283.4 million as of March 31, 2021, compared to HK$229.4 million in 2020, reflecting a growth of about 23.6%[34]. Employee and Workforce Management - The Group employed 235 full-time employees as of March 31, 2021, a decrease from 271 in 2020, indicating a reduction in workforce[34]. - The employee turnover rate for 2021 was 0%, with no work-related fatalities or injuries reported[83]. - The Group offers competitive remuneration and benefits, with annual salary reviews based on performance and market trends[75]. - The Group provides comprehensive professional training to employees to enhance service quality[91]. Environmental Sustainability - Total greenhouse gas emissions decreased by 22.9% from 2,952.3 tonnes in 2020 to 2,275.3 tonnes in 2021[66]. - Water consumption reduced significantly by 72.7%, from 103,429 m³ in 2020 to 28,247 m³ in 2021, with water intensity dropping from 0.22 m³/m² to 0.06 m³/m²[66]. - Electricity consumption decreased by 21.7%, from 3,991,005 kWh in 2020 to 3,124,825 kWh in 2021, with energy intensity improving from 8.3 kWh/m² to 6.9 kWh/m²[66]. - Paper consumption decreased by 67.1%, from 7.89 tonnes in 2020 to 2.59 tonnes in 2021, reflecting the company's commitment to paper-saving initiatives[70]. Corporate Governance - The Company has complied with the Corporate Governance Code throughout the year ended March 31, 2021, with some deviations rectified[112]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors[121]. - The Company has adopted a code of conduct for Directors' securities transactions, confirming compliance throughout the year[121]. - The Company emphasizes continuous professional development for directors, providing updates on regulatory requirements and macroeconomic conditions[132]. Risk Management - The Audit Committee assessed that the Group operated at a manageable risk level and continued to improve its management system[155]. - The Company maintained adequate systems of internal control and risk management to safeguard shareholders' investments and assets[174]. - The internal audit function independently appraises the adequacy and effectiveness of the Control Systems[182]. - Significant risks have been identified, with key strategies and control measures outlined in the Management Discussion and Analysis section of the report[183].

Financial Performance - The company reported a pre-tax loss of approximately HKD 4.4 million for the six months ended September 30, 2020, compared to a pre-tax loss of approximately HKD 21.7 million in the same period last year[6]. - Total revenue for the group was approximately HKD 43.3 million, a decrease of about 4.74% from approximately HKD 45.5 million in the previous year[6]. - Revenue from the eyewear and sunglasses segment decreased by approximately 24.4%, or about HKD 9 million, to approximately HKD 27.8 million, down from HKD 36.8 million in 2019[6]. - The film investment and distribution segment recorded revenue of approximately HKD 14 million, up from HKD 7.4 million in the previous year[7]. - The company reported a loss before tax of HKD 4,446,000, a significant reduction from a loss of HKD 21,722,000 in the prior year[24]. - The company reported a total comprehensive loss of HKD 2,605,000 for the six months ended September 30, 2020, compared to a total comprehensive loss of HKD 20,578,000 for the same period in 2019[34]. - The company’s financial performance is evaluated based on adjusted profit/loss before tax, excluding interest income and financial costs[47]. Revenue Breakdown - Revenue from external customers for the six months ended September 30, 2020, was HKD 43,337,000, a decrease from HKD 45,491,000 in the same period of 2019, representing a decline of approximately 4.75%[61]. - Revenue from the Americas decreased to HKD 18,367,000 in 2020 from HKD 24,725,000 in 2019, a decline of approximately 25.5%[61]. - Revenue from the Greater China region (including Hong Kong) increased significantly to HKD 18,428,000 in 2020 from HKD 9,358,000 in 2019, representing an increase of approximately 96.5%[61]. Cash Flow and Liquidity - As of September 30, 2020, the group had cash and cash equivalents of approximately HKD 33,500,000, an increase from HKD 28,400,000 as of March 31, 2020[21]. - The net cash flow from operating activities for the six months ended September 30, 2020, was HKD 6,005,000, compared to a net outflow of HKD 11,820,000 in the same period last year[37]. - The total cash and cash equivalents at the end of the period increased to HKD 33,506,000, up from HKD 17,846,000 at the beginning of the period[37]. Share Capital and Financing - The company completed a rights issue on February 18, 2020, issuing 202,184,561 shares at a subscription price of HKD 0.14 per share, raising approximately HKD 26.01 million net of expenses[17]. - The company raised approximately HKD 12,100,000 by placing 121,310,000 new ordinary shares at HKD 0.1 per share, with a net amount of about HKD 11,670,000 intended for general working capital and potential future investments[18]. - The total issued and paid-up share capital increased to HKD 72,786,000 as of September 30, 2020, from HKD 60,655,000 as of April 1, 2020, following the placement of 121,310,000 new shares[106]. - The company has a bank financing limit of approximately HKD 3 million, which was not utilized as of September 30, 2020[11]. Employee and Operational Metrics - The group employed 244 full-time employees as of September 30, 2020, down from 331 in the previous year[16]. - Employee benefits expenses, including director remuneration, decreased to HKD 9,520,000, down 43.9% from HKD 16,944,000 in the previous year[76]. - The company reported a short-term employee benefit expense of HKD 555,000 for the six months ended September 30, 2020, down from HKD 855,000 in the previous year[115]. Inventory and Asset Management - The company’s inventory decreased to HKD 3,607,000 from HKD 8,802,000 as of March 31, 2020, indicating improved inventory management[28]. - The company reported a total asset value of HKD 372,467,000 as of September 30, 2020, compared to HKD 438,965,000 as of September 30, 2019, reflecting a decrease of approximately 15.1%[58]. Liabilities and Financial Position - The company’s non-current liabilities as of September 30, 2020, were approximately HKD 28,300,000, slightly up from HKD 27,700,000 as of March 31, 2020[21]. - The company’s total liabilities decreased from HKD 38,775,000 as of March 31, 2020, to HKD 28,852,000 as of September 30, 2020, reflecting a reduction of approximately 25.6%[101]. - The group recognized a net loss of HKD 1,955,000 from foreign exchange differences, compared to a gain of HKD 1,976,000 in the previous year[76]. Corporate Governance and Compliance - The company has adopted and complied with the corporate governance code as per the listing rules, with some deviations noted[136]. - The board has not appointed any director as chairman during the review period, and this situation will be reviewed in the upcoming meeting[136]. - Independent non-executive directors are subject to re-election at the annual general meeting, with specific terms for some directors[137]. - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with standard regulations[138].

Financial Performance - For the year ended March 31, 2020, Elegance Optical International Holdings Limited recorded a loss before tax of approximately HK$102.4 million, with a loss attributable to owners of approximately HK$98.4 million, compared to HK$99.1 million in 2019[13]. - Total revenue for the year was approximately HK$66.2 million, representing a decrease of approximately 63.0% from approximately HK$179.0 million in the previous year[13]. - The largest portion of total revenue came from the sales of optical frames and sunglasses, which decreased by approximately 63.0% or approximately HK$106.7 million, down from HK$169.3 million in 2019[13]. - Rental income from property investment slightly decreased from approximately HK$2.3 million in 2019 to approximately HK$2.1 million in 2020, remaining relatively insignificant to the Group's operations[13]. - The debts and securities investment segment recorded a loss of approximately HK$1.6 million, compared to HK$0.7 million in 2019, with a fair value of securities investment amounting to approximately HK$5.7 million as of March 31, 2020[13]. - The Group's cash and cash equivalents as of March 31, 2020, were approximately HK$28.4 million, up from HK$13.9 million in 2019[23]. - Short-term borrowings increased to approximately HK$30.5 million as of March 31, 2020, compared to HK$20.7 million in 2019[23]. - The debt to equity ratio was approximately 12.1% as of March 31, 2020, compared to 0.9% in 2019[23]. Film Industry Insights - Filmko Culture Limited, a major film distributor in the PRC, in which the Group acquired a 25% interest, recorded a profit after tax of approximately HK$42.8 million, exceeding the profit guarantee[13]. - The box office in the PRC for 2019 was RMB 64,266 million, representing a 5.4% increase compared to 2018, maintaining its position as the world's second-largest film market[17]. - The total number of movie screens in the PRC increased by 9,708 to 69,787, solidifying its leading position globally[17]. - Cinema admissions reached 1,727 million, an increase of 11 million compared to 2018[17]. - The film market in the PRC suffered a loss of over RMB 10 billion in box office revenue due to the COVID-19 outbreak in 2020[18]. Corporate Governance - The company has adopted the Corporate Governance Code as its own code of corporate governance practices, ensuring compliance throughout the year ended 31 March 2020[127]. - The Board did not appoint any Director as its Chairman during the year, which is a deviation from Code provision A.2[128]. - The independent non-executive Director Hui Man Ho, Ivan has been appointed for an initial term of two years, renewable for successive terms of one year, while other independent non-executive Directors do not have specific terms[129]. - The nomination committee did not have any members at a material time due to resignations during the year, which constituted a deviation from Code provision A.5.1[130]. - The company has recognized the importance of transparency and accountability in its corporate governance practices[127]. - The Board will review the current situation regarding the Chairman's appointment in upcoming regular meetings[128]. - The company has complied with the Corporate Governance Code except for specific deviations noted during the year[127]. Environmental Impact - The company reported a 27.0% decrease in direct emissions from its fleet, with emissions of 60.8 tonnes of CO2e in 2020 compared to 83.3 tonnes in 2019[69]. - Indirect emissions from purchased electricity decreased by 41.0%, from 4,750.5 tonnes of CO2e in 2019 to 2,802.4 tonnes in 2020[69]. - Total greenhouse gas emissions decreased from 4,950 tonnes in 2019 to 2,989 tonnes in 2020[69]. - The Group is committed to environmentally-friendly business practices and aims to create a positive impact in the communities[62]. - The total floor area covered by the group remained constant at 479,722 sq.ft., accounting for 100% of emissions from operations in the PRC and Hong Kong[66]. Employee and Workplace Safety - As of March 31, 2020, the Group employed 271 full-time employees, a decrease from 384 in 2019[27]. - The Group maintained a work-related fatality rate of 0 and no work injury cases reported for the period[94]. - There was no lost day due to work injury, reflecting the Group's commitment to occupational health and safety[96]. - The Group complies with employment regulations, ensuring no child or forced labor in its operations[99]. - The Group emphasizes equal opportunities in recruitment, training, and advancement, promoting cultural diversity within the workforce[112]. Risk Management - Economic conditions and market risks are principal uncertainties affecting the Group's sales and revenue, with strategies in place to penetrate different geographical markets[35]. - The Group faces credit and liquidity risks related to its financial instruments, which include trade receivables and bank balances[37]. - Interest rate risk is present due to fluctuations in interest-bearing financial assets and liabilities, with management considering hedging if necessary[39]. - The Group is exposed to commodity price fluctuations, particularly for cellulose acetate and potassium gold cyanide, impacting the cost of goods sold[40]. - Foreign currency risk is monitored closely, with transactions mainly in Hong Kong dollar, Renminbi, and US dollar, minimizing significant exchange risk[41]. Shareholder Engagement - Shareholders holding not less than 10% of the paid-up capital can requisition a special general meeting[192]. - Shareholders can submit a written requisition to move a resolution at a general meeting if they represent not less than 5% of the total voting rights[194]. - A written requisition for a resolution must be signed by at least 5% of the total voting rights or no less than 100 shareholders[198]. - The written requisition must be submitted at least six weeks before the general meeting[198]. - Shareholders can direct inquiries about their shareholdings to the Company's Hong Kong branch share registrar[197].

Financial Performance - The company reported a pre-tax loss of approximately HKD 21.7 million for the six months ended September 30, 2019, compared to a pre-tax loss of approximately HKD 28.2 million in the same period last year, indicating an improvement of about 23%[8]. - Total revenue for the company was approximately HKD 45.5 million, a decrease of about 61.4% from approximately HKD 117.9 million in the previous year, primarily due to a 66.7% drop in sales of eyewear frames and sunglasses[8]. - The company recorded a loss of approximately HKD 760,000 from investment in listed securities, compared to a gain of approximately HKD 900,000 in the same period last year[9]. - Interest income from lending activities was approximately HKD 800,000, down from HKD 3.89 million in the previous year, as the company decided not to renew its lending license[9]. - The gross profit for the period was HKD 3,485,000, down from HKD 10,810,000 in the previous year, indicating a decline of about 67.7%[34]. - The net loss for the period was HKD 20,243,000, compared to a net loss of HKD 28,842,000 in the same period last year, showing a decrease of about 29.8%[34]. - The company reported a revenue of HKD 45,491,000 for the six months ended September 30, 2019, compared to HKD 42,006,000 in the same period of 2018, representing an increase of approximately 11.8%[34]. - The company reported total revenue of HKD 45,491,000 for the six months ended September 30, 2019, with a loss before tax of HKD 21,722,000[71]. - The segment performance showed a loss of HKD 27,062,000 for the six months ended September 30, 2019, compared to a profit of HKD 3,567,000 in the same period of 2018[79]. Cash Flow and Liquidity - As of September 30, 2019, the company had cash and cash equivalents of approximately HKD 17.8 million, an increase from HKD 13.9 million as of March 31, 2019[16]. - The company’s net cash flow from operating activities for the six months ended September 30, 2019, was negative HKD 11,820,000, an improvement from negative HKD 48,312,000 in the same period of the previous year[51]. - The company reported a net cash and cash equivalents balance of HKD 17,846,000 at the end of the period, compared to HKD 28,214,000 in the previous year, indicating a decrease of about 36.8%[51]. - The company’s financing activities generated a net cash inflow of HKD 14,879,000 for the six months ended September 30, 2019, compared to HKD 9,313,000 in the same period last year, representing an increase of approximately 59.7%[51]. - The company’s cash and cash equivalents increased to HKD 17,846,000 from HKD 13,937,000, reflecting a growth of approximately 28.5%[41]. Liabilities and Equity - The company's total liabilities to equity ratio was approximately 3.5% as of September 30, 2019, compared to 0.9% as of March 31, 2019[16]. - Current liabilities increased to HKD 152,332,000 as of September 30, 2019, compared to HKD 126,614,000 as of March 31, 2019, representing a growth of approximately 20.3%[44]. - Total equity decreased to HKD 276,847,000 as of September 30, 2019, down from HKD 298,448,000 as of March 31, 2019, reflecting a decline of approximately 7.2%[44]. - The company’s total liabilities increased to HKD 9,786,000 as of September 30, 2019, compared to HKD 2,675,000 as of March 31, 2019, reflecting a significant increase of approximately 265.5%[44]. - The total liabilities of the company as of September 30, 2019, were not explicitly stated but are implied to be significant given the ongoing financial challenges and settlements[29]. Operational Developments - The company aims to cautiously develop its eyewear business, debt and securities investments, and property investments amid numerous economic risks[10]. - The company plans to expand its film business and explore opportunities in the cultural and entertainment sectors, including potential investments in television dramas and related rights trading[14]. - The company has settled a liquidation petition by paying HKD 4,083,202.75 to the petitioner, resolving all related court proceedings[27]. - The company received a statutory demand for HKD 10,410,000 from a creditor, which has been acknowledged and included in the group's interest-bearing bank and other borrowings[29]. - The company decided not to renew its moneylender license due to increased uncertainty in the global economic environment and will not issue new loans[30]. Employee and Management Information - The company employed 331 full-time employees as of September 30, 2019, down from 419 employees in 2018, representing a reduction of approximately 21%[21]. - The group reported a short-term employee benefit expense of HKD 855,000 for key management personnel, a decrease from HKD 1,891,000 in the previous year[143]. - There have been no changes to the board of directors since the publication of the annual report for the year ended March 31, 2019[172]. Investments and Assets - The company’s total assets less current liabilities stood at HKD 286,633,000 as of September 30, 2019, down from HKD 301,123,000 as of March 31, 2019, a reduction of approximately 4.8%[44]. - The company’s goodwill remained unchanged at HKD 0, indicating no acquisitions or impairments during the period[47]. - The company’s share of profit from an associate was HKD 5,942,000, contributing positively to the overall financial performance[71]. - The investment in an unlisted associate company amounts to HKD 110 million, with a share of post-acquisition profit of HKD 16.93 million, compared to HKD 10.99 million in the previous period[103]. - The impairment loss recognized for the investment remains at HKD 21 million, consistent with the previous period[103]. Credit and Risk Management - The company continues to monitor overdue balances regularly to ensure effective credit management[112]. - The credit terms for transactions with customers generally range from 45 to 120 days, with strict control measures in place to minimize credit risk[112]. - The company has no collateral or other credit enhancements for its accounts receivable, indicating a focus on managing credit risk through customer diversification[112]. - The aging analysis of accounts receivable shows that amounts overdue by more than 90 days increased to HKD 9.92 million from HKD 38, indicating a significant improvement in collection[113]. Compliance and Governance - The company has adopted and complied with the applicable code provisions of the Corporate Governance Code, except for the lack of a designated chairman for the board during the reporting period[173]. - The company has adopted a code of conduct regarding securities transactions by directors, which meets the standards set out in the standard code[177]. - The unaudited condensed consolidated interim financial information for the six months ended September 30, 2019, has not been reviewed or audited by the company's auditors but has been reviewed by the audit committee[177].