CHERISH SUNSHINE INTERNATIONAL LIMITED 承輝國際有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） (Stock Code 股份代號：1094) NOTIFICATION LETTER 通知信函 Dear Shareholder(s), 8 August 2025 The following document(s) of Cherish Sunshine International Limited (the "Company") has/have been prepared in English and Chinese and is/are available on the websites of the Company at http://www.sunshine1094.com and The Stock Exchange of Hong Kong Limited at http://www.hkexnews.hk (collectively the "Websites"):- I ...

智通财经APP讯，承辉国际(01094)公布，该集团预期将于截至2025年3月31日止年度取得净亏损约1.2亿 港元至1.3亿港元，而2024年同期则为净溢利约80万港元。由盈转亏主要归因于于本年度取得无形资产 减值亏损，而去年同期则取得拨回;本年度贸易及其他应收账款及合约资产减值亏损以及投资物业公平 值亏损增加。所有上述变动或亏损均属非现金性质。 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHERISH SUNSHINE INTERNATIONAL LIMITED 承 輝 國 際 有 限 公 司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號: 1094） 1 盈利預警 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東及潛在投資者，基於現 時可得資料及本公司管理層對本集團截至二零二五年三月三十一日止年度（「本年 度」）未經審核綜合管理賬目所作之初步審閱，本集團預期將於本年度錄得淨虧損 介乎約120百萬港元至130百萬港元，而截至二零二四年三月三十一日止年度（「去 年同期」）則為淨溢利約0.8百萬港元。由盈轉虧主要歸因於（其中包括）(i) 於本年 度錄得無形資產減值虧損，而去年同期則錄得撥回；(ii) 本年度貿易及其他應收賬 款及合約資產減值虧損以及投資物業公平值虧損增加。所有上述變動或虧損均屬 非現金性質。 本公告所載資料乃以本公司管理層根據本集團本年 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公告之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會就因本公告全部 或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 CHERISH SUNSHINE INTERNATIONAL LIMITED 承 輝 國 際 有 限 公 司 （ 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ） （股份代號: 1094） (1) 進一步延遲刊發二零二四年╱二零二五年年度業績 及延遲寄發二零二四年╱二零二五年年度報告； (2)董事會會議日期 及 (3)繼續暫停買賣 本公告乃由承輝國際有限公司（「本公司」，連同其附屬公司統稱為「本集團」）根 據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第13.09條及 第13.49(3)條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條文（定 義見上市規則）而作出。 茲提述本公司於二零二五年六月三十日及二零二五年七月十四日發佈的公告（統 稱為「該等公告」），內容有關（其中包括）(i)延遲刊發二零二四年╱二零二五年年 度業績，(ii)董事會會議延期及(iii)暫停 ...

港股承辉国际公告，股票将于今天上午九时正起暂停买卖。 ...

财务数据显示，截至2024年9月30日，承辉国际实现营业总收入7464.66万元，同比减少59.34%；归母净 利润211.29万元，同比减少29.26%；毛利率26.23%，资产负债率53.3%。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，软件服务行业市盈率（TTM）平均值为-8.04倍，行业中值-1.69倍。承辉国际市盈 率-832.93倍，行业排名第63位；其他京投交通科技（01522.HK）为3.57倍、黄河实业（00318.HK）为 3.97倍、自动系统（00771.HK）为4.13倍、禅游科技（02660.HK）为4.97倍、驴迹科技（01745.HK）为 5.06倍。 6月3日，截至港股收盘，恒生指数上涨1.53%，报23512.49点。承辉国际（01094.HK）收报0.49港元/ 股，上涨11.36%，成交量6.41万股，成交额2.96万港元，振幅9.09%。 资料显示，承辉国际有限公司是中国领先的一站式综合采购服务解决方案供应商,港股代码为 HK.01094。多年来,公司致力于推动各 ...

5月26日，截至港股收盘，恒生指数下跌1.35%，报23282.33点。承辉国际（01094.HK）收报0.305港元/ 股，上涨8.93%，成交量8160股，成交额2481港元，振幅0.0%。 资料显示，承辉国际有限公司是中国领先的一站式综合采购服务解决方案供应商,港股代码为 HK.01094。多年来,公司致力于推动各行各业采购业务电子化、无纸化,降低采购过程中各个环节的碳排 放,助力采购业务全流程低碳转型。2020年,公司自主研发的政府采购全流程电子化交易系统获得财政部 推荐,在全国范围内广泛使用。上述系统软件和知识产权已应用于国内政府、高校、国有企业等公共部 门机构,累计采购成交金额超千亿。同时,公司亦面向私营领域客户提供企业采购管理电子交易平台,涵盖 平台运营、招投标、代理采购、委托采购等服务,以满足私营领域客户多样化的招投标采购需求。此外, 为进一步践行"绿色低碳,节能环保"理念,公司于2021年恢复能源管理承包服务业务,并积极参与新能源领 域业务拓展。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 机构评级方面，目前暂无机构对该股做出投资评级建议 ...

Revenue Performance - The total revenue for the six months ended September 30, 2024, was approximately HKD 82.8 million, a decrease of about 59.3% compared to HKD 203.6 million for the same period last year[12]. - Revenue from procurement services was approximately HKD 40.8 million, down about 55.0% year-on-year, primarily due to the completion of two major projects last year[13]. - Trade revenue decreased by approximately HKD 62.8 million, a decline of about 76.6% compared to the previous year, resulting in a slight loss due to impairment losses on trade receivables[14]. - Rental income increased by approximately 15.1% to HKD 9.1 million, up from HKD 7.9 million in the same period last year, attributed to improved occupancy rates[15]. - Revenue from energy management contracting services was approximately HKD 4.0 million, a decrease of about 31.4% year-on-year, mainly due to the completion of several contracts[17]. - Carbon neutrality consulting services generated revenue of approximately HKD 0.6 million during the period, indicating growth in this segment[17]. Financial Performance - The company's revenue for the period was HKD 82,776,000, a decrease of HKD 120,780,000 or 59.3% compared to HKD 203,556,000 in the same period last year[18]. - The gross profit for the period was HKD 21,714,000, with a gross margin of 26.2%, an increase of 13.1 percentage points from 13.1% in the same period last year[20]. - The company recorded a profit of HKD 2,323,000 for the period, down from HKD 3,498,000 in the same period last year, mainly due to increased impairment losses on trade and other receivables[27]. - The total comprehensive income for the six months ended September 30, 2024, was HKD 13,746 thousand, compared to a loss of HKD 16,014 thousand in the same period of 2023[70]. - Basic earnings per share for the period were HKD 0.48, down from HKD 0.69 in the previous year, reflecting a decrease of 30.4%[68]. Assets and Liabilities - The total assets of the group as of September 30, 2024, were approximately HKD 752,084,000, an increase from HKD 727,927,000 as of March 31, 2024[29]. - The total liabilities of the group were approximately HKD 400,872,000, down from HKD 432,617,000 as of March 31, 2024[29]. - The current ratio as of September 30, 2024, was 1.10:1, compared to 1.26:1 as of March 31, 2024[29]. - The company's cash and cash equivalents increased to HKD 43,760,000 from HKD 6,309,000, showing a substantial rise of approximately 594%[74]. - The net current asset position decreased to HKD 32,813,000 from HKD 93,515,000, a decline of about 65%[76]. Operational Efficiency - Administrative expenses decreased by 22.4% to HKD 18,921,000, primarily due to cost control measures[23]. - The company plans to upgrade its procurement software to meet domestic standards, expected to be completed by early 2025, enhancing user experience and increasing user numbers[63]. - The company is monitoring foreign exchange risks, primarily as its revenue is denominated in RMB while expenses are mainly in HKD and RMB[48]. Legal and Compliance Issues - The group recognized an impairment loss of approximately HKD 2,274,000 on trade and other receivables and contract assets during the period[24]. - The company has not recognized any contingent liabilities related to the ongoing legal dispute, based on legal advice received[46]. - The company initiated a civil lawsuit against Jiangsu Rongmo Technology Development Co., Ltd. for a contract dispute involving approximately RMB 5,003,000, which remains unpaid[46]. Shareholder and Capital Management - The company raised approximately HKD 119.6 million from a rights issue, with a net amount of approximately HKD 117.1 million after deducting professional fees and related expenses[53]. - The net proceeds from the rights issue were allocated as follows: HKD 20 million for strategic acquisitions in energy management contracts, and HKD 3.4 million for general working capital[53]. - The company issued 98,752,000 new shares at a subscription price of HKD 0.4405 per share, representing approximately 20% of the existing issued share capital as of the agreement date[58]. Future Outlook - The company aims to focus on sustainable development and environmental goals, aligning with China's targets for carbon peak by 2030 and carbon neutrality by 2060[12]. - Management expects occupancy rates to remain high and property values to increase over the next year due to government policies stabilizing the real estate market[15]. - The company plans to continue expanding its energy consulting services in the coming years, recognizing its growth potential[17].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 82,776,000, a decrease of 59.3% compared to HKD 203,556,000 for the same period in 2023[2] - Gross profit for the same period was HKD 21,714,000, down 18.3% from HKD 26,679,000 in 2023[2] - Operating profit decreased to HKD 5,535,000 from HKD 8,973,000, representing a decline of 38.5%[2] - Profit before tax was HKD 2,246,000, a decrease of 56.1% compared to HKD 5,121,000 in the previous year[4] - Net profit for the period was HKD 2,323,000, down 33.6% from HKD 3,498,000 in 2023[6] - Basic earnings per share decreased to HKD 0.48 from HKD 0.69, a decline of 30.4%[4] - Total profit for the six months ended September 30, 2024, was HKD 20,110,000, down 25.3% from HKD 26,908,000 in 2023[42] - Revenue from general merchandise sales was HKD 19,141,000, down 76.7% from HKD 81,957,000 in the previous year[45] - Revenue from procurement services was HKD 4,751,000, a decrease of 17.5% from HKD 5,766,000 in 2023[45] - Administrative expenses decreased to HKD 18,921,000 from HKD 24,392,000, a reduction of 22.5%[42] - Financial costs decreased to HKD 3,289,000 from HKD 3,852,000, a decline of 14.6%[49] - Other income and gains totaled HKD 4,346,000, down 12.4% from HKD 4,966,000 in 2023[48] - The company’s employee costs were HKD 12,633,000, a decrease of 46.8% from HKD 23,788,000 in the previous year[53] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 752,084,000, an increase from HKD 727,927,000 as of March 31, 2024[14] - Non-current assets totaled HKD 382,561,000, up from HKD 279,309,000 in the previous period[14] - Current assets decreased to HKD 369,523,000 from HKD 448,618,000, a decline of 18%[14] - Total equity attributable to owners of the company increased to HKD 363,101,000 from HKD 307,005,000, reflecting a growth of 18.3%[17] - The total liabilities for the segment providing procurement services and other IT services as of September 30, 2024, were reported at HKD 135,969,000[40] - The group’s total liabilities decreased to approximately HKD 400,872,000 as of September 30, 2024, from HKD 432,617,000 as of March 31, 2024[126] Cash Flow - The net cash generated from operating activities was HKD 60,046,000, slightly down from HKD 62,222,000 in the previous year, representing a decrease of 3.5%[19] - The company reported a net cash inflow of HKD 36,570,000 in cash and cash equivalents, compared to a net outflow of HKD 2,506,000 in the same period last year[21] - The net cash used in investing activities was HKD (84,676,000), compared to HKD (45,000) in the previous year, indicating a significant increase in investment outflows[19] - The company’s financing activities resulted in a net cash inflow of HKD 61,200,000, a turnaround from a net outflow of HKD (64,683,000) in the previous year[19] Impairment and Provisions - The impairment loss on trade and other receivables was HKD 2,274,000, significantly higher than HKD 172,000 in the previous year, marking an increase of 1,320.9%[19] - The group recognized a net impairment loss of HKD 2,548,000 for the current period, compared to HKD 1,638,000 for the previous year[74] - The company has a provision for credit loss of HKD 11,023,000 for receivables as of September 30, 2024, which reflects a consistent level of risk management[82] Share Issuance and Financing - The company issued new shares, raising HKD 42,156,000 during the financing activities, which was not applicable in the previous year[19] - The company issued a rights offering of up to 201,366,286 shares at a subscription price of HKD 0.63 per share to meet funding needs for business expansion[148] - The total amount raised from the rights issue was approximately HKD 119.6 million, with a net amount of about HKD 117.1 million after expenses, resulting in a net price per share of HKD 0.62[149] Governance and Compliance - The company has adhered to corporate governance codes, with a clear division of responsibilities between the CEO and the chairman[159] - The audit committee consists of three independent non-executive directors, ensuring compliance with applicable accounting standards and listing rules[161] - The board includes three executive directors and three independent non-executive directors, maintaining a balanced governance structure[164] Future Plans and Investments - The company aims to expand its energy consulting services, which showed growth during the period[114] - The company plans to allocate approximately HKD 20 million from the remaining proceeds for strategic acquisitions in the energy management contract (EMC) sector by the end of March 2025[151] - The company aims to expand its artificial intelligence (AI) and renewable energy business, focusing on building supercomputing and data processing centers in collaboration with partners[158] Legal Matters - The company has acknowledged a loan liability of RMB 14,000,000 due to a lawsuit for failure to repay a loan on time, with an agreement to repay approximately RMB 14,420,000 in installments[139] - The company has initiated legal action against a trading company for a contract dispute involving an amount of approximately RMB 8,880,000[141] - The company has taken legal action against Jiangsu Rongmo Technology Development Co., Ltd. for an unpaid contract amount of approximately RMB 5,003,000[142]

Revenue and Profit Performance - Revenue for the fiscal year ending March 31, 2024, increased to 782,180 thousand HKD from 271,719 thousand HKD in the previous year, representing a significant growth[31] - Revenue from external customers for the year ended March 31, 2024, was HK$782.18 million, compared to HK$271.72 million in the previous year[48][70] - Total revenue for the year increased by 187.9% to HKD 782.2 million from HKD 271.7 million in the previous year, driven by growth across all business segments except office leasing, which declined due to the cooling of China's real estate market[84] - The company reported a net profit of HK$804,000 for the year ended March 31, 2024, a significant decrease from HK$13.59 million in the previous year[51][52] - Profit for the year was approximately HKD 804,000, a significant decrease from HKD 13,594,000 in the previous fiscal year, mainly due to investment property fair value losses and reduced impairment loss reversals[153] - Net profit attributable to owners of the company for the year was HKD 656,000, compared to HKD 13,282,000 in the previous year[104] Gross Profit and Margin - Gross profit for 2024 was 59,514 thousand HKD, up from 37,635 thousand HKD in 2023[31] - Gross margin decreased to 7.6% from 13.9% in the previous year, primarily due to a higher proportion of lower-margin trade business[84] - Gross profit for the year was HKD 59.5 million, with a gross margin of 7.6%, down 6.3 percentage points from the previous year[117] - Gross profit margin decreased due to an increase in the proportion of revenue from trading business, which generally has lower profit margins, in line with industry norms[147] Assets and Liabilities - Total current assets as of March 31, 2024, amounted to 448,618 thousand HKD, compared to 272,121 thousand HKD in 2023[34] - Total liabilities and equity as of March 31, 2024, were 727,927 thousand HKD, up from 593,424 thousand HKD in 2023[34] - The company's total equity decreased to 295,310 thousand HKD in 2024 from 310,367 thousand HKD in 2023[35] - The company's non-current liabilities increased to HK$100.76 million as of March 31, 2024, from HK$59.85 million in the previous year[55] - The group's total liabilities increased to HKD 432,617,000 (March 31, 2023: HKD 283,057,000), with an asset-to-liability ratio of 1.68:1 (March 31, 2023: 2.10:1)[125] - The group's total equity decreased to HKD 295,310,000 (March 31, 2023: HKD 310,367,000), with a capital gearing ratio of 0.42:1 (March 31, 2023: 0.44:1)[125] Trade and Receivables - Trade and other receivables increased to 360,079 thousand HKD in 2024 from 257,158 thousand HKD in 2023[34] - Trade and other receivables include trade and lease receivables (net of impairment provisions) of approximately HKD 28.15 million (2023: HKD 30.24 million) and prepayments for goods and services of approximately HKD 300.87 million (2023: HKD 217.99 million)[81] - The company recorded an impairment loss of HKD 2,054,000 on trade and other receivables due to concerns over recoverability[121] - Prepayments for goods and services as of March 31, 2024, were approximately HKD 300,867,000 (March 31, 2023: HKD 217,987,000), driven by larger-scale procurement services for new EPC projects[128] - Prepayments for goods and services totaled approximately HKD 446,424,000, with HKD 137,144,000 utilized and settled upon project completion, and HKD 215,934,000 refunded by suppliers[158] Financial Costs and Interest - Interest on bank and other borrowings rose to 4,595 thousand HKD in 2024 from 1,690 thousand HKD in 2023[19] - Financial costs increased to HK$6.73 million for the year ended March 31, 2024, from HK$3.67 million in the previous year[51] - Financial costs for the year amounted to approximately HKD 6,725,000 (FY22/23: HKD 3,671,000), primarily due to increased interest payments on bank and other borrowings[122] - Interest-bearing bank and other borrowings as of March 31, 2024, were approximately HKD 100,211,000 (March 31, 2023: HKD 113,801,000), all denominated in RMB[126] Business Segments and Revenue Breakdown - The company's revenue from trade business increased significantly to HK$565.80 million for the year ended March 31, 2024, from HK$169.97 million in the previous year[70] - The company's revenue from energy management contracting services increased to HK$10.57 million for the year ended March 31, 2024, from HK$6.64 million in the previous year[70] - The company's revenue from procurement services for engineering, procurement, and construction (EPC) projects increased to HK$116.73 million for the year ended March 31, 2024, from HK$37.60 million in the previous year[70] - Revenue from trade business (classified as "Trade Business" segment) was HKD 565.80 million, up from HKD 169.97 million in the previous year[97] - Revenue from energy management contracting services (classified as "Energy Management Contracting Business" segment) was HKD 10.57 million, up from HKD 6.64 million in the previous year[97] - Total revenue from procurement services and other IT services reached HKD 190.5 million, a 143.9% increase from the previous year's HKD 78.1 million[111] - Trade business revenue surged to HKD 565.8 million, representing a 232.8% increase from the previous year's HKD 170.0 million[112] - Revenue from energy management contracting business reached HKD 10.6 million, accounting for 1.3% of total revenue[114] - Revenue from solar power station operation and maintenance services increased to approximately HKD 10.6 million (FY22/23: HKD 6.6 million), with management exploring opportunities in ESG reporting and consulting services using AI modeling[143] Tax and Provisions - The company recognized a provision for Chinese corporate income tax of approximately RMB 11.37 million (or HKD 12.94 million) related to procurement services, but no additional tax is expected to be levied due to the expiration of the retroactive period[74][101] - The company's profit for the year included a reversal of Chinese corporate income tax provision of approximately RMB 11.37 million (or HKD 12.94 million) due to the expiration of the retroactive period[101] - The group's tax credit for the year was approximately HKD 11,290,000 (FY22/23: HKD 16,995,000), mainly due to deferred tax reversals related to land appreciation tax in Wuhan, China[123] Expenses and Costs - Cost of goods sold increased significantly to HKD 672.71 million from HKD 205.99 million in the previous year[76] - The company's administrative expenses decreased to HKD 55.75 million from HKD 61.42 million in the previous year[94] - Administrative expenses decreased by 9.2% to approximately HKD 55,747,000, primarily due to stricter cost control measures[147] Investments and Acquisitions - The group reallocated approximately HKD 23.4 million originally intended for property investment, with HKD 20.0 million now earmarked for strategic acquisitions in energy management contract (EMC) services[136] - No significant investments, acquisitions, or disposals of subsidiaries, associates, or joint ventures were made during the year[160] - The company has allocated HKD 20 million for the acquisition of EMC business, with the amount expected to be utilized by the end of March 2025[184] Dividends and Shareholder Returns - The company did not declare any dividends for the fiscal years ending March 31, 2024, and March 31, 2023[16] - The company did not recommend the payment of a final dividend for the year, consistent with the previous fiscal year[173] Legal and Regulatory Matters - The company has a pending litigation case involving RMB 9.144 million for fixed bracket procurement and overdue payment penalties, with a hearing scheduled for August 2024[179] - The company's audited annual results were delayed due to additional time required by the auditor to obtain necessary confirmations and provide additional guidance[175] - The company's shares were suspended from trading on the Hong Kong Stock Exchange from July 2, 2024, pending the release of the audited annual results, with trading resuming on July 8, 2024[193] Strategic Initiatives and Future Plans - The company is exploring opportunities in the AI sector, particularly in supercomputing, to open new revenue streams and support long-term shareholder development[188] - The company plans to strengthen its risk control systems and implement more internal control measures to mitigate potential liquidity risks from business partners[170] - The company has allocated HKD 5.855 million (5% of total net proceeds) for the R&D of procurement service software, with HKD 4.218 million utilized as of March 31, 2024, and the remaining HKD 1.637 million expected to be used by the end of 2024[184] - The company has allocated HKD 58.55 million (50% of total net proceeds) for procurement service business, with the full amount utilized as of March 31, 2024[184] - The company has allocated HKD 11.71 million (10% of total net proceeds) for trade business, with the full amount utilized as of March 31, 2024[184] - The company issued 189,907,953 new shares through a rights issue, with the major shareholder, Dongfeng Global Limited, underwriting 123,596,678 unsubscribed shares[182] - The company secured a bank loan of RMB 93,000,000 (approximately HKD 100,211,000) from a Chinese bank, secured by properties and other assets[161] - Net proceeds from the rights issue amounted to approximately HKD 117.1 million, with HKD 70.3 million used for procurement services and trade business orders, HKD 4.2 million for software R&D, and HKD 21.0 million for supplier payments and operating expenses[167] Other Financial Metrics - The company reported a total comprehensive expense of 17,370 thousand HKD for 2024, compared to 3,436 thousand HKD in 2023[27] - The company's operating loss for the year ended March 31, 2024, was HK$3.76 million, compared to an operating profit of HK$270,000 in the previous year[51] - The company's investment properties decreased to HK$232.67 million as of March 31, 2024, from HK$267.13 million in the previous year[53] - The company's total profit from reportable segments was HKD 63.41 million, slightly higher than the previous year's HKD 62.92 million[94] - The weighted average number of ordinary shares for calculating basic earnings per share was 482,836,000, up from 330,759,000 in the previous year[104] - Trade and other payables amounted to HKD 180,543,000, with 92.2% of invoices aged 0-90 days[108] - The company recognized an impairment loss reversal of HKD 3,711,000 on intangible assets due to improved recoverable amount[121] - The group's cash and cash equivalents as of March 31, 2024, were approximately HKD 6,309,000 (March 31, 2023: HKD 8,478,000), with total assets of HKD 727,927,000 (March 31, 2023: HKD 593,424,000)[125] - The group's rental income decreased by approximately 10.0% to HKD 15.3 million (FY22/23: HKD 17.0 million), mainly due to RMB depreciation and discounts offered to new tenants[142] - Other income and gains/(losses) for the year included investment property fair value changes and government subsidies, resulting in a loss of approximately HKD 13,211,000, compared to a loss of HKD 5,637,000 in the previous fiscal year[147] - The company applied new Hong Kong Financial Reporting Standards effective from January 1, 2023, for the preparation of consolidated financial statements[11] - The company's subsidiary obtained a Class II power engineering construction qualification, enabling it to undertake projects up to 200MW in China[110] - The company's revenue is primarily denominated in RMB, while expenses are mainly in HKD and RMB. The company expects that recent exchange rate fluctuations will not pose any significant risk to its financial health, but any permanent or substantial changes in the RMB to HKD exchange rate could impact future financial performance[180]