Financial Performance - In 2020, the company achieved a trade business volume of HKD 55,446,000, up from HKD 37,703,000 in 2019, contributing positively to the annual profit[29]. - The company's revenue for the year was HKD 93,555,000, an increase of HKD 20,231,000 or 27.6% compared to HKD 73,324,000 in 2019[33]. - Trade business revenue accounted for 59.3% of total revenue, amounting to HKD 55,446,000, while public procurement revenue was HKD 10,649,000, representing 11.4% of total revenue[33]. - The company's gross profit decreased to HKD 18,615,000, down HKD 3,173,000 or 14.6%, with a gross margin of 19.9%, a decline of 9.8 percentage points from the previous year[36]. - Other income and gains decreased to HKD 10,338,000, down HKD 2,654,000 or 20.4% from HKD 12,992,000 in 2019[37]. - The company's cash and bank balances were HKD 16,293,000, a decrease of HKD 5,838,000 or 26.4% from HKD 22,131,000 in 2019[44]. - The company reported a profit of HKD 221,000 for the year, a significant turnaround from a loss of HKD 13,695,000 in 2019[43]. - The total assets increased to HKD 360,002,000, up from HKD 332,299,000 in 2019, while total liabilities rose to HKD 155,526,000 from HKD 147,406,000[44]. - The group had a net current liability of approximately HKD 40,748,000 as of December 31, 2020, raising significant doubt about the group's ability to continue as a going concern[184]. Operational Developments - The company expanded its public procurement client base, now including multiple provinces and municipalities such as Hubei, Inner Mongolia, Tianjin, and Shenzhen, with a unified platform promoted in Hubei[22]. - The company has developed an electronic procurement platform that is recognized as industry-leading, with significant applications in government procurement centers in Inner Mongolia and Hubei[22]. - The electronic procurement platform's client and supplier numbers have significantly increased, leading to continuous growth in technical services and related revenues[28]. - The company is positioned to benefit from government initiatives to optimize the business environment and promote electronic procurement methods[25]. - The company is accelerating research and development in internet applications for procurement, including big data analysis and remote video conferencing, to meet increasing market demands[25]. - The company has increased the types of services offered, including enterprise IT solutions and public procurement services, contributing to stable revenue growth[22]. - The company has initiated the establishment of industry standards for state-owned enterprise procurement, with practical applications in Shandong Province[30]. - The company is engaged in public procurement-related businesses, including the development and operation of an electronic procurement platform[125]. Corporate Governance - The board consists of 2 executive directors, 2 non-executive directors, and 3 independent non-executive directors as of December 31, 2020[73]. - The company has committed to maintaining high corporate governance standards to effectively manage risks and drive growth[68]. - The company has complied with the corporate governance code, with a noted deviation regarding the roles of the chairman and CEO being held by the same individual[69]. - The board is committed to improving operational efficiency and executing business strategies effectively[68]. - The company has a strong financial management team, with the CFO holding multiple advanced degrees in accounting and finance[65]. - The audit committee is tasked with overseeing the financial reporting system, risk management, and internal control systems[82]. - The company has established comprehensive policies and procedures for operational, financial, and risk management to ensure asset protection and reliable financial reporting[121]. - The board continuously monitors the effectiveness of the risk management and internal control systems, conducting annual reviews and audits[121]. - The company has a shareholder communication policy to ensure effective communication between the board and shareholders, primarily through annual general meetings and financial reports[115]. Employee and Shareholder Matters - As of December 31, 2020, the company employed approximately 120 staff members, with total employee compensation amounting to HKD 26,068,000[52]. - The company issued 34,897,000 new ordinary shares, representing 16.67% of the existing issued share capital, at a subscription price of HKD 0.142 per share, raising approximately HKD 4.9 million for general working capital[53]. - The net proceeds from the share issuance were utilized to support the company's daily operations[53]. - The company has a stock option plan adopted in June 2013 to reward and retain talented individuals[147]. - The company has maintained liability insurance for suitable directors and senior officers throughout the year[160]. - Major customers accounted for 72.5% of total sales, with the largest customer contributing approximately 33.7%[175]. - Major suppliers accounted for 95.0% of total purchases, with the largest supplier contributing approximately 87.5%[175]. Legal and Compliance Issues - The company faced a lawsuit regarding a service contract from 2012, with a claim amounting to RMB 13,500,000 (approximately HKD 16,019,000) plus accrued interest of RMB 7,506,000 (approximately HKD 8,907,000), which was dismissed by the court[48]. - The company has complied with relevant laws and regulations impacting its operations, ensuring sustainable practices and effective resource utilization[130]. - The company has not made any amendments to its existing articles of association and bylaws for the year ended December 31, 2020[119]. - There were no competitive businesses or conflicts of interest reported among directors or major shareholders as of December 31, 2020[172]. - The independent auditor Crowe (HK) was appointed on December 16, 2020, to audit the financial statements for the year ended December 31, 2020[179]. Future Outlook - The company anticipates increased demand for electronic procurement platforms due to government initiatives and the impact of COVID-19, which has shifted traditional procurement methods to digital solutions[55]. - The company aims to enhance its market share in the state-owned enterprise procurement platform sector by strengthening its technology development capabilities[55]. - The company does not currently have any foreign currency hedging policies but does not expect to face significant foreign currency risks in the foreseeable future[51]. - The company has no significant foreign exchange risks at present, but any major fluctuations in the RMB to HKD exchange rate could impact its financial performance[51].

Sales and Revenue Growth - The company achieved stable growth in sales revenue for the year 2019, with an increase in the variety of technical information service products and public procurement services[24]. - The company expanded its sales market, now serving over 10 provincial and municipal governments, including Hubei, Inner Mongolia, and Shenzhen, leading to increased transaction volume and revenue[24]. - The company's total revenue for the year was HKD 73,324,000, an increase of HKD 5,035,000 or 7.4% compared to the previous year[36]. - Trade business revenue reached HKD 37,703,000, accounting for 51.4% of total revenue, up from HKD 31,221,000 in the previous year[32][36]. - Public procurement revenue was HKD 9,651,000, representing 13.2% of total revenue, with significant growth in client and supplier numbers[36]. - Other income and gains increased by HKD 6,413,000 or 97.5% to HKD 12,992,000, primarily due to higher fair value gains from investment properties[40]. Product Development and Market Strategy - The company plans to leverage the growing demand for electronic procurement in government, state-owned enterprises, and educational institutions, aiming to expand its market share significantly[27]. - The company will focus on developing four product systems: government procurement trading platform, higher education procurement electronic platform, state-owned enterprise procurement electronic platform, and financial service platform[27]. - The company aims to enhance its technical research and development capabilities to strengthen market development and brand promotion in the state-owned enterprise procurement sector[28]. - The company is committed to integrating its four major product pillars to achieve data sharing and enhance the influence of its public procurement service products[28]. - The group aims to expand its market share in the electronic procurement sector for state-owned enterprises to other provinces in 2020, leveraging existing successful business advantages[71]. - The group plans to develop four product systems, including "Government Procurement Trading Platform" and "Financial Services Platform," to enhance its market presence[72]. Financial Performance and Expenses - Administrative expenses decreased by HKD 7,535,000 or 13.6% to HKD 48,018,000, attributed to reduced share option expenses and strict cost control[41]. - The company reported a net loss of HKD 13,695,000, a reduction of HKD 10,083,000 or 42.4% from the previous year, mainly due to impairment loss reversals and lower administrative expenses[47]. - The gross profit for the year was HKD 21,788,000, a decrease of HKD 1,030,000 or 4.5%, with a gross profit margin of 29.7%[39]. - Sales costs increased by HKD 6,065,000 or 13.3% to HKD 51,536,000, primarily due to higher procurement costs in trade business and increased energy costs[37]. Corporate Governance and Management - The company is committed to maintaining high standards of corporate governance to effectively manage risks and drive growth[91]. - The board of directors is responsible for preparing the company's accounts and ensuring compliance with business strategies[91]. - The company has a diverse board with extensive experience in various sectors, including finance, law, and management[83][84][85][87]. - The CEO has over 20 years of experience in corporate governance and business management, significantly influencing the company's development[80]. - The CFO has a strong background in accounting and finance, with qualifications from reputable institutions[88][89]. - The company has established three committees under the board: the audit committee, remuneration committee, and nomination committee[103]. Risk Management and Compliance - The company has established comprehensive policies, standards, and procedures in operational, financial, and risk management to safeguard assets and ensure the reliability of financial information[145]. - The company has a risk management and internal control system in place to evaluate and determine the nature and extent of risks it is willing to accept to achieve its strategic objectives[145]. - The company has adopted the corporate governance code and has complied with its provisions, except for the deviation regarding the roles of Chairman and CEO being held by the same person[92]. - The management anticipates that a court ruling regarding a legal dispute could clarify the nature of transaction income, potentially resolving audit qualification issues[77]. - The management has indicated that the audit qualification from 2019 will affect the consolidated financial statements for the year ending December 31, 2020, if not resolved[77]. Employee and Shareholder Relations - The total employee compensation amounted to approximately HKD 32,436,000, with around 140 employees as of December 31, 2019[56]. - The company values customer feedback and employs various methods to understand customer trends and needs, ensuring the delivery of quality products and services[157]. - The company has a comprehensive employee benefits package and provides a safe working environment, with no reported strikes or fatalities during the year[157]. - The company has established effective communication channels with shareholders, providing necessary information through annual reports and holding annual general meetings[140]. Impact of COVID-19 - The COVID-19 pandemic has severely impacted the group's operations, with business activities suspended since late January 2020, leading to a significant decline in productivity[68]. - The pandemic is expected to lead to a noticeable decline in transaction volume on the electronic procurement platform in the first two quarters of 2020, significantly affecting the group's revenue compared to 2019[73]. - The group's investment property in Wuhan may face risks of rental delays or early lease terminations due to the pandemic's impact on tenant businesses[73]. Share Options and Dividends - The company does not recommend the payment of a final dividend for the year ended December 31, 2019, consistent with the previous year[163]. - A total of 17,400,000 share options were granted on May 9, 2019, representing approximately 9.97% of the company's issued share capital at that time[174]. - The share option plan, adopted on June 13, 2013, is set to expire on June 12, 2023, and allows for the issuance of shares not exceeding 10% of the total issued shares at the time of approval[174]. - The company has established a share option plan to attract and retain talented individuals, which includes directors and employees[172].

Financial Performance - The group's revenue for the year was HKD 68,289,000, an increase of HKD 3,452,000 or 5.3% compared to last year[32]. - Public procurement revenue was HKD 7,616,000, accounting for 11.2% of total revenue; trade business revenue was HKD 31,221,000, accounting for 45.7%[32]. - Gross profit increased to HKD 22,818,000, up HKD 5,589,000 or 32.4%, with a gross margin of 33.4%, an increase of 6.8 percentage points from the previous year[35]. - Administrative expenses rose to HKD 55,553,000, an increase of HKD 2,548,000 or 4.8%, primarily due to increased share-based payment expenses[38]. - The group reported a net loss of HKD 23,778,000, a decrease of HKD 155,766,000 or 86.8% compared to the previous year[47]. - Cash and cash equivalents at year-end were HKD 26,344,000, a decrease of HKD 16,926,000 or 39.1% from the previous year[48]. - Total assets amounted to HKD 329,673,000, with total liabilities of HKD 145,683,000, resulting in a debt-to-asset ratio of 2.26[49]. - The group secured credit financing of approximately HKD 91,440,000, backed by its properties[52]. Business Growth and Strategy - The main business revenue for public procurement reached HKD 7,616,000, and enterprise procurement information solutions revenue reached HKD 17,789,000, representing significant growth compared to the previous year[25]. - The company expanded its client base, adding new clients such as Inner Mongolia Power Group and Weihai Commercial Bank, contributing to increased transaction volume and supplier numbers[25]. - The company upgraded procurement platforms for Qinghai Province and Shenzhen City, enhancing customer experience and service quality through increased remote services and online payment options[25]. - The company plans to focus on four product systems: government procurement trading platform, higher education procurement electronic platform, state-owned enterprise procurement electronic platform, and financial institution procurement electronic platform to increase market share[28]. - The company aims to leverage its first-mover advantage in public procurement e-commerce to enhance technical research and development capabilities and expand market development[29]. - The company will integrate its four major product pillars to unify data standards, functional modules, and service models, achieving data sharing and supplier sharing[29]. - The company anticipates favorable market conditions for electronic procurement due to ongoing government anti-corruption efforts and the increasing adoption of e-commerce in procurement processes[28]. - The company plans to leverage its position in the electronic procurement market for state-owned enterprises, aiming to expand its market share in 2019[64]. - The group intends to utilize transaction data from its trading system to provide valuable services and focus on supply chain financing as a new revenue stream[64]. - The company aims to strengthen its leading position in the public procurement sector in China by continuously expanding its electronic procurement platform and accumulating transaction data[64]. Corporate Governance - The company emphasizes the importance of maintaining good corporate governance standards to effectively manage risks[78]. - The board is committed to executing improved operational planning and procedures to drive growth[78]. - The company has a strong focus on enhancing business strategies in line with high corporate governance standards[78]. - The management team has extensive experience in accounting and finance, with qualifications including CPA and advanced management degrees[75][76]. - The company has appointed independent non-executive directors with significant legal and corporate governance experience[69][70][71][72][74]. - The company has a diverse board composition, including members with backgrounds in law, finance, and corporate management[69][70][71][72][74]. - The company has a history of involvement in various IPO projects and has served numerous state-owned enterprises[75]. - The management team has previously held key financial positions in publicly listed companies, enhancing their expertise in corporate finance[76]. - The company is focused on risk management through effective governance and operational strategies[78]. - The board members have accumulated years of experience in their respective fields, contributing to the company's strategic direction[69][70][71][72][74]. - The company has adopted the corporate governance code as per the listing rules and believes its current structure complies with the applicable requirements[79]. - The board consists of 3 executive directors, 3 non-executive directors, and 3 independent non-executive directors, ensuring a balanced governance structure[84]. - The company held 12 board meetings and 2 shareholder meetings in the year, with attendance rates for directors varying significantly[86]. - The company has re-complied with listing rules regarding the audit committee and independent non-executive directors after recent appointments[80]. - The chairman and CEO roles are currently held by the same individual, which the board believes enhances operational efficiency[90]. - The company is committed to continuous professional development for all directors, providing training on their responsibilities and relevant regulations[89]. - The audit committee now has a majority of independent non-executive directors, aligning with corporate governance standards[80]. - The company plans to seek a suitable candidate for the CEO position to comply with governance code requirements in the future[79]. - The board is responsible for overseeing business strategies, investments, and overall governance compliance[87]. - The company has confirmed that all directors adhered to the trading standards set forth in the corporate governance code during the reporting period[83]. Environmental, Social, and Governance (ESG) Performance - The ESG report covers the group's environmental and social performance from January 1, 2018, to December 31, 2018[133]. - The total greenhouse gas emissions for the group amounted to 178.22 tons of CO2 equivalent, an increase of 5.59% from 168.78 tons in the previous year[147]. - The energy consumption totaled 155,013.13 kWh, up from 143,039.13 kWh in the previous year, resulting in an energy density of 45.05 kWh per square meter[151]. - The group’s vehicle fleet consumed 8,495.33 liters of gasoline, a decrease from 8,748.45 liters in the previous year[152]. - The total water consumption was 2,033.28 cubic meters, significantly reduced from 7,315.09 cubic meters in the previous year[153]. - The group’s office space covers a total area of 3,440.59 square meters, which accounts for the total greenhouse gas emissions density of 0.052 tons of CO2 equivalent per square meter[146]. - The group has implemented energy-saving policies, including the use of energy-efficient lighting and monitoring water usage[144]. - The group’s carbon footprint includes 145.94 tons from purchased electricity, representing 81.89% of total emissions, an increase of 7.66% from the previous year[148]. - The group encourages employees to use public transportation and is considering the use of electric vehicles in the future[152]. - The group has established policies to promote effective use of energy and natural resources to reduce emissions[143]. - The group actively engages with stakeholders to understand their expectations regarding ESG performance[140]. Employee and Labor Relations - Total number of employees increased from 114 in 2017 to 133 in 2018, representing a growth of approximately 16.8%[156]. - The gender distribution of employees in 2018 was 70.7% male and 29.3% female, compared to 72.8% male and 27.2% female in 2017[156]. - The age group of employees aged 30-39 increased from 43.0% in 2017 to 47.4% in 2018, indicating a shift towards a more experienced workforce[156]. - The company has maintained a competitive compensation and benefits package, including medical and dental insurance, education allowances, and performance bonuses[157]. - No significant incidents of labor disputes, strikes, or legal actions were reported during the reporting period[157]. - The company has established health and safety measures in compliance with regulations, with no serious violations or workplace accidents reported[158]. Supplier and Customer Relations - A total of 145 approved suppliers are currently on the company's procurement list, with regular performance reviews conducted[161]. - The company emphasizes quality assurance and customer service, with no major complaints regarding service quality or delivery during the reporting period[162]. - The company is committed to corporate social responsibility, contributing to educational charities and seeking opportunities for community engagement[168]. - The company adheres to strict anti-corruption policies, ensuring compliance with relevant laws and regulations[166]. Stock Options and Dividends - The company did not recommend the payment of a final dividend for the year ended December 31, 2018, consistent with the previous year[184]. - As of December 31, 2018, a total of 8,298,000 stock options granted on December 22, 2015, have lapsed, while 133,380,000 stock options granted on May 25, 2018, were exercised on June 1, 2018[196]. - The company has a stock option plan that allows for the issuance of shares not exceeding 10% of the total issued shares as of the plan's approval date[196]. - The company has a stock option plan in place to attract and retain talented individuals, which is set to expire on June 12, 2023[196]. - The company has not purchased, redeemed, or sold any of its listed securities during the year ended December 31, 2018[191]. - The company granted 2,000,000 stock options on December 22, 2015, with 50% vesting on December 22, 2015, and the remaining 50% vesting on June 22, 2017[199]. - A total of 133,380,000 stock options were reported as outstanding as of May 25, 2018[199]. - The company issued 2,298,000 stock options on December 22, 2015, with the same vesting schedule as above[199]. - The stock options have an exercise price of HKD 2.28, applicable for the options granted[199]. Board Composition and Changes - The board of directors includes the Chairman and CEO, Mr. Zheng Jinwei, and the CFO, Ms. Wu Yongqian, who resigned on June 29, 2018[200]. - The company appointed new non-executive directors, Mr. Zhang Jianguo and Mr. Xu Peng, on July 19, 2018[200]. - Independent non-executive director Mr. Wang Shuai was appointed on December 21, 2018[200]. - The company has experienced changes in its board composition, with resignations due to personal matters and work relocations[200].