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杭品生活科技(01682) - 2022 - 中期财报
2021-12-29 09:11
Economic Performance - The group reported a significant improvement in operating conditions due to global vaccination efforts, leading to a gradual recovery in retailer performance [8]. - In the first quarter of 2021, China's economy grew by 18.3% year-on-year, but the growth rate slowed to 7.9% in the second quarter [8]. - The International Monetary Fund (IMF) projected global economic growth of 5.9% in 2021 and 4.9% in 2022, with China expected to grow by 8% and 5.6% respectively [12]. - Hong Kong's economy showed a solid recovery in the third quarter, with real GDP expanding by 5.4% year-on-year [13]. Business Strategy - The group adjusted its sales strategy to a low-margin, high-volume approach to mitigate challenges in the garment procurement business [8]. - The group has diversified its business by launching financial services, including asset management and financing leasing, since 2018 [10]. - The company aims to enhance product quality and optimize sales channels in the domestic garment business [12]. - The group is focused on reducing inventory pressure and operational costs while seeking new business opportunities to maximize shareholder returns [13]. - The company plans to allocate the remaining funds from the share placement primarily towards developing existing apparel procurement and general operations [52]. Financial Performance - The group's revenue for the reporting period was approximately HKD 59,539,000, a decrease of about 6.73% compared to HKD 63,683,000 in 2020 [15]. - The garment procurement revenue was approximately HKD 57,283,000, down about 8.72% from HKD 62,758,000 in 2020 [15]. - Financial services revenue increased by approximately 143.89% to HKD 2,256,000, up from HKD 925,000 in 2020, mainly due to the expansion of loan services [15]. - The gross profit margin improved to approximately 5.48%, an increase of about 3.38% from 2.10% in 2020 [15]. - The company reported a loss attributable to shareholders of approximately HKD 1,616,000, an improvement from a loss of HKD 2,059,000 in 2020 [15]. - The company reported a pre-tax loss of HKD 1,616,000 for the six months ended September 30, 2021, compared to a pre-tax loss of HKD 2,059,000 for the same period in 2020, indicating a 21.5% reduction in losses [69][78]. - The company’s basic loss per share for the six months ended September 30, 2021, was HKD 0.00206, compared to HKD 0.00314 for the same period in 2020, reflecting a 34.4% improvement [78]. Assets and Liabilities - As of September 30, 2021, total assets were approximately HKD 145,983,000, up from HKD 126,662,000 as of March 31, 2021 [16]. - The current ratio was 2.58:1, down from 3.76:1 as of March 31, 2021, indicating a decrease in liquidity [16]. - Cash and cash equivalents increased to HKD 33,724,000 as of September 30, 2021, compared to HKD 15,243,000 at the beginning of the period, reflecting a net increase of 121.5% [61]. - The company’s trade receivables increased to HKD 31,732,000 as of September 30, 2021, from HKD 11,838,000 as of March 31, 2021, indicating a significant rise in credit sales [81]. - The company’s total accounts payable as of September 30, 2021, amounted to HKD 31,241,000, a significant increase from HKD 11,606,000 as of March 31, 2021 [82]. Shareholder Information - The board of directors did not recommend any interim dividend for the six months ended September 30, 2021, consistent with the previous year [30]. - As of September 30, 2021, the major shareholder, Shengtu International Limited, held 322,409,404 shares, representing 41.02% of the issued shares [33]. - The total number of issued shares as of September 30, 2021, was 785,927,000 [31]. - The company has a stock option plan adopted on June 2, 2010, with options granted for 5,192,000 shares at an exercise price of HKD 0.854 per share [32]. - The number of issued and fully paid shares increased from 655,927,000 to 785,927,000 during the reporting period [82]. Operational Management - The company maintained a cautious financial management strategy to minimize credit risk and ensure liquidity [18]. - Employee costs for the reporting period amounted to approximately HKD 1,809,000, excluding director remuneration [29]. - The company encourages employee participation in training programs to enhance skills and knowledge [29]. - The company has not made any provisions for income tax during the reporting periods due to the absence of taxable profits [74]. Compliance and Governance - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting standards [40]. - The company has complied with all applicable laws and regulations during the reporting period, with no significant violations reported [45]. - The company has not established an internal audit function due to considerations of scale and cost-effectiveness, but the audit committee reviews internal controls annually [39].
杭品生活科技(01682) - 2021 - 年度财报
2021-07-18 11:07
Impact of COVID-19 - The group faced significant challenges during the reporting period due to the COVID-19 pandemic, which severely impacted global economic growth and retail performance, particularly in the apparel sector[9]. - The group's apparel procurement business was notably affected, with a cautious ordering approach from wholesalers due to weak market conditions and reduced consumer demand[9]. - The ongoing U.S.-China trade tensions and pandemic-related restrictions have created significant uncertainties for the apparel manufacturing business, leading to a decision to terminate and sell certain operations[12]. - The management team faced operational challenges in overseeing production in China due to travel restrictions and pandemic measures[12]. - The group reported that the retail sales growth in mainland China has turned positive, but the apparel industry has not fully recovered compared to overall retail performance[9]. Financial Performance - The group's revenue for the reporting period was approximately HKD 120,057,000, a decrease of about 1.69% compared to HKD 122,097,000 in the previous year[21]. - The garment procurement revenue was approximately HKD 116,938,000, down by about 1.91% from HKD 119,216,000 in the previous year[21]. - Financial services revenue increased by approximately 8.26% to HKD 3,119,000, up from HKD 2,881,000 in the previous year, mainly due to the expansion of loan services[21]. - The gross profit margin improved to approximately 4.42%, an increase of about 0.52% from 3.90% in the previous year[21]. - Administrative expenses decreased by approximately 51.98% to HKD 11,998,000 from HKD 24,985,000 in the previous year, due to strict control over administrative costs[21]. - The company reported a loss attributable to owners of approximately HKD 3,960,000, significantly improved from a loss of HKD 24,002,000 in the previous year[21]. - The total comprehensive loss for the year was HKD 3,853,000, significantly lower than HKD 22,746,000 in the previous year, indicating improved financial health[172]. - The company reported a significant reduction in expected credit losses, with a reversal of HKD 3,164,000 in 2021 compared to a provision of HKD 4,118,000 in 2020[180]. Strategic Initiatives - The group adjusted its sales strategy to mitigate the crisis by adopting a low-margin, high-volume approach[9]. - The group plans to utilize proceeds from asset sales to further develop its core business, rather than incurring costs from manufacturing apparel products[12]. - The group is focusing on strategic expansion in both mainland China and Hong Kong markets for its financial services, anticipating strong demand in these regions[13]. - The company plans to continue its focus on developing its clothing procurement business and financial services as part of its growth strategy[106]. Corporate Governance - The company has complied with the listing rules regarding the reporting of its financial position, with key financial performance indicators including revenue, gross profit, and shareholder equity[57]. - The board of directors consists of five members, including two executive directors and three independent non-executive directors, ensuring compliance with corporate governance codes[115]. - The company has established a code of conduct for directors regarding securities trading, ensuring adherence to listing rules[114]. - The board has adopted a diversity policy aimed at achieving a diverse board composition, considering factors such as gender, age, and professional experience[129]. - The independent non-executive directors confirmed their independence in accordance with the listing rules[79]. Shareholder Information - The company reported a reserve available for distribution to shareholders of HKD 41,210,000 as of March 31, 2021, down from HKD 62,150,000 in the previous year[60]. - No final dividend was declared for the year ended March 31, 2021, consistent with the previous year[30]. - The company must compensate shareholders for any reasonable expenses incurred due to the board's failure to convene a meeting within the specified timeframe[148]. - Shareholders can request the company to issue notices regarding resolutions to be proposed at the next annual general meeting[152]. Compliance and Audit - The financial statements for the year ending March 31, 2021, were audited by Kaiyuan Xinde Accounting Firm, ensuring transparency and compliance[110]. - The audit committee reviewed the effectiveness of the risk management and internal control systems during the reporting period[137]. - The independent auditor's report confirmed that the consolidated financial statements reflect the group's financial position accurately as of March 31, 2021[154]. - The company ensured compliance with the listing rules regarding the appointment of independent non-executive directors, with at least three independent non-executive directors in place[135]. Environmental and Social Responsibility - The company has actively implemented measures to reduce negative environmental impacts, focusing on waste reduction and energy efficiency[109]. - The company is committed to enhancing its environmental performance and will regularly review its environmental policies[109].
杭品生活科技(01682) - 2021 - 中期财报
2020-12-16 13:36
Revenue Performance - For the six months ended September 30, 2020, the group's revenue was approximately HKD 63,683,000, an increase of about 6.4% compared to HKD 59,725,000 in 2019[15]. - The revenue from garment procurement was approximately HKD 62,758,000, representing a growth of about 10.17% from HKD 56,963,000 in 2019[15]. - Revenue from financial services decreased by approximately 66.51% to HKD 925,000, down from HKD 2,762,000 in 2019, primarily due to the sale of the P2P financial business[15]. - Revenue for the six months ended September 30, 2020, was HKD 63,683,000, an increase of 6.5% compared to HKD 59,725,000 in the same period of 2019[56]. - The company had total unallocated other income and gains of HKD 1,706,000 for the six months ended September 30, 2020, compared to HKD 574,000 in the same period of 2019[70][74]. Profitability and Loss - The group reported a loss attributable to owners of the company of approximately HKD 2,059,000, compared to a loss of HKD 5,742,000 in 2019[15]. - Gross profit decreased to HKD 2,153,000, down 37.2% from HKD 3,430,000 year-on-year[56]. - The company reported a net loss attributable to shareholders of HKD 2,059,000, compared to a loss of HKD 5,742,000 in the previous year, representing a 64.1% improvement[56]. - The operating loss for the six months ended September 30, 2020, was HKD 2,034,000, compared to an operating loss of HKD 5,717,000 for the same period in 2019, representing a 64.5% improvement[70][72]. - The company reported a pre-tax loss of HKD 2,059,000 for the six months ended September 30, 2020, down from a pre-tax loss of HKD 5,742,000 in the prior year, indicating a 64.1% reduction in losses[70][81]. Expenses and Cost Management - Administrative expenses were approximately HKD 5,793,000, a reduction of about 19.56% from HKD 7,202,000 in 2019, due to strict cost control measures[15]. - The cost of goods sold for the six months ended September 30, 2020, was HKD 61,530,000, compared to HKD 55,528,000 in the same period of 2019, reflecting an increase of 10.8%[77]. - The company reported a total employee cost of HKD 2,545,000 for the six months ended September 30, 2020, down from HKD 3,828,000 in the same period of 2019, representing a decrease of 33.5%[77]. Assets and Liabilities - As of September 30, 2020, the total assets of the group were approximately HKD 130,963,000, an increase from HKD 111,736,000 as of March 31, 2020[16]. - The cash and cash equivalents amounted to approximately HKD 26,968,000, up from HKD 21,736,000 as of March 31, 2020[16]. - The current ratio was 2.14:1 as of September 30, 2020, down from 4.91:1 as of March 31, 2020[16]. - The debt-to-equity ratio was 1.46% as of September 30, 2020, compared to 0.94% as of March 31, 2020, indicating a healthy level of leverage[16]. - Total assets decreased slightly to HKD 93,036,000 from HKD 94,894,000, while total liabilities increased to HKD 37,927,000 from HKD 16,842,000[58]. Business Strategy and Future Outlook - The group is focusing on diversifying its business and expanding its financial services in both mainland China and Hong Kong markets[10]. - The group aims to enhance the operational standards of its two main businesses while seeking new opportunities to expand profit channels[13]. - The company plans to continue focusing on product development and market expansion strategies to enhance future performance[64]. Shareholder Information - As of September 30, 2020, the total number of issued shares was 655,927,000, with major shareholders holding significant stakes: Shengtu International Limited and Mr. Zhi Hua each held 49.15%[34]. - Mr. Wu Lianghao held 15.85% of the shares, amounting to 103,950,000 shares, while Mr. Wu Zilun and Ms. Qiu Yuzhen each held 7.65%, totaling 50,173,000 shares[34]. - The average number of ordinary shares outstanding for the calculation of basic loss per share was 655,927,000 for both periods[81]. Corporate Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial statements for the six months ending September 30, 2020[43]. - The company confirmed compliance with all corporate governance code provisions during the reporting period[42]. - There were no significant legal or regulatory violations affecting the group's business operations during the reporting period[48]. Financing and Capital Management - A financing agreement was established on October 6, 2020, for a revolving loan facility of up to HKD 20,000,000[25]. - The company did not purchase, redeem, or sell any of its listed securities during the reporting period[41]. - No significant capital expenditures were made during the reporting period, and there were no major capital commitments as of September 30, 2020[20]. - The group has no contingent liabilities as of September 30, 2020[24]. Employee Information - The group employed approximately 9 employees as of September 30, 2020, with total employee costs (excluding directors' remuneration) of about HKD 1,257,000[28].
杭品生活科技(01682) - 2020 - 年度财报
2020-06-28 10:44
Financial Performance - The group's revenue for the reporting period was approximately HKD 122,097,000, a decrease of about 34.2% compared to HKD 185,668,000 in 2019[19]. - The apparel procurement revenue was approximately HKD 119,216,000, down approximately 30.35% from HKD 171,179,000 in 2019[19]. - The financial services revenue decreased by approximately 80.12% to HKD 2,881,000 from HKD 14,489,000 in 2019, primarily due to the sale of the P2P financial business[19]. - The gross profit margin was approximately 3.90%, a decrease of about 68.4% from 12.34% in 2019[19]. - The company reported a loss attributable to owners of approximately HKD 24,002,000 for the year, compared to a profit of HKD 476,000 in 2019[19]. - Administrative expenses increased by approximately 42.25% to HKD 24,985,000 from HKD 17,564,000 in 2019[19]. - The company reported a comprehensive financial performance reflecting its financial position as of March 31, 2020, in accordance with Hong Kong Financial Reporting Standards[164]. - The independent auditor confirmed that the financial statements present a true and fair view of the group's financial status and performance for the year ended March 31, 2020[164]. Economic Environment - The global economy is projected to contract by 3% in 2020 due to the COVID-19 pandemic, which is worse than the 2008-2009 financial crisis[12]. - China's GDP is expected to shrink by 6.8% in the first quarter of 2020, marking a significant economic downturn[12]. - Hong Kong's economic growth forecast for 2020 is projected to be between -4% and -7% due to the ongoing impact of the pandemic[12]. Business Strategy and Operations - The company is focusing on diversifying its business by expanding into financial services, including asset management and financing leasing[11]. - The company aims to enhance its operational efficiency by closing underperforming subsidiaries and negotiating rent reductions[8]. - The company is committed to controlling costs to improve its competitive advantage in a weak market environment[8]. - The company is actively responding to the economic challenges posed by the pandemic and is assessing its financial situation continuously[37]. - The company is committed to innovation and technology development to improve its product offerings and operational efficiency[38][45]. - The company aims to retain sufficient reserves for future development while allowing shareholders to share in profits through its dividend policy[63]. Shareholder Information - The company reported a reserve available for distribution to shareholders of HKD 62,150,000 as of March 31, 2020, down from HKD 91,637,000 in 2019[60]. - The board decided not to declare any final dividend for the year ended March 31, 2020, consistent with the previous year[27]. - Major shareholders include Shengtu International Limited with 49.15% and Mr. Wu Lianghao with 15.85% of shares[89]. - The top five customers accounted for 97.59% of total revenue, with the largest customer contributing approximately 45.05%[104]. Corporate Governance - The company has a management team with extensive experience in various sectors, including finance, technology, and garment manufacturing[38][39][42][45]. - The roles of the chairman and the CEO are separated, with the chairman being Mr. Zhi Hua and the CEO being Mr. Lin Ji Yang since September 13, 2017[128]. - The board of directors consists of six members, including three executive directors and three independent non-executive directors[122]. - The company has established a code of conduct for directors' securities trading, which complies with the standard code for listed issuers[121]. - The company has complied with the listing rules regarding the appointment of independent non-executive directors[141]. Risk Management - The company has faced various risks and uncertainties, which are described throughout the report, particularly in the financial risk section[57]. - The audit committee reviewed the effectiveness of risk management and internal control systems[143]. - The board is responsible for maintaining a robust internal control system to safeguard the company's assets and shareholders' interests[151]. Employee Information - The total number of employees as of March 31, 2020, was approximately 9, with total salaries and related costs amounting to HKD 13,951,000, up from HKD 7,964,000 in 2019[28]. - The company has ensured that all directors participated in continuous professional development to enhance their knowledge and skills[147]. Environmental Commitment - The company is committed to environmental sustainability and has implemented measures to reduce negative environmental impacts[114]. - The company will upload its independent environmental, social, and governance report within three months after the annual report publication[113].
杭品生活科技(01682) - 2020 - 中期财报
2019-12-16 13:44
Revenue Performance - The group's revenue for the period was approximately HKD 59.73 million, a decrease of about 46.36% compared to HKD 110.94 million in the previous year[14]. - Revenue from the apparel procurement management business was approximately HKD 56.96 million, down about 48.19% from HKD 109.95 million in the previous year, with a gross margin of approximately 2.52%, a decrease of about 3.00%[14]. - Revenue from financial services increased by approximately 178.15% to HKD 2.76 million, compared to HKD 0.99 million in the previous year[14]. - Total revenue for the six months ended September 30, 2019, was HKD 59,725,000, a decrease of 46.2% from HKD 110,944,000 for the same period in 2018[70]. Financial Position - As of September 30, 2019, the total assets of the group were approximately HKD 130,100,000, a decrease from HKD 136,145,000 as of March 31, 2019[18]. - The cash and bank balances increased to approximately HKD 24,365,000 from HKD 3,705,000 as of March 31, 2019[18]. - The current ratio improved to 7.03:1 from 6.59:1 as of March 31, 2019, indicating strong liquidity[18]. - The debt-to-asset ratio was 1:6.89, slightly improved from 1:6.95 as of March 31, 2019, suggesting a stable capital structure[18]. - Total assets as of September 30, 2019, were HKD 128,704,000, slightly up from HKD 127,497,000 as of March 31, 2019[57]. - The net asset value decreased to HKD 111,215,000 from HKD 116,545,000 as of March 31, 2019[57]. Loss and Expenses - The group reported a comprehensive loss attributable to owners of approximately HKD 5.74 million for the period, compared to a loss of HKD 4.43 million in the previous year[14]. - Administrative and operating expenses were approximately HKD 7.20 million, a slight decrease of about 0.72% from HKD 7.25 million in the previous year[14]. - The company reported a loss before tax of HKD 5,742,000, compared to a profit of HKD 4,076,000 in the previous year[56]. - The operating loss for the six months ended September 30, 2019, was HKD 5,717,000, compared to an operating profit of HKD 4,088,000 for the same period in 2018[71]. - The loss attributable to the company's owners for the six months ended September 30, 2019, was HKD 5,742,000, compared to a profit of HKD 4,076,000 for the same period in 2018[78]. Employee and Operational Costs - Employee costs for the six months ended September 30, 2019, were approximately HKD 2,583,000[31]. - For the six months ended September 30, 2019, the total employee costs amounted to HKD 3,828,000, an increase of 23.8% compared to HKD 3,092,000 in the same period of 2018[22]. - The cost of goods sold for the period was HKD 55,528,000, a decrease of 46.6% from HKD 103,879,000 in the previous year[22]. Shareholder Information - As of September 30, 2019, the company had a total of 655,927,000 shares issued, with major shareholders holding significant stakes: Shengtu International Limited at 49.15%, Mr. Wu Lianghao at 15.85%, and Mr. Wu Zilun and Ms. Qiu Yuzhen each at 7.65%[37]. - The company did not declare or recommend any dividends for the interim period, consistent with the previous year[76]. Lease and Capital Expenditures - The group entered into a lease agreement with a total rental of HKD 14 million for a period of ten years to establish a wholly-owned subsidiary for manufacturing and selling apparel products[11]. - The group entered into a lease agreement on November 15, 2019, with a total rent of HKD 14,000,000 for a duration of ten years[25]. - The group agreed to acquire specific machinery and office equipment for a total consideration of HKD 11,000,000[25]. - The company had no significant capital expenditures or commitments during the period[21]. Compliance and Governance - The audit committee reviewed the unaudited interim financial statements for the six months ending September 30, 2019, ensuring compliance with accounting principles and practices[45]. - The company has adhered to all provisions of the Corporate Governance Code as per the listing rules during the reporting period[44]. - The company has established a code of conduct for directors regarding securities trading, confirming compliance during the reporting period[48]. Future Plans and Strategies - The group plans to deepen its financial services business and seek new development opportunities in the future[17]. - The group aims to reduce procurement costs and enhance competitiveness in the apparel procurement management business amid ongoing trade tensions and economic uncertainties[16]. - The group is focused on monitoring the apparel procurement management business closely and seizing other development opportunities[16].
杭品生活科技(01682) - 2019 - 年度财报
2019-07-11 11:36
Financial Performance - The company's total revenue for the year was approximately HKD 185,668,000, a slight increase from HKD 184,829,000 in the previous year[14] - Revenue from procurement management business was approximately HKD 171,179,000, representing a decrease of about 7.35% compared to HKD 184,767,000 in the previous year[14] - Revenue from financial services increased significantly to approximately HKD 14,489,000, a growth of approximately 23,269.35% from HKD 62,000 in the previous year[14] - The gross profit margin improved to approximately 12.34%, an increase of about 0.97% from 11.37% in the previous year[14] - Other income rose to approximately HKD 5,606,000, a growth of about 28.43% from HKD 4,365,000 in the previous year, mainly due to profits from the sale of subsidiaries[14] - The company reported a net profit attributable to owners of approximately HKD 476,000, a significant decrease from HKD 7,995,000 in the previous year[14] - Total revenue for the year ended March 31, 2019, was HKD 185,668,000, a slight increase from HKD 184,829,000 in 2018, representing a growth of 0.5%[178] - Gross profit for the same period was HKD 22,917,000, up from HKD 21,009,000 in 2018, indicating a growth of 9.1%[178] - The company reported a pre-tax profit of HKD 1,140,000, a significant decrease from HKD 8,001,000 in the previous year, reflecting a decline of 85.7%[178] - Net profit attributable to the owners of the company was HKD 476,000, down from HKD 7,995,000 in 2018, representing a decrease of 94.0%[178] - Basic earnings per share for 2019 was HKD 0.07, compared to HKD 1.426 in 2018, a decline of 95.1%[178] Assets and Liabilities - Total assets as of March 31, 2019, were approximately HKD 136,145,000, a decrease from HKD 263,575,000 as of March 31, 2018[22] - Cash and bank balances as of March 31, 2019, were approximately HKD 3,705,000, down from HKD 76,146,000 in the previous year[22] - Current liabilities decreased significantly to HKD 19,347,000 from HKD 145,407,000 in the previous year, a decline of 86.7%[180] - The company’s net asset value was HKD 116,545,000 in 2019, slightly down from HKD 117,800,000 in 2018, a decrease of 1.1%[180] - The company’s total liabilities increased, leading to a higher leverage ratio, which may impact future financing options[186] Business Strategy and Expansion - The company is expanding its procurement management business into more geographical locations, particularly in China, to diversify its revenue sources[9] - The company is focusing on enhancing its financial services offerings in the mainland China market to capture growing demand[12] - The company plans to expand its procurement management business into more geographical locations and broader product areas, particularly in China and Southeast Asia[17] - The company aims to seek new business opportunities and expand profit channels to provide greater returns for shareholders[18] - The company plans to continue exploring market expansion opportunities and new product development to enhance revenue streams moving forward[186] Corporate Governance and Management - The company has a strong management team with over 20 years of experience in finance and auditing, led by Mr. Lin Jiayang[39] - The company has independent non-executive directors with diverse backgrounds in finance, management, and corporate governance, enhancing its strategic oversight[43][44][47] - The management team collectively possesses over 30 years of experience across various industries, including telecommunications, healthcare, and financial services[47] - The company emphasizes the importance of corporate governance and compliance with regulatory standards in its operations[47] - The board includes members with significant experience in mergers and acquisitions, which may support future growth strategies[43][47] - The company is committed to continuous review of its internal control systems, with no significant deficiencies found in the latest review[117] - The company plans to continue enhancing its corporate governance practices to achieve high standards[122] Shareholder Information - The company reported a reserve available for distribution to shareholders of HKD 91,637,000 as of March 31, 2019, down from HKD 95,163,000 in 2018[61] - The company did not declare any final dividend for the year ended March 31, 2019, consistent with the previous year[28] - The company has established a dividend policy aimed at allowing shareholders to share in profits while retaining sufficient reserves for future development[64] - The company confirmed no significant contracts with controlling shareholders, except for the disclosed VIE agreement, as of March 31, 2019[74] Risk Management - The company has identified significant risks related to fraud or error that could lead to material misstatements in the financial statements[172] - The audit committee reviewed the effectiveness of the risk management and internal control systems during the year[139] Compliance and Reporting - The company has complied with the listing rules regarding the reporting of its financial status[59] - The company reported compliance with applicable laws and regulations, with no significant violations noted for the fiscal year ending March 31, 2019[81] - The independent auditor confirmed that the consolidated financial statements reflect the group's financial position as of March 31, 2019, in accordance with Hong Kong Financial Reporting Standards[160] Environmental and Social Responsibility - The company has implemented various measures to reduce environmental impact, including promoting double-sided printing and using recycled paper[111]