Revenue and Profitability - The company's revenue decreased from approximately HKD 191.3 million for the six months ended September 30, 2021, to approximately HKD 102.8 million for the six months ended September 30, 2022, representing a decline of about 46%[9] - Revenue for the six months ended September 30, 2022, was HKD 102,818,000, a decrease of 46.4% compared to HKD 191,270,000 for the same period in 2021[68] - The construction services segment generated revenue of HKD 101.387 million, while the trading and brokerage segment contributed HKD 1.431 million[109] - Gross profit for the six months ended September 30, 2022, was approximately HKD 5.2 million, compared to a gross loss of approximately HKD 17.2 million for the same period in 2021, an improvement of about 130%[10] - Total comprehensive loss for the period was HKD 11,411,000, a reduction from HKD 23,594,000 in the prior year, indicating an improvement in financial performance[68] Expenses and Losses - Administrative expenses rose to approximately HKD 10.0 million for the six months ended September 30, 2022, from approximately HKD 7.7 million in the same period of 2021, an increase of about HKD 2.3 million[13] - The company recorded other losses of approximately HKD 10.6 million for the six months ended September 30, 2022, compared to zero for the same period in 2021, primarily due to unrealized and realized losses on financial assets[14] - Financing costs increased from approximately HKD 64,000 for the six months ended September 30, 2021, to approximately HKD 80,000 for the same period in 2022, representing a rise of about 25%[15] - The company’s administrative expenses increased to HKD 10,042,000 from HKD 7,771,000 in the previous year, reflecting higher operational costs[68] Cash Flow and Assets - As of September 30, 2022, the company's cash and cash equivalents amounted to HKD 38.2 million, an increase from HKD 31.0 million as of March 31, 2022[20] - The company reported a net cash and cash equivalents of HKD 38,207,000 as of September 30, 2022, an increase from HKD 30,973,000 as of March 31, 2022[71] - Total current assets amounted to HKD 235,168,000, a decrease from HKD 256,759,000 as of March 31, 2022[71] - The total assets as of September 30, 2022, were HKD 257,994,000, down from HKD 282,724,000 as of March 31, 2022, a decrease of about 8.7%[115] Shareholder and Governance - As of September 30, 2022, the company reported a significant shareholder, Mr. Wang Jianfeng, holding 750,000,000 shares, representing 75.0% of the total equity[51] - The company has maintained compliance with the corporate governance code, with the board ensuring a balance of power between the chairman and the CEO, who are currently the same individual[48] - The company has three independent non-executive directors to provide independent insights and ensure effective governance[48] Financial Instruments and Accounting - The financial statements are prepared in accordance with the same accounting policies as those applied in the annual consolidated financial statements for 2022[95] - The company has not modified any financial instruments during the reporting period, thus the new accounting standards related to financial liabilities did not affect the financial statements[104] - The management's significant judgments and estimates in preparing the financial statements remain consistent with those applied in the annual financial statements for the year ended March 31, 2022[105] Government Grants and Subsidies - The company recognized government grants totaling HKD 3,929,000 during the six months ended September 30, 2022, compared to HKD 415,000 in the same period of 2021, indicating a significant increase[123] - The group received government subsidies related to the COVID-19 pandemic, with no conditions unmet[130] Acquisitions and Investments - The company acquired 100% equity of Huanghe Securities Limited during the reporting period, expanding its investment portfolio[88] - Cash consideration for the acquisition of Huanghe Securities was approximately HKD 7,357,000, with a net cash inflow of HKD 2,690,000 from cash and cash equivalents post-acquisition[157] Trade Payables and Liabilities - Total trade payables amounted to HKD 51,801,000 as of September 30, 2022, compared to HKD 61,229,000 as of March 31, 2022, indicating a decrease of 15%[152] - The total liabilities decreased to HKD 58,263,000 as of September 30, 2022, from HKD 71,582,000 as of March 31, 2022, representing a reduction of approximately 18.6%[115] Employee and Management Compensation - The total remuneration for key management personnel was HKD 2,100,000 for the six months ended September 30, 2022, compared to HKD 2,018,000 for the same period in 2021, reflecting an increase of 4.06%[175] - The company employs 40 staff as of September 30, 2022, a slight decrease from 42 staff as of March 31, 2022[36]

Financial Performance - For the fiscal year 2021/2022, the revenue was approximately HKD 340.1 million, a decrease of about 22.2% from HKD 437.2 million in the previous fiscal year 2020/2021[14]. - The gross loss for the fiscal year 2021/2022 was approximately HKD 20.8 million, compared to a gross profit of approximately HKD 17.6 million in the fiscal year 2020/2021, representing a significant decline[15]. - The loss attributable to equity holders of the parent company for the fiscal year 2021/2022 was approximately HKD 33.8 million, contrasting with a profit of approximately HKD 14.1 million in the previous fiscal year[15]. - The basic loss per share for the fiscal year 2021/2022 was approximately HKD 0.034, compared to a basic earnings per share of approximately HKD 0.014 in the fiscal year 2020/2021[15]. - Other income and gains decreased from approximately HKD 15.8 million in the fiscal year 2020/2021 to about HKD 3.1 million in the fiscal year 2021/2022, a decline of approximately 80.7%[26]. - Cash and cash equivalents as of March 31, 2022, were approximately HKD 31.0 million, down from HKD 77.3 million as of March 31, 2021[34]. - The company reported a net loss attributable to equity holders of approximately HKD 33.8 million for the fiscal year 2021/2022, compared to a profit of HKD 14.1 million in the previous fiscal year[32]. - The company does not recommend any final dividend for the fiscal year 2021/2022[16]. Business Strategy and Development - The company acquired 100% of Huanghe Securities for approximately HKD 7.4 million in cash, expanding its business into trading and brokerage services[8]. - The company anticipates that diversification into trading and brokerage services will enhance future development and strengthen its revenue base[10]. - The company plans to diversify its business by exploring other opportunities in trading and brokerage services to strengthen its revenue base[20]. - The company will implement strict cost control measures and improve project management efficiency to mitigate adverse impacts from ongoing challenges in the construction industry[10]. Industry Context - The construction industry in Hong Kong continues to face uncertainties due to the COVID-19 pandemic, affecting cash flow and operational efficiency[10]. - The construction industry in Hong Kong benefits from strong housing demand and government infrastructure projects, although it faces risks from policy changes and unforeseen natural disasters[98]. Human Resources - As of March 31, 2022, the company employed 42 staff in Hong Kong, a decrease from 45 staff as of March 31, 2021[47]. - The company plans to maintain competitive compensation to attract and retain talented employees, with regular performance evaluations[47]. - The company has established a list of approved subcontractors and regularly reviews it to ensure adequate labor supply[98]. Corporate Governance - The company has complied with the corporate governance code, except for the separation of the roles of Chairman and CEO[49]. - The independent non-executive directors confirmed their independence according to the listing rules[111]. - The company has adopted the principles and code provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules[151]. - The board consists of three executive directors and three independent non-executive directors, ensuring a balance of skills and experience in managing the company's business[154]. - The company has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to oversee specific areas of the company's affairs[164]. Risk Management - The company acknowledges the operational risks associated with project delays and cost overruns due to adverse weather and socio-economic conditions[95]. - The board believes that the risk management and internal control systems are effective and adequate, following an independent review conducted in the fiscal year 2021/22[199]. Financial Structure - The company maintained a capital debt ratio of zero as of March 31, 2022, indicating no bank or other borrowings[40]. - The group had no bank borrowings during the fiscal year 2021/2022[105]. - As of March 31, 2022, major shareholder Silver Tide Enterprises Limited holds 750,000,000 shares, representing 75.0% of the company's equity[134]. - The top five customers accounted for approximately 99.8% of total revenue, with the largest single customer contributing about 47.9% in the fiscal year 2021/2022[137]. - The top five suppliers represented approximately 60.4% of total purchases, with the largest single supplier accounting for about 21.4% in the fiscal year 2021/2022[137]. Environmental Commitment - The company is committed to minimizing its environmental impact and has established an environmental management policy to comply with applicable laws and regulations[99]. - Sustainability initiatives are being prioritized, with a commitment to reduce carbon emissions by K% over the next five years[66].

Financial Performance - Revenue decreased from approximately HKD 211.6 million for the six months ended September 30, 2020, to approximately HKD 191.3 million for the six months ended September 30, 2021, representing a decline of about 10%[9] - Gross loss for the six months ended September 30, 2021, was approximately HKD 17.2 million, compared to a gross profit of approximately HKD 16.5 million for the same period in 2020, a decrease of about 204%[10] - Other income and gains decreased from approximately HKD 6.6 million to approximately HKD 1.4 million, a decline of about 78%[11] - Loss attributable to owners of the parent for the six months ended September 30, 2021, was approximately HKD 23.6 million, compared to a profit of approximately HKD 12.9 million for the same period in 2020[16] - For the six months ended September 30, 2021, the company's revenue was approximately HKD 191.3 million, a decrease from HKD 211.6 million for the same period in 2020, indicating a stable performance despite the decline[27] - The company reported a pre-tax loss of HKD 23,594 for the six months ended September 30, 2021, compared to a profit of HKD 15,442 for the same period in 2020[92] - The company reported a net cash outflow from operating activities of HKD 3,023,000, compared to a net cash inflow of HKD 11,414,000 in the previous year[73] - The company recorded a loss before tax of HKD 23,616,000, a decline from a profit of HKD 15,442,000 in the prior year, reflecting a negative change of 253.5%[64] - Total comprehensive loss for the period was HKD 23,594,000, compared to a total comprehensive income of HKD 12,896,000 in the same period last year[64] Expenses and Costs - Administrative expenses remained relatively stable at approximately HKD 7.7 million for the six months ended September 30, 2021, compared to approximately HKD 7.5 million for the same period in 2020[12] - Financing costs decreased from approximately HKD 145,000 to approximately HKD 64,000, a reduction of about 56%[14] - Income tax credit for the reporting period was approximately HKD 22,000, compared to an income tax expense of approximately HKD 2.5 million for the same period in 2020, a decrease of about 101%[15] - The financing costs for the six months ended September 30, 2021, totaled HKD 64,000, down from HKD 145,000 in the same period of 2020, indicating a reduction of approximately 55.2%[113] Assets and Liabilities - Cash and cash equivalents as of September 30, 2021, were approximately HKD 151.0 million, up from HKD 77.3 million as of March 31, 2021[19] - Total assets minus current liabilities as of September 30, 2021, were approximately HKD 226.1 million, down from HKD 247.6 million as of March 31, 2021[19] - Total assets as of September 30, 2021, amounted to HKD 328,087,000, an increase from HKD 296,919,000 as of March 31, 2021, representing an increase of approximately 10.5%[97] - Total liabilities as of September 30, 2021, were HKD 106,695,000, compared to HKD 51,933,000 as of March 31, 2021, indicating a significant increase of approximately 105.5%[97] - Non-current assets decreased to HKD 25,122,000 from HKD 30,960,000, a reduction of approximately 18.8%[66] - Current assets increased to HKD 302,965,000 from HKD 265,959,000, representing an increase of about 13.9%[66] Company Operations and Strategy - The company is facing challenges in the upcoming year due to increased competition, a shortage of skilled labor, and rising labor costs, as the Hong Kong economy continues to recover from the COVID-19 pandemic[28] - The company plans to continue providing high-quality engineering services to enhance its competitiveness in the construction market[30] - The company has diversified its operations to include trading and brokerage services, identifying two reportable segments: construction services and trading and brokerage[91] - Revenue from construction services in the private sector for the six months ended September 30, 2021, was HKD 179,729,000, up from HKD 158,676,000 in the same period of 2020, reflecting an increase of about 13.3%[110] Shareholder Information - The company proposed not to declare any interim dividend for the six months ended September 30, 2021[17] - Mr. Ye Zhi Ming holds 750,000,000 shares, representing 75.0% of the company's equity, through Silver Wave Enterprises Limited[50] - Ms. Wang Fang Cai, spouse of Mr. Ye Zhi Ming, also holds 750,000,000 shares, representing 75.0% of the company's equity[53] - The company's issued share capital remained at 1,000,000,000 shares as of September 30, 2021, with a total value of HKD 10,000[150] Management and Governance - Mr. Chan Hau Tak resigned as an independent non-executive director and member of the audit committee effective April 30, 2021[45] - Mr. Tang Chi Hong was appointed as an independent non-executive director and member of the audit committee effective April 30, 2021[45] - The audit committee consists of three members: Mr. Bao Zhi Hai, Mr. Tang Chi Hong, and Mr. Luo Zhi Hong, with Mr. Luo serving as the chairman[46] - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ended September 30, 2021, and confirmed compliance with applicable accounting standards and listing rules[49] Acquisitions and Investments - The company completed an acquisition of a subsidiary, resulting in a cash inflow of HKD 2,690,000 during the investment activities[73] - The company acquired 100% equity of Huanghe Securities Limited during the reporting period[79] - The acquisition of Huanghe Securities was completed for a cash consideration of approximately HKD 7,357,000[145] - As of the acquisition date, the identifiable assets and liabilities of Huanghe had a fair value of HKD 78,715,000 in cash and cash equivalents, and total liabilities of HKD 78,444,000[146] - Huanghe contributed approximately HKD 56,000 in revenue and incurred a loss of about HKD 456,000 for the six months ending September 30, 2021[147] Financial Reporting and Compliance - The company continues to apply the same accounting policies as in the previous annual financial statements, with no significant impact from new accounting standards adopted[81] - The financial statements are prepared in accordance with Hong Kong Accounting Standards and have been reviewed by the audit committee[84] - The company has not early adopted any new or revised Hong Kong Financial Reporting Standards that have been issued but are not yet effective[89] - The group confirmed no adjustments to basic earnings per share due to the absence of potentially dilutive ordinary shares during the reporting periods[123] Other Information - There were no significant acquisitions or disposals of subsidiaries or associates during the reporting period[31] - The company has not held any significant investments during the reporting period[32] - The company has not disclosed any new product developments or market expansions in the current report[173] - There are no updates on mergers or acquisitions in the recent reporting period[173] - The report does not provide any future guidance or performance outlook[173] - No significant events occurred after the reporting period[173] - The report indicates that there are no significant changes in the financial position of the company after the reporting period[173] - The company continues to maintain a stable financial position with no major liabilities reported[173] - The financial instruments listed are primarily operational and do not reflect long-term investments[172]

Financial Performance - Revenue for the fiscal year 2020/21 was approximately HKD 437.2 million, a slight decrease from HKD 437.8 million in the fiscal year 2019/20[11]. - The group recorded a profit attributable to owners of the parent of approximately HKD 14.1 million for the fiscal year 2020/21, compared to a loss of approximately HKD 13.7 million in the previous fiscal year[11]. - Gross profit for the fiscal year 2020/21 was approximately HKD 17.6 million, representing an increase of approximately 108.4% compared to the previous fiscal year[18]. - Basic earnings per share for the fiscal year 2020/21 were approximately HKD 0.014, compared to a basic loss per share of approximately HKD 0.015 in the previous fiscal year[18]. - Other income and gains rose significantly from approximately HKD 1.8 million in the fiscal year 2019/20 to approximately HKD 15.8 million in the fiscal year 2020/21, an increase of approximately 760.5%[29]. - Administrative expenses decreased from approximately HKD 23.8 million in the fiscal year 2019/20 to approximately HKD 18.3 million in the fiscal year 2020/21, a reduction of about 23.4%[30]. - Financing costs decreased from approximately HKD 1.1 million in the fiscal year 2019/20 to approximately HKD 0.2 million in the fiscal year 2020/21, a decline of about 77.5%[31]. - The group reported a net income of approximately HKD 86.8 million from the IPO proceeds as of March 31, 2021[87]. Business Strategy and Expansion - The company plans to diversify its business and revenue sources, including entering the Hong Kong financial and securities market[12]. - The company has entered into an agreement to acquire 100% of the issued share capital of Huanghe Securities Limited for HKD 11 million, paid in cash[12]. - The company plans to keep its compensation competitive to attract and retain talented employees[50]. - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share within the next two years[69]. - A strategic acquisition of a local competitor is anticipated to enhance operational efficiency and increase customer base by 30%[69]. - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on innovative technology solutions[69]. - The company plans to implement new marketing strategies aimed at increasing brand awareness, with a budget allocation of HKD 50 million[69]. Operational Efficiency and Cost Control - The company will implement strict cost control measures and improve operational efficiency to enhance competitiveness in the face of challenges in the construction industry[12]. - The management team emphasized the importance of maintaining cost control, aiming for a reduction in operational costs by 5%[69]. - The group plans to deploy labor and resources according to project progress to manage cash flow effectively[100]. - The group has established a template design phase for early planning to reduce costs and labor requirements[101]. Corporate Governance - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO[52]. - The company has established corporate governance practices detailed in the annual report[148]. - The board of directors consists of three executive directors and three independent non-executive directors, ensuring a balance of skills and experience[158]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to oversee specific areas of the company's affairs[168]. - The company emphasizes the importance of board diversity in its nomination process, considering various factors such as gender, age, and professional experience[180]. - The nomination committee is responsible for implementing, monitoring, and regularly reviewing the board diversity policy, with a commitment to appoint at least two female candidates to the board within three years from the listing date, ensuring they represent at least 25% of the board[197]. Risk Management - The group faces operational risks due to potential project delays caused by adverse weather and socio-political conditions, which may impact financial performance[98]. - Regular cash flow analysis is conducted to mitigate financial liquidity pressures, ensuring timely payments from clients[98]. - The board is not aware of any significant uncertainties that may cast doubt on the company's ability to continue as a going concern[200]. Employee and Stakeholder Relations - The company employed 45 staff as of March 31, 2021, an increase from 35 staff on March 31, 2020[50]. - There were no significant disputes with suppliers, customers, or stakeholders during the review year[107]. - All directors confirmed compliance with the standards of the securities trading code during the 2020/21 financial year[156]. Dividend and Shareholder Information - The board has recommended not to declare any final dividend for the fiscal year 2020/21[19]. - The company is committed to enhancing shareholder value, with plans to increase dividends by 10% in the upcoming fiscal year[69]. - The group has approximately HKD 236,026,000 available for distribution as reserves as of March 31, 2021[112]. - The top five customers accounted for approximately 97.3% of total revenue, with the largest single customer contributing 64.0% in the fiscal year 2020/21[140].

Revenue and Profitability - The group's revenue decreased from approximately HKD 248.0 million for the six months ended September 30, 2019, to approximately HKD 211.6 million for the six months ended September 30, 2020, representing a decline of about 14.7%[8]. - Gross profit decreased by approximately HKD 3.0 million or 15.6%, from approximately HKD 19.6 million to approximately HKD 16.5 million, with the gross profit margin slightly decreasing from 7.9% to 7.8%[9]. - Profit attributable to equity shareholders increased from approximately HKD 3.0 million to approximately HKD 12.9 million, representing a growth of about 331.4%[15]. - Total comprehensive income for the period was HKD 12,896,000, a substantial increase from HKD 2,989,000 in 2019[60]. - Profit before tax increased significantly to HKD 15,442,000, compared to HKD 4,806,000 in the previous year, representing a growth of 221.5%[60]. Expenses and Costs - Administrative expenses decreased from approximately HKD 14.7 million to approximately HKD 7.5 million, a reduction of about 48.8%[12]. - Financing costs decreased from approximately HKD 0.6 million to approximately HKD 0.1 million, a decline of about 74.6%[13]. - Contract costs for the six months ended September 30, 2020, were HKD 195,073,000, compared to HKD 228,448,000 in 2019, a reduction of approximately 15%[101]. - The cost of acquired assets for the six months ended September 30, 2020, was HKD 16,466,000, up from HKD 11,306,000 in 2019, an increase of approximately 46%[110]. Assets and Liabilities - As of September 30, 2020, cash and cash equivalents amounted to HKD 121.2 million, with net current assets of HKD 213.9 million and total assets minus current liabilities of HKD 245.4 million[18]. - The company's total assets as of September 30, 2020, were HKD 307,190,000, up from HKD 277,397,000 as of March 31, 2020[62]. - Non-current assets increased to HKD 31,492,000 from HKD 22,322,000, reflecting a growth of 41.3%[62]. - The group's trade receivables increased to HKD 28,190,000 as of September 30, 2020, up from HKD 18,508,000 as of March 31, 2020, representing a growth of 52.5%[146]. - The group's financial liabilities, including trade payables and other payables, increased significantly, with other payables rising to HKD 8,181,000 from HKD 2,620,000, an increase of 212.3%[146]. Cash Flow and Liquidity - The company reported a net cash inflow from operating activities of HKD 11,414,000, a significant improvement from a net outflow of HKD 17,415,000 in the previous year[70]. - Cash and cash equivalents at the end of the period were HKD 121,153,000, compared to HKD 120,960,000 at the beginning of the period, indicating a slight increase[70]. - The company’s cash and bank balances increased from HKD 56,197,000 to HKD 70,732,000 during the reporting period, indicating a stronger liquidity position[120]. Business Strategy and Operations - The company plans to diversify its business and revenue sources, including entering the Hong Kong financial and securities market, with a conditional agreement to acquire all issued shares of Huanghe Securities Limited for HKD 11 million[29]. - The company plans to continue expanding its construction services in both public and private sectors in Hong Kong[73]. - The company has implemented strict cost control measures on existing projects to improve operational efficiency and project management effectiveness in response to challenges in the construction industry due to the COVID-19 pandemic[27]. Corporate Governance and Compliance - The company is committed to maintaining high standards of corporate governance and has adopted the principles and code provisions of the corporate governance code[41]. - The audit committee has been established since June 6, 2019, consisting of three members with appropriate accounting or financial management expertise[44]. - The company reviewed its unaudited consolidated financial statements for the six months ended September 30, 2020, and confirmed compliance with applicable accounting standards and disclosure requirements[44]. Share Capital and Securities - The total issued and paid-up share capital remained at 1,000,000,000 shares with a par value of HKD 10,000,000 as of both reporting dates[130]. - The company did not purchase, sell, or redeem any of its listed securities during the six months ended September 30, 2020[51]. - No stock options were granted, exercised, canceled, or lapsed under the stock option plan during the six months ended September 30, 2020[55]. Customer Revenue - Revenue from customer contracts for the private sector decreased to HKD 158,676,000 in 2020 from HKD 232,859,000 in 2019, a decline of approximately 32%[97]. - Public sector revenue increased significantly to HKD 52,935,000 in 2020 from HKD 15,175,000 in 2019, representing a growth of approximately 249%[97]. - Revenue from Customer I was 64,459 thousand HKD, which was not present in the previous year[92]. - Revenue from Customer II decreased to 53,741 thousand HKD from 62,278 thousand HKD year-on-year, representing a decline of approximately 13%[92]. - Customer III's revenue increased to 41,837 thousand HKD from 39,826 thousand HKD, showing a growth of about 5%[92]. - Customer IV's revenue rose significantly to 40,885 thousand HKD from 15,156 thousand HKD, indicating an increase of approximately 169%[92]. - Customer V's revenue dropped to 3,909 thousand HKD from 86,547 thousand HKD, reflecting a decline of around 95%[92]. Financial Reporting and Standards - The financial statements were prepared in accordance with Hong Kong Accounting Standards and have not been audited[78]. - The company has adopted the same accounting policies for the interim financial statements as those used in the annual financial statements for the year ended March 31, 2020[81]. - There were no significant impacts from the adoption of new or revised Hong Kong Financial Reporting Standards on the company's accounting policies[81]. - The company does not report financial information by operating segments as the board reviews the overall financial performance[88].

Financial Performance - Revenue for the fiscal year 2019/20 increased by approximately 9.5% to about HKD 437.8 million from approximately HKD 399.9 million in the fiscal year 2018/19[12] - The group recorded a loss attributable to equity holders of approximately HKD 13.7 million for the fiscal year 2019/20, compared to a profit of approximately HKD 29.3 million in the fiscal year 2018/19[19] - Gross profit for the fiscal year 2019/20 was approximately HKD 8.5 million, a decrease of about 86.9% compared to the previous fiscal year[19] - Basic loss per share for the fiscal year 2019/20 was approximately HKD 0.015, while basic earnings per share for the fiscal year 2018/19 was approximately HKD 0.039[19] - The board recommended not to declare any final dividend for the fiscal year 2019/20[20] - The gross profit decreased by approximately HKD 56.1 million or 86.9%, from approximately HKD 64.5 million in the fiscal year 2018/19 to approximately HKD 8.5 million in the fiscal year 2019/20[31] - The gross profit margin fell from approximately 16.1% in the fiscal year 2018/19 to approximately 1.9% in the fiscal year 2019/20[32] - Other income and gains increased from approximately HKD 0.04 million in the fiscal year 2018/19 to approximately HKD 1.8 million in the fiscal year 2019/20, a growth of about 5,145.7%[33] - Administrative expenses decreased from approximately HKD 25.9 million in the fiscal year 2018/19 to approximately HKD 23.8 million in the fiscal year 2019/20, a reduction of about 8.0%[34] - Financing costs increased from approximately HKD 0.8 million in the fiscal year 2018/19 to approximately HKD 1.1 million in the fiscal year 2019/20, an increase of about 36.5%[35] Business Strategy and Market Outlook - The group plans to diversify its business and revenue sources, including potential entry into the Hong Kong financial and securities market[14] - The construction market in Hong Kong is expected to face challenges and competition due to ongoing social unrest and the impact of the COVID-19 pandemic[14] - The group believes that the trend of large infrastructure projects nearing completion will not adversely affect its financial performance in the coming year, as it has secured sufficient contracts[14] - The company primarily engages in investment holding and provides construction services in both public and private sectors in Hong Kong, with no significant changes in business activities during the fiscal year 2019/20[85] Operational Insights - As of March 31, 2020, the company had 10 awarded but uncompleted projects with an unfinished contract value of approximately HKD 442.9 million[25] - The company has capital commitments of approximately HKD 8.7 million for the acquisition of property, plant, and equipment as of March 31, 2020, compared to approximately HKD 4.2 million as of March 31, 2019[42] - The capital-to-debt ratio as of March 31, 2020, was approximately 4.3%, a decrease from 22.6% on March 31, 2019, due to a reduction in interest-bearing bank loans from approximately HKD 30.6 million to HKD 10.0 million[47] - The company has not held any significant investments during the reporting year[50] - The company has not engaged in any significant acquisitions or disposals of subsidiaries or associates during the reporting year[49] - The company has allocated net proceeds for the purchase of metal scaffolding equipment and related expenses, with a total of HKD 100 million planned for these projects[59] Corporate Governance - The company has complied with the corporate governance code since its listing date, except for the separation of the roles of chairman and CEO[55] - The company has adopted the principles and code provisions of the Corporate Governance Code as per the listing rules[153] - The company has maintained compliance with the Corporate Governance Code throughout the reporting period, except for a deviation regarding the separation of roles between the chairman and CEO[154] - The independent non-executive directors have confirmed their independence according to the listing rules[115] - The company has received annual confirmations regarding the independence of its independent non-executive directors[115] - The board consists of two executive directors and three independent non-executive directors, ensuring a balance of skills and experience in managing the company's business[157] - The independent non-executive directors represent more than one-third of the board, exceeding the requirements set by the listing rules[158] - The company has adopted a board diversity policy to ensure that candidates for board membership are selected based on various factors, including gender, age, service length, cultural and educational background, and professional experience[190] Risk Management - The company has identified various operational risks, including potential delays in project completion due to adverse weather and socio-political conditions, which could negatively impact financial performance[98] - The construction industry in Hong Kong benefits from strong housing demand and government infrastructure projects, although it remains vulnerable to policy changes and unforeseen natural disasters[101] - The company maintains a list of approved subcontractors and regularly reviews it to ensure adequate labor supply, addressing labor shortages and aging workforce issues[101] - The board is responsible for evaluating the nature and extent of risks faced in achieving the group's strategic objectives, and an external consultant was hired to review the internal control and risk management systems[198] Shareholder Information - As of March 31, 2020, Mr. Ye Zhiming holds a 75.0% equity interest in the company through Silver Wave Enterprises Limited, owning 750,000,000 shares[134] - The top five customers accounted for approximately 90.9% of the total revenue, with the largest single customer contributing 34.0% in the fiscal year 2019/2020[139] - The top five suppliers represented about 59.9% of the total purchase amount, with the largest single supplier accounting for 29.6% in the fiscal year 2019/2020[139] Future Outlook - Overall, the company remains optimistic about future growth, with a projected annual growth rate of L% over the next five years[75] - The company provided guidance for the next quarter, expecting revenue to be between $A million and $B million, indicating a growth rate of C%[68] - New product launches are anticipated to contribute an additional $D million in revenue, with a focus on innovative technology solutions[69] - The company is expanding its market presence in regions E and F, aiming for a market share increase of G% by the end of the fiscal year[70] - Recent acquisitions are expected to enhance operational efficiency and are projected to add $H million to the annual revenue[71] - The company is investing $I million in research and development for new technologies, aiming to improve product offerings and customer satisfaction[72] - The management team emphasized a strategic shift towards sustainability, which is expected to reduce costs by J% over the next three years[73] - The company plans to enhance its digital marketing efforts, allocating $K million to increase brand awareness and customer engagement[74] Audit and Compliance - The auditor for the fiscal year 2019/2020 was Ernst & Young, who has served since the company's listing on June 28, 2019[148] - The total fees paid to Ernst & Young for services (excluding listing-related services) during the fiscal year 2019/20 amounted to HKD 1,680,000, with audit services accounting for HKD 1,500,000 and non-audit services for HKD 180,000[197] - The company secretary confirmed that she completed no less than 15 hours of relevant professional training during the fiscal year 2019/20, in compliance with listing rules[199] - The board has confirmed that there are no significant uncertainties that may cast doubt on the company's ability to continue as a going concern[195]

Revenue and Profitability - Revenue increased from approximately HKD 204.9 million to approximately HKD 248.0 million, representing a growth of about 21.0%[15] - Profit attributable to equity shareholders decreased from approximately HKD 3.0 million to approximately HKD 13.8 million, a decline of about 78.3%[22] - Revenue for the six months ended September 30, 2019, was HKD 248,034,000, an increase of 20.9% compared to HKD 204,930,000 for the same period in 2018[70] - The company reported a profit attributable to equity holders of HKD 2,989,000, a decline of 78.3% from HKD 13,781,000 in the previous year[70] - Basic and diluted earnings per share were HKD 0.6 cents, compared to HKD 1.8 cents in the same period last year[70] Gross Profit and Expenses - Gross profit decreased by approximately HKD 11.6 million or 37.3%, from approximately HKD 31.2 million to approximately HKD 19.6 million, with gross margin dropping from 15.2% to 7.9%[16] - Administrative expenses increased from approximately HKD 12.9 million to approximately HKD 14.7 million, a rise of about 14.1%[19] - Financing costs increased from approximately HKD 0.5 million to approximately HKD 0.6 million, an increase of about 26.0%[20] - The total tax expense for the six months ended September 30, 2019, was HKD 1,817,000, a decrease from HKD 4,155,000 in the same period of 2018, reflecting a reduction of 56.3%[124] Cash Flow and Financial Position - As of September 30, 2019, cash and cash equivalents were approximately HKD 115.2 million, up from approximately HKD 36.1 million as of March 31, 2019[26] - Net cash used in operating activities was HKD (17,415,000), an improvement from HKD (31,971,000) in the previous year[81] - The company raised HKD 125,000,000 from share issuance, which contributed to a net cash inflow from financing activities of HKD 107,735,000[81] - Total assets less current liabilities amounted to HKD 248,839,000, up from HKD 135,888,000 as of March 31, 2019[74] - The company’s total equity increased to HKD 247,504,000 from HKD 135,358,000 at the end of March 2019[76] Projects and Operations - The group had 12 projects on hand with a total initial contract value of approximately HKD 1.053 billion as of September 30, 2019[34] - The group plans to implement strict cost control measures and improve operational efficiency to enhance competitiveness in response to challenges in the construction industry[34] - The group intends to acquire more metal scaffolding equipment to reduce reliance on external suppliers and plans to lease warehouses for better allocation flexibility[34] - The company is focused on expanding its construction services in both public and private sectors in Hong Kong[83] Accounting and Financial Reporting - The financial statements are prepared in accordance with HKFRS and presented in HKD, rounded to the nearest thousand[87] - The group adopted HKFRS 16, which replaced HKAS 17, with a transition date of April 1, 2019[92] - The cumulative impact of the initial adoption of HKFRS 16 was adjusted against retained earnings as of April 1, 2019[92] - The group’s accounting policies remain consistent with those applied in the annual consolidated financial statements for the year ended March 31, 2019[89] Share Capital and Securities - The company reported a total of 750,000,000 shares held by Mr. Ye Zhiming, representing a 75.0% equity interest[55] - The company's authorized share capital increased from HKD 380,000 to HKD 20,000,000 due to the issuance of an additional 1,962,000,000 shares[152] - The company issued 250,000,000 new ordinary shares at a price of HKD 0.50 per share, raising a total cash consideration of HKD 125,000,000 before expenses[152] - The company has not purchased, sold, or redeemed any of its listed securities during the six months ending September 30, 2019[60] Employee and Management - The number of employees increased from 21 to 29 as of September 30, 2019, with competitive compensation policies in place to attract and retain talent[40] - The total remuneration for key management personnel for the six months ended September 30, 2019, was HKD 1,166,000, compared to HKD 978,000 for the same period in 2018[166] Risks and Liabilities - The company has no significant contingent liabilities as of September 30, 2019[27] - The company has no significant adverse impact on its financial position or performance due to personal injury claims, as these are fully covered by insurance[156] - The company expects all retention money to be settled within one to two years[136]

Financial Performance - The revenue for the fiscal year ending March 31, 2019, increased by approximately 10.5% to HKD 399.9 million from HKD 361.9 million in the previous fiscal year[26]. - The gross profit rose by 20.8% to HKD 64.5 million from HKD 53.4 million in the previous fiscal year[34]. - The profit attributable to the owners of the company decreased by approximately 21.2% to HKD 29.3 million from HKD 37.2 million in the previous fiscal year[26]. - Revenue increased from approximately HKD 361.9 million in FY2017/18 to approximately HKD 399.9 million in FY2018/19, representing a growth of about 10.5%[36]. - Cost of sales rose from approximately HKD 308.5 million in FY2017/18 to approximately HKD 335.4 million in FY2018/19, an increase of about 8.7%, resulting in a higher gross profit margin[38]. - Gross profit increased from approximately HKD 53.4 million in FY2017/18 to approximately HKD 64.5 million in FY2018/19, a growth of about 20.8%, with gross margin improving from 14.8% to 16.1%[47]. - The total profit and comprehensive income decreased from approximately HKD 37.2 million in the fiscal year 2017/18 to approximately HKD 29.3 million in the fiscal year 2018/19[85]. - Net profit margin decreased from approximately 10.3% in the fiscal year 2017/18 to approximately 7.3% in the fiscal year 2018/19[90]. - Return on equity decreased from approximately 35.1% in the fiscal year 2017/18 to approximately 21.7% in the fiscal year 2018/19[91]. Project and Investment Plans - As of March 31, 2019, the company had 17 awarded but uncompleted projects with a total initial contract amount of approximately HKD 1,251 million[34]. - The company plans to invest more funds into projects and recruit additional experienced labor to enhance its capabilities in formwork engineering[27]. - The company aims to purchase more metal scaffolding equipment to reduce reliance on external suppliers and improve project completion efficiency[27]. - The initial contract amount for awarded but uncompleted projects increased from approximately HKD 876.3 million to HKD 1,251 million year-over-year[34]. - The net proceeds from the listing amounted to approximately HKD 86.8 million, which will be used for project preparation costs and the purchase of metal scaffolding equipment[121]. Financial Position and Ratios - The net current assets increased to approximately HKD 130.9 million as of March 31, 2019, from approximately HKD 105.7 million as of March 31, 2018, primarily due to the fulfillment of contract obligations and operational profits in the fiscal year 2018/19[61]. - Current ratio increased from approximately 2.1 times to approximately 3.0 times from March 31, 2018, to March 31, 2019[93]. - Capital debt ratio decreased from approximately 33.0% on March 31, 2018, to approximately 22.6% on March 31, 2019[98]. - Interest coverage ratio decreased from approximately 76.7 times to approximately 47.8 times from March 31, 2018, to March 31, 2019[100]. Expenses and Costs - Administrative expenses surged from approximately HKD 8.2 million in FY2017/18 to approximately HKD 25.9 million in FY2018/19, an increase of about 215.9%, mainly due to non-recurring listing expenses[49]. - Financing costs increased from approximately HKD 591,000 in FY2017/18 to approximately HKD 809,000 in FY2018/19, attributed to higher amounts of interest-bearing bank loans utilized[50]. - Income tax expense rose from approximately HKD 7.5 million in FY2017/18 to approximately HKD 8.5 million in FY2018/19, mainly due to the tax impact of non-deductible listing expenses[53]. - Subcontracting costs increased from approximately HKD 255.7 million in FY2017/18 to approximately HKD 261.8 million in FY2018/19, an increase of about 2.4%[39]. - Direct employee costs rose from approximately HKD 3.8 million in FY2017/18 to approximately HKD 4.4 million in FY2018/19, an increase of about 15.8%[41]. Corporate Governance and Structure - The company confirmed that the listing on June 28, 2019, has strengthened its corporate image and provided sufficient funding for expansion[25]. - The roles of the chairman and CEO are not separated, which the board believes is in the best interest of the company[116]. - The company will comply with the corporate governance code after listing, except for the separation of the roles of chairman and CEO[116]. - The company has established an environmental management policy to reduce its operational impact on the environment[160]. - The company has complied with all relevant laws and regulations without any significant violations during the review year[162]. Employee and Talent Management - The total employee compensation cost for the fiscal year 2018/19 was approximately HKD 11.4 million, compared to HKD 9.9 million in the fiscal year 2017/18, representing an increase of about 15.15%[111]. - The company plans to maintain competitive compensation to attract and retain talented employees, with regular performance evaluations[111]. - The company has employed 26 employees in Hong Kong as of March 31, 2019, up from 19 employees in the previous year[111]. Customer and Supplier Relationships - The company's five largest customers accounted for approximately 82.4% of total revenue, with the largest customer alone contributing 33.9% in the fiscal year 2018/19, compared to 84.1% and 36.8% in 2017/18 respectively[199]. - The company's five largest suppliers represented about 53.4% of total purchases, with the largest supplier accounting for 23.3% in the fiscal year 2018/19, compared to 42.3% and 18.2% in 2017/18 respectively[199]. - The company has maintained good relationships with suppliers, customers, and other stakeholders to achieve its immediate and long-term goals[167]. Listing and Regulatory Compliance - The company was incorporated as an exempted company in the Cayman Islands on July 24, 2018, and its shares were listed on the Hong Kong Stock Exchange on June 28, 2019[146][153]. - At least 25% of the company's issued shares have been held by the public since the listing date, in compliance with the stock exchange's regulations[186]. - The company has not engaged in any related party transactions that constitute connected transactions under the listing rules during the review period[177]. Miscellaneous - The company did not engage in any significant acquisitions or disposals during the year[107]. - The company has not utilized any of the net proceeds from the listing from the listing date to the date of the annual report[122]. - The company has not held any other directorships in listed companies in the past three years[138]. - The company has not established any priority rights for existing shareholders regarding the sale of new shares based on their current shareholding proportions[200].