Financial Performance - The Group recorded revenue of approximately HK$137.2 million for the six months ended 30 September 2020, representing a decrease of 21.0% compared to HK$173.8 million for the same period in 2019[29]. - The company reported a loss for the period of HK$7,029,000, contrasting with a profit of HK$18,425,000 in 2019[141]. - Total comprehensive income for the period was HK$525,000, compared to HK$4,517,000 in 2019[141]. - Basic and diluted loss per share was (1.9) cents, down from earnings of 4.9 cents per share in the previous year[139]. - Profit from operations dropped significantly to HK$1,272,000 compared to HK$26,760,000 in the same period last year[139]. - The Group's revenue from property management contracts derived from a single customer amounted to approximately HK$19 million during the six months ended 30 September 2020, indicating a significant reliance on this customer[190]. - Total revenue for the Group in 2020 was HK$19,561,000, compared to HK$22,888,000 in 2019, indicating a decline of approximately 14.3%[195]. Segment Performance - Revenue in the property management segment decreased by 6.4% due to the termination of two property management contracts during the period[18]. - The lifestyle entertainment segment has been significantly impacted by the COVID-19 outbreak, contributing to the overall economic downturn in Hong Kong[17]. - Revenue from the lifestyle entertainment segment decreased by approximately HK$27.8 million to HK$8.8 million for the six months ended 30 September 2020 from HK$36.6 million for the same period in 2019[29]. - For the six months ended September 30, 2020, the reportable segment for Lifestyle Entertainment in Hong Kong reported a loss of HK$5,655,000 compared to a loss of HK$3,489,000 in the same period of 2019[195]. - The Property Management segment in the PRC generated a profit of HK$25,216,000, slightly down from HK$26,377,000 in 2019[195]. Cost Management - Staff costs decreased by approximately 23.9% or HK$19.4 million to approximately HK$61.6 million for the six months ended 30 September 2020 from approximately HK$81.0 million for the same period in 2019[31]. - Property rentals and related expenses decreased by approximately 75.3% or HK$5.6 million to approximately HK$1.9 million for the six months ended 30 September 2020 from approximately HK$7.5 million for the same period in 2019[34]. - Advertising and marketing expenses decreased by approximately 72.2% or HK$2.2 million to HK$0.9 million for the six months ended 30 September 2020 from approximately HK$3.1 million for the same period in 2019[35]. Cash Flow and Financial Position - Total current assets as of 30 September 2020 were approximately HK$298.3 million, while current liabilities were approximately HK$187.8 million, resulting in a current ratio of 1.6 times[45]. - Cash at bank and in hand was approximately HK$190.7 million as of 30 September 2020, down from approximately HK$206.7 million as of 31 March 2020[49]. - Total interest-bearing borrowings as of 30 September 2020 were approximately HK$94.7 million, down from HK$131.3 million as of 31 March 2020[50]. - The gearing ratio as of 30 September 2020 was approximately 0.73, compared to 1.02 as of 31 March 2020[50]. - Cash generated from operating activities was HK$12,316,000, down from HK$13,564,000 in the prior period[151]. - The company incurred a net cash outflow of HK$38,314,000 in financing activities, compared to HK$4,117,000 in the previous year[155]. - Cash and cash equivalents at the end of the period decreased to HK$190,689,000 from HK$195,853,000 in the previous year[155]. Strategic Focus and Business Development - The Group aims to maintain its status as a leading nightlife entertainment service provider in Hong Kong despite the economic challenges posed by COVID-19[23]. - The Group has reshaped the brand of Zentral by offering various music styles and creating different atmospheres in its venues[23]. - The Group is cautiously managing cash flow resources in the lifestyle entertainment segment during the ongoing economic challenges[17]. - The Group aims to diversify its income stream by exploring different business and investment opportunities[62]. - The property management segment experienced a temporary setback but remains a strategic focus due to its potential for stable income and returns for shareholders[72]. Governance and Compliance - The company complied with the Corporate Governance Code during the six months ended 30 September 2020[121]. - The Audit Committee reviewed the accounting principles and practices adopted by the Group for the six months ended 30 September 2020[123][125]. - The interim financial report was prepared in accordance with Hong Kong Accounting Standard 34, with no significant issues identified during the review[134][138]. - The Group's interim financial report is unaudited but has been reviewed by KPMG, ensuring compliance with Hong Kong standards[168]. Shareholder Information - The Board did not recommend the payment of an interim dividend for the six months ended 30 September 2020, consistent with the previous year where no dividend was paid[78]. - As of 30 September 2020, Zheng Jian Jiang held a long position of 219,950,000 shares, representing approximately 58.66% of the issued share capital of the Company[92]. - The Company has adopted a share option scheme effective from 3 January 2014, valid for 10 years, aimed at providing incentives to eligible participants[98]. - As of 30 September 2020, no other persons had disclosed interests or short positions in the shares or underlying shares of the Company under the provisions of the SFO[97]. - The interests of the Directors and chief executive in shares and debentures were fully compliant with the Model Code during the six months ended 30 September 2020[79].

Financial Performance - The Group's total revenue increased by approximately 7.1% from HK$317.6 million last year to HK$340.0 million this year[10]. - The property management segment generated revenue of HK$288.0 million for the year ended 31 March 2020, up from HK$234.1 million for the year ended 31 March 2019[33]. - The Group turned a profit before taxation of HK$29.2 million this year, compared to a loss of HK$2.7 million last year[12]. - The Group reported a profit of approximately HK$13.2 million for the year ended 31 March 2020, a turnaround from a loss of approximately HK$9.6 million for the previous year, primarily due to an increase in revenue of HK$22.4 million and a gain on disposal of a subsidiary of HK$5.0 million[51][53]. - The Group recorded revenue of approximately HK$340.0 million for the year ended 31 March 2020, representing an increase of approximately 7.1% compared to HK$317.6 million for the year ended 31 March 2019[33]. Project Management - The number of projects managed by the Group expanded from 50 to 64, with contracted GFA increasing from 5.92 million sq.m. to 7.19 million sq.m.[11]. - The Group managed a total gross floor area of approximately 7.19 million square meters across 64 projects as of 31 March 2020[32]. - The number of property management projects managed by the Group increased from 50 to 64 during the reporting period[33]. - The property management segment achieved double-digit growth in the past year, with a focus on maintaining service quality and enhancing reputation[81]. Cost Management - Staff costs increased by approximately 8.2% or HK$11.8 million to approximately HK$156.1 million for the year ended 31 March 2020[40]. - Property rentals and related expenses decreased by approximately 65.4% or HK$17.8 million to approximately HK$9.4 million for the year ended 31 March 2020[41]. - Advertising and marketing expenses decreased by approximately 60.7% or HK$6.5 million to approximately HK$4.2 million for the year ended 31 March 2020[42]. - Utilities expenses and repair and maintenance expenses increased by approximately HK$5.0 million or 20.5% for the year ended 31 March 2020[43]. Strategic Initiatives - The Group plans to improve service quality and explore monetization of new services such as online DJ streaming[21]. - Future strategies include consolidating products and services under the lifestyle entertainment segment to enhance brand awareness[22]. - The Group aims to explore new service offerings such as DJ live streaming to enhance profitability in the future[25]. - The Group is open to pursuing investment opportunities in e-commerce and emerging industries to diversify income sources[23]. - The Group plans to explore different business and investment opportunities in areas such as trading, property management, healthcare, and internet information technology, subject to Board approval[65]. - The Group plans to explore various business and investment opportunities in sectors such as trade, property management, healthcare, and emerging industries to expand revenue streams[67]. Corporate Governance - The company has a strong board composition with four executive directors and three independent non-executive directors, ensuring a strong independent element that effectively exercises independent judgment[105]. - The company has complied with all applicable code provisions as set out in the Corporate Governance Code for the year ended March 31, 2020[102]. - The board has delegated its powers to management for daily operations, while providing leadership and strategic decisions[104]. - The company recognizes the importance of corporate transparency and accountability, committing to high standards of corporate governance[101]. - The independent non-executive directors represent more than one-third of the board, fulfilling the requirements of the Listing Rules[105]. - The company has adopted The Model Code for Securities Transactions by Directors, ensuring compliance throughout the year ended March 31, 2020[103]. - The board includes members with appropriate professional accounting qualifications and financial management expertise[105]. - The company aims to improve its corporate image through effective corporate governance procedures[101]. - The board believes that its governance practices lead to better results for the group[101]. - The company has maintained a strong governance framework to enhance performance and accountability[101]. Risk Management - The Group's risk management framework, established in 2016, follows the COSO Enterprise Risk Management — Integrated Framework, allowing effective risk management by the Board and management[192][195]. - The Audit Committee conducted an annual review of the effectiveness of the Group's risk management and internal control systems, ensuring adequate resources and staff qualifications[184][190]. - The Group maintains a risk register that tracks all identified major risks, updated at least annually, to ensure proactive risk management[197]. - Management is committed to integrating risk management into daily business operations to align with corporate goals effectively[198]. - The Group will continue to engage external independent professionals for annual reviews of its internal controls and risk management systems[199]. - There is currently no internal audit function within the Group; external professionals are appointed for this purpose due to cost-effectiveness considerations[200]. - Improvements in internal control and risk management measures recommended by BTCG were adopted by the Board to enhance the Group's systems[190]. - The Board considers the internal control and risk management systems effective and adequate based on findings from independent reviews and Audit Committee comments[190]. - The Group's risk management activities are ongoing, with effectiveness evaluated at least annually through periodic management meetings[198]. Employment and Workforce - The Group employed approximately 1,304 employees as of March 31, 2020, an increase from 1,205 employees as of March 31, 2019[71]. Economic Outlook - The Group expects a prolonged recovery for the overall economic conditions in Hong Kong due to the COVID-19 outbreak, impacting the lifestyle entertainment segment[72]. - The lifestyle entertainment segment has been severely affected by COVID-19, but the Group anticipates a rebound in demand as restrictions ease[74]. Dividend Policy - The Board does not recommend the payment of a final dividend for the year ended March 31, 2020, consistent with the previous year[83].

Revenue Performance - The Group's revenue for the six months ended September 30, 2019, was approximately HK$173.8 million, representing an increase of 16.3% compared to HK$149.5 million for the same period in 2018[24]. - Revenue from the property management segment increased by approximately HK$30.4 million to HK$137.2 million, up from HK$106.8 million in the previous year[24]. - Revenue from the entertainment segment decreased by approximately HK$6.1 million to HK$36.6 million, down from HK$42.7 million in the same period last year[24]. - Revenue from the property management segment increased by approximately HK$30.4 million to approximately HK$137.2 million, while revenue from the entertainment segment decreased by approximately HK$6.1 million to approximately HK$36.6 million due to market slowdown in Hong Kong[25]. - Revenue for the six months ended September 30, 2019, increased to HK$173,757,000, up 16.2% from HK$149,482,000 in 2018[156]. Profit and Financial Performance - The Group's net profit for the six months ended September 30, 2019, increased by HK$15.8 million compared to the same period in 2018[15]. - The Group's profit for the six months ended 30 September 2019 increased by approximately 607.7% or HK$15.8 million to approximately HK$18.4 million, driven by increased revenue from the property management segment and a gain on disposal of a subsidiary[38]. - Profit for the period rose significantly to HK$18,425,000, compared to HK$2,584,000 in the same period last year, representing a growth of 610.5%[163]. - Profit from operations reached HK$26,760,000, compared to HK$5,742,000 in 2018, marking an increase of 366.5%[156]. - Total comprehensive income for the period was HK$4,517,000, recovering from a loss of HK$14,312,000 in the previous year[163]. Expenses and Cost Management - Staff costs increased by approximately 14.4% or HK$10.2 million to approximately HK$81.0 million, primarily due to an increase in staff costs in the property management segment[27]. - Property rentals and related expenses decreased by approximately 46.8% or HK$6.6 million to approximately HK$7.5 million, mainly due to the closure of Magnum Club and the adoption of HKFRS 16[28]. - Advertising and marketing expenses decreased by 51.6% or HK$3.3 million to approximately HK$3.1 million, attributed to a temporary scale-down of marketing activities due to market uncertainty[32]. - Other operating expenses decreased by approximately 17.5% or HK$3.6 million to approximately HK$17.0 million, mainly due to the closure of Magnum Club and cost-saving measures[37]. Assets and Liabilities - As of 30 September 2019, the Group's total current assets were approximately HK$290.7 million, while current liabilities were approximately HK$171.3 million, resulting in a current ratio of 1.7 times[39]. - Total interest-bearing borrowings as of 30 September 2019 were approximately HK$109.9 million, with a gearing ratio of 0.82[45]. - Current assets amounted to HK$290,744,000, slightly down from HK$298,855,000 as of March 31, 2019[166]. - Net current assets decreased to HK$119,462,000 from HK$133,866,000 as of March 31, 2019[170]. - Total equity increased to HK$134,765,000, up from HK$130,248,000 in the previous period[169]. Business Expansion and Strategy - The Group has expanded its entertainment offerings by renewing the tenancy agreement for its flagship club, Zentral, and adding three new restaurant and bar outlets in Hong Kong[19]. - The Group aims to enhance its capacity for night-time entertainment and hosting events through the introduction of new venues[19]. - The Group plans to integrate the newly acquired restaurant and bar outlets with Zentral to enhance customer experience[73]. - The Group intends to explore different business and investment opportunities to diversify its income stream[59]. - The property management segment continues to show healthy growth and is a key performance contributor for the Group[75]. Share and Capital Management - The Group raised approximately HK$54.6 million in gross proceeds and HK$54.1 million in net proceeds from the placement of 60,000,000 new shares at a price of HK$0.91 per share[48]. - Approximately HK$52.2 million of the net proceeds from the placement has been used to supplement the Group's working capital and for the acquisition of Mini Club[48]. - The Group's capital structure included equity of approximately HK$134.8 million and a loan from the controlling shareholder of HK$109.9 million[51]. - The net proceeds from the IPO amounted to approximately HK$105.6 million, with approximately HK$98.1 million utilized as of September 30, 2019[128]. - The unutilized net proceeds from the IPO amounted to approximately HK$75.7 million[128]. Corporate Governance and Compliance - The company has complied with the Corporate Governance Code during the six months ended September 30, 2019[133][136]. - The audit committee reviewed the financial reporting process and internal control procedures for the six months ended September 30, 2019[139][141]. - The interim financial report is prepared in accordance with Hong Kong Accounting Standard 34, with no significant issues identified during the review[151][153]. Economic Outlook - The Group expects continued turbulence in the overall economic conditions in Hong Kong during the second half of 2019, impacting the entertainment segment due to its non-necessity goods characteristic[70]. - The entertainment segment's performance has been affected by the ongoing trade dispute between China and the US, impacting the luxury retail market in Hong Kong[13].

Financial Performance - The Group's total revenue increased by approximately 18.2% from HK$268.2 million last year to HK$317.6 million this year[9]. - Revenue contribution from Ningbo AUX Property Management Service Co., Ltd rose by approximately HK$66.8 million from HK$167.3 million to HK$234.1 million[9]. - The Group recorded revenue of approximately HK$317.6 million for the year ended 31 March 2019, representing an increase of approximately 18.4% compared to HK$268.2 million for the previous year[38]. - Property management services generated revenue of HK$234.1 million, up from HK$167.3 million in the previous year[38]. - The Group's loss for the year ended 31 March 2019 was approximately HK$9.6 million, a decrease from a loss of approximately HK$25.5 million for the year ended 31 March 2018, primarily due to an increase in revenue of HK$49.3 million and a net exchange gain of HK$7.0 million[47][52]. Project Management and Expansion - The number of projects managed by the Group expanded from 32 to 50, with the aggregate contracted GFA increasing from 5.33 million square meters to 5.92 million square meters[10]. - The number of property management projects managed by the Group increased from 32 to 50 projects during the year under review[38]. - The property management services segment has experienced healthy growth and will continue to expand into managing hospital premises and industrial parks[87]. Expenses and Costs - Loss before taxation significantly decreased by HK$17.9 million from HK$20.6 million last year to HK$2.7 million this year[12]. - The Group's property cleaning expenses and staff costs increased by HK$10.8 million and HK$37.0 million respectively due to the expansion of the property management business[11]. - Staff costs increased by approximately 34.5% or HK$37.0 million to approximately HK$144.3 million for the year ended 31 March 2019[39]. - Property rentals and related expenses decreased by approximately 19.3% or HK$6.5 million to approximately HK$27.2 million for the year ended 31 March 2019[43]. - Advertising and marketing expenses decreased by approximately 22.5% or HK$3.1 million to approximately HK$10.7 million for the year ended 31 March 2019[44]. - Utilities expenses increased by approximately HK$5.3 million or 66.4% for the year ended 31 March 2019[45]. - Repair and maintenance expenses increased by approximately HK$4.1 million or 57.0% for the year ended 31 March 2019[45]. Corporate Governance - The Company has complied with all applicable code provisions of the Corporate Governance Code for the year ended March 31, 2019[111]. - The independent non-executive Directors represent more than one-third of the Board, ensuring strong independent judgment[114]. - The Company is committed to achieving high standards of corporate governance to improve its corporate image[110]. - The Board has delegated daily management and operations powers to the management team[113]. - The Audit Committee, established on January 3, 2014, includes three independent non-executive Directors and oversees the financial reporting process and internal controls[153]. Strategic Focus and Future Plans - The Group aims to enhance its property management services' brand image and explore opportunities to expand income streams from non-residential properties[18]. - The Group plans to explore different business and investment opportunities in areas such as trading, property management, and internet information technology to diversify its income stream[67]. - The Group expects the overall economic condition in Hong Kong to remain uncertain due to the prolonged trade dispute between China and the USA, impacting its clubbing business[79]. - The Group will focus its resources on improving its clubbing business performance and rebranding itself as a leading entertainment services provider in Hong Kong[86]. Management and Leadership - The Company has a strong management team with over 24 years of corporate management experience from Mr. Zheng Jiang and over 25 years in finance management from Ms. Shen Guoying[92][96]. - The company is led by CEO Mr. Wong Hei Yan, who has over 20 years of experience in the clubbing industry[106]. - The Board comprised four executive Directors and three independent non-executive Directors as of March 31, 2019[114]. - The management team includes professionals with qualifications from prestigious institutions, enhancing the Company's governance and operational capabilities[94][104]. Shareholder Information - Mr. Zheng Jiang holds approximately 58.66% of the issued share capital of the Company through Ze Hong Limited, which owns 10% of Huiri Limited[90]. - The Board does not recommend the payment of a final dividend for the year ended March 31, 2019, consistent with the previous year[88]. Risk Management and Internal Controls - The Audit Committee conducted an annual review of the risk management and internal control systems, ensuring they are effective and adequate[192][198]. - The Group appointed Corporate Governance Professional Limited to assist in identifying risks and conducting an independent internal control review[193][196]. - The Audit Committee reviewed the effectiveness of the internal control system of the Group[158].