Financial Performance - For the six months ended March 31, 2020, the turnover was HK$49,358,393, a decrease from HK$47,686,670 in the same period of 2019, reflecting a decline of approximately 3.5%[11] - The operating loss for the period was HK$59,897,813, compared to an operating loss of HK$65,974,495 in the previous year, indicating an improvement of about 9.5%[11] - Loss before tax was HK$60,940,058, slightly better than the loss of HK$66,439,000 recorded in the same period last year, representing a reduction of approximately 8.5%[11] - The total comprehensive loss attributable to equity holders of the Company for the period was HK$60,940,058, compared to HK$66,439,000 in the previous year, marking a decrease of approximately 8.5%[12] - The comprehensive loss for the period ended March 31, 2020, was HK$60,940,058, compared to a loss of HK$66,439,000 for the same period in 2019, showing a reduction in losses of about 8.5%[21] - The net loss attributable to equity holders of the Company was approximately HK$60.9 million, a decrease from HK$66.4 million in 2019, primarily due to strengthened cost control measures[73] Expenses and Costs - Administrative expenses decreased to HK$8,879,799 from HK$16,452,249, showing a significant reduction of about 46%[11] - The total staff costs for the six months ended March 31, 2020, were HK$4,437,867, compared to HK$4,072,236 in 2019, reflecting an increase of 9%[40] - The depreciation on plant and equipment for the six months ended March 31, 2020, was HK$26,100, significantly lower than HK$4,575,753 in the previous year, indicating a substantial reduction in depreciation expenses[40] Assets and Liabilities - Current assets totaled HK$476,766,772 as of March 31, 2020, compared to HK$393,873,523 as of September 30, 2019, indicating an increase of about 21%[14] - The total equity as of March 31, 2020, was HK$488,292,798, a decline from HK$670,990,538 as of March 31, 2019, representing a decrease of approximately 27.2%[21] - The accumulated losses increased to HK$920,675,628 as of March 31, 2020, from HK$737,746,888 as of March 31, 2019, indicating an increase of approximately 24.8%[21] - Cash and cash equivalents decreased to HK$12,251,842 as of March 31, 2020, from HK$13,958,969 as of March 31, 2019, a decline of approximately 12.2%[21] - The carrying amount of prepayments, deposits, and other receivables as of March 31, 2020, was HK$121,295,799, compared to HK$140,464,753 as of September 30, 2019[60] Cash Flow - For the six months ended March 31, 2020, the net cash used in operating activities was HK$20,478,393, a significant improvement compared to HK$79,992,888 for the same period in 2019, indicating a reduction of approximately 74.4%[21] - The net cash from investing activities for the same period was HK$6,685,233, down from HK$37,089,520 in 2019, reflecting a decrease of about 82.0%[21] Financial Instruments and Investments - The Group reported a net realized loss on financial assets of HK$57,769,788, compared to a loss of HK$39,799,733 for the same period in 2019, representing an increase of 45.1%[34] - The Group's total segment revenue for the six months ended March 31, 2020, was HK$9,117,630 from unlisted bonds, while the investment in listed securities resulted in a loss of HK$60,018,155, leading to a total segment result of HK$57,791,313 loss[35] - The fair value of financial assets at fair value through profit or loss as of March 31, 2020, was HK$192,689,582, down from HK$241,797,106 as of September 30, 2019, indicating a decrease of 20.3%[52] - The Group's investments in financial assets at amortized cost increased to HK$189,892,112 as of March 31, 2020, compared to HK$167,674,481 as of September 30, 2019, representing a growth of 13.2%[54] Share Capital and Options - The total share capital remained unchanged at 68,872,062 shares as of March 31, 2020, consistent with the previous year[21] - A total of 220,000,000 share options were granted to certain directors and employees, representing approximately 8.0% of the issued share capital, with an exercise price of HK$0.025 per share[108] - The fair value of the share options granted was HK$2,106,500, and no options were exercised during the six months ended March 31, 2020[108] Governance and Compliance - The Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the Company as of 31 March 2020[117] - The Company has complied with the Corporate Governance Code provisions, except for deviations regarding the roles of chairman and chief executive[123] - The Company confirmed that all directors complied with the Model Code for Securities Transactions during the Period[118]

Financial Performance - The Group recorded a loss on listed securities of approximately HK$150.6 million for the fiscal year 2018/19, a significant reduction from the loss of approximately HK$194.8 million in the previous year[12]. - For the fiscal year ended September 30, 2019, the Group reported a negative turnover of approximately HK$142.8 million, down from HK$179.8 million in the previous year[37]. - The net loss attributable to equity holders of the Company was approximately HK$183.6 million, compared to HK$244.4 million in the prior year, indicating a reduction in losses[37]. - The Group's loss on listed investments decreased from HK$194.8 million in the previous year to HK$150.6 million in the current year[38]. - The loss on listed investments for the year included a net realized loss of approximately HK$55.3 million and a net unrealized loss of approximately HK$95.3 million[38]. - The overall financial performance reflects a strategic focus on reducing losses and managing investment risks effectively[37]. - The Group recorded a net loss of approximately HK$183.6 million for the Year, a significant reduction compared to the net loss of approximately HK$244.4 million in the previous year[49]. Investment Portfolio - The value of bonds held by the Group increased from HK$120.3 million as of September 30, 2018, to HK$167.7 million as of September 30, 2019[13]. - The Group received aggregate coupons of approximately HK$11.2 million during the fiscal year[13]. - The Group acquired two new bonds, one from AMCO with a size of HK$30.0 million and a coupon of 10%, and another from VIP Credit with a size of HK$25.0 million and a coupon of 8%[13]. - The Group disposed of its equity investment in Kendervon Profit Inc. for HK$30.0 million, which was its fair value as of September 30, 2018[14]. - The Group did not acquire or dispose of any unlisted investments during the fiscal year[19]. - The Group's investment activities are primarily focused on Hong Kong and the People's Republic of China during the reporting period from October 1, 2018, to September 30, 2019[169]. Market Conditions - The Hang Seng Index (HSI) fluctuated significantly, peaking at over 30,100 points in April 2019 before dropping to 26,092 points by the end of the fiscal year[12]. - The global investment environment is expected to be less favorable than in previous years due to the ongoing trade war between China and the United States[20]. - The Group plans to adopt cautious measures to manage its investment portfolio in response to the rapidly changing global investment environment[20]. Corporate Governance - The Board consists of two executive directors and three independent non-executive directors, ensuring a balanced governance structure[93]. - All directors are subject to retirement by rotation and re-election at annual general meetings, with at least one-third of directors required to retire each year[102]. - The company has a strong corporate governance structure in place to ensure effective oversight of management[103]. - The roles of chairman and chief executive are separated to enhance decision-making efficiency[108]. - The Board has established various committees to oversee different areas of the company's affairs[95]. - The Audit Committee held two meetings in the Fiscal Year 2018/19 to review the final results and accounts for the year ended September 30, 2019, and the interim results for the six months ended March 31, 2019[113]. Risk Management - The Board is committed to implementing effective risk management and internal control systems to safeguard shareholders' interests and the Group's assets[127]. - The Audit Committee reviewed the efficiency and effectiveness of the Group's risk management and internal control systems, focusing on revenue and receipt cycle, cash management, and financial reporting cycle[143]. - Management provided an action plan to address identified deficiencies in the risk management and internal control systems in a timely manner[145]. Sustainability and ESG Initiatives - The Environmental, Social and Governance (ESG) Report highlights the Group's commitment to sustainable development and minimizing environmental impact[167]. - The Group engages with stakeholders, including employees, business partners, and the community, to understand their views and expectations for long-term growth[176]. - The Group's sustainability approach focuses on creating sustained value for stakeholders by integrating environmental, social, and governance considerations into its operations[175]. - The Group's ESG initiatives are guided by the principles set out in the Listing Rules of the Stock Exchange of Hong Kong[167]. - The Group is committed to being a positive force in the community and contributing to employee well-being[178]. Environmental Impact - The Group's core business does not directly generate significant air emissions, hazardous waste, or wastewater discharge, with greenhouse gas emissions primarily from electricity consumption and fuel used in vehicles[190]. - Energy consumption accounts for a major part of the Group's greenhouse gas emissions, prompting various energy-saving measures to improve efficiency and reduce consumption[191]. - The Group has implemented policies to reduce paper usage, including adopting an electronic filing system and promoting double-sided printing[194]. - The total number of employees increased from 11 to 18, representing a growth of 63.6%[197]. - The Group reported no material non-compliance with relevant laws and regulations regarding waste disposal and emissions[200].

Financial Performance - The turnover for the six months ended March 31, 2019, was HK$47,686,670, a decrease of 57.5% compared to HK$112,237,197 for the same period in 2018[10]. - The operating loss for the period was HK$65,974,495, compared to an operating loss of HK$124,012,927 in the previous year, representing a 46.8% improvement[10]. - Loss before tax for the period was HK$66,439,000, down from HK$124,899,003 in the prior year, indicating a 46.8% reduction in losses[10]. - Total comprehensive loss attributable to equity holders of the Company for the period was HK$66,439,000, compared to HK$122,399,003 in the previous year, reflecting a 45.2% decrease[11]. - The total comprehensive loss for the period ended March 31, 2019, was HK$122,399,003, which includes a loss of HK$66,439,000 for the period[17]. - The net loss attributable to equity holders of the Company was approximately HK$66.4 million, down from HK$124.9 million in 2018, primarily due to improved performance of listed securities[94]. - The Group reported a net realized loss on financial assets at fair value through profit or loss (FVTPL) of HK$39,799,733 for the six months ended 31 March 2019, compared to a loss of HK$81,482,230 for the same period in 2018[40]. - The net unrealized loss on financial assets of FVTPL was HK$18,282,881 for the six months ended 31 March 2019, down from HK$33,675,455 in the previous year[40]. - The Group recorded a net loss on listed securities investment of approximately HK$58.0 million during the Period, compared to HK$115.2 million in the corresponding period of last year[94]. Assets and Liabilities - The net asset value per share as of March 31, 2019, was HK$0.2436, down from HK$0.2670 as of September 30, 2018[14]. - Current assets as of March 31, 2019, totaled HK$663,531,643, a slight decrease from HK$684,799,627 as of September 30, 2018[13]. - Non-current assets decreased to HK$31,901,797 from HK$66,697,626, indicating a significant reduction of 52.1%[13]. - As of March 31, 2019, the total equity was HK$670,990,538, down from HK$735,554,038 as of October 1, 2018[17]. - The net asset value of the Group as of March 31, 2019, is HK$670,990,538, down from HK$735,554,038 as of September 30, 2018, indicating a decrease of approximately 8.8%[78][80]. - The Group's liquidity position improved, with bank balances decreasing to approximately HK$14.0 million from HK$56.9 million as of September 30, 2018[104]. - The current ratio as of March 31, 2019, was 27.1, down from 43.0 as of September 30, 2018, indicating a healthy level of liquidity[104]. - The gearing ratio increased to 3.5% as of March 31, 2019, compared to 2.1% as of September 30, 2018, while the Group had no material commitments or contingent liabilities[105]. - The debt-to-asset ratio remained low at 3.5% as of March 31, 2019, compared to 2.1% as of September 30, 2018[107]. Cash Flow - For the six months ended March 31, 2019, the net cash used in operating activities was HK$79,992,888, compared to HK$31,880,445 for the same period in 2018, indicating a significant increase in cash outflow[20]. - The net cash from investing activities for the same period was HK$37,089,520, a recovery from a cash outflow of HK$500,000 in the previous year[20]. - The company reported a decrease in cash and cash equivalents of HK$42,903,368 for the six months ended March 31, 2019, compared to a decrease of HK$32,380,445 in the same period of the previous year[20]. - The bank balances and cash as of March 31, 2019, were HK$13,958,969, down from HK$19,771,075 a year earlier[20]. Expenses - Administrative expenses for the period were HK$16,452,249, a decrease from HK$17,275,730 in the previous year, showing a 4.8% reduction[10]. - Total staff costs, including directors' remuneration and share-based payments, rose to HK$4,072,236 for the six months ended March 31, 2019, compared to HK$2,389,944 in the previous year[47]. - The short-term benefits for key management personnel increased to HK$1,943,136 for the six months ended March 31, 2019, compared to HK$1,415,364 for the same period in 2018, marking an increase of approximately 37.1%[86]. Dividends - The Company did not declare any dividends for the period, consistent with the previous year[11]. - No interim dividend was recommended for the six months ended March 31, 2019, consistent with the previous year[49]. - The Group did not recommend the payment of an interim dividend for the six months ended March 31, 2019, consistent with the previous year[54]. Share Options and Capital - The Company granted a total of 165,000,000 share options to certain directors and employees, representing approximately 0.6% of the issued share capital as of the grant date[134]. - The exercise price of the share options is HK$0.037 per share, with a fair value of HK$1,875,500 calculated using the Binomial Option Pricing Model[138]. - As of March 31, 2019, 110,448,249 share options remained ungranted, which is approximately 4.01% of the issued share capital[134]. - No share options were exercised during the six months ended March 31, 2019[135]. - The Company did not repurchase, redeem, or sell any of its listed securities during the six months ended March 31, 2019[140]. - The company did not conduct any capital exercises during the period, maintaining issued share capital of 2,754,882,496 shares with a par value of HK$0.025 each[120]. Compliance and Governance - The Audit Committee, comprising three independent non-executive directors, reviewed the accounting principles and practices adopted by the Company[141]. - The Company has fully complied with the Model Code for Securities Transactions by Directors during the Period[142]. - The company has complied with the Corporate Governance Code, with some deviations, including the roles of chairman and chief executive being held by the same person, which the board believes allows for prompt decision-making[147]. - All non-executive directors are subject to retirement by rotation, although they do not have specific terms of appointment, which the company considers sufficient to meet governance standards[148]. Investments - The Group completed the disposal of its investment in Kendervon Profit Inc. for HK$30,000,000, with the fair value of this investment being HK$30,000,000 as of 30 September 2018[65]. - The fair value of unlisted bonds held by the Group increased to HK$175,226,539 as of 31 March 2019, up from HK$120,300,000 as of 30 September 2018[64]. - The total fair value of financial assets at fair value through profit or loss increased to HK$520,960,381 as of 31 March 2019, compared to HK$465,607,302 as of 30 September 2018[64]. - The Group's investment in unlisted equity securities was valued at HK$27,733,160 as of 31 March 2019, with no such investments reported as of 30 September 2018[64]. - The Group's receivables from disposed available-for-sale investments increased to HK$85,200,015 as of 31 March 2019, compared to HK$61,029,609 as of 30 September 2018[73].

Financial Performance - The Group recorded a loss on listed securities of approximately HK$194.8 million for the fiscal year 2017/18, a significant reduction from the loss of approximately HK$525.5 million in the previous year[10]. - For the fiscal year ended September 30, 2018, the Group reported a negative turnover of approximately HK$179.8 million, a decrease from HK$516.2 million in the previous year[36]. - The net loss attributable to equity holders of the Company was approximately HK$244.4 million, down from HK$588.0 million in the previous year[36]. - The loss on financial asset investments decreased from HK$525.5 million in the previous year to HK$194.8 million in the current year, reflecting a reduction of approximately HK$330.7 million[36]. - The Group recorded a loss of approximately HK$41.8 million related to unlisted investments, slightly down from HK$41.9 million in the previous year[37]. Investment Activities - The Group disposed of 29% of the share capital of Uni-Venture International Investment Limited for HK$40.0 million, resulting in a gain of HK$5.5 million[11]. - The Group acquired two bonds during the year, one with a size of HK$30 million and a coupon of 11%, and another with a size of HK$30 million and a coupon of 12%[11]. - The fair value of the Group's bond investments was approximately HK$120.3 million, which is expected to provide steady income flows[11]. - The Group's investment in bonds issued by Rich Circle Investment Limited matured in August 2018, and the bond was redeemed at a 4% coupon rate[11]. - The Group's investment in Kendervon Profits Inc. was affected by the keen competition in the gold trading market in Hong Kong, leading to a loss in fair value[16]. Market Conditions - The Hang Seng Index peaked at over 33,000 points in January 2018 but fell to 27,788 points by the end of the fiscal year, reflecting market instability[10]. - The Group anticipates a challenging global investment environment due to the ongoing US-China trade war, which is expected to impact capital markets and economic growth[21]. - The Group's investment strategy will continue to be cautious due to the changing global investment environment influenced by the trade war between China and the United States[18]. Corporate Governance - The Board consists of two executive directors and three independent non-executive directors, with all members confirming their independence according to the Listing Rules[74]. - The Company has a strong corporate governance structure to ensure effective oversight of management and decision-making processes[81]. - The Audit Committee, chaired by Mr. Cheung Wai Kin, is responsible for overseeing the Group's financial reporting and risk management systems[90]. - The Company ensures compliance with the latest Listing Rules and regulatory requirements through continuous training for all directors[87]. - The Board has adopted a board diversity policy considering factors such as gender, age, cultural background, and professional experience to achieve board diversity[102]. Risk Management - The Board is committed to implementing effective risk management and internal control systems to safeguard shareholders' interests and the Group's assets[111]. - The internal control procedures are designed to safeguard assets against unauthorized use, control capital expenditure, and maintain proper accounting records[112]. - The Audit Committee reviewed the efficiency and effectiveness of the Group's risk management and internal control systems, covering revenue and receipt cycle, cash management, and financial reporting cycle[125]. - The management provided an action plan to address identified deficiencies in the risk management and internal control systems in a timely manner[126]. - The Group's risk management and internal control processes are adequate for the current business environment and will continue to be reviewed and updated as necessary[127]. Employee and Stakeholder Engagement - The Group emphasizes the importance of employee well-being and community contributions in its operations[156]. - The Company views employees as its most valuable asset, emphasizing the importance of a respectful and fair work environment[200]. - Recruitment and promotion opportunities are open and fair for all employees, regardless of various personal factors[200]. - Employee feedback on improving workplace productivity and harmony is carefully considered[200]. - The Group encourages shareholder participation in annual general meetings to facilitate direct communication with the Board[134]. Environmental, Social, and Governance (ESG) Initiatives - The Environmental, Social and Governance (ESG) Report highlights the Group's commitment to sustainable development and minimizing environmental impact[148]. - The Group's sustainability strategy includes ongoing communication with stakeholders to align business practices with their expectations[161]. - The Group is committed to environmental protection and energy-saving equipment usage, contributing to sustainability efforts[172]. - The Group's core business does not directly generate significant air emissions, hazardous waste, or wastewater discharge, with greenhouse gas emissions primarily from electricity consumption and fuel used in vehicles[170]. - The company promotes green initiatives among employees, encouraging practices such as switching off lights and appliances when not in use[182].