Summary of Key Points Core Viewpoint - As of July 30, a total of 160 stocks reached their 52-week highs, indicating a positive trend in the market, with notable performances from companies like Feiyang Group, LFG Investment Holdings, and Sillod Medical [1]. 52-Week Highs - Feiyang Group (01901) achieved a closing price of 0.320 with a peak of 0.385, marking a high rate of 37.50% - LFG Investment Holdings (03938) closed at 0.770, reaching a high of 0.820, with a high rate of 34.43% - Sillod Medical (01244) had a closing price of 7.180 and a peak of 7.860, resulting in a high rate of 23.20% [1]. Additional Notable Stocks - Other significant stocks that reached their 52-week highs include: - JAKS Resources B (01167) with a high rate of 19.38% - Chenlin Education (01593) at 18.47% - Lee's Pharmaceutical (00950) at 17.58% [1]. Market Trends - The overall trend shows a strong performance in various sectors, particularly in healthcare and technology, as evidenced by the high rates of stocks like Weichuang Medical (00853) and Ping An Good Doctor (01833) [1]. 52-Week Lows - Conversely, some stocks are experiencing declines, with notable mentions such as XI Ernan Samsung-U (09347) dropping by 9.76% and XI Ernan Samsung (07347) decreasing by 8.67% [5].

LFG投资控股(03938)再涨超28%，值得注意的是，该股近期接连攀升，月内股价已飙升4.5倍。截至发 稿，涨28.33%，报0.77港元，成交额1686.91万港元。 消息面上，近日，LFG投资控股公布，配售最多8119万股新股，占公司经扩大股本16.67%；配售价0.4 港元。集资总额3250万港元，所得净额3230万港元，拟用于增加资本基础以拓扩证券融资业务及用作集 团的一般营运资金。值得注意的是，香港联交所最新资料显示，7月25日，LFG投资控股股东将股票存 入力高证券，存仓市值759.94万港元，占比5.13%。 ...

消息面上，近日，LFG投资控股公布，配售最多8119万股新股，占公司经扩大股本16.67%；配售价0.4 港元。集资总额3250万港元，所得净额3230万港元，拟用于增加资本基础以拓扩证券融资业务及用作集 团的一般营运资金。值得注意的是，香港联交所最新资料显示，7月25日，LFG投资控股股东将股票存 入力高证券，存仓市值759.94万港元，占比5.13%。 智通财经APP获悉，LFG投资控股(03938)再涨超28%，值得注意的是，该股近期接连攀升，月内股价已 飙升4.5倍。截至发稿，涨28.33%，报0.77港元，成交额1686.91万港元。 ...

Group 1 - LFG Investment Holdings experienced a 20.0% increase in stock price, reaching HKD 0.72 per share with a trading volume of HKD 12.67 million as of 09:53 on July 30 [1] - The company primarily provides corporate financing, securities trading and brokerage services, and asset management services to international clients [1] - LFG Investment Holdings is listed on the main board of the Hong Kong Stock Exchange and has three licensed subsidiaries engaged in regulated activities [1] Group 2 - As of the 2024 annual report, LFG Investment Holdings reported total revenue of HKD 28.01 million and a net loss of HKD 32.30 million [2]

[Company Information](index=3&type=section&id=02%20Company%20Information) [Board of Directors](index=3&type=section&id=2.1%20Board%20of%20Directors) The company's board comprises executive directors Mr. Mui Ho Cheung (Chairman and CEO), Mr. Liu Tsz Wai, Mr. Ng Siu Hin, Ms. Ho Sze Man, Mr. Tang Chun Fai, and independent non-executive directors Ms. Lam Yin Sum, Mr. Poon Lai Yin, and Dr. Wong Ho Kei - Executive Directors include **Mr. Mui Ho Cheung** (Chairman and CEO), **Mr. Liu Tsz Wai**, **Mr. Ng Siu Hin**, **Ms. Ho Sze Man**, and **Mr. Tang Chun Fai**[5](index=5&type=chunk) - Independent Non-Executive Directors include **Ms. Lam Yin Sum**, **Mr. Poon Lai Yin**, and **Dr. Wong Ho Kei**[5](index=5&type=chunk) [Committee Composition](index=3&type=section&id=2.2%20Committee%20Composition) The Audit, Remuneration, and Nomination Committees are primarily led by independent non-executive directors, ensuring governance independence and professionalism - The Audit Committee Chairman is **Ms. Lam Yin Sum**, with members including **Mr. Poon Lai Yin** and **Dr. Wong Ho Kei**[5](index=5&type=chunk) - The Remuneration Committee Chairman is **Mr. Poon Lai Yin**, with members including **Ms. Lam Yin Sum** and **Dr. Wong Ho Kei**[5](index=5&type=chunk) - The Nomination Committee Chairman is **Mr. Mui Ho Cheung**, with members including **Ms. Lam Yin Sum**, **Mr. Poon Lai Yin**, and **Dr. Wong Ho Kei**[5](index=5&type=chunk) [Other Company Information](index=3&type=section&id=2.3%20Other%20Company%20Information) The company secretary is Mr. Ng Siu Hin, the auditor is BDO Limited, and other details like registered office, headquarters, share registrar, principal bankers, website, and stock code are listed - Company Secretary is **Mr. Ng Siu Hin**[5](index=5&type=chunk) - Auditor is **BDO Limited**[5](index=5&type=chunk) - The company's stock code is **3938**, and its website is **www.legogroup.hk**[6](index=6&type=chunk) [Financial Highlights](index=4&type=section&id=03%20Financial%20Highlights) [Performance Overview](index=4&type=section&id=3.1%20Performance%20Overview) For the year ended March 31, 2025, total revenue significantly decreased by 73.3% to HK$25,171 thousand, with an annual loss of HK$35,140 thousand and basic and diluted loss per share of HK8.6 cents Annual Results for the Year Ended March 31 (HK$ thousand) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue (excluding investment funds) | 32,924 | 84,865 | 86,662 | 94,813 | 80,320 | | Total Revenue | 25,171 | 94,173 | 46,873 | 78,145 | 108,152 | | (Loss)/Profit before income tax expense | (35,114) | (4,323) | (21,551) | (698) | 18,463 | | (Loss)/Profit for the year | (35,140) | (4,229) | (22,784) | (3,534) | 15,974 | | Total comprehensive (expense)/income for the year | (35,140) | (4,229) | (22,784) | (4,105) | 16,005 | | Basic and diluted (loss)/earnings per share | (8.6 HK cents) | (1.0 HK cents) | (5.6 HK cents) | (0.8 HK cents) | 4.0 HK cents | - Total revenue for fiscal year 2025 was **HK$25,171 thousand**, a significant **decrease** from **HK$94,173 thousand** in fiscal year 2024[7](index=7&type=chunk) - Fiscal year 2025 recorded a loss for the year of **HK$35,140 thousand**, an **expansion of loss** from **HK$4,229 thousand** in fiscal year 2024[7](index=7&type=chunk) [Assets and Liabilities Overview](index=4&type=section&id=3.2%20Assets%20and%20Liabilities%20Overview) As of March 31, 2025, total assets were HK$254,049 thousand, total liabilities HK$155,628 thousand, and net assets HK$98,421 thousand, a decrease from the previous year Assets and Liabilities as at March 31 (HK$ thousand) | Metric | 2025 | 2024 | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | 254,049 | 231,369 | 261,583 | 314,017 | 343,866 | | Total Liabilities | 155,628 | 97,615 | 113,451 | 143,505 | 170,215 | | Net Assets | 98,421 | 133,754 | 148,132 | 170,512 | 173,651 | - Total assets for fiscal year 2025 were **HK$254,049 thousand**, an **increase** from **HK$231,369 thousand** in fiscal year 2024[8](index=8&type=chunk) - Net assets for fiscal year 2025 were **HK$98,421 thousand**, a **decrease** from **HK$133,754 thousand** in fiscal year 2024[8](index=8&type=chunk) [Chairman's Statement](index=5&type=section&id=04%20Chairman's%20Statement) The Chairman's Statement notes that despite Hong Kong's economic recovery, macroeconomic volatility, global trade wars, mainland China's property issues, and geopolitical tensions create market uncertainty; the company recorded a loss in a challenging environment but remains optimistic, planning new services, expanded geographical reach, and alliances to mitigate risks and create long-term value - The Hong Kong capital market's business environment is fraught with uncertainty due to macroeconomic volatility, global trade wars, mainland China's property liquidity issues, and geopolitical tensions[9](index=9&type=chunk) - Hong Kong's IPO market shows signs of recovery, but activity remains below pre-pandemic levels, with small-cap stocks continuing to struggle[9](index=9&type=chunk) - The Hong Kong Legislative Council passed the Stablecoin Ordinance Bill, enhancing the virtual asset regulatory framework and creating opportunities for Hong Kong financial institutions[10](index=10&type=chunk) - The Group recorded a loss for the fiscal year but remains optimistic about the Hong Kong capital market's prospects, planning to launch new investment and financing services, expand geographical coverage and alliances to diversify revenue streams[10](index=10&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=05%20Management%20Discussion%20and%20Analysis) [Overview](index=6&type=section&id=5.1%20Overview) The Group is a Hong Kong financial services provider holding SFC licenses for Types 1, 4, 6, and 9 regulated activities, primarily offering corporate finance advisory, securities and financing, and asset management services, with corporate finance advisory remaining the main revenue driver - The Group is licensed for Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance[13](index=13&type=chunk) - Principal businesses include corporate finance advisory services, securities and financing services, and asset management services[13](index=13&type=chunk) - Corporate finance advisory services are the Group's primary business driver, generating the majority of revenue during the fiscal year[13](index=13&type=chunk) [Review](index=6&type=section&id=5.2%20Review) Operating in a challenging market, the Group adopted prudent risk management and cost control strategies; corporate finance advisory remained the primary revenue source but saw a decline, as did securities and financing, and asset management services [Market Review](index=6&type=section&id=5.2.1%20Market%20Review) Hong Kong's market shows recovery signs amid global challenges, with the Hang Seng Index rebounding, IPO and M&A markets reactivating, and China's economic stimulus boosting sentiment - The **Hang Seng Index** rose from **16,541.42** on March 28, 2024, to **23,119.58** on March 31, 2025[15](index=15&type=chunk) - The global economy faces multiple challenges including recession fears, global tariff wars, inflationary pressures, and geopolitical instability[15](index=15&type=chunk) [Business Review](index=7&type=section&id=5.2.2%20Business%20Review) The Group's corporate finance advisory revenue significantly declined despite more projects, due to lower average complexity; securities and financing revenue also fell from reduced client trading, and asset management and investment funds performed poorly, leading to losses Corporate Finance Advisory Services Revenue (HK$ thousand) | Service Type | 2025 | 2024 | | :--- | :--- | :--- | | IPO Sponsorship Services | 3,200 | 7,900 | | Financial and Independent Financial Advisory Services | 17,900 | 51,500 | | Compliance Advisory Services | 400 | 900 | | **Total** | **21,500** | **60,300** | - The total number of corporate finance advisory projects increased from 94 in 2

Financial Performance Summary [Overall Financial Performance](index=1&type=section&id=%E8%B2%A1%E5%8B%99%E8%A1%A8%E7%8F%BE%E6%91%98%E8%A6%81) For FY2025, total revenue significantly decreased, leading to a substantial expansion of loss for the year and a decline in net assets FY2025 vs. FY2024 Performance Summary Comparison | Metric | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 25,171 | 94,173 | -73.3% | | **Loss Before Income Tax** | (35,114) | (4,323) | +712.3% | | **Loss for the Year** | (35,140) | (4,229) | +731.1% | | **Basic Loss Per Share** | (8.6 HKD cents) | (1.0 HKD cents) | +760.0% | | **Total Assets** | 254,049 | 231,369 | +9.8% | | **Net Assets** | 98,421 | 133,754 | -26.4% | Consolidated Financial Statements [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In FY2025, total revenue significantly declined due to reduced core business income and financial asset losses, leading to an expanded loss for the year despite cost controls Key Items from Consolidated Statement of Profit or Loss (For the year ended March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | **25,171** | **94,173** | **-73.3%** | | Corporate Finance Advisory Services | 21,478 | 60,275 | -64.4% | | Securities and Underwriting Services | 4,041 | 8,531 | -52.6% | | Interest Income from Margin Financing Services | 7,117 | 11,127 | -36.0% | | Asset Management Services | 288 | 4,932 | -94.2% | | Net (Loss)/Gain on Financial Assets | (7,753) | 9,308 | -183.3% | | **Staff Costs** | (35,217) | (54,494) | -35.4% | | **Other Expenses** | (21,126) | (27,476) | -23.1% | | **Loss Before Income Tax** | (35,114) | (4,323) | +712.3% | | **Loss for the Year** | **(35,140)** | **(4,229)** | **+731.1%** | - Loss for the year attributable to owners of the Company was **HKD 34.997 million**, corresponding to a basic and diluted loss per share of **8.6 HKD cents**, a significant increase from **1.0 HKD cents** in the prior year[4](index=4&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2025, total assets slightly increased, but net assets decreased, primarily due to declining net current assets and rising current liabilities Key Items from Consolidated Statement of Financial Position (As of March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **Non-current Assets** | 23,578 | 8,946 | +163.6% | | **Current Assets** | 230,471 | 222,423 | +3.6% | | Trade Receivables | 39,711 | 100,280 | -60.4% | | Cash and Bank Balances | 46,061 | 41,273 | +11.6% | | **Total Assets** | **254,049** | **231,369** | **+9.8%** | | **Current Liabilities** | 142,302 | 97,418 | +46.1% | | Trade Payables | 110,322 | 43,929 | +151.1% | | Bank Borrowings | 5,490 | 24,639 | -77.7% | | **Total Liabilities** | 155,628 | 97,615 | +59.4% | | **Net Assets** | **98,421** | **133,754** | **-26.4%** | Notes to the Consolidated Financial Statements [Note 3: Revenue and Segment Information](index=8&type=section&id=Note%203%3A%20Revenue%20and%20Segment%20Information) All Group revenue from Hong Kong financial services constitutes a single segment, with revenue from customer contracts significantly decreasing due to a sharp decline in corporate finance advisory services Revenue Breakdown (For the year ended March 31) | Revenue Source | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | **Revenue from Contracts with Customers** | **25,807** | **73,738** | | Corporate Finance Advisory Services | 21,478 | 60,275 | | Securities and Underwriting Services | 4,041 | 8,531 | | Asset Management Services | 288 | 4,932 | | **Revenue from Other Sources** | **(636)** | **20,435** | | Interest Income from Margin Financing Services | 7,117 | 11,127 | | Net Fair Value Changes on Financial Assets | (7,985) | 8,750 | | **Total** | **25,171** | **94,173** | - As of March 31, 2025, the aggregate transaction price allocated to unsatisfied performance obligations under existing contracts was approximately **HKD 18.635 million**, expected to be recognized as revenue within the next 1 to 11 months[26](index=26&type=chunk) [Note 10: Trade Receivables](index=15&type=section&id=Note%2010%3A%20Trade%20Receivables) As of March 31, 2025, total trade receivables significantly decreased by 60.4%, primarily from securities margin financing, with impairment losses recognized for the year Composition of Trade Receivables (As of March 31) | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Securities Margin Financing Services | 35,660 | 85,421 | | Securities Trading from Clearing House | – | 6,788 | | Corporate Advisory and Other Services | 2,258 | 4,636 | | Receivables from Brokers | 1,791 | 3,435 | | **Total** | **39,711** | **100,280** | - The top five trade receivables from margin clients accounted for **72.9%** of the total amount in this category, indicating concentrated credit risk[38](index=38&type=chunk) Movement in Impairment Allowance for Trade Receivables | Item | 2025 (HKD thousands) | 2024 (HKD thousands) | | :--- | :--- | :--- | | Balance at Beginning of Year | 14,618 | 10,605 | | Impairment Losses Recognized | 7,225 | 11,167 | | Written off from Receivables | (1,629) | (7,154) | | **Balance at End of Year** | **20,414** | **14,618** | Management Discussion and Analysis [Business Review](index=20&type=section&id=Business%20Review) Amidst a challenging environment, all Group segments faced pressure, with core business revenue declining and asset management and investment funds recording significant losses - In the current fiscal year, corporate finance advisory services contributed **85.3%** of total revenue, securities and financing services contributed **44.3%**, while asset management and financial asset investments recorded a negative contribution of **-29.7%**[53](index=53&type=chunk) [Corporate Finance Advisory Services](index=20&type=section&id=Corporate%20Finance%20Advisory%20Services) Corporate finance advisory services, the core business, saw revenue significantly decrease by 64.3% due to lower per-project contributions and declines in key service areas Corporate Finance Advisory Services Revenue Breakdown | Service Type | FY2025 Revenue (HKD million) | FY2024 Revenue (HKD million) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | IPO Sponsorship | 3.2 | 7.9 | -59.5% | | Financial and Independent Financial Advisory | 17.9 | 51.5 | -65.2% | | Compliance Advisory | 0.4 | 0.9 | -55.6% | | **Total** | **21.5** | **60.3** | **-64.3%** | [Securities and Financing Services](index=22&type=section&id=Securities%20and%20Financing%20Services) Securities and financing services performed weakly, with trading and brokerage revenue declining and margin financing interest income decreasing due to a significant drop in outstanding loan balances - Securities trading and brokerage business revenue was approximately **HKD 2.3 million**, compared to **HKD 6.7 million** in the prior year[58](index=58&type=chunk) - Total outstanding margin loan balances were approximately **HKD 35.7 million**, a **58.2%** year-on-year decrease; interest income generated was approximately **HKD 7.1 million**, a **36.0%** year-on-year decrease[58](index=58&type=chunk) [Asset Management Services and Investment Funds](index=22&type=section&id=Asset%20Management%20Services%20and%20Investment%20Funds) Asset management business contracted, with managed fund net asset value decreasing, causing service revenue to plummet, and investment funds recording a significant loss - As of March 31, 2025, the net asset value of funds under management and/or investment advisory was approximately **USD 2.9 million**, a **35.6%** year-on-year decrease[59](index=59&type=chunk) - Investment funds recorded a loss of approximately **HKD 7.8 million**, primarily due to underperformance of the investment portfolio[59](index=59&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) This fiscal year, the Group faced severe financial challenges, with total revenue down 73.3% and loss attributable to owners reaching HKD 35 million, despite cost controls [Results Analysis](index=23&type=section&id=Results%20Analysis) Total revenue decreased from HKD 94.2 million to HKD 25.2 million, staff costs declined by 35.4%, and loss attributable to owners expanded from HKD 4 million to HKD 35 million - Total revenue decreased by **73.3%**, primarily due to reduced revenue from corporate finance advisory services, securities and financing services, and investment fund losses[60](index=60&type=chunk) - Staff costs decreased by **35.4%** to **HKD 35.2 million**, mainly due to a reduction in average headcount and discretionary bonuses[63](index=63&type=chunk) - Loss for the year attributable to owners of the Company was approximately **HKD 35 million**, compared to a loss of approximately **HKD 4 million** last year[68](index=68&type=chunk) [Liquidity and Capital Structure](index=25&type=section&id=Liquidity%20and%20Capital%20Structure) As of March 31, 2025, net current assets were HKD 88.2 million, with the current ratio decreasing, while total debt was approximately HKD 22 million, maintaining a stable gearing ratio Liquidity and Capital Structure Indicators (As of March 31) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net Current Assets | HKD 88.2 million | HKD 125 million | | Current Ratio | 1.6 times | 2.3 times | | Cash and Bank Balances | HKD 56.1 million | HKD 51.3 million | | Total Debt | HKD 22 million | HKD 33 million | | Gearing Ratio | 22.4% | 24.7% | [Prospects and Outlook](index=28&type=section&id=Prospects%20and%20Outlook) The Group anticipates continued challenges from global economic uncertainties impacting client fundraising and M&A, but will leverage its expertise to seek new global opportunities and maintain prudent risk management - Global economic uncertainties may lead to reduced, delayed, or terminated client demand for fundraising and M&A activities[83](index=83&type=chunk) - The Group will actively seek business opportunities in resumption and restructuring projects to navigate the current market environment[84](index=84&type=chunk) - Future plans include enhancing marketing efforts, seeking new global business opportunities, and evaluating strategies for virtual assets and ESG-related businesses[85](index=85&type=chunk) Other Company Information [Dividend Policy](index=28&type=section&id=Dividend%20Policy) Given the current year's loss, the Board has resolved not to declare any final dividend for the year ended March 31, 2025, consistent with the prior year - The Board resolved not to declare any final dividend for the year ended March 31, 2025[86](index=86&type=chunk) [Corporate Governance](index=29&type=section&id=Corporate%20Governance) The Company maintains high corporate governance standards, complying with all applicable provisions except for the combined roles of Chairman and CEO, which the Board deems in the Group's and shareholders' best interests - The Company has complied with the Corporate Governance Code, but the roles of Chairman and Chief Executive Officer are not segregated, both held by Mr. Mui Ho Cheung[88](index=88&type=chunk)[89](index=89&type=chunk) - The Audit Committee, comprising three independent non-executive directors, has reviewed the audited consolidated financial statements for the current year[92](index=92&type=chunk)

Financial Performance - The total revenue for the six months ended September 30, 2024, was HKD 8,576,000, a significant decrease from HKD 63,607,000 for the same period in 2023, reflecting a decline of approximately 86.5%[148] - The company reported a loss before tax of HKD 17,634,000 for the six months ended September 30, 2024, compared to a profit of HKD 11,660,000 for the same period in 2023[148] - The company reported a net loss of HKD 17,648,000 for the six months ended September 30, 2024, compared to a profit of HKD 10,938,000 for the same period in 2023[148] - The company incurred employee costs of HKD 16,950,000 for the six months ended September 30, 2024, down from HKD 29,695,000 in the same period of 2023, indicating a reduction of approximately 43%[148] - The company recorded a loss attributable to owners of approximately HKD 17.5 million for the period, compared to a profit of approximately HKD 11.0 million in 2023, primarily due to a decrease in revenue[185] Investment and Assets - The total assets and liabilities of investments as of September 30, 2024, were approximately HKD 15,315,000 and HKD 1,384,000, respectively, down from HKD 21,346,000 and HKD 4,420,000 as of March 31, 2024[6] - The group's investment in Lohas Holdings included an unconverted convertible bond principal of USD 150,000 (approximately HKD 1,170,000) as of the acquisition date[12] - The fair value of convertible bonds as of September 30, 2024, was HKD 1,336,000, an increase from HKD 698,000 as of March 31, 2024[141] - The net asset value of funds under management and/or investment advisory as of September 30, 2024, was approximately USD 5.7 million (about HKD 44.7 million), up from USD 4.5 million (about HKD 34.7 million) as of March 31, 2024[161] - The net asset value per share of the Lego Vision Fund decreased from approximately USD 75.3 (about HKD 587.5) to approximately USD 62.0 (about HKD 483.6), reflecting an overall negative return of approximately 17.7%[194] Share Options and Capital - The company's issued and paid-up share capital as of September 30, 2024, was HKD 4,060,000, with 405,962,965 shares issued[23] - The company has established a pre-IPO share option plan, granting 33,041,054 options at an exercise price of HKD 0.60 per share[24] - The total number of options available for exercise as of September 30, 2024, is 8,080,540, with a weighted average exercise price of HKD 0.60[48] - The company has not recognized any expenses related to the granted options for the six months ending September 30, 2024[38] - The company adopted the 2024 Share Option Scheme on August 13, 2024, allowing for the issuance of up to 40,596,296 shares, representing 10% of the total issued shares as of the adoption date[88] Corporate Finance and Advisory Services - The company's revenue from corporate finance advisory services accounted for approximately 131.9% of total revenue, compared to 77.4% in 2023[160] - The group participated in a total of 70 corporate finance advisory projects during the period, compared to 67 projects in the same period last year[166] - Revenue from financial and independent advisory services was approximately HKD 11.1 million, down from HKD 43.3 million in the previous year, with 49 financial advisory projects and 17 independent advisory projects completed[169] - The group’s corporate finance advisory service revenue decreased by approximately 77.0% to about HKD 49.2 million for the six months ended September 30, 2023[166] - The company completed one underwriting and placement project during the reporting period[161] Financial Position and Liabilities - The group's undrawn credit facilities amounted to approximately HKD 17,524,000, down from HKD 19,629,000 as of March 31, 2024[1] - Bank loans due within one year amounted to HKD 5,564,000 as of September 30, 2024, significantly down from HKD 24,639,000 as of March 31, 2024[14] - The total outstanding balance of margin loans was approximately HKD 60.5 million as of September 30, 2024, down from HKD 85.4 million as of March 31, 2024[171] - The total financial liabilities measured at amortized cost amount to HKD 72,149,000, with accounts payable of HKD 47,485,000[91] - The company has no significant capital commitments or contingent liabilities as of September 30, 2024[192] Market and Economic Conditions - The Hang Seng Index increased by approximately 27.8% from 16,541.42 points on March 28, 2024, to 21,133.68 points on September 30, 2024[164] - The average daily trading volume on the main board exceeded HKD 100 billion during the six-month period, with trading volume on September 30, 2024, exceeding HKD 500 billion[164] - The group anticipates gradual recovery in the Hong Kong economy and financial markets, although uncertainties remain due to various global factors[198] - The company aims to expand its marketing efforts to explore new business opportunities not only in Hong Kong and China but also in Southeast Asia, Oceania, Europe, and the Americas[199] - The company adopted prudent risk management and cost control measures in response to a challenging business environment[164]

Revenue Performance - Total revenue (excluding investment funds) decreased from approximately HKD 64.9 million for the six months ended September 30, 2023, to approximately HKD 16.0 million for the current period[1]. - Total revenue (including investment funds) decreased from approximately HKD 63.6 million for the six months ended September 30, 2023, to approximately HKD 8.6 million for the current period[1]. - For the six months ended September 30, 2024, the total revenue was HKD 12,245,000, a decrease from HKD 58,670,000 in the same period of 2023, representing a decline of approximately 79.1%[28][34]. - The total revenue of the group decreased from approximately HKD 63.6 million for the six months ended September 30, 2023, to about HKD 8.6 million for the current period, representing a decline of approximately 86.5%[86]. Revenue Breakdown - Revenue from corporate finance advisory services for the current period was approximately HKD 11.3 million, accounting for about 131.9% of total revenue (compared to 77.4% in 2023)[1]. - Revenue from securities and financing services for the current period was approximately HKD 4.6 million, accounting for about 54.2% of total revenue (compared to 20.7% in 2023)[1]. - The revenue from corporate finance advisory services was HKD 11,311,000, down from HKD 49,219,000, indicating a decrease of about 77% year-over-year[29][34]. - Revenue from financial and independent financial advisory services was approximately HKD 11.1 million for the current period, compared to about HKD 43.3 million in 2023, with 49 financial advisory projects and 17 independent financial advisory projects undertaken[78]. Financial Losses - The group recorded a loss of approximately HKD 17.6 million for the current period, compared to a profit of approximately HKD 10.9 million in 2023[1]. - The group recorded a loss attributable to owners of approximately HKD 17.5 million for the period, compared to a profit of approximately HKD 11.0 million in 2023, primarily due to a decrease in revenue[96]. - The group recorded a loss of approximately HKD 7.5 million from investment fund income, compared to a loss of about HKD 1.3 million in 2023[85]. Employee Costs - Employee costs for the current period were HKD 16.95 million, down from HKD 29.695 million in 2023[3]. - The group reported a total employee cost of HKD 16,950,000 for the six months ended September 30, 2024, down from HKD 29,695,000 for the same period in 2023, reflecting a decrease of approximately 42.9%[45]. - Employee costs decreased by approximately 42.7% to about HKD 17.0 million for the current period, down from approximately HKD 29.7 million for the six months ended September 30, 2023[89]. Assets and Liabilities - The group's net assets as of September 30, 2024, were HKD 116.33 million, compared to HKD 133.75 million as of March 31, 2024[10]. - The group's cash and bank balances as of September 30, 2024, were HKD 33.723 million, down from HKD 41.273 million as of March 31, 2024[7]. - The group’s total liabilities as of September 30, 2024, were HKD 77.17 million, compared to HKD 97.418 million as of March 31, 2024[7]. - As of September 30, 2024, the group's current assets net value was approximately HKD 105.3 million, down from approximately HKD 125.0 million on March 31, 2024, with a current ratio of approximately 2.4 times[98]. Credit and Risk Management - The company did not provide any credit facilities to its margin clients, indicating a conservative approach to credit risk management[56]. - The company’s management assessed the recoverability of loans based on the credit quality of margin clients, collateral values, and past collection records[55]. - The group regularly assesses the recoverability and adequacy of impairment for receivables based on various factors, including credit risk and historical settlement records[93]. - The expected credit loss assessment for receivables is based on a full-period expected credit loss model due to significant increases in credit risk from certain securities[92]. Market and Economic Outlook - The outlook for the future anticipates gradual recovery in Hong Kong's economy and financial markets, although volatility may persist due to various global uncertainties[110]. - The group plans to enhance its marketing efforts to explore new business opportunities not only in Hong Kong and China but also in Southeast Asia, Oceania, Europe, and the Americas[112]. - The group believes its comprehensive financial services provide a competitive advantage in acquiring new mandates and maintaining a healthy project pipeline[111]. Compliance and Governance - The audit committee consists of three independent non-executive directors, ensuring clear responsibilities and accountability[117]. - The group has adopted accounting principles and practices that comply with relevant standards and regulations as of September 30, 2024[119]. - The group continues to adhere to strict risk management and compliance policies to provide quality services to clients[112]. Dividends and Shareholder Information - The group did not declare or pay any interim dividends for the six months ended September 30, 2024, compared to HKD 10,149,000 in 2023[48]. - No interim dividend has been declared for the six months ending September 30, 2024, compared to HKD 0.025 per share in 2023[120]. - The interim results announcement is published on the Hong Kong Stock Exchange website and the company's website for shareholder access[122].

[Company Information](index=3&type=section&id=Company%20Information) The report provides core company information including basic registration details, board and committee member lists, principal office addresses, share registrars, principal bankers, and auditors - The report provides core company information including basic registration details, board and committee member lists, principal office addresses, share registrars, principal bankers, and auditors[396](index=396&type=chunk) [Financial Summary](index=4&type=section&id=Financial%20Summary) Presents key financial performance and position metrics over five fiscal years, including revenue, profit/loss, EPS, total assets, liabilities, and net assets | Metric | 2024 (Thousand HKD) | 2023 (Thousand HKD) | 2022 (Thousand HKD) | 2021 (Thousand HKD) | 2020 (Thousand HKD) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Performance** | | | | | | | Revenue | 94,173 | 46,873 | 78,145 | 108,152 | 105,254 | | Loss/(Profit) before income tax | (4,323) | (21,551) | (698) | 18,463 | 22,172 | | Loss/(Profit) for the year | (4,229) | (22,784) | (3,534) | 15,974 | 14,150 | | Basic loss/(earnings) per share | (1.0 HK cents) | (5.6 HK cents) | (0.8 HK cents) | 4.0 HK cents | 3.9 HK cents | | **Assets and Liabilities** | | | | | | | Total assets | 231,369 | 261,583 | 314,017 | 343,866 | 347,581 | | Total liabilities | 97,615 | 113,451 | 143,505 | 170,215 | 172,948 | | Net assets | 133,754 | 148,132 | 170,512 | 173,651 | 174,633 | [Chairman's Statement](index=5&type=section&id=Chairman%27s%20Statement) The Chairman noted that despite the challenging Hong Kong capital market in FY2024 due to macroeconomic volatility and high interest rates, leading to a group loss, the market shows signs of recovery, and the company remains optimistic about the Hong Kong capital market's prospects, especially new opportunities from GEM listing reforms and virtual assets, aiming to diversify revenue and create long-term shareholder value - The Chairman noted that despite the challenging Hong Kong capital market in **FY2024** due to macroeconomic volatility and high interest rates, leading to a group loss, the market shows signs of recovery, and the company remains optimistic about the Hong Kong capital market's prospects, especially new opportunities from GEM listing reforms and virtual assets, aiming to diversify revenue and create long-term shareholder value[4](index=4&type=chunk)[369](index=369&type=chunk)[373](index=373&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=Management%20Discussion%20and%20Analysis) Provides a comprehensive review of the Group's operational and financial performance, liquidity, significant investments, and future outlook for the fiscal year [Business Review](index=7&type=section&id=Business%20Review) In FY2024, the company's total revenue doubled, primarily driven by a significant increase in corporate finance advisory service income and a turnaround from loss to profit in investment funds, with corporate finance advisory remaining the core driver, accounting for 64.0% of total revenue; however, securities and financing services revenue declined due to reduced market trading and margin loan scale, while asset management scale significantly shrank, but investment funds improved, recording positive returns | Business Segment | FY2024 Revenue (Million HKD) | FY2023 Revenue (Million HKD) | Y-o-Y Change | Share of Total Revenue (FY2024) | | :--- | :--- | :--- | :--- | :--- | | Corporate Finance Advisory Services | 60.3 | 37.1 | +62.7% | 64.0% | | Securities and Financing Services | 19.7 | 29.0 | -32.1% | 20.9% | | Asset Management Services and Investment | 14.2 | (19.2) | turnaround from loss to profit | 15.1% | [Corporate Finance Advisory Services](index=7&type=section&id=Corporate%20Finance%20Advisory%20Services) This fiscal year, corporate finance advisory service revenue significantly increased by 62.7% year-on-year to HK$60.3 million, primarily driven by growth in financial and independent financial advisory services, with financial advisory projects contributing significantly despite a decrease in IPO sponsorship and compliance advisory projects and revenue | Service Type | FY2024 Revenue (Million HKD) | FY2023 Revenue (Million HKD) | FY2024 Projects | FY2023 Projects | | :--- | :--- | :--- | :--- | :--- | | IPO Sponsorship | 7.9 | 11.1 | 7 | 10 | | Financial and Independent Financial Advisory | 51.5 | 23.7 | 83 | 119 | | Compliance Advisory | 0.9 | 2.3 | 4 | 11 | [Securities and Financing Services](index=8&type=section&id=Securities%20and%20Financing%20Services) Affected by market conditions, securities and financing services performed weakly, with placing and underwriting revenue decreasing to HK$1.9 million due to smaller average transaction sizes, securities trading and brokerage revenue slightly declining to HK$6.7 million, and margin financing scale shrinking, with total outstanding balances falling to HK$85.4 million and interest income decreasing to HK$11.1 million - Total outstanding margin loan balances decreased from last year's **HK$127.7 million** to **HK$85.4 million**[18](index=18&type=chunk) - Placing and underwriting business revenue was approximately **HK$1.9 million** (2023: approximately **HK$5.9 million**), primarily due to a decrease in the average transaction size per project[410](index=410&type=chunk) [Asset Management Services](index=9&type=section&id=Asset%20Management%20Services) This fiscal year, assets under management significantly decreased, with the net asset value of funds under management and/or investment advisory falling to approximately US$4.5 million as of March 31, 2024 (compared to US$32.1 million last year); despite the reduction in scale, investment funds improved, recording a positive return of HK$9.3 million, a turnaround from a loss of HK$19.6 million in the prior year - The net asset value of funds under management and/or investment advisory decreased to approximately **US$4.5 million** (equivalent to approximately **HK$34.7 million**) as of March 31, 2024, compared to approximately **US$32.1 million** (equivalent to approximately **HK$250.7 million**) in the prior year[8](index=8&type=chunk)[385](index=385&type=chunk) - Investment fund income was approximately **HK$9.3 million**, a **turnaround from loss to profit** compared to a loss of **HK$19.6 million** in the prior year, primarily due to improved performance of investment funds during the fiscal year[19](index=19&type=chunk) [Financial Review](index=9&type=section&id=Financial%20Review) This fiscal year, the Group's total revenue increased by 100.9% year-on-year to HK$94.2 million; however, increased staff costs by 26.7% and a significant rise in expected credit loss provisions for trade receivables pressured profits, though reduced finance costs and core business growth narrowed the loss attributable to owners from HK$22.7 million to HK$4.0 million | Financial Metric | FY2024 (Million HKD) | FY2023 (Million HKD) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Total Revenue | 94.2 | 46.9 | +100.9% | | Staff Costs | 54.5 | 43.0 | +26.7% | | Expected Credit Loss on Trade Receivables | 11.2 | 2.6 | +330.8% | | Finance Costs | 1.9 | 4.0 | -52.5% | | Loss Attributable to Owners of the Company | (4.0) | (22.7) | loss narrowed | [Liquidity, Financial Resources and Capital Structure](index=11&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of March 31, 2024, the Group's financial position remained robust, with net current assets of approximately HK$125.0 million and a current ratio of 2.3 times, both at healthy levels; total debt decreased to HK$33.0 million, and the gearing ratio improved from 27.5% to 24.7%, with working capital primarily sourced from operating cash flow, bank borrowings, and capital payments | Metric | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | Net Current Assets (Million HKD) | 125.0 | 135.8 | | Current Ratio (times) | 2.3 | 2.2 | | Total Cash and Bank Balances (Million HKD) | 51.3 | 31.0 | | Total Debt (Million HKD) | 33.0 | 40.7 | | Gearing Ratio (%) | 24.7 | 27.5 | [Significant Investments](index=12&type=section&id=Significant%20Investments) The Group's primary significant investment is Lego Vision Fund SP (LVF), a fund it manages; as of March 31, 2024, the Group held approximately 48.73% of LVF's non-voting shares, valued at approximately HK$16.9 million, representing 7.4% of the Group's total assets, with the fund performing well this fiscal year, increasing its NAV per share by approximately 25.7% - The Group holds **28,807,172** non-voting shares in LVF, representing approximately **48.73%** of the total, valued at approximately **HK$16.9 million**[28](index=28&type=chunk) - LVF's net asset value per share increased from **US$59.9** to **US$75.3**, representing an overall return of approximately **25.7%**[28](index=28&type=chunk) [Prospects and Outlook](index=13&type=section&id=Prospects%20and%20Outlook) Looking ahead, management anticipates a gradual but bumpy global and local economic recovery, facing challenges such as high interest rates and geopolitical tensions; the Group will maintain a prudent risk management strategy while actively expanding markets, seeking new opportunities in mainland China, Singapore, and globally, particularly in virtual assets and ESG, aiming to solidify its reputation as an integrated financial services platform and broaden its client base and revenue streams - The Group will enhance its marketing efforts to seek new business opportunities in Hong Kong, China, Singapore, and globally[31](index=31&type=chunk) - The Group will evaluate new opportunities arising from virtual asset centers and ESG developments, and formulate business strategies compliant with the latest regulatory requirements[31](index=31&type=chunk) - Due to market uncertainties, clients' fundraising and M&A decisions may be affected, potentially leading to reduced or delayed demand for the Group's services[57](index=57&type=chunk) [Directors and Senior Management](index=13&type=section&id=Directors%20and%20Senior%20Management) The report details the biographies of executive directors, independent non-executive directors, and senior management, including their age, tenure, professional qualifications, industry experience, and primary responsibilities within the Group, highlighting the core management team's extensive experience in finance, investment banking, accounting, and legal fields - The report details the biographies of executive directors, independent non-executive directors, and senior management, including their age, tenure, professional qualifications, industry experience, and primary responsibilities within the Group, highlighting the core management team's extensive experience in finance, investment banking, accounting, and legal fields[32](index=32&type=chunk)[63](index=63&type=chunk)[67](index=67&type=chunk) [Directors' Report](index=19&type=section&id=Directors%27%20Report) Details the Board's activities, dividend policy, use of listing proceeds, major customer analysis, directors' share interests, and share option schemes [Dividends](index=20&type=section&id=Dividends) The Board has resolved not to declare any final dividend for the year ended March 31, 2024, consistent with the previous year - The Board resolved not to declare a final dividend for the year ended March 31, 2024 (2023: **nil**)[72](index=72&type=chunk) [Use of Net Proceeds from Listing](index=21&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) As of March 31, 2024, the entire net proceeds of approximately HK$99.1 million raised from the company's 2019 listing have been fully utilized as stated in the prospectus and subsequent announcements, primarily for increasing the underwriting business capital base, expanding the team, investing in new funds, and supplementing working capital - The net proceeds from the listing, approximately **HK$99.1 million**, have been fully utilized, with **HK$56.3 million** allocated to increasing the capital base for underwriting business[92](index=92&type=chunk)[442](index=442&type=chunk) [Major Customers](index=22&type=section&id=Major%20Customers) This fiscal year, the Group's customer concentration decreased, with the top five customers collectively contributing 37.0% of total revenue, down from 43.3% in the previous year, while the largest single customer's contribution increased from 16.5% to 18.3% - The top five customers accounted for **37.0%** of total revenue (2023: **43.3%**)[76](index=76&type=chunk) - The largest single customer accounted for **18.3%** of total revenue (2023: **16.5%**)[76](index=76&type=chunk) [Directors' Interests in Shares](index=26&type=section&id=Directors%27%20Interests%20in%20Shares) The report discloses the interests of directors and chief executives in the company's shares; Mr. Mui Ho Cheung, Chairman and CEO, holds approximately 76.44% of the company's shares through controlled corporations and beneficial ownership, making him the controlling shareholder, while other executive directors also hold minor interests through share option schemes | Director Name | Capacity/Nature of Interest | Number of Shares Interested | Approximate % of Shareholding | | :--- | :--- | :--- | :--- | | Mr. Mui Ho Cheung | Controlled Corporation Interest | 299,492,188 (L) | 73.77% | | | Beneficial Owner | 10,858,070 (L) | 2.67% | | Mr. Liu Tsz Wai | Beneficial Owner | 1,039,298 (L) | 0.26% | | Mr. Ng Siu Hin | Beneficial Owner | 1,039,298 (L) | 0.26% | | Ms. Ho Sze Man | Beneficial Owner | 1,039,298 (L) | 0.26% | | Mr. Tang Chun Fai | Beneficial Owner | 389,737 (L) | 0.10% | [Share Option Schemes](index=29&type=section&id=Share%20Option%20Schemes) The company has both pre-IPO and post-IPO share option schemes; the report details the terms, grants, exercise prices, and changes in unexercised options held by directors and employees for both schemes, with approximately 8.08 million options unexercised under the pre-IPO scheme and 8 million under the post-IPO scheme at fiscal year-end, and no options exercised during the fiscal year - Pre-IPO Share Option Scheme: As of March 31, 2024, **8,080,540** share options remained unexercised, with an exercise price of **HK$0.6** per share[156](index=156&type=chunk)[183](index=183&type=chunk) - Post-IPO Share Option Scheme: As of March 31, 2024, **8,000,000** share options remained unexercised, held by Chairman Mr. Mui Ho Cheung[1015](index=1015&type=chunk) - No share options were exercised under either share option scheme during the fiscal year[158](index=158&type=chunk)[197](index=197&type=chunk) [Corporate Governance Report](index=38&type=section&id=Corporate%20Governance%20Report) Outlines the Group's corporate governance framework, including board structure, committee functions, risk management, and internal control systems [Board of Directors](index=39&type=section&id=Board%20of%20Directors) The Board of Directors comprises five executive directors and three independent non-executive directors, meeting listing rule requirements for independent non-executive director numbers and professional qualifications; during the reporting period, the Board held five meetings with 100% attendance, demonstrating high engagement, and the company has adopted a board diversity policy, committed to enhancing diversity in gender and professional background among board members - The Board of Directors comprises **eight** directors, including five executive directors and **three independent non-executive directors**[275](index=275&type=chunk) - During the fiscal year, the Board held **five** meetings, with **100%** attendance from all directors[103](index=103&type=chunk) [Board Committees](index=45&type=section&id=Board%20Committees) The Board has three committees: Audit, Nomination, and Remuneration, all led by independent non-executive directors; the Audit Committee oversees financial reporting and internal controls, the Nomination Committee reviews board structure and nominates directors, and the Remuneration Committee sets compensation policies, with all committees holding meetings and fulfilling their duties during the reporting period, achieving 100% attendance - The Audit Committee, composed of **three independent non-executive directors**, held **four** meetings during the year, reviewing financial results, internal control systems, and considering the reappointment of external auditors[83](index=83&type=chunk)[44](index=44&type=chunk) - The Nomination Committee, comprising one executive director and **three independent non-executive directors**, held **one** meeting during the year, reviewing the Board's structure, size, and diversity[46](index=46&type=chunk)[47](index=47&type=chunk) - The Remuneration Committee, composed of **three independent non-executive directors**, held **five** meetings during the year, reviewing the remuneration of directors and senior management and the company's remuneration policy[306](index=306&type=chunk)[291](index=291&type=chunk)[309](index=309&type=chunk) [Risk Management and Internal Control](index=50&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board is responsible for maintaining sound and effective internal control and risk management systems; this fiscal year, the company engaged an independent consulting firm to review the system's effectiveness, and both the Board and Audit Committee deem the Group's risk management and internal control systems effective and adequate, with no significant internal control deficiencies, and the company has also established an anti-corruption policy and whistleblowing mechanism - The Board is responsible for maintaining sound and effective internal control and risk management systems, and monitors them annually[293](index=293&type=chunk) - During the fiscal year, the company engaged an independent consulting firm to review the effectiveness of its risk management and internal control systems, which the Board deemed effective and adequate[312](index=312&type=chunk) [Environmental, Social and Governance Report](index=52&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) Presents the Group's commitment and performance in environmental protection, social responsibility, and governance, including ESG structure, environmental metrics, and social initiatives [ESG Governance Structure](index=54&type=section&id=ESG%20Governance%20Structure) The Board holds overall responsibility for the Group's sustainable development governance, overseeing ESG matters, risks, and performance targets related to operations; the company has assigned designated personnel from various functional departments to systematically manage ESG matters and report to the Board, ensuring effective implementation of risk management and internal control systems - The Board is fully responsible for the Group's sustainable development governance and oversees the potential impacts and risks of ESG matters[323](index=323&type=chunk) - The Group has assigned employees from various functional departments to systematically manage ESG matters and report to the Board[351](index=351&type=chunk) [Environmental Aspects](index=57&type=section&id=Environmental%20Aspects) In environmental protection, the Group is committed to reducing its operational impact; this fiscal year, total greenhouse gas emissions decreased, but due to business normalization, exhaust gas emissions and non-hazardous waste (office paper) generation increased; the Group has developed a five-year emission reduction and energy saving plan and implemented various energy-saving and waste reduction measures | Environmental Performance Indicator | Unit | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Total Greenhouse Gas Emissions (Scope 1 & 2) | tonnes of CO2e | 48.15 | 56.00 | | Total Non-Hazardous Waste (Paper) | tonnes | 0.65 | 0.31 | | Total Energy Consumption | MWh | 90.81 | 98.61 | [Social Aspects](index=61&type=section&id=Social%20Aspects) In social responsibility, the Group prioritizes employee well-being, health and safety, development training, and labor standards, and is committed to supply chain and product responsibility; this fiscal year, total employees slightly decreased to 42, with a balanced gender ratio, and employee turnover significantly declined, with all employees receiving training and average training hours per employee increasing; the Group maintains a zero-tolerance stance on corruption and provided anti-corruption training to all directors and employees | Social Performance Indicator | Unit | 2024 | 2023 | | :--- | :--- | :--- | :--- | | Total Employees | persons | 42 | 45 | | Employee Turnover Rate | % | 19.57 | 27.59 | | Percentage of Employees Trained | % | 100.00 | 100.00 | | Average Training Hours per Employee | hours | 10.22 | 7.71 | - During the fiscal year, all directors and employees of the Group each received approximately **one hour** of anti-corruption training[526](index=526&type=chunk) [Independent Auditor's Report](index=77&type=section&id=Independent%20Auditor%27s%20Report) Contains the independent auditor's opinion on the consolidated financial statements and highlights key audit matters related to significant management judgments [Audit Opinion](index=78&type=section&id=Audit%20Opinion) BDO Limited, the auditor, issued an unqualified opinion on the Group's consolidated financial statements for the year ended March 31, 2024, stating that they present a true and fair view of the Group's financial position, performance, and cash flows in accordance with Hong Kong Financial Reporting Standards and are properly prepared in compliance with the Hong Kong Companies Ordinance - The auditor believes that the consolidated financial statements truly and fairly reflect the Group's consolidated financial position and its consolidated financial performance and consolidated cash flows for the year ended on that date, in accordance with Hong Kong Financial Reporting Standards[546](index=546&type=chunk) [Key Audit Matters](index=78&type=section&id=Key%20Audit%20Matters) The auditor identified two impairment assessments of trade receivables as key audit matters due to significant management judgment and estimation involved, specifically: (1) impairment assessment of trade receivables from corporate advisory and other services; and (2) impairment assessment of trade receivables from securities margin financing services, for which the auditor performed procedures including evaluating impairment models, testing aging accuracy, checking collateral values, and post-period settlements - Key Audit Matter One: Impairment assessment of trade receivables from corporate advisory and other services, which requires significant judgment in assessing recoverability, involving service records, credit records, and estimated future cash flows[597](index=597&type=chunk)[576](index=576&type=chunk) - Key Audit Matter Two: Impairment assessment of trade receivables from securities margin financing services, which requires significant judgment in assessing recoverability, involving financing records, credit records, relevant securities values, and estimated future cash flows[600](index=600&type=chunk)[579](index=579&type=chunk) [Consolidated Financial Statements](index=83&type=section&id=Consolidated%20Financial%20Statements) Presents the Group's comprehensive financial statements, including the statement of profit or loss, financial position, and cash flows for the fiscal year [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=83&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) This fiscal year, the Group recorded total revenue of HK$94.2 million, a significant increase from HK$46.9 million last year; despite increased staff costs and other expenses, the loss before income tax narrowed from HK$21.6 million to HK$4.3 million due to core business growth, with the loss for the year ultimately improving significantly from HK$22.8 million to HK$4.2 million | Item (Thousand HKD) | 2024 | 2023 | | :--- | :--- | :--- | | Total Revenue | 94,173 | 46,873 | | Loss before income tax | (4,323) | (21,551) | | Loss for the year | (4,229) | (22,784) | | Loss for the year attributable to owners of the Company | (3,987) | (22,684) | [Consolidated Statement of Financial Position](index=85&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets were HK$231.4 million, total liabilities HK$97.6 million, and net assets HK$133.8 million; compared to the prior year, both total assets and liabilities decreased, and net assets also reduced from HK$148.1 million, primarily reflecting the loss for the year, with key assets including trade receivables (HK$100.3 million) and cash and equivalents (HK$41.3 million) | Item (Thousand HKD) | As of March 31, 2024 | As of March 31, 2023 | | :--- | :--- | :--- | | Total Assets | 231,369 | 261,583 | | Total Liabilities | 97,615 | 113,209 | | **Net Assets** | **133,754** | **148,132** | | Trade Receivables | 100,280 | 137,607 | | Cash and Cash Equivalents | 41,273 | 21,038 | | Bank Borrowings | 24,639 | 24,788 | [Consolidated Statement of Cash Flows](index=89&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) This fiscal year, the Group generated a net cash inflow of HK$42.3 million from operating activities, a significant improvement from last year's net outflow of HK$12.6 million, primarily due to working capital changes (especially reduced trade receivables); net cash outflow from investing activities was HK$1.4 million, and from financing activities was HK$20.7 million, mainly for dividend payments and lease liability repayments, with cash and cash equivalents increasing to HK$41.3 million at year-end | Item (Thousand HKD) | 2024 | 2023 | | :--- | :--- | :--- | | Net cash from/(used in) operating activities | 42,330 | (12,573) | | Net cash used in investing activities | (1,350) | – | | Net cash used in financing activities | (20,745) | (13,420) | | **Net increase/(decrease) in cash and cash equivalents** | **20,235** | **(25,993)** | | Cash and cash equivalents at end of year | 41,273 | 21,038 |

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) The company's total revenue doubled in FY2024, significantly narrowing its net loss and improving per-share loss Financial Performance Summary for the Year Ended March 31, 2024 | Metric | 2024 (HKD thousands) | 2023 (HKD thousands) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | 94,173 | 46,873 | +100.9% | | **Loss Before Income Tax** | (4,323) | (21,551) | Loss narrowed by 79.9% | | **Loss for the Year** | (4,229) | (22,784) | Loss narrowed by 81.4% | | **Basic and Diluted Loss Per Share** | (1.0 HK cents) | (5.6 HK cents) | Loss narrowed by 82.1% | | **Net Assets** | 133,754 | 148,132 | -9.7% | | **Total Assets** | 231,369 | 261,583 | -11.5% | [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) This section presents the company's consolidated financial statements, including income, balance sheet, and detailed notes on accounting policies and key financial items [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=2&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) In FY2024, the company's total revenue grew by 100.9% to HKD 94.173 million, primarily driven by corporate finance advisory services and a positive shift in fair value financial asset gains, significantly narrowing the loss for the year to HKD 4.229 million Key Items from Consolidated Statement of Profit or Loss (For the Year Ended March 31) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | **Total Revenue** | **94,173** | **46,873** | | Corporate Finance Advisory Services | 60,275 | 37,056 | | Securities and Underwriting Services | 8,531 | 13,599 | | Interest Income from Margin Financing Services | 11,127 | 15,404 | | Asset Management Services | 4,932 | 420 | | Net Gains/(Losses) from Financial Assets at Fair Value Through Profit or Loss | 9,308 | (19,606) | | Staff Costs | (54,494) | (43,047) | | Expected Credit Losses on Trade Receivables | (11,167) | (2,583) | | **Loss Before Income Tax** | **(4,323)** | **(21,551)** | | **Loss for the Year** | **(4,229)** | **(22,784)** | - Loss for the year attributable to owners of the company significantly decreased to **HKD 3.987 million** from **HKD 22.684 million** in the prior year[6](index=6&type=chunk) [Consolidated Statement of Financial Position](index=4&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets decreased to HKD 231 million from HKD 262 million, mainly due to reduced trade receivables, with net assets at HKD 134 million and net current assets at HKD 125 million indicating stable short-term solvency Key Items from Consolidated Statement of Financial Position (As of March 31) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | **Non-current Assets** | 8,946 | 12,543 | | **Current Assets** | 222,423 | 249,040 | | Trade Receivables | 100,280 | 137,607 | | Cash and Cash Equivalents | 41,273 | 21,038 | | **Current Liabilities** | 97,418 | 113,209 | | Trade Payables | 43,929 | 57,101 | | **Net Current Assets** | **125,005** | **135,831** | | **Net Assets** | **133,754** | **148,132** | | **Total Equity** | **133,754** | **148,132** | [Notes to the Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) These notes detail the company's accounting policies, composition, and changes in financial data, covering revenue recognition, major clients, trade receivables, impairment, and post-balance sheet events like share option grants [General Information and Accounting Policies](index=6&type=section&id=2.%20Accounting%20Policy%20Changes) This section outlines the company's core businesses, including corporate finance advisory, securities and underwriting, margin financing, and asset management, noting that new accounting standards adopted this fiscal year had no significant impact on financial position - The Group primarily engages in **corporate finance advisory services**, **securities and underwriting services**, **margin financing services**, and **asset management services**[11](index=11&type=chunk) - New or revised Hong Kong Financial Reporting Standards first applied for the annual reporting period beginning April 1, 2023, had **no significant impact** on the Group's results or financial position for the current or prior period[13](index=13&type=chunk) [Revenue and Segment Information](index=8&type=section&id=3.%20Revenue%20and%20Segment%20Information) Total revenue for FY2024 was HKD 94.173 million, with HKD 73.738 million from customer contracts; corporate finance advisory services were the largest contributor at HKD 60.275 million, growing 62.7% year-over-year, and a single largest client contributed 18.3% of total revenue Revenue Classification (For the Year Ended March 31) | Revenue Source | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | **Revenue from Contracts with Customers** | **73,738** | **51,075** | | Corporate Finance Advisory Services | 60,275 | 37,056 | | Securities and Underwriting Services | 8,531 | 13,599 | | Asset Management Services | 4,932 | 420 | | **Revenue from Other Sources** | **20,435** | **(4,202)** | | Interest Income from Margin Financing Services | 11,127 | 15,404 | | Net Gains/(Losses) from Financial Assets at Fair Value Through Profit or Loss | 9,308 | (19,606) | | **Total** | **94,173** | **46,873** | - In FY2024, Client A contributed **HKD 17.248 million** in revenue, accounting for **18.3%** of total revenue[25](index=25&type=chunk) [Other Income and Expenses](index=13&type=section&id=4.%20Other%20Income%20and%20Net%20Gains%20or%20Losses) This fiscal year, net other income and gains or losses were negative HKD 2.204 million, a significant shift from HKD 15.748 million gain last year, primarily due to a swing in share of results of a consolidated investment fund from gain to loss, while staff costs rose 26.7% to HKD 54.494 million and finance costs decreased 51.8% to HKD 1.949 million - Net other income and gains or losses shifted from a **HKD 15.748 million** gain in the prior year to a **HKD 2.204 million** loss this year, mainly due to the share of results of a consolidated investment fund attributable to other redeemable participating shareholders turning from a **HKD 15.938 million** gain to a **HKD 3.544 million** loss[37](index=37&type=chunk) - Total staff costs increased by **26.6%** from **HKD 43.047 million** to **HKD 54.494 million**[38](index=38&type=chunk) - Finance costs decreased by **51.8%** from **HKD 4.046 million** to **HKD 1.949 million**[39](index=39&type=chunk) [Income Tax and Loss Per Share](index=14&type=section&id=7.%20Income%20Tax%20(Credit)%20or%20Expense) In FY2024, the company recorded an income tax credit of HKD 0.094 million, a shift from a HKD 1.233 million tax expense last year, and basic and diluted loss per share narrowed significantly from 5.6 HK cents to 1.0 HK cents - Basic and diluted loss per share significantly narrowed to **1.0 HK cents** from **5.6 HK cents** last year[6](index=6&type=chunk)[45](index=45&type=chunk) - As of March 31, 2024, the Group had unutilized tax losses of approximately **HKD 12.889 million**, for which no deferred tax asset was recognized due to the unlikelihood of future taxable profits[42](index=42&type=chunk) [Trade and Other Receivables and Payables](index=16&type=section&id=10.%20Trade%20Receivables) As of March 31, 2024, total trade receivables decreased by 27.3% to HKD 100 million from HKD 138 million, with HKD 85.421 million from securities margin financing services, and impairment losses on trade receivables significantly increased to HKD 11.167 million during the year Composition of Trade Receivables (As of March 31) | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Securities Margin Financing Services | 85,421 | 127,712 | | Securities Trading and Brokerage Services from Clearing Houses | 6,788 | – | | Corporate Advisory and Other Services | 4,636 | 9,470 | | **Total** | **100,280** | **137,607** | - Impairment losses on trade receivables recognized during the year significantly increased to **HKD 11.167 million** from **HKD 2.583 million** last year[51](index=51&type=chunk) [Events After the Reporting Period](index=18&type=section&id=13.%20Events%20After%20the%20Reporting%20Period) On April 23, 2024, the company granted a total of 6.8 million share options to eight directors, with an exercise price of HKD 0.136 per share and a ten-year validity period - On April 23, 2024, a total of **6,800,000 share options** were granted to eight directors, with an exercise price of **HKD 0.136 per share**[55](index=55&type=chunk) [Management Discussion and Analysis](index=19&type=section&id=Management%20Discussion%20and%20Analysis) This section provides an overview of the company's operational and financial performance, market conditions, and future outlook, highlighting key drivers and strategic initiatives [Business Review](index=19&type=section&id=Business%20Review) During the reporting period, despite challenging market conditions, the company's core corporate finance advisory services revenue grew significantly by 62.7%, becoming the primary driver, while securities and financing services revenue declined, and asset management scale decreased, but investment fund performance shifted from loss to gain [Market Review](index=19&type=section&id=Market%20Review) In FY2024, the Hong Kong financial market faced multiple challenges including post-pandemic effects, supply chain disruptions, inflation, and geopolitical instability, leading to an overall decline in the Hang Seng Index, though market sentiment improved towards year-end due to China's economic stimulus - The Hang Seng Index declined from **20,400.11 points** on March 31, 2023, but recovered to **16,541.42 points** on March 28, 2024, demonstrating market resilience[61](index=61&type=chunk) [Corporate Finance Advisory Services](index=20&type=section&id=Corporate%20Finance%20Advisory%20Services) Corporate finance advisory services revenue significantly increased by 62.7% year-over-year to HKD 60.3 million, primarily driven by strong growth in financial and independent financial advisory services, indicating improved revenue quality despite a reduction in total projects from 140 to 94 Corporate Finance Advisory Services Revenue Breakdown | Service Type | 2024 (HKD millions) | 2023 (HKD millions) | Year-over-Year Change | | :--- | :--- | :--- | :--- | | IPO Sponsorship Services | 7.9 | 11.1 | -28.8% | | Financial and Independent Financial Advisory Services | 51.5 | 23.7 | +117.3% | | Compliance Advisory Services | 0.9 | 2.3 | -60.9% | | **Total** | **60.3** | **37.1** | **+62.7%** | [Securities and Financing Services](index=22&type=section&id=Securities%20and%20Financing%20Services) Revenue from securities and financing services declined due to reduced market trading activity and smaller average placement project sizes, with margin loan balances decreasing from HKD 128 million to HKD 85.4 million, leading to a corresponding reduction in interest income - Revenue from placing and underwriting business was approximately **HKD 1.9 million**, a **67.8% year-over-year decrease** (2023: HKD 5.9 million)[71](index=71&type=chunk) - Total outstanding margin loan balances were approximately **HKD 85.4 million**, a **33.1% year-over-year decrease** (2023: HKD 127.7 million)[72](index=72&type=chunk) [Asset Management Services and Investment Funds](index=22&type=section&id=Asset%20Management%20Services%20and%20Investment%20Funds) Assets Under Management (AUM) significantly decreased to USD 4.5 million, yet asset management service fee income increased from HKD 0.4 million to HKD 4.9 million, while investment fund performance notably improved, recording a HKD 9.3 million gain compared to a HKD 19.6 million loss in the prior year - Investment funds shifted from a **HKD 19.6 million loss** last year to a **HKD 9.3 million gain** this fiscal year, primarily due to improved investment performance[73](index=73&type=chunk) - As of March 31, 2024, the net asset value of funds under management and/or investment advisory was approximately **USD 4.5 million**, a significant decrease from **USD 32.1 million** in the prior year[73](index=73&type=chunk) [Financial Review](index=23&type=section&id=Financial%20Review) Total revenue increased by 100.9% year-over-year to HKD 94.2 million, driven primarily by corporate finance advisory services and investment fund gains, while staff costs rose 26.7% due to increased discretionary bonuses, and expected credit loss provisions increased, resulting in a significant narrowing of loss attributable to owners from HKD 22.7 million to HKD 4 million - Total revenue increased by **100.9%** year-over-year to **HKD 94.2 million**[75](index=75&type=chunk) - Staff costs increased by **26.7%** year-over-year to **HKD 54.5 million**, primarily due to increased discretionary bonuses[78](index=78&type=chunk) - Expected credit loss provisions for trade receivables increased to **HKD 11.2 million** (2023: HKD 2.6 million)[80](index=80&type=chunk) - Loss attributable to owners of the company significantly narrowed to **HKD 4 million** (2023: HKD 22.7 million loss)[85](index=85&type=chunk) [Liquidity and Capital Structure](index=25&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) As of March 31, 2024, the Group maintained a robust financial position with a current ratio of 2.3 times and total cash and bank balances of HKD 51.3 million, while total debt decreased to HKD 33 million, and the gearing ratio improved from 27.5% to 24.7% Liquidity and Capital Structure Metrics (As of March 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Net Current Assets | HKD 125 million | HKD 136 million | | Current Ratio | 2.3 times | 2.2 times | | Total Cash and Bank Balances | HKD 51.3 million | HKD 31 million | | Total Debt | HKD 33 million | HKD 40.7 million | | Gearing Ratio | 24.7% | 27.5% | [Risk Management and Human Resources](index=26&type=section&id=Risk%20Management) The Group has no significant foreign exchange exposure, capital commitments, or contingent liabilities, employing 42 staff as of March 31, 2024, with a risk management objective to balance risk and return within acceptable limits - As of March 31, 2024, the Group employed **42 staff**, a slight decrease from **45** in the prior year[93](index=93&type=chunk) - The Group's majority of revenue is denominated in **HKD and USD**, resulting in **insignificant foreign exchange risk**[91](index=91&type=chunk) [Significant Investments and Future Plans](index=26&type=section&id=Significant%20Investments%20Held%20by%20the%20Group) The Group's primary significant investment is a USD 3 million seed fund in Lego Vision Fund SP (LVF), valued at approximately HKD 16.9 million as of March 31, 2024, representing 7.4% of total assets, with fund managers optimistic about long-term AI revolution investment opportunities - The Group holds an investment in Lego Vision Fund SP (LVF), valued at approximately **HKD 16.9 million** as of March 31, 2024, representing **7.4% of total assets**[96](index=96&type=chunk)[98](index=98&type=chunk) - The LVF fund's annual return on net asset value per share was approximately **25.7%**[98](index=98&type=chunk) - Fund managers believe the **Artificial Intelligence (AI) revolution** will be a primary driver of economic growth and a clear investment opportunity in the coming years[99](index=99&type=chunk) [Prospects and Outlook](index=28&type=section&id=Prospects%20and%20Outlook) Looking ahead, despite uncertain global economic prospects, the Group will leverage its diversified business portfolio to actively pursue opportunities in resumption and restructuring projects, maintain prudent risk management, seek new ventures in China, Singapore, and globally, and explore emerging areas like virtual assets and ESG - Facing uncertain market prospects, the Group will actively seek business opportunities in **resumption and restructuring projects**[105](index=105&type=chunk) - The Group plans to enhance marketing efforts, seek new business opportunities in China, Singapore, and globally beyond Hong Kong, and evaluate emerging areas such as **virtual assets** and **ESG**[106](index=106&type=chunk) [Other Disclosures](index=29&type=section&id=Other%20Disclosures) This section covers the utilization of IPO proceeds, dividend policy, and corporate governance practices, including any deviations from standard codes [Use of Net Proceeds from Listing](index=29&type=section&id=Use%20of%20Net%20Proceeds%20from%20Listing) As of March 31, 2024, the net proceeds of HKD 99.1 million from the 2019 listing have been fully utilized, consistent with the purposes stated in the prospectus and previous announcements - The net proceeds of **HKD 99.1 million** from the 2019 listing were fully utilized as of March 31, 2024[108](index=108&type=chunk) [Dividend Policy](index=30&type=section&id=Final%20Dividend) The Board of Directors resolved not to declare any final dividend for the year ended March 31, 2024 - The Board does not recommend the payment of a final dividend for the year ended March 31, 2024[110](index=110&type=chunk) [Corporate Governance](index=30&type=section&id=Corporate%20Governance) The company has complied with all applicable provisions of the Corporate Governance Code, with the sole deviation being the combined roles of Chairman and Chief Executive Officer held by Mr. Mui Ho Cheung, an arrangement the Board believes is in the best interest of the company and its shareholders - The company deviated from the Corporate Governance Code's requirement for separation of Chairman and Chief Executive Officer roles, with **Mr. Mui Ho Cheung** holding both positions concurrently[112](index=112&type=chunk)[113](index=113&type=chunk)