Financial Performance - The group's revenue for the nine months ended December 31, 2019, was approximately HKD 82,529,000, a decrease of about 16% compared to the same period last year[10]. - The gross profit for the nine months ended December 31, 2019, was approximately HKD 63,614,000, compared to HKD 64,598,000 for the same period last year[10]. - The loss attributable to shareholders for the nine months ended December 31, 2019, was approximately HKD 2,474,000, significantly improved from a loss of HKD 77,075,000 in the same period last year[10]. - The comprehensive income for the three months ended December 31, 2019, was HKD 12,002,000, compared to a loss of HKD 21,441,000 in the same period last year[14]. - Basic earnings per share for the three months ended December 31, 2019, was HKD 0.99, compared to a loss of HKD 1.88 in the same period last year[14]. - The total comprehensive income for the nine months ended December 31, 2019, was HKD 3,161,000, compared to a loss of HKD 49,775,000 in the same period last year[14]. - The total comprehensive income for the nine months ended December 31, 2019, was HKD 84,451,000, compared to HKD 279,680,000 for the same period in 2018, reflecting a significant decline[50]. Dividends and Shareholder Returns - The company did not recommend the payment of an interim dividend for the nine months ended December 31, 2019, consistent with the previous year[10]. - The company did not recommend the payment of an interim dividend for the nine months ended December 31, 2019, consistent with no dividend in 2018[112]. Costs and Expenses - The financial cost for the nine months ended December 31, 2019, was HKD 8,351,000, down from HKD 32,479,000 in the same period last year[10]. - The company’s operating expenses, including employee benefits, totaled HKD 21,684,000 for the nine months ended December 31, 2019, down from HKD 25,444,000 in 2018, a decrease of about 14.4%[65]. - Direct costs decreased from approximately HKD 34,163,000 to about HKD 18,915,000, primarily due to the sale of a subsidiary in July[118]. - Administrative expenses decreased by 39% from approximately HKD 119,592,000 to about HKD 73,198,000, mainly due to a reduction in exchange losses from the horse services business[118]. Income and Assets - The company’s interest income for the nine months ended December 31, 2019, was HKD 316,000, compared to HKD 192,000 in 2018, showing an increase of approximately 64.6%[70]. - As of December 31, 2019, the group's net asset value was approximately HKD 99,018,000, with cash and bank balances of about HKD 149,619,000, an increase of 35% from March 31, 2019[129]. - The company’s total liabilities as of December 31, 2019, amounted to HKD 83,215,000, indicating a significant financial obligation[117]. Employee and Management - Total employee count as of December 31, 2019, was 62, down from 75 in 2018, with total compensation amounting to approximately HKD 21,684,000, a decrease from HKD 25,444,000 in 2018[136]. - The company’s senior management compensation policy is primarily performance-based, with discretionary bonuses linked to individual performance[136]. Strategic Outlook - The group plans to continue seeking strategic alliances to accelerate business development and improve financial conditions[128]. - The group expects the economic environment to remain neutral, with risks of slowing growth, but aims to enhance operational efficiency and effectiveness[128]. - The financial services segment has seen significant improvement in operating performance since acquiring Sun International Securities and Sun International Asset Management[126]. Shareholder Information - As of December 31, 2019, the company’s major shareholder, Mr. Ying Ding, holds 1,436,260,290 shares, representing 66.13% of the issued share capital[142][143]. - No stock options were granted or exercised under the 2006 share option plan during the nine months ending December 31, 2019[192]. - The company has a share option plan that allows the board to grant options to employees, including executive and non-executive directors, but no new options were issued during the reporting period[192]. Taxation - The company’s effective tax rate remained stable at 16.5% for both 2019 and 2018, indicating consistent tax planning strategies[76]. Foreign Exchange and Risk Management - The group has not established any foreign exchange hedging arrangements and will monitor foreign exchange risks closely[135].

Financial Performance - The group's revenue for the six months ended September 30, 2019, was approximately HKD 49,464,000, a decrease of about 27% compared to the same period last fiscal year[9]. - The gross profit for the six months ended September 30, 2019, was approximately HKD 41,307,000, down from HKD 51,997,000 in the same period last fiscal year[9]. - The loss attributable to shareholders for the six months ended September 30, 2019, was approximately HKD 23,872,000, compared to a loss of HKD 50,940,000 in the same period last fiscal year[9]. - The basic loss per share for the six months ended September 30, 2019, was HKD 1.08, compared to HKD 3.66 for the same period last fiscal year[15]. - The total comprehensive loss for the six months ended September 30, 2019, was HKD 8,841,000, compared to a total comprehensive loss of HKD 28,334,000 in the same period last fiscal year[15]. - Total revenue for the six months ended September 30, 2019, was HKD 49,464,000, a decrease of 26.6% compared to HKD 67,447,000 for the same period in 2018[40][50]. - The company reported a loss of HKD 50,940,000 for the six months ended September 30, 2019, compared to a loss of HKD 23,872,000 for the same period in 2018, indicating a significant decline in performance[45][65]. - The company's pre-tax loss for the six months ended September 30, 2019, was HKD 46,677,000, compared to a pre-tax loss of HKD 13,464,000 for the same period in 2018[43][65]. Assets and Liabilities - The group's total assets as of September 30, 2019, were approximately HKD 403,080,000, compared to HKD 524,042,000 as of March 31, 2019[17]. - Current liabilities as of September 30, 2019, were approximately HKD 125,618,000, compared to HKD 143,379,000 as of March 31, 2019[17]. - The company’s total assets less current liabilities amounted to HKD 220,163,000 as of September 30, 2019, compared to HKD 463,843,000 as of March 31, 2019[20]. - The company’s non-current liabilities included HKD 207,112,000 in promissory notes and HKD 9,547,000 in medium-term bonds[20]. - As of September 30, 2019, the group's net asset value was approximately HKD 87,690,000, while the net liabilities were about HKD 185,030,000[126]. Cash Flow - The company reported a net cash outflow from operating activities of HKD (53,487) thousand for the six months ended September 30, 2019, compared to a cash inflow of HKD 46,750 thousand in the same period of 2018[25]. - The net cash and cash equivalents at the end of the period increased to HKD 121,539 thousand, up from HKD 98,054 thousand at the end of the same period in 2018[25]. - The cash outflow from investing activities was HKD (197) thousand, compared to HKD (5,288) thousand in the previous year[25]. - Cash and bank balances as of September 30, 2019, were approximately HKD 131,833,000, representing an increase of about 19% compared to March 31, 2019[126]. Operational Efficiency - The company aims to enhance operational efficiency and effectiveness while seeking strategic alliances to accelerate business development and improve financial conditions[125]. - The company is exploring opportunities to adjust its business portfolio to create value for shareholders[125]. - The company plans to sell one of its subsidiaries in the horse business, which was completed in July 2019, to improve overall performance[117]. - The company is exploring additional new business opportunities within the financial services segment while continuing to implement cost control measures[118]. Employee and Administrative Expenses - Employee benefit expenses for the six months ended September 30, 2019, were HKD 15,021,000, down from HKD 16,910,000 in the same period of 2018[59]. - Administrative expenses reduced by 29% from approximately HKD 92,553,000 to approximately HKD 65,716,000, mainly due to a decrease in foreign exchange losses and improved internal controls[116]. - The total employee count as of September 30, 2019, was 72, with total compensation amounting to approximately HKD 15,021,000, a decrease from HKD 16,910,000 in the previous year[132]. Financial Services Segment - The financial services segment has seen significant improvement since the acquisition of Sun International Securities and Sun International Asset Management in February 2016[123]. - The financial services segment faces both opportunities and challenges due to the evolving regulatory environment in China and its integration with Hong Kong's financial market[125]. - The company believes that further deepening the banking and capital markets is crucial for sustainable growth and promoting equity[122]. - The company has successfully obtained several authorizations for placement and other corporate financing projects since taking over the financial services business[123]. Shareholder Information - Major shareholders include First Cheer Holdings Limited, which holds 66.08% of the issued shares, equating to 1,435,009,040 shares[155]. - The company has a total of 135,430,000 shares held by Raywell Holdings Limited, representing 6.24% of the issued shares[155]. - The company has not established any preferential rights for existing shareholders regarding the issuance of new shares[158]. Corporate Governance - The company has established an audit committee to oversee financial reporting and internal controls, consisting of three independent non-executive directors[160]. - The company has complied with all corporate governance codes as per GEM listing rules, with minor deviations noted[166]. - There were no significant contracts involving directors with substantial interests during the reporting period[150]. - The board of directors consists of three executive directors and three independent non-executive directors as of the report date[168].

Financial Performance - The group's revenue for the three months ended June 30, 2019, was approximately HKD 22,424,000, a decrease of about 23% compared to the same period last fiscal year[8]. - The gross profit for the same period was approximately HKD 16,706,000, down from HKD 24,047,000 in the previous fiscal year[8]. - The loss attributable to shareholders for the three months ended June 30, 2019, was approximately HKD 20,000,000, compared to a loss of HKD 37,475,000 in the same period last year[8]. - The total comprehensive loss for the period was approximately HKD 14,432,000, compared to a loss of HKD 23,612,000 in the previous fiscal year[8]. - The basic and diluted loss per share for the period was HKD 0.92, compared to HKD 2.69 in the same period last year[13]. - Financial services revenue decreased from HKD 21,641,000 in 2018 to HKD 15,777,000 in 2019, while horse services revenue decreased from HKD 7,423,000 to HKD 6,647,000[29]. - The loss attributable to equity holders of the company was approximately HKD 20,000,000, a decrease of over 47% compared to the previous fiscal year[46]. - The total number of employees as of June 30, 2019, was 68, with total compensation amounting to approximately HKD 7.73 million for the three months ending June 30, 2019[61]. Dividends and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the three months ended June 30, 2019[9]. - As of June 30, 2019, First Cheer Holdings Limited holds 1,435,009,040 shares, representing 66.08% of the issued share capital[89]. - Raywell Holdings Limited owns 135,430,000 shares, accounting for 9.73% of the issued share capital[89]. - The company has a total of 198,492,924 stock options granted, with no options exercised during the reporting period[83]. - No new stock options were granted or exercised under the 2006 stock option plan during the three months ending June 30, 2019[84]. Cost Management and Operational Efficiency - Direct costs increased from approximately HKD 5,017,000 to HKD 5,718,000, primarily due to the cost of biological assets sold during the period[46]. - Administrative expenses decreased by 43% from approximately HKD 51,889,000 in 2018 to about HKD 29,693,000 in 2019, mainly due to reduced foreign exchange losses in the horse services segment[46]. - The company aims to enhance operational efficiency and effectiveness while seeking strategic alliances to accelerate business development and improve financial conditions[55]. - The company is focusing on existing breeding services and reducing foreign exchange impacts following the sale of Sun Kingdom Pty. Ltd.[63]. Business Strategy and Development - The company plans to sell one of its subsidiaries in the horse segment, which was completed in July 2019, as part of efforts to improve performance[47]. - The group is exploring additional new business opportunities in the financial services segment while maintaining cost control[48]. - The group has expanded its operations to Europe and Singapore, leveraging experience gained in Australia, where approximately 27% of breeding and thoroughbred horses are located outside Australia[51]. - The company aims to improve performance by increasing the ratio of its own mares and breeding horses, which is expected to lower costs and enhance influence in horse training and development[51]. - The macroeconomic environment presents both opportunities and challenges for the financial services division, particularly with the further relaxation of regulations in the Chinese financial market[55]. Governance and Compliance - The company has established corporate governance procedures to ensure independent evaluation and review of business opportunities and performance[95]. - The audit committee was established on November 29, 2000, in accordance with GEM listing rules, consisting of three independent non-executive directors[99]. - The company has adopted a code of conduct for securities transactions by directors, complying with GEM listing rules, with no violations reported during the review period[100]. - The company has adhered to the corporate governance code as per GEM listing rules during the three months ending June 30, 2019[101]. - The board of directors includes three executive directors and three independent non-executive directors as of the report date[105]. Financial Position - As of June 30, 2019, the company's net asset value was approximately HKD 82.1 million, while net liabilities were recorded at HKD 185.03 million as of March 31, 2019[56]. - The cash and bank balance as of June 30, 2019, was approximately HKD 114.77 million, representing an increase of about 4% compared to the balance on March 31, 2019[56]. Foreign Exchange and Risk Management - The company has not established any foreign exchange hedging arrangements, and management closely monitors foreign currency exchange rate fluctuations[60]. - There are no provisions for preemptive rights in the company's articles of association or under Cayman Islands law[93]. - The company has no significant contracts in which any director has a direct or indirect substantial interest as of the end of the reporting period[87]. - The board believes that the interests of the company are adequately protected against any potential competition from directors[97]. - The company has not been informed of any other interests or short positions in its shares or related shares as of June 30, 2019[92]. - The company has no arrangements that would result in directors or their associates obtaining any rights in other corporations[86].

Financial Performance - For the fiscal year ending March 31, 2019, the company recorded revenue from continuing operations of approximately HKD 119,216,000, an increase of 0.35% compared to HKD 118,799,000 in the previous fiscal year[49]. - The gross profit from continuing operations for the same period was approximately HKD 81,108,000[43]. - The net loss attributable to shareholders for the fiscal year was approximately HKD 106,546,000, an increase from a loss of HKD 60,735,000 in the previous year[44]. - The direct costs of continuing operations decreased from approximately HKD 51,434,000 to about HKD 38,108,000, resulting in a gross profit margin increase of 20%[54]. - Financial costs for the fiscal year amounted to approximately HKD 48,757,000, an increase of HKD 12,441,000 from HKD 36,316,000 in the previous year[80]. - The group recorded a loss attributable to equity holders of approximately HKD 106,546,000 for the fiscal year, an increase from HKD 60,735,000 in 2018[82]. Cost Management - Employee costs (excluding other benefits) slightly decreased to approximately HKD 32,793,000 from HKD 32,909,000 in the previous year[54]. - Administrative expenses for continuing operations decreased by 19% to approximately HKD 86,138,000 from HKD 106,462,000 in the previous year[54]. - The company is focused on cost control and improving operational performance while exploring opportunities in the financial services sector to broaden its business scope and revenue base[64]. Business Segments - The horse services segment generated revenue of approximately HKD 46,538,000 for the year ended March 31, 2019, down from HKD 75,869,000 in 2018, while operating profit was approximately HKD 31,310,000, compared to a loss of HKD 43,920,000 in 2018[69]. - The lending business's loan portfolio reached HKD 134,357,000 as of March 31, 2019, accounting for about 24% of the company's total assets, with average annual interest rates ranging from 20% to 25%[72]. - The group plans to expand its horse services, computer services, and financial services, expecting stable revenue growth in the coming year[76]. - The group has successfully diversified its business segments into financial services, including securities and asset management, following acquisitions in 2016 and 2018[97]. Corporate Governance - The company has established corporate governance procedures to ensure independent evaluation and review of business opportunities and performance[140]. - The board consists of 6 members, including the chairman, 3 executive directors, and 3 independent non-executive directors, ensuring compliance with GEM listing rules[185]. - The company has committed to high standards of corporate governance, regularly reviewing its practices to align with shareholder expectations[179]. - The board held a total of 7 meetings during the fiscal year ending March 31, 2019, with all directors attending all meetings[191]. Shareholder Information - The board did not recommend the payment of a final dividend for the fiscal year ending March 31, 2019[45]. - The company has not declared a final dividend for the year ended March 31, 2019, consistent with the previous year[63]. - As of March 31, 2019, the company had no distributable reserves available for shareholders, unchanged from the previous year[121]. - The largest customer accounted for 8% of total revenue, while the top five customers contributed 41% for the fiscal year ending March 31, 2019[160]. Legal and Regulatory Matters - The company is seeking compensation for direct economic losses of RMB 500,000,000 related to a legal claim involving its subsidiary, with further claims for indirect losses pending asset valuation[59]. - The company has not established any foreign exchange hedging arrangements and closely monitors foreign currency exchange rate fluctuations to manage foreign exchange risk[61]. Employee and Director Compensation - The compensation policy for senior executives is primarily linked to performance, and employee benefits include medical insurance and mandatory provident fund contributions[166]. - The company has established a stock option plan to reward qualified participants contributing to its successful operations[144]. - The total number of unexercised share options as of March 31, 2019, is 1,251,250 for Zheng Dinggang, 11,492,308 for Zheng Meicheng, and 13,914,000 for Lü Wenhua[125].

Financial Performance - The group's revenue for the nine months ended December 31, 2018, was approximately HKD 98,761,000, representing an increase of about 21% compared to the same period last fiscal year[11]. - The gross profit for the nine months ended December 31, 2018, was approximately HKD 64,598,000, compared to HKD 44,944,000 for the same period last fiscal year[11]. - The loss attributable to shareholders for the nine months ended December 31, 2018, was approximately HKD 77,075,000, compared to a loss of HKD 33,938,000 for the same period last fiscal year[11]. - The group reported a loss of HKD 21,441,037 for the three months ended December 31, 2018, compared to a loss of HKD 11,302,523 for the same period in 2017[18]. - The basic loss per share for the three months ended December 31, 2018, was HKD (1.88), compared to HKD (0.88) for the same period in 2017[18]. - The total comprehensive loss for the nine months ended December 31, 2018, was HKD 49,774,797, compared to HKD 44,847,347 for the same period in 2017[18]. - The group did not recommend the payment of an interim dividend for the nine months ended December 31, 2018[12]. Costs and Expenses - The group experienced a significant increase in direct costs, with costs for the nine months ending December 31, 2018, at HKD 34,163,194 compared to HKD 36,661,611 in the previous year[11]. - The administrative expenses for the nine months ended December 31, 2018, were HKD 119,591,678, compared to HKD 67,956,241 for the same period last fiscal year[18]. - The company's administrative expenses for the nine months ended December 31, 2018, totaled HKD 119,591,678, compared to HKD 67,956,241 for the same period in 2017, indicating a significant increase of approximately 76%[102]. - Employee costs for the nine months ended December 31, 2018, amounted to HKD 26,055,702, slightly up from HKD 25,660,130 in the same period of 2017, reflecting a marginal increase of about 1.5%[102]. Foreign Exchange and Financial Position - The group recorded a foreign exchange gain of HKD 27,300,371 for the nine months ended December 31, 2018[18]. - The company reported a foreign exchange loss of HKD 37,648,828 for the nine months ended December 31, 2018, compared to a gain of HKD 13,595,590 in the same period of 2017, indicating a significant negative shift[102]. - The total assets of the company as of December 31, 2018, were valued at HKD 1,044,098,641, compared to HKD 967,023,473 at the end of the previous year, representing an increase of approximately 8%[94]. - The company’s total liabilities as of December 31, 2018, were HKD 123,024,066, an increase from HKD 73,249,269 in the previous year, indicating a rise of approximately 68%[94]. - The company’s cash and cash equivalents as of December 31, 2018, were HKD 27,300,371, compared to HKD 50,235,250 at the end of the previous year, reflecting a decrease of approximately 46%[99]. - The company’s total equity as of December 31, 2018, was HKD 43,164,328, down from HKD 77,075,168 in the previous year, indicating a decline of approximately 44%[94]. Business Operations and Strategy - The group has expanded its operations into Europe and Singapore, leveraging its experience accumulated in Australia[118]. - The acquisition of Sun International Securities and Sun International Asset Management was completed on February 29, 2016, marking the group's entry into the financial services sector[119]. - The group is actively seeking opportunities to expand its business scope and revenue base within the financial services division[114]. - The anticipated launch of the Shenzhen-Hong Kong Stock Connect is expected to provide more opportunities for the group to offer professional services to Chinese investors and SMEs[123]. - The group aims to enhance operational efficiency and effectiveness while seeking strategic alliances to accelerate business development and improve financial conditions[123]. - The group will continue to strengthen its growth foundation in the horse services business despite a neutral economic outlook and increased risks of economic slowdown[123]. - The board will explore opportunities to restructure the business portfolio to enhance shareholder value[123]. Shareholder Information - First Cheer Holdings Limited holds 654,677,040 shares, representing 47.05% of the issued share capital[146]. - Raywell Holdings Limited owns 135,430,000 shares, accounting for 9.73% of the issued share capital[146]. - The company has not entered into any significant contracts with directors that would grant them substantial interests as of the end of the reporting period[146]. - There are no provisions for preemptive rights in the company's articles of association or under Cayman Islands law[149]. Governance and Compliance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the nine months ended December 31, 2018[151]. - The company did not purchase, redeem, or sell any of its listed securities during the review period[153]. - The company has complied with the corporate governance code as per GEM Listing Rules, with one exception regarding the attendance of the chairman at the annual general meeting[156]. - The board of directors includes three executive directors and three independent non-executive directors as of the report date[158]. - The company has adopted a code of conduct for securities transactions by directors, adhering to the standards set by GEM Listing Rules[157]. - No significant interests or short positions in the company's shares were disclosed beyond those mentioned as of December 31, 2018[147].