Financial Performance - For the three months ended September 30, 2020, the company reported revenue of HKD 139,002,000, a 47.1% increase from HKD 94,423,000 in the same period of 2019[6] - The gross profit for the nine months ended September 30, 2020, was HKD 40,658,000, representing a 88.9% increase compared to HKD 21,517,000 in the previous year[6] - The company achieved a profit before tax of HKD 7,469,000 for the third quarter, compared to a loss of HKD 2,428,000 in the same quarter of 2019[6] - The net profit for the nine months ended September 30, 2020, was HKD 3,898,000, a significant recovery from a loss of HKD 15,604,000 in the previous year[6] - Basic earnings per share for the third quarter was HKD 1.15, compared to a loss per share of HKD 0.41 in the same period of 2019[6] - The total comprehensive income for the third quarter was HKD 7,287,000, compared to a loss of HKD 2,387,000 in the same quarter of 2019[6] - For the nine months ended September 30, 2020, the total revenue was HKD 346,347,000, representing an increase of 13.4% compared to HKD 305,415,000 for the same period in 2019[16] - The group's revenue increased by approximately 13.4% from about HKD 305.4 million for the nine months ended September 30, 2019, to about HKD 346.3 million for the nine months ended September 30, 2020[26] - Gross profit rose by approximately 89.3% from about HKD 21.5 million to about HKD 40.7 million, with gross margin increasing from approximately 7.0% to about 11.7%[28] - Total comprehensive income increased by approximately 121.3% from about HKD 15.5 million in total expenses to about HKD 3.3 million in total comprehensive income for the nine months ended September 30, 2020[34] Revenue Sources - Air freight agency service revenue for the three months ended September 30, 2020, was HKD 63,528,000, a significant increase of 144.5% from HKD 26,010,000 in 2019[16] - E-commerce fulfillment service revenue increased to HKD 66,158,000 for the nine months ended September 30, 2020, up 16.5% from HKD 56,984,000 in 2019[16] - Air freight forwarding services generated an increase in revenue of approximately HKD 50.9 million, while logistics services and e-commerce fulfillment services contributed increases of about HKD 16.1 million and HKD 9.2 million, respectively[26] Operational Strategy - The company plans to continue expanding its logistics services, particularly in e-commerce and cross-border logistics[9] - The company is focused on enhancing its operational efficiency and exploring new market opportunities to drive future growth[9] - The company is expanding its e-commerce fulfillment business in response to increasing demand due to growth in e-commerce activities in the US and Europe[22] - Future plans include expanding logistics operations in Asia by establishing different warehouses[24] - The company aims to enhance its last-mile delivery times and streamline e-commerce processes to improve efficiency[25] - The company is focusing on capturing the growing opportunities from cross-border e-commerce flows and exports from China to the world[25] Shareholder Information - The company reported a total equity of HKD 49,988,000 as of September 30, 2020, an increase from HKD 45,681,000 at the beginning of the year[7] - The company’s major shareholder, Million Venture, holds 450,000,000 shares, representing 75% of the issued share capital[42] - The total number of share options granted to directors is 4,500,000, accounting for approximately 0.75% of the issued share capital[40] - The share options granted to employees total 3,000,000, which are also unexercised as of September 30, 2020[44] - As of September 30, 2020, the company granted a total of 10,500,000 share options under the share option scheme, which remain unexercised[44] Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as per GEM Listing Rules, ensuring proper regulation of its operations and decision-making processes[48] - The company has established an Audit Committee, Nomination Committee, and Remuneration Committee to ensure a balance of power and responsibilities within the board[48] - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited condensed consolidated financial statements for the nine months ended September 30, 2020, confirming compliance with applicable accounting standards[50] - The company has complied with all provisions of the Corporate Governance Code during the reporting period, except for the separation of the roles of Chairman and CEO[48] Expenses and Taxation - The estimated tax expense for the nine months ended September 30, 2020, was HKD 121,000, compared to HKD 67,000 in 2019, reflecting an increase of 80.6%[17] - Administrative expenses increased by approximately 8.4% from about HKD 32.2 million to about HKD 34.9 million, mainly due to increased depreciation expenses[32] - The increase in sales costs was approximately 7.7%, rising from about HKD 283.9 million to about HKD 305.7 million, primarily due to increased air freight costs[28] Dividends and Acquisitions - The company did not declare any interim dividends for the nine months ended September 30, 2020, compared to no dividends declared in 2019[20] - The company did not recommend the payment of an interim dividend for the nine months ended September 30, 2020[35] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the nine months ended September 30, 2020[36] Other Information - The company has not received any notifications from other individuals regarding interests in shares or bonds that require disclosure under the Securities and Futures Ordinance as of September 30, 2020[42] - No significant contracts exist where the company’s directors have a substantial interest as of September 30, 2020[46] - There were no arrangements made for directors to benefit from purchasing shares or bonds of the company or any other entity during the nine months ending September 30, 2020[45] - No competitive interests were reported by the directors or major shareholders that could conflict with the company’s business as of September 30, 2020[47] - A lease agreement was signed for a property from January 1, 2021, to December 31, 2023, with an option to renew for an additional three years[49]

中期報告 2020 Interim Report 2020 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM乃為較於聯交所上市之其他公司帶有更高投資風險之中小型公司提供上市 之市場。有意投資者應了解投資於該等公司之潛在風險，並應經過審慎周詳考 慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣之證券可能會承受較於聯 交所主板買賣之證券為高之市場波動風險，同時亦無法保證在GEM買賣的證券 會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示概不會對本報告的全部或任何部分內容 所產生或因依賴該等內容而引致的任何損失承擔任何責任。 本報告乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關駿 高控股有限公司（「本公司」）及其附屬公司（統稱「本集團」或「我們」）的資料。 本公司之董事（「董事」）願共同及個別就本報告負全責，並在作出一切合理查詢 後確認，就彼等所深知及確信，本報告所載資料在各重大方面均屬準確完備， 且並無誤導或欺詐成分；亦無遺漏其他事項，以致本報告所載任何陳述或本報 告有所誤導。 1 駿 ...

Financial Performance - For the first quarter ended March 31, 2020, the company reported revenue of HKD 105,515,000, a decrease of 4% from HKD 110,950,000 in the same period of 2019[7] - The gross profit for the first quarter was HKD 9,555,000, significantly up from HKD 2,960,000 in the previous year, representing a gross margin improvement[7] - The company recorded a loss before tax of HKD 3,082,000, an improvement compared to a loss of HKD 8,145,000 in Q1 2019, indicating a reduction in losses by approximately 62%[7] - The net loss for the period was HKD 3,079,000, compared to a net loss of HKD 8,147,000 in the same quarter last year, reflecting a 62% decrease in net losses[7] - Basic loss per share improved to HKD 0.51 from HKD 1.36 year-over-year, indicating a positive trend in loss reduction[7] - The total comprehensive loss for the period was HKD 3,007,000, compared to HKD 8,189,000 in the previous year, marking a significant improvement[7] - Revenue for the three months ended March 31, 2020, decreased by approximately 5.0% to HKD 105.5 million from HKD 111.0 million for the same period in 2019[26] - Loss attributable to owners decreased by approximately 62.2% to HKD 3.1 million from HKD 8.2 million for the same period in 2019[30] Expenses and Costs - Administrative expenses increased to HKD 11,973,000 from HKD 10,242,000, reflecting a rise of approximately 17% year-over-year[7] - Administrative expenses rose by approximately 17.6% to HKD 12.0 million, primarily due to increased depreciation and legal costs[28] - The company’s financing costs decreased to HKD 1,498,000 from HKD 1,638,000, indicating a reduction of about 9%[7] Shareholder Information - As of March 31, 2020, the major shareholder Million Venture Holdings owns 450,000,000 shares, representing 75% of the company's issued share capital[39] - The company did not declare any interim dividend for the three months ended March 31, 2020[32] - No share buybacks, sales, or redemptions occurred by the company or its subsidiaries during the three months ending March 31, 2020[34] - The company has not granted, exercised, canceled, or allowed any stock options under the stock option plan since its adoption on September 23, 2016[40] Corporate Governance - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO, which is deemed appropriate due to the chairman's extensive experience in the industry[45] - There were no significant contracts in which directors had a substantial interest during the reporting period ending March 31, 2020[42] - The Audit Committee was established on September 23, 2016, and consists of three independent non-executive directors[49] - The Audit Committee reviewed the unaudited consolidated financial statements for the three months ended March 31, 2020, and confirmed compliance with applicable accounting standards[49] Future Outlook - The company plans to expand its e-commerce and fulfillment business and is looking for opportunities to set up additional warehouses in Asia[25] - The increase in e-commerce express business is attributed to rising demand from the U.S. and Europe, with plans to enhance last-mile delivery efficiency[22] - The COVID-19 pandemic is expected to impact the company's revenue and operational performance starting in April 2020, with ongoing monitoring of the situation[46] Other Information - The company has not received any notifications from other individuals regarding their interests in the company's shares or related securities as of March 31, 2020[39] - There were no disclosures of any interests or short positions in the company's shares by directors or major executives as of March 31, 2020[37] - No arrangements were made for directors to benefit from purchasing shares or bonds of the company or any other entity during the reporting period[41] - On May 8, 2020, Mr. Dai Jingfeng was appointed as an executive director[47] - The report will be published on the GEM website and the company's website for at least seven days from the publication date[50] - The company has adopted new and revised Hong Kong Financial Reporting Standards effective from January 1, 2020, with no significant impact on its financial statements identified so far[15] - No significant acquisitions or disposals of subsidiaries, associates, or joint ventures occurred during the three months ended March 31, 2020[33]

Financial Performance - Total revenue increased by approximately 12.4% from HKD 366.8 million in FY2018 to HKD 412.3 million in FY2019, driven mainly by growth in e-commerce and logistics services[15]. - E-commerce fulfillment revenue rose significantly, contributing HKD 82.1 million in FY2019 compared to HKD 36.7 million in FY2018, reflecting a focus on higher-margin services[18]. - Logistics service revenue increased by approximately HKD 35.0 million, from HKD 76.6 million in FY2018 to HKD 111.6 million in FY2019, due to sales to existing and new customers[18]. - Gross profit increased by approximately 29.9% from HKD 25.4 million in FY2018 to HKD 33.0 million in FY2019, with gross margin improving from 6.9% to 8.0%[22]. - The company reported a loss attributable to shareholders of approximately HKD 18.1 million in FY2019, an improvement from a loss of HKD 24.9 million in FY2018[15]. - Sales costs rose by approximately 11.1% from HKD 341.4 million in FY2018 to HKD 379.3 million in FY2019, mainly due to increased costs in e-commerce and logistics services[20]. - The company recorded a loss attributable to owners of approximately HKD 18.1 million for the fiscal year 2019, a decrease from a loss of approximately HKD 24.9 million in 2018, primarily due to increased gross margins in e-commerce fulfillment and logistics businesses[27]. - The company did not recommend any final dividend for the fiscal year 2019[162]. Business Expansion and Strategy - The company expanded its e-commerce business in the United States, significantly contributing to revenue growth in 2019[8]. - The company plans to continue expanding its logistics business, focusing on e-commerce services and cross-border logistics in Europe and the United States[9]. - The company is expanding its e-commerce business to capture growth opportunities arising from increased demand in cross-border logistics activities[16]. - The company plans to continue expanding its e-commerce and fulfillment businesses and is looking for opportunities to set up different warehouses to expand its logistics operations in Asia[40]. - The company aims to establish business relationships with large and well-known clients to enhance its core logistics operations[9]. Operational Improvements - The logistics business profit margin improved in 2019 due to warehouse consolidation executed in 2018, leading to a reduction in operating losses[8]. - The additional costs incurred from warehouse consolidation and system upgrades in 2018 are expected to facilitate rapid growth in warehouse storage capacity in the coming years[9]. - The company has upgraded its warehouse management systems and renovated warehouses to enhance logistics operations[8]. - The company has diversified its business and expanded its customer base in response to intense competition and economic uncertainties[8]. Environmental and Social Responsibility - The company is committed to environmental protection and has implemented measures to reduce carbon emissions, improve energy efficiency, and conserve water resources[67]. - The company reported that its waste gas emissions primarily include nitrogen oxides (NOx), sulfur oxides (SOx), and particulate matter, mainly from vehicle emissions[68]. - Sulfur oxides (SOx) emissions decreased from 15.0 tons in 2018 to 10.4 tons in 2019, a reduction of approximately 30.7%[70]. - Nitrogen oxides (NOx) emissions decreased from 3,014.3 tons in 2018 to 2,082.7 tons in 2019, a reduction of approximately 30.8%[70]. - Total greenhouse gas emissions increased from 689.0 tons in 2018 to 887.2 tons in 2019, an increase of approximately 28.7%[73]. - The company has established appropriate and effective management policies and internal control systems for environmental, social, and governance issues as of the fiscal year ending December 31, 2019[66]. Governance and Compliance - The board of directors consists of six members, including three executive directors and three independent non-executive directors[109]. - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of chairman and CEO[105]. - The group has adopted a code of conduct for directors that is more lenient than the GEM listing rules regarding securities transactions[107]. - The board has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, to assist in fulfilling its responsibilities[122]. - The company adheres to corporate governance policies and practices, ensuring compliance with legal and regulatory requirements[114]. Employee and Workforce Management - The company employed 149 full-time employees as of December 31, 2019, an increase from 129 in 2018[42]. - The employee turnover rate for 2019 was 6.17%, up from 4.54% in 2018, indicating a rise in employee attrition[85]. - The operational department accounted for 83.2% of the total workforce in 2019, an increase from 76.7% in 2018[86]. - The company provided regular training to employees, including new employee orientation and professional skills enhancement[90]. - The company strictly adhered to labor laws and reported no violations related to labor regulations in 2019[88]. Financial Ratios and Metrics - The current ratio was 0.50, down from 0.64 in 2018, mainly due to a decrease in trade receivables and deposits[30]. - The debt-to-equity ratio as of December 31, 2019, was approximately 324.0%, up from 256.9% in 2018[30]. - The gross profit margin for the fiscal year 2019 was 8.0%, an increase from 6.9% in 2018[160]. - The return on equity for the fiscal year 2019 was -39.7%, compared to -39.1% in 2018[160]. Customer Relations and Satisfaction - The group received fewer than 10 customer complaints in the fiscal year 2019, most of which were resolved[98]. - The group has established a customer service team to handle inquiries and ensure customer satisfaction[98]. - There were no significant violations of health and safety standards related to the group's products and services in the fiscal year 2019[100]. Shareholder Engagement - The company encourages shareholders to attend meetings and vote, with all resolutions presented at the general meeting to be voted on by shareholding[136]. - The company has established multiple communication channels for shareholders and investors, including a dedicated website for business updates[142]. - The company has procedures in place for shareholders to propose special meetings and nominate candidates for the board[138].

Financial Performance - Revenue for the three months ended September 30, 2019, was HKD 94,423,000, representing a 12.5% increase from HKD 84,231,000 in the same period of 2018[6] - Gross profit for the nine months ended September 30, 2019, was HKD 21,517,000, up 48.3% from HKD 14,516,000 in the same period of 2018[6] - The company reported a net loss of HKD 15,604,000 for the nine months ended September 30, 2019, compared to a loss of HKD 16,731,000 in the same period of 2018, indicating a 6.7% improvement[6] - Basic loss per share for the three months ended September 30, 2019, was HKD 0.41, an improvement from HKD 1.06 in the same period of 2018[6] - Total comprehensive loss for the nine months ended September 30, 2019, was HKD 15,548,000, a slight decrease from HKD 16,731,000 in the same period of 2018[6] - Revenue for the nine months ended September 30, 2019, increased by approximately 22.1% to HKD 305.4 million from HKD 250.2 million for the same period in 2018[26] - Sales cost increased by approximately 20.4% from about HKD 235.7 million for the nine months ended September 30, 2018, to about HKD 283.9 million for the nine months ended September 30, 2019[27] - Gross profit rose by approximately 48.3% from about HKD 14.5 million to about HKD 21.5 million, with the gross margin increasing from approximately 5.8% to about 7.0%[27] - Other income and losses netted a loss of about HKD 2.8 million for the nine months ended September 30, 2019, compared to a gain of about HKD 88,000 for the same period in 2018, primarily due to a provision for trade receivables of about HKD 2.7 million[28] - Administrative expenses increased to HKD 32,183,000 for the nine months ended September 30, 2019, compared to HKD 27,478,000 in the same period of 2018, reflecting an increase of 17.5%[6] - Administrative expenses increased by approximately 17.1% from about HKD 27.5 million to about HKD 32.2 million, mainly due to an increase in legal and professional fees of about HKD 2.5 million[29] - The estimated tax expense for the nine months ended September 30, 2019, was HKD 67 thousand, calculated at a rate of 16.5%[18] Business Operations - The company continues to focus on expanding its logistics services, particularly in e-commerce and cross-border logistics[9] - Revenue from logistics services increased by approximately HKD 31.8 million, while revenue from e-commerce express services rose by approximately HKD 40.1 million for the nine months ended September 30, 2019[26] - The increase in revenue from sea freight forwarding services was primarily due to increased cargo volume from existing and new customers for the nine months ended September 30, 2019[26] - The company is expanding its e-commerce fulfillment business and logistics operations in Asia by establishing different warehouses[25] - The company aims to enhance its last-mile delivery times and streamline e-commerce processes to improve efficiency[25] - The company is strategically integrating logistics services into its core freight forwarding services to build a strong company image among shippers[22] Shareholder Information - The company’s total equity as of September 30, 2019, was HKD 48,112,000, down from HKD 71,523,000 as of September 30, 2018[7] - As of September 30, 2019, a director held 450 million shares, representing 75% of the issued share capital[44] - Mr. Zheng holds 100% beneficial ownership in Million Venture, with 1 share reported[46] - Million Venture owns 450,000,000 shares, representing 75% of the issued share capital[49] - Tai Choi Wan, spouse of Mr. Zheng, is also deemed to have a 75% interest in the same shares[49] - No options have been granted, exercised, canceled, or lapsed under the share option scheme since its adoption on September 23, 2016[50] - No arrangements were made for directors to benefit from purchasing shares or bonds of the company or any other entity during the nine months ended September 30, 2019[51] - There were no significant contracts in which directors had a substantial interest as of September 30, 2019[52] Corporate Governance - The company has complied with the corporate governance code, except for the separation of the roles of chairman and CEO[56] - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the nine months ended September 30, 2019[59] Other Information - The company did not declare any interim dividends for the nine months ended September 30, 2019[21] - No interim dividend was recommended for the nine months ended September 30, 2019[33] - There were no significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the nine months ended September 30, 2019[34] - The company has taken appropriate steps to remedy the issues that led to the suspension of trading and believes it has met the resumption guidance[40] - Following the report period, several executive directors resigned, and new executive directors were appointed on October 4, 2019[57] - The report will be available on the GEM website and the company's website for at least seven days from the publication date[59]

Financial Performance - The company reported revenue of HKD 210,992,000 for the six months ended June 30, 2019, representing a 27% increase from HKD 165,976,000 in the same period of 2018[8]. - Gross profit for the six months was HKD 9,667,000, a decrease of 4.2% compared to HKD 10,091,000 in the previous year[8]. - The company incurred a loss before tax of HKD 13,109,000 for the six months, compared to a loss of HKD 9,766,000 in the same period of 2018, indicating a 34% increase in losses[8]. - The company reported a basic loss per share of HKD 2.19 for the six months ended June 30, 2019, compared to HKD 1.73 in the same period of 2018[8]. - The total comprehensive expenses for the period amounted to HKD 13,161,000, leading to a cumulative loss of HKD 25,672,000 as of June 30, 2019[13]. - The company incurred a net loss of approximately HKD 13,147,000 for the six months ended June 30, 2019, indicating significant uncertainty regarding its ability to continue as a going concern[19]. - Loss attributable to owners increased by approximately 26.0% from about HKD 10.4 million to about HKD 13.1 million, mainly due to a decrease in gross margin from logistics and shipping operations[61]. Assets and Liabilities - Total assets as of June 30, 2019, were HKD 167,692,000, up from HKD 159,777,000 at the end of 2018[10]. - Current liabilities decreased to HKD 198,540,000 from HKD 225,705,000 at the end of 2018, showing a reduction of approximately 12%[10]. - The company’s equity decreased to HKD 50,499,000 as of June 30, 2019, from HKD 63,660,000 at the end of 2018, indicating a decline of approximately 21%[11]. - The company has a net current liability of approximately HKD 80,792,000 as of June 30, 2019, raising concerns about its financial stability[19]. - Trade receivables decreased from HKD 107.1 million as of December 31, 2018, to HKD 77.3 million as of June 30, 2019, representing a decline of approximately 28%[41]. - Trade and other payables decreased from HKD 49.4 million as of December 31, 2018, to HKD 29.1 million as of June 30, 2019, a reduction of approximately 41%[45]. Cash Flow and Financing - The company reported a net cash inflow from operating activities of HKD 26,193,000 for the six months ended June 30, 2019, compared to HKD 8,862,000 for the same period in 2018, representing an increase of approximately 195%[16]. - The company received new bank loans totaling HKD 7,922,000 during the period, while repaying HKD 15,363,000 in bank loans[16]. - The company reported a decrease in financing cash flow, with a net cash outflow of HKD 26,837,000 compared to an inflow of HKD 458,000 in the previous year[16]. - The company has drawn new bank loans amounting to HKD 7.9 million during the interim period, with interest rates ranging from 4.26% to 4.46%[49]. Expenses - The company’s administrative expenses rose to HKD 21,155,000 for the six months, compared to HKD 18,685,000 in the previous year, marking a 13% increase[8]. - The total employee costs for the six months ended June 30, 2019, amounted to HKD 20,945,000, down from HKD 23,653,000 in 2018[36]. - The company reported an administrative expense of HKD 21,155,000 and financing costs of HKD 3,217,000 for the six months ended June 30, 2019[31]. - Sales cost increased by approximately 29.1% from about HKD 155.9 million for the six months ended June 30, 2018, to about HKD 201.3 million for the six months ended June 30, 2019[57]. - Gross profit decreased by approximately 4.0% from about HKD 10.1 million to about HKD 9.7 million, with gross margin dropping from approximately 6.1% to 4.6%[57]. - Administrative expenses rose by approximately 13.4% from about HKD 18.7 million to about HKD 21.2 million, primarily due to an increase in legal and professional fees of about HKD 1.3 million[58]. Corporate Governance and Compliance - The company has complied with all provisions of the corporate governance code, except for the separation of the roles of Chairman and CEO, which is held by Mr. Ng[88]. - The company appointed a new compliance advisor, Da Yu Financing Limited, effective April 12, 2019, following the termination of the previous advisor[85]. - The company has established an audit committee, nomination committee, and remuneration committee to ensure proper governance[88]. - The Audit Committee has reviewed the unaudited condensed consolidated financial statements for the six months ended June 30, 2019, and believes they comply with applicable accounting standards[99]. - The Audit Committee currently consists of three independent non-executive directors, with Mr. Li Guangze serving as the chairman[97]. - The company has established internal policies, procedures, and control measures as part of its remedial actions[93]. Future Plans and Strategies - The company plans to expand its e-commerce and fulfillment business and is looking for opportunities to set up different warehouses to enhance its logistics operations in Asia[54]. - The company aims to become a major logistics service provider in the region by improving last-mile delivery times and streamlining e-commerce processes[54]. Shareholder Information - As of June 30, 2019, Million Venture holds 450,000,000 shares, representing 75% of the company's issued share capital[78]. - Mr. Zheng is the beneficial owner of 1 share in Million Venture, holding 100% of that entity[77]. - The company has not granted, exercised, canceled, or allowed any stock options under the stock option plan since its adoption on September 23, 2016[80]. - There were no arrangements made for directors to benefit from purchasing shares or bonds of the company or any other entity during the six months ending June 30, 2019[81]. - The company has not received any notifications from other individuals regarding their interests in the company's shares or bonds as of June 30, 2019[79]. Trading and Market Activity - The trading of the company's shares has been suspended since April 1, 2019, due to delays in announcing financial results for the fiscal year 2018[91]. - The company has applied to the Stock Exchange for the resumption of trading of its shares, effective from 9:00 AM on November 28, 2019[93]. - The company will publish its latest announcements on the GEM website and its own website for at least seven days from the publication date[100].

Financial Performance - The company reported revenue of HKD 110,950,000 for the first quarter of 2019, representing a 45% increase compared to HKD 76,625,000 in the same period of 2018[7]. - Gross profit for the first quarter was HKD 2,960,000, with a gross margin of approximately 2.67%, down from HKD 7,720,000 and a gross margin of 10.08% in the previous year[7]. - The company incurred a loss before tax of HKD 8,145,000, compared to a loss of HKD 4,861,000 in Q1 2018, indicating a deterioration in financial performance[7]. - The net loss for the period was HKD 8,147,000, which is a 54% increase from the net loss of HKD 5,277,000 in the same quarter of the previous year[7]. - Basic loss per share was HKD 1.36, compared to HKD 0.88 in Q1 2018, reflecting a significant increase in losses per share[7]. - The total comprehensive loss for the period amounted to HKD 8,189,000, compared to HKD 5,277,000 in the prior year, indicating a worsening overall financial position[7]. - The company reported other income of HKD 845,000, which is an increase from HKD 336,000 in the previous year, suggesting some improvement in non-operational income sources[7]. - Total sales costs increased by approximately 56.7% to HKD 108.0 million from HKD 68.9 million, primarily due to rising costs in logistics and e-commerce express services[29]. - The total loss and comprehensive expenses increased by approximately 54.7% from about HKD 5.3 million for the three months ended March 31, 2018, to about HKD 8.2 million for the three months ended March 31, 2019, primarily due to a decrease in gross margins from logistics, e-commerce express services, and shipping operations[32]. Revenue Breakdown - Air freight agency service revenue rose to HKD 30.51 million, up from HKD 20.27 million, while sea freight agency service revenue increased to HKD 38.65 million from HKD 26.73 million[19]. - Logistics service revenue grew to HKD 24.24 million from HKD 15.47 million, and e-commerce express service revenue surged to HKD 17.56 million from HKD 2.65 million[19]. - Revenue for the three months ended March 31, 2019, increased by approximately 44.9% to HKD 110.95 million from HKD 76.63 million for the same period in 2018[28]. - The increase in e-commerce express service revenue is attributed to higher order volumes from existing major e-commerce clients[28]. Cost Management - Administrative expenses decreased to HKD 10,242,000 from HKD 12,376,000 year-over-year, indicating cost control efforts[7]. - Administrative expenses decreased by approximately 17.7% from about HKD 12.4 million for the three months ended March 31, 2018, to about HKD 10.2 million for the three months ended March 31, 2019[30]. Future Outlook - The company has not disclosed specific future outlook or guidance in the report, focusing instead on current performance metrics[5]. - Future plans include expanding e-commerce and fulfillment services, as well as establishing additional warehouses to enhance logistics operations in Asia[27]. - The company aims to become a major logistics service provider in the region, focusing on improving last-mile delivery times and streamlining e-commerce processes[27]. Corporate Governance - The company has complied with the GEM Listing Rules regarding corporate governance, except for the separation of the roles of Chairman and CEO[54]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited financial statements for the three months ending March 31, 2019[58]. - The company has adopted a code of conduct for directors that is less stringent than the GEM Listing Rules regarding securities transactions[41]. Shareholder Information - As of March 31, 2019, the company’s major shareholder, Mr. Cheng, held 75% of the shares through a controlled corporation[45]. - The company has issued a total of 450 million shares, with a 75% ownership held by major shareholders[47]. - The company did not purchase, redeem, or sell any shares during the three months ended March 31, 2019[40]. - No stock options have been granted, exercised, canceled, or expired under the stock option plan since the listing date[48]. - There were no arrangements made for directors to benefit from purchasing shares or bonds of the company or any other entity during the reporting period[49]. - No significant contracts exist where directors have a substantial interest as of March 31, 2019[50]. Trading and Compliance - Trading of shares was suspended from April 1, 2019, due to delays in the announcement of the financial results for the fiscal year 2018[35]. - The company has taken appropriate steps to remedy the issues that led to the suspension of trading and believes it has met the resumption guidance[37]. - The company has engaged Ernst & Young to conduct a follow-up review of the remedial measures taken, which has been completed[37]. - The company appointed a new compliance advisor, Da You, effective April 12, 2019, after terminating the agreement with the previous advisor[52]. - The company has not disclosed any significant events that occurred after March 31, 2019, up to the report date[56]. - The company has not reported any business or interests that may compete with its operations as of March 31, 2019[51].

Financial Performance - The group faced significant operational losses in 2018 due to a decline in gross profit margins in the freight forwarding and logistics sectors, influenced by intense competition and economic uncertainties [7]. - Total revenue increased by approximately 4.5% from HKD 351.1 million in FY2017 to HKD 366.8 million in FY2018, primarily driven by increased air freight and logistics service revenues [13][14][16]. - The company reported a loss attributable to shareholders of approximately HKD 25.0 million in FY2018, compared to a profit of HKD 1.7 million in FY2017 [13]. - Gross profit decreased by approximately 48.5% from HKD 46.9 million in FY2017 to HKD 24.1 million in FY2018, with gross margin dropping from 13.4% to 6.6% [20]. - Sales costs increased by approximately 12.6% from HKD 304.3 million in FY2017 to HKD 342.7 million in FY2018, mainly due to rising air freight costs [18]. - The logistics segment reported a loss of HKD 320,000 in FY2018, compared to a profit of HKD 10.1 million in FY2017 [19]. - The company recorded a loss attributable to owners of approximately HKD 25.0 million for the fiscal year 2018, compared to a profit of approximately HKD 1.7 million in 2017, primarily due to decreased profit margins in freight forwarding and logistics services, as well as increased financing costs [26]. - The gross profit margin for the fiscal year 2018 was 6.6%, down from 13.4% in 2017 [171]. - The return on equity for the fiscal year 2018 was -39.2%, compared to 1.9% in 2017 [171]. - The net cash used in operating activities was HKD 9.1 million, a decrease from HKD 18.2 million in 2017 [171]. - Cash and cash equivalents at the end of fiscal year 2018 were HKD 5.6 million, down from HKD 7.0 million in 2017 [171]. E-commerce and Logistics Expansion - The group expanded its e-commerce business in the United States, contributing significantly to revenue growth in 2018 [7]. - Future plans include strengthening business relationships with large and well-known clients while expanding logistics services, particularly in Europe and U.S. e-commerce [8]. - The company is expanding its e-commerce business to capture increasing demand driven by cross-border logistics activities [13]. - The company plans to expand its e-commerce and fulfillment business and is looking for opportunities to set up different warehouses to enhance logistics operations in Asia [45]. - The company aims to become a major logistics service provider in the region, enhancing last-mile delivery times and streamlining e-commerce processes [45]. Operational Changes and Management - The group executed warehouse consolidation and upgraded warehouse management systems, which are expected to lead to rapid growth in storage capacity in the coming years [8]. - Administrative expenses increased by approximately 3.5% from HKD 42.9 million in 2017 to HKD 44.4 million in 2018, mainly due to higher employee costs [23]. - The company's financing costs, which include interest expenses on bank loans and finance leases, had an effective interest rate range of 3.26% to 3.83% for bank loans in 2018 [24]. - The current ratio decreased from 2.1 times in 2017 to 0.7 times in 2018, primarily due to a reduction in cash used for operations and an increase in bank borrowings [29]. - The company's operating lease commitments related to office and warehouse leases increased to approximately HKD 46.7 million in 2018 from HKD 22.9 million in 2017 [30]. - The company employed 129 full-time employees as of December 31, 2018, compared to 128 in 2017 [48]. - The company has utilized HKD 4.1 million to strengthen sales and marketing efforts by hiring 16 senior personnel [49]. Environmental, Social, and Governance (ESG) Practices - The company has adhered to the ESG reporting guidelines and has implemented policies in environmental protection and community engagement [66]. - The report covers the company's operations in Hong Kong, focusing on its main business activities and compliance with ESG guidelines [67]. - The company encourages stakeholder feedback on its ESG policies and performance through various communication channels [69]. - The management and employees participated in preparing the ESG report to identify relevant environmental and social issues [71]. - The total greenhouse gas emissions for the group amounted to 698.0 tons, with direct emissions from gasoline and diesel consumption at 232.5 tons, indirect emissions from purchased electricity at 339.3 tons, and other indirect emissions from paper usage at 126.2 tons [78]. - The group reported a total of 3,014.3 tons of nitrogen oxides (NOx) emissions, 15.0 tons of sulfur oxides (SOx) emissions, and 0.1 tons of particulate matter during the reporting period [75]. - The group implemented measures to reduce carbon emissions, improve energy efficiency, and conserve water resources as part of its commitment to environmental protection [73]. - The group has adopted policies to monitor and reduce emissions from high-polluting vehicles and has committed to using environmentally friendly vehicles for its logistics operations [80]. - The group actively promotes green office practices to minimize negative environmental impacts and encourages employees to reduce electricity, paper, and water consumption [82]. Corporate Governance - The company has adopted the principles and code provisions of the corporate governance code as per GEM Listing Rules Appendix 15, ensuring proper regulation of its business activities and decision-making processes [110]. - The board consists of six members, including three executive directors and three independent non-executive directors, ensuring a balance of power and responsibilities [114]. - The company has complied with all provisions of the corporate governance code during the reporting period, except for the separation of the roles of Chairman and CEO [110]. - The company has established an audit committee, nomination committee, and remuneration committee to oversee its governance practices [110]. - The board believes that the diverse experience of its members contributes positively to the company's business development [115]. - The board's overall responsibility includes evaluating risks faced by the group and implementing appropriate risk management measures [124]. - The company has implemented effective reporting policies to minimize the risk of fraud and misconduct in the workplace, promoting a whistleblower protection mechanism [106]. - The company has not been aware of any significant non-compliance with relevant laws and regulations regarding bribery, corruption, fraud, and money laundering during the fiscal year 2018 [106]. Employee Relations and Training - As of December 31, 2018, the company had a total of 129 employees, with a turnover rate of 4.54% [92]. - The workforce composition included 58.9% male employees and 41.1% female employees [94]. - The average training hours per employee in the fiscal year 2018 was 3 hours [97]. - The company provided various training programs, including onboarding for new employees and skills training for existing staff [96]. - There were no recorded workplace injuries or lost workdays due to accidents in the fiscal year 2018 [95]. - The company strictly adhered to labor laws and did not identify any cases of child or forced labor in the fiscal year 2018 [100]. - The employee retention strategy included competitive compensation packages and performance-based bonuses [92]. - The company maintained a commitment to equal opportunity employment and diversity, with no significant violations reported in 2018 [98]. Shareholder and Financial Policies - The company has established multiple communication channels for shareholders and investors, including annual reports and a corporate website [154]. - The company has not made any changes to its constitutional documents since its listing date [155]. - The largest customer accounted for 10.8% of total revenue in the fiscal year 2018, down from 12.7% in 2017, while the top five customers represented 33.3% of total revenue, compared to 35.9% in 2017 [177]. - The top five suppliers accounted for 32.7% of total procurement in fiscal year 2018, an increase from 28.6% in 2017, with the largest supplier making up 10.9% of total procurement [177]. - The company confirmed it maintained the minimum public float required under GEM listing rules throughout the fiscal year 2018 [179]. - No final dividend was recommended by the board for the fiscal year 2018 [173]. - The company has adopted a dividend policy effective from January 1, 2019, considering factors such as financial performance and cash flow [156].