CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed on GEM are generally small ...

Financial Performance - For the fiscal year ending March 31, 2025, the company reported total revenue of HKD 39,553,000, an increase from HKD 16,152,000 in the previous year, representing a growth of approximately 144.5%[4] - The cost of sales for the same period was HKD 38,811,000, compared to HKD 15,391,000 in the prior year, resulting in a gross profit of HKD 742,000, slightly down from HKD 761,000[4] - The net loss attributable to the company for the year was HKD 13,410,000, compared to a profit of HKD 6,604,000 in the previous year, marking a significant shift in performance[4] - The total comprehensive income for the year was HKD 7,080,000, a decrease from HKD 13,570,000[6] - The basic and diluted earnings per share were HKD 0.49, compared to a loss of HKD 0.99 in the previous year[6] - The company reported a comprehensive loss attributable to shareholders of (HKD 14,952) compared to (HKD 1,681) in the prior year[8] - The company reported a loss before tax of HKD 13,567 million for the fiscal year ending March 31, 2025, compared to a loss of HKD 5,203 million in the previous year[19] - The company reported a basic and diluted loss per share of HKD 9.88 for 2025, compared to earnings of HKD 4.87 per share in 2024[33] Expenses and Liabilities - The company incurred administrative expenses of HKD 10,727,000, a decrease from HKD 13,928,000 year-over-year, indicating a reduction of approximately 23.5%[4] - Financial costs were reported at HKD 103,000, down from HKD 478,000, reflecting a decrease of about 78.5%[4] - Total current liabilities rose to HKD 17,581,000 from HKD 17,402,000, reflecting increased obligations[7] - The total non-current liabilities were HKD 12,625,000, with a net value of (HKD 14,952) compared to (HKD 1,681) previously[8] - The company's current liabilities included trade and other payables of approximately HKD 16,945,000, resulting in a current ratio of 0.86:1[70] - The group’s total liabilities include amounts payable to directors and employees, totaling HKD 8,585,000[43] Asset Management - Non-current assets totaled HKD 153,000, a decrease from HKD 272,000 year-over-year[7] - Current assets increased to HKD 15,101,000 from HKD 14,752,000, indicating growth in liquidity[7] - Total assets decreased to (HKD 2,327) from (HKD 1,681), indicating a decline in overall asset value[8] - As of March 31, 2025, total trade receivables generated from customer contracts amount to approximately HKD 12,332,000, an increase from HKD 8,498,000 in 2024[38] Impairment and Losses - The company recognized impairment losses on financial assets amounting to HKD 2,126,000, up from HKD 1,066,000, indicating an increase of approximately 99.5%[4] - The company recognized a total impairment loss of HKD 2,001,000 on trade receivables for the fiscal year ending March 31, 2025, compared to HKD 857,000 for the previous year[27] - The company recognized impairment losses of approximately HKD 64,000 and HKD 289,000 for employee loans and amounts receivable from subsidiaries, respectively, for the fiscal year ending March 31, 2025[83] Revenue Sources - The group's revenue for the year includes HKD 3,994,000 from system development services, HKD 239,000 from hardware sales, and HKD 35,320,000 from SMS service fees, totaling HKD 39,553,000[16] - The revenue from SMS service fees increased significantly from HKD 11,247,000 to HKD 35,320,000, representing a growth of approximately 213% year-over-year[16] - Revenue from hardware sales decreased from HKD 929,000 to HKD 239,000, indicating a decline of approximately 74% year-over-year[16] - The group reported that approximately 89% of total revenue during the reporting period came from SMS services, an increase from about 70% in the previous fiscal year[50] Strategic Initiatives - The company plans to focus on market expansion and new product development in the upcoming fiscal year[4] - The company aims to enhance its technological capabilities through ongoing research and development initiatives[4] - The company plans to control administrative costs through various measures, including optimizing human resources and adjusting management salaries[12] - The company plans to diversify its business by extending its expertise in SMS and AI services to value-added services such as marketing or notification voice SMS services, with a contract expected to be signed in the second half of 2025[61] Corporate Governance and Compliance - The audit committee reviewed the group's financial results and confirmed that the financial statements were prepared in accordance with applicable accounting standards and disclosed adequately[88] - The company has adhered to the GEM listing rules and corporate governance principles, with a focus on evaluating potential business and investment opportunities to enhance revenue and growth potential[85] - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of March 31, 2025[90] Market Conditions and Risks - The geopolitical situation remains tense, and the company anticipates a volatile business environment by 2025, leading to a cautious development strategy while diversifying its business[60] - The group does not engage in any hedging activities for foreign exchange risks, which are considered not significant[71] - The group will monitor foreign exchange risks and consider hedging against significant currency risks when necessary[71] Shareholder Information - A loan of HKD 7,450,000 was granted by the controlling shareholder to the company, which is unsecured, interest-free, and due for repayment in July 2025, extended to December 2026[47] - The company raised approximately HKD 100,000,000 through a subscription event, issuing 450,000,000 shares at HKD 0.225 per share, resulting in Happy On Holdings Limited holding about 72.83% of the total issued share capital[62]

Core Viewpoint - Sichuan's tourism industry faces significant challenges despite its rich resources, with a need for innovative strategies to transform its cultural and tourism offerings into competitive products [3][4][19]. Group A: Current Dilemmas and Specific Manifestations - The tourism industry in Sichuan exhibits a structural imbalance, with core cultural IPs like panda culture and Three Kingdoms culture not effectively converted into impactful tourism products [4][5]. - Resource utilization is heavily reliant on natural assets, with insufficient innovation in cultural IPs and uneven regional development affecting overall growth [4][5]. - Market operations are limited, with low marketization levels and inadequate financing options hindering project development [4][5]. - There is a notable shortage of professional talent and systemic barriers that impede the efficiency of cultural and tourism integration [4][5]. Group B: Quantum Thinking and Main Characteristics - The shift from "Newtonian thinking" to "quantum thinking" is essential for addressing the complexities of the modern tourism landscape, emphasizing the need for innovative and flexible strategies [12][13][16]. - Quantum thinking encourages embracing uncertainty and exploring multiple possibilities, which can lead to breakthroughs in tourism development [15][16]. Group C: Pathways and Strategic Recommendations - Sichuan's tourism development should transition from a resource-driven model to an innovation-driven approach, focusing on top-level breakthroughs and grassroots restructuring [19][20]. - Emphasis on cultural excavation and transformation is crucial, with a focus on enhancing the value of cultural IPs and developing immersive experiences [22][23]. - Strengthening market entities and policy support is necessary, including establishing special funds and promoting collaboration between state-owned and private enterprises [23][24]. - Building a comprehensive brand matrix and enhancing digital capabilities will be vital for improving the overall tourism experience and expanding market reach [24][25][28]. - Continuous improvement of infrastructure and service quality is essential to enhance visitor satisfaction and accessibility [28][29].

Group 1 - The core issue facing the Chinese liquor industry is a structural crisis characterized by a "dual decline" in both volume and price, with over 60% of high-end liquor experiencing price inversion and inventory turnover days exceeding 200 for distributors [3] - Traditional marketing strategies relying on "channel accumulation" and "scale expansion" are failing, leading to a vicious cycle of price reduction, devaluation, and unsold inventory, with distributor profit margins compressed to below 8% [3] - The younger generation's consumption patterns show a significant decline, with post-90s and post-00s consuming only one-third of what older generations do, favoring lower alcohol content and healthier alternatives [3] Group 2 - Quantum thinking emphasizes accepting uncertainty and understanding complex systems through statistical laws, which can be applied to liquor marketing by abandoning absolute control and recognizing the influence of multiple variables [4] - Dynamic observation and feedback are crucial, as marketing actions can alter market conditions, exemplified by the impact of direct sales through apps on distributor profits [4] - Consumer demand is no longer a single entity but a combination of possibilities, necessitating innovative scenarios to activate latent demand [4] Group 3 - AI technology enables a transition from standardized production to personalized customization, allowing liquor companies to build dynamic demand models through data analysis [6] - Utilizing unstructured data from social media can reveal consumer preferences for low-alcohol and flavored liquors, leading to significant increases in average transaction values [6] - Intelligent decision-making systems can predict market trends and optimize logistics, resulting in substantial reductions in unsold inventory [7] Group 4 - The transformation paths for the liquor industry include cultural reconstruction through cross-industry collaborations and user co-creation narratives [9] - A channel revolution is underway, moving towards direct distribution platforms and distributed touchpoints to cater to fragmented consumption scenarios [10] - Product innovation is shifting from deterministic formulas to probabilistic blending, utilizing AI to create tailored flavor profiles based on various factors [10] Group 5 - The ecological co-construction approach focuses on collective branding to reduce export barriers and forming cross-industry alliances to create integrated consumption experiences [10] - Embracing quantum thinking allows the liquor industry to navigate uncertainties and align with new consumer demands, leveraging technology for precision in product offerings [11] - The future of the liquor industry lies in its ability to transition from traditional methods to innovative, data-driven practices that resonate with the next generation of consumers [11]

Financial Performance - Revenue for the six months ended September 30, 2024, was HK$21,867,000, a slight increase from HK$21,463,000 in the corresponding period of 2023[6]. - The loss for the period attributable to owners of the Company was HK$4,496,000, compared to a profit of HK$12,799,000 in the same period last year[8]. - Basic and diluted loss per share for the period was HK$0.33, a decrease from earnings of HK$0.94 per share in the previous year[8]. - Total comprehensive expense for the period attributable to owners of the Company was HK$4,304,000, compared to a comprehensive income of HK$13,421,000 in the corresponding period of 2023[8]. - The company reported a profit of HK$12,799,000 for the period ended September 30, 2023, compared to a loss of HK$229,814,000 in the previous period[14]. - Total comprehensive income for the six months ended September 30, 2023, was HK$13,440,000, significantly improving from a total comprehensive loss of HK$4,590,000 in the same period last year[14]. - For the six months ended September 30, 2024, the Group reported a loss attributable to owners of the Company of HK$4,496,000[33]. - The Group's loss before income tax for the corresponding period was approximately HK$12,287,000[160]. Assets and Liabilities - Current liabilities totaled HK$21,144,000, with net current liabilities of HK$6,810,000 as of September 30, 2024[13]. - Total non-current assets amounted to HK$539,000, while total current assets were HK$14,334,000[13]. - The Company reported a capital deficiency of HK$6,271,000 as of September 30, 2024[13]. - As of September 30, 2023, total equity amounted to HK$4,679,000, a decrease from HK$13,373,000 as of April 1, 2023[14]. - The total assets as of September 30, 2024, were HK$14,873,000, down from HK$15,721,000 as of March 31, 2024[67]. - Total liabilities increased to HK$21,144,000 as of September 30, 2024, compared to HK$17,402,000 as of March 31, 2024[67]. Cash Flow and Financing - Net cash used in operating activities for the six months ended September 30, 2024, was HK$4,935,000, an improvement from HK$6,090,000 in the previous year[17]. - Cash and cash equivalents at the end of the period were HK$1,399,000, down from HK$2,742,000 at the beginning of the period[17]. - The company recorded a net cash generated from financing activities of HK$3,553,000, compared to a net cash used of HK$474,000 in the previous year[17]. - The company raised net proceeds of approximately HK$100 million through a subscription by issuing 450,000,000 ordinary shares at a subscription price of HK$0.225 per share[198]. - The proceeds were allocated to increase registered capital and further investment in Guangzhou YBDS IT Ltd. and Beijing YBDS IT Co., Ltd.[198]. Revenue Breakdown - Revenue for the six months ended September 30, 2024, was HK$21,867,000, a significant increase from HK$8,273,000 in the same period of 2023, representing a growth of 164%[40]. - Revenue from short messaging service fees was HK$20,217,000 for the six months ended September 30, 2024, compared to HK$3,581,000 in the previous year, indicating a growth of 463%[40]. - Revenue from hardware sales decreased to HK$96,000 in the reporting period from HK$692,000 in the previous year, reflecting a decline of 86%[40]. - Revenue from system development and consultancy services was HK$1,554,000, down from HK$4,000,000, representing a decrease of 61%[40]. - Approximately 92% of the Group's total revenue during the Reporting Period came from short messaging services, up from approximately 70% in the previous financial year[179]. Strategic Focus and Future Plans - The Company is focused on improving its financial position and exploring new market opportunities[5]. - Future strategies may include potential market expansion and product development initiatives[5]. - The Group is implementing measures to control administrative costs, including human resources optimization and management remuneration adjustments[34]. - The company is considering increasing investment in short messaging services to expand operations and increase revenue[197]. - The company contemplates diversifying into another value-added service such as messaging for marketing in the future[197]. Operational Challenges - The geopolitical tensions and sanctions from the US have impacted the demand for information system solutions in China, leading to project delays and scaled-down operations[166]. - The information system solution industry in China is facing sluggish demand and challenges from US sanctions against the technology sector[193]. Corporate Governance - The Board does not recommend the payment of an interim dividend for the reporting period, consistent with the previous year where no dividend was paid[99]. - The weighted average number of ordinary shares in issue during the reporting period remained constant at 1,356,250,000 shares for both periods[97]. - As of September 30, 2024, the Group had outstanding amounts due to a director totaling approximately HK$4,800,000, which is unsecured, interest-free, and repayable in December 2024, February 2025, March 2025, and June 2025[199]. - The Group also has a loan owing to a shareholder with an outstanding balance of approximately HK$2,200,000, which is unsecured, interest-free, and repayable in July 2025[199].

Financial Performance - Revenue for the six months ended September 30, 2024, was HKD 21,867,000, a significant increase from HKD 8,273,000 in the same period of 2023, representing a growth of 164%[4] - Gross profit for the same period was HKD 404,000, down from HKD 651,000 in 2023, indicating a decline of 38%[4] - The company reported a loss before tax of HKD 4,577,000 compared to a profit of HKD 12,287,000 in the previous year, marking a shift of 137%[4] - The company reported a basic loss per share of HKD 0.33, compared to earnings per share of HKD 0.94 in the previous year[8] - For the six months ended September 30, 2024, the company reported a loss attributable to shareholders of HKD 4,496,000[37] - The group incurred a total loss before tax of HKD 4,577,000 for the six months ended September 30, 2024[48] - The company reported a loss of HKD (4,496,000) for the period, reflecting a decrease in overall performance compared to previous periods[24] Expenses and Costs - Administrative expenses decreased to HKD 4,931,000 from HKD 7,568,000, reflecting a reduction of 35%[4] - Interest expenses related to lease liabilities for the six months ended September 30, 2024, were HKD 14,000, down from HKD 36,000 in the same period of 2023, a decrease of 61.1%[61] - The cost of goods sold for the six months ended September 30, 2024, was HKD 91,000, a decrease from HKD 654,000 in the same period of 2023, indicating a reduction of 86.1%[64] - Research and development costs for the six months ended September 30, 2024, were HKD 69,000, down from HKD 874,000 in the same period of 2023, reflecting a decrease of 92.1%[64] - Other income for the six months ended September 30, 2024, included HKD 2,000 from various sources, compared to HKD 198,000 in the same period of 2023, indicating a decrease of 98.99%[60] - The company’s financial expenses for the six months ended September 30, 2024, totaled HKD 14,000, a significant decrease from HKD 453,000 in the same period of 2023, reflecting a reduction of 96.9%[61] Assets and Liabilities - Total assets as of September 30, 2024, were HKD 14,873,000, compared to HKD 15,721,000 as of March 31, 2024[14] - Current liabilities increased to HKD 21,144,000 from HKD 17,402,000, representing a rise of 21%[17] - The company's equity attributable to owners decreased to HKD 7,620,000 from HKD 11,924,000, a decline of 36%[21] - As of September 30, 2024, the total equity amounted to HKD 4,679,000, a decrease from HKD 13,440,000 as of March 31, 2024[24] - The company’s total liabilities increased to HKD 227,706,000 as of September 30, 2024, compared to HKD 223,210,000 as of March 31, 2024[24] - As of September 30, 2024, current liabilities exceeded current assets by approximately HKD 6,810,000, with a net debt of about HKD 6,271,000[37] Revenue Sources - Revenue from short message services increased significantly to HKD 20,217,000 for the six months ended September 30, 2024, compared to HKD 3,581,000 for the same period in 2023, representing a growth of 463%[40] - Approximately 92% of the group's total revenue during the reporting period came from SMS services, up from about 70% in the previous fiscal year[98] - The group has continued to expand its SMS service business by signing multiple contracts with information technology companies to meet the growing demand in e-commerce and logistics sectors[96] Business Operations and Strategy - The company has not reported any new product launches or technological advancements during the reporting period[4] - There are no indications of market expansion or mergers and acquisitions in the current financial report[4] - The group plans to continue controlling administrative costs through various channels, including optimizing human resources and adjusting management salaries[37] - The group is focusing on business transformation and diversification to mitigate adverse impacts from challenging market conditions[94] - The group is considering increasing investment in SMS services to expand this business and enhance revenue, aiming to develop it into a growth point[111] Share Capital and Ownership - The company has a total of HKD 135,625,000 in share capital as of September 30, 2024, unchanged from previous periods[24] - The total issued share capital was 1,356,250 thousand shares, with a par value of HKD 0.10 per share[75] - Happy On Holdings Limited now holds approximately 72.83% of the company's issued share capital following the subscription event[114] Market Conditions and Industry Insights - The company noted that the information systems solutions industry in China is facing challenges due to economic slowdown and geopolitical tensions[88] - The demand for information technology system operations is expected to grow due to the booming e-commerce and logistics sectors in China[90] - The company emphasized that the impact of economic slowdown on information technology system operations is relatively small compared to system development industries[89] - In the first nine months of 2024, the domestic mobile SMS business volume increased by 3.6% to approximately 1.447 trillion messages[92] - The Chinese AI market is projected to grow from RMB 213.7 billion in 2023 to RMB 280 billion in 2024, driven by innovations in large language models[93] Corporate Governance - The Audit Committee was established in May 2000 and consists of independent non-executive directors, ensuring compliance with GEM listing rules[144] - The Audit Committee's main responsibilities include reviewing the group's audit results, accounting policies, and compliance with GEM listing rules[144] - The announcement confirms that the directors are responsible for the accuracy and completeness of the information provided, with no misleading or fraudulent elements[145] - The announcement will be published on the Hong Kong Stock Exchange website for at least seven consecutive days[146]

[Corporate Information](index=4&type=section&id=Corporate%20Information) The report lists core corporate information including executive and independent non-executive directors, committee members, company secretary, compliance officer, authorized representatives, auditor, and principal place of business - The report details core corporate information including executive and independent non-executive directors, members of the Audit, Remuneration, and Nomination Committees, company secretary, compliance officer, authorized representatives, auditor, and principal place of business[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk) [Executive Director's Statement](index=6&type=section&id=Executive%20Director%27s%20Statement) Facing a complex environment in China's information system solutions industry, the Group adopted a prudent business development strategy, successfully shifting its focus from system development to operations, with enterprise SMS services contributing approximately **70% of total revenue** while actively expanding front-end and deepening back-end IT businesses - To navigate the challenging operating environment, the Group shifted its business focus from information technology system development to operations, aiming for market expansion with lower capital expenditure and staff costs[15](index=15&type=chunk) - The enterprise SMS service business achieved significant results, with its revenue accounting for approximately **70% of the Group's total revenue** during the reporting period[16](index=16&type=chunk)[19](index=19&type=chunk) - The Group actively expanded its front-end business, commencing distribution of the first batch of children's smartwatches in Beijing in mid-May 2024, with marketing activities planned for schools in the second half of the year[18](index=18&type=chunk)[20](index=20&type=chunk)[24](index=24&type=chunk) - For back-end operations, the Group continues to provide information verification, Artificial Intelligence (AI), and Robotic Process Automation (RPA) services to clients in industries such as securities, finance, and transportation infrastructure[22](index=22&type=chunk) - Looking ahead, the Group plans to increase investment in its SMS service business and consider expanding into other value-added services such as marketing-oriented voice SMS[24](index=24&type=chunk)[26](index=26&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=Management%20Discussion%20and%20Analysis) [Industry Overview](index=8&type=section&id=Industry%20Overview) During the reporting period, China's information system solutions industry faced a complex and severe operating environment due to economic difficulties and US technology sanctions, yet the thriving e-commerce and logistics sectors drove demand for enterprise SMS services, while digital technology integration with the real economy created significant opportunities for AI services - Due to a sluggish Chinese economy and US technology sanctions, domestic internet and tech giants scaled back operations, impacting demand for information technology services[29](index=29&type=chunk)[30](index=30&type=chunk) - The booming e-commerce and logistics sectors drove increased demand for enterprise SMS services; according to the National Bureau of Statistics, China's mobile SMS traffic grew from approximately **1.507 trillion messages in 2019** to about **1.869 trillion messages in 2023**[33](index=33&type=chunk)[37](index=37&type=chunk) - IDC forecasts China's AI market size to reach **USD 14.75 billion in 2023**, projected to grow to **USD 26.44 billion by 2026**, with a compound annual growth rate exceeding **20% from 2021 to 2026**[39](index=39&type=chunk)[41](index=41&type=chunk) [Business Review](index=10&type=section&id=Business%20Review) To counter market volatility, the Group shifted its business focus from system development to operations, with enterprise SMS services becoming the primary revenue source, contributing approximately **70% of total revenue**, while also advancing front-end (children's smartwatches) and back-end (information verification, AI, RPA) businesses, alongside other ventures like electronic component supply and marketing website design - The Group's business focus has shifted from information technology system development to operations, with SMS services accounting for approximately **70% of total revenue** during the reporting period[44](index=44&type=chunk)[49](index=49&type=chunk) - Regarding front-end business, the Group commenced distribution of the first batch of children's smartwatches in Beijing in mid-May 2024, which feature the Group's proprietary software system and bundled telecommunication services[48](index=48&type=chunk)[50](index=50&type=chunk) - For back-end operations, the Group, through its subsidiary Cyber Security, continues to provide information verification services to securities brokers and digital certificate authorities, and is developing a unified digital authentication system for the IT subsidiary of a transportation infrastructure company[52](index=52&type=chunk)[54](index=54&type=chunk)[57](index=57&type=chunk) - The Group, through its subsidiary Shenzhen YBDS, provides Robotic Process Automation (RPA) training and consulting, assisting telecommunication companies in implementing AI customer service[61](index=61&type=chunk) [Prospects](index=14&type=section&id=Prospect) Despite an uncertain industry outlook, the Group will continue its business transformation and diversification, planning increased investment in SMS services and exploring new value-added services like voice SMS in H2 2024, while launching campus marketing for new children's smartwatches, aiming to mitigate macroeconomic impacts and drive long-term growth through a dual-track strategy - The Group is considering increasing investment in its SMS service business in the second half of 2024 to expand operations and revenue, and plans to explore other value-added services such as voice SMS[80](index=80&type=chunk)[84](index=84&type=chunk) - The Group commenced distribution of children's smartwatches in May 2024 and plans to conduct marketing activities in schools during the second half of 2024[81](index=81&type=chunk)[84](index=84&type=chunk) - The Group will continue to operate back-end businesses such as internet electronic identity authentication and AI services to capitalize on opportunities in the digital economy[82](index=82&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=15&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The report reviews the utilization of proceeds from the 2013 subscription, with approximately **HKD 2.794 million** remaining unutilized as of March 31, 2024, expected to be used for general working capital by end of March 2025, and notes the re-allocation of funds from new potential projects to general working capital during the period Net Proceeds from Subscription Utilization (As of March 31, 2024) | Purpose | Amount Utilized for the Year Ended March 31, 2024 (HKD Thousand) | Unutilized Net Proceeds as of March 31, 2024 (HKD Thousand) | Expected Timeline for Utilization of Unutilized Net Proceeds | | :--- | :--- | :--- | :--- | | New Potential Projects | – | – | – | | General Working Capital | (8,909) | 2,794 | By end of March 2025 | | **Total** | **(8,909)** | **2,794** | | - To optimize financial resource utilization, the company reallocated approximately **HKD 3.428 million** of unutilized net proceeds, originally designated for new potential projects, to general working capital[95](index=95&type=chunk)[96](index=96&type=chunk) [Financial Review](index=17&type=section&id=Financial%20Review) During the reporting period, the Group returned to profitability, with profit attributable to owners of the company at approximately **HKD 6.604 million** compared to a loss of **HKD 10.108 million** last year, despite a **12% year-on-year decrease** in total revenue to **HKD 16.152 million**, driven by new SMS services contributing **HKD 11.247 million** in revenue, while maintaining shareholders' funds of approximately **HKD 11.924 million** and a current ratio of **0.85:1** Financial Performance Summary | Metric | FY2024 (Reporting Period) | FY2023 (Prior Period) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | HKD 16.152 million | HKD 18.290 million | -12% | | Profit/(Loss) Attributable to Owners of the Company | HKD 6.604 million | (HKD 10.108 million) | Turnaround to Profit | - Business segment revenue changes: hardware sales revenue decreased by approximately **68% year-on-year**, service revenue decreased by approximately **74% year-on-year**, but the Group recorded SMS service segment revenue of approximately **HKD 11.247 million** for the first time[100](index=100&type=chunk)[105](index=105&type=chunk) Key Financial Resources Indicators (As of March 31, 2024) | Metric | Amount/Ratio | | :--- | :--- | | Shareholders' Funds | HKD 11.924 million | | Current Assets | HKD 14.752 million | | Current Liabilities | HKD 16.663 million | | Current Ratio | 0.85 : 1 | | Gearing Ratio | Zero | - As of March 31, 2024, the Group had **24 employees**, with total remuneration expenses of approximately **HKD 5.883 million** during the reporting period, a decrease from **HKD 7.175 million** in the previous period[111](index=111&type=chunk)[117](index=117&type=chunk) - The Group invested idle funds in low-risk wealth management products to enhance capital efficiency, with most products redeemed during the reporting period[113](index=113&type=chunk)[114](index=114&type=chunk)[122](index=122&type=chunk) [Corporate Governance Report](index=21&type=section&id=Corporate%20Governance%20Report) The company is committed to high standards of corporate governance, largely complying with the Corporate Governance Code during the reporting period, with deviations only in directors' legal action insurance (C.1.8) and the separation of Chairman and CEO roles (C.2.1), while detailing board composition, committee functions, risk management, internal controls, shareholder rights, and investor relations to maintain a transparent, accountable, and effective governance structure [Corporate Governance Practices](index=21&type=section&id=Corporate%20Governance%20Practices) During the reporting period, the company largely complied with the Corporate Governance Code, with two deviations: no appropriate insurance for directors' legal actions (C.1.8), and the roles of Chairman and CEO not separated (C.2.1), as the executive director team collectively focuses on business strategy, pending a suitable appointment - The company complied with the code provisions of the Corporate Governance Code during the reporting period, with certain deviations[131](index=131&type=chunk) - Deviation from Code Provision C.1.8: The company believes the likelihood of actual litigation against directors is extremely low, thus no directors' liability insurance has been arranged, but relevant insurance proposals will be considered for review[132](index=132&type=chunk)[133](index=133&type=chunk) - Deviation from Code Provision C.2.1: The roles of Chairman and Chief Executive Officer are not separated; the executive director team collectively evaluates new businesses and formulates strategies, thus no new Chairman and CEO have been appointed for the time being[134](index=134&type=chunk)[135](index=135&type=chunk) [Board of Directors](index=22&type=section&id=Board%20of%20Directors) The Board of Directors is responsible for formulating the Group's overall strategy and approving significant matters, delegating daily operations to executive directors and management, holding four meetings during the reporting period, with all directors subject to retirement by rotation at least every three years, and all independent non-executive directors confirmed to meet independence requirements Board and General Meeting Attendance Record | Director Name | Board Meetings Attended/Held | General Meetings Attended/Held | | :--- | :--- | :--- | | Mr. Wang Xiaoqi | 4/4 | 1/1 | | Mr. He Yang | 1/4 | 1/1 | | Ms. He Zheng | 4/4 | 1/1 | | Mr. Xie Yuxuan | 3/4 | 1/1 | | Mr. Liu Chuqi | 3/4 | 1/1 | | Mr. Huang Jianji | 3/4 | 1/1 | - The Board is responsible for formulating the Group's overall strategy, approving financial statements and significant transactions, and delegates daily operational and administrative functions to executive directors and management[146](index=146&type=chunk) - All directors, including those with specific terms, are subject to retirement by rotation at least once every three years, and re-election of independent non-executive directors serving more than nine years requires approval by shareholders through a separate resolution[157](index=157&type=chunk)[158](index=158&type=chunk) [Board Committees](index=27&type=section&id=Board%20Committees) The company established three Board Committees—Audit, Remuneration, and Nomination—all composed of independent non-executive directors and chaired by Mr. Xie Yuxuan, responsible for overseeing financial reporting, risk management, internal controls, reviewing director and executive remuneration, and managing director nominations and board diversity policy implementation [Audit Committee](index=27&type=section&id=Audit%20Committee) The Audit Committee, comprising three independent non-executive directors and chaired by Mr. Xie Yuxuan, is primarily responsible for reviewing the Group's audit results, accounting policies, internal controls, and risk management systems, holding three meetings during the reporting period to review financial reports and confirm compliance and adequate disclosure - The Audit Committee, composed of three independent non-executive directors, is responsible for reviewing financial reports, accounting policies, internal controls, and risk management matters[179](index=179&type=chunk)[184](index=184&type=chunk) Audit Committee Meeting Attendance Record | Member Name | Attendance/Meetings Held | | :--- | :--- | | Mr. Xie Yuxuan | 3/3 | | Mr. Liu Chuqi | 3/3 | | Mr. Huang Jianji | 3/3 | [Remuneration Committee](index=28&type=section&id=Remuneration%20Committee) The Remuneration Committee, comprising three independent non-executive directors and chaired by Mr. Xie Yuxuan, is primarily responsible for advising the Board on director and senior management remuneration, holding one meeting during the reporting period to review executive directors' service contracts, remuneration, and performance - The Remuneration Committee, composed of three independent non-executive directors, is responsible for recommending remuneration packages for directors and senior management to the Board[188](index=188&type=chunk)[189](index=189&type=chunk) Remuneration Committee Meeting Attendance Record | Member Name | Attendance/Meetings Held | | :--- | :--- | | Mr. Xie Yuxuan | 1/1 | | Mr. Liu Chuqi | 1/1 | | Mr. Huang Jianji | 1/1 | [Nomination Committee](index=29&type=section&id=Nomination%20Committee) The Nomination Committee, comprising three independent non-executive directors and chaired by Mr. Xie Yuxuan, is primarily responsible for identifying director candidates, recommending appointments or re-appointments to the Board, and overseeing the implementation of the board diversity policy, holding one meeting during the reporting period with no new director appointments - The Nomination Committee is responsible for identifying director candidates, proposing appointments, and overseeing the implementation of the board diversity policy[197](index=197&type=chunk)[194](index=194&type=chunk) - The company has adopted a board diversity policy, considering board composition from various aspects including gender, age, cultural and educational background, and professional experience[199](index=199&type=chunk)[200](index=200&type=chunk) Nomination Committee Meeting Attendance Record | Member Name | Attendance/Meetings Held | | :--- | :--- | | Mr. Xie Yuxuan | 1/1 | | Mr. Liu Chuqi | 1/1 | | Mr. Huang Jianji | 1/1 | [Risk Management and Internal Control](index=36&type=section&id=Risk%20Management%20and%20Internal%20Control) The Board holds overall responsibility for the Group's risk management and internal control systems, delegating daily oversight to executive directors and management, and has established risk management policies and reporting mechanisms using a bottom-up approach for risk identification and assessment; during the reporting period, the Board engaged independent consultant PAL Advisory to perform internal audit functions, reviewing the effectiveness of financial reporting procedures, systems, and controls, with both the Board and Audit Committee deeming the systems effective and adequately resourced - The Board holds overall responsibility for the risk management and internal control systems, reviewing their effectiveness at least annually[236](index=236&type=chunk)[238](index=238&type=chunk) - The Group has established risk management policies and reporting mechanisms, covering the entire process of risk identification, assessment, response, and monitoring reports[149](index=149&type=chunk)[242](index=242&type=chunk) - The Group engaged independent consultant PAL Advisory to perform internal audit functions, reviewing internal controls related to financial reporting and other areas[245](index=245&type=chunk) - The Audit Committee and the Board believe that the Group's risk management and internal control systems operated effectively and were adequately resourced during the reporting period[248](index=248&type=chunk)[249](index=249&type=chunk) [Shareholder's Rights & Investor Relations](index=41&type=section&id=Shareholder%27s%20Rights%20%26%20Investor%20Relations) The company clarifies shareholder rights, including the ability for shareholders holding at least **10% of paid-up capital** to requisition an extraordinary general meeting, emphasizing effective communication through various channels like general meetings, annual reports, announcements, and the company website, and strictly adhering to its adopted shareholder communication policy during the reporting period - Shareholders holding not less than **one-tenth of the company's paid-up capital** have the right to requisition an extraordinary general meeting of shareholders in writing to the Board[254](index=254&type=chunk)[259](index=259&type=chunk) - The company has adopted a shareholder communication policy and maintains effective communication with shareholders through various channels, including general meetings, financial reports, announcements, and the company website[263](index=263&type=chunk) [Environmental, Social and Governance Report](index=43&type=section&id=Environmental%2C%20Social%20and%20Governance%20Report) This ESG report outlines the Group's practices and commitments in environmental protection, social responsibility, and corporate governance, detailing the establishment of an ESG working group, identification of key ESG issues through stakeholder engagement and materiality assessment, setting targets for greenhouse gas emissions, waste management, and energy consumption, and implementing measures to reduce environmental impact, while also covering employment, health and safety, training, supply chain management, product responsibility, anti-corruption, and community investment, demonstrating the Group's efforts as a responsible enterprise [Governance, Stakeholder Engagement and Materiality Assessment](index=47&type=section&id=Governance%2C%20Stakeholder%20Engagement%20and%20Materiality%20Assessment) The Group established an ESG working group to assist the Board in overseeing ESG matters, communicating with key stakeholders like shareholders, employees, and customers through various channels including general meetings, financial reports, and customer service hotlines, and identified critical ESG issues such as greenhouse gas emissions, employee welfare, customer privacy protection, and anti-corruption through annual materiality assessments - The Group established an ESG working group, comprising senior management and departmental staff, responsible for implementing ESG initiatives, collecting data, and making recommendations to the Board[298](index=298&type=chunk) - The Group communicates with stakeholders including shareholders, government, employees, customers, suppliers, and the public through various channels to understand their expectations and feedback[305](index=305&type=chunk)[306](index=306&type=chunk) - Through annual materiality assessments, the Group identified **15 key ESG issues**, with occupational health and safety, anti-corruption, customer privacy protection, and employee welfare deemed most significant[308](index=308&type=chunk)[311](index=311&type=chunk) [A. Environmental](index=50&type=section&id=A.%20Environmental) The Group is committed to environmental protection, setting quantitative targets for greenhouse gas emissions, waste management, and energy consumption, achieving significant reductions in total greenhouse gas emissions and energy consumption during the reporting period due to office relocation and vehicle decommissioning, while implementing energy-saving measures, paperless operations, and 3R principles to reduce resource consumption, and has developed a climate change policy to address physical risks like typhoons and transitional risks like tightening regulations Environmental Targets and Progress | Category | Target (Baseline: 2023) | Progress | | :--- | :--- | :--- | | Greenhouse Gas Emissions | Maintain or reduce total greenhouse gas emission intensity (Baseline: 65.09 kg CO2e/m²) | Ongoing | | Waste Management | Maintain or reduce non-hazardous waste intensity (Baseline: 0.17 kg/m²) | Ongoing | | Energy Consumption | Maintain or reduce total energy consumption intensity (Baseline: 86.66 kWh/m²) | Ongoing | Greenhouse Gas Emissions Performance | Metric (kg CO2e) | 2024 | 2023 | | :--- | :--- | :--- | | Total Emissions | 18,165.71 | 24,929.62 | | Emission Intensity (kg CO2e/m²) | 47.43 | 65.09 | Energy Consumption Performance | Metric (kWh) | 2024 | 2023 | | :--- | :--- | :--- | | Total Energy Consumption | 22,819.21 | 33,190.92 | | Total Energy Consumption Intensity (kWh/m²) | 59.58 | 86.66 | - The Group has formulated a climate change policy to identify and address physical risks such as extreme weather and transitional risks like tightening regulations[357](index=357&type=chunk)[361](index=361&type=chunk)[363](index=363&type=chunk) [B. Social](index=58&type=section&id=B.%20Social) Regarding social responsibility, the Group established comprehensive policies for employment, health and safety, training, supply chain management, product responsibility, and anti-corruption, committing to equal opportunities and a safe work environment with no lost workdays due to injury during the reporting period, strictly adhering to labor standards prohibiting child and forced labor, assessing environmental and social risks in supplier management, prioritizing product quality with after-sales service and customer data protection mechanisms, reporting no product recalls or complaints, and maintaining business ethics through a whistleblowing mechanism [Employment and Labour Practices](index=58&type=section&id=Employment%20and%20Labour%20Practices) The Group established a comprehensive human resource management system ensuring fairness in recruitment, promotion, remuneration, and dismissal, providing statutory holidays and benefits, committing to equal opportunities, diversity, and anti-discrimination, strictly prohibiting child and forced labor, and as of March 31, 2024, had **21 employees** with an annual employee turnover rate of **13%** - As of March 31, 2024, the Group had **21 employees** (excluding independent non-executive directors), with **57% male** and **43% female**, and geographically, **71% of employees were in mainland China** and **29% in Hong Kong**[376](index=376&type=chunk)[377](index=377&type=chunk) - During the reporting period, the Group's employee turnover rate was **13%**[380](index=380&type=chunk) - The Group strictly prohibits child and forced labor, verifying identity documents during recruitment to prevent violations[395](index=395&type=chunk)[398](index=398&type=chunk) [Health, Safety, Development and Training](index=60&type=section&id=Health%2C%20Safety%2C%20Development%20and%20Training) The Group highly prioritizes employee health and safety, committed to providing a safe and comfortable work environment, with no lost workdays due to injury or work-related fatalities during the reporting period, and offers customized IT examination systems and training courses for employee development, totaling **85 hours of training** during the period - During the reporting period, the Group recorded **zero lost workdays due to work-related injuries** and no work-related fatalities in the past three years[384](index=384&type=chunk) Employee Training Hours Summary (FY2024) | Employee Category | Percentage of Employees Trained | Average Training Hours (Hours) | | :--- | :--- | :--- | | Executive Directors | 75% | 6.75 | | Management | 100% | 12.00 | | General Staff | 8% | 0.77 | [Operating Practices](index=63&type=section&id=Operating%20Practices) Regarding operating practices, the Group maintains strict management over its supply chain, product responsibility, and anti-corruption efforts, requiring suppliers to adhere to its code of conduct and considering environmental and social risks during selection, prioritizing product quality with after-sales service and customer data protection mechanisms, reporting no product recalls or related complaints during the period, and committing to prohibiting all forms of corruption through a whistleblowing mechanism - The Group considers suppliers' environmental (e.g., ISO14001 certification) and social (e.g., OHSAS18001 certification) performance during selection; during the reporting period, **all 4 major suppliers were located in China**[401](index=401&type=chunk)[406](index=406&type=chunk) - The Group emphasizes product quality, maintains a tracking system, and provides after-sales service; during the reporting period, there were **no product recalls** or complaints regarding product quality or services[413](index=413&type=chunk)[414](index=414&type=chunk)[417](index=417&type=chunk) - The Group is committed to protecting customer data and intellectual property, signing confidentiality agreements with partners[418](index=418&type=chunk)[419](index=419&type=chunk) - The Group strictly prohibits corrupt practices such as bribery, extortion, fraud, and money laundering, and has established an employee whistleblowing mechanism; during the reporting period, there were **no concluded corruption litigation cases**[426](index=426&type=chunk)[428](index=428&type=chunk)[436](index=436&type=chunk) [Biographical Information of Directors and Senior Management](index=77&type=section&id=Biographical%20Information%20of%20Directors%20and%20Senior%20Management) This section provides detailed biographical information for the company's executive and independent non-executive directors, including their age, position, tenure, professional experience, academic background, shareholding, and appointments in other listed companies or organizations - **Mr. Wang Xiaoqi**, Executive Director, **45 years old**, possesses over **15 years of experience** in China's telecommunications industry, holding a Bachelor's degree in Computer Control and Application[459](index=459&type=chunk) - **Mr. He Yang**, Executive Director, **69 years old**, previously served as a senior executive at a major high-tech software company in China and an executive director at a renowned real estate company, and was an independent non-executive director of China Gas Holdings Limited (Stock Code: 384)[462](index=462&type=chunk) - **Ms. He Zheng**, Executive Director, **31 years old**, holds a Bachelor of Business Administration degree and is a licensed representative for Type 1 (dealing in securities) regulated activities[463](index=463&type=chunk) - **Mr. Xie Yuxuan**, Independent Non-Executive Director, **54 years old**, possesses over **20 years of experience** in corporate finance and accounting, is a member of the Hong Kong Institute of Certified Public Accountants, and holds licenses for Type 1 and Type 6 regulated activities[467](index=467&type=chunk) [Report of the Directors](index=81&type=section&id=Report%20of%20the%20Directors) This report outlines statutory disclosures including the company's principal business activities, financial performance, dividend policy, share capital structure, and directors' and major shareholders' interests during the reporting period, noting no significant change in business nature, focusing on high-tech software and hardware trading, mobile payment platform development, and enterprise SMS services, with the company achieving profitability but not recommending a final dividend, while confirming sufficient public float and compliance with relevant laws and regulations [Principal Activities and Financials](index=81&type=section&id=Principal%20Activities%20and%20Financials) The company primarily engages in investment holding, with subsidiary businesses including high-tech software and hardware trading, mobile payment services, and enterprise SMS services, experiencing no significant change in business nature during the reporting period, recording a profit but not recommending a final dividend, and holding distributable reserves of approximately **HKD 101.852 million** as of March 31, 2024 - The Group's principal activities include high-tech software and hardware trading, mobile payment platform development, mobile application service procurement, and enterprise SMS services[477](index=477&type=chunk)[483](index=483&type=chunk) - The Directors do not recommend the payment of a final dividend for the reporting period[480](index=480&type=chunk)[486](index=486&type=chunk) - As of March 31, 2024, the company's distributable reserves (including share premium) amounted to approximately **HKD 101,852,000**[491](index=491&type=chunk)[499](index=499&type=chunk) [Directors and Shareholders' Interests](index=83&type=section&id=Directors%20and%20Shareholders%27%20Interests) The report lists directors and their service contracts for the period, with Happy On Holdings Limited and its ultimate beneficial owner, Mr. Chan Fu Wing, as major shareholders holding approximately **72.83% of the company's shares**, while executive directors Mr. Wang Xiaoqi and Mr. He Yang hold minor stakes, and the largest customer and supplier accounted for **68% of total sales** and **66% of total purchases**, respectively Major Shareholders' Shareholding (As of March 31, 2024) | Shareholder Name | Capacity | Number of Issued Ordinary Shares Held | Approximate Percentage of Issued Share Capital | | :--- | :--- | :--- | :--- | | Happy On Holdings Limited | Beneficial Owner | 987,888,771 (L) | 72.83% | | Mr. Chan Fu Wing | Interest of Controlled Corporation | 987,888,771 (L) | 72.83% | - Executive Director Mr. Wang Xiaoqi holds **382,000 shares** (approximately **0.028%**), and Mr. He Yang holds **18,083,500 shares** (approximately **1.333%**)[530](index=530&type=chunk)[532](index=532&type=chunk) - During the reporting period, the largest customer accounted for approximately **68% of total sales**, and the top five customers accounted for **100%**; the largest supplier accounted for approximately **66% of total purchases**, and the top five suppliers accounted for **100%**[538](index=538&type=chunk)[544](index=544&type=chunk) [Summary Financial Information](index=90&type=section&id=Summary%20Financial%20Information) This summary provides key financial data for the Group's past five fiscal years (2020-2024), including revenue, profit/loss before tax, profit/loss attributable to owners of the company, total assets, and total liabilities, indicating a return to profitability in FY2024 Summary of Results for the Past Five Financial Years (HKD Thousand) | Financial Year | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | 16,152 | 18,290 | 32,800 | 41,242 | 26,556 | | **Profit/(Loss) Before Tax** | 5,898 | (16,840) | (21,920) | 6,345 | (33,225) | | **Profit/(Loss) Attributable to Owners of the Company** | 6,604 | (10,108) | (18,189) | 16,703 | (26,710) | Summary of Assets and Liabilities for the Past Five Financial Years (HKD Thousand) | Financial Year | 2024 | 2023 | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 15,721 | 34,633 | 58,207 | 62,017 | 89,277 | | **Total Liabilities** | (17,402) | (48,006) | (54,956) | (37,125) | (98,718) | | **Equity Attributable to Owners of the Company** | 11,924 | 246 | 10,707 | 28,413 | 11,892 | [Independent Auditor's Report](index=91&type=section&id=Independent%20Auditor%27s%20Report) Auditor UHY CPA Limited issued an unmodified opinion on the company's consolidated financial statements as of March 31, 2024, deeming them to fairly present the Group's financial position and performance, while drawing attention to significant uncertainties related to going concern due to the Group's net liability position at period-end, with key audit matters including loss allowances for trade and other receivables and contract assets, which were subject to sufficient audit procedures - **Audit Opinion**: The auditor believes the consolidated financial statements fairly present the Group's financial position and are properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance (unmodified opinion)[573](index=573&type=chunk)[575](index=575&type=chunk) - **Material Uncertainty Related to Going Concern**: The report draws attention to the Group's net liabilities of approximately **HKD 1.681 million** as of the reporting period end, a condition that may cast significant doubt on the Group's ability to continue as a going concern; however, the auditor's opinion is not modified in respect of this matter[578](index=578&type=chunk)[580](index=580&type=chunk) - **Key Audit Matter**: Loss allowance for trade and other receivables and contract assets, identified as a key audit matter due to its material amount and significant management judgment and estimation involved; the auditor evaluated and challenged management's Expected Credit Loss (ECL) model, assumptions, and data used[585](index=585&type=chunk)[588](index=588&type=chunk)[589](index=589&type=chunk) [Financial Statements](index=99&type=section&id=Financial%20Statements) [Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=99&type=section&id=Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) For the year ended March 31, 2024, the Group's revenue was **HKD 16.152 million**, a **12% year-on-year decrease**, yet it achieved a profit before tax of **HKD 5.898 million**, reversing a **HKD 16.840 million loss** from the prior year, primarily due to a **HKD 19.286 million gain** from the disposal of a subsidiary, resulting in a profit attributable to owners of the company of **HKD 6.604 million** and basic earnings per share of **HKD 0.49 cents** Consolidated Statement of Profit or Loss Summary (For the Year Ended March 31) | Item (HKD Thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Revenue | 16,152 | 18,290 | | Gross Profit | 761 | 1,820 | | Gain on Disposal of a Subsidiary | 19,286 | – | | **Profit/(Loss) Before Tax** | **5,898** | **(16,840)** | | **Profit/(Loss) for the Year** | **5,898** | **(16,840)** | | Profit/(Loss) Attributable to Owners of the Company | 6,604 | (10,108) | | Basic and Diluted Earnings/(Loss) Per Share (HK Cents) | 0.49 | (0.75) | [Consolidated Statement of Financial Position](index=100&type=section&id=Consolidated%20Statement%20of%20Financial%20Position) As of March 31, 2024, the Group's total assets were **HKD 15.721 million** and total liabilities were **HKD 17.402 million**, resulting in net liabilities of **HKD 1.681 million**, an improvement from **HKD 13.373 million** net liabilities in the prior year, with current assets primarily comprising **HKD 11.770 million** in trade and other receivables, and current liabilities mainly **HKD 16.663 million** in trade and other payables, while equity attributable to owners of the company stood at **HKD 11.924 million** Consolidated Statement of Financial Position Summary (As of March 31) | Item (HKD Thousand) | 2024 | 2023 | | :--- | :--- | :--- | | **Total Non-Current Assets** | 969 | 1,977 | | **Total Current Assets** | 14,752 | 32,656 | | **Total Assets** | **15,721** | **34,633** | | **Total Current Liabilities** | 17,402 | 47,195 | | **Non-Current Liabilities** | – | 811 | | **Total Liabilities** | **17,402** | **48,006** | | **Net Liabilities** | **(1,681)** | **(13,373)** | | Equity Attributable to Owners of the Company | 11,924 | 246 | | Non-Controlling Interests | (13,605) | (13,619) | [Consolidated Statement of Changes in Equity](index=102&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) For the year ended March 31, 2024, equity attributable to owners of the company increased from **HKD 0.246 million** at the beginning of the year to **HKD 11.924 million** at year-end, primarily driven by a **HKD 6.604 million profit** for the year, **HKD 0.462 million gain** from exchange differences, and **HKD 4.612 million** reclassification of reserves from the disposal of a subsidiary Summary of Changes in Equity Attributable to Owners of the Company (HKD Thousand) | Item | Amount (HKD Thousand) | | :--- | :--- | | As of April 1, 2023 | 246 | | Profit for the Year | 6,604 | | Other Comprehensive Income (Exchange Differences) | 462 | | Disposal of a Subsidiary (Reserve Impact) | 4,612 | | **As of March 31, 2024** | **11,924** | [Consolidated Statement of Cash Flows](index=103&type=section&id=Consolidated%20Statement%20of%20Cash%20Flows) For the year ended March 31, 2024, the Group's cash and cash equivalents decreased by **HKD 1.111 million**, with net cash outflow from operating activities of **HKD 8.156 million** primarily due to working capital changes, net cash inflow from investing activities of **HKD 7.886 million** mainly from disposal of financial assets, and net cash outflow from financing activities of **HKD 0.841 million** mainly for lease liability repayment, resulting in a year-end cash and cash equivalents balance of **HKD 2.742 million** Consolidated Statement of Cash Flows Summary (For the Year Ended March 31) | Item (HKD Thousand) | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | (8,156) | (16,935) | | Net Cash From Investing Activities | 7,886 | 13,831 | | Net Cash Used in Financing Activities | (841) | (1,115) | | **Net Decrease in Cash and Cash Equivalents** | **(1,111)** | **(4,219)** | | Cash and Cash Equivalents at Beginning of Year | 3,493 | 7,978 | | **Cash and Cash Equivalents at End of Year** | **2,742** | **3,493** | [Notes to the Consolidated Financial Statements](index=105&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes to the financial statements provide detailed explanations of the company's financial position and performance, including the adoption of the going concern basis despite net liabilities, revenue sources from system development, hardware sales, and new SMS services, expected credit loss provisions for trade and other receivables, disclosures on financial instrument classification, risk management, and fair value measurement, details of the September 2023 disposal of Guangzhou YBDS subsidiary, and financial information for subsidiaries with significant non-controlling interests [Note 3: Material Accounting Policies Information](index=108&type=section&id=Note%203%3A%20Material%20Accounting%20Policies%20Information) This note outlines the Group's principal accounting policies, including the assessment of going concern, where despite net liabilities at period-end, directors deem the going concern basis appropriate given cost control measures, new business initiatives (children's smartwatches), and major shareholder financial support commitments, alongside other policies covering business combinations, revenue recognition, leases, and financial instrument classification and impairment (using the Expected Credit Loss model) - Despite the Group recording net liabilities of approximately **HKD 1.681 million** as of March 31, 2024, the directors believe the Group can continue as a going concern, based on cost control, new business expansion, and major shareholder commitments for financial support[649](index=649&type=chunk)[653](index=653&type=chunk)[655](index=655&type=chunk) - Revenue recognition follows a five-step model: for system development and consulting services, revenue is recognized over time; for hardware product sales and SMS services, revenue is recognized at the point control is transferred[681](index=681&type=chunk)[695](index=695&type=chunk)[707](index=707&type=chunk) - The Group applies the simplified approach to trade receivables and contract assets, recognizing Lifetime Expected Credit Losses (ECL)[809](index=809&type=chunk) [Note 7: Revenue and Segment Information](index=155&type=section&id=Note%207%3A%20Revenue%20and%20Segment%20Information) This year, the Group's total revenue was **HKD 16.152 million**, primarily from three segments: Services (**HKD 3.976 million**), Hardware Sales (**HKD 0.929 million**), and the new SMS Service Charges (**HKD 11.247 million**), with SMS services becoming the largest revenue source, and significant customer concentration as Company B contributed approximately **68%** and Company A approximately **25%** of total revenue Revenue by Segment (For the Year Ended March 31, 2024) | Segment | Revenue (HKD Thousand) | | :--- | :--- | | Services | 3,976 | | Hardware Sales | 929 | | SMS Service Charges | 11,247 | | **Total** | **16,152** | - During the reporting period, the Services segment recorded a loss of **HKD 4.460 million**, the Hardware Sales segment a loss of **HKD 1.096 million**, while the SMS Services segment achieved a profit of **HKD 0.353 million**[972](index=972&type=chunk) - There is significant customer concentration risk, with Company B contributing **HKD 11.047 million** in revenue and Company A contributing **HKD 3.976 million**, together accounting for over **90% of total revenue**[991](index=991&type=chunk) [Note 20: Trade and Other Receivables](index=173&type=section&id=Note%2020%3A%20Trade%20and%20Other%20Receivables) As of March 31, 2024, the gross carrying amount of trade receivables was **HKD 8.498 million**, with a net amount of **HKD 7.286 million** after a loss allowance of **HKD 1.212 million**, and other receivables net amount was **HKD 3.143 million**; the Group applies a provision matrix for Lifetime Expected Credit Losses on trade receivables, with an expected loss rate of **15% for amounts overdue over 60 days** Trade Receivables Aging Analysis (Net, HKD Thousand) | Aging | 2024 | 2023 | | :--- | :--- | :--- | | Within 90 days | 162 | 8,457 | | 91 to 180 days | 107 | 9 | | 181 to 365 days | 4,418 | 6,344 | | Over 365 days | 2,599 | 111 | | **Total** | **7,286** | **14,921** | - The Group recognized an impairment loss of **HKD 0.857 million** for trade receivables based on the Expected Credit Loss model (2023: **HKD 0.029 million**)[1059](index=1059&type=chunk)[1072](index=1072&type=chunk) - Other receivables include amounts due from former subsidiaries of approximately **HKD 1.099 million**[1073](index=1073&type=chunk) [Note 26: Disposal of a Subsidiary](index=182&type=section&id=Note%2026%3A%20Disposal%20of%20a%20Subsidiary) On September 19, 2023, the Group disposed of its entire equity interest in indirectly-owned subsidiary Guangzhou YBDS Information Technology Co., Ltd. for a cash consideration of RMB 1, generating a **HKD 19.286 million gain** primarily due to the disposed subsidiary's net liability position, and resulting in a net cash outflow of **HKD 3 thousand** from the transaction - The Group disposed of its subsidiary Guangzhou YBDS on September 19, 2023, for a nominal consideration of **RMB 1**[1107](index=1107&type=chunk)[1108](index=1108&type=chunk) Gain on Disposal of a Subsidiary Calculation (HKD Thousand) | Item | Amount (HKD Thousand) | | :--- | :--- | | Consideration Receivable | 0* | | Net Liabilities Disposed | 23,898 | | Reclassification of Cumulative Translation Reserve | (4,612) | | **Gain on Disposal** | **19,286** | - As of March 31, 2023, the disposed subsidiary Guangzhou YBDS had its assets classified as held for sale, with related liabilities primarily consisting of amounts payable to independent third party Beijing Huaqin of approximately **HKD 25.603 million**[1113](index=1113&type=chunk)[1116](index=1116&type=chunk)

[Financial Summary](index=2&type=section&id=Financial%20Summary) This section summarizes the company's financial performance, position, and equity movements, highlighting the swing to profit and changes in asset and liability structures [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) During the reporting period, the Group swung to profit, primarily due to a one-off gain from the disposal of a subsidiary, resulting in a profit attributable to owners of the company of HK$6,604 thousand compared to a loss of HK$10,108 thousand in the prior year Consolidated Statement of Profit or Loss Key Indicators (For the Year Ended March 31) | Indicator | 2024 (Thousand HKD) | 2023 (Thousand HKD) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Revenue | 16,152 | 18,290 | -11.7% | | Gross Profit | 761 | 1,820 | -58.2% | | Gain on Disposal of a Subsidiary | 19,286 | – | N/A | | Profit/(Loss) Before Tax | 5,898 | (16,840) | Swung to Profit | | Profit/(Loss) for the Year | 5,898 | (16,840) | Swung to Profit | | Profit/(Loss) Attributable to Owners of the Company | 6,604 | (10,108) | Swung to Profit | | Basic Earnings/(Loss) Per Share (HK cents) | 0.49 | (0.75) | Swung to Profit | [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 significantly decreased to HK$15,721 thousand, while total liabilities also substantially declined to HK$17,402 thousand, primarily due to a large base of liabilities classified as assets held for sale in the prior period Consolidated Statement of Financial Position Summary (As of March 31) | Indicator | 2024 (Thousand HKD) | 2023 (Thousand HKD) | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 14,752 | 32,656 | | Total Non-current Assets | 969 | 1,977 | | **Total Assets** | **15,721** | **34,633** | | **Liabilities and Equity** | | | | Total Current Liabilities | 17,402 | 47,195 | | Non-current Liabilities | – | 811 | | **Total Liabilities** | **17,402** | **48,006** | | **Equity Attributable to Owners of the Company** | **11,924** | **246** | | **Capital Deficit (Net Liabilities)** | **(1,681)** | **(13,373)** | - The Group's net current liabilities narrowed from **HK$14,539 thousand** in the prior year to **HK$2,650 thousand**[9](index=9&type=chunk) [Consolidated Statement of Changes in Equity](index=6&type=section&id=Consolidated%20Statement%20of%20Changes%20in%20Equity) During the reporting period, equity attributable to owners of the company significantly increased from HK$246 thousand at the beginning of the year to HK$11,924 thousand at year-end, driven by the profit for the year and reclassification of accumulated translation reserve Changes in Equity Attributable to Owners of the Company | Item | Amount (Thousand HKD) | | :--- | :--- | | As of April 1, 2023 | 246 | | Total Comprehensive Income for the Year | 7,066 | | Disposal of a Subsidiary | 4,612 | | **As of March 31, 2024** | **11,924** | [Notes to the Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section provides detailed notes on the company's general information, basis of presentation, revenue segmentation, and the significant gain from the disposal of a subsidiary [General Information & Basis of Presentation](index=7&type=section&id=1.%20General%20Information%20%26%202.%20Basis%20of%20Presentation) The company is an investment holding company primarily engaged in system development, technology consulting, hardware sales, and SMS service charges, with financial statements prepared on a going concern basis despite net liabilities - The Group's principal activities include system development services, technology consulting, hardware sales, and SMS service charges[14](index=14&type=chunk) - Despite recording net liabilities of approximately **HK$1.681 million**, the financial statements are prepared on a going concern basis, supported by active cost control, new business initiatives (children's smartwatches), and financial support commitments from major shareholders[15](index=15&type=chunk) [Revenue and Segment Information](index=9&type=section&id=4.%20Revenue%20and%20Segment%20Information) During the reporting period, the Group's total revenue was HK$16,152 thousand, a 11.7% year-on-year decrease, with the newly added "SMS Service Charges" becoming the primary revenue source, contributing nearly 70% of total revenue Revenue by Business Segment (Thousand HKD) | Business Segment | 2024 | 2023 | | :--- | :--- | :--- | | Services (System Development and Consulting) | 3,976 | 15,412 | | Sales of Hardware | 929 | 2,878 | | SMS Service Charges | 11,247 | – | | **Total** | **16,152** | **18,290** | - The SMS service charges business commenced operations during the reporting period and became a core business[20](index=20&type=chunk) - Revenue from customer Company A (Services segment) and Company B (SMS Services segment) accounted for an extremely high proportion of total revenue, contributing **HK$3,976 thousand** and **HK$11,047 thousand** respectively[29](index=29&type=chunk) [Disposal of a Subsidiary](index=18&type=section&id=13.%20Disposal%20of%20a%20Subsidiary) On September 19, 2023, the Group disposed of its entire equity interest in Guangzhou Yunbo Information Technology Co., Ltd., an indirectly owned subsidiary, for a nominal consideration of HK$1, generating a gain of HK$19,286 thousand, which was a key factor in the Group's profitability for the year - The Group disposed of its entire equity interest in Guangzhou Yunbo, a subsidiary, for a cash consideration of RMB1 on September 19, 2023[46](index=46&type=chunk) Gain on Disposal of a Subsidiary Calculation (Thousand HKD) | Item | Amount | | :--- | :--- | | Net Liabilities Disposed Of | 23,898 | | Reclassification of Accumulated Translation Reserve | (4,612) | | **Gain on Disposal** | **19,286** | [Management Discussion and Analysis](index=20&type=section&id=Management%20Discussion%20and%20Analysis) This section discusses the company's strategic business transformation, future outlook, financial resources, performance highlights, and human capital management [Business Review](index=20&type=section&id=Business%20Review) To adapt to the volatile market, the Group has shifted its business focus from information technology system development to system operation, with the newly added enterprise SMS service business rapidly growing to account for approximately 70% of total revenue - The business focus has shifted from IT system development to system operation, with enterprise SMS services becoming core, accounting for approximately **70% of total revenue**[52](index=52&type=chunk) - The Group is preparing to launch a front-end business selling children's smartwatches, which will be bundled with services from major telecom operators, with initial distribution commencing in Beijing in May 2024[54](index=54&type=chunk) - Back-end businesses continue to provide information verification, unified digital authentication system construction, and other services for clients in industries such as securities, finance, and transportation infrastructure[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [Prospects](index=24&type=section&id=Prospects) Looking ahead, given macroeconomic uncertainties, the Group will continue its transformation from development to operation, planning to increase investment in SMS services and expand into other value-added services while promoting children's smartwatches and maintaining back-end operations - Plans to increase investment in the SMS service business in the second half of 2024 and consider expanding into marketing-related voice SMS services[72](index=72&type=chunk) - The children's smartwatch business launched in May 2024, with marketing activities planned for schools in the second half of the year[73](index=73&type=chunk) - The Group will adhere to a strategy of simultaneously developing front-end (smartwatches) and back-end (IT solutions) businesses to achieve business diversification and sustainable development[73](index=73&type=chunk) [Liquidity, Financial Resources and Capital Structure](index=25&type=section&id=Liquidity%2C%20Financial%20Resources%20and%20Capital%20Structure) The Group's funding primarily originates from a 2013 share subscription, with approximately HK$2,794 thousand remaining unused as of March 31, 2024, expected to be fully utilized for general working capital by March 31, 2025 - As of March 31, 2024, approximately **HK$2.794 million** of net proceeds from the 2013 subscription remained unutilized[80](index=80&type=chunk) - The remaining unutilized funds are expected to be fully used for general working capital by March 31, 2025[80](index=80&type=chunk) [Financial Review](index=27&type=section&id=Financial%20Review) During the reporting period, the Group's revenue decreased by 11.69% year-on-year to HK$16,152 thousand, but it successfully swung to profit, recording a profit attributable to owners of the company of HK$6,604 thousand Financial Indicators Overview | Indicator | Value | | :--- | :--- | | Revenue | 16,152 Thousand HKD (-11.69% YoY) | | Profit Attributable to Owners | 6,604 Thousand HKD (Loss of 10,108 Thousand HKD in prior year) | | Current Ratio | 0.85 (1.49 in prior year) | | Debt-to-Equity Ratio | Zero | - The business revenue structure underwent a significant transformation, with the newly added SMS service segment becoming the primary revenue source[83](index=83&type=chunk) [Employees and Remuneration Policy](index=28&type=section&id=Employees%20and%20Remuneration%20Policy) As of March 31, 2024, the Group employed 24 individuals (including 6 directors), a decrease from 29 in the prior year, with total employee remuneration for the reporting period approximately HK$5,883 thousand Employee and Remuneration Overview | Indicator | March 31, 2024 | March 31, 2023 | | :--- | :--- | :--- | | Number of Employees (incl. Directors) | 24 | 29 | | Total Remuneration (Thousand HKD) | 5,883 | 7,175 | [Material Investments](index=28&type=section&id=Material%20Investments) To enhance the efficiency of idle funds, the Group invested in short-term wealth management products from several large banks; as of the end of the reporting period, most products were redeemed, with only one remaining with a fair value of HK$52 thousand - The Group invested idle funds in short-term wealth management products from several banks to achieve returns higher than fixed deposits[91](index=91&type=chunk) Wealth Management Product Investment Status (Thousand HKD) | Item | Amount (Approx.) | | :--- | :--- | | Total Investment Cost | 8,215 | | Redeemed During the Year | (7,814) | | Fair Value at Year-End | 52 | | Dividend Income During the Year | 65 | [Corporate Governance and Other Information](index=30&type=section&id=Corporate%20Governance%20and%20Other%20Information) This section details the company's adherence to corporate governance practices, audit committee oversight, and the auditor's report, including going concern considerations [Corporate Governance Practices](index=30&type=section&id=Corporate%20Governance%20Practices) The company complied with the GEM Listing Rules' Corporate Governance Code during the reporting period, with two deviations: no liability insurance for directors and no separation of Chairman and Chief Executive roles - Deviation from Code Provision C.1.8: No liability insurance purchased for directors, as the company believes the likelihood of litigation is extremely low[95](index=95&type=chunk) - Deviation from Code Provision C.2.1: Chairman and Chief Executive roles are not separated, with the company explaining that the executive director team jointly focuses on business development and no suitable candidate has been appointed yet[96](index=96&type=chunk) [Audit Committee and Auditor's Report](index=30&type=section&id=Audit%20Committee%20and%20Auditor%27s%20Report) The Audit Committee, comprising three independent non-executive directors, reviewed the financial statements and risk management and internal control systems for the reporting period, deeming them effective, while the independent auditor issued an unmodified opinion with an emphasis on material uncertainty related to going concern - The Audit Committee has reviewed the annual results and considers the Group's internal control and risk management mechanisms to be operating effectively[99](index=99&type=chunk) - The independent auditor issued an unmodified opinion, but included an "Emphasis of Matter regarding Material Uncertainty Related to Going Concern"[101](index=101&type=chunk)[103](index=103&type=chunk) - The auditor noted that the Group's net liabilities of approximately **HK$1,681,000** at year-end indicate a material uncertainty that may cast significant doubt on the Group's ability to continue as a going concern[103](index=103&type=chunk)

Financial Performance - For the six months ended September 30, 2023, the revenue was HK$8,273,000, a decrease of 17.5% compared to HK$10,023,000 for the same period in 2022[8]. - Gross profit for the six months was HK$651,000, down 58.6% from HK$1,568,000 in the corresponding period of 2022[8]. - The profit before income tax for the period was HK$12,287,000, compared to a loss of HK$7,258,000 in the same period last year[8]. - The profit for the period attributable to owners of the Company was HK$12,799,000, a significant recovery from a loss of HK$6,317,000 in the previous year[9]. - Basic earnings per share for the six months was HK$0.94, compared to a loss per share of HK$0.47 in the same period of 2022[9]. - The total comprehensive income for the period was HK$13,440,000, compared to a total comprehensive loss of HK$6,692,000 in the corresponding period last year[9]. - The Company recorded a gain on the disposal of a subsidiary amounting to HK$19,286,000 during the reporting period[8]. - Other income for the six months was HK$371,000, down from HK$991,000 in the same period last year[8]. Assets and Liabilities - Total non-current assets decreased from HK$1,977,000 to HK$1,412,000, a decline of 28.6%[11]. - Current assets decreased from HK$32,656,000 to HK$18,931,000, a reduction of 42.1%[11]. - Total current liabilities decreased from HK$47,195,000 to HK$15,374,000, a decrease of 67.4%[11]. - Net current assets improved from a deficit of HK$14,539,000 to a surplus of HK$3,557,000[11]. - Total assets as of September 30, 2023, were HK$20,343,000, a decrease from HK$34,633,000 as of March 31, 2023[51]. - Total liabilities as of September 30, 2023, were HK$15,664,000, down from HK$48,006,000 as of March 31, 2023[51]. - Trade payables as of September 30, 2023, were HK$9,159,000, down from HK$13,877,000 as of March 31, 2023, indicating a reduction of approximately 34%[81]. - Other payables and accruals decreased to HK$5,346,000 as of September 30, 2023, from HK$6,883,000 as of March 31, 2023, reflecting a decline of about 22%[81]. Cash Flow - Net cash used in operating activities was HK$6,090,000, slightly improved from HK$7,034,000 in the previous year[16]. - Cash flows from investing activities generated a net cash inflow of HK$5,715,000, compared to HK$7,557,000 in the previous year[16]. - The company recorded a net decrease in cash and cash equivalents of HK$849,000, compared to HK$361,000 in the previous year[16]. - Cash and cash equivalents at the end of the period were HK$2,595,000, down from HK$7,254,000 in the previous year[17]. - The Group's cash at banks and in hand was HK$2,595,000, compared to HK$6,054,000 in the previous year[17]. - The Group's short-term time deposits in banks decreased from HK$1,200,000 to HK$0[17]. - The Group's cash flow was negatively impacted by foreign exchange rate changes, with a decrease of HK$49,000[17]. Business Operations and Strategy - The Group will continue to control administrative costs through human resources optimization and management remuneration adjustments[33]. - The Group signed contracts in April 2023 with two information technology companies to provide multimedia short messaging service, which is expected to be profitable[33]. - The Group has shifted its business focus from the development of information technology systems to their operation, including diversifying into value-added services such as short messaging services[115]. - The Group began cooperation with an information technology company to provide multimedia short messaging services for businesses in Guangdong province, with contracts signed in the second half of 2022 and the first quarter of the financial year ending 31 March 2024[116]. - The company is diversifying into the wearable device market, specifically targeting children's smartwatches, with a launch planned by the end of 2023 in Liaoning and Guangdong provinces[117]. - The company aims to start the smartwatch business by the end of 2023, initially targeting the Liaoning and Guangdong provinces in mainland China[145]. - The company continues to operate its back-end businesses, including internet electronic identity authentication and AI services, to capitalize on China's digital economy[146]. Employee and Management Information - Key management personnel remuneration for the six months ended 30 September 2023 amounted to HK$1,234,000, down from HK$1,433,000 for the same period in 2022[99]. - The total remuneration paid to employees for the reporting period was approximately HK$2,851,000, a decrease from HK$3,327,000 in 2022[173]. - The Company employed 24 employees as of September 30, 2023, a decrease from 27 employees in the previous year[175]. Share Capital and Ownership - The company raised net proceeds of approximately HK$100 million through a subscription by issuing 450,000,000 ordinary shares at a price of HK$0.225 per share[150]. - Happy On Holdings Limited holds approximately 72.83% of the total issued share capital of the company following the subscription[150]. - The total number of issued shares of the Company as of September 30, 2023, is 1,356,250,000[186]. - The Group's issued and fully paid ordinary shares remained at 1,356,250,000 as of both September 30, 2023, and March 31, 2023, with a share capital of HK$135,625,000[85]. Compliance and Governance - The Group's financial statements have been prepared in accordance with HKAS 34 and the GEM Listing Rules[22]. - The company has complied with the GEM Listing Rules regarding securities transactions by directors throughout the reporting period[194]. - The company has adopted the Corporate Governance Code provisions but deviated from provisions C.1.8 and C.2.1[195]. - The roles of chairman and chief executive officer are not separated, which is a deviation from Code Provision C.2.1[197].

Quantum Thinking Limited 量 子 思 維 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：8050） 截 至 二 零 二 三 年 九 月 三 十 日 止 六 個 月 之 中 期 業 績 公 告 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在 主板上市的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司 的潛在風險，並應經過審慎周詳的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買賣的證券可能會較於主板買 賣之證券承受較大的市場波動風險，同時無法保證在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公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本公告的資料乃遵照聯交所GEM證券上市規則（「GEM上市規則」）而刊載，旨 在提供有關量子思維有限公司（「本公司」）的資料。本公司的董事（「董事」）願就 本公告的資料共同及個別地承擔全部責任。各董事在 ...