Financial Performance - The Group recorded a revenue from continuing operations of approximately HK$26.3 million for the three months ended June 30, 2022, representing a decrease of approximately 22.2% compared to HK$33.8 million for the same period in 2021[26]. - Profit attributable to the owners of the Company from continuing operations for the three months ended June 30, 2022, amounted to approximately HK$7.7 million, compared to a loss of approximately HK$6.6 million for the same period in 2021[28]. - For the three months ended June 30, 2022, the company reported a profit attributable to owners of approximately HK$7,706,000, compared to a loss of HK$7,841,000 for the same period in 2021[32][34]. - Revenue for the three months ended June 30, 2022, was HK$26,348,000, a decrease from HK$33,797,000 in the same period of 2021, representing a decline of approximately 22%[32]. - Profit before tax for the period was HK$16,918,000, compared to a loss of HK$5,300,000 in the same period of 2021[32]. - The total comprehensive income for the period was a loss of HK$6,794,000, compared to a gain of HK$295,000 in the same period of 2021[34]. - The Company reported a loss for the period of HK$7,706,000 for the three months ended June 30, 2022, compared to a loss of HK$7,841,000 for the same period in the previous year[37]. - The gross profit from continuing operations was approximately HK$18,300,000, a decrease of about 3.7% or HK$700,000 from HK$19,000,000 in 2021, mainly attributed to reduced revenue from the wine business[163]. Revenue Breakdown - Revenue from the sale of alcoholic beverages was HK$10,407,000, down 41% from HK$17,724,000 year-on-year[53]. - Revenue from the PRC market was HK$15,941,000, an increase from HK$13,695,000 in 2021, while revenue from Hong Kong decreased to HK$10,407,000 from HK$20,102,000[64]. - Revenue from the Wine Business decreased by approximately 41.2% to approximately HK$10.4 million compared to HK$17.7 million in the same period last year[153]. - Revenue from the Loan Financing Business was approximately HK$15.9 million, comparable to approximately HK$16.1 million in the previous year[153]. - The Group's total revenue from continuing operations decreased by approximately 22.2% to approximately HK$26.3 million from approximately HK$33.8 million in the prior year[157]. Expenses and Costs - The cost of alcoholic beverages for the period was HK$8,092,000, down from HK$14,750,000 in the previous year, indicating a reduction of about 45.0%[32]. - The cost of inventories recognized as an expense decreased to HK$7,865,000 from HK$14,371,000, a reduction of about 45.1% compared to the previous year[77]. - Total staff costs rose to HK$8,494,000 from HK$8,011,000, marking a 6% increase year-over-year[77]. - Administrative and other operating expenses decreased by approximately 47.8% to HK$2,400,000 from HK$4,600,000 in 2021, primarily due to reduced professional fees[166]. - The finance costs from continuing operations were approximately HK$6.7 million, comparable to HK$6.5 million in 2021, as the debt structure remained largely unchanged[167]. Exchange Gains and Losses - Net exchange gain from continuing operations amounted to approximately HK$13.4 million for the three months ended June 30, 2022, an increase of approximately HK$13.8 million compared to a net exchange loss of approximately HK$0.4 million for the same period in 2021[27]. - The company experienced an exchange difference loss of HK$20,382,000 arising from the translation of foreign operations[34]. - Other comprehensive income included an exchange loss of HK$11,070,000 arising from the translation of foreign operations for the period[37]. - Other income from continuing operations was approximately HK$15,400,000, significantly up from HK$600,000 in 2021, mainly due to a net exchange gain of approximately HK$13,400,000[163]. Share Options and Equity - The Company has conditionally adopted a share option scheme to provide incentives to eligible persons, with a total of 18,100,000 share options granted on December 17, 2015[94]. - As of June 30, 2022, the number of outstanding share options under the Share Option Scheme was 50,830,000 shares, which is approximately 8.2% of the total shares in issue[124][125]. - The total number of share options granted to employees, directors, and consultants as of December 6, 2019, was 355,400,000 at an exercise price of HK$0.207 per share[108]. - The maximum number of shares that can be issued upon the exercise of share options was set at 519,272,689 shares after the refreshment of the scheme[111]. - The exercise price of outstanding share options was adjusted following the share consolidation effective on January 20, 2022[122][132]. Dividends and Recommendations - The company did not recommend the payment of any dividend for the three months ended June 30, 2022, consistent with the previous year[30]. - The Directors do not recommend the payment of any dividend for the period, consistent with 2021[172]. Future Outlook - The Group anticipates a challenging year ahead due to macroeconomic fluctuations but will continue to seek investment opportunities to diversify its business portfolio[180]. - The company aims to actively seek investment opportunities in other sectors to diversify its revenue sources[182]. - The board will continuously review the existing business portfolio and tighten cost control measures to enhance business performance[182].

Business Performance - Madison Holdings Group reported a significant increase in revenue, achieving a total of HKD 1.2 billion for the fiscal year 2021/22, representing a growth of 15% compared to the previous year [46]. - The company’s net profit for the year was HKD 150 million, which is a 20% increase year-on-year, indicating strong operational efficiency [46]. - The Group's revenue from continuing operations increased by approximately 22.1% to approximately HK$130.5 million for the year ended 31 March 2022, compared to HK$106.9 million in 2021 [68]. - Revenue from the Wine Business rose by approximately 27.7% to approximately HK$65.4 million, benefiting from improved sales volume due to the easing of COVID-19 restrictions [68]. - Revenue from the Loan Financing Business increased by approximately 16.9% to approximately HK$65.1 million, attributed to higher loan referral services income [68]. - The Group's gross profit increased by approximately HK$13.6 million, contributing to the reduction in overall loss [71]. - Other income increased by approximately HK$13.2 million during the year [71]. - The Group's gross profit margin for the Wine Business improved to approximately 19.5%, compared to 16.8% in the previous year, driven by streamlined operations [102]. - The Group's loss from continuing operations narrowed to approximately HK$15.9 million, a decrease of 10.7% from HK$17.8 million in the previous year [109]. Strategic Initiatives - The Group aims to optimize its business portfolio and explore new directions for potential collaborations to enhance shareholder value [17]. - The Group believes that business diversification will create additional income streams and mitigate the impact of rising costs in a competitive environment [18]. - The group is focused on providing high-quality products and services while optimizing its business portfolio to mitigate the impacts of the COVID-19 pandemic and create higher value for shareholders [20]. - The group is actively seeking new business directions and potential collaborations to alleviate uncertainties and threats posed by the pandemic [20]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years [46]. - A strategic acquisition of a local competitor is in progress, expected to be finalized by Q3 2023, which will enhance Madison's market position [46]. - The company has set a revenue target of HKD 1.5 billion for the next fiscal year, projecting a growth rate of 25% [46]. - The Group plans to review its existing business portfolio and seek new investment opportunities to diversify its income sources [154]. Financial Health - The Group's cash and cash equivalents increased to approximately HK$49.7 million from HK$19.7 million in 2021 [115]. - The current ratio decreased to approximately 1.3 times in 2022 from 1.7 times in 2021, indicating a decline in liquidity [116]. - The gearing ratio increased to approximately 200.1% in 2022 from 145.6% in 2021, attributed to a drop in total equity [116]. - The Group had borrowings totaling approximately HK$352.6 million as of March 31, 2022, compared to HK$348.1 million in 2021 [115]. - The Group's net current assets were approximately HK$122.7 million, a decrease from HK$182.6 million in 2021 [115]. - The total amount of loans and interest receivables impairment recognized reflects the company's assessment of credit risk and economic conditions, including the impact of the COVID-19 pandemic [82][84]. Operational Efficiency - The company is focusing on technological advancements, with plans to implement AI-driven analytics to improve customer experience and operational efficiency [46]. - Madison Holdings has initiated a new partnership with a leading logistics firm to streamline its supply chain operations, aiming for a 15% reduction in delivery times [46]. - The management emphasized a commitment to sustainability, with plans to reduce carbon emissions by 30% over the next five years through various green initiatives [46]. - The Group continues to monitor the recoverability of its loan portfolio closely, implementing credit monitoring measures and regular communication with borrowers [77]. Risk Management - The Group's performance is expected to be affected by ongoing uncertainties related to the COVID-19 pandemic, particularly in the first half of 2022 [154]. - The Group's directors are aware of various principal risks and uncertainties that may significantly impact its performance and future prospects [140][142]. - The total gross profit margin from continuing operations slightly decreased to approximately 59.6% from 60.1% in the previous year [102]. Employee and Governance - As of March 31, 2022, the Group employed 124 employees, a decrease from 128 in 2021 [145][149]. - The Group's employee remuneration is determined based on qualifications, duties, contributions, and experience, with competitive compensation packages compared to market standards [145][149]. - The Board does not recommend the payment of a final dividend for the year ended March 31, 2022 [166].

Financial Performance - For the nine months ended December 31, 2021, the group recorded revenue from continuing operations of approximately HKD 102.7 million, an increase of about 32.3% compared to HKD 77.6 million for the same period in 2020[20] - The loss attributable to owners of the company from continuing operations was approximately HKD 19.3 million, compared to HKD 6.6 million for the same period in 2020[20] - The gross profit for the nine months ended December 31, 2021, was HKD 58.9 million, compared to HKD 46.3 million for the same period in 2020, reflecting an increase of approximately 27.5%[22] - The total revenue from alcoholic beverage sales was HKD 54.5 million for the nine months ended December 31, 2021, compared to HKD 39.9 million for the same period in 2020, indicating a significant growth[22] - The company reported a pre-tax loss of HKD 16.2 million for the nine months ended December 31, 2021, compared to a pre-tax loss of HKD 21.2 million for the same period in 2020[22] - The total comprehensive loss for the nine months ended December 31, 2021, was HKD (6,356) thousand, a decrease from HKD 9,076 thousand in the same period of 2020, reflecting a 170% improvement[26] - The company reported a total loss of HKD (12,073) thousand for the three months ended December 31, 2021, compared to a loss of HKD (20,963) thousand in the same period of 2020, marking a 42.3% reduction[26] - The company reported a loss of HKD 11,468,000 for the nine months ended December 31, 2021, compared to a loss of HKD 9,332,000 for the same period in 2020, representing a 23% increase in losses[68] Revenue Breakdown - Revenue from alcoholic beverage sales for the nine months ended December 31, 2021, was HKD 54,484,000, up 44.3% from HKD 37,746,000 in the previous year[38] - Loan referral service revenue for the three months ended December 31, 2021, increased to HKD 3,594,000 from HKD 495,000 in the same period of 2020, marking a significant growth[38] - Interest income from microloans for the nine months ended December 31, 2021, was HKD 28,830,000, compared to HKD 24,429,000 for the same period in 2020, reflecting a 17.5% increase[38] - Revenue from external customers in China for the nine months ended December 31, 2021, was HKD 40,608,000, a 35.1% increase from HKD 30,074,000 in the previous year[48] - Revenue from external customers in Hong Kong for the nine months ended December 31, 2021, was HKD 62,045,000, up 30.5% from HKD 47,562,000 in the same period of 2020[48] Operational Costs - The operating costs for alcoholic beverage sales were HKD 43.7 million for the nine months ended December 31, 2021, compared to HKD 31.3 million for the same period in 2020[22] - The company experienced a significant increase in operational costs, with employee costs amounting to HKD 25.2 million for the nine months ended December 31, 2021, compared to HKD 30.6 million in the previous year[22] - The company reported a loss of HKD 9,053,000 in employee costs for the three months ended December 31, 2021, compared to HKD 7,643,000 for the same period in 2020, reflecting an increase of 18.5%[56] Dividends and Shareholder Information - The group did not recommend the payment of an interim dividend for the nine months ended December 31, 2021, consistent with the previous year[20] - The company did not declare any interim dividends for the nine months ended December 31, 2021, consistent with the previous year[67] - Royal Spectrum Holding Company Limited holds approximately 31.6% of the company's issued share capital as of December 31, 2021, with Mr. Ding Pengyun being the controlling shareholder owning about 42.2%[33] Discontinued Operations - The company has ceased its alcohol auction business in Hong Kong and cryptocurrency exchange business in Japan, which were previously part of its operations[34] - The revenue from discontinued auction business for the period was HKD 594,000, a significant decrease from HKD 3,956,000 in the previous year[64] - The gross profit from the auction business was HKD 342,000, down from HKD 3,162,000 year-on-year, reflecting a decline of approximately 89%[64] - The company recorded a total loss of HKD 249,000 from discontinued operations during the reporting period[64] Share Options and Corporate Governance - As of December 31, 2021, the number of unexercised share options granted under the share option scheme was 508,300,000 shares, representing about 8.2% of the total issued shares[77] - The group recognized share-based payment expenses of approximately HKD 548,000 for the nine months ended December 31, 2021, compared to approximately HKD 6,844,000 in 2020[80] - The company has adopted a corporate governance code to ensure high standards of governance and protect shareholder interests, effective from January 1, 2022[148] Future Plans and Market Strategy - The company aims to expand its market presence by leveraging its financial services and loan financing operations[34] - The company plans to enhance cost control measures and seek new investment opportunities to diversify its revenue sources[114] - The company plans to acquire a 49.0% stake in Up Sail Ventures Limited for approximately HKD 133.7 million, diversifying into the education management services sector in China[109] Economic Environment - The ongoing COVID-19 pandemic, particularly the Omicron variant, continues to pose uncertainties for the global economic outlook[114]

Financial Performance - For the six months ended September 30, 2021, the Group recorded revenue from continuing operations of approximately HKD 67.8 million, an increase of about 43.3% compared to HKD 47.3 million for the same period in 2020[23]. - The loss attributable to owners of the company was approximately HKD 9.1 million, compared to a profit of approximately HKD 6.4 million for the same period in 2020[23]. - For the six months ended September 30, 2021, total revenue from continuing operations was HKD 35,449,000, an increase of 48.9% compared to HKD 23,816,000 for the same period in 2020[25]. - The gross profit for the six months ended September 30, 2021, was HKD 39,257,000, representing a 40.3% increase from HKD 28,000,000 in the prior year[25]. - The total comprehensive income for the period was HKD 1,631,000, a decrease of 96.5% from HKD 46,549,000 in the previous year[27]. - The company reported a loss attributable to owners of the company from continuing operations of HKD 7,851,000 for the six months ended September 30, 2021, compared to a profit of HKD 8,792,000 in the same period of 2020[25]. - The group reported a segment profit of HKD 5,706 thousand from the alcohol beverage sales for the three months ended September 30, 2021, compared to a loss of HKD 480 thousand in the same period of 2020[54]. - The group recorded a loss from continuing operations of approximately HKD 5,500,000, compared to a profit of HKD 2,900,000 in 2020[174]. Revenue Breakdown - Revenue from the alcohol beverage sales segment for the six months ended September 30, 2021, was HKD 35,449 thousand, up 48.9% from HKD 23,816 thousand in the previous year[47]. - Loan referral service revenue for the six months ended September 30, 2021, reached HKD 8,559 thousand, representing an increase of 91.5% compared to HKD 4,472 thousand for the same period in 2020[47]. - Revenue from China for the three months ended September 30, 2021, was HKD 13,879,000, up from HKD 11,258,000 for the same period in 2020, showing a growth of 23.4%[60]. - Revenue from Hong Kong for the three months ended September 30, 2021, was HKD 20,129,000, compared to HKD 12,651,000 for the same period in 2020, reflecting a significant increase of 59.1%[60]. Assets and Liabilities - Non-current assets as of September 30, 2021, totaled HKD 20,668,000, compared to HKD 146,886,000 as of March 31, 2021[29]. - Current assets amounted to HKD 562,955,000 as of September 30, 2021, an increase from HKD 457,747,000 as of March 31, 2021[29]. - The total liabilities as of September 30, 2021, were HKD 436,166,000, compared to HKD 275,162,000 as of March 31, 2021[29]. - The company’s equity attributable to owners was HKD 182,066,000 as of September 30, 2021, down from HKD 239,092,000 as of March 31, 2021[31]. - Total assets amounted to HKD 631,614,000 as of September 30, 2021, down from HKD 649,423,000 as of March 31, 2021, representing a decrease of 2.4%[57]. - Total liabilities increased to HKD 449,548,000 as of September 30, 2021, compared to HKD 410,331,000 as of March 31, 2021, marking a rise of 9.6%[57]. Cash Flow and Financing - For the six months ended September 30, 2021, the net cash generated from operating activities was HKD 32,230,000, compared to HKD 118,397,000 for the same period in 2020, representing a decrease of approximately 72.7%[39]. - The total cash and cash equivalents as of September 30, 2021, amounted to HKD 24,456,000, down from HKD 39,986,000 as of September 30, 2020, indicating a decline of about 38.9%[39]. - The company experienced a net cash outflow from financing activities of HKD 2,981,000 for the six months ended September 30, 2021[39]. - The company raised approximately HKD 55,963,000 from the issuance of 1,038,545,379 shares at a price of HKD 0.055 per share in December 2020[138]. - The company confirmed lease liabilities of approximately HKD 20,567,000 for new lease agreements during the reporting period[115]. Dividends and Shareholder Information - The Board does not recommend the payment of an interim dividend for the six months ended September 30, 2021, compared to no dividend for the same period in 2020[23]. - The company did not declare any interim dividends for the six months ended September 30, 2021, consistent with the previous year[92]. - The company’s controlling shareholder, Mr. Ding Pengyun, held approximately 42.2% of the issued share capital as of September 30, 2021[41]. - As of September 30, 2021, the total issued and fully paid shares were 6,231,272,277, with a par value of HKD 0.001 per share[138]. Business Operations and Strategy - The company ceased its alcohol auction business in Hong Kong and cryptocurrency exchange business in Japan, which were previously part of its operations[42]. - The company’s major operations include the sale of alcoholic beverages, financial services, and loan financing services[42]. - The company plans to continue its market expansion and product development strategies to enhance its competitive position in the industry[141]. - The company aims to actively seek investment opportunities in other sectors to broaden its revenue sources and maintain long-term growth[196]. Employee and Share Options - The company employed 124 staff members as of September 30, 2021, down from 128 as of March 31, 2021[187]. - The company has granted a total of 18,100,000 share options under the share option plan, with an exercise price of HKD 8.00 per share, adjusted to 0.80 HKD per share after a share split[151]. - The company recognized share-based payment expenses of approximately HKD 410,000 for the six months ended September 30, 2021, compared to HKD 6,334,000 for the same period in 2020[158].

Financial Performance - For the three months ended June 30, 2021, the group recorded revenue from continuing operations of approximately HKD 33,800,000, an increase of about 44.4% compared to HKD 23,400,000 for the same period in 2020[20] - The loss attributable to owners of the company for the three months ended June 30, 2021, was approximately HKD 7,800,000, significantly reduced from HKD 27,400,000 for the same period in 2020[20] - The gross profit for the three months ended June 30, 2021, was HKD 19,047,000, compared to HKD 14,661,000 for the same period in 2020[22] - The company reported a pre-tax loss of HKD 5,300,000 for the three months ended June 30, 2021, compared to a pre-tax loss of HKD 32,550,000 for the same period in 2020[22] - The company’s total loss for the three months ended June 30, 2021, was HKD 7,746,000, a significant improvement from HKD 32,584,000 for the same period in 2020[22] - The company reported a loss of HKD 7,746,000 for the three months ended June 30, 2021, compared to a loss of HKD 32,584,000 for the same period in 2020, representing a 76.3% improvement in losses year-over-year[26] - Total comprehensive income for the period amounted to HKD 295,000, a significant recovery from a total comprehensive loss of HKD 31,500,000 in the previous year[26] - The company recorded a foreign exchange gain of HKD 5,230,000 from the translation of overseas operations, compared to a gain of HKD 2,811,000 in the prior year[26] Revenue Sources - The company’s total revenue from alcohol beverage sales and financial services for the three months ended June 30, 2021, was HKD 33,797,000, compared to HKD 23,414,000 for the same period in 2020[22] - Alcoholic beverage sales generated revenue of HKD 17,724 thousand, up 68.8% from HKD 10,488 thousand year-on-year[38] - Loan referral service revenue increased to HKD 4,105 thousand, a 141.5% rise from HKD 1,702 thousand in the previous year[38] - The total revenue from loan financing services reached HKD 16,073 thousand, compared to HKD 12,926 thousand in the same period last year, marking a 24.8% increase[45] - Revenue from external customers in China was HKD 13,695 thousand, an increase from HKD 10,401 thousand year-on-year[50] Cost and Expenses - The total operating costs for the three months ended June 30, 2021, included alcohol beverage costs of HKD 14,750,000, compared to HKD 8,753,000 for the same period in 2020[22] - The total interest expenses for the three months ended June 30, 2021, were HKD 6,521 thousand, down from HKD 11,588 thousand in the same period of 2020[53] - The company reported a total employee cost of HKD 8,011 thousand, down from HKD 12,522 thousand in the previous year[58] Shareholder Information - The company’s major shareholder, Mr. Ding Pengyun, holds approximately 42.2% of the issued share capital, indicating a concentrated ownership structure[32] - As of June 30, 2021, the total number of issued shares was 6,231,272,277[108] - Royal Spectrum holds 1,968,000,000 shares, representing approximately 31.58% of the total shares[110] - Devoss Global has a total interest in 1,974,000,000 shares, which is about 31.68%[110] - Mr. Ding holds 2,486,916,727 shares, accounting for 42.19% of the total shares[110] Corporate Actions and Strategy - The company has ceased its alcohol auction business in Hong Kong and cryptocurrency exchange business in Japan, which may impact future revenue streams[33] - The company is focusing on expanding its financial services and loan financing operations as part of its strategic direction[33] - The company aims to enhance its operational efficiency and explore new market opportunities in the financial services sector[33] - The company is seeking suitable acquisition opportunities to enhance shareholder returns following the sale of its blockchain services business[98] - The company plans to acquire a 49.0% stake in Up Sail Ventures Limited, which provides education management services in China[98] Stock Options and Equity - The company granted a total of 219,000,000 stock options at an exercise price of HKD 1.89 per share on April 3, 2018[74] - As of June 30, 2021, the total number of unexercised stock options under the plan was 508,300,000 shares, representing approximately 8.2% of the total issued shares[77] - The fair value of stock options granted to employees and directors was calculated using a binomial model, with an expected volatility of 59.126% to 59.774%[79] - The company recognized share-based payment expenses of approximately HKD 205,000 for the three months ended June 30, 2021, compared to HKD 4,410,000 for the same period in 2020[80] Compliance and Governance - The financial statements were prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with applicable regulations[35] - The company has not adopted any new accounting standards that would significantly impact its financial performance for the current period[35] - The company has maintained all other terms and conditions of the unexercised stock options granted under the stock option plan[76] - The company has adopted high standards of corporate governance to protect shareholder interests and enhance corporate value[133] - The audit committee was established on September 21, 2015, and is responsible for reviewing the financial systems and accounting policies of the group[134]

Madison Holdings Group Li mite d 麥迪森控股集團有限公 司 MADISON Madison Holdings Group Limited Annual Report 2020/21 年 報 麥迪森控股集團有限公 司 （於開曼群島註冊成立的有限公司） 股份代號：���� ANNUAL REPORT 2020/21 年 報 2020/21 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買貴的證券可能會較於主板買才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報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示，概不對因本報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。 本報告的資料乃遵照聯交所的《GEM證券上市規則》（GEM上市規則 ...

[Financial Performance](index=6&type=section&id=Financial%20Performance) [Financial Summary](index=6&type=section&id=Financial%20Summary) For the nine months ended December 31, 2020, the Group's total revenue significantly decreased by 50.3% year-on-year, but loss attributable to owners of the Company narrowed considerably, with no dividends declared 2020 First Three Quarters Key Financial Indicators | Indicator | Nine Months Ended December 31, 2020 | Nine Months Ended December 31, 2019 | | :--- | :--- | :--- | | Revenue | Approx. HKD 81.6 million | Approx. HKD 164.1 million | | Loss Attributable to Owners of the Company | Approx. HKD 21.1 million | Approx. HKD 352.1 million | | Dividends | Nil | Nil | [Consolidated Income Statement Analysis](index=7&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income) Despite a significant 50.3% revenue decline to HKD 81.592 million, the Group's total loss for the period narrowed substantially to HKD 21.06 million, primarily due to the absence of prior-year goodwill impairment Nine Months Ended December 31 Revenue Segment Comparison (HKD thousands) | Business Segment | 2020 | 2019 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Alcoholic Beverage Sales | 37,746 | 57,212 | -34.0% | | Financial Services | 0 | 7,238 | -100% | | Blockchain Services | 0 | 30,141 | -100% | | Loan Financing Services | 39,890 | 65,728 | -39.3% | | Auction (Discontinued) | 3,956 | 3,816 | +3.7% | | **Total** | **81,592** | **164,135** | **-50.3%** | - The significant narrowing of loss was primarily due to the absence of goodwill impairment loss in the current period, which amounted to **HKD 257 million** in the prior year[14](index=14&type=chunk) - Additionally, fair value changes of derivative financial instruments contributed a gain of **HKD 46.705 million**[14](index=14&type=chunk) Loss Per Share (HK cents) | Period | 2020 | 2019 | | :--- | :--- | :--- | | Nine Months Ended December 31 (Basic) | (0.18) | (6.31) | | Nine Months Ended December 31 (Diluted) | (0.18) | (6.32) | [Consolidated Statement of Changes in Equity](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity) As of December 31, 2020, total equity attributable to owners increased slightly to HKD 196 million, driven by comprehensive income of HKD 9.076 million from overseas operations - As of December 31, 2020, total equity attributable to owners of the Company was approximately **HKD 196 million**[21](index=21&type=chunk) - For the nine months ended December 31, 2020, total comprehensive income for the period was approximately **HKD 9.076 million**, compared to a total comprehensive expense of **HKD 367 million** in the prior year[19](index=19&type=chunk)[21](index=21&type=chunk) [Notes to Financial Statements](index=10&type=section&id=Notes%20to%20Financial%20Statements) [General Information and Accounting Policies](index=10&type=section&id=2.%20Basis%20of%20Preparation%20and%20Accounting%20Policies) The Company, incorporated in the Cayman Islands and listed on GEM, prepares its financial statements under HKFRS, with consistent accounting policies, reviewed by the audit committee but unaudited - As of December 31, 2020, Mr. Ding Pengyun was the controlling shareholder of the Company, holding approximately **42.19%** of the issued share capital[24](index=24&type=chunk) - These financial statements have not been audited by the Company's auditor but have been reviewed by the Company's audit committee[27](index=27&type=chunk) [Revenue and Segment Information](index=12&type=section&id=3.%20Revenue%20and%20Segment%20Information) This section details the Group's revenue sources, recognition timing, business segment performance, and geographical contributions, highlighting the significant decline in total revenue due to zero contributions from financial and blockchain services [Revenue Composition](index=12&type=section&id=3.1%20Revenue%20Composition) Group revenue comprises contracts with customers and other sources, with alcoholic beverage sales and loan interest as primary continuing operations, while financial and blockchain service revenues ceased Nine Months Ended December 31 Revenue Sources (HKD thousands) | Revenue Source | 2020 | 2019 | | :--- | :--- | :--- | | **Revenue from contracts with customers** | | | | Alcoholic beverage sales | 37,746 | 57,212 | | Loan referral services | 5,645 | 5,992 | | **Other income sources** | | | | Loan interest income | 34,245 | 59,736 | | Blockchain services income | 0 | 30,141 | | Financial services interest income | 0 | 5,833 | [Segment Results](index=14&type=section&id=3.2%20Segment%20Results) All continuing segments recorded losses, but the Group's overall loss significantly narrowed due to a substantial reduction in the blockchain services segment's loss from HKD 315 million to HKD 4.1 million Nine Months Ended December 31 Segment (Loss)/Profit (HKD thousands) | Business Segment (Continuing Operations) | 2020 | 2019 | | :--- | :--- | :--- | | Alcoholic Beverage Sales | (5,894) | (8,549) | | Financial Services | (2,276) | (8,011) | | Blockchain Services | (4,096) | (314,654) | | Loan Financing Services | (1,341) | 28,192 | [Geographical Revenue](index=16&type=section&id=3.3%20Geographical%20Revenue) Hong Kong and Mainland China were the primary revenue contributors for continuing operations, while European blockchain business revenue ceased in the current period Nine Months Ended December 31 Revenue by Region (HKD thousands) | Region (Continuing Operations) | 2020 | 2019 | | :--- | :--- | :--- | | China | 30,074 | 41,353 | | Hong Kong | 47,562 | 88,825 | | Europe | 0 | 30,141 | [Key Profit and Loss Items](index=17&type=section&id=7.%20Loss%20for%20the%20Period) Key items affecting profit and loss include government subsidies as other income, finance costs from convertible bonds, increased impairment provisions for loans, and decreased staff costs - Finance costs were approximately **HKD 31.508 million**, primarily from interest expenses on convertible bonds, promissory notes, and other borrowings[45](index=45&type=chunk) - Net impairment recognized on loans and interest receivables for the period was approximately **HKD 22.576 million**, significantly higher than **HKD 4.369 million** in the prior year[51](index=51&type=chunk) - Total staff costs decreased from **HKD 55.738 million** in the prior year to **HKD 34.547 million**[51](index=51&type=chunk) [Share-based Payment Transactions](index=22&type=section&id=10.%20Share-based%20Payment%20Transactions) The Company's share option scheme, active until 2025, saw 273.7 million options cancelled or lapsed during the period, with 511.2 million options remaining unexercised and no new grants - As of December 31, 2020, **511,200,000** share options granted under the share option scheme remained unexercised, representing approximately **8.2%** of the total issued shares[62](index=62&type=chunk) - For the nine months ended December 31, 2020, **273,700,000** share options were cancelled or lapsed, with no new share options granted during the period[69](index=69&type=chunk) - During the period, the Group recognized share-based payment expenses of approximately **HKD 6.844 million** for share options granted[63](index=63&type=chunk) [Management Discussion and Analysis](index=27&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=27&type=section&id=Business%20Review) The Group reclassified its disposed wine auction business as discontinued operations, while continuing operations revenue declined 51.6% due to macroeconomic factors, trade tensions, COVID-19, and subsidiary disposals - The Group disposed of Madison Auction Limited, which engaged in wine auction business, on November 2, 2020, and its financial results were reclassified as discontinued operations[71](index=71&type=chunk) - Revenue from continuing operations decreased by **51.6%**, primarily due to economic slowdown in Mainland China and Hong Kong, US-China trade tensions, the COVID-19 pandemic, and the disposal of subsidiaries engaged in financial services and cryptocurrency mining businesses[72](index=72&type=chunk) [Financial Review](index=28&type=section&id=Financial%20Review) Total revenue decreased by 50.3% to HKD 81.6 million, but total loss significantly reduced to HKD 21.1 million, primarily due to the absence of substantial goodwill and plant impairment losses present in the prior year - Total revenue was approximately **HKD 81.6 million**, a year-on-year decrease of **50.3%**; gross profit was approximately **HKD 49.5 million**, a year-on-year decrease of **37.0%**[75](index=75&type=chunk) - Administrative and other operating expenses and depreciation charges significantly decreased by **61.7%** and **62.7%** respectively, due to the disposal of subsidiaries and cost control measures[78](index=78&type=chunk) - The loss significantly reduced by approximately **HKD 331 million**, mainly because there were no impairment losses on goodwill and plant and equipment in the current period, whereas these two impairments totaled approximately **HKD 279 million** in the prior year[78](index=78&type=chunk) [Capital Structure and Business Outlook](index=30&type=section&id=Capital%20Structure%20and%20Business%20Outlook) The Company completed a HKD 1 billion new share placement in December 2020 to supplement capital, and management anticipates continued economic challenges in 2021 while seeking new investment opportunities - The Company completed a placement on December 22, 2020, issuing **1,038,545,379** new shares at **HKD 0.055** per share[83](index=83&type=chunk) - Management anticipates challenging economic conditions in 2021 but will continue to identify other investment opportunities to sustain long-term growth[84](index=84&type=chunk) [Other Information](index=31&type=section&id=Other%20Information) [Directors' and Shareholders' Interests](index=31&type=section&id=Directors%27%20and%20Major%20Shareholders%27%20Interests%20and%20Short%20Positions%20in%20Shares%2C%20Underlying%20Shares%20and%20Debentures) This section discloses directors' and major shareholders' interests in shares and options, with controlling shareholder Mr. Ding Pengyun holding approximately 42.19% of the Company's equity - Disclosed interests of directors including Guo Qun, Zhang Li, Ji Zuguang in shares and share options[87](index=87&type=chunk) - Controlling shareholder Mr. Ding Pengyun, through entities he controls such as Royal Spectrum, Devoss Global, and CVP, collectively holds approximately **42.19%** interest in the Company[93](index=93&type=chunk) [Share Option Scheme](index=35&type=section&id=Share%20Option%20Scheme) The 2015 share option scheme, valid until 2025, details changes in options granted to key stakeholders, including cancellations and unexercised quantities, with exercise prices ranging from HKD 0.207 to HKD 1.89 - The share option scheme is valid until **September 20, 2025**[102](index=102&type=chunk) - Detailed information on share options granted to Devoss Global, Montrachet, various directors, consultants, and employees, with exercise prices ranging from **HKD 0.207** to **HKD 1.89**[102](index=102&type=chunk)[104](index=104&type=chunk) [Corporate Governance](index=38&type=section&id=Corporate%20Governance%20Practices) The Company maintains high corporate governance standards, addressing a temporary deviation from the Chairman/CEO separation rule, and its audit committee has reviewed the unaudited financial report for compliance - From November 19, 2019, to July 31, 2020, Mr. Chan Ying Kit concurrently served as Chairman and Chief Executive Officer, deviating from Corporate Governance Code Provision A.2.1; the Company believes this promoted leadership consistency and balanced power[114](index=114&type=chunk) - The audit committee, comprising four members with Mr. Chu Kin Hong as Chairman (an independent non-executive director), has reviewed this financial report and deemed it to have made sufficient disclosures[117](index=117&type=chunk)

Financial Performance - For the six months ended September 30, 2020, the group recorded revenue of approximately HKD 50.8 million, a decrease of about 59.9% compared to HKD 126.8 million for the same period in 2019[8] - The group's attributable loss decreased to approximately HKD 100,000 for the six months ended September 30, 2020, compared to a loss of HKD 315.5 million for the same period in 2019[8] - Revenue from alcoholic beverage sales for the six months ended September 30, 2020, was HKD 23.8 million, down from HKD 40.4 million in the same period of 2019[10] - The group reported an operating loss of HKD 20.0 million for the six months ended September 30, 2020, compared to an operating loss of HKD 64.6 million for the same period in 2019[10] - The group’s pre-tax profit (loss) for the six months ended September 30, 2020, was HKD 40.6 million, compared to a loss of HKD 311.6 million for the same period in 2019[10] - The group’s net profit (loss) for the six months ended September 30, 2020, was HKD 32.5 million, compared to a loss of HKD 315.5 million for the same period in 2019[10] - The basic earnings per share for the six months ended September 30, 2020, was HKD 0.12, an improvement from a loss of HKD 5.72 in the same period of 2019[12] - Total comprehensive income for the three months ended September 30, 2020, was HKD 46,549,000, compared to a loss of HKD 301,410,000 in the same period of 2019[12] - The company reported a net profit of HKD 33,709,000 for the six months ended September 30, 2020, compared to a net loss of HKD 296,784,000 for the same period in 2019[60] Revenue Breakdown - Alcohol beverage sales revenue for the six months ended September 30, 2020, was HKD 23,816,000, down 41.1% from HKD 40,352,000 in the same period of 2019[35] - Loan referral service revenue for the six months ended September 30, 2020, was HKD 4,472,000, a decrease of 16.2% compared to HKD 5,340,000 for the same period in 2019[35] - Auction revenue for the six months ended September 30, 2020, was HKD 3,524,000, an increase of 35.6% from HKD 2,598,000 in the same period of 2019[35] - The loan financing business reported revenue of approximately HKD 23.5 million, down from HKD 48.9 million in the previous year[129] Costs and Expenses - The group’s total operating costs for the six months ended September 30, 2020, were HKD 50.8 million, a decrease from HKD 126.8 million in the same period of 2019[10] - Total employee costs for the six months ended September 30, 2020, were HKD 26,085,000, down from HKD 37,981,000 in 2019, reflecting a decrease of 31.2%[57] - Administrative and other operating expenses decreased by approximately 59.4% to about HKD 13.6 million, down from HKD 33.5 million in 2019[130] - Financing costs were approximately HKD 21.5 million, compared to HKD 28.7 million in the previous year[130] Assets and Liabilities - Non-current assets as of September 30, 2020, totaled HKD 229,183,000, a decrease from HKD 240,567,000 as of March 31, 2020[14] - Current assets decreased to HKD 466,326,000 as of September 30, 2020, from HKD 622,947,000 as of March 31, 2020[14] - Current liabilities increased to HKD 342,958,000 as of September 30, 2020, compared to HKD 538,197,000 as of March 31, 2020[16] - The total liabilities of the group as of September 30, 2020, were HKD 473,472,000, compared to HKD 665,599,000 as of March 31, 2020[47] - The total equity attributable to owners of the company was HKD 222,037,000 as of September 30, 2020, up from HKD 197,915,000 as of March 31, 2020[16] Cash Flow - The net cash generated from operating activities for the six months ended September 30, 2020, was HKD 118,397,000, an increase of 44.6% compared to HKD 81,866,000 for the same period in 2019[26] - The net cash used in financing activities for the six months ended September 30, 2020, was HKD (130,819,000), compared to HKD (99,361,000) for the same period in 2019[26] - The cash and cash equivalents decreased by HKD 9,081,000 for the six months ended September 30, 2020, compared to a decrease of HKD 5,468,000 in the same period of 2019[26] - The total cash and cash equivalents as of September 30, 2020, were HKD 39,986,000, down from HKD 46,046,000 as of September 30, 2019[26] Corporate Governance - The board confirmed that the information in the report is accurate and complete, with no misleading or fraudulent elements[2] - The company is committed to high standards of corporate governance to protect shareholder interests and enhance corporate value[178] - The audit committee has reviewed the unaudited consolidated results for the six months ending September 30, 2020, and found them to comply with applicable accounting standards and GEM listing rules[182] - The company has complied with the corporate governance code as per GEM listing rules for the six months ending September 30, 2020[181] Shareholder Information - The total issued and fully paid shares as of September 30, 2020, amounted to 5,192,726,898 shares[91] - Royal Spectrum holds 1,968,000,000 shares, representing approximately 37.90% of the company's issued shares[154] - Devoss Global Holdings Limited has a total equity of 1,974,000,000 shares, accounting for 38.01% of the issued shares[154] - CVP holds 504,872,727 shares, which is about 9.72% of the total issued shares[154] - 丁先生 controls 2,629,280,363 shares, representing 50.63% of the company's issued shares[156] Future Outlook - The group anticipates ongoing uncertainty due to the COVID-19 pandemic, which is expected to impact performance until 2021 when recovery signs are expected[146] - The group has not entered into any agreements for significant acquisitions or investments as of the report date[143]

Financial Performance - For the three months ended June 30, 2020, the group recorded revenue of approximately HKD 24,800,000, a decrease of about 65.6% compared to HKD 72,000,000 for the same period in 2019[8]. - The loss attributable to owners of the company for the three months ended June 30, 2020, was approximately HKD 27,400,000, compared to a loss of HKD 30,300,000 for the same period in 2019[8]. - The group reported a gross loss of HKD 34,560,000 before tax for the three months ended June 30, 2020, compared to a loss of HKD 32,937,000 for the same period in 2019[10]. - The total comprehensive loss for the period was HKD (31,500,000), compared to HKD (42,443,000) for the same period in 2019[13]. - The basic loss per share for the three months ended June 30, 2020, was HKD (0.53), compared to HKD (0.58) for the same period in 2019[12]. - The company reported a loss before tax of HKD 34,560,000, compared to a loss of HKD 32,937,000 in the same quarter of 2019[30]. - The loss for the period was approximately HKD 32.6 million, a reduction of about 5.2% from HKD 34.4 million in 2019, with attributable loss to owners of the company being approximately HKD 27.4 million[65]. Revenue Breakdown - The group’s revenue from alcoholic beverage sales was HKD 10,488,000 for the three months ended June 30, 2020, down from HKD 22,344,000 in the same period of 2019[10]. - Revenue from the alcohol beverage sales segment was HKD 10,488,000, down 53.1% from HKD 22,344,000 in the previous year[23]. - Loan referral service revenue decreased to HKD 1,702,000 from HKD 2,592,000, representing a decline of 34.4%[23]. - Auction revenue was HKD 1,430,000, down 41.6% from HKD 2,454,000 in the same quarter of 2019[23]. - Total contract revenue recognized at a point in time was HKD 13,620,000, a decrease of 51.0% from HKD 27,791,000 in the prior year[25]. - The financial services segment generated no revenue from securities and futures trading services, compared to HKD 401,000 in the same period last year[23]. - Interest income from real estate mortgage loans and other loans in the loan financing segment totaled HKD 8,698,000, down from HKD 11,399,000, a decline of 23.9%[23]. - Blockchain services revenue was not reported for the current period, compared to HKD 18,537,000 in the previous year[23]. - Loan financing services revenue was HKD 12,926,000, a decline of 50.7% from HKD 26,187,000 in the previous year[30]. Dividends and Shareholder Returns - The company did not recommend the payment of any dividends for the three months ended June 30, 2020, consistent with the previous year[8]. - The company did not declare any dividends for the period ended June 30, 2020[43]. Operational Costs and Expenses - The group incurred operational costs of HKD 8,753,000 for alcoholic beverages for the three months ended June 30, 2020, compared to HKD 18,711,000 in the same period of 2019[10]. - The total employee costs amounted to HKD 14,287,000, a decrease of 25.0% from HKD 19,067,000 in the same period last year[42]. - The company incurred financing costs of HKD 11,588,000, down 20.2% from HKD 14,534,000 in the same quarter of 2019[36]. - Administrative and other operating expenses decreased by approximately 67.8% to HKD 5.6 million, and depreciation expenses decreased by approximately 80.8% to HKD 3.4 million compared to the same period in 2019[65]. - The company reported a significant impairment loss of HKD 16,052,000 on receivables and interest, compared to HKD 4,693,000 in the previous year[42]. Corporate Governance and Compliance - The financial report was prepared in accordance with Hong Kong Financial Reporting Standards and reflects the company's ongoing commitment to transparency[20]. - The audit committee reviewed the unaudited consolidated results for the three months ended June 30, 2020, and found them to comply with applicable accounting standards and legal requirements[100]. - The company has established high standards of corporate governance to protect shareholder interests and enhance corporate value[97]. - The company has adopted a code of conduct for securities transactions by directors, confirming compliance with the standards set forth in the GEM Listing Rules[96]. - There were no directors or their associates holding any interests in businesses that directly or indirectly compete with the group as of June 30, 2020[93]. - The company has not deviated from the corporate governance code provisions, except for the roles of chairman and CEO being held by the same individual during a specified period[97]. - The company confirmed that no directors had any interests in competing businesses as of June 30, 2020[93]. Future Outlook and Strategy - The company is focused on improving its financial performance and exploring new strategies for market expansion and product development[8]. - The business outlook remains highly uncertain due to ongoing US-China trade tensions and the global impact of COVID-19, with the company focusing on existing operations and seeking suitable investment opportunities[69]. - The company will evaluate potential acquisitions for their intrinsic value to enhance shareholder value[69]. - The company continues to focus on expanding its alcohol beverage sales and financial services despite the significant revenue decline[18]. Share Options and Equity - As of June 30, 2020, the number of unexercised share options granted under the plan was 781,900,000 shares, representing about 15.1% of the total issued shares[53]. - The company approved a resolution on July 31, 2020, to redefine the plan's authorization limit, allowing a maximum of 519,272,689 shares to be issued upon exercise of options[53]. - The weighted average exercise price of options granted in 2020 ranged from HKD 0.207 to HKD 0.325, compared to HKD 1.89 in 2019[54]. - The company recognized share-based payment expenses of approximately HKD 4.41 million for the three months ended June 30, 2020, compared to HKD 294,000 in 2019[55]. - The expected volatility for the options granted in 2020 was between 59.126% and 59.774%, down from 75.216% in 2019[54]. - The company has a total of 160,000,000 stock options granted at an exercise price of HKD 0.80, which can be exercised from June 17, 2016, to December 16, 2025[88]. - The company has a total of 184,600,000 stock options granted at an exercise price of HKD 1.89, which can be exercised from January 1, 2019, to April 2, 2028[88]. - The company confirmed total expenses related to stock options granted amounted to approximately HKD 4,410,000 for the three months ended June 30, 2020, compared to HKD 294,000 for the same period in 2019[91].

Business Performance - Revenue for the fiscal year reached HKD 1.2 billion, representing a 15% increase compared to the previous year[23]. - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[23]. - The company has set a performance guidance of 10% revenue growth for the next fiscal year[23]. - The group recorded a loss of approximately HKD 318,300,000, which is a 24.2% reduction compared to the loss of HKD 419,700,000 in the prior year[45]. - The company's revenue decreased by approximately 35.1% to about HKD 201,500,000, down from HKD 310,400,000 in the previous year[42]. - The gross profit was approximately HKD 103,600,000, a decrease of about 41.0% from HKD 175,600,000 in the previous year, with a gross margin of approximately 51.4%[44]. - The financial services segment generated revenue of approximately HKD 10,500,000, down from HKD 21,700,000, representing a decline of about 51.5%[43]. - The loan financing business experienced a revenue decline of approximately 38.8% or HKD 54,800,000 to about HKD 86,600,000[77]. - The blockchain services segment reported revenue of approximately HKD 30,100,000, slightly up from HKD 29,400,000, indicating a growth of about 2.4%[43]. Strategic Initiatives - The company aims to diversify its business to create synergies, reduce cost structure impacts, and enhance long-term shareholder value[13]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share over the next two years[23]. - New product launches are expected to contribute an additional HKD 300 million in revenue, with a projected growth rate of 20% in the first year[23]. - A strategic acquisition is in progress, which is anticipated to add HKD 200 million in annual revenue once completed[23]. - The company is investing HKD 50 million in R&D for new technologies aimed at enhancing user experience and operational efficiency[23]. - The board believes the wine auction business can further solidify the group's position in the high-end wine market[87]. - The group aims to seek suitable investment opportunities to diversify its revenue sources and strengthen its business foundation[87]. Corporate Governance - The company is committed to improving its corporate governance and has established new committees to oversee compliance and risk management[23]. - The board of directors includes members with diverse backgrounds in finance, education, and technology, enhancing the company's strategic direction[23]. - The company has adopted a remuneration policy for directors that aligns with market practices and reflects performance and responsibilities[117]. - The company is committed to high standards of corporate governance, having adopted the principles and code provisions of the GEM listing rules[166]. - The board consists of nine members, including four executive directors and three independent non-executive directors, ensuring compliance with GEM listing rules[177]. - The company has established three board committees: Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee to oversee various aspects of the business[191]. - The Audit Committee is tasked with reviewing the company's financial reporting system and risk management processes to identify and manage key risks affecting performance[193]. - The board's governance practices are designed to ensure transparency and accountability in decision-making processes[182]. Financial Position - As of March 31, 2020, the group's current assets net amounted to approximately HKD 84,800,000, an increase from HKD 76,400,000 in the previous year[47]. - The current ratio was approximately 1.2 times, compared to 1.1 times in the previous year, indicating improved liquidity[47]. - The debt-to-equity ratio increased to approximately 272.2% from 181.4% in the previous year, primarily due to a decrease in total equity[47]. - The group did not have any specific major investment or capital asset plans as of March 31, 2020[75]. - The company has maintained the required public float as per GEM listing rules as of the report date[160]. Employee and Management - The management team has extensive experience in business strategy and financial management, with over 20 years in the industry[23]. - The group employed 145 staff as of March 31, 2020, down from 218 in 2019[84]. - The company has no significant management or administrative contracts in place for the year[148]. - The attendance record for board meetings in 2019/2020 shows high engagement, with most directors attending all meetings[179]. Shareholder Information - No final dividend was recommended for the year ending March 31, 2020[97]. - The company will consider financial performance, earnings, and available reserves when proposing dividends, adhering to relevant laws and regulations[98]. - As of March 31, 2020, the total number of issued shares was 5,192,726,898[124]. - Royal Spectrum Holding Company Limited holds 1,968,000,000 shares, representing approximately 37.90% of the company's issued shares[127]. - The largest single customer accounted for 6.6% of total sales, an increase from 4.4% in 2019, while the top five customers represented 16.3% of total sales, slightly down from 16.7% in 2019[149].