Financial Performance - Revenue for the six months ended September 30, 2019, was approximately HKD 39.8 million, an increase of about 32.6% compared to HKD 29.975 million for the same period in 2018[4] - Profit for the six months ended September 30, 2019, was approximately HKD 0.4 million, a significant recovery from a loss of HKD 7.6 million in the same period of 2018[4] - Basic and diluted earnings per share attributable to owners of the company were HKD 0.29, compared to a loss per share of HKD 4.86 for the same period in 2018[4] - For the six months ended September 30, 2019, the company reported a total comprehensive loss of HKD 5,828,000, compared to a total comprehensive loss of HKD 7,489,000 for the same period in 2018[10] - The company’s total comprehensive income before tax for the six months ended September 30, 2019, was HKD 611,000, a turnaround from a loss of HKD 6,504,000 in the same period of 2018[42] - The profit attributable to the owners of the company for the six months ended September 30, 2019, was approximately HKD 0.4 million, a significant improvement from a loss of approximately HKD 7.6 million in the same period of 2018[119] Assets and Liabilities - Total assets as of September 30, 2019, amounted to HKD 599.179 million, an increase from HKD 444.744 million as of March 31, 2019[7] - Current liabilities increased to HKD 256.543 million as of September 30, 2019, compared to HKD 138.407 million as of March 31, 2019[9] - The company reported a net asset value of HKD 529.990 million as of September 30, 2019, slightly down from HKD 533.702 million as of March 31, 2019[9] - The total liabilities as of September 30, 2019, were HKD 155,191,000, an increase from HKD 54,665,000 as of September 30, 2018[41] - Total liabilities increased to HKD 259,009,000 as of September 30, 2019, compared to HKD 141,347,000 in the previous year, reflecting a rise of about 83.3%[42] Cash Flow - The net cash used in operating activities for the six months ended September 30, 2019, was HKD 7,088,000, a significant increase from HKD 102,000 in the previous year[11] - The company experienced a net cash outflow from investing activities of HKD 84,083,000, compared to HKD 11,757,000 in the prior year, indicating increased investment expenditures[11] - Cash and cash equivalents at the end of the period were HKD 16,638,000, down from HKD 152,707,000 at the end of the same period in 2018[12] - The company’s financing activities resulted in a net cash outflow of HKD 2,047,000, a decrease from HKD 39,927,000 in the prior year, indicating reduced financing activities[11] Employee Expenses - Employee benefit expenses for the six months ended September 30, 2019, were HKD 23.829 million, compared to HKD 22.437 million for the same period in 2018[6] - Employee benefits expenses for the six months ended September 30, 2019, totaled HKD 23,829,000, compared to HKD 22,437,000 in 2018, showing an increase of about 6.2%[47] Investments and Fair Value - The fair value of investment properties decreased by HKD 300,000 for the six months ended September 30, 2019[6] - The fair value of financial assets measured at fair value through other comprehensive income decreased to HKD 7,348,000 as of September 30, 2019, from HKD 13,526,000 at the beginning of the period[67] - The fair value of investment properties decreased to HKD 12,200,000 as of September 30, 2019, from HKD 12,500,000 at the beginning of the period[61] Revenue Segments - The revenue from assessment and advisory services for the three months ended September 30, 2019, was HKD 12,199,000, up 81.8% from HKD 6,733,000 in the same period of 2018[39] - Financing services interest income for the six months ended September 30, 2019, was HKD 12,646,000, an increase of 7.8% compared to HKD 11,734,000 in the same period of 2018[39] - The securities brokerage service revenue for the six months ended September 30, 2019, was HKD 3,388,000, with no revenue reported in the same period of 2018[39] - The group generated approximately 59.7% of total revenue from assessment and advisory services, with a 30.1% increase compared to the same period last year[105] - Financing services contributed about 31.8% of total revenue, with interest income slightly increasing by 7.8% year-on-year[105] - The new business segment providing securities brokerage services contributed approximately 8.5% to total revenue since its launch[105] Corporate Governance - The board and management are committed to maintaining high standards of corporate governance to protect shareholder interests and enhance business growth[152] - The company has complied with all provisions of the GEM Listing Rules Appendix 15 Corporate Governance Code, except for the separation of roles between the Chairman and CEO, which are held by the same individual[154] - The Audit Committee, established on September 26, 2011, reviews the company's financial systems, accounting policies, and risk management[159] - The Audit Committee currently consists of three members, all of whom are independent non-executive directors, ensuring no prior or current auditors are involved[161] Shareholder Information - The total number of issued shares as of September 30, 2019, was 135,020,415 after the share consolidation[94] - The company repurchased a total of 424,500,000 shares at a total cost of approximately HKD 38,794,000, which have been cancelled[96] - As of September 30, 2019, the total number of issued consolidated shares was 135,020,415, with key shareholders holding significant stakes, including Fast and Fabulous with 11.11% and Aperto Investments Limited with 9.79%[145][147] Risk Management - The group faces limited currency risk primarily related to its RMB-denominated bank balances, with a potential profit increase of approximately HKD 1,000 if RMB appreciates by 3% against HKD[134] - The group maintains a prudent treasury policy to mitigate credit risk through continuous credit assessments of clients[135] Future Outlook - The company aims to become a leading provider of assessment and advisory services in Hong Kong and will actively explore acquisition opportunities and business collaborations[123] - The group is actively exploring various merger and acquisition opportunities to enhance its market position in the assessment and advisory industry in Hong Kong[105]

Financial Performance - Revenue for the three months ended June 30, 2019, was approximately HKD 17.6 million, nearly unchanged from HKD 17.57 million for the same period in 2018[3] - Loss for the three months ended June 30, 2019, was approximately HKD 3.7 million, compared to a loss of HKD 1.2 million for the same period in 2018[3] - Basic and diluted loss per share for the period was HKD 0.16, an increase from HKD 0.04 in the same period last year[4] - Total comprehensive loss for the period attributable to owners of the company was HKD 3.75 million, compared to HKD 1.24 million in the previous year[4] - The group reported a revenue of HKD 17,568 thousand for the three months ended June 30, 2019, slightly down from HKD 17,574 thousand in the same period of 2018, with valuation and consultancy service fees contributing HKD 11,524 thousand and interest income from financing services contributing HKD 6,044 thousand[24] Expenses - Employee benefit expenses increased to HKD 13.72 million from HKD 12.00 million year-on-year, reflecting a rise of approximately 14.3%[4] - Depreciation and amortization expenses rose to HKD 2.34 million from HKD 1.23 million, marking an increase of approximately 90.9%[4] - Financial costs increased to HKD 741,000 from HKD 517,000, representing a rise of approximately 43.5%[4] - Other expenses increased by approximately 16.6% compared to the same period last year, mainly due to increased foreign exchange losses and share-based payments[43] Income - Other income for the three months ended June 30, 2019, was HKD 2.34 million, up from HKD 1.39 million, indicating a growth of approximately 68.2%[4] - The group reported other income of HKD 1,110 thousand from interest income for the three months ended June 30, 2019, up from HKD 673 thousand in the same period of 2018, indicating a growth of approximately 64.9%[25] - Other income increased by approximately 68.4% compared to the same period last year, primarily due to higher marketing service income and interest income[39] Corporate Governance - The company did not declare any dividends for the period[3] - The company did not declare any dividends for the current period, consistent with the previous year[32] - The company has adopted a code of conduct for directors regarding securities trading, which complies with the GEM listing rules[56] - The board believes that having the same individual serve as both chairman and CEO provides strong leadership and enhances efficiency in decision-making[59] - The company has complied with all corporate governance code provisions except for the separation of roles between the chairman and CEO[57] - No directors or related entities had significant interests in any major transactions or contracts affecting the group as of June 30, 2019[60] - There were no competitive business interests or conflicts of interest involving directors or their close associates during the reporting period[61] - The Audit Committee consists of three independent non-executive directors, with no prior or current independent auditors from the company among its members[64] - The Audit Committee's main roles include reviewing the financial system, accounting policies, financial condition, performance, and financial reporting procedures of the group[64] - The company has adopted a whistleblowing policy to allow employees and other stakeholders to report any misconduct confidentially[64] - The report was reviewed by the Audit Committee, which has not identified any issues with the unaudited condensed consolidated financial statements[64] Shareholding Structure - As of June 30, 2019, Mr. Yu holds 300,000,000 shares, representing 11.11% of the company's total issued shares, and has beneficial ownership of 30,004,083 shares, representing 1.11%[51] - Fast and Fabulous holds 300,000,000 shares, also representing 11.11% of the total issued shares as of June 30, 2019[52] - Aperto Investments Limited holds 264,250,000 shares, representing 9.79% of the total issued shares as of June 30, 2019[52] - The company did not redeem any of its shares listed on GEM during the period, nor did it purchase or sell any such shares[55] Business Operations - The company operates primarily in investment holding and provides assessment and consultancy services as well as financing services in Hong Kong[7] - The group generated revenue of approximately HKD 11.5 million from assessment and consultancy services, accounting for about 65.6% of total revenue, which remained stable compared to the same period last year[34] - Financing services contributed approximately 34.4% to total revenue, with interest income from financing services remaining stable compared to the same period last year[34] - The group is actively exploring various merger and acquisition opportunities to enhance its market position in the Hong Kong assessment and consultancy industry[34] - The group aims to become the leading valuation and advisory service provider in Hong Kong and will actively explore acquisition opportunities and business collaborations to enhance its market position[49] Lease Liabilities - The group recognized lease liabilities of HKD 5,402 thousand as of April 1, 2019, following the adoption of HKFRS 16, which includes HKD 4,458 thousand in right-of-use assets[15] - The weighted average incremental borrowing rate applied to lease liabilities as of April 1, 2019, was 2.51%[16] - Interest expenses for bank borrowings increased to HKD 702 thousand for the three months ended June 30, 2019, compared to HKD 500 thousand in the same period of 2018, representing a rise of 40.4%[28] - Depreciation of right-of-use assets amounted to HKD 1,104 thousand for the three months ended June 30, 2019, reflecting the impact of the new accounting standard[27] - The group incurred a total of HKD 741 thousand in finance costs for the three months ended June 30, 2019, compared to HKD 517 thousand in the same period of 2018, marking an increase of approximately 43.4%[28] - The group has chosen not to reassess contracts for leases upon initial application of HKFRS 16, maintaining previous evaluations under HKAS 17[14] - The group’s lease agreements primarily consist of office leases, typically with fixed terms ranging from 1 to 3 years[18]

Financial Performance - The group recorded a revenue increase of approximately HKD 22.8 million, up about HKD 3.5 million or 18.1% compared to the previous year, attributed to an expanded loan portfolio [24]. - The natural resources assessment services showed recovery due to more projects awarded compared to the same period last year, positively impacting the financial performance [24]. - The financial services sector faced challenges, including rising borrower numbers and competitive pricing wars, yet the group still achieved revenue growth [24]. - The group's total revenue for the year ended March 31, 2019, increased by approximately 7.7% compared to the previous year, primarily driven by service fee income from valuation and advisory services and interest income from financing services [30]. - Revenue from valuation and advisory services rose from approximately HKD 45.9 million to approximately HKD 47.4 million, accounting for about 67.6% of total revenue for the year ended March 31, 2019 [30]. - Interest income from financing services increased from approximately HKD 19.3 million to approximately HKD 22.8 million, representing about 32.4% of total revenue for the year ended March 31, 2019, due to an expanded loan portfolio [30]. - Other income increased by approximately 92.2% for the year ended March 31, 2019, mainly due to higher fixed deposit interest rates and increased deposits held with licensed banks [33]. - The group reported a loss attributable to owners of the company of approximately HKD 71.4 million for the year ended March 31, 2019, an increase of approximately HKD 45.9 million compared to the previous year [40]. - Other expenses increased by approximately 91.7% for the year ended March 31, 2019, largely due to increased impairment losses on trade receivables and loans [37]. - As of March 31, 2019, the group's net current assets were approximately HKD 306.3 million, down from HKD 634.8 million as of March 31, 2018 [48]. - The group's cash and bank balances were approximately HKD 109.9 million as of March 31, 2019, compared to HKD 204.5 million as of March 31, 2018 [48]. - The group's current ratio decreased from approximately 6.1 as of March 31, 2018, to about 3.2 as of March 31, 2019 [48]. - Total bank borrowings amounted to approximately HKD 100.0 million as of March 31, 2019, with a capital debt ratio increasing from 0.14 to 0.19 [48]. Business Strategy and Expansion - The group aims to explore suitable acquisition opportunities and business collaborations to enhance its market presence in the Hong Kong assessment and consulting industry [25]. - The group plans to maintain its leadership position in the Hong Kong valuation industry through innovation and business expansion [25]. - The group has started expanding its service scope to include environmental, social, and governance reporting services as a new growth driver [24]. - The group has been actively exploring various acquisition opportunities and business collaborations to enhance its market presence in the valuation and advisory industry in Hong Kong [28]. - The group aims to become the leading valuation and advisory service provider in Hong Kong and will actively explore other acquisition opportunities and/or business collaborations [68]. Governance and Compliance - The board expressed confidence in maintaining the group's leading position in the valuation industry in Hong Kong [24]. - The company maintained at least three independent non-executive directors throughout the fiscal year, ensuring compliance with GEM listing rules [88]. - All independent non-executive directors confirmed their independence to the company, meeting the requirements of GEM listing rules [84]. - The company has adopted a code of conduct for directors regarding securities trading, confirming compliance for the fiscal year ending March 31, 2019 [83]. - The company has established appropriate insurance coverage for directors against legal liabilities arising from corporate activities [89]. - The board is responsible for leading and monitoring the group, focusing on overall strategy and financial performance [88]. - The company has a policy for the rotation and re-election of directors, ensuring compliance with GEM listing rules [95]. - The company’s governance practices are in compliance with all applicable code provisions as per the GEM Listing Rules [147]. Risk Management - The board emphasizes a robust internal control system to mitigate major risks, with continuous reviews to ensure effectiveness in protecting assets and shareholder interests [121]. - The company has implemented a three-tier risk management approach to identify, assess, and manage various types of risks associated with business activities [124]. - The company’s major risks include reliance on the experience and knowledge of its professional staff, which could adversely affect operations and financial conditions if key personnel leave [154]. Shareholder and Dividend Policy - The group did not recommend any final dividend for the year ended March 31, 2019, consistent with the previous year [66]. - The company has adopted a dividend policy effective from January 1, 2019, aimed at providing sustainable returns to shareholders while retaining sufficient reserves for future development [128]. - The board aims to ensure that dividend declarations and amounts are determined at its discretion, considering various financial and operational factors [128]. Employee Compensation and Share Options - Employee benefit expenses rose by approximately 11.1% for the year ended March 31, 2019, primarily due to share-based payments under the company's share option plan [34]. - The company emphasizes the importance of its professional team as its most valuable asset and offers competitive compensation to attract and retain qualified personnel [29]. - The share option plan was approved on September 26, 2011, and involved 120,016,332 shares at a closing price of HKD 0.088 per share prior to the grant date [182]. - The maximum number of shares that can be issued under the share option plan is capped at 10% of the issued share capital as of September 27, 2018, which equates to 300,040,831 shares [183]. - The exercise price for the share options is set at HKD 0.0904, which is above the highest of the market price on the grant date and the average market price over the five trading days prior to the grant [189]. - The plan aims to attract and retain qualified talent while providing additional incentives for performance [183]. Share Repurchase - The company repurchased a total of 424,500,000 shares at a total cost of approximately HKD 38.8 million during the year ended March 31, 2019 [162]. - In July 2018, the company repurchased 124,500,000 shares at a maximum price of HKD 0.097 and a minimum price of HKD 0.095, totaling approximately HKD 11.986 million [163]. - In October 2018, the company repurchased 300,000,000 shares at a maximum price of HKD 0.089 and a minimum price of HKD 0.087, totaling approximately HKD 26.808 million [163]. - All repurchased shares have been cancelled, and there were no other purchases or sales of the company's listed securities during the year [163]. Communication with Stakeholders - The company has established multiple communication channels with shareholders and stakeholders, including annual and interim reports [137].

Financial Performance - Revenue for the nine months ended December 31, 2018, was approximately HKD 43.0 million, a decrease of about 10.1% compared to HKD 47.8 million for the same period in 2017[3]. - Loss for the nine months ended December 31, 2018, was approximately HKD 11.3 million, compared to a loss of approximately HKD 1.4 million for the same period in 2017[4]. - Basic and diluted loss per share attributable to owners of the company was HKD 0.40 for the nine months ended December 31, 2018, compared to HKD 0.08 for the same period in 2017[4]. - Total comprehensive loss for the nine months ended December 31, 2018, was HKD 11.3 million, compared to HKD 1.4 million for the same period in 2017[6]. - Total revenue for the nine months ended December 31, 2018, was HKD 42,993,000, down 10.2% from HKD 47,805,000 for the same period in 2017[30]. - The group’s revenue for the nine months ended December 31, 2018, decreased by approximately 10.1% compared to the same period in 2017, primarily due to a significant decline in service fee income from valuation and advisory services[46]. - Revenue from valuation and advisory services dropped from approximately HKD 33.7 million for the nine months ended December 31, 2017, to approximately HKD 26.2 million for the same period in 2018, a decrease of about 22.3%[46]. - Interest income from financing services increased by approximately 19.1%, rising from about HKD 14.1 million to approximately HKD 16.8 million for the nine months ended December 31, 2018[46]. Employee Expenses - Employee benefit expenses for the nine months ended December 31, 2018, were HKD 31.0 million, an increase from HKD 28.2 million for the same period in 2017[6]. - Employee benefits expenses for the nine months ended December 31, 2018, amounted to HKD 31,029,000, an increase of 9.8% from HKD 28,188,000 in the same period of 2017[33]. - Employee benefit expenses rose by approximately 10.1% for the nine months ended December 31, 2018, mainly due to share-based payments[49]. Other Income and Financial Costs - Other income for the nine months ended December 31, 2018, was HKD 4.3 million, compared to HKD 2.0 million for the same period in 2017[6]. - Total other income for the nine months ended December 31, 2018, was HKD 4,276,000, significantly higher than HKD 1,977,000 for the same period in 2017[32]. - Financial costs for the nine months ended December 31, 2018, were HKD 1.9 million, an increase from HKD 0.7 million for the same period in 2017[6]. - Financial costs for the nine months ended December 31, 2018, were HKD 1,863,000, an increase from HKD 678,000 in the same period of 2017[35]. Accounting Standards and Changes - The group has adopted HKFRS 15, which introduces a new revenue recognition model based on customer contracts, replacing HKAS 18 and HKAS 11[14]. - The group has recognized service fee income at a specific point in time under HKFRS 15, rather than using the percentage of completion method previously[15]. - The group has implemented the expected credit loss model under HKFRS 9, leading to an additional credit loss provision of approximately HKD 3,800,000 recognized in retained earnings[21]. - HKFRS 16 will replace HKAS 17, requiring lessees to recognize assets and liabilities for all leases over 12 months, which will significantly impact the group's accounting for operating leases[24]. - The group plans to apply HKFRS 16 starting from the financial year beginning on or after January 1, 2019, but has no intention to adopt it before the effective date[25]. Share Capital and Repurchase - The company’s total equity as of December 31, 2018, was approximately HKD 603.4 million[7]. - The company’s share capital as of December 31, 2018, was HKD 172.8 million, down from HKD 199.9 million as of April 1, 2018[7]. - As of December 31, 2018, the company repurchased a total of 424,500,000 shares at an approximate total cost of HKD 38.8 million[73]. - The share repurchase included 124,500,000 shares in July 2018 at a maximum price of HKD 0.097 and 300,000,000 shares in October 2018 at a maximum price of HKD 0.089[74]. - All repurchased shares have been cancelled as of December 31, 2018[74]. Corporate Governance - The company confirmed compliance with the securities trading code for directors during the nine months ending December 31, 2018[75]. - The company has adhered to the corporate governance code as per GEM listing rules, with the exception of the chairman also serving as the CEO, which the board believes provides strong leadership[78]. - The audit committee was established on September 26, 2011, and is responsible for reviewing the company's financial systems and accounting policies[82]. - The audit committee consists of three members, all of whom are independent non-executive directors, ensuring no prior or current auditors are part of the committee[82]. - The company has adopted a whistleblowing policy to allow employees and stakeholders to report any misconduct confidentially[82]. - The board is composed of experienced members who meet regularly to discuss matters affecting the company's operations, ensuring a balance of power[78]. - The company emphasizes maintaining high standards of corporate governance to protect shareholder interests and enhance business growth[78]. Strategic Initiatives - The group has been actively seeking various acquisition opportunities and business collaborations to enhance its market position in the valuation and advisory industry in Hong Kong[44]. - The company aims to become the leading provider of valuation and advisory services in Hong Kong and is actively exploring acquisition opportunities and business collaborations[61]. - The company received a license from the Securities and Futures Commission to conduct regulated activities under the Securities and Futures Ordinance, diversifying its revenue sources[61].