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].