Financial Performance - For the nine months ended December 31, 2021, the Company reported revenue of HK$46,446,000, a decrease of 7.3% compared to HK$49,850,000 for the same period in 2020[8]. - The gross profit for the nine months was HK$8,974,000, down 2.4% from HK$9,192,000 in the previous year[8]. - The loss before tax for the nine months was HK$9,943,000, an increase of 25.1% compared to HK$7,951,000 for the same period in 2020[10]. - The loss attributable to owners of the Company for the nine months was HK$9,943,000, compared to HK$7,951,000 in the previous year, reflecting a 25.1% increase[10]. - The total comprehensive loss for the period attributable to owners of the Company was HK$9,946,000, compared to HK$7,974,000 in the previous year[10]. - The company reported a loss for the period of HK$9,943,000, compared to a loss of HK$7,951,000 for the same period in the previous year, indicating an increase in losses of approximately 25%[13]. - The total comprehensive loss for the nine months ended December 31, 2021, was HK$9,946,000, which includes other comprehensive losses of HK$3,000[13]. - The Group recorded a loss of approximately HK$9.9 million for the nine months ended December 31, 2021, an increase in loss of approximately HK$1.9 million from HK$8.0 million for the same period in 2020[110]. Revenue Breakdown - Revenue from design, fitting out, and engineering services for the nine months ended December 31, 2021, was HK$26,828,000, down from HK$30,353,000 in 2020, indicating a decrease of about 11.8%[40]. - Revenue from leasing of construction equipment increased significantly to HK$11,113,000 for the nine months ended December 31, 2021, compared to HK$5,782,000 in 2020, reflecting an increase of approximately 92.5%[40]. - Revenue from the sale of fine and rare wines decreased to HK$8,088,000 for the nine months ended December 31, 2021, from HK$13,123,000 in 2020, marking a decline of about 38.3%[40]. - Revenue from public housing maintenance, improvement, and vacant flat refurbishment works amounted to approximately HK$12.5 million, representing about 46.6% of the segment revenue for the current period, with an 86.6% growth[115]. Expenses and Costs - Administrative expenses for the nine months were HK$18,818,000, an increase of 8.0% from HK$17,410,000 in the previous year[8]. - Interest income from money lending for the nine months ended December 31, 2021, was HK$407,000, compared to HK$569,000 in 2020, representing a decrease of about 28.4%[40]. - Salaries and wages included in administrative expenses for the nine months ended December 31, 2021, amounted to HK$9,137,000, compared to HK$8,785,000 in 2020[51]. - Depreciation of property, plant, and equipment for the nine months ended December 31, 2021, was approximately HK$6,099,000, up from HK$4,585,000 in the same period of 2020[51]. - Finance costs for the nine months ended December 31, 2021, were HK$431,000, a decrease from HK$926,000 in the same period of 2020[49]. Share Capital and Equity - The company issued new shares under a rights issue amounting to HK$31,356,000, with transaction costs of HK$1,428,000 attributed to the issuance[13]. - As of December 31, 2021, the issued and fully paid ordinary shares stood at 156,780,000, with a share capital of HK$205,523,000[69]. - The weighted average number of ordinary shares for the nine months ended December 31, 2021, was 156,780,000, up from 64,321,000 in 2020, reflecting a significant increase in share issuance[61]. - No dividends were recommended for the nine months ended December 31, 2021, consistent with the previous year where no dividends were declared[64]. Compliance and Governance - The Group's financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards (HKFRSs) and GEM Listing Rules, ensuring compliance with applicable disclosure requirements[16]. - The Group has not early adopted new and revised HKFRSs that are not yet effective, indicating a cautious approach to accounting changes[26]. - The Audit Committee comprises three independent non-executive Directors and is responsible for reviewing the Group's financial reporting process and internal control systems[199]. - The company has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee as per GEM Listing Rules requirements[198]. - The Board has adopted the principles and code provisions of the Corporate Governance Code to ensure proper regulation of business activities and decision-making processes[195]. Risks and Future Outlook - The Company has acknowledged the potential risks associated with investing in small and mid-sized companies listed on GEM, which may experience higher market volatility[2]. - The Group is currently assessing the potential impact of new and revised Hong Kong Financial Reporting Standards on its financial statements, with no significant impact anticipated at this time[27]. - The Group is optimistic about securing further public housing estates works and services, actively coordinating with contractors for new term contracts[115]. - Management is actively negotiating with customers to rebound the lease out rate of scaffolding equipment to above 70%[122]. Assets and Liabilities - As of December 31, 2021, the total capital was HK$205,523,000, with accumulated losses of HK$121,834,000, resulting in a total comprehensive loss of HK$9,946,000 for the period[13]. - The Group's net current assets were approximately HK$22.1 million as of 31 December 2021, down from HK$25.0 million as of 31 March 2021[134]. - Cash and bank balances decreased to approximately HK$6.9 million as of 31 December 2021 from HK$16.7 million as of 31 March 2021[134]. - The Group's borrowings included lease liabilities of approximately HK$14.4 million as of 31 December 2021, compared to HK$13.6 million as of 31 March 2021[136]. - The gearing ratio increased to approximately 17.2% as of 31 December 2021 from 14.5% as of 31 March 2021[136].

Financial Performance - Revenue for the six months ended 30 September 2021 was HK$32,644,000, an increase of 8.9% compared to HK$29,939,000 for the same period in 2020[8]. - Gross profit for the six months ended 30 September 2021 was HK$5,924,000, a decrease of 8.8% from HK$6,494,000 in the previous year[8]. - Loss before tax for the six months was HK$6,839,000, compared to a loss of HK$3,960,000 for the same period in 2020, representing a 72.5% increase in loss[10]. - Loss attributable to owners of the Company for the period was HK$6,839,000, up from HK$3,960,000 in the prior year, indicating a significant increase in losses[10]. - Basic and diluted loss per share for the six months was HK$0.04, compared to HK$0.06 for the same period in 2020[10]. - The total comprehensive loss for the period attributable to owners of the Company was HK$6,840,000, compared to HK$3,978,000 in the prior year, reflecting a 72.5% increase[10]. - The company reported a loss for the period of HK$6,839,000 for the six months ended September 30, 2021, compared to a loss of HK$3,960,000 for the same period in 2020, reflecting an increase in losses of approximately 72.5%[18]. - The Group recorded a loss for the period of approximately HK$6.8 million, an increase of approximately HK$2.8 million compared to a loss of HK$4.0 million in the same period last year[153]. Revenue Breakdown - Revenue from design, fitting out, and engineering services for the six months ended 30 September 2021 was HK$17,534,000, a decrease of 5.8% from HK$18,622,000 in 2020[46]. - Revenue from leasing of construction equipment increased significantly to HK$6,852,000 for the six months ended 30 September 2021, up 98.5% from HK$3,452,000 in 2020[46]. - Sale of fine and rare wines generated revenue of HK$7,979,000 for the six months ended 30 September 2021, an increase of 6.8% compared to HK$7,473,000 in 2020[46]. - Revenue from public housing maintenance and refurbishment works amounted to approximately HK$9.2 million, representing about 52.6% of the segment revenue for the current period, with a growth of approximately 37.3%[155]. Expenses and Costs - Administrative expenses increased to HK$12,562,000 for the six months ended 30 September 2021, up from HK$10,679,000 in the previous year, reflecting a rise of 17.6%[8]. - Interest income from money lending decreased to HK$272,000 for the six months ended 30 September 2021, down 28.2% from HK$379,000 in 2020[42]. - The company reported unallocated central administrative costs of HK$4,887,000 for the six months ended 30 September 2021[46]. - Salaries and wages included in cost of sales for the six months ended 30 September 2021 amounted to HK$5,805,000, an increase of 5.7% from HK$5,493,000 in the same period of 2020[64]. - Depreciation of property, plant, and equipment for the six months ended 30 September 2021 was approximately HK$4,081,000, up from HK$2,900,000 in the same period of 2020, representing a 40.4% increase[64][65]. Assets and Liabilities - As of September 30, 2021, total assets less current liabilities amounted to HK$93,699,000, a decrease from HK$102,240,000 as of March 31, 2021, representing a decline of approximately 8.5%[13]. - The total equity as of September 30, 2021, was HK$86,644,000, down from HK$93,484,000 as of March 31, 2021, representing a decline of approximately 7.3%[15]. - The company experienced a net cash outflow from operating activities of HK$3,228,000 for the six months ended September 30, 2021, compared to a net inflow of HK$1,396,000 for the same period in 2020[20]. - Cash and cash equivalents at the end of the period were HK$9,013,000, down from HK$16,728,000 at the beginning of the period, marking a decrease of about 46.0%[20]. - The Group's total equity attributable to owners amounted to approximately HK$86.6 million as of 30 September 2021, down from HK$93.5 million as of 31 March 2021[174]. Segment Information - For the three months ended 30 September 2021, total segment revenue was HK$16,439,000, an increase of 16.9% compared to HK$14,014,000 in the same period of 2020[42]. - The segment loss for leasing of construction equipment was HK$1,616,000 for the six months ended 30 September 2021, compared to a loss of HK$2,166,000 in the same period of 2020[46]. - The Group is engaged in multiple segments including design, fitting out and engineering services, leasing of construction equipment, sourcing and merchandising of fine wines, and provision of financial services[132]. Financial Management and Strategy - The Group has acknowledged the potential risks associated with investing in small and mid-sized companies listed on GEM, emphasizing the importance of careful consideration by prospective investors[2]. - The Group continues to adopt a prudent management approach in its financial services business to minimize credit risk exposure[167]. - The Group is optimistic about securing further public housing estates works and services through active negotiations with contractors for new term contracts[155]. - The Group expects significant growth potential in rental income from the leasing of construction equipment due to an increase in customers and projects[165]. Shareholder Information - The Group did not recommend the payment of an interim dividend for the six months ended September 30, 2021, consistent with the previous year[79]. - The Company completed a share consolidation on 18 November 2020, reducing the issued shares by 470,340,000[114]. - The Company raised approximately HK$31.4 million before expenses through a rights issue of 104,520,000 rights shares at a subscription price of HK$0.30 per share[114]. - The weighted average number of ordinary shares for the purpose of basic and diluted loss per share for the three months ended 30 September 2021 was 156,780,000, compared to 67,548,000 for the same period in 2020, reflecting a significant increase in shares[75]. Compliance and Reporting - The financial statements for the year ended 31 March 2021 have been delivered to the Registrar of Companies as required by the Companies Ordinance[27]. - The Group has adopted new standards and interpretations effective from 1 April 2021, including amendments to HKAS 39 and HKFRSs 4, 7, 9, and 16, related to Interest Rate Benchmark Reform – Phase 2[31]. - The Group's auditor reported on the consolidated financial statements for the year ended 31 March 2021, with an unqualified report[28]. - The significant accounting policies used in the preparation of the Group's condensed consolidated financial statements for the six months ended 30 September 2021 are consistent with those adopted in the previous year[30].

Financial Performance - Revenue for the three months ended June 30, 2021, was HK$16,205,000, a slight increase of 1.76% compared to HK$15,925,000 for the same period in 2020[8]. - Gross profit for the same period was HK$2,720,000, down 15.6% from HK$3,224,000 in 2020[8]. - Loss before tax for the period was HK$3,430,000, compared to a loss of HK$2,028,000 in the previous year, indicating a deterioration of 69.4%[9]. - Total comprehensive loss attributable to owners of the Company for the period was HK$3,431,000, an increase from HK$2,028,000 in 2020[9]. - Basic and diluted loss per share for the period was HK$0.02, compared to HK$0.03 for the same period last year[9]. - Other income for the period was HK$267,000, a decrease of 13.06% from HK$307,000 in 2020[8]. - The Group recorded a loss for the period of approximately HK$3.4 million, an increase in loss of approximately HK$1.4 million compared to HK$2.0 million for the same period in 2020[89]. Revenue Breakdown - The Group's revenue includes income from fitting out and engineering services, design and procurement of furnishings, rental and installation services from leasing construction equipment, sale of fine wines, interest income from money lending, and commission income from brokerage services[26]. - Revenue from design, fitting out, and engineering services decreased to HK$8,746,000, down 14.5% from HK$10,231,000 year-over-year[29]. - Revenue from leasing of construction equipment increased significantly to HK$3,325,000, up 92.3% from HK$1,729,000 in the previous year[29]. - Sale of fine and rare wines generated revenue of HK$3,991,000, representing an increase of 5.8% compared to HK$3,773,000 in 2020[29]. - Revenue from public housing maintenance, improvement, and vacant flat refurbishment works amounted to approximately HK$4 million, representing about 46.4% of the segment revenue for the current period[92]. Expenses and Costs - Administrative expenses increased to HK$6,230,000 from HK$5,233,000, reflecting a rise of 19.1%[8]. - Total salaries and wages included in cost of sales for the three months ended June 30, 2021, amounted to HK$420,000, up from HK$221,000 in 2020, marking an increase of 90.0%[48]. - Depreciation of property, plant, and equipment for the three months ended June 30, 2021, was approximately HK$1,761,000, compared to HK$926,000 for the same period in 2020, representing an increase of 90.0%[49]. - The Group's gross rental income less outgoings showed a loss of HK$194,000 for the three months ended June 30, 2021, compared to a loss of HK$163,000 in 2020, indicating a worsening in rental performance[48]. Compliance and Governance - The unaudited financial statements were prepared in accordance with Hong Kong Financial Reporting Standards and comply with GEM Listing Rules[14]. - The Company is focused on maintaining compliance with regulatory requirements while navigating market challenges[13]. - The Group has adopted new/revised Hong Kong Financial Reporting Standards effective from 1 April 2021, but these have had no material effect on the financial statements[21]. - The auditor's report for the consolidated financial statements for the year ended 31 March 2021 was unqualified, indicating no significant issues were raised[19]. - The Company has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee[167]. Shareholder Information - As of June 30, 2021, Hong Kong ChaoShang Group Limited holds 38,309,600 shares, representing approximately 24.44% of the issued shares[139]. - The total number of shares available for issue under the share option scheme is 3,000,000 shares, which is 10% of the issued shares as of the listing date[148]. - No share options have been granted by the company since the adoption of the share option scheme[150]. - The subscription price for shares subject to options will not be less than the highest of the closing price on the date of grant or the average closing price for the preceding five trading days[143]. Future Outlook - The Group expects the wine merchandising business to provide a stable income stream and maintain steady operations[103]. - The Group aims to broaden and strengthen the income stream from its design, fitting out, and engineering services business[96]. - The Group is in the process of assessing the potential impact of new/revised HKFRSs on future financial statements[25].

Financial Performance - The Group recorded a turnover of approximately HK$66.8 million for the year ended 31 March 2021, representing a 56.3% increase compared to the previous year[17]. - The Group incurred a loss of approximately HK$19.4 million, with about HK$10.5 million attributed to impairment of goodwill and intangible assets, which are non-cash items[17]. - Revenue from design, fitting out, and engineering services increased significantly from approximately HK$16.7 million to approximately HK$36.8 million due to new project contracts[18]. - Income from leasing construction equipment amounted to approximately HK$8.6 million, more than double the HK$3.6 million from the previous year, indicating strong growth potential[19]. - The Group recorded a total revenue of approximately HK$66.8 million for the year ended March 31, 2021, representing an increase of approximately HK$24.0 million or 56.3% compared to the previous year[38]. - The Group recorded a gross profit of approximately HK$11.7 million for the year, representing an increase of approximately 113.1% from HK$5.5 million in 2020[47]. - The Group's loss for the year was approximately HK$19.4 million, a decrease of about HK$8.7 million or 31.0% from a loss of HK$28.1 million in 2020[54]. - The Group's total revenue for the year ended 31 March 2021 was approximately HK$66.8 million, an increase of about HK$24 million or 56.3% compared to HK$42.8 million in 2020[44]. Project Contracts and Growth - The Group secured contracts totaling approximately HK$40 million during the year, despite challenges posed by COVID-19[16]. - The Group has successfully bidded for new projects and explored new customer opportunities during the year[18]. - The Group secured design, fitting out, and engineering projects with contract sums of approximately HK$40 million, with HK$30 million awarded through tendering[62]. - The Group is negotiating additional contracts with an aggregate value exceeding HK$40 million and has established positive relationships in the public sector[63][64]. - The Group generated approximately HK$6.7 million in revenue from two public housing renovation contracts that commenced in October 2020, with a contract duration of about 2 years[66]. - The Group is negotiating a contract for scaffolding equipment installation for a public tunnel project, with a contract sum of approximately HK$25 million[71]. Equipment Leasing and Revenue Streams - The leasing of construction equipment is expected to become a sustainable income stream for the Group with steady growth anticipated in the future[19]. - The leasing of construction equipment business has shown progressive growth, with an increase in the number of customers and projects, contributing to stable income generation[65]. - The Group's investment in construction equipment leasing is expected to provide a sustainable revenue source moving forward[22]. - The Group expects steady and recurring income from term contracts related to public housing refurbishment and maintenance services, which are still in force for the upcoming year[25]. Financial Position and Equity - The Group's net current assets increased to approximately HK$25 million as of March 31, 2021, up from HK$17.8 million in 2020[80]. - The current ratio improved to approximately 2.4 times as of March 31, 2021, compared to 2.2 times in 2020, primarily due to proceeds from a rights issue[81]. - The Group raised approximately HK$31.4 million through a rights issue, issuing 104,520,000 rights shares at a subscription price of HK$0.30 per share[82]. - The Group's total equity attributable to owners amounted to approximately HK$93.5 million as of March 31, 2021, compared to HK$83 million in 2020[82]. - The gearing ratio decreased to approximately 14.5% as of March 31, 2021, down from 24.6% in 2020, due to the settlement of lease liabilities[83]. Corporate Governance and Compliance - The company has adopted the Corporate Governance Code to ensure proper regulation of business activities and decision-making processes[158]. - The company has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee as per GEM Listing Rules[158]. - The company has internal policies in place to ensure compliance with the Corporate Governance Code[162]. - The Audit Committee held 7 meetings during the year, with all members attending every meeting[200]. - The Company ensures compliance with corporate governance codes and maintains clear delegation of powers[187]. Employee and Operational Matters - Total remuneration for the year ended 31 March 2021 was approximately HK$12.6 million, an increase from HK$11.5 million in 2020, primarily due to an increase in the number of employees[112]. - The Group employed 43 employees as of 31 March 2021, up from 27 in the previous year[111]. - The Group did not recommend the payment of any dividend for the year ended 31 March 2021[105]. Environmental and Safety Measures - The Group has implemented various hygiene and safety measures in response to the COVID-19 pandemic to mitigate operational risks[121]. - The company emphasizes environmental protection and has implemented various practices to comply with environmental regulations and enhance employee awareness[128]. - The company plans to regularly review its environmental practices and consider implementing more eco-friendly measures in its operations[129].

Financial Performance - Revenue for the nine months ended December 31, 2020, was HK$49,850,000, an increase of 35.7% compared to HK$36,760,000 for the same period in 2019[8]. - Gross profit for the nine months ended December 31, 2020, was HK$9,192,000, representing a 93.1% increase from HK$4,741,000 in the previous year[8]. - Loss before tax for the nine months was HK$7,951,000, a decrease of 44.5% compared to HK$14,403,000 for the same period in 2019[11]. - Loss attributable to owners of the Company for the nine months was HK$7,951,000, compared to HK$14,403,000 in the previous year, indicating a significant reduction in losses[11]. - Basic and diluted loss per share for the nine months was HK$0.12, down from HK$0.27 in the previous year, showing an improvement in per-share loss[11]. - The total comprehensive loss for the period attributable to owners of the Company was HK$7,974,000, compared to HK$14,431,000 in the previous year, reflecting a reduction of 44.5%[11]. - Other income for the nine months was HK$1,559,000, up from HK$693,000 in the same period last year, marking an increase of 125.5%[8]. - The company reported a loss for the period of HK$7,951,000 for the nine months ended December 31, 2020, compared to a loss of HK$14,403,000 for the same period in the previous year[14]. - The total comprehensive loss for the period was HK$7,974,000, which includes other comprehensive losses of HK$23,000[14]. - The Group recorded a loss of approximately HK$8.0 million for the nine months ended December 31, 2020, a decrease of 44.4% from a loss of HK$14.4 million in the same period of 2019[113]. Revenue Breakdown - Revenue from design, fitting out, and engineering services for the nine months ended December 31, 2020, was HK$30,353, significantly higher than HK$13,683 in 2019, representing a growth of 121.5%[47]. - Revenue from leasing of construction equipment for the nine months ended December 31, 2020, was HK$5,782, compared to HK$2,537 in 2019, marking an increase of 128.4%[47]. - Revenue from the sale of fine and rare wines for the nine months ended December 31, 2020, was HK$13,123, down 34.4% from HK$19,978 in 2019[47]. - Revenue from financial services increased slightly to HK$592,000 in 2020 from HK$562,000 in 2019[102]. - The Group's revenue analysis indicates diverse income streams, highlighting the importance of various service offerings in its financial performance[39]. Expenses and Costs - Administrative expenses increased to HK$17,410,000 for the nine months ended December 31, 2020, compared to HK$19,090,000 in the previous year, reflecting a decrease of 8.8%[8]. - The total cost of inventories sold for the nine months ended December 31, 2020, was HK$13,402,000, down from HK$18,992,000 in 2019, representing a decrease of approximately 29%[58]. - Salaries and wages included in cost of sales for the nine months ended December 31, 2020, increased to HK$1,574,000 from HK$697,000 in 2019, reflecting a growth of approximately 126%[58]. - The depreciation of property, plant, and equipment for the nine months ended December 31, 2020, amounted to approximately HK$3,079,000, compared to HK$1,337,000 in the same period of 2019, indicating a year-over-year increase of about 130%[59]. - The company incurred finance costs of HK$926,000 for the nine months ended December 31, 2020, compared to HK$580,000 in the same period of 2019, reflecting an increase of about 60%[56]. Share Capital and Financing - The company issued new shares under a rights issue, raising HK$31,356,000, after transaction costs of HK$1,428,000[14]. - The company raised approximately HK$31.4 million before expenses through the rights issue at a subscription price of HK$0.30 per rights share[83]. - The closing price per share on the date of the rights issue was HK$0.04, equivalent to HK$0.40 per consolidated share[82]. - The company completed a share consolidation on 18 November 2020, reducing existing shares by 470,340,000[80]. - The issued and fully paid share capital as of 31 December 2020 was HK$205,523,000[78]. Accounting and Compliance - The Group's financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and GEM Listing Rules[16]. - The Group adopted new accounting standards effective from April 1, 2020, including amendments to HKFRS 3 regarding the definition of a business[25]. - The amendments to HKAS 1 and 8 provide a new definition of material, which did not impact the Group's financial information[23]. - The financial statements for the nine months ended December 31, 2020, are unaudited and prepared on a historical cost basis[20]. - The Group has not early applied new and revised HKFRSs that are issued but not yet effective, including amendments related to COVID-19 rent concessions and classification of liabilities[35]. Employee and Management - The Group employed 43 employees as of December 31, 2020, an increase from 27 employees as of December 31, 2019[165]. - Total remuneration for the nine months ended December 31, 2020, was approximately HK$9.0 million, a slight increase of 3.4% from HK$8.7 million for the same period in 2019[166]. - Key management personnel remuneration decreased to HK$3.9 million for the nine months ended 31 December 2020 from HK$5.0 million in 2019[91]. - The Group continues to provide regular training to employees to enhance workforce capabilities[165]. Market and Future Outlook - The Group expects that its strategies will broaden and strengthen income streams, contributing to sustainable development and maximizing shareholder returns[119]. - The Group anticipates that the leasing of construction equipment will become a major business segment due to the ongoing increase in the number of customers and projects[128]. - The rental income from the leasing of construction equipment is expected to have significant growth potential due to increased brand recognition and operational scale[124]. - The Group has begun providing services to public sectors, including public housing, and is actively developing relationships with project contractors to expand its market reach[116][119]. Corporate Governance - The board has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee in accordance with GEM Listing Rules[200]. - All directors confirmed compliance with the code of conduct for dealing in securities during the nine months ended December 31, 2020[187]. - The company has not disclosed any competing interests from directors during the nine months ended December 31, 2020[199].

Revenue and Profitability - Revenue for the six months ended 30 September 2020 was HK$29,939,000, an increase of 111.5% compared to HK$14,151,000 for the same period in 2019[8]. - Gross profit for the six months ended 30 September 2020 was HK$6,494,000, compared to HK$936,000 for the same period in 2019, representing a significant increase[8]. - Revenue for the three months ended September 30, 2020, was HK$14,014,000, a 65.5% increase from HK$8,453,000 in the same period of 2019[50]. - Revenue for the six months ended September 30, 2020, reached HK$29,939,000, up 111.5% from HK$14,151,000 in the same period of 2019[50]. - Design, fitting out, and engineering services income for the three months was HK$8,391,000, a significant increase from HK$1,765,000 in 2019[53]. - The overall gross profit increase of approximately HK$5.6 million was mainly due to the increase in the design, fitting out and engineering services business and the turnaround of the leasing of construction equipment business[172]. - The Group recorded a loss for the period of approximately HK$4.0 million, a decrease in loss of approximately HK$8.9 million or 69.0% compared to a loss of HK$12.9 million in the previous year[174]. Expenses and Cost Management - Administrative expenses decreased to HK$10,679,000 for the six months ended 30 September 2020, down from HK$13,908,000 in the same period of 2019, reflecting a cost reduction strategy[8]. - Total salaries and wages included in cost of sales for the six months ended 30 September 2020 amounted to HK$5,562,000, down from HK$6,203,000 in 2019, reflecting a decrease of approximately 10.3%[79]. - The Group's contributions to retirement benefits scheme for the six months ended 30 September 2020 were HK$63,000, down from HK$80,000 in 2019[142]. - Administrative expenses were reduced by approximately HK$3.2 million, from approximately HK$13.9 million in the previous period to approximately HK$10.7 million in the current period[178]. Financial Position and Assets - As of September 30, 2020, total assets less current liabilities amounted to HK$91,591,000, a decrease from HK$99,113,000 as of March 31, 2020, reflecting a decline of approximately 7.7%[13]. - The net current assets decreased to HK$10,753,000 from HK$17,760,000, indicating a reduction of about 39.5%[13]. - Cash and cash equivalents at the end of the period were HK$10,317,000, down from HK$18,379,000 at the same time last year, representing a decrease of approximately 43.5%[20]. - Total equity as of September 30, 2020, was HK$79,015,000, down from HK$82,993,000, reflecting a decrease of about 4.8%[15]. - The Group's net trade receivables rose to HK$13,112,000 as of September 30, 2020, compared to HK$11,896,000 as of March 31, 2020, reflecting a 10.2% increase[109]. Segment Performance - For the six months ended September 30, 2020, the total segment revenue was HK$29,939,000, with the design, fitting out, and engineering services segment contributing HK$18,622,000[56]. - The segment profit for design, fitting out, and engineering services was HK$3,112,000, while the leasing of construction equipment segment reported a loss of HK$2,166,000[56]. - Revenue from the leasing of construction equipment increased to approximately HK$3.5 million from HK$0.3 million, marking an increase of approximately HK$3.2 million or 1066.7%[164]. - The financial services business segment reported a loss of HK$934,000, which is an improvement from a loss of HK$524,000 in the previous year[56]. Shareholder Actions and Capital Management - The Group did not recommend the payment of an interim dividend for the six months ended 30 September 2020, consistent with the previous year[93]. - The Company proposed a rights issue to raise approximately HK$31.35 million before expenses, offering 104,520,000 rights shares at a subscription price of HK$0.30 per share[146]. - The net proceeds from the rights issue, estimated at approximately HK$29.46 million, will be allocated for purchasing construction equipment and covering operating, administrative, and general expenses[146]. - The Company plans to implement a share consolidation, consolidating every ten existing shares into one consolidated share[146]. Regulatory and Compliance - The unaudited condensed consolidated financial statements for the six months ended 30 September 2020 were prepared in accordance with the GEM Listing Rules and Hong Kong Financial Reporting Standards[26]. - The Group's financial statements for the year ended 31 March 2020 were delivered to the Registrar of Companies as required by the Companies Ordinance[27]. - The auditor's report for the consolidated financial statements was unqualified and did not contain any emphasis of matter[28]. - The Group adopted new accounting standards effective from 1 April 2020, including amendments to HKAS 1 and 8, which provide a new definition of material[31]. Market and Operational Insights - The Group is engaged in various sectors including fitting out and engineering, leasing of construction equipment, and sourcing fine wines, indicating a diversified business model[21]. - The Group has expanded its services to public sectors, including public housing, and is developing business relationships with project contractors to widen its market spectrum[177]. - The leasing business of construction equipment is in the initial growth phase, with a progressive increase in the number of customers and projects[181]. - The Group secured projects with significantly higher contract sums compared to the previous year, contributing to increased revenue for the six months ended 30 September 2020[180].

Financial Performance - Revenue for the three months ended June 30, 2020, was HK$15,925,000, a significant increase of 179.5% compared to HK$5,698,000 in the same period of 2019[8]. - Gross profit for the same period was HK$3,224,000, compared to HK$313,000 in 2019, reflecting a gross margin improvement[8]. - Loss before tax decreased to HK$2,028,000 from HK$6,552,000 in the previous year, indicating a reduction in losses by approximately 69%[10]. - Total comprehensive loss attributable to owners of the Company for the period was HK$2,028,000, down from HK$6,552,000 in 2019[10]. - Basic and diluted loss per share improved to HK$0.39 from HK$1.50 in the same period last year[10]. - Administrative expenses decreased to HK$5,233,000 from HK$6,808,000, showing a reduction of approximately 23%[8]. - Other income increased to HK$307,000 from HK$232,000, representing a growth of 32% year-over-year[8]. - The Group recorded total revenue of approximately HK$15.9 million for the three months ended 30 June 2020, representing an increase of approximately HK$10.2 million or 178.9% compared to HK$5.7 million for the same period in 2019[66][68]. - The loss for the period decreased to approximately HK$2.0 million, down from HK$6.6 million in the same period of 2019, reflecting a reduction in loss of approximately 69.7%[80]. Revenue Sources - Income from design, fitting out, and engineering services was HK$10,231,000, up from HK$1,396,000, indicating a growth of about 632%[30]. - Rental income from leasing construction equipment rose to HK$1,729,000 from HK$41,000, reflecting an increase of approximately 4,113%[30]. - The sale of fine and rare wines generated revenue of HK$3,773,000, slightly down from HK$4,081,000, a decrease of about 8%[30]. - Interest income from money lending increased to HK$188,000 from HK$180,000, showing a growth of approximately 4%[30]. - Revenue from design, fitting out, and engineering services was approximately HK$10.2 million for the three months ended 30 June 2020, compared to HK$1.4 million for the same period in 2019, marking an increase of approximately 628.6%[71]. Business Operations - The Group continues to engage in various sectors including fitting out and engineering, leasing of construction equipment, and financial services, indicating a diversified business model[14]. - The Group is engaged in various services including renovation and engineering, equipment leasing, wine marketing, and financial services[18]. - The Group's financial services business includes securities advisory, dealing, brokerage, and asset management services, contributing to overall revenue growth[38]. - The leasing of construction equipment business contributed to the revenue increase, with significant growth in the number of customers and projects during the period[87]. - The Group has been actively submitting tenders and secured projects with contract sums significantly higher than those for the year ended 31 March 2020, contributing to the revenue growth[86]. Financial Position - The Group's equity at June 30, 2020, was HK$80,965,000, down from HK$97,861,000 at the same time in 2019, reflecting the impact of losses on equity[13]. - As of June 30, 2020, the Group had net current assets of approximately HK$15.9 million, down from HK$17.8 million as of March 31, 2020, with a current ratio of approximately 2.1 times[99]. - Total equity attributable to owners of the Company was approximately HK$81.0 million as of June 30, 2020, compared to HK$83.0 million as of March 31, 2020[100]. - The Group's borrowings comprised lease liabilities of approximately HK$18.8 million as of June 30, 2020, down from HK$20.4 million as of March 31, 2020, resulting in a gearing ratio of approximately 23.2%[101]. Management and Governance - The Company maintains a cautious outlook on market conditions, emphasizing the importance of strategic planning in response to market volatility[6]. - The Group has adopted new accounting standards effective from 1 April 2020, but these have had no material effect on the financial statements[22]. - The Group is currently assessing the impact of new/revised HKFRSs that are not yet effective, with no significant impact anticipated at this time[25]. - The Group's auditor reported an unqualified opinion on the consolidated financial statements for the year ended 31 March 2020[20]. - The Company has adopted the Corporate Governance Code to ensure proper regulation of business activities and decision-making processes[159]. Shareholder Information - No dividends were recommended for the three months ended June 30, 2020, consistent with the same period in 2019[60][62]. - The weighted average number of ordinary shares for the purpose of basic and diluted loss per share increased from 435,600,000 in 2019 to 522,600,000 in 2020, an increase of approximately 19.9%[58]. - Hong Kong ChaoShang Group Limited held 16.19% of the issued shares, while Time Vanguard Holdings Limited and associated entities held 9.57% each[130]. - As of June 30, 2020, the total number of Shares available for issue under the share option scheme is 30,000,000 Shares, representing 10% of the issued Shares at the time of listing on July 18, 2014, and 5.74% of the issued Shares as of June 30, 2020[141]. Compliance and Risk Management - The Audit Committee comprises three independent non-executive Directors, focusing on financial reporting, risk management, and internal controls[165]. - The unaudited consolidated results for the three months ended June 30, 2020, were reviewed for compliance with accounting standards and GEM Listing Rules[166]. - There is a cautionary note regarding the reliability of forward-looking statements made in the report[167]. - All Directors confirmed compliance with the code of conduct for dealing in securities throughout the three months ended June 30, 2020[147].

Financial Performance - The Group recorded a turnover of approximately HK$42.8 million for the year ended 31 March 2020, representing a 52% increase compared to the previous year, despite a loss of approximately HK$28.1 million[16]. - The total revenue for the year ended March 31, 2020, was approximately HK$42.8 million, representing an increase of about HK$14.6 million or 51.8% compared to HK$28.2 million in 2019[39]. - The sourcing and merchandising of fine and rare wines business recorded a turnover of approximately HK$21.7 million after restructuring, which is anticipated to strengthen the Group's development[19]. - Revenue from the sourcing and merchandising of fine and rare wines increased to approximately HK$21.7 million, up by approximately HK$15.9 million from HK$5.8 million in the previous year[47]. - The Group's gross profit for the year ended March 31, 2020, was approximately HK$5.5 million, a decrease from approximately HK$7.6 million in 2019[50]. - The Group's loss for the year increased by approximately HK$8.0 million to approximately HK$28.1 million, primarily due to a loss on changes in fair value of investment property and impairment of intangible assets[59]. Revenue Streams - Turnover from the fitting out and engineering services business decreased to approximately HK$16.7 million due to delays caused by social unrest and the COVID-19 outbreak[17]. - The leasing of construction equipment business commenced operations and achieved a turnover of approximately HK$3.6 million, expected to provide a sustainable income stream with steady growth in the future[18]. - Revenue from the leasing of construction equipment business was approximately HK$3.6 million during the year, marking its operational commencement[42]. - The provision of fitting out and engineering services and design and procurement of furnishings and related products services generated a total revenue of approximately HK$16.7 million, a decrease of about 12.1% from HK$19.0 million in the previous year[41]. - The Group secured contracts totaling approximately HK$18.4 million during the year, with approximately HK$7.4 million recognized in the second half of the year[61]. Future Outlook - The Group is actively negotiating contracts in public housing maintenance and refurbishment, which is expected to provide stable and recurring income[25]. - The Group anticipates more contracts/orders in the near future due to the increasing demand from various infrastructure construction projects in Hong Kong[26]. - The Group expects significant growth in rental income from the leasing of construction equipment as operations scale up in the coming years[77]. - The Group is actively seeking new investment opportunities to diversify its principal activities and strengthen its revenue base[85]. Administrative and Operational Efficiency - The Group's overall administrative expenses decreased by approximately HK$7.1 million or 22.1% from approximately HK$32.1 million to approximately HK$25.0 million for the year[55]. - The gross profit margin for fitting out and engineering services increased to 22.9% despite a slight decrease in gross profit by approximately HK$0.3 million[52]. - The gross profit from leasing of construction equipment was approximately HK$0.3 million, with strategic pricing offered to new customers to establish relationships[53]. Corporate Governance - The company has complied with the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules for the year ended March 31, 2020[163]. - The Board currently comprises three executive Directors, one non-executive Director, and three independent non-executive Directors[170]. - The principal function of the Board includes approving overall business plans and strategies, and monitoring the implementation of these policies[171]. - The company has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee with specific written terms of reference[163]. - All Directors confirmed compliance with the code of conduct for dealing in securities throughout the year ended March 31, 2020[169]. Employee and Remuneration - Total remuneration for the year ended March 31, 2020, was approximately HK$11.5 million, a decrease from HK$17.1 million in 2019, primarily due to stringent control in staff remuneration[120][124]. - As of March 31, 2020, the Group employed 27 employees, down from 30 in 2019[119][124]. Risks and Challenges - The Group has faced significant risks including social unrest and the impact of COVID-19 on its operations[127]. Investments and Acquisitions - The company issued 87,000,000 new shares in the 2019 placing, raising approximately HK$6.5 million after expenses[92]. - The 2018 placing raised net proceeds of approximately HK$13.8 million, intended for purchasing construction equipment for leasing purposes[96]. - The 2019 placing raised net proceeds of approximately HK$6.5 million, also intended for purchasing construction equipment for leasing purposes[101].

Financial Performance - Revenue for the nine months ended December 31, 2019, was HK$36,760,000, an increase of 127.5% compared to HK$16,175,000 for the same period in 2018[10]. - Gross profit for the nine months ended December 31, 2019, was HK$4,741,000, a decrease of 3.7% from HK$4,922,000 in the previous year[10]. - Loss before tax for the nine months ended December 31, 2019, was HK$14,403,000, improved from a loss of HK$18,147,000 in the same period of 2018[10]. - Loss per share for the nine months ended December 31, 2019, was HK$3.23, an improvement from HK$4.87 in the same period of 2018[12]. - The total comprehensive expenses attributable to owners of the Company for the nine months ended December 31, 2019, were HK$14,431,000, compared to HK$18,258,000 in 2018[12]. - The Group's total comprehensive expenses for the nine months ended December 31, 2019, were lower than the previous year's total of HK$18,258,000, indicating improved financial performance[14]. - The loss for the period ending December 31, 2019, was HK$14,403,000, contributing to total comprehensive expenses of HK$14,431,000[14]. - The Group's loss for the nine months ended December 31, 2019, was approximately HK$14,400,000, a decrease of about HK$3,700,000 compared to a loss of HK$18,100,000 for the same period in 2018[156]. Revenue Breakdown - For the three months ended December 31, 2019, revenue from fitting out and engineering services increased to HK$6,444,000, up from HK$2,373,000 in the same period of 2018, representing a growth of 171.5%[91]. - Revenue from the design and procurement of furnishings and related product services rose to HK$4,078,000 for the three months ended December 31, 2019, compared to HK$258,000 in 2018, marking a significant increase of 1,480.6%[91]. - The sale of fine and rare wines generated revenue of HK$9,686,000 for the three months ended December 31, 2019, compared to HK$102,000 in 2018, indicating a remarkable increase of 9,487.3%[91]. - Total segment revenue for the nine months ended December 31, 2019, was HK$36,760,000, a substantial increase from HK$16,175,000 in the same period of 2018, reflecting a growth of 127.5%[91]. - Segment revenue for the nine months ended December 31, 2019, totaled HK$36,760,000, with the highest contribution from the fitting out and engineering services segment at HK$19,978,000[96]. - Revenue from leasing of construction equipment was HK$2.5 million, with no income recorded in the previous period as the business was in the establishment phase[142]. - Revenue from the sourcing and merchandising of fine and rare wines increased significantly to approximately HK$20.0 million, up from HK$0.3 million in the prior period, marking an increase of approximately HK$19.7 million[144]. Expenses and Costs - Administrative expenses decreased to HK$19,531,000 for the nine months ended December 31, 2019, down from HK$24,214,000 in 2018, representing a reduction of 19.4%[10]. - The cost of inventories sold for the nine months ended December 31, 2019, was HK$18,992,000, compared to HK$4,516,000 in 2018, indicating a 320% increase in inventory costs[105]. - The overall administrative expenses decreased from approximately HK$24,200,000 to approximately HK$19,500,000, a reduction of about HK$4,700,000 or 19.3%[156]. - Finance costs for the nine months ended December 31, 2019, totaled HK$580,000, a significant increase from HK$84,000 in the previous year, reflecting higher borrowing costs[103]. Share Capital and Equity - The company issued new shares under placing amounting to HK$6,960,000 during the period[14]. - As of 31 December 2019, the total number of issued and fully paid ordinary shares increased to 522,600,000, up from 435,600,000 as of 31 December 2018, reflecting a 19.9% increase[124]. - The Company raised approximately HK$6.5 million from the placing of 87,000,000 shares at HK$0.08 per share on 29 November 2019, intended for purchasing construction equipment[126]. - Total equity attributable to owners of the Company was approximately HK$96.8 million as of December 31, 2019, down from HK$104.4 million as of March 31, 2019[177]. Accounting Policies and Changes - The company adopted HKFRS 16 for the first time, which superseded HKAS 17, impacting the accounting policies[21]. - The Group has adopted HKFRS 16, resulting in significant changes in accounting policies related to leases[29]. - The Group recognized additional lease liabilities and right-of-use assets amounting to HK$17,987,000 upon the application of HKFRS 16 on April 1, 2019[68]. - The application of HKFRS 16 had no material impact on the Group's financial position as of December 31, 2019[75]. - The Group's transition to HKFRS 16 as a lessor did not require any adjustments to the financial statements[75]. Future Outlook and Strategy - The Group expects growth in project income for the year ending March 31, 2020, compared to the previous year, despite challenges from the 2019 Novel Coronavirus outbreak[160][163]. - The Group is actively seeking new customers and projects to strengthen its revenue base and maximize shareholder returns[161][163]. - The wine merchandising business has satisfactorily increased its revenue during the period and is expected to continue providing a stable income stream[170][173]. Other Financial Information - The Group's only borrowings as of December 31, 2019, comprised lease liabilities of approximately HK$12.3 million[181]. - The gearing ratio as of December 31, 2019, was approximately 12.7%, an increase from nil as of March 31, 2019[181]. - The Group spent approximately HK$13.0 million on additions to scaffolding equipment during the nine months ended 31 December 2019[199]. - The Group did not pledge any of its assets as of 31 December 2019[198].

Financial Performance - Revenue for the six months ended 30 September 2019 was HK$14,151,000, an increase of 13.2% compared to HK$12,498,000 for the same period in 2018[10] - Gross profit for the six months ended 30 September 2019 was HK$936,000, a decrease of 75.8% from HK$3,874,000 in the previous year[10] - Loss before tax for the six months ended 30 September 2019 was HK$12,862,000, compared to a loss of HK$11,498,000 for the same period in 2018, representing an increase in loss of 11.9%[10] - Total comprehensive expenses for the period attributable to owners of the Company were HK$12,892,000, compared to HK$11,611,000 in the previous year, indicating a 11% increase[12] - The company reported a loss for the period of HK$12,862,000 for the six months ended September 30, 2019, compared to a loss of HK$11,498,000 for the same period in 2018, reflecting a worsening of approximately 11.9%[19] - The basic and diluted loss per share for the six months ended 30 September 2019 was HK$2.95, compared to HK$3.17 for the same period in 2018, indicating a decrease of approximately 6.94%[154] - The Group did not recommend the payment of an interim dividend for the six months ended 30 September 2019, consistent with the previous year where no dividend was paid[156] Assets and Liabilities - Non-current assets as of 30 September 2019 amounted to HK$79,982,000, up from HK$57,700,000 as of 31 March 2019[14] - Current assets decreased to HK$36,837,000 as of 30 September 2019 from HK$58,388,000 as of 31 March 2019, a decline of 37%[14] - As of September 30, 2019, net current assets decreased to HK$21,856,000 from HK$50,635,000 as of March 31, 2019, representing a decline of approximately 57.3%[16] - Total equity as of September 30, 2019, was HK$91,521,000, down from HK$104,413,000 as of March 31, 2019, indicating a decrease of about 12.3%[16] - Total liabilities as of September 30, 2019, were HK$25,298,000, with current liabilities accounting for HK$8,874,000[130] Cash Flow - Net cash from operating activities for the six months ended September 30, 2019, was HK$4,622,000, a significant improvement compared to a net cash outflow of HK$11,993,000 for the same period in 2018[21] - Cash and cash equivalents at the end of the period were HK$18,379,000, down from HK$22,293,000 at the end of September 2018, representing a decrease of about 17.4%[21] - Cash and bank balances were HK$18,379,000 as of 30 September 2019, down from HK$27,009,000 as of 31 March 2019, a decrease of 31.9%[14] Expenses - Administrative expenses for the six months ended 30 September 2019 were HK$14,127,000, a reduction of 13.5% from HK$16,327,000 in the previous year[10] - The company reported a significant increase in finance costs, which rose to HK$411,000 for the six months ended 30 September 2019 from HK$84,000 in the previous year, an increase of 388.1%[10] - The cost of inventories sold for the six months ended September 30, 2019, was HK$10,065,000, compared to HK$3,951,000 in 2018[139] - Depreciation of plant and equipment for the six months ended September 30, 2019, was HK$2,045,000, up from HK$1,104,000 in 2018[139] Revenue Segments - For the three months ended September 30, 2019, revenue from fitting out and engineering services was HK$1,465,000, a decrease of 26.8% compared to HK$2,002,000 in the same period of 2018[116] - Revenue from the sale of fine and rare wines for the three months ended September 30, 2019, was HK$6,211,000, significantly up from HK$90,000 in the same period of 2018, representing a growth of 6,790%[116] - The Group's revenue from design and procurement of furnishings and related products services for the six months ended September 30, 2019, was HK$600,000, down from HK$4,823,000 in the same period of 2018, indicating a decline of 87.5%[117] - The Group's rental income from leasing construction equipment for the six months ended September 30, 2019, was HK$327,000, compared to no income in the same period of 2018[117] Accounting Policies - The Group has adopted HKFRS 16 for the first time, which supersedes HKAS 17 "Leases" and related interpretations[33] - The Group's accounting policies for the six months ended September 30, 2019, are consistent with those for the year ended March 31, 2019, except for the new standards adopted[32] - The Group's financial statements have been prepared on a historical cost basis, except for investment property measured at fair value[31] - The Group's accounting policies have been updated to reflect the changes in lease accounting under HKFRS 16, ensuring compliance with the latest standards[103] Lease Liabilities and Assets - The Group recognized additional lease liabilities and right-of-use assets amounting to HK$17,987,000 as of April 1, 2019, following the application of HKFRS 16[91] - Lease liabilities are measured at the present value of unpaid lease payments at the commencement date, using the incremental borrowing rate if the implicit rate is not determinable[60] - Right-of-use assets are recognized at the commencement date of the lease and measured at cost, less accumulated depreciation and impairment losses[45] - The Group applies short-term lease recognition exemption for leases of office premises with a term of 12 months or less[44] Credit Risk and Receivables - The Group's maximum exposure to credit risk is the carrying value of the receivables, which remained stable across reporting dates[164] - Total trade receivables decreased to HK$8,582,000 from HK$12,952,000, a decline of 33.5%[172] - The allowance for expected credit losses decreased to HK$69,000 from HK$184,000, indicating a reduction of 62.5%[168] - The average credit period allowed to trade customers ranges from 30 to 180 days[173] Other Information - The company recognized a gain on the disposal of subsidiaries, selling its 100% equity interest in Wonder Express for a cash consideration of HK$450,000, while also assigning a shareholder's loan of approximately HK$26.3 million[200] - The total issued and fully paid share capital increased to HK$168,887,000 as of September 30, 2019, from HK$154,851,000 as of April 1, 2018, reflecting the issuance of 72,600,000 new shares[198]