Financial Performance - Revenue for the three months ended June 30, 2019, was HK$5,698,000, a decrease of 37.5% compared to HK$9,101,000 in the same period of 2018[11] - Gross profit for the same period was HK$313,000, down 87.5% from HK$2,506,000 year-on-year[11] - Loss before tax for the period was HK$6,552,000, compared to a loss of HK$4,106,000 in the previous year, representing an increase in loss of 59.7%[14] - Loss attributable to owners of the Company for the period was HK$6,552,000, compared to HK$4,106,000 in the same period of 2018[14] - Basic and diluted loss per share for the period was HK$1.50, compared to HK$1.13 in the previous year, indicating a 32.8% increase in loss per share[14] - The total comprehensive expenses attributable to owners of the Company for the period were HK$6,552,000, compared to HK$4,206,000 in the previous year[14] - The accumulated losses at June 30, 2019, were HK$70,902,000, compared to HK$48,140,000 at June 30, 2018[17] - The Group reported no income tax expense for the period, consistent with the previous year[14] - The loss for the three months ended June 30, 2019, was approximately HK$6.6 million, representing an increase in loss of approximately HK$2.5 million or approximately 59.6% from the previous year[100] Revenue Breakdown - Revenue from fitting out and engineering services was HK$1,096,000, down 70.7% from HK$3,737,000 year-on-year[41] - Revenue from design and procurement of furnishings and related products services decreased by 93% to HK$300,000 from HK$4,290,000[41] - Rental income from leasing construction equipment was HK$41,000, compared to no revenue in the previous year[41] - Sale of fine and rare wines generated HK$4,081,000, significantly up from HK$109,000, marking a growth of 3,644%[41] - Interest income from money lending decreased to HK$180,000 from HK$965,000, a decline of 81.3%[41] Administrative and Other Expenses - Administrative expenses for the period were HK$7,008,000, slightly down from HK$7,318,000 in the previous year[11] - Central administrative costs amounted to HK$2,150,000, contributing to the overall loss before tax of HK$6,552,000[48] - Total remuneration for the three months ended June 30, 2019, was approximately HK$3.3 million, a decrease from HK$4.0 million in the same period of 2018[147] - The Group employed 27 employees as of June 30, 2019, down from 37 in the previous year[147] Accounting Policies and Standards - The Group's financial statements for the three months ended June 30, 2019, are prepared in accordance with Hong Kong Financial Reporting Standards (HKFRSs) and comply with GEM Listing Rules[20] - The Group has adopted HKFRS 16 Leases, recognizing lease liabilities for previously classified operating leases, impacting the accounting treatment of property leases[31] - The Group's new accounting policies are consistent with those followed in the preparation of the annual financial statements for the year ended March 31, 2019, except for the adoption of new standards[25] - The Group has not restated comparatives for the year ended March 31, 2019, as permitted under the transition provisions of HKFRS 16[31] Segment Performance - The Group reported a segment loss of HK$4,615,000 for the three months ended June 30, 2019, compared to a profit in some segments in the previous year[48] - The gross profit from fitting out and engineering services and design and procurement of furnishings decreased by approximately HK$1.3 million due to a decrease in the number of completed projects and an increase in direct material costs[92] - A gross loss of approximately HK$0.2 million was recorded from leasing of construction equipment, primarily due to depreciation of the equipment[93] - The gross profit from money lending decreased from approximately HK$1.0 million to approximately HK$0.2 million, a reduction of approximately HK$0.8 million due to a decrease in the loan portfolio[96] Current Assets and Liabilities - The Group's net current assets were approximately HK$31.9 million as of June 30, 2019, down from HK$50.6 million as of March 31, 2019[120] - The current ratio decreased to approximately 3.3 times as of June 30, 2019, from 7.5 times as of March 31, 2019, primarily due to payments for the acquisition of scaffolding equipment[120] - Total equity attributable to owners of the Company was approximately HK$97.9 million as of June 30, 2019, compared to HK$104.4 million as of March 31, 2019[124] - The Group's only borrowings as of June 30, 2019, comprised lease liabilities of approximately HK$16.2 million, with a gearing ratio of approximately 16.5%[125] Business Operations and Future Outlook - The Group is primarily engaged in providing fitting out and engineering services, design and procurement of furnishings, leasing of construction equipment, sourcing of fine wines, and money lending[18] - The Group expects positive growth in the construction industry to favor the development of its leasing of construction equipment business, enriching its revenue stream[110] - The Group is actively seeking new investment opportunities to diversify its principal activities and strengthen its revenue base[119] - The Group's financial services business has not yet commenced, with a business plan currently being formulated[118] Corporate Governance and Compliance - The Company has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee with specific written terms of reference[180] - The Board has complied with the Corporate Governance Code during the three months ended June 30, 2019[183] - The Audit Committee reviewed the unaudited consolidated results of the Group for the three months ended June 30, 2019, ensuring compliance with applicable accounting standards and GEM Listing Rules[185] Shareholder Information - Time Vanguard Holdings Limited holds 50,000,000 shares, representing approximately 11.48% of the issued shares[155] - China Huarong International Holdings Limited also holds 50,000,000 shares, equivalent to 11.48% of the issued shares[155] - Huarong Real Estate Co., Ltd. possesses 50,000,000 shares, accounting for 11.48% of the issued shares[155] - China Huarong Asset Management Co., Ltd. has an interest in 50,000,000 shares, which is 11.48% of the issued shares[155] - Mr. Wang Shengdong is a beneficial owner of 45,484,000 shares, representing 10.44% of the issued shares[155]

Business Operations and Competition - The Group faced significant competition and increasing contract costs, impacting its business operations, particularly in fitting out services[18]. - The Group is actively exploring new business and investment opportunities to diversify its principal activities and broaden its revenue base[25]. - The Group is focusing on effectively utilizing its resources to engage in current business sectors while exploring new business opportunities[25]. Financial Performance - The total revenue for the year ended March 31, 2019, was approximately HK$28.2 million, representing a decrease of HK$4.9 million or 14.9% compared to HK$33.1 million in 2018, primarily due to a decline in revenue from the sourcing and merchandising of fine and rare wines[35]. - Revenue from the fitting out and engineering services segment and design and procurement of furnishings and related products services increased from approximately HK$14.8 million in 2018 to approximately HK$19.0 million in 2019, attributed to an increase in the number of projects executed and engagement in waterproofing projects through a newly acquired subsidiary[36]. - The Group recorded a gross profit of approximately HK$7.6 million for the year ended March 31, 2019, with an overall gross profit margin of approximately 27.2%, compared to a gross profit of approximately HK$3.4 million and a margin of approximately 10.3% in 2018[41]. - The overall gross profit for the year ended 31 March 2019 was approximately HK$7.6 million, an increase of approximately HK$4.2 million or 124.2% from HK$3.4 million in the previous year[45]. - The gross profit margin improved to 27.2% for the year ended 31 March 2019, compared to 10.3% in the previous year[44]. - The loss for the year ended 31 March 2019 was approximately HK$20.1 million, a decrease of approximately HK$8.0 million or 28.5% from HK$28.1 million in the previous year[47]. - Administrative expenses decreased by approximately HK$2.6 million or 7.4% from HK$34.7 million to HK$32.1 million for the year ended 31 March 2019[46]. Revenue Breakdown - Revenue from the sourcing and merchandising of fine and rare wines significantly decreased from approximately HK$13.8 million in 2018 to approximately HK$5.8 million in 2019 due to staff turnover in the sales team during the third quarter[37]. - The Group's revenue from Hong Kong was HK$24.5 million in 2019, down from HK$33.1 million in 2018, while revenue from Malaysia and the PRC was HK$2.6 million and HK$1.0 million, respectively, in 2019[35]. - The sourcing and merchandising of fine and rare wines generated total revenue of approximately HK$5.8 million during the year, a decrease from HK$13.8 million in the previous year[62]. - The wine merchandising business generated total revenue of approximately HK$5.8 million, a significant decrease from HK$13.8 million in the previous year[67]. Acquisitions and Business Expansion - The Group completed an acquisition of a Hong Kong company in the waterproofing and maintenance business, expanding its services into fitting out and engineering[19]. - The Group has completed the acquisition of a company engaged in waterproofing engineering and maintenance, expanding its design and fitting out services into engineering services[22]. - The Group acquired a Hong Kong company engaged in waterproofing works and maintenance services in December 2018 to expand its fitting out and engineering services business[52]. - The Group is developing a new business in leasing construction equipment, aiming for growth from its fitting out and engineering services[19]. - The Group entered into a master agreement for the purchase of scaffolding equipment totaling approximately HK$20 million, enhancing its leasing business[71]. - The Group entered into a master agreement for scaffolding equipment amounting to approximately HK$20 million, which will be leased to construction companies[98]. Management and Governance - The Company has established an audit committee, a remuneration committee, a nomination committee, and a compliance committee in accordance with GEM Listing Rules[153]. - The Company has complied with the Corporate Governance Code as set out in Appendix 15 to the GEM Listing Rules during the year ended March 31, 2019[153]. - The principal function of the Board is to consider and approve the overall business plans and strategies of the Group[160]. - The management provided all members of the Board with monthly updates in accordance with the code provision C.1.2 of the CG Code[160]. - The Company has adopted a code of conduct for dealing in securities of the Company by the Directors[154]. - The Board meetings can be attended in person or through electronic communication means[161]. - The Company has a professional management team led by senior management with substantial experience and expertise in the Group's business[160]. - The Board held 12 Board meetings and 1 general meeting during the year, with all executive directors attending all meetings[166]. - Each executive director has entered into a service contract for an initial term of two or three years, subject to re-election[169]. - The Company has three independent non-executive directors, with one possessing appropriate professional qualifications in accounting or related financial management[173]. - The roles of the chairman and the chief executive officer are separated, with Mr. Chan Chi Yuen as Chairman and Mr. Liu Rongsheng as CEO[177]. - The Board delegates day-to-day operations to executive directors and management, reserving key strategic decisions for its approval[178]. - All directors participated in continuous professional development to ensure their contributions remain informed and relevant[181]. - The Company provides comprehensive induction for newly appointed directors to ensure understanding of business operations and responsibilities[180]. - The Board may appoint additional directors or fill casual vacancies, with such appointments subject to re-election at the next general meeting[171]. - One-third of the directors must retire by rotation at each annual general meeting, but are eligible for re-election[172]. - The Company has complied with the corporate governance code provisions regarding the separation of roles and director independence[177][173]. Audit and Remuneration - The Audit Committee held 5 meetings during the year to review the Group's financial reporting process and internal control systems[188]. - The Group's audited consolidated results for the year ended 31 March 2019 were reviewed, with significant discussions on financial matters[188]. - The Remuneration Committee conducted 3 meetings to review the remuneration packages of all Directors[198]. - The Group's remuneration policies are based on individual performance and are reviewed regularly, with discretionary bonuses linked to profitability[200]. - The Audit Committee recommended the re-appointment of Reanda Lau & Au Yeung (HK) CPA Limited as the external auditor for the financial year ending 31 March 2020[193]. - The Company has arranged appropriate insurance covering liabilities against Directors in compliance with the Corporate Governance Code[186]. - The Remuneration Committee comprises three independent non-executive Directors, chaired by Mr. Lam Cheok Va[194]. - The Audit Committee reviewed the effectiveness of the Group's financial controls and risk management systems[197]. Employee and Operational Changes - The sales team for sourcing and merchandising fine and rare wines experienced a turnover, but the Group successfully restructured operations and reactivated the business[20]. - The marketing wine business faced challenges due to staff turnover but has been restructured and reactivated in the last quarter of the year[37]. - The Group employed 30 employees as of March 31, 2019, down from 38 in 2018[109]. - Total remuneration for the year ended March 31, 2019, was approximately HK$17.1 million, a slight increase from HK$16.9 million in 2018[110]. Financial Position and Assets - As of March 31, 2019, the Group had net current assets of approximately HK$50.6 million, down from HK$64.3 million in 2018[78]. - The current ratio was approximately 7.5 times as of March 31, 2019, showing no significant change from 7.4 times in 2018[79]. - Total equity attributable to owners of the Company amounted to approximately HK$104.4 million as of March 31, 2019, compared to approximately HK$110.8 million in 2018[80]. - The Group had no borrowings as of March 31, 2019, a decrease from a gearing ratio of 6.12% in 2018 due to full repayment of obligations[81]. - As of March 31, 2019, the Group had no assets pledged to banks for securing borrowings, compared to HK$25 million in investment property and HK$0.3 million in bank deposits in 2018[96]. Risk Management and Compliance - The Group's financial condition is subject to risks including economic slowdown and increased market competition[117]. - The Group does not hedge against foreign exchange exposure and will monitor exchange rate movements to mitigate risks[95]. - The Group is committed to environmental conservation and will periodically review its environmental practices[118].

Financial Performance - Revenue for the nine months ended December 31, 2018, was HK$16,175,000, a decrease of 38.5% compared to HK$26,249,000 for the same period in 2017[10]. - Gross profit for the nine months ended December 31, 2018, was HK$4,922,000, down 29.4% from HK$6,977,000 in the previous year[10]. - Loss before tax for the nine months ended December 31, 2018, was HK$18,147,000, compared to a loss of HK$11,329,000 for the same period in 2017, representing a 60.5% increase in losses[13]. - Loss attributable to owners of the Company for the nine months ended December 31, 2018, was HK$18,147,000, compared to HK$11,552,000 in 2017, indicating a 57.3% increase in losses[13]. - Basic and diluted loss per share for the nine months ended December 31, 2018, was HK$4.87, compared to HK$3.18 for the same period in 2017, reflecting a 53.1% increase in loss per share[13]. - The total comprehensive expenses attributable to owners of the Company for the nine months ended December 31, 2018, were HK$18,258,000, compared to HK$11,336,000 in 2017, representing an increase of 61.2%[13]. - The company reported a loss for the period of HK$18,147,000, resulting in a total comprehensive expense of HK$18,258,000 for the nine months ended December 31, 2018[16]. - Loss for the nine months ended 31 December 2018 was approximately HK$18.1 million, representing an increase in loss of approximately HK$6.5 million or 57.1% compared to the previous year[129]. Revenue Breakdown - Revenue from fitting out and engineering services for the three months ended December 31, 2018, was HK$2,373,000, a decrease of 55.1% compared to HK$5,259,000 for the same period in 2017[78]. - Revenue from design and procurement of furnishings and related products services for the nine months ended December 31, 2018, was HK$5,081,000, an increase of 304.5% compared to HK$1,256,000 for the same period in 2017[78]. - Interest income from money lending for the nine months ended December 31, 2018, was HK$2,681,000, a decrease of 19.0% compared to HK$3,307,000 for the same period in 2017[78]. - Sales of fine and rare wines for the nine months ended December 31, 2018, were HK$301,000, a decrease of 97.8% compared to HK$13,514,000 for the same period in 2017[78]. - The Group's revenue is primarily generated from fitting out and engineering services, design and procurement of furnishings, money lending, and sourcing of fine wines, with no revenue from financial services during the period[112]. Expenses and Costs - Administrative expenses for the nine months ended December 31, 2018, were HK$24,214,000, an increase of 15.4% from HK$20,953,000 in the previous year[10]. - Total staff costs for the nine months ended December 31, 2018, amounted to HK$13,265,000, up from HK$12,570,000 in the same period of 2017[94]. - Depreciation expenses for the nine months ended December 31, 2018, were HK$1,652,000, compared to HK$811,000 in the previous year[94]. - The company reported a finance cost of HK$133,000 for the nine months ended December 31, 2018, slightly down from HK$129,000 in the same period in 2017[92]. - Administrative expenses increased by approximately HK$3.2 million or 15.6% to approximately HK$24.2 million, primarily due to increased rental expenses for a showroom and warehouse[128]. Share Capital and Dividends - The issued and fully paid share capital as of 31 December 2018 was HK$168,887,000, an increase from HK$154,851,000 as of 31 December 2017[110]. - No dividends were recommended for the nine months ended 31 December 2018, consistent with the previous year where no dividends were paid[107]. - The Group completed a placing of 72,600,000 shares at a price of HK$0.20 per share, raising approximately HK$13,800,000 intended for purchasing construction equipment for leasing purposes[110]. Business Operations and Strategy - The Group is primarily engaged in providing fitting out and engineering services, design and procurement of furnishings, money lending, and sourcing of fine wines[17]. - The Group is currently formulating a business plan to expand its financial services under the licenses held[18]. - The Group is actively seeking new business opportunities and customers to strengthen its revenue base and maximize shareholder returns[134]. - The Group's wine merchandising operations were scaled down due to staff turnover, but efforts are being made to restructure and identify suppliers and potential customers for future business[140]. - The Group acquired a company engaged in waterproofing works and maintenance in Hong Kong to further develop its fitting out and engineering services business[148]. Accounting Standards and Compliance - The unaudited financial statements are prepared in accordance with HKFRS and comply with GEM Listing Rules[20]. - The Group has adopted HKFRS 15 and HKFRS 9 for the first time, impacting the accounting for financial instruments and revenue recognition[24]. - The application of HKFRS 9 has had no material impact on the amounts reported in the unaudited condensed consolidated financial statements[43]. - HKFRS 15 establishes a comprehensive framework for recognizing revenue from contracts with customers, replacing HKAS 18 and HKAS 11[44]. - The adoption of HKFRS 15 does not have a significant impact on the timing of revenue recognition for the Group[52]. Market Risks and Future Outlook - The Company continues to face high market volatility risks associated with being listed on the GEM, which may affect its securities liquidity[4]. - The Group anticipates that the application of new and revised HKFRSs will have no material impact on its results and financial position, except as described[67]. - The Group has not yet generated any revenue from the financial services business during the period[76]. - The Group is in the process of formulating a business plan for its financial services business, which has not yet commenced regulated activities under the Securities and Futures Ordinance[141].