Financial Performance - For the three months ended March 31, 2023, the group recorded total revenue of approximately HKD 28,200,000, an increase from HKD 19,478,000 in the same period of 2022, representing a growth of approximately 44.1%[5] - The group reported a loss attributable to owners of the company of approximately HKD 2,300,000, with a basic loss per share of HKD 1.24, compared to a loss of HKD 2,277,000 and a loss per share of HKD 1.23 in the previous year[6][9] - The gross profit for the period was HKD 1,191,000, slightly up from HKD 1,186,000 in the same period last year[9] - Operating loss for the period was HKD 2,515,000, compared to HKD 2,080,000 in the previous year, indicating a deterioration in operational performance[9] - The total comprehensive loss for the period, after tax, was HKD 2,262,000, compared to HKD 1,794,000 in the same period last year[10] - The company reported a loss attributable to owners of approximately HKD 2,347,000 for the three months ended March 31, 2023, compared to a loss of HKD 2,277,000 for the same period in 2022[23] Revenue Segments - Revenue from the LED and related products segment was approximately HKD 28,194,000, up from HKD 17,958,000 in the previous year[19] - The electronic optical products segment generated no revenue during the period, down from HKD 1,500,000 in the previous year[29] - The liquor trading segment also reported no revenue, compared to HKD 20,000 in the same period last year[30] - The sapphire crystal watch parts segment recorded no revenue, as competition from smartwatches has negatively impacted the traditional watch market[32] Dividends and Equity - The board of directors did not recommend the payment of a dividend for the period[7] - The company did not recommend any dividend payment for the three months ended March 31, 2023[20] - The total equity attributable to owners of the company as of March 31, 2023, was HKD 19,211,000, down from HKD 40,288,000 a year earlier[12] - Total equity decreased to approximately HKD 22,100,000 as of March 31, 2023, down from approximately HKD 24,300,000 on December 31, 2022, mainly due to operating losses[35] Costs and Expenses - The group incurred finance costs of HKD 189,000, which is a slight increase from HKD 179,000 in the previous year[9] - Administrative and other operating expenses increased from HKD 3,000,000 to HKD 3,600,000, primarily due to higher legal and professional fees[33] - The total employee cost, including directors' remuneration, was approximately HKD 2,300,000 for the period, compared to approximately HKD 1,700,000 in the comparative period[38] Future Outlook and Strategy - The company plans to continue implementing marketing and business development plans to enhance sales and resilience against market challenges[28] - The company anticipates an increase in LED product sales, which will be a key driver for recovery in 2023[47] - The company will continue to adopt a conservative approach to capacity planning and implement strict cost and risk management measures due to weak overall market conditions[47] - The company aims to diversify its business and expand revenue sources while ensuring efficient resource allocation for the best interests of the company and its shareholders[47] Shareholder Information - As of March 31, 2023, senior management holds 2,550,000 shares, representing approximately 1.35% of the issued shares[49] - Major shareholder Ling Jia Zhen holds 11,850,000 shares, accounting for approximately 6.28% of the issued shares as of March 31, 2023[53] Compliance and Governance - The company has adopted new or revised Hong Kong Financial Reporting Standards effective from January 1, 2023, with no significant impact on the financial statements[16] - There were no significant contingent liabilities as of March 31, 2023[25] - The company has no significant contingent liabilities as of March 31, 2023[41] - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited condensed consolidated financial statements for the first quarter of 2023[61]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 Seamless Green China (Holdings) Limited 無縫綠色中國（集團）有限公司 （於開曼群島註冊成立並遷冊至百慕達及於百慕達存續之有限公司） （股份代號：8150） 截至二零二三年三月三十一日止三個月 二零二三年第一季度業績公告 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小企提供一個上市之市場。有意投 資之人士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司一般為中小企，在GEM買賣之證券可能會較於聯交所主板買賣之證券承受較大之市場波動 風險，同時無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本公告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並 明確表示概不會就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致 ...

Revenue Performance - Revenue for the three months ended September 30, 2022, was HKD 26,571,000, an increase of 24.9% compared to HKD 21,386,000 for the same period in 2021[4] - Revenue for the nine months ended September 30, 2022, was HKD 72,918,000, a decrease of 17.7% compared to HKD 88,589,000 for the same period in 2021[4] - Revenue from LED lighting and related products was HKD 70,952,000, down 18.0% from HKD 86,528,000 in the previous year[16] - Total revenue for the nine months ended September 30, 2022, was approximately HKD 72.9 million, a decrease of 17.7% compared to HKD 88.6 million for the same period in 2021[28] - The LED products segment generated revenue of approximately HKD 71 million, down from HKD 86.5 million in the comparative period, attributed to low consumer demand and conservative procurement plans[29] - The liquor trading segment saw a significant decline in revenue to approximately HKD 26,000, down from HKD 176,000 in the comparative period, prompting a review of distribution strategies[31] - The sapphire crystal watch segment reported no revenue, consistent with the previous period, due to competition from smartwatches affecting the traditional watch market[32] Profit and Loss - Gross profit for the three months ended September 30, 2022, was HKD 1,996,000, representing a 68% increase from HKD 1,187,000 in the same period of 2021[4] - Operating loss for the three months ended September 30, 2022, was HKD 977,000, an improvement from a loss of HKD 2,379,000 in the same period of 2021[4] - Net loss attributable to owners of the company for the three months ended September 30, 2022, was HKD 931,000, compared to a loss of HKD 3,015,000 for the same period in 2021[4] - Total comprehensive loss for the nine months ended September 30, 2022, was HKD 14,840,000, significantly higher than HKD 7,823,000 for the same period in 2021[6] - The company reported a loss attributable to owners of HKD 9,058,000 for the nine months ended September 30, 2022, compared to a loss of HKD 8,796,000 for the same period in 2021[23] - Basic loss per share for the nine months ended September 30, 2022, was HKD 4.83, an improvement from HKD 5.59 in the previous year[23] - The company reported a basic loss per share of HKD 0.49 for the three months ended September 30, 2022, compared to HKD 1.92 for the same period in 2021[4] Expenses and Financial Position - The company’s administrative and other operating expenses for the nine months ended September 30, 2022, were HKD 11,547,000, an increase from HKD 10,734,000 in the same period of 2021[4] - Administrative and other operating expenses totaled approximately HKD 11.5 million, an increase of HKD 800,000 primarily due to expenses related to new product development[34] - The company’s total equity as of September 30, 2022, was HKD 26,717,000, down from HKD 36,623,000 as of September 30, 2021[8] - The total equity increased to approximately HKD 26.7 million as of September 30, 2022, compared to HKD 26 million as of December 31, 2021, mainly due to completed share subscriptions[41] - The debt-to-equity ratio improved to 43.4% as of September 30, 2022, down from 53.2% as of December 31, 2021, due to a reduction in other borrowings[40] - The net current assets as of September 30, 2022, were approximately HKD 12.1 million, an increase from HKD 8.2 million as of December 31, 2021[41] Share Capital and Financing - The company’s share capital as of September 30, 2022, was HKD 1,887,000, with 188,702,000 shares issued[26] - The company raised approximately HKD 15,730,000 from the issuance of 314,503,450 new shares at a subscription price of HKD 0.05 per share, with HKD 10,000,000 allocated to settle maturing debts and HKD 5,560,000 for operational funding[43] - The company is actively seeking additional financing avenues, including issuing new shares, obtaining loans, and selling assets to strengthen its financial position[42] Tax and Deferred Assets - The group’s income tax expense for the nine months ended September 30, 2022, included no current tax provision, compared to HKD 55,000 in the previous year[17] - The company has not recognized any significant deferred tax assets and liabilities as of September 30, 2022[20] Corporate Governance - The company has established an audit committee to review and monitor its financial reporting procedures and internal control systems[69] - The audit committee consists of four independent non-executive directors and has reviewed the unaudited condensed consolidated financial statements for the third quarter of 2022[71] - The company has complied with all provisions of the corporate governance code, except for the separation of roles between the chairman and the CEO[67] - The company has adopted a code of conduct regarding securities transactions by directors, in compliance with GEM listing rules[65] Market Conditions and Strategies - The company faces significant uncertainty due to the ongoing COVID-19 pandemic, which has led to conservative procurement plans and strict collection processes from suppliers[51] - The company will continue to adopt a conservative approach to capacity planning and implement strict cost and risk management measures in response to market uncertainties[53] - The group continues to assess market expansion opportunities and new product development strategies[14] Shareholder Information - As of September 30, 2022, the company had a total of 2,550,000 shares held by the beneficial owner Huang Jianxiong, representing approximately 1.35% of the issued shares[57] - Major shareholder Ling Jiazhen holds 11,850,000 shares, accounting for approximately 6.28% of the issued shares[61] - Major shareholder Yang Li holds 15,780,500 shares, representing approximately 8.36% of the issued shares[61] Legal and Compliance - The company has not engaged in any legal disputes related to its acquisitions during the reporting period[58] - The company has no significant contingent liabilities as of September 30, 2022[49] - The company has not utilized any currency hedging instruments during the reporting period, but management will monitor foreign exchange risks as needed[47] Miscellaneous - The company did not recommend any interim dividend for the nine months ended September 30, 2022, consistent with the previous year[21] - The company has no pledged assets as of September 30, 2022, consistent with the previous year[48] - The company has no significant investments, acquisitions, or plans for capital asset purchases as of September 30, 2022[50] - The capital restructuring plan, including share consolidation and capital reduction, was approved and became effective on March 18, 2022[45] - The company did not repurchase any shares listed on GEM during the reporting period[64] - The report will be available on the GEM website for at least seven days from the publication date[72] - The company’s website will also host the report for public access[73]

Financial Performance - For the six months ended June 30, 2022, the group recorded total revenue of approximately HKD 46,300,000[5] - The net loss attributable to the owners of the company for the same period was approximately HKD 8,100,000, equating to a basic loss per share of HKD 4.34[5] - The group reported a gross profit of HKD 2,379,000 for the six months ended June 30, 2022, down from HKD 5,926,000 in the same period of 2021, representing a decrease of approximately 60%[6] - Operating loss for the six months was HKD 7,839,000, compared to an operating loss of HKD 3,317,000 for the same period in 2021, indicating an increase in losses of approximately 136%[6] - The total comprehensive loss for the six months was HKD 10,572,000, compared to HKD 5,201,000 for the same period in 2021, representing an increase of approximately 103%[7] - The company reported a loss of HKD 8,127,000 for the period, which is a significant increase from the loss of HKD 5,781,000 in the previous year, indicating a deterioration in financial performance[12] - Total revenue for the six months ended June 30, 2022, was HKD 46,347,000, a decrease of 31.0% compared to HKD 67,203,000 for the same period in 2021[27] - The company reported a loss before tax of HKD 8,148,000 for the six months ended June 30, 2022, compared to a loss of HKD 5,731,000 for the same period in 2021[28] - Basic loss per share for the six months ended June 30, 2022, was HKD 4.34, compared to HKD 3.68 for the same period in 2021[33] Assets and Liabilities - The total assets as of June 30, 2022, amounted to HKD 120,986,000, an increase from HKD 118,901,000 as of December 31, 2021[9] - The total liabilities as of June 30, 2022, were HKD 90,001,000, a slight decrease from HKD 92,899,000 as of December 31, 2021[9] - As of June 30, 2022, total equity attributable to owners decreased to HKD 30,985,000 from HKD 36,623,000 as of June 30, 2021, reflecting a decline of 15.5%[12] - The company’s cash and cash equivalents decreased to HKD 4,224,000 as of June 30, 2022, from HKD 11,245,000 at the beginning of the year, reflecting a decline of approximately 62%[10] - The company’s total liabilities as of June 30, 2022, were HKD 90,001,000, compared to HKD 92,899,000 as of December 31, 2021[24][26] - The net debt as of June 30, 2022, was HKD 17.3 million, down from HKD 29.5 million as of December 31, 2021, resulting in a debt-to-equity ratio of 35.8%[62] Inventory and Receivables - The group’s inventory increased to HKD 17,321,000 as of June 30, 2022, from HKD 9,260,000 as of December 31, 2021, indicating an increase of approximately 87%[9] - Trade receivables decreased to HKD 57,558,000 as of June 30, 2022, from HKD 60,189,000 as of December 31, 2021, with a net value of HKD 49,659,000 after impairment provisions[38] - The aging analysis of trade receivables shows that amounts over 365 days increased to HKD 13,682,000 as of June 30, 2022, from HKD 6,013,000 as of December 31, 2021[38] - Provision for impairment of accounts receivable was approximately HKD 7.9 million as of June 30, 2022, compared to HKD 7.1 million as of December 31, 2021[58] Share Capital and Financing - The company engaged in a share issuance that generated HKD 15,555,000 during the period, which was a strategic move to bolster its capital base[12] - The company issued 314,503,450 shares at HKD 0.05 per share, raising approximately HKD 15.6 million net of related transaction costs[43] - The company underwent a capital reorganization on March 18, 2022, which included a share consolidation and capital reduction[43] - The capital restructuring involved a share consolidation where every ten existing shares of HKD 0.05 par value were consolidated into one share of HKD 0.50 par value, followed by a capital reduction of HKD 0.49 per consolidated share[67] - The company plans to actively seek additional financing through issuing new shares, obtaining loans, and selling assets to strengthen its financial position and fund new projects[65] Operational Performance - The company continues to focus on its core segments, including LED products, electronic optical products, and sapphire crystal watch faces, which are critical for future growth strategies[22] - The company reported a decrease in employee benefits expenses to HKD 3,508,000 for the six months ended June 30, 2022, from HKD 3,312,000 in the same period of 2021[28] - Administrative and other operating expenses totaled approximately HKD 8.8 million, an increase of HKD 1.4 million compared to approximately HKD 7.4 million in the comparable period[57] - The company recorded a capital expenditure of HKD 0 for the six months ended June 30, 2022, compared to HKD 152,000 for the same period in 2021[28] - No acquisitions of property, plant, and equipment were made during the six months ended June 30, 2022, compared to HKD 152,000 for the same period in 2021[35] Market Conditions and Future Outlook - The ongoing COVID-19 pandemic continues to create uncertainty in the macroeconomic environment, affecting procurement plans and credit terms from suppliers[74] - The company will adopt a conservative approach to capacity planning and implement strict cost and risk management measures in response to the weak overall market conditions[76] - The company is committed to reviewing its business operations and financial status to formulate future business plans and strategies for growth and diversification[76] Shareholder Information - As of June 30, 2022, the company’s shares held by executive directors and senior management amounted to 2,550,000 shares, representing approximately 1.35% of the issued shares[80] - Major shareholders include Ling Jia Zhen with 11,850,000 shares (6.28%), Wu Yue Sheng with 16,450,345 shares (8.72%), and Yang Li with 15,780,500 shares (8.36%) as of June 30, 2022[84] - The company’s major shareholders are required to disclose their interests in accordance with the Securities and Futures Ordinance[84] Legal and Compliance - Legal claims against the company include a demand for approximately HKD 3,500,000 related to a promissory note issued in 2013[81] - The company has not engaged in any arrangements that would allow directors or their family members to benefit from purchasing shares[83]

股份代號: 8150 （於開曼群島註冊成立並遷冊至百慕達及於百慕達存續之有限公司） 2021 年 報 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM之定位，乃為相比起其他在聯交所上市之公司帶有較高投資風險之中小企提供一個上市之市場。有意投資之人 士應了解投資於該等公司之潛在風險，並應經過審慎周詳之考慮後方作出投資決定。 由於GEM上市公司一般為中小企，在GEM買賣之證券可能會較於主板買賣之證券承受較大之市場波動風險，同時 無法保證在GEM買賣之證券會有高流通量之市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不會就因本報告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 本報告（無縫綠色中國（集團）有限公司（「本公司」）各董事（「董事」）願共同及個別對此負全責）乃遵照聯交所GEM證 券上市規則（「GEM上市規則」）規定而提供有關本公司之資料。各董事經作出一切合理查詢後，確認就彼等所知及所 信，本報告所載資料在各重大方面均屬準確及完整，且無誤導或欺詐成分，及並無遺漏其他事項致使本報告任何內 容或本報告產生誤導。 目 ...

Financial Performance - For the three months ended March 31, 2022, the group recorded total revenue of approximately HKD 19,500,000, a decrease from HKD 28,609,000 in the same period last year, representing a decline of approximately 31.9%[5][9] - The group reported a loss attributable to owners of the company of approximately HKD 2,300,000, equating to a basic loss per share of HKD 1.23, compared to a loss of HKD 2,881,000 and a loss per share of HKD 1.83 in the previous year[6][9] - The gross profit for the period was HKD 1,186,000, down from HKD 1,954,000 year-on-year, indicating a decrease of approximately 39.3%[9] - Operating loss for the period was HKD 2,080,000, compared to an operating loss of HKD 1,855,000 in the previous year, reflecting an increase in operating losses[9] - The total comprehensive loss for the period was HKD 1,794,000, a reduction from HKD 3,458,000 in the same period last year, indicating an improvement of approximately 48.1%[11] - The financial costs decreased significantly to HKD 179,000 from HKD 1,227,000, showing a reduction of approximately 85.3%[9] - Revenue for the three months ended March 31, 2022, was HKD 19,478,000, a decrease of 31.9% from HKD 28,609,000 for the same period in 2021[20] - Sales of LED and related products decreased to HKD 17,958,000 from HKD 28,111,000, representing a decline of 36.2%[20] - Sales of electronic optical products increased to HKD 1,500,000 from HKD 497,000, showing a growth of 201.6%[20] - The basic loss per share for the three months ended March 31, 2022, was HKD (1.23), an improvement from HKD (1.83) in the same period of 2021[26] Equity and Share Information - The total equity attributable to owners of the company as of March 31, 2022, was HKD 30,166,000, down from HKD 33,165,000 a year earlier[13] - The total issued and paid-up shares as of March 31, 2022, was 188,702,000 shares, following a share consolidation and capital reduction[29] - As of March 31, 2022, major shareholders include Ling Jia Zhen with 11,850,000 shares (6.28%), Wu Yue Sheng with 16,450,345 shares (8.72%), and Yang Li with 15,780,500 shares (8.36%) of the issued shares[57] Dividend and Taxation - The board of directors did not recommend the payment of any dividend for the period[7] - The company did not recommend any dividend for the three months ended March 31, 2022, consistent with the same period in 2021[23] - The income tax expense for the three months ended March 31, 2022, was HKD 1,000, compared to HKD 52,000 for the same period in 2021, reflecting a significant decrease[21] Operational Insights - The company did not disclose any new product developments, market expansions, or mergers and acquisitions during this reporting period[9] - Administrative and other operating expenses remained stable at HKD 3 million, compared to HKD 3.1 million in the comparative period[37] - The group had a total employee cost of approximately HKD 1,700,000 during the period, compared to HKD 2,100,000 in the previous period, indicating a decrease of about 19%[44] - The group’s employee count increased to 76 as of March 31, 2022, up from 74 as of December 31, 2021, reflecting a slight growth in workforce[44] Financial Position and Risk Management - As of March 31, 2022, the group's total equity increased to approximately HKD 43.9 million, up from HKD 30.2 million as of December 31, 2021[41] - The group's debt-to-equity ratio was 30.3% as of March 31, 2022, down from 49.2% as of December 31, 2021[40] - The net current assets as of March 31, 2022, were approximately HKD 25.4 million, compared to HKD 10.2 million as of December 31, 2021[41] - Cash and cash equivalents as of March 31, 2022, were approximately HKD 2.7 million, down from HKD 4.8 million as of December 31, 2021[41] - As of March 31, 2022, the group had no significant contingent liabilities, indicating a stable financial position[47] - The group has not made any significant investments, acquisitions, or disposals of subsidiaries during the period, reflecting a cautious approach to capital allocation[48] - The group is actively seeking additional financing options, including issuing new shares and obtaining new bank loans, to strengthen its financial position and fund new projects[43] - The group is facing significant uncertainties due to the ongoing COVID-19 pandemic, which has led to conservative procurement plans and strict collection processes from suppliers[53] - The group plans to adopt a conservative capacity planning approach and implement strict cost and risk management measures in response to the weak overall market conditions[53] - As of March 31, 2022, the group had no pledged assets, indicating a low level of financial risk associated with asset encumbrance[46] - The group has not utilized any currency hedging instruments during the period, but management will monitor foreign exchange risks as needed[45] Corporate Governance - The audit committee, consisting of four independent non-executive directors, reviewed the unaudited consolidated financial statements for the period and confirmed compliance with applicable accounting principles and GEM listing rules[66] - The company has adopted a securities trading code for directors, ensuring compliance with trading standards as per GEM listing rules[61] - The company has adhered to all provisions of the corporate governance code, except for the separation of roles between the chairman and CEO, which is held by the same individual since 2014[63] - No directors or major shareholders have any business interests that may compete with the company's operations during the reporting period[64] - The company has not engaged in any arrangements that would allow directors or their immediate family members to benefit from purchasing shares or bonds of the company[56] - There were no disclosures of interests or short positions in shares or related securities by any individuals required to do so under the Securities and Futures Ordinance as of March 31, 2022[59] - The company has not purchased or sold any related shares during the reporting period[60] - The company is committed to effective and efficient long-term business strategy formulation and execution by having the same individual serve as both chairman and CEO[63]

Financial Performance - For the three months ended March 31, 2022, the group recorded total revenue of approximately HKD 19,500,000, a decrease from HKD 28,609,000 in the same period last year, representing a decline of approximately 31.9%[5] - The group reported a loss attributable to owners of the company of approximately HKD 2,300,000, equating to a basic loss per share of HKD 1.23, compared to a loss of HKD 2,881,000 and a loss per share of HKD 1.83 in the previous year[6][9] - The operating loss for the period was HKD 2,080,000, which is an increase from the operating loss of HKD 1,855,000 in the same period last year, indicating a deterioration in operational performance[9] - The total comprehensive loss for the period, after tax, was HKD 1,794,000, compared to HKD 3,458,000 in the same period last year, showing a reduction in overall losses[11] - The basic loss per share for the three months ended March 31, 2022, was HKD 1.23, an improvement from HKD 1.83 in the same period of 2021[24] - The company reported a loss attributable to owners of the company of HKD 2,277,000, compared to a loss of HKD 2,881,000 in the previous year[24] Revenue Breakdown - Revenue for the three months ended March 31, 2022, was HKD 19,478,000, a decrease of 31.9% from HKD 28,609,000 in the same period of 2021[20] - Sales of LED and related products were HKD 17,958,000, down 36.2% from HKD 28,111,000 year-on-year[20] - Sales of electronic optical products increased to HKD 1,500,000 from HKD 497,000, representing a growth of 201.6%[20] - The LED products segment generated revenue of approximately HKD 18 million, down from HKD 28.1 million in the comparative period[30] - The electronic optical products segment recorded revenue of approximately HKD 1.5 million, an increase from HKD 0.5 million in the comparative period[31] - The liquor trading segment achieved revenue of HKD 20,000, up from HKD 1,000 in the comparative period[32] - The sapphire crystal watch segment did not generate any revenue during the period, consistent with the comparative period[34] Cost Management - The group incurred finance costs of HKD 179,000, significantly lower than HKD 1,227,000 in the previous year, reflecting improved cost management in financing[9] - Administrative and other operating expenses remained relatively stable at HKD 3 million, compared to HKD 3.1 million in the comparative period[35] - Total employee costs, including directors' remuneration, were approximately HKD 1,700,000 during the period, compared to HKD 2,100,000 in the previous period[42] Equity and Capital Structure - The total equity attributable to owners of the company decreased to HKD 30,166,000 as of March 31, 2022, down from HKD 33,165,000 a year earlier, reflecting the impact of losses on shareholder equity[13] - Total equity increased to approximately HKD 43,900,000 as of March 31, 2022, compared to HKD 30,200,000 as of December 31, 2021[39] - The group's debt-to-equity ratio as of March 31, 2022, was 30.3%, down from 49.2% on December 31, 2021[38] - The company completed a share subscription on January 10, 2022, raising approximately HKD 15.6 million from the issuance of 314,503,450 shares at HKD 0.05 each[36] - A capital restructuring involving share consolidation, capital reduction, share split, and premium reduction was approved on March 16, 2022, and took effect on March 18, 2022[37] Governance and Compliance - The board confirmed that all information in the report is accurate and complete, with no misleading or fraudulent elements, ensuring transparency and accountability[3] - The company has established an audit committee to review and monitor its financial reporting procedures and internal control systems[64] - The company has complied with all provisions of the corporate governance code, except for the separation of roles between the chairman and the CEO[61] - The financial statements for the period have been reviewed and deemed compliant with applicable accounting principles and GEM listing rules[64] Future Outlook and Challenges - The group faces significant uncertainty due to the ongoing COVID-19 pandemic, impacting operational planning and financial performance[51] - The group will maintain a conservative approach to capacity planning and implement strict cost and risk management measures[51] - The company plans to continue marketing and business development initiatives to enhance sales and strengthen resilience against market challenges[30] Shareholder Information - As of March 31, 2022, the company’s executive director Huang Jianxiong holds 2,550,000 shares, representing approximately 1.35% of the issued shares[53] - Major shareholder Ling Jiazhen owns 11,850,000 shares, accounting for approximately 6.28% of the issued shares[55] - Major shareholder Wu Yuesheng holds 16,450,345 shares, which is about 8.72% of the issued shares[55] - Major shareholder Yang Li possesses 15,780,500 shares, representing approximately 8.36% of the issued shares[55] - The company did not repurchase any of its shares listed on GEM during the reporting period[58] Liquidity and Financing - The group relies on cash generated from operations and fundraising activities to manage liquidity and operational needs[41] - The group is actively seeking new financing avenues, including issuing new shares and obtaining new bank loans[41] - As of March 31, 2022, net current assets amounted to approximately HKD 25,400,000, up from HKD 10,200,000 as of December 31, 2021[39] - Cash and cash equivalents were approximately HKD 2,700,000 as of March 31, 2022, down from HKD 4,800,000 as of December 31, 2021[39] - As of March 31, 2022, the group had no significant contingent liabilities or pledged assets[44][45]

Financial Performance - The company's revenue for the year ended December 31, 2021, was HKD 110,860,000, a decrease of 22.0% compared to HKD 142,047,000 in 2020[5] - Gross profit for the same period was HKD 7,849,000, down 36.5% from HKD 12,332,000 in the previous year[5] - The operating loss for the year was HKD 8,140,000, slightly higher than the loss of HKD 7,968,000 in 2020[5] - The total comprehensive loss for the year was HKD 6,457,000, compared to a loss of HKD 6,764,000 in 2020[7] - The loss attributable to owners of the company was HKD 11,908,000, compared to HKD 11,202,000 in the previous year[5] - Basic and diluted loss per share for the year was HKD 0.76, compared to HKD 0.71 in 2020[5] - The group reported a loss attributable to shareholders of approximately HKD 11,900,000 for the year ended December 31, 2021[20] - Total revenue for the year ended December 31, 2021, was HKD 110,860, a decrease of 22% from HKD 142,047 in 2020[38] - The company reported a pre-tax loss of HKD 11,140 for the year ended December 31, 2021, compared to a loss of HKD 11,202 in 2020[40] - Basic loss per share for 2021 was HKD 0.76, compared to HKD 0.71 in 2020, reflecting a worsening in performance[42] - The loss attributable to owners for the year was approximately HKD 11.9 million, an increase of 6.3% from a loss of HKD 11.2 million in the previous year[46] Assets and Liabilities - The company's total assets decreased to HKD 112,649,000 from HKD 187,827,000 in the previous year, representing a decline of 40.0%[9] - Current assets fell to HKD 91,015,000, down 45.0% from HKD 165,846,000 in 2020[9] - The company's cash and cash equivalents decreased significantly to HKD 4,754,000 from HKD 11,245,000, a drop of 57.8%[9] - Total liabilities were reduced to HKD 82,483,000 from HKD 151,204,000, a decrease of 45.5%[11] - Total current assets were approximately HKD 91.0 million, a decrease from HKD 165.8 million in the previous year[54] - As of December 31, 2021, the debt-to-equity ratio was 49.2%, down from 65.3% in the previous year[54] Segment Performance - The LED segment generated revenue of HKD 107,886,000, while the total revenue across all segments was HKD 110,860,000 for the year ended December 31, 2021[27] - The total segment loss amounted to HKD 2,902,000, with the largest loss coming from the liquor segment at HKD 2,470,000[27] - Sales of LED and related products amounted to HKD 107,886, down from HKD 138,897 in the previous year, representing a decline of approximately 22%[38] - The electronic optical products segment recorded revenue of approximately HKD 2.7 million, unchanged from the previous year[48] - Revenue from the liquor trading segment was approximately HKD 300,000, a decrease from HKD 400,000 in the previous year[49] Expenses and Costs - The group incurred capital expenditures of HKD 584,000 during the reporting period[27] - The group recorded a depreciation expense of HKD 2,242,000 for property, plant, and equipment[27] - The company recorded a significant increase in employee benefits expenses to HKD 6,870 in 2021 from HKD 5,864 in 2020, an increase of approximately 17%[39] - Administrative and other operating expenses totaled approximately HKD 14.7 million, an increase of HKD 1.5 million from HKD 13.2 million in the previous year, primarily due to increased expenses related to new product development[51] - Depreciation expenses for property, plant, and equipment decreased to HKD 764 in 2021 from HKD 2,206 in 2020, a reduction of about 65%[39] Corporate Governance and Legal Matters - The company is committed to good corporate governance practices, emphasizing transparency and accountability to shareholders[72] - The audit committee has been established in accordance with GEM listing rules, consisting of four independent non-executive directors[70] - The company has initiated legal proceedings to claim a profit guarantee amounting to HKD 16,188,374 related to the acquisition of Arnda Semiconductor Limited[66] - The company has instructed its legal advisors to maintain its rights in ongoing legal disputes, including claims for approximately HKD 3,500,000[66] - The board of directors believes that having the same person serve as both chairman and CEO allows for more effective long-term strategy formulation[72] Future Outlook and Strategic Plans - The group expects to have sufficient working capital to meet its financial obligations for the next twelve months[20] - The group anticipates improvements in the supply chain in 2022, which may ease credit terms from suppliers[24] - The company is actively reviewing its business operations and financial status to formulate future business plans and strategies for diversification and revenue expansion[67] COVID-19 Impact - The group prepaid HKD 28,500,000 to suppliers to maintain cash flow amid COVID-19 disruptions[24] - The company is closely monitoring the impact of COVID-19 on its financial condition and performance, adopting a conservative approach to capacity planning and strict cost management measures[67] - The unaudited financial results for the year ending December 31, 2021, have not been completed on schedule due to COVID-19 restrictions in certain regions of China, causing delays in providing further evidence to auditors[76] - The company expects to complete the audit by May 16, 2022, and will publish the audited annual results and annual report by May 31, 2022[78] - The financial information disclosed is unaudited and has not received the approval of the company's auditors, urging shareholders and potential investors to act cautiously when trading the company's securities[79] Shareholder Returns - The company does not recommend the payment of a final dividend for the year, compared to none in the previous year[68] - The company has not repurchased any shares listed on GEM during the year, nor have any subsidiaries bought or sold shares[69] - The company has adopted a code of conduct regarding securities trading by directors, ensuring compliance with GEM listing rules[75]