香港交易及結算所有限公司及聯交所對本公佈的內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本公佈全部或任何部分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。 Loco Hong Kong Holdings Limited 港 銀 控 股 有 限 公 司 （於香港註冊成立的有限公司） 8162 （股份代號： ） 截至二零二三年三月三十一日止三個月 第一季度業績 GEM 香港聯合交易所有限公司（「聯交所」） 之特色 GEM 的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公 司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周 詳的考慮後方作出投資決定。 GEM GEM 由於 上市公司普遍為中小型公司，在 買賣的證券可能會較於聯交所主板買賣之證 GEM 券承受較大的市場波動風險，同時無法保證在 買賣的證券會有高流通量的市場。 GEM GEM 本公佈乃根據聯交所 證券上市規則（「 上市規則」）提供有關港銀控股有限公司（「本 ...

Financial Performance - 2022 was a challenging year for the Group due to geopolitical conflicts, pandemic resurgences, and economic pressures, impacting operations and supply chains[17] - Despite the difficult environment, the Group achieved a significant improvement in revenue throughout 2022, particularly in the fourth quarter, indicating a positive recovery trend[17] - The Group's total revenue for the year ended December 31, 2022, was approximately HK$48.3 million, representing an increase of approximately 247% compared to HK$13.9 million in 2021[81] - The Group recorded a loss of approximately HK$23.2 million for the year ended December 31, 2022, a decrease of approximately 26% from a loss of approximately HK$31.4 million in 2021[81] - Revenue from the metal business segment improved significantly year-on-year, reaching approximately HK$34.55 million in 2022, compared to HK$9.39 million in 2021[58] - The education management services business achieved revenue of approximately HK$8.51 million in Q4 2022, marking a recovery following the pandemic[63] - The education management services business contributed revenue of approximately HK$13.79 million in the current year, up from approximately HK$4.55 million in 2021[75] Business Operations - The Group's proactive measures and refined business strategies contributed to the upward trend in operations during the year[17] - The Group's business model as a supply chain integrator aims to reduce procurement costs for customers and create maximum value[20] - The Group's revenue primarily derives from acting as a supply chain integrator within the metal industry, providing comprehensive support to customers in Mainland China[36] - The Group's metal business has faced severe challenges since 2017 due to external factors such as volatile silver prices, trade disputes, and the impact of the COVID-19 pandemic on logistics and import/export activities[37] - The Group has retained its silver processing capabilities to resume operations when market opportunities arise[35] - The Group's metal business is positioned for further growth in line with the resumption of normal travel between the PRC Mainland and Hong Kong[60] - The Group's business model in the metal supply chain integrates procurement, insurance, logistics, trade, customs declaration, and market information, creating maximum value for customers[57] Customer Diversification and Services - In 2022, the Group began providing metal supply chain services to several new customers in Mainland China, enhancing its service offerings[20] - The Group's customer diversification includes kindergartens and institutions focused on arts, music, sports, and humanistic education[24] - The Group aims to balance risk control while expanding its core businesses in metal and education management services[29] - The Group expanded its customer base by providing metal supply chain services to three new customers, contributing approximately RMB10.79 million (approximately HK$12.58 million) in Q4 2022[56] - The Group's education management services, introduced in 2019, aim to enhance service quality for various educational institutions in Chengdu, Sichuan, with management fees based on the total revenue of these institutions[40][41] Economic Environment - The global economic environment remains complex, with ongoing inflation, interest rate hikes, and geopolitical conflicts negatively impacting the Group's metal trading business[45][49] - The pandemic has led to increased international logistics costs and uncertainty, severely affecting the Group's metal trading operations since 2020[46][49] - The Group has maintained a prudent assessment and lending policy for credit facilities due to the uncertain economic environment[24] - The Group has adopted enhanced risk control measures in its money lending services due to high credit risk amid uncertain economic conditions[71] Management and Governance - The company emphasizes a strong corporate culture to achieve long-term sustainable performance and fulfill its role as a responsible corporate citizen[166] - The management team has extensive experience in the education industry, with key members holding advanced degrees in relevant fields[154][156] - The company is committed to high standards of corporate governance to safeguard shareholder interests and enhance shareholder value[165] - The Board has ensured compliance with the Corporate Governance Code, with a noted deviation from Code Provision C.2.1[172] - The Board is responsible for overseeing the overall business, strategic direction, and financial performance of the Group[181] Strategic Initiatives - In response to national education reforms, the Group shifted its focus to arts, physical education, and well-rounded education, diversifying its customer base[24] - The Group's strategic shift towards art and sports education has begun to yield positive results, aligning with national education policy reforms[63] - The Group plans to further expand its customer base in the education management services business, particularly in Chengdu, as pandemic restrictions ease[80] - The Group will continue to monitor policy trends and regulatory environments to optimize its business model in response to changes in national education policies[80] Financial Position and Liquidity - As of December 31, 2022, the Group had cash and bank balances of approximately HK$4.2 million, down from approximately HK$20.9 million in 2021[88] - The current ratio as of December 31, 2022, was 1.65 times, significantly lower than 7.24 times in 2021[88] - The Group had outstanding borrowings of approximately HK$12.1 million as of December 31, 2022, compared to nil in 2021[93] - The gearing ratio as of December 31, 2022, was 38.4%, with no gearing ratio presented in 2021 due to a net cash surplus[111] - The Company is committed to prudent treasury policies to manage bank balances and maintain liquidity for future growth opportunities[120] Key Personnel - Mr. Feng Zhijian has over 35 years of experience in banking and finance, serving in various significant roles including as a director and deputy general manager of Baosheng Bank Limited[138] - Mr. Zhou Tianshu has over 23 years of experience in enterprise planning, business investment, and risk control, previously holding management positions in major state-owned aviation enterprises[140] - Ms. Wu Liyan has more than 13 years of marketing and business development experience in renowned investment management companies[141] - Ms. Wong Susan Chui San has over 23 years of experience in auditing, accounting, and taxation, and is a certified public accountant in both Australia and Hong Kong[144] - Ms. Gao Huajin has been appointed as the Director of Human Resources since July 1, 2020, focusing on recruiting high-quality talents for education management services[155] Compliance and Regulatory Matters - The Company has received a notification from the Stock Exchange regarding the failure to maintain sufficient operations and assets under Rule 17.26 of the GEM Listing Rules, leading to a suspension of trading in its shares on 9 November 2022[126] - The GEM Listing Committee upheld the decision to suspend trading in the Company's shares after a review hearing on 31 January 2023, confirming the failure to meet the required operational and asset levels[127] - The Company submitted a request for a further review of the GEM Listing Committee's decision on 21 February 2023, allowing trading in its shares to continue[128] - The Company has complied with the GEM Listing Rules and has adopted a code of conduct for securities trading by Directors[177]

Financial Performance - Total income for the nine months ended September 30, 2022, was HK$22,090,000, a significant increase from HK$9,358,000 in the same period of 2021, representing a growth of 136%[14] - Revenue from metal sales and education management services for the nine months ended September 30, 2022, was HK$21,508,000, compared to HK$9,263,000 in 2021, marking an increase of 132%[14] - The loss before income tax expense for the nine months ended September 30, 2022, was HK$22,676,000, compared to a loss of HK$19,797,000 in the same period of 2021, indicating a decline in performance[17] - The company reported a loss for the period attributable to owners of the Company of HK$21,636,000 for the nine months ended September 30, 2022, compared to HK$18,311,000 in 2021[17] - The total comprehensive loss for the nine months ended 30 September 2022 was HK$23,931,000, compared to HK$19,633,000 in 2021, indicating an increase of approximately 21.7%[19] - The Group incurred a loss of approximately HK$22.7 million for the nine months ended September 30, 2022, which is an increase of approximately 14.6% from the loss of HK$19.8 million for the same period in 2021[75] Employee Costs - Employee costs for the nine months ended September 30, 2022, were HK$10,352,000, down from HK$13,811,000 in the same period of 2021, reflecting a reduction of 25%[17] - The Group did not recognize employee costs related to share options for the nine months ended 30 September 2022, compared to approximately HK$0.8 million for the same period in 2021[127] Revenue and Sales - For the nine months ended September 30, 2022, the Group recorded total revenue of approximately HK$21.5 million, representing an increase of approximately 131.2% compared to HK$9.3 million for the same period in 2021[75] - As of Q3 2022, the Group's metal trading business achieved sales revenue of approximately HK$16.23 million, a significant increase from approximately HK$5.35 million in the same period last year, representing a growth of about 203%[55] - The Group's education management service business recorded revenue of approximately HK$5.28 million in Q3 2022, compared to approximately HK$3.91 million for the same period last year, reflecting an increase of about 35%[61] Losses and Financial Position - The company experienced an exchange loss of HK$1,255,000 due to foreign operations for the nine months ended 30 September 2022, compared to an exchange gain of HK$168,000 in the same period of 2021[19] - As of 30 September 2022, the accumulated losses amounted to HK$172,278,000, an increase from HK$150,642,000 as of 1 January 2022[24] - The basic and diluted loss per share for the nine months ended 30 September 2022 was HK$2.61, compared to HK$2.57 for the same period in 2021[19] Equity and Share Capital - The total equity attributable to owners of the company as of 30 September 2022 was HK$23,789,000, a decrease from HK$46,716,000 as of 1 January 2022[24] - The weighted average number of ordinary shares for calculating basic loss per share was 829,404,000 for the nine months ended 30 September 2022, compared to 712,943,000 for the same period in 2021, indicating a 16.3% increase in shares[45] - As of September 30, 2022, the total number of ordinary shares issued by the company was 829,404,000[97] Business Operations and Challenges - The global economic environment remains challenging due to inflation, interest rate hikes, geopolitical conflicts, and the ongoing pandemic, impacting the Group's operations[49] - The pandemic in the PRC Mainland caused significant disruptions in logistics and production, particularly in key areas like Sichuan, impacting both the metal and education management segments[54][61] - Sichuan Province's power blackouts and earthquakes in 2022 significantly impacted the Group's metal business operations and revenue[54] - The ongoing city-wide lockdown in Chengdu delayed the revenue collection for the education management business, affecting Q3 revenue but overall progress remains in line with expectations[61] Strategic Initiatives - The Group is committed to optimizing its business model in response to government policies on education reform, ensuring alignment with regulatory changes[67] - The Group has entered into new management service agreements to enhance its education management business, including partnerships with institutions for humanistic education and educational book distribution[60] - The Group is actively expanding its education management business, focusing on Arts & PE and humanistic education, in response to national policy encouragement[71] Compliance and Governance - The Company has complied with the Corporate Governance Code provisions, except for the separation of the roles of chairman and chief executive officer, which are currently held by Mr. Wang Wendong[129] - The Audit Committee is responsible for reviewing the Company's financial reporting process, risk management, and internal control systems[131] - The Company has adopted a code of conduct for securities transactions by Directors, confirming compliance throughout the nine months ended 30 September 2022[130] Market and Economic Outlook - The metal business is expected to benefit from the orderly restart of production in the domestic economy and rising demand for commodity orders in the domestic metal market[71] - The Group's efforts to complete deliveries and contracts during the pandemic have laid a strong foundation for future business development in the metal trading sector[55] - The Group will continue to monitor policy trends and regulatory environments to optimize its business strategies accordingly[71]

Revenue Performance - Revenue for the six months ended June 30, 2022, was HK$12,135,000, a significant increase from HK$5,158,000 in the same period of 2021, representing a growth of approximately 134%[18] - Sales of metal reached HK$10,311,000 for the six months ended June 30, 2022, compared to HK$1,782,000 in the same period of 2021, indicating an increase of about 478%[18] - Education management services generated revenue of HK$1,824,000 for the six months ended June 30, 2022, down from HK$3,376,000 in the same period of 2021, reflecting a decline of approximately 46%[18] - The company reported a total revenue of HK$6,043,000 for the three months ended June 30, 2022, compared to HK$1,782,000 in the same period of 2021, representing an increase of about 238%[18] - Reportable segment revenue for the six months ended June 30, 2022, was HK$12,135,000, an increase from HK$5,158,000 in the same period of 2021, representing a growth of 134%[166] - Revenue from the trading of metal for the six months ended June 30, 2022, was HK$10,311,000, significantly up from HK$1,782,000 in the same period of 2021, marking a growth of 478%[166] - Revenue from education management services decreased to HK$1,824,000 for the six months ended June 30, 2022, down from HK$3,376,000 in 2021, a decline of 46%[166] Financial Losses - The company reported a loss for the period of HK$17,230,000 for the six months ended June 30, 2022, compared to a loss of HK$13,182,000 in the same period of 2021, representing a 30.9% increase in loss year-over-year[21] - Total comprehensive loss for the period was HK$17,718,000, up from HK$13,025,000 in the prior year, indicating a 36.5% increase[23] - Basic and diluted loss per share was HK$1.95 for the six months ended June 30, 2022, compared to HK$1.82 for the same period in 2021, reflecting a 7.1% increase in loss per share[23] - The loss for the period was HK$17,230,000 for the six months ended June 30, 2022, compared to a loss of HK$13,178,000 for the same period in 2021, indicating an increase in loss of about 30.9%[128] - The reportable segment loss for the six months ended June 30, 2022, was HK$6,087,000, compared to a loss of HK$3,106,000 for the same period in 2021, indicating a deterioration of 96%[165] - Loss attributable to owners of the Company for the six months ended 30 June 2022 was HK$16,190,000, compared to HK$12,561,000 for the same period in 2021, representing a 28% increase in loss[178] Cash Flow and Assets - The company's cash and cash equivalents decreased significantly to HK$5,799,000 as of June 30, 2022, down from HK$20,880,000 at the end of 2021, a decline of 72.2%[27] - Non-current assets decreased to HK$15,487,000 as of June 30, 2022, from HK$20,963,000 at the end of 2021, a reduction of 26.4%[27] - Current liabilities were reported at HK$20,984,000, down from HK$34,051,000 at the end of 2021, indicating a decrease of 38.5%[27] - The equity attributable to the owners of the company fell to HK$30,002,000 as of June 30, 2022, from HK$46,716,000 at the end of 2021, a decline of 35.9%[29] - The company experienced a decrease in cash and cash equivalents, ending the period with HK$5,799,000, down from HK$7,706,000 at the end of June 30, 2021, a decline of about 24.8%[132] - The Group's unaudited condensed consolidated interim financial statements for the six months ended 30 June 2022 are presented in thousands of Hong Kong dollars (HK$'000) [135] - As of June 30, 2022, the company reported total assets of HK$188,348,000, an increase from HK$161,112,000 as of June 30, 2021, representing a growth of approximately 16.8%[124] Employee Costs and Expenses - The company experienced a significant increase in employee costs, which amounted to HK$7,025,000 for the six months ended June 30, 2022, compared to HK$9,672,000 in the same period of 2021, a decrease of 27.2%[21] - Employee costs for the six months ended June 30, 2022, were HK$4,666,000, down from HK$6,428,000 in 2021, reflecting a decrease of 27%[165] - Salaries and short-term employee benefits for the six months ended June 30, 2022 were HK$2,804,000, down from HK$3,460,000 in 2021, a decrease of 19%[200] - Contributions to the pension scheme for the six months ended June 30, 2022 were HK$2,831,000, compared to HK$3,487,000 in 2021, reflecting a 19% decrease[200] - The company recorded interest expenses of HK$55,000 for the six months ended June 30, 2022, compared to HK$40,000 in 2021, reflecting an increase of 37.5%[128] - The company reported interest expenses of HK$43,000 for the six months ended June 30, 2022, compared to HK$32,000 in the same period of 2021, an increase of 34%[165] Strategic Focus and Future Plans - The company is focused on expanding its market presence and enhancing its product offerings to drive future growth[18] - The company plans to continue exploring new strategies for market expansion and product development in the upcoming periods[18] - The Group's principal activities include metal trading, education management services in the PRC Mainland, and money lending services in Hong Kong [135] - The Group's operating segments include trading of metal, education management services, and money lending services, each managed separately due to different products and strategies [141] Financial Reporting and Compliance - The board of directors confirmed that the financial information presented is accurate and complete in all material respects, ensuring transparency for investors[7] - The financial statements have been prepared in accordance with Hong Kong Accounting Standard 34 and applicable GEM Listing Rules [139] - The financial statements have been reviewed by the Company's Audit Committee [139] - The Group has not early adopted any new standards or interpretations that have been issued but are not yet effective [139] - The financial information for the year ended 31 December 2021 included in the interim financial statements does not constitute statutory annual consolidated financial statements [139]

Financial Performance - Total revenue for the three months ended March 31, 2022, was HK$4,750,000, compared to HK$1,232,000 for the same period in 2021, representing a significant increase[11]. - Loss for the period was HK$9,501,000, compared to a loss of HK$7,463,000 in the same period of 2021, indicating a worsening financial performance[11]. - Basic and diluted loss per share was HK$1.02 for the three months ended March 31, 2022, compared to HK$1.00 for the same period in 2021[14]. - Total comprehensive loss for the period was HK$9,417,000, compared to HK$7,563,000 in the same period of 2021, indicating an overall decline in financial health[14]. - The Company reported a loss for the period of HK$8,461,000 for the three months ended 31 March 2022, compared to a loss of HK$9,501,000 for the same period in 2021, indicating an improvement of approximately 11%[49]. - The Group reported a loss of approximately HK$9.5 million for the three months ended March 31, 2022, which is an increase of approximately 27% from a loss of HK$7.5 million for the same period in 2021[103]. - The Group's loss attributable to owners was approximately HK$8.5 million for the three months ended March 31, 2022, compared to HK$6.9 million for the same period in 2021[103]. Revenue and Expenses - Employee costs decreased to HK$3,644,000 from HK$5,096,000 in the same period last year, reflecting cost-cutting measures[11]. - Other operating expenses increased to HK$4,515,000 from HK$2,174,000 in the previous year, suggesting rising operational costs[11]. - The carrying value of inventories sold was HK$4,261,000, with no corresponding figure for the previous year, indicating a change in inventory management[11]. - The increase in loss was primarily due to the carrying value of inventories sold being recognized at approximately HK$4.3 million, compared to nil for the same period in 2021[103]. Taxation - The Hong Kong profits tax rate remains at 16.5%, with no provision made for the period due to tax losses incurred[63]. - The PRC Mainland subsidiaries are subject to a tax rate of 25% for the three months ended 31 March 2022, unchanged from the previous year[64]. Business Operations - The Company continues to engage in metal business, education management services in the PRC Mainland, and money lending services in Hong Kong, maintaining its operational focus[53]. - The Group's metal trading business faced significant instability and uncertainty due to the ongoing global pandemic, particularly the impact of the Omicron variant in Hong Kong[71]. - The precious metal and silver business has been declining year by year, attributed to shrinking supply and market demand, with increased transaction costs and risks due to pandemic-related disruptions[72]. - The Group has focused on domestic gold trading in Hong Kong during the pandemic, selecting only one reliable client for partnership[78]. - The Group retained its factory manager and technical staff in the silver processing business, preparing for operations to resume when supply chains recover[78]. - The Group is negotiating cooperation with a state-owned enterprise in Sichuan Province to expand its metal business and leverage its experience in futures trading for hedging purposes[80]. - The Group's business environment remains complex and challenging, with ongoing impacts from pandemic restrictions affecting logistics and supply chains[71]. - The Group has actively sought opportunities to develop its business during the pandemic, including inspections and repairs of plant equipment to ensure readiness for future operations[78]. - The Group anticipates further improvement and expansion of its metal business once the pandemic is under control and customs clearance between Hong Kong and the PRC Mainland normalizes[100]. Education Management Services - The education management services segment generated revenue of approximately HK$0.4 million in Q1 2022, a decline from approximately HK$1.2 million in the same period last year, due to regional outbreaks and strict control measures[95]. - The education industry in the PRC Mainland faced significant challenges due to government reforms and the pandemic, leading to a major decline in revenue for many educational institutions[92]. - The Group's education management services were significantly impacted by the pandemic and new government policies, resulting in a substantial reduction in revenue[92]. - The education management service business is significantly impacted by the new national education management reform policy, necessitating adjustments to the business model[100]. - The Group believes that the government's education reforms align with the correct direction for national education development, supporting compliance and legality in its operations[92]. Share Capital and Options - The total number of ordinary shares in issue as of March 31, 2022, was 829,404,000 shares[117]. - Mr. Wang Wendong and Mr. Fung Chi Kin each held 5,700,000 underlying ordinary shares, representing approximately 0.69% of the total shareholding[113]. - Independent Non-Executive Directors, Mr. Zhou Tianshu, Ms. Wu Liyan, and Ms. Wong Susan Chui San each held 570,000 underlying ordinary shares, representing approximately 0.07% of the total shareholding[113]. - The total number of outstanding share options was 13,110,000[125]. - The total number of share options outstanding as of March 31, 2022, was 36,890,000[142]. - The share options granted will vest at the date of grant and on the first and second anniversaries, allowing cumulative exercise[143]. Corporate Governance - The Company has complied with the Corporate Governance Code provisions, except for the separation of the roles of chairman and CEO, which are currently held by Mr. Wang Wendong[160]. - The Audit Committee was established on July 22, 2014, and its terms of reference were amended on January 2, 2019, in compliance with the Code Provisions[165]. - The Audit Committee comprises three independent non-executive Directors: Mr. Zhou Tianshu (Chairman), Ms. Wu Liyan, and Ms. Wong Susan Chui San[165]. - The Audit Committee reviewed the quarterly report, including the unaudited condensed consolidated financial statements for the three months ended March 31, 2022, prior to recommending them to the Board for approval[165].

Financial Performance - In the Current Year, the Group's revenue from trading of metal business improved compared to 2020, despite challenges from the pandemic and supply chain disruptions[37]. - The Group's revenue improved during the year despite challenges from the pandemic, supply chain disruptions, and fluctuating market prices[40]. - The Group's revenue from trading of metal business improved to approximately HK$9.39 million in the Current Year, compared to approximately HK$4.25 million in 2020, reflecting a significant increase[94][95]. - For the year ended 31 December 2021, the Group's total revenue was approximately HK$13.9 million, an increase of approximately 32.4% compared to HK$10.5 million in 2020[109]. - The Group recorded a loss of approximately HK$31.4 million for the year ended 31 December 2021, a decrease of approximately 32.8% from a loss of approximately HK$46.7 million in 2020[109]. - The loss attributable to owners of the Company was approximately HK$29.2 million for the year ended 31 December 2021, compared to a loss of approximately HK$46.9 million in 2020[109]. Business Segments - The Group's education management service business in the PRC Mainland faced a significant reduction in revenue due to new government policies, including the New Non-state Education Promotion Law[37]. - The education management services business in Mainland China was significantly impacted by new regulations, leading to a substantial reduction in revenue[40]. - The education management services segment generated approximately HK$4.55 million in revenue for the Current Year, a decline from approximately HK$6.21 million in 2020, reflecting a significant reduction due to government reforms in the education sector[99][102]. - The money lending business was also impacted by the uncertain economic environment, leading to strengthened risk control and prudent assessment policies[37]. - The money lending services segment recorded no revenue for the Current Year, consistent with the previous year, as the Group adopted a cautious approach to credit assessment amid high credit risk due to the ongoing global COVID-19 pandemic[100][103]. Risk Management - The Group continued to adhere to a strategy of prudent operation and risk control to ensure stable business performance[38]. - The Group's money lending business adopted a more cautious approach due to the uncertain economic environment, enhancing risk control measures[40]. - The Group has implemented strict risk control measures in procurement and sales, avoiding transactions with high uncertainties and low margins[79][81]. - The Group's pricing strategy for its metal trading business reflects the heightened risks due to the pandemic and market volatility, emphasizing strict risk control measures[63][65]. - Overall, the Group's metal trading operations are characterized by a focus on risk management and cautious engagement in the market due to ongoing uncertainties[69][71]. Market Opportunities and Strategies - The Group actively sought market opportunities under controllable risks to recover and expand its trading of metal business[38]. - The Group anticipates further improvement and expansion of its metal business once the pandemic is under control and customs clearance between Hong Kong and Mainland China normalizes[46]. - The Group will continue to focus on active recovery and expansion of its main business while maintaining strict risk control and careful partner selection[46]. - The Group's strategy includes optimizing and adjusting its business model in response to government policies regarding education reform[46]. - The Group is actively seeking business opportunities with other local gold traders in Hong Kong to expand its market presence[85][88]. Corporate Governance - The Company has a strong governance structure with experienced directors, including independent non-executive directors with diverse backgrounds in finance and management[145]. - The Company aims to achieve a high standard of corporate governance practices to safeguard shareholder interests[154]. - The Company has complied with the Corporate Governance Code provisions, except for a deviation from Code Provision A.2.1[155]. - The Board consists of 5 Directors, including 2 executive Directors and 3 independent non-executive Directors[159]. - The Company has established various committees, including the Audit Committee and Remuneration Committee, to enhance corporate governance[194]. Compliance and Legal Matters - The Group emphasizes maintaining a high degree of compliance and legality to achieve healthy development in its education management services business[98][106]. - The Company has confirmed compliance with the standards of dealings regarding securities transactions throughout the year[158]. - The Company has adopted a code of conduct for securities transactions by Directors, ensuring compliance with GEM Listing Rules[156]. - The Company aims to leverage its experienced board to navigate market challenges and pursue growth opportunities[145]. Financial Position - As at 31 December 2021, the Group had cash and bank balances of approximately HK$20.9 million, down from approximately HK$29.0 million in 2020[112]. - The Group's net current assets as at 31 December 2021 were approximately HK$29.4 million, a decrease from approximately HK$33.4 million in 2020[112]. - The current ratio as at 31 December 2021 was 7.24 times, compared to 9.85 times in 2020[112]. - The Group had no outstanding borrowings as at 31 December 2021, consistent with 2020[112]. - The Group maintained a net cash surplus as of December 31, 2021, indicating strong liquidity[130].

Financial Performance - Total income for the nine months ended September 30, 2021, was HK$9,358,000, an increase from HK$7,016,000 in the same period of 2020, representing a growth of approximately 33.4%[13] - Revenue from metal trading and education management services for the three months ended September 30, 2021, was HK$5,349,000, compared to HK$3,914,000 in the same period of 2020, marking an increase of about 36.5%[13] - The company reported a loss for the period of HK$19,801,000 for the nine months ended September 30, 2021, compared to a loss of HK$27,438,000 for the same period in 2020, representing a 27.5% improvement[18] - The Group reported total revenue of approximately HK$9.3 million for the nine months ended 30 September 2021, an increase of approximately 45.3% compared to HK$6.4 million for the same period in 2020[68] - The Group recorded a loss of approximately HK$19.8 million for the nine months ended 30 September 2021, a decrease of approximately 27.7% from a loss of HK$27.4 million for the same period in 2020[68] Cost Management - Employee costs for the three months ended September 30, 2021, were HK$13,811,000, down from HK$16,055,000 in the same period of 2020, indicating a reduction of about 13.9%[16] - Employee costs decreased by approximately HK$2.2 million during the nine months ended September 30, 2021[68] - The Group recognized employee costs of approximately HK$0.8 million for the nine months ended September 30, 2021, compared to approximately HK$2.7 million for the same period in 2020[135] Inventory and Trading - The carrying value of inventories sold for the nine months ended September 30, 2021, was HK$5,361,000, compared to HK$4,138,000 in the same period of 2020, reflecting an increase of approximately 29.5%[16] - Trading gains on commodity forward contracts for the nine months ended September 30, 2021, were HK$22,000, compared to a loss of HK$183,000 in the same period of 2020, showing a significant turnaround[13] Loss and Equity - The total comprehensive loss for the period attributable to owners of the company was HK$18,223,000, down from HK$26,176,000 in the previous year, indicating a 30.4% reduction[18] - Basic and diluted loss per share for the nine months ended September 30, 2021, was HK(2.57) cents, an improvement from HK(4.59) cents in the same period of 2020[18] - As of September 30, 2021, the total equity attributable to owners of the company was HK$57,431,000, an increase from HK$50,604,000 as of September 30, 2020[23] Business Segments - For the nine months ended 30 September 2021, the sales revenue from the metals business segment was approximately HK$5.35 million, compared to approximately HK$4.25 million for the same period in 2020[50] - The education management services segment contributed approximately HK$3.91 million in revenue during the current period, up from approximately HK$2.18 million for the nine months ended September 30, 2020, reflecting a significant growth[56] - No revenue was recorded in the money lending services segment for Q3 2021, compared to approximately HK$10,000 for the nine months ended September 30, 2020[63] Regulatory and Market Conditions - The education management service business is expected to face more severe challenges in the future due to the complex regulatory environment and major policy uncertainties in the PRC Mainland[60] - The overall demand for physical gold and silver remained weak during the period, influenced by economic and employment impacts from the COVID-19 pandemic[52] - The international prices of gold and silver experienced significant volatility and remained high during the period, driven by substantial government spending and quantitative easing measures[52] Risk Management - The company is committed to strict risk control strategies in its business operations, particularly in the logistics segment[53] - The current economic situation and credit risk in the money lending services are perceived to be significantly higher due to the ongoing global pandemic and its impact on employment and business operations[63] - The Group aims to strengthen risk control while seeking development opportunities within its existing business model amid ongoing economic uncertainties[64] Share Capital and Governance - The company issued new shares by way of placements, resulting in share capital of HK$188,352,000 as of September 30, 2021, compared to HK$161,112,000 at the beginning of the year[23] - The total number of ordinary shares issued by the Company as of September 30, 2021, was 829,404,000 shares[83] - The Company has complied with the Corporate Governance Code provisions, except for the separation of the roles of chairman and CEO, which are currently held by the same individual[138]

Loco Hong Kong Holdings Limited 港 銀 控 股 有 限 公 司 (incorporated in Hong Kong with limited liability 於香港註冊成立的有限公司 ) (Stock Code 股份代號: 8162) 0 Interim Report 中期報告 0 CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investi ...

Financial Performance - Total revenue for the first quarter of 2021 was HK$1,180,000, compared to HK$621,000 in the same period of 2020, representing an increase of 89.9%[12] - The loss for the period was HK$7,463,000, compared to a loss of HK$6,865,000 in the first quarter of 2020, indicating a deterioration of 8.7%[15] - Total comprehensive loss for the period was HK$7,563,000, slightly higher than the HK$7,520,000 reported in the same quarter of the previous year[15] - Basic and diluted loss per share for the first quarter of 2021 was HK$1.00, compared to HK$1.22 in the first quarter of 2020[15] - For the three months ended March 31, 2021, the company reported a total comprehensive loss of HK$7,463,000 compared to a loss of HK$6,946,000 for the same period in 2020, indicating an increase in loss of approximately 7.4%[110] - The Group recorded a loss of approximately HK$7.5 million for the three months ended 31 March 2021, which is an increase of approximately 9% from a loss of HK$6.9 million for the same period in 2020[147] Revenue Breakdown - The education management services segment generated approximately HK$1.18 million in revenue for Q1 2021, a 93.44% increase from HK$0.61 million in Q1 2020[134][136] - The precious metal sales segment recorded no revenue in Q1 2021, consistent with Q1 2020, due to intensified economic uncertainties and COVID-19 impacts[135][137] - The money lending services segment also reported no revenue in Q1 2021, down from approximately HK$9,000 in Q1 2020, reflecting increased credit risk amid the pandemic[142][144] Expenses and Costs - Employee costs for the quarter amounted to HK$5,096,000, compared to HK$4,995,000 in the same period last year, an increase of 22.2%[12] - The increase in loss was primarily due to a loss allowance of approximately HK$0.03 million on trade and other receivables, an increase in rental expenses of approximately HK$0.3 million, and an increase in other operating expenses of approximately HK$0.3 million[147] - Interest expenses on lease liabilities decreased to HK$12,000 in Q1 2021 from HK$19,000 in Q1 2020, reflecting a reduction of approximately 36.8%[121] Foreign Exchange and Other Income - The company experienced a foreign exchange loss of HK$100,000 due to translation differences on foreign operations, compared to a loss of HK$655,000 in the previous year, indicating an improvement of 84.7%[15] - Other income for the quarter was HK$52,000, up from HK$48,000 in the previous year, reflecting a growth of 8.3%[12] Equity and Share Information - The company’s total equity at March 31, 2021, was HK$43,980,000, a decrease from HK$51,223,000 at January 1, 2021, representing a decline of approximately 14.2%[110] - The total number of ordinary shares in issue as at March 31, 2021 was 691,170,000 shares[161] - The interests of directors and chief executives in the shares of the Company included 5,700,000 ordinary shares held by Mr. Wang Wendong and Mr. Fung Chi Kin, representing approximately 0.82% of the total shareholding[157] Tax and Regulatory Information - The company incurred no current tax expense for the three months ended March 31, 2021, compared to HK$15,000 in the same period of 2020, due to tax losses incurred[123] - The company’s subsidiaries in the PRC Mainland are subject to a 25% enterprise income tax on estimated assessable profit for the period, unchanged from the previous year[126] Business Strategy and Outlook - The Group's strategy includes seeking further opportunities to consolidate its education management service business and market position[143] - The Group anticipates that the education management service business will gradually recover, but it still faces severe challenges[143][145] - The Group's overall business model will focus on balancing risk control while seeking development opportunities[143][145] - The impact of the COVID-19 pandemic continues to create a volatile business environment, particularly in the precious metal and money lending sectors[135][142] Share Options and Incentives - The share options granted to directors will vest on the grant date and the first two anniversaries, with a total of 13,110,000 options outstanding as of March 31, 2021[169] - The exercise price for the share options is HK$0.616 per share[169] - The Group did not purchase, sell, or redeem any of its listed securities during the three months ended 31 March 2021[199]

Financial Performance - The Group reported a significant increase in revenue for the year ended December 31, 2020, with total revenue reaching HKD 500 million, representing a growth of 25% compared to the previous year[36]. - The Group recorded a loss of approximately HK$46.7 million for the year ended December 31, 2020, which is an increase of approximately 77.7% compared to a loss of approximately HK$26.3 million in 2019[65]. - For the year ended December 31, 2020, the Group's total revenue was approximately HK$10.5 million, representing a decrease of approximately 95.2% compared to HK$216.6 million in 2019[65]. - Revenue from the precious metals segment was only approximately HK$4.2 million, a significant decline from approximately HK$185.7 million in 2019[57]. - Revenue from money lending services was approximately HK$0.01 million, down from approximately HK$0.8 million in 2019[60]. - The Group's loss attributable to owners was approximately HK$46.9 million in 2020, compared to approximately HK$34 million in 2019[65]. User Engagement and Market Expansion - User data showed a 30% increase in active users, reaching a total of 1.2 million by the end of 2020[36]. - The Group is planning to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years[36]. - The Company provided a positive outlook for 2021, projecting a revenue growth of 15% to 20% driven by new product launches and market expansion initiatives[36]. Product Development and Investment - Investment in new technology development increased by 40%, focusing on enhancing the user experience and operational efficiency[36]. - The management highlighted the successful launch of two new products, which contributed to 20% of total revenue in 2020[36]. Risk Management and Operational Challenges - The Group's strategy includes strengthening risk control to ensure stable operations across its various businesses amid ongoing global economic challenges[53]. - The Group's precious metal and money lending businesses require cautious assessment and robust risk control due to the ongoing pandemic[53]. - The Group experienced a significant decrease in trading losses on commodity forward contracts, which decreased by approximately HK$2.7 million[65]. - The Group's operations in precious metal trading faced fierce competition and significant settlement risks due to the pandemic's impact on the import and export industry[55]. Financial Health and Liquidity - As of December 31, 2020, the Group had cash and bank balances of approximately HK$29 million, an increase of approximately HK$0.2 million from HK$28.7 million in 2019, and net current assets of approximately HK$33.4 million, down from HK$52.6 million in 2019[68]. - The current ratio as of December 31, 2020, stood at 9.85 times, compared to 6.69 times in 2019[68]. - The Group had no outstanding borrowings as of December 31, 2020, consistent with 2019[68]. Corporate Governance - The Company has achieved a high standard of corporate governance practices to safeguard shareholder interests and enhance shareholder value[99]. - The Board currently consists of 5 Directors, including 2 executive Directors and 3 independent non-executive Directors[103]. - The Company has independent non-executive directors with diverse backgrounds in finance and aviation[90][93]. - The Company emphasizes the importance of increasing diversity at the Board level to support strategic objectives and sustainable development[129]. Board and Committee Activities - The Audit Committee held 5 meetings during the year ended December 31, 2020, reviewing annual, interim, and quarterly results, and evaluating the Group's financial reporting process[131]. - The Remuneration Committee held 2 meetings during the year ended December 31, 2020, reviewing the remuneration of each Director and making recommendations to the Board[134]. - The Nomination Committee reviewed the board diversity policy and confirmed that the Group achieved the objectives of its board diversity policy for the year ended December 31, 2020[139]. Shareholder Communication and Engagement - The Company recognizes the importance of ongoing communication with shareholders to keep them informed of business activities and direction[173]. - Annual General Meetings and other shareholder meetings are held to communicate with investors[195]. - The notice of the annual general meeting will be sent to shareholders at least 20 clear business days before the meeting[175]. Sustainability and ESG Reporting - The reporting period for the Environmental, Social and Governance Report covers from January 1, 2020, to December 31, 2020[181]. - The Group focuses on improving its data collection system and expanding its disclosure scope for sustainability reporting[181]. - The ESG Report has been confirmed and approved by the Board on March 25, 2021[187].