Financial Performance - Revenue for the three months ended December 31, 2021, was HKD 2,441,000, compared to HKD 1,050,000 for the same period in 2020, representing a 132% increase[11]. - The company reported a pre-tax loss of HKD 1,078,000 for the three months ended December 31, 2021, compared to a pre-tax loss of HKD 914,000 for the same period in 2020[11]. - Basic and diluted loss per share for the period was HKD 0.11, compared to HKD 0.09 for the same period in 2020[11]. - The company reported a net loss attributable to ordinary shareholders of HKD 1,078,000 for the period, compared to a net loss of HKD 914,000 in the previous year[11]. - The total comprehensive loss for the period was HKD 1,078,000, compared to HKD 914,000 for the same period in 2020[11]. - The company reported a loss attributable to shareholders of HKD 1,078,000 for the three months ended December 31, 2021, compared to a loss of HKD 914,000 in the same period of 2020, indicating an increase in loss of approximately 17.9%[32]. - The net loss for the three months ended December 31, 2021, was approximately HKD 1.1 million, compared to a net loss of HKD 0.9 million for the same period in 2020[54]. Operating Expenses - Employee benefit expenses decreased to HKD 2,605,000 from HKD 4,533,000 year-on-year, reflecting a 42% reduction[11]. - Other operating expenses decreased to HKD 563,000 from HKD 698,000 year-on-year, indicating a 19% reduction[11]. - Financial costs decreased to HKD 19,000 from HKD 25,000 year-on-year, showing a 24% reduction[11]. - Employee benefit expenses were approximately HKD 2.6 million, a decrease of about HKD 1.9 million compared to HKD 4.5 million for the same period in 2020, primarily due to a reduction in performance-related bonuses[49]. - Other operating expenses for the three months ended December 31, 2021, were approximately HKD 0.6 million, a slight decrease from HKD 0.7 million for the same period in 2020[50]. Income and Revenue Sources - The company recognized other income of HKD 26,000 for the three months ended December 31, 2021, down from HKD 3,650,000 in the same period of 2020[11]. - The company generated advisory fee income of HKD 2,441,000, up from HKD 1,050,000 in the previous year, marking a 132% increase[22]. - Revenue from corporate finance advisory services increased by nearly 118.2% for the three months ended December 31, 2021, compared to the same period last year, indicating significant improvement in performance[39]. - Other income included bank interest income of approximately HKD 0.02 million and dividend income of approximately HKD 0.02 million[48]. Market and Investment Performance - The company achieved a total return of approximately HKD 6.6 million from an initial capital of HKD 12 million in its equity investment fund, resulting in a return rate of about 55.0% since the first investment date[41]. - The Hang Seng Index declined by approximately 10.5% from 26,129.93 points on February 28, 2020, to 23,397.67 points on December 31, 2021, while the company outperformed the market during the same period[41]. - The company anticipates continued volatility in the stock market and will adopt a prudent approach to securities trading investment decisions[60]. - As of December 31, 2021, the company held an equity investment portfolio with a total book value of approximately HKD 21.6 million, compared to HKD 21.2 million as of September 30, 2021[56]. Corporate Governance and Shareholding - As of December 31, 2021, the beneficial owner of Access Cheer Limited holds 750,000,000 shares, representing 75% of the total issued share capital[73]. - Ms. Xie holds a controlled corporation interest in Access Cheer Limited, which is considered as owning the shares held by Access Cheer[70]. - Mr. Lin, as Ms. Xie's spouse, is deemed to have an interest in the shares held by Ms. Xie[71]. - No other directors or senior management held any interests or short positions in the company's shares or related securities as of December 31, 2021[74]. - No major shareholders or other individuals held any interests recorded in the company's register as of December 31, 2021[78]. Dividend Policy - The company did not declare any dividends for the three months ended December 31, 2021, consistent with the previous year[29]. - The company did not recommend the declaration of any dividends for the three months ended December 31, 2021[55]. Audit and Compliance - The audit committee has reviewed the unaudited consolidated results for the three months ended December 31, 2021[82]. - The audit committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules[80]. - The company has established an audit committee in accordance with GEM listing rules, focusing on financial reporting and risk management[80]. - The report was issued on February 8, 2022, by the executive directors including Mr. Lin, who is also the CEO[82]. Business Environment - The company faced challenges in its business environment due to the ongoing COVID-19 pandemic and economic uncertainties, impacting its operational opportunities[36]. - The company has adopted a competitive pricing strategy in the corporate finance advisory sector to maintain high-quality service amidst severe price competition[39]. - The company has not made any tax provisions for Hong Kong profits tax for the three months ended December 31, 2021, as there were no taxable profits[28]. - The company believes that its future performance will depend on the recovery speed from the current pandemic and the successful implementation of its business plans and strategies[47].

Financial Performance - The group's revenue for the fiscal year ending September 30, 2021, was approximately HKD 5.6 million, a decrease from HKD 16.2 million in 2020[11]. - The company reported a loss attributable to owners of approximately HKD 9.4 million, compared to a profit of HKD 5.6 million for the fiscal year ending September 30, 2020[11]. - In 2021 fiscal year, the company's revenue decreased by approximately 65.4% compared to the same period in 2020, with a recorded income of HKD 3.60 million in the second half, an increase of about 82.7% from HKD 1.97 million in the first half[21]. - The group reported a total revenue of approximately HKD 21.9 million available for distribution to equity shareholders as of September 30, 2021, down from HKD 32.7 million in 2020[155]. - Major customers contributed approximately 56.3% of total revenue for the year ended September 30, 2021, compared to 55.3% in the previous year[164]. - The largest customer accounted for about 18.3% of total revenue for the year ended September 30, 2021, slightly down from 18.5% in 2020[164]. Business Environment and Challenges - The company anticipates ongoing challenges in its business and operating environment due to the global outbreak of the coronavirus pandemic, with uncertainty regarding its resolution in Hong Kong[13]. - The company's client base mainly consists of small and medium-sized enterprises operating in the People's Republic of China, which are more risk-sensitive in the current economic climate[16]. - The company expects a significant reduction in business opportunities with these clients due to cross-border restrictions imposed by the Hong Kong government[16]. - The number of new listings on the Hong Kong Stock Exchange decreased by about 6.8% in 2020, with 138 new listings compared to 148 in 2019, and a significant drop of approximately 81.3% in October 2021 with only 3 new listings compared to 16 in October 2020[17]. - The number of takeover offers under the Takeovers Code decreased from 55 in 2018/19 to 38 in 2020/21, indicating a declining trend in advisory services for full takeover offers[18]. Strategic Initiatives - The company has adjusted its business strategy to remain competitive in the corporate finance advisory sector amid severe price competition[21]. - The company has recruited new personnel with international investment banking experience to expand its client base and enhance service offerings[25]. - The company is in the process of establishing an equity investment fund, targeting a size between HKD 100 million and HKD 150 million, which is expected to generate substantial management fee income[27]. - The company has successfully participated in a consulting transaction generating HKD 0.25 million in revenue from asset management advisory services, marking a milestone in this area[26]. Financial Position and Ratios - The group's cash and cash equivalents were approximately HKD 18.9 million as of September 30, 2021, compared to HKD 24.7 million as of September 30, 2020[42]. - The current ratio of the group was approximately 3.9 times as of September 30, 2021, down from approximately 15.5 times in the previous year[42]. - The group's debt-to-equity ratio was approximately 31.8% as of September 30, 2021, compared to 5.1% in 2020[42]. - Employee benefit expenses were approximately HKD 10.5 million for the year ending September 30, 2021, a decrease of about HKD 1.1 million from HKD 11.6 million in the previous year[35]. Corporate Governance - The board consists of four executive directors and three independent non-executive directors, ensuring a balanced composition[72]. - The company has implemented a board diversity policy aimed at enhancing decision-making capabilities and efficiency during organizational changes[80]. - The board is responsible for leading and controlling the company, aiming to maximize long-term shareholder value while balancing stakeholder interests[70]. - The company has established a remuneration committee to review the compensation policies for all directors and senior management, considering the company's performance and market practices[177]. - The audit committee held four meetings during the fiscal year ending September 30, 2021, to discuss the reappointment of external auditors and review financial statements[91]. Risk Management - The company has a risk management approach that covers various risk areas, including credit, market, liquidity, operational, compliance, and reputational risks[111]. - The audit committee reviews the risk management and internal control systems annually, finding them sufficient and effective as of September 30, 2021[118]. - There were no significant control deficiencies identified during the risk management and internal control review conducted during the year[119]. Shareholder Relations - The board of directors has established a shareholder communication policy to ensure ongoing dialogue with shareholders and investment groups[120]. - The company maintains a public float of at least 25% of its total issued shares as required by GEM listing rules[104]. Leadership and Personnel - The company has a strong leadership team with diverse backgrounds in finance, accounting, and corporate governance, enhancing its operational capabilities[135]. - The leadership team is committed to continuous professional development, as evidenced by their participation in relevant training programs[126]. - The company views employees as valuable assets and provides competitive compensation and benefits, along with ongoing professional training[171]. Compliance and Regulations - The company has complied with all relevant laws and regulations with no significant violations reported for the fiscal year ending September 30, 2021[170]. - The company has adopted a code for securities transactions by its directors in compliance with GEM listing rules[106].

Financial Performance - Revenue for the nine months ended June 30, 2021, was HKD 4,566 million, a decrease of 63.6% compared to HKD 12,545 million for the same period in 2020[10] - Other income for the nine months ended June 30, 2021, was HKD 594 million, down 17.4% from HKD 719 million in the previous year[10] - The company reported a loss before tax of HKD 4,883 million for the nine months ended June 30, 2021, compared to a profit of HKD 4,098 million for the same period in 2020[10] - Basic and diluted loss per share for the nine months ended June 30, 2021, was HKD (0.49), compared to earnings of HKD 0.41 for the same period in 2020[10] - Total revenue for the three months ended June 30, 2021, was HKD 2,596 million, an increase of 11.2% from HKD 2,335 million in the same quarter of 2020[10] - The company’s financial advisory income for the nine months ended June 30, 2021, was HKD 3,873 million, a decrease of 66.1% from HKD 11,450 million in the previous year[23] - For the nine months ended June 30, 2021, the company reported a net loss attributable to equity shareholders of HKD 4,883,000 compared to a profit of HKD 4,098,000 for the same period in 2020[31] - The group recorded a net loss of approximately HKD 4.9 million for the nine months ended June 30, 2021, compared to a net profit of approximately HKD 4.1 million in 2020[51] Expenses and Costs - The company incurred employee benefits expenses of HKD 8,562 million for the nine months ended June 30, 2021, an increase of 8.8% compared to HKD 7,870 million in the same period of 2020[10] - Depreciation of property, plant, and equipment for the nine months ended June 30, 2021, was HKD 135 million, down 37.5% from HKD 216 million in the previous year[10] - Other operating expenses decreased to approximately HKD 2.2 million for the nine months ended June 30, 2021, from approximately HKD 2.6 million in 2020, due to reduced legal and professional fees[47] - Employee benefit expenses increased to approximately HKD 8.6 million for the nine months ended June 30, 2021, compared to approximately HKD 7.9 million in 2020, primarily due to increased bonuses[46] Assets and Investments - The company’s total assets as of June 30, 2021, were HKD 36,441 million, a decrease from HKD 45,324 million as of October 1, 2020[15] - The group holds an equity investment portfolio with a book value of approximately HKD 22.9 million as of June 30, 2021, compared to approximately HKD 17.9 million as of September 30, 2020[52] - Total return from the initial investment of approximately HKD 12.0 million in the securities market was about HKD 9.0 million, resulting in a return rate of approximately 75.0%[41] - The Hang Seng Index increased by approximately 10.3% from 26,129.93 points on February 28, 2020, to 28,827.95 points on June 30, 2021, while the group achieved a return of about 75.0% during the same period[41] Dividends and Taxation - The company did not declare any dividends for the nine months ended June 30, 2021, compared to a dividend of HKD 0.004 per share in 2020[29] - The board does not recommend the payment of a dividend for the nine months ended June 30, 2021, compared to a dividend of HKD 0.004 per share in 2020[57] - The company has not made any provisions for Hong Kong profits tax for the nine months ended June 30, 2021, as there were no taxable profits[28] Business Environment and Strategy - The overall business environment remains uncertain and challenging due to the ongoing impact of the COVID-19 pandemic, affecting client engagement and opportunities[37] - The company’s financial advisory services are facing severe price competition in the current uncertain economic environment, prompting a competitive pricing strategy[38] - The company has seen an increase in participation in corporate finance advisory services despite lower average fees, indicating a positive trend in recent months[38] - The company has maintained frequent communication with its client base through telecommunications, leveraging senior management resources to reach new clients[38] - The board believes that the future performance of the group will depend on the recovery speed from the current pandemic and the successful implementation of business plans and strategies[42] Governance and Compliance - The audit committee has reviewed the unaudited consolidated results for the nine months ended June 30, 2021[82] - The company has established an audit committee in compliance with GEM Listing Rules, consisting of three independent non-executive directors[79] - There were no disclosures of interests or short positions in shares or debentures of the company or its associated corporations by directors or senior management as of June 30, 2021[71] - The company has not disclosed any new product developments or market expansion strategies in the provided documents[68] - The company’s stock option plan is effective for ten years from February 26, 2018, allowing the grant of options to specified participants[76] - The company has no known interests or short positions in shares or debentures that require disclosure under the Securities and Futures Ordinance as of June 30, 2021[74] - The executive directors as of the report date include Mr. Lin, Mr. Lu, Ms. Xie, and Ms. Zeng, with independent non-executive directors also listed[83] Other Income - Total other income for the nine months ended June 30, 2021, was HKD 594,000, a decrease of 17.4% from HKD 719,000 in the same period of 2020[27] - Other income included approximately HKD 0.3 million from the Hong Kong government's employment support scheme and approximately HKD 0.08 million in bank interest income[45] - The company experienced a significant increase in unrealized gains on financial assets measured at fair value through profit or loss, reporting HKD 1,235,000 for the three months ended June 30, 2021, compared to HKD 280,000 in the previous year[27]

Financial Performance - Revenue for the six months ended March 31, 2021, was HKD 1,970,000, a decrease of 80.7% compared to HKD 10,210,000 for the same period in 2020[16] - The net loss for the six months ended March 31, 2021, was HKD 7,323,000, compared to a profit of HKD 1,870,000 for the same period in 2020[16] - Basic loss per share for the six months ended March 31, 2021, was HKD (0.73), compared to earnings of HKD 0.19 for the same period in 2020[16] - Revenue from financial advisory services for the six months ended March 31, 2021, was HKD 1,970,000, down from HKD 10,210,000 for the same period in 2020, reflecting a decline of about 81%[39] - The group reported a net loss of approximately HKD 7.3 million for the six months ended March 31, 2021, compared to a net profit of approximately HKD 1.9 million in 2020, primarily due to a revenue decrease of approximately HKD 8.2 million[81] Assets and Liabilities - Total assets as of March 31, 2021, were HKD 45,013,000, a decrease of 3.8% from HKD 46,771,000 as of September 30, 2020[19] - Current liabilities as of March 31, 2021, were HKD 12,483,000, an increase of 312.5% from HKD 3,022,000 as of September 30, 2020[19] - The company reported a net asset value of HKD 34,001,000 as of March 31, 2021, down from HKD 45,324,000 as of September 30, 2020, representing a decrease of approximately 25%[22] - The total equity decreased from HKD 45,324,000 to HKD 34,001,000, indicating a decline of around 25% in total equity over the six-month period[27] - The debt-to-equity ratio increased to approximately 36.5% as of March 31, 2021, compared to approximately 5.1% as of September 30, 2020, mainly due to an increase in loans from a securities broker[82] Cash Flow - Cash used in operating activities amounted to HKD (9,654,000) for the six months ended March 31, 2021, compared to HKD (2,393,000) for the same period in 2020, indicating a significant increase in cash outflow[30] - Cash and cash equivalents as of March 31, 2021, were HKD 21,106,000, a decrease of 14.4% from HKD 24,670,000 as of September 30, 2020[19] - The company reported a decrease in cash and cash equivalents from HKD 24,670,000 at the beginning of the period to HKD 21,106,000 at the end of the period, a reduction of approximately 14%[33] Operating Expenses - Employee benefits expenses for the six months ended March 31, 2021, were HKD (6,507,000), an increase of 12.5% compared to HKD (5,781,000) for the same period in 2020[16] - Other operating expenses for the six months ended March 31, 2021, were HKD (1,490,000), a decrease of 25.7% compared to HKD (2,007,000) for the same period in 2020[16] - Employee benefit expenses increased to approximately HKD 6.5 million, up from approximately HKD 5.8 million in 2020, mainly due to an increase in performance-related bonuses of approximately HKD 0.5 million[78] Market Conditions and Future Outlook - The company anticipates ongoing challenges in its business environment due to the global outbreak of the coronavirus, which may lead to market volatility[67] - The company's overall business remains uncertain and negatively impacted due to the current economic environment and cross-border restrictions[69] - The board anticipates continued volatility in the stock market over the next year due to the global COVID-19 pandemic[95] Corporate Governance - The board confirmed compliance with the corporate governance code during the six months ended March 31, 2021, with some deviations explained[99] - The Audit Committee has been established in accordance with GEM Listing Rules, consisting of three independent non-executive directors[116] - The Audit Committee is responsible for reviewing the group's annual, semi-annual, and quarterly reports, as well as providing recommendations on the appointment and dismissal of external auditors[116] Shareholder Information - As of March 31, 2021, the major shareholder Access Cheer held 750,000,000 shares, representing 75% of the total shares[110] - The company’s issued and paid-up share capital as of March 31, 2021, was HKD 10,000 thousand, with 1,000,000,000 ordinary shares issued[59] - The company has adopted a share option scheme effective from February 26, 2018, which will remain valid for ten years[114] - No share options were granted, exercised, cancelled, or lapsed under the share option scheme during the period[115]

Financial Performance - Revenue for the three months ended December 31, 2020, was HKD 1,050,000, a decrease of 85% compared to HKD 7,010,000 for the same period in 2019[11] - The company reported a loss of HKD 914,000 for the three months ended December 31, 2020, compared to a profit of HKD 1,880,000 in the same period of 2019[11] - Basic and diluted loss per share was HKD 0.09 for the current period, down from earnings of HKD 0.19 per share in the previous year[11] - The company’s total comprehensive loss for the period was HKD 914,000, compared to a total comprehensive income of HKD 1,880,000 in the same period of 2019[11] - The net loss for the three months ended December 31, 2020, was approximately HKD 0.9 million, compared to a net profit of HKD 1.9 million for the same period in 2019[41] Other Income and Gains - Other income and gains for the same period amounted to HKD 3,650,000, significantly up from HKD 159,000 in 2019[11] - Other income included approximately HKD 3.1 million in realized and unrealized gains on financial assets measured at fair value, and HKD 0.3 million from the Hong Kong government's employment support scheme[35] - Foreign exchange gains contributed HKD 213,000 to other income, which was not reported in the same period of 2019[20] Equity and Investments - The total equity as of December 31, 2020, was HKD 44,410,000, a decrease from HKD 45,324,000 at the end of the previous period[13] - The total value of the equity investment portfolio held by the company was approximately HKD 15.0 million as of December 31, 2020[43] - The total value of financial assets measured at fair value through profit or loss increased by 31.9% from HKD 12,958,000 to HKD 15,035,000[52] - The significant investments in JD.com and Blue Moon Group accounted for less than 0.1% of the total assets, with JD.com valued at HKD 8,000,000 and Blue Moon Group at HKD 175,000,000[52] - The realized fair value gains for JD.com were HKD 134,000 and for Blue Moon Group were HKD 71,000, while other investments generated HKD 928,000 in realized gains[54] - The total unrealized fair value gains for the period amounted to HKD 2,077,000, indicating a strong performance compared to bank deposit interest income[54] - The major investments in the portfolio showed a return exceeding bank deposit interest income during the reporting period[54] Operating Expenses - The company incurred employee benefit expenses of HKD 4,533,000, an increase from HKD 3,904,000 in the previous year[11] - Employee benefit expenses increased to approximately HKD 4.5 million for the three months ended December 31, 2020, up from approximately HKD 3.9 million in 2019, primarily due to an increase in performance-related bonuses[36] - Other operating expenses for the three months ended December 31, 2020, were approximately HKD 0.7 million, a slight decrease from approximately HKD 1.0 million in 2019[37] Corporate Governance - The board of directors confirmed compliance with the GEM Listing Rules regarding corporate governance, with some deviations explained[57] - The audit committee has been established in accordance with GEM Listing Rules, consisting of three independent non-executive directors[74] - The audit committee is responsible for reviewing the group's annual, semi-annual, and quarterly reports, as well as providing recommendations on the appointment and dismissal of external auditors[74] - The unaudited consolidated performance for the three months ending December 31, 2020, has been reviewed by the audit committee[76] Market Conditions and Future Outlook - The company anticipates facing pressure in its operating environment due to the ongoing COVID-19 pandemic and geopolitical tensions, which may adversely affect its activities and transaction processes[32] - The management believes that providing high-quality advisory services will continue to create value for shareholders despite the challenging environment[32] - The company expects continued volatility in the stock market and will maintain a cautious approach to investment decisions to balance risk and return[54] Dividends - The company did not declare any dividends for the three months ended December 31, 2020, compared to HKD 0.004 per share in 2019[26] Advisory Services - The company generated advisory fees of HKD 980,000 from financial advisory services, down from HKD 6,260,000 in the prior year[19] - The number of institutional financing advisory transactions decreased to seven during the three months ended December 31, 2020, down approximately 66.7% from 21 transactions in the same period of 2019[34] Shareholding Structure - The major shareholder, Ms. Xie, holds a 75% stake in the company through Access Cheer Limited[64]

Financial Performance - For the fiscal year ending September 30, 2020, the group's revenue was approximately HKD 16.2 million, compared to HKD 10.7 million in 2019, representing a year-over-year increase of about 51.4%[26] - The company reported a profit attributable to owners of approximately HKD 5.6 million, a significant turnaround from a loss of approximately HKD 4.7 million in the previous fiscal year[26] - The group's revenue for the year ended September 30, 2020, was approximately HKD 16.2 million, an increase of about HKD 5.5 million or 51.4% compared to HKD 10.7 million in the previous year[32] - The institutional financing advisory business generated approximately HKD 15.9 million, up about 48.6% from HKD 10.7 million in the previous year, with 38 advisory transactions completed, a slight increase from 36 transactions in the prior year[31] - The group recorded a net profit of approximately HKD 5.6 million for the year, compared to a net loss of approximately HKD 4.7 million in the previous year, driven by increased revenue and other income[39] - Other income included realized and unrealized gains on financial assets at fair value of approximately HKD 7.5 million, with additional contributions from government employment support of HKD 0.5 million and bank interest income of HKD 0.3 million[33] Business Operations - The group primarily provides institutional financing advisory services in Hong Kong, with a focus on compliance with the Listing Rules and GEM Listing Rules[28] - The number of transactions related to the Takeovers Code and Listing Rules decreased slightly to approximately 460 transactions, down about 2.1% from approximately 470 transactions in the previous year[28] - The group does not hold client assets and only provides services to professional investors through its asset management subsidiary[27] - The company aims to enhance its market position by providing independent financial advisory services to public companies and investors in Hong Kong[28] - Future outlook includes potential growth in institutional financing advisory services as market conditions improve[28] - The company continues to explore opportunities for market expansion and strategic partnerships to enhance its service offerings[28] Cash and Investments - As of September 30, 2020, the group's cash and cash equivalents were approximately HKD 24.7 million, down from HKD 39.5 million in the previous year, with a current ratio of approximately 15.5 times[41] - The group held an equity investment portfolio valued at approximately HKD 17.9 million as of September 30, 2020, primarily consisting of major index constituents in Hong Kong and the United States[52] - The major investment in Meituan (stock code: 3690) accounted for 6.2% of the group's total assets, with a fair value of HKD 3,071 million as of September 30, 2020[53] - The total realized fair value gains for the year amounted to HKD 3,287 million, while unrealized gains were HKD 4,194 million[57] Dividends and Shareholder Returns - The board declared a special dividend of HKD 0.004 per share for the year, totaling HKD 0.008 per share when combined with the previous dividend, marking a return to dividend payments[40] - The special dividend declared for the year ended September 30, 2020, is HKD 0.4 per share, totaling HKD 0.8 per share including the dividend for the three months ended December 31, 2019[157] - As of September 30, 2020, the total distributable reserves available to equity shareholders amounted to approximately HKD 32.7 million, a decrease from HKD 33.5 million in 2019[162] Regulatory Compliance and Governance - The company is committed to maintaining compliance with regulatory requirements while expanding its advisory services[28] - The company has complied with all relevant laws and regulations during the year ended September 30, 2020, with no significant violations reported[177] - The board believes that high-quality advisory services are key to the company's success and aims to continue providing value to shareholders despite the challenges[73] - The board has established a diversity policy aimed at enhancing decision-making capabilities and efficiency during organizational changes[81] - The company has a strong internal governance structure and independent board oversight to ensure compliance with a strict and balanced remuneration framework[122] Risk Management - The company emphasizes the importance of effective risk management, which includes fostering a sense of responsibility among all individuals to identify and report risks[121] - The risk management and internal control systems have been reviewed and deemed sufficient and effective in financial control, operational and compliance control, and risk management functions[125] - The audit committee reviews the risk management and internal control reports annually from an independent external auditor[125] Human Resources - Employee benefit expenses amounted to approximately HKD 11.6 million, an increase of about HKD 0.7 million or 6.4% from HKD 10.9 million in the previous year, primarily due to increased performance-related bonuses[34] - The group employed 16 staff members as of September 30, 2020, maintaining the same number as in 2019[59] Future Outlook - The company anticipates that the performance for the first quarter ending December 31, 2020, will deteriorate significantly due to the ongoing pandemic and stricter government measures[73] - The company plans to continue developing its institutional financing advisory and asset management businesses, although with a more cautious and conservative approach in the coming year[31] Shareholder Communication - The company has established a shareholder communication policy to maintain ongoing dialogue with shareholders and investment groups[127] - The board of directors is committed to ensuring that shareholders can access all publicly available information in a timely manner[127]

Financial Performance - Revenue for the nine months ended June 30, 2020, was HKD 12,545,000, representing a 96% increase compared to HKD 6,398,000 for the same period in 2019[10] - Other income increased significantly to HKD 3,409,000 for the nine months ended June 30, 2020, compared to HKD 579,000 in the previous year, marking a 487% increase[10] - The company reported a profit before tax of HKD 4,098,000 for the nine months ended June 30, 2020, compared to a loss of HKD 4,665,000 in the same period of 2019[10] - Basic earnings per share for the nine months ended June 30, 2020, was HKD 0.41, a turnaround from a loss of HKD 0.47 per share in the previous year[10] - The company’s total comprehensive income for the nine months ended June 30, 2020, was HKD 4,098,000, a significant recovery from a total comprehensive loss of HKD 4,665,000 in the previous year[10] - The company recorded a profit attributable to owners of HKD 4,098 thousand for the nine months ended June 30, 2020, compared to a loss of HKD 4,665 thousand in the same period of 2019[29] - The company reported a net profit of approximately HKD 4.1 million for the nine months ended June 30, 2020, compared to a net loss of approximately HKD 4.7 million in the same period last year[43] Equity and Retained Earnings - Total equity as of June 30, 2020, was HKD 43,799,000, an increase from HKD 43,701,000 at the beginning of the period[11] - The company’s retained earnings improved to HKD 2,500,000 as of June 30, 2020, from a cumulative loss of HKD 1,598,000 at the beginning of the period[11] Expenses - The company incurred operating lease expenses of HKD 7,870,000 for the nine months ended June 30, 2020, down from HKD 8,687,000 in the previous year[10] - Financial expenses for the nine months ended June 30, 2020, totaled HKD 92,000, compared to no financial expenses in the same period of 2019[10] - Employee benefit expenses for the nine months ended June 30, 2020, were approximately HKD 7.9 million, a decrease of about HKD 0.8 million from approximately HKD 8.7 million in the previous year[38] - Other operating expenses for the nine months ended June 30, 2020, were approximately HKD 2.6 million, an increase from approximately HKD 2.2 million in the same period last year[42] Business Operations - The company continues to focus on institutional financing advisory services as its primary business operation[15] - The company’s financial advisor service revenue for the nine months ended June 30, 2020, was HKD 11,450 thousand, up from HKD 5,263 thousand in the same period of 2019, reflecting a 117% increase[22] - The number of institutional financing advisory transactions increased to 33 for the nine months ended June 30, 2020, a slight increase of 6.5% from 31 transactions in the same period last year[36] - The company anticipates that its financial services transaction processes will be affected to varying degrees due to the ongoing impact of the COVID-19 pandemic and economic uncertainties[34] - The company plans to adopt a cautious and conservative approach in its asset management business due to the challenging business environment[34] Shareholding and Management - As of June 30, 2020, Ms. Xie holds 750,000,000 shares, representing 75% of the total shares of the company[56] - Mr. Lin, as Ms. Xie's spouse, is also deemed to hold 750,000,000 shares, equivalent to 75% of the total shares[57] - No other directors or senior management have disclosed any interests or short positions in the company's shares as of June 30, 2020[61] - Access Cheer, a related corporation, has 750,000,000 shares held by Ms. Xie, which constitutes 75% of its total issued share capital[62] Audit and Compliance - The audit committee, consisting of three independent non-executive directors, is responsible for reviewing the group's financial reports and overseeing risk management[67] - The unaudited consolidated report for the nine months ending June 30, 2020, has been reviewed by the audit committee[68] Dividends - The company did not declare any dividends for the three months ended June 30, 2020, consistent with the previous year[28] - The board does not recommend the payment of a dividend for the three months ended June 30, 2020[47] Subsidiaries and Licenses - The company has established a wholly-owned subsidiary, Baoji Asset Management, which received a conditional license for regulated activities on May 21, 2020[31] Securities Transactions - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[65]

Financial Performance - The company reported revenue of HKD 10,210,000 for the six months ended March 31, 2020, representing a 133% increase compared to HKD 4,389,000 for the same period in 2019[15]. - The net profit attributable to the owners of the company for the six months ended March 31, 2020, was HKD 1,870,000, compared to a loss of HKD 3,939,000 in the same period of 2019[15]. - Basic earnings per share for the six months ended March 31, 2020, was HKD 0.19, a significant improvement from a loss of HKD 0.39 in the previous year[15]. - The company reported a net profit of HKD 1,870,000 for the six months ended March 31, 2020, compared to a loss of HKD 3,939,000 in the same period of the previous year, indicating a significant turnaround[22]. - Operating cash flow before tax profit/loss was HKD 2,501,000 for the six months ended March 31, 2020, compared to a loss of HKD 4,275,000 in the prior year[22]. - The company recorded a net profit of approximately HKD 1.9 million for the six months ended March 31, 2020, compared to a net loss of HKD 3.9 million in the same period last year[68]. Assets and Liabilities - The company’s total assets as of March 31, 2020, were HKD 43,642,000, slightly down from HKD 44,364,000 as of September 30, 2019[17]. - Cash and cash equivalents decreased to HKD 32,765,000 as of March 31, 2020, from HKD 39,532,000 as of September 30, 2019[17]. - The company’s total equity as of March 31, 2020, was HKD 41,571,000, a decrease from HKD 43,701,000 as of September 30, 2019[17]. - The company’s total liabilities included lease liabilities of approximately HKD 3,200,000 as of October 1, 2019, reflecting the new accounting standard[30]. - The company’s total liabilities decreased from HKD 1,569 million as of September 30, 2019, to HKD 241 million as of March 31, 2020[14]. Income and Expenses - The company incurred employee benefit expenses of HKD 5,781,000 for the six months ended March 31, 2020, down from HKD 6,739,000 in the same period of 2019[15]. - The company’s operating lease expenses for the six months ended March 31, 2020, were HKD 107,000, down from HKD 382,000 in the same period of 2019[15]. - Other operating expenses for the same period were approximately HKD 1.9 million, an increase from HKD 1.5 million in the previous year[66]. - The company recognized right-of-use assets of approximately HKD 3,200,000 upon the adoption of HKFRS 16[30]. Revenue Sources - Revenue from financial advisory services for the six months ended March 31, 2020, was HKD 9,400,000, an increase of 168% compared to HKD 3,509,880 for the same period in 2019[33]. - The company reported other income of HKD 278,000 for the six months ended March 31, 2020, down from HKD 406,000 in the same period of 2019[15]. - The company’s other income for the six months ended March 31, 2020, was approximately HKD 0.3 million, slightly down from HKD 0.4 million in the previous year[64]. Shareholder Information - The company paid dividends amounting to HKD 4,000,000 during the reporting period[24]. - The board did not recommend a dividend for the three months ended March 31, 2020[81]. - The group declared a dividend of HKD 0.004 per share, totaling HKD 4 million for the three months ended December 31, 2019[80]. Strategic Developments - The company established a wholly-owned subsidiary, Baoji Asset Management, to diversify its services and expand its revenue base, with an application for regulatory approval currently under review[58]. - The company is exploring potential acquisitions to strengthen its position in the fintech sector[113]. - A new strategic partnership was announced, expected to generate an additional HKD 150 million in revenue over the next year[113]. Market and Operational Insights - The number of institutional financing advisory transactions increased to 28, representing a growth of approximately 33.3% compared to 21 transactions in the same period last year[63]. - The number of corporate fundraising transactions increased to 108, up approximately 22.7% from 88 transactions in the same period last year[60]. - The company anticipates a challenging business environment due to tightened regulatory measures and economic uncertainties, particularly from the COVID-19 pandemic[61]. Governance and Compliance - The company has complied with the corporate governance code as per GEM listing rules, with some deviations explained[89]. - The audit committee consists of three independent non-executive directors, responsible for reviewing the group's financial reports and risk management[111]. - The audit committee has reviewed the unaudited consolidated report for the six months ended March 31, 2020[112].

Financial Performance - The group's revenue for the three months ended December 31, 2019, was HKD 7,010,000, a significant increase of 240% compared to HKD 2,059,000 in the same period of 2018[11] - The group reported a profit before tax of HKD 1,880,000, compared to a loss of HKD 3,576,000 in the same period last year, indicating a turnaround in performance[11] - Basic earnings per share for the period was HKD 0.19, compared to a loss per share of HKD 0.36 in the previous year[11] - The total comprehensive income attributable to owners of the company for the period was HKD 1,880,000, compared to a total comprehensive loss of HKD 3,576,000 in the same period last year[11] - The company reported a profit attributable to owners of HKD 1.88 million for the three months ended December 31, 2019, compared to a loss of HKD 3.58 million in the same period of 2018[31] - Net profit for the three months ended December 31, 2019, was approximately HKD 1.9 million, compared to a net loss of approximately HKD 3.6 million for the same period in 2018, primarily due to an increase in revenue of about HKD 5.0 million[43] Revenue Sources - The company generated advisory fee income of HKD 7.01 million, with financial advisory fees contributing HKD 6.26 million and independent financial advisory fees contributing HKD 0.75 million[24] - Other income for the period was HKD 159,000, a slight decrease from HKD 191,000 in the previous year[11] - Other income, primarily from bank interest, was approximately HKD 0.16 million for the three months ended December 31, 2019, compared to HKD 0.19 million in the same period of 2018[25] Employee Expenses - Employee benefit expenses decreased to HKD 3,904,000 from HKD 4,812,000, reflecting a reduction of approximately 19%[11] - Employee benefits expenses amounted to approximately HKD 3.9 million, a decrease of about HKD 0.9 million compared to HKD 4.8 million in the same period of 2018[40] Dividends - The board declared a dividend of HKD 0.004 per share for the three months ended December 31, 2019, compared to no dividend in the same period of 2018[28] - The board declared a dividend of HKD 0.004 per share for the three months ended December 31, 2019, compared to no dividend in 2018[44] Business Operations - The company continues to focus on institutional financing advisory services as its primary business operation[15] - The number of institutional financing advisory transactions increased to 21 during the three months ended December 31, 2019, a 50% increase from 14 transactions in the same period of 2018[38] - The number of transactions related to the Takeovers Code increased by approximately 7.7% to about 140 transactions from 130 transactions in the same period of 2018[35] - The company plans to diversify its business by establishing a wholly-owned subsidiary, Baoji Asset Management, to provide asset management services, pending regulatory approval[33] Regulatory and Economic Environment - The company anticipates challenges in its business environment due to tightened regulatory measures and economic uncertainties, including the impact of the COVID-19 outbreak[36] - The company expects overall business uncertainty and adverse impacts due to the weak economic conditions in Hong Kong[36] Assets and Liabilities - The group recognized right-of-use assets amounting to approximately HKD 3.2 million upon adopting the new accounting standard for leases[20] - Lease liabilities were recorded at approximately HKD 1.2 million and HKD 2 million under other payables and non-current liabilities, respectively[20] - The group’s total equity as of December 31, 2019, was HKD 41,581,000, down from HKD 45,267,000 a year earlier[12] - As of December 31, 2019, the group had no significant investments[46] Corporate Governance - The company complied with the corporate governance code during the three months ended December 31, 2019, with some exceptions noted[48] - The Audit Committee consists of three independent non-executive directors, chaired by Mr. Zeng Chong[65] - The main responsibilities of the Audit Committee include reviewing the group's annual, semi-annual, and quarterly reports, and providing recommendations on the appointment and dismissal of external auditors[67] - The Audit Committee has reviewed the unaudited consolidated performance of the group for the three months ended December 31, 2019[68] Other Information - The company did not purchase, sell, or redeem any of its listed securities during the period[63] - The company has not disclosed any new product developments or market expansion strategies in the provided content[47] - The company recorded an increase in depreciation of property, plant, and equipment of approximately HKD 0.4 million, with HKD 0.3 million attributed to the application of the new and revised Hong Kong Financial Reporting Standard 16[43]

Financial Performance - For the fiscal year ending September 30, 2019, the group's revenue was approximately HKD 10.7 million, a decrease from HKD 22.2 million in 2018, representing a decline of about 52.1%[29] - The company reported a loss attributable to owners of approximately HKD 4.7 million, compared to a profit of HKD 1.0 million for the fiscal year ending September 30, 2018[29] - Revenue for the year ended September 30, 2019, was approximately HKD 10.7 million, a decrease of about HKD 11.5 million or 51.8% compared to approximately HKD 22.2 million for the same period last year[35] - The group recorded a net loss of approximately HKD 4.7 million for the year, compared to a profit of approximately HKD 1.0 million in the previous year[41] - Cash and cash equivalents as of September 30, 2019, were approximately HKD 39.5 million, down from approximately HKD 45.8 million in 2018[43] - The total distributable reserves as of September 30, 2019, amounted to approximately HKD 33.5 million, an increase from HKD 22.8 million in 2018[165] Advisory Services and Market Conditions - The group primarily provides institutional financing advisory services in Hong Kong, regulated under the Securities and Futures Ordinance[30] - The company acts as a financial advisor for public listings and mergers and acquisitions, focusing on compliance with the Stock Exchange's listing rules[30] - Regulatory tightening and economic uncertainties, including China's capital outflow controls and US-China trade conflicts, have adversely affected merger and acquisition activities and corporate fundraising in Hong Kong[31] - The number of institutional financing advisory transactions decreased from 47 to 36, representing a decline of approximately 23.4% year-on-year[35] Operating Expenses and Employee Benefits - Employee benefits expenses increased to approximately HKD 10.9 million, a rise of about HKD 0.9 million or 9.0% compared to approximately HKD 10.0 million last year[38] - Other operating expenses rose to approximately HKD 4.2 million from approximately HKD 3.6 million, mainly due to increased fees paid to professionals[39] Corporate Governance - The company has complied with all corporate governance codes, with a balanced composition of executive and independent non-executive directors on the board[72] - The board of directors remains unchanged this year, consisting of 4 executive directors and 3 independent non-executive directors, ensuring a balanced composition in terms of skills and experience[75] - The company has adopted a dividend policy that requires maintaining sufficient reserves to meet current and future operational and capital requirements, with no predetermined dividend payout ratio[81] - The nomination committee, established in February 2018, is responsible for reviewing the board's structure and composition, and has met once during the fiscal year ending September 30, 2019[82][87] - The remuneration committee, also established in February 2018, has reviewed the company's remuneration policy and the compensation of executive directors and senior management during the fiscal year[89][90] Risk Management - The group recognizes that risk is an inherent part of its business activities, particularly in providing institutional financing advisory services, and aims to balance client interests with the group's safety and stability[114] - The risk management approach covers multiple areas, including credit, market, liquidity, operational, compliance, legal, capital, and reputational risks, with controls established for each area[115] - The audit committee has reviewed the risk management and internal control systems and found them sufficient and effective in financial control, operational, and compliance control[120] - No significant control deficiencies were identified during the risk management and internal control review conducted during the year[121] Future Plans and Growth Strategy - The company plans to establish a wholly-owned subsidiary, Baoji Asset Management, to diversify its services and expand its revenue base, pending regulatory approval[68] - The company is optimistic about future growth, projecting a revenue increase of 20% for the next fiscal year[138] - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[138] - The management team has identified potential acquisition targets to bolster service offerings and client base[138] - The company has implemented new strategies to improve operational efficiency, aiming for a 10% reduction in costs[138] Shareholder Communication and Compliance - The board has established a shareholder communication policy to maintain ongoing dialogue with shareholders and investment groups[122] - The company complied with all relevant laws and regulations during the year, with no significant violations reported[179] - The company has maintained a public float of at least 25% of its total issued shares as required by GEM listing rules[105] Donations and Dividends - The group made donations totaling approximately HKD 0.5 million during the year, a decrease from HKD 1.1 million in 2018[172] - The group did not recommend any final dividend for the year[160]