Financial Performance - For the nine months ended June 30, 2019, the total revenue was HKD 6,398,000, a decrease of 61.8% compared to HKD 16,730,000 for the same period in 2018[10]. - The company reported a loss before tax of HKD 4,665,000 for the nine months ended June 30, 2019, compared to a loss of HKD 1,531,000 for the same period in 2018[10]. - The basic and diluted loss per share for the nine months ended June 30, 2019, was HKD (0.47), compared to HKD (0.28) for the same period in 2018[10]. - Total comprehensive loss for the nine months ended June 30, 2019, was HKD (4,665,000), compared to a total comprehensive loss of HKD (2,484,000) for the same period in 2018[10]. - The company incurred a loss attributable to owners of HKD 4,665,000 for the nine months ended June 30, 2019, compared to a loss of HKD 2,484,000 for the same period in 2018[27]. - Net loss for the nine months ended June 30, 2019, was approximately HKD 4.7 million, an increase from a net loss of approximately HKD 2.5 million for the same period last year[39]. - The increase in net loss was primarily due to a decrease in revenue of approximately HKD 10.3 million and a reduction in listing expenses and income tax expenses of approximately HKD 5.5 million and HKD 0.9 million, respectively[39]. Revenue and Income - The company recorded other income of HKD 579,000 for the nine months ended June 30, 2019, significantly higher than HKD 99,000 for the same period in 2018[10]. - Revenue for the nine months ended June 30, 2019, was approximately HKD 6.4 million, a decrease of about HKD 10.3 million or 61.7% compared to HKD 16.7 million for the same period last year[34]. - Other income for the nine months ended June 30, 2019, included bank interest income of approximately HKD 0.6 million, compared to none in 2018[35]. Expenses - Employee benefit expenses decreased to HKD 8,687,000 for the nine months ended June 30, 2019, down 7.4% from HKD 9,383,000 in the previous year[10]. - The company incurred operating lease expenses of HKD 599,000 for the nine months ended June 30, 2019, compared to HKD 579,000 for the same period in 2018[10]. - The company did not incur any listing expenses during the nine months ended June 30, 2019, compared to HKD 5,569,000 in the previous year[10]. - Other operating expenses for the nine months ended June 30, 2019, were approximately HKD 2.2 million, down from approximately HKD 2.7 million for the same period in 2018[37]. - The company’s auditor remuneration decreased to HKD 188,000 for the nine months ended June 30, 2019, compared to HKD 143,000 for the same period in 2018[23]. Equity and Dividends - The company's total equity as of June 30, 2019, was HKD 44,178,000, down from HKD 48,843,000 as of October 1, 2018[11]. - The company did not declare any dividends for the nine months ended June 30, 2019, consistent with the previous year[25]. - The company did not recommend the payment of dividends for the nine months ended June 30, 2019[41]. Market and Strategic Initiatives - The company aims to expand its market presence and enhance its operational capabilities through strategic initiatives in the coming quarters[12]. - The company plans to expand its capabilities in providing quality institutional financing advisory services, which remain its primary source of revenue[31]. - The number of corporate fundraising transactions in Hong Kong decreased to approximately 149, down 39.4% from about 246 transactions in the same period last year[32]. - The company’s advisory service fees further declined due to intensified pricing competition and a weak institutional financing advisory market[32]. - The number of transactions related to the Takeovers Code decreased by approximately 12.7% to about 345 transactions compared to 395 transactions in the same period last year[32]. - The number of institutional financing advisory transactions handled decreased to 31, down approximately 24.4% from 41 transactions in the same period last year[34]. Governance and Compliance - The audit committee consists of three independent non-executive directors, with Mr. Zeng Chong serving as the chairman[58]. - The audit committee's main responsibilities include reviewing the group's annual, semi-annual, and quarterly reports, as well as overseeing risk management and internal control systems[58]. - The group reviewed its unaudited consolidated performance for the nine months ending June 30, 2019[58]. - The company did not adopt any new or revised Hong Kong Financial Reporting Standards that would have a significant impact on its financial statements[20]. Investments - There were no significant investments made during the period[40]. - The company had no purchases, sales, or redemptions of its listed securities during the period[55].

Financial Performance - For the six months ended March 31, 2019, the company reported revenue of HKD 4,389,000, a decrease of 53.8% compared to HKD 9,505,000 for the same period in 2018[16]. - The company incurred a loss before tax of HKD 3,939,000 for the six months ended March 31, 2019, compared to a loss of HKD 4,822,000 for the same period in 2018, representing an improvement of 18.4%[16]. - The total comprehensive loss attributable to owners of the company for the six months ended March 31, 2019, was HKD 3,939,000, compared to HKD 5,114,000 for the same period in 2018, indicating a reduction of 23.0%[16]. - The company reported a total loss of HKD 3,939,000 for the six months ended March 31, 2019, compared to a loss of HKD 4,822,000 for the same period in 2018, representing a 18.3% improvement in loss[19]. - The group reported a net loss of approximately HKD 3.9 million for the six months ended March 31, 2019, a decrease from a net loss of HKD 5.1 million for the same period in 2018, primarily due to reduced revenue and lower listing and tax expenses[83]. Assets and Liabilities - As of March 31, 2019, the company's total assets amounted to HKD 45,681,000, a decrease from HKD 50,983,000 as of September 30, 2018[17]. - The company's net asset value as of March 31, 2019, was HKD 44,904,000, down from HKD 48,843,000 as of September 30, 2018, reflecting a decline of 8.0%[17]. - The company’s total liabilities as of March 31, 2019, were HKD 535,000, a decrease from HKD 1,968,000 as of September 30, 2018, indicating improved financial stability[17]. - The company's total equity as of March 31, 2019, was HKD 44,904,000, down from HKD 48,843,000 as of October 1, 2018, reflecting a decrease of 8.4%[19]. - Trade receivables as of March 31, 2019, were HKD 1,875,000, down from HKD 4,727,000 as of September 30, 2018, reflecting a decrease of 60.3%[61]. Cash Flow and Financing - Operating cash flow for the six months ended March 31, 2019, was a net outflow of HKD 4,240,000, compared to a net outflow of HKD 1,583,000 in the previous year, indicating a worsening cash flow situation[21]. - The company did not generate any cash inflow from financing activities in the six months ended March 31, 2019, compared to an inflow of HKD 40,089,000 in the same period of 2018[23]. - The company’s cash and cash equivalents as of March 31, 2019, were HKD 41,920,000, a decrease from HKD 45,754,000 as of September 30, 2018[17]. - Cash and cash equivalents decreased to HKD 41,920,000 as of March 31, 2019, from HKD 45,754,000 at the beginning of the period, a decline of 8.1%[23]. - The net proceeds from the initial public offering amounted to approximately HKD 29.0 million, with HKD 0.3 million utilized during the review period, leaving approximately HKD 26.5 million in short-term deposits[94]. Employee Expenses - Employee benefit expenses for the six months ended March 31, 2019, were HKD 6,739,000, an increase of 15.9% compared to HKD 5,807,000 for the same period in 2018[16]. - Employee benefit expenses amounted to approximately HKD 6.7 million, an increase of about HKD 0.9 million from approximately HKD 5.8 million in the same period last year, mainly due to salary adjustments and hiring of professional staff[80]. - The group employed 16 staff members as of March 31, 2019, consistent with the previous year, and provided comprehensive training programs for employees[92]. Revenue Recognition and Accounting Standards - The group adopted HKFRS 15 on October 1, 2018, leading to changes in accounting policies with no significant impact on revenue recognition[35]. - The group confirmed revenue upon the transfer of control of goods or services to customers, aligning with the five-step model introduced by HKFRS 15[38]. - The adoption of HKFRS 15 did not have a significant impact on the group's financial performance or position[48]. - The group’s revenue recognition practices now include criteria for recognizing revenue over time based on specific performance obligations[41]. - As of March 31, 2019, adjustments related to HKFRS 15 included a reclassification of contract liabilities amounting to HKD 279,000[45]. Corporate Governance and Compliance - The company has complied with the corporate governance code as per GEM Listing Rules Appendix 15 for the six months ending March 31, 2019, with some deviations explained[101]. - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and risk management[119]. - The audit committee has reviewed the unaudited consolidated results of the group for the six months ending March 31, 2019[122]. - The company has confirmed compliance with the trading regulations for directors during the reporting period[102]. Market Conditions and Future Outlook - The company anticipates a continued decline in corporate fundraising and merger activities due to tightened regulatory measures and economic uncertainties[76]. - The group has observed a significant decrease in IPO activity, with only 43 successful listings from January to March 2019, down approximately 37.7% from the previous year[98]. - The group plans to delay the establishment of its IPO team until regulatory and economic conditions become clearer, reflecting a prudent approach to its expansion strategy[99].

Financial Performance - The group's revenue for the three months ended December 31, 2018, was HKD 2,059,000, a decrease of 52.7% compared to HKD 4,345,000 for the same period in 2017[11] - The group reported a loss before tax of HKD 3,576,000, significantly higher than the loss of HKD 256,000 in the prior year[11] - Basic and diluted loss per share for the period was HKD 0.36, compared to HKD 0.03 for the same period in 2017[11] - The total comprehensive loss for the period attributable to owners of the company was HKD 3,576,000, compared to HKD 239,000 in the previous year[11] - The net loss attributable to shareholders for the three months ended December 31, 2018, was approximately HKD 3.6 million, compared to a net loss of HKD 0.2 million for the same period in 2017[37] Revenue Sources - Other income for the same period was HKD 191,000, compared to no other income reported in the previous year[11] - The group’s financial advisory fees generated revenue of HKD 1,729,000, a decrease of 60.2% from HKD 4,345,000 in the previous year[20] - The independent financial advisory services contributed HKD 330,000 in revenue, with no revenue reported in the same period last year[20] - Revenue for the three months ended December 31, 2018, was approximately HKD 2.1 million, a decrease of about HKD 2.2 million or 51.2% compared to HKD 4.3 million for the same period in 2017[32] Employee Expenses - Employee benefits expenses increased to HKD 4,812,000 from HKD 4,101,000, reflecting a rise of 17.3% year-over-year[11] - Employee benefit expenses amounted to approximately HKD 4.8 million, an increase of about HKD 0.7 million compared to HKD 4.1 million for the same period in 2017[34] Operational Focus - The company’s operational focus remains on providing institutional financing advisory services, with no new products or technologies reported in this quarter[16] - The company anticipates continued market decline and uncertainty affecting its institutional financing advisory services[31] - The number of institutional financing advisory transactions increased to 14 during the period, up 27.3% from 11 transactions in the same period of 2017[32] Shareholder Information - The company’s total equity as of December 31, 2018, was HKD 45,267,000, down from HKD 48,843,000 at the beginning of the period[13] - As of December 31, 2018, Ms. Xie holds 750,000,000 shares, representing 75% of the total shares in the company[47] - Mr. Lin, as Ms. Xie's spouse, also holds 750,000,000 shares, equating to 75% of the total shares[48] Corporate Governance - The company has established an audit committee in compliance with GEM Listing Rules, consisting of three independent non-executive directors[57] - The audit committee reviewed the unaudited consolidated results for the three months ended December 31, 2018[60] - There were no disclosures of interests or short positions in shares or debentures of the company by directors or senior management as of December 31, 2018[50] - No major shareholders or other individuals disclosed interests in the company's shares or related shares as of December 31, 2018[54] - The compliance advisor reported no interests in the company's equity by itself or its close associates as of December 31, 2018[56] Other Information - The company did not declare any dividends for the three months ended December 31, 2018, consistent with the same period in 2017[26] - Other operating expenses for the three months ended December 31, 2018, were approximately HKD 0.8 million, compared to HKD 0.3 million for the same period in 2017[36] - The number of M&A transactions in Hong Kong decreased by approximately 19.6% to about 131 transactions from 163 transactions in the same period of 2017[30] - The company has no significant investments as of December 31, 2018[39] - The company did not purchase, sell, or redeem any of its listed securities during the period[55] - The company has not engaged in any transactions that would constitute competition with its business during the period[47] - No significant contracts were established by directors or their close associates that would impact the group's business during the period[43]