Financial Performance - Total revenue for the three months ended December 31, 2022, was HKD 1,799,000, a decrease of 26.3% compared to HKD 2,441,000 for the same period in 2021[6] - The company reported a pre-tax loss of HKD 2,979,000 for the three months ended December 31, 2022, compared to a pre-tax loss of HKD 1,078,000 for the same period in 2021, representing an increase in loss of 176.5%[6] - Basic and diluted loss per share for the period was HKD 0.29, compared to HKD 0.11 for the same period in 2021, indicating a significant increase in loss per share[6] - The company reported a loss attributable to shareholders of HKD 2,979,000 for the three months ended December 31, 2022, compared to a loss of HKD 1,078,000 for the same period in 2021[21] - The group recorded a net loss of approximately HKD 3.0 million for the three months ended December 31, 2022, compared to a net loss of HKD 1.1 million for the same period in 2021[41] Employee Expenses - Employee benefit expenses increased to HKD 3,411,000 for the three months ended December 31, 2022, from HKD 2,605,000 in the same period of 2021, reflecting a rise of 30.9%[6] - Employee benefit expenses increased to approximately HKD 3.4 million, up by about HKD 0.8 million from HKD 2.6 million in the same period of 2021, primarily due to increased performance-related bonuses[38] Other Income and Expenses - Other income for the three months ended December 31, 2022, was HKD 216,000, compared to HKD 39,000 in the same period of 2021, showing a substantial increase[16] - The company incurred a net loss of HKD 841,000 from other income and expenses for the three months ended December 31, 2022, compared to a gain of HKD 26,000 in the same period of 2021[16] - Other income included bank interest income of approximately HKD 0.08 million and government subsidies of approximately HKD 0.03 million, while net losses from financial assets amounted to approximately HKD 1.0 million[37] - Other operating expenses for the three months ended December 31, 2022, were approximately HKD 0.4 million, a decrease of HKD 0.2 million from HKD 0.6 million in the same period of 2021[39] Equity and Capital - The company’s total equity as of December 31, 2022, was HKD 29,305,000, an increase from HKD 30,816,000 as of December 31, 2021[8] - The company raised HKD 9,675,000 through the issuance of shares during the period, contributing to the increase in total equity[8] - As of December 31, 2022, the group's equity investment portfolio had a total book value of approximately HKD 1.3 million, down from HKD 14.3 million as of September 30, 2022[43] - The group completed a placement of 100,000,000 new shares at HKD 0.10 per share on December 5, 2022, raising net proceeds of approximately HKD 9.7 million for general working capital[48] - The group will adopt a cautious approach to capital investments in light of ongoing global stock market volatility[47] Business Environment and Strategy - The company faced a challenging business environment due to the COVID-19 pandemic, the war between Russia and Ukraine, and rising interest rates by the US Federal Reserve[25] - The company is actively exploring and expanding new business areas, including asset management advisory services and securities trading advisory services[32] - The company has adopted a competitive pricing strategy while maintaining high-quality service to clients amid intense price competition in the corporate finance sector[29] - The company believes that its current underperformance is temporary and expects gradual improvement in performance as the pandemic recedes and travel restrictions ease[34] - The company’s financial performance indicates a need for strategic reassessment to address the significant increase in losses and declining revenues[6] Corporate Governance - The company has established an Audit Committee in compliance with GEM Listing Rules, focusing on financial reporting and risk management[62] - The Audit Committee, composed of three independent non-executive directors, reviewed the unaudited consolidated results for the three months ended December 31, 2022[64] - The company maintains compliance with the Securities and Futures Ordinance regarding shareholder disclosures[63] - The report was issued on February 13, 2023, indicating ongoing corporate governance practices[65] - The company is led by a diverse board of directors, including both executive and independent non-executive members[65] Dividends and Shareholder Information - The company has not declared any dividends for the three months ended December 31, 2022, consistent with the previous year[19] - The board did not recommend the declaration of a dividend for the three months ended December 31, 2022[42] - No major shareholders or other individuals were reported to have interests in the company's shares as of December 31, 2022[60] - The company did not purchase, sell, or redeem any of its listed securities during the reporting period[61] - As of December 31, 2022, Access Cheer holds 750,000,000 shares, representing 68.18% of the total shares[58] - China Economic Special Zone Development Limited and Standard Capital Group Limited each hold 100,000,000 shares, accounting for 9.09% of the total shares[58] Contractual Agreements - The company successfully secured 8 new corporate finance advisory contracts with a total contract value of approximately HKD 3.4 million during the three months ended December 31, 2022[29] - As of February 13, 2023, the total value of unfinished corporate finance advisory contracts reached approximately HKD 9.1 million, exceeding the revenue for the fiscal years ended September 30, 2021, and September 30, 2022[34] - The investment advisory services generated revenue of HKD 300,000 for the fiscal year ended September 30, 2022[30] Future Developments - The company has engaged legal advisors to prepare documentation for an equity investment fund, with negotiations expected to resume in early 2023[32] - The company has not disclosed any new product developments or market expansion strategies in the current report[64]

Financial Performance - For the fiscal year ending September 30, 2022, the group's revenue was approximately HKD 7.7 million, compared to HKD 5.6 million in 2021, representing a year-over-year increase of about 37.5%[23] - The loss attributable to equity shareholders was approximately HKD 9.3 million for the fiscal year, slightly improved from a loss of HKD 9.4 million in the previous year[23] - The company's revenue for the year ended September 30, 2022, was approximately HKD 7.7 million, an increase of about 37.5% compared to HKD 5.6 million in the previous year, primarily due to an increase in institutional financing advisory transactions[40] - The institutional financing advisory services generated a total of approximately HKD 6.9 million in outstanding contract fees as of December 20, 2022, representing about 123.2% and 89.6% of the revenues for the fiscal years ended September 30, 2021, and 2022, respectively[38] - The company achieved a significant improvement in its corporate finance advisory services, with revenues growing nearly 33.7% for the year ended September 30, 2022[33] - The company reported a net loss of approximately HKD 9.3 million for the year ended September 30, 2022, compared to a net loss of about HKD 9.4 million for the year ended September 30, 2021[49] Impact of COVID-19 - The group faced adverse impacts from the COVID-19 pandemic, including the fifth wave outbreak in Hong Kong and lockdowns in major Chinese cities, which limited business opportunities and reduced transaction volumes[28] - The board noted that several significant transactions pursued by the group were delayed or canceled due to tightened measures in Hong Kong and the pandemic's impact on clients[29] - The group is optimistic about future business prospects as the Hong Kong government significantly relaxed pandemic measures in September 2022, and the Chinese government began easing restrictions in December 2022[29] Cash and Liquidity - As of September 30, 2022, the group's cash and cash equivalents were approximately HKD 17.5 million, down from HKD 18.9 million in 2021[51] - The current ratio was approximately 3.2 times as of September 30, 2022, compared to 3.9 times in 2021[51] - The debt-to-equity ratio increased to approximately 48.0% in 2022 from 31.8% in 2021[51] - The group pledged approximately HKD 14.3 million of listed stocks for loans as of September 30, 2022, down from HKD 21.2 million in 2021[56] - The total value of the equity investment portfolio was approximately HKD 14.3 million as of September 30, 2022, compared to HKD 21.2 million in 2021[62] Corporate Governance - The board is committed to maintaining high corporate governance standards and has complied with all provisions of the GEM Listing Rules throughout the year[93] - The board consists of five executive directors and three independent non-executive directors, ensuring a balanced composition[96] - The company has adopted a dividend policy that requires maintaining sufficient reserves to meet current and future operational and capital requirements[102] - The nomination committee has been established to review the board's structure and composition, ensuring diversity and independence among directors[103] - The company has achieved most measurable targets under its board diversity policy during the year[104] - The Nomination Committee held one meeting during the fiscal year ending September 30, 2022, to consider the re-election of directors and to review the board's structure and composition[107] - The Remuneration Committee, consisting of three members, reviewed the company's remuneration policy and the compensation of executive directors and senior management during one meeting in the fiscal year ending September 30, 2022[112] - The Audit Committee conducted four meetings in the fiscal year ending September 30, 2022, to discuss the reappointment of external auditors and to review the financial statements for the year ended September 30, 2021, and the unaudited financial statements for the three, six, and nine months ending December 31, 2021, March 31, 2022, and June 30, 2022, respectively[115] Risk Management - The company faces significant risks including reliance on key authorized personnel, potential client withdrawals, defaults, and adverse economic conditions affecting financial service transactions[90] - The group has established a risk management system to balance client interests with the safety and soundness of the group[139] - The audit committee reviewed the risk management and internal control systems for the year ended September 30, 2022, and found them sufficient and effective in financial, operational, and compliance controls[143] - The company has not identified any significant control deficiencies based on the risk management and internal control review conducted during the year[144] Employee and Training - Employee benefit expenses for the year ended September 30, 2022, were approximately HKD 8.0 million, a decrease of about HKD 2.5 million from HKD 10.5 million in the previous year[42] - The group employed 13 staff members as of September 30, 2022, down from 16 in 2021[89] - The company views employees as a valuable asset and adheres to labor laws, providing good benefits and ongoing professional training[194] - The company secretary has completed over 15 hours of relevant professional training to update skills and knowledge as required by GEM listing rules[150] Shareholder Communication - The board has established a shareholder communication policy to maintain ongoing dialogue with shareholders and investor groups, ensuring timely access to publicly available information[145] - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting within two months of submission[148] Donations and Social Responsibility - The group made donations totaling approximately HKD 0.3 million during the year, down from HKD 0.5 million in 2021[185] Miscellaneous - The company did not recommend the declaration of a final dividend for the year ended September 30, 2022[50] - The group did not have any significant capital commitments or contingent liabilities as of September 30, 2022[59] - The group did not have any specific major investment or capital asset plans as of September 30, 2022[57] - The company has not purchased, sold, or redeemed any of its listed shares during the year[131] - The group reported no issuance of debt securities for the year ended September 30, 2022[184] - The financial performance and position of the group as of September 30, 2022, are detailed in the consolidated financial statements on pages 69 to 71[173] - The group’s reserves underwent changes as detailed in the consolidated statement of changes in equity on page 72[178] - The company has complied with all relevant laws and regulations with no significant violations reported for the fiscal year ending September 30, 2022[193] - The board is responsible for the group's environmental, social, and governance (ESG) strategy and reporting, ensuring compliance with ESG risk management and internal control systems[192] - The remuneration policy for executive directors is based on skills, knowledge, performance, and market conditions[127] - The company has delegated its internal audit function to an independent external verification provider[140] - The board regularly reminds management of the GEM listing rules regarding the handling and disclosure of inside information[140] - The external auditor's fee for audit services provided to the group for the year ended September 30, 2022, was HKD 250,000[124] - The board confirmed its responsibility for preparing the consolidated financial statements for the year ended September 30, 2022, ensuring they reflect the group's financial position fairly and accurately[125] - The group maintained a public float of at least 25% of its total issued shares as required by GEM listing rules[128] - The company has a diverse board with members holding various professional qualifications and extensive experience in finance and corporate governance[159] - The total distributable reserves as of September 30, 2022, amounted to approximately HKD 12.6 million, a decrease from HKD 21.9 million in 2021[179] - The top five customers contributed approximately 65.0% of total revenue for the year ended September 30, 2022, compared to 56.3% in 2021[186] - The largest customer accounted for about 19.4% of total revenue in the year ended September 30, 2022, up from 18.3% in 2021[186] - The company adopted a share option scheme in February 2018, but no options have been granted under the scheme since its adoption[200]

Financial Performance - Total revenue for the nine months ended June 30, 2022, was HKD 5,441,000, an increase of 19.1% compared to HKD 4,566,000 for the same period in 2021[10] - The company reported a net loss attributable to equity shareholders of HKD 6,331,000 for the nine months ended June 30, 2022, compared to a loss of HKD 4,883,000 for the same period in 2021, representing a 29.6% increase in losses[10] - Revenue from financial advisory services was HKD 4,521,000 for the nine months ended June 30, 2022, up 16.7% from HKD 3,873,000 in the same period of 2021[19] - The company incurred total operating expenses of HKD 6,251,000 for the nine months ended June 30, 2022, a decrease of 26.9% from HKD 8,562,000 in the previous year[10] - The basic and diluted loss per share for the nine months ended June 30, 2022, was HKD 0.63, compared to HKD 0.49 for the same period in 2021, indicating a worsening in per-share performance[10] - Other income for the nine months ended June 30, 2022, was HKD 193,000, down 67.5% from HKD 594,000 in the same period of 2021[10] - The company’s total comprehensive loss for the nine months ended June 30, 2022, was HKD 6,331,000, compared to a total comprehensive loss of HKD 4,883,000 for the same period in 2021[12] - The company reported a pre-tax loss of HKD 2,500,000 for the three months ended June 30, 2022, compared to a profit of HKD 2,440,000 for the same period in 2021[28] - The company's total revenue from corporate finance advisory services increased by approximately 12.6% for the nine months ended June 30, 2022, compared to the previous year[35] - The company recorded a loss of HKD 3,348,000 from financial assets measured at fair value through profit or loss for the nine months ended June 30, 2022[21] - The group incurred a net loss of approximately HKD 6.3 million for the nine months ended June 30, 2022, compared to a net loss of approximately HKD 4.9 million in the previous year[47] Equity and Dividends - The company’s total equity as of June 30, 2022, was HKD 25,563,000, a decrease from HKD 31,894,000 as of October 1, 2021[12] - The company did not declare any dividends for the nine months ended June 30, 2022, consistent with the previous year[26] - No dividends were declared for the nine months ended June 30, 2022, consistent with the previous year[52] Operating Environment - The company experienced significant delays and cancellations of major transactions due to the tightening measures in Hong Kong and lockdowns in China, impacting business opportunities[34] - The company faced challenges in its business environment due to the ongoing COVID-19 pandemic and geopolitical tensions, leading to a cautious outlook for future operations[34] Employee and Operating Expenses - Employee benefit expenses were approximately HKD 6.3 million, a decrease of about HKD 2.3 million from HKD 8.6 million for the nine months ended June 30, 2021[45] - Other operating expenses for the nine months ended June 30, 2022, were approximately HKD 1.5 million, down from HKD 2.2 million in the same period last year[46] Investment and Future Plans - The total return from the securities market investments since the initial investment date in March 2020 until June 30, 2022, was approximately HKD 3.4 million, with a return rate of about 28.3%[37] - The group expects to establish an equity investment fund with a target size between HKD 100 million and HKD 150 million, which could generate significant management fee income if successfully launched[38] Corporate Governance - The company has complied with the corporate governance code as per GEM Listing Rules Appendix 15 for the nine months ending June 30, 2022, with some deviations explained[54] - The company has established an audit committee in compliance with GEM Listing Rules, consisting of three independent non-executive directors[72] - The audit committee has reviewed the unaudited consolidated results for the nine months ending June 30, 2022[75] Shareholding and Securities - As of June 30, 2022, Ms. Xie and Mr. Lin each hold 750,000,000 shares, representing 75% of the total shares of the company[62][63] - The company has not purchased, sold, or redeemed any of its listed securities during the reporting period[69] - The stock option plan, effective from February 26, 2018, remains valid for ten years, allowing the company to grant options to specified participants[70] - No stock options have been granted, exercised, canceled, or lapsed under the stock option plan as of the end of the reporting period[71] - The company has not disclosed any interests or short positions in shares or debentures that require notification under the Securities and Futures Ordinance as of June 30, 2022[66]

Financial Performance - Revenue for the six months ended March 31, 2022, was HKD 4,369,000, compared to HKD 1,970,000 for the same period in 2021, representing a 121% increase[17]. - The net loss before tax for the six months ended March 31, 2022, was HKD 3,831,000, a reduction from a loss of HKD 7,323,000 in the same period of 2021, indicating a 48% improvement[17]. - The company reported a basic and diluted loss per share of HKD 0.38 for the six months ended March 31, 2022, compared to HKD 0.73 for the same period in 2021, indicating a 48% improvement[17]. - For the six months ended March 31, 2022, the company reported a loss attributable to equity shareholders of HKD 3,831,000, compared to a loss of HKD 7,323,000 for the same period in 2021, representing a 47.7% improvement in losses year-over-year[52]. - The net loss for the six months ended March 31, 2022, was approximately HKD 3.8 million, a decrease from HKD 7.3 million in 2021, attributed to increased revenue and reduced employee benefit expenses[88]. Assets and Liabilities - Total assets as of March 31, 2022, were HKD 37,125,000, down from HKD 41,836,000 as of September 30, 2021, reflecting a decrease of 11.5%[20]. - The total equity as of March 31, 2022, was HKD 28,063,000, down from HKD 31,894,000 as of September 30, 2021, representing a decrease of 12.2%[23]. - The company’s non-current assets decreased to HKD 302,000 from HKD 1,036,000, a decline of 70.9%[20]. - The company’s cash and cash equivalents decreased to HKD 14,700,000 from HKD 18,904,000, a decline of 22%[20]. - The company had cash and cash equivalents of HKD 14,700,000 as of March 31, 2022, down from HKD 18,904,000 as of September 30, 2021, indicating a decrease of 22.4%[61]. Revenue Sources - Major clients contributing over 10% of total revenue included Client A with HKD 1,050,000, Client B with HKD 820,000, and Client C with HKD 710,000 for the six months ended March 31, 2022[46]. - The company's corporate finance advisory services revenue increased by approximately 106.5% for the six months ended March 31, 2022, compared to the same period last year[75]. - The asset management advisory services generated revenue of HKD 0.3 million for the three months ended March 31, 2022[77]. Expenses and Cost Management - Employee benefit expenses for the six months ended March 31, 2022, were HKD 4,438,000, a reduction from HKD 6,507,000 in the same period of 2021, showing a 31.8% decrease[17]. - The financial costs for the six months ended March 31, 2022, were HKD 40,000, down from HKD 71,000 in the same period of 2021, indicating a 43.7% reduction[17]. - The company paid no dividends during the six months ended March 31, 2022, compared to HKD (4,000) thousand paid in the same period of 2021[35]. - The company did not declare any dividends for the six months ended March 31, 2022, consistent with the previous year[50]. Investment and Market Performance - The total return from the company's equity investment fund since its initial investment date in March 2020 was approximately HKD 4.4 million, representing a return rate of about 36.7%[77]. - The Hang Seng Index declined by approximately 15.8% from February 28, 2020, to March 31, 2022, while the company outperformed the market with a return of 36.7%[78]. - The company is in the process of establishing an equity investment fund with a target size between HKD 100 million and HKD 150 million, which is expected to generate significant management fee income[78]. - The group plans to continue cautious investment decisions in securities trading due to anticipated market volatility stemming from global events[104]. Challenges and Future Outlook - The ongoing COVID-19 pandemic and geopolitical uncertainties have negatively impacted the company's performance, but management believes this is temporary[80]. - Future performance will depend on the recovery speed from the pandemic and the successful implementation of the company's business plans and strategies[80]. - The company has faced delays in several significant transactions due to tightening measures in Hong Kong and lockdowns in mainland China[74]. - The company is actively maintaining communication with clients and adjusting its business strategies to improve performance in a competitive environment[75]. Governance and Compliance - The board confirmed compliance with the corporate governance code during the reporting period, with some deviations explained[108]. - The audit committee, composed of three independent non-executive directors, is responsible for reviewing the group's annual, semi-annual, and quarterly reports, as well as overseeing risk management and internal control systems[123]. - The audit committee reviewed the unaudited consolidated performance of the group for the six months ending March 31, 2022[124].

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]