Financial Performance - The group's revenue for the nine months ended September 30, 2019, increased by approximately 23% to about HKD 161,231,000, compared to HKD 131,031,000 in 2018[11]. - The loss attributable to owners of the company for the nine months ended September 30, 2019, was approximately HKD 12,350,000, a significant improvement from a loss of HKD 77,278,000 in 2018[11]. - The basic loss per share for the nine months ended September 30, 2019, was approximately HKD 0.0422, compared to HKD 0.3625 in 2018[11]. - For the three months ended September 30, 2019, the revenue was HKD 62,872,000, up from HKD 50,729,000 in the same period of 2018[12]. - The group reported a net loss before tax of HKD 10,535,000 for the nine months ended September 30, 2019, compared to a loss of HKD 77,096,000 in 2018[12]. - The group reported a net loss of HKD 12,570,000 for the nine months ended September 30, 2019, compared to a loss of HKD 77,431,000 in 2018[12]. - For the three months ended September 30, 2019, the company reported a loss attributable to owners of the company of HKD 5,532,000, compared to a loss of HKD 11,042,000 for the same period in 2018, representing a 50% improvement year-over-year[13]. - For the nine months ended September 30, 2019, the total comprehensive expenses amounted to HKD 13,463,000, a decrease from HKD 79,845,000 in the same period of 2018, indicating a significant reduction in losses[13]. - The total loss before tax for the nine months ended September 30, 2019, was HKD 10,535,000, compared to a loss of HKD 77,096,000 for the same period in 2018, showing an improvement of approximately 86.4%[23][30]. Revenue Breakdown - The food business generated revenue of HKD 91,795,000 in 2019, compared to HKD 93,079,000 in 2018, indicating a slight decrease of about 1.4%[23]. - The investment segment reported a revenue of HKD 1,000,000 in 2019, down from HKD 55,331,000 in 2018, reflecting a significant decline of approximately 98.2%[23]. - The loan segment generated revenue of HKD 1,453,000 in 2019, compared to HKD 6,040,000 in 2018, marking a decrease of about 75.9%[23]. - The wine trading segment achieved revenue of HKD 67,983,000 in 2019, a decrease from HKD 31,883,000 in 2018, which is an increase of approximately 113.1%[23]. - The group's revenue for the period was approximately HKD 161.23 million, representing an increase of about 23.0% compared to the previous year, primarily driven by increased revenue from wine trading[50]. Expenses and Costs - The cost of sales for the nine months ended September 30, 2019, was HKD 54,291,000, compared to HKD 28,723,000 in 2018[12]. - Employee benefit expenses for the nine months ended September 30, 2019, were HKD 33,118,000, slightly down from HKD 33,600,000 in 2018[12]. - The group incurred financial costs of HKD 6,812,000 for the nine months ended September 30, 2019, compared to HKD 597,000 in 2018[12]. - The financial costs for the nine months ended September 30, 2019, amounted to HKD 6,812,000, an increase from HKD 597,000 in 2018, representing a rise of approximately 1031.5%[29]. Equity and Shareholder Information - As of September 30, 2019, the total equity attributable to owners of the company was HKD 400,774,000, an increase from HKD 367,019,000 at the end of the previous year, indicating growth in shareholder equity[14]. - The company issued shares worth HKD 34,301,000 through rights issues during the nine months, contributing to the increase in total equity[14]. - The group raised approximately HKD 33.2 million through a rights issue at HKD 0.0248 per share, intended for redeeming promissory notes and general working capital[59]. Business Segments and Diversification - The company’s main business segments include restaurant services, food production and distribution, investment securities, lending business, and wine trading, indicating a diversified business model[16]. - The group aims to diversify its existing business and expand revenue sources, particularly in the wine trading sector, which showed positive performance in 2019[53]. - The group plans to enhance its wine trading sales capabilities and seek acquisition opportunities to improve operational scale and performance in this segment[53]. Acquisitions and Investments - The group has entered into an agreement to acquire a vineyard for HKD 60 million, which provides winery business and short-term accommodation services[36]. - The company completed the acquisition of Irving Global Limited and its subsidiaries for HKD 9.9 million on February 28, 2019, focusing on wine retail in Hong Kong[69]. - The company also acquired Happy Profit Global Limited and its subsidiaries for HKD 9.9 million, which deals in wine and olive oil products, completed on February 28, 2019[69]. - The group completed the acquisition of 100% of the issued share capital of Bailida Group for HKD 76 million, finalized on January 22, 2019[68]. Employee and Governance - The group has over 260 employees as of September 30, 2019, and offers competitive compensation and training programs to retain talent[66]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for Q3 2019 and confirmed compliance with applicable accounting standards and GEM listing rules[102]. - The company adhered to the corporate governance code as per GEM listing rules throughout 2019[99]. - The board of directors includes both executive and independent non-executive members, ensuring a balanced governance structure[103]. Stock Options and Shareholder Rights - The share option plan allows for a maximum issuance of shares not exceeding 30% of the total issued shares at any time[74]. - The exercise price for options granted under the share option plan is determined by the board but cannot be lower than the higher of the closing price on the grant date or the average closing price over the preceding five trading days[77]. - A total of 148,949,822 stock options were granted on January 11, 2019, with an estimated fair value of approximately HKD 2,979,000[85]. - The total expense recognized for stock options granted by the company during 2019 was approximately HKD 2,979,000[87].

Financial Performance - The group's revenue for the six months ended June 30, 2019, increased by approximately 22% to about HKD 98.36 million, compared to HKD 80.30 million in 2018[11]. - The loss attributable to owners of the company for the six months ended June 30, 2019, was approximately HKD 6.82 million, a significant improvement from HKD 66.24 million in 2018[11]. - Basic loss per share for the six months ended June 30, 2019, was approximately HKD 0.25 cents, compared to HKD 3.12 cents in 2018[11]. - The group recorded a net loss before tax of HKD 5.36 million for the six months, a reduction from HKD 66.20 million in the same period last year[12]. - The total comprehensive expenses for the six months ended June 30, 2019, amounted to HKD 7,244,000, a decrease from HKD 66,804,000 in the same period of 2018, indicating a reduction in overall losses[13]. - The company reported a pre-tax loss of HKD 5,363,000 for the first half of 2019, compared to a pre-tax loss of HKD 66,197,000 in the same period of 2018[46]. - The loss attributable to the company's owners improved by approximately 89.7% to about HKD 6.82 million in the mid-year of 2019, primarily due to the investment segment turning from a loss of approximately HKD 44.25 million in 2018 to a profit of about HKD 4.3 million in 2019[112]. Cost Management - Operating expenses decreased to HKD 19.54 million for the six months ended June 30, 2019, down from HKD 26.37 million in 2018, indicating improved cost management[12]. - Financial costs for the six months increased to HKD 3.86 million, compared to HKD 0.21 million in the previous year, reflecting higher borrowing costs[12]. - Employee benefits expenses increased to approximately HKD 22.81 million in the mid-year of 2019 from HKD 21.87 million in 2018, mainly due to salary adjustments to retain experienced staff[115]. Asset and Liability Management - The company's non-current assets totaled HKD 104,215,000 as of June 30, 2019, compared to HKD 83,343,000 as of December 31, 2018, reflecting a growth of approximately 25%[15]. - Current assets increased to HKD 509,507,000 as of June 30, 2019, up from HKD 383,102,000 at the end of 2018, marking a rise of about 33%[15]. - The total liabilities increased to HKD 61,115,000 as of June 30, 2019, compared to HKD 51,369,000 at the end of 2018, representing a rise of about 19%[16]. - The company's equity attributable to owners increased to HKD 374,013,000 as of June 30, 2019, from HKD 348,995,000 at the end of 2018, reflecting an increase of approximately 7%[16]. - The debt-to-equity ratio as of June 30, 2019, was approximately 48%, compared to 21% on December 31, 2018[124]. Cash Flow and Liquidity - For the six months ended June 30, 2019, the net cash flow used in operating activities was (HKD 25,261,000), compared to (HKD 1,035,000) for the same period in 2018, indicating a significant increase in cash outflow[18]. - The net cash flow from investing activities was HKD 15,697,000, a recovery from a cash outflow of (HKD 8,215,000) in the previous year, reflecting improved investment performance[18]. - The total cash and cash equivalents at the end of the period were HKD 29,418,000, down from HKD 36,320,000 at the end of 2018, indicating a decrease in liquidity[18]. - As of June 30, 2019, the group had an unencumbered bank balance and cash of approximately HKD 29.42 million, up from about HKD 7.22 million on December 31, 2018[121]. Business Strategy and Operations - The company plans to focus on expanding its market presence and enhancing product offerings in the upcoming quarters[11]. - The group has initiated new product development strategies aimed at increasing customer engagement and market share[11]. - The company is committed to improving operational efficiency and reducing losses in the next financial period[11]. - The group aims to enhance its wine trading sales capabilities and seeks acquisition opportunities to expand its customer base and improve performance in the wine trading segment[116]. - The group plans to actively seek opportunities to expand its lending business and will regularly monitor risks and adjust its investment portfolio as necessary[117]. - The company’s joint venture in China is focusing on expanding its restaurant network through local partners rather than operating its own restaurants due to rising operational costs[111]. Shareholder and Corporate Governance - The company did not recommend the payment of an interim dividend for both the 2019 and 2018 mid-year periods[50]. - The company has adopted a code of conduct for securities transactions in compliance with GEM Listing Rules, and all directors adhered to these standards during the review period[149]. - The company has complied with the corporate governance code as per GEM Listing Rules Appendix 15 during the first half of 2019[150]. - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited interim financial statements for the first half of 2019 and confirmed their compliance with applicable accounting standards and GEM Listing Rules[152]. Investment and Acquisitions - The company acquired the entire issued share capital of the Palida Group for HKD 76 million, with payment made through the issuance of 425,568,000 new shares at HKD 0.131 per share and HKD 20,250,592 in promissory notes[133]. - The company completed the acquisition of Irving Global Limited and its subsidiaries for HKD 9.9 million, with payment made via promissory notes[134]. - The company also acquired Happy Profit Global Limited and its subsidiaries for HKD 9.9 million, with payment made through promissory notes[134]. - The company sold its entire issued share capital of New Cook Capital Limited for a total cash consideration of HKD 13,380,000, completed on May 31, 2019[136]. Market and Segment Performance - The food business recorded a revenue increase of approximately 1.3% to about HKD 60.68 million compared to HKD 59.91 million in the same period of 2018, but operating loss increased from approximately HKD 0.13 million to about HKD 0.78 million due to rising food and labor costs[104]. - The lending business generated interest income of approximately HKD 0.94 million, down from HKD 4.55 million in 2018, with total loans outstanding at approximately HKD 572.51 million as of June 30, 2019[108]. - The wine trading business achieved revenue of approximately HKD 36.74 million, significantly up from HKD 15.82 million in 2018, with segment profit of approximately HKD 3.41 million compared to HKD 1.92 million in the previous year[109].

Financial Performance - The group's revenue for the three months ended March 31, 2019, increased by approximately 43% to about HKD 45,701,000, compared to HKD 31,923,000 in the same period of 2018[11] - The loss attributable to owners of the company for the three months ended March 31, 2019, was approximately HKD 6,083,000, compared to HKD 28,755,000 in the same period of 2018[11] - The basic loss per share for the three months ended March 31, 2019, was approximately HKD 0.23, compared to HKD 1.36 in the same period of 2018[11] - The total comprehensive loss for the three months ended March 31, 2019, was HKD 5,559,000, compared to HKD 26,520,000 in the same period of 2018[14] - The company reported a loss of HKD 28,755,000 for the same period in the previous year, indicating a significant improvement in performance year-over-year[15] - The pre-tax loss for the first quarter of 2019 was HKD 6.45 million, a significant improvement from a loss of HKD 28.60 million in the first quarter of 2018[30] Revenue Breakdown - The food business recorded revenue of approximately HKD 28.61 million, down about 3% from HKD 29.40 million in the first quarter of 2018[38] - The wine trading business achieved revenue of approximately HKD 16.88 million in Q1 2019, with a segment profit of approximately HKD 1.80 million, marking a significant increase from zero revenue in Q1 2018[46] - The group's total revenue for Q1 2019 was approximately HKD 45.70 million, representing an increase of about 43% compared to the same period last year, primarily driven by the wine trading segment[49] Expenses and Costs - The cost of inventory consumed for the three months ended March 31, 2019, was HKD 10,402,000, compared to HKD 12,275,000 in the same period of 2018[13] - Employee benefit expenses for the three months ended March 31, 2019, were HKD 11,773,000, compared to HKD 10,461,000 in the same period of 2018[13] - The group incurred finance costs of HKD 1,221,000 for the three months ended March 31, 2019, compared to HKD 94,000 in the same period of 2018[13] - The cost of goods sold for the wine trading segment was approximately HKD 13.62 million in Q1 2019, accounting for 81% of the wine trading revenue, with total inventory consumed costing approximately HKD 10.40 million[49] Equity and Assets - The company's total equity attributable to owners increased to HKD 375,507,000 as of March 31, 2019, up from HKD 348,995,000 at the beginning of the year[15] - The company’s capital reserve remained stable at HKD 106,000, while the accumulated losses increased to HKD 288,993,000 as of March 31, 2019[15] - The company’s foreign currency translation reserve showed a loss of HKD 7,715,000, reflecting currency fluctuations impacting overseas operations[15] - As of March 31, 2019, the total accumulated loans amounted to approximately HKD 561.75 million, unchanged from December 31, 2018, with outstanding receivables of approximately HKD 47.33 million, down from HKD 54.06 million[43] Business Operations - The company continues to engage in various business segments, including restaurant services, food production, and investment activities, which are crucial for future growth[22] - The group aims to diversify its existing business and expand revenue sources, particularly in the wine trading sector, which is expected to grow steadily[52] - The group plans to actively seek acquisition opportunities to enhance the operational scale and performance of its wine trading segment[52] Share Options and Employee Incentives - The company has adopted a share option scheme to incentivize and retain employees, with a maximum issuance limit of 30% of the total issued shares[68] - During the period, 148,949,822 options were granted on January 11, 2019, with an estimated fair value of approximately HKD 2,979,000 recognized in the first quarter of 2019[79] - The total number of options exercised during the first quarter of 2019 was 212,785,460, resulting in a balance of 63,835,638 options available for exercise[78] Acquisitions and Sales - The company completed the acquisition of the Bailaida Group on January 22, 2019, for a total consideration of HKD 76 million, which included the issuance of new shares and notes payable[64] - The company also completed the acquisition of Irving Global Limited and Happy Profit Global Limited for HKD 9.9 million each, with payment made through notes payable[65] - The group plans to sell its subsidiary, New Cook Capital Limited, for a total cash consideration of HKD 13.38 million[34] Compliance and Governance - The company is committed to adhering to Hong Kong Financial Reporting Standards, ensuring transparency and compliance in financial reporting[18] - The audit committee reviewed the unaudited financial statements for the first quarter and confirmed compliance with applicable accounting standards and GEM listing rules[91] - As of March 31, 2019, there were no interests held by directors or their associates in any business that competes or may compete with the group[90]

Financial Performance - The total amount of loans provided increased by approximately 6%, from HKD 530.45 million as of December 31, 2017, to HKD 560.75 million as of December 31, 2018[13]. - The food business reported a revenue growth of approximately 26%, reaching HKD 124.66 million, compared to HKD 98.74 million in the previous year[14]. - The food business recorded a segment loss of approximately HKD 1.30 million for the year, compared to a segment profit of approximately HKD 0.8 million in the previous year[14]. - The group incurred a loss of approximately HKD 49.86 million from the sale of financial assets measured at fair value through profit or loss during the year[17]. - The dessert business segment recorded a loss of approximately HKD 19.19 million due to slowed progress in opening new stores and franchise operations[18]. - The wine trading business achieved revenue of approximately HKD 52.91 million and a segment profit of about HKD 3.04 million[20]. - The group's revenue for the year reached approximately HKD 184.83 million, an increase of about 66% compared to the previous year, driven by food business revenue of approximately HKD 124.66 million and new wine business revenue of approximately HKD 52.91 million[47]. - The group incurred a loss attributable to owners of approximately HKD 97.37 million, compared to a loss of approximately HKD 79.42 million in the previous year, primarily due to increased realized losses from financial assets and losses from joint ventures[48]. - The cost of goods sold for the year was approximately HKD 53.67 million, a 30% increase from HKD 41.36 million in the previous year, with wine trading sales cost accounting for approximately 92% of its revenue[49]. - Employee benefits expenses increased to approximately HKD 45.58 million, up from HKD 35.80 million in the previous year, due to hiring for the wine trading business and new franchise stores[49]. Market and Economic Conditions - The Hang Seng Index closed at 25,845 points at the end of December 2018, down from 29,919 points at the end of December 2017[17]. - The average daily trading amount for the main board and GEM increased by approximately 22%, from HKD 880 billion in the previous year to HKD 1,070 billion[17]. - The total retail sales value in Hong Kong increased from approximately HKD 446.1 billion in 2017 to about HKD 485.2 billion in 2018, representing a growth of around 9%[19]. - The total import value of wine in Hong Kong reached HKD 11.9 billion in 2018, with Australia becoming the second-largest wine supplier, accounting for 17% of total import value[19]. - Economic uncertainty may lead consumers to adopt a more conservative purchasing attitude, potentially affecting the group's performance in the high-end liquor market[89]. Business Strategy and Operations - The board aims to seek new investment opportunities to diversify the business portfolio and expand revenue sources, enhancing operational and financial performance[23]. - The company plans to establish long-term partnerships with multiple potential suppliers to gain cost advantages and expand its product portfolio[22]. - The wine trading business is expected to benefit from synergies with the existing distribution and restaurant operations[22]. - The group plans to enhance its wine trading sales capabilities and seek acquisition opportunities to expand its customer base and improve performance[51]. - The group plans to expand its restaurant network in China through local business partners due to rising operational costs[40]. - The group will continue to monitor and review the performance of its specialty stores and close underperforming locations[51]. - The company operates primarily in the food and beverage sector, with additional activities in food production, sales, and distribution to Hong Kong supermarkets[68]. - Over 90% of the group's revenue from the food business comes from specialty stores in Hong Kong's chain supermarkets[79]. - The group operates more than 80 specialty stores in Hong Kong's chain supermarkets as of December 31, 2018[79]. Shareholder and Governance Matters - The company acknowledges the support of shareholders and the contributions of directors and staff during the year[24]. - As of December 31, 2018, the company's equity attributable to owners was approximately HKD 348,995,000, a decrease from HKD 442,085,000 in 2017, representing a decline of about 21%[54]. - The cash and bank balances as of December 31, 2018, were approximately HKD 7,222,000, a significant decrease of approximately 81% from HKD 37,127,000 in 2017[56]. - The company raised approximately HKD 18 million from a rights issue, which has been fully utilized for its intended purposes as of December 31, 2018[57]. - The debt-to-equity ratio as of December 31, 2018, was approximately 21%, indicating the proportion of debt used in the company's capital structure[60]. - The company had no significant investments, acquisitions, or disposals of subsidiaries or associates during the year, maintaining a focus on existing operations[62]. - There were no interim dividends declared or paid during the year, consistent with the previous year[71]. - The board did not recommend the payment of a final dividend for the year, maintaining a conservative approach to capital distribution[73]. - The company has a dividend policy that allows for annual dividends not exceeding 20% of the consolidated annual net profit attributable to shareholders, excluding special items[183]. Risk Management and Compliance - The group faces significant credit risk in its lending business, as customers may default on loan repayments, potentially impacting financial performance[76]. - The value of securities used as collateral for loans may decline, increasing the risk of not recovering loans and negatively affecting profitability[77]. - The group is heavily reliant on the recognition of the "Lucky Dessert" trademark, and any damage to its reputation could significantly impact business performance[83]. - The group operates in a highly competitive dessert shop market, where pricing and quality are critical for maintaining business performance[84]. - The company has not established any agreements or instruments to hedge against foreign exchange risks, which may impact financial performance due to currency fluctuations[61]. - The company has a structured approach to ensure compliance with relevant laws and regulations, enhancing corporate governance awareness among directors[157]. - The audit committee reviewed the financial reports and compliance procedures, ensuring adherence to applicable accounting standards and GEM listing rules[139]. - The company has fully complied with the corporate governance code applicable to GEM listing rules during the year[143]. - The board is responsible for the risk management and internal control systems, which are designed to manage risks rather than eliminate them[174]. - The audit committee assists the board in overseeing the risk management and internal control systems, submitting annual reports for review[176]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements fairly reflect the group's financial position as of December 31, 2018[191]. - Key audit matters identified include the impairment assessment of receivables and interests, which requires significant judgment and complexity[195]. - The audit procedures include evaluating the reasonableness of management's assumptions and methods used in the impairment testing[198]. - The audit team has discussed potential impairment indicators with management and assessed the impairment tests when such indicators are identified[198]. - The audit team compared key input data with third-party sources to evaluate the valuation methods used[198]. - The financial statements disclose the credit risk exposure faced by the group[196]. Corporate Structure and Management - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a balance of power and independence[144]. - The company has adopted a board diversity policy to enhance effectiveness by considering various factors such as gender, age, and professional experience[152]. - The roles of the chairman and CEO are clearly separated to ensure independence and accountability[145]. - The company has established a procedure for directors to seek independent professional advice at the company's expense when necessary[157]. - The company emphasizes the importance of gender, age, cultural background, and professional qualifications in the selection of board members[156]. - The remuneration committee held 5 meetings during the year to review compensation policies and determine annual remuneration for directors and senior management[164].