Financial Performance - Total revenue for the three months ended June 30, 2020, was HKD 6,232,000, a decrease of 13.3% compared to HKD 5,455,000 in the same period of 2019[5] - The company reported a loss attributable to owners of the company of HKD 6,480,000, compared to a loss of HKD 679,000 in the same period last year[5] - Basic loss per share for the period was HKD 0.32, compared to HKD 0.03 in the previous year[5] - Total operating expenses increased significantly to HKD 12,712,000, up from HKD 6,066,000 in the same period of 2019, primarily due to higher employee costs[5] - For the three months ended June 30, 2020, the company reported total revenue of HKD 5,109,000, a slight decrease of 3.7% from HKD 5,304,000 in the same period of 2019[16] - The company reported a net loss attributable to shareholders of HKD 6,480,000 for the three months ended June 30, 2020, compared to a loss of HKD 679,000 in the same period of 2019[26] - Total revenue for Q1 2020 was approximately HKD 5.1 million, a decrease of about HKD 0.2 million or 3.8% compared to Q1 2019's HKD 5.3 million[33] - The group recorded a loss of approximately HKD 6.5 million in Q1 2020, an increase of about HKD 5.8 million or 828.6% compared to a loss of HKD 0.7 million in Q1 2019[36] Income Sources - Commission income from securities trading and brokerage services increased to HKD 1,865,000, up 20.5% from HKD 1,548,000 year-on-year[5] - Interest income from margin and loan financing services rose to HKD 2,220,000, representing a 44.9% increase from HKD 1,533,000 in the previous year[5] - Commission income from securities trading and brokerage services increased by 26.7% to HKD 1,865,000 in Q1 2020 from HKD 1,548,000 in Q1 2019[28] - Interest income from margin and loan financing rose by 46.7% to HKD 2,220,000 in Q1 2020 from HKD 1,533,000 in Q1 2019[29] Asset Management - The company managed assets worth approximately HKD 4.2 billion as of June 30, 2020, down from HKD 4.7 billion in the same period of 2019[31] - The net asset value managed by the group was approximately HKD 4.2 billion as of June 30, 2020, down from HKD 4.7 billion in Q1 2019[35] Shareholder Information - As of June 30, 2020, Mr. Lo Tak Wing and Mr. Lo Siu Wing each hold 1,500,000,000 shares, representing 75% of the company's total issued share capital[51] - Thoughtful Mind Limited (TML) is beneficially owned by Mr. Lo Tak Wing (57.1%) and Mr. Lo Siu Wing (42.9%), thus they are deemed to have interests in the 1,500,000,000 shares held by TML[52] - On April 28, 2020, a sale agreement was established for TML to sell 1,500,000,000 shares, equivalent to 75% of the company's total issued share capital, to Mingsheng Investment[52] - TML, Ms. Lei and Mingsheng Investment each hold 1,500,000,000 shares, representing 75% of the company's total issued share capital[55] - The company has not granted any share options under the share option scheme since its adoption on December 5, 2016, until June 30, 2020[57] Corporate Governance - The company adheres to high standards of corporate governance, essential for growth and protecting shareholder interests[62] - An audit committee has been established in compliance with GEM Listing Rules, consisting of three independent non-executive directors[63] - The audit committee reviewed the unaudited consolidated performance for the period and confirmed compliance with applicable accounting standards and legal requirements[63] - All directors confirmed compliance with the GEM Listing Rules regarding securities transactions during the reporting period[61] Market Strategy - The company continues to focus on expanding its securities trading and brokerage services, as well as enhancing its asset management offerings[9] - The company plans to focus on securities trading and brokerage services, placement and underwriting services, and asset management services in response to the current economic conditions[32] - The company will continue to monitor developments in the Hong Kong financial market and regulatory changes to enhance its market presence and operational scale[32] Other Information - The company did not declare any dividends for the three months ended June 30, 2020, consistent with the previous year[24] - The company completed one placement and underwriting engagement with a total transaction value of approximately HKD 6.5 million in Q1 2020, down from three engagements valued at HKD 27.2 million in Q1 2019[29] - The company had 224 active securities trading accounts as of June 30, 2020, compared to 198 accounts in the same period of 2019, with total trading value of approximately HKD 900 million, up 12.5% from HKD 800 million in 2019[28] - The group had no significant contingent liabilities as of June 30, 2020[45] - There were no major acquisitions or disposals of subsidiaries or associates during the period[42] - The company or any of its subsidiaries did not purchase, sell, or redeem any of its listed securities during the reporting period[58] - There are no interests held by directors or controlling shareholders that directly or indirectly compete with the company's business[59] - No new products or technologies were specifically mentioned in the report, indicating a potential area for future development[5]

Financial Performance - Total revenue for the fiscal year ending March 31, 2020, decreased by approximately 54.3% or HKD 36.7 million compared to the previous year, primarily due to a decline in fees and commissions from placement and underwriting activities [9]. - Total revenue for the year ended March 31, 2020, was approximately HKD 30.9 million, a decrease of about 54.3% from HKD 67.6 million in 2019 [26]. - The group recorded a pre-tax loss of HKD 6.2 million in 2020, compared to a profit of HKD 26.5 million in 2019, representing a change of 123.4% [23]. - The company reported a net loss of approximately HKD 6.2 million for 2020, compared to a net profit of approximately HKD 22.0 million in 2019, with basic loss per share of approximately HKD 0.31 [32]. - The total value of transactions decreased by approximately HKD 700 million, impacting the number of placements and underwriting engagements [9]. Revenue Sources - Commission income from securities trading and brokerage services slightly increased by 2.9% to approximately HKD 7.0 million, up from HKD 6.8 million in 2019 [9]. - Income from financing and loan clients rose by 30.8% to approximately HKD 8.5 million, compared to HKD 6.5 million in 2019 [9]. - Revenue from underwriting and placement services dropped by approximately 77.6% to about HKD 11.0 million in 2020, down from HKD 49.0 million in 2019, due to a decrease in the number of engagements [17]. - Fees from asset management services decreased by 50.0% to approximately HKD 0.7 million, down from HKD 1.4 million in 2019, mainly due to a reduction in total assets under management [9]. - Other income, which includes professional service fees and loan commitment fees, slightly decreased by 2.6% to approximately HKD 3.8 million from HKD 3.9 million in 2019 [9]. Economic Environment - The economic environment in Hong Kong faced significant challenges, with a contraction of 2.9% in the fourth quarter of 2019, marking the first annual decline since the global financial crisis in 2009 [8]. - The overall market sentiment was negatively affected by ongoing political unrest and the prolonged US-China trade war [8]. - The company is focused on navigating the challenging business environment and adapting its strategies accordingly [9]. - The management plans to focus on securities trading and brokerage services, placement and underwriting services, and asset management services in response to the challenging economic environment due to COVID-19 [39]. Corporate Governance - The company reported a commitment to high standards of corporate governance, adhering to the principles and code provisions of the GEM Listing Rules [75]. - The board confirmed compliance with the prescribed trading standards for directors throughout the fiscal year ending March 31, 2020 [76]. - The board is responsible for leading and monitoring the group, aiming to maximize long-term value for shareholders while balancing the interests of stakeholders [77]. - The company has established a governance report highlighting its main corporate governance practices for the fiscal year [74]. - The company is focused on enhancing its corporate governance standards to meet increasingly complex regulatory requirements [75]. Risk Management - The group has established a risk management framework to minimize the negative impact of risks on operational performance, ensuring maximum benefits for shareholders [52]. - The risk management process includes identifying, assessing, and responding to significant risks that may impact the business and operations [111][112][113]. - The board has implemented an efficient and effective risk management and internal control system to protect shareholder interests and group assets [109]. - An independent external consultant has been engaged to conduct an annual review of the internal control system, covering financial, operational, compliance, and risk management functions [109]. Dividends - The company declared a special dividend of HKD 0.015 per share, totaling HKD 30 million, compared to zero in 2019 [33]. - The proposed final dividend is HKD 0.025 per share, totaling HKD 50 million, subject to shareholder approval [34]. - The board of directors has the discretion to declare dividends based on the company's financial performance, financial condition, and other relevant factors [106]. Shareholder Information - As of March 31, 2020, the company's net current assets were approximately HKD 236.9 million, down from HKD 274.1 million in 2019, with a current ratio of approximately 5.3 times [37]. - The largest customer accounted for approximately 17.7% of total revenue for the year ended March 31, 2020, up from 10.8% in 2019, while the top five customers represented about 41.8% of total revenue, compared to 38.3% in 2019 [136]. - The company maintains a public float of at least 25% in compliance with GEM listing rules as of the date of the annual report [200]. Related Party Transactions - The maximum annual limit for related party transactions with Mr. Qiu was set at HKD 2,000 thousand, with actual amounts reaching HKD 1,373 thousand for debts and HKD 70 thousand for income [177]. - The company’s independent non-executive directors confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms [189]. - The ongoing related party transactions were not approved by the board of directors, raising concerns about compliance with the company’s pricing policy [191]. - The maximum annual limit for revenue from services provided to the Luo Group was set at HKD 3,400,000, with actual revenue reaching approximately HKD 1,556,000 [184].

Financial Performance - Total revenue for the three months ended December 31, 2019, was HKD 7,269,000, a decrease of 52.0% compared to HKD 15,310,000 in the same period of 2018[6] - Total revenue for the nine months ended December 31, 2019, was HKD 26,918,000, a decrease of 43.5% compared to HKD 47,514,000 in the same period of 2018[6] - The company reported a loss before tax of HKD 4,055,000 for the three months ended December 31, 2019, compared to a profit of HKD 6,294,000 in the same period of 2018[6] - The basic loss per share for the three months ended December 31, 2019, was HKD (0.20), compared to earnings of HKD 0.26 in the same period of 2018[6] - Total comprehensive loss attributable to owners of the company for the nine months ended December 31, 2019, was HKD (4,369,000), compared to a total comprehensive income of HKD 16,748,000 in the same period of 2018[6] - Loss for the third quarter of 2019 was approximately HKD 4.4 million, a significant decrease of about HKD 21.1 million or 126.3% compared to a profit of approximately HKD 16.7 million for the nine months ended December 31, 2018[51] Revenue Breakdown - Commission income from securities trading and brokerage services for the three months ended December 31, 2019, was HKD 1,868,000, an increase of 51.7% compared to HKD 1,232,000 in the same period of 2018[6] - Total revenue for the third quarter of 2019 was approximately HKD 24.7 million, a decrease of about 47.2% compared to HKD 46.8 million in the same period of 2018[44] - Commission income from securities trading and brokerage services remained stable at approximately HKD 5.0 million, compared to HKD 4.9 million in the third quarter of 2018[43] - Revenue from underwriting and placement activities decreased by approximately 67.4% to about HKD 10.6 million from HKD 32.5 million in the same period last year, due to a reduction in the number of mandates[43] - Interest income from margin financing services slightly decreased by about 3.9% to approximately HKD 4.9 million from HKD 5.1 million in the third quarter of 2018[44] - Revenue from asset management services was approximately HKD 1.0 million, a decrease of about 33.3% from HKD 1.5 million in the third quarter of 2018[44] - Total client contract revenue for the nine months ended December 31, 2019, was HKD 19.8 million, down from HKD 41.8 million in the same period of 2018[31] - The group recorded other service income of approximately HKD 3.2 million, primarily from professional services and loan setup fees[44] Equity and Assets - The company's total equity as of December 31, 2019, was HKD 276,046,000, a decrease from HKD 280,415,000 as of April 1, 2019[7] - As of December 31, 2019, the group's net current assets were approximately HKD 267.4 million, including cash and cash equivalents of approximately HKD 123.6 million[53] - The current ratio as of December 31, 2019, was approximately 3.0 times, down from 3.7 times as of March 31, 2019[53] - The group managed assets with a net value of approximately HKD 5.4 billion as of December 31, 2019, an increase from approximately HKD 5.2 billion as of March 31, 2019[49] Employee Costs - The company’s employee costs for the three months ended December 31, 2019, were HKD (6,838,000), an increase of 168.5% compared to HKD (2,548,000) in the same period of 2018[6] - Total employee costs for Q3 2019 were approximately HKD 12.9 million, compared to approximately HKD 7.4 million in Q3 2018[56] Corporate Governance - The company has complied with all applicable corporate governance codes during the reporting period[79] - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited consolidated results and confirmed compliance with applicable accounting standards[81] - The company is committed to high standards of corporate governance to protect shareholder interests and assets[79] Lease Accounting - The financial statements have been prepared in accordance with applicable Hong Kong Financial Reporting Standards[12] - The company has adopted the Hong Kong Financial Reporting Standard 16 for leases, which has resulted in significant changes in accounting policies related to the recognition of right-of-use assets and lease liabilities[20] - For short-term leases, defined as leases with a term of 12 months or less, the company has applied the short-term lease exemption, recognizing lease payments as expenses on a straight-line basis over the lease term[17] - The cost of right-of-use assets includes the initial measurement amount of lease liabilities, any lease payments made before the commencement date, and any initial direct costs incurred by the company[19] - The company recognizes lease liabilities at the present value of unpaid lease payments as of the lease commencement date, using the incremental borrowing rate if the implicit rate is not readily determinable[22] - The company anticipates no significant impact on its financial statements from the adoption of the new and revised Hong Kong Financial Reporting Standards, aside from the changes related to leases[28] Shareholder Information - The company did not declare any dividends for the nine months ended December 31, 2019[38] - A special dividend of HKD 0.015 per share was proposed on January 14, 2020, to be paid on February 12, 2020[61] - As of December 31, 2019, the major shareholder holds 1,500,000,000 shares, representing 75% of the company's ordinary shares[66] - The company has not issued any share options under the adopted share option scheme since its adoption on December 5, 2016[69] - The company has provided a secured loan of up to HKD 67,500,000 to Success Seven Limited for acquisition purposes, with a setup fee of HKD 675,000 and an annual commitment fee of 7%[74][75] - The loan interest will accumulate at an annual rate of 14% from the date of withdrawal[75] Business Operations - The company has been engaged in securities trading and brokerage services, underwriting and placement services, margin financing services, and asset management services[9] - The company provides five main services: securities trading and brokerage, underwriting and placement services, financing services, asset management services, and other services[30] - The company evaluates its performance based on unaudited condensed consolidated income and other comprehensive income statements, focusing on revenue and profit[29] - The group had 1,179 active securities trading accounts as of December 31, 2019[43]

Financial Performance - Total revenue for the six months ended September 30, 2019, was HKD 19,266,000, a decrease of 39.2% compared to HKD 31,708,000 in the same period of 2018[5]. - The company reported a loss attributable to owners of HKD 390,000 for the six months ended September 30, 2019, compared to a profit of HKD 11,568,000 in the same period of 2018[5]. - The basic earnings per share for the six months ended September 30, 2019, was a loss of HKD 0.02, compared to earnings of HKD 0.58 in 2018[5]. - The pre-tax profit for the six months ended September 30, 2019, was a loss of HKD 390,000, compared to a profit of HKD 11,568,000 in the same period of 2018[46]. - No interim dividend was recommended for the six months ended September 30, 2019, consistent with the previous year[48]. Revenue Breakdown - Commission income from securities trading and brokerage services for the three months ended September 30, 2019, was HKD 1,554,000, down 15% from HKD 1,829,000 in 2018[5]. - Revenue from underwriting and placement services for the same period was HKD 9,865,000, an increase of 3.2% from HKD 9,560,000 in 2018[37]. - Asset management services generated revenue of HKD 322,000, down 34.4% from HKD 491,000 in the previous year[36]. - Total customer contract revenue for the six months ended September 30, 2019, was HKD 15,997,000, a decrease of 43.6% from HKD 28,415,000 in 2018[36]. - Interest income from margin financing services for the six months ended September 30, 2019, was HKD 3,269,000, slightly down from HKD 3,293,000 in 2018[36]. Expenses and Costs - The company incurred financing costs of HKD 134,000 for the six months ended September 30, 2019, compared to no financing costs in the same period of 2018[5]. - The company reported a significant increase in commission expenses to HKD 6,721,000 for the six months ended September 30, 2019, compared to HKD 4,245,000 in 2018[5]. - Employee costs for the three months ended September 30, 2019, amounted to HKD 3,532,000, an increase of 43.8% compared to HKD 2,457,000 in the same period of 2018[41]. - The total employee cost for the six months ended September 30, 2019, was approximately HKD 6.0 million, compared to HKD 4.9 million in the second quarter of 2018[90]. Assets and Liabilities - Non-current assets increased to HKD 14,414,000 as of September 30, 2019, from HKD 6,274,000 as of March 31, 2019[6]. - Current assets decreased to HKD 343,558,000 as of September 30, 2019, from HKD 375,542,000 as of March 31, 2019[6]. - The company's net asset value remained stable at HKD 280,025,000 as of September 30, 2019, compared to HKD 280,415,000 as of March 31, 2019[6]. - As of September 30, 2019, accounts receivable from margin clients amounted to HKD 92,327,000, an increase from HKD 77,869,000 as of March 31, 2019[54]. - The total accounts receivable as of September 30, 2019, was HKD 110,521,000, an increase from HKD 103,016,000 as of March 31, 2019[54]. Corporate Governance - The company has established an audit committee in compliance with GEM Listing Rules, consisting of three independent non-executive directors[111]. - The board is committed to high standards of corporate governance and has adhered to all applicable code provisions during the reporting period[110]. - The audit committee reviewed the group's unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and regulations[111]. Market Conditions - Management believes that the uncertainties from the US-China trade war and Brexit will continue to impact business performance across various sectors[77]. - The average daily trading value in the market decreased by about 13.6% compared to the same period in 2018[76].

Financial Performance - Total revenue for the three months ended June 30, 2019, was HKD 5,304,000, a decrease of 70.3% compared to HKD 17,824,000 for the same period in 2018[5] - Commission income from securities trading and brokerage services was HKD 1,548,000, down 15.4% from HKD 1,829,000 in the previous year[5] - Income from underwriting and placing activities dropped significantly to HKD 548,000 from HKD 11,511,000, representing a decline of 95.2%[5] - The company reported a loss before tax of HKD 679,000 compared to a profit of HKD 8,088,000 in the same quarter of 2018[5] - Basic loss per share was HKD (0.03), a decrease from earnings of HKD 0.34 per share in the prior year[5] - The company reported a loss attributable to shareholders of HKD 679,000 for the first quarter of 2019, compared to a profit of HKD 6.7 million in the first quarter of 2018[29] - The company reported a loss of approximately HKD 0.7 million in Q1 2019, a decrease of approximately 110.4% compared to a profit of HKD 6.7 million in Q1 2018, primarily due to a reduction in commission income from placement and underwriting activities[40] Revenue Breakdown - Total revenue for the first quarter of 2019 was approximately HKD 5.3 million, a decrease of about 70.2% compared to HKD 17.8 million in the first quarter of 2018[35] - Commission income from securities trading and brokerage services decreased by approximately 16.7% to HKD 1.5 million in the first quarter of 2019, down from HKD 1.8 million in the same period of 2018[35] - Revenue from underwriting and placement activities dropped by 95.7% to HKD 0.5 million in the first quarter of 2019, compared to HKD 11.5 million in the first quarter of 2018[31] - Asset management service fees were approximately HKD 0.3 million in the first quarter of 2019, a decrease of about 40.0% from HKD 0.5 million in the same period of 2018[31] Expenses and Costs - Employee costs for the quarter were HKD 2,512,000, an increase of 4.8% from HKD 2,398,000 in the same period last year[5] - Other operating expenses decreased to HKD 3,092,000 from HKD 3,884,000, reflecting a reduction of 20.4%[5] - The total employee cost for the period was approximately HKD 2.5 million, compared to HKD 2.4 million in Q1 2018[44] - The company incurred financing costs of HKD 41,000 in interest on bank borrowings during the first quarter of 2019[24] Assets and Equity - Total equity attributable to owners of the company decreased to HKD 279,736,000 from HKD 280,415,000 as of June 30, 2019[6] - As of June 30, 2019, the company's net current assets were approximately HKD 272.0 million, slightly down from HKD 274.1 million as of March 31, 2019[41] - The company's current ratio was approximately 2.7 times as of June 30, 2019, down from 3.7 times as of March 31, 2019[41] - The company managed assets worth approximately HKD 2.2 billion as of June 30, 2019, with six asset management clients[31] Corporate Governance and Compliance - The company has adopted a stock option plan effective from December 5, 2016, which will remain valid for 10 years unless canceled or amended[56] - The board is committed to high standards of corporate governance, which is essential for the group's growth and safeguarding shareholder interests[62] - An audit committee has been established in accordance with GEM Listing Rules, consisting of three independent non-executive directors[63] - All directors have confirmed compliance with the prescribed trading standards during the reporting period[60] Market and Strategic Developments - The company has not reported any new product launches or technological developments during this quarter[5] - There are no indications of market expansion or mergers and acquisitions in the current financial report[5] - The company had no significant acquisitions or disposals of subsidiaries or associated companies during the period[45] - There were no significant events related to the company's business or financial performance noted by the board after the reporting period[48] - The company has no policy to hedge foreign exchange risks but will monitor exchange rate fluctuations closely[46] - The compliance advisor has no interests in the company's securities as of June 30, 2019, except for the compliance advisor agreement established on December 5, 2016[59]

Revenue Performance - Revenue from securities trading and brokerage services decreased by approximately 31.31% compared to the previous year, while income from underwriting and placement services fell by about 18.5%[7] - Total revenue for the year decreased by approximately 18.6% or HKD 15.4 million compared to the previous year, primarily due to reduced fees and commissions from securities trading and brokerage services[8] - Commission income from securities trading and brokerage services decreased by 31.31% to approximately HKD 6.8 million, down from HKD 9.9 million in the previous year[15] - The group completed 24 underwriting and placement engagements with a total transaction value of approximately HKD 800 million, compared to 44 engagements valued at approximately HKD 1.3 billion in the previous year, resulting in a decrease in income from these activities by 18.5% to approximately HKD 49.0 million[16] - The revenue from placement and underwriting services decreased by approximately HKD 11.1 million, attributed to a decline in the number of placements and underwriting appointments and a drop in average commission rates[26] Asset Management - The net asset value managed by the group increased to approximately HKD 5.2 billion from about HKD 4.8 billion in the previous year[7] - The group has engaged two new hedge funds for asset management services, bringing the total number of asset management clients to five[7] - The management believes that the asset management business will expand in the future[7] - The net asset value managed by the group in asset management services increased to approximately HKD 5.2 billion from HKD 4.8 billion in the previous year, although total income from asset management services decreased by 12.5% to approximately HKD 1.4 million[19] Profitability and Expenses - The group recorded a pre-tax profit of approximately HKD 26.5 million, a decrease of 37.2% from HKD 42.2 million in the previous year[22] - Profit for the year decreased by approximately HKD 13.1 million or 37.3% to about HKD 22.0 million for the year ended March 31, 2019, down from HKD 35.1 million in 2018[30] - The net profit margin for the year was 32.6%, down from 42.3% in the previous year[22] - The group’s commission expenses increased by approximately 66.3% to HKD 14.3 million, primarily due to higher commissions paid to placement agents[25] - Total employee costs for the year ended March 31, 2019, were approximately HKD 12.1 million, a decrease of about HKD 6.4 million or 34.6% from HKD 18.5 million in 2018, representing 26.2% of total expenses[27] Corporate Governance - The governance report highlights the company's commitment to corporate governance practices, ensuring transparency and accountability in its operations[72] - The company is committed to maintaining high standards of corporate governance as per GEM listing rules, which is vital for investor confidence[72] - The board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[77] - The independent non-executive directors represent over one-third of the board, ensuring compliance with GEM Listing Rules[81] - The board is responsible for the strategic development of the group, aiming to maximize long-term value for shareholders[75] Risk Management - The company has implemented a risk management framework to balance risk and return, minimizing negative impacts on operational performance[50] - The company has established a risk management and internal control system to safeguard shareholder interests and assets[106] - An independent external auditor is engaged annually to assess the effectiveness of the internal control system[106] - The company has established appropriate insurance plans covering legal liabilities arising from company activities for its directors and senior officers[183] Environmental Sustainability - For the fiscal year ending March 31, 2019, the total greenhouse gas emissions were approximately 41,976 kg CO2 equivalent, a decrease of 5.6% from 44,466 kg in 2018[122] - The total electricity consumption for the fiscal year was about 47,366 kWh, down from 48,997 kWh in 2018, reflecting a reduction of 3.3%[124] - Paper consumption decreased to approximately 949 kg in 2019 from 1,200 kg in 2018, representing a reduction of about 20.9%[125] - The company aims to integrate environmental sustainability into its business functions and has established an environmental policy for all employees to follow[128] Employee Relations - The company has implemented a competitive compensation policy to retain and motivate employees, regularly reviewing it against market standards[129] - The company emphasizes the importance of employee training and supports continuous professional development through various initiatives[134] - The company strictly prohibits child labor and forced labor, ensuring compliance with all applicable employment laws and regulations as of March 31, 2019[129] Shareholder Relations - The company has adopted a dividend policy that emphasizes maintaining sufficient cash reserves to meet operational needs and future development[103] - The board of directors has the discretion to declare dividends based on financial performance, cash flow, and other relevant factors[103] - Shareholders holding at least 10% of the paid-up capital have the right to request a special general meeting[115] - The company has implemented procedures for shareholders to submit inquiries and proposals to the board[117] Related Party Transactions - The maximum annual limit for related party transactions with Mr. Qiu was set at HKD 11,000,000, with actual amounts reaching approximately HKD 3,846,000[191] - The maximum annual limit for related party transactions with the Luo Group was set at HKD 80,000,000, with actual amounts reaching approximately HKD 37,215,000[197] - The company provided brokerage, margin financing, and placement services to Mr. Qiu, generating total revenue of approximately HKD 99,000 for the fiscal year ending March 31, 2019[193] - All related party transactions comply with the GEM Listing Rules, ensuring transparency and adherence to regulatory standards[188]

Financial Performance - Total revenue for the three months ended December 31, 2018, was HKD 15,310,000, a decrease of 56% compared to HKD 34,950,000 in the same period of 2017[6] - Total revenue for the nine months ended December 31, 2018, was HKD 47,514,000, down 33.6% from HKD 71,455,000 in the same period of 2017[6] - Profit before tax for the three months ended December 31, 2018, was HKD 6,294,000, down 72.3% from HKD 22,723,000 in the same period of 2017[6] - Net profit attributable to owners for the three months was HKD 5,180,000, a decrease of 72.6% compared to HKD 18,898,000 in the same period of 2017[6] - Basic earnings per share for the three months was HKD 0.26, down from HKD 0.94 in the same period of 2017[6] - The company reported a total comprehensive income of HKD 16,748,000 for the nine months ended December 31, 2018, compared to HKD 38,464,000 in the same period of 2017[6] - Profit for the nine months ended December 31, 2018, was approximately HKD 16.7 million, a significant decrease of about HKD 21.7 million or 56.5% compared to HKD 38.5 million for the same period in 2017[37] Revenue Breakdown - Commission income from securities trading and brokerage services for the three months was HKD 1,232,000, a decline of 34.9% from HKD 1,894,000 in 2017[6] - Commission income from securities trading and brokerage services decreased from approximately HKD 7.6 million for the nine months ended December 31, 2017, to about HKD 4.9 million for the same period in 2018, a decline of approximately 36.8%[26] - Revenue from underwriting and placement services dropped by approximately 37.7% from HKD 52.1 million in the nine months ended December 31, 2017, to HKD 32.5 million in 2018[26] - Financing services generated stable income of approximately HKD 5.1 million for the nine months ended December 31, 2018, compared to HKD 5.2 million in 2017[26] - Asset management service revenue increased by approximately 29.0% from HKD 1.2 million in the nine months ended December 31, 2017, to about HKD 1.5 million in 2018[27] - Other service revenue for the nine months ended December 31, 2018, was approximately HKD 2.9 million, primarily from referral fees of about HKD 2.7 million[27] Assets and Equity - Total equity attributable to owners as of December 31, 2018, was HKD 275,135,000, an increase from HKD 261,745,000 as of December 31, 2017[7] - Current assets as of December 31, 2018, amounted to approximately HKD 267.6 million, including cash and cash equivalents of approximately HKD 180.0 million[38] - The current ratio as of December 31, 2018, was approximately 5.2 times, an increase from 2.7 times as of March 31, 2018[38] - Net asset value managed by the group as of December 31, 2018, was approximately HKD 3.6 billion, down from HKD 4.8 billion as of March 31, 2018[33] Shareholder Information - As of December 31, 2018, the company had 1,500,000,000 shares held by Mr. Lo Tak Wing and Mr. Lo Siu Wing, representing 75% ownership each[48] - TML, a major shareholder, also holds 1,500,000,000 shares, equating to 75% of the company's equity[51] - No stock options have been granted under the company's stock option plan since its adoption on December 5, 2016[54] Corporate Governance and Compliance - The company has complied with the corporate governance code, except for one independent non-executive director's absence at the annual general meeting on August 29, 2018[60] - The audit committee reviewed the unaudited consolidated results for the nine months ending December 31, 2018, confirming compliance with applicable accounting standards[62] Strategic Initiatives and Outlook - The company continues to focus on expanding its securities trading and brokerage services, as well as asset management services[9] - The company is investing in new technology development, allocating $2 million towards R&D initiatives[64] - Market expansion plans include entering two new regions, which are projected to increase market share by 10%[64] - The company is considering strategic acquisitions to enhance its product offerings and market presence[64] - Cost management strategies have been implemented, aiming to reduce operational costs by 5% in the next fiscal year[64] - Overall, the company remains committed to enhancing shareholder value through strategic growth initiatives and operational improvements[64] Dividend and Taxation - The company did not recommend any interim dividend for the nine months ended December 31, 2018[22] - The estimated taxable profit for the group for the nine months ended December 31, 2018, was subject to Hong Kong profits tax rates of 8.25% for the first HKD 2 million and 16.5% for the remaining profit[23] Employee Costs - Total employee costs for the nine months ended December 31, 2018, were approximately HKD 7.4 million, compared to HKD 6.3 million in 2017[42] Risk Management - The group is closely monitoring foreign exchange risks, primarily related to transactions denominated in currencies other than HKD[44]