Financial Performance - For the nine months ended December 31, 2021, the group recorded unaudited revenue of approximately HKD 32,000,000, a decrease of about 3.0% compared to HKD 33,000,000 for the same period in 2020[7]. - The group reported an unaudited loss attributable to owners of approximately HKD 3,400,000 for the nine months ended December 31, 2021, compared to a loss of approximately HKD 1,200,000 for the same period in 2020[7]. - Basic and diluted loss per share attributable to owners was HKD 0.13 for the nine months ended December 31, 2021, compared to HKD 0.04 for the same period in 2020[7]. - Gross profit for the nine months ended December 31, 2021, was HKD 25,142,000, down from HKD 26,140,000 for the same period in 2020[11]. - Operating loss for the nine months ended December 31, 2021, was HKD 1,718,000, compared to an operating profit of HKD 578,000 for the same period in 2020[11]. - Total comprehensive loss for the nine months ended December 31, 2021, was HKD 3,440,000, compared to a total comprehensive loss of HKD 565,000 for the same period in 2020[11]. - The group incurred employee costs of HKD 14,865,000 for the nine months ended December 31, 2021, compared to HKD 15,627,000 for the same period in 2020[11]. - Other income for the nine months ended December 31, 2021, was HKD 6,450,000, down from HKD 9,865,000 for the same period in 2020[11]. - The group reported a pre-tax loss of HKD 6,813,000 for the nine months ended December 31, 2021, compared to a loss of HKD 6,899,000 for the same period in 2020, indicating a slight improvement[32]. - The income tax expense for the nine months ended December 31, 2021, was HKD 1,028,000, compared to HKD 371,000 for the same period in 2020, representing a significant increase[34]. Dividend and Shareholder Information - The board of directors decided not to declare an interim dividend for the nine months ended December 31, 2021[8]. - The company did not declare or pay any dividends for the nine months ended December 31, 2021, consistent with the same period in 2020[39]. - As of December 31, 2021, the major shareholder, Fortune Round Limited, holds 1,500,000,000 shares, representing 56.7% of the total equity[99]. - Both Lin Huijun and Chen Zetao hold 20,000,000 shares each, accounting for 0.76% of the total equity[96]. - Li Chi Keung and Wong Hoi Ping each hold 317,280,000 shares through Keenfull Investments Limited, representing 12.0% of the total equity[99]. Operational Changes - As of December 31, 2021, the company operated three restaurants, down from five restaurants as of December 31, 2020[44]. - The company has adopted cost control measures and is regularly evaluating its business strategies in response to the ongoing impact of the COVID-19 pandemic[43]. - The company plans to adopt a conservative and prudent business strategy to support daily operations amid economic uncertainties[43]. - The group aims to strengthen its position in the Hong Kong dining sector and explore opportunities for introducing popular restaurant brands through franchising or partnerships[89]. - Due to economic recession and the pandemic, the group has adopted a conservative business strategy to support daily operations and manage economic uncertainties[90]. Financial Position and Commitments - The group’s accumulated losses increased to HKD 93,159,000 as of December 31, 2021, from HKD 89,719,000 as of April 1, 2021[13]. - Cash and cash equivalents increased by approximately 103.8% from HKD 32,000,000 in 2020 to HKD 65,200,000 in 2021, mainly due to net proceeds from property sales[74]. - As of December 31, 2021, the total borrowings of the group amounted to approximately HKD 19,800,000, an increase from HKD 13,400,000 as of December 31, 2020[76]. - The capital-to-debt ratio as of December 31, 2021, was approximately 39.7%, up from 23.7% as of December 31, 2020, primarily due to increased bank borrowings[79]. - The group had approximately HKD 15,500,000 in outstanding bank financing commitments as of December 31, 2021, compared to none as of December 31, 2020[76]. - The group has no significant capital commitments or contingent liabilities as of December 31, 2021[80][81]. Expenses and Cost Management - Employee benefits expenses, including salaries and allowances, totaled HKD 14,379,000 for the nine months ended December 31, 2021, down from HKD 15,072,000 in the previous year, showing a reduction of 4.6%[32]. - Total other income decreased by approximately 34.3% from HKD 9,900,000 in 2020 to HKD 6,450,000 in 2021, primarily due to a reduction in government subsidies[56]. - Employee costs decreased by approximately 4.5% from HKD 15,600,000 in 2020 to HKD 14,900,000 in 2021, attributed to cost control measures[57]. - Depreciation expenses decreased by approximately 9.3% from HKD 3,200,000 in 2020 to HKD 2,900,000 in 2021, due to a reduction in the number of operating restaurants[58]. - Fuel and utility expenses increased by approximately 16.7% from HKD 1,200,000 in 2020 to HKD 1,400,000 in 2021, driven by increased usage in several restaurants[60]. - Administrative expenses decreased by approximately 7.1% from HKD 14,100,000 in 2020 to HKD 13,100,000 in 2021, mainly due to reductions in travel, legal, and marketing expenses[61]. Compliance and Governance - The company has adopted a code of conduct for directors' securities transactions, ensuring compliance with GEM listing rules[105]. - The company established an audit committee in accordance with GEM Listing Rules, consisting of three independent non-executive directors[107]. - The audit committee is responsible for reviewing the financial statements and overseeing the effectiveness of internal control procedures[107]. - The financial statements for the nine months ending December 31, 2021, have been reviewed by the audit committee[107]. - The company has confirmed that all directors complied with the trading standards during the nine-month period ending December 31, 2021[105]. Risks and Market Conditions - The group faces risks related to seasonal fluctuations in revenue from its restaurants in Hong Kong and potential impacts from external events such as natural disasters or economic downturns[85]. - The minimum wage in Hong Kong has increased from HKD 34.5 to HKD 37.5 per hour, which may further impact future employee costs[87]. - The group has no significant foreign exchange risk as most transactions are settled in HKD and RMB, with minimal exposure to other currencies[82]. - The group will continue to monitor business trends and seek market opportunities to improve financial performance while managing expenses prudently[90].

Financial Performance - For the six months ended September 30, 2021, the group recorded unaudited revenue of approximately HKD 22,700,000, an increase of about 3.7% compared to HKD 21,900,000 for the same period in 2020[4] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 600,000, a decrease from a loss of approximately HKD 1,100,000 for the same period in 2020[4] - Basic and diluted loss per share attributable to owners of the company was HKD 0.02, improved from HKD 0.04 for the same period in 2020[4] - The group achieved an operating profit of HKD 777,000, compared to HKD 349,000 for the same period in 2020, indicating improved operational efficiency[7] - The company reported a cumulative loss of HKD (90,328,000) as of September 30, 2021, compared to HKD (86,343,000) at the end of the previous period[12] - The group recorded a loss of approximately HKD 600,000 for the six months ended September 30, 2021, compared to a loss of HKD 700,000 in the same period of 2020[93] Dividend and Shareholder Information - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2021[5] - The company did not declare or pay any dividends for the six months ended September 30, 2021, consistent with the previous year[33] - As of September 30, 2021, the major shareholder, Fortune Round Limited, holds 1,500,000,000 shares, representing 56.7% of the total equity[130] - Both Ms. Lin Huijun and Mr. Chen Zetao are beneficial owners of 20,000,000 shares each, accounting for 0.76% of the total equity[127] - Keenfull Investments Limited, owned by Mr. Li Chi Keung, holds 317,280,000 shares, representing 12.0% of the total equity[130] - Mr. Li Chi Keung is the father-in-law of Mr. Wang Wenwei, linking the ownership structure[132] Cash Flow and Liquidity - Cash and cash equivalents increased to HKD 68,994,000 from HKD 44,862,000 as of March 31, 2021, reflecting improved liquidity[9] - The total cash and cash equivalents at the end of the reporting period was HKD 68,994,000, up from HKD 36,047,000 at the end of the same period last year[15] - The net cash used in operating activities for the six months ended September 30, 2021, was HKD (722,000), compared to HKD 2,170,000 in the prior year[15] - The company generated net cash from investing activities of HKD 33,825,000, a significant increase from HKD 911,000 in the previous year[15] - Cash and cash equivalents increased by approximately 91.7% to HKD 69,000,000 as of September 30, 2021, from HKD 36,000,000 a year earlier, primarily due to net proceeds from property sales[102] Operational Efficiency and Cost Management - Administrative expenses decreased to HKD 8,904,000 from HKD 10,635,000 for the same period in 2020, indicating cost control measures[7] - Employee benefits expenses, including salaries and allowances, totaled HKD 10,157,000 for the period, marginally up from HKD 10,126,000 in the prior year[26] - Employee costs remained stable at approximately HKD 10,500,000 for the six months ended September 30, 2021, with a reduction in headcount from 108 to 75 employees[75] - Depreciation expenses were stable at approximately HKD 2,200,000 and HKD 2,100,000 for the six months ended September 30, 2020, and 2021, respectively[76] - Administrative expenses decreased by approximately 16.0% from HKD 10,600,000 for the six months ended September 30, 2020, to HKD 8,900,000 for the same period in 2021[79] Assets and Liabilities - Total assets less current liabilities amounted to HKD 54,005,000 as of September 30, 2021, slightly down from HKD 54,138,000 as of March 31, 2021[11] - The group’s total equity as of September 30, 2021, was HKD 52,616,000, a slight decrease from HKD 53,225,000 as of March 31, 2021[11] - As of September 30, 2021, the company had total bank borrowings of HKD 15,500,000, unchanged from March 31, 2021[53] - The company’s total current liabilities decreased to HKD 6,202,000 as of September 30, 2021, from HKD 9,958,000 as of March 31, 2021[36] - Total borrowings amounted to approximately HKD 21,700,000 as of September 30, 2021, up from HKD 17,100,000 a year earlier[103] Business Operations and Strategy - The company continues to focus on its core business of providing leisure dining services in Hong Kong[18] - The company operates four restaurants in Hong Kong as of September 30, 2021, with a focus on leisure dining services[60] - The company has not reported any new product launches or significant market expansions during this period[22] - The company has adopted cost control measures and is exploring new business opportunities to mitigate the impact of the COVID-19 pandemic[66] - The company plans to adopt a conservative business strategy to support daily operations and address economic uncertainties, focusing on maintaining sufficient working capital[119] Governance and Compliance - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with GEM Listing Rules[137] - The Audit Committee, established on July 21, 2016, is responsible for reviewing financial statements and overseeing internal control effectiveness[138] - The Audit Committee consists of three independent non-executive directors, with Mr. Ma Yiu Ho as the chairman[138]

Financial Performance - For the three months ended June 30, 2021, the group recorded unaudited revenue of approximately HKD 11,800,000, a decrease of about 2.5% compared to HKD 12,100,000 for the same period in 2020[5]. - The group reported an unaudited loss attributable to owners of the company of approximately HKD 1,700,000, compared to a loss of approximately HKD 800,000 for the same period in 2020[5]. - Basic and diluted loss per share attributable to owners of the company was HKD 0.07, compared to HKD 0.03 for the same period in 2020[5]. - The gross profit for the three months ended June 30, 2021, was HKD 9,337,000, down from HKD 9,619,000 in the same period of 2020[8]. - Operating loss for the period was HKD 1,059,000, compared to an operating profit of HKD 177,000 for the same period in 2020[8]. - Total comprehensive loss for the period was HKD 1,731,000, compared to HKD 554,000 for the same period in 2020[8]. - The group's revenue for the three months ended June 30, 2021, was HKD 11,776,000, a decrease of 2.5% from HKD 12,080,000 in the same period of 2020[18]. - The group reported a pre-tax loss of HKD 1,731,000 for the three months ended June 30, 2021, compared to a loss of HKD 828,000 in the same period of 2020[27]. - The company recorded a loss of approximately HKD 1,700,000 for the three months ended June 30, 2021, compared to a loss of about HKD 600,000 in the same period in 2020[49]. Dividends and Equity - The board of directors does not recommend the payment of an interim dividend for the three months ended June 30, 2021[6]. - The group did not declare or pay any dividends for the three months ended June 30, 2021, consistent with the same period in 2020[29]. - The group’s total equity as of June 30, 2021, was HKD 51,494,000, down from HKD 57,546,000 as of June 30, 2020[10]. Expenses and Costs - The group incurred administrative expenses of HKD 3,811,000, a decrease from HKD 6,355,000 in the same period of 2020[8]. - The cost of goods sold for the same period was HKD 2,439,000, slightly down from HKD 2,461,000 in 2020[22]. - Other income decreased by approximately 95.4% from about HKD 4,300,000 to about HKD 200,000, primarily due to a reduction in government subsidies and COVID-19 related rent concessions[40]. - Employee costs decreased by approximately 9.1% from about HKD 5,500,000 to about HKD 5,000,000, with the number of employees reducing from 111 to 96[41]. - Administrative expenses decreased by approximately 40.6% from about HKD 6,400,000 to about HKD 3,800,000 due to reductions in marketing and professional fees[45]. Corporate Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15, ensuring transparency and accountability to protect shareholder interests[71]. - The board believes that Mr. Wang's dual role as Chairman and CEO is in the best interest of the company, despite deviating from the governance code[72]. - No conflicts of interest were reported among directors or major shareholders during the review period[73]. - The company maintains a high standard of corporate governance to ensure shareholder protection and transparency[71]. - The company has adopted a code of conduct for directors regarding securities trading, in compliance with GEM Listing Rules[86]. - The Audit Committee, established on July 21, 2016, is responsible for reviewing financial statements and overseeing internal control procedures[87]. - The Audit Committee consists of three independent non-executive directors, with Mr. Ma Yiu Ho as the chairman[87]. - All directors confirmed compliance with the trading standards during the three-month period ending June 30, 2021[86]. - The company regularly reminds directors of the trading restrictions prior to the announcement of financial results[86]. Business Strategy and Operations - The company continues to focus on providing leisure dining services in Hong Kong[13]. - The company continues to focus on casual dining services as its core business[35]. - The company plans to continue consolidating its position in the airport restaurant sector and diversify its business in urban Hong Kong[68]. - Due to economic recession and adverse impacts from the pandemic, the company will adopt a conservative business strategy to support daily operations and manage expenses carefully[69]. - The company aims to strengthen existing business development and provide stable returns and growth prospects for shareholders[70]. Shareholder Information - Mr. Wang Wenwei holds 1,500,000,000 shares, representing 56.7% of the company's equity, through Fortune Round Limited, which he fully owns[74]. - Ms. Lin Huijun and Mr. Chen Zetao each hold 20,000,000 shares, accounting for 0.76% of the company's equity, granted under the share option plan[76]. - Keenfull Investments Limited, owned by Mr. Li Chi Keung, holds 317,280,000 shares, representing 12.0% of the company's equity[79]. - The company has a share option plan adopted on July 21, 2016, allowing the exercise of options for a total of 60,000,000 shares at an exercise price of HKD 0.163 per share[83]. - As of June 30, 2021, the company has not purchased, sold, or redeemed any shares during the review period[74]. - As of June 30, 2021, no other individuals, apart from directors and major executives, were reported to have interests in the company's shares that required disclosure[81]. - As of June 30, 2021, there were no stock options granted during the three-month period[84]. - The total number of unexercised stock options as of June 30, 2021, was 60,000,000[84]. Financial Position - As of June 30, 2021, the group's cash and cash equivalents were approximately HKD 42,700,000, an increase of about 14.2% from HKD 37,400,000 as of June 30, 2020[58]. - The total borrowings as of June 30, 2021, were approximately HKD 26,400,000, a decrease from HKD 28,300,000 as of June 30, 2020[60]. - The capital-to-debt ratio as of June 30, 2021, was approximately 51.4%, up from 35.7% as of June 30, 2020, primarily due to an increase in total borrowings[62]. - The company raised approximately HKD 29,840,000 from the first placement of 202,800,000 shares at a price of HKD 0.15 per share, with a net price of HKD 0.147 per share[52]. - The second placement raised approximately HKD 45,200,000 from 440,560,000 shares at a price of HKD 0.105 per share, with a net price of HKD 0.103 per share[52]. - As of March 31, 2021, the unutilized listing proceeds were planned for use in the fiscal year ending March 31, 2022, with all unutilized balances deposited in a licensed bank in Hong Kong[51]. Other Information - The group applied the new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the financial statements for the period[17]. - The group has no independent operating segment financial information due to resource concentration[16]. - As of June 30, 2021, the group operated six restaurants, including "Chinese Kitchen," which has been temporarily closed since February 10, 2020[32]. - Bank borrowing interest increased to HKD 109,000 from HKD 11,000 year-on-year, while lease liabilities interest decreased to HKD 167,000 from HKD 283,000[21].

Business Operations - The company operates five restaurants in Hong Kong under the brands "Duo Xiao Yue," "Hanlin Tea House," and "Da Jia Taiwan" as of March 31, 2021[10]. - The company has expanded its own brand restaurant network at Hong Kong International Airport since 2005, including "Nosh Café & Bar" and "Coffee Express" among others[11]. - The company acquired franchise rights for two well-known dining brands in Hong Kong, "Duo Xiao Yue" and "Hanlin Tea House"[12]. - The company aims to strengthen its brand portfolio and expand its restaurant operations in Hong Kong and at the airport[12]. - The company is focused on seeking opportunities to launch well-known restaurant brands and expand its business presence[12]. - The company has a long history in the Hong Kong dining industry, with its first self-owned brand restaurant opening in 1993[11]. - The company operates various restaurant brands, with 100% ownership in several locations, including the "China Kitchen" at Hong Kong International Airport[19]. - The overall economic activity in Hong Kong remains below pre-recession levels due to the ongoing impact of the pandemic, affecting the restaurant industry significantly[17]. - The group recorded a loss of approximately HKD 3.5 million for the year ended March 31, 2021, compared to a loss of approximately HKD 67.9 million for the same period in 2020, primarily due to reductions in employee costs and depreciation expenses, as well as increased government subsidies[36]. - The group operates various restaurant brands in Hong Kong, including "Chinese Kitchen," "Taiwan Diner," and "Hanlin Tea Room," with multiple locations[198]. Financial Performance - The fiscal year ending March 31, 2021, was challenging due to the impact of the COVID-19 pandemic, prompting the company to adopt conservative business strategies[12]. - The company's revenue decreased by approximately 37.9% from about HKD 68.8 million in the year ended March 31, 2020, to about HKD 42.7 million in the year ended March 31, 2021[21]. - The pre-tax loss for the year ended March 31, 2021, was HKD 5.161 million, compared to a loss of HKD 66.867 million in the previous year[21]. - Total assets decreased from HKD 99.595 million in 2020 to HKD 89.922 million in 2021, a reduction of approximately 9.4%[21]. - The total equity decreased from HKD 58.1 million in 2020 to HKD 53.225 million in 2021, reflecting a decline of about 8.5%[21]. - The company's gross profit decreased by approximately 38.4% from HKD 54.9 million in 2020 to HKD 33.8 million in 2021[23]. - Other income increased by approximately 140.0% from about HKD 5.511 million in 2020 to about HKD 13.223 million in 2021, primarily due to government subsidies and rent reductions related to COVID-19[27]. - Employee costs decreased by approximately 39.2% from about HKD 33.7 million in 2020 to about HKD 20.5 million in 2021[28]. - The group has no distributable reserves as of March 31, 2021 (2020: none)[151]. - The group made donations amounting to approximately HKD 103,000 for the year ended March 31, 2021 (2020: HKD 264,000)[148]. Strategic Focus - The company is committed to enhancing its existing restaurant operations for the benefit of its shareholders[12]. - The company plans to adopt a conservative business strategy to support operations amid economic uncertainty and seek opportunities to expand its presence in Hong Kong[20]. - The company aims to strengthen its position in operating restaurants at Hong Kong International Airport and diversify its business in urban Hong Kong, seeking opportunities to introduce popular restaurant brands through franchising or other collaborations[67]. - The management maintains a cautious and prudent attitude towards profitability in the coming months, continuously monitoring business trends to identify favorable conditions for expansion[68]. - The company has adopted a conservative and prudent business strategy due to adverse impacts from economic recession and the pandemic, focusing on maintaining sufficient working capital for daily operations[68]. Corporate Governance - The company has adopted the corporate governance code as per GEM listing rules, ensuring high standards of transparency and accountability[82]. - The board consists of three executive directors and three independent non-executive directors, maintaining a balanced governance structure[85]. - The company has complied with the corporate governance code for the year ending March 31, 2021, with the exception of deviation from code provision A.2.1[82]. - The chairman and CEO roles are held by the same individual, which the board believes is in the best interest of the company for effective management[83]. - The company has a financial risk management framework in place, overseen by the finance director, to ensure sound financial planning and internal controls[80]. - The board is responsible for the overall management of the company, including leading and monitoring its operations[86]. - The company has established committees for audit, remuneration, nomination, and investment to enhance governance practices[88]. - Independent non-executive directors constitute at least one-third of the board, ensuring independence and compliance with GEM listing rules[89]. - The board held a total of 8 meetings and 1 annual general meeting during the fiscal year ending March 31, 2021, with all directors attending all meetings[92]. - The Audit Committee convened 5 meetings during the fiscal year, reviewing the financial results for the year ending March 31, 2020, and the quarterly results for the subsequent periods[101]. Risk Management - The group faces significant risks and uncertainties, including potential revenue fluctuations from seasonal factors and the impact of future developments in the Hong Kong urban restaurant sector[43][44]. - The group has established a risk management process that includes risk identification, assessment, management, and control[125]. - The company faces risks related to the commercial real estate leasing market, including potential high rental costs[46]. - The group’s credit risk is primarily associated with accounts receivable, deposits, and cash equivalents, with management implementing monitoring procedures to mitigate this risk[60]. Environmental, Social, and Governance (ESG) - The report covers the operational activities from April 1, 2020, to March 31, 2021, focusing on environmental, social, and governance (ESG) initiatives[198]. - The group aims to provide quality food and a comfortable dining environment while ensuring sustainable development for society and the environment[196]. - Management is committed to promoting environmental protection and corporate governance to achieve long-term goals[196]. - The ESG report outlines the group's efforts in managing its business impacts on the environment and society[197]. - The group emphasizes the importance of stakeholder communication regarding its ESG performance[197]. - The report includes a summary of sustainable practices implemented during the reporting period[197]. - The company encourages environmental protection and promotes environmental awareness among employees[145]. Shareholder Relations - The company allows shareholders holding at least 10% of the paid-up capital to request a special general meeting[135]. - The company’s website provides access to all corporate communications and governance documents, which will be updated regularly[133]. - The board does not recommend the payment of any final dividend for the year ended March 31, 2021 (2020: none)[143]. - The company aims to provide stable and sustainable returns to shareholders through its dividend policy, considering factors such as operating performance, cash flow, and financial condition[120].

Financial Performance - For the nine months ended December 31, 2020, the group recorded unaudited revenue of approximately HKD 33,000,000, a decrease of about 43.5% compared to HKD 58,400,000 for the same period in 2019[6]. - The group reported an unaudited loss attributable to owners of the company of approximately HKD 1,200,000 for the nine months ended December 31, 2020, compared to a loss of HKD 21,600,000 for the same period in 2019[6]. - Basic and diluted loss per share attributable to owners of the company was HKD 0.04 for the nine months ended December 31, 2020, compared to HKD 0.82 for the same period in 2019[6]. - For the three months ended December 31, 2020, the group recorded unaudited revenue of HKD 11,136,000, down from HKD 14,305,000 for the same period in 2019[9]. - The gross profit for the nine months ended December 31, 2020, was HKD 26,140,000, compared to HKD 46,778,000 for the same period in 2019[9]. - Operating profit for the nine months ended December 31, 2020, was HKD 578,000, compared to an operating loss of HKD 19,706,000 for the same period in 2019[9]. - The group reported a total comprehensive income of HKD 565,000 for the nine months ended December 31, 2020, compared to a total comprehensive loss of HKD 22,583,000 for the same period in 2019[9]. - The total comprehensive loss for the period was HKD 22,583,000, compared to a loss of HKD 21,602,000 in the previous period[12]. - The accumulated losses as of December 31, 2020, reached HKD 86,366,000, reflecting a significant increase from HKD 41,110,000 as of December 31, 2019[12]. - The company reported a loss attributable to owners of HKD 23,000 for the three months ended December 31, 2020, compared to a loss of HKD 11,116,000 in the same period of 2019, showing an improvement in performance[33]. Cost Management - The group experienced a significant reduction in employee costs, which were HKD 15,627,000 for the nine months ended December 31, 2020, down from HKD 27,601,000 for the same period in 2019[9]. - The group recorded a decrease in administrative expenses to HKD 14,007,000 for the nine months ended December 31, 2020, compared to HKD 16,231,000 for the same period in 2019[9]. - Financial costs for the nine months ended December 31, 2020, amounted to HKD 726,000, a decrease of 53.8% from HKD 1,567,000 in the same period of 2019[26]. - The cost of goods sold decreased by approximately 40.5% from about HKD 11.6 million to about HKD 6.9 million during the same periods[53]. - Employee benefits expenses, including salaries and allowances, totaled HKD 4,946,000 for the three months ended December 31, 2020, down from HKD 8,325,000 in the same period of 2019, reflecting a reduction of approximately 40.5%[27]. - Depreciation expenses for the nine months ended December 31, 2020, were approximately HKD 3,200,000, a decrease of about 83.6% compared to HKD 19,500,000 for the same period in 2019, primarily due to a reduction in the number of operating restaurants and impairment losses recognized[62]. - Property rental and related expenses for the nine months ended December 31, 2020, were approximately HKD 1,200,000, down about 45.5% from HKD 2,200,000 in the same period of 2019, mainly due to a decrease in the number of operating restaurants[63]. - Fuel and utility expenses decreased by approximately 45.5% to HKD 1,200,000 for the nine months ended December 31, 2020, from HKD 2,200,000 in the same period of 2019, attributed to reduced revenue due to the pandemic[64]. - Administrative expenses decreased by approximately 13.6% to HKD 14,000,000 for the nine months ended December 31, 2020, from HKD 16,200,000 in the same period of 2019, mainly due to reductions in travel and transportation costs[65]. - Income tax expenses for the nine months ended December 31, 2020, were approximately HKD 400,000, a decrease of about 66.7% from HKD 1,200,000 in the same period of 2019, primarily due to a reduction in taxable profits from several restaurants[67]. Impact of COVID-19 - The ongoing COVID-19 pandemic has introduced significant uncertainty into the company's operating environment, impacting its operations and financial condition[39]. - The financial impact of the COVID-19 outbreak on the company's operations remains uncertain and cannot be fully estimated at this time[40]. - The impact of the pandemic has led to a significant reduction in customer visits and dining demand, affecting overall financial performance[49]. - The company is actively seeking financial support from the Hong Kong government’s anti-epidemic fund and is negotiating to reduce restaurant rental costs[39]. - The company plans to reassess the operational performance of each restaurant and adjust future expansion plans accordingly[39]. - The company has adopted a conservative business strategy in response to the economic uncertainty caused by the pandemic[49]. - The company recorded a loss of approximately HKD 600,000 for the nine months ended December 31, 2020, significantly reduced from a loss of HKD 22,600,000 in the same period of 2019, mainly due to government subsidies and rent reductions[69]. Shareholder Information - As of December 31, 2020, the company had a total of 1,500,000,000 shares held by Fortune Round Limited, representing 56.7% ownership[104]. - Key shareholders include Li Chi Keung with 317,280,000 shares, representing 12.0% ownership[108]. - The company’s major shareholders include Wong Hoi Ping, who also holds 12.0% through Keenfull Investments Limited[108]. - The company did not purchase, sell, or redeem any shares during the review period[101]. - No stock options were granted during the nine-month period ending December 31, 2020[114]. - As of December 31, 2020, there were 60,000,000 unexercised stock options remaining[114]. Compliance and Governance - The financial statements have been prepared in accordance with Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[17]. - The company has applied new and revised Hong Kong Financial Reporting Standards, which did not have a significant impact on the reported amounts[18]. - The company has adopted a code of conduct for directors regarding securities trading, ensuring compliance with GEM Listing Rules[116]. - The Audit Committee, established in accordance with GEM Listing Rules, is responsible for reviewing financial statements and overseeing internal control effectiveness[117]. - The Audit Committee consists of three independent non-executive directors, with Mr. Ma Yiu Ho serving as the chairman[117]. Business Strategy - The company continues to focus on its core business of providing leisure dining services in Hong Kong[16]. - The group aims to strengthen its position in operating restaurants at Hong Kong International Airport and diversify its business in urban Hong Kong, seeking opportunities to introduce popular restaurant brands through franchises or partnerships[94]. - Due to economic recession and the pandemic, the group has adopted a conservative business strategy to support daily operations and manage uncertainties in the market[96]. - The group plans to maintain sufficient working capital to support daily operations while closely monitoring business trends for potential growth opportunities[96].

Financial Performance - For the six months ended September 30, 2020, the group recorded unaudited revenue of approximately HKD 21,900,000, a decrease of about 50.2% compared to HKD 44,000,000 for the same period in 2019[5] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 1,100,000, compared to a loss of HKD 10,500,000 for the same period in 2019[5] - Basic and diluted loss per share for the period was HKD 0.04, down from HKD 0.40 for the same period in 2019[5] - Gross profit for the six months ended September 30, 2020, was HKD 17,313,000, compared to HKD 35,294,000 for the same period in 2019[9] - Operating profit for the period was HKD 349,000, a significant improvement from an operating loss of HKD 9,155,000 in the same period of the previous year[9] - The company recorded a total comprehensive loss of HKD 11,301,000 for the six months ended September 30, 2020, compared to a loss of HKD 10,486,000 for the same period in 2019[17] - Pre-tax loss for the six months ended September 30, 2020, was HKD 1,132,000, compared to a loss of HKD 10,486,000 in the same period of 2019, indicating a significant reduction in losses[42] Dividends and Shareholder Returns - The board of directors did not recommend the payment of an interim dividend for the six months ended September 30, 2020[6] - The company did not declare or pay any interim dividends for the six months ended September 30, 2020, consistent with the previous year[44] Assets and Liabilities - Total assets as of September 30, 2020, were HKD 47,608,000, compared to HKD 48,853,000 as of March 31, 2020[12] - Current liabilities increased to HKD 28,043,000 from HKD 31,573,000 as of March 31, 2020[12] - Cash and cash equivalents as of September 30, 2020, were HKD 36,047,000, down from HKD 39,456,000 as of March 31, 2020[12] - As of September 30, 2020, the company's net asset value was HKD 57,433,000, a decrease from HKD 58,100,000 as of March 31, 2020, representing a decline of approximately 1.15%[14] - The total equity attributable to the owners of the company decreased to HKD 56,601,000 from HKD 57,733,000, reflecting a decrease of about 1.96%[17] - The company's total liabilities decreased to HKD 3,810,000 from HKD 9,922,000, representing a significant reduction of about 61.7%[14] Cash Flow and Financing Activities - The company reported a net cash inflow from operating activities of HKD 2,170,000 for the six months ended September 30, 2020, compared to HKD 389,000 for the same period in 2019, indicating a significant improvement[19] - The net cash outflow from financing activities was HKD 6,490,000 for the six months ended September 30, 2020, compared to HKD 16,048,000 for the same period in 2019, showing a reduction of approximately 59.5%[19] - The company's cash and cash equivalents decreased to HKD 36,047,000 at the end of the reporting period from HKD 39,456,000 at the beginning, representing a decrease of about 10.9%[19] Employee Costs and Expenses - The group experienced a significant reduction in employee costs, which were HKD 10,498,000 for the period, compared to HKD 19,047,000 in the same period of 2019[9] - Employee benefits expenses totaled HKD 10,498,000, down from HKD 19,047,000, reflecting a decrease of approximately 45%[35] - Interest expenses on bank borrowings decreased to HKD 11,000 from HKD 160,000, a reduction of about 93%[34] - Depreciation expenses decreased by approximately 82.0% from about HKD 12,200,000 to about HKD 2,200,000[89] - Property rental and related expenses decreased by approximately 46.7% from about HKD 1,500,000 to about HKD 800,000[90] - Administrative expenses decreased by approximately 7.8% from about HKD 11,500,000 to about HKD 10,600,000[92] - Income tax expenses decreased by approximately 63.6% from about HKD 1,100,000 to about HKD 400,000[95] Business Operations and Strategy - The company operates six restaurants as of September 30, 2020, including "Chinese Kitchen," which has been temporarily closed since February 10, 2020[70] - The company plans to apply for financial support from the Hong Kong government’s new round of anti-epidemic fund employment support scheme[67] - The company is reviewing its restaurant expansion plans in light of the ongoing uncertainty due to the COVID-19 pandemic[67] - The company has no plans for market expansion or new product launches as indicated in the financial statements[52] - The group plans to adopt a conservative business strategy to support operations amid economic uncertainty and explore other business opportunities for stable returns[78] - The company adopts a conservative business strategy to support daily operations amid economic uncertainties and will focus on maintaining sufficient working capital[124] Shareholder Information - As of September 30, 2020, the company has 1,500,000,000 shares held by Fortune Round Limited, representing 56.7% ownership by Mr. Wang Wenwei[130] - Both Ms. Lin Huijun and Mr. Chen Zetao hold 20,000,000 shares each, representing 0.76% ownership, granted under the share option plan[132] - Keenfull Investments Limited owns 317,280,000 shares, accounting for 12.0% of the company's equity[135] - The company has adopted a share option scheme since July 21, 2016, with a total of 60,000,000 shares available for subscription at an exercise price of HKD 0.163 per share[139] - No share options were exercised during the six-month period ending September 30, 2020[140] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial statements for the six months ending September 30, 2020[143] - The company has implemented a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[142] - The company confirmed that all directors complied with the trading standards during the reporting period[142]

Financial Performance - For the three months ended June 30, 2020, the group recorded unaudited revenue of approximately HKD 12,100,000, a decrease of about 43.2% compared to HKD 21,300,000 for the same period in 2019[5] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 800,000, compared to a loss of HKD 4,100,000 for the same period in 2019[5] - Basic and diluted loss per share attributable to owners of the company was HKD 0.03, an improvement from HKD 0.16 for the same period in 2019[5] - The group achieved a gross profit of HKD 9,619,000, down from HKD 17,139,000 in the previous year[9] - Operating profit for the period was HKD 177,000, a significant improvement from an operating loss of HKD 3,184,000 in the same period last year[9] - The total comprehensive loss for the period was HKD 554,000, compared to HKD 3,873,000 in the same period last year[9] - The company reported a loss attributable to owners of HKD 828,000 for the three months ended June 30, 2020, compared to a loss of HKD 4,107,000 in the same period of 2019, indicating an improvement in performance[33] Revenue and Costs - The company's revenue decreased by approximately 43.2% from about HKD 21,300,000 for the three months ended June 30, 2019, to about HKD 12,100,000 for the same period in 2020[49] - The cost of goods sold for the same period was HKD 2,461,000, down from HKD 4,159,000 in 2019, reflecting a 41% reduction[27] - The cost of goods sold decreased by approximately 40.5% from about HKD 4,200,000 to about HKD 2,500,000 during the same periods[50] - Gross profit fell by approximately 43.9% from about HKD 17,100,000 to about HKD 9,600,000, primarily due to the decrease in revenue[51] Expenses - The group incurred total administrative expenses of HKD 6,355,000, compared to HKD 5,211,000 in the previous year[9] - Employee benefit expenses, including directors' remuneration, were HKD 5,504,000 for the three months ended June 30, 2020, down from HKD 9,363,000 in 2019, a decrease of 41%[27] - The total finance costs decreased to HKD 294,000 in 2020 from HKD 485,000 in 2019, representing a 39% reduction[25] - Depreciation expenses fell by about 77.6% from HKD 4,900,000 to HKD 1,100,000, primarily due to a decrease in the number of operating restaurants as a result of the pandemic[55] - Property rental and related expenses decreased by approximately 42.9% from HKD 700,000 to HKD 400,000, attributed to fewer operating restaurants during the pandemic[57] - Fuel and utility expenses dropped by 50.0% from HKD 800,000 to HKD 400,000, mainly due to reduced revenue caused by the pandemic[58] - Administrative expenses increased by approximately 23.1% from HKD 5,200,000 to HKD 6,400,000, primarily due to higher marketing and promotional costs[59] Tax and Other Income - The company incurred a tax expense of HKD 434,000 for the three months ended June 30, 2020, compared to HKD 185,000 in 2019, reflecting an increase of 134%[30] - The group recorded other income of HKD 4,327,000, a substantial increase from HKD 646,000 in the previous year[9] - Other income increased by approximately 616.7% from about HKD 646,000 to about HKD 4,327,000, mainly due to government subsidies and rent concessions[53] Market and Operations - The company continues to operate solely in Hong Kong, with all revenue generated from this market[21] - The company has six operating restaurants as of June 30, 2020, including "Chinese Kitchen," which has been temporarily closed since February 10, 2020[41] - The ongoing uncertainty regarding the COVID-19 pandemic has made it difficult to estimate its full financial impact on the company[39] - The company will adopt a conservative business strategy to support daily operations and seek opportunities to strengthen its position in the Hong Kong International Airport restaurant market[48] - The group aims to consolidate its position in operating restaurants at Hong Kong International Airport and diversify its business in urban areas, while adopting a conservative business strategy due to economic uncertainties[83] Shareholder Information - As of June 30, 2020, Fortune Round Limited holds 1,500,000,000 shares, representing 56.7% of the company's equity[95] - Keenfull Investments Limited owns 317,280,000 shares, accounting for 12.0% of the company's equity[95] - The company has a stock option plan adopted on July 21, 2016, with a total of 60,000,000 shares available for subscription at an exercise price of HKD 0.163 per share[100] - No stock options were exercised during the three-month period ending June 30, 2020[101] - The company has a total of 60,000,000 unexercised stock options as of June 30, 2020[102] Compliance and Governance - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the quarter ending June 30, 2020[105] - The company confirmed compliance with the trading standards for directors during the three-month period ending June 30, 2020[104] - The company has not disclosed any additional interests or short positions in its shares as of June 30, 2020[99] Financial Position - The group’s total equity as of June 30, 2020, was HKD 57,546,000, down from HKD 128,268,000 as of June 30, 2019[12] - Cash and cash equivalents decreased by approximately 54.3% from HKD 81,900,000 to HKD 37,400,000, primarily due to loan repayments and operational support during the pandemic[72] - As of June 30, 2020, the total borrowings of the group amounted to approximately HKD 20.7 million, a decrease from HKD 47 million as of June 30, 2019[74] - The capital-to-debt ratio as of June 30, 2020, was approximately 35.7%, down from 39.8% as of June 30, 2019, primarily due to a reduction in lease liabilities and bank borrowings[76] - The group had no significant contingent liabilities as of June 30, 2020, compared to zero in the same period of 2019[78] - The group will continue to manage expenses prudently and seek market opportunities to improve financial performance[84] - The group has no foreign exchange contracts or financial derivatives for hedging purposes as of June 30, 2020[82]

Financial Performance - For the fiscal year ended March 31, 2020, the company reported revenue of HKD 68,837,000, a decrease of 25.8% from HKD 92,662,000 in the previous year[14]. - The company experienced a pre-tax loss of HKD 66,867,000, compared to a pre-tax loss of HKD 15,909,000 in the prior year, indicating a significant decline in profitability[14]. - The total comprehensive loss attributable to owners of the company was HKD 65,476,000, up from HKD 18,377,000 in the previous year, reflecting the adverse impact of social unrest and the COVID-19 pandemic[14]. - The group recorded a loss of approximately HKD 67.9 million for the year ended March 31, 2020, compared to a profit of approximately HKD 17.4 million in the same period in 2019[47]. - The group's gross profit for the year ended March 31, 2020, was approximately HKD 55.0 million, a decrease of about 27.3% from approximately HKD 75.7 million for the year ended March 31, 2019[33]. - Other income and gains increased by approximately 34.2% to about HKD 5.5 million for the year ended March 31, 2020, from approximately HKD 4.1 million for the year ended March 31, 2019[35]. - The cost of goods sold decreased by approximately 17.8% from about HKD 16.9 million for the year ended March 31, 2019, to about HKD 13.9 million for the year ended March 31, 2020[32]. - Administrative expenses increased by approximately 13.2% to about HKD 28.3 million for the year ended March 31, 2020, from approximately HKD 25.0 million for the year ended March 31, 2019, mainly due to increased marketing and promotional expenses[42]. - Employee costs remained stable at approximately HKD 32.8 million and HKD 33.7 million for the years ended March 31, 2019, and 2020, respectively[36]. Assets and Equity - As of March 31, 2020, total assets decreased to HKD 99,595,000 from HKD 165,718,000 in the previous year, representing a decline of 40%[14]. - Total equity fell to HKD 58,100,000 from HKD 133,762,000, a decrease of 56.5% year-on-year[14]. - The company reported a net current asset value of HKD 17,280,000, down from HKD 73,658,000 in the previous year, indicating liquidity challenges[14]. - As of March 31, 2020, the group's cash and cash equivalents were approximately HKD 39.5 million, a decrease of about 29.0% from HKD 55.6 million as of March 31, 2019[79]. - The total borrowings of the group as of March 31, 2020, were approximately HKD 26.2 million, an increase from approximately HKD 10.1 million as of March 31, 2019[81]. - The capital debt ratio as of March 31, 2020, was approximately 45.3%, significantly up from about 8.0% as of March 31, 2019[83]. Business Strategy and Expansion - The company plans to adopt a conservative business strategy to navigate the uncertain economic environment and seek opportunities to strengthen its restaurant operations in Hong Kong[10]. - The company aims to expand its restaurant network at Hong Kong International Airport and in urban areas, as well as enter the Asian leisure dining market[10]. - The company is focused on enhancing its brand portfolio and expanding its operational scope in the dining industry to align with the interests of its shareholders[10]. - The company aims to strengthen its position in the Hong Kong International Airport while seeking opportunities to expand its business in urban areas[30]. - The group is actively seeking opportunities to establish franchises or partnerships with popular restaurant brands to expand its business[73]. - The group plans to continue monitoring and exploring market opportunities in Asia for future expansion[73]. Impact of External Factors - The ongoing protests and pandemic have significantly impacted consumer confidence and dining demand, leading to a deterioration in financial performance[30]. - The economic growth in Hong Kong has been severely affected by protests and the pandemic, with GDP contracting by 8.9% in Q1 2020[17]. - The financial performance for the fiscal year 2020 was adversely affected by the anti-extradition protests and the COVID-19 pandemic, prompting the board to adopt a conservative business strategy[50]. - Approximately 25% of the company's revenue is generated from restaurants located in urban Hong Kong, making it susceptible to future developments in the area[64]. - The company has faced a decline in recent revenues due to the pandemic and social unrest caused by protests[64]. Corporate Governance - The company was successfully listed on the GEM of the Stock Exchange on August 8, 2016, emphasizing the importance of transparency and accountability for listed companies[120]. - The company has adopted the Corporate Governance Code as per the GEM Listing Rules, ensuring compliance with high standards of corporate governance[120]. - The board of directors includes experienced professionals with over 20 years of experience in finance and accounting, enhancing the company's governance structure[109][114]. - The company has a dedicated audit committee to oversee financial reporting and internal controls, ensuring accuracy and reliability in financial disclosures[120]. - The company emphasizes the importance of independent non-executive directors in its governance framework, ensuring diverse perspectives in decision-making[120]. - The board of directors consists of three executive directors and three independent non-executive directors, ensuring compliance with GEM listing rules[123]. - The company has established four board committees, including the audit committee, to oversee various governance responsibilities[131]. - The audit committee is chaired by an independent non-executive director and is tasked with reviewing the independence of external auditors[133]. - The company has adopted a code of conduct for securities trading by directors, with no violations reported during the fiscal year[122]. - The board is responsible for maintaining high standards of corporate governance, including the review of policies and compliance with legal regulations[126]. Employee and Operational Management - The group had 98 employees as of March 31, 2020, down from 131 employees as of March 31, 2019, mainly due to restaurant closures[36]. - The group’s employees are considered its most important asset, with various training programs provided, including internal professional development and safety training[200]. - The company has committed to maintaining relationships with external investment managers, banks, and brokerage firms to manage its investment portfolio effectively[147]. Environmental and Social Responsibility - The group has maintained strict compliance with environmental regulations and promoted environmental awareness among employees[176]. - The group has established a continuous improvement environmental management system to implement strict monitoring[176]. - Donations made by the group amounted to approximately HKD 264,000 for the year ended March 31, 2020, compared to HKD 295,000 in 2019[193]. Future Outlook and Financial Planning - The company plans to utilize the unallocated portion of the net proceeds from the listing by March 31, 2021, to address future economic uncertainties[50]. - The company has allocated approximately HKD 64.79 million from previous share placements for potential acquisitions and general operating funds[54][55]. - The total unutilized net proceeds from the first and second placements amount to HKD 43.68 million, with specific allocations for operational expenses and property-related costs[60]. - The company has no significant contingent liabilities, compared to zero on March 31, 2019[89]. - The company has no foreign exchange contracts or financial derivatives for hedging purposes as of March 31, 2020[91].

Financial Performance - For the nine months ended December 31, 2019, the group recorded unaudited revenue of approximately HKD 58,400,000, a decrease of about 19.1% compared to HKD 72,200,000 for the same period in 2018[11] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 21,600,000 for the nine months ended December 31, 2019, compared to a loss of HKD 9,800,000 for the same period in 2018[11] - Basic and diluted loss per share attributable to owners of the company was HKD 0.82 for the nine months ended December 31, 2019, compared to HKD 0.37 for the same period in 2018[11] - Total comprehensive loss for the nine months ended December 31, 2019, was HKD 22,583,000, compared to HKD 9,728,000 for the same period in 2018[14] - Operating loss for the nine months ended December 31, 2019, was HKD 19,706,000, compared to HKD 7,048,000 for the same period in 2018[14] - The company reported a basic and diluted loss per share of HKD 11,116,000 for the three months ended December 31, 2019, compared to HKD 5,303,000 for the same period in 2018, representing a significant increase in loss[48] - For the nine months ended December 31, 2019, the loss was HKD 21,602,000, up from HKD 9,810,000 in the same period of 2018, indicating a worsening financial performance[48] Revenue and Costs - Revenue for the three-month period ended December 31, 2019, was HKD 14,305 thousand, a decrease of 33.5% compared to HKD 21,463 thousand in the same period of 2018[36] - Revenue for the nine-month period ended December 31, 2019, was HKD 58,351 thousand, down 19.2% from HKD 72,187 thousand in the same period of 2018[36] - The cost of goods sold for the nine-month period ended December 31, 2019, was HKD 11,573 thousand, compared to HKD 13,108 thousand in the same period of 2018, reflecting a decrease of 11.7%[42] - Gross profit decreased by approximately 20.8% from about HKD 59.1 million to about HKD 46.8 million, with gross margin at 79.5% for 2019 compared to 80.7% for 2018[72] - Other income decreased by approximately 28.1% from about HKD 3.2 million to about HKD 2.3 million, primarily due to a reduction in dividend income[77] Expenses - Employee costs increased to HKD 27,601,000 for the nine months ended December 31, 2019, from HKD 23,156,000 in the same period of 2018[14] - The group incurred depreciation expenses of HKD 19,481,000 for the nine months ended December 31, 2019, compared to HKD 3,972,000 for the same period in 2018[14] - The group experienced a significant increase in administrative expenses, totaling HKD 16,231,000 for the nine months ended December 31, 2019, compared to HKD 16,007,000 in the same period of 2018[14] - Income tax expenses increased by approximately 20.0% from HKD 1,000,000 for the nine months ended December 31, 2018, to HKD 1,200,000 for the same period in 2019[85] - Financial costs rose from approximately HKD 1,000,000 to HKD 1,600,000, primarily due to interest on lease liabilities recognized after the adoption of HKFRS 16[86] Equity and Liabilities - As of December 31, 2019, the total equity amounted to 141,447 thousand HKD, a decrease from 147,575 thousand HKD as of April 1, 2018[16] - The accumulated losses increased to (41,110) thousand HKD by December 31, 2019, compared to (2,660) thousand HKD on April 1, 2018[16] - The company’s total liabilities decreased to 101,834 thousand HKD by December 31, 2019, from 130,474 thousand HKD as of December 31, 2018[16] - The total liabilities for leases were recorded at 43,382 thousand HKD as of April 1, 2019, reflecting the new accounting standard[24] - The group's capital debt ratio increased to approximately 33.6% as of December 31, 2019, from 9.2% on December 31, 2018, primarily due to the recognition of lease liabilities of about HKD 29,700,000[104] Business Operations - During the nine months ended December 31, 2019, the company closed several restaurants, including "Flamingo Bloom" and "Ama Macau Restaurant," while opening new restaurants under the brands Dou Xiao Yue and Da Jia Taiwan[66] - The company operated various restaurants at Hong Kong International Airport and in urban areas, with a total of 12 brands listed for the nine months ended December 31, 2019[59] - Approximately 30% of the group's revenue for the nine months ended December 31, 2019, was derived from restaurants operating at Hong Kong International Airport, indicating potential operational impacts from future airport management plans[115] - The group aims to consolidate its position in operating restaurants at Hong Kong International Airport and diversify its business in urban Hong Kong, seeking opportunities to introduce popular restaurant brands through franchises or other collaborations[119] Acquisitions and Investments - The company acquired 30% of the issued share capital of Dou Xiao Yue (Hong Kong) Limited and 40% of the issued share capital of three other companies for a total consideration of HKD 5,750,000[53] - The company completed the acquisition of 30% of the issued share capital of "Du Xiao Yue" and 40% of the issued share capital of "Tian Chuang," "Forever Drinks," and "Ming Sheng" for a total consideration of HKD 5,750,000[94] - The company has acquired franchise rights for several well-known brands, including "Du Xiao Yue" and "Flamingo Bloom," and has developed a new proprietary brand "Da Jia Taiwan" with the first restaurant opening in May 2019[121] Corporate Governance - The company’s board believes that the dual role of the Chairman and CEO held by Mr. Wang Wenwei is in the best interest of the company for effective management and business development[124] - The company’s board has adhered to the corporate governance code, with a noted exception regarding the separation of roles between the Chairman and CEO[123] - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the nine-month period ending December 31, 2019[142] Future Outlook - The company plans to continuously evaluate its business objectives and may revise plans according to market conditions to align with business growth[89] - The company has adopted a conservative and prudent approach towards profitability in light of the challenging business environment in Hong Kong due to protests and the COVID-19 pandemic, continuing to manage expenses while seeking market opportunities for financial improvement[121] - The company will continue to monitor and search for market opportunities to improve financial performance as part of its expansion plans in Asia[121]

Financial Performance - For the six months ended September 30, 2019, the group recorded unaudited revenue of approximately HKD 44,046,000, a decrease of about 12.9% compared to HKD 50,532,000 for the same period in 2018[6]. - The group reported a loss attributable to owners of the company of approximately HKD 10,486,000, compared to a loss of HKD 4,507,000 for the same period in 2018[6]. - Basic and diluted loss per share for the period was HKD 0.40, compared to HKD 0.17 for the same period in 2018[6]. - The group experienced an operating loss of HKD 9,155,000 for the period, compared to an operating loss of HKD 1,345,000 for the same period in 2018[9]. - The group’s administrative expenses increased to HKD 11,501,000 for the period, compared to HKD 9,780,000 for the same period in 2018[9]. - The company reported a net cash inflow from operating activities of HKD 389,000, a recovery from a cash outflow of HKD 3,179,000 in the previous year[19]. - The company incurred a loss of HKD 10,486,000 during the period, compared to a loss of HKD 4,507,000 in the previous period[16]. - The total income tax expense for the six months ended September 30, 2019, was HKD 1,055,000, an increase of 24% from HKD 852,000 in the same period of 2018[7]. - The company recorded a loss of approximately HKD 11,300,000 for the six months ended September 30, 2019, compared to a loss of about HKD 3,700,000 in the same period of 2018, mainly due to restaurant closures and increased employee costs[120]. Assets and Liabilities - Non-current assets increased to HKD 105,973,000 as of September 30, 2019, compared to HKD 61,388,000 as of March 31, 2019[11]. - The group’s total liabilities decreased to HKD 73,814,000 as of September 30, 2019, from HKD 104,330,000 as of March 31, 2019[11]. - The net current liabilities significantly reduced to HKD 29,150,000 from HKD 73,658,000[14]. - The company’s total equity decreased to HKD 115,090,000 from HKD 133,762,000[14]. - The company’s total assets minus current liabilities stood at HKD 135,123,000, slightly up from HKD 135,046,000[14]. - The company’s lease liabilities as of September 30, 2019, amounted to HKD 38,738,000, a decrease of 12% from HKD 44,038,000 as of April 1, 2019[61]. - As of September 30, 2019, unsecured bank borrowings amounted to HKD 5,743,000, a decrease of 39.0% from HKD 9,473,000 as of March 31, 2019[79]. - The company’s right-of-use assets increased by approximately HKD 4,000,000 during the six months ended September 30, 2019[68]. Revenue and Cost Analysis - The group reported a revenue of HKD 44,046 thousand for the six months ended September 30, 2019, a decrease of 12.3% compared to HKD 50,532 thousand for the same period in 2018[44]. - The operating segment revenue from restaurant operations was HKD 43,778 thousand, down from HKD 49,206 thousand year-on-year, reflecting a decline of 11.6%[44]. - Gross profit decreased by approximately 15.1% from HKD 41,600,000 to HKD 35,300,000, primarily due to restaurant closures and negative impacts from protests[106]. - Employee benefits expenses, including director remuneration, increased to HKD 19,047 thousand from HKD 15,675 thousand, representing a rise of 21.5%[50]. - Cost of goods sold decreased by approximately 2.2% from HKD 9,000,000 to HKD 8,800,000 during the same periods[105]. Corporate Actions and Governance - The group did not recommend the payment of an interim dividend for the six months ended September 30, 2019[7]. - The company paid dividends of HKD 2,000,000 to non-controlling interests during the period[19]. - The company has not engaged in any share buybacks or sales during the review period[178]. - The audit committee, consisting of three independent non-executive directors, reviewed the interim financial statements for the six months ending September 30, 2019[192]. - The company has implemented a code of conduct for directors regarding securities trading, ensuring compliance with GEM listing rules[190]. Strategic Plans and Market Position - The company plans to continue seeking opportunities to expand its business in urban Hong Kong and enter the Asian leisure dining market[102]. - The company aims to enhance comparable restaurant sales growth and profitability through increased sales, optimized staffing, and efficient use of ingredients[168]. - The company is optimistic about the growth prospects of its restaurant brands in Hong Kong, expecting positive returns in the long term[172]. - The group is currently identifying locations for new restaurants in urban Hong Kong[154]. - The company plans to expand into the Asian casual dining market, leveraging its extensive experience in Hong Kong's restaurant industry[167][172]. Acquisitions and Investments - The company acquired 30% of the issued share capital of Du Xiao Yue (Hong Kong) Limited and 40% of the issued share capital of three other companies for a total consideration of HKD 5,750,000[84]. - The company completed acquisitions of 30% of the issued share capital of "Du Xiao Yue" and 40% of three other companies for a total consideration of HKD 5,750,000, increasing ownership to 90% and 100% respectively[126]. - The net proceeds from the IPO amounted to approximately HKD 41,300,000, with actual uses including HKD 4,295,000 for new restaurants in Hong Kong and HKD 5,904,000 for franchised brands[121]. - As of September 30, 2019, the company had approximately HKD 64,810,000 in unutilized proceeds from previous share placements, with plans to use HKD 21,110,000 for potential acquisitions[125]. Risks and Challenges - The group faces risks related to the sourcing of food ingredients, with potential price increases impacting operational costs[148]. - The minimum wage in Hong Kong has increased from HKD 34.5 to HKD 37.5 per hour, effective May 1, 2019, which may further raise employee costs[148]. - The group had outstanding capital commitments of approximately HKD 600,000 for property acquisitions as of September 30, 2019, down from approximately HKD 26,800,000 as of September 30, 2018[137]. Shareholder Information - As of September 30, 2019, Fortune Round Limited holds 1,500,000,000 shares, representing 56.7% ownership in the company[183]. - Keenfull Investments Limited, owned by Li Chi Keung, holds 264,420,000 shares, accounting for 10.0% of the total shares[183]. - The company adopted a share option scheme on July 21, 2016, granting options to purchase a total of 60,000,000 shares at an exercise price of HKD 0.163 per share[187]. - The company has a total of 60,000,000 unexercised share options as of the report date[188].