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].

Financial Performance - For the three months ended June 30, 2019, the group recorded unaudited revenue of approximately HKD 21,300,000, a decrease of about 12.7% compared to HKD 24,400,000 for the same period in 2018[11]. - The group reported an unaudited loss attributable to owners of the company of approximately HKD 4,100,000 for the three months ended June 30, 2019, compared to a loss of HKD 2,300,000 for the same period in 2018[11]. - Basic and diluted loss per share attributable to owners of the company was HKD 0.16 for the three months ended June 30, 2019, compared to HKD 0.09 for the same period in 2018[11]. - Gross profit for the three months ended June 30, 2019, was HKD 17,139,000, down from HKD 20,066,000 in the same period of 2018[11]. - Operating loss for the three months ended June 30, 2019, was HKD 3,184,000, compared to an operating loss of HKD 643,000 for the same period in 2018[11]. - Total comprehensive loss for the period was HKD 3,873,000, compared to HKD 2,100,000 for the same period in 2018[11]. - Other income decreased by approximately 50.0% from about HKD 1,200,000 in the three months ended June 30, 2018, to about HKD 600,000 in the same period of 2019[63]. - The company recorded a loss of approximately HKD 3,900,000 for the three months ended June 30, 2019, compared to a loss of approximately HKD 2,100,000 in the same period of 2018[73]. Revenue and Costs - The group reported revenue of HKD 21,298 thousand for the three months ended June 30, 2019, a decrease of 12.8% from HKD 24,390 thousand in the same period of 2018[36]. - Restaurant operations generated HKD 21,125 thousand in revenue, down from HKD 23,453 thousand, reflecting a decline of 9.0%[36]. - Cost of goods sold decreased by approximately 2.3% from about HKD 4,300,000 for the three months ended June 30, 2018, to about HKD 4,200,000 for the same period in 2019[56]. - Employee benefits expenses increased from HKD 7,603,000 in 2018 to HKD 9,363,000 in 2019, reflecting a rise in salaries and allowances[53]. - Depreciation expenses increased by approximately 250% from about HKD 1,400,000 in the three months ended June 30, 2018, to about HKD 4,900,000 in the same period of 2019[66]. - Property rental and related expenses decreased by approximately 89.2% from about HKD 6,500,000 in the three months ended June 30, 2018, to about HKD 700,000 in the same period of 2019[68]. - Administrative expenses increased by approximately 10.6% from about HKD 4,700,000 in the three months ended June 30, 2018, to about HKD 5,200,000 in the same period of 2019[70]. - Income tax expenses decreased by approximately 50.0% from about HKD 400,000 in the three months ended June 30, 2018, to about HKD 200,000 in the same period of 2019[71]. Equity and Financial Position - The group’s total equity as of June 30, 2019, was HKD 128,268,000, a decrease from HKD 145,475,000 as of June 30, 2018[15]. - The group’s cash and cash equivalents as of June 30, 2019, were approximately HKD 81,900,000, a decrease of about 20.6% from HKD 103,100,000 on June 30, 2018[86]. - Total borrowings as of June 30, 2019, were approximately HKD 8,200,000, down from HKD 28,600,000 on June 30, 2018[87]. - The capital debt ratio as of June 30, 2019, was approximately 39.8%, an increase from 20.9% on June 30, 2018, primarily due to the recognition of lease liabilities[90]. - The equity interest in associates as of June 30, 2019, was approximately HKD 800,000, a decrease of about 69.2% from HKD 2,600,000 on June 30, 2018[83]. - The group had no assets pledged as of June 30, 2019, compared to HKD 7,500,000 in deposits pledged to a bank on June 30, 2018[88]. Business Operations and Strategy - The company aims to strengthen its position in operating restaurants at Hong Kong International Airport while seeking opportunities to expand its business in urban areas and enter the Asian casual dining market[54]. - The company has obtained franchise rights for three well-known dining brands in Hong Kong, including "Flamingo Bloom" and "Hanlin Tea House"[54]. - The company is optimistic about the growth prospects of its restaurant brands in Hong Kong, which are expected to yield positive returns in the long term[98]. - The company plans to actively enter the Asian leisure dining market, leveraging its extensive experience in the Hong Kong restaurant industry to open outlets in multiple Asian cities with high market potential[98]. - The company aims to continuously evaluate its business objectives and may revise plans according to market conditions to align with business growth[75]. Corporate Governance - The company has adopted high standards of corporate governance to maintain transparency and protect shareholder interests[100]. - The company has established a code of conduct for directors that meets the standards set by GEM listing rules[117]. - The audit committee, consisting of three independent non-executive directors, reviewed the financial statements for the quarter ending June 30, 2019[118]. - The audit committee is responsible for recommending the appointment or removal of external auditors and reviewing financial reporting judgments[118]. - The board of directors confirmed compliance with the trading code for securities transactions during the three-month period ending June 30, 2019[117]. Shareholder Information - As of June 30, 2019, the company’s major shareholder, Fortune Round Limited, holds 1,500,000,000 shares, representing 56.7% of the total shares[109]. - The company’s chairman and CEO, Mr. Wang Wenwei, holds 1,500,000,000 shares through Fortune Round Limited, which he fully owns[105]. - The company is owned entirely by Li Chi Keung, who holds 238,740,000 shares, making him the controlling shareholder[113]. - The company has a total of 60,000,000 unexercised share options as of June 30, 2019, with no options exercised during the reporting period[115]. - The company adopted a share option scheme on July 21, 2016, allowing options to be exercised at a price of HKD 0.163 per share[114]. - The company has not disclosed any other significant interests or short positions in its shares as of June 30, 2019[113].

Financial Performance - For the fiscal year ending March 31, 2019, the company reported total revenue of HKD 92,662,000, a decrease of 10.8% from HKD 103,882,000 in 2018[13]. - The company experienced a pre-tax loss of HKD 15,909,000 compared to a profit of HKD 1,636,000 in the previous year[13]. - The total comprehensive loss attributable to owners of the company was HKD 18,377,000, significantly higher than the loss of HKD 423,000 in 2018[13]. - The company's revenue decreased by approximately 10.8% from HKD 103.9 million for the year ended March 31, 2018, to HKD 92.7 million for the year ended March 31, 2019, primarily due to the closure of expired restaurants[19]. - Gross profit decreased by approximately 10.8% from HKD 84.9 million to HKD 75.7 million, mainly due to the closure of expired restaurants[21]. - The company recorded a loss of approximately HKD 17,400,000 for the year ended March 31, 2019, compared to a profit of approximately HKD 1,200,000 for the same period in 2018, attributed to several factors including restaurant closures and increased administrative expenses[34]. Assets and Liabilities - As of March 31, 2019, total assets amounted to HKD 165,718,000, down from HKD 193,912,000 in 2018, reflecting a decrease of 14.5%[13]. - Current assets decreased to HKD 104,330,000 from HKD 176,050,000, indicating a decline of 40.7%[13]. - Total equity decreased to HKD 133,762,000 from HKD 147,575,000, representing a reduction of 9.4%[13]. - The total borrowings of the group as of March 31, 2019, were approximately HKD 10,100,000, down from HKD 29,400,000 as of March 31, 2018[51]. - The capital debt ratio of the group as of March 31, 2019, was approximately 8.0%, a decrease from 21.0% as of March 31, 2018[54]. Operational Strategy - The company plans to strengthen its position in the Hong Kong dining sector and seek opportunities to expand its brand presence in both the airport and urban markets[10]. - The company aims to enter the Asian casual dining market, aligning with its growth strategy and shareholder interests[10]. - The company has established a network of self-owned brands and franchises, including "Taiwan Beef Noodle" and "Flamingo Bloom," to enhance its market offerings[10]. - The company has obtained franchise rights for three well-known dining brands in Hong Kong, aiming to strengthen its position in the airport dining sector and expand its business in urban areas[17]. - The company plans to continue opening new restaurants and expanding its network, with expectations of gradual increases in property rental and related expenses in the future[27]. Employee and Cost Management - Employee costs were stable at approximately HKD 32.7 million in 2018 and HKD 32.8 million in 2019, with a reduction in employee count from 171 to 131 due to restaurant closures[24]. - The company is focusing on improving employee productivity and loyalty to mitigate rising employee costs due to local labor law changes and inflationary pressures[24]. - Administrative expenses increased by approximately 39.7% from HKD 17,900,000 for the year ended March 31, 2018, to HKD 25,000,000 for the year ended March 31, 2019, primarily due to restaurant closures and renovation projects[29]. - Cost of goods sold decreased by approximately 11.1% from HKD 19 million to HKD 16.9 million, attributed to the closure of expired restaurants, partially offset by new franchise openings[20]. - Property rental and related expenses decreased by approximately 25.1% from HKD 33.5 million to HKD 25.1 million, primarily due to the closure of expired restaurants[27]. Corporate Governance - The company has adopted the Corporate Governance Code and believes it has complied with the code for the fiscal year, except for a deviation regarding the roles of the chairman and CEO[95]. - The board consists of three executive directors and three independent non-executive directors, ensuring compliance with GEM listing rules[102]. - The company emphasizes high standards of corporate governance to maintain transparency and protect shareholder interests[95]. - The audit committee held four meetings in the fiscal year ending March 31, 2019, reviewing the annual performance and financial reports[110]. - The company has established four board committees: Audit, Remuneration, Nomination, and Investment, ensuring adequate resources for their responsibilities[110]. Future Outlook and Risks - The company faces risks related to revenue fluctuations from its restaurants at Hong Kong International Airport and urban areas, influenced by external factors such as economic downturns and seasonal variations[41]. - The minimum wage in Hong Kong increased from HKD 34.5 to HKD 37.5 per hour effective May 1, 2019, which may further impact future employee costs[41]. - The management will continuously evaluate business objectives and may revise plans in response to market conditions to align with growth[37]. - The group plans to continue exploring market opportunities in Asia for expansion[1]. Shareholder Information - The net proceeds from the IPO amounted to approximately HKD 41,300,000, with only HKD 14,614,000 utilized by March 31, 2019, indicating a significant amount of unspent funds[35]. - Approximately HKD 70,960,000 remains unutilized from the first and second placements, with plans for potential acquisitions and new restaurant openings in Hong Kong[39]. - The company did not recommend any final dividend for the year ended March 31, 2019, consistent with the previous year[158]. - The board has adopted a new dividend policy aimed at providing stable and sustainable returns to shareholders, considering operational performance, cash flow, and financial conditions[136].

Financial Performance - For the nine months ended December 31, 2018, the group recorded unaudited revenue of approximately HKD 72,200,000, a decrease of about 7.2% compared to HKD 77,800,000 for the same period in 2017[5] - The group reported an unaudited loss attributable to owners of the company of approximately HKD 9,800,000 for the nine months ended December 31, 2018, compared to an unaudited profit of HKD 2,000,000 for the same period in 2017[5] - Basic and diluted loss per share attributable to owners of the company was HKD 0.37 for the nine months ended December 31, 2018, compared to earnings of HKD 0.09 for the same period in 2017[5] - Gross profit for the nine months ended December 31, 2018, was HKD 59,079,000, down from HKD 63,418,000 in the same period of 2017[7] - Operating loss for the nine months ended December 31, 2018, was HKD 7,048,000, compared to an operating loss of HKD 3,241,000 for the same period in 2017[7] - The total comprehensive loss attributable to owners of the company for the nine months ended December 31, 2018, was HKD 9,810,000, compared to a total comprehensive income of HKD 82,000 for the same period in 2017[7] - The company reported a loss attributable to owners of the company of HKD (9,810,000) for the nine months ended December 31, 2018, compared to a profit of HKD 1,997,000 for the same period in 2017[25] - The company recorded a loss of approximately HKD 9,700,000 for the nine months ended December 31, 2018, compared to a profit of approximately HKD 3,000,000 for the same period in 2017[55] Revenue and Costs - The company's revenue from restaurant operations for the nine months ended December 31, 2018, was HKD 70,638,000, a decrease of 5.9% compared to HKD 74,026,000 for the same period in 2017[18] - The total revenue for the three months ended December 31, 2018, was HKD 21,655,000, down 17.7% from HKD 26,227,000 in the same period of 2017[18] - The cost of goods sold for the nine months ended December 31, 2018, was HKD 13,108,000, a decrease of 8.7% from HKD 14,355,000 in 2017[22] - The cost of goods sold decreased by approximately 9.0% from HKD 14.4 million to HKD 13.1 million during the same periods, primarily due to the closure of certain restaurants[36] - Employee costs decreased by approximately 6.1% from HKD 24.7 million to HKD 23.2 million, attributed to the closure of certain restaurants[44] - Property rental and related expenses decreased by approximately 22.7% from HKD 24.7 million to HKD 19.1 million, primarily due to the closure of certain restaurants[47] Expenses and Financial Costs - The group incurred administrative expenses of HKD 16,007,000 for the nine months ended December 31, 2018, compared to HKD 12,267,000 for the same period in 2017[7] - Administrative expenses increased by approximately 30.1% from HKD 12,300,000 for the nine months ended December 31, 2017, to approximately HKD 16,000,000 for the same period in 2018, primarily due to renovation works related to restaurant closures and openings[51] - The finance costs for the nine months ended December 31, 2018, totaled HKD 1,029,000, an increase of 35.2% from HKD 761,000 in 2017[19] - Financial costs increased from approximately HKD 800,000 for the nine months ended December 31, 2017, to approximately HKD 1,000,000 for the same period in 2018, attributed to the issuance of unlisted corporate bonds totaling HKD 21,000,000[53] Tax and Other Income - The income tax expense for the nine months ended December 31, 2018, was HKD 1,027,000, a decrease of 34.0% from HKD 1,555,000 in 2017[24] - Income tax expenses decreased by approximately 37.5% from HKD 1,600,000 for the nine months ended December 31, 2017, to approximately HKD 1,000,000 for the same period in 2018, mainly due to restaurant closures[52] - Other income increased by approximately 6.7% from HKD 3.0 million to HKD 3.2 million, mainly due to increases in interest and dividend income[43] Equity and Shareholder Information - The group’s equity attributable to owners as of December 31, 2018, was HKD 130,474,000, down from HKD 140,284,000 as of April 1, 2018[9] - The group’s non-controlling interests increased to HKD 10,973,000 as of December 31, 2018, from HKD 7,291,000 as of April 1, 2018[9] - As of December 31, 2018, Mr. Wang Wenwei holds 1,500,000,000 shares, representing 56.7% of the company's equity[86] - Both Ms. Lin Huijun and Mr. Chen Zetao hold 20,000,000 share options each, representing 0.76% of the equity, exercisable at HKD 0.163 per share[87] - As of December 31, 2018, Fortune Round Limited holds 1,500,000,000 shares, representing 56.7% of the total equity[91] - Ms. Li Yingyan, as the spouse of Mr. Wang Wenwei, also holds 1,500,000,000 shares, equating to 56.7% of the total equity[92] Corporate Governance and Compliance - The group has complied with all applicable corporate governance code provisions, except for the separation of roles between the chairman and CEO[80] - The company has established an audit committee in compliance with GEM listing rules, responsible for reviewing financial statements and internal control effectiveness[99] - The audit committee consists of three independent non-executive directors, with Mr. Ma Yaohao serving as the chairman[99] - All directors confirmed compliance with the trading standards during the nine-month period ending December 31, 2018[98] - The company regularly reminds directors of the trading restrictions prior to the announcement of financial results[98] Business Development and Strategy - The group did not report any new product launches or significant market expansion strategies during the reporting period[5] - The company plans to continue expanding its restaurant network and expects property rental expenses to gradually increase in the future[49] - The company has obtained franchise rights for three well-known dining brands in Hong Kong, aiming to strengthen its market presence[34] - The group aims to strengthen its existing business and provide stable returns and growth prospects for shareholders[77] - The group plans to actively enter the Asian leisure dining market, leveraging its experience in Hong Kong's restaurant industry[75] - The group completed the acquisition of a property for HKD 29,800,000 in October 2018 to support business development and expansion[76] Share Options and Securities - The company has adopted a share option scheme, granting 60,000,000 share options at an exercise price of HKD 0.163 per share, which can be exercised within 10 years[94] - As of December 31, 2018, no share options have been exercised during the nine-month period[95] - The company has a total of 60,000,000 unexercised share options as of December 31, 2018[95] - The company has not issued any new share options during the nine-month period ending December 31, 2018[95] - The group has not purchased, sold, or redeemed any of its listed securities during the nine months ending December 31, 2018[84] Financial Position - Cash and cash equivalents decreased by approximately 46.2% from HKD 79,800,000 as of December 31, 2017, to approximately HKD 42,900,000 as of December 31, 2018, mainly due to the acquisition of a property[64] - Total borrowings decreased from approximately HKD 28,400,000 as of December 31, 2017, to approximately HKD 12,000,000 as of December 31, 2018[67] - The company's capital debt ratio decreased to approximately 9.2% as of December 31, 2018, from approximately 29.1% as of December 31, 2017, primarily due to the redemption of corporate bonds[69] - The company has not made any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the nine months ended December 31, 2018[60] - The company’s investment in funds as of December 31, 2018, was approximately HKD 33,800,000, down from HKD 38,700,000 as of December 31, 2017, with unrealized losses of approximately HKD 3,700,000 during the period[61] - As of December 31, 2018, the group had no significant contingent liabilities, consistent with the previous year[71] - The group has no foreign exchange contracts or financial derivatives for hedging purposes as of December 31, 2018[74]