Financial Performance - For the three months ended March 31, 2023, the company reported revenue of HKD 38,265,000, an increase of 2.7% compared to HKD 37,257,000 for the same period in 2022[21] - The cost of sales for the same period was HKD 34,240,000, resulting in a gross profit of HKD 4,025,000, down from HKD 4,190,000 in the previous year[21] - The company recorded a loss before tax of HKD 1,554,000, an improvement from a loss of HKD 3,977,000 in the prior year[21] - Basic and diluted loss per share for the period was HKD 0.15, compared to HKD 0.38 for the same period in 2022[21] - For the three months ended March 31, 2023, the company reported a total loss attributable to equity holders of HKD (1,554) thousand, compared to a loss of HKD (3,977) thousand for the same period in 2022, representing a 61.0% improvement in loss[33][37] - Revenue increased from approximately HKD 37.3 million for the three months ended March 31, 2022, to approximately HKD 38.3 million for the three months ended March 31, 2023, representing a growth of about 2.7%[52] - The company reported a loss of approximately HKD 1.6 million for the three months ended March 31, 2023, which is a reduction of HKD 2.4 million compared to the same period in the previous year[59] Expenses and Costs - Administrative expenses decreased to HKD 5,229,000 from HKD 7,757,000 year-over-year, indicating a reduction of approximately 32.0%[21] - Direct costs rose from approximately HKD 33.1 million to approximately HKD 34.2 million, an increase of about 3.3%, attributed to higher subcontracting fees, material costs, and equipment rental costs[53] - Gross profit slightly decreased from approximately HKD 4.2 million to approximately HKD 4.0 million, with the overall gross profit margin declining from about 11.3% to approximately 10.5% due to general inflation[54] - Administrative expenses decreased by approximately HKD 2.6 million or 33.3%, from about HKD 7.8 million to approximately HKD 5.2 million, mainly due to cost control measures implemented in late 2022[55] - Financing costs decreased from approximately HKD 428,000 to approximately HKD 368,000, as the company reduced its bank borrowings during the period[57] Shareholder Information - The board of directors did not recommend the payment of any dividends for the three months ended March 31, 2023[4] - The company does not recommend the payment of dividends for the three months ended March 31, 2023[35] - As of March 31, 2023, Advanced Pacific Enterprises Limited holds 535,670,000 shares, representing a 51% ownership stake in the company[73] - The beneficial owner of Advanced Pacific Enterprises Limited is Mr. Cheung Chung Sum, who also holds 535,610,000 shares, equating to a 51% stake in the company[75] - The company has no other known individuals who have notified it of their interests in the company's shares or related securities, aside from those disclosed[77] Compliance and Governance - The company has established an audit committee to oversee the integrity of financial reporting and the independence of external auditors[4] - There were no securities transactions by directors that violated trading regulations during the reporting period[2] - The company continues to comply with the GEM Listing Rules and has no known conflicts of interest among its directors[1] - The company’s financial statements for the three months ended March 31, 2023, were prepared in accordance with Hong Kong Financial Reporting Standards[28] Project and Business Development - The company secured 34 new projects during the three months ended March 31, 2023, with a total contract value of approximately HKD 32.3 million[42] - The company had 62 projects generating revenue during the three months ended March 31, 2023, down from 94 projects in the same period of 2022[42] - The company operates primarily in the RMAA (Repair, Maintenance, Alteration, and Addition) sector, focusing on project management and quality control[41] - The company is actively seeking opportunities to expand its business outside of Hong Kong, influenced by the development of the property market and infrastructure expansion in Hong Kong[49] Capital and Equity - The company’s total equity as of March 31, 2023, was HKD 73,346 thousand, compared to HKD 96,429 thousand as of December 31, 2022, reflecting a decrease of 23.9%[23] - The company’s capital reserve as of March 31, 2023, was HKD 1,914 thousand, slightly down from HKD 1,941 thousand as of December 31, 2022[23] - Total borrowings increased from approximately HKD 30.1 million to approximately HKD 35.2 million, resulting in a capital debt ratio increase from about 42.0% to approximately 48.9%[59] Employee Information - The company employed a total of 98 employees as of March 31, 2023, down from 102 employees as of December 31, 2022, with employee costs amounting to approximately HKD 7.6 million[64] Use of Proceeds - The net proceeds from the listing, after deducting related expenses, amounted to approximately HKD 25.2 million, fully utilized by the end of the fiscal year ending December 31, 2022[66] - The allocation of the net proceeds includes HKD 1.2 million reserved for potential customer guarantees, HKD 9.4 million for expanding the workforce, HKD 4.3 million for purchasing additional machinery and equipment, and HKD 7.7 million for upgrading the Hong Kong office and studio[67] - The company’s future plans and use of proceeds are based on the best estimates and assumptions made at the time of the prospectus preparation, reflecting actual business conditions and industry developments[74]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不會對因本公告全部或任何部分內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 TONG KEE (HOLDING) LIMITED 棠 記（ 控 股 ）有 限 公 司 （於開曼群島註冊成立之有限公司） 8305 （股份代號： ） 截至二零二三年三月三十一日止三個月之第一季度業績公告 棠記（控股）有限公司（「本公司」）董事（「董事」）會（「董事會」）宣佈本公司及其附屬公司截至二 零二三年三月三十一日止三個月之第一季度業績。 本公告列載本公司二零二三年三月三十一日止三個月之第一季度業績報告（「第一季度業績報 GEM GEM 告」）全文，符合聯交所 證券上市規則（「 上市規則」）中有關季度業績初步公告附載資 GEM 料的相關要求。載有 上市規則規定資料的第一季度業績報告的印刷版本，將於適當時候 GEM 以 上市規則所規定方式寄發予本公司股東。 承董事會命 棠記（控股）有限公司 主席 ...

Market Conditions and Business Outlook - The overall market conditions in the Hong Kong construction industry remained relatively stable for the year ending December 31, 2022, but revenue growth has slowed due to increased economic uncertainties and the negative impacts of COVID-19 since January 2020[21] - The company remains cautiously optimistic about its overall business outlook despite challenges such as rising costs of construction workers and materials, as well as a shortage of professionals[21] Financial Performance - Total revenue increased by approximately HKD 30.7 million or 19.9% to about HKD 185.0 million for the year ended December 31, 2022, compared to approximately HKD 154.3 million for the previous year[52] - Gross profit rose from approximately HKD 17.1 million to about HKD 22.5 million, with an overall gross margin slightly increasing from approximately 11.1% to about 12.1%[59] - The cost of sales increased from approximately HKD 137.2 million to about HKD 162.5 million, reflecting an increase of approximately 18.5%[59] - Other income rose from HKD 0.2 million to HKD 3.6 million, primarily due to government subsidies related to COVID-19[42] - The company reported an increase in revenue and gross profit for the year ended December 31, 2022, contributing to a decrease in impairment provisions for goodwill[75] - Revenue increased from approximately HKD 154.3 million for the year ended December 31, 2021, to approximately HKD 185.0 million for the year ended December 31, 2022, representing a growth of about 19.9%[138] - The increase in revenue was primarily due to the overall development of the construction industry in Hong Kong, leading to an increase in contract amounts for RMAA engineering projects undertaken by the group[138] - The company acquired a new subsidiary at the end of 2021, which contributed to the revenue growth in 2022[138] Project and Resource Management - The number of projects generating revenue decreased from 172 to 156, while the company secured 62 new projects with a total contract value of approximately HKD 130.0 million[56] - The company aims to continue providing integrated services in RMAA, new construction projects, and corrosion protection engineering to meet changing customer demands[53] - The company plans to expand its customer base and service offerings to strengthen its market position and increase market share[57] - The company is actively enhancing cost control and resource management while participating in project tenders to maintain its market competitiveness[26] Administrative and Employee Costs - Administrative expenses increased due to contributions from a newly acquired subsidiary at the end of 2021[42] - Administrative expenses increased by approximately HKD 12.1 million or 44.7% from HKD 27.1 million for the year ended December 31, 2021, to HKD 39.3 million for the year ended December 31, 2022[60] - Employee costs, including director remuneration, were approximately HKD 46.6 million for the year ended December 31, 2022, compared to HKD 36.7 million for the year ended December 31, 2021[70] - The company employed a total of 102 staff as of December 31, 2022, down from 131 staff in the previous year[70] Financial Position and Debt Management - The current ratio improved from approximately 1.3 times to 1.4 times as of December 31, 2022[48] - The total bank borrowings as of December 31, 2022, were approximately HKD 30.1 million, down from HKD 53.9 million as of December 31, 2021, resulting in a decrease in the debt-to-equity ratio from approximately 55.9% to 42.0%[76] - The financing costs slightly increased from HKD 1.7 million for the year ended December 31, 2021, to HKD 1.9 million for the year ended December 31, 2022, primarily due to the newly acquired subsidiary at the end of 2021[63] Governance and Compliance - The company held a total of 2 board meetings, with all directors attending both meetings[144] - The independent non-executive directors' independence was evaluated, ensuring effective governance[145] - The board has reviewed the risk management and internal control systems, ensuring compliance with relevant laws and regulations[157] - The company has established multiple channels for communication with shareholders, including annual general meetings and a dedicated website[171] - The board is responsible for preparing financial statements that fairly reflect the group's affairs as of December 31, 2022[151] - The company has implemented a three-tier risk management approach to identify, assess, and mitigate risks[152] - The board has reviewed the remuneration policy for directors and senior management, ensuring fairness and compliance with contractual terms[160] - The company has a commitment to effective risk management as a foundation for long-term business development[161] - The board has established a system for internal controls to safeguard shareholder investments and group assets[159] - The company has confirmed compliance with non-competition commitments from major shareholders for the year ending December 31, 2022[172] - The company has not reported any violations of the non-competition commitments by major shareholders as confirmed by independent non-executive directors[172] Management and Leadership - The company has a strong management team with over 36 years of experience in construction services and over 21 years in cathodic protection services[174] - The financial director has over 30 years of experience in auditing, accounting, mergers, and taxation across various industries[194] - The independent non-executive director has over 30 years of experience in the education and consulting industries[199] - The management team includes members with extensive legal and engineering backgrounds, enhancing the company's operational capabilities[197] - The company has established a solid foundation for future growth through its experienced leadership and adherence to governance standards[198] Academic Contributions - The company has published over 240 papers, with more than 130 in international SCI-indexed journals and over 100 in conference reports[200] - The company has contributed to books and invited writings, enhancing its academic presence[200] - The company holds editorial positions in multiple international journals, including as editor-in-chief for Enterprise Information Systems and International Journal of Engineering Business Management[200] - The company is a senior member of the Institute of Electrical and Electronics Engineers (IEEE) and a member of the Hong Kong Institution of Engineers[200] Future Investments - The company has not made any significant changes to its articles of association for the year ending December 31, 2022[190] - The company has not reported any significant plans for future investments or capital assets as of December 31, 2022[81] - The company is committed to ensuring compliance with its policies and objectives as part of its overall business development strategy[192]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容 概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不會 對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何 損失承擔任何責任。 TONG KEE (HOLDING) LIMITED 棠 記（控 股 ）有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：8305） 截 至 二 零 二 二 年 十 二 月 三 十 一 日 止 年 度 之 年 度 業 績 公 告 棠 記（控 股）有 限 公 司（「本 公 司」）董 事（「董 事」）會（「董 事 會」）宣 佈 本 公 司 及 其附屬公司截至二零二二年十二月三十一日止年度的經審核年度業績。 本 公 告 列 載 本 公 司 二 零 二 二 年 度 全 年 業 績 報 告（「年 報」）全 文，符 合 聯 交 所GEM證券上市規則（「GEM上市規則」）中有關年度業績初步公告附載資 料 的 相 關 要 求。載 有GEM上 市 規 則 規 定 資 料 的 年 報 的 印 刷 版 本，將 於 適 當時候以GEM上市規則所規定方式寄發予本公司股東。 承董事會命 棠記（控股）有限公司 主席 ...

Financial Performance - Revenue for the third quarter of 2022 was HKD 23,929,000, a decrease of 50.6% compared to HKD 48,443,000 in the same period of 2021[8] - Gross profit for the third quarter was HKD 3,812,000, down 40.2% from HKD 6,384,000 year-on-year[8] - The net loss for the third quarter was HKD 4,529,000, compared to a loss of HKD 832,000 in the same quarter of 2021, representing a significant increase in losses[8] - Total revenue for the nine months ended September 30, 2022, was HKD 138,318,000, slightly up from HKD 136,447,000 in the same period of 2021[8] - The company reported a basic loss per share of HKD 0.43 for the third quarter, compared to HKD 0.10 in the same quarter of the previous year[8] - The total comprehensive loss for the nine months ended September 30, 2022, was HKD 8,090,000, compared to HKD 3,812,000 for the same period in 2021[8] - The company recorded a loss attributable to equity holders of approximately HKD 4.5 million for the three months ended September 30, 2022, compared to a loss of HKD 0.8 million for the same period in 2021[24] - The company reported a loss of approximately HKD 8.0 million for the nine months ended September 30, 2022, an increase of about HKD 4.2 million compared to the same period in 2021[39] Expenses and Costs - Administrative expenses increased to HKD 9,464,000 in the third quarter, up 33.5% from HKD 7,088,000 in the previous year[8] - Direct costs rose from approximately HKD 120.5 million for the nine months ended September 30, 2021, to approximately HKD 122.2 million for the same period in 2022, an increase of about 1.4%[31] - Administrative expenses surged by approximately HKD 7.5 million or 40.5%, from about HKD 18.5 million to approximately HKD 26.0 million for the nine months ended September 30, 2021, and 2022 respectively[34] - Employee costs, including director remuneration, were approximately HKD 33.0 million for the nine months ended September 30, 2022, compared to approximately HKD 32.3 million for the same period in 2021[50] Income and Other Revenue - Other income for the third quarter was HKD 1,440,000, significantly higher than HKD 235,000 in the same period last year[8] - Other income increased from HKD 0.2 million to HKD 3.3 million for the nine months ended September 30, 2021, and 2022 respectively, primarily due to government subsidies related to COVID-19[35] Assets and Liabilities - The company’s total assets as of September 30, 2022, were HKD 96,429,000, reflecting a decrease in retained earnings to HKD (11,976,000)[10] - The current ratio improved from approximately 1.3 times as of December 31, 2021, to 1.4 times as of September 30, 2022[40] - Total borrowings decreased to approximately HKD 31.0 million as of September 30, 2022, down from approximately HKD 53.9 million as of December 31, 2021[40] - The debt-to-equity ratio improved from approximately 55.9% as of December 31, 2021, to approximately 35.1% as of September 30, 2022[40] Operations and Projects - The company continues to focus on expanding its operations in the construction sector, particularly in maintenance and renovation projects in Hong Kong[13] - The company secured 51 new projects during the nine months ended September 30, 2022, with a total original contract value of approximately HKD 110.2 million[27] - The company plans to continue strengthening cost control and resource management while actively participating in project tenders to maintain market competitiveness[27] Corporate Governance - The company has established an audit committee to oversee the appointment and independence of external auditors, consisting of three independent non-executive directors[80] - The company has complied with the corporate governance code as per GEM listing rules, with a clear separation of roles between the chairman and the CEO[72] - There were no conflicts of interest reported among directors or major shareholders as of September 30, 2022[69] - The company has adopted a share option scheme in June 2018, compliant with GEM listing rules[75] - The audit committee has reviewed the unaudited condensed consolidated financial statements for the nine months ending September 30, 2022[80] Shareholder Information - The company did not recommend the payment of dividends for the nine months ended September 30, 2022[23] - As of September 30, 2022, the company had issued share capital of HKD 10.5 million, with 1,050,000,000 ordinary shares outstanding[43] - The company has approximately HKD 25.2 million in net proceeds from its listing, with about HKD 2.3 million remaining unutilized as of the report date[59] - The company has not engaged in any significant acquisitions or disposals of subsidiaries or associated companies during the nine months ended September 30, 2022[46] - The company has not issued any share options during the relevant period, maintaining a strict adherence to trading rules for directors[73] - No share options were granted during the relevant period, and there were no unexercised share options as of September 30, 2022[76] Employee and Health Safety - The company has implemented various measures to ensure employee health and safety amid the COVID-19 pandemic, including the establishment of a crisis management team[29] - The company employed a total of 101 staff as of September 30, 2022, down from 110 staff as of December 31, 2021[50] - The board will review the need for appointing a suitable candidate for the CEO role if necessary[72]

Revenue and Profitability - Revenue increased from approximately HKD 88.0 million for the six months ended June 30, 2021, to approximately HKD 114.4 million for the six months ended June 30, 2022, representing a growth of about 30.0%[20] - The company's gross profit increased from approximately HKD 9.5 million for the six months ended June 30, 2021, to approximately HKD 12.3 million for the six months ended June 30, 2022, representing an increase of about HKD 2.8 million, with a stable gross profit margin of approximately 10.8% during both periods[23] - Gross profit for the six months ended June 30, 2022, was HKD 12,312,000, representing a 30% increase from HKD 9,494,000 in the same period of the previous year[80] - The company incurred a loss before tax of HKD 3,561,000 for the six months ended June 30, 2022, compared to a loss of HKD 2,977,000 for the same period in 2021[80] - The company reported a net loss of HKD (3,561,000) for the six months ended June 30, 2022, compared to a loss of HKD (2,977,000) for the same period in 2021[88] Costs and Expenses - Direct costs rose from approximately HKD 78.5 million for the six months ended June 30, 2021, to approximately HKD 102.1 million for the six months ended June 30, 2022, also reflecting an increase of about 30%[22] - Administrative expenses rose by approximately HKD 5.1 million or 44.3%, from approximately HKD 11.5 million for the six months ended June 30, 2021, to approximately HKD 16.6 million for the six months ended June 30, 2022, primarily due to contributions from newly acquired subsidiaries[24] - Financing costs increased by approximately HKD 0.2 million or 25%, from approximately HKD 0.8 million for the six months ended June 30, 2021, to approximately HKD 1.0 million for the six months ended June 30, 2022, mainly due to increased trade payables loan settlements[25] Project Management and Operations - The group secured 47 new projects during the period, with a total contract value of approximately HKD 100.1 million[16] - The group managed a total of 104 projects as of June 30, 2022, compared to 102 projects as of June 30, 2021[16] - The demand for RMAA and new construction services showed an upward trend during the reporting period[16] - The overall construction environment in Hong Kong contributed to the increase in revenue and project acquisition[20] - The group plans to leverage its market reputation and experienced management team to secure more RMAA and anti-corrosion protection contracts[19] Financial Position and Liquidity - The current ratio improved from approximately 1.3 times as of December 31, 2021, to 1.5 times as of June 30, 2022, indicating a stronger liquidity position[29] - Total borrowings decreased from approximately HKD 53.9 million as of December 31, 2021, to approximately HKD 32.3 million as of June 30, 2022, resulting in a reduction in the debt-to-equity ratio from approximately 55.9% to 34.8%[29] - The company raised HKD 16,300,000 from bank borrowings during the six months ended June 30, 2022[90] - Cash and cash equivalents at the end of the period were HKD 6,566,000, compared to HKD 12,050,000 at the end of June 30, 2021[90] - The company’s total current liabilities were HKD 45,817,000, reflecting a decrease from previous periods[82] Employee and Management Information - The group employed a total of 107 staff as of June 30, 2022, down from 131 staff as of December 31, 2021, with employee costs for the six months ended June 30, 2022, amounting to approximately HKD 21.6 million, compared to approximately HKD 18.2 million in the previous year[46] - The total compensation for key management personnel was HKD 2,442 million for the six months ended June 30, 2022, down from HKD 2,599 million in the same period of 2021, representing a decline of about 6.1%[159] Risk Management and Compliance - The group continues to monitor the impact of COVID-19 on its operations and has implemented various preventive measures[18] - The group maintains a prudent treasury policy, ensuring a stable liquidity position and continuously assessing customer credit and financial conditions to mitigate credit risk[31] - As of June 30, 2022, the group had no contingent liabilities, indicating a low risk profile in terms of potential financial obligations[36] - The company has established an audit committee to oversee the integrity of financial reporting and compliance with applicable standards[76] Shareholder and Market Information - The company did not recommend any interim dividend for the six months ended June 30, 2022[72] - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[109] - The company has not engaged in any significant acquisitions or disposals of subsidiaries or associated companies for the six months ended June 30, 2022[35] Trade and Receivables - Trade receivables as of June 30, 2022, amount to 29,995,000 HKD, with expected credit loss provisions of 2,388,000 HKD[138] - Trade receivables aged analysis shows a total of HKD 29,995,000 as of June 30, 2022, down from HKD 37,003,000 as of June 30, 2021, representing a decrease of approximately 19%[141] - Expected credit loss provision for trade receivables remained stable at HKD 2,388,000 as of June 30, 2022, unchanged from December 31, 2021[141] Investment Activities - The company’s investment activities generated a net cash inflow of HKD 10,443,000, compared to an outflow of HKD (261,000) in the previous year[90] - The total investment amount for the life insurance policy established in August 2012 is $800,000 (approximately 6,240,000 HKD), with a one-time premium payment of $278,000 (approximately 2,162,000 HKD)[116] - In May 2018, another life insurance policy was established with a total investment amount of $1,400,000 (approximately 10,920,000 HKD) and a one-time premium payment of $917,000 (approximately 7,153,000 HKD)[116] - As of June 30, 2022, the fair value of the life insurance policy investment is 7,750,000 HKD, categorized under Level 2 of the fair value hierarchy[124]

Financial Performance - The company's revenue for the three months ended March 31, 2022, was HKD 37,257,000, representing an increase of 21.9% compared to HKD 30,807,000 in the same period last year[7] - The cost of sales for the same period was HKD 33,067,000, up from HKD 27,238,000, leading to a gross profit of HKD 4,190,000, which is an increase from HKD 3,569,000[7] - Administrative expenses rose to HKD 7,757,000 from HKD 5,810,000, contributing to a loss before tax of HKD 3,977,000 compared to a loss of HKD 2,662,000 in the previous year[7] - The basic and diluted loss per share for the period was HKD 0.38, compared to HKD 0.33 in the same period last year[7] - The company reported a loss of approximately HKD 3.9 million for the three months ended March 31, 2022, an increase of HKD 1.3 million compared to the previous year[37] Equity and Financial Position - The total equity attributable to the company's equity holders decreased to HKD 92,452,000 from HKD 96,429,000 as of March 31, 2022[9] - Total borrowings amounted to approximately HKD 47.4 million as of March 31, 2022, down from HKD 53.9 million as of December 31, 2021, resulting in a debt-to-equity ratio decrease from about 55.9% to 51.2%[38] - The current ratio remains stable at approximately 1.7 times as of December 31, 2021, and March 31, 2022[38] Operational Highlights - The company secured 22 new projects during the period, with a total contract value of approximately HKD 42.6 million[25] - The number of projects undertaken by the company decreased from 98 to 94 compared to the previous year[25] - The company continues to focus on its core business of building maintenance and construction services, with no new product or technology developments reported in this period[11] Costs and Expenses - Direct costs rose from approximately HKD 27.2 million to approximately HKD 33.1 million, an increase of about 21.7%[31] - Gross profit increased from approximately HKD 3.5 million to approximately HKD 4.2 million, with a slight decrease in gross margin from 11.5% to 11.3%[32] - Administrative expenses increased by approximately HKD 2.0 million or 34.5%, from approximately HKD 5.8 million to approximately HKD 7.8 million[33] - The financing costs remained stable at approximately HKD 428,000 for the three months ended March 31, 2022, compared to HKD 436,000 in the previous year[35] - The company did not incur any income tax expenses during the periods due to recorded losses[36] Shareholder Information - The company did not declare any dividends for the three months ended March 31, 2022[20] - The company has issued share capital of HKD 10.5 million, with a total of 1,050,000,000 ordinary shares issued, each with a par value of HKD 0.01[42] - The company has not recommended the payment of dividends for the three months ended March 31, 2022[71] Governance and Compliance - The audit committee has reviewed the report and the unaudited condensed consolidated financial statements for the three months ended March 31, 2022[76] - The company has adopted a code of conduct for directors' securities transactions, with no violations reported during the period[70] - The company has established an audit committee in compliance with the corporate governance code, consisting of three independent non-executive directors[74] - The chairman and CEO roles are currently held by the same individual, with the board considering a review of this structure as necessary[68] Accounting and Reporting - The financial statements are prepared in accordance with Hong Kong Financial Reporting Standards and have not been audited by the company's auditors[15] - The company has maintained its accounting policies consistent with the previous year, with no significant changes in accounting estimates or policies during the reporting period[13] Risk Management - The group maintains a prudent treasury policy to ensure a stable liquidity position and continuously assesses customer credit and financial conditions to mitigate credit risk[41] - The group has no contingent liabilities as of the report date[45] - The group’s operations are primarily conducted in HKD, and the board believes that foreign exchange exposure has minimal impact on the group[46] Investments and Capital Assets - As of March 31, 2022, the group has no significant investments or capital asset plans, nor any major acquisitions or disposals of subsidiaries or associated companies during the three months ending March 31, 2022[44] - The net proceeds from the listing, after deducting related expenses, amounted to approximately HKD 25.2 million, with a remaining unutilized balance of about HKD 2.6 million as of the report date[57] - The group has pledged certain land, buildings, and life insurance investments as collateral for short-term bank borrowings and other general bank financing[55] Employment and Staff - The group employed a total of 122 staff as of March 31, 2022, compared to 131 staff as of December 31, 2021, with employee costs for the three months ending March 31, 2022, approximately HKD 12.7 million, up from HKD 9.8 million for the same period in 2021[56] Fair Value and Financial Assets - The company reported a fair value gain of HKD 18,000 on financial assets measured at fair value through profit or loss, compared to HKD 15,000 in the previous year[7]

Financial Performance - The group's total revenue decreased by approximately HKD 19.2 million or 11.1% to about HKD 154.3 million for the year ended December 31, 2021, compared to approximately HKD 173.5 million for the previous year[8]. - Revenue decreased from approximately HKD 173.5 million for the year ended December 31, 2020, to approximately HKD 154.3 million for the year ended December 31, 2021, a decline of about 11.1% due to project delays caused by COVID-19[17]. - Gross profit decreased from approximately HKD 22.8 million to approximately HKD 17.1 million, with the overall gross margin slightly declining from about 13.1% to approximately 11.1%[19]. - The company recognized a loss of approximately HKD 42.6 million for the year ended December 31, 2021, compared to a loss of about HKD 2.3 million for the year ended December 31, 2020[27]. - Current ratio decreased from approximately 1.6 times to 1.3 times, while the debt-to-equity ratio increased from about 44.3% to approximately 55.9% due to increased borrowings[28]. - The company’s distributable reserves as of December 31, 2021, amounted to approximately HKD 64.2 million, an increase from HKD 54.0 million in 2020[188]. Project and Market Activity - A total of 172 projects generated revenue for the group during the year ended December 31, 2021, compared to 173 projects in 2020[12]. - The group secured 88 new projects with a total contract value of approximately HKD 95.4 million as of December 31, 2021[12]. - The demand for FM4A and corrosion protection engineering services remained stable as of the reporting date[12]. - The overall market conditions in the Hong Kong construction industry remained relatively stable, despite increased economic uncertainties and the negative impacts of COVID-19[9]. Cost Management - Cost of sales decreased from approximately HKD 150.7 million to approximately HKD 137.2 million, a reduction of about 9.0%, primarily due to decreased subcontracting and material costs[18]. - Administrative expenses decreased by approximately HKD 3.2 million or 10.6% to about HKD 27.1 million, mainly due to reduced employee costs[20]. - Employee costs for the year ended December 31, 2021, were approximately HKD 36.7 million, down from approximately HKD 46.1 million in 2020[40]. Corporate Governance - The board of directors consists of seven members, including two executive directors and three independent non-executive directors[51]. - The company has established three board committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, to enhance corporate governance[80]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with GEM listing rules and overseeing the integrity of financial reports[84]. - The company encourages directors to participate in relevant seminars and external training programs to enhance their knowledge and skills[80]. - The company adheres to a rotation policy for directors, requiring one-third of the board to retire at each annual general meeting, ensuring regular re-election[79]. Risk Management - The company has implemented a risk management framework integrated into daily operations, ensuring compliance with relevant laws and regulations[102]. - The company aims to identify and manage risks at an acceptable safety level to achieve strategic goals, employing a three-tier risk management approach[103]. - The company emphasizes the importance of risk management practices to mitigate operational and financial risks[158]. Shareholder Relations - The company has established multiple channels for communication with shareholders and investors, including annual general meetings and a dedicated website[120]. - The company is committed to ensuring shareholder rights are protected through independent resolutions presented at general meetings[112]. - The company aims to retain sufficient reserves for future growth while allowing shareholders to participate in profits through its dividend policy[164]. Strategic Direction - The group aims to continue providing integrated services in RMAA, new construction projects, and corrosion protection engineering to retain existing clients and attract new ones[9]. - The group plans to leverage its competitive advantages to respond effectively to changing client needs[9]. - The company is committed to sustainability, with plans to implement eco-friendly practices that could reduce operational costs by F%[135]. - The company is exploring partnerships to enhance its service offerings and expand its customer base, aiming for a J% increase in market penetration[136]. Employee and Management - The group employed a total of 131 staff, an increase from 126 staff in 2020[40]. - The management team includes professionals with extensive backgrounds in construction and project management, ensuring strong operational oversight[142][144]. - The company recognizes employees as valuable assets and aims to attract and retain suitable personnel[163]. Acquisitions and Investments - The company completed the acquisition of Treasure Mark Global Limited for HKD 24.0 million, with goodwill generated from the acquisition amounting to HKD 50.9 million[22][24]. - The group acquired Treasure Mark Global Limited, which primarily engages in RMAA engineering and new construction projects, during the year ended December 31, 2021[36]. Compliance and Reporting - The company is committed to maintaining compliance with GEM listing rules, ensuring transparency and governance[140]. - The financial reporting team is led by experienced professionals, including members from reputable accounting firms[138].

Financial Performance - For the three months ended September 30, 2021, the company's revenue was HKD 48,443,000, an increase from HKD 44,529,000 in the same period of 2020, representing an increase of 4.3%[6] - The gross profit for the nine months ended September 30, 2021, was HKD 15,878,000, compared to HKD 14,654,000 for the same period in 2020, reflecting an increase of 8.4%[6] - The net loss for the three months ended September 30, 2021, was HKD 835,000, compared to a profit of HKD 4,903,000 in the same period of 2020[6] - The total comprehensive loss for the nine months ended September 30, 2021, was HKD 3,812,000, compared to a loss of HKD 994,000 for the same period in 2020[6] - Revenue increased from approximately HKD 127.7 million for the nine months ended September 30, 2020, to approximately HKD 136.4 million for the nine months ended September 30, 2021, representing a growth of about 6.8%[34] - Direct costs rose from approximately HKD 113.0 million for the nine months ended September 30, 2020, to approximately HKD 120.5 million for the nine months ended September 30, 2021, an increase of about 6.6%[35] - Gross profit increased from approximately HKD 14.7 million to approximately HKD 15.9 million for the same periods, with gross profit margins remaining stable at around 11.5% and 11.6% respectively[38] - The group reported a loss of approximately HKD 3.8 million for the nine months ended September 30, 2021, an increase of about HKD 2.8 million compared to the same period in 2020[45] Administrative and Operational Expenses - The company's administrative expenses for the three months ended September 30, 2021, were HKD 7,088,000, an increase from HKD 6,509,000 in the same period of 2020[6] - Administrative expenses decreased by approximately HKD 2.1 million or 7.8% from about HKD 20.6 million to approximately HKD 18.5 million for the nine months ended September 30, 2020, and 2021[39] - The employee costs for the nine months ended September 30, 2021, were approximately HKD 32.3 million, compared to HKD 35.5 million for the same period in 2020[56] Equity and Borrowings - The total equity as of September 30, 2021, was HKD 78,203,000, down from HKD 82,015,000 as of January 1, 2021[11] - The total borrowings as of September 30, 2021, amounted to approximately HKD 37.1 million, up from HKD 36.4 million as of December 31, 2020, resulting in a debt-to-equity ratio increase from approximately 44.3% to 48.6%[46] - The group maintains a stable current ratio of approximately 1.6 times as of both December 31, 2020, and September 30, 2021[46] Market and Project Developments - The company secured 64 new projects with a total contract value of approximately HKD 136 million during the nine months ended September 30, 2021[29] - The company aims to expand its market share in RMAA and cathodic protection projects to strengthen its competitive position[33] - The company has not disclosed any new product developments or market expansion strategies in the current report[6] COVID-19 Response - The company has taken measures to monitor and respond to the challenges posed by the COVID-19 pandemic, including establishing a crisis management team and providing protective equipment to staff[33] - Other income decreased from HKD 6.3 million to HKD 0.2 million, primarily due to the termination of government subsidies related to the COVID-19 pandemic[40] Governance and Compliance - The company has established an audit committee in compliance with the GEM Listing Rules, consisting of three independent non-executive directors[87] - The company has adhered to the corporate governance code as per GEM Listing Rules during the reporting period[81] - There were no conflicts of interest reported among directors or major shareholders as of September 30, 2021[78] - The company has not reported any violations of the securities trading regulations by directors during the nine months ended September 30, 2021[82] Dividends and Securities - The company does not recommend the payment of dividends for the nine months ended September 30, 2021[22] - No dividends were recommended for the nine months ended September 30, 2021[83] - The company did not purchase, sell, or redeem any of its listed securities during the nine months ended September 30, 2021[79] - There were no stock options granted during the relevant period, and no unexercised stock options as of September 30, 2021[85] - The company has not issued any stock options since the adoption of the stock option plan on June 4, 2018[84] Staffing - The group employed a total of 110 staff as of September 30, 2021, down from 120 employees as of December 31, 2020[56]

TONG KEE (HOLDING) LIMITED 棠 記 ( 控 股 ) 有 限 公 司 (於開曼群島註冊成立的有限公司) 股份代號 : 8305 中期報告 2021 香港聯合交易所有限公司（「聯交所」）GEM的特色 GEM的定位，乃為相比起其他在聯交所上市的公司帶有更高投資風險的公司提供一個上市的 市場。有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作 出投資決定。GEM的較高風險及其他特色，表示GEM較適合專業及其他經驗豐富的投資者。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證 券承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告之內容概不負責，對其準確性或完整性亦不發 表任何聲明，並明確表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引 致之任何損失承擔任何責任。 本報告的資料乃遵照聯交所的GEM證券上市規則（「GEM上市規則」）而刊載，旨在提供有關 棠記（控股）有限公司（「本公司」）的資料；本公司董事（「董事」）願就本報告的資料共同及個別 地承擔全部責任。 ...