| --- | --- | --- | |-----------------------------------------------|--------------------------------------------------|-------| | | | | | 柏榮集團(控股)有限公司 | | | | (於開曼群島註冊成立之有限公司) 股份代號：8316 | PAK WING GROUP ( HOLDINGS ) LIMITED 第三季度報告 | | | | | | | | | | | | | | | | | | 香港聯合交易所有限公司（「聯交所」）GEM的特色 不發表任何聲明，並明確表示，概不對因本報告全部或任何部分內容而產生或因倚賴該 關柏榮集團（控股）有限公司（「本公司」及連同其附屬公司，統稱為「本集團」）之資料； GEM的定位，乃為相比起其他於聯交所上市的中小型公司帶有較高投資風險的公司提供 一個上市的市場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考 慮後方作出投資決定。 由於GEM上市公司通常為中小型公司，於GEM買賣的證券可能會較於聯交所主板買賣 的證券承受較大的 ...

【 柏榮集團(控股)有限公司 PAK WING GROUP ( HOLDINGS ) LIMITED (於開量群島註冊成立之有限公司) 股份代號：8316 中期報告 2020 IC REED 明显 川日 II: 3 6 311 pil B = = = = = III L BREAK II I B I MODEL HOWN I I HURRE! TEN II J 香港聯合交易所有限公司（「聯交所」）GEM的特色 不發表任何聲明，並明確表示，概不對因本報告全部或任何部分內容而產生或因倚賴該 關柏榮集團（控股）有限公司（「本公司」及連同其附屬公司，統稱為「本集團」）之資料； GEM的定位，乃為相比起其他於聯交所上市的中小型公司帶有較高投資風險的公司提供 一個上市的市場。有意投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考 慮後方作出投資決定。 由於GEM上市公司通常為中小型公司，於GEM買賣的證券可能會較於聯交所主板買賣 的證券承受較大的市場波動風險，同時無法保證於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 等內容而引致之任何損失承擔任 ...

Financial Performance - For the three months ended June 30, 2020, the group reported revenue of HKD 37,860,000, a decrease of 4.2% from HKD 39,513,000 in the same period of 2019[4] - The group incurred a loss before tax of HKD 1,789,000, compared to a loss of HKD 1,128,000 in the same period of 2019, representing a 58.5% increase in losses[4] - The basic and diluted loss per share for the period was HKD 0.22, compared to HKD 0.14 in the same period of 2019, indicating a 57.1% increase in loss per share[4] - Other income for the three months ended June 30, 2020, was HKD 2,463,000, down from HKD 2,895,000 in the same period of 2019, reflecting a decrease of 14.8%[21] - The group reported a gross loss of HKD 1,653,000 for the period, compared to a gross loss of HKD 964,000 in the same period of 2019, indicating a 71.5% increase in gross losses[4] - The total comprehensive loss attributable to owners of the company for the period was HKD 1,789,000, compared to HKD 1,117,000 in the same period of 2019, representing a 60.0% increase[4] - The gross loss for the period was approximately HKD 1,700,000, with a gross loss margin of about 4.4%, compared to a gross loss of HKD 1,000,000 and a gross loss margin of 7.4% in the same period of 2019[36] - The total loss attributable to equity holders of the company was approximately HKD 1,800,000, an increase from HKD 1,100,000 in 2019, primarily due to the increase in gross loss[40] Assets and Shareholder Information - The group’s total assets as of June 30, 2020, were HKD 82,525,000, unchanged from the previous year[9] - The company has 600,000,000 shares held by China Huarong Asset Management Co., Ltd., representing 75% of the total issued shares as of June 30, 2020[52] - Freeman Union Limited holds 63,660,000 shares, which accounts for 7.96% of the total issued shares[55] - The company has a total of 800,000,000 issued shares as of June 30, 2020, which is the basis for calculating ownership percentages[55] - There were no potential dilutive ordinary shares outstanding as of June 30, 2020, making the diluted loss per share equal to the basic loss per share[29] - The weighted average number of ordinary shares used to calculate the basic loss per share was 800,000,000[28] Expenses and Costs - Financing costs for the period were HKD 242,000, slightly down from HKD 247,000 in the same period of 2019, showing a decrease of 2.0%[24] - Administrative expenses decreased by approximately HKD 400,000 or 16.2% to HKD 2,400,000 for the period, down from HKD 2,800,000 in the same period of 2019[39] Corporate Governance and Compliance - The audit committee consists of three independent non-executive directors, ensuring compliance with financial reporting and internal control systems[68] - The company has adhered to the corporate governance code as per GEM listing rules during the reporting period[65] - The financial reporting procedures and internal control systems were reviewed and deemed compliant with applicable accounting standards and regulations[68] Business Strategy and Market Conditions - The company did not recommend any dividend payment for the three months ended June 30, 2020, consistent with the previous year[30] - The company experienced a stable performance despite adverse market conditions, including social unrest and delays in government approvals for large infrastructure projects[36] - The management believes that the public construction market will begin to improve, leveraging the experienced management team and good market reputation[36] - The company will continue to implement appropriate business strategies to survive in a challenging business environment[36] Stock Options and Securities - The company has not granted any stock options under the stock option plan adopted on July 6, 2015[61] - There were no purchases, sales, or redemptions of the company's securities during the relevant period[64] - The company has established a pledge of 600,000,000 shares as collateral for a loan to Steel Dust[52] - There are no other individuals or entities with recorded interests in the company's shares, aside from directors and key executives[59]

【 柏榮集團(控股)有限公司 PAK WING GROUP ( HOLDINGS ) LIMITED (於開曼群島註冊成立之有限公司) 股份代號：8316 DR D. 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM 的定位・乃為相比起其他於聯交所上市的中小型公司帶有較高投資風險的公司提供一個上市的市場。有意 投資者應了解投資於該等公司的潛在風險，並應經過審慎周詳考慮後方作出投資決定。 由於GEM上市公司通常為中小型公司·於GEM買賣的證券可能會較於主板買賣的證券承受較大的市場波動風 險,同時無法保證於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,概不對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。 本報告之資料乃遵照聯交所GEM證券上市規則(「GEM上市規則」而刊載・旨在提供有開柏榮集團(控股)有限 公司(「本公司」及速同其附屬公司·統稱為「本集團」之資料：本公司董事(「董事」)願就本報告之資料共同及 個別地承擔全部責任。董事在作出一切合理查詢後,確認就其所知及所信, ...

Financial Performance - For the nine months ended December 31, 2019, the group reported total revenue of HK$67,487,000, a decrease from HK$68,119,000 in the same period of 2018, representing a decline of approximately 0.93%[6] - The group incurred a gross loss of HK$632,000 for the nine months ended December 31, 2019, compared to a gross loss of HK$5,152,000 for the same period in 2018, indicating an improvement in gross margin[6] - Administrative expenses for the nine months ended December 31, 2019, were HK$8,679,000, down from HK$10,000,000 in the previous year, reflecting a reduction of approximately 13.21%[6] - The net loss attributable to owners of the company for the nine months ended December 31, 2019, was HK$5,152,000, compared to a net loss of HK$5,345,000 for the same period in 2018, showing a slight improvement[6] - Basic and diluted loss per share for the nine months ended December 31, 2019, was HK$0.64, compared to HK$0.67 for the same period in 2018, indicating a reduction in loss per share[6] - The group reported other income of HK$5,212,000 for the nine months ended December 31, 2019, compared to HK$170,000 in the same period of 2018, representing a significant increase[6] - Financing costs, excluding tax losses, decreased to HK$767,000 for the nine months ended December 31, 2019, from HK$4,866,000 in the previous year, a reduction of approximately 84.24%[6] Accounting Policies - The group has not reported any significant changes in accounting policies that would impact the financial performance for the period[15] - The company continues to evaluate the impact of new accounting standards but has not identified any significant financial effects on its operations[15] - The group adopted the cumulative effect method for the application of HKFRS 16, recognizing right-of-use assets equivalent to the amount of lease liabilities[22] - The group has not made significant adjustments to the opening retained earnings balance as of April 1, 2019, due to the adoption of HKFRS 16[24] - The group has not identified any significant impact on its performance due to the adoption of HKFRS 16[22] Business Operations - The group operates primarily as a subcontractor in the foundation business in Hong Kong, focusing on maintaining its market position and exploring potential growth opportunities[13] - The group primarily operates in the foundation engineering sector, with no independent financial data for separate operating segments presented[26] - All non-current assets of the group are located in Hong Kong, and the majority of revenue is derived from clients based in Hong Kong[27] - The group recorded a revenue of approximately HKD 67,500,000 for the period, a decrease of about HKD 4,000,000 or 5.5% compared to the same period in 2018[44] - The gross loss for the period was approximately HKD 600,000, with a gross loss margin of 0.9%, compared to a gross loss margin of 5.5% in 2018[45] - Administrative expenses decreased by approximately HKD 2,800,000 or 24.5% to HKD 8,700,000, primarily due to a reduction in director remuneration and depreciation[48] - The net loss attributable to equity holders of the company was approximately HKD 5,200,000, a decrease from approximately HKD 8,600,000 in 2018[49] - The group faced challenges due to social unrest and delays in government approvals for large infrastructure projects, impacting the construction industry[44] - The management believes that the public sector construction market will begin to improve, leveraging the experienced management team and good market reputation[44] - The group anticipates facing intense competition in the future due to an increasing number of market participants[44] - The group plans to continue implementing appropriate business strategies to survive in a challenging business environment[44] - The group recorded a decrease in employee benefits expenses, which amounted to HKD 8,389,000 for the period[36] Shareholder Information - As of December 31, 2019, the company had a total of 800,000,000 shares issued[58] - Steel Dust Limited holds 600,000,000 shares, representing 75% of the issued shares[58] - China Huarong Macau holds 83,977,158 shares, which is approximately 10.5% of the issued shares[58] - Freeman Union Limited is the beneficial owner of 63,660,000 shares, accounting for 7.95% of the issued shares[58] - The company has not granted any stock options under the stock option plan adopted on July 6, 2015[60] - No other individuals or entities, excluding directors and key executives, hold any recorded interests in the company's shares as of December 31, 2019[59] - The company has a significant concentration of ownership, with major shareholders holding substantial stakes[58] - The financial structure includes various controlled entities with overlapping ownership interests in the shares[58] - The company has established a pledge on the shares held by Steel Dust as collateral for a loan[58] Corporate Governance - There are no competitive interests held by directors or major shareholders in businesses that may compete with the company[64] - The company has confirmed compliance with the GEM Listing Rules regarding the trading of securities by directors during the relevant period[65] - The company did not purchase, sell, or redeem any of its securities during the relevant period[65] - The company has adhered to the corporate governance code as per GEM Listing Rules, except for the resignation of an independent non-executive director, which resulted in a shortfall in the required number of independent directors[65] - The board aims to rectify the shortfall in independent directors within three months to comply with GEM Listing Rules[66] - The audit committee, consisting of two independent non-executive directors, has reviewed the unaudited consolidated performance of the group and found it compliant with applicable accounting standards and regulations[67]

Financial Performance - For the six months ended September 30, 2019, the group reported revenue of HKD 36,329,000, a slight decrease of 0.6% compared to HKD 36,644,000 for the same period in 2018[7]. - The gross profit for the six months ended September 30, 2019, was a loss of HKD 183, compared to a loss of HKD 871 in the same period of 2018, indicating an improvement[7]. - The total comprehensive loss attributable to owners of the company for the six months ended September 30, 2019, was HKD 2,745,000, a decrease from HKD 3,282,000 in the same period of 2018[7]. - The basic loss per share for the six months ended September 30, 2019, was HKD 0.343, compared to HKD 0.410 for the same period in 2018[7]. - The group reported other income of HKD 3,420,000 for the six months ended September 30, 2019, down from HKD 5,631,000 in the same period of 2018[7]. - The group’s administrative expenses for the six months ended September 30, 2019, were HKD 5,506,000, a decrease from HKD 7,779,000 in the same period of 2018[7]. - The group reported a loss attributable to equity holders of HKD 2,745 million for the six months ended September 30, 2019, compared to a loss of HKD 3,282 million for the same period in 2018[52]. - The net loss attributable to owners of the company was approximately HKD 2,700,000, a decrease from HKD 3,300,000 in 2018, mainly due to improved gross profit and reduced administrative expenses[93]. Cash Flow and Assets - The net cash used in operating activities for the six months ended September 30, 2019, was HKD 2,023,000, compared to HKD 1,655,000 for the same period in 2018, indicating increased cash outflow[15]. - As of September 30, 2019, total assets were HKD 26,629,000, down from HKD 30,129,000 as of March 31, 2019[9]. - The group had cash and cash equivalents of HKD 5,739,000 as of September 30, 2019, a decrease from HKD 10,199,000 at the beginning of the period[15]. - The group’s total liabilities as of September 30, 2019, were HKD 36,853,000, slightly down from HKD 37,608,000 as of March 31, 2019[9]. - The current ratio as of September 30, 2019, was approximately 1.82, down from 2.18 as of March 31, 2019[94]. - Total liabilities less cash and cash equivalents amounted to HKD 36,412,000 as of September 30, 2019, compared to HKD 36,828,000 as of March 31, 2019[98]. - The debt-to-capital ratio increased to 150% as of September 30, 2019, from 139% as of March 31, 2019[98]. Lease Accounting - The group adopted HKFRS 16, which introduced a single lessee accounting model, requiring the recognition of right-of-use assets and lease liabilities for leases longer than 12 months[22]. - The transition to HKFRS 16 did not have a significant impact on the group's performance, with adjustments made to retained earnings as of April 1, 2019[24]. - The group confirmed that the right-of-use assets will be measured at cost, which includes initial direct costs and estimated costs for restoring the leased asset[22]. - The group will use its incremental borrowing rate to discount lease payments when the implicit rate is not readily determinable[23]. - The group reported a total lease liability of HKD 1,512 million as of April 1, 2019, with current liabilities of HKD 664 million and non-current liabilities of HKD 848 million[26]. - The right-of-use assets recognized on April 1, 2019, amounted to HKD 1,512 million, reflecting the initial measurement of lease liabilities[26]. - The right-of-use assets recognized under HKFRS 16 as of April 1, 2019, totaled HKD 1,796 million[28]. Shareholder Information - As of September 30, 2019, the company had 800,000,000 shares issued, with major shareholder Steel Dust Limited holding 600,000,000 shares, representing 75.0% of the total[119]. - The company reported that Freeman Union Limited holds 63,660,000 shares, accounting for 7.95% of the issued shares[127]. - The company has a significant concentration of ownership, with major shareholders including China Huarong Macau holding 600,000,000 shares, also representing 75.0%[124]. - The financial structure indicates that China Huarong Macau has secured interests in the 600,000,000 shares as collateral for loans[128]. - The report highlights that Freeman Financial Investment Corporation also holds 63,660,000 shares, which is 7.95% of the total shares[127]. - The company’s major shareholders are interconnected, with Freeman Union being fully owned by Freeman United Investments, which is in turn owned by other entities[130]. - The ownership structure shows that the Ministry of Finance of the People's Republic of China has a 65% stake in China Huarong Asset Management, which influences the company's major shareholders[129]. Governance and Compliance - The financial statements are prepared in accordance with HKFRS and have not been audited but reviewed by the audit committee[20]. - The group’s registered office is located in the Cayman Islands, and it was incorporated as an exempted company under the Cayman Islands Companies Law[19]. - The audit committee, established on July 6, 2015, consists of three independent non-executive directors and is responsible for reviewing the group's financial controls and risk management systems[142]. - The audit committee has reviewed the unaudited consolidated results of the group for the relevant period and found them to comply with applicable accounting standards and GEM listing rules[143]. - The board of directors confirmed compliance with the trading standards and the company's code of conduct regarding securities transactions during the relevant period[137]. Other Financial Metrics - The group acquired property, plant, and equipment for approximately HKD 2,056 million during the six months ended September 30, 2019, down from HKD 5,365 million in the same period of 2018[54]. - Contract assets from construction services as of September 30, 2019, were HKD 3,251 million, a decrease from HKD 5,927 million as of March 31, 2019[57]. - The expected credit loss provision for contract assets decreased to HKD 3,251,000 from HKD 5,927,000 as of March 31, 2019, representing a reduction of approximately 45%[59]. - The total value of contract assets as of September 30, 2019, was HKD 3,251,000, down from HKD 5,927,000 as of March 31, 2019, indicating a decline of about 45%[62]. - Trade receivables increased significantly to HKD 20,489,000 as of September 30, 2019, compared to HKD 9,217,000 as of March 31, 2019, reflecting a growth of approximately 122%[66]. - The net trade receivables after expected credit loss as of September 30, 2019, were HKD 20,224,000, up from HKD 8,952,000 as of March 31, 2019, marking an increase of around 126%[69]. - The total trade and other payables increased to HKD 20,353,000 as of September 30, 2019, from HKD 17,275,000 as of March 31, 2019, representing a rise of about 12%[73]. - The average credit period granted to trade customers for contract works is 30 days, with progress payments applied on a regular basis[72]. - The expected credit loss for trade receivables remained stable at HKD 1,613,000 for both September 30, 2019, and March 31, 2019[66]. - The total amount of trade payables as of September 30, 2019, was HKD 14,534,000, compared to HKD 11,528,000 as of March 31, 2019, indicating an increase of approximately 26%[73]. - The company reported a significant increase in trade receivables aged less than one month, rising to HKD 8,342,000 as of September 30, 2019, from HKD 4,548,000 as of March 31, 2019, which is an increase of about 83%[72].

Financial Performance - For the three months ended June 30, 2019, the group reported revenue of HKD 13,051,000, a decrease from HKD 16,854,000 in the same period of 2018, representing a decline of approximately 22.0%[5] - The group incurred a gross loss of HKD 964,000 for the three months ended June 30, 2019, compared to a gross profit of HKD 1,995,000 in the same period of 2018[5] - Total comprehensive loss attributable to owners of the company for the period was HKD 1,117,000, down from HKD 2,104,000 in the same period of 2018, indicating an improvement of approximately 46.9%[5] - The basic and diluted loss per share for the three months ended June 30, 2019, was HKD 0.140, compared to HKD 0.263 for the same period in 2018, reflecting a decrease of approximately 46.9%[5] - The company reported a revenue of approximately HKD 13,100,000 for the three months ended June 30, 2019, a decrease of about HKD 3,800,000 or 22.6% compared to the same period in 2018[31] - The gross loss for the period was approximately HKD 1,000,000, with a gross loss margin of about 7.4%, down from a gross profit margin of 11.8% in the previous year[31] - The loss attributable to equity holders of the company for the period was approximately HKD 1,100,000, compared to a loss of HKD 2,100,000 in the same period of 2018[35] Income and Expenses - Other income for the three months ended June 30, 2019, was HKD 2,895,000, significantly higher than HKD 88,000 in the same period of 2018[18] - Financing costs decreased to HKD 247,000 for the three months ended June 30, 2019, from HKD 324,000 in the same period of 2018, representing a reduction of approximately 23.8%[19] - Administrative expenses decreased by approximately HKD 1,000,000 or 25.1% to HKD 2,800,000, primarily due to a reduction in director remuneration and depreciation[34] - The company recorded a gain of approximately HKD 1,600,000 from the sale of properties, machinery, and equipment, which helped mitigate the overall loss[35] Market and Operational Focus - The group primarily operates in the foundation engineering sector in Hong Kong, with no independent operating segment financial information presented[16] - The group’s non-current assets are all located in Hong Kong, indicating a concentrated operational focus in this region[17] - The company anticipates opportunities in the public infrastructure market due to government spending of HKD 85.6 billion on major projects, despite increasing competition and rising construction costs[31] - The company completed two large-scale infrastructure projects in the previous fiscal year, which contributed to the revenue decline in the current period[31] - The management believes that the public construction market will begin to improve, leveraging the experienced management team and strong market reputation[31] Shareholder Information - Steel Dust Limited holds 600,000,000 shares, representing 75% of the issued shares as of June 30, 2019[39] - China Huarong Macau holds 536,000,000 shares, representing 67% of the issued shares as of June 30, 2019[42] - Freeman Union Limited owns 63,660,000 shares, accounting for 7.95% of the issued shares as of June 30, 2019[41] - The total number of issued shares is 800,000,000 as of June 30, 2019[45] - The average number of ordinary shares for calculating basic loss per share remained at 800,000,000 for both periods[24] - No share options have been granted under the share option scheme adopted on July 6, 2015[47] Corporate Governance - The company has complied with all applicable corporate governance codes during the reporting period[51] - The audit committee consists of three independent non-executive directors, ensuring proper financial reporting and internal control[52] - The company has established a securities trading code of conduct for directors, which has been adhered to during the reporting period[49] - There were no purchases, sales, or redemptions of the company's securities during the reporting period[50] - No other individuals or entities, apart from directors and key executives, hold any recorded interests in the company's shares as of June 30, 2019[45] Dividends and Future Outlook - The company did not recommend any dividend payment for the three months ended June 30, 2019, consistent with the previous year[26] - There are no significant mergers or acquisitions reported during the period[4] - The company has not disclosed any new product developments or market expansion strategies in the current report[4]

(於開曼群島註冊成立之有限公司) 股份代號：8316 柏榮集團(控股)有限公司 PAK WING GROUP ( HOLDINGS ) LIMITED Ulas Co 2019 年度報 R 04 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM 的定位·乃為相比起其他於主板上市的中小型公司帶有較高投資風險的公司提供一個上市的市場。有意投 資者應了解投資於該等公司的潛在風險,並應經過審慎周詳考慮後方作出投資決定。 由於GEM 上市公司通常為中小型公司,於GEM 買賣的證券可能會較於主板買賣的證券承受較大的市場波動風 險，同時無法保證於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,概不對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。 本報告之資料乃遵照聯交所GEM證券上市規則(「GEM上市規則」而刊載・旨在提供有關柏榮集團(控股)有限 公司(「本公司」及速同其附屬公司·統稱為「本集團」之資料：本公司董事（「董事 J）願就本報告之資料共同及 個別地承擔全部責任。董事在作出一切 ...

Financial Performance - For the three months ended December 31, 2018, the group reported revenue of HKD 34,795,000, a decrease from HKD 41,178,000 in the same period of 2017, representing a decline of approximately 15.5%[7] - The gross loss for the three months ended December 31, 2018, was HKD (37,838,000), compared to a gross profit of HKD 3,043,000 in the same period of 2017, indicating a significant downturn[7] - The total comprehensive loss for the period attributable to owners of the company was HKD (5,345) per share, compared to HKD (507) per share in the same period of 2017, reflecting a worsening performance[7] - For the nine months ended December 31, 2018, the group reported total revenue of HKD 71,439,000, down from HKD 75,353,000 in the same period of 2017, a decrease of approximately 5.3%[7] - The company’s revenue for the period was approximately HKD 71,400,000, a decrease of about HKD 29,400,000 or 29.2% compared to the nine months ended December 31, 2017[35] - The gross loss recorded was approximately HKD 3,900,000, with a gross loss margin of about 5.5%, compared to a gross loss of approximately HKD 500,000 and a margin of 0.5% in the same period of 2017[36] - The net loss attributable to owners of the company was approximately HKD 8,600,000, compared to HKD 8,300,000 in 2017, primarily due to decreased revenue and increased gross loss[38] Operational Costs - The administrative expenses for the three months ended December 31, 2018, were HKD (3,716,000), compared to HKD (146,000) in the same period of 2017, indicating an increase in operational costs[7] - Administrative expenses decreased by approximately HKD 100,000 or 1.1% to HKD 11,500,000 from HKD 11,600,000 for the nine months ended December 31, 2017[36] Financial Situation - The group recorded a loss before tax of HKD (5,701,000) for the three months ended December 31, 2018, compared to a loss of HKD (704,000) in the same period of 2017, highlighting a deteriorating financial situation[7] - The company faced increased competition and rising construction costs due to labor shortages and stricter regulations, impacting overall performance[34] Market Conditions - The government announced a public infrastructure expenditure of HKD 89,100,000,000, which may improve market conditions for the public sector construction market[34] - The company reported that two completed large-scale infrastructure projects contributed approximately HKD 17,100,000 to revenue during the period[35] Corporate Governance - The company confirmed compliance with the corporate governance code as per GEM Listing Rules during the reporting period[52] - The audit committee has reviewed the unaudited consolidated performance for the relevant period and found it compliant with applicable accounting standards and GEM listing rules[55] - The company appointed Mr. Li Wenyang as an independent non-executive director and audit committee member on September 14, 2018, bringing the total number of independent non-executive directors to three[53] - The audit committee is currently composed of three independent non-executive directors, with Mr. Yang Zida serving as the chairman[54] Shareholder Information - As of December 31, 2018, the company had 800,000,000 shares issued, with a significant ownership structure where Mr. Zhang Wei Jie holds 600,000,000 shares, representing 75.0% of the total issued shares[39] - Freeman Union Limited is the beneficial owner of 63,660,000 shares, accounting for 7.95% of the total issued shares[45] - The company has not granted any stock options under the stock option plan adopted on July 6, 2015, since its adoption[47] - There were no purchases, sales, or redemptions of the company's securities by the company or any of its subsidiaries during the relevant period[50] Product Development and Market Strategy - The company has not disclosed any new product developments or technological advancements during the reporting period[11] - There are no indications of market expansion or mergers and acquisitions mentioned in the report[11] - The company continues to operate primarily in Hong Kong, focusing on providing foundation engineering services[11] Compliance and Reporting - The financial statements have been prepared in accordance with the Hong Kong Financial Reporting Standards, ensuring compliance with local regulations[12] - The interest expenses for financing leases and unsecured loans were HKD 146,000 for the three months ended December 31, 2018, compared to HKD 304,000 in 2017[22] - The company has no independent operating segment financial data due to resource integration, and all non-current assets are located in Hong Kong[18][19]