Financial Performance - Total revenue for the nine months ended September 30, 2021, was approximately HKD 5,400,000, a decrease of about HKD 3,200,000 or 37.2% compared to approximately HKD 8,600,000 for the same period last year[18]. - The group recorded a loss of approximately HKD 13,900,000 for the nine months, an increase of about HKD 1,300,000 or 10.3% compared to a loss of approximately HKD 12,600,000 for the same period last year[18]. - The group’s revenue for the third quarter was HKD 1,345,000, down from HKD 2,521,000 in the previous quarter[21]. - Basic and diluted loss per share for the nine months was HKD 1.74, compared to HKD 1.57 for the same period last year[21]. - The company reported a total loss of HKD 12,576,000 for the nine months ended September 30, 2021, compared to a loss of HKD 19,811,000 for the same period in 2020, indicating a reduction in losses by approximately 36%[23]. - For the nine months ended September 30, 2021, the loss attributable to equity shareholders was HKD 13,912,000, which is a 10.6% increase from a loss of HKD 12,576,000 in the same period of 2020[40]. - The company reported a loss attributable to equity shareholders of HKD 3,262,000 for the three months ended September 30, 2021, compared to a loss of HKD 5,530,000 for the same period in 2020, representing a 41% improvement[40]. Revenue Sources - Brokerage commission income from futures and options trading in the Hong Kong market was HKD 2,442,000 for the nine months ended September 30, 2021, down 36.8% from HKD 3,864,000 in the same period of 2020[31]. - Total revenue for the nine months ended September 30, 2021, was HKD 5,358,000, a decrease of 38.5% compared to HKD 8,643,000 for the same period in 2020[31]. - Interest income from margin financing decreased to HKD 80,000 for the nine months ended September 30, 2021, compared to HKD 389,000 in the same period of 2020[31]. Cost Management - Salary and other benefits expenses decreased by approximately HKD 2,200,000 or 26.9%, mainly due to a one-time discretionary bonus of HKD 2,000,000 paid to executive directors in the previous year[18]. - Other operating and administrative expenses decreased by approximately HKD 2,100,000 or 12.3%, primarily due to reduced marketing expenses during the period[18]. - Strict cost control measures will be implemented, particularly focusing on rental and employee costs[19]. - The company incurred employee costs of HKD 6,093,000 for the nine months ended September 30, 2021, down 26.8% from HKD 8,333,000 in the same period of 2020[34]. Strategic Initiatives - The company plans to enhance revenue by increasing the products and services offered to existing and potential clients over the next 24 months[19]. - Development of new distribution channels and provision of brokerage services for other securities and futures companies in Hong Kong is part of the company's strategy[19]. - The company continues to focus on expanding its brokerage services in the Hong Kong, US, Japan, Singapore, and UK markets[25]. Shareholder Information - As of September 30, 2021, the company had a total issued share capital of 800,000,000 shares[57]. - Major shareholders, including Mr. Pan Guohua and Mr. Chen Yingliang, collectively hold 69.94% of the company's issued share capital, amounting to 559,504,000 shares[44][59]. - The board of directors did not declare any dividends for the nine months ended September 30, 2021, consistent with the previous year[41]. - No share options have been granted under the company's share option scheme since its adoption on December 19, 2017[60]. Compliance and Governance - The company has adopted the corporate governance code as per GEM Listing Rules Appendix 15, ensuring compliance with applicable provisions, except for the separation of roles between the Chairman and CEO[64]. - The Audit Committee, consisting of three independent non-executive directors, has reviewed the unaudited results for the nine months ended September 30, 2021, and confirmed compliance with applicable accounting standards and GEM Listing Rules[69]. Other Information - The company has not indicated any new product launches or significant technological advancements during this reporting period[30]. - There were no significant events related to the company's business or financial performance known to the directors after the reporting period[46]. - The company has not established any arrangements that would allow directors or key executives to acquire shares or bonds of the company or its affiliates during the nine months ended September 30, 2021[61]. - No directors or major shareholders had interests in any competing businesses as of September 30, 2021[62]. - As of September 30, 2021, the company has not purchased, sold, or redeemed any of its listed securities during the nine-month period[67]. - The company reported a net foreign exchange loss of HKD (66,000) for the nine months ended September 30, 2021, compared to a gain of HKD 324,000 in the same period of 2020[33].

Financial Performance - Revenue for the three months ended June 30, 2021, was HKD 1,964,000, a decrease of 31.8% compared to HKD 2,880,000 for the same period in 2020[10]. - Revenue for the six months ended June 30, 2021, was HKD 4,013,000, down 34.4% from HKD 6,121,000 in the same period of 2020[10]. - The company reported a loss before tax of HKD 4,899,000 for the three months ended June 30, 2021, compared to a loss of HKD 2,686,000 in the same period of 2020[10]. - The total comprehensive loss for the six months ended June 30, 2021, was HKD 10,650,000, an increase of 33.1% from HKD 7,047,000 in the same period of 2020[10]. - The company reported a total loss of HKD 10,650 thousand for the six months ended June 30, 2021, compared to a loss of HKD 7,047 thousand for the same period of 2020[20]. - The pre-tax loss for the six months ended June 30, 2021, was HKD (12,258,000), compared to a loss of HKD (7,986,000) for the same period in 2020, representing a 53.5% increase in losses[50]. - The group recorded a net loss of approximately HKD 10,700,000 for the period, compared to a net loss of about HKD 7,000,000 for the same period in 2020[78]. Cash and Assets - Cash and cash equivalents decreased to HKD 8,863,000 as of June 30, 2021, from HKD 19,559,000 as of December 31, 2020, representing a decline of 54.7%[13]. - The company's total assets less current liabilities amounted to HKD 23,474,000 as of June 30, 2021, down 35.1% from HKD 36,133,000 as of December 31, 2020[13]. - Non-current assets decreased to HKD 16,734,000 as of June 30, 2021, from HKD 19,200,000 as of December 31, 2020, reflecting a decline of 12.9%[13]. - The company's equity totalled HKD 21,001,000 as of June 30, 2021, down 33.9% from HKD 31,651,000 as of December 31, 2020[15]. - The company's total issued share capital remained at HKD 100,000,000 as of June 30, 2021, unchanged from December 31, 2020[60]. - As of June 30, 2021, the group's current assets and working capital were approximately HKD 6,700,000, down from about HKD 16,900,000 as of December 31, 2020, mainly due to the incurred losses[81]. Income Sources - Commission income from Hong Kong market decreased to HKD 686 million for the three months ended June 30, 2021, down from HKD 1,244 million in the same period of 2020[31]. - Commission income from overseas markets decreased to HKD 1,184 million for the three months ended June 30, 2021, compared to HKD 1,457 million in the same period of 2020[31]. - Total revenue from brokerage commissions for the six months ended June 30, 2021, was HKD 4,013 million, a decrease from HKD 6,121 million in the same period of 2020[31]. - Interest income from margin financing decreased to HKD 26 million for the three months ended June 30, 2021, down from HKD 125 million in the same period of 2020[31]. - Other income, including government grants, was HKD 60 million for the three months ended June 30, 2021, compared to HKD 589 million in the same period of 2020[32]. - Other income and gains decreased significantly from about HKD 1,350,000 to approximately HKD 109,000, primarily due to the absence of a one-time monetary subsidy from the Hong Kong government and rental income[76]. Operational Activities - The net cash used in operating activities for the six months ended June 30, 2021, was HKD 8,904 thousand, compared to HKD 11,707 thousand for the same period in 2020, indicating a reduction in cash outflow[22]. - Net cash used in operating activities for the six months ended June 30, 2021, was HKD (8,904,000), an improvement from HKD (11,707,000) in the same period of 2020, indicating a 23.9% reduction in cash outflow[50]. - The company’s financing activities generated a net cash inflow of HKD 776 thousand during the first half of 2021, compared to no inflow in the same period of 2020[22]. Corporate Governance - The company has complied with the applicable provisions of the corporate governance code, except for the separation of roles between the Chairman and the CEO[110]. - Mr. Pan Guohua serves as both Chairman and CEO, which the board believes is in the best interest of the company[112]. - The board is committed to regularly reviewing and improving its corporate governance practices[113]. - The Audit Committee has been established in accordance with GEM Listing Rules section 5.28 and is responsible for reviewing the company's annual reports, interim reports, and quarterly reports[117]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with GEM Listing Rules section 5.05(2)[117]. Shareholder Information - As of June 30, 2021, the total issued shares of the company amounted to 800,000,000 shares[99]. - Mr. Pan Guohua holds 559,504,000 shares, representing approximately 69.94% of the company's issued share capital[103]. - The company has not granted any share options under the share option scheme since its adoption on December 19, 2017[106]. - There were no arrangements made that would allow directors or key executives to acquire shares or bonds of the company during the six months ended June 30, 2021[107]. Future Plans and Developments - The company continues to focus on its core business of futures and options brokerage, stock options, and securities brokerage services[30]. - The group has launched a new securities brokerage business and conducted multiple marketing activities to attract potential clients[79]. - The group plans to enhance its IT capabilities to provide more self-service options for clients and strengthen compliance and operational capabilities[89]. - The company has not reported any significant new product developments or market expansions during the reporting period[24]. - There were no significant investments or acquisitions during the period ended June 30, 2021[86].

Financial Performance - Total revenue for the first quarter was approximately HKD 2,000,000, a decrease of about HKD 1,200,000 or 37.5% compared to HKD 3,200,000 in the same period last year[11] - The company recorded a loss of approximately HKD 6,500,000 for the quarter, compared to a loss of about HKD 4,700,000 in the previous year, representing an increase in loss of approximately 38.3%[11] - The pre-tax loss for the quarter was HKD 7,359,000, compared to a pre-tax loss of HKD 5,300,000 in the same period last year[16] - Basic and diluted loss per share for the quarter was HKD 0.81, compared to HKD 0.58 in the previous year[16] - The total comprehensive loss for the period was HKD 6,455,000, compared to HKD 4,680,000 in the previous year[16] - For the three months ended March 31, 2021, the total loss was HKD 6,455,000, compared to a loss of HKD 4,680,000 for the same period in 2020, representing an increase in loss of approximately 37.9%[18] - Total revenue for the three months ended March 31, 2021, was HKD 2,049,000, down 36.9% from HKD 3,241,000 in the same period of 2020[26] - The company reported a net loss of HKD 2,232,000 in operating expenses for the three months ended March 31, 2021, compared to HKD 4,150,000 in the same period in 2020, reflecting a reduction of approximately 46.3%[29] Expenses - Salary and other benefits decreased by approximately HKD 1,900,000 or 46.2%, primarily due to a one-time bonus of HKD 2,000,000 paid to executive directors in the previous year[11] - Other operating and administrative expenses increased by approximately HKD 2,400,000 or 52.2%, mainly due to increased marketing expenses of about HKD 2,100,000 during the period[13] - Marketing expenses increased significantly to HKD 2,698,000 for the three months ended March 31, 2021, compared to HKD 592,000 in the previous year, representing a rise of approximately 355.6%[30] Shareholder Information - As of March 31, 2021, the company had a total issued share capital of 800,000,000 shares[51] - Mr. Pan Guohua and Mr. Chen Yingliang each hold 559,504,000 shares, representing approximately 69.94% of the company's issued share capital[50] - Mr. Pan Guohua's shareholding includes 271,504,060 shares he directly holds and 287,999,940 shares attributed to him due to being a concert party with Mr. Chen Yingliang[53] - Mr. Chen Yingliang's shareholding includes 287,999,940 shares he directly holds and 271,504,060 shares attributed to him due to being a concert party with Mr. Pan Guohua[54] Corporate Governance - The company has complied with the applicable code provisions of the Corporate Governance Code, except for a deviation regarding the separation of roles between the Chairman and the CEO[58] - Mr. Pan Guohua serves as both Chairman and CEO, responsible for overall strategic planning and business development[60] - The company emphasizes good corporate governance practices to protect shareholder interests and enhance corporate value[58] - No directors or controlling shareholders had interests in any competing businesses during the reporting period[56] - The company has established an audit committee to review financial reports and ensure compliance with applicable accounting standards and GEM listing rules[64] - The audit committee consists of three independent non-executive directors, ensuring proper oversight of financial reporting and risk management[64] Future Outlook - Management expects an increase in the customer base from China as the Hong Kong government plans to lift quarantine restrictions for non-residents, indicating potential recovery in financial performance for the remainder of the year[14] - The company launched remote authentication services during the quarter to assist potential customers from China in completing account opening procedures[10] Other Information - The company did not declare any dividends for the three months ended March 31, 2021, consistent with the previous year[35] - The company’s total liabilities and equity as of March 31, 2021, were not disclosed but are critical for assessing financial health[38] - There were no significant events related to the company's business or financial performance known to the directors after the reporting period[38] - As of March 31, 2021, the company and its subsidiaries did not purchase, sell, or redeem any listed securities[62] - The company has not granted any share options under the share option scheme adopted on December 19, 2017, up to the report date[54] - There were no arrangements made that would allow directors or key executives to acquire shares or bonds of the company or its affiliates during the three months ended March 31, 2021[55]

Financial Performance - The company's revenue decreased from approximately HKD 18,900,000 in the previous year to about HKD 10,600,000, a decline of approximately 43.9%[8] - The company incurred a loss of approximately HKD 21,700,000 for the year, compared to a loss of about HKD 16,500,000 in the previous year[8] - The marketing efforts in China were severely impacted, leading to a significant drop in commission income from Chinese clients[9] - Commission income from futures and options trading decreased significantly, with total commission income from these activities dropping to HKD 9,791,000, a decrease of 46.7% from HKD 18,384,000 in the previous year[30] - The group recorded a loss of approximately HKD 21,700,000 for the year, compared to a loss of approximately HKD 16,500,000 in the previous year, with a basic and diluted loss per share of approximately HKD 2.72[26] - Other net income for the year was approximately HKD 2,500,000, compared to a net loss of approximately HKD 200,000 in the previous year, largely due to government subsidies and rental income[39] - The group received government subsidies of approximately HKD 1,100,000 under the employment support scheme, which was not present in the previous year[39] - The total reserves available for distribution to equity shareholders as of December 31, 2020, amounted to approximately HKD 6,358,000, a decrease from HKD 24,349,000 in 2019, representing a decline of about 73.9%[176] Customer Base and Market Strategy - The number of new customers decreased by over 50% due to the lack of new clients from China, significantly impacting financial performance[8] - The company expects the adverse effects of the COVID-19 pandemic to eventually dissipate, with hopes of expanding its customer base once border restrictions are lifted[9] - Advertising campaigns and incentive programs will be launched in Hong Kong to enhance the company's image and expand its futures and securities brokerage client base[9] - The company aims to focus on high-net-worth clients to enhance revenue generation despite the increase in active customer numbers[38] - Active customers increased to 306 as of December 31, 2020, representing a 4.1% increase from 294 active customers a year earlier, primarily driven by new clients in Hong Kong's stock options and securities brokerage business[38] Leadership and Governance - The company has a strong leadership team with over 25 years of experience in securities and futures brokerage, led by CEO Mr. Pan Guohua[11] - The financial director, Mr. Luo Weiheng, has over 12 years of experience in financial accounting and is responsible for financial analysis and reporting[20] - The company has a dedicated sales and marketing head, Mr. Yu Jiansheng, with over 18 years of experience in the futures industry, overseeing daily securities and futures activities[22] - The independent non-executive director, Mr. Qian Jinxiang, has over 32 years of experience in accounting and financial management, enhancing the company's governance[16] - The company is focused on strategic planning and business development, with key executives providing insights into overall corporate strategy[12] - The board of directors is responsible for leading and controlling the company, overseeing business strategies and performance[82] Risk Management and Compliance - The company emphasizes internal controls and compliance, with a dedicated team overseeing regulatory activities[13] - The risk management committee includes experienced members, ensuring robust risk oversight and management practices[18] - The company has established risk management policies and procedures to identify, assess, and mitigate operational risks[112] - The board reviewed the effectiveness of risk management and internal control systems with the support of the Audit Committee and independent internal control consultants[113] - The company has implemented strict procedures to prevent unauthorized access and use of information[113] Employee and Community Engagement - The company is committed to community service, as recognized by the honor awarded to independent director Mr. Xiao Miaowen[18] - The company has established a series of employment policies to ensure fair treatment of employees, with competitive compensation and benefits[150] - The company emphasizes employee training and development, encouraging participation in relevant training courses and providing comprehensive self-improvement programs[152] - The company encourages employee participation in community activities, fulfilling its social responsibility to meet community needs[161] Environmental and Social Responsibility - The company’s environmental, social, and governance report for the year ended December 31, 2020, outlines its performance and methods in sustainable development[134] - The total electricity consumption for the reporting period was 96,581 units, an increase of 16.7% compared to the previous period's 82,778 units[142] - The company generated a total of 590 tons of CO2 equivalent emissions during the reporting period, with 86 tons (14.6%) from purchased electricity and 504 tons (85.4%) from paper consumption[141] - The company has implemented various energy-saving policies, including setting computers and printers to energy-saving mode during idle times[142] - The company has adopted the "5R" concept (Reduce, Recycle, Reuse, Repair, Refuse) to minimize environmental impact and greenhouse gas emissions[148] Financial Management and Reporting - The company has established a dividend policy, allowing the board to declare dividends based on various factors including financial performance and cash flow, without a preset payout ratio[131] - The company’s independent auditor's report is included in the annual report, ensuring transparency in financial reporting[119] - The company has not made any changes to its articles of association during the year ended December 31, 2020[130] - The company has not reported any significant changes in property and equipment, with details available in the consolidated financial statements[173] - The total fees paid/owed for audit services provided by Huarong (Hong Kong) CPA Limited and Ho Hoi CPA Limited for the year ended December 31, 2020, amounted to HKD 210,000 and HKD 5,000 respectively[123]

Financial Performance - Total revenue for the period was approximately HKD 8,600,000, a decrease of about HKD 9,600,000 compared to approximately HKD 18,200,000 in the same period last year[16] - The loss for the period was approximately HKD 12,600,000, an increase of about HKD 7,000,000 compared to a loss of approximately HKD 5,600,000 in the same period last year[16] - The company's revenue for the three months ended September 30, 2020, was HKD 2,521,000, a decrease of 20.2% compared to HKD 3,159,000 in the same period of 2019[19] - For the nine months ended September 30, 2020, the revenue was HKD 8,643,000, down 52.5% from HKD 18,225,000 in the same period of 2019[19] - The net loss for the three months ended September 30, 2020, was HKD 5,530,000, slightly improved from a loss of HKD 5,634,000 in the same period of 2019[19] - The net loss for the nine months ended September 30, 2020, was HKD 12,576,000, compared to a loss of HKD 5,550,000 in the same period of 2019[19] - The total comprehensive loss for the nine months ended September 30, 2020, was HKD 12,576,000, reflecting a significant increase from the previous year's loss of HKD 5,550,000[21] - The company reported a basic and diluted loss per share of HKD 0.69 for the three months ended September 30, 2020, compared to HKD 0.70 in the same period of 2019[19] - For the nine months ended September 30, 2020, the total loss attributable to equity shareholders was HK$12,576,000, compared to HK$5,550,000 for the same period in 2019, indicating a significant increase in losses[38] Expenses - Salary and other benefits expenses increased by approximately HKD 2,400,000 or about 40.2%, primarily due to a one-time discretionary bonus of HKD 2,000,000 paid to executive directors[16] - Other operating and administrative expenses decreased by approximately HKD 1,600,000 or about 8.6%, mainly due to reduced marketing expenses and lower trading-related expenses[16] - The total operating and administrative expenses for the three months ended September 30, 2020, were HK$1,542,000, a decrease from HK$1,860,000 in the same period of 2019[33] - The company incurred a total of HK$1,027,000 in right-of-use asset depreciation for the three months ended September 30, 2020, a substantial increase from HK$7,000 in the same period of 2019[33] Government Support - The company received government grants amounting to HKD 1,071,000 during the nine months ended September 30, 2020[29] Shareholder Information - The company’s major shareholders, Mr. Pan Guohua and Mr. Chen Yingliang, collectively hold 69.94% of the issued share capital, amounting to 559,496,000 shares each[43] - The company’s total issued share capital as of the report date is 800,000,000 shares[51] - The weighted average number of ordinary shares for the calculation of basic and diluted loss per share remained constant at 800,000,000 shares for both the three and nine months ended September 30, 2020[38] Corporate Governance - The audit committee has reviewed the unaudited results for the nine months ended September 30, 2020, and confirmed compliance with applicable accounting standards and regulations[65] - The company has adhered to the corporate governance code, except for the separation of roles between the chairman and the CEO, which is deemed appropriate under current circumstances[59] - The company will regularly review and improve its corporate governance practices in line with the latest developments[62] - The company has established an audit committee to oversee financial reporting, risk management, and internal controls[65] Market Outlook - The company anticipates continued impact on performance due to COVID-19 and the U.S. presidential election, with hopes for easing travel restrictions for clients from mainland China[17] - The company expects market volatility to persist for the remainder of 2020 until signs of recovery are observed[17] Strategic Initiatives - The company plans to enhance customer service for high-net-worth clients to encourage more trading activities[14] - Discussions are ongoing with multiple social media platforms to promote services to potential young clients[14] - The company has engaged a vendor to integrate remote verification for potential new clients in China into its online application system[14] Miscellaneous - There were no significant events related to the company's business or financial performance known to the directors after the reporting period[42] - No stock options have been granted under the stock option plan adopted on December 19, 2017, as of the report date[54] - The company has not purchased, sold, or redeemed any of its listed securities during the nine months ended September 30, 2020[63] - No directors or major shareholders have interests in any competing businesses as of September 30, 2020[56] - The company has not established any arrangements that would allow directors or key executives to acquire securities of the company or its affiliates during the nine months ended September 30, 2020[55] - The compliance advisor has confirmed that neither it nor its directors or employees hold any equity interests in the company as of September 30, 2020[58] - The chairman and CEO, Mr. Pan Guohua, has been with the group since September 2000 and is responsible for overall strategic planning and business development[61]

Financial Performance - Revenue for the six months ended June 30, 2020, was HKD 6,121,000, a decrease of 59.3% compared to HKD 15,066,000 for the same period in 2019[14] - The company reported a loss before tax of HKD 7,986,000 for the six months ended June 30, 2020, compared to a profit of HKD 355,000 for the same period in 2019[14] - The company incurred a net loss attributable to equity shareholders of HKD 7,047,000 for the six months ended June 30, 2020, compared to a profit of HKD 84,000 for the same period in 2019[14] - The company reported a total comprehensive loss of HKD 7,047,000 for the six months ended June 30, 2020, compared to a total comprehensive income of HKD 84,000 for the same period in 2019[14] - The company reported a net loss of HKD 7,047,000 for the six months ended June 30, 2020, compared to a net loss of HKD 16,619,000 for the same period in 2019, indicating an improvement in performance[27] - The company reported a pre-tax loss of HKD 7,986,000 for the six months ended June 30, 2020, compared to a profit of HKD 355,000 for the same period in 2019[60] - The company incurred a net loss of approximately HKD 7,000,000 for the period, compared to a net profit of about HKD 100,000 for the same period in 2019[92] Assets and Liabilities - Total assets as of June 30, 2020, amounted to HKD 55,357,000, down from HKD 77,349,000 as of December 31, 2019, representing a decrease of 28.4%[18] - Cash and cash equivalents decreased to HKD 24,532,000 as of June 30, 2020, from HKD 37,973,000 at the end of 2019, a decline of 35.4%[18] - The company’s total equity decreased to HKD 46,352,000 as of June 30, 2020, from HKD 53,399,000 as of December 31, 2019, a decline of 13.0%[18] - As of June 30, 2020, total equity decreased to HKD 46,352,000 from HKD 53,399,000 at the end of 2019, reflecting a decline of approximately 13.5%[26] - The company’s current liabilities were HKD 22,337,000 as of June 30, 2020, down from HKD 32,778,000 at the end of 2019, a decrease of 32.0%[18] - Total receivables decreased to HKD 25,449,000 as of June 30, 2020, down 26.0% from HKD 34,373,000 as of December 31, 2019[52] - The net current assets and working capital decreased to approximately HKD 33,000,000 as of June 30, 2020, from about HKD 44,600,000 as of December 31, 2019, primarily due to the losses incurred during the period[96] Cash Flow - Operating cash flow for the first half of 2020 was negative at HKD 9,949,000, compared to a positive cash flow of HKD 23,853,000 in the same period of 2019[30] - Operating cash flow for the six months ended June 30, 2020, was a net outflow of HKD 11,943,000, a significant decline from a net inflow of HKD 23,224,000 in the previous year[60] - Cash and cash equivalents were approximately HKD 24,500,000 as of June 30, 2020, down from about HKD 38,000,000 as of December 31, 2019[96] - The decrease in cash and cash equivalents was attributed to routine business transactions and the maintenance of independent accounts[57] Revenue Sources - The group’s revenue primarily comes from brokerage commissions for futures, options, stock options, and securities brokerage, as well as interest income from margin financing[38] - Commission income from Hong Kong market decreased to HKD 1,244,000 for the three months ended June 30, 2020, down 37.2% from HKD 1,981,000 in the same period of 2019[39] - Total commission income from overseas markets decreased to HKD 1,457,000 for the three months ended June 30, 2020, down 47.1% from HKD 2,745,000 in the same period of 2019[39] - Interest income from margin financing increased to HKD 125,000 for the three months ended June 30, 2020, compared to HKD 60,000 in the same period of 2019[39] Strategic Decisions - The company declared and paid an interim dividend of HKD 8,800,000 in 2019, which was not repeated in 2020, reflecting a strategic decision to conserve cash[30] - The company has slowed down investments in its Qianhai office and promotional activities in China due to the current market conditions and uncertainties[95] - The board believes that pausing expansion plans in China and improving liquidity will be in the best interest of the company and its shareholders[95] - The company did not declare any interim dividend for the six months ended June 30, 2020, compared to an interim dividend of HKD 800,000 for the same period in 2019[79] Government Support and Economic Impact - The group faced negative impacts on business performance due to COVID-19, particularly affecting client onboarding processes from mainland China[36] - The company has implemented various financial measures and support from the Hong Kong government to mitigate the adverse effects of the pandemic[36] - The management anticipates that the economic recovery may take at least six months, leading to a pessimistic outlook for the second half of 2020[93] Corporate Governance - The company has complied with the corporate governance code, except for the separation of roles between the chairman and the CEO[158] - Mr. Pan Guohua serves as both the chairman and CEO, which the board believes is in the best interest of the company[160] - The company will regularly review and improve its corporate governance practices[161] - The Audit Committee has been established to review the company's annual reports, interim reports, and quarterly reports, ensuring compliance with applicable accounting standards and GEM listing rules[165] Shareholder Information - The major shareholders, Mr. Pan Guohua and Mr. Chen Yingliang, collectively own 69.94% of the company's issued share capital, amounting to 559,496,000 shares each[149] - The total number of issued shares of the company as of the report date is 800,000,000 shares[150] - Mr. Pan Guohua holds 271,496,060 shares directly, while Mr. Chen Yingliang is deemed to own 287,999,940 shares due to their concerted action agreement[152] - Mr. Chen Yingliang holds 287,999,940 shares directly, while Mr. Pan Guohua is deemed to own 271,496,060 shares due to their concerted action agreement[152]

Financial Performance - For the first quarter ended March 31, 2020, the company recorded total revenue of approximately HKD 3,241,000, a decrease of about HKD 7,000,000 compared to HKD 10,239,000 for the same period last year, representing a decline of approximately 68.3%[14] - The company reported a loss of approximately HKD 4,680,000 for the period, compared to a profit of approximately HKD 2,232,000 in the same period last year, indicating a significant shift in performance[19] - The basic and diluted loss per share for the period was HKD 0.58, compared to a profit of HKD 0.28 per share in the same period last year[19] - The company reported a net loss of HKD 4,680,000 for the three months ended March 31, 2020, compared to a profit of HKD 2,232,000 for the same period in 2019[21] - Total revenue for the first quarter of 2020 was HKD 3,241,000, a decrease of 68.3% from HKD 10,239,000 in the first quarter of 2019[29] - Commission income from futures and options trading in the Hong Kong market was HKD 1,631,000, down 41.8% from HKD 2,806,000 in the previous year[29] - The company incurred total expenses of HKD 4,150,000 for the three months ended March 31, 2020, compared to HKD 2,052,000 in the same period of 2019, reflecting a 102.4% increase[32] - Basic and diluted loss per share for the first quarter of 2020 was HKD (0.58), compared to earnings of HKD 0.28 per share in the first quarter of 2019[36] - Interest income from margin financing was HKD 140,000, with no income reported in the same period of the previous year[29] - The company reported a net foreign exchange loss of HKD 33,000 for the first quarter of 2020, an improvement from a loss of HKD 107,000 in the same period of 2019[30] Expenses and Benefits - Salary and other benefits increased by approximately HKD 2,100,000 or about 102.2%, primarily due to a one-time bonus payment of HKD 2,000,000 to executive directors during the period[14] - Other operating and administrative expenses decreased by approximately HKD 800,000 or about 16.1%, mainly due to reduced trading-related expenses from lower transaction volumes[16] Future Outlook and Strategy - The management anticipates continued challenges in the second quarter of 2020, particularly due to government-imposed quarantine measures affecting new account openings for potential clients in China[17] - The company plans to hold more seminars on futures and stock options trading in Hong Kong to attract local clients, aiming to mitigate the financial impact of the pandemic[17] - The management is actively seeking new high-net-worth clients in China to open accounts in Hong Kong once quarantine measures are lifted[17] - The overall financial performance is expected to be adversely affected by the ongoing pandemic, but local marketing strategies are being implemented to minimize the impact[17] - The company is taking all necessary precautions to manage market risks associated with client trading activities during the heightened volatility caused by the COVID-19 pandemic[13] Shareholder Information - As of March 31, 2020, the total issued share capital of the company was 800,000,000 shares[51] - Major shareholders, Mr. Pan Guohua and Mr. Chen Yingliang, collectively hold 559,496,000 shares, representing approximately 69.94% of the issued share capital[43][50] - No share options have been granted under the share option scheme since its adoption on December 19, 2017[54] - No arrangements were made that would allow directors or key executives to acquire shares or bonds of the company during the reporting period[55] - No directors or major shareholders had interests in any competing businesses as of March 31, 2020[56] - The compliance advisor reported no interests in the company's equity as of March 31, 2020[58] Corporate Governance - The company has adopted the corporate governance code as per GEM listing rules, ensuring compliance with applicable provisions, except for the separation of roles between the Chairman and CEO[59] - The Chairman and CEO, Mr. Pan Guohua, has been with the group since September 2000 and is responsible for overall strategic planning and business development[61] - The Audit Committee has reviewed the unaudited performance for the three months ending March 31, 2020, and confirmed compliance with applicable accounting standards and GEM listing rules[65] - The company is committed to regularly reviewing and improving its corporate governance practices in line with the latest developments[62] Dividends - The company declared and paid an interim dividend of HKD (8,000,000) during the period, impacting retained earnings significantly[21] - No dividend was declared for the three months ending March 31, 2020, compared to a dividend of HK$0.001 per share for the same period in 2019[8][41] Other Information - The total equity as of March 31, 2020, was HKD (48,719,000), a decrease from HKD 72,966,000 as of March 31, 2019[21] - The company has not engaged in any substantial business operations since its establishment, focusing primarily on brokerage services for futures, options, and securities[23] - There were no significant matters related to the group's business or financial performance known to the directors as of the report date[42] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the three months ending March 31, 2020[63]

Financial Performance - The company's revenue decreased from HKD 50,700,000 to HKD 18,900,000, a decline of 62.7% for the fiscal year ending December 31, 2019[7]. - Revenue for the second half of the year was HKD 3,900,000, down 87.6% compared to HKD 31,400,000 in the same period last year[7]. - The company reported a significant increase in user engagement, with a year-over-year growth of 25% in active users[19]. - The revenue for the fiscal year ending December 31, 2019, reached $150 million, representing a 15% increase compared to the previous year[19]. - The company's revenue for the year ended December 31, 2019, was approximately HKD 18,919,000, a significant decrease of about 62.7% compared to HKD 50,736,000 for the previous year[28]. - The company recorded a loss of approximately HKD 16,535,000 for the year, compared to a profit of HKD 19,483,000 in the previous year, marking a substantial shift in performance[28]. - Basic and diluted loss per share for the year was approximately HKD 0.0207, compared to earnings of HKD 0.0246 per share in the previous year[29]. - Commission income from futures and options trading decreased significantly, with total commission income of HKD 18,384,000, down 63.8% from HKD 50,736,000 in the previous year[32]. - The number of active clients decreased by approximately 3.6% to 294 from 305 in the previous year, primarily due to social unrest in Hong Kong affecting new account openings by Chinese clients[43]. - The company experienced a substantial decline in commission income across all product categories, with decreases ranging from 31.4% to 94.1%[35]. Business Strategy and Future Outlook - New business segments, including stock options and securities brokerage, generated revenue of HKD 500,000 during the year[8]. - The company plans to launch more promotional activities and hold stock options seminars to attract existing and potential clients in Hong Kong[8]. - The company anticipates a challenging year ahead but sees opportunities to expand its customer base post-pandemic[9]. - The company will adhere to cost control policies and adjust business strategies in response to changing environments[9]. - The company aims for sustainable growth and long-term benefits for shareholders[9]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share over the next two years[19]. - New product launches are expected to contribute an additional $20 million in revenue in the upcoming fiscal year[19]. - The management team has set a performance guidance of 10-15% revenue growth for the next fiscal year[19]. - The company is exploring potential acquisitions to diversify its service offerings and enhance competitive advantage[19]. Operational Efficiency and Cost Management - The risk management committee has implemented new strategies to mitigate operational risks, which are expected to reduce potential losses by 20%[19]. - The financial team is focused on improving internal controls, with a goal to enhance reporting accuracy by 25%[19]. - Total employee costs for the year were approximately HKD 8,000,000, an increase from HKD 7,000,000 in the previous year, attributed to additional staff hired at the end of the previous year[45]. - Other operating and administrative expenses increased by approximately 59.9% to HKD 29,100,000 from HKD 18,200,000 in the previous year[46]. - Marketing expenses surged 309 times to HKD 11,100,000 from HKD 36,000 in the previous year, accounting for about 38.2% of general and administrative expenses[47]. - Transaction-related expenses decreased by approximately 41.0% to HKD 5,200,000 from HKD 8,700,000, representing about 17.7% of general and administrative expenses[48]. Corporate Governance and Compliance - The board consists of six members, including three executive directors and three independent non-executive directors[72]. - The company has complied with the GEM listing rules regarding the appointment of independent non-executive directors, ensuring at least one has appropriate professional qualifications[76]. - The board of directors is responsible for key matters including policies, strategies, budgets, internal controls, risk management, and significant transactions[81]. - The audit committee held five meetings during the year ended December 31, 2019, to review financial performance and internal controls[88]. - The remuneration committee conducted one meeting to review and recommend salary adjustments for directors and senior management for 2019[91]. - The nomination committee held one meeting to assess board diversity and the independence of non-executive directors[95]. - The risk management committee was established on March 26, 2020, to oversee risk management policies and procedures[96]. - The company ensures that all directors act in good faith and comply with applicable laws and regulations[82]. - The company adopted a board diversity policy on December 19, 2017, emphasizing the importance of diverse board members for maintaining competitive advantage[98]. - The company has established effective policies to prohibit commercial bribery, corruption, and money laundering, with no legal cases related to these issues reported during the period[150]. Environmental and Social Responsibility - The group generated 569 tons of CO2 equivalent emissions during the reporting period, including CO2, methane, and nitrogen oxides[133]. - Electricity consumption was 82,778 kWh, representing a reduction of over 15% compared to the previous reporting period[134]. - Paper usage was reduced by 2.5%, with approximately 156,904 pages printed during the reporting period[136]. - 89% of emissions came from paper consumption, totaling 504 tons of CO2 equivalent[137]. - The group encourages employees to use energy-saving modes and set room temperatures between 25 to 28 degrees Celsius to save energy[134]. - The group adheres to the 5Rs environmental protection principle (Reduce, Reuse, Recycle, Repair, Refuse) to enhance sustainability in daily operations[139]. - The gender ratio of employees is approximately 2:1, with a focus on providing equal opportunities based on fairness[140]. - The group provides comprehensive training programs and encourages employees to participate in continuous professional training[142]. - There were no recorded cases of work-related injuries or fatalities during the reporting period, complying with occupational safety regulations[141]. - The company encourages employees to participate in various volunteer and community activities, supporting social contributions as part of its sustainable development strategy[150]. Shareholder Information and Capital Structure - The company reported a total reserve amount available for distribution to equity shareholders of approximately HKD 24,349,000 as of December 31, 2019, down from HKD 36,437,000 in 2018[164]. - The largest customer accounted for approximately 22.5% of the total revenue, while the top five customers together represented about 61.6% of the total revenue for the year[166]. - The company did not recommend the payment of a final dividend for the year, consistent with the previous year[158]. - Major shareholders have confirmed compliance with the non-competition agreement established on December 19, 2017, with no violations reported during the year[175]. - As of December 31, 2019, the company had a total issued share capital of 800,000,000 shares, with major shareholders holding 69.94% of the shares[190]. - The stock option plan adopted on December 19, 2017, allows for the issuance of 80,000,000 shares, representing 10% of the issued shares as of the report date[193]. - The company maintains sufficient public float as per GEM Listing Rules, ensuring compliance with public shareholding requirements[200].

Financial Performance - For the nine months ended September 30, 2019, the total revenue was approximately HKD 18,225,000, a decrease of about 51.5% compared to HKD 37,636,000 for the same period last year[15]. - The brokerage commission income for the nine months was approximately HKD 18,200,000, down from HKD 37,600,000, reflecting a decrease of about 51.7%[15]. - The group recorded a loss of approximately HKD 5,634,000 for the three months ended September 30, 2019, compared to a profit of HKD 8,871,000 for the same period last year[20]. - The total comprehensive income for the nine months was HKD (5,550,000), compared to HKD 13,816,000 for the same period last year[20]. - The basic and diluted loss per share for the nine months was HKD (0.69), compared to earnings of HKD 1.75 for the same period last year[20]. - For the three months ended September 30, 2019, the company reported a basic and diluted loss per share of (0.70) HKD, compared to a profit of 1.11 HKD for the same period in 2018[36]. - For the nine months ended September 30, 2019, the company reported a basic and diluted loss per share of (0.69) HKD, compared to a profit of 1.75 HKD for the same period in 2018[36]. - The company reported a loss of HKD 5,550,000 for the period, contributing to a retained earnings deficit of HKD 8,826,000[21]. Revenue Sources - The average commission fee from index futures and options trading was approximately HKD 12,900,000, down from HKD 22,100,000 in the previous year[15]. - Commission income from futures and options trading in the Hong Kong market was HKD 6,089,000 for the nine months ended September 30, 2019, down from HKD 7,888,000 in the same period of 2018, representing a decrease of 22.7%[29]. - Total commission income from overseas markets for the same period was HKD 11,804,000, a decline of 60.3% compared to HKD 29,748,000 in 2018[29]. - The company generated interest income from margin financing of HKD 238,000 for the nine months ended September 30, 2019, compared to no income in the same period of 2018[29]. Expenses - Operating and administrative expenses increased by approximately HKD 4,600,000 or about 33.9%, primarily due to increased marketing expenses of about HKD 3,000,000[17]. - Salary and other benefits increased by 15.6% due to business expansion since the beginning of 2019[16]. - Employee costs for the nine months ended September 30, 2019, totaled HKD 5,945,000, an increase of 15.7% from HKD 5,141,000 in 2018[31]. - The company incurred operating lease expenses of HKD 1,999,000 for the nine months ended September 30, 2019, compared to HKD 1,949,000 in the same period of 2018[33]. Market Conditions - The company experienced a significant decline in client investment sentiment due to the escalation of the US-China trade war and local political conflicts in Hong Kong[18]. - The company anticipates that the challenging market conditions may continue to impact financial performance in the fourth quarter of 2019 and potentially into the first quarter of 2020[18]. Equity and Shareholder Information - For the nine months ended September 30, 2019, the total equity amounted to HKD 64,384,000, a decrease from HKD 81,067,000 as of January 1, 2019[21]. - The company’s major shareholders, Mr. Pan Guohua and Mr. Chen Yingliang, collectively hold 69.94% of the issued share capital[42]. - The total number of issued shares of the company as of the report date is 800,000,000 shares[51]. Corporate Governance - The audit committee has reviewed the unaudited results for the nine months ended September 30, 2019, and confirmed compliance with applicable accounting standards and GEM listing rules[63]. - The company has adhered to the corporate governance code, except for a deviation regarding the separation of roles between the chairman and CEO[58]. - The company is committed to regularly reviewing and improving its corporate governance practices[60]. - The company has established an audit committee to oversee financial reporting, risk management, and internal controls[63]. Business Operations - The company has not engaged in any business activities since its establishment in July 2016, except for a group reorganization in October 2017[23]. - As of September 30, 2019, the company had two subsidiaries, Excalibur Finance Limited and Shenzhen Qianhai Excalibur Investment Consulting Limited, which had no actual business operations[23]. - The company did not declare any dividends for the three months ended September 30, 2019, while a dividend of 0.01 HKD per share was declared for the same period in 2018[38]. - The company has not purchased, sold, or redeemed any of its listed securities during the nine months ended September 30, 2019[61]. - The company has not granted any stock options under the stock option plan adopted on December 19, 2017, up to the date of this report[53]. - As of September 30, 2019, there were no arrangements that would give directors or key executives rights to acquire securities of the company or its affiliates[54]. - No directors or major shareholders had interests in any competing businesses as of September 30, 2019[55]. - The compliance advisor has confirmed that there are no interests in the company's equity by its employees or directors as of September 30, 2019[57].

Financial Performance - Total revenue for the six months ended June 30, 2019, was HKD 15,066,000, a decrease of 22.4% compared to HKD 19,342,000 for the same period in 2018[16]. - The company reported a loss before tax of HKD 3,228,000 for the three months ended June 30, 2019, compared to a profit of HKD 4,056,000 for the same period in 2018[16]. - The net loss attributable to equity shareholders for the six months ended June 30, 2019, was HKD 2,938,000, compared to a profit of HKD 4,945,000 for the same period in 2018[16]. - Basic and diluted loss per share for the six months ended June 30, 2019, was HKD 0.37, compared to earnings of HKD 0.63 for the same period in 2018[16]. - The total comprehensive income for the six months ended June 30, 2019, was HKD 84,000, a significant decrease from HKD 4,945,000 in 2018[16]. - The company experienced a net loss of HKD 156,000 from other losses for the six months ended June 30, 2019, compared to a loss of HKD 77,000 in 2018[16]. - The company reported a net loss of HKD 156 million for the six months ended June 30, 2019, compared to a net loss of HKD 77 million in the same period of 2018[63]. - The company recorded a tax expense of HKD 271,000 for the six months ended June 30, 2019, compared to a tax expense of HKD 1,626,000 in 2018, indicating a significant reduction in tax liabilities[65]. Revenue Sources - The brokerage commission income from futures and options trading in the Hong Kong market was HKD 1,981 million for the first half of 2019, down from HKD 2,603 million in 2018, representing a decrease of about 23.9%[60]. - Interest income from margin financing was HKD 60 million for the six months ended June 30, 2019, compared to no income reported in the same period of 2018[60]. - Over 99% of the revenue was generated from brokerage fees for futures and options trading, with brokerage fees from the Hong Kong market increasing by approximately 5.1%, while those from overseas markets decreased by approximately 31.2%[119]. - The company expanded its business by launching stock options and securities brokerage as well as margin financing services, generating approximately HKD 111,000 in revenue from these new services during the period[119]. Expenses and Costs - Other operating and administrative expenses increased to HKD 10,584,000 for the six months ended June 30, 2019, from HKD 7,945,000 in 2018, representing a 33.1% increase[16]. - Employee costs increased to HKD 3,971,000 for the six months ended June 30, 2019, up from HKD 3,412,000 in 2018, representing a 16.4% increase[68]. - The company's depreciation expenses for property and equipment increased to HKD 312,000 for the six months ended June 30, 2019, compared to HKD 47,000 in 2018, reflecting a significant rise in asset usage[68]. - Other operating and administrative expenses rose from approximately HKD 7,900,000 to approximately HKD 10,600,000, primarily due to increased marketing expenses of about HKD 1,500,000 in China[121]. Assets and Liabilities - Non-current assets increased to HKD 7,532,000 from HKD 5,069,000, representing a growth of 48.6%[20]. - Current assets decreased to HKD 90,124,000 from HKD 112,079,000, a decline of 19.6%[20]. - Total equity decreased to HKD 70,018,000 from HKD 78,734,000, a drop of 11.1%[23]. - The total assets less current liabilities as of June 30, 2019, were HKD 78,811 million, reflecting a slight increase from HKD 78,734 million as of December 31, 2018[54]. - The company recognized right-of-use assets amounting to HKD 105 million as of January 1, 2019, in accordance with the adoption of HKFRS 16[52]. - The total liabilities for leases due within one year were HKD 28 million as of June 30, 2019, with total future lease payments amounting to HKD 32 million[57]. Cash Flow - The company reported a net cash inflow from operating activities of HKD 23,224,000 compared to an outflow of HKD 4,983,000 in the previous year[29]. - Cash and cash equivalents rose to HKD 44,507,000 from HKD 30,251,000, an increase of 47.1%[20]. - The company's net current assets and working capital were approximately HKD 62,500,000 as of June 30, 2019, down from approximately HKD 73,700,000 as of December 31, 2018[125]. - The operating cash flow before changes in working capital was 880,000 HKD, compared to 6,548,000 HKD previously[82]. Corporate Governance and Compliance - The company has complied with the corporate governance code, except for the deviation from the provision that the roles of chairman and CEO should be separate[162]. - The Audit Committee has been established in accordance with GEM Listing Rules and is responsible for reviewing the company's annual reports, interim reports, and quarterly reports[168]. - The Audit Committee consists of three independent non-executive directors, ensuring compliance with GEM Listing Rules[168]. - The Audit Committee reviewed the unaudited performance for the six months ended June 30, 2019, and confirmed that the financial statements were prepared in accordance with applicable accounting standards[168]. Future Outlook - The management anticipates that uncertainties such as the UK Brexit and the US-China trade war will continue to affect customer investment sentiment, leading to a pessimistic outlook for the third quarter[124]. - The group has no significant foreign currency risk as transactions are primarily denominated in HKD and USD, with no foreign currency hedging policy in place[127].