Financial Performance - Revenue for FY2022/23 was HK$199.2 million, an increase of 49.5% compared to HK$133.3 million in FY2021/22[14]. - Gross profit for FY2022/23 was HK$3.9 million, up from HK$1.9 million in FY2021/22, reflecting a significant improvement in profitability[14]. - Net loss decreased to HK$3.1 million in FY2022/23 from HK$7.4 million in FY2021/22, indicating a reduction in financial losses[14]. - Loss per share improved to HK$0.20 cents in FY2022/23 from HK$0.47 cents in FY2021/22, showcasing better financial performance[14]. - The Group's overall revenue increased by approximately HK$65.9 million or 49.4%, from approximately HK$133.3 million for the year ended 30 April 2022 to approximately HK$199.2 million for the year ended 30 April 2023[24]. - Revenue from slope works increased from approximately HK$133.0 million for the year ended 30 April 2022 to approximately HK$199.0 million for the year ended 30 April 2023, representing an increase of approximately 49.6%[29]. - The Group's direct costs increased by approximately HK$63.8 million or 48.5%, from approximately HK$131.5 million for the year ended 30 April 2022 to approximately HK$195.3 million for the year ended 30 April 2023[31]. - The Group's gross profit increased by approximately HK$2.0 million or 105.3%, from approximately HK$1.9 million for the year ended 30 April 2022 to approximately HK$3.9 million for the year ended 30 April 2023[34]. - The Group's gross profit margin increased from approximately 1.4% for the year ended 30 April 2022 to approximately 2.0% for the year ended 30 April 2023[34]. - Loss attributable to owners of the Company for the year ended 30 April 2023 was approximately HK$3.1 million, a decrease from approximately HK$7.4 million for the year ended 30 April 2022[44]. - Administrative expenses decreased by approximately HK$1.4 million or approximately 14.7%, from approximately HK$9.5 million for the year ended 30 April 2022 to approximately HK$8.1 million for the year ended 30 April 2023[36]. Market Environment - The construction market in Hong Kong remains competitive, with challenges such as rising operational costs and slower funding proposal scrutiny impacting performance[17]. - The Directors noted that the operating environment is challenging due to increased subcontracting rates and general operational costs[17]. - Future outlook remains cautious due to ongoing political and social challenges affecting the construction industry in Hong Kong[17]. Operational Focus - The Group's principal operating subsidiary, Fraser Construction Company Limited, is an approved specialist contractor for public works, enhancing its competitive position[16]. - The Group is engaged in slope works, foundation works, and general building works, which are critical for maintaining infrastructure stability in Hong Kong[16]. - The Group's focus on public sector projects is crucial, as being on the approved contractor list is necessary for tendering[16]. - The Group has obtained public projects from the Civil Engineering and Development Department and Lands Department of the Hong Kong Government, expected to be completed in the coming years[23]. - The Group is cautiously optimistic about the slope works industry in Hong Kong due to the government's ongoing infrastructure projects[22]. Financial Position - As of 30 April 2023, current assets amounted to HK$52.5 million, down from HK$71.1 million in 2022, with cash and cash equivalents decreasing to HK$1.1 million from HK$44.8 million[50][55]. - The Group's current liabilities were HK$74.8 million as of 30 April 2023, compared to HK$90.6 million in 2022, resulting in a current ratio of 0.7, down from 0.8[50][55]. - The gearing ratio as of 30 April 2023 was approximately negative 95.7%, an improvement from negative 317.7% in 2022, reflecting a reduction in total debts to HK$21.33 million from HK$61.06 million[53][54]. Human Resources - Employee count increased to 94 as of 30 April 2023, up from 46 in the previous year, while staff costs decreased to approximately HK$4.8 million from HK$5.5 million[62][68]. - The Group places great emphasis on employee training and development, viewing excellent employees as a key factor in its competitiveness[88]. Governance and Compliance - The company has complied with the applicable code provisions of the Corporate Governance Code, except for deviations explained in the report[154]. - The Board consists of six Directors, including three executive Directors and three independent non-executive Directors, ensuring a balance of power[166]. - The Group is committed to improving operational efficiency and strengthening risk control measures, which are core competitive advantages[163]. - The company has adopted a code of conduct regarding securities transactions by Directors, confirming compliance during the year ended April 30, 2023[160]. - The Board recognizes the importance of sound corporate governance for long-term success and shareholder value[153]. - The Company has provided training materials to all existing directors regarding updates on GEM Listing Rules to ensure compliance with good corporate governance practices[194]. - The Board Diversity Policy aims to enhance performance quality by considering diversity in gender, age, cultural background, and professional experience among directors[196]. - The Board is collectively responsible for directing and supervising the Company's affairs, ensuring sound internal control and risk management systems are in place[184]. Legal and Regulatory Matters - There was no material non-compliance with relevant laws and regulations in Hong Kong during the year ended 30 April 2023[80]. - The Group's operations are primarily conducted through its subsidiaries in Hong Kong, ensuring compliance with local laws and regulations[80]. - The Company has not received any official documentation from the PRC government indicating involvement in the case related to Mr. Zhou and Ms. Meng's arrest[101]. - The management anticipates no qualified opinion regarding the Deconsolidated Subsidiaries for the year ending April 30, 2024[113]. - The investigation into Mr. Zhou and Ms. Meng was completed on October 13, 2021, with formal arrests made on August 26, 2021[1]. - The registered offices of the Deconsolidated Subsidiaries were found to be empty or occupied by other parties during the investigation[2]. Management and Leadership - Mr. Fu Yan Ming has over 30 years of experience in accounting, audit, internal control, financial management, strategic business planning, corporate finance, merger and acquisition, and corporate governance[137]. - Mr. Leung Tsun Ip has more than 17 years of experience in finance and asset management[131]. - Mr. Hui Man Ho Ivan has over 17 years of experience in auditing, accounting, financial management, and corporate finance[133]. - Mr. Yu Shek Man has over 39 years of experience in the construction industry in Hong Kong[144]. - The company has appointed independent non-executive directors with extensive backgrounds in finance and engineering, enhancing its governance structure[135]. - The management team includes professionals with qualifications such as Financial Risk Manager (FRM) and members of various accounting and engineering institutions[132][138]. - The company is focused on strategic business planning and corporate governance, which are critical for its future growth[137]. - The diverse expertise of the senior management team positions the company well for future projects and market expansion[149].

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佈之內容概不負責，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公佈全部或任何部分內容而產生或因依賴該等內容 而引致的任何損失承擔任何責任。 ZHEJIANG UNITED INVESTMENT HOLDINGS GROUP LIMITED 浙江聯合投資控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8366） 截至二零二三年四月三十日止年度之 年度業績公佈 香港聯合交易所有限公司（「聯交所」）GEM（「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較高投資風險的小型及中型公司提 供一個上市的市場。有意投資者應瞭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。 由於GEM上市公司一般為小型及中型公司，在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，同時無法保證在GEM買賣的證券會有高流通量的市 場。 – 1 – 本公佈乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關浙江聯合投 資控股集團有限公司（「本公司」）的資料。本公司各董事（「董事」） ...

Revenue Performance - Revenue for the nine months ended January 31, 2023, amounted to approximately HK$120.9 million, representing an increase of approximately 25.4% compared to HK$96.4 million for the same period last year[12]. - The Group's total revenue increased by approximately HK$24.5 million or about 25.4% to approximately HK$120.9 million for the nine months ended 31 January 2023, compared to approximately HK$96.4 million for the same period in 2022[22]. - Revenue from slope works increased from approximately HK$96.2 million for the nine months ended January 31, 2022, to approximately HK$120.8 million for the same period in 2023, representing an increase of approximately 25.6%[19]. - Revenue from foundation works decreased from HK$0.2 million for the nine months ended January 31, 2022, to approximately HK$0.1 million for the same period in 2023 due to a decrease in foundation projects[20]. - Revenue from slope works for the nine months ended 31 January 2023 was HK$120,848,000, representing an increase of 25.6% compared to HK$96,242,000 for the same period in 2022[102]. - Total revenue for the nine months ended 31 January 2023 was HK$120,928,000, compared to HK$96,444,000 for the same period in 2022, marking an increase of 25.5%[102]. Profit and Loss - Loss attributable to owners of the Company for the nine months ended January 31, 2023, was approximately HK$2.7 million, a reduction from a loss of approximately HK$5.5 million in the previous year[12]. - Loss per share for the nine months ended January 31, 2023, was approximately HK0.17 cents, improved from approximately HK0.35 cents in the previous year[12]. - The loss attributable to owners of the Company was approximately HK$2.7 million for the nine months ended 31 January 2023, compared to a loss of approximately HK$5.5 million for the same period in 2022[33]. - Loss before income tax for the nine months ended January 31, 2023, was HK$2,748,000, a decrease of 50% compared to HK$5,501,000 for the same period in 2022[85]. - The Group reported a loss before income tax of HK$1,398,000 for the three months ended 31 January 2023, compared to a loss of HK$1,263,000 in the same period of 2022[118]. - For the nine months ended January 31, 2023, the basic and diluted loss per share was HK$2,748, down from HK$5,501 in the same period of 2022, indicating a reduction of approximately 50%[128]. Expenses and Costs - Direct costs increased by approximately HK$23.7 million or approximately 24.9%, from approximately HK$95.1 million to approximately HK$118.8 million, primarily due to the increase in slope works projects[25]. - Administrative expenses decreased by approximately HK$1.4 million or about 18.7%, from approximately HK$7.5 million to approximately HK$6.1 million, attributed to lower staff costs and rental expenses[27]. - Administrative expenses for the nine months ended January 31, 2023, were HK$6,081,000, a decrease of 19.4% from HK$7,535,000 in the previous year[85]. - Total staff costs for the three months ended 31 January 2023 amounted to HK$1,398,000, an increase of 10.7% from HK$1,263,000 in the same period of 2022[118]. - Subcontracting charges for the three months ended 31 January 2023 were HK$52,542,000, an increase of 7.9% from HK$49,114,000 in the same period of 2022[118]. Governance and Compliance - The Board does not recommend the payment of dividends for the nine months ended January 31, 2023, consistent with the previous year[12]. - The Company complied with the Corporate Governance Code, except for a deviation regarding insurance cover for directors[69]. - All directors confirmed compliance with the Code of Conduct regarding securities transactions during the Period[71]. - The Audit Committee reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and GEM Listing Rules[80]. - The company has established an Audit Committee consisting of three independent non-executive directors to oversee financial reporting and compliance[79]. Market Environment - The Group faces a challenging operating environment due to increasing operational costs, particularly higher subcontracting rates[14]. - Competition in the construction market remains intense, influenced by slower funding proposal scrutiny for public works projects[14]. - The Hong Kong Government's ongoing infrastructure projects are expected to increase demand for slope works related to public safety[17]. - The Directors remain cautiously optimistic about the slope works industry in Hong Kong due to the government's commitment to a rolling Landslip Prevention and Mitigation Programme[17]. Employee and Shareholder Information - The Group employed 47 employees as of 31 January 2023, with remuneration based on market terms and individual performance[48]. - As of January 31, 2023, Emperor Securities Limited held 792,000,000 shares, representing approximately 50.21% of the Company's shareholding[64]. - As of January 31, 2023, no directors or chief executives of the Company had any interests or short positions in shares or debentures of the Company[9]. - There were no significant contracts involving the Company and any director with a material interest during the Period[56]. - No share options were outstanding as of January 31, 2023, under the share option scheme adopted on October 15, 2015[82]. Financial Position - As of 31 January 2023, the equity attributable to owners of the Company amounted to approximately negative HK$22.0 million, compared to approximately negative HK$19.2 million as of 30 April 2022[34]. - The Group incurred a net loss of approximately HK$2,748,000 for the nine months ended 31 January 2023, with a deficit equity of approximately HK$21,966,000[99]. - As of January 31, 2023, the total equity attributable to owners of the company was HK$21,966,000, a decrease from HK$19,218,000 as of May 1, 2022[88]. - The Group had no material capital commitments or contingent liabilities as of 31 January 2023[37][47]. - The Group has implemented measures to improve working capital and liquidity in light of the net loss and deficit equity situation[99].

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佈之內容概不負責，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公佈全部或任何部分內容而產生或因依賴該等 內容而引致的任何損失承擔任何責任。 ZHEJIANG UNITED INVESTMENT HOLDINGS GROUP LIMITED 浙江聯合投資控股集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8366） 截至二零二三年一月三十一日止九個月之 第三季度業績公佈 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較高投資風險的小型及中型公司提供一 個上市的市場。有意投資者應瞭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。 由於GEM上市公司一般為小型及中型公司，在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，同時無法保證在GEM買賣的證券會有高流通量的市場。 – 1 – 本公佈乃遵照聯交所GEM證券上市規則（「GEM上市規則」）的規定而提供有關浙江聯合投資控股 集團有限公司（「本公司」）的資料。本公司各董事（「董事」）願共同及 ...

[GEM Market Characteristics and Disclaimer](index=2&type=section&id=GEM%20Characteristics%20and%20Disclaimer) The report introduces the GEM market's high-risk nature for small and medium-sized companies, emphasizing potential volatility and liquidity issues, while clarifying that company directors are solely responsible for the report's accuracy - The GEM market targets high-investment-risk small and medium-sized companies, potentially facing high market volatility and low liquidity[1](index=1&type=chunk)[2](index=2&type=chunk)[6](index=6&type=chunk) - Hong Kong Exchanges and Clearing Limited and the Stock Exchange are not responsible for this report's content; company directors bear full responsibility for its accuracy and completeness[3](index=3&type=chunk)[4](index=4&type=chunk)[6](index=6&type=chunk) [Financial Highlights](index=4&type=section&id=Financial%20Highlights) Revenue grew significantly by **45.4% to HK$67.3 million** for the six months ended October 31, 2022, driven by slope works, while loss attributable to owners narrowed to **HK$1.6 million** 2022 Half-Year Key Financial Data | Metric | Six Months Ended October 31, 2022 (HK$ Million) | Six Months Ended October 31, 2021 (HK$ Million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 67.3 | 46.3 | +45.4% | | Loss Attributable to Owners of the Company | 1.6 | 4.2 | -61.9% | | Basic Loss Per Share (HK Cents) | 0.10 | 0.27 | -62.96% | | Interim Dividend | Not Recommended | Nil | - | [Management Discussion and Analysis](index=5&type=section&id=Management%20Discussion%20and%20Analysis) This section reviews the Group's business, financial position, liquidity, and capital resources, highlighting significant revenue growth and narrowed losses despite market competition and rising costs, alongside negative equity and reduced cash [Business Review and Outlook](index=5&type=section&id=BUSINESS%20REVIEW%20AND%20OUTLOOK) The Group, primarily engaged in Hong Kong construction, anticipates increased demand for slope works from government projects, maintaining cautious optimism despite intense competition and rising subcontracting costs impacting profit margins - The Group's core business involves slope works, foundation works, and general construction in Hong Kong, with its main operating subsidiary, Co-Prosperity Construction Limited, being an approved specialist contractor for public works[13](index=13&type=chunk)[16](index=16&type=chunk) - The Hong Kong construction market faces intense competition and rising operating costs, particularly subcontracting fees, which pressure profit margins[14](index=14&type=chunk)[16](index=16&type=chunk)[19](index=19&type=chunk)[24](index=24&type=chunk) - The Hong Kong government's continuous increase in infrastructure projects, especially the Landslip Prevention and Mitigation Programme, is expected to boost demand for slope works, leading the Board to be cautiously optimistic[15](index=15&type=chunk)[17](index=17&type=chunk) [Financial Review](index=6&type=section&id=FINANCIAL%20REVIEW) Total revenue increased by **45.4% to HK$67.3 million**, driven by slope works, with gross profit rising to **HK$1.0 million** and gross margin to **1.6%**, while loss attributable to owners narrowed to **HK$1.6 million** 2022 Half-Year Financial Performance Comparison | Metric | Six Months Ended October 31, 2022 (HK$ Million) | Six Months Ended October 31, 2021 (HK$ Million) | Y-o-Y Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 67.3 | 46.3 | +45.4% | | Slope Works Revenue | 67.2 | 46.1 | +45.8% | | Foundation Works Revenue | 0.1 | 0.1 | 0% | | Gross Profit | 1.0 | 0.5 | +100% | | Gross Margin | 1.6% | 1.2% | +0.4 percentage points | | Direct Costs | 66.3 | 45.7 | +45.1% | | Other Income | 1.5 | 0.6 | +150% | | Administrative Expenses | 3.9 | 5.3 | -26.4% | | Finance Costs | 0.2 | 0.1 | +100% | | Loss Attributable to Owners of the Company | 1.6 | 4.2 | -61.9% | - The increase in other income was primarily due to government subsidies and the reversal of a former employee legal claim dispute case[28](index=28&type=chunk)[33](index=33&type=chunk) - The decrease in administrative expenses was mainly due to lower total staff costs and rental expenses[29](index=29&type=chunk)[34](index=34&type=chunk) [Liquidity, Financial and Capital Resources](index=8&type=section&id=LIQUIDITY%2C%20FINANCIAL%20AND%20CAPITAL%20RESOURCES) As of October 31, 2022, equity attributable to owners deteriorated to negative **HK$20.8 million**, with cash and bank balances decreasing to **HK$8.1 million**, and a negative debt-to-equity ratio reflecting an equity deficit 2022 Half-Year Liquidity and Capital Resources | Metric | October 31, 2022 (HK$ Million) | April 30, 2022 (HK$ Million) | Change (HK$ Million) | | :--- | :--- | :--- | :--- | | Equity Attributable to Owners of the Company | -20.8 | -19.2 | -1.6 | | Cash and Bank Balances | 8.1 | 44.8 | -36.7 | | Debt-to-Equity Ratio | -104.0% | -317.7% | +213.7 percentage points | - The Group's debt-to-equity ratio was negative due to an equity deficit at the end of the reporting period[42](index=42&type=chunk)[47](index=47&type=chunk) - At the end of the reporting period, the Group had no asset pledges or significant capital commitments[40](index=40&type=chunk)[43](index=43&type=chunk)[46](index=46&type=chunk)[48](index=48&type=chunk) [Going Concern](index=9&type=section&id=Going%20Concern) Despite net liabilities, losses, and operating cash outflows, the Board adopted the going concern basis and implemented measures to improve working capital and liquidity - The Board acknowledges the net liabilities, losses, and operating cash outflows during the period[49](index=49&type=chunk)[54](index=54&type=chunk) - The Board has adopted the going concern basis and implemented measures to improve working capital and liquidity[49](index=49&type=chunk)[54](index=54&type=chunk) [Foreign Exchange Risk](index=9&type=section&id=Foreign%20Exchange%20Risk) The Group's assets and liabilities are primarily denominated in Hong Kong Dollars, resulting in no significant foreign exchange risk exposure - The Group's assets and liabilities are primarily denominated in Hong Kong Dollars, with no significant foreign exchange risk exposure[50](index=50&type=chunk)[55](index=55&type=chunk) [Significant Investments Held, Material Acquisitions or Disposals of Subsidiaries and Affiliated Companies](index=9&type=section&id=Significant%20Investments%20Held%2C%20Material%20Acquisitions%20or%20Disposals%20of%20Subsidiaries%20and%20Affiliated%20Companies) As of October 31, 2022, the Group had no other significant investments or capital asset plans beyond those disclosed - As of October 31, 2022, the Group had no other significant investments or capital asset plans[51](index=51&type=chunk)[56](index=56&type=chunk) [Contingent Liabilities](index=9&type=section&id=Contingent%20Liabilities) As of October 31, 2022, the Group had no significant contingent liabilities - As of October 31, 2022, the Group had no significant contingent liabilities[52](index=52&type=chunk)[57](index=57&type=chunk) [Employees and Remuneration Policy](index=9&type=section&id=Employees%20and%20Remuneration%20Policy) As of October 31, 2022, the Group had **47 employees**, with remuneration policies based on market levels, individual performance, and experience, including salaries and bonuses - As of October 31, 2022, the Group had **47 employees** (including directors), an increase from 46 as of April 30, 2022[53](index=53&type=chunk)[58](index=58&type=chunk) - Remuneration policy is determined by market levels, employee performance, qualifications, and experience, including salaries, bonuses, and retirement benefits[53](index=53&type=chunk)[58](index=58&type=chunk) [Disclosure of Interests](index=10&type=section&id=Disclosure%20of%20Interests) This section details interests and short positions of directors, chief executives, and substantial shareholders, noting no relevant interests for directors and significant holdings by Emperor Securities Limited (**50.21%**) and Mr. Zhang Yan (**10.02%**) [Directors' and Chief Executives' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=10&type=section&id=DIRECTORS'%20AND%20CHIEF%20EXECUTIVES'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of October 31, 2022, directors, chief executives, and their associates had no disclosable interests or short positions in the company's shares or debentures - As of October 31, 2022, directors, chief executives, and their associates had no disclosable interests or short positions in the company's shares, underlying shares, or debentures[60](index=60&type=chunk)[63](index=63&type=chunk) [Directors' Rights to Acquire Shares or Debentures of the Company](index=10&type=section&id=DIRECTORS'%20RIGHTS%20TO%20ACQUIRE%20SHARES%20OR%20DEBENTURES%20OF%20THE%20COMPANY) During the six months ended October 31, 2022, neither the company nor its subsidiaries entered into arrangements for directors to acquire benefits through shares or debt securities - During the reporting period, neither the company nor its subsidiaries entered into any arrangements enabling directors to acquire benefits through the acquisition of company shares or debt securities[61](index=61&type=chunk)[64](index=64&type=chunk) - Directors, their spouses, or minor children had no rights to subscribe for company shares or debt securities, nor did they exercise any such rights[61](index=61&type=chunk)[64](index=64&type=chunk) [Directors' Interests in Contracts](index=10&type=section&id=DIRECTORS'%20INTERESTS%20IN%20CONTRACTS) During the reporting period, neither the company nor its associated entities entered into any material contracts where directors had a direct or indirect material interest - During the reporting period, neither the company nor its associated parties entered into any material contracts in which any director had a material interest[62](index=62&type=chunk)[65](index=65&type=chunk) [Substantial Shareholders and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures](index=11&type=section&id=SUBSTANTIAL%20SHAREHOLDERS%20AND%20OTHER%20PERSONS'%20INTERESTS%20AND%20SHORT%20POSITIONS%20IN%20SHARES%2C%20UNDERLYING%20SHARES%20AND%20DEBENTURES) As of October 31, 2022, Emperor Securities Limited and its associates held **50.21%** of the company's shares, while Mr. Zhang Yan held **10.02%** Substantial Shareholder Holdings (As of October 31, 2022) | Name | Capacity/Nature of Interest | Number of Shares Held/Interested | Approximate Percentage of Shareholding | | :--- | :--- | :--- | :--- | | Emperor Securities Limited | Beneficial Owner | 792,000,000 | 50.21% | | Emperor Capital Group Limited | Interest of Controlled Corporation | 792,000,000 | 50.21% | | Albert Yeung Capital Holdings Limited | Interest of Controlled Corporation | 792,000,000 | 50.21% | | CDM Trust & Board Services AG | Trustee of a Discretionary Trust | 792,000,000 | 50.21% | | Dr. Yeung Sau Shing, Albert | Founder of a Discretionary Trust | 792,000,000 | 50.21% | | Ms. Luk Siu Man, Semon | Interest of Spouse | 792,000,000 | 50.21% | | Mr. Zhang Yan | Beneficial Owner | 158,000,000 | 10.02% | [Other Information](index=12&type=section&id=Other%20Information) This section details corporate governance, securities transactions, and dividend policy, noting no competing interests, no listed securities transactions, compliance with the Corporate Governance Code (with one deviation), and the Audit Committee's review of results [Competing Interests](index=12&type=section&id=COMPETING%20INTERESTS) During the reporting period, directors, controlling shareholders, and substantial shareholders had no competing interests or conflicts of interest with the Group's business - During the reporting period, directors, controlling shareholders, and substantial shareholders and their associates had no competing interests or concerns regarding conflicts of interest[73](index=73&type=chunk)[79](index=79&type=chunk) [Purchase, Sale or Redemption of the Company's Listed Securities](index=12&type=section&id=PURCHASE%2C%20SALE%20OR%20REDEMPTION%20OF%20THE%20COMPANY'S%20LISTED%20SECURITIES) During the reporting period and up to the report date, neither the company nor its subsidiaries purchased, sold, or redeemed any company securities - During the reporting period and up to the report date, neither the company nor its subsidiaries purchased, sold, or redeemed any company securities[74](index=74&type=chunk)[80](index=80&type=chunk) [Disclosure of Changes in Information of Director](index=12&type=section&id=DISCLOSURE%20OF%20CHANGES%20IN%20INFORMATION%20OF%20DIRECTOR) No changes in directors' information have occurred since the date of the 2022 annual report, in accordance with GEM Listing Rule 17.50A(1) - No changes in directors' information have occurred since the date of the 2022 annual report[75](index=75&type=chunk)[81](index=81&type=chunk) [Corporate Governance Code](index=12&type=section&id=CORPORATE%20GOVERNANCE%20CODE) The company complied with the Corporate Governance Code, except for a deviation from provision A.2.1 regarding directors' legal action insurance, which expired on August 11, 2022 - The company complied with the Corporate Governance Code, but deviated by not arranging appropriate insurance for directors' legal actions, with coverage expiring on **August 11, 2022**[76](index=76&type=chunk)[77](index=77&type=chunk)[82](index=82&type=chunk) [Code of Conduct Regarding Securities Transactions by Directors](index=12&type=section&id=CODE%20OF%20CONDUCT%20REGARDING%20SECURITIES%20TRANSACTIONS%20BY%20DIRECTORS) The Group adopted a stringent code of conduct for directors' securities transactions, and all directors confirmed compliance during the reporting period - The Group has adopted a code of conduct for directors' securities transactions, and all directors confirmed compliance with it[78](index=78&type=chunk)[83](index=83&type=chunk) [Dividends](index=13&type=section&id=DIVIDENDS) The Board does not recommend the payment of any interim dividend for the six months ended October 31, 2022 - The Board does not recommend the payment of an interim dividend for the six months ended October 31, 2022[84](index=84&type=chunk)[88](index=88&type=chunk) [Share Option Scheme](index=13&type=section&id=SHARE%20OPTION%20SCHEME) The company adopted a share option scheme on October 15, 2015, and as of October 31, 2022, no share options remained unexercised - The company adopted a share option scheme in **2015**, and as of **October 31, 2022**, no share options remained unexercised[85](index=85&type=chunk)[89](index=89&type=chunk) [Audit Committee](index=13&type=section&id=AUDIT%20COMMITTEE) The Audit Committee, established on October 14, 2015, and chaired by Mr. Fu Yan Ming, reviewed and approved the unaudited consolidated results, confirming compliance with accounting standards and disclosure requirements - The Audit Committee comprises three independent non-executive directors, with Mr. Fu Yan Ming as chairman, possessing accounting professional qualifications[86](index=86&type=chunk)[90](index=90&type=chunk) - The Audit Committee reviewed the unaudited consolidated results for the period and deemed them compliant with accounting standards and disclosure requirements[87](index=87&type=chunk)[90](index=90&type=chunk) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited)](index=14&type=section&id=Condensed%20Consolidated%20Statement%20of%20Profit%20or%20Loss%20and%20Other%20Comprehensive%20Income%20(Unaudited)) This statement presents the unaudited consolidated profit or loss for the three and six months ended October 31, 2022, showing significant revenue growth and a substantial narrowing of losses Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Summary (HK$ Thousand) | Metric | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Revenue | 43,391 | 21,182 | 67,307 | 46,258 | | Direct Costs | (42,638) | (20,775) | (66,260) | (45,711) | | Gross Profit | 753 | 407 | 1,047 | 547 | | Other Income | 1,082 | 550 | 1,475 | 630 | | Administrative Expenses | (2,142) | (2,502) | (3,947) | (5,290) | | Finance Costs | 141 | (93) | (179) | (93) | | Loss Before Income Tax | (166) | (1,638) | (1,604) | (4,206) | | Income Tax Expense | – | – | – | – | | Loss and Total Comprehensive Expense for the Period | (166) | (1,638) | (1,604) | (4,206) | | Loss and Total Comprehensive Expense for the Period Attributable to Owners of the Company | (166) | (1,638) | (1,604) | (4,206) | | Basic and Diluted Loss Per Share (HK Cents) | (0.01) | (0.10) | (0.10) | (0.27) | [Condensed Consolidated Statement of Financial Position (Unaudited)](index=15&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20(Unaudited)) This statement presents the unaudited consolidated financial position as of October 31, 2022, showing decreased assets, expanded net liabilities, and negative equity attributable to owners of **HK$20.8 million** Condensed Consolidated Statement of Financial Position Summary (HK$ Thousand) | Metric | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | **Non-Current Assets** | | | | Property, Plant and Equipment | 163 | 302 | | **Current Assets** | | | | Trade and Other Receivables | 21,033 | 16,512 | | Contract Assets | 3,377 | 9,500 | | Tax Recoverable | 278 | 278 | | Cash and Cash Equivalents | 8,086 | 44,770 | | **Current Liabilities** | | | | Trade and Other Payables | 47,057 | 85,574 | | Amount Due to Related Company | 6,657 | 4,969 | | Tax Payable | 45 | 37 | | **Net Position** | | | | Net Current Liabilities | (20,985) | (19,520) | | Net Liabilities | (20,822) | (19,218) | | **Equity** | | | | Share Capital | 15,772 | 15,772 | | Reserves | (36,594) | (34,990) | | Equity Attributable to Owners of the Company | (20,822) | (19,218) | [Condensed Consolidated Statement of Changes in Equity (Unaudited)](index=16&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity%20(Unaudited)) This statement outlines the unaudited consolidated changes in equity for the six months ended October 31, 2022, showing increased accumulated losses and expanded negative equity attributable to owners Condensed Consolidated Statement of Changes in Equity Summary (HK$ Thousand) | Metric | Share Capital | Share Premium | Share-based Payment Reserve | Merger Reserve | Retained Earnings/(Accumulated Losses) | Total Equity | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | April 30, 2021 (Audited) | 15,772 | 72,131 | 7,962 | 18,001 | (125,720) | (11,854) | | Loss for the Period | – | – | – | – | (4,206) | (4,206) | | Total Comprehensive Expense for the Period | – | – | – | – | (4,206) | (4,206) | | Release of Forfeited Share Options Reserve | – | – | (7,962) | – | 7,962 | – | | October 31, 2021 (Unaudited) | 15,772 | 72,131 | – | 18,001 | (121,964) | (16,060) | | April 30, 2022 (Audited) | 15,772 | 72,131 | – | 18,001 | (125,122) | (19,218) | | Loss for the Period | – | – | – | – | (1,604) | (1,604) | | Total Comprehensive Expense for the Period | – | – | – | – | (1,604) | (1,604) | | October 31, 2022 (Unaudited) | 15,772 | 72,131 | – | 18,001 | (126,726) | (20,822) | - Share-based payment reserve represents the estimated fair value of share options granted in exchange for services, recognized over the relevant vesting period[99](index=99&type=chunk) - Merger reserve represents the difference between the share capital issued by the company for acquiring a subsidiary and the total capital of the acquired subsidiary at the time of reorganization[99](index=99&type=chunk) [Condensed Consolidated Statement of Cash Flows (Unaudited)](index=18&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows%20(Unaudited)) This statement presents the unaudited consolidated cash flows for the six months ended October 31, 2022, showing a net cash inflow from operations but a net cash outflow from financing, resulting in a **HK$36.7 million** net decrease in cash Condensed Consolidated Statement of Cash Flows Summary (HK$ Thousand) | Metric | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | | Net Cash From/(Used In) Operating Activities | 2,728 | (8,135) | | Net Cash Used In Investing Activities | – | – | | Net Cash (Used In)/From Financing Activities | (39,412) | 14,056 | | Net (Decrease)/Increase in Cash and Cash Equivalents | (36,684) | 5,921 | | Cash and Cash Equivalents at Beginning of Period | 44,770 | 25,183 | | Cash and Cash Equivalents at End of Period | 8,086 | 31,104 | - Net cash outflow from financing activities was primarily due to repayment of approximately **HK$41.1 million** to a director of a subsidiary[101](index=101&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=19&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed notes to the condensed consolidated financial statements, covering company information, basis of preparation, accounting policies, financial item analysis, and related party transactions [1. Corporate Information](index=19&type=section&id=1.%20CORPORATE%20INFORMATION) The company, incorporated in the Cayman Islands in **2015** and listed on GEM, experienced a significant change in controlling shareholder, with Emperor Securities Limited becoming the direct controller - The company was incorporated in the Cayman Islands on **May 20, 2015**, and listed on the GEM of the Hong Kong Stock Exchange on **November 2, 2015**[102](index=102&type=chunk)[103](index=103&type=chunk) - Due to enforcement actions, the company's controlling shareholder changed, with Emperor Securities Limited becoming the direct controlling company and Albert Yeung Capital Holdings Limited becoming the ultimate controlling company[102](index=102&type=chunk)[103](index=103&type=chunk) - The Group primarily undertakes slope works, foundation works, and other general construction projects in Hong Kong[105](index=105&type=chunk)[108](index=108&type=chunk) [2. Basis of Preparation](index=20&type=section&id=2.%20BASIS%20OF%20PREPARATION) Interim financial information is prepared under HKAS 34 and GEM Listing Rules on a historical cost basis, with the Board adopting a going concern basis despite net loss and liabilities - Interim financial information is prepared in accordance with HKAS 34 and GEM Listing Rules, using the historical cost convention[106](index=106&type=chunk)[107](index=107&type=chunk)[109](index=109&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - Despite the Group's net loss, net current liabilities, and net liabilities, the Board adopted the going concern basis and implemented measures to improve its financial position[114](index=114&type=chunk)[117](index=117&type=chunk) [3. Application of New and Amendments to HKFRSs](index=22&type=section&id=3.%20APPLICATION%20OF%20NEW%20AND%20AMENDMENTS%20TO%20HKFRSS) The Group applied new and amended HKFRSs for the first time this interim period, with no significant impact on financial position, performance, or disclosures - The Group first applied several new and amended Hong Kong Financial Reporting Standards, but these had no significant impact on its financial position and performance[119](index=119&type=chunk)[121](index=121&type=chunk) [4. Revenue and Other Income](index=23&type=section&id=4.%20REVENUE%20AND%20OTHER%20INCOME) For the six months ended October 31, 2022, total revenue was **HK$67.3 million**, primarily from slope works, with other income of **HK$1.5 million** from government grants and a dispute reversal Revenue and Other Income Details (HK$ Thousand) | Item | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | | | | | | Slope Works | 43,341 | 21,119 | 67,257 | 46,119 | | Foundation Works | 50 | 63 | 50 | 139 | | **Other Income** | | | | | | Government Grants | 176 | – | 289 | – | | Miscellaneous Income | 906 | 550 | 1,186 | 630 | - The increase in other income was primarily due to government grants (related to the Employment Support Scheme) and the reversal of a former employee legal claim dispute amount[127](index=127&type=chunk) [5. Segment Information](index=24&type=section&id=5.%20SEGMENT%20INFORMATION) The Group considers its Hong Kong slope and foundation works as a single operating segment, thus no segment or geographical information is presented, with Customer A and B being major revenue contributors - The Group treats its Hong Kong slope works and foundation works businesses as a single operating segment, thus no segment information is presented[128](index=128&type=chunk)[130](index=130&type=chunk) - Due to business concentration in Hong Kong, no geographical segment information is presented[129](index=129&type=chunk)[131](index=131&type=chunk) Major Customer Revenue (HK$ Thousand) | Customer | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | | Customer A | 28,147 | 6,757 | | Customer B | 29,919 | 35,523 | [6. Finance Costs](index=25&type=section&id=6.%20FINANCE%20COSTS) For the six months ended October 31, 2022, finance costs were **HK$0.179 million**, primarily interest on amounts due to a related company, an increase from the prior year Finance Costs Details (HK$ Thousand) | Item | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Interest on Amount Due to Related Company | (141) | 93 | 179 | 93 | [7. Loss Before Income Tax](index=25&type=section&id=7.%20LOSS%20BEFORE%20INCOME%20TAX) For the six months ended October 31, 2022, loss before income tax was **HK$1.604 million**, primarily driven by staff costs, depreciation, lease expenses, and **HK$66.26 million** in subcontracting expenses Loss Before Income Tax Composition (HK$ Thousand) | Item | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Total Staff Costs | 1,197 | 1,177 | 2,293 | 3,027 | | Depreciation of Property, Plant and Equipment | 67 | 124 | 139 | 266 | | Expenses Relating to Short-term Leases | 113 | 257 | 225 | 521 | | Subcontracting Expenses (Included in Direct Costs) | 42,638 | 20,775 | 66,260 | 45,711 | [8. Income Tax Expense](index=26&type=section&id=8.%20INCOME%20TAX%20EXPENSE) Hong Kong's two-tiered profits tax system applies **8.25%** to the first **HK$2 million** of profits and **16.5%** thereafter; no tax provision was made due to no assessable profits or offset by tax losses - Hong Kong profits tax operates on a two-tiered system, with the first **HK$2 million** of profits taxed at **8.25%** and the remainder at **16.5%**[139](index=139&type=chunk)[141](index=141&type=chunk) - For the six months ended October 31, 2022, the Group made no provision for Hong Kong profits tax due to no assessable profits or full offset by tax losses[140](index=140&type=chunk)[141](index=141&type=chunk) [9. Dividend](index=27&type=section&id=9.%20DIVIDEND) The Board does not recommend the payment of an interim dividend for the six months ended October 31, 2022 - The Board does not recommend the payment of an interim dividend for the six months ended October 31, 2022[143](index=143&type=chunk) [10. Loss Per Share](index=27&type=section&id=10.%20LOSS%20PER%20SHARE) For the six months ended October 31, 2022, basic and diluted loss per share attributable to owners narrowed to **HK$0.0010**, with no dilutive effects from potential ordinary shares Loss Per Share Calculation (HK$ Thousand/Thousand Shares) | Metric | Three Months Ended October 31 (2022) | Three Months Ended October 31 (2021) | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | :--- | | Loss for the Period Attributable to Owners of the Company Used in Calculating Basic and Diluted Loss Per Share | (166) | (1,638) | (1,604) | (4,206) | | Weighted Average Number of Ordinary Shares Used in Calculating Basic and Diluted Loss Per Share | 1,577,200 | 1,577,200 | 1,577,200 | 1,577,200 | | Basic and Diluted Loss Per Share (HK Cents) | (0.01) | (0.10) | (0.10) | (0.27) | - Basic and diluted loss per share were identical for both periods due to the absence of potential ordinary shares with dilutive effects[146](index=146&type=chunk)[147](index=147&type=chunk) [11. Property, Plant and Equipment](index=28&type=section&id=11.%20PROPERTY%2C%20PLANT%20AND%20EQUIPMENT) During the review period, the Group did not acquire any property, plant, and equipment - During the review period, the Group did not acquire any property, plant, and equipment[147](index=147&type=chunk)[148](index=148&type=chunk) [12. Trade and Other Receivables](index=29&type=section&id=12.%20TRADE%20AND%20OTHER%20RECEIVABLES) As of October 31, 2022, total trade and other receivables increased to **HK$21.033 million**, with trade receivables at **HK$10.698 million** and an increase in overdue amounts Trade and Other Receivables Analysis (HK$ Thousand) | Item | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | Trade Receivables (Net of Allowance for Credit Losses) | 10,698 | 12,746 | | Other Receivables | 13 | 20 | | Prepayments and Deposits | 10,322 | 3,746 | | **Total** | **21,033** | **16,512** | - The Group typically offers credit terms of **21 to 60 days** to customers[151](index=151&type=chunk)[152](index=152&type=chunk) Trade Receivables Aging Analysis (HK$ Thousand) | Aging | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | 0–30 Days | 9,359 | 12,634 | | 31–60 Days | – | – | | 61–90 Days | – | – | | Over 90 Days | 1,339 | 112 | [13. Trade and Other Payables](index=30&type=section&id=13.%20TRADE%20AND%20OTHER%20PAYABLES) As of October 31, 2022, total trade and other payables significantly decreased to **HK$47.057 million**, primarily due to repayments to a director of a subsidiary Trade and Other Payables Analysis (HK$ Thousand) | Item | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | Trade Payables | 18,281 | 19,272 | | Retention Payables | 2,572 | 2,452 | | Accrued Expenses and Other Payables | 26,204 | 63,850 | | **Total** | **47,057** | **85,574** | - Accrued expenses and other payables significantly decreased, primarily due to repayment of approximately **HK$41.1 million** to a director of a subsidiary[157](index=157&type=chunk) Trade Payables Aging Analysis (HK$ Thousand) | Aging | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | 0–30 Days | 8,198 | 19,189 | | 31–60 Days | – | – | | 61–90 Days | 9,979 | – | | Over 90 Days | 104 | 83 | [14. Amount Due to Related Company](index=32&type=section&id=14.%20AMOUNT%20DUE%20TO%20RELATED%20COMPANY) As of October 31, 2022, the company owed approximately **HK$6.657 million** to a related company at **12%** interest, repayable on demand, with the lender now a fellow subsidiary - As of October 31, 2022, the company owed approximately **HK$6.657 million** to a related company, bearing **12%** annual interest and repayable on demand[159](index=159&type=chunk)[161](index=161&type=chunk) - Due to a change in controlling shareholder, the financial institution providing the loan has become a fellow subsidiary of the company[159](index=159&type=chunk)[161](index=161&type=chunk) [15. Share Capital](index=32&type=section&id=15.%20SHARE%20CAPITAL) As of October 31, 2022, authorized share capital was **2,000,000 thousand shares** (HK$0.01 par value), with issued and fully paid capital of **1,577,200 thousand shares** (HK$15,772 thousand), unchanged from April 30, 2022 Share Capital Structure (Thousand Shares/HK$ Thousand) | Item | October 31, 2022 (Unaudited) | April 30, 2022 (Audited) | | :--- | :--- | :--- | | Number of Authorized Ordinary Shares (HK$0.01 Each) | 2,000,000 | 2,000,000 | | Nominal Value of Authorized Share Capital | 20,000 | 20,000 | | Number of Issued and Fully Paid Ordinary Shares (HK$0.01 Each) | 1,577,200 | 1,577,200 | | Nominal Value of Issued and Fully Paid Share Capital | 15,772 | 15,772 | [16. Related Party Transactions](index=33&type=section&id=16.%20RELATED%20PARTY%20TRANSACTIONS) The Group engaged in a short-term lease transaction with Mars Glare Limited, paying **HK$0.22 million**, which is a fully exempted continuing connected transaction Related Party Transactions (HK$ Thousand) | Name of Related Party | Nature | Six Months Ended October 31 (2022) | Six Months Ended October 31 (2021) | | :--- | :--- | :--- | :--- | | Mars Glare Limited | Expenses Relating to Short-term Leases | 220 | 218 | - This transaction is considered a continuing connected transaction but has been fully exempted from the disclosure requirements of the GEM Listing Rules[166](index=166&type=chunk)[169](index=169&type=chunk) [17. Events After Reporting Period](index=33&type=section&id=17.%20EVENTS%20AFTER%20REPORTING%20PERIOD) No significant events occurred after the reporting period ended on October 31, 2022 - No significant events occurred after the reporting period ended on **October 31, 2022**[167](index=167&type=chunk)[170](index=170&type=chunk) [18. Approval and Authorisation for Issue of Interim Financial Information](index=33&type=section&id=18.%20APPROVAL%20AND%20AUTHORISATION%20FOR%20ISSUE%20OF%20INTERIM%20FINANCIAL%20INFORMATION) The interim financial information was approved and authorized for issue by the Board of Directors on **December 14, 2022** - The interim financial information was approved and authorized for issue by the Board of Directors on **December 14, 2022**[168](index=168&type=chunk)[170](index=170&type=chunk)

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a mar ...

Characteristics of GEM of the Stock Exchange of Hong Kong Limited (the "Stock Exchange") 香港聯合交易所有限公司（「聯交所」）GEM 之特色 GEM has been positioned as a market designed to accommodate small and mid-sized companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. Given that the companies listed o ...

CHARACTERISTICS OF GEM OF THE STOCK EXCHANGE OF HONG KONG LIMITED (THE "STOCK EXCHANGE") GEM has been positioned as a market designed to accommodate companies to which a higher investment risk may be attached than other companies listed on the Stock Exchange. Prospective investors should be aware of the potential risks of investing in such companies and should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a mar ...

Revenue Performance - Revenue for the six months ended 31 October 2021 amounted to approximately HK$46.3 million, representing an increase of approximately 30.8% compared to HK$35.4 million for the same period in 2020[11]. - The Group's total revenue increased by approximately HK$10.9 million or approximately 30.8% from approximately HK$35.4 million for the six months ended 31 October 2020 to approximately HK$46.3 million for the six months ended 31 October 2021[23]. - Revenue from slope works increased from approximately HK$35.1 million for the six months ended 31 October 2020 to approximately HK$46.1 million for the six months ended 31 October 2021, representing an increase of approximately 31.3%[19]. - For the three months ended 31 October 2021, the revenue was HK$21,182,000, representing an increase from HK$14,792,000 in the same period of 2020, which is a growth of approximately 43.5%[96]. - For the six months ended 31 October 2021, the revenue was HK$46,258,000, up from HK$35,439,000 in the same period of 2020, indicating a growth of about 30.5%[96]. Loss and Profitability - Loss attributable to owners of the Company for the six months ended 31 October 2021 was approximately HK$4.2 million, a significant reduction from a loss of approximately HK$71.9 million in 2020[11]. - Basic loss per share for the six months ended 31 October 2021 was approximately HK0.27 cents, compared to approximately HK4.56 cents for the same period in 2020[11]. - The loss for the period attributable to owners of the Company for the three months ended 31 October 2021 was HK$1,638,000, an improvement from a loss of HK$2,785,000 in the same period of 2020[98]. - The loss for the six months ended 31 October 2021 was HK$4,206,000, significantly reduced from HK$71,888,000 in the same period of 2020, reflecting a decrease of approximately 94.2%[98]. - The total comprehensive expenses for the six months ended 31 October 2021 were HK$4,206,000, down from HK$67,715,000 in the same period of 2020, indicating a reduction of about 93.8%[98]. Costs and Expenses - The Group's gross profit decreased by approximately HK$0.9 million from approximately HK$1.4 million to approximately HK$0.5 million, with the gross profit margin declining from approximately 4.0% to approximately 1.2%[24]. - Direct costs increased by approximately HK$11.7 million or approximately 34.4% from approximately HK$34.0 million to approximately HK$45.7 million, primarily due to the increase in slope works projects[26]. - Administrative expenses decreased by approximately HK$1.2 million or approximately 18.5% from approximately HK$6.5 million to approximately HK$5.3 million, mainly due to reduced staff costs and rental expenses[28]. - Total staff costs for the six months ended 31 October 2021 amounted to HK$3,027,000, a decrease from HK$3,425,000 in the same period of 2020, representing a reduction of approximately 11.6%[156]. Market Outlook - The Group anticipates that the Hong Kong construction market will remain challenging due to rising subcontracting costs and intense competition, which may pressure profit margins[17]. - The Hong Kong Government's ongoing major construction and infrastructure projects are expected to increase demand for slope works related to public safety[14]. - The Directors remain cautiously optimistic about the slope works industry in Hong Kong despite the challenging operating environment[16]. Financial Position - As of 31 October 2021, the Group's cash at banks and in hand amounted to approximately HK$31.1 million, an increase of approximately HK$5.9 million compared to HK$25.2 million as of 30 April 2021[39]. - The Group's gearing ratio was negative approximately 302.4% as of 31 October 2021, compared to negative approximately 286.5% as of 30 April 2021, indicating a deficit in equity[41]. - The Group had net current liabilities of approximately HK$16,550,000 and net liabilities of approximately HK$16,060,000 as of 31 October 2021[118]. - The company's current liabilities increased to HK$73,597,000 from HK$62,026,000, resulting in net current liabilities of HK$16,550,000, compared to HK$12,610,000 previously[101]. - The cash and bank balances increased to HK$31,104,000 from HK$25,183,000, reflecting improved liquidity[101]. Shareholder Information - As of October 31, 2021, United Financial Holdings Group Limited held 792,000,000 shares, representing approximately 50.21% of the company's shareholding[71]. - Mr. Zhang Yan was a beneficial owner of 158,000,000 shares, accounting for approximately 10.02% of the company's shareholding[71]. - The number of ordinary shares issued and fully paid remained at 1,577,200, with a carrying amount of HK$15,772,000 as of both 31 October 2021 and 30 April 2021[187]. Governance and Compliance - The Company complied with the applicable code provisions of the Corporate Governance Code, with a noted deviation regarding the separation of the roles of chairman and CEO[76]. - The Audit Committee reviewed the unaudited condensed consolidated results and confirmed compliance with applicable accounting standards and GEM Listing Rules[92]. - There were no significant contracts involving directors with material interests during the reporting period[64]. Other Information - The Group did not incur any cash outflow from investing activities during the reporting period[18]. - The company and its subsidiaries did not purchase, sell, or redeem any of the company's securities during the reporting period[74]. - There were no significant events that occurred after the reporting period[192].

[Financial Highlights](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) [Financial Highlights](index=4&type=section&id=%E8%B2%A1%E5%8B%99%E6%91%98%E8%A6%81) As of January 31, 2021, for the nine months ended, the company's revenue decreased by **10.7%** to **HKD 85.3 million**, successfully turning losses into profits with a **HKD 0.9 million** profit attributable to owners, compared to a **HKD 19.8 million** loss in the prior period, with no dividend recommended Financial Summary | Metric | For the nine months ended January 31, 2021 | For the nine months ended January 31, 2020 | | :--- | :--- | :--- | | Revenue | Approx. HKD 85.3 million | Approx. HKD 95.6 million | | Profit/(Loss) attributable to owners of the Company | Profit approx. HKD 0.9 million | Loss approx. HKD 19.8 million | | Basic earnings/(loss) per share | Profit approx. HKD 0.06 HK cents | Loss approx. HKD 1.26 HK cents | | Dividend | Not recommended | Nil | [Management Discussion and Analysis](index=5&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Business Review and Outlook](index=5&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) The Group's core business is slope and foundation engineering in Hong Kong, facing increased competition and rising costs, leading to diversification into outdoor media advertising and future expansion into mainland China construction and 5G-related services - The Group's principal business is undertaking slope works, foundation works, and other general building works in Hong Kong, currently facing challenges due to slowed public works funding from political and social factors, rising operating costs (especially subcontracting fees), and intensified market competition[7](index=7&type=chunk) - Despite challenges, the Board remains cautiously optimistic about the Hong Kong slope engineering industry due to ongoing government infrastructure projects and landslide prevention programs[8](index=8&type=chunk) - To diversify its business, the company entered into a cooperation agreement with Beijing Hangdi Media and others in August 2020 to expand into media services including advertising design, production, agency, and internet technology development[9](index=9&type=chunk) - The company is optimistic about the outdoor advertising industry's prospects, citing data indicating continuous market growth, projected to reach **RMB 71.15 billion** by 2021, and believes digitalization and scenario-based approaches will be future trends[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) - Future strategic objectives include expanding construction business in mainland China, developing 5G network technology-related businesses, and media services to broaden revenue streams and contribute to the Group's future development[16](index=16&type=chunk) [Financial Review](index=8&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) During the reporting period, the Group's total revenue decreased by **10.7%** to **HKD 85.3 million**, mainly due to reduced income from traditional construction businesses; however, new media services contributed **HKD 16.8 million**, significantly boosting gross profit margin to **16.5%**, while administrative expenses sharply declined by **52.5%**, coupled with increased other income, ultimately turning a loss of **HKD 19.8 million** into a profit of **HKD 0.9 million** Revenue Breakdown | Revenue Item | For the nine months ended January 31, 2021 (HKD million) | For the nine months ended January 31, 2020 (HKD million) | Year-on-year Change | | :--- | :--- | :--- | :--- | | Slope Works | 68.1 | 86.8 | -21.5% | | Foundation Works | 0.4 | 8.7 | -95.4% | | Advertising Revenue | 16.8 | 0 | N/A | | **Total Revenue** | **85.3** | **95.6** | **-10.7%** | - Gross profit significantly increased from **HKD 0.7 million** in the same period last year to **HKD 14.1 million**, with gross profit margin rising from **0.8%** to **16.5%**, primarily attributed to advertising revenue from the newly launched media services business[19](index=19&type=chunk) - Other income increased from **HKD 1.0 million** to **HKD 5.0 million**, mainly due to government grants from the "Employment Support Scheme" and increased net foreign exchange gains[20](index=20&type=chunk) - Administrative expenses significantly decreased by **52.5%** from **HKD 21.5 million** to **HKD 10.2 million**, primarily because approximately **HKD 8.0 million** in share option-related expenses incurred in the previous period did not recur in the current period[21](index=21&type=chunk) - As a combined effect, profit attributable to owners of the company was approximately **HKD 0.9 million**, compared to a loss of approximately **HKD 19.8 million** in the same period last year, successfully turning losses into profits[22](index=22&type=chunk) [Disclosure of Interests](index=10&type=section&id=%E6%AC%8A%E7%9B%8A%E6%8A%AB%E9%9C%B2) [Directors' and Major Shareholders' Interests](index=10&type=section&id=%E8%91%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%AC%8A%E7%9B%8A) As of January 31, 2021, Mr. Zhou Ying, a director, through his wholly-owned controlled corporations, was deemed to hold **950,000,000 shares**, representing **60.23%** of the issued share capital, with major shareholder United Financial Holdings Group Limited holding the same percentage - Director Mr. Zhou Ying beneficially owns **950,000,000 shares** of the Company, representing approximately **60.23%** of the total share capital, through his wholly-owned Century Investment Holdings Limited and United Financial Holdings Group Limited[24](index=24&type=chunk)[25](index=25&type=chunk) - Major shareholder United Financial Holdings Group Limited (ultimately controlled by Mr. Zhou Ying) beneficially holds **950,000,000 shares** of the Company, representing approximately **60.23%** of the total share capital[26](index=26&type=chunk) [Other Information](index=12&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Corporate Governance and Compliance](index=12&type=section&id=%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E8%88%87%E5%90%88%E8%A6%8F) During the reporting period, the company experienced changes and deviations in corporate governance, including two independent non-executive directors resigning, temporarily failing to meet GEM Listing Rules, and the Chairman and CEO roles being held by the same person, while the Board did not recommend dividends and the Audit Committee reviewed the quarterly results - During the reporting period and up to the date of this report, the company and its subsidiaries did not purchase, sell, or redeem any of the company's securities[28](index=28&type=chunk) - The resignation of two independent non-executive directors resulted in the number of independent non-executive directors and Audit Committee members falling below the minimum requirements of the GEM Listing Rules; the company is committed to filling the vacancies as soon as possible within three months to comply with regulations[29](index=29&type=chunk)[30](index=30&type=chunk) - The company deviated from the Corporate Governance Code's provision regarding the separation of Chairman and Chief Executive roles, with Mr. Zhou Ying simultaneously holding both positions; the Board believes this arrangement provides strong and consistent leadership[31](index=31&type=chunk) - The Board does not recommend the payment of any dividend for the nine months ended January 31, 2021[33](index=33&type=chunk) - The Audit Committee has reviewed the unaudited condensed consolidated results of the Group for the nine months ended January 31, 2021[35](index=35&type=chunk) [Condensed Consolidated Financial Statements (Unaudited)](index=16&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%EF%BC%88%E6%9C%AA%E7%B6%93%E5%AF%A9%E6%A0%B8%EF%BC%89) [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=16&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E7%9B%8A%E8%A1%A8) For the nine months ended January 31, 2021, the company reported revenue of **HKD 85.3 million** and gross profit of **HKD 14.1 million**; despite a decline in traditional construction business revenue, contributions from new media business and effective cost control led to a turnaround, with a profit for the period of **HKD 5.6 million**, of which **HKD 0.9 million** was attributable to owners of the company, and basic earnings per share were **HKD 0.06 cents** Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Item (For the nine months ended January 31) | 2021 (HKD thousand) | 2020 (HKD thousand) | | :--- | :--- | :--- | | Revenue | 85,310 | 95,557 | | Gross Profit | 14,082 | 745 | | Profit/(Loss) before income tax | 8,877 | (20,053) | | Profit/(Loss) for the period | 5,648 | (20,053) | | Profit/(Loss) attributable to owners of the Company | 911 | (19,836) | | Basic earnings/(loss) per share (HK cents) | 0.06 | (1.26) | [Condensed Consolidated Statement of Changes in Equity](index=18&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%AC%8A%E7%9B%8A%E8%AE%8A%E5%8B%95%E8%A1%A8) As of January 31, 2021, the Group's total equity increased to **HKD 85.6 million** from **HKD 77.3 million** on May 1, 2020, primarily due to the **HKD 8.2 million** total comprehensive income recorded during the period - As of January 31, 2021, total equity attributable to owners of the Company was **HKD 82.7 million**, non-controlling interests were **HKD 2.9 million**, and total equity was **HKD 85.6 million**[39](index=39&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=20&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes disclose detailed information on the company's business segments, revenue sources, major customers, and taxation, showing two segments (construction and media services, with media being new and all revenue from mainland China), and a significant decrease in staff costs due to the absence of prior period share option expenses - The Group is principally engaged in slope works, foundation works, other general building works, telecommunications business, and media services[41](index=41&type=chunk) Business Segment Performance | Business Segment (For the nine months ended January 31, 2021) | Segment Revenue (HKD thousand) | Segment Results (HKD thousand) | | :--- | :--- | :--- | | Media Services Business | 16,803 | 12,917 | | Construction Services Business | 68,507 | (2,656) | Revenue by Geographical Region | Geographical Region (For the nine months ended January 31, 2021) | Revenue from External Customers (HKD thousand) | | :--- | :--- | | Hong Kong | 68,507 | | People's Republic of China | 16,803 | - Total staff costs for the reporting period were **HKD 5.6 million**, a significant decrease from **HKD 12.7 million** in the same period last year, mainly due to the absence of **HKD 7.96 million** in equity-settled share-based payment expenses incurred in the prior period[54](index=54&type=chunk) - Income tax expense for the reporting period was **HKD 3.2 million**, entirely attributable to PRC enterprise income tax; no Hong Kong profits tax was incurred as Hong Kong operations had no assessable profits[55](index=55&type=chunk)[56](index=56&type=chunk)[57](index=57&type=chunk)