香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對 本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示概不就因本公告全部或任何部分內容而產生或因倚賴該等內容 而引致的任何損失承擔任何責任。 Asia Pioneer Entertainment Holdings Limited 亞 洲 先 鋒 娛 樂 控 股 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：8400） 截 至2022年12月31日 止 年 度 的 年 度 業 績 公 告 亞 洲 先 鋒 娛 樂 控 股 有 限 公 司（「本 公 司」連 同 其 附 屬 公 司，統 稱「本 集 團」） 董 事（「董 事」）會 宣 佈 本 集 團 截 至2022年12月31日 止 年 度 的 經 審 核 綜 合 財 務業績。本公告列載本公司2022年年度報告（「2022年年度報告」）全文，乃 符合聯交所《GEM證券上市規則》（分別為「GEM」及「《GEM上市規則》」）有 關年度業績初步公告之資料的相關規定。載有《GEM上市規則》所規定資 料的2022年年度報告的印刷版將按照《GEM上市規則》規定的方式於適當 時 候 寄 ...

Financial Performance - For the nine months ended September 30, 2022, the group's revenue was approximately HKD 4.0 million, a decrease of about 27.6% compared to approximately HKD 5.5 million for the same period in 2021[6]. - The group recorded a total comprehensive loss of approximately HKD 13.3 million for the period, an increase of about 2.5% compared to approximately HKD 13.0 million for the same period in 2021[6]. - Revenue from electronic gaming equipment sales and distribution decreased by approximately 74%, while revenue from consulting and technical services increased by 49.5%[6]. - The gross loss for the nine months ended September 30, 2022, was approximately HKD 1.08 million, compared to a gross profit of HKD 603,132 for the same period in 2021[7]. - Total revenue for the nine months ended September 30, 2022, was HKD 4,019,356,000, down from HKD 5,548,387,000 in the previous year, representing a decline of approximately 27.6%[16]. - The company reported a net loss attributable to shareholders of HKD 13,333,956,000 for the nine months ended September 30, 2022, compared to a loss of HKD 13,006,806,000 in the previous year[24]. - The gross profit margin fell from approximately 10.9% in the previous period to about -26.9% in the current period, primarily due to a significant decline in the gross margin of electronic gaming equipment sales[40]. - The group recorded a loss attributable to shareholders of approximately HKD 13.3 million, compared to HKD 13.0 million in the same period last year[46]. Revenue Breakdown - Revenue from electronic gaming equipment business decreased by approximately 74% to HKD 998,305,000 compared to HKD 3,845,831,000 in the same period last year[16]. - Consulting and technical services revenue increased by 49.5% to HKD 2,025,131,000 from HKD 1,354,531,000 year-on-year[16]. - 92% of the company's revenue came from customers in the Macau SAR, while 8% came from outside the region, compared to 79% and 21% respectively in the same period last year[17]. Operating Expenses and Costs - Operating expenses for the period were approximately HKD 12.7 million, a decrease from approximately HKD 13.5 million in the same period last year[7]. - The total employee costs increased to HKD 9,525,761,000 from HKD 9,307,570,000, reflecting a rise of approximately 2.3% year-on-year[22]. - Operating expenses decreased by about 5.9% from approximately HKD 13.5 million to about HKD 12.7 million, attributed to voluntary salary reductions by senior management[41]. Dividends and Shareholder Information - The board of directors decided not to declare a dividend for the period, consistent with the same period last year[6]. - As of September 30, 2022, the company’s major shareholders include Mr. Xu with 294,759,680 shares (29.47%), Mr. Wu with 289,259,680 shares (28.92%), and Mr. Chen with 151,580,640 shares (15.16%) of the total issued shares[63]. - The combined shareholding of Mr. Xu, Mr. Wu, and Mr. Chen amounts to 733,710,000 shares, representing approximately 73.37% of the total issued shares[68]. - The company did not report any significant changes in shareholdings or any other major events that require disclosure after the reporting period[72]. Business Operations - The group's main business segments include electronic gaming equipment and smart vending machine operations in Macau and the Greater Bay Area[12]. - The company has not presented separate financial information for its single operating segment as it has only one business segment[15]. - The company installed 31 vending machines and 16 coffee vending machines in Macau, and 4 coffee vending machines and 1 vending machine in Zhuhai, Guangdong[32]. - The smart vending machine business generated revenue of approximately HKD 0.7 million with a gross loss of about HKD 0.3 million during the period[32]. - The total capital expenditure for vending machines was approximately HKD 2.72 million[32]. - The company established a new wholly-owned subsidiary in Hong Kong to engage in metaverse and related businesses, aiming to expand into online and digital opportunities[32]. Financial Compliance and Governance - The financial statements were prepared in accordance with International Financial Reporting Standards and have not been audited[13]. - The group maintained a cautious treasury policy, ensuring all cash was held in licensed financial institutions as of September 30, 2022[56]. - The group recorded a net foreign exchange loss of HKD 47,260 during the period, compared to a loss of HKD 59,265 in the same period last year[60]. - The company has complied with all applicable provisions of the Corporate Governance Code during the reporting period[70]. - The Audit Committee has reviewed the unaudited condensed consolidated financial statements and confirmed compliance with applicable accounting standards and legal requirements[76].

Financial Performance - The group's revenue decreased by 10.6% from approximately HKD 3.0 million in the same period last year to approximately HKD 2.7 million[11]. - The gross profit turned into a gross loss of approximately HKD 0.9 million, a decrease of 255.5% from a gross profit of approximately HKD 0.6 million in the same period last year[11]. - The gross margin declined from 18.8% in the previous period to a gross loss margin of 32.7% in the current period[11]. - The total comprehensive loss increased to approximately HKD 9.8 million, compared to approximately HKD 9.4 million in the same period last year[11]. - Basic and diluted loss per share was HKD 0.98, compared to HKD 0.94 in the same period last year[14]. - The company reported a net loss of HKD 9,760,720 for the six months ended June 30, 2022, compared to a net loss of HKD 9,395,039 for the same period in 2021, indicating a slight increase in losses[18]. - The company recorded a net loss attributable to shareholders of approximately HKD 9.8 million, compared to a net loss of approximately HKD 9.4 million in the same period last year[97]. Revenue Breakdown - The total revenue for the six months ended June 30, 2022, was HKD 2,688,363,000, a decrease from HKD 3,005,972,000 for the same period in 2021, representing a decline of approximately 10.55%[34]. - Revenue from electronic gaming equipment sales and distribution was HKD 612,056,000, while consulting and technical services generated HKD 1,353,883,000, and maintenance services contributed HKD 251,083,000[34]. - Revenue from electronic gaming equipment sales and distribution dropped by 68.1% to approximately HKD 612,056, compared to HKD 1.9 million in the previous year[84]. - Consulting and technical services revenue increased by 50.7% to approximately HKD 1.35 million[86]. - Maintenance service revenue rose by 31.1% to approximately HKD 251,083[89]. Operating Expenses and Costs - Operating expenses decreased by 12.7% to approximately HKD 8.3 million, down from approximately HKD 9.5 million in the same period last year[11]. - The company reported a significant increase in sales costs, rising from approximately HKD 2.4 million to approximately HKD 3.6 million[14]. - Total employee costs for the six months ended June 30, 2022, amounted to HKD 6,305,298, slightly up from HKD 6,244,570 in 2021, reflecting a year-on-year increase of about 1%[53]. - The company incurred total depreciation expenses of HKD 583,685 for the six months ended June 30, 2022, down from HKD 1,311,165 in the same period of 2021, showing a significant reduction of approximately 55.6%[53]. Assets and Liabilities - Total assets decreased from HKD 39,736,312 as of December 31, 2021, to HKD 28,880,026 as of June 30, 2022, representing a decline of approximately 27.4%[17]. - The company's total equity decreased from HKD 33,010,155 as of December 31, 2021, to HKD 23,249,435 as of June 30, 2022, a decline of approximately 29.5%[18]. - Cash and cash equivalents decreased from HKD 29,874,470 at the beginning of the period to HKD 19,904,679 at the end of the period, a reduction of approximately 33.4%[21]. - Trade and other receivables decreased from HKD 5,346,518 as of December 31, 2021, to HKD 5,102,512 as of June 30, 2022, a decrease of approximately 4.6%[17]. - The company’s inventory decreased from HKD 4,475,020 as of December 31, 2021, to HKD 3,832,451 as of June 30, 2022, representing a decline of about 14.4%[17]. - Trade payables increased significantly to HKD 836,975,000 as of June 30, 2022, compared to HKD 344,311,000 as of December 31, 2021, reflecting a growth of approximately 143%[63]. Business Operations and Strategy - The company has initiated a smart vending machine business, expanding its operations in Macau and mainland China[24]. - The company plans to continue focusing on electronic gaming equipment and related services, aiming for market expansion in Asia[24]. - The company continues to focus on its core business activities, including electronic gaming equipment and smart vending machines, as part of its growth strategy[34]. - The group has expanded its operations to include a new segment for smart vending machines since the second half of 2021[41]. - The group has identified two reporting segments: (i) electronic gaming equipment business and (ii) smart vending machine business for internal management purposes[41]. Corporate Governance and Compliance - The group has complied with all applicable provisions of the Corporate Governance Code during the period[122]. - The audit committee, composed of three independent non-executive directors, has reviewed the unaudited consolidated financial statements and found them compliant with applicable accounting standards[133]. - The company has adopted the trading compliance standards as per GEM Listing Rules, confirming full compliance by all directors during the period[123]. Dividends and Shareholder Information - The company decided not to declare an interim dividend for this period, consistent with the previous period[12]. - The company did not declare or recommend any dividends for the interim period, consistent with the previous year[52]. - The beneficial ownership of shares as of June 30, 2022, included Mr. Xu holding 29.47% and Mr. Wu holding 28.92% of the issued shares[115].

Financial Performance - The group's revenue decreased by 10.6% from approximately HKD 3.0 million in the same period last year to approximately HKD 2.7 million for the six months ended June 30, 2022[5]. - The gross loss for the period was approximately HKD 0.9 million, a decline of 255.5% from a gross profit of approximately HKD 0.6 million in the same period last year, resulting in a gross loss margin of 32.7%[5]. - The total comprehensive loss for the period increased to approximately HKD 9.8 million, compared to approximately HKD 9.4 million in the same period last year[5]. - The basic and diluted loss per share for the six months ended June 30, 2022, was HKD 0.98, compared to HKD 0.94 for the same period last year[8]. - The company reported a loss attributable to owners of HKD 9,760,720 for the six months ended June 30, 2022, compared to a loss of HKD 9,395,039 in the same period of 2021, representing an increase in loss of approximately 3.9%[47]. - The overall gross loss margin increased to approximately 32.7%, down from a gross profit margin of 18.8% in the previous year[87]. Revenue Breakdown - Total revenue for the six months ended June 30, 2022, was HKD 2,688,363,000, a decrease from HKD 3,005,972,000 for the same period in 2021, representing a decline of approximately 10.6%[28]. - Revenue from electronic gaming equipment sales and distribution was HKD 612,056,000, while consulting and technical services generated HKD 1,353,883,000, contributing significantly to the overall revenue[28]. - The revenue breakdown by region shows that Macau accounted for HKD 2,512,492,000, which is approximately 93.5% of total revenue, indicating a strong reliance on this market[28]. - Revenue from electronic gaming equipment sales and distribution decreased by 68.1% to approximately HKD 612,056, compared to HKD 1,915,771 in the same period last year[78]. - Consulting and technical services revenue increased by 50.7% to HKD 1,353,883, up from HKD 898,689 year-on-year[80]. - Maintenance services revenue rose by 31.1% to approximately HKD 251,083, compared to HKD 191,512 in the previous year[83]. Cash Flow and Assets - The net cash used in operating activities for the six months ended June 30, 2022, was HKD (8,193,570), compared to HKD (7,147,651) for the same period in 2021, indicating an increase of approximately 14.6%[15]. - The total decrease in cash and cash equivalents for the six months ended June 30, 2022, was HKD (9,969,791), compared to HKD (8,512,248) in 2021, marking an increase of about 17.1%[15]. - The cash and cash equivalents at the end of the period were HKD 19,904,679, down from HKD 39,695,751 at the end of June 2021, indicating a decrease of approximately 49.9%[15]. - Current assets decreased to approximately HKD 28.88 million as of June 30, 2022, from approximately HKD 39.74 million as of December 31, 2021[11]. - The company reported a net foreign exchange loss of HKD (45,927) for the six months ended June 30, 2022[40]. - The carrying amount of inventories decreased to HKD 3,832,451 as of June 30, 2022, from HKD 4,475,020 as of December 31, 2021, reflecting a reduction of approximately 14.4%[52]. Operational Developments - The company has expanded its business into smart vending machines, which began in the second half of 2021, targeting consumers and tourists in Macau and China[18]. - The company continues to provide technical sales and distribution of electronic gaming equipment, as well as consulting services to manufacturers, indicating a focus on enhancing service offerings[19]. - The company plans to continue expanding its market presence, particularly in Macau, while exploring opportunities in South Korea and China[28]. - The group aims to diversify its business scope and seek ways to minimize costs and expenses in response to the ongoing impact of the pandemic on its clients' operations[75]. - The group is actively exploring ways to restructure its electronic gaming equipment business to prepare for future challenges posed by the ongoing uncertainty of the COVID-19 pandemic[75]. Governance and Compliance - The financial statements are prepared in accordance with International Financial Reporting Standards, ensuring compliance and transparency in financial reporting[20]. - The company has complied with all applicable provisions of the Corporate Governance Code during this period[116]. - The audit committee has reviewed the unaudited condensed consolidated financial statements for the period and believes they comply with applicable accounting standards and legal requirements[127]. - The audit committee consists of three independent non-executive directors, with Mr. Cai Guowei serving as the chairman[127]. Shareholder Information - The company did not declare an interim dividend for the period, consistent with the previous year[6]. - The total beneficial ownership of Mr. Xu, Mr. Wu, and Mr. Chen combined is approximately 73.37% of the total issued shares[109]. - The company has not reported any other individuals or entities holding 5% or more of the shares as of June 30, 2022[112]. - No share options were granted under the share option scheme during the six months ended June 30, 2022, consistent with the previous year[62].

Revenue Performance - For the three months ended March 31, 2022, the company's revenue was approximately HKD 1.3 million, a decrease of about 34.5% compared to approximately HKD 2.0 million for the same period in 2021[6]. - Total revenue for Q1 2022 was HKD 1,320,405, a decrease of 34.5% compared to HKD 2,015,658 in Q1 2021[16]. - Revenue from electronic gaming equipment sales and distribution decreased by approximately 72.4%, while revenue from consulting and technical services and maintenance services increased by 61.9% and 150.5%, respectively[6]. - Revenue from electronic gaming equipment business decreased by 41.5% to HKD 1,174,559, while consulting and technical services increased by 61.9% to HKD 603,974[16][29]. - Revenue from electronic gaming equipment technical sales and distribution was HKD 438,374, down from HKD 1,589,884, reflecting a significant decline[38]. Financial Losses - The total comprehensive loss for the period was approximately HKD 4.3 million, a decrease of about 1.8% compared to a loss of approximately HKD 4.3 million for the same period in 2021[6]. - The company reported a net loss of HKD 4,265,244 for Q1 2022, slightly improved from a loss of HKD 4,341,636 in Q1 2021[24]. - The company recorded a net loss attributable to shareholders of approximately HKD 4.3 million, consistent with the loss from the same period last year[43]. Operating Expenses - Operating expenses for the period were HKD 3,986,745, a decrease from HKD 4,717,323 in the same period last year[7]. - Operating expenses decreased from HKD 4.7 million to HKD 4.0 million, indicating cost management efforts[41]. - Total employee costs for Q1 2022 were HKD 3,159,224, an increase from HKD 3,003,268 in Q1 2021[22]. - The total employee cost for the period was approximately HKD 3.2 million, an increase from HKD 3.0 million in the previous year, reflecting a rise in workforce[50]. Dividend Policy - The board of directors resolved not to declare any dividends for the period, consistent with the same period in the previous year[6]. - The company did not declare any dividends for the period, consistent with the previous year[25]. - The board has resolved not to declare any dividends for the period, consistent with the previous period[58]. Market Conditions - The decline in new orders was attributed to the impact of COVID-19 on major clients, specifically casino operators in Macau[6]. - The electronic gaming equipment sales and distribution revenue decreased by 72.4% due to the impact of COVID-19, while repair services revenue increased by 150.5%[29]. Strategic Initiatives - The company established a wholly-owned subsidiary named "Pioneer Metaverse Limited" to engage in metaverse-related businesses, indicating a strategic expansion into digital opportunities[36]. - The company is focused on expanding its smart vending machine operations to capture local consumer demand in Macau and the Greater Bay Area[30]. - The company is optimistic about promoting smart vending machines in the Macau SAR and the Greater Bay Area, anticipating growth in digital consumption models[36]. - As of March 31, 2022, the company installed 44 vending machines in Macau and three coffee vending machines in Zhuhai, Greater Bay Area[32]. Shareholder Information - As of March 31, 2022, major shareholders include Mr. Xu with 293,409,680 shares (29.34%), Mr. Wu with 288,719,680 shares (28.87%), and Mr. Chen with 151,580,640 shares (15.16%)[60]. - The combined shareholding of Mr. Xu, Mr. Wu, and Mr. Chen amounts to 733,710,000 shares, representing approximately 73.37% of the total issued shares[61]. Compliance and Governance - The company has complied with all applicable provisions of the Corporate Governance Code during the period[67]. - The audit committee has reviewed the unaudited condensed consolidated financial statements and believes they comply with applicable accounting standards and legal requirements[73]. - No significant events requiring disclosure occurred between March 31, 2022, and the report date[69]. Asset Management - As of March 31, 2022, the company's current assets net value was approximately HKD 26.2 million, down from HKD 30.6 million as of December 31, 2021[45]. - The company had no significant investments or acquisitions during the period, maintaining a conservative approach to capital allocation[47]. Foreign Exchange Impact - The company incurred a net foreign exchange loss of HKD 33,213, compared to a loss of HKD 24,532 in the previous year[19]. - The group reported a net foreign exchange loss of HKD 33,213 due to unfavorable fluctuations in the USD/HKD exchange rate affecting its HKD liabilities[57].

Financial Performance - For the fiscal year 2021, the revenue from the electronic gaming equipment business decreased by approximately 81.1% to about HKD 7.6 million from approximately HKD 40.5 million in the fiscal year 2020[12]. - The revenue from technical sales and distribution for electronic gaming equipment dropped by about 86.4%, while consulting and technical service revenue decreased by approximately 27.2%[12]. - The overall gross profit fell by approximately 93.2% to about HKD 0.9 million compared to approximately HKD 12.5 million in the previous fiscal year[12]. - The company recorded a loss of approximately HKD 23.1 million for the fiscal year 2021, compared to a loss of about HKD 32.0 million in the fiscal year 2020[12]. - The total revenue of the electronic gaming equipment business for the fiscal year was approximately HKD 7.5 million, a decrease of about 81.5% compared to approximately HKD 40.5 million in the previous fiscal year[21]. - The technical sales and distribution revenue for electronic gaming equipment was approximately HKD 5.0 million, down approximately 86.4% from about HKD 36.9 million in the previous fiscal year[21]. - The consulting and technical services revenue was approximately HKD 1.8 million, a decrease of about 27.2% from approximately HKD 2.5 million in the previous fiscal year[21]. - The overall gross profit for the electronic gaming equipment business was approximately HKD 0.9 million, with a gross margin of about 12.3%, compared to a gross profit of approximately HKD 12.5 million and a gross margin of about 31.0% in the previous fiscal year[21]. - The net loss after tax for the fiscal year 2021 was approximately HKD 23.1 million, an improvement from a net loss of approximately HKD 32.0 million in 2020[40]. - Operating expenses decreased by approximately 10.3% to about HKD 18.7 million in 2021 from approximately HKD 20.8 million in 2020[39]. Smart Vending Machine Business - The smart vending machine business generated revenue of HKD 0.15 million during its initial trial phase, with 40 machines installed in Macau and 2 in Zhuhai[12]. - The smart vending machine business commenced operations in the second half of the fiscal year 2021, targeting local consumers and tourists in Macau and the Greater Bay Area[25]. - The company has customized vending machines for various local products, including a collaboration with a well-known brand for a dedicated vending machine[25]. - The company has installed various electronic payment systems in its vending machines, including WeChat Pay and Alipay, to enhance consumer convenience[25]. - The smart vending machine business generated revenue of HKD 0.15 million, with a gross loss of HKD 0.74 million, resulting in a gross loss margin of 50.8%[161]. - The company is optimistic about the growth of its smart vending machine business in Macau and the Greater Bay Area, anticipating positive profit contributions in the coming years[35]. Market Opportunities and Strategies - The company aims to strengthen its position in the growing consumer market of the Greater Bay Area through its dual business model of electronic gaming equipment and smart vending machines[11]. - The company is exploring a digital opportunity through a project named "Macaoverse," aimed at creating a virtual Macau experience for tourists and players[16]. - The company plans to share more details about the "Macaoverse" project in the first quarter of 2022[16]. - The management remains optimistic about the recovery of the mass gaming market in Macau once the pandemic subsides, positioning the electronic gaming equipment business to benefit from this recovery[20]. - The company plans to focus on operations in Macau and selectively sell electronic gaming equipment to Southeast Asian countries[31]. - The company believes that the demand for electronic gaming equipment will remain strong due to increased automation and social distancing measures in casinos[32]. - The company is conducting research and testing on a project called "Macaoverse" aimed at creating a Macau metaverse for tourists and players, with results expected to be announced in Q1 2022[45]. Corporate Governance - The management team emphasized the importance of corporate governance, adhering to the GEM Listing Rules to ensure accountability and transparency[80]. - The board consists of six directors, with independent non-executive directors accounting for 50% of the board members[88]. - The board held four meetings during the year, including the approval of the audited consolidated financial statements for the fiscal year ending December 31, 2020[94]. - The company has adopted a board diversity policy, emphasizing the importance of diverse perspectives in board appointments[99]. - Each director participated in continuous professional development courses during the year, covering topics related to corporate governance and director responsibilities[93]. - The company ensures that all directors have access to independent professional advice at the company's expense when necessary[84]. - The board is responsible for overseeing the management of the group's business affairs and overall performance[83]. - The management is tasked with executing the business plans and strategies adopted by the board[83]. - The company has established appropriate insurance arrangements to cover directors against liabilities incurred in the performance of their duties[91]. - The independent auditor for the year was appointed as RSM Hong Kong, ensuring the integrity of financial reporting[125]. Risk Management - The CFO highlighted the importance of risk management, stating that the company has strengthened its internal controls to mitigate potential financial risks[80]. - The board believes that the risk management and internal control measures are adequate and effective[132]. - The board will review the risk management and internal control systems annually[133]. - The independent auditor has conducted an annual review of the adequacy and effectiveness of the risk management and internal control systems[132]. - The company has adopted various internal guidelines and written policies to monitor and mitigate risks associated with its business[129]. - The company secretary has participated in over 15 hours of relevant continuing professional development training during the year[136]. - The company has established procedures for handling and disclosing inside information in compliance with the GEM Listing Rules[134]. - The board is responsible for assessing the nature and extent of risks the company is willing to take to achieve its strategic objectives[129]. - The company will consider hiring internal control consultants to review the internal control system annually[129]. Share Options and Dividends - The board has adopted a share option scheme but has not implemented it during the fiscal year 2021 and does not recommend the distribution of dividends for the year[13]. - No share options have been granted or issued as of the report date, and there are no unexercised options as of December 31, 2021[200]. - The company has a stock option plan aimed at rewarding participants for their contributions, with the board having discretion over the terms of the options granted[196]. - The company has adopted a dividend policy to allow shareholders to share in the profits while reserving sufficient reserves for future development[100]. - The board of directors considers various factors when determining dividend declarations, including the company's strategy, business cycle, operational performance, and financial condition[100]. - No dividends were declared for the fiscal year, consistent with the previous fiscal year[163]. - The board has resolved not to recommend any final dividend for the fiscal year[164]. Employee and Operational Insights - As of December 31, 2021, the group had a total of 44 employees, an increase from 40 employees in 2020, with employee costs approximately HKD 13.5 million, unchanged from 2020[47]. - The group reported a net foreign exchange loss of HKD 96,103 for the fiscal year 2021, up from HKD 4,461 in the fiscal year 2020, attributed to unfavorable exchange rate fluctuations of USD against HKD[54]. - The company has no debt as of December 31, 2021, and its current assets net value was approximately HKD 30.6 million[41]. - The company has no significant contingent liabilities as of December 31, 2021, and December 31, 2020[46]. - The company has no mortgages on its assets as of December 31, 2021, and December 31, 2020[49]. - The company reported no interest expenses related to capital expenditures for the fiscal year, consistent with the previous fiscal year[178]. - The company has confirmed the independence of all independent non-executive directors in accordance with the GEM Listing Rules[188]. - The company has a competitive compensation policy to attract and retain outstanding employees, with regular reviews of remuneration packages[191].

Financial Performance - For the nine months ended September 30, 2021, the group's revenue was approximately HKD 5.5 million, a decrease of about 85.8% compared to approximately HKD 39.1 million for the same period in 2020[6] - Revenue from electronic gaming equipment sales and distribution decreased by approximately 89.4% to about HKD 3.8 million from approximately HKD 36.1 million in the same period last year[6] - The group recorded a total comprehensive loss of approximately HKD 13.0 million, a decrease of 44.7% compared to a loss of approximately HKD 23.5 million in the same period last year[6] - The gross profit for the nine months ended September 30, 2021, was HKD 603,132, down from HKD 12.97 million in the same period of 2020[7] - Operating expenses for the period were HKD 13.5 million, compared to HKD 14.6 million in the same period last year[7] - The basic loss per share for the period was HKD 0.01, compared to HKD 0.02 for the same period in 2020[7] - Total revenue for the nine months ended September 30, 2021, was HKD 5,548,387, a decrease of 85.8% compared to HKD 39,139,851 for the same period in 2020[34] - Revenue from electronic gaming equipment sales and distribution was HKD 3,845,831, down 89.4% from HKD 36,139,432 year-on-year[34] - Gross profit for the nine months ended September 30, 2021, was HKD 603,132, with a gross margin of 10.9%, down from 33.1% in the same period last year[36][38] - The company reported a loss attributable to shareholders of HKD 13,006,806 for the nine months ended September 30, 2021, compared to a loss of HKD 23,499,372 in the same period last year[24] - The company recorded an unaudited loss attributable to shareholders of approximately HKD 13,000,000 for the period, compared to HKD 23,500,000 in the same period last year[43] Dividend Policy - The board of directors decided not to declare any dividends for the period, consistent with the previous year[6] - The company did not declare any dividends for the period[25] - The board decided not to declare any dividends for the period, consistent with the previous year[57] Revenue Breakdown - Revenue from the technical sales and distribution segment decreased by approximately 89.4%[33] - Revenue from the consulting and technical services segment decreased by approximately 32.2%[33] - Revenue from the maintenance services segment decreased by approximately 65.3%[33] - 79% of the company's revenue came from customers in the Macau SAR, while 21% came from outside the region[17] Corporate Governance - The financial statements were prepared in accordance with International Financial Reporting Standards and the GEM Listing Rules, ensuring compliance and transparency[13] - The company has complied with all applicable corporate governance codes during the reporting period[68] - The audit committee has reviewed the unaudited consolidated financial statements and confirmed compliance with applicable accounting standards[74] - The company has maintained a stable governance structure with three independent non-executive directors on the audit committee[71] Shareholder Information - As of September 30, 2021, the company's executives collectively own 733,710,000 shares, representing 73.37% of the total issued shares[60] - The total number of issued shares as of September 30, 2021, is 1,000,000,000[65] - The executives have been acquiring shares consistently, with ownership increasing from 72.51% to 73.37% over the reporting period[65] - No other individuals or entities outside of the board and executives hold 5% or more of the company's shares as of September 30, 2021[64] - The executives are bound by a concerted action agreement, ensuring coordinated actions in share ownership[65] Current Assets and Liabilities - As of September 30, 2021, the company's net current assets were approximately HKD 40,100,000, down from HKD 53,500,000 as of December 31, 2020[44] - The company had no bank borrowings or overdrafts as of September 30, 2021, and maintained a stable capital structure[44] Business Initiatives - The company has installed 16 smart vending machines in the Macau SAR and plans to expand this initiative[30] - The smart vending machine business aims to cater to tourists and mobile consumers, leveraging the company's experience in maintenance and software integration[29] - The company is implementing a diversification strategy through its subsidiary, focusing on the growing smart vending market[29] Other Financial Information - There were no significant investments or acquisitions made during the period[47] - The company reported a foreign exchange loss of HKD 59,265 during the period, compared to a foreign exchange gain of HKD 21,692 in the same period last year[56] - The company did not repurchase any of its listed securities during the reporting period[69] - There have been no significant events or disclosures required after the reporting period up to the report date[70]

Financial Performance - The group's revenue decreased by 74.6% from approximately HKD 11.8 million in the same period last year to approximately HKD 3.0 million for the six months ended June 30, 2021[6]. - Gross profit fell by 94.2%, from approximately HKD 3.3 million to approximately HKD 0.2 million, with a gross margin decline from 28.1% to 6.5%[6]. - The total comprehensive loss for the period was approximately HKD 9.4 million, a reduction from approximately HKD 29.0 million in the same period last year[6]. - The company reported a pre-tax loss of approximately HKD 9.4 million for the six months ended June 30, 2021, compared to a pre-tax loss of approximately HKD 28.9 million in the same period last year[14]. - The company reported a net loss of HKD 9,395,039 for the six months ended June 30, 2021, compared to a net loss of HKD 28,954,269 for the same period in 2020, indicating an improvement in performance[19]. - The company has incurred a total comprehensive loss of HKD 9,395,039 for the first half of 2021, reflecting ongoing challenges in the market[19]. - The company recorded a net loss attributable to shareholders of approximately HKD 9.4 million, a decrease from a net loss of about HKD 29.0 million in the same period last year[96]. Revenue Breakdown - Customer contract revenue for the six months ended June 30, 2021, was approximately HKD 3.0 million, compared to HKD 11.8 million in the same period last year[14]. - Total revenue for the six months ended June 30, 2021, was HKD 3,005,972, a decrease from HKD 11,835,848 for the same period in 2020, representing a decline of approximately 74.6%[31]. - Revenue from electronic gaming equipment sales was HKD 1,915,771, with the breakdown including HKD 1,391,174 from electronic gaming tables and HKD 524,597 from spare parts[31]. - Consulting and technical services generated revenue of HKD 898,689, with HKD 490,071 from consulting services and HKD 408,618 from technical support[31]. - Maintenance services contributed HKD 191,512 to total revenue, indicating a focus on service offerings alongside equipment sales[31]. - The Macau market accounted for HKD 2,877,488 of total revenue, highlighting its significance as the primary revenue source[31]. - Revenue recognized at a point in time was HKD 2,108,483, while revenue recognized over time was HKD 897,489, indicating a diverse revenue recognition strategy[31]. Operational Costs and Expenses - Operating expenses decreased by 9.1% to approximately HKD 9.5 million, down from approximately HKD 10.5 million in the same period last year[6]. - The company incurred total employee costs of HKD 6,244,570 for the six months ended June 30, 2021, compared to HKD 6,585,537 in the same period of 2020[41]. - The depreciation expense for property and equipment was HKD 727,892 for the six months ended June 30, 2021, down from HKD 935,575 in the same period of 2020[41]. - Operating cash flow for the six months ended June 30, 2021, was a net cash outflow of HKD 7,147,651, compared to a net cash inflow of HKD 3,832,298 in 2020[22]. Assets and Liabilities - As of June 30, 2021, total assets decreased to HKD 51,444,695 from HKD 63,177,641 in 2020, representing a decline of approximately 18.6%[17]. - The company's non-current assets totaled HKD 3,179,075 as of June 30, 2021, down from HKD 3,556,659 in 2020, a decrease of about 10.6%[17]. - The company’s total equity as of June 30, 2021, was HKD 46,691,878, down from HKD 56,086,917 in 2020, representing a decrease of about 16.7%[19]. - The company’s total liabilities decreased to HKD 7,368,522 from HKD 9,635,774, a reduction of approximately 23.5%[17]. - Cash and cash equivalents decreased to HKD 39,695,751 from HKD 52,102,819 year-over-year, reflecting a reduction of approximately 23.7%[22]. Market and Strategic Focus - The company plans to continue focusing on the procurement and distribution of electronic gaming equipment and related services, aiming for market expansion in the gaming sector[24]. - The company is exploring opportunities to provide equipment and services to integrated resorts in Macau, targeting a market of 39 million tourists and 700,000 local consumers[99]. - The company has renamed its inactive subsidiary to focus on operating smart vending machines targeting tourists and customers in Macau and the Greater Bay Area[73]. - The company is establishing a wholly foreign-owned enterprise in China to expand its business into the Greater Bay Area, targeting a consumer base of 70 million[99]. Compliance and Governance - The company has adopted the corporate governance code and has complied with all applicable provisions during the reporting period[127]. - The audit committee consists of three independent non-executive directors and has reviewed the unaudited financial statements for the period[139]. - The company has confirmed compliance with the trading standards for securities transactions by all directors during the reporting period[128]. Dividend and Share Capital - The company did not declare an interim dividend for the period, consistent with the previous year[7]. - As of June 30, 2021, the company's issued share capital remained at 1,000,000,000 shares with a par value of HKD 0.01 per share[65]. - The company has not granted any options under the share option scheme as of June 30, 2021[63]. - No stock options have been granted or exercised during the reporting period, and there are no outstanding stock options as of June 30, 2021[135].

Financial Performance - For the three months ended March 31, 2021, the group's revenue was approximately HKD 2.0 million, a decrease of about 15.3% compared to approximately HKD 2.4 million for the same period in 2020[8]. - The group recorded a total comprehensive loss of approximately HKD 4.3 million for the period, an increase of about 6.3% from a loss of approximately HKD 4.1 million in the same period last year[8]. - Revenue from consulting and technical services decreased by approximately 57.6%, while revenue from maintenance services decreased by approximately 89.3% compared to the same period last year[8]. - Revenue from the electronic gaming equipment segment's technical sales and distribution increased by 57.9% compared to the same period last year[8]. - The company's total revenue for Q1 2021 was approximately HKD 2,015,658, a decrease of 15.3% compared to HKD 2,380,381 in Q1 2020[18]. - Revenue from the technical sales and distribution of electronic gaming equipment increased by 57.9% to HKD 1,589,884, compared to HKD 1,007,107 in the same period last year[36]. - Revenue from consulting and technical services decreased by 57.6% to HKD 372,995, down from HKD 879,825 in Q1 2020[36]. - Revenue from maintenance services saw a significant decline of 89.3%, falling to HKD 52,779 from HKD 493,449 in the previous year[36]. - The company reported a net loss attributable to shareholders of HKD 4,341,636 for Q1 2021, compared to a loss of HKD 4,086,313 in Q1 2020[26]. - The group's gross profit for the period was HKD 415,420, down from HKD 683,160 in the same period last year[9]. - Gross profit for the three months ended March 31, 2021, was HKD 415,420, with a gross margin of 20.6%, down from a gross margin of 28.7% in the same period of 2020[39][42]. - The company reported a loss per share of HKD 0.004, unchanged from the same period last year[9]. Operating Expenses - Operating expenses for the period were HKD 4.7 million, a decrease from HKD 5.4 million in the same period last year[9]. - The total employee costs for the period were HKD 3,003,268, down from HKD 3,512,362 in the same period last year[24]. - Operating expenses decreased from HKD 5.4 million in the same period last year to HKD 4.7 million[40]. Dividends and Shareholder Information - The board of directors resolved not to declare any dividends for the period, consistent with the same period last year[8]. - The company did not declare any dividends for the period, consistent with the previous year[27]. - As of March 31, 2021, the beneficial ownership of shares by directors and senior management is 729,610,000 shares, representing 72.96% of the issued shares[60]. - APE HAT Holdings Limited underwent a restructuring on January 14, 2020, transferring shares to key executives, resulting in a combined ownership of 725,100,000 shares, which accounted for 72.51% of the total issued shares[60]. - The total number of issued shares as of March 31, 2021, is 1,000,000,000 shares[66]. - No other individuals or entities outside of directors or senior management were reported to hold 5% or more of the shares as of March 31, 2021[65]. Market Conditions and Future Outlook - The impact of COVID-19 on major clients, particularly casino operators in Macau, led to a slowdown in new orders[8]. - The management remains cautiously optimistic about the recovery of the gaming market, anticipating a revival in 2021 due to potential travel arrangements between Hong Kong and Macau[32]. - The company continues to focus on the electronic gaming equipment market and aims to enhance its service offerings in the future[14]. - The company plans to launch a smart vending solution in Q2 2021, expanding its business beyond gaming equipment[31]. - Management is actively reviewing multiple business plans to expand into non-gaming related revenue sources, focusing on opportunities in Macau and the Greater Bay Area[32]. Governance and Compliance - The audit committee has reviewed the unaudited condensed consolidated financial statements and believes they comply with applicable accounting standards and legal requirements[75]. - The company has adhered to the principles of the Corporate Governance Code and has applied all applicable code provisions during the reporting period[69]. - The company’s governance structure includes an audit committee composed entirely of independent non-executive directors[72]. - The beneficial ownership structure indicates a strong control by the executive team, with each of the three key executives holding significant shares[63]. Cash Management and Assets - As of March 31, 2021, the company's current assets net value was approximately HKD 49.4 million, down from HKD 53.5 million as of December 31, 2020[45]. - The company has maintained a prudent cash management policy, with all cash held in licensed financial institutions in Hong Kong and Macau[54]. - As of March 31, 2021, the company had no capital commitments, and no assets were pledged[52][53]. - The company had no significant investments or acquisitions during the period[47]. - There were no significant events that required disclosure from March 31, 2021, to the report date[71]. - The company has not repurchased any of its listed securities during the reporting period[70].

Financial Performance - The company's revenue for the fiscal year 2020 decreased by approximately 51% to about HKD 40.5 million from approximately HKD 82.0 million in 2019[14]. - The gross profit fell by about 63% to approximately HKD 10.5 million compared to approximately HKD 28.6 million in the previous year[14]. - The net loss after tax for the fiscal year 2020 was approximately HKD 32.0 million, a significant increase from a net loss of about HKD 3.0 million in 2019[14]. - The total revenue for the fiscal year was approximately HKD 40.5 million, a decrease of about 51% compared to approximately HKD 82.0 million for the fiscal year ended December 31, 2019[30]. - The net loss after tax for the fiscal year was approximately HKD 32.0 million, compared to a net loss of approximately HKD 3.0 million for the fiscal year 2019[30]. - Revenue from technical sales and distribution of electronic gaming equipment was approximately HKD 36.9 million, down about 51% from approximately HKD 75.0 million in the previous fiscal year[30]. - Revenue from consulting and technical services was approximately HKD 2.5 million, a decrease of about 42% from approximately HKD 4.3 million in the previous fiscal year[30]. - Revenue from maintenance services was approximately HKD 1.1 million, down about 61% from approximately HKD 2.7 million in the previous fiscal year[30]. - The overall gross profit for the fiscal year was approximately HKD 10.5 million, with a gross margin of about 26.0%, compared to a gross profit of approximately HKD 28.6 million and a gross margin of about 34.8% in the previous fiscal year[30]. - Operating expenses were reduced by approximately 37.1% to about HKD 20.8 million in 2020, compared to about HKD 33.0 million in 2019, primarily due to voluntary salary reductions and a 56% decrease in professional fees[58]. - The net loss after tax for the fiscal year 2020 was approximately HKD 32.0 million, compared to a net loss of about HKD 3.0 million in 2019, largely due to a one-time impairment of approximately HKD 22.9 million and a decline in electronic gaming equipment sales[59]. Business Strategy and Future Outlook - The company is optimistic about the vaccination program and believes that business activities can return to pre-pandemic levels in 2021[18]. - The company is actively exploring new business opportunities that align with its core electronic gaming equipment business[18]. - The company decided not to pursue further development of Asia Pioneer Sports Entertainment Limited announced on June 24, 2020, due to the ongoing impact of COVID-19 on travel and entertainment activities[18]. - The company plans to launch a smart vending machine business targeting tourists and local residents in Macau, with initial offerings including soft drinks and snacks, and aims to test the machines in the first half of 2021[47]. - The company is optimistic about the future demand for electronic gaming equipment, anticipating a recovery in core business operations within 2 to 3 years[52]. - The company is currently in discussions to operate an arcade gaming area within a major shopping center in Macau, which will feature electronic games and skill-based games[52]. - The company has ordered 15 smart vending machines for trial and testing in Macau, aiming to launch the smart vending business in the first half of 2021[19]. - The company has signed agreements with local suppliers for the smart vending machine initiative and is currently scouting locations in Macau for deployment[47]. Cash Management and Financial Position - The cash and cash equivalents increased by approximately 11% to about HKD 48.2 million as of December 31, 2020, from approximately HKD 43.6 million as of December 31, 2019[20]. - The company has no debt or borrowings as of December 31, 2020[20]. - The company achieved a reduction of about 37% in operating expenses through cost-cutting measures, resulting in a healthy cash position with no debt as of the report date[49]. - The total assets as of December 31, 2020, were approximately HKD 66.7 million, down from approximately HKD 112.2 million in 2019[54]. - The group maintained a prudent cash management policy, ensuring cash reserves are held in licensed financial institutions in Hong Kong and Macau as of December 31, 2020[70]. Governance and Compliance - The company has adopted and complied with all applicable provisions of the Corporate Governance Code as per the GEM Listing Rules during the year ended December 31, 2020[105]. - The board of directors is responsible for overseeing the management of the group's business affairs and overall performance[107]. - The board consists of six directors, with independent non-executive directors making up 50% of the board members[112]. - The company has established four committees under the Board: Audit Committee, Nomination Committee, Remuneration Committee, and Risk Management Committee, to oversee specific areas of governance[128]. - The Audit Committee consists of all independent non-executive directors, ensuring independence and objectivity in the audit process[130]. - The company has adopted a nomination policy that outlines the standards and procedures for appointing or reappointing candidates as directors, ensuring a diverse and qualified Board[138]. - The company has made appropriate insurance arrangements to protect directors against liabilities incurred in the performance of their duties[115]. - The independent non-executive directors have confirmed their independence in accordance with the GEM Listing Rules[113]. - The company encourages all directors to participate in relevant training courses, with costs covered by the company[118]. - The board has implemented a diversity policy, ensuring a mix of skills, experience, and perspectives among its members[124]. Market Conditions and Industry Impact - Macau's total gaming revenue for the fiscal year 2020 decreased by 79.3% to MOP 60.44 billion (USD 7.56 billion) from MOP 292.46 billion (USD 36.6 billion) in 2019, marking the lowest revenue in 14 years[35]. - The number of visitors to Macau dropped by 85% from 39.4 million in 2019 to 5.9 million in 2020 due to the COVID-19 pandemic[37]. - Most clients experienced revenue declines of up to 50% and reported losses during the fiscal year 2020[38]. - The company estimates that up to 15% of 2020 orders from long-term clients were delayed due to the COVID-19 pandemic, with an additional 12% of orders canceled[45]. - The company believes that the gaming industry will recover rapidly in 2022 as most affected countries introduce government-supported vaccination programs[45]. Employee and Operational Management - The company has maintained a consistent employee count of 40, with total employee costs decreasing to approximately HKD 13.5 million in 2020 from about HKD 18.3 million in 2019[67]. - The company received a government cash subsidy of MOP 200,000 and implemented voluntary salary reductions and unpaid leave policies, reducing employee costs by approximately 15%[44].