[Company Information](index=4&type=section&id=Company%20Information) [Details of Company Information](index=4&type=section&id=Details%20of%20Company%20Information) This section lists key corporate information for Dowway Holdings Limited, including board members, principal places of business, share registrar, legal advisors, principal bankers, and company website - Executive Directors include Mr. Huang Xiaodi (Chairman and Chief Executive Officer), Mr. Ma Yong, and Mr. Run Jinghui[6](index=6&type=chunk) - Independent Non-Executive Directors are Ms. Xu Shuang, Mr. Gao Hongqi, and Mr. Yu Lianghui[6](index=6&type=chunk) - The Company has principal places of business in Central, Hong Kong, and Beijing, China[6](index=6&type=chunk) - The Company's website is http://www.dowway-exh.com[6](index=6&type=chunk) [Chairman's Statement](index=5&type=section&id=Chairman's%20Statement) [Overview of Chairman's Statement](index=5&type=section&id=Overview%20of%20Chairman's%20Statement) The Chairman reports on the Group's unaudited first-quarter results for the three months ended March 31, 2021, highlighting significant revenue growth and a return to positive gross profit despite a net loss - The Group, as a comprehensive exhibition and event management service provider in China, primarily serves internationally renowned automotive brands across over 50 cities nationwide[8](index=8&type=chunk) - In Q1 2021, the Group managed and coordinated 23 exhibition and event projects, 1 showroom project, and 1 advertising project, with 10 completed[12](index=12&type=chunk) Key Financial Performance for Q1 2021 | Indicator | Amount (RMB million) | | :--- | :--- | | Revenue | 22.08 | | Year-on-year increase | 10.51 | | Year-on-year growth rate | 90.84% | | Gross profit | 0.76 | | Year-on-year increase | 1.40 | | Loss attributable to owners of the Company | 2.83 | - Looking ahead, the Group will adhere to a "customer-centric" principle, deepen core customer needs, expand into advertising and other exhibition promotion businesses, and enhance audio-visual and technology equipment to strengthen online service capabilities[13](index=13&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Market Review](index=7&type=section&id=Market%20Review) This section reviews the global economic contraction in 2020 due to COVID-19, China's recovery, and the exhibition industry's shift towards high-quality development - In 2020, global GDP contracted by **4.4%**, but China's GDP grew by **2.3%** to **RMB 101.6 trillion**[16](index=16&type=chunk) - In Q1 2021, China's GDP grew by **18.3%** year-on-year, with steady recovery in the service sector and a rebound in the exhibition industry's business activity index[17](index=17&type=chunk)[12](index=12&type=chunk) - The Board believes that the foundation for domestic economic recovery will be further consolidated in Q2 2021, leading to a brighter economic outlook[17](index=17&type=chunk) [Business Review](index=7&type=section&id=Business%20Review) The Group, a comprehensive exhibition and event management service provider in China, offers one-stop services primarily to the automotive industry, with revenue growing significantly - The Group provides comprehensive exhibition and event management services, including design, planning, coordination, and management, covering themes, venue design, procurement, project management, and on-site supervision[18](index=18&type=chunk) - Key clients are internationally renowned automotive companies, while also undertaking non-automotive related exhibition and event projects[18](index=18&type=chunk) - During the period, 9 exhibition and event projects and 1 showroom project were completed, with total revenue increasing by approximately **90.85%** year-on-year to approximately **RMB 22.08 million**[20](index=20&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) This section details the Group's Q1 2021 financial performance, showing significant revenue growth driven by exhibition recovery and advertising, but increased expenses led to an expanded loss - Revenue increased by approximately **90.85%** or approximately **RMB 10.51 million** year-on-year to approximately **RMB 22.08 million**, primarily due to steady economic growth in China, exhibition industry recovery, and sustained growth in advertising business[22](index=22&type=chunk) Revenue Breakdown for Q1 2021 | Revenue Source | Q1 2021 (RMB thousand) | Percentage | Q1 2020 (RMB thousand) | Percentage | | :--- | :--- | :--- | :--- | :--- | | Automotive-related exhibition and event services | 7,069 | 32.01% | 6,568 | 56.77% | | Non-automotive related exhibition and event services | 1,850 | 8.38% | 1,017 | 8.79% | | Showroom-related services | 2,242 | 10.15% | 3,985 | 34.44% | | Advertising-related services | 10,920 | 49.46% | - | - | | **Total** | **22,081** | **100%** | **11,570** | **100%** | - Cost of services increased by **74.63%** year-on-year to approximately **RMB 21.32 million**, mainly due to increased market demand and sales revenue driven by the exhibition industry's recovery[28](index=28&type=chunk) - The Group recorded a gross profit of approximately **RMB 0.76 million** for the period, a significant improvement from a gross loss of **RMB 0.64 million** in the same period last year, primarily due to revenue growth[28](index=28&type=chunk) - Selling expenses increased by **61.98%** year-on-year to approximately **RMB 1.21 million**, and administrative expenses increased by **16.24%** year-on-year to approximately **RMB 2.41 million**[29](index=29&type=chunk)[30](index=30&type=chunk) - The loss for the period expanded to approximately **RMB 2.83 million**, compared to a loss of **RMB 2.51 million** in the same period last year, mainly due to the combined effect of increased selling expenses and decreased other income[37](index=37&type=chunk) [Liquidity and Financial Resources](index=10&type=section&id=Liquidity%20and%20Financial%20Resources) This section analyzes the Group's liquidity and financial resources, noting a decrease in cash, net cash outflow from operations, increased bank borrowings, and a 16.79% gearing ratio Selected Cash Flow Data for Q1 2021 | Indicator | Q1 2021 (RMB thousand) | Q1 2020 (RMB thousand) | | :--- | :--- | :--- | | Net cash (used in)/generated from operating activities | (7,574) | 14,745 | | Net cash (used in)/generated from investing activities | (88) | 13 | | Net cash used in financing activities | (87) | (25) | | Net (decrease)/increase in cash and cash equivalents | (7,749) | 14,703 | | Cash and cash equivalents at end of period | 7,472 | 39,889 | - As of March 31, 2021, bank borrowings were **RMB 9.00 million**, an increase from **RMB 5.00 million** as of March 31, 2020[43](index=43&type=chunk) Gearing Ratio | Indicator | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Total interest-bearing borrowings (RMB thousand) | 9,000 | 9,000 | | Total equity (RMB thousand) | 53,591 | 56,419 | | Gearing ratio | 16.79% | 15.95% | - The Board does not recommend the payment of any dividend for the period[47](index=47&type=chunk) [Key Risks and Uncertainties](index=11&type=section&id=Key%20Risks%20and%20Uncertainties) The Group faces risks including intense competition, high reliance on the automotive sector, customer base expansion challenges, cost fluctuations, cash flow issues, supplier quality, and ongoing pandemic impacts - The entry barrier for China's exhibition services industry is relatively low, leading to intense competition[48](index=48&type=chunk) - The Group's business is highly dependent on providing exhibition and event management services to the automotive industry, and there is no guarantee of successfully expanding its customer base[49](index=49&type=chunk)[50](index=50&type=chunk) - Service costs may fluctuate and cannot be passed on to customers, and the Group may face cash flow problems if customer payments are not collected on time[53](index=53&type=chunk)[54](index=54&type=chunk) - The Group relies on suppliers for construction services, equipment leasing, and logistics transportation services, and may bear consequences due to unqualified supplier services[56](index=56&type=chunk) - Global pandemic control remains challenging and risky, potentially continuing to affect the normal recovery of China's exhibition industry, with a significant adverse impact on the Group's business, financial condition, and operating results[57](index=57&type=chunk) - Rising remuneration for employees hired by suppliers and increasing average consumer prices may lead to higher total costs for suppliers providing exhibition and event-related services[58](index=58&type=chunk) [Future Plans for Material Investments, Acquisitions, and Capital Assets](index=12&type=section&id=Future%20Plans%20for%20Material%20Investments,%20Acquisitions,%20and%20Capital%20Assets) The Group has no future plans for material investments, acquisitions, or capital assets beyond those already disclosed for the period - The Group had no other plans involving material investments, material acquisitions, and capital assets during the period[59](index=59&type=chunk) [Commitments](index=12&type=section&id=Commitments) As of March 31, 2021, the Group had minimum lease payments of RMB 1,637,000 under non-cancellable operating leases for offices, not yet recognized as liabilities - As of March 31, 2021, minimum lease payments under non-cancellable operating leases for offices, not yet recognized as payables in the financial statements, amounted to **RMB 1,637,000**[60](index=60&type=chunk) [Material Acquisitions and Disposals of Subsidiaries and Associated Companies](index=12&type=section&id=Material%20Acquisitions%20and%20Disposals%20of%20Subsidiaries%20and%20Associated%20Companies) The Group had no material acquisitions or disposals of subsidiaries and associated companies during the period - The Group had no material acquisitions or disposals of subsidiaries and associated companies during the period[61](index=61&type=chunk) [Contingent Liabilities](index=13&type=section&id=Contingent%20Liabilities) As of March 31, 2021, the Group had no material contingent liabilities - As of March 31, 2021, the Group had no material contingent liabilities[64](index=64&type=chunk) [Human Resources](index=13&type=section&id=Human%20Resources) As of March 31, 2021, the Group employed 58 staff, all based in China, with staff costs of approximately RMB 2.65 million, and maintained good labor relations - As of March 31, 2021, the Group employed a total of **58 staff**, including **6 management personnel**, all based in China[65](index=65&type=chunk) - Staff costs (including directors' emoluments) for the period were approximately **RMB 2.65 million**[65](index=65&type=chunk) - The Group has complied with all applicable social security insurance and housing provident fund contribution requirements under Chinese laws and regulations, with a total contribution of approximately **RMB 0.57 million** for the period[65](index=65&type=chunk) - The Group provides various training opportunities for employees and maintains good working relationships, with no significant labor disputes occurring during the period[65](index=65&type=chunk) [Foreign Exchange Risk](index=13&type=section&id=Foreign%20Exchange%20Risk) The Group faces no significant foreign exchange risk as its primary business transactions are conducted and settled in RMB in China - The Group's principal business transactions are conducted and settled in RMB in China, thus posing no significant foreign exchange risk[66](index=66&type=chunk) [Credit Risk](index=13&type=section&id=Credit%20Risk) Credit risk primarily arises from cash, trade, and other receivables, managed by depositing cash with reputable institutions and assessing major automotive clients' creditworthiness - Credit risk primarily arises from cash and cash equivalents, trade and other receivables, bills receivable, and contract assets[67](index=67&type=chunk) - The Group deposits local funds with reputable national financial institutions in China and overseas funds with renowned international financial institutions, believing its cash is not exposed to high credit risk[67](index=67&type=chunk) - Over **70%** of trade receivables are from well-known automotive companies, and management mitigates risk by maintaining communication with clients and assessing their creditworthiness, deeming the inherent credit risk low[69](index=69&type=chunk) - The default risk for other receivables and bills receivable is low, indicating no high credit risk[69](index=69&type=chunk)[70](index=70&type=chunk) [Liquidity Risk](index=14&type=section&id=Liquidity%20Risk) The Group regularly monitors current and anticipated liquidity needs through rolling forecasts to ensure sufficient cash reserves for short-term and long-term operational requirements - The Group regularly monitors existing and anticipated liquidity needs through rolling forecasts to ensure sufficient cash on hand to meet operational requirements[71](index=71&type=chunk) [Outlook](index=14&type=section&id=Outlook) The Group anticipates continued recovery in China's economy and the exhibition industry, planning to enhance online services, reduce third-party rental expenses, and seize business transformation opportunities - China's economy and the exhibition and event services industry are expected to gradually recover and return to normal operations[72](index=72&type=chunk) - The Group will increase online exhibitions, enhance online service capabilities by upgrading audio-visual and information technology equipment, and reduce expenses for leasing multimedia audio-visual equipment and venues from third-party suppliers[72](index=72&type=chunk) - The Group will actively address challenges under force majeure, firmly grasp new opportunities for business transformation, create new business growth, and generate sustainable returns for shareholders[72](index=72&type=chunk) [Other Information](index=15&type=section&id=Other%20Information) [Corporate Governance Practices](index=15&type=section&id=Corporate%20Governance%20Practices) The Company complied with all applicable code provisions of the Corporate Governance Code in Appendix 15 of the GEM Listing Rules, except for deviation from code provision A.2.1 - The Company complied with all applicable code provisions of the Corporate Governance Code in Appendix 15 of the GEM Listing Rules, except for deviation from code provision A.2.1[75](index=75&type=chunk) [Chairman and Chief Executive Officer](index=15&type=section&id=Chairman%20and%20Chief%20Executive%20Officer) Mr. Huang Xiaodi serves as both Chairman and CEO, a deviation from code A.2.1, which the Board deems beneficial due to his extensive industry experience - Mr. Huang Xiaodi holds both the Chairman and Chief Executive Officer positions, deviating from code provision A.2.1[76](index=76&type=chunk) - The Board believes this arrangement is in the Group's best interest, as Mr. Huang possesses over ten years of professional experience in the exhibition and event management industry, contributing to effective business management and development[76](index=76&type=chunk) [Interests of Compliance Adviser](index=15&type=section&id=Interests%20of%20Compliance%20Adviser) The compliance adviser agreement with Kingston Corporate Finance Limited ended on March 29, 2021, with no disclosable interests held by the adviser or its associates as of March 31, 2021 - The compliance adviser agreement ended on March 29, 2021[77](index=77&type=chunk) - As of March 31, 2021, the compliance adviser or its associates held no interests in the Group or the Company's share capital[77](index=77&type=chunk) [Competing Business](index=15&type=section&id=Competing%20Business) No directors, controlling shareholders, or their associates engaged in any business competing with the Group or had other conflicts of interest during the period - No directors, controlling shareholders, or major shareholders or their close associates engaged in any business that constitutes or may constitute direct or indirect competition with the Group's business, nor were there any other conflicts of interest[78](index=78&type=chunk) [Connected Transactions and Continuing Connected Transactions](index=15&type=section&id=Connected%20Transactions%20and%20Continuing%20Connected%20Transactions) The Company did not engage in any connected transactions or continuing connected transactions requiring disclosure under the GEM Listing Rules during the period - The Company did not engage in any connected transactions or continuing connected transactions requiring disclosure under the GEM Listing Rules during the period[79](index=79&type=chunk) [Purchase, Sale or Redemption of Listed Securities](index=15&type=section&id=Purchase,%20Sale%20or%20Redemption%20of%20Listed%20Securities) Neither the Company nor its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period - Neither the Company nor any of its subsidiaries purchased, sold, or redeemed any of the Company's listed securities during the period[80](index=80&type=chunk) [Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company and its Associated Corporations](index=16&type=section&id=Directors'%20and%20Chief%20Executive's%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company%20and%20its%20Associated%20Corporations) As of March 31, 2021, directors and the chief executive held long positions in the Company's shares, with Mr. Huang Xiaodi holding 63.65% through his wholly-owned entity Directors' Long Positions in Shares (as of March 31, 2021) | Director Name | Capacity/Nature | Number of Shares Interested | Percentage of Interest | | :--- | :--- | :--- | :--- | | Mr. Huang Xiaodi | Interest in controlled corporation | 1,272,900,000 | 63.65% | | Mr. Ma Yong | Beneficial owner | 20,000,000 | 1% | | Mr. Run Jinghui | Beneficial owner | 20,000,000 | 1% | | Mr. Yuan Liqian | Beneficial owner | 20,000,000 | 1% | - Mr. Huang Xiaodi's interest is held through A&B Development Holding Limited, which he wholly owns[83](index=83&type=chunk) - Mr. Ma Yong, Mr. Run Jinghui, and Mr. Yuan Liqian were each granted **20,000,000 share options** with an exercise price of **HKD 0.0508 per share**[84](index=84&type=chunk) - Mr. Huang Xiaodi holds a **100%** beneficial interest in his associated corporation, A&B Development Holding Limited[87](index=87&type=chunk) [Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company](index=17&type=section&id=Substantial%20Shareholders'%20and%20Other%20Persons'%20Interests%20and%20Short%20Positions%20in%20Shares,%20Underlying%20Shares%20and%20Debentures%20of%20the%20Company) As of March 31, 2021, A&B Development Holding Limited (wholly-owned by Mr. Huang Xiaodi) held 63.65% of the Company's shares, with Ms. Lin Yuting (Mr. Huang's spouse) deemed to have the same interest Substantial Shareholders' Long Positions in Shares (as of March 31, 2021) | Name | Capacity/Nature | Number of Shares Held/Interested | Percentage of Interest | | :--- | :--- | :--- | :--- | | A&B Development Holding Limited | Beneficial owner | 1,272,900,000 | 63.65% | | Ms. Lin Yuting | Spouse's interest | 1,272,900,000 | 63.65% | - A&B Development Holding Limited is wholly owned by Mr. Huang Xiaodi[88](index=88&type=chunk) - Ms. Lin Yuting, being the spouse of Mr. Huang Xiaodi, is deemed to be interested in all shares held by Mr. Huang[89](index=89&type=chunk) [Directors' Rights to Acquire Shares or Debentures](index=18&type=section&id=Directors'%20Rights%20to%20Acquire%20Shares%20or%20Debentures) No arrangements existed during the period for directors to acquire benefits through shares or debentures of the Company or any other corporation, nor were any such rights granted or exercised by directors or their associates - During the period and up to the date of this report, no arrangements existed enabling directors to obtain benefits by acquiring shares or debentures of the Company or any other corporation[91](index=91&type=chunk) - No rights to subscribe for equity or debt securities of the Company or any other corporation were granted to or exercised by directors or their spouses or children under 18 years of age[91](index=91&type=chunk) [Share Option Scheme](index=18&type=section&id=Share%20Option%20Scheme) The Group adopted a share option scheme on May 16, 2018, with no options granted, exercised, or cancelled, and no outstanding options during the period - The Group adopted a share option scheme on May 16, 2018[92](index=92&type=chunk) - No share options were granted, exercised, or cancelled during the period, and no share options remained outstanding[93](index=93&type=chunk) [Required Standard of Securities Transactions by Directors](index=18&type=section&id=Required%20Standard%20of%20Securities%20Transactions%20by%20Directors) The Group adopted the required standard of dealings from GEM Listing Rules 5.48 to 5.67 for directors' securities transactions, and all directors confirmed compliance during the period - The Group has adopted the required standard of dealings set out in Rules 5.48 to 5.67 of the GEM Listing Rules as the code of conduct for directors' securities transactions[94](index=94&type=chunk) - All directors confirmed their compliance with these required standards throughout the period[94](index=94&type=chunk) [Audit Committee](index=18&type=section&id=Audit%20Committee) The Audit Committee, established on May 16, 2018, comprises three independent non-executive directors and has reviewed the Group's unaudited first-quarter financial statements - The Audit Committee was established on May 16, 2018, in compliance with Rule 5.28 of the GEM Listing Rules[95](index=95&type=chunk) - The Audit Committee comprises three independent non-executive directors: Mr. Yu Lianghui (Chairman), Mr. Gao Hongqi, and Ms. Xu Shuang[95](index=95&type=chunk) - The Audit Committee has reviewed the Group's unaudited first-quarter financial statements for the period[95](index=95&type=chunk) [Financial Statements](index=19&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Comprehensive Income for the First Quarter](index=19&type=section&id=Condensed%20Consolidated%20Statement%20of%20Comprehensive%20Income%20for%20the%20First%20Quarter) This statement presents the Group's unaudited condensed consolidated comprehensive income for Q1 2021, showing significant revenue growth but an expanded loss due to increased costs and expenses Condensed Consolidated Statement of Comprehensive Income for the First Quarter (RMB thousand) | Indicator | Q1 2021 (Unaudited) | Q1 2020 (Unaudited) | | :--- | :--- | :--- | | Revenue | 22,081 | 11,570 | | Cost of services | (21,320) | (12,208) | | Gross profit | 761 | (638) | | Selling expenses | (1,213) | (455) | | Administrative expenses | (2,405) | (2,069) | | Other income — net | 149 | 719 | | Operating loss | (2,708) | (2,443) | | Finance income/(expenses) — net | (110) | (63) | | Loss before income tax | (2,818) | (2,506) | | Income tax expense | (10) | (1) | | **Loss for the period** | **(2,828)** | **(2,507)** | | Basic loss per share attributable to owners of the Company (RMB cents) | (0.14) | (0.13) | [Condensed Consolidated Statement of Financial Position for the First Quarter](index=20&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position%20for%20the%20First%20Quarter) This statement presents the Group's unaudited condensed consolidated financial position as of March 31, 2021, showing a decrease in total assets and liabilities, with total equity at RMB 53.59 million Condensed Consolidated Statement of Financial Position for the First Quarter (RMB thousand) | Indicator | March 31, 2021 (Unaudited) | December 31, 2020 (Audited) | | :--- | :--- | :--- | | **Total assets** | **91,121** | **125,735** | | Total non-current assets | 3,707 | 4,326 | | Total current assets | 87,414 | 121,409 | | Trade and other receivables | 24,233 | 51,683 | | Bills receivable | 1,147 | 18,869 | | Contract assets | 41,105 | 27,225 | | Cash and cash equivalents | 7,472 | 15,312 | | **Total equity** | **53,591** | **56,419** | | **Total liabilities** | **37,530** | **69,316** | | Total current liabilities | 36,637 | 68,423 | | Trade and other payables | 21,282 | 52,497 | | Bank credit loans | 9,000 | 9,000 | - Trade and other receivables decreased from approximately **RMB 51.68 million** as of December 31, 2020, to approximately **RMB 24.23 million** as of March 31, 2021[104](index=104&type=chunk) - Bills receivable decreased from approximately **RMB 18.87 million** as of December 31, 2020, to approximately **RMB 1.15 million** as of March 31, 2021[104](index=104&type=chunk) [Condensed Consolidated Statement of Changes in Equity for the First Quarter](index=21&type=section&id=Condensed%20Consolidated%20Statement%20of%20Changes%20in%20Equity%20for%20the%20First%20Quarter) This statement outlines the Group's condensed consolidated changes in equity for Q1 2021, with total equity decreasing to RMB 53.59 million primarily due to the total comprehensive loss for the period Condensed Consolidated Statement of Changes in Equity for the First Quarter (RMB thousand) | Indicator | Share Capital | Share Premium | Other Reserves | Retained Earnings | Total Equity | | :--- | :--- | :--- | :--- | :--- | :--- | | Balance at December 31, 2020 and January 1, 2021 | 1,277 | 76,152 | (4,793) | (16,217) | 56,419 | | Total comprehensive loss for the period (Unaudited) | - | - | - | (2,828) | (2,828) | | **Balance at March 31, 2021** | **1,277** | **76,152** | **(4,793)** | **(19,045)** | **53,591** | - The decrease in total equity is primarily due to the total comprehensive loss of **RMB 2.83 million** for the period[108](index=108&type=chunk) [Condensed Consolidated Statement of Cash Flows for the First Quarter](index=22&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows%20for%20the%20First%20Quarter) This statement presents the Group's condensed consolidated cash flows for Q1 2021, indicating a net cash outflow from operating activities and a significant decrease in cash and cash equivalents Condensed Consolidated Statement of Cash Flows for the First Quarter (RMB thousand) | Indicator | Q1 2021 (Unaudited) | Q1 2020 (Unaudited) | | :--- | :--- | :--- | | Net cash (used in)/generated from operating activities | (7,574) | 14,745 | | Net cash (used in)/generated from investing activities | (88) | 13 | | Net cash used in financing activities | (87) | (55) | | Net (decrease)/increase in cash and cash equivalents | (7,749) | 14,703 | | Cash and cash equivalents at beginning of period | 15,312 | 25,116 | | Cash and cash equivalents at end of period | 7,472 | 39,889 | - Operating activities resulted in a net cash outflow of **RMB 7.57 million** for the period, contrasting with a net cash inflow in the same period last year[117](index=117&type=chunk)[118](index=118&type=chunk) - Cash and cash equivalents at the end of the period amounted to **RMB 7.47 million**, a significant decrease from **RMB 15.31 million** at the beginning of the period[125](index=125&type=chunk) [Notes to the Condensed Consolidated First Quarterly Financial Statements](index=23&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20First%20Quarterly%20Financial%20Statements) [General Information](index=23&type=section&id=General%20Information) This section provides basic information about Dowway Holdings Limited, including its Cayman Islands registration, GEM listing, principal business in China, and Mr. Huang Xiaodi as the ultimate controlling party - The Company was incorporated in the Cayman Islands as an exempted company with limited liability on April 28, 2017[128](index=128&type=chunk) - The Group is principally engaged in the design, planning, coordination, and management of exhibitions and events in China[128](index=128&type=chunk) - The Company has been listed on GEM of The Stock Exchange of Hong Kong Limited since June 12, 2018[130](index=130&type=chunk) - The ultimate controlling party of the Group is Mr. Huang Xiaodi, who is also an executive director and the Chairman of the Board of the Company[129](index=129&type=chunk) [Basis of Preparation and Accounting Policies](index=23&type=section&id=Basis%20of%20Preparation%20and%20Accounting%20Policies) These condensed consolidated financial statements are prepared in accordance with HKAS 34 and GEM Listing Rules, with consistent accounting policies as the prior year-end financial statements - The condensed consolidated financial information is prepared in accordance with Hong Kong Accounting Standard 34 "Interim Financial Reporting" and the applicable disclosure requirements of Chapter 18 of the GEM Listing Rules[132](index=132&type=chunk) - This report should be read in conjunction with the Group's financial information for the year ended December 31, 2020[132](index=132&type=chunk) - The accounting policies adopted are consistent with those applied in the financial statements for the year ended December 31, 2020[133](index=133&type=chunk) [Changes in Accounting Policies](index=24&type=section&id=Changes%20in%20Accounting%20Policies) The Group retrospectively adopted HKFRS 16 "Leases" from January 1, 2019, and does not intend to apply the practical expedient for COVID-19 related rent concessions, expecting no financial impact - The Group retrospectively adopted Hong Kong Financial Reporting Standard 16 "Leases" from January 1, 2019[135](index=135&type=chunk) - The amendments to HKFRS 16 regarding COVID-19-related rent concessions are not intended to be applied by the Group using the practical expedient[136](index=136&type=chunk)[137](index=137&type=chunk) - This application is not expected to have an impact on the Group's financial position and performance[137](index=137&type=chunk) [Estimates](index=24&type=section&id=Estimates) Preparing the first-quarter financial information requires management judgments, estimates, and assumptions, with key sources of estimation uncertainty consistent with those in the 2020 annual report - The preparation of the first-quarter financial information requires management to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income, and expenses[138](index=138&type=chunk) - The significant judgments made by management and the key sources of estimation uncertainty in preparing this condensed consolidated first-quarter financial information are the same as those applied in the accountants' report contained in the Group's 2020 annual report[138](index=138&type=chunk) [Financial Risk Management](index=25&type=section&id=Financial%20Risk%20Management) The Group's business is exposed to market, credit, and liquidity risks, with no changes in risk management policies since year-end, and liquidity monitored through rolling forecasts - The Group's business is exposed to various financial risks: market risk (including foreign exchange risk), credit risk, and liquidity risk[141](index=141&type=chunk) - There have been no changes in risk management policies since the year-end[142](index=142&type=chunk) - The Group's finance department monitors rolling forecasts of the Group's liquidity requirements to ensure sufficient cash to meet operational needs[143](index=143&type=chunk) [Revenue Information](index=25&type=section&id=Revenue%20Information) This section provides a breakdown of the Group's revenue by service type for Q1 2021 and the comparative period, highlighting the significant contribution of advertising-related services Revenue Information (RMB thousand) | Revenue Source | Q1 2021 (Unaudited) | Q1 2020 (Unaudited) | | :--- | :--- | :--- | | Automotive-related exhibition and event services | 7,069 | 6,568 | | Non-automotive related exhibition and event services | 1,850 | 1,017 | | Showroom-related services | 2,242 | 3,985 | | Advertising-related services | 10,920 | - | | **Total** | **22,081** | **11,570** | [Other Income — Net](index=25&type=section&id=Other%20Income%20—%20Net) This section details the Group's Q1 2021 net other income of RMB 0.15 million, primarily from input VAT deductions and government grants, partially offset by foreign exchange losses, a decrease from the prior year Other Income — Net (RMB thousand) | Indicator | Q1 2021 (Unaudited) | Q1 2020 (Unaudited) | | :--- | :--- | :--- | | Foreign exchange (loss)/gain | (92) | 32 | | Additional input VAT deduction | 213 | 687 | | Government grants | 31 | - | | Others | (3) | - | | **Total** | **149** | **719** | - Other income primarily benefited from the Chinese government's policy allowing taxpayers in production and service industries to use an additional **10%** of output VAT to deduct input VAT[145](index=145&type=chunk) [Income Tax Expense](index=26&type=section&id=Income%20Tax%20Expense) This section explains the Group's Q1 2021 income tax expense of RMB 10,000, with the Company exempt in Cayman Islands, Hong Kong entities subject to a two-tiered profits tax, and China entities at 25% Income Tax Expense (RMB thousand) | Indicator | Q1 2021 (Unaudited) | Q1 2020 (Unaudited) | | :--- | :--- | :--- | | Current tax on profit for the period | 10 | 1 | | **Income tax expense** | **10** | **1** | - The Company is exempt from income tax in the Cayman Islands[147](index=147&type=chunk) - Hong Kong-registered entities are subject to a two-tiered profits tax rate of **8.25%** on the first **HKD 2,000,000** of assessable profits and **16.5%** thereafter, with no provision made for the period due to no estimated assessable profits[148](index=148&type=chunk) - Provision for China corporate income tax is calculated at the statutory rate of **25%** on assessable income[149](index=149&type=chunk) [Loss Per Share](index=26&type=section&id=Loss%20Per%20Share) This section presents the Group's basic loss per share of RMB (0.14) cents for Q1 2021, with no diluted loss per share presented due to the absence of potential dilutive ordinary shares Basic Loss Per Share (RMB) | Indicator | Q1 2021 (Unaudited) | Q1 2020 (Unaudited) | | :--- | :--- | :--- | | Total (loss) attributable to shareholders | (2,828,000) | (2,507,000) | | Weighted average number of ordinary shares in issue (thousand shares) | 2,000,000 | 2,000,000 | | **Basic (loss) per share (RMB cents)** | **(0.14)** | **(0.13)** | - Diluted (loss)/earnings per share is not presented as the Group had no potential dilutive ordinary shares during the period[150](index=150&type=chunk) [Share Capital and Share Premium](index=27&type=section&id=Share%20Capital%20and%20Share%20Premium) This section details the Group's share capital structure, with an authorized share capital of USD 2 million and 2 billion issued and fully paid shares, equivalent to RMB 1.277 million in share capital and RMB 76.152 million in share premium Share Capital and Share Premium (RMB thousand) | Indicator | Number of Shares | Par Value of Ordinary Shares (USD) | Equivalent of Ordinary Shares (RMB thousand) | Share Premium (RMB thousand) | Total (RMB thousand) | | :--- | :--- | :--- | :--- | :--- | :--- | | Authorized share capital (par value USD 0.0001 per share) | 20,000,000,000 | 2,000,000 | - | - | - | | Issued and fully paid (March 31, 2021) | 2,000,000,000 | 200,000 | 1,277 | 76,152 | 77,429 | - On May 16, 2018, the Company's shareholders resolved to increase the authorized share capital from **USD 50,000** to **USD 2,000,000**[154](index=154&type=chunk) - On June 12, 2018, the Company was listed on GEM, offering **500,000,000 shares** through a share offer at an offer price of **HKD 0.145 per share**, raising gross proceeds of approximately **RMB 59 million**[154](index=154&type=chunk) [Events After Reporting Period](index=27&type=section&id=Events%20After%20Reporting%20Period) This section confirms that there are no post-reporting period events requiring additional disclosure as of the report date - No post-reporting period events require additional disclosure[155](index=155&type=chunk)

DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 ANNUAL REPORT 年度報告 2020 DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 8403 年度 報告 2O20 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士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上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表 示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM的特色 本報告乃根據聯交所GEM證券上市規則（「GEM上市規則」）提供有關天平道合控股有限公司（「本公司」）的資料。本 公司各董事（「董事」）願對本報告共同及個別承擔 ...

DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 8403 第三季度 報告 2O20 香港聯合交易所有限公司(「聯交所」) GEM 的特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比超其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資於該等公司的潛在風險,並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在 GEM 買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險,同時無法保證在 GEM 買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責,對其準確性或完整性亦不發表任何聲明,並明確 表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本報告乃根據聯交所GEM證券上市規則(「GEM上市規則」)提供有關天平道合控股有限公司(「本公司」) 的資料。 本公司各董事(Γ董事 J)願對本報告共同及個別承擔全部責任。各董事在作出一切合理查詢後確認・就彼等所深知 及確信,本報告所載資料在各重大方面均屬準確完整 ...

[Company Information](index=4&type=section&id=Company%20Information) This chapter lists the executive, non-executive, and independent non-executive directors, along with the composition of the Audit, Remuneration, and Nomination Committees [Board of Directors and Committees](index=4&type=section&id=Board%20of%20Directors%20and%20Committees) This chapter lists the executive, non-executive, and independent non-executive directors, along with the composition of the Audit, Remuneration, and Nomination Committees - Executive Directors include Mr. Huang Xiaodi (Chairman of the Board and Chief Executive Officer), Mr. Ma Yong, and Mr. Yan Jinghui[5](index=5&type=chunk) - The Audit Committee Chairman is Mr. Yu Leung Fai, the Remuneration Committee Chairman is Mr. Gao Hongqi, and the Nomination Committee Chairman is Ms. Xu Shuang[5](index=5&type=chunk) [Company Contact and Advisor Information](index=4&type=section&id=Company%20Contact%20and%20Advisor%20Information) This chapter provides key contact and professional service information, including company secretary, compliance officer, auditors, stock code, and principal places of business - The Company's stock code is **8403**[5](index=5&type=chunk) - The auditor is PricewaterhouseCoopers, and the compliance adviser is Kingston Corporate Finance Limited[5](index=5&type=chunk)[6](index=6&type=chunk) [Chairman's Report](index=5&type=section&id=Chairman's%20Report) [Business Overview](index=5&type=section&id=Business%20Overview) The Group is a comprehensive exhibition and event management service provider in China, focusing on design, planning, and management for international automotive brands across over 50 cities - The Group is a comprehensive exhibition and event management service provider in China, with operations covering over **50** cities nationwide[8](index=8&type=chunk) - It primarily provides integrated exhibition and event management services for internationally renowned automotive brands, both domestic and international[8](index=8&type=chunk) [Operating Results for H1 2020](index=5&type=section&id=2020%E5%B9%B4%E4%B8%8A%E5%8D%8A%E5%B9%B4%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9) In H1 2020, revenue decreased by **55.27%** to **RMB 42.11 million**, gross profit fell to **RMB 1.80 million**, and a net loss of **RMB 2.97 million** was recorded due to the pandemic, with no interim dividend recommended H1 2020 Key Financial Metrics | Metric | H1 2020 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | | Revenue | 42.11 | -55.27% | | Gross Profit | 1.80 | decreased by 3.45 million | | Net Loss | 2.97 | N/A (vs. Profit last year) | - The Board does not recommend the payment of an interim dividend for the period[10](index=10&type=chunk) [Future Outlook](index=6&type=section&id=Future%20Outlook) The Group will continue to prioritize customer-centric services, deepen exhibition and event management, expand its client base, strengthen brand building, and navigate a challenging economic and competitive environment - The Group will continue to deepen the development of its exhibition and showroom services, expand its customer base, and strengthen brand building[12](index=12&type=chunk) - It will closely deploy strategies to address the impact of the pandemic and industry competition, aiming to deliver strong performance to shareholders and investors[12](index=12&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Management%20Discussion%20and%20Analysis) [Market and Business Review](index=7&type=section&id=Market%20and%20Business%20Review) In 2019, China's exhibition industry led globally, with steady growth in automotive exhibitions, but H1 2020 saw reduced demand due to the pandemic, prompting the Group to diversify into advertising - In 2019, China's exhibition industry ranked first globally in scale, with the number and exhibition area of automotive industry exhibitions increasing by approximately **29%** and **75.6%** year-on-year, respectively[15](index=15&type=chunk) - In H1 2020, due to the pandemic, demand for exhibition and display services decreased or was postponed, leading the Group to diversify its business by expanding into advertising services, particularly mobile internet advertising[20](index=20&type=chunk) - During the period, the Group managed and coordinated **24** exhibition and event projects, one showroom project, and one advertising project[20](index=20&type=chunk) [Financial Review](index=8&type=section&id=Financial%20Review) In H1 2020, the Group's revenue significantly decreased by **55.27%** to **RMB 42.11 million** due to the pandemic, leading to reduced gross profit and a net loss, while administrative expenses increased despite lower service costs [Revenue](index=8&type=section&id=%E6%94%B6%E7%9B%8A) Total revenue decreased by **55.27%** to **RMB 42.11 million**, primarily due to the pandemic, with automotive-related exhibitions remaining the main source but declining, and advertising services contributing **24.77%** for the first time Revenue Details (For the six months ended June 30) | Revenue Source | 2020 (RMB thousand) | Share | 2019 (RMB thousand) | Share | Y-o-Y Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Automotive-related Exhibitions and Events | 22,574 | 53.61% | 84,706 | 89.97% | -73.35% | | Non-automotive-related Exhibitions and Events | 3,245 | 7.70% | 6,433 | 6.83% | -49.56% | | Showroom-related Services | 5,860 | 13.92% | 3,011 | 3.20% | +94.62% | | Advertising-related Services | 10,430 | 24.77% | – | – | N/A | | **Total** | **42,109** | **100%** | **94,150** | **100%** | **-55.27%** | [Cost of Services](index=10&type=section&id=Cost%20of%20Services) Cost of services decreased by **54.66%** to **RMB 40.31 million**, mainly due to reduced demand in the exhibition industry and lower supplier service costs caused by the pandemic Cost of Services Details (For the six months ended June 30) | Cost Item | 2020 (RMB thousand) | 2019 (RMB thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Cost of services provided by suppliers for exhibitions and events | 35,764 | 80,243 | -55.43% | | Staff Costs | 2,760 | 4,895 | -43.62% | | Travel and Entertainment Expenses | 220 | 1,759 | -87.50% | | Transportation and Logistics Expenses | 735 | 1,517 | -51.55% | | **Total** | **40,312** | **88,902** | **-54.66%** | [Gross Profit and Gross Margin](index=11&type=section&id=Gross%20Profit%20and%20Gross%20Margin) Gross profit decreased by **RMB 3.45 million** to **RMB 1.80 million**, with a gross margin of approximately **4.27%**, primarily due to a significant revenue decline not matched by proportional reductions in labor and indirect costs Gross Profit and Gross Margin (For the six months ended June 30) | Metric | 2020 (RMB million) | 2019 (RMB million) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Gross Profit | 1.80 | 5.25 | -3.45 | | Gross Margin | 4.27% | 5.58% (calculated from 2019 data) | -1.31% | - The decrease in gross margin was primarily due to a decline in revenue, while labor costs and other project-related indirect costs did not decrease proportionally[31](index=31&type=chunk) [Selling Expenses](index=11&type=section&id=Selling%20Expenses) Selling expenses decreased by **49.68%** to **RMB 0.71 million**, mainly attributable to lower staff costs and other selling expenses Selling Expense Details (For the six months ended June 30) | Selling Expense Item | 2020 (RMB thousand) | 2019 (RMB thousand) | | :--- | :--- | :--- | | Staff Costs | 376 | 722 | | Travel Expenses | N/A | 58 | | Office Supplies | N/A | 6 | | Entertainment Expenses | 282 | 317 | | Marketing Consulting Expenses | N/A | 20 | | Others | N/A | 294 | | **Total** | **713** | **1,417** | [Administrative Expenses](index=12&type=section&id=Administrative%20Expenses) Administrative expenses increased by **14.32%** to **RMB 4.67 million**, primarily due to higher staff severance payments, meeting and training expenses, and management consulting fees Administrative Expense Details (For the six months ended June 30) | Administrative Expense Item | 2020 (RMB thousand) | 2019 (RMB thousand) | Y-o-Y Change | | :--- | :--- | :--- | :--- | | Staff Costs | 2,295 | 1,801 | +27.43% | | Meeting and Training Expenses | 221

DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 8403 第一季度 報告 2O20 GEM的定位，乃為中小型公司提供一個上市的市場,此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM的特色 本報告乃根據聯交所GEM證券上市規則（「GEM上市規則」）提供有關天平道合控股有限公司（「本公司」）的資料。 本公司各董事（「董事」）願對本報告共同及個別承擔全部責任。各董事在作出一切合理查詢後確認，就彼等所深知 及確信，本報告所載資料在各重大方面均屬準確完整，並無誤導或 ...

DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 ANNUAL REPORT 年度報告 2019 DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 8403 年度 報告 2O19 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM的特色 本報告乃根據聯交所GEM證券上市規則（「GEM上市規則」）提供有關天平道合控股有限公司（「本公司」）的資料。 本公司各董事（「董事」）願對本報告共同及個別承擔 ...

DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 8403 第三季度 報告 2O19 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM的特色 本報告乃根據聯交所GEM證券上市規則（「GEM上市規則」）提供有關天平道合控股有限公司（「本公司」）的資料。 本公司各董事（「董事」）願對本報告共同及個別承擔全部責任。各董事在作出一切合理查詢後確認，就彼等所深知 及確信，本報告所載資料在各重大方面均屬準確完整，並無誤導或 ...

DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 8403 中期報告 2O19 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM的特色 本報告乃根據聯交所GEM證券上市規則（「GEM上市規則」）提供有關天平道合控股有限公司（「本公司」）的資料。 本公司各董事（「董事」）願對本報告共同及個別承擔全部責任。各董事在作出一切合理查詢後確認，就彼等所深知 及確信，本報告所載資料在各重大方面均屬準確完整，並無誤導或欺詐成 ...

DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 8403 第一季度 報告 2O19 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM的特色 本報告乃根據聯交所GEM證券上市規則（「GEM上市規則」）提供有關天平道合控股有限公司（「本公司」）的資料。 本公司各董事（「董事」）願對本報告共同及個別承擔全部責任。各董事在作出一切合理查詢後確認，就彼等所深知 及確信，本報告所載資料在各重大方面均屬準確完整，並無誤導或 ...

DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 ANNUAL REPORT 年度報告 2018 DOWWAY HOLDINGS LIMITED 天平道合控股有限公司 （於開曼群島註冊成立之有限公司） 股份代號 : 8403 年度 報告 2O18 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市的公司帶有較高投資風險。 有意投資的人士應了解投資於該等公司的潛在風險，並應經過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於聯交所主板買賣之證券承受較大的市場波 動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 香港交易及結算所有限公司及聯交所對本報告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確 表示概不就因本報告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1 香港聯合交易所有限公司（「聯交所」）GEM的特色 本報告乃根據聯交所GEM證券上市規則（「GEM上市規則」）提供有關天平道合控股有限公司（「本公司」）的資料。 本公司各董事（「董事」）願對本報告共同及個別承擔 ...