Company Overview - CBK Holdings Limited is incorporated in the Cayman Islands and listed on the GEM of the Hong Kong Stock Exchange[1]. - The company acknowledges the higher investment risks associated with small and mid-sized companies listed on GEM[2]. - There is a risk of high market volatility for securities traded on GEM compared to those on the Main Board[3]. Financial Performance - Revenue from continuing operations for 2022 was HK$27,302,000, an increase from HK$12,634,000 in 2021[45]. - Loss for the year attributable to owners of the Company was HK$40,299,000 in 2022, compared to a loss of HK$9,940,000 in 2021[45]. - Total assets decreased to HK$36,733,000 in 2022 from HK$37,284,000 in 2021[45]. - The Group's net current assets decreased to HK$5,214,000 in 2022 from HK$14,287,000 in 2021[45]. - The Group's total equity attributable to owners decreased to HK$22,820,000 in 2022 from HK$24,375,000 in 2021[45]. - Total liabilities increased by approximately HK$6.0 million to approximately HK$17.1 million as of 31 March 2022, compared to approximately HK$11.1 million in 2021[65]. - Equity attributable to owners of the Company decreased by approximately HK$1.6 million to approximately HK$22.8 million as of 31 March 2022, down from approximately HK$24.4 million in 2021[65]. Operational Changes - The Group experienced a one-off loss of approximately RMB 18.0 million (equivalent to approximately HK$ 22.0 million) due to stock deterioration caused by a power supply failure at its cold storage facility[20]. - The Group recognized an impairment loss of approximately HK$14.7 million and HK$6.4 million against property, plant and equipment and right-of-use assets, respectively[20]. - The fifth wave of COVID-19 significantly impacted the Group's financial performance, leading to the closure of the "Fun Fun Fun" restaurant in March 2022[49]. - The Group opened a food processing factory ("Central Kitchen") in December 2021 to support its restaurants and expand food supply to external customers[26]. - The Group plans to expand the take-away product line and diversify marketing strategies to improve overall business performance[35]. Management and Governance - The directors of CBK Holdings Limited confirm the accuracy and completeness of the information in the report[5]. - The report includes financial highlights and management discussion and analysis sections[9]. - The auditors for the company are Mazars CPA Limited, indicating a commitment to compliance and governance[13]. - The Company has complied with the Corporate Governance Code provisions for the year ended March 31, 2022, except for the vacancy of the Chief Executive position since November 23, 2020, which has not materially impacted operations[114]. - The Board consists of four executive directors and three independent non-executive directors, meeting the GEM Listing Rules requirements[121]. Board and Committees - The Board has established various committees to delegate responsibilities and enhance operational efficiency[116]. - The audit committee is responsible for monitoring the integrity of financial statements and reviewing significant financial reporting judgments[149]. - The remuneration committee consists of four members, including the chairman of the Board and three independent non-executive directors[156]. - The nomination committee is responsible for formulating nomination policies and making recommendations on the appointment or re-appointment of directors[170]. - The legal compliance committee was established to oversee compliance with laws and regulations relevant to the company's operations[177]. Future Outlook - The management anticipates a resumption to normal life and optimistic consumer sentiments for the second half of 2022, driven by a growing vaccination rate and new consumption vouchers[29]. - The Group believes it will weather the storm of uncertainties in 2022 and achieve further growth, creating value for shareholders[28]. - The Group's vaccination rate in Hong Kong is increasing, which is expected to catalyze a rapid recovery in the local consumption market[31]. Shareholder Matters - The Company raised approximately HK$34.51 million from the rights issue by issuing 215,999,995 Rights Shares at HK$0.17 per share[68]. - The Board does not recommend the payment of a final dividend for the year ended 31 March 2022[74]. - The proposed share consolidation involves consolidating every thirty (30) existing shares of par value HK$0.01 into one (1) consolidated share of par value HK$0.30[70]. Compliance and Risk Management - The Group's internal control and risk management systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[191]. - The Directors confirmed that appropriate and consistent accounting policies were adopted in preparing the consolidated financial statements for the year ended 31 March 2022[199]. - The Company aims to ensure compliance with the Corporate Governance Code and improve governance practices continuously[115].

Financial Performance - CBK Holdings Limited reported a significant increase in revenue for the third quarter, achieving a total of HKD 50 million, representing a 25% growth compared to the previous quarter[19]. - The Group recorded revenue of approximately HK$21.3 million for the nine months ended 31 December 2021, a significant increase of 176.6% compared to approximately HK$7.7 million for the same period in 2020[24]. - Gross profit for the nine months ended 31 December 2021 was approximately HK$12.7 million, up from approximately HK$3.0 million in the corresponding period of 2020, representing a growth of 323.3%[24]. - Total revenue for the nine months ended December 31, 2021, was HK$236,666,000, with a loss for the period amounting to HK$27,127,000, compared to a loss of HK$4,563,000 for the same period in 2020[51]. - The Group reported a loss attributable to owners of approximately HK$26.8 million for the nine months ended December 31, 2021, compared to a loss of approximately HK$4.2 million for the same period in 2020[119]. User Engagement and Market Expansion - The company noted a rise in user engagement, with active users increasing by 15% to reach 200,000 during the quarter[19]. - CBK Holdings Limited is exploring market expansion opportunities in Southeast Asia, targeting a 10% market share within the next two years[19]. - A new Korean BBQ and hotpot restaurant is set to open in the second quarter of 2022, expanding the Group's market presence[97]. Operational Efficiency and Cost Management - CBK Holdings Limited has implemented new strategies to improve operational efficiency, which are projected to reduce costs by 15% over the next year[19]. - The company reported a net profit margin of 10% for the quarter, reflecting improved cost management and operational performance[19]. - The Group's central administrative costs and finance costs for the nine months ended December 31, 2021, were HK$13,177,000, contributing to the overall loss[51]. Financial Guidance and Projections - For the upcoming quarter, CBK Holdings Limited provided a revenue guidance of HKD 60 million, indicating an expected growth of 20%[19]. - The total comprehensive loss for the period attributable to owners of the Company was approximately HK$26.8 million for the nine months ended December 31, 2021[32]. Investment and Development - The company is actively investing in new product development, with a budget allocation of HKD 5 million for research and innovation initiatives[19]. - The Group plans to allocate approximately HK$16.7 million from the Rights Issue proceeds to develop a Japanese restaurant in Central, Hong Kong, and approximately HK$2.0 million for general working capital[146][148]. Compliance and Governance - The company emphasized its commitment to compliance and governance, ensuring adherence to all regulatory requirements[19]. - The Company has complied with the Corporate Governance Code provisions except for the vacancy of the Chief Executive position since November 23, 2020, which has not materially impacted operations[175]. Financial Position and Assets - CBK Holdings Limited's total assets increased to HKD 200 million, marking a 30% rise from the previous quarter[19]. - As of December 31, 2021, the unaudited total assets were HK$73,454,000, compared to HK$60,549,000 as of April 1, 2021, reflecting an increase of approximately 21%[38]. - The Group's cash and cash equivalents at the end of the reporting period were HK$31,997,000, up from HK$24,375,000 at the beginning of the period, indicating improved liquidity[38]. Losses and Financial Challenges - Loss attributable to owners of the Company was approximately HK$26.8 million for the nine months ended 31 December 2021, compared to a loss of approximately HK$4.2 million for the same period in 2020, indicating a deterioration of 538.1%[25]. - The Group's loss from continuing operations for the nine months ended 31 December 2021 was approximately HK$14.99 million[30]. Strategic Adjustments - The Group is shifting its strategic focus from dine-in services to takeaway services to maintain competitiveness amid ongoing COVID-19 restrictions[97]. - Due to the fifth wave of COVID-19, the Board anticipates a harsh and unpredictable catering service business environment in Hong Kong for the next six months, leading to a resolution to allocate an additional HK$3.0 million for working capital[151][154].

Financial Performance - The Group recorded revenue of approximately HK$200.2 million for the six months ended 30 September 2021, a significant increase from approximately HK$3.6 million for the same period in 2020, representing a growth of over 5,500%[19]. - Gross profit for the six months ended 30 September 2021 was approximately HK$9.6 million, compared to approximately HK$1.4 million for the same period in 2020, indicating a growth of over 585%[19]. - Loss attributable to owners of the Company for the six months ended 30 September 2021 was approximately HK$22.0 million, compared to approximately HK$1.7 million for the same period in 2020, reflecting an increase in loss of over 1,200%[19]. - Basic and diluted loss per share was approximately HK$0.13 for the six months ended 30 September 2021, compared to approximately HK$0.01 (restated) for the same period in 2020[19]. - Total comprehensive loss for the period was approximately HK$36.265 million, compared to HK$1.714 million for the same period in 2020[24]. - The Group reported a loss before tax of HK$35,116,000 for the six months ended 30 September 2021, compared to a loss of HK$1,714,000 for the same period in 2020[65]. - The total segment loss for the Group for the six months ended 30 September 2021 was HK$24,461,000, compared to a loss of HK$1,714,000 for the same period in 2020[68]. Revenue Sources - Revenue from the manufacture and sale of frozen aquatic products in PRC reached HK$185,956,000 for the six months ended 30 September 2021, with no revenue reported for the same period in 2020[65]. - The Group's revenue from catering services through restaurant operations for the six months ended 30 September 2021 was HK$200,247,000, compared to HK$3,598,000 for the same period in 2020, representing a significant increase[65]. - Excluding revenue from Jintian of approximately HK$185.9 million, revenue from catering services increased by approximately HK$10.7 million to HK$14.3 million, attributed to increased dining out and consumption due to relaxed restrictions[142]. Expenses and Costs - Administrative expenses for the period were approximately HK$5.9 million, compared to HK$2.6 million for the same period in 2020, indicating an increase of over 126%[22]. - Employee benefit expenses for the six months ended September 30, 2021, totaled HK$11,174, compared to HK$2,719 in the same period of 2020, reflecting a substantial increase[7]. - Central administrative costs and finance costs for the six months ended 30 September 2021 amounted to HK$10,655,000[65]. - The Group recognized impairment losses of HK$21,395 related to right-of-use assets during the period ended September 30, 2021[7]. - The Group recognized a one-off loss of approximately RMB18.0 million (equivalent to approximately HK$21.4 million) due to inventory impairment caused by stock deterioration from a power supply failure at the cold storage facility during the National Day Holidays in China[165]. Assets and Liabilities - As of September 30, 2021, total assets less current liabilities amounted to HK$41,991,000, an increase from HK$29,178,000 as of March 31, 2021[28]. - Current liabilities surged to HK$136,290,000 from HK$8,106,000, primarily driven by an increase in trade payables to HK$104,280,000[28]. - The Group's current ratio and quick ratio were 1.1 and 0.9 respectively as of September 30, 2021, down from 2.8 for both ratios as of March 31, 2021[182][187]. - The Group's borrowings included lease liabilities of approximately HK$12.2 million and bonds of approximately HK$4.5 million, resulting in a gearing ratio of approximately 49.7%[177][179]. Compliance and Governance - The company emphasizes compliance with the GEM Listing Rules, ensuring that the information presented is accurate and complete[4]. - The board of directors collectively accepts full responsibility for the report, confirming no misleading or deceptive information is included[4]. - The company has a commitment to transparency and accuracy in its financial reporting, as stated by the directors[4]. - The unaudited condensed consolidated financial statements are prepared on a historical cost basis and presented in Hong Kong dollars (HK$), with all values rounded to the nearest thousands (HK$'000)[50]. Corporate Actions - The Group issued 215,999,995 rights shares at HK$0.17 each on September 6, 2021, as part of a rights issue[110]. - The authorized share capital was increased to HK$100 million, divided into 10 billion existing shares, following a share consolidation[110]. - The Group completed the acquisition of Zhangzhou Jintian Food Co., Limited on May 18, 2021, with the total consideration settled in cash[119]. - The identifiable net assets acquired from Jintian amounted to HK$18.91 million, with goodwill arising from the acquisition of HK$0.70 million[127]. Market Environment - The company operates in a market characterized by higher investment risks associated with small and mid-sized companies listed on GEM[2]. - There is an acknowledgment of potential market volatility affecting securities traded on GEM compared to those on the Main Board[3]. - The Group's business consolidation was influenced by the economic impact of the China-United States trade war and the COVID-19 pandemic[133].

Financial Performance - The company reported unaudited revenue of HK$64.2 million for the three months ended June 30, 2021[18]. - The Group recorded revenue of approximately HK$64.2 million for the three months ended 30 June 2021, a significant increase from approximately HK$2.1 million for the same period in 2020, representing a growth of 2,971%[21]. - Gross profit for the same period was approximately HK$7.2 million, compared to approximately HK$1.0 million in the previous year, indicating a growth of 642%[22]. - Loss attributable to owners of the Company was approximately HK$1.6 million for the three months ended 30 June 2021, a decrease from a loss of approximately HK$2.4 million for the same period in 2020, reflecting an improvement of 33%[22]. - Total comprehensive loss for the period was approximately HK$526,000, compared to HK$2.4 million for the same period in 2020, showing a reduction of 78%[23]. - The Group reported a profit before tax of HK$470,000 for the three months ended 30 June 2021, compared to a loss of HK$2.4 million in the previous year[23]. - The Group reported a loss and total comprehensive income attributable to owners of approximately HK$1.5 million for the three months ended June 30, 2021, compared to a loss of approximately HK$2.4 million for the same period in 2020[126]. Revenue Sources - Revenue from catering services through restaurant operations in Hong Kong was HK$7,210,000, while revenue from the manufacture and sales of frozen aquatic products in the PRC was HK$56,968,000[55]. - Excluding the revenue from the newly acquired Jintian, catering service revenue increased by approximately HK$5.1 million to HK$7.2 million, driven by increased dining out and consumption due to relaxed restrictions[102]. - The cost of inventories sold was HK$56,974,000 for the three months ended June 30, 2021, significantly higher than HK$1,149,000 in 2020, marking an increase of 4,861%[72]. - The segment profit from catering services was HK$335,000, while the segment profit from frozen aquatic products was HK$3,252,000, indicating positive performance in both segments[55]. Expenses and Costs - Staff costs increased to HK$3.6 million for the three months ended June 30, 2021, compared to HK$1.4 million in the previous year, representing a rise of 157%[23]. - Administrative expenses rose to HK$3.5 million for the three months ended June 30, 2021, compared to HK$567,000 in the same period of 2020, an increase of 517%[23]. - Administrative expenses for the three months ended June 30, 2021, were approximately HK$3.5 million, with an increase of approximately HK$2.5 million when excluding Jintian's expenses, mainly due to one-off demolition works costing HK$1.2 million[125]. - Staff costs for the three months ended June 30, 2021, increased by approximately HK$1.7 million to approximately HK$3.1 million, primarily due to increased revenue from catering services[110]. Corporate Governance and Compliance - The board of directors confirmed that the information in the report is accurate and complete in all material respects[3]. - The company is committed to transparency and compliance with GEM Listing Rules, ensuring investor awareness of potential risks[4]. - The Audit Committee reviewed the unaudited consolidated financial statements for the three months ended June 30, 2021, and confirmed compliance with applicable accounting standards and GEM Listing Rules[186]. - The company has made adequate disclosures in its financial reporting, adhering to legal requirements and accounting standards[186]. - The company emphasizes the importance of transparency and governance through the establishment of the Audit Committee[176]. Market Position and Strategy - The company is positioned within the GEM market, which is designed for small and mid-sized companies, indicating a higher investment risk[2]. - The management discussion and analysis section will provide insights into future strategies and market expansion plans[5]. - The company is exploring new product development and technological advancements to enhance its market position[5]. - The company aims to leverage its position in the market to pursue strategic opportunities, including potential mergers and acquisitions[5]. - The board emphasizes the importance of careful consideration for prospective investors due to the inherent risks in GEM investments[2]. Shareholder Information - The Group's total equity attributable to owners amounted to approximately HK$22.9 million as of June 30, 2021, down from HK$24.4 million as of March 31, 2021[133]. - The Group's borrowings included lease liabilities of approximately HK$13.1 million and a bond of approximately HK$1.5 million, resulting in a gearing ratio of approximately 54.0%, up from 19.3% as of March 31, 2021[134]. - Sure Wonder holds 39,320,640 shares, representing approximately 83.4% ownership by Ms. Wong Wai Fong[152]. - The Company has not purchased, sold, or redeemed any listed securities from the Listing Date up to June 30, 2021[166]. - No substantial shareholders other than Directors or chief executives were reported to have interests or short positions in the shares of the Company[150]. Future Outlook - The Hong Kong government’s relaxation of restaurant operation restrictions and the launch of electronic consumption vouchers totaling HK$5,000 per eligible person are expected to positively impact the catering industry[95]. - The acquisition of 51% equity interest in Zhangzhou Jintian Food Co., Limited was completed on May 18, 2021, providing an additional source of income for the Group[96]. - The acquisition of Jintian provides an additional revenue source for the Group[99].

Financial Performance - CBK Holdings Limited reported a significant increase in revenue, achieving a total of HKD 150 million, representing a growth of 25% year-over-year[1]. - The company’s net profit for the year was HKD 30 million, which is a 15% increase compared to the previous year[1]. - Revenue decreased by approximately HK$30.4 million, or 70.7%, from approximately HK$43.0 million for the year ended March 31, 2020, to approximately HK$12.6 million for the year ended March 31, 2021[21]. - Loss before tax for the year was approximately HK$10.2 million, compared to a loss of approximately HK$32.9 million for the previous year[34]. - The Group's loss and total comprehensive loss attributable to owners of the Company was approximately HK$9.9 million for the year ended March 31, 2021[34]. - Other revenue and other income increased by approximately HK$6.9 million to approximately HK$9.6 million, primarily due to lease modification gains and government subsidies[42]. - The Group recorded a loss and total comprehensive loss attributable to owners of the Company of approximately HK$9.9 million for the year ended March 31, 2021 (2020: approximately HK$32.9 million)[57]. Market Expansion and Strategy - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 20%[1]. - New product launches are expected to contribute an additional HKD 20 million in revenue in the upcoming year[1]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of the next fiscal year[1]. - CBK Holdings Limited is exploring potential acquisitions to enhance its product offerings and market reach[1]. - The acquisition of Jintian Food is expected to broaden the Group's income sources and diversify its business portfolio[26]. Operational Changes and Cost Management - Total assets decreased from approximately HK$48.3 million in 2020 to approximately HK$37.3 million in 2021[34]. - Total equity attributable to owners of the Company was approximately HK$24.4 million in 2021, down from approximately HK$27.6 million in 2020[34]. - The Group's net current assets were approximately HK$14.3 million in 2021, compared to approximately HK$26.1 million in 2020[34]. - Cost of inventories sold decreased by approximately HK$12.2 million to approximately HK$6.8 million, compared to approximately HK$19.0 million in 2020[41]. - Gross profit decreased by approximately HK$18.1 million to approximately HK$5.9 million, with a gross profit margin decrease of approximately 9.5% to approximately 46.3%[41]. - Staff costs decreased by approximately HK$7.6 million to approximately HK$7.7 million, down from approximately HK$15.3 million in 2020[43]. - Depreciation decreased by approximately HK$11.4 million to approximately HK$3.5 million, compared to approximately HK$14.9 million in 2020[44]. - Property rentals and related expenses decreased by approximately HK$2.4 million to approximately HK$0.5 million, down from approximately HK$2.9 million in 2020[49]. - Fuel and utility expenses decreased by approximately HK$1.3 million to approximately HK$0.7 million, compared to approximately HK$2.0 million in 2020[50]. Governance and Compliance - CBK Holdings Limited's board of directors emphasized the importance of maintaining compliance with GEM Listing Rules to ensure transparency and accountability[1]. - The Company has fully complied with all applicable provisions of the Corporate Governance Code for the year ended 31 March 2021[123]. - The Board consists of three executive directors and four independent non-executive directors, ensuring a diverse and qualified leadership team[123]. - The Company received annual confirmations of independence from all independent non-executive directors, affirming their compliance with GEM Listing Rules[127]. - The Board Diversity Policy has been adopted to enhance competitive advantage through increased diversity at the Board level[129]. - The Company arranges continuous professional development for all directors to ensure their knowledge and skills remain relevant[132]. - The company has established four board committees: audit, remuneration, nomination, and legal compliance, to oversee various aspects of its affairs[148]. Management and Leadership - Mr. Chow Yik, aged 40, is the chairman of the Board and has a background in Electronic and Communication Engineering from the City University of Hong Kong[15]. - Mr. Chan Lap Ping, aged 53, has over 20 years of experience in restaurant operations in Hong Kong and supervises day-to-day operations[79]. - Mr. Tsui Wing Tak, aged 52, has over 25 years of experience in corporate finance and accounting, holding a bachelor's degree in Economics from Macquarie University[85]. - Mr. Chan Hoi Kuen Matthew, aged 49, has over 10 years of corporate banking experience and has been with AIA International Limited since June 2009[93]. - Ms. Syndia Wong has over 10 years of experience in corporate finance and is currently an investor relations manager at Silver Base Group Holdings Limited, which distributes high-end liquor products[18]. - Mr. Chan Yu Chi has been the Chief Financial Officer since January 2013, overseeing the Group's overall financial accounting and reporting[109]. Committees and Meetings - An audit committee has been established with three independent non-executive directors, including Mr. Law Yui Lun as chairman, to oversee financial reporting and internal controls[153]. - The audit committee held five meetings during the year ended March 31, 2021, to review the Group's annual results and financial reporting matters[159]. - A remuneration committee has been established, consisting of four members, including Mr. Chow Yik and three independent non-executive directors, with Ms. Wong Syndia D as chairman[162]. - The nomination committee, also comprising four members, is chaired by Mr. Chan Hoi Kuen Matthew, focusing on compliance with the CG Code[173]. - The legal compliance committee was established to oversee compliance with laws and regulations relevant to the company's operations[191].

Financial Performance - CBK Holdings Limited reported its third-quarter financial highlights, with unaudited revenue of HKD 50 million, representing a 20% increase year-over-year[12]. - The company achieved a net profit of HKD 10 million for the third quarter, which is a 15% increase compared to the same period last year[12]. - The Group recorded revenue of approximately HK$7.7 million for the nine months ended December 31, 2020, a decrease of 80.8% compared to approximately HK$40.1 million for the same period in 2019[25]. - Gross profit for the nine months ended December 31, 2020, was approximately HK$3.0 million, down 86.5% from approximately HK$22.5 million in the prior year[25]. - Loss attributable to owners of the Company was approximately HK$4.6 million for the nine months ended December 31, 2020, compared to a loss of approximately HK$13.0 million for the same period in 2019[25]. - The Group reported a loss for the nine months ended 31 December 2020 of HK$13,034,000, compared to a loss of HK$4,666,000 for the same period in 2019[59]. - The comprehensive loss attributable to owners of the Company was approximately HK$4.6 million for the nine months ended December 31, 2020, a decrease from approximately HK$13.0 million for the same period in 2019[87]. User Growth and Market Strategy - User data indicates a growth in active users by 25%, reaching a total of 200,000 users as of the end of the third quarter[12]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of the fiscal year[12]. - The company has outlined a future outlook with a projected revenue growth of 30% for the next quarter, driven by new product launches[12]. Cost Management and Operational Efficiency - The management has indicated a focus on improving operational efficiency, aiming for a 5% reduction in operational costs by the next quarter[12]. - Staff costs for the nine months ended December 31, 2020, were approximately HK$5.2 million, a decrease from HK$12.9 million in the previous year[27]. - Administrative expenses for the nine months ended December 31, 2020, were approximately HK$4.5 million, down from HK$7.3 million in the same period of 2019[27]. - The total cost of inventories sold for the nine months ended December 31, 2020, was HK$17,615,000, down from HK$20,000,000 in the previous year[52]. New Products and Investments - CBK Holdings is investing HKD 5 million in research and development for new technologies aimed at enhancing user experience[12]. - The company has launched a new product line that is expected to contribute an additional HKD 8 million in revenue over the next two quarters[12]. - CBK Holdings is considering strategic acquisitions to enhance its product offerings, with a budget of HKD 15 million allocated for potential mergers[12]. Corporate Governance and Compliance - CBK Holdings has established a new compliance committee to ensure adherence to regulatory standards, enhancing corporate governance[12]. - The audit committee reviewed the unaudited consolidated financial statements for the nine months ended December 31, 2020, and confirmed compliance with applicable accounting standards and GEM Listing Rules[130]. - The company has complied with the Corporate Governance Code provisions for the nine months ended December 31, 2020[121]. Impact of External Factors - The decline in revenue was mainly attributed to the pandemic and the resulting social distancing measures in Hong Kong[71]. - Closures of multiple restaurant locations contributed to decreased customer traffic and revenue[71]. - The Group's operations have been adversely affected by social distancing measures imposed by the Hong Kong Government[68]. Financial Position and Capital Management - The Company received net proceeds of approximately HK$6.8 million from a placing agreement for up to 240,000,000 placing shares at a price of HK$0.029 per share[94]. - The net proceeds from the placing are intended for the general working capital of the Group[94]. - As of 31 December 2020, the Group did not have any material capital commitments[94]. - The Group did not have any mortgage or charge over its assets as of 31 December 2020[95].

Business Impact and Financial Performance - The Group closed multiple restaurants in response to decreased customer traffic and operating losses, including locations in Yau Ma Tei, Wan Chai, Causeway Bay, Kwai Chung, and Prince Edward[15]. - The restaurant located in Tsim Sha Tsui experienced a significant decline in customers due to reduced tourist numbers, leading to its closure in March 2020[16]. - The outbreak of the novel coronavirus in January 2020 further impacted the Group's business, resulting in the suspension of operations at the Tsim Sha Tsui location[16]. - Revenue decreased from approximately HK$92.1 million for the year ended 31 March 2019 by approximately HK$49.1 million, or 53.3%, to approximately HK$43.0 million for the year ended 31 March 2020[22]. - Loss for the year increased from approximately HK$20.6 million for the year ended 31 March 2019 to approximately HK$32.9 million for the year ended 31 March 2020[22]. - The catering business was significantly impacted by the epidemic, with a notable decrease in customer traffic due to social distancing measures[23]. - The Group's restaurants in Jordan and Tuen Mun were temporarily closed in February 2020 due to low customer traffic and continued to experience minimal business after reopening[20]. - The decision to close the Tsim Sha Tsui restaurant was made in March 2020 due to the ongoing impact of the epidemic and reduced customer visits[18]. - Revenue for the year ended March 31, 2020, decreased by approximately HK$49.1 million to HK$43.0 million, compared to approximately HK$92.1 million in 2019[37]. - Loss before tax for the year was HK$32.9 million, compared to a loss of HK$18.8 million in 2019[33]. - Gross profit decreased by approximately HK$32.6 million to HK$24.0 million, with a gross profit margin decreasing by approximately 5.7% to 55.8%[42]. - Total assets as of March 31, 2020, were HK$48.3 million, down from HK$66.9 million in 2019[33]. - Equity attributable to owners of the Company decreased to HK$27.6 million from HK$60.4 million in 2019[33]. - Other revenue and other income increased by approximately HK$1.5 million to HK$2.8 million, primarily due to rent concessions and government subsidies[43]. - Staff costs decreased by approximately HK$13.0 million to HK$15.3 million, down from HK$28.3 million in 2019[44]. - Fuel and utility expenses decreased by approximately HK$1.5 million to HK$2.0 million, compared to HK$3.5 million in 2019[49]. - The Group recognized impairment losses on right-of-use assets of approximately HK$8.9 million for the year ended 31 March 2020[50]. - The Group reported a loss attributable to owners of approximately HK$32.9 million for the year ended 31 March 2020, compared to a loss of approximately HK$20.6 million in 2019[51]. - Total liabilities increased by approximately HK$14.3 million to HK$20.8 million as of 31 March 2020, primarily due to lease liabilities recognized upon the adoption of HKFRS 16[55]. - Equity attributable to owners decreased by approximately HK$32.8 million to HK$27.6 million as of 31 March 2020, mainly due to operational losses during the year[56]. Management and Governance - The management service agreement with Shanghai ShunFeng Restaurant Group aims to provide additional income and expand operations in the PRC, including hotpot catering[26]. - The management continues to explore appropriate development opportunities to maximize shareholder returns despite the challenging operating environment[26]. - The management is committed to maintaining stable development under the epidemic by seeking and studying appropriate business opportunities[30]. - The company has appointed independent non-executive directors with diverse backgrounds in banking, legal, and restaurant operations to enhance governance and strategic oversight[87][91]. - The management team includes individuals with extensive experience in both local and international markets, contributing to the company's growth strategy[79][90]. - The company is focused on expanding its operations in China, leveraging the expertise of its management team to navigate the local market[78]. - The company has a strong emphasis on compliance and governance, with multiple committees in place to oversee legal and financial matters[87]. - The company has fully complied with all applicable provisions of the Corporate Governance Code for the year ended March 31, 2020[125]. - The Board's primary responsibilities include overseeing management, formulating long-term corporate strategy, and evaluating performance against targets[125]. - The company will continue to enhance its corporate governance practices to align with statutory requirements and the latest developments[125]. - The company has established Board Committees to delegate various responsibilities for effective governance[125]. - The company has implemented policies to ensure compliance with the Corporate Governance Code[125]. - The company is committed to reviewing its corporate governance practices periodically[125]. - The company has a structured approach to risk management and internal control systems[125]. - The Company has received annual confirmations of independence from all Independent Non-Executive Directors (INEDs) in accordance with Rule 5.09 of the GEM Listing Rules, confirming their independence[132]. - The Board Diversity Policy has been adopted since the date of Listing, and the Group achieved its objectives under this policy for the year ended 31 March 2020[130]. - The roles of the chairman and chief executive are separated, with Ms. Wong Wai Fong serving as chairman and Mr. Kwok Yiu Chung and Mr. Zhang Chi as chief executive officers[131]. - All Directors participated in continuous professional development during the year ended March 31, 2020, ensuring their contributions to the Board remain informed and relevant[141]. - The Company has arranged proper insurance coverage for legal actions against the Directors[132]. - The Nomination Committee will monitor the implementation of the Board Diversity Policy and recommend changes as necessary[129]. - The INEDs contribute to the formulation of the Group's development strategies and ensure compliance with financial reporting standards[132]. - Board papers with complete and reliable information are sent to Directors at least 3 days before meetings to facilitate informed decision-making[145]. - The Company Secretary is responsible for keeping minutes of all Board and committee meetings, ensuring transparency and accountability[147]. - Any material transaction involving a conflict of interest for substantial shareholders or directors will be addressed at a duly convened Board meeting[148]. - The company held four board meetings and one annual general meeting during the year ended March 31, 2020, with all executive directors attending all meetings[151]. - The audit committee conducted five meetings to review the Group's financial results for the year ended March 31, 2020, and there was no disagreement regarding the selection of external auditors[159]. - The audit committee recommended HLB Hodgson Impey Cheng Limited for re-appointment as the Company's auditor at the upcoming AGM[159]. - The remuneration committee consists of four members, including one executive director and three independent non-executive directors, with Mr. Chung Wing Yin serving as chairman[163]. - The company established four board committees: audit, remuneration, nomination, and legal compliance, to oversee various aspects of its affairs[153]. - The audit committee is responsible for reviewing the integrity of financial statements and monitoring the effectiveness of internal controls[156]. - The attendance record for the audit committee shows that all members attended all five meetings held[160]. - The company ensures compliance with legal and regulatory requirements through its corporate governance policies and practices[158]. - The board committees are provided with sufficient resources to fulfill their duties effectively[153]. - The company has established a policy for engaging external auditors to supply non-audit services[156]. - The remuneration committee held one meeting during the year ended March 31, 2020, to review and recommend the remuneration package for directors and senior management[169]. - The remuneration committee consists of four members, including executive director Ms. Wong Wai Fong and independent non-executive directors Mr. Chan Hoi Kuen Matthew, Mr. Chung Wing Yin, and Mr. Law Yui Lun[165]. - The committee is responsible for formulating remuneration policy for the Board's approval and reviewing management's remuneration proposals[169]. - The nomination committee also held one meeting during the year to assess the structure, size, and composition of the Board, as well as the independence of INEDs[181]. - The nomination committee is composed of the same four members as the remuneration committee, with Mr. Chan Hoi Kuen Matthew serving as chairman[173]. - The legal compliance committee has been established to oversee compliance with laws and regulations relevant to the company's operations[185]. - The attendance record for the remuneration committee meeting shows full attendance by all members[170]. - The remuneration committee is tasked with reviewing compensation arrangements for executive directors and senior management in case of termination or misconduct[171]. - The nomination committee made recommendations on the appointment or re-appointment of directors and succession planning[181]. - The remuneration committee is required to report its decisions or recommendations to the Board[169]. - The legal compliance committee was established to oversee compliance with laws and regulations related to the company's operations[186]. - The committee held one meeting during the year ended March 31, 2020, to review compliance policies and training for directors and senior management[192]. - The independent external auditors, HLB, received a total remuneration of approximately HK$400,000 for audit services during the year ended March 31, 2020[197]. - The board conducted a review of the effectiveness of the internal control and risk management systems once during the year, covering various functions[199]. - The group does not currently have an internal audit function but will consider establishing one if deemed necessary[199]. - An external professional consultant was engaged to conduct an independent internal control review for the year ended March 31, 2020, which has been completed[200]. - The legal compliance committee is composed of the chairman, the financial director, and three independent non-executive directors[188]. - The committee's responsibilities include assessing the adequacy of resources and training programs related to regulatory compliance functions[189]. - The board acknowledges its responsibility for the effectiveness of the internal control and risk management systems[199]. - The committee is tasked with handling any actual or suspected non-compliance matters reported by employees[190].

Financial Performance - The Group recorded revenue of approximately HK$40.1 million for the nine months ended 31 December 2019, a decrease of 44.4% compared to approximately HK$72.1 million for the same period in 2018[15]. - The Group's gross profit for the nine months ended 31 December 2019 was approximately HK$22.5 million, down 49.3% from approximately HK$44.4 million in the corresponding period of 2018[15]. - Loss attributable to owners of the Company was approximately HK$13.0 million for the nine months ended 31 December 2019, compared to a loss of approximately HK$8.5 million for the same period in 2018, representing a 52.9% increase in loss[16]. - Basic and diluted loss per share was approximately 1.09 HK cents for the nine months ended 31 December 2019, compared to approximately 0.71 HK cents for the same period in 2018[16]. - Revenue for the three months ended December 31, 2019, was HK$10,065,000, a decrease of 56% compared to HK$22,814,000 for the same period in 2018[21]. - Gross profit for the three months ended December 31, 2019, was HK$5,530,000, down from HK$14,360,000 in the same period of 2018, representing a decline of 61%[21]. - Loss before tax for the three months ended December 31, 2019, was HK$4,660,000, compared to a loss of HK$1,038,000 for the same period in 2018, indicating a significant increase in losses[21]. - Total comprehensive loss attributable to owners of the Company for the period was HK$13,034,000, compared to HK$1,761,000 for the same period in 2018, reflecting a substantial increase in losses[21]. - The total comprehensive loss attributable to owners of the Company was approximately HK$13.0 million for the nine months ended 31 December 2019, compared to approximately HK$8.5 million for the same period in 2018, primarily due to decreased revenue[81]. Revenue and Costs - Revenue for the nine months ended 31 December 2019 decreased by approximately HK$32.0 million to HK$40.1 million, compared to approximately HK$72.1 million for the same period in 2018[68]. - Cost of inventories sold for the nine months ended 31 December 2019 decreased by approximately HK$10.1 million to HK$17.6 million, while the cost of inventories sold as a percentage of revenue increased by approximately 5.5% to approximately 44.0%[69]. - Gross profit decreased by approximately HK$21.9 million to HK$22.5 million for the nine months ended 31 December 2019, with a gross margin decline of about 5.5% to 56.0%[73]. - Staff costs for the three months ended December 31, 2019, amounted to HK$3,358,000, which is an increase from HK$6,744,000 in the same period of 2018[21]. - Employee benefit expenses for the three months ended December 31, 2019, amounted to approximately HK$3.4 million, a decrease from HK$6.7 million in the same period of 2018[38]. - Property rentals and related expenses decreased by approximately HK$17.6 million to HK$1.4 million for the nine months ended 31 December 2019, attributed to branch closures and the adoption of HKFRS 16[77]. - Finance costs were approximately HK$0.9 million for the nine months ended 31 December 2019, compared to HK$Nil for the same period in 2018, due to the recognition of interest on lease liabilities[81]. Strategic Initiatives - The Company has been focusing on expanding its catering services in Hong Kong, which remains its principal activity[30]. - The Group's strategic remodeling of the hotpot dining concept includes the introduction of new brands and dining experiences to appeal to a wider customer base[65]. - The company has implemented "happy hour" and "late night" discounts to attract customers to its restaurants[97]. - The Group plans to balance between expanding restaurants and closing underperforming ones while considering launching more new brands to enhance customer dining experiences[95]. Governance and Compliance - The Audit Committee reviewed the unaudited consolidated financial statements for the nine months ended December 31, 2019, confirming compliance with applicable accounting standards and GEM Listing Rules[143]. - The company has complied with the Corporate Governance Code for the nine months ended December 31, 2019[135]. - There were no competing businesses or conflicts of interest reported among directors or substantial shareholders during the nine months ended December 31, 2019[134]. - The company has maintained adequate disclosures as required by the GEM Listing Rules and other legal requirements[143]. Shareholding and Interests - As of December 31, 2019, Ms. Wong holds 843,952,000 shares, representing approximately 83.4% of Sure Wonder Investments Limited[100]. - Mr. Kwok, the chief executive officer, is deemed to be interested in the same 843,952,000 shares held by Ms. Wong due to their family relationship[100]. - Mr. Chan Lap Ping holds a family interest in 18 shares, representing approximately 1.8% of Sure Wonder[112]. - No other directors or chief executives had interests or short positions in any shares or debentures of the company or its associated corporations as of December 31, 2019[120]. - No substantial shareholders other than those disclosed had interests or short positions in the shares as of December 31, 2019[130]. - The company has not purchased, sold, or redeemed any listed securities since its listing on February 15, 2017, up to December 31, 2019[135]. - The company has adopted a share option scheme since January 20, 2017, but no share options have been granted or are outstanding as of December 31, 2019[139]. Market Conditions - The Group's financial results were negatively impacted by severe market competition, a weakening local economy, and rising costs of raw materials, labor, and rental[63]. - The Group anticipates that severe market competition and a weakening local economy will continue to adversely affect the food and beverage industry and its performance[95]. - No provision for Hong Kong Profits Tax has been made as the Group has no assessable profits arising in Hong Kong for the current period[47]. - The Group is eligible for a one-off reduction of profits tax by 100%, subject to a ceiling of HK$20,000[49].

Financial Performance - The Group recorded revenue of approximately HK$30.0 million for the six months ended 30 September 2019, a decrease of 39% compared to approximately HK$49.3 million for the same period in 2018[36]. - The Group's gross profit for the six months ended 30 September 2019 was approximately HK$16.9 million, down from approximately HK$30.0 million in the previous year, representing a decline of 43%[36]. - Loss attributable to owners of the Company for the six months ended 30 September 2019 was approximately HK$8.4 million, compared to a loss of approximately HK$6.7 million for the same period in 2018, indicating an increase in loss of about 25%[37]. - Basic and diluted loss per share was approximately 0.70 HK cents for the six months ended 30 September 2019, compared to approximately 0.56 HK cents for the same period in 2018, reflecting a 25% increase in loss per share[37]. - Revenue for the three months ended September 30, 2019, was HK$12,737,000, a decrease of 44.6% compared to HK$23,019,000 for the same period in 2018[42]. - Loss before tax for the six months ended September 30, 2019, was HK$8,374,000, compared to a loss of HK$2,929,000 for the same period in 2018, indicating a significant increase in losses[42]. - Revenue from restaurant operations for the six months ended 30 September 2019 is HK$30,010,000, compared to HK$49,302,000 for the same period in 2018[139]. - Loss before tax for the three months ended 30 September 2019 is HK$5,524,000, compared to HK$8,600,000 for the same period in 2018[142]. Cash Flow and Assets - Cash and cash equivalents at the end of the reporting period were HK$36,354,000, a decrease from HK$45,466,000 at the beginning of the period, representing a decline of 20%[50]. - The company reported a net cash used in operating activities of HK$797,000 for the six months ended September 30, 2019, compared to HK$6,872,000 for the same period in 2018, showing an improvement in cash flow[50]. - Total assets less current liabilities as of September 30, 2019, amounted to HK$65,595,000, an increase from HK$60,447,000 as of March 31, 2019[43]. - Net current assets as of September 30, 2019, were HK$34,271,000, down from HK$46,279,000 as of March 31, 2019, reflecting a decrease of 26%[43]. - Trade receivables as at 30 September 2019 were HK$137,000, down from HK$506,000 as at 31 March 2019, indicating improved collection[165]. - Trade payables as at 30 September 2019 were HK$1,524,000, compared to HK$1,991,000 as at 31 March 2019, reflecting a decrease in outstanding obligations[170]. Equity and Dividends - Total equity as of September 30, 2019, was HK$52,073,000, down from HK$60,447,000 as of March 31, 2019, indicating a decrease of 13.8%[44]. - The Board does not recommend the payment of an interim dividend for the six months ended 30 September 2019[37]. - No dividend was recommended for the six months ended 30 September 2019, consistent with the previous year where no dividend was paid[154]. Cost Management - Staff costs for the six months ended September 30, 2019, were HK$9,591,000, compared to HK$14,767,000 for the same period in 2018, reflecting a reduction of 35.1%[42]. - Cost of inventories sold decreased by approximately HK$6.2 million to HK$13.1 million, with the cost as a percentage of revenue increasing by approximately 4.5% to 43.6%[189]. - Gross profit for the six months ended September 30, 2019, decreased by approximately HK$13.1 million to HK$16.9 million, with the gross profit margin decreasing by approximately 4.5% to 56.4%[193]. - Property rentals and related expenses decreased by approximately HK$11.9 million to HK$1.0 million, attributed to restaurant closures and the adoption of HKFRS 16[197]. - Employee benefit expenses for the six months ended 30 September 2019 total HK$9,591,000, down from HK$14,767,000 in 2018[142]. Accounting Policies and Standards - The unaudited condensed consolidated financial statements for the six months ended 30 September 2019 have been prepared in accordance with HKAS 34 Interim Financial Reporting[57]. - The Group has applied HKFRS 16 for the first time, which supersedes HKAS 17 Leases[68]. - The accounting policies used in the preparation of the financial statements are consistent with those adopted in the annual financial statements for the year ended 31 March 2019[58]. - The financial performance and position for the current or prior periods have not been materially affected by the application of new and revised HKFRSs, except for HKFRS 16[61]. - The Group has not applied new and revised standards that have been issued but are not yet effective[62]. Lease Accounting - The Group recognized lease liabilities of HK$24,034,000 and right-of-use assets of HK$24,034,000 as of April 1, 2019[99]. - Right-of-use assets are recognized at the commencement date of the lease and measured at cost, less accumulated depreciation and impairment losses[82]. - Lease liabilities are recognized at the present value of unpaid lease payments at the commencement date, using the incremental borrowing rate if the implicit interest rate is not determinable[87]. - The Group applies the short-term lease recognition exemption for leases of machinery and equipment with a term of 12 months or less, which do not contain a purchase option[81]. - The Group's adjustments upon application of HKFRS 16 included recognizing lease liabilities and right-of-use assets at the same amount[99]. Business Operations - The Group's principal activity is the provision of catering services in Hong Kong[56]. - The Group closed two underperforming restaurants in May 2019 to consolidate operations and focus on new brands[186]. - The introduction of the "3H Island Fusion Pot" brand aims to attract a wider customer base with a modern dining experience[187]. - The Group's financial performance was impacted by severe market competition and rising costs of raw materials, labor, and rental[185].

Financial Performance - The Group recorded revenue of approximately HK$17.3 million for the three months ended June 30, 2019, a decrease of 34.0% compared to approximately HK$26.3 million for the same period in 2018[14]. - The Group's gross profit for the three months ended June 30, 2019, was approximately HK$9.7 million, down 37.9% from approximately HK$15.6 million in the prior year[14]. - Loss attributable to owners of the Company was approximately HK$4.5 million for the three months ended June 30, 2019, compared to a loss of approximately HK$4.1 million for the same period in 2018, representing an increase of 9.8%[15]. - Basic and diluted loss per share was approximately 0.38 HK cents for the three months ended June 30, 2019, compared to approximately 0.34 HK cents for the same period in 2018, indicating an 11.8% increase in loss per share[15]. - Revenue for the three months ended June 30, 2019, was HK$17,273,000, a decrease of 34.3% compared to HK$26,283,000 in the same period of 2018[19]. - Gross profit for the same period was HK$9,717,000, down 37.9% from HK$15,595,000 year-over-year[19]. - Loss before tax for the period was HK$4,503,000, slightly improved from a loss of HK$5,238,000 in the previous year[19]. - Total comprehensive loss for the period attributable to owners of the company was HK$4,503,000, compared to HK$4,101,000 in the same period of 2018[19]. - Basic and diluted loss per share was HK$0.38, compared to HK$0.34 in the previous year[19]. Cost Management - Staff costs decreased to HK$5,562,000 from HK$7,961,000, reflecting a reduction of 30%[19]. - Administrative expenses were reduced to HK$3,084,000 from HK$4,369,000, a decrease of 29.4%[19]. - The company continues to focus on cost management strategies to mitigate losses and improve financial performance moving forward[19]. - Cost of inventories sold for the three months ended June 30, 2019, was HK$7.6 million, down 29.8% from HK$10.7 million in 2018[54]. - Minimum lease payments under operating leases for restaurants and office premises amounted to HK$4.5 million for the three months ended June 30, 2019, compared to HK$6.1 million in 2018[54]. - Employee benefit expenses for the three months ended June 30, 2019, totaled HK$5.6 million, a decrease of 30.1% from HK$8.0 million in 2018[54]. Market Conditions - The Group's financial performance was negatively impacted by severe market competition, a weakening local economy, and rising costs of raw materials, labor, and rent[109]. - The group anticipates that severe market competition and weak local economic conditions will continue to negatively impact the restaurant industry and its performance[128]. - The closures of CWC and CCWB in June 2018 and February 2019, respectively, contributed to the decline in revenue[115]. Strategic Adjustments - The Group closed five restaurants to consolidate operations and focus resources on new brands, which were underperforming and incurred continuous operating losses[109]. - The company plans to adjust its business strategies in response to market conditions, including balancing restaurant expansions and closures[125]. - Future plans include exploring the viability of extending business hours and launching new brands to enhance customer dining experiences[126]. - The group plans to maintain a cautious management approach and adjust its business strategies to balance restaurant expansion and closure of underperforming locations[128]. - Future focus includes exploring the feasibility of extending operating hours and offering discounts for dining customers during "happy hour" and "late-night" services[128]. Shareholder Information - Ms. Wong holds 854,200,000 shares, representing a 71.2% interest in the company, through a controlled corporation[143]. - Mr. Kwok, the chief executive officer, is deemed to be interested in the same 854,200,000 shares due to family interest[147]. - As of June 30, 2019, Sure Wonder holds 854,200,000 shares, representing 71.2% of the company's issued voting shares[157]. - Ms. Wong owns 83.4% of Sure Wonder, while Mr. Kwok owns 9.3%, Mr. Hui Chun Wah owns 5.5%, and Ms. Yang Dongxiang owns 1.8%[159]. - No directors or chief executives had any interests or short positions in the company's shares or debentures as of June 30, 2019[160]. - The company has complied with the Corporate Governance Code provisions for the three months ended June 30, 2019[168]. Compliance and Governance - The Audit Committee has reviewed the unaudited consolidated financial statements for the three months ended June 30, 2019, and confirmed compliance with applicable accounting standards and GEM Listing Rules[176]. - The company has not disclosed any new product developments or market expansions in the provided content[166]. - There are no conflicts of interest reported among directors or controlling shareholders during the three months ended June 30, 2019[164]. - The Company has not purchased, sold, or redeemed any of its listed securities from the listing date until June 30, 2019[170]. - No substantial shareholders were identified with interests of 5% or more in the company's shares as of June 30, 2019[162]. - The company has no competing business interests from its directors or controlling shareholders[164]. - No share options have been granted since the adoption of the share option scheme on January 20, 2017, and there were no outstanding share options as of June 30, 2019[171].