Core Viewpoint - The Hong Kong Securities and Futures Commission has conducted an inquiry into the shareholding distribution of Ocean Global Holdings, revealing a high concentration of shares among a few shareholders, which may lead to significant price volatility [1][4]. Group 1: Shareholding Structure - As of April 29, 2025, there are 19 shareholders collectively holding 52,420,000 shares, representing 18.72% of the company's issued share capital [1][3]. - The controlling shareholder holds 205,800,000 shares, accounting for 73.50% of the issued share capital [1][3]. - Only 21,780,000 shares, or 7.78% of the issued share capital, are held by other shareholders [1][3]. Group 2: Stock Price Performance - The closing price of the company's shares increased from HKD 0.69 on October 3, 2023, to HKD 2.95 on April 29, 2025, representing a 328% increase [4]. - As of May 13, 2025, the share price reached HKD 3.11, marking a 351% increase from the price on October 3, 2023 [4]. Group 3: Company Overview and Future Plans - Ocean Global Holdings is primarily engaged in the import and wholesale of frozen seafood [5]. - On April 15, 2025, the company announced that its board has appointed professionals to assess the eligibility and appropriateness of transferring its securities from GEM to the main board of the Stock Exchange, although the evaluation is still in preliminary stages [5].

Financial Performance - For the six months ended September 30, 2024, the group reported revenue of approximately HKD 201.0 million, a decrease of about HKD 39.6 million or 16.5% compared to HKD 240.6 million for the same period in 2023[4] - The net profit attributable to the owners of the company for the six months ended September 30, 2024, was approximately HKD 20.0 million, down by about HKD 1.5 million or 6.8% from HKD 21.4 million in the same period of 2023[4] - Gross profit for the six months ended September 30, 2024, was approximately HKD 33.8 million, a decrease from HKD 35.0 million for the same period in 2023[6] - Revenue from the sale of frozen seafood products for the six months ended September 30, 2024, was HKD 200,983,000, down 14.2% from HKD 234,628,000 in the same period of 2023[31] - Revenue from shrimp products decreased to HKD 58,782,000 for the six months ended September 30, 2024, a decline of 60.1% compared to HKD 146,563,000 in the same period of 2023[31] - Revenue from frozen seafood wholesalers was HKD 192,347,000 for the six months ended September 30, 2024, down 16.5% from HKD 230,019,000 in the same period of 2023[33] - Revenue from the Hong Kong region for the six months ended September 30, 2024, was HKD 157,579,000, a decrease of 2.0% from HKD 160,000,000 in the same period of 2023[34] - The cost of goods sold for the six months ended September 30, 2024, was approximately HKD 167.2 million, a decrease of about 18.7% from HKD 205.6 million for the same period in 2023[55] - Gross profit for the six months ended September 30, 2024, was approximately HKD 33.8 million, down from HKD 35.0 million for the same period in 2023, while the gross profit margin increased to approximately 16.8%, up from 14.5%[56] Dividends and Shareholder Information - The board of directors did not recommend the payment of a dividend for the six months ended September 30, 2024[4] - The company paid dividends of HKD 11,200,000 during the period, unchanged from the previous year[18] - The company declared a final dividend of HKD 0.04 per share for the year ending March 31, 2024, totaling HKD 11,200,000, consistent with the previous year[37] - The company has a significant shareholder, 嘉信控股有限公司, holding 205,800,000 shares, representing 73.5% of the total shares[71] - The company's executive director, 陳建峰, also holds 205,800,000 shares, equating to 73.5% ownership[71] - The spouse of 陳建峰, 謝春霞, is considered to have rights to the same 205,800,000 shares, also representing 73.5%[71] Cash Flow and Assets - The group’s cash and cash equivalents decreased to HKD 19.9 million as of September 30, 2024, from HKD 104.9 million as of March 31, 2024[9] - The total cash and cash equivalents at the end of the period decreased to HKD 19,927,000 from HKD 40,457,000, representing a decline of 50.7%[18] - Current assets as of September 30, 2024, totaled HKD 233.0 million, an increase from HKD 219.2 million as of March 31, 2024[9] - Total assets less current liabilities as of September 30, 2024, amounted to HKD 270.3 million, compared to HKD 261.5 million as of March 31, 2024[11] - The group’s total equity as of September 30, 2024, was HKD 270.2 million, an increase from HKD 261.4 million as of March 31, 2024[11] Operating Activities - The net cash generated from operating activities for the six months ended September 30, 2024, was HKD 20,871,000, an increase of 7.1% from HKD 19,495,000 in the same period of 2023[18] - The net cash used in investing activities was HKD (95,000,000) for the six months ended September 30, 2024, compared to HKD (88,000,000) in the same period of 2023[18] - The company reported a decrease in cash and cash equivalents of HKD 84,980,000 for the six months ended September 30, 2024, compared to a decrease of HKD 18,914,000 in the same period of 2023[18] Expenses and Costs - Employee costs, including director remuneration, increased to HKD 1,864,000 for the three months ended September 30, 2024, from HKD 1,811,000 in the same period of 2023, reflecting a rise of 2.9%[35] - Administrative expenses for the six months ended September 30, 2024, were approximately HKD 4.2 million, a slight decrease of about 2.5% from HKD 4.3 million for the same period in 2023[59] - Financial costs decreased from approximately HKD 43,000 for the six months ended September 30, 2023, to approximately HKD 17,000 for the same period in 2024[60] - Tax expenses for the six months ended September 30, 2024, were approximately HKD 3.52 million, a decrease of about 16.4% from HKD 4.21 million for the same period in 2023[61] Governance and Compliance - The audit committee reviewed the unaudited condensed consolidated financial statements for the six months ending September 30, 2024, and found them compliant with applicable accounting standards[81] - The company has adhered to the corporate governance code since its listing on October 19, 2017[79] - There are no reported conflicts of interest or competition from directors or major shareholders during the reporting period[75] - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and internal controls[80] - The company has adopted a stock option plan to reward eligible participants for their contributions[77] Other Financial Metrics - The group recorded a basic earnings per share of HKD 7.14 for the six months ended September 30, 2024, down from HKD 7.66 for the same period in 2023[6] - The basic earnings per share for the six months ended September 30, 2024, was HKD 19,988,000, compared to HKD 20,325,000 for the same period in 2023, indicating a decrease of approximately 1.7%[38] - Trade receivables as of September 30, 2024, amounted to HKD 49,776,000, compared to HKD 29,935,000 as of March 31, 2024, showing an increase of approximately 66.3%[40] - The total liabilities as of September 30, 2024, included trade payables of HKD 11,984,000, up from HKD 8,569,000 as of March 31, 2024, reflecting an increase of approximately 39.5%[43] - The company did not recognize any expected credit loss provisions for trade receivables, citing low default risk based on historical credit loss experience[41] - The company had no bank borrowings as of September 30, 2024, maintaining a debt-to-equity ratio of approximately 0.2%[64] - No share buybacks or sales of listed securities occurred within the six months ending September 30, 2024[74] - The company has not issued, exercised, or allowed any stock options to expire or lapse during the reporting period[78]

Financial Performance - For the six months ended September 30, 2024, the group recorded revenue of approximately HKD 201.0 million, a decrease of about HKD 39.6 million or 16.5% compared to the same period in 2023[3]. - The net profit attributable to the company for the six months ended September 30, 2024, was approximately HKD 20.0 million, down by about HKD 1.5 million or 6.8% from HKD 21.4 million in the same period of 2023[3]. - The gross profit for the six months ended September 30, 2024, was HKD 33.78 million, compared to HKD 34.996 million for the same period in 2023, reflecting a decline in gross profit margin[4]. - The company reported a net profit of HKD 19,988,000 for the six months ended September 30, 2024, compared to HKD 21,446,000 for the same period in 2023, indicating a decrease of approximately 6.8%[7]. - Revenue decreased by approximately 16.5% from about HKD 240.6 million for the six months ended September 30, 2023, to about HKD 201.0 million for the same period in 2024, mainly due to a decline in sales of various seafood products[38]. - The cost of goods sold for the six months ended September 30, 2024, was approximately HKD 167.2 million, a decrease of about 18.7% from approximately HKD 205.6 million for the same period in 2023[39]. - Gross profit for the six months ended September 30, 2024, was approximately HKD 33.8 million, down from approximately HKD 35.0 million for the same period in 2023, while the gross profit margin increased to approximately 16.8% from about 14.5%[40]. Dividends and Shareholder Information - The board of directors does not recommend the payment of dividends for the six months ended September 30, 2024[3]. - The company paid out HKD 11,200,000 in dividends during both the six months ended September 30, 2024, and 2023, maintaining a consistent dividend policy[9]. - The company declared a final dividend of HKD 0.04 per share for the year ending March 31, 2024, consistent with the previous year, totaling HKD 11,200,000[23]. - Major shareholders, including 嘉信控股有限公司, hold 205,800,000 shares, representing 73.5% of the total shares[52]. Assets and Liabilities - Total assets less current liabilities as of September 30, 2024, amounted to HKD 270.322 million, an increase from HKD 261.472 million as of March 31, 2024[5]. - The company reported cash and cash equivalents of HKD 19.927 million as of September 30, 2024, down from HKD 104.907 million as of March 31, 2024[5]. - The company’s total equity as of September 30, 2024, was HKD 270.183 million, up from HKD 261.395 million as of March 31, 2024[6]. - As of September 30, 2024, the total equity attributable to owners of the company was approximately HKD 270.2 million, an increase from HKD 261.4 million as of March 31, 2024[46]. - The group had no bank borrowings as of September 30, 2024, maintaining an asset-liability ratio of approximately 0.2%[47]. Cash Flow and Investments - Net cash generated from operating activities for the six months ended September 30, 2024, was HKD 20,871,000, compared to HKD 19,495,000 for the same period in 2023, representing an increase of about 7.0%[9]. - The company incurred a net cash outflow from investing activities of HKD 94,075,000 for the six months ended September 30, 2024, compared to HKD 26,652,000 for the same period in 2023, indicating a significant increase in investment expenditures[9]. - The company raised approximately HKD 63.0 million through the issuance of shares, enhancing its financial strength for business expansion[46]. Market and Operational Insights - The group anticipates continued challenges in the frozen seafood market, with a focus on improving operational efficiency and exploring new market opportunities[21]. - The company plans to closely monitor market conditions, particularly in the local retail market, and will enhance cost-saving measures in response to economic challenges[36]. - The company has secured several new overseas suppliers and will continue to seek exclusive agency or sales arrangements to expand its product portfolio[37]. - The company aims to leverage its listing status to enhance its reputation and strengthen business relationships with existing suppliers and customers[36]. - The company anticipates ongoing pressure in the food service industry due to changing consumer spending trends in Hong Kong[36]. Receivables and Payables - Trade and other receivables increased to HKD 66.026 million as of September 30, 2024, compared to HKD 59.778 million as of March 31, 2024[5]. - Trade receivables as of September 30, 2024, amounted to HKD 49,776, slightly down from HKD 50,292 as of March 31, 2024[26]. - Trade payables as of September 30, 2024, were reported at HKD 11,984, an increase from HKD 8,569 as of March 31, 2024[29]. - The aging analysis of trade receivables shows that HKD 29,935 was within 30 days, while HKD 5,260 was overdue by more than 90 days as of September 30, 2024[27]. - The company did not make any provisions for expected credit losses on trade receivables, citing low default risk based on historical data[28]. Audit and Governance - The audit committee, established on September 21, 2017, consists of three independent non-executive directors and is responsible for reviewing financial statements and internal control procedures[59]. - The audit committee has reviewed the unaudited condensed consolidated financial statements and performance for the six months ending September 30, 2024, and believes they comply with applicable accounting standards and regulations[60].

Financial Performance - For the fiscal year 2024, the company's revenue decreased by approximately HKD 8.6 million or 1.8% to about HKD 458.7 million compared to the fiscal year 2023[7]. - The net profit for fiscal year 2024 was approximately HKD 40.8 million, down from HKD 50.2 million in fiscal year 2023, primarily due to reduced revenue and lower gross margin[7]. - The company recorded a net profit of approximately HKD 40.8 million for the year ended March 31, 2024, down from HKD 50.2 million for the year ended March 31, 2023, representing a decrease of about 18.6%[18]. - Revenue decreased by approximately 1.8% from HKD 467.3 million for the year ended March 31, 2023, to HKD 458.7 million for the year ended March 31, 2024[20]. - Gross profit for the year ended March 31, 2024, was approximately HKD 66.6 million, a decrease of about 15.5% from HKD 78.7 million for the previous year[23]. - The gross profit margin decreased from approximately 16.8% for the year ended March 31, 2023, to about 14.5% for the year ended March 31, 2024, a decline of approximately 2.3 percentage points[23]. - Cost of goods sold increased by approximately 0.9% from HKD 388.6 million for the year ended March 31, 2023, to HKD 392.2 million for the year ended March 31, 2024[22]. - Selling and distribution costs increased by approximately 5.4% from HKD 11.0 million for the year ended March 31, 2023, to HKD 11.6 million for the year ended March 31, 2024[24]. - Tax expenses decreased by approximately HKD 1.9 million or 18.0%, from HKD 10.4 million for the year ended March 31, 2023, to HKD 8.5 million for the year ended March 31, 2024[27]. - The profit attributable to the owners of the company for the year ended March 31, 2024, was approximately HKD 40.8 million, a decrease from HKD 50.2 million for the year ended March 31, 2023, primarily due to a reduction in revenue and gross profit[28]. Market Conditions - The company anticipates continued pressure on the restaurant and food service industry due to changing consumer spending trends in Hong Kong[8]. - The company anticipates continued pressure on the food service industry due to changing consumer spending trends in Hong Kong[19]. - The company aims to closely monitor market conditions and respond to unprecedented changes through effective planning to improve business performance[8]. - The company plans to strengthen cost-saving measures in response to the challenging market conditions[19]. Customer and Supplier Information - The company serves over 400 customers, mainly frozen seafood resellers and suppliers, offering a variety of over 100 types of frozen seafood products[8]. - The largest customer accounted for approximately 9.2% of total sales, while the top five customers represented about 27.0% of total revenue for the year ending March 31, 2024, compared to 6.4% and 24.1% in 2023[56]. - The largest supplier accounted for approximately 12.6% of total purchases, with the top five suppliers making up about 44.7% of total procurement for the year ending March 31, 2024, compared to 14.9% and 46.5% in 2023[56]. Financial Position - As of March 31, 2024, the group's cash and bank balances were approximately HKD 104.9 million, an increase from HKD 79.4 million as of March 31, 2023[33]. - The total equity attributable to the owners of the company as of March 31, 2024, was approximately HKD 261.4 million, compared to HKD 231.8 million as of March 31, 2023[33]. - The group's total debt, including lease liabilities, was approximately HKD 1.1 million as of March 31, 2024, down from HKD 2.2 million as of March 31, 2023[33]. - The company has no significant interests or stakes in any major transactions or arrangements involving directors or related entities during the year[66]. Corporate Governance - The board of directors includes five members, with terms expiring at the annual general meeting scheduled for August 22, 2024[58]. - The company has received independence confirmations from all independent non-executive directors, affirming their status as independent individuals[61]. - The company has established specific committees, including the audit committee, remuneration committee, and nomination committee, to assist in governance[128]. - The audit committee consists of three independent non-executive directors who review the accounting standards and internal control systems[109]. - The company has adopted the GEM Listing Rules as the code for directors' securities transactions and confirms compliance since the listing date[114]. - The chairman and CEO roles are held by the same individual, which the board believes ensures effective leadership and management[113]. - Directors are required to retire and seek re-election at least once every three years, with specific provisions for filling temporary vacancies[117]. - The board consists of two executive directors and three independent non-executive directors[118]. Environmental and Social Responsibility - The company is committed to corporate social responsibility, focusing on ethical behavior, employee health and safety, and environmental concerns[107]. - The company emphasizes its commitment to environmental and social responsibilities as core values in its operations[161]. - The company has implemented a stakeholder engagement strategy to address core concerns through various communication channels[163]. - The company has initiated a climate change assessment to identify and mitigate potential risks associated with its operations[193]. - The company encourages recycling and the use of electronic documents to minimize paper waste and reduce overall emissions[178]. - The company has implemented control procedures to ensure suppliers comply with fishing restrictions and has established a monitoring system for inventory levels to prevent waste[190][191]. Employee Information - The total employee costs for the year ended March 31, 2024, were approximately HKD 7.3 million, compared to HKD 6.9 million for the year ended March 31, 2023[43]. - As of March 31, 2024, the company employed a total of 17 employees, with 11 males (64.7%) and 6 females (35.3%)[199]. - The age distribution of employees shows that 5 employees (29.4%) are aged between 30 to 50 years, while 12 employees (70.6%) are over 50 years[199]. - The company has a robust human resources policy that adheres to all applicable laws in Hong Kong and promotes equal opportunities without discrimination[198]. - The company has established a performance management system aimed at attracting and retaining top talent, including a comprehensive compensation structure[198]. Compliance and Regulations - The company has complied with the GEM Listing Rules Chapter 20 disclosure requirements during the review period[79]. - The independent non-executive directors have reviewed the continuing connected transactions and confirmed their compliance with the GEM Listing Rules[79]. - The company has maintained sufficient public float as required by the GEM Listing Rules as of the date of the annual report[87]. - The company is committed to complying with relevant laws and regulations, ensuring adherence to the GEM Listing Rules and other applicable regulations[90]. Dividends and Shareholder Information - The proposed final dividend for the year ended March 31, 2024, is HKD 0.04 per ordinary share, totaling HKD 11.2 million, the same as the previous year[51]. - The company has proposed a final dividend of HKD 0.04 per share for the year ending March 31, 2024, subject to shareholder approval[93]. - The major shareholder, 嘉信控股有限公司, holds 205,800,000 shares, representing approximately 73.5% of the total shares[74]. Risk Management - The company has implemented a risk management framework to identify and assess significant risks affecting the business, ensuring effective internal controls[147][148]. - The internal control consultant identified significant issues prior to the company's listing, which were corrected, ensuring asset security and shareholder rights[143][144]. - The company regularly reviews business interruption risks related to extreme weather events and has developed contingency plans to mitigate negative impacts[194]. - The company is aware of the potential for stricter climate regulations and is monitoring trends to ensure compliance and mitigate reputational risks[195].

Financial Performance - Revenue for the year ended March 31, 2024, was HKD 458,725,000, a decrease of 1.3% from HKD 467,349,000 in 2023[5] - Gross profit for the same period was HKD 66,561,000, down 15.4% from HKD 78,737,000 in 2023[5] - Profit before tax decreased to HKD 49,289,000, a decline of 18.5% compared to HKD 60,541,000 in the previous year[5] - Net profit for the year was HKD 40,766,000, representing a decrease of 18.6% from HKD 50,152,000 in 2023[5] - Basic earnings per share for 2024 was 14.6 HK cents, down from 17.9 HK cents in 2023, reflecting a decline of 18.3%[5] - For the fiscal year ending March 31, 2024, the group recorded revenue of approximately HKD 458.7 million, a decrease of about HKD 8.6 million or 1.8% compared to the fiscal year ending March 31, 2023[18] - The net profit attributable to the company for the fiscal year ending March 31, 2024, was approximately HKD 40.8 million, down by about HKD 9.4 million or 18.7% from approximately HKD 50.2 million for the fiscal year ending March 31, 2023[18] - The group’s basic earnings per share for the fiscal year ending March 31, 2024, was HKD 0.145, down from HKD 0.179 in the previous year[37] - The net profit for the fiscal year ending March 31, 2024, was approximately HKD 40.8 million, down from HKD 50.2 million for the fiscal year ending March 31, 2023, primarily due to decreased revenue and lower gross margin[76] Assets and Liabilities - Total assets increased to HKD 261,472,000, up from HKD 233,040,000 in 2023, marking a growth of 12.2%[12] - Current assets rose to HKD 219,152,000, compared to HKD 191,399,000 in the previous year, an increase of 14.5%[12] - The company reported cash and cash equivalents of HKD 104,907,000, significantly up from HKD 59,371,000 in 2023, a growth of 77.0%[12] - As of March 31, 2024, the group's bank and cash balance was approximately HKD 104.9 million, an increase from HKD 79.4 million as of March 31, 2023[99] - The group's asset-liability ratio was approximately 0.4% as of March 31, 2024, down from 0.9% as of March 31, 2023[101] - As of March 31, 2024, the group had total equity of approximately HKD 261.4 million, up from HKD 231.8 million as of March 31, 2023[120] - The group had no bank borrowings as of March 31, 2024, consistent with the previous year[122] - The group has pledged leasehold land and buildings totaling approximately HKD 48.6 million as of March 31, 2024, down from HKD 50.7 million as of March 31, 2023[126] Revenue Sources and Market Conditions - The group primarily engages in the import and wholesale of frozen seafood products, with revenue recognized upon delivery to customers[22][42] - The company's revenue decreased by approximately 1.8% from HKD 467.3 million in 2023 to HKD 458.7 million in 2024, primarily due to reduced sales of various products such as Japanese sashimi scallops and Canadian snow crab claws[62] - Revenue from the Hong Kong region decreased from HKD 368.1 million in 2023 to HKD 326.2 million in 2024, representing a decline of about 11.4%[45] - The company anticipates continued pressure on the food service industry due to shifts in consumer spending habits[59] - The board remains cautious about the business outlook due to the slowdown in the Hong Kong economy and changing consumer trends[58] Expenses and Costs - The cost of goods sold for the year ended March 31, 2024, was approximately HKD 392.2 million, an increase of about 0.9% from HKD 388.6 million in 2023[63] - Gross profit for the year ended March 31, 2024, was approximately HKD 66.6 million, a decrease of about 15.5% from HKD 78.7 million in 2023, resulting in a gross margin of approximately 14.5%[63] - For the fiscal year ending March 31, 2024, the company's sales and distribution costs were approximately HKD 11.6 million, an increase of about 5.4% compared to HKD 11.0 million for the fiscal year ending March 31, 2023[64] - Administrative expenses remained relatively stable at approximately HKD 8.7 million for both the fiscal years ending March 31, 2024, and March 31, 2023[83] - Financial costs decreased from approximately HKD 93,000 for the fiscal year ending March 31, 2023, to approximately HKD 72,000 for the fiscal year ending March 31, 2024[84] - Tax expenses decreased by approximately HKD 1.9 million or 18.0%, from HKD 10.4 million for the fiscal year ending March 31, 2023, to HKD 8.5 million for the fiscal year ending March 31, 2024[85] - Employee costs totaled approximately HKD 7.3 million for the fiscal year ending March 31, 2024, compared to HKD 6.9 million for the fiscal year ending March 31, 2023[88] Corporate Governance and Compliance - The company has adhered to the corporate governance code since its listing date on October 19, 2017, with no deviations reported[130] - The company has complied with the GEM Listing Rules regarding director securities transactions since its listing date until March 31, 2024[133] - There are no reported conflicts of interest between the directors and the group's business operations[135] - The audit committee was established on September 21, 2017, and consists of three independent non-executive directors[148] - The group's auditor, Deloitte, has confirmed that the financial statements for the year ending March 31, 2024, are consistent with those approved by the board on June 18, 2024[147] Future Outlook and Strategic Plans - The company aims to enhance its corporate image and explore potential business opportunities with new suppliers and customers following its listing[60] - The company plans to closely monitor market conditions, particularly in the local retail market, and will enhance cost-saving measures in light of challenging circumstances[77] - The company aims to strengthen its market position in the Hong Kong frozen seafood import and wholesale industry through the net proceeds from share issuance[78] - The company will continue to seek exclusive agency or sales arrangements with existing and new overseas suppliers to enrich its product portfolio and maintain competitiveness[79] - The company expects no significant impact on the consolidated financial statements from the application of the new and revised Hong Kong Financial Reporting Standards in the foreseeable future[24] - The company has not been aware of any employee violations of the standard code or insider information policies since its listing date[143] Dividend and Shareholder Information - The board of directors proposed a final dividend of HKD 0.04 per ordinary share for the fiscal year ending March 31, 2024, consistent with the previous year[36] - The annual general meeting is scheduled for August 22, 2024, with a notice to be issued in due course[140] - The company will suspend share registration procedures from August 29 to August 30, 2024, for the proposed final dividend[146]

Financial Performance - For the six months ended September 30, 2023, the group's gross profit was approximately HKD 35.0 million, a decrease of about 19.8% compared to HKD 43.6 million for the same period in 2022[10]. - The gross profit margin for the six months ended September 30, 2023, was approximately 14.5%, down by about 3.1 percentage points from 17.6% for the same period in 2022[10]. - For the six months ended September 30, 2023, the group recorded a net profit attributable to the owners of approximately HKD 21.4 million, a decrease of about HKD 8.1 million or 27.5% compared to HKD 29.5 million for the same period in 2022[45]. - The group reported total revenue of approximately HKD 240.6 million for the six months ended September 30, 2023, a decrease of about HKD 7.5 million or 3.1% from HKD 248.1 million for the same period in 2022[69]. - Revenue for the six months ended September 30, 2023, was HKD 123,503,000, a decrease of 13.4% from HKD 240,563,000 for the same period in 2022[84]. - The company recorded a net profit of approximately HKD 21.4 million for the six months ended September 30, 2023, down from HKD 29.5 million for the same period in 2022, primarily due to a decrease in gross profit and gross margin[100]. - The profit attributable to the owners of the company for the six months ended September 30, 2023, was approximately HKD 21.4 million, down from HKD 29.5 million for the same period in 2022, primarily due to a decrease in gross profit[127]. Costs and Expenses - The sales and distribution costs for the six months ended September 30, 2023, were approximately HKD 5.6 million, slightly increased by about 0.5% compared to HKD 5.6 million for the same period in 2022[11]. - Tax expenses for the six months ended September 30, 2023, were approximately HKD 4.21 million, a decrease of about HKD 1.90 million or 31.1% compared to HKD 6.11 million for the same period in 2022[12]. - Administrative expenses for the six months ended September 30, 2023, were approximately HKD 4.3 million, an increase of about 4.8% compared to HKD 4.1 million for the same period in 2022[126]. - The cost of goods sold for the six months ended September 30, 2023, was approximately HKD 205.6 million, a slight increase of about 0.5% from HKD 204.5 million for the same period in 2022[150]. Equity and Assets - As of September 30, 2023, the total equity attributable to the owners of the company was approximately HKD 242.1 million, an increase from HKD 231.8 million as of March 31, 2023[14]. - Cash and cash equivalents decreased to HKD 40.457 million as of September 30, 2023, from HKD 59.371 million at the beginning of the period, representing a decrease of approximately 31.9%[62]. - The group’s current assets net value increased to HKD 186.139 million as of September 30, 2023, compared to HKD 174.312 million at the end of the previous period[54]. - The group’s total liabilities increased to HKD 22.613 million as of September 30, 2023, compared to HKD 17.087 million at the end of the previous period, indicating a rise of approximately 32.5%[54]. - Total assets as of September 30, 2023, increased to HKD 242,726,000 from HKD 233,040,000 as of March 31, 2023, representing a growth of approximately 4.3%[74]. - Net asset value rose to HKD 242,075,000 as of September 30, 2023, compared to HKD 231,829,000 as of March 31, 2023, indicating an increase of about 4.4%[74]. Market and Operations - The company has been a stable importer and wholesaler of frozen seafood in Hong Kong for over 21 years, supplying over 100 varieties of frozen seafood products to more than 360 customers[7]. - The company anticipates challenges in its operations due to the ban on seafood imports from ten prefectures in Japan, effective August 24, 2023, following the release of radioactive wastewater[8]. - The company will continue to assess the impact of the radioactive wastewater discharge on its operations and financial performance while monitoring associated risks[8]. - The company plans to expand its market presence in mainland China, where revenue increased to HKD 26,447,000 from HKD 15,938,000 year-over-year, representing a growth of approximately 65.5%[85]. - New product development initiatives are underway, focusing on enhancing the seafood product line to capture a larger market share[86]. - The company is exploring strategic acquisitions to bolster its supply chain and enhance operational efficiency in the coming fiscal year[86]. - The management anticipates that the increase in visitors to Hong Kong and improvements in the labor market will drive the recovery of the local economy and retail sector, leading to enhanced business development efforts[147]. Shareholder and Governance - The company does not recommend the distribution of any dividends for the six months ended September 30, 2023, consistent with the same period in 2022[15]. - The group did not recommend the payment of a dividend for the six months ended September 30, 2023[51]. - The shareholding structure indicates that Mr. Chan holds 72% of the shares, with Ms. Xie, his spouse, also holding 72% through controlled interests[132]. - The company has maintained a strong corporate governance framework based on the GEM Listing Rules, which enhances its reputation and business relationships[148]. - The unaudited consolidated financial statements for the six months ended September 30, 2023, have been reviewed by the audit committee and management, confirming compliance with applicable accounting standards and GEM listing rules[167]. - The performance results have been deemed to provide sufficient disclosure as per relevant legal requirements[167]. Stock Options and Financial Instruments - The company has not granted, exercised, expired, or failed any stock options under its stock option plan as of September 30, 2023[30]. - The company has not made any provisions for expected credit losses on trade receivables and other receivables, as the default risk is considered low based on historical credit loss experience[114]. - The company’s weighted average number of ordinary shares in issue was 280,000,000 for the periods under review[113]. - The company's debt-to-equity ratio was approximately 0.7%, down from 0.9% as of March 31, 2023[129].

Financial Performance - For the three months ended June 30, 2023, the company recorded revenue of approximately HKD 122.9 million, a decrease of about HKD 1.7 million or 1.4% compared to HKD 124.6 million for the same period in 2022[19] - The net profit attributable to the owners of the company for the same period was approximately HKD 11.1 million, down by about HKD 5.2 million from HKD 16.3 million in the prior year, primarily due to a decrease in gross profit during the period[19] - The gross profit for the three months ended June 30, 2023, was HKD 18.1 million, compared to HKD 23.4 million for the same period in 2022, reflecting a decline in profitability[21] - The total comprehensive income for the period was HKD 11.1 million, compared to HKD 16.3 million for the same period in 2022[21] - The company reported a pre-tax profit of HKD 13.2 million, down from HKD 19.5 million in the previous year, highlighting a decline in overall profitability[21] - The basic earnings per share for the period was HKD 3.97, down from HKD 5.82 in the same period last year[21] - The profit attributable to the owners of the company for the three months ended June 30, 2023, was approximately HKD 11.1 million, a decrease from HKD 16.3 million for the same period in 2022, primarily due to a reduction in gross profit[69] Revenue Breakdown - Revenue from frozen seafood resellers was HKD 119.4 million, while revenue from frozen seafood catering service providers was HKD 3.5 million, totaling HKD 122.9 million for the three months ended June 30, 2023[54] - Revenue from external customers by region for the three months ended June 30, 2023, was HKD 87.8 million from Hong Kong, HKD 10.5 million from Macau, HKD 24.4 million from Mainland China, and HKD 0.2 million from Japan[54] - The group's revenue for the three months ended June 30, 2023, was approximately HKD 122.9 million, a slight decrease of about 1.4% from HKD 124.6 million for the same period in 2022[47] Cost and Expenses - The cost of goods sold for the three months ended June 30, 2023, was HKD 104.9 million, compared to HKD 101.3 million in the same period last year, showing an increase in costs[21] - For the three months ended June 30, 2023, the cost of goods sold was approximately HKD 104.9 million, an increase of about 3.6% from HKD 101.3 million for the same period in 2022[65] - The company’s administrative expenses increased to HKD 2.1 million from HKD 2.0 million in the previous year, indicating a rise in operational costs[21] - Administrative expenses for the three months ended June 30, 2023, were approximately HKD 2.1 million, an increase of about 9.7% from HKD 2.0 million for the same period in 2022[67] - The sales and distribution costs remained relatively stable at approximately HKD 2.8 million, slightly increasing by about 4.3% from HKD 2.7 million for the same period in 2022, accounting for approximately 2.3% of total revenue[67] Dividends and Shareholder Returns - The company did not recommend the payment of dividends for the three months ended June 30, 2023[19] - The company does not recommend the payment of an interim dividend for the period[40] - The company did not recommend any dividend distribution for the three months ended June 30, 2023[74] Strategic Initiatives - The company plans to strengthen its business development efforts and closely monitor operational conditions in response to the decrease in revenue and net profit[62] - The company aims to enhance its market position in the frozen seafood import and wholesale industry in Hong Kong through financial resources from the proceeds of the share offering[45] - The company will continue to seek exclusive agency or sales arrangements with existing and new overseas suppliers to enrich its product portfolio and maintain competitiveness[46] - The company is committed to expanding its market presence and enhancing shareholder value through strategic initiatives[105] Governance and Compliance - The company has complied with the corporate governance code since its listing on October 19, 2017[105] - The audit committee reviewed the unaudited condensed consolidated financial statements for the three months ended June 30, 2023, and found them to comply with applicable accounting standards and GEM listing rules[114] - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and internal controls[113] - The company has maintained a transparent disclosure of its financial performance and governance practices[114] Market Conditions and Challenges - The board anticipates facing significant challenges in the current year despite expectations of economic recovery in Hong Kong, particularly due to potential impacts from Japan's planned discharge of radioactive wastewater[85] Financial Position - As of June 30, 2023, the company's debt-to-equity ratio was approximately 0.8%, a slight decrease from 0.9% as of March 31, 2023[72] - The total equity attributable to the owners of the company was approximately HKD 243.0 million as of June 30, 2023, compared to HKD 231.8 million as of March 31, 2023[90] - The net proceeds from the listing amounted to approximately HKD 63.0 million, which the board believes will strengthen the company's financial position for business expansion[91] Shareholder Interests - No major shareholders or directors have disclosed any interests or short positions in the company's shares as of the report date[101] - The company has not reported any conflicts of interest involving its major shareholders or directors during the reporting period[110] - There were no purchases, sales, or redemptions of the company's listed securities by the company or its subsidiaries during the three months ended June 30, 2023[102] - The company has not engaged in any business that directly or indirectly competes with its operations during the three months ended June 30, 2023[110] - The share option scheme was adopted on September 21, 2017, to reward eligible participants for their contributions to the group[103]

Financial Performance - For the fiscal year ending March 31, 2023, the company's revenue increased by approximately HKD 58.7 million or 14.4% to approximately HKD 467.3 million compared to the fiscal year ending March 31, 2022[5]. - The net profit for the fiscal year 2023 was approximately HKD 50.2 million, up from approximately HKD 37.4 million in the previous fiscal year, primarily due to increased revenue and higher gross margins[5]. - Revenue increased by approximately 14.4% from about HKD 408.6 million for the year ended March 31, 2022, to about HKD 467.3 million for the year ended March 31, 2023[18]. - The company recorded a net profit of approximately HKD 50.2 million for the year ended March 31, 2023, compared to HKD 37.4 million for the previous year, representing an increase of about 34.5%[16]. - Gross profit for the year ended March 31, 2023, was approximately HKD 78.7 million, up about 21.7% from HKD 64.7 million for the previous year, with a gross margin of approximately 16.8%[21]. - The cost of goods sold for the year ended March 31, 2023, was approximately HKD 388.6 million, an increase of about 13.0% from HKD 343.9 million for the previous year[20]. - Administrative expenses increased from approximately HKD 7.8 million for the year ended March 31, 2022, to about HKD 8.7 million for the year ended March 31, 2023, primarily due to increased employee dining expenses and compliance costs[23]. - Tax expenses rose to approximately HKD 10.4 million for the year ended March 31, 2023, from HKD 8.0 million for the year ended March 31, 2022, an increase of approximately HKD 2.4 million or 30.3%[25]. - Profit attributable to owners of the company increased to approximately HKD 50.2 million for the year ended March 31, 2023, compared to HKD 37.4 million for the year ended March 31, 2022, reflecting a growth driven by increased revenue and gross profit[26]. Market Position and Strategy - The company aims to strengthen its market position in the frozen seafood import and wholesale industry in Hong Kong through strategic planning and monitoring of market conditions[6]. - The company anticipates gradual recovery in the restaurant industry as vaccination rates increase and citizens adapt to living with COVID-19, despite ongoing uncertainties in the overall economy[6]. - The company plans to continue leveraging financial resources obtained from its listing to seize business opportunities and strategies[6]. - The company aims to strengthen its market position in the frozen seafood import and wholesale industry through financial resources from the proceeds of its share issuance[17]. - The company has established sales agency arrangements with several new overseas suppliers since its listing and will seek more exclusive agency agreements to enrich its product offerings[17]. Corporate Governance - The board of directors includes five members, with terms set to continue until the annual general meeting on August 17, 2023[55]. - The company has received independence confirmations from all independent non-executive directors, affirming their status as independent individuals[58]. - The company has established specific committees, including the audit committee, remuneration committee, and nomination committee, to assist in effective governance[123]. - The audit committee, composed of three independent non-executive directors, reviews the financial statements and internal control systems[104]. - The company plans to propose the reappointment of Deloitte as its auditor at the 2023 annual general meeting[105]. - The board acknowledges the importance of good corporate governance practices to ensure effective accountability[106]. - The company has implemented appropriate insurance coverage for directors and senior officers to mitigate business-related risks[119]. - The remuneration committee is responsible for recommending compensation policies for all directors and senior management, and it includes one executive director and two independent non-executive directors[129]. Shareholder and Stakeholder Engagement - The company has established multiple communication channels to maintain ongoing dialogue with shareholders and investors, including annual general meetings and financial reports[158]. - The company’s shareholder communication policy ensures timely and accessible information is available to shareholders, facilitating informed decision-making[148]. - The company actively engages with stakeholders, including employees, customers, suppliers, and the community, to address their concerns and feedback[158]. Environmental, Social, and Governance (ESG) Commitment - The company emphasizes its commitment to environmental and social responsibilities as a core aspect of its operations, aiming to create value for stakeholders[156]. - The company’s environmental, social, and governance (ESG) report is prepared in accordance with the GEM listing rules and guidelines, focusing on sustainability and stakeholder engagement[152]. - The company has a structured approach to managing ESG risks, with the board responsible for overseeing the implementation of related policies and initiatives[155]. - The company has implemented measures to reduce electricity consumption, including limiting air conditioning hours and maintaining appropriate indoor temperatures[173]. - The company encourages recycling and the use of electronic documents to minimize paper waste and reduce emissions[173]. - The company adheres to environmental laws and regulations while promoting energy-saving practices across all operational processes[163]. Employee Relations and Safety - The company has implemented extensive internal training programs to enhance employee health and safety awareness[197]. - The group reported 224 workdays lost due to injuries, with no work-related fatalities recorded[199]. - The group has established a workplace health and safety policy in compliance with applicable Hong Kong laws, with no significant adverse impacts reported on business operations[198]. - Training programs are organized for employees to support personal growth and career development, emphasizing the importance of talent retention[200]. - The group encourages employees to participate in workshops and seminars related to food safety and business management[200]. Financial Position - As of March 31, 2023, the group's cash and cash equivalents amounted to approximately HKD 79.4 million, up from HKD 48.8 million as of March 31, 2022[31]. - The total equity attributable to owners of the company increased to approximately HKD 231.8 million as of March 31, 2023, compared to HKD 190.9 million as of March 31, 2022[31]. - The group had a debt-to-equity ratio of approximately 0.9% as of March 31, 2023, compared to 0.5% as of March 31, 2022[33]. - The net proceeds from the listing amounted to approximately HKD 63.0 million, which will be used for purposes outlined in the prospectus[28]. Dividends and Shareholder Returns - The proposed final dividend for the year ended March 31, 2023, is HKD 4.0 cents per share, totaling approximately HKD 11.2 million, compared to HKD 3.3 cents per share totaling HKD 9.24 million for the previous year[48]. - The company proposed a final dividend of HKD 0.04 per share for the year ending March 31, 2023, subject to shareholder approval at the annual general meeting[89].

Financial Performance - For the nine months ended December 31, 2022, the group recorded revenue of approximately HKD 360.5 million, an increase of about HKD 38.0 million or 11.8% compared to the same period in 2021[3]. - The net profit attributable to the owners of the company for the nine months ended December 31, 2022, was approximately HKD 39.6 million, an increase of about HKD 5.9 million or 17.6% from HKD 33.7 million in the same period of 2021[3]. - The gross profit for the nine months ended December 31, 2022, was approximately HKD 61.5 million, compared to HKD 55.1 million for the same period in 2021, reflecting an increase in gross profit margin[4]. - The total comprehensive income for the nine months ended December 31, 2022, was HKD 39.6 million, up from HKD 33.7 million in the same period of 2021[4]. - The basic earnings per share for the nine months ended December 31, 2022, was HKD 14.14, compared to HKD 12.02 for the same period in 2021[4]. - The group reported a pre-tax profit of approximately HKD 47.9 million for the nine months ended December 31, 2022, compared to HKD 40.7 million for the same period in 2021[4]. - The cost of goods sold for the nine months ended December 31, 2022, was approximately HKD 298.97 million, an increase from HKD 267.31 million in the same period of 2021[4]. - The group’s total revenue for the nine months ended December 31, 2022, was HKD 360,472,000, an increase of 11.8% from HKD 322,438,000 in 2021[15]. - Revenue increased by approximately 11.8% from about HKD 322.4 million for the nine months ended December 31, 2021, to about HKD 360.5 million for the same period in 2022, primarily due to increased sales of specific seafood products[29]. - The cost of goods sold rose by approximately 11.8% to about HKD 299.0 million for the nine months ended December 31, 2022, from about HKD 267.3 million for the same period in 2021, aligning with revenue growth[30]. - Gross profit increased by approximately 11.6% to about HKD 61.5 million for the nine months ended December 31, 2022, maintaining a stable gross margin of approximately 17.1%[31]. Dividends - The board of directors did not recommend the payment of dividends for the nine months ended December 31, 2022[3]. - The group declared a final dividend of HKD 0.033 per share for the year ended March 31, 2022, totaling HKD 9,240,000, compared to HKD 7,000,000 for the same period in 2021[23]. - The board does not recommend any dividend distribution for the nine months ended December 31, 2022, consistent with the previous period[42]. Shareholder Information - Major shareholder 嘉信控股有限公司 holds 201,600,000 shares, representing 72% of the company's equity[47]. - The average number of issued ordinary shares was 280,000,000 for both the three and nine months ended December 31, 2022, and 2021, indicating no change in share structure[24]. - No share options were granted, exercised, expired, or lapsed during the nine months ended December 31, 2022[52]. - No major or high-shareholding shareholders have reported interests or short positions in the company's shares as of the report date[48]. Tax and Expenses - The group incurred a tax expense of HKD 2,146,000 for the three months ended December 31, 2022, compared to HKD 2,815,000 in 2021, reflecting a decrease of 23.7%[22]. - Administrative expenses rose by approximately 6.9% to about HKD 6.2 million for the nine months ended December 31, 2022, compared to HKD 5.8 million for the same period in 2021[34]. - Tax expenses increased by approximately 17.5% to about HKD 8.26 million for the nine months ended December 31, 2022, from HKD 7.03 million for the same period in 2021[36]. Company Operations - The group primarily engages in the import and wholesale of frozen seafood products and property holding[8]. - The company plans to continue seeking exclusive agency or sales arrangements with existing and new overseas suppliers to expand its product offerings and maintain competitiveness[28]. - The company has no bank borrowings as of December 31, 2022, maintaining a debt-to-equity ratio of approximately 0.1%[40]. - The net proceeds from the share issuance amounted to approximately HKD 63.0 million, providing financial resources to capitalize on opportunities and enhance market position in the frozen seafood import and wholesale industry[39]. Corporate Governance - The audit committee reviewed the unaudited condensed consolidated financial statements for the nine months ended December 31, 2022, confirming compliance with applicable accounting standards and GEM listing rules[57]. - The company has adhered to the corporate governance code since its listing on October 19, 2017[54]. - The company has adopted trading standards for directors' securities transactions in compliance with GEM listing rules[51]. - The audit committee consists of three independent non-executive directors, ensuring oversight of financial reporting and internal controls[55]. - The company has not engaged in any trading or redemption of its listed securities during the nine months ended December 31, 2022[49]. - The company has no competition or conflict of interest involving its directors or major shareholders during the reporting period[50]. - The company aims to expand its employee stock option plan to recognize contributions from eligible participants[52].

Financial Performance - For the six months ended September 30, 2022, the group recorded revenue of approximately HKD 248.1 million, an increase of about HKD 43.1 million or 21.0% compared to the same period in 2021[3]. - The net profit attributable to the owners of the company for the six months ended September 30, 2022, was approximately HKD 29.5 million, an increase of about HKD 9.8 million or 50.0% compared to HKD 19.7 million for the same period in 2021[4]. - The gross profit for the six months ended September 30, 2022, was HKD 43.6 million, compared to HKD 33.6 million for the same period in 2021, reflecting an increase of approximately 29.0%[8]. - The basic earnings per share for the six months ended September 30, 2022, was 10.54 HKD cents, compared to 7.03 HKD cents for the same period in 2021, representing an increase of approximately 49.0%[8]. - Revenue increased by approximately 21.0% from about HKD 205.1 million for the six months ended September 30, 2021, to about HKD 248.1 million for the same period in 2022, driven by higher sales of various seafood products[70]. Cash Flow and Assets - The group’s cash and cash equivalents as of September 30, 2022, were HKD 42.9 million, a decrease from HKD 48.8 million as of March 31, 2022[11]. - The company reported a net cash decrease of HKD 5,891,000 for the six months ended September 30, 2022, with cash and cash equivalents at the end of the period totaling HKD 42,874,000, compared to HKD 24,086,000 in the previous year[24]. - The total assets less current liabilities as of September 30, 2022, amounted to HKD 211.3 million, an increase from HKD 190.9 million as of March 31, 2022[14]. - The company had no bank borrowings as of September 30, 2022, maintaining a low debt ratio of approximately 0.2%[82]. Revenue Breakdown - The revenue from crab and roe products for the six months ended September 30, 2022, was HKD 32,504,000, up from HKD 19,244,000 in the same period of 2021, reflecting a growth of 68.5%[38]. - The revenue from shrimp products for the six months ended September 30, 2022, was HKD 59,880,000, compared to HKD 27,811,000 in the same period of 2021, indicating a growth of 115.5%[38]. - The revenue from frozen seafood wholesalers for the six months ended September 30, 2022, was HKD 240,528,000, an increase from HKD 103,080,000 in the same period of 2021, showing a growth of 133.2%[41]. - The revenue from fish products for the six months ended September 30, 2022, was HKD 34,402,000, compared to HKD 15,634,000 in the same period of 2021, reflecting a growth of 120.2%[38]. - The revenue from scallops, oysters, and clams for the six months ended September 30, 2022, was HKD 76,749,000, up from HKD 26,553,000 in the same period of 2021, representing a growth of 189.5%[38]. Expenses and Costs - The cost of goods sold for the six months ended September 30, 2022, was approximately HKD 204.5 million, up about 19.3% from HKD 171.5 million for the same period in 2021, with the increase being lower than the revenue growth[71]. - Total inventory costs recognized as expenses for the six months ended September 30, 2022, amounted to HKD 204,492,000, up from HKD 171,463,000 in the previous year, indicating a growth of about 19%[51]. - Administrative expenses remained relatively stable at HKD 4.1 million for the six months ended September 30, 2022, compared to HKD 4.0 million for the same period in 2021, reflecting a slight increase of about 2.6%[75]. Shareholder Information - The company reported a total of 201,600,000 shares held by major shareholders, representing a 72% ownership stake[92]. - The company’s major shareholders include Chen Jianfeng and Xie Chunxia, both holding 201,600,000 shares, which is 72% of the total shares[91]. - The company has not engaged in any buybacks or sales of its listed securities during the six months ending September 30, 2022[96]. - No stock options were granted, exercised, expired, or lapsed during the six months ending September 30, 2022, and there are no unexercised stock options remaining[102]. Corporate Governance - The company has established an audit committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[104]. - The company recognizes the importance of good corporate governance practices in its management and internal procedures[103]. - The company has adopted the GEM listing rules as its code of conduct for securities trading by directors, confirming compliance since the listing date[98]. - The company has not disclosed any interests or positions that may constitute competition or conflict of interest with its business during the reporting period[97]. Future Outlook - The company anticipates ongoing challenges due to uncertainties related to the COVID-19 pandemic and plans to enhance cost-saving measures while monitoring the impact on operations and financial performance[66]. - The company has established sales agency arrangements with several new overseas suppliers and will continue to seek exclusive agency or sales arrangements to expand its product portfolio[69].