Financial Performance - Total revenue for the fiscal year 2021 was approximately HKD 892.5 million, an increase from HKD 871.9 million in fiscal year 2020, representing a growth of about 2.3%[13] - Air freight forwarding services generated revenue of HKD 843.3 million, accounting for 94.5% of total revenue, slightly down from HKD 843.9 million in the previous year, a decrease of approximately 0.1%[14] - Sea freight forwarding services saw revenue increase to HKD 49.2 million, up from HKD 28.0 million in the previous year, representing a growth of approximately 75.5%[14] - Revenue from the maritime cargo transshipment segment increased by approximately HKD 21,200,000 or about 75.7% to approximately HKD 49,200,000 in the fiscal year 2021[17] - Gross profit decreased by approximately HKD 11,500,000 or about 12.2% to approximately HKD 82,900,000, with the gross margin slightly declining from about 10.8% to about 9.3%[20] - Profit before tax decreased by approximately HKD 3,000,000 or about 9.6% to approximately HKD 28,100,000, while profit after tax decreased by approximately HKD 200,000 or about 0.9% to approximately HKD 23,000,000[26] - Other income fell by approximately HKD 2,400,000 or about 88.9% to approximately HKD 300,000, primarily due to the absence of government subsidies in the fiscal year 2021[21] Operational Strategy - The company has established a competitive edge by securing charter agreements with airlines for direct flights to the US and Europe, enhancing its service offerings[9] - The company plans to continue leveraging the growing trend of cross-border e-commerce to drive future growth in the air freight market[9] - The company has six regional offices in mainland China, enhancing its operational capabilities in the region[12] - The company plans to strengthen its market position in Hong Kong and China by purchasing more cargo space to meet customer demand[51] - The company will establish new offices in China to reach more potential customers[51] - The company has been expanding its operations in Southern China, opening new branches to explore new business opportunities and markets[53] Financial Management - The listing on GEM has provided the company with necessary financial resources to manage cash flow more flexibly and support its expansion plans[9] - Service costs rose by approximately HKD 32,100,000 or about 4.1% to approximately HKD 809,600,000 in the fiscal year 2021, consistent with the increase in revenue[18] - Trade receivables increased by approximately HKD 47,500,000 or about 25.6% to approximately HKD 232,700,000, with the average turnover days rising from about 57.5 days to about 85.5 days[30] - As of December 31, 2021, the debt-to-equity ratio was approximately 25.5%, down from about 47.4% a year earlier, with total debt around HKD 42,300,000[27] - The weighted average effective interest rate for interest-bearing borrowings was approximately 3.43%, down from about 4.22% the previous year[32] - The total employee cost for the fiscal year 2021 was approximately HKD 28,600,000, compared to HKD 24,600,000 in fiscal year 2020, reflecting an increase of about 16.3%[45] Governance and Compliance - The board of directors did not recommend any final dividend for the fiscal year 2021, similar to the previous fiscal year[50] - The company has established a risk management and internal control system to identify existing risks and has taken necessary measures to mitigate identified risks[109] - The company has adopted a share option scheme to incentivize employees and directors for their contributions[45] - The company has established a remuneration committee to review its compensation policies and structures for all directors and senior management[104] - The board consists of eight members, including two executive directors, two non-executive directors, and four independent non-executive directors[135] - The company has established a compliance manual for employees and directors to ensure adherence to governance codes[134] Risk Management - The company faces financial risks, including price risk, interest rate risk, foreign exchange risk, credit risk, and liquidity risk[110] - The company is committed to risk management and control functions, which are essential for maintaining operational integrity[55] - The management assessed the expected credit losses based on historical loss experience and specific factors related to debtors, indicating a proactive approach to credit risk management[188] - The company has implemented a robust internal control system to ensure the accuracy of financial reporting and compliance with the Hong Kong Financial Reporting Standards[192] Shareholder Relations - The company has maintained transparency in communication with shareholders through various reports and announcements, ensuring timely updates on financial performance[182] - The company has adopted a dividend policy to maintain sufficient cash reserves for operational needs and future growth, with no final dividend recommended for the fiscal year 2021[75] - The board will consider various factors, including financial performance and cash flow, when deciding on dividend payments[74] Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements present a true and fair view of the group's financial position as of December 31, 2021[183] - The audit committee assists the board in overseeing the financial reporting process, enhancing governance and accountability within the group[193] - The financial statements have been prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance, ensuring compliance with legal standards[192] - The overall presentation, structure, and content of the consolidated financial statements were evaluated to ensure they fairly reflect the relevant transactions and matters[200]

Financial Performance - For the nine months ended September 30, 2021, the group's revenue was approximately HKD 538.1 million, a decrease of about 9.8% compared to HKD 596.4 million for the same period in 2020[10]. - The profit attributable to the owners of the company for the third quarter of 2021 was approximately HKD 14.9 million, down from HKD 26.6 million in the third quarter of 2020[10]. - Basic and diluted earnings per share for the third quarter of 2021 were approximately HKD 0.0503, compared to HKD 0.1182 for the same quarter in 2020[10]. - Gross profit for the nine months ended September 30, 2021, was HKD 48.1 million, down from HKD 62.1 million in the same period of 2020[13]. - The total comprehensive income for the nine months ended September 30, 2021, was HKD 15.7 million, down from HKD 26.5 million in the same period of 2020[13]. - The total profit before tax for the period was HKD 18,386,000, down from HKD 33,215,000 in the same period of 2020[27]. - The company reported a net profit of HKD 14,931,000 for the nine months ended September 30, 2021, compared to HKD 26,606,000 in the same period of 2020[27]. - Profit before tax decreased by approximately HKD 14,800,000 or 44.6% to about HKD 18,400,000 in Q3 2021, with profit after tax decreasing by approximately HKD 11,700,000 or 44.0% to about HKD 14,900,000[60]. Revenue Breakdown - For the three months ended September 30, 2021, air freight forwarding service revenue was HKD 214,120,000, an increase of 60.8% compared to HKD 133,081,000 in the same period of 2020[23]. - Sea freight forwarding service revenue for the same period was HKD 19,220,000, representing a 152.5% increase from HKD 7,622,000 in 2020[23]. - Revenue from Europe for exports decreased to HKD 217,451,000 in 2021 from HKD 328,649,000 in 2020, a decline of 33.9%[32]. - North America export revenue increased to HKD 246,641,000 in 2021, up 25.5% from HKD 196,632,000 in 2020[32]. - Revenue from the air freight forwarding segment decreased by approximately HKD 69.8 million or 12.2% to about HKD 503.6 million in the third quarter of 2021, primarily due to a reduction in export freight rates[49]. - Revenue from the sea freight forwarding segment increased by approximately HKD 11.4 million or 49.6% to about HKD 34.4 million in the third quarter of 2021, driven by increased customer demand[51]. Expenses and Costs - Administrative and other operating expenses increased to HKD 29.8 million for the nine months ended September 30, 2021, compared to HKD 24.6 million for the same period in 2020[13]. - Total employee costs for the nine months ended September 30, 2021, amounted to HKD 10.3 million, an increase from HKD 7.9 million in the same period of 2020[37]. - The income tax expense for the nine months ended September 30, 2021, was HKD 3.5 million, a decrease from HKD 6.6 million in the same period of 2020[39]. - The service costs decreased from approximately HKD 534.3 million in the third quarter of 2020 to about HKD 490 million in the third quarter of 2021, aligning with the revenue decrease[52]. - Administrative and other operating expenses rose by approximately HKD 5,200,000 or 21.1% to about HKD 29,800,000 in Q3 2021, mainly due to increases in legal and professional fees and employee costs[56]. Financial Position - As of September 30, 2021, the total equity stood at HKD 157,213,000, reflecting an increase from HKD 102,496,000 at the beginning of the year[14]. - The company’s accumulated losses decreased to HKD 21,107,000 as of September 30, 2021, from HKD 26,998,000 at the beginning of the year[14]. - The company’s share premium account recorded a balance of HKD 35,986,000 as of September 30, 2021[14]. - The company raised a total of HKD 55,500,000 through the issuance of 75,000,000 new ordinary shares at HKD 0.74 per share[15]. Corporate Governance and Management - The company has adopted and complied with the corporate governance code as per GEM Listing Rules Appendix 15, ensuring proper regulation of business activities and decision-making processes[91]. - The roles of Chairman and CEO are currently held by Mr. Zhao, which the board believes provides strong and consistent leadership for effective strategic planning and management[93]. - The board will regularly review the need to appoint different individuals for the roles of Chairman and CEO to maintain good corporate governance[94]. - The company has adopted a code of conduct for securities transactions, ensuring compliance with the standards set forth in GEM Listing Rules[96]. Future Strategies - The group aims to enhance its market presence and explore new strategies for growth in the upcoming quarters[10]. - Future strategies include purchasing more cargo space to meet customer demand, establishing new offices in China, and improving cargo space acquisition capabilities through closer cooperation with airlines[74]. - The company plans to establish new regional offices in China, with an initial setup cost of HKD 0.4 million (7.7%) expected to be utilized by December 2021[80]. COVID-19 Impact - In Q3 2021, the company reported no significant disruptions to its operations due to COVID-19, as all employees were able to connect remotely to the IT systems[75]. - The company will continue to monitor the impact of COVID-19 on its financial performance and operations[75].

Financial Performance - The group's revenue for the six months ended June 30, 2021, was approximately HKD 304.7 million, a decrease of about 33.1% compared to HKD 455.7 million for the same period in 2020[10]. - The profit attributable to the company's owners for the six months ended June 30, 2021, was approximately HKD 13.8 million, down from HKD 24.2 million in 2020[10]. - Basic and diluted earnings per share for the six months ended June 30, 2021, were approximately HKD 0.0468, compared to HKD 0.1075 for the same period in 2020[10]. - The group's gross profit for the six months ended June 30, 2021, was HKD 33.4 million, a decline from HKD 48.7 million in 2020[12]. - Total comprehensive income for the period was HKD 14.1 million, down from HKD 23.7 million in the previous year[12]. - The net profit for the six months ended June 30, 2021, was HKD 13,801,000, a decline of 42.9% from HKD 24,178,000 in the same period of 2020[34]. - The company reported a loss of HKD 24,178,000 for the period, a decrease from the previous year's loss of HKD 16,998,000, indicating a worsening performance in terms of profitability[17]. - Profit before tax for the six months ended June 30, 2021, was approximately HKD 16,900,000, an increase of approximately HKD 13,000,000 or 43.5% compared to approximately HKD 29,900,000 for the same period in 2020[100]. Revenue Breakdown - For the three months ended June 30, 2021, air freight forwarding services generated revenue of HKD 157,793,000, a decrease of 53.7% compared to HKD 340,480,000 in the same period of 2020[29]. - Sea freight forwarding services reported revenue of HKD 9,852,000 for the three months ended June 30, 2021, an increase of 226.5% from HKD 3,024,000 in the same period of 2020[29]. - The air freight forwarding segment generated revenue of approximately HKD 289.5 million, down about 34.6% from HKD 442.7 million in the prior year, primarily due to a decrease in export prices[87]. - The sea freight forwarding segment saw an increase in revenue of approximately HKD 2.2 million or 16.9%, reaching about HKD 15.2 million for the six months ended June 30, 2021, driven by increased customer demand[89]. - The air freight segment accounted for approximately 95.0% of total revenue, while the sea freight segment contributed about 5.0%[86]. Cash Flow and Liquidity - The group's cash and cash equivalents increased to HKD 73.0 million as of June 30, 2021, compared to HKD 27.6 million at the end of 2020[14]. - The net cash generated from operating activities for the six months ended June 30, 2021, was HKD 25,769,000, up from HKD 24,326,000 in the same period of 2020, reflecting a growth of 6.0%[20]. - The company's financing activities generated a net cash inflow of HKD 17,969,000 for the six months ended June 30, 2021, compared to HKD 25,321,000 in the same period of 2020, reflecting a decline of 29.0%[20]. - Cash and cash equivalents increased to HKD 72,973,000 as of June 30, 2021, from HKD 82,203,000 at the end of 2020, showing a decrease of 11.2%[20]. Assets and Liabilities - Trade and other receivables decreased to HKD 125.2 million as of June 30, 2021, from HKD 193.8 million at the end of 2020[14]. - Current liabilities decreased to HKD 99.2 million as of June 30, 2021, from HKD 178.3 million at the end of 2020[14]. - The net asset value of the group as of June 30, 2021, was HKD 155.6 million, an increase from HKD 102.5 million at the end of 2020[14]. - Total trade payables as of June 30, 2021, were HKD 63,035 thousand, a decrease of 40.6% from HKD 106,269 thousand at the end of 2020[65]. - The group's total borrowings as of June 30, 2021, were approximately HKD 21,800,000, a decrease from approximately HKD 48,000,000 as of December 31, 2020[99]. - The group's debt-to-equity ratio was approximately 14.3% as of June 30, 2021, down from approximately 47.4% as of December 31, 2020[99]. Shareholder and Capital Information - The company raised HKD 55,500,000 through a share issuance on January 13, 2021, contributing to its capital reserves[19]. - The company issued 75 million new ordinary shares at HKD 0.74 per share, raising a total of HKD 55.5 million[80]. - The company’s total issued and paid-up shares increased to 300 million by the end of the reporting period[14]. - The company’s legal capital increased from HKD 380,000 to HKD 20 million following the issuance of additional shares approved by shareholders[79]. - The group has not proposed any dividends for the six months ending June 30, 2021, consistent with the previous year[121]. Operational Insights - The group reported a decrease in revenue and net profit due to a significant drop in freight rates as air cargo capacity returned to normal levels following the easing of the COVID-19 pandemic[116]. - The group will continue to monitor the impact of the COVID-19 pandemic on its financial performance and operational results, taking necessary measures as required[116]. - The group aims to strengthen its market position in Hong Kong and China by purchasing more cargo space and establishing closer cooperation with airlines[113][115]. - The group will closely watch developments in US-China relations, which may impact its financial condition and operational performance[117][119]. Governance and Compliance - The group has adopted prudent funding and treasury management policies to maintain a healthy financial position[109]. - The board of directors includes executive directors Zhao Tong and Xie Zhikun, and independent non-executive directors, indicating a diverse governance structure[145]. - The company maintains compliance with the GEM listing rules regarding public float as of August 9, 2021[141]. - The unaudited consolidated financial statements for the six months ended June 30, 2021, have been reviewed by the audit committee[143]. - The financial statements were prepared in accordance with applicable accounting standards and GEM listing rules, ensuring full disclosure[143].

Financial Performance - The group's revenue for the first quarter of 2021 was approximately HKD 137.1 million, an increase of about 22.2% compared to HKD 112.2 million in the first quarter of 2020[10]. - The profit attributable to the company's owners for the first quarter of 2021 was approximately HKD 8.3 million, compared to HKD 2.3 million in the first quarter of 2020[10]. - Basic and diluted earnings per share for the first quarter of 2021 were approximately HKD 0.0285, up from HKD 0.0102 in the first quarter of 2020[10]. - The gross profit for the first quarter of 2021 was HKD 16.9 million, compared to HKD 11.3 million in the first quarter of 2020, reflecting a significant improvement in profitability[11]. - Total comprehensive income for the first quarter of 2021 was HKD 8.2 million, compared to HKD 1.8 million in the first quarter of 2020[11]. - The company recorded a net profit of HKD 8,253,000 for the period, after accounting for income tax expenses of HKD 1,709,000[23]. - The profit before tax increased by approximately HKD 6,900,000 or about 222.6% to approximately HKD 10,000,000 in Q1 2021, compared to approximately HKD 3,100,000 in Q1 2020[59]. - The profit after tax increased by approximately HKD 6,000,000 or about 260.9% to approximately HKD 8,300,000 in Q1 2021, compared to approximately HKD 2,300,000 in Q1 2020[59]. Revenue Breakdown - Air freight forwarding services generated revenue of HKD 131,703,000, up from HKD 102,198,000, reflecting a growth of 29.0% year-over-year[19]. - Sea freight forwarding services revenue decreased to HKD 5,377,000 from HKD 10,012,000, a decline of 46.3% compared to the previous year[19]. - Air freight forwarding services generated revenue of HKD 131,703,000, accounting for 96.1% of total revenue, while sea freight forwarding services contributed HKD 5,377,000, representing 3.9%[46]. - The revenue from the air cargo transshipment segment increased by approximately HKD 29,500,000 or about 28.9% to approximately HKD 131,700,000 in Q1 2021, compared to approximately HKD 102,200,000 in Q1 2020[47]. - The revenue from the sea cargo transshipment segment decreased by approximately HKD 4,600,000 or about 46.0% to approximately HKD 5,400,000 in Q1 2021, compared to approximately HKD 10,000,000 in Q1 2020[49]. Expenses and Costs - The group's administrative and other operating expenses for the first quarter of 2021 were HKD 7.3 million, slightly higher than HKD 7.0 million in the first quarter of 2020[11]. - The company’s administrative and other operating expenses amounted to HKD 7,290,000 during the reporting period[23]. - The service costs increased by approximately HKD 19,200,000 or about 19.0% to approximately HKD 120,100,000 in Q1 2021, compared to approximately HKD 100,900,000 in Q1 2020[50]. - The financing costs for the first quarter of 2021 decreased to HKD 468,000 from HKD 668,000 in the first quarter of 2020, indicating improved cost management[11]. - The financing costs decreased by approximately HKD 200,000 or about 28.6% to approximately HKD 500,000 in Q1 2021, compared to approximately HKD 700,000 in Q1 2020[56]. Corporate Governance and Compliance - The company is committed to maintaining transparency and accuracy in its financial reporting, as confirmed by the board of directors[2]. - The audit committee reviewed the unaudited consolidated financial statements for the first quarter of 2021, confirming adherence to applicable accounting standards and GEM listing rules[100]. - The company has adopted a code of conduct for securities transactions, ensuring compliance among all directors and employees[96]. - The company has complied with the corporate governance code, with no significant deviations reported[91]. - The board will regularly review the necessity of separating the roles of Chairman and CEO to maintain good corporate governance[94]. Future Plans and Market Strategy - The group plans to continue expanding its market presence and enhancing its service offerings in the logistics sector[10]. - The group plans to strengthen its market position in Hong Kong and China by purchasing more cargo space and establishing a new office in China to reach potential customers[72]. - The group aims to improve its cargo space acquisition capabilities through closer cooperation with airlines[72]. - The group will closely monitor the impact of COVID-19 on its financial performance and operations, taking necessary measures as required[73]. Shareholder Information - Major shareholders Profit and Peak each hold 112,500,000 shares, representing 37.5% ownership each[86]. - The company did not declare or pay any dividends during the reporting period[40]. - No dividends were recommended for Q1 2021, consistent with the previous year[76]. - The company has not engaged in any share buybacks or sales since its listing[75]. Employee Information - The group had 40 full-time employees as of March 31, 2021, down from 42 a year earlier, with total employee costs of approximately HKD 2.7 million in Q1 2021 compared to HKD 3.8 million in Q1 2020[69]. - The company has implemented a stock option plan to incentivize employees and directors for their contributions[69]. Miscellaneous - The company completed a capitalisation issue on January 13, 2021, issuing 224,990,000 shares at a par value of HKD 0.01, raising a total of HKD 55,500,000[14]. - The effective tax rate for the period was calculated at 16.5%, with tax expenses amounting to HKD 775,000[36]. - The company did not have any significant investments, acquisitions, or disposals of subsidiaries during Q1 2021[60]. - As of March 31, 2021, the company had no significant contingent liabilities or capital commitments[65][66]. - The company maintains compliance with the GEM listing rules regarding public float as of May 10, 2021[99]. - The roles of Chairman and CEO are currently held by Mr. Zhao, which the board believes provides strong leadership and effective strategic planning[93]. - The company has not identified any business or interests that may compete with its operations from directors or major shareholders[90].

Financial Performance - The total revenue for the fiscal year 2020 was approximately HKD 871,900,000, a significant increase from HKD 353,300,000 in the fiscal year 2019, representing a growth of 146.3%[12] - Air freight forwarding services generated revenue of HKD 843,929,000, accounting for 96.8% of total revenue, compared to HKD 319,217,000 or 90.3% in the previous year[13] - Sea freight forwarding services contributed HKD 27,954,000, which is 3.2% of total revenue, down from HKD 34,124,000 or 9.7% in the previous year[13] - The group recorded a profit of approximately HKD 33.3 million (before listing expenses) in FY2020, compared to a loss of approximately HKD 400,000 in FY2019[25] - Gross profit increased from approximately HKD 33.9 million in FY2019 to approximately HKD 94.4 million in FY2020, a growth of about 178.5%[19] - Other income rose from approximately HKD 800,000 in FY2019 to approximately HKD 2.7 million in FY2020, an increase of about 237.5%[20] - The group's service costs rose from approximately HKD 319.4 million in FY2019 to approximately HKD 777.5 million in FY2020, an increase of about 143.4%[17] - Administrative and other operating expenses increased from approximately HKD 23.1 million in FY2019 to approximately HKD 51.7 million in FY2020, a rise of about 123.8%[21] - Financing costs decreased from approximately HKD 3.1 million in FY2019 to approximately HKD 2.5 million in FY2020, a reduction of about 19.4%[23] - Income tax expense increased from approximately HKD 300,000 in FY2019 to approximately HKD 7.9 million in FY2020, a rise of about 2,533.3%[24] Market Position and Strategy - The successful listing on the GEM marked a significant milestone for the company, providing necessary financial resources for cash flow management and expansion plans[8] - The company has established a broad customer base, including other freight forwarders and direct clients, which has helped identify customer needs and capitalize on the growing trend of cross-border e-commerce[8] - The company entered into charter agreements with airlines to secure full charter flights to the United States and Europe, demonstrating its competitive capabilities[8] - The group plans to purchase more cargo space to meet customer demand and strengthen its market position in Hong Kong and China[49] - The group aims to establish new offices in China to reach more potential customers[49] - The group will continue to improve its cargo space acquisition capabilities through closer cooperation with airlines[49] Employee and Management - The group had 40 full-time employees as of December 31, 2020, with total employee costs of approximately HKD 24.6 million for the fiscal year 2020[44] - The group contributed 5% of employee salaries to the Mandatory Provident Fund in Hong Kong, with a maximum monthly contribution of HKD 1,500 per employee[45] - The total employee costs for the fiscal year 2019 were approximately HKD 11.1 million, indicating a significant increase in costs in 2020[44] - The group has implemented a stock option plan to incentivize employees and directors for their contributions[44] Risk Management and Compliance - The group maintains a prudent financial management policy to mitigate credit and liquidity risks, ensuring sufficient cash reserves for operational needs[40] - The group has implemented risk management and internal control systems to identify and mitigate existing risks[114] - The company has engaged external legal advisors to provide guidance on compliance with GEM listing rules and applicable laws[174] - The group maintains compliance with applicable laws and regulations in all significant aspects of its operations[110] Shareholder Engagement and Governance - The company aims to ensure timely and transparent communication with shareholders through various financial reports and meetings, enhancing shareholder engagement[180] - The company has adopted a shareholder communication policy to facilitate active communication and informed decision-making by shareholders[178] - The organization’s articles of association have been updated and are accessible on the company's website, ensuring transparency in governance[184] - The board of directors emphasizes the importance of good corporate governance to protect shareholder interests and enhance corporate value[135] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on current market trends and user acquisition strategies[71] - New product launches are expected to contribute an additional HKD 200 million in revenue, with a focus on enhancing logistics technology[71] - The company is expanding its market presence in Southeast Asia, targeting a 20% market share in the region within the next two years[71] - A strategic acquisition of a local logistics firm is anticipated to enhance operational efficiency and expand service offerings, expected to be completed by Q3 2021[71] - The company is investing HKD 50 million in research and development for new technologies aimed at improving supply chain management[71] Financial Position - As of December 31, 2020, the group's debt-to-equity ratio was approximately 47.4%, down from 75.1% as of December 31, 2019[26] - As of December 31, 2020, the group's bank balances and cash amounted to approximately HKD 27,600,000, an increase from approximately HKD 26,100,000 as of December 31, 2019[28] - The group's net cash generated from operating activities for the fiscal year 2020 was approximately HKD 8,100,000, compared to HKD 11,000,000 in the fiscal year 2019, indicating a decrease of about 26.4%[28] - Trade receivables increased from approximately HKD 89,500,000 as of December 31, 2019, to approximately HKD 185,200,000 as of December 31, 2020, representing an increase of about 106.9%[29] - Trade and other payables rose from approximately HKD 50,500,000 as of December 31, 2019, to approximately HKD 122,200,000 as of December 31, 2020, marking an increase of about 142.0%[30] - Interest-bearing borrowings decreased to approximately HKD 48,000,000 as of December 31, 2020, down from approximately HKD 58,600,000 as of December 31, 2019[31] Legal and Regulatory Matters - The group is involved in a civil claim to recover approximately HKD 8,100,000 in unpaid debts, which includes overdue interest, against a customer who has been ordered into liquidation[108] - There are no known existing, pending, or threatened legal proceedings that would have a significant adverse effect on the group's financial position or operating performance[110] - The group has not entered into any significant contracts with its controlling shareholders during the fiscal year 2020[103] Audit and Financial Reporting - The independent auditor's report confirmed that the consolidated financial statements fairly present the group's financial position as of December 31, 2020[186] - The audit committee has reviewed the audited consolidated financial statements for the fiscal year 2020, confirming compliance with applicable accounting standards and GEM listing rules[132] - The company is responsible for preparing true and fair consolidated financial statements according to the Hong Kong Financial Reporting Standards and the Companies Ordinance[196] - The independent auditor does not provide assurance on other information included in the annual report[195]